Kenon Holdings (KEN) financial statements
Kenon Holdings reported revenue of $872M in fiscal 2025, up 11.6% a year over 9 years.
Net income was $66M and the operating margin 7.2%, against -21.9% in 2016.
Free cash flow was $167M, and the company returned $268M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kenon Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $324M | $366M | $364M | $373M | $386M | $488M | $574M | $692M | $751M | $872M |
| Cost of revenue | $252M | $267M | $260M | $256M | $282M | $336M | $417M | $494M | $522M | $658M |
| Gross profit | $46M | $68M | $75M | $86M | $71M | $98M | $100M | $119M | $144M | $147M |
| Research and development | — | — | $999,000 | $2M | $2M | $2M | $15M | $16M | $12M | $4M |
| Selling, general and admin | $47M | $56M | $35M | $36M | $50M | $76M | $100M | $85M | $96M | $120M |
| Operating income | -$71M | $42M | $42M | $56M | $23M | $23M | $3M | $43M | $48M | $62M |
| Interest expense | $47M | $70M | $30M | $30M | $51M | $144M | $50M | $66M | $115M | $87M |
| Pre-tax income | -$427M | -$136M | $462M | -$6M | $500M | $880M | $82M | $81M | $93M | $177M |
| Income tax | $2M | $73M | $11M | $17M | $5M | $4M | $38M | $25M | $41M | $28M |
| Net income | -$412M | $237M | $434M | -$13M | $507M | $930M | $313M | -$236M | $598M | $66M |
| EPS (diluted) | — | — | — | — | $9.41 | $17.27 | $5.80 | -$4.42 | $11.34 | $1.27 |
| Diluted shares | 54M | 54M | 54M | 0M | 54M | 54M | 54M | 53M | 53M | 52M |
| Gross margin | 14.2% | 18.7% | 20.5% | 23.1% | 18.4% | 20.2% | 17.4% | 17.3% | 19.1% | 16.8% |
| Operating margin | -21.9% | 11.6% | 11.6% | 15.0% | 6.0% | 4.6% | 0.5% | 6.2% | 6.3% | 7.2% |
| Net margin | -127.0% | 64.7% | 119.3% | -3.6% | 131.2% | 190.7% | 54.5% | -34.1% | 79.6% | 7.6% |
Balance sheet
Fiscal years, from Kenon Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $327M | $1.4B | $131M | $147M | $286M | $475M | $535M | $697M | $1.0B | $1.5B |
| Receivables | $285M | $44M | $36M | $39M | $48M | $63M | $74M | $68M | $80M | $137M |
| Inventory | $92M | — | — | — | $0 | $2M | $2M | — | — | — |
| Total current assets | $854M | $1.5B | $328M | $330M | $920M | $582M | $1.1B | $1.1B | $1.3B | $1.8B |
| Property, plant and equipment | $3.5B | $616M | $635M | $668M | $819M | $1.1B | $1.2B | $1.7B | $1.2B | $1.4B |
| Goodwill | $96M | $459,000 | $425,000 | — | — | $14M | $105M | — | — | — |
| Total assets | $5.1B | $2.5B | $1.5B | $1.5B | $2.5B | $4.0B | $3.8B | $4.1B | $4.2B | $5.4B |
| Total current liabilities | $1.0B | $806M | $90M | $105M | $228M | $447M | $193M | $359M | $183M | $365M |
| Long-term debt | $2.8B | $589M | $563M | $577M | $872M | $1.2B | $1.1B | $1.4B | $1.2B | $1.7B |
| Total liabilities | $4.2B | $1.5B | $739M | $797M | $1.2B | $1.8B | $1.5B | $2.0B | $1.6B | $2.2B |
| Shareholders' equity | $681M | $983M | $649M | $623M | $1.1B | $1.8B | $1.6B | $1.2B | $1.6B | $1.6B |
| Net debt | $3.0B | -$381M | $455M | $475M | $632M | $736M | $628M | $833M | $251M | $291M |
Cash flow
Fiscal years, from Kenon Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $162M | $392M | $52M | $85M | $92M | $241M | $771M | $277M | $265M | $284M |
| Capital spending | $291M | $238M | $69M | $34M | $75M | $241M | $292M | $332M | $341M | $116M |
| Free cash flow | -$128M | $154M | -$17M | $51M | $17M | -$586,000 | $480M | -$55M | -$76M | $167M |
| Stock-based compensation | $832,000 | $957,000 | $2M | $2M | $1M | $18M | $19M | -$2M | $10M | $43M |
| Dividends paid | — | — | $100M | $65M | $120M | $100M | $741M | $150M | $201M | $268M |
| Net borrowing | $355M | $432M | -$342M | -$28M | -$57M | -$219M | $44M | $204M | $964,000 | $150M |
| Free cash flow margin | -39.5% | 42.1% | -4.7% | 13.7% | 4.5% | -0.1% | 83.6% | -8.0% | -10.1% | 19.2% |
| Dividends per share | — | — | $1.86 | $1,210.06 | $2.23 | $1.86 | $13.75 | $2.82 | $3.80 | $5.14 |
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Open KEN in InvestinglyQuestions
What was Kenon Holdings's revenue in 2025?
$872M in fiscal 2025, from its 10-K filing.
How much free cash flow does Kenon Holdings generate?
$167M in fiscal 2025 (operating cash flow minus capital spending).
From Kenon Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.