Fortune Brands Innovations (FBIN) FY2025 results: revenue $4.5 billion, down 3.2% on the year
Fortune Brands Innovations, Inc. (FBIN) reported revenue of $4.5 billion for fiscal 2025, the year ended 27 December 2025, down 3.2% on the year before. Net income was $299 million, down 36.7%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 16 new.
- Sales down 2 percent, flat ex-China: Q4 2025 net sales were $1,077.5 million, down 2.4 percent. Excluding the impact of China, sales were flat; the reconciliation shows a 0.2 percent decline.
- EPS $0.63, $0.86 before charges: Diluted EPS was $0.63, down 25.0 percent from $0.84. Before charges and gains, EPS was $0.86, down 12.2 percent from $0.98.
- Full-year EPS before charges $3.61: Full-year diluted EPS was $2.47, down 34.1 percent. Before charges and gains it was $3.61, down 12.4 percent from $4.12.
- Outdoors margin fell with fire loss: Outdoors Q4 net sales were $294.9 million, down 2.7 percent. Operating margin before charges fell 400 basis points to 14.2 percent; the segment recognized an $18.1 million fire loss in the quarter.
- Full-year free cash flow $366.8 million: Full-year free cash flow was $366.8 million, a cash conversion ratio of 122.8 percent on net income of $298.8 million.
From this 10-K
Fortune Brands Innovations makes home, security and digital products: faucets and kitchen fixtures, entry doors and decking, and locks and safes. It sells mainly in North America and China, through kitchen and bath dealers, wholesalers serving builders and remodelers, industrial and locksmith distributors, home centers, showrooms, e-commerce, other retailers and directly to consumers. It reports three segments: Water Innovations, Outdoors and Security. Lowe's and The Home Depot each accounted for 11% of net sales in 2025.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,463 | 4,609 | 4,626 | -3.2% | |
| Cost of revenue | 2,474 | 2,543 | 2,715 | -2.7% | |
| Gross profit | 1,989 | 2,066 | 1,911 | -3.7% | |
| Gross margin | 44.6% | 44.8% | 41.3% | ||
| Selling, general and administrative | 1,292 | 1,239 | 1,168 | +4.3% | |
| Operating income | 516 | 738 | 615 | -30.1% | |
| Operating margin | 11.6% | 16.0% | 13.3% | ||
| Interest expense | 115 | 120 | 116 | -4.4% | |
| Pre-tax income | 405 | 606 | 518 | -33.1% | |
| Income tax | 106 | 134 | 112 | -20.5% | |
| Effective tax rate | 26.2% | 22.1% | 21.7% | ||
| Net income | 299 | 472 | 404 | -36.7% | |
| Net margin | 6.7% | 10.2% | 8.7% | ||
| Diluted EPS | $2.47 | $3.75 | $3.17 | -34.1% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 479 | 668 | 1,056 | -28.3% | |
| Capital expenditure | 112 | 193 | 256 | -42.2% | |
| Free cash flow | 367 | 474 | 799 | -22.7% | |
| Free cash flow margin | 8.2% | 10.3% | 17.3% | ||
| Cash from investing | -105 | -303 | -1,038 | ||
| Cash from financing | -503 | -363 | -271 | ||
| Depreciation and amortisation | 194 | 194 | 169 | +0.3% | |
| Share-based compensation | 20.8 | 39.3 | 34.2 | -47.1% | |
| Buybacks | 248 | 240 | 150 | +3.1% | |
| Dividends paid | 121 | 120 | 117 | +0.8% | |
| Dividend per share | $1.01 | $0.97 | $0.93 | +4.1% | |
| Diluted shares, weighted | 121m | 126m | 128m | -3.6% | |
| Shares outstanding at period end | 120m | 124m | 126m | -3.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,389 | 2,422 | 2,293 | -1.4% | |
| Short-term borrowings | 0.0 | 500 | 0.0 | ||
| Debt | 2,545 | 2,673 | 2,670 | -4.8% | |
| Operating lease liabilities | 244 | 122 | 143 | +100.5% | |
| Other liabilities | 1,343 | 845 | 1,458 | +58.9% | |
| Total liabilities and equity | 6,521 | 6,562 | 6,565 | -0.6% | |
| Fixed assets | 806 | 999 | 975 | -19.3% | |
| Goodwill | 2,006 | 1,992 | 1,907 | +0.7% | |
| Intangible assets | 1,232 | 1,297 | 1,355 | -5.0% | |
| Cash and equivalents | 264 | 381 | 366 | -30.7% | |
| Receivables | 513 | 514 | 534 | -0.3% | |
| Inventory | 1,025 | 960 | 982 | +6.7% | |
| Other assets | 675 | 418 | 446 | +61.5% | |
| Total assets | 6,521 | 6,562 | 6,565 | -0.6% |
10-K for the year ended 27 December 2025, filed 23 February 2026: the filing.