Generac manufactures generators, battery storage and energy-management equipment for homes, businesses and industrial customers, including data centers. It sells through distribution partners and directly to customers.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001437749-24-005040 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001437749-25-004353 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001437749-26-004568 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Generac’s current growth is being driven by commercial and industrial equipment, especially data-center backup power, while residential storage remains weak. First-half 2026 sales reached $2.233 billion and GAAP net income attributable to Generac reached $216.5 million. However, the earnings improvement includes a $71.1 million tariff-recovery benefit that also remains in adjusted EBITDA; it is not all recurring operating improvement. The September Amazon agreement adds a substantial opportunity: Generac expects $2.4 billion of deliveries across 2027–2028, but public disclosures do not establish an unconditional minimum purchase guarantee. Expansion also requires acquisitions, manufacturing investment and working capital. June cash was $264.9 million, separate from unused credit capacity. Execution, conditional customer incentives and unresolved legal exposures remain important counterweights to the growth opportunity.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · 8-K · 2026-09-16 · EX-4.1 · 2026-09-16 · EX-10.1 · 2026-09-16
Generac remains predominantly an equipment business: services accounted for approximately 4% of 2025 sales, and its broader Other revenue category is not entirely recurring. Dealers and distributors provide important sales, installation and service capacity. Effective March 31, 2026, Residential and Commercial & Industrial (C&I) replaced Domestic and International as reporting segments. This changed reporting boundaries, not consolidated results; current comparisons use recast prior periods rather than the old geographic segments or similarly named product categories.
First-half C&I external sales increased 28.6% to $1,066.5 million, while Residential declined 0.6% to $1,166.3 million. Management attributes C&I growth chiefly to data centers, with acquisitions, disposals and currency also contributing. Growth was not uniform: in the second quarter, weaker domestic industrial-distributor shipments more than offset rental and telecom gains outside the data-center contribution. Residential storage weakness outweighed first-half growth in home standby and portable generators. Customized data-center revenue can be recognized over time using estimated cost-to-cost progress, so sales can precede billing and depend on project cost estimates.
Sources: 10-K · 2025-12-31 · 8-K · 2026-03-20 · 8-K · 2026-04-29 · 10-Q · 2026-06-30
The August 4 filing reports unaudited first-half 2026 sales of $2,232.9 million versus $2,003.3 million and parent GAAP net income of $216.5 million versus $117.9 million. A second-quarter tariff recovery reduced cost of goods sold by approximately $71.1 million and remains in both adjusted EBITDA and adjusted net income. It explains more than the reported gross-margin expansion: unfavorable mix and input costs otherwise outweighed favorable pricing across the half. Lower legal expense also included a patent-settlement reserve reduction, rather than solely recurring efficiency. Higher taxes partly offset the gains because a favorable 2025 discrete tax item did not recur. First-half diluted shares were nearly unchanged, so a shrinking denominator did not drive EPS growth.
On July 29, management maintained its 2026 sales-growth outlook at mid-to-high teens, including approximately two percentage points from currency and portfolio changes. C&I expectations increased to low-30% growth, while Residential moved down to high-single digits compared with April’s approximately 10% outlook. Expected net income margin before noncontrolling interests rose to 9–10%, and adjusted EBITDA margin to 20–21%; management attributed the latter increase primarily to the tariff refund. These are dated expectations, not achieved results or a quantified post-Amazon update. The reported adjusted-net-income attribution contains an arithmetic inconsistency, so no corrected parent figure is presented.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · EX-99.1 · 2026-04-29
First-half operating cash flow rose to $240.5 million from $130.3 million, helped by approximately $61.4 million of tariff-refund receipts and lower cash taxes, partly offset by greater working-capital use. Cash capital expenditure was $87.7 million, leaving company-defined non-GAAP free cash flow of $152.8 million, calculated as operating cash flow less property-and-equipment spending. This is not profit or cash available without further obligations. The tariff cash receipt, $27.7 million recovery receivable and $71.1 million earnings benefit are different aspects of one recovery and must not be added. Contract assets, primarily unbilled receivables, reached $78.7 million.
Acquisitions consumed $211.8 million net of acquired cash during the half, while investment shifted toward C&I capacity. Allmand, Enercon and Wolter transactions had closed; New Way remained an expected fourth-quarter closing, not a completed acquisition. Purchase accounting remained provisional, and contingent acquisition consideration totaled $121.9 million, with potential cash and share payments. Generac and insurers paid the previously accrued Zawaski settlement obligation on April 1; this was not a new second-quarter charge. Dealer financing also carries contingent product-repurchase exposure. No public-program buybacks occurred during the half, despite a discretionary $500 million authorization.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-04-29 · EX-99.1 · 2026-07-29
At June 30, cash was $264.9 million, down from $341.4 million at year-end. Reported unused revolving capacity of $999.3 million was not cash or unconditional funding. Long-term borrowings and finance leases, including current portions and net financing-cost deductions, totaled $1,281.0 million; separate short-term borrowings were $48.3 million. Term Loan A and the revolver mature in July 2030, and Term Loan B in July 2031. Facilities are secured, and Generac reported covenant compliance, leverage of 1.20 times and interest coverage of 15.72 times at June 30. Those dated contractual ratios do not establish present borrowing or distribution headroom. Management considers funding sufficient but acknowledges expansion could require additional capital.
Sources: 10-Q · 2026-06-30
The September 16 event and filing establish executed Amazon agreements and expected backup-generator deliveries totaling $2.4 billion across 2027–2028 combined. The amount is not recognized revenue, collected cash or a publicly established unconditional minimum. July’s approximately $1.6 billion data-center backlog excluded committed volumes from the second hyperscale customer; overlapping orders, commitments and later delivery expectations should not be summed. Pricing, margins, cancellation economics and collection timing are not publicly established by the supplied agreements.
Amazon’s subsidiary received a warrant for up to 1,693,745 shares at an initial $200.9266 exercise price; 307,954 vested at execution. Further vesting is generally linked to qualifying payments net of specified offsets, but the warrant also provides full vesting acceleration immediately before a defined acquisition transaction or covered reclassification. Some trigger thresholds are redacted, and vesting is distinct from actual exercise. The $8 billion payment endpoint is not an order guarantee. Cashless exercise, adjustments and redacted milestones prevent a fixed forecast of proceeds or dilution. The contractual fully diluted percentage is not actual ownership or the GAAP EPS denominator, and the initial 4.999% ownership exercise cap can be amended. Ordinary termination preserves vested rights; specified antitrust-related termination provisions can preserve Amazon’s economic benefit even after the warrant terminates. Registration and continuity duties create additional exposure. The agreement required a shelf registration filing or qualifying prospectus supplement no later than 30 days after September 16, 2026, a deadline already elapsed by the October 24 as-of date. The supplied originals do not establish timely filing compliance or registration effectiveness; neither compliance nor breach is inferred. Subsequent exercise and clearance also remain unestablished.
Sources: 8-K · 2026-09-16 · EX-99.1 · 2026-07-29 · EX-10.1 · 2026-09-16 · EX-4.1 · 2026-09-16
Data-center demand offers growth but brings capacity, concentrated-supplier, delivery, cancellation and performance-liability risks. Residential demand remains sensitive to outages and affordability. Management expects accelerated solar-incentive phase-outs to hurt near-term storage demand, and DOE elected to stop funding the Puerto Rico program going forward in 2026; that does not establish the absence of residual obligations. The solar class settlement still awaited final approval in the latest quarterly filing. Power Home Solar’s asserted $25 million liability cap is Generac’s defense, not an established maximum loss. Securities-litigation appeals, derivative and patent claims, and emissions inquiries—including a May 12 EPA information request—remain relevant. Management considers material adverse effects presently unlikely but warns losses could materially exceed reserves.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
USD 4.209147 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.209147 bn | -2.0% |
| 2024 | USD 4.295834 bn | 6.8% |
| 2023 | USD 4.022667 bn | — |
Consolidated external net sales after intercompany eliminations.
Sources: 10-K · 2025-12-31
USD 159.554 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 159.554 m | -49.6% |
| 2024 | USD 316.315 m | 47.4% |
| 2023 | USD 214.606 m | — |
Net income after noncontrolling interests, before redemption-value adjustments used only in the common-shareholder EPS numerator.
Sources: 10-K · 2025-12-31
USD 437.978 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 437.978 m | -40.9% |
| 2024 | USD 741.301 m | 42.1% |
| 2023 | USD 521.67 m | — |
GAAP operating cash flow, including changes in operating assets and liabilities.
Sources: 10-K · 2025-12-31
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