Smith AO (AOS) financial statements
Smith AO reported revenue of $3.8B in fiscal 2025, up 4.0% a year over 9 years.
Net income was $546M and the operating margin 19.0%, against 19.2% in 2016.
Free cash flow was $546M, and the company returned $196M in dividends and $401M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Smith AO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $3.0B | $3.2B | $3.0B | $2.9B | $3.5B | $3.8B | $3.9B | $3.8B | $3.8B |
| Cost of revenue | $1.6B | $1.8B | $1.9B | $1.8B | $1.8B | $2.2B | $2.4B | $2.4B | $2.4B | $2.3B |
| Gross profit | $1.1B | $1.2B | $1.3B | $1.2B | $1.1B | $1.3B | $1.3B | $1.5B | $1.5B | $1.5B |
| Research and development | $80M | $86M | $94M | $88M | $81M | $94M | $89M | $98M | $102M | $95M |
| Selling, general and admin | $662M | $723M | $754M | $716M | $660M | $701M | $671M | $727M | $739M | $759M |
| Operating income | $515M | $578M | $613M | $529M | $503M | $682M | $362M | $746M | $708M | $729M |
| Interest expense | $7M | $10M | $8M | $11M | $7M | $4M | $9M | $12M | $7M | $14M |
| Pre-tax income | $462M | $521M | $558M | $472M | $444M | $626M | $224M | $734M | $701M | $715M |
| Income tax | $136M | $224M | $114M | $102M | $99M | $138M | -$12M | $177M | $167M | $169M |
| Net income | $326M | $296M | $444M | $370M | $345M | $487M | $236M | $557M | $534M | $546M |
| EPS (diluted) | $1.85 | $1.70 | $2.58 | $2.22 | $2.12 | $3.02 | $1.51 | $3.69 | $3.63 | $3.85 |
| Diluted shares | 177M | 175M | 172M | 167M | 163M | 161M | 156M | 151M | 147M | 142M |
| Gross margin | 41.5% | 41.1% | 41.0% | 39.5% | 38.3% | 37.0% | 35.4% | 38.5% | 38.1% | 38.8% |
| Operating margin | 19.2% | 19.3% | 19.2% | 17.7% | 17.4% | 19.3% | 9.6% | 19.3% | 18.5% | 19.0% |
| Net margin | 12.2% | 9.9% | 13.9% | 12.4% | 11.9% | 13.8% | 6.3% | 14.4% | 14.0% | 14.3% |
Balance sheet
Fiscal years, from Smith AO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $755M | $820M | $645M | $551M | $690M | $631M | $482M | $363M | $276M | $193M |
| Receivables | $519M | $593M | $647M | $590M | $585M | $634M | $581M | $596M | $541M | $582M |
| Inventory | $251M | $297M | $305M | $303M | $300M | $448M | $516M | $497M | $532M | $479M |
| Total current assets | $1.6B | $1.8B | $1.6B | $1.5B | $1.6B | $1.8B | $1.6B | $1.5B | $1.4B | $1.3B |
| Property, plant and equipment | $462M | $529M | $540M | $545M | $541M | $607M | $591M | $598M | $629M | $635M |
| Goodwill | $492M | $517M | $513M | $546M | $547M | $628M | $620M | $633M | $762M | $711M |
| Total assets | $2.9B | $3.2B | $3.1B | $3.1B | $3.2B | $3.5B | $3.3B | $3.2B | $3.2B | $3.1B |
| Total current liabilities | $766M | $794M | $785M | $766M | $886M | $1.1B | $934M | $945M | $897M | $862M |
| Long-term debt | $316M | $403M | $221M | $277M | $106M | $190M | $334M | $117M | $183M | $113M |
| Total liabilities | $1.4B | $1.6B | $1.4B | $1.4B | $1.3B | $1.6B | $1.6B | $1.4B | $1.4B | $1.3B |
| Shareholders' equity | $1.5B | $1.6B | $1.7B | $1.7B | $1.8B | $1.8B | $1.7B | $1.8B | $1.9B | $1.9B |
| Net debt | -$7M | $64M | -$38M | -$90M | -$460M | -$247M | -$47M | -$213M | -$46M | -$20M |
Cash flow
Fiscal years, from Smith AO's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $447M | $326M | $449M | $456M | $562M | $641M | $391M | $670M | $582M | $617M |
| Capital spending | $81M | $94M | $85M | $64M | $57M | $75M | $70M | $73M | $108M | $71M |
| Free cash flow | $366M | $232M | $364M | $392M | $505M | $566M | $321M | $598M | $474M | $546M |
| Stock-based compensation | $9M | $10M | $10M | $13M | $13M | $12M | $11M | $12M | $15M | $14M |
| Dividends paid | $84M | $97M | $130M | $149M | $159M | $170M | $177M | $184M | $190M | $196M |
| Share buybacks (net) | -$135M | -$139M | -$203M | -$288M | -$57M | -$366M | -$404M | -$306M | -$306M | -$401M |
| Net borrowing | $74M | $86M | -$189M | $63M | -$171M | $84M | $151M | -$218M | $70M | -$38M |
| Free cash flow margin | 13.6% | 7.7% | 11.4% | 13.1% | 17.5% | 16.0% | 8.6% | 15.5% | 12.4% | 14.3% |
| Dividends per share | $0.48 | $0.55 | $0.76 | $0.89 | $0.98 | $1.05 | $1.14 | $1.22 | $1.29 | $1.38 |
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Open AOS in InvestinglyQuestions
What was Smith AO's revenue in 2025?
$3.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Smith AO generate?
$546M in fiscal 2025 (operating cash flow minus capital spending).
From Smith AO's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.