GNRCGenerac

Industrials · Electrical Equipment · NYSE

Founded in 1959, Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions. 10-K, Item 1

Headquarters: Waukesha, WI
CEO: Aaron Jagdfeld
Next results: around Feb 10, 2027

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What the 10-K filed 2026-02-18 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-19.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“One customer accounted for approximately 9% and 10% of accounts receivable as of December 31, 2025 and 2024, respectively.”
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“No one customer accounted for greater than 4%, 5%, and 4%, of net sales during the years ended December 31, 2025, 2024, and 2023, respectively.”
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Key suppliers

1 new

Parts or manufacturing that depend on one or a few suppliers.

“Also, our ability to continue to obtain quality materials and components is subject to the continued reliability and viability of our suppliers, including in some cases, suppliers who are the sole source of certain important components.”
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New “We depend upon a small number of outside manufacturers and component suppliers, as well as other single-source suppliers, for certain products and components, and our business and operations could be disrupted if we encounter problems with these parties.”
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“Moreover, we single-source certain types of parts in our product designs.”
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Lawsuits and legal claims

5 new

Pending cases, settlements and what the company has set aside for them.

New “The increase in operating expenses was driven by higher employee & marketing costs along with higher warranty provision related to the Department of Energy program in Puerto Rico, partially offset by lower incentive-based compensation. 2025 operating expenses also include $142.3 million of legal provisions, settlements, patent related costs, and other costs related to certain legal matters.”
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New “Legal expenses, judgments, and settlements related to certain patent lawsuits - $7.5 million in 2025; $9.2 million in 2024; $27.3 million in 2023. • Legal expenses and settlements related to certain class action lawsuits - $22.7 million in 2025, which includes a $15.0 million provision for a multi-district class action settlement related to clean energy products; $1.3 million in 2024; $1.0 million in 2023.”
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New “A provision of $104.5 million, net in the fourth quarter of 2025 for a settlement agreement (in principle) related to a certain portable generator product liability case deemed outside the ordinary course of routine litigation for the Company.”
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New “Legal expenses, judgments, and settlements related to certain patent lawsuits - $7,520 in 2025; $9,299 in 2024; $27,289 in 2023.”
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New “Legal expenses and settlements related to certain class action lawsuits - $22,698 in 2025, which includes a $15,000 provision for a multi-district class action settlement related to clean energy products; $1,267 in 2024; $1,051 in 2023.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

No specific sentence about this in the 10-K.

Debt covenants

4 new

Conditions in loan agreements that, if broken, can make debt due early.

New “As of December 31, 2025, our net secured leverage ratio was 1.32 to 1.00, and we were in compliance with all covenants of the Facility.”
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New “The New Tranche A Term Loan Facility and the New Revolving Facility contain certain financial covenants that require us to maintain a total leverage ratio below 3.75 to 1.00, as well as an interest coverage ratio above 3.00 to 1.00.”
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“We were also in compliance with all other covenants of the New Credit Agreements as of December 31, 2025.”
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New “, the Company's net secured leverage ratio was 1.32 to 1.00, and the Company was in compliance with all covenants under the facility.”
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New “Both the New Tranche A Term Loan Facility and the New Revolving Facility contain certain financial covenants that require the Company to maintain a total leverage ratio below 3.75 to 1.00, as well as an interest coverage ratio above 3.00 to 1.00.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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