Kadant (KAI) FY2025 results: revenue $1.1 billion, down 0.1% on the year
Kadant Inc. (KAI) reported revenue of $1.1 billion for fiscal 2025, the year ended 3 January 2026, down 0.1% on the year before. Net income was $102 million, down 8.6%, and diluted earnings per share $8.65. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2026.
Revenue
$1.1 billion
-0.1% on the year
FY2018FY2025
Operating margin
14.9%
16.3% a year earlier
FY2018FY2025
Net income
$102 million
-8.6% on the year
FY2018FY2025
Diluted EPS
$8.65
-8.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Record quarterly revenue up 11%: Revenue rose 11% to a record $286.2 million from $258.0 million. Acquisitions added 8 points and favorable currency 3 points. Excluding acquisitions and currency, revenue was down $0.2 million.
Full-year organic revenue fell 4%: Full-year revenue was $1,052.2 million against a record $1,053.4 million. Organic revenue fell 4%, with acquisitions adding 3 points and currency 1 point.
Adjusted measures now exclude intangible amortization: Adjusted operating income, adjusted net income and adjusted EPS now also exclude amortization of acquired intangible assets. The previous release excluded only amortization of acquired profit in inventory and backlog. GAAP figures are unchanged.
Q4 adjusted EPS restated to $2.80: Q4 2025 adjusted EPS is restated to $2.80 from $2.27. Adjusted net income is $33.0 million against $26.8 million. Q4 2024 adjusted EPS is restated to $2.68 from $2.25.
Full-year 2025 adjusted EPS restated to $11.01: Full-year 2025 adjusted EPS is restated to $11.01 from $9.26, and adjusted operating income to $193.4 million from $165.9 million. Full-year 2024 adjusted EPS is restated to $11.92 from $10.28.
$ million except per share. Read moreFree 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
171
155
166
+10.3%
Capital expenditure
17.0
21.0
31.9
-18.8%
Free cash flow
154
134
134
+14.9%
Free cash flow margin
14.7%
12.7%
14.0%
Cash from investing
-205
-319
-30.8
Cash from financing
54.0
160
-111
-66.2%
Depreciation and amortisation
51.2
49.6
33.3
+3.3%
Share-based compensation
11.2
10.6
9.8
+5.7%
Dividends paid
15.8
14.7
13.2
+7.5%
Dividend per share
$1.36
$1.28
$1.16
+6.3%
Diluted shares, weighted
12m
12m
12m
+0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
980
847
774
+15.7%
Non-controlling interest
11.3
11.0
2.5
+2.3%
Debt
373
289
111
+29.2%
Operating lease liabilities
33.1
27.8
19.4
+19.1%
Finance lease liabilities
0.8
0.9
0.8
-15.8%
Other liabilities
315
255
268
+23.4%
Total liabilities and equity
1,712
1,430
1,176
+19.7%
Goodwill
556
479
392
+16.0%
Intangible assets
350
279
159
+25.4%
Cash and equivalents
120
94.7
104
+26.3%
Receivables
159
142
134
+11.3%
Inventory
207
146
153
+41.6%
Other assets
321
288
234
+11.3%
Total assets
1,712
1,430
1,176
+19.7%
10-K for the year ended 3 January 2026, filed 3 March 2026: the filing.