Otter Tail (OTTR) FY2025 results: revenue $1.3 billion, down 2.3% on the year
Otter Tail Corp. (OTTR) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, down 2.3% on the year before. Net income was $276 million, down 8.5%, and diluted earnings per share $6.55. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$1.3 billion
-2.3% on the year
FY2018FY2025
Operating margin
26.6%
28.6% a year earlier
FY2018FY2025
Net income
$276 million
-8.5% on the year
FY2018FY2025
Diluted EPS
$6.55
-8.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 raised, 7 new, 3 kept.
Full-year diluted EPS was $6.55: The company reported 2025 diluted EPS of $6.55, against $7.17 in 2024, and net income of $275.9 million against $301.7 million.
Electric earnings to rise 14% in 2026: Electric segment earnings are expected to rise 14% in 2026, drawing on rate base returns, interim rates, higher costs and higher depreciation and interest.
Manufacturing volumes fell 6%: Manufacturing revenue fell $28.0 million, or 8.2%, to $314.5 million, on a 6% drop in sales volumes across agriculture, lawn and garden and recreational vehicles.
Plastics prices fell 15%: Plastics revenue fell $40.7 million, or 8.8%, to $422.8 million, as average sales prices dropped 15% and sales volumes rose 8%.
Plastics earnings to decline 36% in 2026: Plastics segment earnings are expected to fall 36% in 2026, on continued lower average product prices.
$ 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
386
453
404
-14.7%
Capital expenditure
288
359
287
-19.7%
Free cash flow
97.9
94.1
117
+4.1%
Free cash flow margin
7.5%
7.1%
8.7%
Cash from investing
-291
-411
-289
Cash from financing
-3.7
22.9
-3.8
Depreciation and amortisation
118
107
98.0
+10.3%
Share-based compensation
9.1
9.5
7.8
-4.3%
Dividends paid
88.1
78.3
73.1
+12.5%
Dividend per share
$2.10
$1.87
$1.75
+12.3%
Diluted shares, weighted
42m
42m
42m
+0.1%
Shares outstanding at period end
42m
42m
42m
+0.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,862
1,668
1,443
+11.6%
Debt
1,104
1,013
905
+8.9%
Operating lease liabilities
21.8
23.6
11.3
-7.3%
Other liabilities
977
947
883
+3.2%
Total liabilities and equity
3,964
3,652
3,243
+8.5%
Fixed assets
171
179
142
-4.1%
Goodwill
37.6
37.6
37.6
0.0%
Intangible assets
4.6
5.7
6.8
-19.2%
Investments
133
122
62.5
+9.2%
Cash and equivalents
386
295
230
+31.1%
Inventory
159
149
150
+6.5%
Other assets
3,073
2,865
2,613
+7.3%
Total assets
3,964
3,652
3,243
+8.5%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.