Phibro Animal Health (PAHC) FY2025 results: revenue $1.3 billion, up 27.4% on the year

Phibro Animal Health Corp. (PAHC) reported revenue of $1.3 billion for fiscal 2025, the year ended 30 June 2025, up 27.4% on the year before. Net income was $48 million, up 1897.7%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2025.

Revenue

$1.3 billion

+27.4% on the year

FY2018FY2025

Operating margin

8.5%

5.2% a year earlier

FY2018FY2025

Net income

$48 million

+1,897.7% on the year

FY2018FY2025

Diluted EPS

$1.19

+1,883.3% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,296	1,018	978	+27.4%
Cost of revenue	896	705	680	+27.2%
Gross profit	400	313	298	+27.7%
Gross margin	30.9%	30.8%	30.5%
Research and development	23.7	29.2	24.4	-18.7%
Selling, general and administrative	289	260	226	+11.4%
Operating income	110	53.3	71.8	+107.2%
Operating margin	8.5%	5.2%	7.3%
Interest expense	37.2	23.0	18.7	+61.8%
Pre-tax income	68.0	10.9	54.1	+522.9%
Income tax	19.7	8.5	21.5	+132.1%
Effective tax rate	29.0%	77.9%	39.7%
Net income	48.3	2.4	32.6	+1,897.7%
Net margin	3.7%	0.2%	3.3%
Diluted EPS	$1.19	$0.06	$0.81	+1,883.3%

$ 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	FY2025	FY2024	FY2023	On the year
Operating cash flow	80.1	87.6	13.3	-8.5%
Capital expenditure	38.3	41.2	51.8	-7.1%
Free cash flow	41.8	46.4	-38.5	-9.8%
Free cash flow margin	3.2%	4.6%	-3.9%
Cash from investing	-289	-48.2	-74.0
Cash from financing	207	-6.8	27.0
Depreciation and amortisation	45.6	36.2	34.0	+26.1%
Share-based compensation	0.7	0.5	n/a	+50.9%
Dividends paid	19.4	19.4	19.4	+0.0%
Dividend per share	$0.48	$0.48	$0.48	0.0%
Diluted shares, weighted	41m	41m	41m	+0.4%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	286	257	283	+11.3%
Debt	719	488	475	+47.2%
Operating lease liabilities	33.7	29.9	29.1	+12.8%
Other liabilities	323	208	185	+55.5%
Total liabilities and equity	1,361	982	971	+38.6%
Fixed assets	355	203	196	+74.5%
Goodwill	59.6	54.6	53.3	+9.3%
Intangible assets	36.5	45.0	55.0	-19.0%
Investments	9.0	44.0	40.0	-79.5%
Cash and equivalents	68.0	70.6	41.3	-3.6%
Receivables	228	169	163	+34.5%
Inventory	444	266	278	+67.1%
Other assets	161	129	145	+24.2%
Total assets	1,361	982	971	+38.6%

10-K for the year ended 30 June 2025, filed 27 August 2025: the filing.