ARMSTRONG WORLD INDUSTRIES INC

Listed Company

AWICIK 0000007431NYSELarge AcceleratedPlastics Products, NecPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

$1.62B

Net Income

$308.70M

Total Assets

$1.92B

Equity

$900.70M

Shares Out

42.68M

Op. Cash Flow

$355.50M

Business

ARMSTRONG WORLD INDUSTRIES INC is a leader in the design, innovation and manufacture of interior and exterior architectural building products. The company produces ceilings, specialty walls, exterior metal solutions, suspension systems and related components using materials such as mineral fiber, fiberglass, metal, resin, wood fiber and glass-reinforced gypsum. Its operations are organized into Mineral Fiber, Architectural Specialties and Unallocated Corporate segments. AWI primarily serves the United States, Canada and Latin America through distributors, ceiling systems contractors, wholesalers, large home centers and direct customers.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,621	1,446	1,295	1,233	1,107
Cost of goods sold	962	864	798	784	701
Gross profit	659	582	497	449	406
Selling, general and administrative expenses	340	309	263	237	237
Loss related to change in fair value of contingent consideration	1	2	100,000	11	−4
(Gain) loss on sales of fixed assets, net	−800,000	600,000	0	0	—
Equity earnings from unconsolidated affiliates, net	−112	−103	−89	−78	−88
Operating income	431	374	324	279	260
Interest expense	33	40	35	27	23
Other non-operating (income), net	−2	−13	−10	−6	−6
Earnings before income taxes	400	347	298	258	243
Income tax expense	92	82	75	58	57
Net earnings	309	265	224	203	183
Foreign currency translation adjustments	2	−3	500,000	−2	0
Derivative (loss), net	−2	−2	−9	19	10
Pension and postretirement adjustments	7	−700,000	4	−7	−10
Total other comprehensive income (loss)	7	−6	−5	10	−300,000
Total comprehensive income	316	259	219	212	183
Basic (per share)	7.13	6.06	5	4.38	3.84
Diluted (per share)	7.08	6.02	4.99	4.37	3.82
Basic (shares)	43	44	45	46	48
Diluted (shares)	44	44	45	46	48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	113	79	71	106	98
Accounts and notes receivable, net	130	134	111	112	109
Inventories, net	125	110	104	110	90
Income taxes receivable	0	4	800,000	2	1
Other current assets	24	22	26	26	23
Total current assets	392	349	313	357	322
Property, plant, and equipment, net	631	599	566	554	543
Operating lease assets	46	37	27	19	21
Finance lease assets	36	35	25	16	18
Prepaid pension costs	100	88	85	83	109
Investment in unconsolidated affiliates	27	27	17	24	50
Goodwill	218	203	176	167	167
Intangible assets, net	425	455	412	408	421
Other non-current assets	51	50	51	59	58
Total assets	1,925	1,843	1,672	1,687	1,710
Current installments of long-term debt	10	23	23	0	25
Accounts payable and accrued expenses	237	215	160	173	175
Operating lease liabilities	11	8	7	6	6
Finance lease liabilities	6	4	3	2	2
Income taxes payable	3	0	2	2	2
Total current liabilities	267	250	195	183	210
Long-term debt, less current installments	396	503	564	651	606
Operating lease liabilities	38	30	20	13	16
Finance lease liabilities	33	33	23	15	17
Postretirement benefit liabilities	33	35	42	55	71
Pension benefit liabilities	24	25	27	28	37
Other long-term liabilities	34	28	27	26	47
Income taxes payable	6	15	15	13	20
Deferred income taxes	193	167	167	169	167
Total non-current liabilities	757	836	886	970	981
Common stock, $0.01 par value per share, 200 million shares authorized, 63,300,018 shares issued and 42,916,593 shares outstanding as of December 31, 2025 and 63,176,007 shares issued and 43,561,649 shares outstanding as of December 31, 2024	600,000	600,000	600,000	600,000	600,000
Capital in excess of par value	617	604	592	574	561
Retained earnings	1,814	1,561	1,347	1,170	1,011
Treasury stock, at cost, 20,383,425 shares as of December 31, 2025 and 19,614,358 shares as of December 31, 2024	−1,428	−1,298	−1,242	−1,109	−944
Accumulated other comprehensive (loss)	−103	−110	−105	−100	−110
Total shareholders' equity	901	757	592	535	520
Total liabilities and shareholders' equity	1,925	1,843	1,672	1,687	1,710

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	120	103	89	84	97
Deferred income taxes	24	200,000	−800,000	−2	9
Share-based compensation	22	18	19	14	11
Payments of contingent consideration in excess of acquisition date fair value	−700,000	0	−5	−2	0
Write-off of debt refinancing fees	200,000	0	0	600,000	0
Other non-cash adjustments, net	2	−100,000	−500,000	300,000	1
Receivables	−8	−25	−2	−12	−31
Inventories	−13	2	6	−20	−11
Accounts payable and accrued expenses	28	27	8	−2	39
Income taxes receivable and payable, net	−2	−5	3	−7	−2
Other assets and liabilities	−15	−18	−19	−9	−17
Net cash provided by operating activities	356	267	234	182	187
Purchases of property, plant and equipment	−109	−83	−84	−75	−80
Return of investment from joint venture	113	98	97	105	78
Acquisitions, net of cash acquired	−14	−124	−27	−3	−700,000
Investment in unconsolidated affiliate	0	−6	0	−3	—
Proceeds from the sales of fixed assets	1	24	0	0	100,000
Proceeds from company-owned life insurance, net	6	10	3	1	0
Net cash (used for) provided by investing activities	−4	−79	−10	28	−14
Proceeds from revolving credit facility	10	138	55	355	95
Payments of revolving credit facility	−110	−178	−120	−315	−155
Proceeds from long-term debt	411	0	0	450	0
Payments of long-term debt	−428	−23	0	−469	−25
Financing costs	−3	0	0	−3	0
Payments for finance leases	−6	−3	−3	−2	−2
Dividends paid	−55	−51	−47	−44	−41
Payments of tax withholdings for share-based compensation plans, net of issuances	−9	−5	−2	—	—
Payments of acquisition related contingent consideration	−800,000	0	−10	−7	0
Payments for treasury stock acquired, including excise taxes	−129	−56	−132	−165	−80
Other financing activities	−400,000	0	0	—	—
Net cash (used for) financing activities	−319	−178	−259	−202	−212
Effect of exchange rate changes on cash and cash equivalents	800,000	−1	300,000	—	—
Net increase (decrease) in cash and cash equivalents	33	9	−35	8	−39
Interest paid	30	37	34	27	22
Income tax payments, net	69	88	72	63	53
Amounts in accounts payable for capital expenditures	7	5	2	3	300,000
Purchases of property, plant and equipment through vendor financing	3	1	0	0	—

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