MAN (MAN) financial statements
MAN reported revenue of $18.0B in fiscal 2025, down 1.0% a year over 9 years.
Net income was -$13M and the operating margin 0.8%, against 3.8% in 2016.
Free cash flow was -$161M, and the company returned $67M in dividends and $38M in net buybacks.
The diluted share count fell 34% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.7B | $21.0B | $22.0B | $20.9B | $18.0B | $20.7B | $19.8B | $18.9B | $17.9B | $18.0B |
| Cost of revenue | $16.3B | $17.5B | $18.4B | $17.5B | $15.2B | $17.3B | $16.3B | $15.6B | $14.8B | $15.0B |
| Gross profit | $3.3B | $3.5B | $3.6B | $3.4B | $2.8B | $3.4B | $3.6B | $3.4B | $3.1B | $3.0B |
| Selling, general and admin | $2.6B | $2.7B | $2.8B | $2.7B | $2.6B | $2.8B | $3.0B | $3.1B | $2.8B | $2.8B |
| Operating income | $746M | $789M | $797M | $645M | $188M | $585M | $582M | $256M | $306M | $150M |
| Interest expense | $50M | $49M | $47M | $44M | $43M | $39M | -$47M | -$80M | -$90M | -$95M |
| Pre-tax income | $701M | $737M | $755M | $686M | $148M | $568M | $557M | $206M | $257M | $93M |
| Income tax | $258M | $192M | $198M | $220M | $124M | $186M | $183M | $117M | $112M | $107M |
| Net income | $444M | $545M | $557M | $466M | $24M | $382M | $374M | $89M | $145M | -$13M |
| EPS (diluted) | $6.27 | $8.04 | $8.56 | $7.72 | $0.41 | $6.91 | $7.08 | $1.76 | $3.01 | -$0.29 |
| Diluted shares | 71M | 68M | 65M | 60M | 58M | 55M | 53M | 50M | 48M | 47M |
| Gross margin | 17.0% | 16.6% | 16.3% | 16.2% | 15.7% | 16.4% | 18.0% | 17.8% | 17.3% | 16.7% |
| Operating margin | 3.8% | 3.8% | 3.6% | 3.1% | 1.0% | 2.8% | 2.9% | 1.4% | 1.7% | 0.8% |
| Net margin | 2.3% | 2.6% | 2.5% | 2.2% | 0.1% | 1.8% | 1.9% | 0.5% | 0.8% | -0.1% |
Balance sheet
Fiscal years, from MAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $598M | $689M | $592M | $1.0B | $1.6B | $848M | $639M | $581M | $509M | $871M |
| Receivables | $4.4B | $5.4B | $5.3B | $5.3B | $4.9B | $5.4B | $5.1B | $4.8B | $4.3B | $4.8B |
| Total current assets | $5.1B | $6.2B | $6.0B | $6.5B | $6.7B | $6.4B | $5.9B | $5.6B | $5.0B | $5.8B |
| Property, plant and equipment | $147M | $158M | $153M | $143M | $135M | $117M | $112M | $130M | $118M | $123M |
| Goodwill | $1.2B | $1.3B | $1.3B | $1.3B | $1.2B | $1.7B | $1.6B | $1.6B | $1.6B | $1.5B |
| Total assets | $7.6B | $8.9B | $8.5B | $9.2B | $9.3B | $9.8B | $9.1B | $8.8B | $8.2B | $9.2B |
| Total current liabilities | $3.7B | $4.8B | $4.2B | $4.4B | $4.7B | $5.8B | $4.9B | $4.8B | $4.4B | $5.2B |
| Long-term debt | $786M | $478M | $1.0B | $1.0B | $1.1B | $566M | $960M | $990M | $929M | $1.1B |
| Total liabilities | $5.1B | $6.0B | $5.8B | $6.5B | $6.9B | $7.3B | $6.7B | $6.6B | $6.1B | $7.1B |
| Shareholders' equity | $2.4B | $2.8B | $2.6B | $2.7B | $2.4B | $2.5B | $2.4B | $2.2B | $2.1B | $2.1B |
| Net debt | $227M | $258M | $484M | $48M | -$443M | $270M | $348M | $421M | $443M | $806M |
Cash flow
Fiscal years, from MAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $600M | $401M | $483M | $814M | $936M | $645M | $423M | $348M | $309M | -$104M |
| Capital spending | $57M | $55M | $65M | $53M | $51M | $64M | $76M | $78M | $51M | $57M |
| Free cash flow | $543M | $346M | $418M | $762M | $886M | $581M | $348M | $270M | $258M | -$161M |
| Stock-based compensation | $27M | $29M | $28M | $26M | $24M | $37M | $38M | $29M | $27M | $26M |
| Dividends paid | $118M | $124M | $127M | $129M | $129M | $137M | $140M | $144M | $146M | $67M |
| Share buybacks (net) | -$482M | -$204M | -$501M | -$203M | -$265M | -$210M | -$270M | -$180M | -$140M | -$38M |
| Net borrowing | -$7M | $5M | $178M | $20M | -$38M | -$5M | $16M | -$16M | $16M | $600M |
| Free cash flow margin | 2.8% | 1.6% | 1.9% | 3.6% | 4.9% | 2.8% | 1.8% | 1.4% | 1.4% | -0.9% |
| Dividends per share | $1.67 | $1.82 | $1.96 | $2.14 | $2.21 | $2.47 | $2.65 | $2.86 | $3.02 | $1.43 |
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Open MAN in InvestinglyQuestions
What was MAN's revenue in 2025?
$18.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does MAN generate?
-$161M in fiscal 2025 (operating cash flow minus capital spending).
From MAN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.