GENERAC HOLDINGS INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$4.2B
Gross margin	38.3%
Operating income	$289.2M
Net income	$159.6M
Diluted EPS	$2.69
Cash & equivalents	$341.4M
Total assets	$5.6B
Long-term debt	$1.2B

Key takeaway

Generac's 2025 results were shaped by new tariffs imposed during the year that increased supply chain costs across its segments.

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Beneath the surface

Total debt and capital lease obligations of $1.28 billion versus cash of only $341.4 million leaves net debt of roughly $941 million, a more meaningful leverage position than the headline long-term debt figure alone suggests.

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