ARMSTRONG WORLD INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARMSTRONG WORLD INDUSTRIES 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	837	894	975	1,038	937	1,107	1,233	1,295	1,446	1,621
Cost of revenue	530	578	642	643	604	701	784	798	864	962
Gross profit	307	315	334	395	333	406	449	497	582	659
Research and development	17.8	17.4	16.3	14.8	14.7	14.6	14.9	14.5	15.7	16.4
Selling, general and administrative	184	139	159	174	163	237	237	263	309	340
Operating income	196	244	249	317	255	260	279	324	374	431
Interest expense	49.5	35.4	39.2	38.4	24.1	22.9	27.1	35.3	39.8	33
Other non-operating income	4.2	13.7	-32.5	-20.4	-357	5.6	6	9.9	12.6	2.4
Pre-tax income	151	222	243	299	-127	243	258	298	347	400
Income tax	51.3	1.5	53.1	57.1	-42.6	57.4	57.7	74.5	82.2	91.6
Income from continuing operations	99.3	221	190	242	-84.1	185	200	224	265
Net income	105	120	186	215	-99.1	183	203	224	265	309
EBITDA	285	333	329	390	339	357	362	413	478	551
EPS, basic	1.45	2.23	3.61	4.40	-2.07	3.84	4.38	5.00	6.06	7.13
EPS, diluted	1.45	2.21	3.56	4.32	-2.07	3.82	4.37	4.99	6.02	7.08
Shares, basic (weighted)	71.7	53.3	51.3	48.7	47.9	47.6	46.3	44.7	43.7	43.3
Shares, diluted (weighted)	72.1	53.9	52.1	49.5	47.9	47.9	46.4	44.8	44	43.6
Dividend per share			0.18	0.73	0.81	0.86	0.95	1.04	1.15	1.26

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	142	160	326	45.3	137	98.1	106	70.8	79.3	113
Receivables	58.8	90.8	79.9	85.1	78.3	109	112	111	134	130
Inventory	46.9	53.8	61.2	68.5	81.5	90.2	110	104	110	125
Other current assets	11.2	7.9	4.8	15.5	12.8	23.1	26.3	26.4	21.5	23.9
Total current assets	406	649	718	244	312	322	357	313	349	392
Property, plant and equipment	465	500	501	525	530	543	554	566	599	631
Lease right-of-use assets				29.2	19.2	21	18.8	26.6	36.6	46.4
Goodwill	0.5	11.3	19.2	53	161	167	167	176	203	218
Intangible assets	433		423	412	458	421	408	412	455	425
Other non-current assets	62.8	64.3	68.5	57.9	57.7	57.9	59.4	51.3	50.1	50.9
Total assets	1,758	1,874	1,838	1,493	1,719	1,710	1,687	1,672	1,843	1,925
Accounts payable	68.7	67.6	82.2	79.4	81.3	106	105	91	106	124
Accrued liabilities	16.3	18	18.6	16.5	17.6	30.3	20	33.6	42.4	40.8
Short-term debt	25	32.5	55	6.3	25	25	0	22.5	22.5	10.3
Total current liabilities	224	270	550	155	172	210	183	195	250	267
Long-term debt	849	818	765	605	691	606	651	564	503	396
Lease liabilities				30.1	14.6	15.6	13.2	20.4	29.7	37.9
Other non-current liabilities	27	35.5	38	37.8	76.5	46.7	25.8	26.8	28.4	33.9
Total liabilities	1,492	1,489	1,612	1,128	1,268	1,190	1,152	1,081	1,086	1,024
Total debt	874	850	820	611	716	631	651	587	525	407
Paid-in capital	505	517	547	556	554	561	574	592	604	617
Retained earnings	470	598	830	1,008	870	1,011	1,170	1,347	1,561	1,814
Treasury stock	-305	-386	-692	-824	-864	-944	-1,109	-1,242	-1,298	-1,428
Other comprehensive income	-404	-346	-460	-376	-109	-110	-100	-105	-110	-103
Shareholders' equity	266	384	226	365	451	520	535	592	757	901
Total equity	266	384	226	365	451	520	535	592	757	901
Total liabilities and equity	1,758	1,874	1,838	1,493	1,719	1,710	1,687	1,672	1,843	1,925
Shares outstanding	70.4	52.8	48.8	48	47.9	47.3	45.6	43.9	43.6	42.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	105	120	186	215	-99.1	183	203	224	265	309
Depreciation and amortization	89.2	89.2	79.4	72.1	84	96.5	83.7	89.2	103	120
Stock-based compensation	12.4	10.2	14	9.5	6.8	11.3	14.3	18.8	18.3	21.9
Deferred income tax	37.9	-30.8	-2.7	18.6	-90	8.7	-1.2	-0.9	0.7	24
Change in receivables	-23.9	-37.1	13.2	-1.1	12.7	-30.9	-12.4	-1.6	-24.6	-7.5
Change in inventory	-7	3.6	-8.9	-7.2	-7.7	-10.6	-19.7	6.1	1.9	-12.8
Change in payables	-82.1	-20	5.4	-19.9	-11.9	38.6	-1.8	8	27.3	28.4
Cash from operations	49.3	170	203	183	219	187	182	234	267	356
Capital expenditures	-104	-89.7	-71.9	-71.3	-55.4	-79.8	-74.8	-83.8	-82.8	-109
Acquisitions		-31.2	-22.2	-56.4	-165	-0.7	-2.8	-26.5	-124	-13.9
Cash from investing	-17	-54.2	310	-89.1	-141	-13.9	28.2	-10.4	-79.3	-3.6
Debt issued	364			500	0	0	450	0	0	411
Debt repaid	-434	-25	-32.5	-825	-6.3	-25	-469	0	-22.5	-428
Stock issued	0.7	3.3	18.4	14.5	4.7	2.5	1.8	0.2	1.4
Share buybacks	-43.8	-80.4	-307	-131	-44.4	-80	-165	-132	-56.3	-129
Dividends paid			-8.6	-35.6	-39.2	-41.4	-44.2	-46.9	-50.6	-55.2
Cash from financing	-129	-103	-329	-385	13.5	-212	-202	-259	-178	-319
Exchange rate effect	-6.3	4.2	-7.4					0.3	-1.4	0.8
Net change in cash	-103	17.7	176	-290	91.6	-38.8	7.9	-35.2	8.5	33.4
Free cash flow	-54.9	80.7	131	111	163	107	108	150	184	246
Interest paid	33.4	30.7	29.9	33.1	24.1	21.5	26.9	33.9	37.4	29.7
Income taxes paid	33.7	32.1	51.6	58.4	10.9	52.5	63.2	72.1	87.6	69.3

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 $162.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.3%	Gross profit / revenue.
Operating margin	25.8%	Operating income / revenue.
EBITDA margin	32.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.2%	Pre-tax income / revenue.
Net margin	18.6%	Net income / revenue.
FCF margin	14.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.2%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.7%	Net income / average total assets.
Return on invested capital (ROIC)	25.9%	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	21.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.6%	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	14.6%	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	15.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.6%	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	11.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	15.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	17.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.9%	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	10.2%	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	33.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.8%	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	8.5%	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	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	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	9.3%	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	19.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.0%	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	14.8%	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	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	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	2.3%	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	-0.9%	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	-2.1%	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	-1.9%	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	1.52x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.5%	Total debt / total assets.
Liabilities / assets	55.9%	Total liabilities / total assets.
Net debt	$413.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.1x	Operating income / interest expense.
Working capital	$145.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$193.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.84x	Revenue / average total assets.
Fixed asset turnover	2.69x	Revenue / average property, plant and equipment.
Inventory turnover	7.94x	Cost of revenue / average inventory.
Days inventory	46 days	365 x average inventory / cost of revenue.
Receivables turnover	8.99x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	40 days	Days inventory + days sales outstanding - days payables.
FCF conversion	78.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.38	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	$39.70	Revenue / diluted weighted shares.
FCF per share	$5.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.40	Cash from operations / diluted weighted shares.
Book value per share	$20.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.56	Tangible book value / shares outstanding.
Cash per share	$1.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	86.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.88B	Share price x shares outstanding.
Enterprise value	$7.29B	Market cap + total debt - cash - short-term investments.
P/E	21.8x	Market cap / net income. Only when net income is positive.
P/S	4.06x	Market cap / revenue.
P/B	7.78x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	35.7x	Market cap / tangible book value, when positive.
P/FCF	27.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.2x	Market cap / cash from operations, when positive.
EV/Sales	4.30x	Enterprise value / revenue.
EV/EBIT	16.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ARMSTRONG WORLD INDUSTRIES INC's revenue in fiscal 2025?

ARMSTRONG WORLD INDUSTRIES INC reported revenue of $1.62B for fiscal 2025, 12.1% higher than the year before.

Was ARMSTRONG WORLD INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $308.7M, a net margin of 19%.

How much free cash flow did ARMSTRONG WORLD INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $355.5M minus capital expenditures of $109.4M left free cash flow of $246.1M.

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.

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