Hayward Holdings, Inc. has recently released its 10-K report, detailing its performance for the fiscal year ended December 31, 2024. The company, headquartered in Charlotte, North Carolina, is primarily involved in designing, manufacturing, and marketing a range of pool equipment and associated automation systems in various markets globally. Hayward's products include pumps, filters, cleaners, heaters, water features, and lighting solutions, among others, which are distributed through specialty distributors, retailers, pool builders, and buying groups.
In the fiscal year 2025, Hayward reported net sales of $1,122.2 million, marking a 6.7% increase from the previous year's $1,051.6 million. This growth was primarily driven by a 5.4% increase in price, net of discounts and allowances, and a 1.1% contribution from acquisitions. The company's gross profit also saw a significant rise, reaching $538.7 million in 2025, up from $487.0 million in 2024, representing a 10.6% increase. Additionally, the gross profit margin increased to 48.0% in 2025 from 46.3% in 2024.
Selling, general, and administrative expenses (SG&A) increased to $246.9 million in 2025 from $217.1 million in 2024, primarily due to higher incentive compensation, wage inflation, and investments in selling and customer service teams. Research, development, and engineering expenses remained relatively flat at 2.4% of net sales in 2025, compared to 2.5% in 2024, with a focus on new product development and quality. The company also reported a decrease in acquisition and restructuring related expenses, which amounted to $3.9 million in 2025, down from $6.5 million in 2024.
Hayward's operating income for 2025 stood at $233.3 million, marking an 11.7% increase from the previous year. The company also reported a decrease in net interest expense, which amounted to $50.3 million in 2025, down from $62.2 million in 2024. As a result, the net income for the fiscal year 2025 increased to $151.6 million from $118.7 million in 2024, reflecting a 27.7% growth. Adjusted EBITDA also increased to $299.3 million in 2025 from $277.4 million in 2024, indicating a 7.9% rise.
The company's North America segment reported net sales of $959.2 million in 2025, up from $895.5 million in 2024, representing a 7.1% increase. The segment's gross profit margin increased to 49.9% in 2025 from 48.4% in 2024. Similarly, the Europe & Rest of World segment reported a 4.4% increase in net sales, reaching $163.0 million in 2025 from $156.1 million in 2024, with a gross profit margin of 36.7% in 2025, up from 34.4% in 2024.
Hayward also provided non-GAAP measures such as EBITDA, adjusted EBITDA, adjusted segment income, and their respective margins to supplement GAAP measures, aiming to provide additional insight into the underlying trends of its business. These non-GAAP measures are used by analysts, investors, and interested parties to evaluate the company's performance and understand its operating results across reporting periods on a consistent basis. Following these announcements, the company's shares moved 0.66%, and are now trading at a price of $16.85. Check out the company's full 10-K submission here.
