Spectrum Brands (SPB) financial statements
Spectrum Brands reported revenue of $2.8B in fiscal 2025, down 0.8% a year over 9 years.
Net income was $100M and the operating margin 4.4%, against 11.1% in 2016.
Free cash flow was $165M, and the company returned $48M in dividends and $326M in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Spectrum Brands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.7B | $3.8B | $2.4B | $2.6B | $3.0B | $3.1B | $2.9B | $3.0B | $2.8B |
| Cost of revenue | $3.1B | $3.1B | $2.5B | $1.6B | $1.7B | $2.0B | $2.1B | $2.0B | $1.9B | $1.8B |
| Gross profit | $1.2B | $1.3B | $1.3B | $820M | $878M | $1.0B | $990M | $924M | $1.1B | $1.0B |
| Research and development | $27M | $45M | $45M | $32M | $29M | $30M | $27M | $22M | $28M | $23M |
| Selling, general and admin | $1.4B | $1.4B | $36M | $22M | $52M | $47M | $996M | $889M | $953M | $883M |
| Operating income | $335M | $288M | $224M | -$152M | $9M | $97M | $23M | -$206M | $171M | $125M |
| Interest expense | $402M | $360M | — | — | — | — | $99M | $116M | $58M | $30M |
| Pre-tax income | $9M | -$28M | -$36M | -$354M | -$25M | -$11M | -$90M | -$290M | $164M | $87M |
| Income tax | -$58M | -$12M | -$463M | -$52M | $27M | -$26M | -$13M | -$56M | $64M | -$13M |
| Net income | -$199M | $106M | $768M | $494M | $98M | $190M | $72M | $1.8B | $125M | $100M |
| EPS (diluted) | -$6.21 | $3.29 | $20.74 | $9.76 | $2.19 | $4.39 | $1.75 | $45.65 | $4.10 | $3.86 |
| Diluted shares | 32M | 32M | 37M | 51M | 45M | 43M | 41M | 40M | 30M | 26M |
| Gross margin | 41.2% | 36.1% | 35.0% | 33.5% | 33.5% | 34.5% | 31.6% | 31.7% | 37.4% | 36.7% |
| Operating margin | 11.1% | 7.8% | 5.9% | -6.2% | 0.3% | 3.2% | 0.7% | -7.0% | 5.8% | 4.4% |
| Net margin | -6.6% | 2.9% | 20.2% | 20.2% | 3.7% | 6.3% | 2.3% | 61.7% | 4.2% | 3.6% |
Balance sheet
Fiscal years, from Spectrum Brands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $465M | $270M | $552M | $627M | $532M | $188M | $244M | $1.9B | $369M | $124M |
| Receivables | $539M | $266M | $317M | $357M | $300M | $248M | $247M | $477M | $635M | $522M |
| Inventory | $741M | $496M | $584M | $548M | $319M | $563M | $781M | $463M | $462M | $446M |
| Total current assets | — | $30.0B | $4.0B | $1.7B | $1.7B | $2.9B | $3.2B | $2.9B | $1.6B | $1.2B |
| Property, plant and equipment | $543M | $504M | $500M | $453M | $256M | $260M | $264M | $275M | $267M | $255M |
| Goodwill | $2.1B | $1.5B | $1.5B | $626M | $627M | $867M | $953M | $855M | $865M | $867M |
| Total assets | $33.6B | $35.8B | $7.8B | $5.2B | $5.1B | $5.3B | $5.8B | $5.3B | $3.8B | $3.4B |
| Total current liabilities | — | $27.6B | $1.4B | $1.1B | $945M | $1.2B | $1.2B | $765M | $687M | $523M |
| Long-term debt | $5.3B | $5.5B | $4.6B | $2.2B | $2.4B | $2.5B | $3.1B | $1.5B | $551M | $556M |
| Total liabilities | $31.8B | $33.9B | $6.2B | $3.5B | $3.7B | $3.9B | $4.5B | $2.7B | $1.7B | $1.5B |
| Shareholders' equity | $638M | $758M | $1.6B | $1.7B | $1.4B | $1.5B | $1.3B | $2.5B | $2.1B | $1.9B |
| Net debt | $5.0B | $5.4B | $4.1B | $1.7B | $1.9B | $2.3B | $2.9B | $802M | $192M | $444M |
Cash flow
Fiscal years, from Spectrum Brands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $913M | $840M | $343M | $1M | $290M | $288M | -$54M | -$410M | $163M | $204M |
| Capital spending | $61M | $82M | $76M | $40M | $44M | $44M | $64M | $59M | $44M | $38M |
| Free cash flow | $852M | $758M | $267M | -$39M | $246M | $245M | -$118M | -$469M | $119M | $165M |
| Stock-based compensation | $71M | $54M | $12M | $44M | $32M | $29M | $10M | $17M | $18M | $20M |
| Dividends paid | $132M | $25M | $22M | $86M | $75M | $72M | $69M | $66M | $51M | $48M |
| Share buybacks (net) | — | — | $0 | -$268M | -$240M | -$126M | -$134M | -$35M | -$483M | -$326M |
| Net borrowing | -$603M | $58M | -$1.1B | -$2.3B | $166M | $8M | $727M | -$1.6B | -$999M | -$11M |
| Free cash flow margin | 28.1% | 20.5% | 7.0% | -1.6% | 9.4% | 8.2% | -3.8% | -16.1% | 4.0% | 5.9% |
| Dividends per share | $4.13 | $0.78 | $0.61 | $1.69 | $1.68 | $1.66 | $1.68 | $1.68 | $1.66 | $1.86 |
Questions
What was Spectrum Brands's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Spectrum Brands generate?
$165M in fiscal 2025 (operating cash flow minus capital spending).
From Spectrum Brands's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.