Powell Industries (POWL) financial statements
Powell Industries reported revenue of $1.1B in fiscal 2025, up 7.7% a year over 9 years.
Net income was $181M and the operating margin 19.7%, against 2.8% in 2016.
Free cash flow was $155M, and the company returned $13M in dividends.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Powell Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $565M | $396M | $449M | $517M | $518M | $471M | $533M | $699M | $1.0B | $1.1B |
| Cost of revenue | $459M | $345M | $383M | $430M | $424M | $395M | $448M | $552M | $739M | $780M |
| Gross profit | $106M | $51M | $65M | $87M | $95M | $75M | $85M | $148M | $273M | $324M |
| Research and development | $7M | $7M | $7M | $6M | $6M | $7M | $7M | $6M | $9M | $11M |
| Selling, general and admin | $75M | $62M | $67M | $70M | $68M | $67M | $71M | $79M | $85M | $95M |
| Operating income | $16M | -$19M | -$9M | $11M | $19M | $1M | $7M | $63M | $179M | $218M |
| Interest expense | $149,000 | $168,000 | $207,000 | $230,000 | $228,000 | $204,000 | — | — | — | — |
| Pre-tax income | $18M | -$17M | -$8M | $12M | $20M | $1M | $10M | $69M | $196M | $234M |
| Income tax | $2M | -$7M | -$547,000 | $2M | $4M | $461,000 | -$4M | $14M | $46M | $53M |
| Net income | $16M | -$9M | -$7M | $10M | $17M | $631,000 | $14M | $55M | $150M | $181M |
| EPS (diluted) | $0.45 | -$0.28 | -$0.21 | $0.28 | $0.47 | $0.02 | $0.38 | $1.50 | $4.10 | $4.95 |
| Diluted shares | 34M | 34M | 35M | 35M | 35M | 35M | 36M | 36M | 37M | 37M |
| Gross margin | 18.8% | 12.8% | 14.6% | 16.8% | 18.2% | 16.0% | 16.0% | 21.1% | 27.0% | 29.4% |
| Operating margin | 2.8% | -4.9% | -2.0% | 2.2% | 3.7% | 0.2% | 1.4% | 8.9% | 17.7% | 19.7% |
| Net margin | 2.7% | -2.4% | -1.6% | 1.9% | 3.2% | 0.1% | 2.6% | 7.8% | 14.8% | 16.4% |
Balance sheet
Fiscal years, from Powell 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 | $98M | $95M | $50M | $125M | $179M | $134M | $117M | $279M | $358M | $476M |
| Receivables | $101M | $54M | $93M | $112M | $70M | $78M | $106M | $207M | $214M | $217M |
| Inventory | $27M | $18M | $21M | $29M | $29M | $30M | $50M | $64M | $86M | $85M |
| Total current assets | $304M | $250M | $277M | $329M | $336M | $302M | $370M | $622M | $776M | $932M |
| Property, plant and equipment | $145M | $139M | $129M | $121M | $114M | $109M | $99M | $98M | $103M | $111M |
| Goodwill | — | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $6M |
| Total assets | $463M | $415M | $430M | $467M | $472M | $436M | $493M | $752M | $928M | $1.1B |
| Total current liabilities | $118M | $86M | $118M | $158M | $153M | $121M | $186M | $396M | $428M | $446M |
| Long-term debt | $2M | $2M | $1M | $800,000 | $400,000 | $0 | $0 | — | — | — |
| Total liabilities | $127M | $94M | $128M | $168M | $166M | $135M | $196M | $407M | $445M | $468M |
| Shareholders' equity | $335M | $321M | $302M | $299M | $307M | $301M | $297M | $345M | $483M | $641M |
| Net debt | -$95M | -$66M | -$35M | -$117M | -$159M | -$114M | -$102M | -$246M | -$315M | -$451M |
Cash flow
Fiscal years, from Powell Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $75M | $37M | -$29M | $69M | $72M | -$30M | -$4M | $183M | $109M | $168M |
| Capital spending | $3M | $4M | $4M | $4M | $5M | $3M | $2M | $8M | $12M | $13M |
| Free cash flow | $72M | $33M | -$33M | $65M | $67M | -$33M | -$6M | $175M | $97M | $155M |
| Stock-based compensation | $5M | $3M | $3M | $4M | $3M | $3M | $4M | $5M | $5M | $5M |
| Dividends paid | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $13M | $13M |
| Share buybacks (net) | -$4M | $0 | $0 | — | — | — | — | — | — | — |
| Net borrowing | -$400,000 | -$400,000 | -$400,000 | -$400,000 | -$400,000 | -$400,000 | -$400,000 | $0 | $0 | — |
| Free cash flow margin | 12.7% | 8.4% | -7.3% | 12.5% | 13.0% | -7.1% | -1.1% | 25.0% | 9.5% | 14.0% |
| Dividends per share | $0.35 | $0.35 | $0.35 | $0.34 | $0.34 | $0.34 | $0.34 | $0.34 | $0.35 | $0.35 |
Questions
What was Powell Industries's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Powell Industries generate?
$155M in fiscal 2025 (operating cash flow minus capital spending).
From Powell Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.