Generac
GNRC · NYSEMotors & Generators · Fiscal year ends Dec 31
Generac reported revenue of $4.2B in the fiscal year ended Dec 2025, down 2.0% from the year before. Operating income was $289M, an operating margin of 6.9%, and net income was $160M. Operating cash flow of $438M less capital expenditure of $170M left free cash flow of $268M. Net debt was $865M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $4.6B | $4B | $4.3B | $4.2B |
| Cost of revenue | $2.4B | $3B | $2.7B | $2.6B | $2.6B |
| Gross profit | $1.4B | $1.5B | $1.4B | $1.7B | $1.6B |
| Research & development | $104M | $160M | $173M | $220M | $243M |
| Operating income | $721M | $566M | $386M | $537M | $289M |
| Interest expense | $33M | $55M | $98M | $90M | $71M |
| Pre-tax income | $692M | $508M | $290M | $409M | $199M |
| Income tax | $135M | $100M | $73M | $92M | $38M |
| Net income | $550M | $400M | $215M | $316M | $160M |
| Diluted EPS | 8.30 | 5.42 | 3.27 | 5.39 | 2.69 |
| Diluted shares | 64M | 65M | 62M | 60M | 59M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $147M | $133M | $201M | $281M | $341M |
| Receivables | $546M | $522M | $537M | $612M | $603M |
| Inventory | $1.1B | $1.4B | $1.2B | $1B | $1.2B |
| Current assets | $1.8B | $2.2B | $2B | $2B | $2.5B |
| Net PP&E | $441M | $468M | $599M | $690M | $814M |
| Goodwill | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B |
| Total assets | $4.9B | $5.2B | $5.1B | $5.1B | $5.6B |
| Payables | $674M | $446M | $341M | $459M | $437M |
| Deferred revenue | $27M | $34M | $19M | $27M | $151M |
| Current liabilities | $1.2B | $992M | $881M | $1B | $1.2B |
| Short-term debt | $2M | $10M | $42M | $61M | $13M |
| Long-term debt | $882M | $1.4B | $1.4B | $1.2B | $1.2B |
| Total liabilities | $2.6B | $2.8B | $2.7B | $2.6B | $2.9B |
| Shareholders' equity | $2.2B | $2.3B | $2.3B | $2.5B | $2.6B |
| Backlog (remaining obligations) | $112M | $133M | $156M | $187M | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $411M | $59M | $522M | $741M | $438M |
| Capital expenditure | $110M | $86M | $129M | $137M | $170M |
| Free cash flow | $301M | −$28M | $393M | $605M | $268M |
| Depreciation & amortisation | $92M | $156M | $167M | $172M | $195M |
| Stock-based compensation | $24M | $29M | $35M | $49M | $50M |
| Acquisitions | $713M | $25M | $16M | $35M | $762,000 |
| Share buybacks | $126M | $346M | $252M | $153M | $148M |
| Dividends paid | $0 | $309,000 | $0 | $273,000 | $293,000 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.1% | −11.9% | 6.8% | −2.0% |
| Operating income growth (YoY) | – | −21.5% | −31.8% | 39.0% | −46.1% |
| EPS growth (YoY) | – | −34.7% | −39.7% | 64.8% | −50.1% |
| Gross margin | 36.4% | 33.3% | 33.9% | 38.8% | 38.3% |
| Operating margin | 19.3% | 12.4% | 9.6% | 12.5% | 6.9% |
| Net margin | 14.7% | 8.8% | 5.3% | 7.4% | 3.8% |
| Return on equityBlank when equity is negative | 24.9% | 17.7% | 9.2% | 12.7% | 6.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.4% | 13.6% | 9.2% | 13.2% | 6.6% |
| Free cash flow margin | 8.1% | −0.6% | 9.8% | 14.1% | 6.4% |
| Cash conversion (CFO ÷ net income) | 0.75x | 0.15x | 2.43x | 2.34x | 2.75x |
| Receivable days | 53 | 42 | 49 | 52 | 52 |
| Inventory days | 167 | 169 | 160 | 143 | 175 |
| Payable days | 104 | 54 | 47 | 64 | 61 |
| Interest cover | 21.9x | 10.3x | 3.96x | 5.98x | 4.09x |
| Debt ÷ equity | 0.40x | 0.61x | 0.63x | 0.51x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $736M | $1.2B | $1.3B | $991M | $865M |
| Current ratio | 1.60x | 2.20x | 2.27x | 1.97x | 2.03x |
Recent filings
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.