LCI Industries (LCII) financial statements
LCI Industries reported revenue of $4.1B in fiscal 2025, up 10.5% a year over 9 years.
Net income was $188M and the operating margin 6.8%, against 12.0% in 2016.
Free cash flow was $278M, and the company returned $114M in dividends and $129M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from LCI Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.1B | $2.5B | $2.4B | $2.8B | $4.5B | $5.2B | $3.8B | $3.7B | $4.1B |
| Cost of revenue | $1.2B | $1.7B | $2.0B | $1.8B | $2.1B | $3.4B | $3.9B | $3.0B | $2.9B | $3.1B |
| Gross profit | $429M | $493M | $520M | $539M | $706M | $1.0B | $1.3B | $776M | $880M | $980M |
| Selling, general and admin | $228M | $279M | $322M | $339M | $483M | $645M | $720M | $453M | $465M | $495M |
| Operating income | $201M | $214M | $199M | $200M | $223M | $398M | $553M | $123M | $218M | $280M |
| Interest expense | — | — | — | — | — | $16M | $28M | $40M | $29M | $36M |
| Pre-tax income | $199M | $213M | $192M | $191M | $209M | $382M | $525M | $83M | $189M | $255M |
| Income tax | $70M | $80M | $44M | $45M | $51M | $94M | $130M | $19M | $46M | $67M |
| Net income | $130M | $133M | $149M | $147M | $158M | $288M | $395M | $64M | $143M | $188M |
| EPS (diluted) | $5.20 | $5.24 | $5.83 | $5.84 | $6.27 | $11.32 | $15.48 | $2.52 | $5.60 | $7.57 |
| Diluted shares | 25M | 25M | 25M | 25M | 25M | 25M | 26M | 25M | 26M | 25M |
| Gross margin | 25.5% | 23.0% | 21.0% | 22.7% | 25.3% | 23.3% | 24.5% | 20.5% | 23.5% | 23.8% |
| Operating margin | 12.0% | 10.0% | 8.0% | 8.4% | 8.0% | 8.9% | 10.6% | 3.3% | 5.8% | 6.8% |
| Net margin | 7.7% | 6.2% | 6.0% | 6.2% | 5.7% | 6.4% | 7.6% | 1.7% | 3.8% | 4.6% |
Balance sheet
Fiscal years, from LCI Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $86M | $26M | $15M | $35M | $52M | $63M | $47M | $66M | $166M | $223M |
| Receivables | $57M | $82M | $122M | $200M | $269M | $320M | $214M | $215M | $200M | $243M |
| Inventory | $189M | $275M | $341M | $394M | $494M | $1.1B | $1.0B | $768M | $737M | $809M |
| Total current assets | $367M | $417M | $527M | $671M | $870M | $1.6B | $1.4B | $1.1B | $1.2B | $1.3B |
| Property, plant and equipment | $173M | $229M | $323M | $366M | $387M | $426M | $482M | $466M | $433M | $428M |
| Goodwill | $89M | $124M | $180M | $351M | $455M | $543M | $567M | $590M | $586M | $622M |
| Total assets | $787M | $946M | $1.2B | $1.9B | $2.3B | $3.3B | $3.2B | $3.0B | $2.9B | $3.2B |
| Total current liabilities | $149M | $182M | $178M | $271M | $416M | $627M | $421M | $395M | $412M | $473M |
| Long-term debt | $50M | $50M | $294M | $613M | $720M | $1.2B | $1.1B | $847M | $757M | $942M |
| Total liabilities | $237M | $293M | $538M | $1.1B | $1.4B | $2.2B | $1.9B | $1.6B | $1.5B | $1.8B |
| Shareholders' equity | $550M | $653M | $706M | $801M | $908M | $1.1B | $1.4B | $1.4B | $1.4B | $1.4B |
| Net debt | -$36M | $24M | $279M | $595M | $686M | $1.2B | $1.1B | $781M | $591M | $723M |
Cash flow
Fiscal years, from LCI Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $202M | $153M | $157M | $270M | $231M | -$112M | $603M | $527M | $370M | $331M |
| Capital spending | $45M | $87M | $120M | $58M | $57M | $99M | $131M | $62M | $42M | $53M |
| Free cash flow | $157M | $65M | $37M | $211M | $174M | -$210M | $472M | $465M | $328M | $278M |
| Stock-based compensation | $15M | $20M | $14M | $16M | $19M | $27M | $24M | $18M | $19M | $23M |
| Dividends paid | $34M | $51M | $59M | $64M | $70M | $87M | $103M | $106M | $109M | $114M |
| Share buybacks (net) | $0 | $0 | -$29M | $0 | $0 | $0 | -$24M | $0 | $0 | -$129M |
| Net borrowing | $0 | $0 | $5M | — | — | — | — | — | — | — |
| Free cash flow margin | 9.4% | 3.0% | 1.5% | 8.9% | 6.2% | -4.7% | 9.1% | 12.3% | 8.8% | 6.8% |
| Dividends per share | $1.38 | $2.01 | $2.33 | $2.54 | $2.79 | $3.43 | $4.03 | $4.18 | $4.29 | $4.59 |
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Open LCII in InvestinglyQuestions
What was LCI Industries's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does LCI Industries generate?
$278M in fiscal 2025 (operating cash flow minus capital spending).
From LCI Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.