Short answer
LINDSAY CORP (LNN) filed its fiscal 2025 10-K annual report with the SEC on Oct 23, 2025. It reported revenue of $659M (+12.8% year over year) and net income of $74M.
- Top risk flagged: Regulatory risk: Expiration of U.S. Farm Bill Sept 30, 2025 creates uncertainty in conservation funding impacting irrigation product demand
FY2025 key financial metrics · XBRL
- Revenue
- $659M
- +12.8% YoY
- Net income
- $74M
- +11.8% YoY
- Operating margin
- 13.4%
- +0.3 pp YoY
- Gross margin
- 32.0%
- −0.7 pp YoY
- EPS (diluted)
- $6.78
- +12.8% YoY
- ROE
- 13.9%
- +0.1 pp YoY
- Operating cash flow
- $133M
- +38.8% YoY
Source: XBRL data from the LINDSAY CORP (LNN) FY2025 10-K on SEC EDGAR. USD.
LINDSAY CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturer and provider of irrigation and infrastructure equipment solutions
- No new products, services, or business segments introduced or emphasized in this filing year
- No strategic shift or changed competitive positioning disclosed compared to prior years
- Equity compensation plans approved with 290,790 securities exercisable, weighted-average price $122.04, 535,609 shares available for future issuance
- No waivers of the Code of Ethical Conduct for principal executive and senior financial officers during fiscal 2025
Management Discussion & Analysis
- Revenue $676.4M, up 11% YoY (+$69.3M); irrigation $568.0M (+11%), infrastructure $108.4M (+16%)
- Operating margin 13.0% vs 12.6%; irrigation margin 17.1% vs 17.0%, infrastructure margin 24.3% vs 20.4%
- Best segment: Infrastructure operating income $26.3M, up 39%; worst: North America irrigation revenue down 9% (-$28.3M)
- Cash flow from operations $132.9M vs $95.8M; capex $42.5M vs $29.0M; repurchases $11.5M vs $22.5M; dividends $15.7M vs $15.5M
- Fiscal 2026 capex guidance $50-$55M; focus on organic growth, acquisitions, dividend growth, and opportunistic buybacks; currency risk hedged
Risk Factors
- Regulatory risk: Expiration of U.S. Farm Bill Sept 30, 2025 creates uncertainty in conservation funding impacting irrigation product demand
- Geopolitical risk: $100M multi-year irrigation project in MENA region exposes Company to regional political and economic instability
- Supply chain risk: U.S. tariffs on imports from China, Mexico, Canada cause marginal cost increases requiring supplier negotiation and inventory strategies
- Market disruption: Increasing EPA Renewable Fuels Standard volumes (8% in 2026, 10% in 2027) may shift biofuel crop demand impacting irrigation product mix
- Financial risk: Order backlog declined from $180.9M (2024) to $110.7M (2025), indicating potential near-term revenue timing pressure
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