Generac (GNRC) financial statements
Generac reported revenue of $4.2B in fiscal 2025, up 12.6% a year over 9 years.
Net income was $160M and the operating margin 6.9%, against 14.0% in 2016.
Free cash flow was $268M, and the company returned $293,000 in dividends and $148M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Generac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $2.0B | $2.2B | $2.5B | $3.7B | $4.6B | $4.0B | $4.3B | $4.2B |
| Cost of revenue | $935M | $1.1B | $1.3B | $1.4B | $1.5B | $2.4B | $3.0B | $2.7B | $2.6B | $2.6B |
| Gross profit | $512M | $585M | $725M | $798M | $958M | $1.4B | $1.5B | $1.4B | $1.7B | $1.6B |
| Research and development | $37M | $43M | $50M | $68M | $80M | $104M | $160M | $173M | $220M | $243M |
| Selling, general and admin | $240M | $262M | $296M | $327M | $365M | $463M | $693M | $702M | $812M | $978M |
| Operating income | $203M | $251M | $357M | $372M | $479M | $721M | $566M | $386M | $537M | $289M |
| Interest expense | $45M | $43M | $41M | $42M | $33M | $33M | $55M | $98M | $90M | $71M |
| Pre-tax income | $154M | $204M | $311M | $320M | $446M | $692M | $508M | $290M | $409M | $199M |
| Income tax | $57M | $44M | $70M | $67M | $99M | $135M | $100M | $73M | $92M | $38M |
| Net income | $97M | $158M | $238M | $252M | $351M | $550M | $400M | $215M | $316M | $160M |
| EPS (diluted) | $1.47 | $2.53 | $3.54 | $4.03 | $5.48 | $8.30 | $5.42 | $3.27 | $5.39 | $2.69 |
| Diluted shares | 65M | 63M | 62M | 63M | 64M | 64M | 65M | 62M | 60M | 59M |
| Gross margin | 35.4% | 34.8% | 35.8% | 36.2% | 38.5% | 36.4% | 33.3% | 33.9% | 38.8% | 38.3% |
| Operating margin | 14.0% | 14.9% | 17.7% | 16.9% | 19.3% | 19.3% | 12.4% | 9.6% | 12.5% | 6.9% |
| Net margin | 6.7% | 9.4% | 11.8% | 11.4% | 14.1% | 14.7% | 8.8% | 5.3% | 7.4% | 3.8% |
Balance sheet
Fiscal years, from Generac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $67M | $138M | $224M | $323M | $655M | $147M | $133M | $201M | $281M | $341M |
| Receivables | $242M | $279M | $326M | $320M | $375M | $546M | $522M | $537M | $612M | $603M |
| Inventory | $350M | $387M | $545M | $522M | $603M | $1.1B | $1.4B | $1.2B | $1.0B | $1.2B |
| Total current assets | $684M | $825M | $1.1B | $1.2B | $1.7B | $1.8B | $2.2B | $2.0B | $2.0B | $2.5B |
| Property, plant and equipment | $213M | $230M | $279M | $317M | $344M | $441M | $468M | $599M | $690M | $814M |
| Goodwill | $705M | $722M | $765M | $805M | $855M | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B |
| Total assets | $1.9B | $2.0B | $2.4B | $2.7B | $3.2B | $4.9B | $5.2B | $5.1B | $5.1B | $5.6B |
| Total current liabilities | $342M | $396M | $561M | $497M | $642M | $1.2B | $992M | $881M | $1.0B | $1.2B |
| Long-term debt | $1.0B | $907M | $876M | $838M | $842M | $902M | $1.4B | $1.4B | $1.2B | $1.3B |
| Total liabilities | $1.4B | $1.4B | $1.6B | $1.6B | $1.8B | $2.6B | $2.8B | $2.7B | $2.6B | $2.9B |
| Shareholders' equity | $401M | $554M | $761M | $1.0B | $1.4B | $2.2B | $2.3B | $2.3B | $2.5B | $2.6B |
| Net debt | $954M | $769M | $653M | $515M | $188M | $756M | $1.2B | $1.3B | $990M | $932M |
Cash flow
Fiscal years, from Generac's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $241M | $257M | $247M | $309M | $487M | $411M | $59M | $522M | $741M | $438M |
| Capital spending | $30M | $33M | $48M | $61M | $62M | $110M | $86M | $129M | $137M | $170M |
| Free cash flow | $211M | $224M | $200M | $248M | $424M | $301M | -$28M | $393M | $605M | $268M |
| Stock-based compensation | $9M | $10M | $15M | $17M | $21M | $24M | $29M | $35M | $49M | $50M |
| Dividends paid | $76,000 | $0 | $314,000 | $285,000 | $0 | $0 | $309,000 | $0 | $273,000 | $293,000 |
| Share buybacks (net) | -$150M | -$30M | -$26M | $0 | $0 | -$126M | -$346M | -$252M | -$153M | -$148M |
| Net borrowing | — | $3M | $51M | $2M | $277,000 | $150M | $1.0B | $349M | $541M | $133M |
| Free cash flow margin | 14.6% | 13.3% | 9.9% | 11.3% | 17.1% | 8.1% | -0.6% | 9.8% | 14.1% | 6.4% |
| Dividends per share | $0.00 | — | $0.01 | $0.00 | — | — | $0.00 | — | $0.00 | $0.00 |
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Open GNRC in InvestinglyQuestions
What was Generac's revenue in 2025?
$4.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Generac generate?
$268M in fiscal 2025 (operating cash flow minus capital spending).
From Generac's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.