INNOVATE Corp.VATE
What INNOVATE Corp. does.
Unless the context otherwise requires, in this Annual Report on Form 10-K, "INNOVATE," means INNOVATE Corp. and the "Company," "we" and "our" mean INNOVATE together with its consolidated subsidiaries.
This Annual Report on Form 10-K contains forward-looking statements. See "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward-Looking Statements."
INNOVATE is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of December 31, 2025, our three operating platforms or reportable segments, based on management’s organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus our Other segment, which includes businesses that do not meet the separately reportable segment thresholds.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $716.9M | $1.2B | $1.6B | $1.4B | $1.1B | $1.2B |
| Net income | -$92.0M | -$227.5M | -$35.9M | -$35.2M | -$34.6M | -$60.6M |
| Free cash flow | $23.3M | $2.9M | -$30.2M | $8.1M | -$9.9M | $146.1M |
More on VATE.
- INNOVATE Corp. summary
- INNOVATE Corp. financial statements
- INNOVATE Corp. key metrics
- INNOVATE Corp. health scores and style box
- INNOVATE Corp. earnings
- INNOVATE Corp. dividends
- INNOVATE Corp. valuation
- INNOVATE Corp. ownership and insiders
- INNOVATE Corp. peers
Figures from INNOVATE Corp.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.