InfuSystems (INFU) financial statements
InfuSystems reported revenue of $143M in fiscal 2025, up 8.2% a year over 9 years.
Net income was $7M and the operating margin 8.3%, against 1.4% in 2016.
Free cash flow was $24M, and the company returned $10M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from InfuSystems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70M | $10M | $11M | $81M | $97M | $102M | $110M | $126M | $135M | $143M |
| Cost of revenue | $16M | $18M | $28M | $34M | $39M | $44M | $49M | $63M | $64M | $63M |
| Gross profit | $45M | $43M | $40M | $47M | $59M | $59M | $61M | $63M | $70M | $80M |
| Selling, general and admin | $34M | $35M | $35M | $39M | $45M | $51M | $56M | $58M | $63M | $67M |
| Operating income | $974,000 | -$4M | $415,000 | $4M | $9M | $3M | $2M | $4M | $7M | $12M |
| Interest expense | $1M | $1M | $1M | $2M | $1M | $1M | $1M | $2M | $2M | $1M |
| Pre-tax income | -$364,000 | -$5M | -$1M | $2M | $8M | $1M | $130,000 | $2M | $5M | $11M |
| Income tax | -$142,000 | $15M | $53,000 | $163,000 | -$10M | -$163,000 | $112,000 | $979,000 | $3M | $4M |
| Net income | -$222,000 | -$21M | -$1M | $1M | $17M | $1M | $18,000 | $872,000 | $2M | $7M |
| EPS (diluted) | -$0.01 | -$0.91 | -$0.05 | $0.07 | $0.80 | $0.06 | $0.00 | $0.04 | $0.11 | $0.31 |
| Diluted shares | 23M | 23M | 21M | 21M | 22M | 22M | 22M | 22M | 22M | 21M |
| Gross margin | 63.5% | 434.0% | 374.9% | 57.8% | 60.3% | 57.2% | 55.1% | 50.2% | 52.2% | 56.0% |
| Operating margin | 1.4% | -38.2% | 3.9% | 4.3% | 9.1% | 2.8% | 1.5% | 3.2% | 5.1% | 8.3% |
| Net margin | -0.3% | -207.2% | -10.4% | 1.7% | 17.8% | 1.4% | 0.0% | 0.7% | 1.7% | 4.6% |
Balance sheet
Fiscal years, from InfuSystems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $3M | $4M | $3M | $10M | $186,000 | $165,000 | $231,000 | $527,000 | $3M |
| Receivables | $12M | $11M | $10M | $12M | $15M | $15M | $17M | $20M | $21M | $23M |
| Inventory | $2M | $2M | $2M | $3M | $3M | $4M | $5M | $6M | $7M | $5M |
| Total current assets | $21M | $18M | $18M | $19M | $30M | $22M | $25M | $31M | $32M | $36M |
| Property, plant and equipment | $2M | $2M | $1M | $4M | $4M | $5M | $4M | $4M | $4M | $3M |
| Goodwill | — | — | — | — | $0 | $4M | $4M | $4M | $4M | $4M |
| Total assets | $96M | $69M | $64M | $79M | $97M | $98M | $99M | $103M | $104M | $101M |
| Total current liabilities | $16M | $12M | $15M | $22M | $23M | $13M | $14M | $16M | $18M | $20M |
| Long-term debt | $27M | $25M | $29M | $30M | $29M | $33M | $33M | $29M | $24M | $20M |
| Total liabilities | $46M | $38M | $44M | $57M | $56M | $49M | $51M | $51M | $46M | $43M |
| Shareholders' equity | $51M | $31M | $20M | $22M | $41M | $48M | $48M | $52M | $58M | $57M |
| Net debt | $28M | $25M | $29M | $36M | $29M | $33M | $33M | $29M | $23M | $16M |
Cash flow
Fiscal years, from InfuSystems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8M | $8M | $11M | $14M | $20M | $18M | $18M | $11M | $20M | $24M |
| Capital spending | $168,000 | $104,000 | $281,000 | $3M | $1M | $980,000 | $982,000 | $1M | $1M | $560,000 |
| Free cash flow | $8M | $8M | $11M | $11M | $19M | $17M | $17M | $10M | $19M | $24M |
| Stock-based compensation | $462,000 | $682,000 | $957,000 | $997,000 | $3M | $6M | $4M | $4M | $4M | $4M |
| Share buybacks (net) | -$75,000 | — | -$10M | $0 | $0 | -$560,000 | -$5M | -$153,000 | -$1M | -$10M |
| Net borrowing | $67M | $29M | $11M | $5M | $407,000 | -$5M | — | — | — | — |
| Free cash flow margin | 11.0% | 76.2% | 105.3% | 13.5% | 19.7% | 16.9% | 15.0% | 8.1% | 14.4% | 16.6% |
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Open INFU in InvestinglyQuestions
What was InfuSystems's revenue in 2025?
$143M in fiscal 2025, from its 10-K filing.
How much free cash flow does InfuSystems generate?
$24M in fiscal 2025 (operating cash flow minus capital spending).
From InfuSystems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.