Tennant Co (TNC) financial statements: income statement, balance sheet and cash flow

Tennant Co'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), Tennant Co reported revenue of $1.2B (-6.5% year on year) and net income of $43.8M (-47.7% year on year).

Income statement

Tennant Co income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$1.2B	$1.3B	$1.2B	$1.1B
Cost of sales	$719.2M	$736.7M	$715.8M	$671.3M
Gross profit	$484.3M	$550.0M	$527.8M	$420.9M
Selling and administrative expense	$374.8M	$391.9M	$352.6M	$306.3M
Research and development expense	$41.2M	$43.8M	$36.6M	$31.1M
Operating income	$68.3M	$114.3M	$138.6M	$87.2M
Interest expense, net	($9.0M)	($9.1M)	($13.5M)	($7.1M)
Gain (Loss), Foreign Currency Transaction, before Tax	($1.7M)	$100.0K	$300.0K	($1.2M)
Other income (expense), net	$300.0K	($500.0K)	($1.6M)	$600.0K
Income before income taxes	$57.9M	$104.8M	$123.8M	$79.5M
Income tax expense	$14.1M	$21.1M	$14.3M	$13.2M
Net income	$43.8M	$83.7M	$109.5M	$66.3M
Net income per share, Basic (in dollars per share)	$2.38	$4.46	$5.92	$3.58
Net income per share, Diluted (in dollars per share)	$2.36	$4.38	$5.83	$3.55
Weighted average shares outstanding, Basic (in shares)	18.4M	18.8M	18.5M	—
Weighted average shares outstanding, Diluted (in shares)	18.6M	19.1M	18.8M	18.7M

Tennant Co income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$324.0M	$297.9M	$303.3M	$318.6M
Cost of sales	$196.1M	$184.3M	$173.9M	$184.5M
Gross profit	$127.9M	$113.6M	$129.4M	$134.1M
Selling and administrative expense	$99.5M	$98.1M	$96.6M	$93.7M
Research and development expense	$12.5M	$10.6M	$10.5M	$9.8M
Operating income	$15.9M	$4.9M	$22.3M	$30.6M
Interest expense, net	($4.3M)	($3.4M)	($2.4M)	($2.2M)
Net foreign currency transaction loss	($300.0K)	($400.0K)	$0	($800.0K)
Other expense, net	($1.0M)	($200.0K)	($500.0K)	($300.0K)
Income before income taxes	$10.3M	$900.0K	$19.4M	$27.3M
Income tax expense	$2.7M	$700.0K	$4.5M	$7.1M
Net income	$7.6M	$200.0K	$14.9M	$20.2M
Basic (in dollars per share)	$0.44	$0.01	$0.81	$1.10
Diluted (in dollars per share)	$0.44	$0.01	$0.80	$1.08
Basic (in shares)	16.9M	17.6M	18.3M	18.5M
Diluted (in shares)	17.2M	17.8M	18.5M	18.7M

Balance sheet

Tennant Co balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash, cash equivalents, and restricted cash	$106.4M	$99.8M	$117.1M	$77.4M
Receivables, less allowances of $10.4 and $7.1, respectively	$256.8M	$259.1M	$247.6M	$251.5M
Inventories	$198.5M	$183.8M	$175.9M	$206.6M
Prepaid and other current assets	$38.0M	$33.9M	$28.5M	$39.8M
Total current assets	$599.7M	$576.6M	$569.1M	$575.3M
Property, plant and equipment, less accumulated depreciation of $289.0 and $310.9, respectively	$189.8M	$184.4M	$187.7M	$179.9M
Operating lease assets	$56.9M	$54.6M	$41.7M	$31.8M
Goodwill	$208.6M	$185.6M	$187.4M	$182.0M
Intangible assets, net	$52.6M	$58.7M	$63.1M	$76.4M
Other assets	$161.3M	$130.2M	$64.4M	$39.7M
Total assets	$1.3B	$1.2B	$1.1B	$1.1B
Current portion of long-term debt	$400.0K	$1.3M	$6.4M	$5.2M
Accounts payable	$127.5M	$126.9M	$111.4M	$126.1M
Employee compensation and benefits	$40.9M	$60.5M	$67.3M	$44.0M
Other current liabilities	$124.3M	$103.5M	$88.6M	$86.3M
Total current liabilities	$293.1M	$292.2M	$273.7M	$261.6M
Long-term debt	$273.2M	$198.2M	$194.2M	$295.1M
Long-term operating lease liabilities	$35.5M	$36.3M	$27.4M	$17.1M
Employee-related benefits	$15.7M	$13.5M	$13.3M	$13.2M
Deferred income taxes	$3.3M	$4.9M	$5.0M	$11.5M
Other liabilities	$44.7M	$22.9M	$21.5M	$14.5M
Total long-term liabilities	$372.4M	$275.8M	$261.4M	$351.4M
Total liabilities	$665.5M	$568.0M	$535.1M	$613.0M
Common stock, $0.375 par value per share, 60,000,000 shares authorized; 17,846,681 and 18,849,456 issued and outstanding, respectively	$6700000.00	$7100000.00	$7000000.00	$7000000.00
Additional paid-in capital	$0	$76.7M	$64.9M	$56.0M
Retained earnings	$628.1M	$609.7M	$547.4M	$458.0M
Accumulated other comprehensive loss	($33.2M)	($72.7M)	($42.3M)	($50.2M)
Total Tennant Company shareholders' equity	$601.6M	$620.8M	$577.0M	$470.8M
Noncontrolling interest	$1.8M	$1.3M	$1.3M	$1.3M
Total equity	$603.4M	$622.1M	$578.3M	$472.1M
Total liabilities and total equity	$1.3B	$1.2B	$1.1B	$1.1B

Tennant Co balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$76.9M	$82.6M	$99.4M	$80.1M
Receivables, less allowances of $10.9 and $10.4, respectively	$286.3M	$280.6M	$249.3M	$265.3M
Inventories	$201.9M	$204.6M	$205.9M	$195.4M
Prepaid and other current assets	$48.7M	$43.3M	$43.7M	$33.8M
Total current assets	$613.8M	$611.1M	$598.3M	$574.6M
Property, plant and equipment, less accumulated depreciation of $301.7 and $289.0, respectively	$187.7M	$185.4M	$192.1M	$192.5M
Operating lease assets	$54.4M	$55.6M	$54.7M	$53.9M
Goodwill	$208.3M	$209.9M	$208.3M	$207.2M
Intangible assets, net	$48.6M	$52.5M	$55.9M	$58.2M
Other assets	$158.0M	$162.1M	$147.6M	$155.1M
Total assets	$1.3B	$1.3B	$1.3B	$1.2B
Current portion of long-term debt	$500.0K	$400.0K	$400.0K	$400.0K
Accounts payable	$112.9M	$123.1M	$110.6M	$122.3M
Employee compensation and benefits	$42.8M	$39.6M	$48.9M	$41.3M
Other current liabilities	$144.0M	$125.5M	$121.6M	$110.8M
Total current liabilities	$300.2M	$288.6M	$281.5M	$274.8M
Long-term debt	$358.4M	$358.3M	$238.3M	$213.4M
Long-term operating lease liabilities	$32.4M	$33.8M	$34.3M	$34.1M
Employee benefits	$16.0M	$15.4M	$14.9M	$14.8M
Deferred income taxes	$3.9M	$4.2M	$1.2M	$5.3M
Other liabilities	$24.7M	$43.3M	$44.0M	$45.4M
Total long-term liabilities	$435.4M	$455.0M	$332.7M	$313.0M
Total liabilities	$735.6M	$743.6M	$614.2M	$587.8M
Common Stock, $0.375 par value; 60,000,000 shares authorized; 17,049,303 and 17,846,681 shares issued and outstanding, respectively	6.4M	6.4M	6.9M	7.0M
Additional paid-in capital	$1.3M	$0	$26.6M	$46.5M
Retained earnings	$564.4M	$562.1M	$641.5M	$632.0M
Accumulated other comprehensive loss	($38.7M)	($37.3M)	($34.1M)	($33.6M)
Total Tennant Company shareholders' equity	$533.4M	$531.2M	$640.9M	$651.9M
Noncontrolling interest	$1.8M	$1.8M	$1.8M	$1.8M
Total equity	$535.2M	$533.0M	$642.7M	$653.7M
Total liabilities and total equity	$1.3B	$1.3B	$1.3B	$1.2B

Cash flow statement

Tennant Co 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	$43.8M	$83.7M	$109.5M	$66.3M
Depreciation expense	$45.0M	$40.1M	$36.4M	$32.8M
Amortization expense	$13.7M	$15.0M	$14.7M	$15.9M
Deferred income tax expense (benefit)	$4.2M	($9.8M)	($26.9M)	($15.6M)
Share-based compensation expense	$10.4M	$11.9M	$11.6M	$7.8M
Bad debt and returns expense	$7.1M	$3.4M	$3.4M	$2.3M
Other, net	$1.3M	$600.0K	$1.3M	$1.0M
Receivables	$4.1M	($15.0M)	$4.1M	($46.3M)
Inventories	($21.7M)	($33.0M)	$14.3M	($68.3M)
Accounts payable	($1.9M)	$15.4M	($15.3M)	$7.7M
Employee compensation and benefits	($13.8M)	($5.2M)	$22.3M	($14.8M)
Other assets and liabilities	($27.2M)	($17.4M)	$13.0M	($10.2M)
Net cash provided by operating activities	$65.0M	$89.7M	$188.4M	($25.1M)
Purchases of property, plant and equipment	($21.7M)	($20.9M)	($22.8M)	($25.0M)
Proceeds from sale of property, plant and equipment	$1.5M	—	—	$0
Purchase of investment	$0	($32.1M)	—	—
Payments made in connection with business acquisition, net of cash acquired	($3.2M)	($25.7M)	—	—
Investment in leased assets	($400.0K)	($500.0K)	($1.2M)	($4.3M)
Cash received from leased assets	$1.1M	$800.0K	$800.0K	$600.0K
Net cash used in investing activities	($22.7M)	($78.4M)	($23.2M)	($24.5M)
Proceeds from borrowings	$85.0M	$40.9M	$20.0M	$52.0M
Repayments of borrowings	($10.8M)	($42.5M)	($120.0M)	($19.1M)
Payment of debt financing costs	$0	($2.2M)	—	—
Change in finance lease obligations	$0	$0	$200.0K	$0
Proceeds from exercise of stock options, net of employee tax withholdings obligations of $3.1, $3.8 and $1.7, respectively	($2.5M)	$19.6M	$19.0M	($900.0K)
Dividends paid	($21.9M)	($21.4M)	($20.1M)	($18.9M)
Repurchases of common stock	($88.5M)	($19.6M)	($21.7M)	($5.0M)
Net cash used in financing activities	($38.7M)	($25.2M)	($122.6M)	$8.1M
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$3.0M	($3.4M)	($2.9M)	($4.7M)
Net increase (decrease) in cash, cash equivalents and restricted cash	$6.6M	($17.3M)	$39.7M	($46.2M)
Cash, cash equivalents and restricted cash at beginning of period	$99.8M	$117.1M	$77.4M	$123.6M
Cash, cash equivalents and restricted cash at end of period	$106.4M	$99.8M	$117.1M	$77.4M
Cash paid for income taxes	$13.4M	$30.2M	$39.5M	$34.1M
Cash paid for interest, net of capitalized interest	$12.3M	$13.6M	$17.1M	$7.6M
Capital expenditures in accounts payable	$3.5M	$6.4M	$3.5M	$4.1M

Tennant Co cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$7.8M	$200.0K	$48.2M	$33.3M
Depreciation expense	$23.1M	$11.4M	$33.2M	$21.9M
Amortization expense	$6.8M	$3.5M	$10.2M	$6.8M
Loss from equity method investments	($500.0K)	—	—	—
Deferred income tax expense (benefit)	$3.9M	$3.3M	$10.1M	($200.0K)
Share-based compensation expense	$3.6M	$1.5M	$8.6M	$5.8M
Bad debt and returns expense	$1.2M	$500.0K	$4.4M	$3.3M
Other, net	$400.0K	$100.0K	$500.0K	$300.0K
Receivables	($31.1M)	($25.2M)	$11.5M	($2.4M)
Inventories	($18.3M)	($11.7M)	($24.3M)	($8.3M)
Accounts payable	($12.7M)	($2.5M)	($16.1M)	($6.2M)
Employee compensation and benefits	$1.9M	($2.1M)	($6.8M)	($13.9M)
Other assets and liabilities	($13.3M)	($10.2M)	($28.7M)	($18.3M)
Net cash (used in) provided by operating activities	($26.2M)	($31.2M)	$50.8M	$22.1M
Purchases of property, plant and equipment	($8.5M)	($3.2M)	($17.2M)	($10.8M)
Payments made in connection with business acquisition, net of cash acquired	($7.2M)	($7.2M)	($3.2M)	$0
Investment in leased assets	($200.0K)	($100.0K)	($300.0K)	($200.0K)
Cash received from leased assets	$500.0K	$200.0K	$900.0K	$400.0K
Net cash used in investing activities	($15.4M)	($10.3M)	($18.3M)	($10.6M)
Proceeds from borrowings	$115.0M	$105.0M	$40.0M	$15.0M
Repayments of borrowings	($30.0M)	($20.0M)	($800.0K)	($800.0K)
Repurchases from exercise of stock options, net of employee tax withholdings obligations of $3.2 and $2.9, respectively	($2.3M)	($2.3M)	($2.5M)	($2.4M)
Repurchases of common stock	($60.5M)	($60.0M)	($56.3M)	($33.6M)
Dividends paid	($10.8M)	($5.5M)	($16.4M)	($11.0M)
Net cash provided by (used in) financing activities	$11.4M	$17.2M	($36.0M)	($32.8M)
Effect of exchange rate changes on cash and cash equivalents	$700.0K	$500.0K	$3.1M	$1.6M
Net decrease in cash and cash equivalents	($29.5M)	($23.8M)	($400.0K)	($19.7M)
Cash and cash equivalents at beginning of period	$106.4M	$106.4M	$99.8M	$99.8M
Cash and cash equivalents at end of period	$76.9M	$82.6M	$99.4M	$80.1M
Cash paid for income taxes	$2.0M	($1.9M)	$11.2M	$9.0M
Cash paid for interest	$9.1M	$4.1M	$9.0M	$6.0M
Operating cash flows from operating leases	$13.5M	$6.7M	$18.2M	$11.9M
Financing cash flows from financing leases	$200.0K	$100.0K	$100.0K	$100.0K
Lease assets obtained in exchange for new operating lease liabilities	$9.4M	$4.2M	$12.8M	$7.0M
Lease assets obtained in exchange for new financing lease liabilities	$500.0K	$200.0K	$100.0K	$100.0K
Capital expenditures in accounts payable	$1.8M	$1.5M	$800.0K	$1.9M

Tennant Co score and earnings-call analysis · All covered companies

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