AZZ (AZZ) financial statements
AZZ reported revenue of $1.7B in fiscal 2026, up 7.5% a year over 9 years.
Net income was $317M and the operating margin 16.0%, against 11.5% in 2017.
Free cash flow was $445M, and the company returned $23M in dividends and $20M in net buybacks.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AZZ's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $864M | $810M | $927M | $1.1B | $481M | $526M | $1.3B | $1.5B | $1.6B | $1.7B |
| Cost of revenue | $658M | $650M | $728M | $825M | $358M | $379M | $1.0B | $1.2B | $1.2B | $1.3B |
| Gross profit | $205M | $160M | $199M | $237M | $123M | $146M | $296M | $363M | $383M | $395M |
| Selling, general and admin | $106M | $112M | $122M | $139M | $59M | $67M | $122M | $142M | $146M | $130M |
| Operating income | $99M | $48M | $77M | $79M | $47M | $79M | $174M | $222M | $236M | $265M |
| Interest expense | $15M | $14M | $15M | $13M | $9M | $6M | $89M | $107M | $81M | $56M |
| Pre-tax income | $85M | $31M | $63M | $65M | $38M | $73M | $89M | $130M | $171M | $420M |
| Income tax | $24M | -$14M | $12M | $17M | $11M | $23M | $22M | $28M | $42M | $103M |
| Net income | $61M | $45M | $51M | $48M | $40M | $84M | -$53M | $102M | $129M | $317M |
| EPS (diluted) | $2.35 | $1.73 | $1.96 | $1.84 | $1.52 | $3.35 | -$2.45 | $3.46 | $1.79 | $10.50 |
| Diluted shares | 26M | 26M | 26M | 26M | 26M | 25M | 25M | 25M | 29M | 30M |
| Gross margin | 23.8% | 19.8% | 21.4% | 22.3% | 25.6% | 27.8% | 22.4% | 23.6% | 24.3% | 23.9% |
| Operating margin | 11.5% | 6.0% | 8.3% | 7.5% | 9.9% | 15.1% | 13.1% | 14.4% | 15.0% | 16.0% |
| Net margin | 7.1% | 5.6% | 5.5% | 4.5% | 8.2% | 16.0% | -4.0% | 6.6% | 8.2% | 19.2% |
Balance sheet
Fiscal years, from AZZ's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $21M | $24M | $37M | $15M | $12M | $3M | $4M | $1M | $705,000 |
| Receivables | $138M | $141M | $145M | $139M | $129M | $85M | $156M | $142M | $135M | $143M |
| Inventory | $94M | $111M | $125M | $100M | — | — | $144M | $118M | $112M | $113M |
| Total current assets | $297M | $329M | $379M | $355M | $305M | $387M | $417M | $367M | $375M | $395M |
| Property, plant and equipment | $229M | $217M | $210M | $213M | $207M | $193M | $499M | $542M | $593M | $609M |
| Goodwill | $307M | $321M | $324M | $356M | $354M | $190M | $703M | $705M | $704M | $715M |
| Total assets | $978M | $1.0B | $1.1B | $1.1B | $999M | $1.1B | $2.2B | $2.2B | $2.2B | $2.2B |
| Total current liabilities | $137M | $132M | $165M | $281M | $117M | $151M | $187M | $194M | $221M | $232M |
| Long-term debt | $255M | $287M | $241M | $78M | $178M | $226M | $1.1B | $953M | $852M | $478M |
| Total liabilities | $445M | $463M | $485M | $439M | $376M | $466M | $1.4B | $1.3B | $1.2B | $876M |
| Shareholders' equity | $533M | $565M | $604M | $634M | $623M | $667M | $620M | $701M | $1.0B | $1.3B |
| Net debt | $260M | $280M | $217M | $166M | $164M | $214M | $1.1B | $948M | $851M | $477M |
Cash flow
Fiscal years, from AZZ's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $111M | $77M | $110M | $142M | $92M | $86M | $91M | $244M | $250M | $525M |
| Capital spending | $41M | $30M | $25M | $33M | $27M | $24M | $57M | $95M | $116M | $81M |
| Free cash flow | $70M | $47M | $86M | $110M | $65M | $62M | $34M | $149M | $134M | $445M |
| Stock-based compensation | $6M | $6M | $5M | $6M | $7M | $9M | $8M | $10M | $13M | $15M |
| Dividends paid | $17M | $18M | $18M | $18M | $18M | $17M | $23M | $31M | $23M | $23M |
| Share buybacks (net) | -$5M | -$8M | $0 | -$6M | -$48M | -$31M | $0 | $0 | $0 | -$20M |
| Net borrowing | -$23M | -$64M | -$14M | $0 | -$592,000 | $0 | -$88M | -$2M | -$2M | — |
| Free cash flow margin | 8.1% | 5.8% | 9.3% | 10.3% | 13.5% | 11.9% | 2.6% | 9.7% | 8.5% | 26.9% |
| Dividends per share | $0.64 | $0.68 | $0.68 | $0.68 | $0.68 | $0.67 | $0.91 | $1.25 | $0.79 | $0.76 |
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Open AZZ in InvestinglyQuestions
What was AZZ's revenue in 2026?
$1.7B in fiscal 2026, from its 10-K filing.
How much free cash flow does AZZ generate?
$445M in fiscal 2026 (operating cash flow minus capital spending).
From AZZ's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.