Veralto (VLTO) financial statements
Veralto reported revenue of $5.5B in fiscal 2025, up 4.0% a year over 4 years.
Net income was $940M and the operating margin 23.2%, against 22.1% in 2021.
Free cash flow was $1.0B, and the company returned $109M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Veralto's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $4.9B | $5.0B | $5.2B | $5.5B |
| Cost of revenue | $2.0B | $2.1B | $2.1B | $2.1B | $2.2B |
| Gross profit | $2.7B | $2.8B | $2.9B | $3.1B | $3.3B |
| Research and development | $244M | $217M | $225M | $253M | $266M |
| Selling, general and admin | $1.4B | $1.4B | $1.5B | $1.6B | $1.8B |
| Operating income | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B |
| Interest expense | $0 | $0 | $30M | $113M | $96M |
| Pre-tax income | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B |
| Income tax | $186M | $268M | $257M | $253M | $233M |
| Net income | $861M | $845M | $839M | $833M | $940M |
| EPS (diluted) | $3.50 | $3.43 | $3.40 | $3.34 | $3.76 |
| Diluted shares | 246M | 246M | 247M | 250M | 250M |
| Gross margin | 57.7% | 56.7% | 57.8% | 59.8% | 59.9% |
| Operating margin | 22.1% | 22.8% | 22.7% | 23.3% | 23.2% |
| Net margin | 18.3% | 17.4% | 16.7% | 16.0% | 17.1% |
Balance sheet
Fiscal years, from Veralto's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0 | $0 | $762M | $1.1B | $2.0B |
| Receivables | — | $816M | $826M | $812M | $897M |
| Inventory | — | $345M | $297M | $288M | $307M |
| Total current assets | — | $1.3B | $2.1B | $2.4B | $3.4B |
| Property, plant and equipment | $260M | $247M | $262M | $268M | $294M |
| Goodwill | $2.5B | $2.5B | $2.5B | $2.7B | $2.8B |
| Total assets | $4.8B | $4.8B | $5.7B | $6.4B | $7.7B |
| Total current liabilities | — | $1.1B | $1.3B | $1.2B | $2.1B |
| Long-term debt | — | $0 | $2.6B | $2.6B | $2.0B |
| Total liabilities | — | $1.6B | $4.3B | $4.4B | $4.6B |
| Shareholders' equity | — | $3.2B | $1.4B | $2.0B | $3.1B |
| Net debt | $0 | $0 | $1.9B | $1.5B | $642M |
Cash flow
Fiscal years, from Veralto's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $896M | $870M | $963M | $875M | $1.1B |
| Capital spending | $54M | $34M | $54M | $55M | $63M |
| Free cash flow | $842M | $836M | $909M | $820M | $1.0B |
| Stock-based compensation | $34M | $41M | $55M | $65M | $74M |
| Dividends paid | — | $0 | $0 | $89M | $109M |
| Net borrowing | $0 | $0 | $2.6B | — | — |
| Free cash flow margin | 17.9% | 17.2% | 18.1% | 15.8% | 18.4% |
| Dividends per share | — | — | — | $0.36 | $0.44 |
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Open VLTO in InvestinglyQuestions
What was Veralto's revenue in 2025?
$5.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Veralto generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Veralto's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.