TWI (TWI) financial statements
TWI reported revenue of $1.8B in fiscal 2025, up 4.2% a year over 9 years.
Net income was -$63M and the operating margin 1.1%, against -1.8% in 2016.
Free cash flow was -$25M.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TWI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.6B | $1.4B | $1.3B | $1.8B | $2.2B | $1.8B | $1.8B | $1.8B |
| Cost of revenue | $1.1B | $1.3B | $1.4B | $1.3B | $1.1B | $1.5B | $1.8B | $1.5B | $1.6B | $1.6B |
| Gross profit | $141M | $160M | $198M | $129M | $114M | $238M | $361M | $306M | $258M | $253M |
| Research and development | $10M | $10M | $11M | $10M | $9M | $10M | $10M | $13M | $17M | $18M |
| Selling, general and admin | $145M | $151M | $135M | $138M | $131M | $132M | $133M | $135M | $192M | $203M |
| Operating income | -$22M | -$11M | $42M | -$28M | -$35M | $85M | $206M | $149M | $33M | $21M |
| Interest expense | $33M | $30M | $28M | $32M | $31M | $32M | $30M | $19M | $36M | $39M |
| Pre-tax income | -$36M | -$53M | $20M | -$48M | -$58M | $51M | $202M | $110M | $8M | -$11M |
| Income tax | $3M | $11M | $7M | $3M | $7M | $1M | $23M | $26M | $12M | $50M |
| Net income | -$38M | -$60M | $16M | -$48M | -$60M | $50M | $176M | $79M | -$6M | -$63M |
| EPS (diluted) | -$0.87 | -$1.12 | $0.06 | -$0.84 | -$0.99 | $0.79 | $2.77 | $1.25 | -$0.08 | -$1.00 |
| Diluted shares | 54M | 59M | 60M | 60M | 61M | 63M | 64M | 63M | 69M | 64M |
| Gross margin | 11.2% | 10.9% | 12.4% | 8.9% | 9.1% | 13.3% | 16.6% | 16.8% | 14.0% | 13.9% |
| Operating margin | -1.8% | -0.8% | 2.6% | -2.0% | -2.8% | 4.8% | 9.5% | 8.2% | 1.8% | 1.1% |
| Net margin | -3.0% | -4.1% | 1.0% | -3.3% | -4.8% | 2.8% | 8.1% | 4.3% | -0.3% | -3.5% |
Balance sheet
Fiscal years, from TWI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $148M | $144M | $82M | $67M | $117M | $98M | — | $220M | $196M | $203M |
| Receivables | $179M | $227M | $242M | $185M | $193M | $255M | $267M | $219M | $212M | $239M |
| Inventory | $272M | $340M | $396M | $333M | $294M | $393M | $397M | $365M | $437M | $471M |
| Total current assets | $729M | $783M | $779M | $651M | $659M | $813M | $910M | $877M | $912M | $986M |
| Property, plant and equipment | $437M | $421M | $385M | $368M | $320M | $301M | $297M | $322M | $421M | $449M |
| Goodwill | — | — | — | — | — | — | — | $0 | $30M | $30M |
| Total assets | $1.3B | $1.3B | $1.3B | $1.1B | $1.0B | $1.2B | $1.3B | $1.3B | $1.6B | $1.7B |
| Total current liabilities | $366M | $373M | $375M | $327M | $330M | $451M | $446M | $363M | $387M | $428M |
| Long-term debt | $409M | $407M | $410M | $438M | $434M | $452M | $415M | $409M | $553M | $565M |
| Total liabilities | $868M | $867M | $861M | $850M | $831M | $956M | $901M | $822M | $1.1B | $1.2B |
| Shareholders' equity | $297M | $321M | $279M | $235M | $179M | $229M | $381M | $467M | $496M | $514M |
| Net debt | $358M | $307M | $380M | $372M | $316M | $354M | — | $189M | $357M | $362M |
Cash flow
Fiscal years, from TWI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44M | -$1M | -$36M | $45M | $57M | $11M | $161M | $179M | $141M | $30M |
| Capital spending | $42M | $33M | $39M | $36M | $22M | $39M | $47M | $61M | $66M | $55M |
| Free cash flow | $2M | -$34M | -$75M | $9M | $36M | -$28M | $114M | $119M | $76M | -$25M |
| Stock-based compensation | $2M | $2M | $1M | $1M | $2M | $3M | $4M | $5M | $5M | $3M |
| Dividends paid | $1M | $1M | $1M | $1M | $603,000 | $0 | $0 | — | — | — |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$25M | -$33M | — | — |
| Net borrowing | $17M | $448M | $57M | $134M | $92M | $497M | $89M | $7M | $213M | $117M |
| Free cash flow margin | 0.1% | -2.3% | -4.7% | 0.6% | 2.8% | -1.6% | 5.2% | 6.5% | 4.1% | -1.3% |
| Dividends per share | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | — | — | — | — | — |
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Open TWI in InvestinglyQuestions
What was TWI's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does TWI generate?
-$25M in fiscal 2025 (operating cash flow minus capital spending).
From TWI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.