Arcosa, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arcosa, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,704	1,462	1,460	1,737	1,936	2,036	2,243	2,308	2,570	2,883
Cost of revenue	1,356	1,168	1,188	1,405	1,554	1,681	1,832	1,864	2,055	2,236
Gross profit	348	295	272	332	382	356	411	444	515	647
Selling, general and administrative	147	163	154	180	223	256	263	261	320	307
Operating expenses	1,503	1,331	1,366	1,584
Operating income	201	132	94.9	153	152	107	349	217	198	342
Interest expense	0	0	0.9	6.8	10.6	23.4	31	28.1	70.9	109
Interest income	0.1	0.1	0.4	1.4	0.4	0	1.1	4.7	7.5
Other non-operating income	-3.6	-1.6	0.1	-6.1	-13.6	-23.7	-32.8	-21.4	-67.6	-101
Pre-tax income	197	130	95	147	138	83.6	316	196	130	241
Income tax	74.2	40.4	19.3	33.5	31.6	14	70.4	36.7	36.3	32.9
Net income	123	89.7	75.7	113	107	69.6	246	159	93.7	208
EBITDA	266	197	163	239	266	252	503	377	393	565
EPS, basic	2.52	1.84	1.55	2.34	2.20	1.44	5.08	3.27	1.92	4.25
EPS, diluted	2.52	1.84	1.54	2.32	2.18	1.42	5.05	3.26	1.91	4.24
Shares, basic (weighted)	48.8	48.8	48.8	47.9	48	48.1	48.2	48.5	48.6	48.9
Shares, diluted (weighted)	48.8	48.8	48.9	48.4	48.5	48.6	48.5	48.7	48.8	49
Dividend per share	0.00	0.00	0.05	0.20	0.20	0.20	0.20	0.20	0.20	0.20

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	14	6.8	99.4	240	95.8	72.9	160	105	187	215
Receivables		165	291	200	260	311	334	357	350	413
Inventory		247	253	283	277	325	316	402	360	336
Other current assets		9.9	24.1	33.5	32.1	59.7	46.4	48.3	56.6	49.7
Total current assets		429	667	757	665	768	857	912	954	1,107
Property, plant and equipment		583	803	816	913	1,202	1,200	1,336	2,129	2,045
Lease right-of-use assets					17.9	20.9	33.9	36.7	63.1	57.8
Goodwill		494	615	622	794	935	959	991	1,361	1,329
Intangible assets		64.4	55.2	51.7	213	220	256	271	338	311
Other non-current assets		87.5	79.7	41.2	46.2	49.9	60	61.4	130	112
Total assets	1,526	1,603	2,172	2,303	2,647	3,188	3,341	3,578	4,916	4,985
Accounts payable		56	86.2	90	144	185	191	273	237	213
Accrued liabilities		118	99.9	119	115	146	122	117	166	170
Short-term debt		0.1	1.8	3.7	6.3	14.8	14.7	6.8	12.1	8.5
Total current liabilities		174	210	284	310	364	368	431	516	504
Long-term debt		0.4	184	104	248	665	536	562	1,677	1,514
Lease liabilities					16.4	19.1	29.9	29.7	54.7	50.8
Other non-current liabilities		9.1	36.2	58.1	83.3	72.1	77	73.2	93.9	92.1
Total liabilities		195	488	512	755	1,235	1,156	1,246	2,487	2,344
Total debt		0.5	186	107	255	680	551	569	1,689	1,523
Paid-in capital		0	1,686	1,687	1,694	1,693	1,684	1,683	1,697	1,710
Retained earnings		0	19.5	123	220	280	516	665	749	947
Treasury stock		0	-3.5	0	0	0	0	0	0	0
Other comprehensive income		-19.8	-17.7	-19.7	-22.1	-19.3	-15.7	-16.2	-17.7	-16.4
Shareholders' equity	1,342	1,408	1,685	1,790	1,892	1,953	2,184	2,332	2,428	2,641
Total equity	1,342	1,408	1,685	1,790	1,892	1,953	2,184	2,332	2,428	2,641
Total liabilities and equity		1,603	2,172	2,303	2,647	3,188	3,341	3,578	4,916	4,985
Shares outstanding		0	48.8	48.3	48.2	48.3	48.4	48.6	48.8	49

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	123	89.7	75.7	113	107	69.6	246	159	93.7	208
Depreciation and amortization	65.6	65.7	67.6	85.8	115	144	154	160	195	223
Stock-based compensation	10.5	9	9.9	14.6	20	18	19.1	23.9	24.3	26.4
Deferred income tax	23.1	10.3	22.4	17.3	9.6	11.9	44.8	31.8	25.2	26
Change in receivables	0.3	-26.4	-80.9	99	-13.5	-25.9	-65.9	-47.8	70	-69.5
Change in inventory	56.4	24.3	-29.9	-22.7	32.6	-24.6	-26.7	-83.5	59.2	-72.6
Change in payables	-20.5	7.1	20.6	3.5	43.5	34.7	27	77.2	-48.3	21.9
Cash from operations	228	162	119	359	260	167	174	261	502	341
Capital expenditures	-84.8	-82.4	-44.8	-85.4	-82.1	-85.1	-138	-204	-190	-166
Acquisitions	0	-47.5	-333	-32.9	-456	-523	-75.1	-121	-1,424	17.6
Cash from investing	-79.8	-126	-365	-109	-528	-570	90.7	-286	-1,509	-121
Debt issued				0	251	500	80	160	1,635	0
Share buybacks	0	0	-3	-11	-8	-9.4	-15	-13.8	0	0
Dividends paid		0	-2.4	-9.9	-9.8	-9.8	-9.8	-9.8	-9.7	-10
Cash from financing	-144	-42.8	339	-108	124	381	-178	-30.8	1,089	-192
Net change in cash	3.8	-7.2	92.6	141	-145	-22.9	87.5	-55.6	82.5	27.3
Free cash flow	143	79.6	73.7	273	178	81.4	36.3	57.5	312	176
Interest paid							23.6	23.4	50.3	103
Income taxes paid	0	0	0.6	18.8	36.9	2.9	21.9	13.6	-5	26.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $146.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.8%	Gross profit / revenue.
Operating margin	12.0%	Operating income / revenue.
EBITDA margin	19.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.9%	Pre-tax income / revenue.
Net margin	16.8%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.7%	Cash from operations / revenue.
Effective tax rate	13.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.3%	Net income / average total assets.
Return on invested capital (ROIC)	7.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.1%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	73.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	43.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	122.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	122.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-32.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-43.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	69.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.12x	Current assets / current liabilities.
Quick ratio	2.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.1%	Total debt / total assets.
Liabilities / assets	43.7%	Total liabilities / total assets.
Net debt	$1.00B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.75x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$958.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.39x	Revenue / average property, plant and equipment.
Inventory turnover	5.80x	Cost of revenue / average inventory.
Days inventory	63 days	365 x average inventory / cost of revenue.
Receivables turnover	5.22x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	94 days	Days inventory + days sales outstanding - days payables.
FCF conversion	27.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	60.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.32	Revenue / diluted weighted shares.
FCF per share	$2.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.94	Cash from operations / diluted weighted shares.
Book value per share	$60.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.88	Tangible book value / shares outstanding.
Cash per share	$8.78	(Cash + short-term investments) / shares outstanding.
Payout ratio	2.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	7.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.20B	Share price x shares outstanding.
Enterprise value	$8.20B	Market cap + total debt - cash - short-term investments.
P/E	14.7x	Market cap / net income. Only when net income is positive.
P/S	2.47x	Market cap / revenue.
P/B	2.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.44x	Market cap / tangible book value, when positive.
P/FCF	53.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.1x	Market cap / cash from operations, when positive.
EV/Sales	2.81x	Enterprise value / revenue.
EV/EBIT	23.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	60.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Arcosa, Inc.'s revenue in fiscal 2025?

Arcosa, Inc. reported revenue of $2.88B for fiscal 2025, 12.2% higher than the year before.

Was Arcosa, Inc. profitable in fiscal 2025?

Yes. Net income was $208.4M, a net margin of 7.2%.

How much free cash flow did Arcosa, Inc. generate in fiscal 2025?

Cash from operations of $341.1M minus capital expenditures of $165.6M left free cash flow of $175.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Arcosa, Inc.