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Generac (GNRC) investor relations material
Generac Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net sales for Q3 2025 declined 5% year-over-year to $1.11 billion, with residential sales down 13% and C&I sales up 9%, driven by data center and international demand; net income attributable to shareholders was $66 million, down 41.8% from Q3 2024, mainly due to lower power outages and higher legal expenses.
Adjusted EBITDA for Q3 2025 was $193 million (17.3% margin), down from $232 million (19.8%) last year, reflecting lower sales volumes and unfavorable mix.
Data center market backlog doubled to over $300 million in 90 days, with strong pipeline growth and capacity expansion plans underway.
Ecobee and residential energy technology solutions outperformed, with Ecobee delivering another profitable quarter and expanding its connected home base.
For the nine months ended September 30, 2025, net sales grew 1.8% to $3.12 billion, while net income attributable to shareholders declined 7.6% to $184 million.
Financial highlights
Q3 2025 net sales: $1.11 billion, down 5% year-over-year; residential: $627 million (-13%), C&I: $358 million (+9%), other: $129 million (+5%).
Gross margin declined to 38.3% from 40.2% due to unfavorable mix, tariffs, and under-absorption.
Adjusted EBITDA: $193 million (17.3% margin), down from $232 million (19.8%) year-over-year.
GAAP net income: $66 million vs. $114 million prior year; diluted EPS: $1.12 vs. $1.89; adjusted EPS: $1.83 vs. $2.25.
Free cash flow: $96 million, down from $184 million year-over-year, impacted by higher inventory and lower operating income.
Operating expenses increased 6.7% in Q3 2025, mainly from higher legal and regulatory charges and settlements.
Cash and cash equivalents at September 30, 2025, were $300 million, with total liquidity of $1.21 billion including revolving credit availability.
Outlook and guidance
Full-year 2025 net sales expected to be flat year-over-year (previously +2%-5%), with residential sales down mid-single digits and C&I up mid-single digits.
Adjusted EBITDA margin guidance reduced to ~17% (was 18%-19%), and net income margin to ~6% (was 7.5%-8.5%).
Free cash flow conversion from adjusted net income now ~80% (was 90%-100%), or ~$300 million for 2025.
Effective tax rate for 2025: 20%-20.5%; interest expense: $70M-$74M; capex: 3.5% of net sales, up 0.5% for data center expansion.
The OBBBA law is expected to provide cash tax savings in 2025, but the phase-out of solar incentives may impact near-term solar and storage markets.
Quantify data center market backlog growth
Detail gross margin impact from sales mix and tariffs
Explain the drivers of lower FCF conversion guidance
Detail data center capacity expansion plans
Path to energy tech breakeven by 2027?
Drivers for 2026 EBITDA margin recovery?
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Q4 202511 Feb, 2026
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Frequently asked questions
Generac Holdings Inc is a manufacturer of backup power generation products and other energy technology solutions. The company produces generators, energy storage systems, transfer switches, and grid services for residential, commercial, and industrial customers. Its products are distributed through dealers, retailers, and e-commerce platforms. Generac Holdings Inc is headquartered in Waukesha, Wisconsin, and its shares are listed on the NYSE.
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