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Financials · VATE

INNOVATE Corp. (VATE) financials

For the twelve months ended Jun 30, 2026, INNOVATE Corp. reported $1.52B of revenue and -$22.40M of net income.

Revenue, TTM
$1.52B
Revenue growth, YoY
+52.4%
Net income, TTM
-$22.40M
Net margin
-1.5%
Free cash flow, TTM
$140.70M
EPS, diluted, TTM
-$1.86
Cash
$87.80M
Total debt
$616.00M
P/S
0.05
Market cap
$73.9M
Annual revenue$1.25B
FY2016FY2025
Annual net income-$60.60M
FY2016FY2025
Annual free cash flow$146.10M
FY2016FY2025

VATE revenue and earnings growth

VATE revenueQ2 2026$421.60M

Quarter YoY
+74.2%
QoQ
+15.6%
FY YoY
+12.5%
5Y CAGR
+11.7%
10Y CAGR
+1.1%

VATE revenue was $421.60M in fiscal Q2 2026 (ended Jun 30, 2026), up 74.2% from a year earlier and up 15.6% from the prior quarter. For the full fiscal 2025 it was $1.25B, up 12.5% from fiscal 2024. Compound annual growth was +11.7% over 5 years and +1.1% over 10 years. It rose in 6 of the last 10 fiscal years.

VATE net incomeQ2 2026$10.70M

VATE net income was $10.70M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$19.80M a year earlier. For the full fiscal 2025 it was -$60.60M, compared with -$34.60M in fiscal 2024.

VATE EPSQ2 2026$0.71

VATE diluted EPS was $0.71 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$1.67 a year earlier. For the full fiscal 2025 it was -$4.84, compared with -$3.08 in fiscal 2024.

VATE free cash flowQ2 2026-$24.70M

FY YoY
18x
5Y CAGR
+44.4%

VATE free cash flow was -$24.70M in fiscal Q2 2026 (ended Jun 30, 2026), compared with $40.10M a year earlier. For the full fiscal 2025 it was $146.10M, up about 18-fold from fiscal 2024. Compound annual growth was +44.4% over 5 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.25B$1.11B$1.42B$1.64B$1.21B$716.90M$1.08B$1.98B$1.63B$1.56B
Cost of revenue$1.05B$898.30M$1.21B$1.42B$1.02B$588.50M$596.00M$1.59B$1.31B$1.25B
Gross profit$199.70M$208.80M$216.00M$221.40M$183.70M$128.40M$481.00M$391.50M$321.00M$304.10M
Selling, general and admin$153.10M$160.20M$168.00M$180.10M$168.30M$145.50M$177.30M$218.40M$182.80M$152.90M
Operating income$28.70M$40.00M$26.50M$13.40M-$10.60M-$28.30M$25.30M-$55.80M-$1.10M-$1.50M
Interest expense$89.00M$74.50M$68.20M$52.00M$59.10M$74.80M$76.10M$75.70M$55.10M$43.40M
Pre-tax income-$61.50M-$33.40M-$34.40M-$41.10M-$80.70M-$46.70M-$41.80M$182.30M-$39.80M-$45.80M
Income tax$2.50M$6.30M$4.50M$900.0K$5.60M$7.00M-$19.60M$2.40M$10.70M$51.60M
Net income-$60.60M-$34.60M-$35.20M-$35.90M-$227.50M-$92.00M-$31.50M$162.00M-$46.90M-$94.50M
EPS, basic-$4.84-$3.08-$4.81-$5.30-$29.80-$18.80-$7.00$31.40-$11.60-$28.30
EPS, diluted-$4.84-$3.08-$4.81-$5.30-$29.80-$18.80-$7.00$29.00-$11.60-$28.30
Diluted shares13.2M10.7M7.8M7.8M7.7M5.0M4.5M4.7M4.3M3.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$108.20M$41.80M$80.80M$80.40M$45.50M$43.80M$23.30M$300.70M$97.90M$115.40M
Receivables$239.40M$194.00M$278.40M$254.90M$247.10M$134.70M$228.90M$379.20M$322.40M$267.60M
Inventory$16.00M$20.80M$22.40M$18.90M$17.00M$9.90M$10.70M$21.30M$12.70M$9.65M
Current assets$451.40M$390.90M$517.90M$536.40M$442.60M$6.23B----
Goodwill$105.60M$126.70M$127.10M$127.10M$127.40M$111.00M$110.40M$150.90M$131.70M$98.10M
Total assets$950.10M$891.10M$1.04B$1.15B$1.08B$6.72B$6.96B$6.50B$3.22B$2.84B
Current liabilities$1.03B$483.00M$413.80M$417.20M$439.50M$5.93B----
Short-term debt$518.60M$162.20M$30.50M$30.60M$69.50M$433.60M----
Long-term debt$80.30M$500.60M$679.30M$683.80M$556.80M$127.90M$1.03B--$428.50M
Total debt$598.90M$662.80M$709.80M$714.40M$626.30M$561.50M$1.03B$743.90M$593.17M$428.50M
Total liabilities$1.17B$1.03B$1.18B$1.18B$1.07B$6.11B$6.49B$6.28B$3.00B$2.74B
Shareholders' equity-$240.10M-$159.30M-$151.70M-$90.60M-$56.20M$600.20M$443.60M$193.70M$188.10M$67.40M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$146.60M$9.10M$26.50M-$9.50M$27.00M$41.10M$110.70M$341.40M$6.60M$79.10M
Capital expenditures$500.0K$1.20M$18.40M$20.70M$24.10M$17.80M$24.70M$39.70M$31.90M$29.00M
Free cash flow$146.10M$7.90M$8.10M-$30.20M$2.90M$23.30M$86.00M$301.70M-$25.30M$50.10M
Investing cash flow-$22.60M-$13.90M$39.10M-$22.50M-$223.20M$162.10M-$263.60M-$224.60M-$139.30M-$140.20M
Financing cash flow-$61.20M-$26.50M-$65.30M$68.10M$4.30M-$204.50M$62.40M$115.20M$115.40M$18.80M
Dividends paid$2.20M$1.20M$2.20M$5.20M$2.90M--$500.0K$500.0K$1.30M
Stock-based compensation$2.70M$3.40M$2.20M$2.40M$2.40M$2.90M$6.30M$9.00M$5.20M$8.30M
Depreciation and amortization$30.40M$32.90M$36.00M$42.20M$37.60M$26.80M$8.20M$38.70M$36.60M$28.90M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY12.5%-22.2%-13.1%35.9%68.1%-33.4%-45.5%21.0%4.9%39.0%
Gross margin16.0%18.9%15.2%13.5%15.2%17.9%44.7%19.8%19.6%19.5%
Operating margin2.3%3.6%1.9%0.8%-0.9%-3.9%2.3%-2.8%-0.1%-0.1%
Net margin-4.9%-3.1%-2.5%-2.2%-18.9%-12.8%-2.9%8.2%-2.9%-6.1%
Free cash flow margin11.7%0.7%0.6%-1.8%0.2%3.3%8.0%15.3%-1.5%3.2%
Return on equity------15.3%-7.1%83.6%-24.9%-140.2%
Return on assets-6.4%-3.9%-3.4%-3.1%-21.1%-1.4%-0.5%2.5%-1.5%-3.3%
Current ratio0.440.811.251.291.011.05----
Debt to equity-----0.942.313.843.156.36

Source: XBRL data INNOVATE Corp. files with the SEC, latest filing dated Aug 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-10, first reported Nov 6, 2024.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

VATE peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
VATE$1.52B+52.4%-$22.40M-1.5%$73.9M
PH$22.41B+11.9%$3.72B16.6%$120.62B
HWM$9.73B+22.0%$2.05B21.1%$85.99B
RS$17.37B+24.7%$1.11B6.4%$21.45B
RBC$2.02B+17.4%$354.40M17.5%$15.54B
CR$2.76B+21.5%$342.00M12.4%$12.16B
WTS$2.79B+18.7%$447.00M16.0%$12.00B
MLI$5.00B+20.8%$863.59M17.3%$11.94B

VATE FAQ

9 questions
  • What is VATE revenue?
    INNOVATE Corp. (VATE) reported $1.52B of revenue for the twelve months ended Jun 30, 2026. That is up 52.4% from the year before. Revenue for fiscal 2025 was $1.25B.
  • Is VATE profitable?
    No. INNOVATE Corp. reported a net loss of $22.40M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does VATE have?
    INNOVATE Corp. reported $87.80M in cash and cash equivalents and $616.00M of debt on its most recent balance sheet in SEC filings.
  • How fast is VATE revenue growing?
    INNOVATE Corp.'s revenue changed +12.5% in fiscal 2025, to $1.25B. Its compound annual growth rate was +11.7% over 5 years and +1.1% over 10 years.
  • What is VATE gross margin?
    INNOVATE Corp.'s gross profit was $241.60M on $1.52B of revenue for the twelve months ended Jun 30, 2026, a gross margin of 15.9%.
  • What is VATE free cash flow?
    INNOVATE Corp. generated $140.70M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $141.20M less capital expenditures.
  • What is VATE earnings per share?
    Diluted earnings per share were -$1.86 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did VATE last report financial results?
    The latest statements here come from INNOVATE Corp.'s 10-Q filed on Aug 6, 2026, covering the period ended Jun 30, 2026.
  • Where does this VATE financial data come from?
    Quantisnow builds these statements from the structured XBRL data INNOVATE Corp. files with the SEC. It is provided for information only and is not investment advice.