INNOVATE Corp. (VATE) Financial Statements
Industry: Fabricated Structural Metal Products
In fiscal 2025, INNOVATE reported revenue of $1.25B, up 12.5% from $1.11B the year before. Net income was -$60.6M (a -4.9% net margin), or -$4.84 per diluted share. Gross margin was 16.0% and operating margin was 2.3%. Operating activities generated $146.6M of cash, leaving $146.1M of free cash flow. At fiscal year end, INNOVATE held $950.1M in total assets against $1.17B in total liabilities, including $112.1M of cash and equivalents.
Open the full interactive INNOVATE financials → Quarterly statements, key ratios, valuation history and price charts.
INNOVATE Key Stats
| Share Price | $6.38 |
|---|---|
| Market Cap | $89.1M |
| Dividend Yield | 2.02% |
| Revenue YoY Growth | +12.6% |
| 52-Week Range | $3.98 – $20.06 |
| Shares Outstanding | 13.4 million (basic, 2026 Q2) |
INNOVATE Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.21B | $1.64B | $1.42B | $1.11B | $1.25B |
| Cost of Goods Sold | $1.01B | — | — | — | — | — |
| Gross Profit | $417.3M | $183.7M | $221.4M | $216.0M | $208.8M | $199.7M |
| Operating Income | -$4.1M | -$10.6M | $13.4M | $26.5M | $40.0M | $28.7M |
| Pre-Tax Income | -$27.8M | -$80.7M | -$41.1M | -$34.4M | -$33.4M | -$61.5M |
| Income Tax | $10.5M | $5.6M | $900,000 | $4.5M | $6.3M | $2.5M |
| Net Income | -$92.0M | -$227.5M | -$35.9M | -$35.2M | -$34.6M | -$60.6M |
| Diluted EPS | -$18.80 | -$29.80 | -$5.30 | -$4.80 | -$3.08 | -$4.84 |
INNOVATE Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $347.1M | $382.7M | $364.8M | $421.6M |
| Net Income | -$8.9M | -$7.4M | -$16.8M | $10.7M |
| Diluted EPS | -$0.71 | -$0.56 | -$1.29 | $0.71 |
INNOVATE Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $232.3M | $45.5M | $80.4M | $80.8M | $48.8M | $112.1M |
| Current Assets | — | $442.6M | $536.4M | $517.9M | $390.9M | $451.5M |
| Total Assets | $6.74B | $1.08B | $1.15B | $1.04B | $891.1M | $950.1M |
| Current Liabilities | — | $439.5M | $417.2M | $413.8M | $483.0M | $1.03B |
| Total Long-Term Debt | $654.2M | $626.3M | $714.4M | $709.8M | $662.8M | $661.7M |
| Total Liabilities | $6.13B | $1.07B | $1.18B | $1.18B | $1.03B | $1.17B |
| Shareholders' Equity | $559.8M | -$84.3M | -$121.3M | -$165.5M | -$180.4M | -$240.1M |
INNOVATE Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $41.7M | $27.0M | -$9.5M | $26.5M | $9.1M | $146.6M |
| Cash From Investing | $162.3M | -$223.2M | -$22.5M | $39.1M | -$13.9M | -$22.6M |
| Cash From Financing | -$204.6M | $4.3M | $68.1M | -$65.3M | -$26.5M | -$61.2M |
| Free Cash Flow | $23.9M | $2.9M | -$30.2M | $8.1M | -$9.9M | $146.1M |
| Dividends Paid | — | — | $5.2M | $2.2M | $1.2M | $2.2M |
Figures from INNOVATE's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full INNOVATE financials page for every line item.
INNOVATE Company Profile
| Ticker | VATE |
|---|---|
| Exchange | NYSE |
| Industry | Fabricated Structural Metal Products |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001006837 |
Frequently Asked Questions
What was INNOVATE's revenue in fiscal 2025?
INNOVATE (VATE) reported revenue of $1.25B for fiscal 2025.
What is INNOVATE's annual revenue history?
INNOVATE's annual revenue by fiscal year: 2020: $1.01B; 2021: $1.21B; 2022: $1.64B; 2023: $1.42B; 2024: $1.11B; 2025: $1.25B.
What was INNOVATE's net income in fiscal 2025?
INNOVATE reported net income of -$60.6M for fiscal 2025.
What was INNOVATE's earnings per share (EPS) in fiscal 2025?
INNOVATE's diluted EPS was -$4.84 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did INNOVATE generate in fiscal 2025?
INNOVATE generated $146.1M of free cash flow in fiscal 2025.
What was INNOVATE's revenue last quarter?
In its most recent reported quarter (2026 Q2), INNOVATE reported revenue of $421.6M.
How much debt does INNOVATE have?
INNOVATE reported $661.7M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of INNOVATE are outstanding?
INNOVATE reported a weighted average of 13.4 million basic shares outstanding in 2026 Q2.
What is INNOVATE's market cap?
Based on its latest closing price, INNOVATE (VATE) has a market capitalization of about $89.1M.
When does INNOVATE's fiscal year end?
INNOVATE's fiscal year end, as registered with the SEC, is December 31.
Where is INNOVATE headquartered?
INNOVATE lists its business address in New York, New York in its SEC filings.