GRACO
GGG · NYSEPumps & Pumping Equipment · Fiscal year ends Dec 26
GRACO reported revenue of $2.2B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was $625M, an operating margin of 27.9%, and net income was $522M. Operating cash flow of $684M less capital expenditure of $46M left free cash flow of $638M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2B | $2.1B | $2.2B | $2.1B | $2.2B |
| Cost of revenue | $954M | $1.1B | $1B | $991M | $1.1B |
| Gross profit | $1B | $1.1B | $1.2B | $1.1B | $1.2B |
| Research & development | $80M | $80M | $83M | $87M | $82M |
| Operating income | $531M | $573M | $647M | $570M | $625M |
| Interest expense | $10M | $10M | $5M | $3M | $3M |
| Pre-tax income | $508M | $566M | $609M | $589M | $641M |
| Income tax | $69M | $105M | $102M | $103M | $119M |
| Net income | $440M | $461M | $507M | $486M | $522M |
| Diluted EPS | 2.52 | 2.66 | 2.94 | 2.82 | 3.08 |
| Diluted shares | 175M | 173M | 172M | 172M | 169M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $624M | $339M | $538M | $675M | $624M |
| Receivables | $325M | $346M | $354M | $363M | $394M |
| Inventory | $382M | $477M | $438M | $405M | $401M |
| Current assets | $1.4B | $1.2B | $1.4B | $1.5B | $1.5B |
| Net PP&E | $451M | $608M | $742M | $772M | $755M |
| Goodwill | $356M | $368M | $370M | $487M | $585M |
| Total assets | $2.4B | $2.4B | $2.7B | $3.1B | $3.3B |
| Payables | $78M | $84M | $72M | $61M | $79M |
| Deferred revenue | $61M | $51M | $52M | $53M | $94M |
| Current liabilities | $507M | $400M | $395M | $406M | $467M |
| Short-term debt | $75M | $0 | – | $0 | $2M |
| Long-term debt | $75M | $75M | $0 | – | – |
| Shareholders' equity | $1.7B | $1.9B | $2.2B | $2.6B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $457M | $377M | $651M | $622M | $684M |
| Capital expenditure | $134M | $201M | $185M | $107M | $46M |
| Free cash flow | $323M | $176M | $466M | $515M | $638M |
| Depreciation & amortisation | $59M | $66M | $74M | $87M | $107M |
| Stock-based compensation | $25M | $25M | $30M | $32M | $34M |
| Acquisitions | $19M | $25M | $0 | $242M | $135M |
| Share buybacks | $0 | $233M | $102M | $31M | $423M |
| Dividends paid | $127M | $142M | $158M | $172M | $183M |
| Dividend per share | 0.77 | 0.86 | 0.96 | 1.04 | 1.12 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.8% | 2.4% | −3.7% | 5.8% |
| Operating income growth (YoY) | – | 7.8% | 12.9% | −11.9% | 9.6% |
| EPS growth (YoY) | – | 5.6% | 10.5% | −4.1% | 9.2% |
| Gross margin | 52.0% | 49.3% | 52.9% | 53.1% | 52.5% |
| Operating margin | 26.7% | 26.7% | 29.5% | 27.0% | 27.9% |
| Net margin | 22.1% | 21.5% | 23.1% | 23.0% | 23.3% |
| Return on equityBlank when equity is negative | 25.7% | 24.8% | 22.8% | 18.8% | 19.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.4% | 28.1% | 27.8% | 20.9% | 22.3% |
| Free cash flow margin | 16.3% | 8.2% | 21.2% | 24.4% | 28.5% |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.82x | 1.29x | 1.28x | 1.31x |
| Receivable days | 60 | 59 | 59 | 63 | 64 |
| Inventory days | 146 | 160 | 155 | 149 | 138 |
| Payable days | 30 | 28 | 25 | 22 | 27 |
| Interest cover | 52.0x | 57.9x | 125x | 202x | 216x |
| Debt ÷ equity | 0.09x | 0.04x | 0.00x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$474M | −$264M | −$538M | – | – |
| Current ratio | 2.69x | 3.01x | 3.46x | 3.69x | 3.15x |
Recent filings
More in Pumps & Pumping Equipment
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.