Gates Industrial Corporation (GTES) financial statements
Gates Industrial Corporation reported revenue of $3.4B in fiscal 2025, up 2.5% a year over 9 years.
Net income was $251M and the operating margin 13.5%, against 11.1% in 2016.
Free cash flow was $405M, and the company returned $119M in net buybacks.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Gates Industrial Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $3.0B | $3.3B | $3.1B | $2.8B | $3.5B | $3.6B | $3.6B | $3.4B | $3.4B |
| Cost of revenue | $1.7B | $1.8B | $2.0B | $1.9B | $1.8B | $2.1B | $2.3B | $2.2B | $2.0B | $2.1B |
| Gross profit | $1.1B | $1.2B | $1.3B | $1.1B | $1.0B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B |
| Research and development | $68M | $69M | $71M | $68M | $67M | $71M | $69M | $66M | $66M | $72M |
| Selling, general and admin | $738M | $777M | $806M | $777M | $777M | $853M | $854M | $885M | $876M | $876M |
| Operating income | $305M | $403M | $497M | $347M | $211M | $484M | $384M | $460M | $472M | $465M |
| Interest expense | $216M | $235M | $176M | $158M | $154M | $134M | $139M | $163M | $156M | $126M |
| Pre-tax income | $93M | $110M | $304M | $199M | $71M | $350M | $258M | $285M | $328M | $340M |
| Income tax | $21M | -$72M | $32M | -$496M | -$19M | $18M | $15M | $28M | $108M | $63M |
| Net income | $58M | $151M | $245M | $690M | $79M | $297M | $221M | $233M | $195M | $251M |
| EPS (diluted) | $0.23 | $0.60 | $0.84 | $2.37 | $0.27 | $1.00 | $0.77 | $0.84 | $0.74 | $0.96 |
| Diluted shares | 248M | 250M | 292M | 292M | 292M | 297M | 288M | 276M | 265M | 261M |
| Gross margin | 38.6% | 40.0% | 39.7% | 37.0% | 37.0% | 38.5% | 35.2% | 38.1% | 39.9% | 39.8% |
| Operating margin | 11.1% | 13.2% | 14.8% | 11.2% | 7.6% | 13.9% | 10.8% | 12.9% | 13.9% | 13.5% |
| Net margin | 2.1% | 5.0% | 7.3% | 22.4% | 2.8% | 8.6% | 6.2% | 6.5% | 5.7% | 7.3% |
Balance sheet
Fiscal years, from Gates Industrial Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $529M | $564M | $423M | $635M | $521M | $658M | $578M | $721M | $682M | $812M |
| Receivables | — | $714M | $742M | $695M | $695M | $708M | $809M | $768M | $723M | $744M |
| Inventory | — | $457M | $538M | $475M | $508M | $683M | $656M | $647M | $676M | $700M |
| Total current assets | — | $1.8B | $1.8B | $2.0B | $1.9B | $2.3B | $2.3B | $2.4B | $2.3B | $2.5B |
| Property, plant and equipment | — | $686M | $756M | $728M | $705M | $670M | $638M | $630M | $580M | $609M |
| Goodwill | $1.9B | $2.1B | $2.0B | $2.1B | $2.1B | $2.1B | $2.0B | $2.0B | $1.9B | $2.0B |
| Total assets | — | $6.9B | $6.7B | $7.4B | $7.4B | $7.5B | $7.2B | $7.3B | $6.8B | $7.2B |
| Total current liabilities | — | $698M | $679M | $658M | $726M | $856M | $752M | $779M | $722M | $735M |
| Long-term debt | — | $3.9B | $3.0B | $2.9B | $2.7B | $2.5B | $2.4B | $2.4B | $2.3B | $2.2B |
| Total liabilities | — | $5.4B | $4.4B | $4.4B | $4.2B | $4.1B | $3.7B | $3.7B | $3.4B | $3.5B |
| Shareholders' equity | $1.1B | $1.0B | $1.9B | $2.7B | $2.8B | $3.1B | $3.1B | $3.2B | $3.0B | $3.3B |
| Net debt | -$529M | $3.4B | $2.6B | $2.3B | $2.2B | $1.9B | $1.9B | $1.7B | $1.7B | $1.4B |
Cash flow
Fiscal years, from Gates Industrial Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $377M | $320M | $314M | $349M | $309M | $382M | $266M | $481M | $380M | $478M |
| Capital spending | $59M | $101M | $166M | $72M | $58M | $78M | $78M | $61M | $83M | $73M |
| Free cash flow | $318M | $219M | $147M | $277M | $251M | $305M | $188M | $420M | $296M | $405M |
| Stock-based compensation | $4M | $5M | $6M | $15M | $20M | $25M | $44M | $27M | $29M | $27M |
| Share buybacks (net) | -$2M | -$2M | $0 | $0 | $0 | -$11M | -$176M | -$252M | -$176M | -$119M |
| Net borrowing | -$67M | -$32M | -$934M | -$25M | -$331M | -$91M | -$32M | -$20M | -$108M | -$123M |
| Free cash flow margin | 11.6% | 7.2% | 4.4% | 9.0% | 9.0% | 8.8% | 5.3% | 11.8% | 8.7% | 11.8% |
Questions
What was Gates Industrial Corporation's revenue in 2025?
$3.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Gates Industrial Corporation generate?
$405M in fiscal 2025 (operating cash flow minus capital spending).
From Gates Industrial Corporation's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.