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Champion Homes (SKY) FY2025 results: revenue $2.5 billion, up 22.7% on the year

Champion Homes, Inc. (SKY) reported revenue of $2.5 billion for fiscal 2025, the year ended 29 March 2025, up 22.7% on the year before. Net income was $198 million, up 35.3%, and diluted earnings per share $3.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2025.

Revenue
$2.5 billion
+22.7% on the year
FY2018FY2025
Operating margin
9.5%
8.7% a year earlier
FY2018FY2025
Net income
$198 million
+35.3% on the year
FY2018FY2025
Diluted EPS
$3.42
+35.2% 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)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,4832,0252,607+22.7%
Cost of revenue1,8191,5391,788+18.2%
Gross profit664486819+36.7%
Gross margin26.7%24.0%31.4%
Selling, general and administrative427311300+37.5%
Operating income237175518+35.3%
Operating margin9.5%8.7%19.9%
Interest expense8.54.63.3+83.6%
Pre-tax income257201534+28.1%
Income tax53.747.1132+14.0%
Effective tax rate20.9%23.5%24.7%
Net income198147402+35.3%
Net margin8.0%7.2%15.4%
Diluted EPS$3.42$2.53$7.00+35.2%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow241223416+8.2%
Capital expenditure50.552.952.2-4.5%
Free cash flow190170364+12.1%
Free cash flow margin7.7%8.4%14.0%
Cash from investing-46.2-486-61.2
Cash from financing-73.010.9-37.0
Depreciation and amortisation41.934.926.7+20.1%
Share-based compensation18.319.614.2-6.6%
Buybacks80.00.00.0
Diluted shares, weighted58m58m57m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,5441,4221,233+8.6%
Debt24.824.712.4+0.4%
Operating lease liabilities23.631.323.4-24.4%
Other liabilities518445294+16.3%
Total liabilities and equity2,1101,9231,563+9.7%
Fixed assets307291177+5.6%
Goodwill3583581970.0%
Intangible assets64.776.445.3-15.3%
Cash and equivalents610495747+23.3%
Receivables84.164.667.3+30.1%
Inventory361319202+13.1%
Other assets326320127+1.8%
Total assets2,1101,9231,563+9.7%

10-K for the year ended 29 March 2025, filed 27 May 2025: the filing.