Transdigm Group (TDG) financial statements
Transdigm Group reported revenue of $8.8B in fiscal 2025, up 12.1% a year over 9 years.
Net income was $2.1B and the operating margin 47.2%, against 40.0% in 2016.
Free cash flow was $1.8B, and the company returned $9.6B in dividends and $500M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Transdigm Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.5B | $3.8B | $5.2B | $5.1B | $4.8B | $5.4B | $6.6B | $7.9B | $8.8B |
| Cost of revenue | $1.4B | $1.5B | $1.6B | $2.4B | $2.5B | $2.3B | $2.3B | $2.7B | $3.3B | $3.5B |
| Gross profit | $1.7B | $2.0B | $2.2B | $2.8B | $2.6B | $2.5B | $3.1B | $3.8B | $4.7B | $5.3B |
| Research and development | $59M | $74M | $74M | $117M | $131M | $106M | $95M | $105M | $107M | $118M |
| Selling, general and admin | $383M | $413M | $450M | $748M | $727M | $685M | $748M | $780M | $980M | $945M |
| Operating income | $1.3B | $1.5B | $1.7B | $1.9B | $1.8B | $1.7B | $2.2B | $2.9B | $3.5B | $4.2B |
| Pre-tax income | $768M | $837M | $986M | $1.1B | $740M | $715M | $1.1B | $1.7B | $2.2B | $2.6B |
| Income tax | $182M | $209M | $24M | $222M | $87M | $34M | $261M | $417M | $500M | $555M |
| Net income | $586M | $597M | $957M | $890M | $699M | $680M | $866M | $1.3B | $1.7B | $2.1B |
| EPS (diluted) | $10.39 | $7.88 | $16.20 | $13.84 | $8.96 | $10.41 | $13.40 | $22.03 | $25.62 | $32.08 |
| Diluted shares | 56M | 56M | 56M | 56M | 57M | 58M | 58M | 57M | 58M | 58M |
| Gross margin | 54.5% | 56.6% | 57.1% | 53.8% | 51.9% | 52.4% | 57.1% | 58.3% | 58.8% | 60.1% |
| Operating margin | 40.0% | 42.3% | 43.4% | 36.9% | 34.3% | 35.2% | 40.8% | 44.4% | 44.5% | 47.2% |
| Net margin | 18.5% | 17.0% | 25.1% | 17.0% | 13.7% | 14.2% | 16.0% | 19.7% | 21.6% | 23.5% |
Balance sheet
Fiscal years, from Transdigm Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $651M | $2.1B | $1.5B | $4.7B | $4.8B | $3.0B | $3.5B | $6.3B | $2.8B |
| Receivables | $576M | $636M | $704M | $1.1B | $720M | $791M | $967M | $1.2B | $1.4B | $1.6B |
| Inventory | $724M | $731M | $805M | $1.2B | $1.3B | $1.2B | $1.3B | $1.6B | $1.9B | $2.1B |
| Total current assets | $2.9B | $2.1B | $3.7B | $4.9B | $7.0B | $7.0B | $5.6B | $6.7B | $10.0B | $7.0B |
| Property, plant and equipment | $311M | $325M | $388M | $757M | $752M | $770M | $807M | $1.3B | $1.5B | $1.6B |
| Goodwill | $5.7B | $5.7B | $6.2B | $7.8B | $7.9B | $8.6B | $8.6B | $9.0B | $10.4B | $10.6B |
| Total assets | $10.7B | $10.0B | $12.2B | $16.3B | $18.4B | $19.3B | $18.1B | $20.0B | $25.6B | $22.9B |
| Total current liabilities | $753M | $871M | $900M | $1.5B | $1.6B | $1.7B | $1.4B | $1.6B | $6.3B | $2.2B |
| Long-term debt | $9.9B | $11.4B | $12.5B | $16.5B | $19.4B | $19.4B | $19.4B | $19.3B | $24.3B | $29.2B |
| Total liabilities | $11.4B | $12.9B | $14.0B | $19.1B | $22.4B | $22.2B | $21.9B | $21.9B | $31.9B | $32.6B |
| Shareholders' equity | -$651M | -$3.0B | -$1.8B | -$2.9B | -$4.0B | -$2.9B | -$3.8B | -$2.0B | -$6.3B | -$9.7B |
| Net debt | $8.4B | $10.8B | $10.5B | $15.1B | $14.9B | $14.9B | $16.4B | $15.9B | $18.1B | $26.5B |
Cash flow
Fiscal years, from Transdigm Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $683M | $789M | $1.0B | $1.0B | $1.2B | $913M | $948M | $1.4B | $2.0B | $2.0B |
| Capital spending | $44M | $71M | $73M | $102M | $105M | $105M | $119M | $139M | $165M | $222M |
| Free cash flow | $639M | $718M | $949M | $913M | $1.1B | $808M | $829M | $1.2B | $1.9B | $1.8B |
| Stock-based compensation | $48M | $46M | $58M | $93M | $93M | $129M | $153M | $135M | $188M | $152M |
| Dividends paid | $3M | $2.6B | $56M | $1.7B | $1.9B | $73M | $1.1B | $38M | $2.0B | $9.6B |
| Share buybacks (net) | -$208M | -$390M | $0 | $0 | -$19M | $0 | -$912M | $0 | $0 | -$500M |
| Net borrowing | $877M | $1.7B | $605M | $4.4B | $4.0B | $1.9B | $0 | $0 | $6.8B | $6.0B |
| Free cash flow margin | 20.2% | 20.5% | 24.9% | 17.5% | 21.7% | 16.8% | 15.3% | 18.8% | 23.7% | 20.6% |
| Dividends per share | $0.05 | $46.49 | $1.01 | $30.41 | $33.65 | $1.25 | $18.75 | $0.66 | $35.26 | $165.45 |
Questions
What was Transdigm Group's revenue in 2025?
$8.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Transdigm Group generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From Transdigm Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.