LCI Industries (LCII) financial statements: income statement, balance sheet and cash flow

LCI Industries's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), LCI Industries reported revenue of $4.1B (+10.2% year on year) and net income of $188.3M (+31.8% year on year).

Income statement

LCI Industries income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$4.1B	$3.7B	$3.8B	$5.2B
Cost of sales	$3.1B	$2.9B	$3.0B	$3.9B
Gross profit	$980.3M	$879.7M	$776.2M	$1.3B
Warehouse and transportation	$205.1M	—	—	—
Selling, general and administrative expenses	$495.3M	$661.5M	$652.8M	$720.3M
Operating profit	$279.9M	$218.2M	$123.4M	$553.0M
Interest expense, net	$35.7M	$28.9M	$40.4M	$27.6M
Loss on extinguishment of debt	$8.9M	—	—	—
Gain on sale of real estate	($19.7M)	—	—	—
Income before income taxes	$255.1M	$189.3M	$83.0M	$525.5M
Provision for income taxes	$66.8M	$46.5M	$18.8M	$130.5M
Net income	$188.3M	$142.9M	$64.2M	$395.0M
Basic (in usd per share)	$7.59	$5.61	$2.54	$15.57
Diluted (in usd per share)	$7.57	$5.60	$2.52	$15.48
Basic (in shares)	24.8M	25.4M	25.3M	25.4M
Diluted (in shares)	24.9M	25.5M	25.4M	25.5M

LCI Industries income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$968.7M	$1.1B	$1.0B	$1.1B
Cost of sales	$667.5M	$816.9M	$783.9M	$837.2M
Gross profit	$301.1M	$273.7M	$252.6M	$270.0M
Warehouse and transportation	$61.3M	$55.9M	—	—
Selling, general and administrative expenses	$143.8M	$122.6M	$177.2M	$182.2M
Operating profit	$96.0M	$95.2M	$75.4M	$87.8M
Interest expense, net	$6.3M	$9.9M	$10.3M	$9.7M
Loss on extinguishment of debt	$0	$0	$806.0K	$0
Gain on sale of real estate	($554.0K)	—	($19.7M)	—
Income before income taxes	$90.2M	$85.2M	$84.0M	$78.1M
Provision for income taxes	$23.1M	$22.3M	$21.5M	$20.5M
Net income	$67.1M	$62.9M	$62.5M	$57.6M
Basic (in usd per share)	$2.76	$2.60	$2.56	$2.29
Diluted (in usd per share)	$2.75	$2.53	$2.55	$2.29
Basic (in shares)	24.3M	24.2M	24.4M	25.2M
Diluted (in shares)	24.4M	24.9M	24.5M	25.2M

Balance sheet

LCI Industries balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$222.6M	$165.8M	$66.2M	$47.5M
Accounts receivable, net of allowances of $6,828 and $5,439 at December 31, 2025 and 2024, respectively	$243.4M	$199.6M	$214.7M	$214.3M
Inventories, net	$809.1M	$736.6M	$768.4M	$1.0B
Prepaid expenses and other current assets	$74.6M	$58.3M	$67.6M	$99.3M
Total current assets	$1.3B	$1.2B	$1.1B	$1.4B
Fixed assets, net	$428.0M	$432.7M	$465.8M	$482.2M
Goodwill (tax deductible)	$622.2M	$585.8M	$589.5M	$567.1M
Other intangible assets, net	$402.6M	$392.0M	$448.8M	$503.3M
Operating lease right-of-use assets	$273.0M	$224.3M	$245.4M	$247.0M
Other long-term assets	$100.5M	$99.7M	$93.0M	$56.6M
Total assets	$3.2B	$2.9B	$3.0B	$3.2B
Current maturities of long-term indebtedness	$3.7M	$423.0K	$589.0K	$23.1M
Accounts payable, trade	$202.3M	$187.7M	$183.7M	$143.5M
Current portion of operating lease obligations	$44.2M	$38.7M	$36.3M	$35.4M
Accrued expenses and other current liabilities	$223.3M	$185.3M	$174.4M	$219.2M
Total current liabilities	$473.4M	$412.1M	$395.0M	$421.3M
Long-term indebtedness	$941.5M	$756.8M	$846.8M	$1.1B
Operating lease obligations	$246.0M	$199.9M	$222.7M	$222.5M
Deferred taxes	$27.5M	$26.1M	$32.3M	$30.6M
Other long-term liabilities	$126.7M	$112.9M	$107.4M	$95.7M
Total liabilities	$1.8B	$1.5B	$1.6B	$1.9B
Common stock, par value $.01 per share	$289000.00	$288000.00	$287000.00	$285000.00
Paid-in capital	$255.1M	$257.5M	$245.7M	$235.0M
Retained earnings	$1.3B	$1.2B	$1.2B	$1.2B
Accumulated other comprehensive (loss) income	$37.7M	$3.2M	$14.3M	$6.7M
Stockholders’ equity before treasury stock	$1.6B	$1.5B	$1.4B	$1.5B
Treasury stock, at cost	($211.9M)	($82.2M)	($82.2M)	($82.2M)
Total stockholders’ equity	$1.4B	$1.4B	$1.4B	$1.4B
Total liabilities and stockholders’ equity	$3.2B	$2.9B	$3.0B	$3.2B

LCI Industries balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$216.5M	$142.2M	$199.7M	$191.9M
Accounts receivable, net of allowances of $11,625 and $6,828 at June 30, 2026 and December 31, 2025, respectively	$383.0M	$376.1M	$363.9M	$386.1M
Inventories, net	$769.0M	$834.5M	$741.3M	$710.3M
Prepaid expenses and other current assets	$116.2M	$67.1M	$64.3M	$70.0M
Total current assets	$1.5B	$1.4B	$1.4B	$1.4B
Fixed assets, net	$414.8M	$419.4M	$430.5M	$433.0M
Goodwill	$619.1M	$619.5M	$620.6M	$618.9M
Other intangible assets, net	$372.9M	$386.5M	$410.4M	$423.0M
Operating lease right-of-use assets	$275.2M	$272.4M	$235.8M	$239.9M
Other long-term assets	$101.2M	$99.1M	$102.2M	$101.1M
Total assets	$3.3B	$3.2B	$3.2B	$3.2B
Current maturities of long-term indebtedness	$3.7M	$3.7M	$3.7M	$3.7M
Accounts payable, trade	$208.9M	$211.5M	$220.7M	$228.1M
Current portion of operating lease obligations	$45.2M	$45.0M	$40.3M	$39.5M
Accrued expenses and other current liabilities	$339.5M	$227.8M	$227.5M	$213.1M
Total current liabilities	$597.3M	$488.0M	$492.2M	$484.3M
Long-term indebtedness	$848.9M	$941.3M	$944.2M	$944.3M
Operating lease obligations	$248.4M	$245.4M	$211.4M	$215.7M
Deferred taxes	$27.8M	$27.7M	$29.2M	$16.8M
Other long-term liabilities	$113.8M	$127.2M	$130.0M	$127.9M
Total liabilities	$1.8B	$1.8B	$1.8B	$1.8B
Common stock, par value $.01 per share	$290000.00	$290000.00	$289000.00	$289000.00
Paid-in capital	$261.8M	$254.4M	$248.7M	$242.5M
Retained earnings	$1.4B	$1.3B	$1.3B	$1.3B
Accumulated other comprehensive income	$28.8M	$30.4M	$35.1M	$35.9M
Stockholders' equity before treasury stock	$1.6B	$1.6B	$1.6B	$1.5B
Treasury stock, at cost	($211.9M)	($211.9M)	($211.9M)	($149.1M)
Total stockholders' equity	$1.4B	$1.4B	$1.4B	$1.4B
Total liabilities and stockholders' equity	$3.3B	$3.2B	$3.2B	$3.2B

Cash flow statement

LCI Industries cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$188.3M	$142.9M	$64.2M	$395.0M
Depreciation and amortization	$121.2M	$125.7M	$131.8M	$129.2M
Stock-based compensation expense	$22.7M	$18.7M	$18.2M	$23.7M
Deferred taxes	$15.9M	($7.1M)	$2.1M	($9.3M)
Loss on extinguishment of debt	$8.9M	—	—	—
Gain on sale of real estate	($19.7M)	—	—	—
Other non-cash items	$18.0M	$7.2M	$7.7M	$3.5M
Accounts receivable, net	($25.5M)	$13.5M	$1.6M	$115.7M
Inventories, net	($35.0M)	$46.3M	$235.3M	$117.4M
Prepaid expenses and other assets	($12.4M)	$4.5M	$26.0M	$15.0M
Accounts payable, trade	$4.4M	$3.5M	$38.7M	($161.1M)
Accrued expenses and other liabilities	$44.3M	$15.1M	$1.6M	($26.6M)
Net cash flows provided by operating activities	$331.0M	$370.3M	$527.2M	$602.5M
Capital expenditures	($52.6M)	($42.3M)	($62.2M)	($130.6M)
Acquisitions of businesses	($112.7M)	($20.0M)	($25.9M)	($108.5M)
Proceeds from sale of real estate	$22.7M	—	—	—
Other investing activities	($4.4M)	$1.2M	$4.3M	($2.7M)
Net cash flows used in investing activities	($147.1M)	($61.1M)	($83.7M)	($241.8M)
Vesting of stock-based awards, net of shares tendered for payment of taxes	-5.3M	-9.2M	-9.6M	-11.0M
Proceeds from revolving credit facility	$0	$86.2M	$248.9M	$1.1B
Repayments under revolving credit facility	($19.3M)	($138.8M)	($464.8M)	($1.2B)
Proceeds from term loan borrowings	$391.0M	—	$0	$0
Repayments under term loan and other borrowings	($283.8M)	($36.7M)	($61.1M)	($73.0M)
Proceeds from issuance of convertible notes	$448.5M	—	$0	$0
Repurchase of convertible notes	($368.9M)	—	—	—
Purchases of convertible note hedge contracts	($67.6M)	—	$0	$0
Proceeds from issuance of warrants concurrent with note hedge contracts	$27.6M	—	$0	$0
Payment of dividends	($114.0M)	($109.5M)	($106.3M)	($102.7M)
Payment of contingent consideration and holdbacks related to acquisitions	($893.0K)	($2.0K)	($31.9M)	($60.2M)
Repurchases of common stock	($128.6M)	$0	$0	($24.1M)
Other financing activities	($4.3M)	($430.0K)	($1.3M)	$1.5M
Net cash flows used in financing activities	($125.5M)	($208.2M)	($426.2M)	($374.9M)
Effect of exchange rate changes on cash and cash equivalents	($1.6M)	($1.4M)	$1.4M	($1.3M)
Net increase in cash and cash equivalents	$56.9M	$99.6M	$18.7M	($15.4M)
Cash and cash equivalents at beginning of period	$165.8M	$66.2M	$47.5M	$62.9M
Cash and cash equivalents at end of period	$222.6M	$165.8M	$66.2M	—
Interest	$36.4M	$31.5M	$39.9M	$25.1M
US Federal	$32.5M	—	—	—
Total cash paid for income taxes	$40.2M	$46.4M	$8.1M	$170.0M
Contribution of net assets for investment in unconsolidated joint venture	$0	$0	$34.2M	—
Purchase of property and equipment in accrued expenses	$572.0K	$293.0K	$531.0K	$1.7M

LCI Industries cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$130.1M	$62.9M	$169.6M	$107.1M
Depreciation and amortization	$60.7M	$29.8M	$90.3M	$59.9M
Stock-based compensation expense	$12.3M	$5.3M	$16.9M	$10.9M
Loss on extinguishment of debt	$0	$0	$8.9M	$8.1M
Gain on sale of real estate	($554.0K)	—	($19.7M)	—
Other non-cash items	$901.0K	$3.5M	$9.9M	$6.5M
Accounts receivable, net	($140.6M)	($134.5M)	($145.8M)	($168.0M)
Inventories, net	$38.8M	($27.3M)	$33.2M	$63.0M
Prepaid expenses and other assets	($43.9M)	$8.1M	$11.1M	($4.9M)
Accounts payable, trade	$8.7M	$11.3M	$24.3M	$33.0M
Accrued expenses and other liabilities	$103.8M	$7.3M	$53.5M	$39.4M
Net cash flows provided by operating activities	$170.2M	($33.5M)	$252.1M	$154.9M
Capital expenditures	($28.4M)	($9.7M)	($38.1M)	($21.8M)
Acquisition of businesses	$0	$0	($103.0M)	($98.2M)
Proceeds from sale of real estate	$2.2M	—	$22.7M	—
Other investing activities	$3.2M	$69.0K	($3.2M)	($3.4M)
Net cash flows used in investing activities	($23.1M)	($9.6M)	($121.6M)	($123.3M)
Vesting of stock-based awards, net of shares tendered for payment of taxes	-6.7M	-6.6M	-5.2M	-4.9M
Repayments under revolving credit facility	$0	$0	($19.3M)	($19.3M)
Proceeds from term loan borrowings	$0	$0	$391.0M	$391.0M
Repayments under term loan and other borrowings	($2.2M)	($998.0K)	($282.5M)	($281.5M)
Proceeds from issuance of convertible notes	$0	$0	$448.5M	$448.5M
Repurchase of convertible notes	($92.0M)	$0	($368.9M)	($368.9M)
Purchases of convertible note hedge contracts	$0	$0	($67.6M)	($67.6M)
Proceeds from issuance of warrants concurrent with note hedge contracts	$0	$0	$27.6M	$27.6M
Partial unwind of convertible note hedge and warrants	$0	$0	—	$1.4M
Payment of debt issuance costs	$0	$0	—	($4.8M)
Payment of dividends	($55.9M)	($27.9M)	($86.2M)	($58.4M)
Repurchases of common stock	$0	$0	($128.6M)	($66.3M)
Other financing activities	$0	$0	($5.0M)	($895.0K)
Net cash flows used in financing activities	($156.8M)	($35.5M)	($96.2M)	($4.1M)
Effect of exchange rate changes on cash and cash equivalents	$3.6M	($1.8M)	($287.0K)	($1.3M)
Net (decrease) increase in cash and cash equivalents	($6.1M)	($80.4M)	$34.0M	$26.2M
Cash and cash equivalents at end of period	$216.5M	$142.2M	$199.7M	$191.9M
Cash and cash equivalents at beginning of period	$222.6M	$222.6M	$165.8M	$165.8M
Interest	$19.9M	$13.0M	$28.7M	$15.4M
Income taxes	$44.9M	($1.6M)	$33.2M	$24.7M
Purchase of property and equipment in accrued expenses	$510.0K	$272.0K	$302.0K	$168.0K

LCI Industries score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.