Generac Reports Third Quarter 2026 Results
Further momentum in the C&I segment drives significant backlog increase; Residential segment returns to strong growth in the quarter supported by lower power quality mega-trends
WAUKESHA, WISCONSIN (October 28, 2026) – Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a leading global designer and manufacturer of energy technology solutions and other power products, today reported financial results for its third quarter ended September 30, 2026, and provided an update on its outlook for the full year 2026.
Net sales increased 16% to a record $1.29 billion during the third ● quarter of 2026 as compared to $1.11 billion in the prior year third quarter. Acquisitions, divestitures and foreign currency had a net favorable impact of 1% to sales growth during the quarter.
Commercial & Industrial (“C&I”) segment external net sales increased - approximately 28% to $552 million as compared to $432 million in the prior year.
- Residential segment external net sales increased approximately 9% to $743 million as compared to $682 million in the prior year.
Net income attributable to the Company during the third quarter was $109 ● million, or $1.83 per share, as compared to $66 million, or $1.12 per share, for the same period of 2025.
Adjusted net income attributable to the Company, as defined in the ● accompanying reconciliation schedules, was $151 million, or $2.54 per share, as compared to $108 million, or $1.83 per share, in the third quarter of 2025.
Adjusted EBITDA before deducting for noncontrolling interests, as defined ● in the accompanying reconciliation schedules, was $256 million, or 19.8% of net sales, as compared to $193 million, or 17.3% of net sales, in the prior year.
Cash flow from operations was $171 million as compared to $118 million in ● the prior year. Free cash flow, as defined in the accompanying reconciliation schedules, was $132 million as compared to $96 million in the third quarter of 2025.
As previously disclosed during the quarter, the Company entered into an agreement with Amazon.com, Inc. that included the execution of a ● long-term supply agreement for backup power generators for Amazon data centers. Initial deliveries are expected to total a combined $2.4 billion in 2027 and 2028.
The Company is maintaining its full-year 2026 net sales growth guidance in the mid-to-high teens percent range as compared to the prior year. ● Full-year 2026 adjusted EBITDA margin, before deducting for non-controlling interests, is now expected to be approximately 20.5 to 21.0% as compared to the previous guidance range of 20.0 to 21.0%.
“I’m incredibly proud of our team’s efforts as our third quarter results reflect an all-time record for net sales as we continued to see tremendous momentum in our C&I segment during the third quarter with significant additional commitments from data center customers providing further confidence in our position as a leading provider to this large and rapidly growing market,” said Aaron Jagdfeld, President and Chief Executive Officer. “Following the recently announced agreement with Amazon, along with other wins from both new and existing customers, our backlog for products to be sold to the data center market has now grown to approximately $4.5 billion, and we continue to execute on our previously announced capacity expansion plans that will allow us to capture this generational growth opportunity.”
Jagdfeld continued, “Additionally, our Residential segment returned to strong year-over-year growth during the quarter as the mega-trends around lower power quality supported an impressive increase in shipments of home standby and portable generators relative to the prior year period.” 1 Additional Third Quarter 2026 Consolidated Highlights
Gross profit margin was 39.9% as compared to 38.3% in the prior year third quarter. The increase was primarily driven by favorable price/cost impacts in the current year quarter, including lower tariff costs, partially offset by unfavorable sales mix.
Operating expenses increased by $31.6 million, or 10%, as compared to the third quarter of 2025. The increase was primarily driven by increased operating expense investments to support future C&I growth, as well as higher marketing spend to drive awareness for our products and additional incentive compensation and intangible amortization expense, partially offset by lower operating expense investment in energy technology solutions.
Provision for income taxes for the current year quarter was $34.2 million, or an effective tax rate of 23.9%, as compared to $11.8 million, or a 15.0% effective tax rate, for the prior year quarter. The increase in the effective tax rate was primarily driven by certain favorable discrete tax items in the prior year quarter that did not repeat in the current year.
Cash flow from operations was $171.0 million during the third quarter, as compared to $118.4 million in the prior year. Free cash flow, as defined in the accompanying reconciliation schedules, was $131.7 million as compared to $96.5 million in the third quarter of 2025. This strong increase was primarily driven by higher operating earnings, partially offset by increased capital expenditures.
Commercial & Industrial segment total sales increased approximately 28% to $553.0 million from $432.4 million in the prior year quarter, including an approximate 4% net favorable impact to sales growth from the combination of acquisitions, divestitures, and foreign currency. The core total sales growth for the segment was primarily driven by ramping revenue from products sold into the global data center market. In addition, broad-based regional growth internationally was offset by lower shipments to the domestic industrial distributor and telecom channels.
Adjusted EBITDA for the segment, before deducting for noncontrolling interests, was $69.3 million, or 12.5% of C&I total sales, as compared to $43.8 million, or 10.1% of total sales, in the prior year. This margin increase was primarily driven by operating leverage on higher shipments and the net favorable impact of acquisitions/divestitures.
Residential segment total sales increased approximately 9% to $744.1 million as compared to $685.0 million in the prior year quarter. This increase was primarily driven by strong sales growth for home standby and portable generators compared to the prior year, partially offset by lower shipments of energy storage systems.
Adjusted EBITDA for the segment was $200.8 million, or 27.0% of Residential segment total sales, as compared to $160.2 million, or 23.4% of Residential sales, in the prior year. This margin increase was primarily driven by favorable price/cost impacts, operating leverage given higher shipment volumes, and lower operating expense investment in energy technology solutions.
The Company is maintaining its full-year 2026 net sales growth guidance in the mid-to-high teens percent range as compared to the prior year, including an approximate 2% favorable impact from the net effect of foreign currency, acquisitions, and divestitures.
Additionally, the Company is maintaining its guidance for net income margin, before deducting for non-controlling interests, of approximately 9.0 to 10.0% for the full-year 2026. The corresponding adjusted EBITDA margin guidance is now expected to be approximately 20.5 to 21.0% as compared to the previous guidance range of approximately 20.0 to 21.0%. 2 Generac management will hold a conference call at 10:00 a.m. EDT on Wednesday, October 28, 2026 to discuss third quarter 2026 operating results. A webcast of the conference call can be accessed at the following link:
The webcast of the conference call is also available on Generac's website (), accessed under the Investor Relations link. The webcast link will be made available on the Company’s website prior to the start of the call within the Events section of the Investor Relations website. Following the live webcast, a replay will be available on the Company’s website for 12 months.
Generac is a total energy solutions company that empowers people to use energy on their own terms. Founded in 1959, Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions. The Company provides power generation equipment, energy storage systems, energy management devices & solutions, and other power products and services serving the residential, commercial, data center, telecom, rental, and industrial markets. The Company’s broad portfolio of energy technology offerings for homes and businesses enables its mission to Power a Smarter World and lead the evolution to more resilient, efficient, and innovative energy solutions.
Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," "optimistic" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward- looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward- looking statements, including:
● fluctuations in cost, availability, and quality of raw materials, key components and labor required to manufacture our products;
● our dependence on a small number of contract manufacturers and component suppliers, including single-source suppliers;
changes and volatility with respect to the trade policies of various ● countries, which may result in new or increased tariffs, trade restrictions, or other unfavorable trade actions;
● our ability to protect our intellectual property rights or successfully defend against third party infringement claims;
● changes in durable goods spending by consumers and businesses or other global macroeconomic conditions, impacting demand for our products;
changes in governmental policies, particularly with respect to tax ● incentives, tax credits, or grant programs, which could: (i) affect the demand for certain of our products; or (ii) result in a withdrawal or reduction of grants previously awarded to the Company;
● increase in product and other liability claims, warranty costs, recalls, or other claims;
● significant legal proceedings, claims, fines, penalties, tax assessments, lawsuits or government investigations;
● our failure or inability to adapt to, or comply with, current or future changes in applicable laws, regulations, and product standards;
our ability to develop and enhance products and gain customer acceptance ● including our offerings that serve the data center and energy technology markets;
increase in contract risk related to terms with certain data center ● customers, including cancellation rights, delivery requirements, and potential liability exposure tied to our performance obligations or other claimed damages;
● our ability to accurately forecast demand for our products and effectively manage inventory levels relative to such forecast;
the possibility that the expected synergies, efficiencies and cost ● savings of our acquisitions, divestitures, restructurings, or realignments will not be realized, or will not be realized within the expected time period;
● failures or security breaches of our networks, information technology systems, or connected products;
● our potential need for additional capital to finance our growth or refinancing our existing credit facilities;
● risks of impairment of the value of our goodwill and other indefinite-lived assets;
Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward- looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission ("SEC"), particularly in the Risk Factors section of the Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this press release speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 4 Core Sales
The Company references core sales to further supplement Generac's consolidated financial statements presented in accordance with U.S. GAAP. Core sales excludes the impact of acquisitions, divestitures, and fluctuations in foreign currency translation. Management believes that core sales facilitates easier and more meaningful comparison of net sales performance with prior and future periods.
To supplement Generac’s consolidated financial statements presented in accordance with U.S. GAAP, the Company provides the computation of Adjusted EBITDA attributable to the Company, which is defined as net income (loss) before noncontrolling interests adjusted for the following items: interest expense, depreciation expense, amortization of intangible assets, income tax expense (benefit), certain non-cash gains and losses including certain purchase accounting adjustments and contingent consideration adjustments, share-based compensation expense, certain transaction costs and credit facility fees, business optimization expenses, provision for certain legal and regulatory charges, certain specific provisions, mark-to-market gains and losses on a minority investment, and Adjusted EBITDA attributable to noncontrolling interests. The provision for legal and regulatory charges adjusts for matters that are significant and not part of the ordinary routine litigation or regulatory matters incidental to the Company’s business, such as large suits and settlements, class action lawsuits, government inquiries and certain intellectual property litigation. The adjustments to net income (loss) in computing Adjusted EBITDA are set forth in the reconciliation table below. The computation of Adjusted EBITDA is based primarily on the definition included in our Credit Agreement.
To further supplement Generac's consolidated financial statements presented in accordance with U.S. GAAP, the Company provides a summary to show the computation of adjusted net income attributable to the Company. Adjusted net income attributable to the Company is defined as net income (loss) before noncontrolling interests adjusted for the following items: amortization of intangible assets, amortization of deferred financing costs and original issue discount related to the Company's debt, intangible impairment charges, certain transaction costs and other purchase accounting adjustments, business optimization expenses, provision for certain legal and regulatory charges, certain specific provisions, mark-to-market gains and losses on a minority investment, other non-cash gains and losses, and adjusted net income attributable to non-controlling interests.
In addition, the Company references free cash flow to further supplement Generac's consolidated financial statements presented in accordance with U.S. GAAP. Free cash flow is defined as net cash provided by operating activities, less expenditures for property and equipment, and is intended to be a measure of operational cash flow taking into account additional capital expenditure investment into the business.
The presentation of this additional information is not meant to be considered in isolation of, or as a substitute for, results prepared in accordance with U.S. GAAP. Please see the accompanying Reconciliation Schedules and our SEC filings for additional discussion of the basis for Generac's reporting of Non-GAAP financial measures, which includes why the Company believes these measures provide useful information to investors and the additional purposes for which management uses the non-GAAP financial information.
Assets Current September 30, December 31, assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 393,671 $ 341,413 equivalents Accounts receivable, less allowance for credit losses of $33,847 and $34,504 846,036 602,739 at September 30, 2026 and December 31, 2025, respectively Inventories 1,292,713 1,248,867 Prepaid expenses and 263,674 269,459 other current assets Total current 2,796,094 2,462,478 assets Property and equipment, 874,156 813,605 net Customer 146,147 127,517 lists, net Patents and technology, 304,465 338,308 net Other intangible 3,923 10,011 assets, net Tradenames, 218,747 199,430 net Goodwill 1,648,970 1,467,094 Deferred 6,231 41,949 income taxes Operating lease and 139,368 113,287 other assets Total assets $ 6,138,101 $ 5,573,679 Liabilities and stockholders’ equity Current liabilities: Short-term $ 53,134 $ 50,618 borrowings Accounts 629,432 436,583 payable Accrued wages and employee 82,068 69,850 benefits Accrued product 58,822 44,716 warranty Other accrued 556,801 591,387 liabilities Current portion of long-term borrowings 36,744 22,192 and finance lease obligations Total current 1,417,001 1,215,346 liabilities Long-term borrowings and finance 1,243,734 1,260,256 lease obligations Deferred 50,426 60,913 income taxes Deferred 238,359 232,921 revenue Operating lease and other 176,360 165,197 long-term liabilities Total 3,125,880 2,934,633 liabilities Redeemable non-controll… 93 742 interest Stockholders’ equity: Common stock, par value $0.01, 500,000,000 shares authorized, 74,231,735 and 742 741 74,050,753 shares issued at September 30, 2026 and December 31, 2025, respectively Additional paid-in 1,245,109 1,187,419 capital Treasury stock, at cost, 15,243,377 and 15,373,990 (1,337,451 ) (1,358,053 ) shares at September 30, 2026 and December 31, 2025, respectively Excess purchase price over (202,116 ) (202,116 ) predecessor basis Retained 3,329,278 3,003,557 earnings Accumulated other comprehensive (23,441 ) 874 (loss) income Stockholders’ equity attributable 3,012,121 2,632,422 to Generac Holdings Inc. Noncontrolli… 7 5,882 interests Total stockholders' 3,012,128 2,638,304 equity Total liabilities and $ 6,138,101 $ 5,573,679 stockholders’ equity
Nine Months Ended Operating September 30, activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 325,071 $ 185,288 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and finance lease 81,858 67,571 amortization Amortization of 89,813 76,102 intangible assets Amortization of deferred financing costs 1,636 1,835 and original issue discount Change in fair value of (1,521 ) 17,138 investments Loss on refinancing of - 1,225 debt Deferred income 25,012 32,416 tax expense Share-based compensation 40,489 39,111 expense Loss on disposal 351 553 of assets Loss attributable to business 18,723 3,905 dispositions Other noncash 3,394 2,445 charges Excess tax benefits from (3,139 ) (476 ) equity awards Net changes in operating assets and liabilities: Accounts (241,681 ) (31,989 ) receivable Inventories (40,249 ) (273,053 ) Other assets (114,953 ) (53,138 ) Accounts payable 192,138 143,645 Accrued wages and 11,695 (15,064 ) employee benefits Other accrued 22,848 51,205 liabilities Net cash provided by operating 411,485 248,719 activities Investing activities Proceeds from sale of property and 31 35 equipment Purchase of long-term (425 ) (3,035 ) investments Proceeds from sale of long-term 2,598 - investment Expenditures for property and (126,937 ) (110,534 ) equipment Acquisition of businesses, net of (211,723 ) - cash acquired Proceeds (payments) from sale of 23,654 (1,999 ) businesses, net of cash disposed Net cash used in investing (312,802 ) (115,533 ) activities Financing activities Proceeds from short-term 33,913 30,860 borrowings Proceeds from long-term 84,387 134,715 borrowings Repayments of short-term (31,998 ) (47,290 ) borrowings Repayments of long-term borrowings and (99,243 ) (75,742 ) finance lease obligations Stock repurchases - (147,917 ) Payment of debt - (5,275 ) issuance costs Payment of contingent (2,700 ) (2,700 ) acquisition consideration Payment of deferred (958 ) - acquisition consideration Contributions received from noncontrolling - 979 interest in subsidiary Cash dividends paid to noncontrolling - (293 ) interest of subsidiary Taxes paid related (39,395 ) (12,864 ) to equity awards Proceeds from the exercise of stock 10,544 4,233 options Net cash used in financing (45,450 ) (121,294 ) activities Effect of foreign exchange rate changes (975 ) 6,840 on cash and cash equivalents Net increase in cash and cash 52,258 18,732 equivalents Cash and cash equivalents at 341,413 281,277 beginning of period Cash and cash equivalents at end $ 393,671 $ 300,009 of period
(1) See reconciliation of Adjusted EBITDA to Net income attributable to Generac Holdings Inc. on the following reconciliation schedule.
(1) Includes (gains)/losses on the disposition of assets other than in the ordinary course of business, (gains)/losses on sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments. A full description of these and the other reconciliation adjustments contained in these schedules is included in Generac's SEC filings.
(2) Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods. 10 (3) Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities, such as administrative agent fees and credit facility commitment fees under our Credit Agreements.
(4) Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.
(5) Represents the following significant litigation, regulatory, and other matters that are not indicative of our ongoing operations:
(6) Represents non-cash (gains) losses primarily from changes in the fair value of the Company's investment in Wallbox N.V. warrants and equity securities.
(7) Represents third party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Tranche A Term Loan Facility and Revolving Debt Facility.
(8) The current year loss relates primarily to four immaterial business dispositions with two closing in the first quarter and two closing in the second quarter of 2026. The prior year loss relates primarily to one immaterial business disposition that closed in the second quarter of 2025.
(9) Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, and certain purchase accounting and contingent consideration adjustments.
Full text with the tables
Exhibit 99.1
Generac Reports Third Quarter 2026 Results
Further momentum in the C&I segment drives significant backlog increase;
Residential segment returns to strong growth in the quarter supported by lower
power quality mega-trends
WAUKESHA, WISCONSIN (October 28, 2026) – Generac Holdings Inc. (NYSE: GNRC)
(“Generac” or the “Company”), a leading global designer and manufacturer of
energy technology solutions and other power products, today reported financial
results for its third quarter ended September 30, 2026, and provided an update
on its outlook for the full year 2026.
Third Quarter 2026 Highlights
Net sales increased 16% to a record $1.29 billion during the third
● quarter of 2026 as compared to $1.11 billion in the prior year third
quarter. Acquisitions, divestitures and foreign currency had a net
favorable impact of 1% to sales growth during the quarter.
Commercial & Industrial (“C&I”) segment external net sales increased
- approximately 28% to $552 million as compared to $432 million in the
prior year.
- Residential segment external net sales increased approximately 9% to $743
million as compared to $682 million in the prior year.
Net income attributable to the Company during the third quarter was $109
● million, or $1.83 per share, as compared to $66 million, or $1.12 per
share, for the same period of 2025.
Adjusted net income attributable to the Company, as defined in the
● accompanying reconciliation schedules, was $151 million, or $2.54 per
share, as compared to $108 million, or $1.83 per share, in the third
quarter of 2025.
Adjusted EBITDA before deducting for noncontrolling interests, as defined
● in the accompanying reconciliation schedules, was $256 million, or 19.8%
of net sales, as compared to $193 million, or 17.3% of net sales, in the
prior year.
Cash flow from operations was $171 million as compared to $118 million in
● the prior year. Free cash flow, as defined in the accompanying
reconciliation schedules, was $132 million as compared to $96 million in
the third quarter of 2025.
As previously disclosed during the quarter, the Company entered into an
agreement with Amazon.com, Inc. that included the execution of a
● long-term supply agreement for backup power generators for Amazon data
centers. Initial deliveries are expected to total a combined $2.4 billion
in 2027 and 2028.
The Company is maintaining its full-year 2026 net sales growth guidance
in the mid-to-high teens percent range as compared to the prior year.
● Full-year 2026 adjusted EBITDA margin, before deducting for
non-controlling interests, is now expected to be approximately 20.5 to
21.0% as compared to the previous guidance range of 20.0 to 21.0%.
“I’m incredibly proud of our team’s efforts as our third quarter results reflect
an all-time record for net sales as we continued to see tremendous momentum in
our C&I segment during the third quarter with significant additional commitments
from data center customers providing further confidence in our position as a
leading provider to this large and rapidly growing market,” said Aaron Jagdfeld,
President and Chief Executive Officer. “Following the recently announced
agreement with Amazon, along with other wins from both new and existing
customers, our backlog for products to be sold to the data center market has now
grown to approximately $4.5 billion, and we continue to execute on our
previously announced capacity expansion plans that will allow us to capture this
generational growth opportunity.”
Jagdfeld continued, “Additionally, our Residential segment returned to strong
year-over-year growth during the quarter as the mega-trends around lower power
quality supported an impressive increase in shipments of home standby and
portable generators relative to the prior year period.”
1
Additional Third Quarter 2026 Consolidated Highlights
Gross profit margin was 39.9% as compared to 38.3% in the prior year third
quarter. The increase was primarily driven by favorable price/cost impacts in
the current year quarter, including lower tariff costs, partially offset by
unfavorable sales mix.
Operating expenses increased by $31.6 million, or 10%, as compared to the third
quarter of 2025. The increase was primarily driven by increased operating
expense investments to support future C&I growth, as well as higher marketing
spend to drive awareness for our products and additional incentive compensation
and intangible amortization expense, partially offset by lower operating expense
investment in energy technology solutions.
Provision for income taxes for the current year quarter was $34.2 million, or an
effective tax rate of 23.9%, as compared to $11.8 million, or a 15.0% effective
tax rate, for the prior year quarter. The increase in the effective tax rate was
primarily driven by certain favorable discrete tax items in the prior year
quarter that did not repeat in the current year.
Cash flow from operations was $171.0 million during the third quarter, as
compared to $118.4 million in the prior year. Free cash flow, as defined in the
accompanying reconciliation schedules, was $131.7 million as compared to $96.5
million in the third quarter of 2025. This strong increase was primarily driven
by higher operating earnings, partially offset by increased capital
expenditures.
Third Quarter Business Segment Results
Commercial & Industrial segment total sales increased approximately 28% to
$553.0 million from $432.4 million in the prior year quarter, including an
approximate 4% net favorable impact to sales growth from the combination of
acquisitions, divestitures, and foreign currency. The core total sales growth
for the segment was primarily driven by ramping revenue from products sold into
the global data center market. In addition, broad-based regional growth
internationally was offset by lower shipments to the domestic industrial
distributor and telecom channels.
Adjusted EBITDA for the segment, before deducting for noncontrolling interests,
was $69.3 million, or 12.5% of C&I total sales, as compared to $43.8 million, or
10.1% of total sales, in the prior year. This margin increase was primarily
driven by operating leverage on higher shipments and the net favorable impact of
acquisitions/divestitures.
Residential segment total sales increased approximately 9% to $744.1 million as
compared to $685.0 million in the prior year quarter. This increase was
primarily driven by strong sales growth for home standby and portable generators
compared to the prior year, partially offset by lower shipments of energy
storage systems.
Adjusted EBITDA for the segment was $200.8 million, or 27.0% of Residential
segment total sales, as compared to $160.2 million, or 23.4% of Residential
sales, in the prior year. This margin increase was primarily driven by favorable
price/cost impacts, operating leverage given higher shipment volumes, and lower
operating expense investment in energy technology solutions.
2026 Outlook
The Company is maintaining its full-year 2026 net sales growth guidance in the
mid-to-high teens percent range as compared to the prior year, including an
approximate 2% favorable impact from the net effect of foreign currency,
acquisitions, and divestitures.
Additionally, the Company is maintaining its guidance for net income margin,
before deducting for non-controlling interests, of approximately 9.0 to 10.0%
for the full-year 2026. The corresponding adjusted EBITDA margin guidance is now
expected to be approximately 20.5 to 21.0% as compared to the previous guidance
range of approximately 20.0 to 21.0%.
2
Generac management will hold a conference call at 10:00 a.m. EDT on Wednesday,
October 28, 2026 to discuss third quarter 2026 operating results. A webcast of
the conference call can be accessed at the following link:
The webcast of the conference call is also available on Generac's website (),
accessed under the Investor Relations link. The webcast link will be made
available on the Company’s website prior to the start of the call within the
Events section of the Investor Relations website.
Following the live webcast, a replay will be available on the Company’s website
for 12 months.
Generac is a total energy solutions company that empowers people to use energy
on their own terms. Founded in 1959, Generac is a leading global designer,
manufacturer, and provider of a wide range of energy technology solutions. The
Company provides power generation equipment, energy storage systems, energy
management devices & solutions, and other power products and services serving
the residential, commercial, data center, telecom, rental, and industrial
markets. The Company’s broad portfolio of energy technology offerings for homes
and businesses enables its mission to Power a Smarter World and lead the
evolution to more resilient, efficient, and innovative energy solutions.
Certain statements contained in this news release, as well as other information
provided from time to time by Generac Holdings Inc. or its employees, may
contain forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially from those in the forward-
looking statements. Forward-looking statements give Generac's current
expectations and projections relating to the Company's financial condition,
results of operations, plans, objectives, future performance and business. You
can identify forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may include words such
as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend,"
"believe," "confident," "may," "should," "can have," "likely," "future,"
"optimistic" and other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial performance
or other events.
Any such forward-looking statements are not guarantees of performance or
results, and involve risks, uncertainties (some of which are beyond the
Company's control) and assumptions. Although Generac believes any forward-
looking statements are based on reasonable assumptions, you should be aware that
many factors could affect Generac's actual financial results and cause them to
differ materially from those anticipated in any forward- looking statements,
including:
● frequency and duration of power outages impacting demand for our
products;
● fluctuations in cost, availability, and quality of raw materials, key
components and labor required to manufacture our products;
● our dependence on a small number of contract manufacturers and component
suppliers, including single-source suppliers;
changes and volatility with respect to the trade policies of various
● countries, which may result in new or increased tariffs, trade
restrictions, or other unfavorable trade actions;
● our ability to protect our intellectual property rights or successfully
defend against third party infringement claims;
● changes in durable goods spending by consumers and businesses or other
global macroeconomic conditions, impacting demand for our products;
changes in governmental policies, particularly with respect to tax
● incentives, tax credits, or grant programs, which could: (i) affect the
demand for certain of our products; or (ii) result in a withdrawal or
reduction of grants previously awarded to the Company;
3
● increase in product and other liability claims, warranty costs, recalls,
or other claims;
● significant legal proceedings, claims, fines, penalties, tax assessments,
lawsuits or government investigations;
● our ability to consummate our share repurchase programs;
● our failure or inability to adapt to, or comply with, current or future
changes in applicable laws, regulations, and product standards;
our ability to develop and enhance products and gain customer acceptance
● including our offerings that serve the data center and energy technology
markets;
● uncertainty regarding the growth of the data center market;
increase in contract risk related to terms with certain data center
● customers, including cancellation rights, delivery requirements, and
potential liability exposure tied to our performance obligations or other
claimed damages;
● our ability to accurately forecast demand for our products and
effectively manage inventory levels relative to such forecast;
● our ability to remain competitive;
● our dependence on our dealer and distribution network;
● market reaction to changes in selling prices or mix of products;
● loss of our key management and employees;
● disruptions from labor disputes or organized labor activities;
● our ability to attract and retain employees;
● disruptions in our manufacturing operations;
the possibility that the expected synergies, efficiencies and cost
● savings of our acquisitions, divestitures, restructurings, or
realignments will not be realized, or will not be realized within the
expected time period;
● risks related to sourcing components in foreign countries;
● compliance with environmental, health and safety laws and regulations;
● scrutiny regarding our sustainability practices;
● government regulation of our products;
● failures or security breaches of our networks, information technology
systems, or connected products;
● risks due to instability caused by geopolitical conflicts;
● our ability to make payments on our indebtedness;
● terms of our credit facilities that may restrict our operations;
● our potential need for additional capital to finance our growth or
refinancing our existing credit facilities;
● risks of impairment of the value of our goodwill and other
indefinite-lived assets;
● volatility of our stock price; and
● potential tax liabilities.
Should one or more of these risks or uncertainties materialize, Generac's actual
results may vary in material respects from those projected in any forward-
looking statements. A detailed discussion of these and other factors that may
affect future results is contained in Generac's filings with the U.S. Securities
and Exchange Commission ("SEC"), particularly in the Risk Factors section of the
Annual Report on Form 10-K and in its periodic reports on Form 10-Q.
Stockholders, potential investors and other readers should consider these
factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this press release speaks only
as of the date on which it is made. Generac undertakes no obligation to update
any forward-looking statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
4
Core Sales
The Company references core sales to further supplement Generac's consolidated
financial statements presented in accordance with U.S. GAAP. Core sales excludes
the impact of acquisitions, divestitures, and fluctuations in foreign currency
translation. Management believes that core sales facilitates easier and more
meaningful comparison of net sales performance with prior and future periods.
Adjusted EBITDA
To supplement Generac’s consolidated financial statements presented in
accordance with U.S. GAAP, the Company provides the computation of Adjusted
EBITDA attributable to the Company, which is defined as net income (loss) before
noncontrolling interests adjusted for the following items: interest expense,
depreciation expense, amortization of intangible assets, income tax expense
(benefit), certain non-cash gains and losses including certain purchase
accounting adjustments and contingent consideration adjustments, share-based
compensation expense, certain transaction costs and credit facility fees,
business optimization expenses, provision for certain legal and regulatory
charges, certain specific provisions, mark-to-market gains and losses on a
minority investment, and Adjusted EBITDA attributable to noncontrolling
interests. The provision for legal and regulatory charges adjusts for matters
that are significant and not part of the ordinary routine litigation or
regulatory matters incidental to the Company’s business, such as large suits and
settlements, class action lawsuits, government inquiries and certain
intellectual property litigation. The adjustments to net income (loss) in
computing Adjusted EBITDA are set forth in the reconciliation table below. The
computation of Adjusted EBITDA is based primarily on the definition included in
our Credit Agreement.
Adjusted Net Income
To further supplement Generac's consolidated financial statements presented in
accordance with U.S. GAAP, the Company provides a summary to show the
computation of adjusted net income attributable to the Company. Adjusted net
income attributable to the Company is defined as net income (loss) before
noncontrolling interests adjusted for the following items: amortization of
intangible assets, amortization of deferred financing costs and original issue
discount related to the Company's debt, intangible impairment charges, certain
transaction costs and other purchase accounting adjustments, business
optimization expenses, provision for certain legal and regulatory charges,
certain specific provisions, mark-to-market gains and losses on a minority
investment, other non-cash gains and losses, and adjusted net income
attributable to non-controlling interests.
Free Cash Flow
In addition, the Company references free cash flow to further supplement
Generac's consolidated financial statements presented in accordance with U.S.
GAAP. Free cash flow is defined as net cash provided by operating activities,
less expenditures for property and equipment, and is intended to be a measure of
operational cash flow taking into account additional capital expenditure
investment into the business.
The presentation of this additional information is not meant to be considered in
isolation of, or as a substitute for, results prepared in accordance with U.S.
GAAP. Please see the accompanying Reconciliation Schedules and our SEC filings
for additional discussion of the basis for Generac's reporting of Non-GAAP
financial measures, which includes why the Company believes these measures
provide useful information to investors and the additional purposes for which
management uses the non-GAAP financial information.
SOURCE: Generac Holdings Inc.
CONTACT:
Kris Rosemann
Senior Director – Corporate Finance & Investor Relations
(262) 506-6064
5
Generac Holdings Inc.
Condensed Consolidated Balance Sheets
(U.S. Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
Assets
Current September 30, December 31,
assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 393,671 $ 341,413
equivalents
Accounts
receivable,
less
allowance for
credit losses
of $33,847
and $34,504 846,036 602,739
at
September 30,
2026 and
December 31,
2025,
respectively
Inventories 1,292,713 1,248,867
Prepaid
expenses and 263,674 269,459
other current
assets
Total current 2,796,094 2,462,478
assets
Property and
equipment, 874,156 813,605
net
Customer 146,147 127,517
lists, net
Patents and
technology, 304,465 338,308
net
Other
intangible 3,923 10,011
assets, net
Tradenames, 218,747 199,430
net
Goodwill 1,648,970 1,467,094
Deferred 6,231 41,949
income taxes
Operating
lease and 139,368 113,287
other assets
Total assets $ 6,138,101 $ 5,573,679
Liabilities
and
stockholders’
equity
Current
liabilities:
Short-term $ 53,134 $ 50,618
borrowings
Accounts 629,432 436,583
payable
Accrued wages
and employee 82,068 69,850
benefits
Accrued
product 58,822 44,716
warranty
Other accrued 556,801 591,387
liabilities
Current
portion of
long-term
borrowings 36,744 22,192
and finance
lease
obligations
Total current 1,417,001 1,215,346
liabilities
Long-term
borrowings
and finance 1,243,734 1,260,256
lease
obligations
Deferred 50,426 60,913
income taxes
Deferred 238,359 232,921
revenue
Operating
lease and
other 176,360 165,197
long-term
liabilities
Total 3,125,880 2,934,633
liabilities
Redeemable
non-controll… 93 742
interest
Stockholders’
equity:
Common stock,
par value
$0.01,
500,000,000
shares
authorized,
74,231,735
and 742 741
74,050,753
shares issued
at September
30, 2026 and
December 31,
2025,
respectively
Additional
paid-in 1,245,109 1,187,419
capital
Treasury
stock, at
cost,
15,243,377
and
15,373,990 (1,337,451 ) (1,358,053 )
shares at
September 30,
2026
and December
31, 2025,
respectively
Excess
purchase
price over (202,116 ) (202,116 )
predecessor
basis
Retained 3,329,278 3,003,557
earnings
Accumulated
other
comprehensive (23,441 ) 874
(loss)
income
Stockholders’
equity
attributable 3,012,121 2,632,422
to
Generac
Holdings Inc.
Noncontrolli… 7 5,882
interests
Total
stockholders' 3,012,128 2,638,304
equity
Total
liabilities
and $ 6,138,101 $ 5,573,679
stockholders’
equity
6
Generac Holdings Inc.
Condensed Consolidated Statements of Comprehensive Income
(U.S. Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,29… $ 1,11… $ 3,52… $ 3,11…
sal…
Cos…
of 778,… 687,… 2,07… 1,90…
goo…
sold
Gro… 516,… 426,… 1,44… 1,21…
pro…
Ope…
exp…
Sel…
and 174,… 145,… 440,… 410,…
ser…
Res…
and 63,8… 60,0… 192,… 182,…
dev…
Gen…
and 88,1… 93,7… 237,… 247,…
adm…
Amo…
of 28,6… 24,9… 89,8… 76,1…
int…
Tot…
ope… 355,… 323,… 959,… 917,…
exp…
Inc…
from 160,… 103,… 488,… 298,…
ope…
Oth…
(ex…
inc…
Int… (16,… ) (18,… ) (48,… ) (53,… )
exp…
Inv… 3,472 1,646 8,716 5,618
inc…
Cha…
in
fair (3,0… ) (5,6… ) 1,521 (17,… )
val…
of
inv…
Loss
on
ref… - (1,2… ) - (1,2… )
of
debt
Loss
att…
to (485 ) - (18,… ) (3,9… )
bus…
dis…
Oth… (1,0… ) (1,0… ) (1,6… ) (1,3… )
net
Tot…
oth… (17,… ) (24,… ) (58,… ) (71,… )
exp…
net
Inc…
bef…
pro… 143,… 78,3… 429,… 226,…
for
inc…
tax…
Pro…
for 34,1… 11,7… 104,… 41,4…
inc…
tax…
Net 108,… 66,5… 325,… 185,…
inc…
Net
(lo…
inc…
att… (275 ) 419 (650 ) 1,271
to
non…
int…
Net
inc…
att…
to $ 109,… $ 66,1… $ 325,… $ 184,…
Gen…
Hol…
Inc.
Net
inc…
att…
to
com…
sha… $ 1.86 $ 1.14 $ 5.55 $ 3.14
per
com…
sha…
-
bas…
Wei…
ave…
com…
sha… 58,8… 58,2… 58,6… 58,6…
out…
-
bas…
Net
inc…
att…
to
com…
sha… $ 1.83 $ 1.12 $ 5.48 $ 3.10
per
com…
sha…
-
dil…
Wei…
ave…
com…
sha… 59,5… 59,1… 59,4… 59,3…
out…
-
dil…
7
Generac Holdings Inc.
Condensed Consolidated Statements of Cash Flows
(U.S. Dollars in Thousands)
(Unaudited)
Nine Months Ended
Operating September 30,
activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 325,071 $ 185,288
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation and
finance lease 81,858 67,571
amortization
Amortization of 89,813 76,102
intangible assets
Amortization of
deferred financing
costs 1,636 1,835
and original issue
discount
Change in fair
value of (1,521 ) 17,138
investments
Loss on
refinancing of - 1,225
debt
Deferred income 25,012 32,416
tax expense
Share-based
compensation 40,489 39,111
expense
Loss on disposal 351 553
of assets
Loss attributable
to business 18,723 3,905
dispositions
Other noncash 3,394 2,445
charges
Excess tax
benefits from (3,139 ) (476 )
equity awards
Net changes in
operating assets
and
liabilities:
Accounts (241,681 ) (31,989 )
receivable
Inventories (40,249 ) (273,053 )
Other assets (114,953 ) (53,138 )
Accounts payable 192,138 143,645
Accrued wages and 11,695 (15,064 )
employee benefits
Other accrued 22,848 51,205
liabilities
Net cash provided
by operating 411,485 248,719
activities
Investing
activities
Proceeds from sale
of property and 31 35
equipment
Purchase of
long-term (425 ) (3,035 )
investments
Proceeds from sale
of long-term 2,598 -
investment
Expenditures for
property and (126,937 ) (110,534 )
equipment
Acquisition of
businesses, net of (211,723 ) -
cash
acquired
Proceeds
(payments) from
sale of 23,654 (1,999 )
businesses, net of
cash disposed
Net cash used in
investing (312,802 ) (115,533 )
activities
Financing
activities
Proceeds from
short-term 33,913 30,860
borrowings
Proceeds from
long-term 84,387 134,715
borrowings
Repayments of
short-term (31,998 ) (47,290 )
borrowings
Repayments of
long-term
borrowings and (99,243 ) (75,742 )
finance lease
obligations
Stock repurchases - (147,917 )
Payment of debt - (5,275 )
issuance costs
Payment of
contingent (2,700 ) (2,700 )
acquisition
consideration
Payment of
deferred (958 ) -
acquisition
consideration
Contributions
received from
noncontrolling - 979
interest in
subsidiary
Cash dividends
paid to
noncontrolling - (293 )
interest of
subsidiary
Taxes paid related (39,395 ) (12,864 )
to equity awards
Proceeds from the
exercise of stock 10,544 4,233
options
Net cash used in
financing (45,450 ) (121,294 )
activities
Effect of foreign
exchange rate
changes (975 ) 6,840
on cash and cash
equivalents
Net increase in
cash and cash 52,258 18,732
equivalents
Cash and cash
equivalents at 341,413 281,277
beginning
of period
Cash and cash
equivalents at end $ 393,671 $ 300,009
of
period
8
Generac Holdings Inc.
Segment Reporting and Product Class Information
(U.S. Dollars in Thousands)
(Unaudited)
T… Th…
T… M… Mo…
S… E… En…
by S… Se…
R… 3… 30,
S… 2… 20…
──────────────────────────────────────────────────────────────────────────────
E… I… T… E… I… T…
N… S… S… N… S… S…
S… S…
… $ 7… $ 1… $ 7… $ 68… $ 2,… $ 68…
…
& 5… 8… 5… 43… 51 43…
…
…
… - (… ) (… ) - (3… ) (3… )
…
…
… $ 1… $ - $ 1… $ 1,… $ - $ 1,…
…
N… Ni…
T… M… Mo…
S… E… En…
by S… Se…
R… 3… 30,
S… 2… 20…
──────────────────────────────────────────────────────────────────────────────
E… I… T… E… I… T…
N… S… S… N… S… S…
S… S…
… $ 1… $ 8… $ 1… $ 1,… $ 12… $ 1,…
…
& 1… 9… 1… 1,… 51 1,…
…
…
… - (… ) (… ) - (1… ) (1… )
…
…
… $ 3… $ - $ 3… $ 3,… $ - $ 3,…
…
Adju… Adj…
EBIT… Three EBI… Nine
by Mont… by Mont…
Repo… Ended Rep… Ended
Segm… Sept… Seg… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Res… $ 200,… $ 160,… $ 554,… $ 418…
Com…
& 69,2… 43,7… 217,… 142…
Ind…
Cor…
and (13,… ) (10,… ) (31,… ) (30… )
eli…
Tot…
adj… $ 256,… $ 193,… $ 740,… $ 530…
EBI…
(1)
(1) See reconciliation of Adjusted EBITDA to Net income attributable to
Generac Holdings Inc. on the following reconciliation schedule.
9
Generac Holdings Inc.
Reconciliation Schedules
(U.S. Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
Net
inco… Three Nine
to Months Months
Adju… Ended Ended
EBIT… Septe… Septem…
reco… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
inco…
attr…
to $ 109,2… $ 66,161 $ 325,721 $ 184,0…
Gene…
Hold…
Inc.
Net
(los…
inco…
attr… (275 ) 419 (650 ) 1,271
to
nonc…
inte…
Net 108,9… 66,580 325,071 185,2…
inco…
Inte… 16,378 18,461 48,541 53,813
expe…
Depr…
and 57,287 49,211 171,671 143,6…
amor…
Prov…
for 34,198 11,758 104,541 41,416
inco…
taxes
Non-…
writ…
and (761 ) 2,831 311 4,973
other
adju…
(1)
Non-…
shar…
comp… 13,042 12,751 40,489 39,111
expe…
(2)
Tran…
costs
and
cred… 2,649 827 6,474 2,591
faci…
fees
(3)
Busi…
opti…
and 599 368 4,103 5,385
other
char…
(4)
Prov…
for
lega…
regu… 20,169 23,208 22,424 31,870
and
other
costs
(5)
Chan…
in
fair
value 3,021 5,667 (1,521 ) 17,138
of
inve…
(6)
Loss
on
refi… - 1,225 - 1,225
of
debt
(7)
Other 686 328 18,318 3,907
(8)
Adju… 256,2… 193,2… 740,422 530,3…
EBIT…
Adju…
EBIT…
attr… (267 ) 655 (650 ) 1,899
to
nonc…
inte…
Adju…
EBIT…
attr…
to $ 256,4… $ 192,5… $ 741,072 $ 528,4…
Gene…
Hold…
Inc.
Net
inc…
to Three Nine
Adj… Mont… Mont…
net Ended Ended
inc… Sept… Sept…
rec… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
att…
to $ 109,… $ 66,1… $ 325,… $ 184,…
Gen…
Hol…
Inc.
Net
(lo…
inc…
att… (275 ) 419 (650 ) 1,271
to
non…
int…
Net 108,… 66,5… 325,… 185,…
inc…
Amo…
of 28,6… 24,9… 89,8… 76,1…
int…
ass…
Amo…
of
def…
fin…
cos… 555 557 1,636 1,835
and
ori…
iss…
dis…
Tra…
cos…
and
oth… 2,172 204 5,432 656
pur…
acc…
adj…
(9)
Loss
att…
to
bus… 485 - 18,7… 4,295
or
ass…
dis…
(8)
Bus…
opt…
and 599 368 4,103 5,385
oth…
cha…
(4)
Pro…
for
leg…
reg… 20,1… 23,2… 22,4… 31,8…
and
oth…
cos…
(5)
Cha…
in
fair
val… 3,021 5,667 (1,5… ) 17,1…
of
inv…
(6)
Loss
on
ref… - 1,225 - 1,225
of
debt
(7)
Tax
eff…
of (13,… ) (13,… ) (34,… ) (41,… )
add
bac…
Adj…
net 150,… 108,… 430,… 282,…
inc…
Adj…
net
inc…
(lo… (275 ) 419 (650 ) 1,271
att…
to
non…
int…
Adj…
net
inc…
att… $ 151,… $ 108,… $ 431,… $ 281,…
to
Gen…
Hol…
Inc.
Adj…
net
inc…
att…
to
Gen…
Hol… $ 2.54 $ 1.83 $ 7.25 $ 4.74
Inc.
per
com…
sha…
-
dil…
Wei…
ave…
com…
sha… 59,5… 59,1… 59,4… 59,3…
out…
-
dil…
(1) Includes (gains)/losses on the disposition of assets other than in the
ordinary course of business, (gains)/losses on sales of certain investments,
unrealized mark-to-market adjustments on commodity contracts, certain foreign
currency related adjustments, and certain purchase accounting and contingent
consideration adjustments. A full description of these and the other
reconciliation adjustments contained in these schedules is included in Generac's
SEC filings.
(2) Represents share-based compensation expense to account for stock options,
restricted stock, and other stock awards over their respective vesting periods.
10
(3) Represents transaction costs incurred directly in connection with any
investment, as defined in our credit agreement, equity issuance or debt issuance
or refinancing, together with certain fees relating to our senior secured credit
facilities, such as administrative agent fees and credit facility commitment
fees under our Credit Agreements.
(4) Represents severance and other restructuring charges related to the
consolidation of certain operating facilities and organizational functions.
(5) Represents the following significant litigation, regulatory, and other
matters that are not indicative of our ongoing operations:
Three Nine
Months Months
Ended Ended
September Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Legal
expens…
judgem…
and
settle… $ 2,313 $ 2,736 $ 1,275 $ 5,923
related
to
certain
patent
lawsui…
Legal
expens…
judgem…
and
settle…
related 1,665 17,759 3,953 21,643
to
certain
class
action
lawsui…
Legal
expens…
related
to
certain
govern… 1,898 2,713 4,032 4,304
inquir…
and
other
signif…
matters
Clean
energy
warran… 14,293 - 13,164 -
related
matters
Total
provis…
for
legal, $ 20,169 $ 23,208 $ 22,424 $ 31,870
regula…
and
other
matters
(6) Represents non-cash (gains) losses primarily from changes in the fair value
of the Company's investment in Wallbox N.V. warrants and equity securities.
(7) Represents third party costs and the write-off of certain deferred financing
costs in connection with the refinancing of the Tranche A Term Loan Facility and
Revolving Debt Facility.
(8) The current year loss relates primarily to four immaterial business
dispositions with two closing in the first quarter and two closing in the second
quarter of 2026. The prior year loss relates primarily to one immaterial
business disposition that closed in the second quarter of 2025.
(9) Represents transaction costs incurred directly in connection with any
investment, as defined in our credit agreement, equity issuance or debt issuance
or refinancing, and certain purchase accounting and contingent consideration
adjustments.
Three Nine
Free Mont… Mont…
Cash Ended Ended
Flow Sept… Sept…
Rec… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
pro… $ 170,… $ 118,… $ 411,… $ 248,…
by
ope…
act…
Exp…
for
pro… (39,… ) (21,… ) (126… ) (110… )
and
equ…
Free
cash $ 131,… $ 96,4… $ 284,… $ 138,…
flow
11