Cabot (CBT) financial statements
Cabot reported revenue of $3.7B in fiscal 2025, up 4.9% a year over 9 years.
Net income was $331M and the operating margin 16.7%, against 10.2% in 2016.
Free cash flow was $391M, and the company returned $96M in dividends and $168M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cabot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.7B | $3.2B | $3.3B | $2.6B | $3.4B | $4.3B | $3.9B | $4.0B | $3.7B |
| Cost of revenue | $1.8B | $2.1B | $2.5B | $2.7B | $2.1B | $2.6B | $3.4B | $3.1B | $3.0B | $2.8B |
| Gross profit | $575M | $657M | $772M | $685M | $500M | $799M | $885M | $839M | $960M | $940M |
| Research and development | $53M | $57M | $66M | $60M | $57M | $56M | $55M | $57M | $63M | $59M |
| Selling, general and admin | $275M | $262M | $308M | $290M | $292M | $289M | $258M | $253M | $283M | $260M |
| Operating income | $247M | $338M | $144M | $306M | $21M | $454M | $389M | $526M | $614M | $621M |
| Interest expense | $54M | $53M | $54M | $59M | $53M | $49M | $56M | $90M | $81M | $76M |
| Pre-tax income | $191M | $299M | $117M | $255M | -$33M | $406M | $335M | $451M | $529M | $565M |
| Income tax | $33M | $33M | $193M | $70M | $191M | $123M | $102M | -$28M | $111M | $196M |
| Net income | $147M | $248M | -$113M | $157M | -$238M | $250M | $209M | $445M | $380M | $331M |
| EPS (diluted) | $2.32 | $3.91 | -$1.85 | $2.63 | -$4.21 | $4.34 | $3.62 | $7.73 | $6.72 | $6.02 |
| Diluted shares | 63M | 63M | 62M | 59M | 57M | 57M | 57M | 56M | 56M | 54M |
| Gross margin | 23.8% | 24.2% | 23.8% | 20.5% | 19.1% | 23.4% | 20.5% | 21.3% | 24.0% | 25.3% |
| Operating margin | 10.2% | 12.4% | 4.4% | 9.2% | 0.8% | 13.3% | 9.0% | 13.4% | 15.4% | 16.7% |
| Net margin | 6.1% | 9.1% | -3.5% | 4.7% | -9.1% | 7.3% | 4.8% | 11.3% | 9.5% | 8.9% |
Balance sheet
Fiscal years, from Cabot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $200M | $280M | $175M | $169M | $151M | $168M | $206M | $238M | $223M | $258M |
| Inventory | $342M | $433M | $511M | $466M | $359M | $523M | $664M | $585M | $552M | $504M |
| Total current assets | $1.0B | $1.3B | $1.4B | $1.2B | $978M | $1.4B | $1.8B | $1.6B | $1.6B | $1.5B |
| Property, plant and equipment | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.4B | $1.3B | $1.4B | $1.5B | $1.7B |
| Goodwill | $152M | $154M | $93M | $90M | $134M | $140M | $129M | $134M | $133M | $134M |
| Total assets | $3.1B | $3.3B | $3.2B | $3.0B | $2.8B | $3.3B | $3.5B | $3.6B | $3.7B | $3.8B |
| Total current liabilities | $397M | $742M | $952M | $599M | $529M | $1.1B | $1.1B | $822M | $772M | $957M |
| Long-term debt | $914M | $661M | $719M | $1.0B | $1.1B | $717M | $1.1B | $1.1B | $1.1B | $856M |
| Total liabilities | $1.6B | $1.7B | $2.0B | $1.9B | $2.0B | $2.2B | $2.5B | $2.2B | $2.1B | $2.1B |
| Shareholders' equity | $1.3B | $1.5B | $1.2B | $998M | $691M | $947M | $898M | $1.3B | $1.4B | $1.6B |
| Net debt | $715M | $637M | $579M | $862M | $950M | $922M | $890M | $864M | $872M | $858M |
Cash flow
Fiscal years, from Cabot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $392M | $348M | $298M | $363M | $377M | $257M | $100M | $595M | $692M | $665M |
| Capital spending | $112M | $147M | $229M | $224M | $200M | $195M | $211M | $244M | $241M | $274M |
| Free cash flow | $280M | $201M | $69M | $139M | $177M | $62M | -$111M | $351M | $451M | $391M |
| Stock-based compensation | $17M | $16M | $22M | $11M | $9M | $21M | $23M | $20M | $25M | $24M |
| Dividends paid | $65M | $77M | $80M | $80M | $80M | $80M | $84M | $88M | $93M | $96M |
| Share buybacks (net) | -$45M | -$61M | -$142M | -$173M | -$44M | -$3M | -$53M | -$98M | -$172M | -$168M |
| Net borrowing | -$65M | $0 | $88M | $61M | $15M | $36M | $272M | -$155M | -$142M | -$31M |
| Free cash flow margin | 11.6% | 7.4% | 2.1% | 4.2% | 6.8% | 1.8% | -2.6% | 8.9% | 11.3% | 10.5% |
| Dividends per share | $1.03 | $1.23 | $1.30 | $1.36 | $1.41 | $1.41 | $1.48 | $1.56 | $1.67 | $1.77 |
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Open CBT in InvestinglyQuestions
What was Cabot's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cabot generate?
$391M in fiscal 2025 (operating cash flow minus capital spending).
From Cabot's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.