Axalta Coating Systems Ltd. is a global manufacturer and distributor of high-performance liquid and powder coatings. The company primarily serves the automotive and industrial sectors, providing surface protection and color solutions for light vehicles, commercial vehicles, and aftermarket refinishing. Headquartered in Pennsylvania and incorporated in Bermuda, Axalta operates a vast distribution network reaching over 140 countries.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
5,117,000
5,276,000
5,184,000
4,884,000
Cost of Sales
3,355,000
3,478,000
3,566,000
3,466,000
Gross Profit
1,762,000
1,798,000
1,618,000
1,418,000
Selling, General & Administrative Expenses
805,000
847,000
840,000
772,000
Depreciation & Amortization Expenses
98,000
92,000
88,000
125,000
Research & Development Expenses
71,000
74,000
74,000
66,000
Other Operating Expenses
53,000
79,000
28,000
32,000
Operating Profit
735,000
706,000
588,000
423,000
Interest Expense
(176,000)
(205,000)
(213,000)
(140,000)
Non-Operating Income
(13,000)
(5,000)
(20,000)
(26,000)
Total Non-Operating Income
(189,000)
(210,000)
(233,000)
(166,000)
Income Before Provision for Income Taxes
546,000
496,000
355,000
257,000
Provision for Income Taxes
167,000
105,000
86,000
65,000
Consolidated Net Income
379,000
391,000
269,000
192,000
Net Income Attributable to Minority Interests and Other
1,000
—
2,000
—
Net Income Attributable to Common Shareholders
378,000
391,000
267,000
192,000
Basic EPS
1.75
1.78
1.21
0.86
Diluted EPS
1.74
1.78
1.21
0.86
Basic Weighted Average Shares Outstanding
216,000
219,300
221,000
221,700
Diluted Weighted Average Shares Outstanding
217,000
220,400
221,900
222,300
Shares Outstanding
213,400
218,100
220,100
220,600
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
657,000
593,000
700,000
645,200
Total Cash and Cash Equivalents
657,000
593,000
700,000
645,200
Accounts Receivable
1,229,000
1,248,000
1,260,000
1,067,400
Total Trade Receivables
1,229,000
1,248,000
1,260,000
1,067,400
Inventories
756,000
734,000
741,000
829,600
Other Current Assets
173,000
148,000
120,000
150,500
Total Current Assets
2,815,000
2,723,000
2,821,000
2,692,700
Net Property, Plant & Equipment
1,299,000
1,181,000
1,204,000
1,190,200
Net Intangible Assets
1,147,000
1,149,000
1,130,000
1,112,300
Goodwill
1,795,000
1,640,000
1,591,000
1,498,000
Other Long-Term Assets
543,000
556,000
526,000
566,000
Total Assets
7,599,000
7,249,000
7,272,000
7,059,200
Accounts Payable
637,000
659,000
725,000
733,500
Accrued Expenses
712,000
675,000
677,000
620,200
Current Portion of Long-Term Debt
20,000
20,000
26,000
31,000
Total Current Liabilities
1,369,000
1,354,000
1,428,000
1,384,700
Long-Term Debt
3,179,000
3,401,000
3,478,000
3,673,300
Other Long-Term Liabilities
658,000
538,000
593,000
501,700
Total Long-Term Liabilities
3,837,000
3,939,000
4,071,000
4,175,000
Total Liabilities
5,206,000
5,293,000
5,499,000
5,559,700
Common Stock
255,000
255,000
254,000
252,400
Treasury Stock
(1,202,000)
(1,037,000)
(937,000)
(887,300)
Additional Paid-in Capital
1,621,000
1,599,000
1,568,000
1,536,500
Accumulated Other Comprehensive Income
(383,000)
(582,000)
(444,000)
(466,900)
Retained Earnings
2,055,000
1,677,000
1,286,000
1,018,800
Total Common Shareholders' Equity
2,346,000
1,912,000
1,727,000
1,453,500
Minority Interests and Other
47,000
44,000
46,000
46,000
Total Shareholders' Equity
2,393,000
1,956,000
1,773,000
1,499,500
Total Liabilities and Shareholders' Equity
7,599,000
7,249,000
7,272,000
7,059,200
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
379,000
391,000
269,000
192,000
Depreciation & Amortization
295,000
280,000
276,000
303,000
Share-Based Compensation Expense
25,000
28,000
26,000
22,000
Other Adjustments
77,000
0
59,000
48,000
Changes in Trade Receivables
97,000
(7,000)
(119,000)
(171,000)
Changes in Inventories
33,000
12,000
103,000
(195,000)
Changes in Accounts Payable
(77,000)
(49,000)
9,000
138,000
Changes in Accrued Expenses
(64,000)
36,000
29,000
45,000
Changes in Other Operating Activities
(116,000)
(115,000)
(77,000)
(88,000)
Cash from Operating Activities
649,000
576,000
575,000
294,000
Capital Expenditure
(196,000)
(140,000)
(138,000)
(151,000)
Payments for Business Acquisitions
(48,000)
(301,000)
(106,000)
(3,000)
Other Investing Activities
32,000
20,000
12,000
48,000
Cash from Investing Activities
(212,000)
(440,000)
(206,000)
(106,000)
Issuance of Short-Term Debt
—
—
9,000
—
Repayments of Short-Term Debt
—
(5,000)
(50,000)
(91,000)
Net Issuance / (Repayments) of Short-Term Debt
—
(5,000)
(41,000)
(91,000)
Issuance of Long-Term Debt
—
333,000
697,000
1,980,000
Repayments of Long-Term Debt
(230,000)
(420,000)
(904,000)
(2,042,000)
Net Issuance / (Repayments) of Long-Term Debt
(230,000)
(87,000)
(207,000)
(62,000)
Issuance of Common Shares
(3,000)
4,000
8,000
—
Repurchases of Common Shares
(165,000)
(100,000)
(50,000)
(200,000)
Net Issuance / (Repurchases) of Common Shares
(168,000)
(96,000)
(42,000)
(200,000)
Other Financing Activities
(3,000)
(13,000)
(25,000)
(16,000)
Cash from Financing Activities
(401,000)
(201,000)
(315,000)
(369,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
28,000
(42,000)
(6,000)
(15,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash