NewMarket (NEU) financial statements
NewMarket reported revenue of $2.7B in fiscal 2025, up 3.2% a year over 9 years.
Net income was $419M and the operating margin 20.0%, against 17.3% in 2016.
Free cash flow was $491M, and the company returned $106M in dividends and $77M in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NewMarket's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.3B | $2.2B | $2.0B | $2.4B | $2.8B | $2.7B | $2.8B | $2.7B |
| Cost of revenue | $1.4B | $1.6B | $1.7B | $1.6B | $1.4B | $1.8B | $2.1B | $1.9B | $1.9B | $1.9B |
| Gross profit | $677M | $636M | $585M | $630M | $595M | $548M | $640M | $773M | $886M | $857M |
| Research and development | $161M | $146M | $140M | $144M | $140M | $144M | $140M | $138M | $125M | $132M |
| Selling, general and admin | $162M | $168M | $152M | $148M | $143M | $146M | $145M | $151M | $171M | $182M |
| Operating income | $355M | $323M | $293M | $337M | $312M | $258M | $355M | $483M | $590M | $544M |
| Interest expense | $17M | $22M | $27M | $29M | $26M | $34M | $35M | $37M | $57M | $40M |
| Pre-tax income | $343M | $315M | $290M | $332M | $331M | $248M | $348M | $489M | $584M | $561M |
| Income tax | $100M | $125M | $56M | $77M | $61M | $57M | $68M | $100M | $122M | $142M |
| Net income | $243M | $191M | $235M | $254M | $271M | $191M | $280M | $389M | $462M | $419M |
| EPS (diluted) | $20.54 | $16.08 | $20.34 | $22.73 | $24.64 | $17.71 | $27.77 | $40.44 | $48.22 | $44.44 |
| Diluted shares | 12M | 12M | 12M | 11M | 11M | 11M | 10M | 10M | 10M | 9M |
| Gross margin | 33.0% | 28.9% | 25.6% | 28.8% | 29.6% | 23.2% | 23.2% | 28.6% | 31.8% | 31.5% |
| Operating margin | 17.3% | 14.7% | 12.8% | 15.4% | 15.5% | 10.9% | 12.8% | 17.9% | 21.2% | 20.0% |
| Net margin | 11.9% | 8.7% | 10.3% | 11.6% | 13.5% | 8.1% | 10.1% | 14.4% | 16.6% | 15.4% |
Balance sheet
Fiscal years, from NewMarket's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $192M | $84M | $73M | $144M | $125M | $459M | $69M | $112M | $77M | $78M |
| Receivables | $307M | $335M | $315M | $336M | $336M | $392M | $454M | $432M | $395M | $422M |
| Inventory | $312M | $383M | $396M | $366M | $401M | $499M | $631M | $456M | $505M | $502M |
| Total current assets | $837M | $834M | $813M | $879M | $898M | $1.4B | $1.2B | $1.0B | $1.0B | $1.1B |
| Property, plant and equipment | $504M | $652M | $644M | $635M | $665M | $677M | $660M | $655M | $735M | $775M |
| Total assets | $1.4B | $1.7B | $1.7B | $1.9B | $1.9B | $2.6B | $2.4B | $2.3B | $3.1B | $3.5B |
| Total current liabilities | $295M | $317M | $271M | $309M | $312M | $725M | $424M | $364M | $374M | $419M |
| Long-term debt | $507M | $603M | $771M | $643M | $599M | $790M | $1.0B | $644M | $971M | $883M |
| Total liabilities | $933M | $1.1B | $1.2B | $1.2B | $1.2B | $1.8B | $1.6B | $1.2B | $1.7B | $1.7B |
| Shareholders' equity | $483M | $602M | $490M | $683M | $760M | $762M | $762M | $1.1B | $1.5B | $1.8B |
| Net debt | $315M | $519M | $698M | $499M | $474M | $1.1B | $935M | $532M | $894M | $806M |
Cash flow
Fiscal years, from NewMarket's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $353M | $243M | $198M | $337M | $284M | $165M | $109M | $577M | $520M | $569M |
| Capital spending | $143M | $149M | $75M | $59M | $93M | $79M | $56M | $48M | $57M | $78M |
| Free cash flow | $211M | $94M | $123M | $278M | $191M | $86M | $52M | $529M | $462M | $491M |
| Dividends paid | $76M | $83M | $80M | $82M | $83M | $86M | $84M | $85M | $96M | $106M |
| Share buybacks (net) | -$36M | -$26M | -$232M | $0 | -$101M | -$196M | -$207M | -$43M | -$32M | -$77M |
| Net borrowing | — | — | — | — | $0 | $395M | -$350M | $0 | $0 | — |
| Free cash flow margin | 10.3% | 4.3% | 5.4% | 12.7% | 9.5% | 3.7% | 1.9% | 19.6% | 16.6% | 18.0% |
| Dividends per share | $6.41 | $7.01 | $6.99 | $7.31 | $7.61 | $7.99 | $8.40 | $8.87 | $10.04 | $11.29 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NEU.
Open NEU in InvestinglyQuestions
What was NewMarket's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does NewMarket generate?
$491M in fiscal 2025 (operating cash flow minus capital spending).
From NewMarket's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.