Tennant (TNC) FY2025 results: revenue $1.2 billion, down 6.5% on the year
Tennant Co. (TNC) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, down 6.5% on the year before. Net income was $44 million, down 47.7%, and diluted earnings per share $2.36. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$1.2 billion
-6.5% on the year
FY2018FY2025
Operating margin
5.7%
8.9% a year earlier
FY2018FY2025
Net income
$44 million
-47.7% on the year
FY2018FY2025
Diluted EPS
$2.36
-46.1% 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: 9 new.
Fourth-quarter sales and EBITDA fell: Fourth-quarter net sales were $291.6 million, down 11.3%, with a 13.9% organic decline; adjusted EBITDA was $25.6 million, down 46.0%.
Order and scheduling disruption after go-live: Order management, production scheduling and fulfillment were disrupted, with reduced inventory visibility in Parts and Consumables and Service.
ERP disruption cut sales and EBITDA: Management estimates the ERP disruption reduced net sales by roughly $30 million and adjusted EBITDA by approximately $22 million.
Americas organic decline led quarter: Americas organic sales fell 22.3% in the fourth quarter and 10.5% for the year, driven by North America volume and ERP-related fulfillment disruption.
Fourth-quarter gross margin fell to 34.6%: Gross margin fell from 41.3% to 34.6%, with about $13.5 million of ERP volume impact, $8.5 million of extra costs and about $4.5 million of other charges.
$ 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
65.0
89.7
188
-27.5%
Capital expenditure
21.7
20.9
22.8
+3.8%
Free cash flow
43.3
68.8
166
-37.1%
Free cash flow margin
3.6%
5.3%
13.3%
Cash from investing
-22.7
-78.4
-23.2
Cash from financing
-38.7
-25.2
-123
Depreciation and amortisation
58.7
55.1
51.1
+6.5%
Share-based compensation
10.4
11.9
11.6
-12.6%
Buybacks
88.5
19.6
21.7
+351.5%
Dividends paid
21.9
21.4
20.1
+2.3%
Dividend per share
$1.20
$1.14
$1.07
+5.3%
Diluted shares, weighted
19m
19m
19m
-2.7%
Shares outstanding at period end
18m
19m
19m
-4.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
602
621
577
-3.1%
Non-controlling interest
1.8
1.3
1.3
+38.5%
Debt
274
200
201
+37.1%
Operating lease liabilities
35.5
36.3
27.4
-2.2%
Finance lease liabilities
0.7
0.7
0.4
0.0%
Other liabilities
356
332
307
+7.3%
Total liabilities and equity
1,269
1,190
1,113
+6.6%
Goodwill
209
186
187
+12.4%
Intangible assets
52.6
58.7
63.1
-10.4%
Securities held for sale or to maturity
11.8
12.3
0.0
-4.1%
Cash and equivalents
106
99.8
117
+6.6%
Receivables
257
259
248
-0.9%
Inventory
198
184
176
+8.0%
Other assets
434
391
322
+11.1%
Total assets
1,269
1,190
1,113
+6.6%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.