Heico (HEI) financial statements
Heico reported revenue of $4.5B in fiscal 2025, up 14.0% a year over 9 years.
Net income was $690M and the operating margin 22.7%, against 19.3% in 2016.
Free cash flow was $861M, and the company returned $32M in dividends.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Heico's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.8B | $2.1B | $1.8B | $1.9B | $2.2B | $3.0B | $3.9B | $4.5B |
| Cost of revenue | $861M | $950M | $1.1B | $1.2B | $1.1B | $1.1B | $1.3B | $1.8B | $2.4B | $2.7B |
| Gross profit | $515M | $575M | $691M | $814M | $682M | $727M | $863M | $1.2B | $1.5B | $1.8B |
| Research and development | $45M | $46M | $57M | $67M | $66M | $69M | $76M | $96M | $111M | $121M |
| Selling, general and admin | $250M | $268M | $314M | $357M | $305M | $335M | $366M | $528M | $677M | $767M |
| Operating income | $265M | $307M | $376M | $457M | $377M | $393M | $497M | $625M | $824M | $1.0B |
| Interest expense | $8M | $10M | $20M | $22M | $13M | $7M | $6M | $73M | $149M | $130M |
| Pre-tax income | $257M | $298M | $356M | $438M | $365M | $387M | $491M | $555M | $678M | $894M |
| Income tax | $81M | $90M | $71M | $78M | $29M | $57M | $100M | $111M | $118M | $148M |
| Net income | $156M | $186M | $259M | $328M | $314M | $304M | $352M | $404M | $514M | $690M |
| EPS (diluted) | $1.17 | $1.37 | $1.90 | $2.39 | $2.29 | $2.21 | $2.55 | $2.91 | $3.67 | $4.90 |
| Diluted shares | 133M | 136M | 137M | 137M | 137M | 138M | 138M | 139M | 140M | 141M |
| Gross margin | 37.5% | 37.7% | 38.9% | 39.6% | 38.2% | 39.0% | 39.1% | 38.9% | 38.9% | 39.8% |
| Operating margin | 19.3% | 20.1% | 21.2% | 22.2% | 21.1% | 21.1% | 22.5% | 21.1% | 21.4% | 22.7% |
| Net margin | 11.3% | 12.2% | 14.6% | 16.0% | 17.6% | 16.3% | 15.9% | 13.6% | 13.3% | 15.4% |
Balance sheet
Fiscal years, from Heico's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $52M | $52M | $60M | $57M | $407M | $108M | $140M | $171M | $162M | $218M |
| Receivables | $202M | $222M | $237M | $274M | $210M | $245M | $295M | $509M | $538M | $638M |
| Inventory | $286M | $344M | $402M | $420M | $463M | $478M | $582M | $1.0B | $1.2B | $1.3B |
| Total current assets | $543M | $632M | $734M | $814M | $1.2B | $937M | $1.2B | $1.9B | $2.1B | $2.4B |
| Property, plant and equipment | $122M | $130M | $155M | $173M | $169M | $194M | $226M | $322M | $339M | $432M |
| Goodwill | $866M | $1.1B | $1.1B | $1.3B | $1.4B | $1.5B | $1.7B | $3.3B | $3.4B | $3.7B |
| Total assets | $2.0B | $2.5B | $2.7B | $3.0B | $3.5B | $3.5B | $4.1B | $7.2B | $7.6B | $8.5B |
| Total current liabilities | $214M | $249M | $282M | $289M | $241M | $295M | $421M | $665M | $664M | $832M |
| Long-term debt | $458M | $674M | $532M | $561M | $739M | $235M | $289M | $2.5B | $2.2B | $2.2B |
| Total liabilities | $851M | $1.1B | $1.0B | $1.1B | $1.3B | $949M | $1.1B | $3.6B | $3.5B | $3.7B |
| Shareholders' equity | $963M | $1.2B | $1.4B | $1.7B | $2.0B | $2.3B | $2.6B | $3.1B | $3.6B | $4.3B |
| Net debt | $406M | $621M | $472M | $504M | $332M | $127M | $151M | $2.3B | $2.1B | $2.0B |
Cash flow
Fiscal years, from Heico's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $260M | $288M | $328M | $437M | $409M | $444M | $468M | $449M | $672M | $934M |
| Capital spending | $31M | $26M | $42M | $29M | $23M | $36M | $32M | $49M | $58M | $73M |
| Free cash flow | $229M | $262M | $287M | $408M | $386M | $408M | $436M | $399M | $614M | $861M |
| Dividends paid | $11M | $13M | $15M | $19M | $22M | $23M | $24M | $27M | $29M | $32M |
| Free cash flow margin | 16.6% | 17.2% | 16.1% | 19.9% | 21.6% | 21.9% | 19.7% | 13.5% | 15.9% | 19.2% |
| Dividends per share | $0.08 | $0.09 | $0.11 | $0.14 | $0.16 | $0.17 | $0.18 | $0.20 | $0.21 | $0.23 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for HEI.
Open HEI in InvestinglyQuestions
What was Heico's revenue in 2025?
$4.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Heico generate?
$861M in fiscal 2025 (operating cash flow minus capital spending).
From Heico's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.