Tennant (TNC) financial statements
Tennant reported revenue of $1.2B in fiscal 2025, up 4.5% a year over 9 years.
Net income was $44M and the operating margin 5.7%, against 8.4% in 2016.
Free cash flow was $43M, and the company returned $22M in dividends and $88M in net buybacks.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tennant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $809M | $1.0B | $1.1B | $1.1B | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B | $1.2B |
| Cost of revenue | $457M | $603M | $678M | $676M | $593M | $653M | $671M | $716M | $737M | $719M |
| Gross profit | $352M | $400M | $445M | $462M | $408M | $438M | $421M | $528M | $550M | $484M |
| Research and development | $35M | $32M | $31M | $33M | $30M | $32M | $31M | $37M | $44M | $41M |
| Selling, general and admin | $249M | $335M | $356M | $357M | $314M | $322M | $306M | $353M | $392M | $375M |
| Operating income | $68M | $33M | $58M | $72M | $64M | $94M | $87M | $139M | $114M | $68M |
| Interest expense | $1M | $25M | $23M | $18M | $17M | $7M | — | — | — | — |
| Pre-tax income | $66M | -$1M | $36M | $54M | $41M | $74M | $80M | $124M | $105M | $58M |
| Income tax | $20M | $5M | $2M | $8M | $7M | $9M | $13M | $14M | $21M | $14M |
| Net income | $47M | -$6M | $33M | $46M | $34M | $65M | $66M | $110M | $84M | $44M |
| EPS (diluted) | $2.59 | -$0.35 | $1.82 | $2.48 | $1.81 | $3.44 | $3.55 | $5.83 | $4.38 | $2.36 |
| Diluted shares | 18M | 18M | 18M | 18M | 19M | 19M | 19M | 19M | 19M | 19M |
| Gross margin | 43.5% | 39.9% | 39.6% | 40.6% | 40.7% | 40.2% | 38.5% | 42.4% | 42.7% | 40.2% |
| Operating margin | 8.4% | 3.3% | 5.2% | 6.3% | 6.4% | 8.6% | 8.0% | 11.1% | 8.9% | 5.7% |
| Net margin | 5.8% | -0.6% | 3.0% | 4.0% | 3.4% | 5.9% | 6.1% | 8.8% | 6.5% | 3.6% |
Balance sheet
Fiscal years, from Tennant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $58M | $58M | $86M | $75M | $141M | $124M | $77M | $117M | $100M | $106M |
| Receivables | $145M | $203M | $208M | $216M | $200M | $211M | $252M | $248M | $259M | $257M |
| Inventory | $79M | $128M | $135M | $150M | $128M | $161M | $207M | $176M | $184M | $198M |
| Total current assets | $298M | $423M | $469M | $481M | $494M | $527M | $575M | $569M | $577M | $600M |
| Property, plant and equipment | $112M | $180M | $163M | $173M | $186M | $173M | $180M | $188M | $184M | $190M |
| Goodwill | $21M | $186M | $183M | $195M | $208M | $193M | $182M | $187M | $186M | $209M |
| Total assets | $470M | $994M | $992M | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B |
| Total current liabilities | $133M | $237M | $249M | $275M | $254M | $290M | $262M | $274M | $292M | $293M |
| Long-term debt | $33M | $346M | $328M | $308M | $298M | $263M | $295M | $194M | $198M | $273M |
| Total liabilities | $191M | $696M | $676M | $702M | $676M | $627M | $613M | $535M | $568M | $666M |
| Shareholders' equity | $279M | $297M | $314M | $360M | $405M | $434M | $471M | $577M | $621M | $602M |
| Net debt | -$22M | $318M | $269M | $264M | $168M | $144M | $223M | $84M | $100M | $167M |
Cash flow
Fiscal years, from Tennant's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $58M | $54M | $80M | $72M | $134M | $69M | -$25M | $188M | $90M | $65M |
| Capital spending | $27M | $20M | $19M | $38M | $30M | $19M | $25M | $23M | $21M | $22M |
| Free cash flow | $31M | $34M | $61M | $34M | $104M | $50M | -$50M | $166M | $69M | $43M |
| Stock-based compensation | $4M | $6M | $8M | $11M | $6M | $10M | $8M | $12M | $12M | $10M |
| Dividends paid | $14M | $15M | $15M | $16M | $16M | $18M | $19M | $20M | $21M | $22M |
| Share buybacks (net) | -$13M | $0 | $0 | $0 | $0 | -$15M | -$5M | -$22M | -$20M | -$88M |
| Net borrowing | $12M | $647M | -$23M | -$17M | -$31M | -$46M | $33M | -$100M | -$2M | $74M |
| Free cash flow margin | 3.9% | 3.4% | 5.4% | 2.9% | 10.4% | 4.6% | -4.6% | 13.3% | 5.3% | 3.6% |
| Dividends per share | $0.80 | $0.85 | $0.83 | $0.87 | $0.87 | $0.93 | $1.01 | $1.07 | $1.12 | $1.18 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TNC.
Open TNC in InvestinglyQuestions
What was Tennant's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tennant generate?
$43M in fiscal 2025 (operating cash flow minus capital spending).
From Tennant's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.