SPX (SPXC) financial statements
SPX reported revenue of $2.3B in fiscal 2025, up 4.9% a year over 9 years.
Net income was $244M and the operating margin 15.5%, against 4.8% in 2016.
Free cash flow was $241M.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SPX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.4B | $1.5B | $1.1B | $1.1B | $1.2B | $1.5B | $1.7B | $2.0B | $2.3B |
| Cost of revenue | $1.1B | $1.1B | $1.1B | $722M | $733M | $788M | $937M | $1.1B | $1.2B | $1.3B |
| Gross profit | $376M | $330M | $410M | $402M | $396M | $432M | $524M | $670M | $799M | $918M |
| Research and development | $29M | $23M | $23M | $24M | $28M | $31M | $39M | $43M | $46M | $54M |
| Selling, general and admin | $286M | $277M | $289M | $276M | $272M | $310M | $356M | $394M | $415M | $478M |
| Operating income | $70M | $60M | $112M | $114M | $97M | $74M | $51M | $222M | $308M | $350M |
| Interest expense | $15M | $17M | $22M | $21M | $18M | $13M | $9M | $27M | $46M | $48M |
| Pre-tax income | $39M | $36M | $84M | $89M | $79M | $70M | $27M | $186M | $255M | $314M |
| Income tax | $9M | -$48M | $3M | $12M | $5M | $11M | $7M | $42M | $54M | $69M |
| Net income | -$67M | $89M | $81M | $65M | $99M | $425M | $200,000 | $90M | $200M | $244M |
| EPS (diluted) | -$2.02 | $2.03 | $1.82 | $1.58 | $2.16 | $9.15 | $0.00 | $1.93 | $4.26 | $5.03 |
| Diluted shares | 42M | 44M | 45M | 45M | 46M | 46M | 46M | 47M | 47M | 49M |
| Gross margin | 25.5% | 23.2% | 27.1% | 35.8% | 35.1% | 35.4% | 35.9% | 38.5% | 40.3% | 40.5% |
| Operating margin | 4.8% | 4.2% | 7.4% | 10.1% | 8.6% | 6.0% | 3.5% | 12.7% | 15.5% | 15.5% |
| Net margin | -4.6% | 6.3% | 5.4% | 5.8% | 8.8% | 34.9% | 0.0% | 5.2% | 10.1% | 10.8% |
Balance sheet
Fiscal years, from SPX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $100M | $124M | $68M | $51M | $64M | $388M | $148M | $99M | $157M | $364M |
| Receivables | $252M | $268M | $269M | $265M | $211M | $223M | $264M | $280M | $314M | $357M |
| Inventory | $146M | $143M | $129M | $155M | $155M | $190M | $244M | $277M | $271M | $302M |
| Total current assets | $528M | $632M | $598M | $632M | $675M | $903M | $721M | $710M | $784M | $1.1B |
| Property, plant and equipment | $196M | $187M | $184M | $179M | $107M | $113M | $110M | $140M | $218M | $291M |
| Goodwill | $340M | $346M | $394M | $318M | $369M | $457M | $455M | $705M | $834M | $1.0B |
| Total assets | $1.9B | $2.0B | $2.1B | $2.2B | $2.3B | $2.6B | $1.9B | $2.4B | $2.7B | $3.6B |
| Total current liabilities | $476M | $461M | $470M | $609M | $572M | $440M | $334M | $401M | $418M | $461M |
| Long-term debt | $324M | $349M | $332M | $250M | $304M | $231M | $243M | $523M | $577M | $497M |
| Total liabilities | $1.7B | $1.7B | $1.6B | $1.6B | $1.7B | $1.5B | $852M | $1.2B | $1.3B | $1.4B |
| Shareholders' equity | $192M | $315M | $415M | $512M | $640M | $1.1B | $1.1B | $1.2B | $1.4B | $2.2B |
| Net debt | $242M | $226M | $281M | $200M | $247M | -$144M | $97M | $441M | $448M | $136M |
Cash flow
Fiscal years, from SPX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1M | $47M | $111M | $149M | $126M | $175M | -$137M | $208M | $286M | $333M |
| Capital spending | $12M | $11M | $12M | $14M | $15M | $10M | $16M | $24M | $38M | $92M |
| Free cash flow | -$13M | $36M | $98M | $135M | $111M | $165M | -$153M | $185M | $248M | $241M |
| Stock-based compensation | $14M | $16M | $16M | $13M | $13M | $13M | $11M | $13M | $15M | $17M |
| Share buybacks (net) | $0 | — | — | — | $0 | $0 | -$34M | $0 | $0 | — |
| Net borrowing | -$19M | -$1M | $25M | $10M | $16M | -$164M | $500,000 | $312M | $55M | -$114M |
| Free cash flow margin | -0.9% | 2.5% | 6.5% | 12.0% | 9.8% | 13.5% | -10.5% | 10.6% | 12.5% | 10.6% |
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Open SPXC in InvestinglyQuestions
What was SPX's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does SPX generate?
$241M in fiscal 2025 (operating cash flow minus capital spending).
From SPX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.