GrafTech International (EAF) financial statements
GrafTech International reported revenue of $504M in fiscal 2025, up 1.6% a year over 9 years.
Net income was -$220M and the operating margin -15.3%, against -21.5% in 2016.
Free cash flow was -$121M.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from GrafTech International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $438M | $551M | $1.9B | $1.8B | $1.2B | $1.3B | $1.3B | $620M | $539M | $504M |
| Cost of revenue | $449M | $463M | $706M | $750M | $564M | $701M | $726M | $572M | $534M | $501M |
| Gross profit | -$30M | $88M | $1.2B | $1.0B | $660M | $644M | $555M | $36M | -$20M | -$16M |
| Research and development | $3M | $3M | $2M | $3M | $4M | $4M | $4M | $6M | $6M | $6M |
| Selling, general and admin | $59M | $53M | $62M | $64M | $68M | $133M | $77M | $74M | $47M | $55M |
| Operating income | -$94M | $32M | $1.1B | $974M | $589M | $508M | $474M | -$214M | -$75M | -$77M |
| Interest expense | $27M | $31M | $135M | $127M | $98M | $69M | $37M | $58M | $85M | $104M |
| Pre-tax income | -$116M | $3M | $903M | $843M | $510M | $456M | $452M | -$274M | -$153M | -$170M |
| Income tax | -$8M | -$11M | $49M | $98M | $76M | $68M | $69M | -$19M | -$22M | $49M |
| Net income | -$236M | $8M | $854M | $745M | $434M | $388M | $383M | -$255M | -$131M | -$220M |
| EPS (diluted) | -$7.80 | $0.30 | $28.70 | $25.80 | $16.20 | $14.60 | $14.80 | -$9.93 | -$5.09 | -$8.45 |
| Diluted shares | 30M | 30M | 30M | 29M | 27M | 27M | 26M | 26M | 26M | 26M |
| Gross margin | -6.9% | 15.9% | 62.8% | 58.1% | 53.9% | 47.9% | 43.3% | 5.8% | -3.7% | -3.1% |
| Operating margin | -21.5% | 5.8% | 59.4% | 54.4% | 48.1% | 37.8% | 37.0% | -34.6% | -14.0% | -15.3% |
| Net margin | -53.8% | 1.4% | 45.1% | 41.6% | 35.5% | 28.9% | 29.9% | -41.1% | -24.3% | -43.6% |
Balance sheet
Fiscal years, from GrafTech International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $13M | $50M | $81M | $145M | $58M | $135M | $177M | $256M | $138M |
| Receivables | $81M | — | — | — | — | — | — | — | — | — |
| Inventory | $156M | $174M | $294M | $314M | $266M | $289M | $448M | $330M | $231M | $225M |
| Total current assets | $331M | $355M | $638M | $683M | $629M | $628M | $815M | $675M | $637M | $485M |
| Property, plant and equipment | $509M | $513M | $514M | $513M | $506M | $501M | $519M | $522M | $483M | $490M |
| Goodwill | $171M | $171M | $171M | $171M | $171M | $171M | $171M | $0 | — | — |
| Total assets | $1.2B | $1.2B | $1.5B | $1.5B | $1.4B | $1.4B | $1.6B | $1.3B | $1.2B | $1.0B |
| Total current liabilities | $112M | $152M | $327M | $220M | $198M | $235M | $238M | $191M | $140M | $128M |
| Long-term debt | $357M | $323M | $2.1B | $1.8B | $1.4B | $1.0B | $922M | $926M | $1.1B | $1.1B |
| Total liabilities | $595M | $586M | $2.6B | $2.2B | $1.8B | $1.4B | $1.3B | $1.2B | $1.3B | $1.3B |
| Shareholders' equity | $577M | $613M | -$1.1B | -$691M | -$329M | $23M | $338M | $78M | -$79M | -$260M |
| Net debt | $354M | $326M | $2.1B | $1.7B | $1.3B | $972M | $787M | $749M | $831M | $956M |
Cash flow
Fiscal years, from GrafTech International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $23M | $37M | $837M | $805M | $564M | $443M | $325M | $77M | -$40M | -$82M |
| Capital spending | $28M | $35M | $68M | $64M | $36M | $58M | $72M | $54M | $34M | $39M |
| Free cash flow | -$5M | $2M | $768M | $741M | $528M | $385M | $252M | $23M | -$74M | -$121M |
| Stock-based compensation | $0 | $0 | $1M | $2M | $3M | $17M | $2M | $4M | $6M | $5M |
| Dividends paid | $0 | $0 | $56M | $21M | $9M | $7M | $10M | $5M | $0 | $0 |
| Share buybacks (net) | $0 | $0 | $0 | -$11M | -$30M | -$50M | -$60M | $0 | $0 | — |
| Net borrowing | $60M | $5M | -$69M | -$350M | — | -$400M | -$110M | -$434M | -$137,000 | $0 |
| Free cash flow margin | -1.2% | 0.3% | 40.5% | 41.4% | 43.1% | 28.6% | 19.7% | 3.6% | -13.8% | -23.9% |
| Dividends per share | — | — | $1.87 | $0.71 | $0.32 | $0.28 | $0.40 | $0.20 | — | — |
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Open EAF in InvestinglyQuestions
What was GrafTech International's revenue in 2025?
$504M in fiscal 2025, from its 10-K filing.
How much free cash flow does GrafTech International generate?
-$121M in fiscal 2025 (operating cash flow minus capital spending).
From GrafTech International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.