--- title: "Albany | 10-K: FY2025 Revenue Beats Estimate at USD 1.183 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277253969.md" published_at: "2026-02-27T22:03:43.000Z" --- # Albany | 10-K: FY2025 Revenue Beats Estimate at USD 1.183 B Revenue: As of FY2025, the actual value is USD 1.183 B, beating the estimate of USD 1.165 B. EPS: As of FY2025, the actual value is USD -1.94, missing the estimate of USD -1.8002. EBIT: As of FY2025, the actual value is USD -5.18 M. ### Consolidated Financial Metrics #### Gross Profit Consolidated Gross profit decreased to $243,920 thousand in 2025 from $401,776 thousand in 2024. The gross profit margin was 20.6% in 2025, a decrease from 32.6% in 2024, primarily due to increased cost assumptions for the AEC segment’s CH-53K long-term contracts. #### Operating Expenses Total consolidated operating expenses increased to $280,023 thousand in 2025 from $270,417 thousand in 2024, representing 23.7% of net revenues, up from 22.0% in 2024. **Selling, General and Administrative (SG&A) Expenses**: Increased by 3.5% to $218,326 thousand in 2025 from $210,882 thousand in 2024, mainly due to personnel-related costs, professional fees, and global information system costs. **Technical and Research Expenses**: Increased by 4.2% to $48,015 thousand in 2025 from $46,097 thousand in 2024, driven by increased activity within the New Business Ventures group. **Restructuring Expenses, net**: Totaled $13,682 thousand in 2025, compared to $13,438 thousand in 2024, including $8,255 thousand for MC, $3,259 thousand for AEC, and $2,168 thousand for Corporate. #### Operating Income/(Loss) Consolidated Operating income/(loss) was - $36,103 thousand in 2025, a significant decrease from $131,359 thousand in 2024, with the operating margin at -3.1% in 2025, down from 10.7% in 2024. #### Net Income/(Loss) Attributable to the Company Net income/(loss) attributable to Albany International Corp. was - $57,342 thousand in 2025, down from $87,623 thousand in 2024. #### Interest Expense, net Interest expense, net increased by $8.1 million to $20,605 thousand in 2025, compared to $12,549 thousand in 2024, primarily due to higher average borrowings. #### Other (Income)/Expense, net Other (income)/expense, net, resulted in an expense of $5,079 thousand in 2025, compared to an expense of $1,721 thousand in 2024, including foreign currency transaction losses of $8,883 thousand and derivative instrument gains of $3,735 thousand in 2025. #### Income Tax (Benefit)/Expense Income tax (benefit)/expense was - $4,828 thousand in 2025, compared to an expense of $29,034 thousand in 2024, with the effective tax rate at 7.8% in 2025, down from 24.8% in 2024. #### Net Income Attributable to the Noncontrolling Interest Net income attributable to the noncontrolling interest was $383 thousand in 2025, compared to $432 thousand in 2024. ### Cash Flow #### Net Cash Provided by Operating Activities Net cash provided by operating activities was $152,474 thousand in 2025, a decrease from $218,441 thousand in 2024, due to slower working capital turns and lower net income adjusted for non-cash items. #### Net Cash Used in Investing Activities Net cash used in investing activities was - $68,262 thousand in 2025, compared to - $80,180 thousand in 2024, partly due to lower capital expenditures and proceeds from the sale of Arcari. #### Net Cash Used in Financing Activities Net cash used in financing activities was - $96,051 thousand in 2025, a decrease from - $183,832 thousand in 2024, resulting from increased borrowings and decreased principal debt payments, partially offset by increased share repurchases. #### Cash and Cash Equivalents Cash and cash equivalents at the end of 2025 were $112,350 thousand, slightly down from $115,283 thousand at the end of 2024. ### Segmented Financial Metrics #### Machine Clothing (MC) Segment - **Gross Profit**: Decreased to $323,732 thousand in 2025 from $346,044 thousand in 2024, with gross profit margin slightly decreasing from 46.1% to 45.7%. - **SG&A Expenses**: Increased to $131,175 thousand in 2025 from $123,120 thousand in 2024, primarily due to increased revaluation losses on monetary operating assets. - **Technical and Research Expenses**: Decreased to $28,090 thousand in 2025 from $29,832 thousand in 2024. - **Restructuring Expenses, net**: Totaled $8,255 thousand in 2025, compared to $9,460 thousand in 2024, mainly due to the timing of announced actions, workforce reductions, and related costs from facility closures. - **Operating Income**: Decreased by $27.4 million or 14.9% to $156,212 thousand in 2025 from $183,632 thousand in 2024, mainly due to gross profit declines and increased SG&A costs, with the operating margin at 22.1% in 2025, down from 24.5% in 2024. - **Capital Expenditures and Purchased Software**: Totaled $30,770 thousand in 2025, up from $21,270 thousand in 2024. #### Albany Engineered Composites (AEC) Segment - **Gross Profit**: Decreased by $135.5 million to - $79,812 thousand in 2025 from $55,732 thousand in 2024, with the gross profit margin at -16.8% in 2025, down from 11.6% in 2024, mainly due to approximately - $155.9 million of increased life-of-contract cost assumptions for CH-53K long-term contracts. - **SG&A Expenses**: Decreased to $46,449 thousand in 2025 from $47,421 thousand in 2024, driven by a - $0.7 million decrease in personnel-related costs. - **Technical and Research Expenses**: Decreased to $15,615 thousand in 2025 from $16,265 thousand in 2024, driven by decreased research material and labor costs. - **Restructuring Expenses, net**: Totaled $3,259 thousand in 2025, compared to $3,649 thousand in 2024, related to workforce reductions at various locations. - **Operating Income/(Loss)**: Decreased by $133.5 million to - $145,135 thousand in 2025 from - $11,603 thousand in 2024, primarily due to reduced gross profit, with the operating margin at -30.6% in 2025, down from -2.4% in 2024. - **Backlog**: Was $1.4 billion as of December 31, 2025, with remaining performance obligations on contracts greater than one year totaling $1.0 billion, of which approximately $166 million is expected to be recognized as revenue in 2026. - **U.S. Government Contracts**: Approximately 35% of AEC net revenues in 2025 were related to U.S. government contracts or programs. - **Capital Expenditures and Purchased Software**: Totaled $39,098 thousand in 2025, down from $58,121 thousand in 2024. ### Outlook / Guidance For 2026, Albany International Corp. expects Packaging and Tissue to be positive contributors in the MC segment, with sales in Europe and the Americas remaining broadly stable, while Asia’s trajectory is uncertain. The MC segment anticipates improving earnings through technological innovations, manufacturing productivity efficiencies, and cost controls. 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