Resideo Technologies (REZI) FY2025 results: revenue $7.5 billion, up 10.5% on the year
Resideo Technologies, Inc. (REZI) reported revenue of $7.5 billion for fiscal 2025, the year ended 31 December 2025, up 10.5% on the year before. Net income was -$527 million, and diluted earnings per share $-3.77. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$7.5 billion
+10.5% on the year
FY2018FY2025
Operating margin
8.1%
7.7% a year earlier
FY2018FY2025
Net income
-$527 million
FY2018FY2025
Diluted EPS
-$3.77
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
Record full-year net revenue: Full-year net revenue was $7,472 million, up 11% from $6,761 million in 2024. Management said it was above the high end of the 2025 range.
Record Adjusted EBITDA and Adjusted EPS: Full-year Adjusted EBITDA was $833 million, up 20%, and Adjusted EPS was $2.68 against $2.29. Management said both were above the high end of the 2025 range.
Full-year net loss from termination expense: GAAP net loss was $527 million against $116 million of net income in 2024, driven by the expense of terminating the Indemnification Agreement. Diluted loss per share was $3.77.
Air products hit by soft HVAC: Air products were affected by the residential HVAC market, which management called soft but improving. Growth across other P&S product families and channels more than offset it.
Company gross margin up 110 basis points: Fourth-quarter gross margin was 29.6%, up 110 basis points. Full-year gross margin was 29.4%, up 130 basis points. Management said margin expanded at both P&S and ADI.
$ 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
-1,137
444
440
Capital expenditure
116
80.0
105
+45.0%
Free cash flow
-1,253
364
335
Free cash flow margin
-16.8%
5.4%
5.4%
Cash from investing
-39.0
-1,409
-44.0
Cash from financing
1,128
1,031
-64.0
+9.4%
Depreciation and amortisation
195
144
98.0
+35.4%
Share-based compensation
57.0
59.0
44.0
-3.4%
Buybacks
0.0
1.0
41.0
Diluted shares, weighted
149m
149m
148m
0.0%
Shares outstanding at period end
150m
147m
145m
+2.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,917
3,309
2,749
-11.8%
Debt
3,231
2,015
1,419
+60.3%
Operating lease liabilities
289
212
166
+36.3%
Other liabilities
1,996
2,663
2,311
-25.0%
Total liabilities and equity
8,433
8,199
6,645
+2.9%
Fixed assets
447
410
390
+9.0%
Goodwill
3,100
3,072
2,705
+0.9%
Intangible assets
1,091
1,176
461
-7.2%
Cash and equivalents
661
692
636
-4.5%
Receivables
1,073
1,023
973
+4.9%
Inventory
1,354
1,237
941
+9.5%
Other assets
707
589
539
+20.0%
Total assets
8,433
8,199
6,645
+2.9%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.