Avantor (AVTR) financial statements
Avantor reported revenue of $6.6B in fiscal 2025, up 23.0% a year over 8 years.
Net income was -$530M and the operating margin -3.8%, against -16.9% in 2017.
Free cash flow was $495M, and the company returned $75M in net buybacks.
The diluted share count rose 350% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Avantor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $5.9B | $6.0B | $6.4B | $7.4B | $7.5B | $7.0B | $6.8B | $6.6B |
| Cost of revenue | $815M | $4.0B | $4.1B | $4.3B | $4.9B | $4.9B | $4.6B | $4.5B | $4.4B |
| Gross profit | $433M | $1.8B | $1.9B | $2.1B | $2.5B | $2.6B | $2.4B | $2.3B | $2.1B |
| Selling, general and admin | $450M | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Operating income | -$210M | $414M | $552M | $707M | $972M | $1.1B | $696M | $1.1B | -$246M |
| Interest expense | $201M | $524M | $440M | $308M | $217M | $266M | $285M | $219M | $170M |
| Pre-tax income | -$460M | -$114M | $41M | $62M | $753M | $851M | $410M | $854M | -$441M |
| Income tax | -$315M | -$27M | $3M | -$54M | $180M | $165M | $89M | $142M | $89M |
| Net income | -$113M | -$87M | $38M | $117M | $573M | $686M | $321M | $712M | -$530M |
| EPS (diluted) | -$2.75 | -$2.69 | -$0.84 | $0.09 | $0.85 | $1.01 | $0.47 | $1.04 | -$0.78 |
| Diluted shares | 151M | 133M | 401M | 583M | 600M | 679M | 678M | 682M | 681M |
| Gross margin | 34.7% | 31.0% | 31.8% | 32.5% | 33.9% | 34.6% | 33.9% | 33.6% | 32.7% |
| Operating margin | -16.9% | 7.1% | 9.1% | 11.1% | 13.2% | 15.0% | 10.0% | 16.0% | -3.8% |
| Net margin | -9.0% | -1.5% | 0.6% | 1.8% | 7.8% | 9.1% | 4.6% | 10.5% | -8.1% |
Balance sheet
Fiscal years, from Avantor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $188M | $185M | $187M | $287M | $302M | $373M | $263M | $262M | $365M |
| Receivables | — | $931M | $989M | $1.1B | $1.2B | $1.2B | $1.2B | $1.0B | $1.1B |
| Inventory | — | $671M | $711M | $740M | $872M | $914M | $828M | $732M | $818M |
| Total current assets | — | $1.9B | $2.0B | $2.2B | $2.5B | $2.7B | $2.4B | $2.1B | $2.5B |
| Property, plant and equipment | — | $599M | $557M | $550M | $706M | $727M | $738M | $708M | $767M |
| Goodwill | $2.8B | $2.8B | $2.8B | $2.9B | $5.3B | $5.7B | $5.7B | $5.5B | $5.0B |
| Total assets | — | $9.9B | $9.8B | $9.9B | $13.9B | $13.5B | $13.0B | $12.1B | $11.8B |
| Total current liabilities | — | $1.1B | $1.1B | $1.2B | $1.5B | $1.7B | $1.5B | $2.0B | $1.4B |
| Long-term debt | — | $6.8B | $5.0B | $4.9B | $7.0B | $5.9B | $5.3B | $3.2B | $3.9B |
| Total liabilities | — | $9.1B | $7.3B | $7.2B | $9.7B | $8.6B | $7.7B | $6.2B | $6.2B |
| Shareholders' equity | -$2.6B | -$3.1B | $2.5B | $2.7B | $4.2B | $4.9B | $5.3B | $6.0B | $5.6B |
| Net debt | -$188M | $6.7B | $4.9B | $4.6B | $6.7B | $5.9B | $5.3B | $3.8B | $3.6B |
Cash flow
Fiscal years, from Avantor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$168M | $200M | $354M | $930M | $954M | $844M | $870M | $841M | $624M |
| Capital spending | $25M | $38M | $52M | $62M | $111M | $133M | $146M | $149M | $129M |
| Free cash flow | -$193M | $163M | $302M | $868M | $842M | $710M | $724M | $692M | $495M |
| Stock-based compensation | $48M | $18M | $68M | $44M | $51M | $46M | $40M | $47M | $46M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$75M |
| Net borrowing | $6.0B | -$150M | -$1.9B | -$423M | $2.3B | -$620M | -$846M | -$1.3B | -$319M |
| Free cash flow margin | -15.4% | 2.8% | 5.0% | 13.6% | 11.4% | 9.5% | 10.4% | 10.2% | 7.6% |
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Open AVTR in InvestinglyQuestions
What was Avantor's revenue in 2025?
$6.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Avantor generate?
$495M in fiscal 2025 (operating cash flow minus capital spending).
From Avantor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.