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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.
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 European demand. 
- Residential softness was due to historically low power outages, while C&I growth was led by telecom, industrial, and international channels, including initial data center shipments. 
- 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. 
- Net income attributable to the company was $66 million ($1.12 per share), down from $114 million ($1.89 per share) in Q3 2024; adjusted net income was $108 million ($1.83 per share). 
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. 
- 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% ($20.2 million) due to legal and regulatory charges. 
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. 
- Gross margin for 2025 expected flat to slightly down vs. 2024; adjusted EBITDA margin guidance reduced to ~17% (was 18%-19%). 
- Free cash flow conversion from adjusted net income now ~80% (was 90%-100%), or ~$300 million for 2025. 
- Net income margin guidance for FY25: ~6.0% (was 7.5%-8.5%). 
- 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. 
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