Generac Holdings (GNRC) FY2024 results: revenue $4.3 billion, up 6.8% on the year

Generac Holdings Inc. (GNRC) reported revenue of $4.3 billion for fiscal 2024, the year ended 31 December 2024, up 6.8% on the year before. Net income was $316 million, up 47.4%, and diluted earnings per share $5.39. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$4.3 billion

+6.8% on the year

FY2017FY2024

Operating margin

12.5%

9.6% a year earlier

FY2017FY2024

Net income

$316 million

+47.4% on the year

FY2017FY2024

Diluted EPS

$5.39

+64.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,296	4,023	4,565	+6.8%
Cost of revenue	2,630	2,657	3,043	-1.0%
Gross profit	1,666	1,365	1,522	+22.0%
Gross margin	38.8%	33.9%	33.3%
Research and development	220	173	160	+26.6%
Operating income	537	386	566	+39.0%
Operating margin	12.5%	9.6%	12.4%
Interest expense	89.7	97.6	54.8	-8.1%
Pre-tax income	409	290	508	+41.0%
Income tax	92.5	73.2	99.6	+26.3%
Effective tax rate	22.6%	25.2%	19.6%
Net income	316	215	400	+47.4%
Net margin	7.4%	5.3%	8.8%
Diluted EPS	$5.39	$3.27	$5.42	+64.8%

$ million except per share.

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	FY2024	FY2023	FY2022	On the year
Operating cash flow	741	522	58.5	+42.1%
Capital expenditure	137	129	86.2	+5.9%
Free cash flow	605	393	-27.7	+54.0%
Free cash flow margin	14.1%	9.8%	-0.6%
Cash from investing	-209	-178	-134
Cash from financing	-449	-277	64.0
Depreciation and amortisation	172	167	156	+3.1%
Share-based compensation	49.2	35.5	29.5	+38.8%
Buybacks	153	252	346	-39.3%
Dividends paid	0.3	0.0	0.3
Diluted shares, weighted	60m	62m	65m	-2.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,494	2,340	2,257	+6.6%
Non-controlling interest	3.2	2.8	1.9	+12.3%
Redeemable equity	0.0	6.5	110
Debt	1,334	1,575	1,431	-15.3%
Operating lease liabilities	29.2	44.8	n/a	-34.8%
Finance lease liabilities	59.5	67.5	n/a	-11.9%
Other liabilities	1,189	1,056	1,369	+12.6%
Total liabilities and equity	5,109	5,093	5,169	+0.3%
Fixed assets	690	599	468	+15.3%
Goodwill	1,436	1,432	1,401	+0.3%
Intangible assets	759	846	931	-10.3%
Cash and equivalents	281	201	133	+39.9%
Receivables	612	537	522	+13.9%
Inventory	1,032	1,167	1,405	-11.6%
Other assets	299	310	310	-3.5%
Total assets	5,109	5,093	5,169	+0.3%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.