Turning Point Brands (TPB) financial statements
Turning Point Brands reported revenue of $463M in fiscal 2025, up 9.4% a year over 9 years.
Net income was $58M and the operating margin 20.6%, against 21.3% in 2016.
Free cash flow was $44M, and the company returned $6M in dividends.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Turning Point Brands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $206M | $286M | $333M | $362M | $405M | $445M | $321M | $325M | $361M | $463M |
| Cost of revenue | $106M | $161M | $190M | $225M | $215M | $228M | $143M | $142M | $159M | $199M |
| Gross profit | $101M | $125M | $143M | $137M | $190M | $218M | $178M | $183M | $202M | $264M |
| Research and development | $2M | $2M | $2M | $2M | $1M | $1M | $600,000 | $600,000 | $1M | $900,000 |
| Selling, general and admin | $57M | $75M | $94M | $110M | $126M | $128M | $104M | $104M | $122M | $169M |
| Operating income | $44M | $50M | $48M | $27M | $64M | $90M | $74M | $83M | $81M | $95M |
| Interest expense | $27M | $17M | $15M | — | — | — | $22M | $21M | $19M | $25M |
| Pre-tax income | $15M | $27M | $32M | $19M | $50M | $65M | $42M | $62M | $65M | $83M |
| Income tax | -$12M | $7M | $6M | $3M | $12M | $14M | $11M | $24M | $17M | $15M |
| Net income | $27M | $20M | $25M | $16M | $38M | $52M | $12M | $38M | $40M | $58M |
| EPS (diluted) | $1.49 | $1.04 | $1.28 | $0.78 | $1.85 | $2.52 | $0.64 | $2.01 | $2.14 | $3.11 |
| Diluted shares | 18M | 20M | 20M | 23M | 23M | 22M | 18M | 20M | 19M | 19M |
| Gross margin | 48.8% | 43.7% | 42.9% | 37.9% | 46.9% | 48.9% | 55.4% | 56.3% | 55.9% | 57.1% |
| Operating margin | 21.3% | 17.4% | 14.6% | 7.5% | 15.9% | 20.3% | 23.0% | 25.5% | 22.4% | 20.6% |
| Net margin | 13.1% | 7.1% | 7.6% | 4.5% | 9.4% | 11.7% | 3.6% | 11.8% | 11.0% | 12.6% |
Balance sheet
Fiscal years, from Turning Point 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 | $3M | $3M | $3M | $95M | $42M | $128M | $106M | $117M | $46M | $223M |
| Receivables | $2M | $3M | $3M | $7M | $9M | $6M | $8M | $10M | $10M | $26M |
| Inventory | $62M | $63M | $91M | $71M | $86M | $88M | $120M | $92M | $96M | $108M |
| Total current assets | $79M | $79M | $112M | $189M | $163M | $249M | $258M | $268M | $198M | $417M |
| Property, plant and equipment | $8M | $9M | $11M | $14M | $16M | $19M | $23M | $25M | $26M | $36M |
| Goodwill | $134M | $135M | $146M | $154M | $160M | $162M | $136M | $136M | $136M | $136M |
| Total assets | $285M | $282M | $339M | $447M | $496M | $602M | $572M | $569M | $493M | $764M |
| Total current liabilities | $42M | $38M | $64M | $56M | $57M | $40M | $41M | $100M | $45M | $75M |
| Long-term debt | $202M | $186M | $187M | $269M | $302M | $414M | $407M | $307M | $249M | $294M |
| Total liabilities | $251M | $229M | $257M | $340M | $379M | $468M | $459M | $417M | $303M | $392M |
| Shareholders' equity | $34M | $53M | $83M | $107M | $117M | $134M | $113M | $152M | $190M | $372M |
| Net debt | $200M | $191M | $191M | $174M | $260M | $286M | $300M | $249M | $202M | $71M |
Cash flow
Fiscal years, from Turning Point Brands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9M | $30M | $13M | $38M | $44M | $68M | $30M | $67M | $67M | $57M |
| Capital spending | $3M | $2M | $2M | $5M | $6M | $6M | $8M | $6M | $5M | $14M |
| Free cash flow | $6M | $28M | $11M | $33M | $38M | $62M | $22M | $61M | $62M | $44M |
| Stock-based compensation | $180,000 | $720,000 | $1M | $4M | $3M | $8M | $5M | $7M | $7M | $7M |
| Dividends paid | $0 | $768,000 | $2M | $4M | $4M | $4M | $4M | $4M | $5M | $6M |
| Share buybacks (net) | $0 | — | $0 | $0 | -$10M | -$39M | -$29M | $0 | -$5M | $0 |
| Net borrowing | $0 | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 2.9% | 9.7% | 3.3% | 9.1% | 9.3% | 13.9% | 7.0% | 18.8% | 17.3% | 9.5% |
| Dividends per share | — | $0.04 | $0.12 | $0.15 | $0.17 | $0.18 | $0.24 | $0.22 | $0.25 | $0.29 |
Questions
What was Turning Point Brands's revenue in 2025?
$463M in fiscal 2025, from its 10-K filing.
How much free cash flow does Turning Point Brands generate?
$44M in fiscal 2025 (operating cash flow minus capital spending).
From Turning Point Brands's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.