Innovate Corp. balance sheet

At the end of fiscal 2025, Innovate Corp. had total assets of $950m, total liabilities of $1.17bn and shareholders' equity of −$240m. It held $108m in cash against $687m of debt: net debt of $579m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Innovate Corp.: balance sheet, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	42	41	23	9	108	159	115	98	301	23	44	46	80	81	42	108	88
Receivables	77	82	18	19	152	211	268	322	379	229	135	255	255	278	192	239	284
Inventory	—	—	—	0	15	12	10	13	21	11	10	17	19	22	21	16	15
Total current assets	138	138	87	75	332	—	—	—	—	—	6,227	443	536	518	391	451	479
Goodwill	64	72	61	3	31	61	98	132	151	110	111	127	127	127	127	106	106
Total assets	514	544	301	88	720	2,743	2,835	3,218	6,504	6,958	6,724	1,081	1,152	1,044	891	950	1,007
Accounts payable	37	47	12	7	80	—	—	—	—	—	—	—	—	—	—	—	—
Deferred revenue (current)	—	—	—	—	—	—	—	—	—	—	33	79	99	154	109	172	183
Total current liabilities	137	146	78	32	200	—	—	—	—	—	5,933	440	417	414	483	1,034	1,083
Short-term debt	1	2	0	0	10	—	—	—	—	—	434	70	31	31	162	519	554
Long-term debt	243	246	128	0	333	372	428	—	—	1,025	128	557	684	679	501	80	62
Total debt	244	249	128	0	346	382	438	593	744	1,025	577	631	725	723	668	687	626
Total liabilities	431	442	233	33	572	2,569	2,736	3,002	6,282	6,493	6,108	1,069	1,181	1,180	1,035	1,165	1,227
Shareholders' equity	79	94	69	54	79	94	44	73	88	350	560	−84	−121	−166	−180	−240	−243
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	—	69	79	—	143	134	—	—	96	92	29	37	25	23
Net debt (negative = net cash)	202	208	105	−9	238	223	323	495	443	1,002	533	585	645	642	627	579	539
Shares outstanding	—	—	—	—	—	—	—	—	—	—	—	—	—	8m	13m	14m	14m

US$ millions unless shown otherwise. Fiscal quarters.

Innovate Corp.: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	191	192	165	243	266	239	186	284
Inventory	21	21	20	21	18	16	15	15
Total current assets	400	391	372	398	421	451	406	479
Goodwill	127	127	127	127	127	106	127	106
Total assets	897	891	868	891	913	950	937	1,007
Deferred revenue (current)	86	109	95	173	176	172	157	183
Total current liabilities	468	483	848	873	974	1,034	1,020	1,083
Short-term debt	189	162	524	478	572	519	611	554
Long-term debt	502	501	140	160	97	80	69	62
Total debt	692	663	663	638	669	599	680	616
Total liabilities	1,023	1,035	1,037	1,080	1,121	1,165	1,169	1,227
Shareholders' equity	−163	−180	−204	−225	−233	−240	−256	−243
Non-controlling interests and other (assets − liabilities − equity)	38	37	35	36	26	25	24	23
Shares outstanding	13m	13m	13m	13m	14m	14m	14m	14m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Innovate Corp.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innovate Corp.