Penguin Solutions (PENG) financial statements
Penguin Solutions reported revenue of $1.4B in fiscal 2025, up 11.0% a year over 9 years.
Net income was $25M and the operating margin 4.2%, against 1.2% in 2016.
Free cash flow was $100M, and the company returned $52M in net buybacks.
The diluted share count rose 96% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Penguin Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $534M | $761M | $1.3B | $1.2B | $1.1B | $1.1B | $1.4B | $1.4B | $1.2B | $1.4B |
| Cost of revenue | $427M | $599M | $997M | $974M | $906M | $818M | $1.0B | $1.0B | $830M | $975M |
| Gross profit | $107M | $162M | $292M | $238M | $216M | $238M | $391M | $415M | $341M | $394M |
| Research and development | $38M | $38M | $40M | $48M | $52M | $60M | $77M | $91M | $82M | $80M |
| Selling, general and admin | $57M | $67M | $85M | $103M | $123M | $158M | $205M | $261M | $234M | $238M |
| Operating income | $6M | $54M | $170M | $89M | $41M | -$16M | $67M | $9M | $18M | $58M |
| Pre-tax income | -$18M | $2M | $138M | $66M | $9M | -$32M | $42M | -$40M | -$31M | $49M |
| Income tax | $2M | $10M | $18M | $15M | $11M | $10M | $18M | -$49M | $11M | $20M |
| Net income | -$20M | -$8M | $119M | $51M | -$1M | $21M | $67M | -$188M | -$52M | $25M |
| EPS (diluted) | -$0.72 | -$0.24 | $2.58 | $1.09 | -$0.02 | $0.44 | $1.22 | -$3.65 | -$1.00 | $0.28 |
| Diluted shares | 28M | 32M | 46M | 47M | 48M | 49M | 54M | 51M | 52M | 54M |
| Gross margin | 20.0% | 21.3% | 22.6% | 19.6% | 19.3% | 22.5% | 28.0% | 28.8% | 29.1% | 28.8% |
| Operating margin | 1.2% | 7.1% | 13.2% | 7.3% | 3.7% | -1.5% | 4.8% | 0.6% | 1.6% | 4.2% |
| Net margin | -3.7% | -1.0% | 9.3% | 4.2% | -0.1% | 2.0% | 4.8% | -13.0% | -4.5% | 1.9% |
Balance sheet
Fiscal years, from Penguin Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $59M | $22M | $31M | $98M | $151M | $223M | $313M | $391M | $389M | $454M |
| Receivables | $141M | $183M | $237M | $217M | $216M | $313M | $355M | $219M | $252M | $308M |
| Inventory | $103M | $127M | $221M | $119M | $163M | $364M | $264M | $175M | $151M | $255M |
| Total current assets | $319M | $347M | $522M | $472M | $557M | $951M | $1.2B | $907M | $868M | $1.1B |
| Property, plant and equipment | $58M | $55M | $57M | $68M | $55M | $156M | $97M | $119M | $107M | $93M |
| Goodwill | $45M | $46M | $45M | $81M | $74M | $74M | $55M | $162M | $162M | $146M |
| Total assets | $459M | $480M | $673M | $704M | $787M | $1.3B | $1.6B | $1.5B | $1.5B | $1.6B |
| Total current liabilities | $229M | $240M | $296M | $238M | $282M | $584M | $516M | $426M | $328M | $474M |
| Long-term debt | $226M | $154M | $184M | $182M | $196M | $340M | $576M | $755M | $657M | $442M |
| Total liabilities | $460M | $398M | $486M | $431M | $505M | $1.0B | $1.2B | $1.3B | $1.1B | $1.0B |
| Shareholders' equity | -$1M | $82M | $187M | $273M | $282M | $310M | $372M | $222M | $391M | $394M |
| Net debt | $184M | $155M | $180M | $108M | $45M | $143M | $271M | $425M | $274M | $8M |
Cash flow
Fiscal years, from Penguin Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15M | -$933,000 | $68M | $170M | $87M | $153M | $105M | $104M | $77M | $109M |
| Capital spending | $14M | $19M | $26M | $33M | $32M | $17M | $20M | $39M | $19M | $9M |
| Free cash flow | $1M | -$20M | $42M | $136M | $55M | $137M | $85M | $65M | $58M | $100M |
| Stock-based compensation | $4M | $5M | $11M | $18M | $19M | $31M | $37M | $39M | $43M | $41M |
| Share buybacks (net) | -$124,000 | — | — | -$520,000 | -$749,000 | -$49M | -$57M | -$25M | -$21M | -$52M |
| Net borrowing | -$11M | $137M | $35M | -$7M | $30M | $0 | $144M | $274M | -$159M | -$300M |
| Free cash flow margin | 0.2% | -2.6% | 3.3% | 11.2% | 4.9% | 12.9% | 6.1% | 4.5% | 4.9% | 7.3% |
Questions
What was Penguin Solutions's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Penguin Solutions generate?
$100M in fiscal 2025 (operating cash flow minus capital spending).
From Penguin Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.