Axalta Coating Systems (AXTA) financial statements
Axalta Coating Systems reported revenue of $5.1B in fiscal 2025, up 2.6% a year over 9 years.
Net income was $378M and the operating margin 14.4%, against 10.0% in 2016.
Free cash flow was $453M, and the company returned $165M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Axalta Coating Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1B | $4.4B | $4.7B | $4.5B | $3.7B | $4.4B | $4.9B | $5.2B | $5.3B | $5.1B |
| Cost of revenue | $2.5B | $2.8B | $3.1B | $2.9B | $2.5B | $3.0B | $3.5B | $3.6B | $3.5B | $3.4B |
| Gross profit | $1.5B | $1.6B | $1.6B | $1.6B | $1.3B | $1.4B | $1.4B | $1.6B | $1.8B | $1.8B |
| Research and development | $58M | $65M | $73M | $70M | $55M | $62M | $66M | $74M | $74M | $71M |
| Selling, general and admin | $960M | $935M | $876M | $822M | $695M | $739M | $772M | $840M | $847M | $805M |
| Operating income | $405M | $364M | $442M | $488M | $306M | $462M | $423M | $588M | $706M | $735M |
| Interest expense | $178M | $147M | $160M | $163M | $150M | $134M | $140M | $213M | $205M | $176M |
| Pre-tax income | $83M | $190M | $268M | $330M | $122M | $340M | $257M | $355M | $496M | $546M |
| Income tax | $38M | $142M | $54M | $77M | $200,000 | $76M | $65M | $86M | $105M | $167M |
| Net income | $39M | $37M | $207M | $249M | $122M | $264M | $192M | $267M | $391M | $378M |
| EPS (diluted) | $0.16 | $0.15 | $0.85 | $1.06 | $0.52 | $1.14 | $0.86 | $1.21 | $1.78 | $1.74 |
| Diluted shares | 244M | 246M | 243M | 236M | 236M | 232M | 222M | 222M | 220M | 217M |
| Gross margin | 37.8% | 36.1% | 33.5% | 34.9% | 34.2% | 32.4% | 29.0% | 31.2% | 34.1% | 34.4% |
| Operating margin | 10.0% | 8.4% | 9.5% | 10.9% | 8.2% | 10.5% | 8.7% | 11.3% | 13.4% | 14.4% |
| Net margin | 1.0% | 0.8% | 4.4% | 5.6% | 3.3% | 6.0% | 3.9% | 5.2% | 7.4% | 7.4% |
Balance sheet
Fiscal years, from Axalta Coating Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $535M | $770M | $694M | $1.0B | $1.4B | $841M | $645M | $700M | $593M | $657M |
| Receivables | $802M | $870M | $861M | $830M | $870M | $938M | $1.1B | $1.3B | $1.2B | $1.2B |
| Inventory | $530M | $609M | $613M | $592M | $560M | $670M | $830M | $741M | $734M | $756M |
| Total current assets | $1.9B | $2.3B | $2.3B | $2.6B | $2.9B | $2.6B | $2.7B | $2.8B | $2.7B | $2.8B |
| Property, plant and equipment | $1.3B | $1.4B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B |
| Goodwill | $964M | $1.3B | $1.2B | $1.2B | $1.3B | $1.6B | $1.5B | $1.6B | $1.6B | $1.8B |
| Total assets | $5.9B | $6.8B | $6.7B | $6.8B | $7.2B | $7.2B | $7.1B | $7.3B | $7.2B | $7.6B |
| Total current liabilities | $942M | $1.1B | $1.0B | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B |
| Long-term debt | $3.2B | $3.9B | $3.8B | $3.8B | $3.8B | $3.7B | $3.7B | $3.5B | $3.4B | $3.2B |
| Total liabilities | $4.6B | $5.4B | $5.4B | $5.4B | $5.7B | $5.7B | $5.6B | $5.5B | $5.3B | $5.2B |
| Shareholders' equity | $1.1B | $1.3B | $1.2B | $1.4B | $1.4B | $1.5B | $1.5B | $1.7B | $1.9B | $2.3B |
| Net debt | $2.7B | $3.1B | $3.2B | $2.8B | $2.5B | $3.0B | $3.1B | $2.8B | $2.8B | $2.5B |
Cash flow
Fiscal years, from Axalta Coating Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $559M | $540M | $496M | $573M | $509M | $559M | $294M | $575M | $576M | $649M |
| Capital spending | $136M | $125M | $143M | $112M | $82M | $122M | $151M | $138M | $140M | $196M |
| Free cash flow | $423M | $415M | $353M | $461M | $427M | $437M | $143M | $437M | $436M | $453M |
| Stock-based compensation | $41M | $38M | $37M | $16M | $15M | $15M | $22M | $26M | $28M | $25M |
| Share buybacks (net) | $0 | -$58M | -$254M | -$105M | -$26M | -$244M | -$200M | -$50M | -$100M | -$165M |
| Net borrowing | -$1.8B | -$50M | -$511M | -$28M | -$1.2B | -$27M | -$62M | -$207M | -$87M | -$230M |
| Free cash flow margin | 10.4% | 9.5% | 7.6% | 10.3% | 11.4% | 9.9% | 2.9% | 8.4% | 8.3% | 8.9% |
Questions
What was Axalta Coating Systems's revenue in 2025?
$5.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Axalta Coating Systems generate?
$453M in fiscal 2025 (operating cash flow minus capital spending).
From Axalta Coating Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.