GENERAC HOLDINGS INC. (GNRC) generated 438 M USD of operating cash flow and 268 M USD of free cash flow in fiscal year 2025, down 55.6 % year on year.
GENERAC HOLDINGS INC. (GNRC) generated 438 M USD of operating cash flow in fiscal year 2025. After capital expenditure of 170 M USD, free cash flow was 268 M USD, down 55.6 % year on year. That is 168 % of the year's net income converted into free cash flow. The company paid 293 k USD in dividends and spent 148 M USD on share buybacks. The net change in cash over the year was 60.1 M USD. Over the whole period free cash flow compounds at 8.7 % a year. The series covers 17 fiscal years, from 2009 to 2025. All figures are stated in USD and come from the statements as reported to the SEC (EDGAR), with no restatements or adjustments of our own. The statement keeps the natural cash-flow sign convention: cash outflows are negative.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 43.1M | 56.9M | 325M | 93.2M | 175M | 175M | 77.7M | 97.2M | 158M | 238M | 252M | 351M | 550M | 400M | 215M | 316M | 160M |
| Depreciation & amortization | 59.7M | 59.4M | 56.1M | 54.2M | 36.8M | 34.7M | 40.3M | 54.4M | 52.2M | 48.0M | 61.8M | 70.1M | 93.8M | 158M | 169M | 175M | 199M |
| Asset impairment | — | — | — | 0.00M | 0.00M | 0.00M | 4.61M | — | — | — | — | — | — | — | — | — | — |
| Stock-based compensation | 0.04M | 6.36M | 8.65M | 10.8M | 12.4M | 12.6M | 8.24M | 9.49M | 10.2M | 14.6M | 16.7M | 20.9M | 24.0M | 29.5M | 35.5M | 49.2M | 49.9M |
| Deferred taxes | 0.00M | 0.00M | -238M | 62.4M | 82.7M | 37.9M | 27.0M | 38.3M | 19.5M | 23.6M | 18.7M | 21.2M | -2.10M | -95.5M | -34.5M | -60.6M | 15.1M |
| (Gain)/loss on sale of assets | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| (Gain)/loss on sale of businesses and investments | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.00M | 0.00M | 38.0M | 24.5M |
| Income from equity method investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Provisions and restructuring | 227k | -124k | -7.00k | 204k | 1,037k | 672k | 481k | — | — | — | — | 4,645k | 206k | 17,966k | 7,443k | — | — |
| Change in working capital | -9.29M | -2.90M | -15.3M | -40.9M | -68.2M | 8.84M | -9.38M | 32.0M | -23.5M | -103M | -38.9M | -34.9M | -301M | -558M | 156M | 191M | -212M |
| Other operating activities (as reported) | -19.1M | -5.22M | 33.7M | 55.7M | 20.8M | -1.25M | 39.6M | 9.79M | 41.1M | 26.0M | -1.09M | 54.1M | 45.4M | 107M | -26.0M | 32.5M | 202M |
| Unallocated operating remainder | — | — | — | — | — | -15.1M | — | — | — | — | -0.35M | — | — | — | — | — | — |
| Operating cash flow | 74.6M | 114M | 170M | 236M | 260M | 253M | 189M | 241M | 257M | 247M | 309M | 487M | 411M | 58.5M | 522M | 741M | 438M |
| Operating cash flow — YoY growth | — | 53.45 % | 48.24 % | 38.82 % | 10.34 % | -2.68 % | -25.44 % | 27.84 % | 6.72 % | -3.92 % | 24.94 % | 57.51 % | -15.49 % | -85.77 % | 791.50 % | 42.10 % | -40.92 % |
| Capex | -4.53M | -9.63M | -12.1M | -22.4M | -30.8M | -34.7M | -30.7M | -30.5M | -33.3M | -47.6M | -60.8M | -62.1M | -110M | -86.2M | -129M | -137M | -170M |
| Free Cash Flow | 70.1M | 105M | 158M | 213M | 229M | 218M | 158M | 211M | 224M | 200M | 248M | 424M | 301M | -27.7M | 393M | 605M | 268M |
| Free Cash Flow — YoY growth | — | 49.61 % | 50.36 % | 35.24 % | 7.49 % | -4.75 % | -27.64 % | 33.35 % | 6.36 % | -10.91 % | 24.27 % | 71.07 % | -29.04 % | -109.19 % | -1,518.80 % | 53.99 % | -55.65 % |
Figures in USD
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capex | -4.53M | -9.63M | -12.1M | -22.4M | -30.8M | -34.7M | -30.7M | -30.5M | -33.3M | -47.6M | -60.8M | -62.1M | -110M | -86.2M | -129M | -137M | -170M |
| Proceeds from sale of PP&E | 69.0k | 76.0k | 14.0k | 91.0k | 80.0k | 394k | 105k | 1,360k | 82.0k | 214k | 95.0k | 179k | 259k | 2,077k | 2,896k | 211k | 3,078k |
| Business acquisitions | 0.00M | -1.65M | -83.9M | -47.0M | -116M | -61.2M | -73.8M | -61.4M | -1.26M | -65.4M | -112M | -64.8M | -713M | -25.1M | -16.0M | -34.7M | -0.76M |
| Business divestitures | — | — | 0.00M | 0.00M | 2.25M | — | — | — | — | — | — | — | — | — | — | — | — |
| Purchases/sales of investments | — | — | — | — | — | — | — | — | — | — | — | — | — | -10.1M | -29.3M | -35.8M | -3.04M |
| Long-term investments | — | — | — | — | — | — | — | — | — | — | 0.00M | 0.00M | -3.66M | -29.9M | -39.2M | -39.5M | -5.37M |
| Unallocated investing remainder | 0.11M | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M | -3.04M | 6.31M | 3.93M | 2.63M | 2.65M | 9.58M | 15.0M | 32.6M | 37.8M | 3.04M |
| Investing cash flow | -4.35M | -11.2M | -96.0M | -69.3M | -145M | -95.5M | -104M | -93.5M | -28.1M | -109M | -170M | -124M | -817M | -134M | -178M | -209M | -173M |
Figures in USD
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt issuance | — | 0.00M | 0.00M | 1,479M | 1,216M | 6.55M | 126M | 28.7M | 105M | 105M | 75.0M | 258M | 423M | 1,274M | 413M | 571M | 169M |
| Debt repayment | -9.50M | -434M | -59.4M | -1,198M | -920M | -120M | -174M | -65.4M | -232M | -130M | -116M | -286M | -352M | -815M | -329M | -895M | -231M |
| Share issuance | 0.00M | 248M | 0.00M | 0.00M | 0.03M | 0.02M | — | 1.62M | 6.95M | 5.61M | 9.40M | 13.1M | 38.8M | 13.8M | 7.82M | 27.6M | 5.84M |
| Share buybacks | — | — | — | — | — | — | -99.9M | -150M | -30.0M | -25.7M | -3.08M | -7.61M | -126M | -346M | -252M | -153M | -148M |
| Tax withholding on RSU/option vesting | 0.00M | 0.00M | -0.37M | -6.43M | -15.0M | -12.2M | -13.0M | -14.0M | -5.89M | -5.66M | -6.44M | -14.9M | -58.9M | -40.9M | -10.9M | -24.8M | -14.3M |
| Dividends paid | — | 0.00k | 0.00k | -404,332k | -343,429k | -902k | -1,436k | -76.0k | 0.00k | -314k | -285k | 0.00k | 0.00k | -309k | 0.00k | -273k | -293k |
| Other financing activities | 19.3M | 0.00M | 0.51M | -21.1M | -10.9M | 10.9M | 7.44M | 3.36M | -3.90M | -1.70M | -0.71M | 7.57M | -27.4M | -21.9M | -106M | 25.8M | 5.77M |
| Financing cash flow | 9.82M | -186M | -59.2M | -151M | -73.4M | -116M | -154M | -196M | -160M | -52.0M | -41.9M | -30.4M | -103M | 64.0M | -277M | -449M | -213M |
Figures in USD
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 74.6M | 114M | 170M | 236M | 260M | 253M | 189M | 241M | 257M | 247M | 309M | 487M | 411M | 58.5M | 522M | 741M | 438M |
| Investing cash flow | -4.35M | -11.2M | -96.0M | -69.3M | -145M | -95.5M | -104M | -93.5M | -28.1M | -109M | -170M | -124M | -817M | -134M | -178M | -209M | -173M |
| Financing cash flow | 9.82M | -186M | -59.2M | -151M | -73.4M | -116M | -154M | -196M | -160M | -52.0M | -41.9M | -30.4M | -103M | 64.0M | -277M | -449M | -213M |
| Foreign exchange effect | — | — | 0.00M | 0.00M | 0.13M | -1.86M | -3.71M | -0.47M | 2.15M | -0.29M | 1.51M | 0.24M | 1.31M | -2.94M | 1.80M | -3.47M | 7.78M |
| Net change in cash | 80.1M | -82.7M | 14.5M | 14.9M | 42.1M | 39.6M | -73.9M | -48.6M | 71.2M | 86.0M | 98.4M | 332M | -508M | -14.6M | 68.3M | 80.3M | 60.1M |
| Income taxes paid (cash) | 0.38M | -0.32M | -0.44M | -2.81M | -25.8M | -34.3M | -6.09M | -8.89M | -23.8M | -41.0M | -61.8M | -61.9M | -157M | -151M | -100M | -149M | -89.4M |
| Interest paid (cash) | 75.6M | -36.8M | -24.3M | -33.1M | -55.8M | -42.6M | -39.5M | -42.5M | -41.1M | -41.0M | -35.5M | -28.8M | -27.8M | -48.9M | -84.0M | -89.4M | -75.9M |
Figures in USD
