Armstrong World Industries (AWI) financial statements
Armstrong World Industries reported revenue of $1.6B in fiscal 2025, up 7.6% a year over 9 years.
Net income was $309M and the operating margin 26.6%, against 23.4% in 2016.
Free cash flow was $246M, and the company returned $55M in dividends and $129M in net buybacks.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Armstrong World Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $837M | $894M | $975M | $1.0B | $937M | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B |
| Cost of revenue | $530M | $578M | $642M | $643M | $604M | $701M | $784M | $798M | $864M | $962M |
| Gross profit | $307M | $315M | $334M | $395M | $333M | $406M | $449M | $497M | $582M | $659M |
| Research and development | $18M | $17M | $16M | $15M | $15M | $15M | $15M | $14M | $16M | $16M |
| Selling, general and admin | $184M | $139M | $159M | $174M | $163M | $237M | $237M | $262M | $308M | $340M |
| Operating income | $196M | $244M | $249M | $317M | $255M | $260M | $279M | $324M | $374M | $431M |
| Interest expense | $50M | $35M | $39M | $38M | $24M | $23M | $27M | $35M | $40M | $33M |
| Pre-tax income | $151M | $222M | $243M | $299M | -$127M | $243M | $258M | $298M | $347M | $400M |
| Income tax | $51M | $2M | $53M | $57M | -$43M | $57M | $58M | $74M | $82M | $92M |
| Net income | $105M | $120M | $186M | $214M | -$99M | $183M | $203M | $224M | $265M | $309M |
| EPS (diluted) | $1.87 | $2.21 | $3.56 | $4.32 | -$2.07 | $3.82 | $4.37 | $4.99 | $6.02 | $7.08 |
| Diluted shares | 56M | 54M | 52M | 50M | 48M | 48M | 46M | 45M | 44M | 44M |
| Gross margin | 36.7% | 35.3% | 34.2% | 38.1% | 35.6% | 36.7% | 36.4% | 38.4% | 40.2% | 40.6% |
| Operating margin | 23.4% | 27.3% | 25.6% | 30.6% | 27.2% | 23.5% | 22.6% | 25.0% | 25.9% | 26.6% |
| Net margin | 12.5% | 13.4% | 19.1% | 20.7% | -10.6% | 16.6% | 16.5% | 17.3% | 18.3% | 19.0% |
Balance sheet
Fiscal years, from Armstrong World Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $142M | $160M | $326M | $45M | $137M | $98M | $106M | $71M | $79M | $113M |
| Receivables | $59M | $91M | $80M | $85M | $78M | $109M | $112M | $111M | $134M | $130M |
| Inventory | $47M | $54M | $61M | $68M | $82M | $90M | $110M | $104M | $110M | $125M |
| Total current assets | $406M | $649M | $718M | $244M | $312M | $322M | $356M | $313M | $349M | $392M |
| Property, plant and equipment | $465M | $500M | $501M | $525M | $530M | $543M | $554M | $566M | $599M | $631M |
| Goodwill | $500,000 | $11M | $19M | $53M | $161M | $167M | $167M | $176M | $203M | $218M |
| Total assets | $1.8B | $1.9B | $1.8B | $1.5B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B |
| Total current liabilities | $224M | $270M | $550M | $155M | $172M | $210M | $183M | $194M | $250M | $267M |
| Long-term debt | $849M | $818M | $765M | $604M | $690M | $606M | $651M | $564M | $503M | $396M |
| Total liabilities | $1.5B | $1.5B | $1.6B | $1.1B | $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $1.0B |
| Shareholders' equity | $266M | $384M | $226M | $365M | $451M | $520M | $535M | $592M | $757M | $901M |
| Net debt | $732M | $691M | $494M | $566M | $579M | $533M | $545M | $516M | $446M | $294M |
Cash flow
Fiscal years, from Armstrong World Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $49M | $170M | $203M | $183M | $219M | $187M | $182M | $234M | $267M | $356M |
| Capital spending | $104M | $90M | $72M | $71M | $55M | $80M | $75M | $84M | $83M | $109M |
| Free cash flow | -$55M | $81M | $131M | $111M | $163M | $107M | $108M | $150M | $184M | $246M |
| Stock-based compensation | $12M | $10M | $14M | $10M | $7M | $11M | $14M | $19M | $18M | $22M |
| Dividends paid | — | — | $9M | $36M | $39M | $41M | $44M | $47M | $51M | $55M |
| Share buybacks (net) | -$44M | -$80M | -$307M | -$131M | -$44M | -$80M | -$165M | -$132M | -$56M | -$129M |
| Net borrowing | -$71M | -$25M | -$32M | -$325M | -$6M | -$25M | -$19M | $0 | -$22M | -$17M |
| Free cash flow margin | -6.6% | 9.0% | 13.5% | 10.7% | 17.4% | 9.7% | 8.7% | 11.6% | 12.7% | 15.2% |
| Dividends per share | — | — | $0.17 | $0.72 | $0.82 | $0.86 | $0.95 | $1.05 | $1.15 | $1.27 |
Questions
What was Armstrong World Industries's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Armstrong World Industries generate?
$246M in fiscal 2025 (operating cash flow minus capital spending).
From Armstrong World Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.