Masco (MAS) financial statements
Masco reported revenue of $7.6B in fiscal 2025, up 0.3% a year over 9 years.
Net income was $810M and the operating margin 16.5%, against 14.8% in 2016.
Free cash flow was $866M, and the company returned $261M in dividends and $571M in net buybacks.
The diluted share count fell 36% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Masco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4B | $6.0B | $6.7B | $6.7B | $7.2B | $8.4B | $8.7B | $8.0B | $7.8B | $7.6B |
| Cost of revenue | $4.9B | $3.8B | $4.3B | $4.3B | $4.6B | $5.5B | $6.0B | $5.1B | $5.0B | $4.9B |
| Gross profit | $2.5B | $2.2B | $2.3B | $2.4B | $2.6B | $2.9B | $2.7B | $2.8B | $2.8B | $2.7B |
| Selling, general and admin | $1.4B | $1.2B | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B | $1.5B | $1.5B | $1.4B |
| Operating income | $1.1B | $1.0B | $1.1B | $1.1B | $1.3B | $1.4B | $1.3B | $1.3B | $1.4B | $1.2B |
| Interest expense | $229M | $279M | $156M | $159M | $144M | $278M | $108M | $106M | $99M | $101M |
| Pre-tax income | $830M | $718M | $907M | $914M | $1.1B | $688M | $1.2B | $1.2B | $1.2B | $1.1B |
| Income tax | $296M | $245M | $221M | $230M | $269M | $210M | $288M | $278M | $287M | $277M |
| Net income | $493M | $533M | $734M | $935M | $1.2B | $410M | $844M | $908M | $822M | $810M |
| EPS (diluted) | $1.48 | $1.66 | $2.37 | $3.22 | $4.59 | $1.62 | $3.63 | $4.02 | $3.76 | $3.86 |
| Diluted shares | 330M | 318M | 307M | 288M | 264M | 251M | 232M | 226M | 219M | 210M |
| Gross margin | 33.4% | 36.9% | 35.0% | 35.4% | 36.0% | 34.2% | 31.3% | 35.6% | 36.2% | 35.4% |
| Operating margin | 14.8% | 17.1% | 16.2% | 16.2% | 18.0% | 16.8% | 14.9% | 16.9% | 17.4% | 16.5% |
| Net margin | 6.7% | 8.9% | 11.0% | 13.9% | 17.0% | 4.9% | 9.7% | 11.4% | 10.5% | 10.7% |
Balance sheet
Fiscal years, from Masco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.3B | $552M | $697M | $1.3B | $926M | $452M | $634M | $634M | $647M |
| Receivables | $917M | $1.1B | $990M | $997M | $1.1B | $1.2B | $1.1B | $1.1B | $1.0B | $1.0B |
| Inventory | $712M | $784M | $798M | $754M | $876M | $1.2B | $1.2B | $1.0B | $938M | $1.0B |
| Total current assets | $2.9B | $3.3B | $2.8B | $2.7B | $3.5B | $3.4B | $2.9B | $2.9B | $2.7B | $2.8B |
| Property, plant and equipment | $1.1B | $1.1B | $885M | $878M | $908M | $896M | $975M | $1.1B | $1.1B | $1.2B |
| Goodwill | $832M | $453M | $511M | $509M | $563M | $568M | $537M | $604M | $597M | $623M |
| Total assets | $5.2B | $5.5B | $5.4B | $5.0B | $5.8B | $5.6B | $5.2B | $5.4B | $5.0B | $5.2B |
| Total current liabilities | $1.5B | $1.7B | $1.7B | $1.5B | $1.9B | $1.9B | $1.9B | $1.7B | $1.6B | $1.6B |
| Long-term debt | $3.0B | $3.0B | $3.0B | $2.8B | $2.8B | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B |
| Total liabilities | $5.2B | $5.4B | $5.3B | $5.1B | $5.4B | $5.5B | $5.4B | $5.2B | $5.1B | $5.1B |
| Shareholders' equity | -$298M | -$53M | -$111M | -$235M | $195M | -$179M | -$480M | -$126M | -$279M | -$185M |
| Net debt | $2.0B | $1.8B | $2.4B | $2.1B | $1.5B | $2.0B | $2.5B | $2.3B | $2.3B | $2.3B |
Cash flow
Fiscal years, from Masco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $789M | $751M | $1.0B | $833M | $953M | $930M | $840M | $1.4B | $1.1B | $1.0B |
| Capital spending | $180M | $173M | $219M | $162M | $114M | $128M | $224M | $243M | $168M | $156M |
| Free cash flow | $609M | $578M | $813M | $671M | $839M | $802M | $616M | $1.2B | $907M | $866M |
| Stock-based compensation | $29M | $38M | $27M | $35M | $45M | $61M | $49M | $31M | $39M | $30M |
| Dividends paid | $128M | $129M | $134M | $144M | $145M | $211M | $258M | $257M | $254M | $261M |
| Share buybacks (net) | -$459M | -$331M | -$654M | -$896M | -$727M | -$1.0B | -$914M | -$353M | -$751M | -$571M |
| Net borrowing | -$4M | -$5M | -$1M | -$8M | -$2M | -$3M | -$10M | — | — | — |
| Free cash flow margin | 8.3% | 9.6% | 12.2% | 10.0% | 11.7% | 9.6% | 7.1% | 14.7% | 11.6% | 11.5% |
| Dividends per share | $0.39 | $0.41 | $0.44 | $0.50 | $0.55 | $0.84 | $1.11 | $1.14 | $1.16 | $1.24 |
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Open MAS in InvestinglyQuestions
What was Masco's revenue in 2025?
$7.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Masco generate?
$866M in fiscal 2025 (operating cash flow minus capital spending).
From Masco's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.