NYSE: TNC
TENNANT COCIK 0000097134 · SIC 3580 · Refrigeration & Heating Equipment
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Tennant Q2 2026: Net income falls 62% to $7.6M as ERP issues, tariffs compress margins
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(In millions, except shares and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 324.0 | 318.6 | 621.9 | 608.6 |
| Cost of sales | 196.1 | 184.5 | 380.4 | 354.5 |
| Gross profit | 127.9 | 134.1 | 241.5 | 254.1 |
| Selling and administrative expense | 99.5 | 93.7 | 197.6 | 184.4 |
| Research and development expense | 12.5 | 9.8 | 23.1 | 19.5 |
| Operating income | 15.9 | 30.6 | 20.8 | 50.2 |
| Interest expense, net | (4.3) | (2.2) | (7.7) | (4.5) |
| Net foreign currency transaction loss | (0.3) | (0.8) | (0.7) | (1.0) |
| Other expense, net | (1.0) | (0.3) | (1.2) | (0.2) |
| Income before income taxes | 10.3 | 27.3 | 11.2 | 44.5 |
| Income tax expense | 2.7 | 7.1 | 3.4 | 11.2 |
| Net income | 7.6 | 20.2 | 7.8 | 33.3 |
| Net income per share | ||||
| Basic | 0.44 | 1.10 | 0.45 | 1.79 |
| Diluted | 0.44 | 1.08 | 0.45 | 1.77 |
| Weighted average shares outstanding | ||||
| Basic | 16,898,741 | 18,508,758 | 17,226,826 | 18,605,187 |
| Diluted | 17,171,367 | 18,687,918 | 17,456,349 | 18,820,298 |
Consolidated Balance Sheets
(In millions, except shares and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 76.9 | 106.4 |
| Receivables, less allowances of $10.9 and $10.4, respectively | 286.3 | 256.8 |
| Inventories | 201.9 | 198.5 |
| Prepaid and other current assets | 48.7 | 38.0 |
| Total current assets | 613.8 | 599.7 |
| Property, plant and equipment, less accumulated depreciation of $301.7 and $289.0, respectively | 187.7 | 189.8 |
| Operating lease assets | 54.4 | 56.9 |
| Goodwill | 208.3 | 208.6 |
| Intangible assets, net | 48.6 | 52.6 |
| Other assets | 158.0 | 161.3 |
| Total assets | 1,270.8 | 1,268.9 |
| LIABILITIES AND EQUITY | ||
| Current portion of long-term debt | 0.5 | 0.4 |
| Accounts payable | 112.9 | 127.5 |
| Employee compensation and benefits | 42.8 | 40.9 |
| Other current liabilities | 144.0 | 124.3 |
| Total current liabilities | 300.2 | 293.1 |
| Long-term debt | 358.4 | 273.2 |
| Long-term operating lease liabilities | 32.4 | 35.5 |
| Employee benefits | 16.0 | 15.7 |
| Deferred income taxes | 3.9 | 3.3 |
| Other liabilities | 24.7 | 44.7 |
| Total long-term liabilities | 435.4 | 372.4 |
| Total liabilities | 735.6 | 665.5 |
| Commitments and contingencies (Note 13) | ||
| Common Stock, $0.375 par value; 60,000,000 shares authorized; 17,049,303 and 17,846,681 shares issued and outstanding, respectively | 6.4 | 6.7 |
| Additional paid-in capital | 1.3 | — |
| Retained earnings | 564.4 | 628.1 |
| Accumulated other comprehensive loss | (38.7) | (33.2) |
| Total Tennant Company shareholders' equity | 533.4 | 601.6 |
| Noncontrolling interest | 1.8 | 1.8 |
| Total equity | 535.2 | 603.4 |
| Total liabilities and total equity | 1,270.8 | 1,268.9 |
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net income | 7.8 | 33.3 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation expense | 23.1 | 21.9 |
| Amortization expense | 6.8 | 6.8 |
| Loss from equity method investments | 0.5 | — |
| Deferred income tax expense (benefit) | 3.9 | (0.2) |
| Share-based compensation expense | 3.6 | 5.8 |
| Bad debt and returns expense | 1.2 | 3.3 |
| Other, net | 0.4 | 0.3 |
| Changes in operating assets and liabilities: | ||
| Receivables | (31.1) | (2.4) |
| Inventories | (18.3) | (8.3) |
| Accounts payable | (12.7) | (6.2) |
| Employee compensation and benefits | 1.9 | (13.9) |
| Other assets and liabilities | (13.3) | (18.3) |
| Net cash (used in) provided by operating activities | (26.2) | 22.1 |
| INVESTING ACTIVITIES | ||
| Purchases of property, plant and equipment | (8.5) | (10.8) |
| Payments made in connection with business acquisition, net of cash acquired | (7.2) | — |
| Investment in leased assets | (0.2) | (0.2) |
| Cash received from leased assets | 0.5 | 0.4 |
| Net cash used in investing activities | (15.4) | (10.6) |
| FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 115.0 | 15.0 |
| Repayments of borrowings | (30.0) | (0.8) |
| Repurchases from exercise of stock options, net of employee tax withholdings obligations of $3.2 and $2.9, respectively | (2.3) | (2.4) |
| Repurchases of common stock | (60.5) | (33.6) |
| Dividends paid | (10.8) | (11.0) |
| Net cash provided by (used in) financing activities | 11.4 | (32.8) |
| Effect of exchange rate changes on cash and cash equivalents | 0.7 | 1.6 |
| Net decrease in cash and cash equivalents | (29.5) | (19.7) |
| Cash and cash equivalents at beginning of period | 106.4 | 99.8 |
| Cash and cash equivalents at end of period | 76.9 | 80.1 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except shares and per share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗