Short answer
Generac (GNRC) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $4.2B (−2.0% year over year) and net income of $160M.
- Top risk flagged: Supply chain risk from reliance on single-source suppliers for clean energy products and large engines; delays cause impaired product delivery and lost sales
FY2025 key financial metrics · XBRL
- Revenue
- $4.2B
- −2.0% YoY
- Net income
- $160M
- −49.6% YoY
- Operating margin
- 6.9%
- −5.6 pp YoY
- Gross margin
- 38.3%
- −0.5 pp YoY
- EPS (diluted)
- $2.69
- −50.1% YoY
- ROE
- 6.1%
- −6.6 pp YoY
- Operating cash flow
- $438M
- −40.9% YoY
Source: XBRL data from the Generac (GNRC) FY2025 10-K on SEC EDGAR. USD.
Generac FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Power generation equipment and energy technology solutions
- No new products, services, or segments introduced or emphasized this year
- No strategic shifts or changes in competitive positioning disclosed
- Extensive referencing of credit agreements and amendments covering 2012-2025, indicating active debt management focus
- Filing heavily incorporates prior documents by reference; lacks standalone Business section details for FY 2026
Management Discussion & Analysis
- Revenue $4.21B in 2025, down 2% YoY from $4.30B in 2024, driven by Domestic sales decline ($3.47B vs $3.60B) partially offset by International growth ($738M vs $697M)
- Adjusted EBITDA $716M in 2025, down 9% YoY from $789M, Domestic segment EBITDA $598M vs $693M, International $118M vs $96M
- Operating expenses $1.32B in 2025, up from $1.13B in 2024; margins contracted reflected in lower EBITDA despite revenue decline
- Best performing segment International with EBITDA growth to $118M (+23% YoY), worst Domestic with EBITDA decline to $598M (-14% YoY)
- Capital expenditures $170M in 2025, increased from $137M in 2024; stock repurchases $148M in 2025; dividends not specified
- Management notes significant legal provisions totaling $105M in Q4 2025 related to product liability and contract disputes
- Net secured leverage ratio improved to 1.32x, total leverage ratio 1.39x, interest coverage robust at 11.76x, all debt covenants met
- New stock repurchase program authorized for $500M over 24 months starting February 2026
- Forward outlook implies continued focus on deleveraging, managing legal risks, and capital allocation toward buybacks and capex
Risk Factors
- Supply chain risk from reliance on single-source suppliers for clean energy products and large engines; delays cause impaired product delivery and lost sales
- Geopolitical exposure to Ukraine and Middle East conflicts disrupting suppliers and logistics, threatening component availability and manufacturing schedules
- Raw material cost inflation in steel, copper, aluminum, batteries; no long-term contracts lead to margin pressure and potential availability shortages
- Intellectual property litigation risk with past adverse rulings; costly disputes risk damages, injunctions, and reputational harm
- Sales volatility tied to unpredictable power outages from hurricanes, wildfires, and PSPS events driving uneven demand and inventory fluctuations
Generated from the filing text; verify against the original. How to read a 10-K
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