ICU Medical (ICUI) financial statements
ICU Medical reported revenue of $2.2B in fiscal 2025, up 21.8% a year over 9 years.
Net income was $732,000 and the operating margin 1.9%, against 21.9% in 2016.
Free cash flow was $92M, and the company returned $9M in net buybacks.
The diluted share count rose 44% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ICU Medical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $379M | $1.3B | $1.4B | $1.3B | $1.3B | $1.3B | $2.3B | $2.3B | $2.4B | $2.2B |
| Cost of revenue | $178M | $867M | $830M | $794M | $810M | $825M | $1.6B | $1.5B | $1.6B | $1.4B |
| Gross profit | $201M | $426M | $570M | $472M | $461M | $491M | $698M | $740M | $825M | $822M |
| Research and development | $13M | $51M | $53M | $49M | $43M | $47M | $93M | $85M | $89M | $87M |
| Selling, general and admin | $89M | $302M | $320M | $277M | $284M | $303M | $608M | $607M | $639M | $625M |
| Operating income | $83M | -$13M | $30M | $107M | $98M | $123M | -$43M | $23M | $43M | $43M |
| Interest expense | $118,000 | $2M | $709,000 | $549,000 | $2M | $858,000 | $71M | $103M | $107M | $93M |
| Pre-tax income | $85M | $51M | $22M | $115M | $97M | $81M | -$136M | -$78M | -$66M | $4M |
| Income tax | $22M | -$17M | -$6M | $14M | $11M | $20M | -$40M | -$49M | $52M | $2M |
| Net income | $63M | $69M | $29M | $101M | $87M | $103M | -$74M | -$30M | -$118M | $732,000 |
| EPS (diluted) | $3.66 | $3.29 | $1.33 | $4.69 | $4.02 | $4.74 | -$3.11 | -$1.23 | -$4.83 | $0.03 |
| Diluted shares | 17M | 21M | 22M | 22M | 22M | 22M | 24M | 24M | 24M | 25M |
| Gross margin | 53.1% | 33.0% | 40.7% | 37.3% | 36.3% | 37.3% | 30.6% | 32.8% | 34.6% | 36.8% |
| Operating margin | 21.9% | -1.0% | 2.1% | 8.5% | 7.7% | 9.4% | -1.9% | 1.0% | 1.8% | 1.9% |
| Net margin | 16.6% | 5.3% | 2.1% | 8.0% | 6.8% | 7.8% | -3.3% | -1.3% | -4.9% | 0.0% |
Balance sheet
Fiscal years, from ICU Medical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $445M | $300M | $382M | $293M | $411M | $567M | $213M | $255M | $309M | $308M |
| Receivables | $56M | $113M | $176M | $202M | $124M | $106M | $222M | $162M | $183M | $181M |
| Inventory | $49M | $289M | $311M | $338M | $315M | $290M | $696M | $709M | $585M | $616M |
| Total current assets | $569M | $865M | $927M | $882M | $921M | $1.0B | $1.2B | $1.2B | $1.4B | $1.2B |
| Property, plant and equipment | $86M | $399M | $433M | $456M | $467M | $468M | $636M | $613M | $443M | $452M |
| Goodwill | $6M | $12M | $11M | $31M | $33M | $43M | $1.4B | $1.5B | $1.4B | $1.5B |
| Total assets | $705M | $1.5B | $1.6B | $1.7B | $1.8B | $1.9B | $4.5B | $4.4B | $4.2B | $4.1B |
| Total current liabilities | $41M | $210M | $249M | $248M | $195M | $201M | $495M | $482M | $556M | $499M |
| Long-term debt | $0 | — | — | — | — | $0 | $1.6B | $1.6B | $1.5B | $1.3B |
| Total liabilities | $45M | $299M | $322M | $315M | $261M | $265M | $2.4B | $2.3B | $2.2B | $1.9B |
| Shareholders' equity | $660M | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $2.1B | $2.1B | $2.0B | $2.1B |
| Net debt | -$445M | -$290M | -$345M | -$269M | -$396M | -$553M | $1.4B | $1.4B | $1.3B | $977M |
Cash flow
Fiscal years, from ICU Medical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $90M | $154M | $160M | $102M | $223M | $268M | -$62M | $166M | $204M | $180M |
| Capital spending | $23M | $74M | $93M | $97M | $92M | $69M | $90M | $84M | $79M | $88M |
| Free cash flow | $67M | $80M | $67M | $5M | $131M | $199M | -$152M | $82M | $125M | $92M |
| Stock-based compensation | $15M | $19M | $24M | $22M | $24M | $27M | $36M | $41M | $47M | $56M |
| Share buybacks (net) | -$17M | -$4M | -$6M | -$19M | -$13M | -$8M | -$11M | -$9M | -$12M | -$9M |
| Net borrowing | $0 | $0 | $0 | $0 | $0 | $0 | -$22M | -$30M | -$51M | -$303M |
| Free cash flow margin | 17.6% | 6.2% | 4.8% | 0.4% | 10.3% | 15.1% | -6.7% | 3.6% | 5.2% | 4.1% |
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Open ICUI in InvestinglyQuestions
What was ICU Medical's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does ICU Medical generate?
$92M in fiscal 2025 (operating cash flow minus capital spending).
From ICU Medical's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.