Short answer
Atmus Filtration Technologies Inc. (ATMU) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $1.8B (+5.7% year over year) and net income of $207M.
- Top risk flagged: Regulatory risk: compliance with increasingly stringent environmental laws and cleanup requirements for contaminated property exposure globally
FY2025 key financial metrics · XBRL
- Revenue
- $1.8B
- +5.7% YoY
- Net income
- $207M
- +11.7% YoY
- Operating margin
- 16.9%
- +1.0 pp YoY
- Gross margin
- 28.2%
- +0.6 pp YoY
- EPS (diluted)
- $2.50
- +12.6% YoY
- ROE
- 54.8%
- −26.8 pp YoY
- Operating cash flow
- $203M
- +92.3% YoY
Source: XBRL data from the Atmus Filtration Technologies Inc. (ATMU) FY2025 10-K on SEC EDGAR. USD.
Atmus Filtration Technologies Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: filtration technology products and services for various industrial applications
- New emphasis on separation from Cummins Inc. via multiple agreements dated May 29, 2023, indicating independence steps
- Strategic shift: executed Stock Purchase Agreement with Cummins for Air Distribution Technologies on Nov 21, 2025
- Credit facilities updated with Amended and Restated Credit Agreement on Jan 7, 2026, suggesting financial restructuring or capital management
- Filing highlights extensive intercompany agreements with Cummins, reflecting transition period post-spinoff or acquisition separation
Management Discussion & Analysis
- Revenue $1,764.3M in 2025, up $94.7M (5.7%) YoY from $1,669.6M in 2024; driven by higher volumes $51.9M and pricing $50.0M, offset by $7.3M forex headwinds
- Gross margin $498.3M (28.2% of sales) in 2025, up $36.2M and 0.5 ppt vs 2024 margin 27.7%; improvement led by pricing and volume gains, partially offset by higher logistics and currency
- Best segment: aftermarket contributed ~86% of sales with recurring revenue base; first-fit segment (14%) experienced reduced demand in 2025
- Operating income $299.0M (16.9% margin) up $32.8M (12.3%) YoY; SG&A expense $184.3M (10.4% margin) decreased $3.3M; interest expense down $7.2M to $33.4M
- Operating cash flow $202.7M in 2025, up $97.3M YoY; capital expenditures $53.9M (3.1% of sales); share repurchases $60.7M; dividends paid $17.3M
- Management outlook: expect continued soft aftermarket demand and reduced first-fit demand in 2026 due to market cyclicality; no further one-time separation costs anticipated after 2025
- Key risks: customer concentration among Cummins, PACCAR, Traton; supply chain complexities; inflation and commodity cost variability; macroeconomic and geopolitical uncertainties; exposure to regulatory and environmental costs
Risk Factors
- Regulatory risk: compliance with increasingly stringent environmental laws and cleanup requirements for contaminated property exposure globally
- Macroeconomic threat: 46.6% of net sales concentrated in Cummins (18.8%), PACCAR (16.3%), Traton Group (11.5%) risking revenue from any customer loss
- Operational risk: supply chain complexity and potential delays in critical materials sourcing impacting multiple manufacturing sites globally
- Market disruption risk: energy transition and electrified powertrains reducing demand for internal combustion engine filtration, Cummins aiming 2030 GHG reduction goals
- Financial risk: substantial indebtedness secured by all assets via term loan and revolving credit facility restricting financial flexibility
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