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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Axalta Coating Systems reported revenue of $5.1B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was $735M, an operating margin of 14.4%, and net income was $378M. Operating cash flow of $649M less capital expenditure of $196M left free cash flow of $453M. Net debt was $2.5B.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,416 | 4,884 | 5,184 | 5,276 | 5,117 |
| Cost of revenue | 2,987 | 3,466 | 3,566 | 3,478 | 3,355 |
| Gross profit | 1,429 | 1,418 | 1,618 | 1,798 | 1,762 |
| Research & development | 62.4 | 66.0 | 74.0 | 74.0 | 71.0 |
| Selling, general & admin | 739 | 772 | 840 | 847 | 805 |
| Operating income | 462 | 423 | 588 | 706 | 735 |
| Interest expense | 134 | 140 | 213 | 205 | 176 |
| Pre-tax income | 341 | 257 | 355 | 496 | 546 |
| Income tax | 76.1 | 65.0 | 86.0 | 105 | 167 |
| Net income | 264 | 192 | 267 | 391 | 378 |
| Diluted EPS | 1.14 | 0.86 | 1.21 | 1.78 | 1.74 |
| Diluted shares | 232 | 222 | 222 | 220 | 217 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 841 | 645 | 700 | 593 | 657 |
| Receivables | 760 | 909 | 1,043 | 1,015 | 1,014 |
| Inventory | 670 | 830 | 741 | 734 | 756 |
| Current assets | 2,576 | 2,693 | 2,821 | 2,723 | 2,815 |
| Net PP&E | 1,186 | 1,190 | 1,204 | 1,181 | 1,299 |
| Goodwill | 1,593 | 1,498 | 1,591 | 1,640 | 1,795 |
| Total assets | 7,217 | 7,059 | 7,272 | 7,249 | 7,599 |
| Payables | 657 | 734 | 725 | 659 | 637 |
| Current liabilities | 1,335 | 1,385 | 1,428 | 1,354 | 1,369 |
| Short-term debt | 79.7 | 31.0 | 26.0 | 20.0 | 20.0 |
| Long-term debt | 3,862 | 3,673 | 3,478 | 3,401 | 3,179 |
| Total liabilities | 5,679 | 5,560 | 5,499 | 5,293 | 5,206 |
| Shareholders' equity | 1,493 | 1,454 | 1,727 | 1,912 | 2,346 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 559 | 294 | 575 | 576 | 649 |
| Capital expenditure | 122 | 151 | 138 | 140 | 196 |
| Free cash flow | 437 | 143 | 437 | 436 | 453 |
| Depreciation & amortisation | 317 | 303 | 276 | 280 | 295 |
| Stock-based compensation | 14.9 | 22.0 | 26.0 | 28.0 | 25.0 |
| Acquisitions | 649 | 3.0 | 106 | 301 | 48.0 |
| Share buybacks | 244 | 200 | 50.0 | 100 | 165 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.6% | 6.1% | 1.8% | −3.0% |
| Operating income growth (YoY) | – | −8.5% | 39.0% | 20.1% | 4.1% |
| EPS growth (YoY) | – | −24.6% | 40.7% | 47.1% | −2.2% |
| Gross margin | 32.4% | 29.0% | 31.2% | 34.1% | 34.4% |
| Operating margin | 10.5% | 8.7% | 11.3% | 13.4% | 14.4% |
| Net margin | 6.0% | 3.9% | 5.2% | 7.4% | 7.4% |
| Return on equityBlank when equity is negative | 17.7% | 13.2% | 15.5% | 20.4% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 7.5% | 10.1% | 12.0% | 11.8% |
| Free cash flow margin | 9.9% | 2.9% | 8.4% | 8.3% | 8.9% |
| Cash conversion (CFO ÷ net income) | 2.12x | 1.53x | 2.15x | 1.47x | 1.72x |
| Receivable days | 63 | 68 | 73 | 70 | 72 |
| Inventory days | 82 | 87 | 76 | 77 | 82 |
| Payable days | 80 | 77 | 74 | 69 | 69 |
| Interest cover | 3.45x | 3.03x | 2.76x | 3.44x | 4.18x |
| Debt ÷ equity | 2.64x | 2.55x | 2.03x | 1.79x | 1.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,101 | 3,059 | 2,804 | 2,828 | 2,542 |
| Current ratio | 1.93x | 1.94x | 1.98x | 2.01x | 2.06x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.