Reported financial summary
Selected annual observations from the historical dataset. Later interim periods are presented separately in the interactive history. Group scope. Operating cash flow is Atlas Copco’s company-defined KPI after investment and specified adjustments, not IFRS cash from operations.
- Revenue
- 168,343MSEK · FY 2025 · Annual · ended 2025-12-31
- Orders received
- 165,814MSEK · FY 2025 · Annual · ended 2025-12-31
- Operating profit
- 34,114MSEK · FY 2025 · Annual · ended 2025-12-31
- Operating cash flow · Atlas definition
- 26,796MSEK · FY 2025 · Annual · ended 2025-12-31
Definitions, sources and limitations
- Revenue Sales earned during the period. Read with orders, service mix and margins to understand the operating chain. Segment revenue includes internal sales. Group revenue is consolidated after eliminations. Atlas Copco Group Annual Report 2025 — printed p. 13: group and all four business-area annual sales bridges; Four years in summary, printed p. 170; printed p. 18 and note 3 pp. 117–118 (2025 and 2024); printed p. 2 and note 3 pp. 117–118; printed p. 4, 2021–2025 chart; consolidated income statement, printed p. 104; note 2, printed p. 116
- Orders received Incoming customer commitments help explain future activity. Orders are not cash, guaranteed future revenue or a count of installed machines. Atlas Copco Group Annual Report 2025 — printed p. 13: group and all four business-area annual sales bridges; Four years in summary, printed p. 170; printed p. 18 and note 3 pp. 117–118 (2025 and 2024); printed p. 2 and note 3 pp. 117–118; printed p. 4, 2021–2025 chart; consolidated income statement, printed p. 104; note 2, printed p. 116
- Operating profit Profit after operating costs, including development and reported acquisition amortisation, before financing and tax. Read with margin and capital employed. Atlas Copco Group Annual Report 2025 — printed p. 13: group and all four business-area annual sales bridges; Four years in summary, printed p. 170; printed p. 18 and note 3 pp. 117–118 (2025 and 2024); printed p. 2 and note 3 pp. 117–118; printed p. 4, 2021–2025 chart; consolidated income statement, printed p. 104; note 2, printed p. 116
- Operating cash flow · Atlas definition Cash after operating needs and investment, before acquisitions/divestments. This helps assess capacity to reinvest and distribute cash. Company-defined KPI includes capital investment and specified currency-hedge adjustments. Do not subtract capex again. Distinct from IFRS cash from operations; lease principal is financing. Atlas Copco Group Annual Report 2025 — printed p. 13: group and all four business-area annual sales bridges; Four years in summary, printed p. 170; printed p. 18 and note 3 pp. 117–118 (2025 and 2024); printed p. 2 and note 3 pp. 117–118; printed p. 4, 2021–2025 chart; consolidated income statement, printed p. 104; note 2, printed p. 116
Figures use the same dataset as the interactive history, displayed in the stated units with up to six decimal places. Reporting periods are not editorial review dates. Missing values are not zero. Date definitions · Published corrections
Business overview
Atlas Copco supplies equipment that factories and other industrial customers use to compress air, create a vacuum, assemble products, move fluids and provide temporary power. It earns from selling that equipment, supporting machines in use, and renting specialist equipment. Its four business areas serve different customers and require different amounts of capital.
A machine sale can begin a long service relationship.
Customers need reliable production. Energy use, equipment availability and process quality all affect the cost of running a factory. Atlas competes by meeting those requirements, then maintaining and improving equipment over its working life. More equipment in use creates opportunities for service; winning and retaining that work still requires useful support and competitive terms.
Customer productivity → equipment adoption → service and operating feedback → cash for engineering and acquisitions
Four businesses, explained from first principles
Open a business area for its products, buyers and service relationship. Select the same area in the scorecard below to see its own history.
Compressor Technique · supplying compressed air and gas
A compressor squeezes air or gas into a smaller space, increasing its pressure. Customers use that pressure to run tools, move materials and support production processes. Atlas also supplies dryers, filters, gas generators and related treatment equipment. Clean, dependable air can be a factory utility, much like electricity.
Who buys: general manufacturers, food and beverage producers, pharmaceutical companies, electronics manufacturers, and energy and process industries. Distributors also sell and service equipment locally. Process compressors can involve larger, project-based orders.
Service relationship: replacement parts, maintenance, repairs, monitoring and efficiency improvements. Energy savings and fewer interruptions can matter more to a customer than a small difference in the initial machine price.
Vacuum Technique · removing gases from a process
A vacuum pump removes gas from an enclosed space. This allows manufacturers to control the conditions in which materials are processed. Semiconductor equipment needs controlled environments for many manufacturing steps; industrial and scientific applications use vacuum for different pressure ranges and processes. Abatement equipment treats process exhaust.
Who buys: semiconductor equipment manufacturers and chip producers, industrial manufacturers, research laboratories and scientific-instrument customers. Semiconductor investment cycles can cause large changes in equipment orders.
Service relationship: maintenance, replacement parts, refurbishment and process support. Qualification and process knowledge can support durable relationships, while customers can delay new capacity or change suppliers for future projects.
Industrial Technique · assembling and inspecting products
Factories must join components correctly and check that the result meets specifications. Atlas supplies tightening tools, fastening and joining systems, dispensing equipment and machine vision. Software and process data can help customers check that an assembly operation was completed correctly.
Who buys: automotive and other manufacturers, including electronics and aerospace applications. Customers may buy individual tools or systems integrated into an automated production line.
Service relationship: maintenance, calibration, support and process optimisation. An embedded workflow can create switching costs, but this does not make all equipment revenue recurring software revenue.
Power Technique · moving fluids and supplying temporary utilities
This business supplies portable compressors, generators, industrial and dewatering pumps, and related equipment. Specialty rental lets a customer obtain temporary air, power or other utilities without owning all the equipment needed for a short project or production interruption.
Who buys: industrial companies, construction and infrastructure contractors, equipment rental companies and customers needing temporary utility capacity.
Different economics: rental earns revenue while Atlas retains the equipment. Fleet investment, maintenance and utilisation therefore matter. The quarterly service category includes specialty rental; it is broader than maintenance and spare parts alone.
Sales, service and manufacturing model ↗ · Segment sources and disclosure limits ↓
Trend
Select a chart mark for its value, method and source. Exact observations are also available in History.
Business trends
All metrics & disclosure gaps
Follow the operating history.
Compare annual results with annual results and individual Q3 periods with one another. Revenue and profit cover a period; cash and debt are balances at its end; ROCE uses a trailing return and average capital. Missing values stay blank.
How the business compounds its capabilities.
The relationships below explain how the business can reinforce itself. They are operating interpretations, not forecasts or measurements of an individual customer’s results.
Four connected operating loops
- Equipment and service. A useful machine wins a place in a customer’s operation. Maintenance, parts and upgrades can then support that machine and generate further revenue. Service quality can influence the customer’s next equipment purchase. Track equipment activity, service growth and margins; a machine sale does not guarantee the lifetime service work.
- Engineering and customer feedback. Engineers learn from operating equipment and customer requirements. Improvements in energy use, reliability and process performance can support future product adoption. Track R&D alongside product evidence and organic growth. More research spending alone does not demonstrate a better product.
- Local service coverage. Technicians and customer relationships help Atlas respond to operating needs. Acquiring a distributor can strengthen that local presence and give an existing product range a wider route to market. A denser network may improve service economics, but its fixed costs still need enough activity.
- Cash and acquisitions. Cash generated by established businesses can fund specialists, technologies and distribution. Those acquisitions can add earnings and future opportunities. The loop creates value only when the resulting cash and returns justify the full capital committed. Acquisition count and revenue growth are insufficient tests.
Competitors & sources of competitive advantage
Competition differs by product and geography. An established brand or service network can help win business, while the customer still compares reliability, energy use, process performance, support and price.
These are selected competitors identified in Atlas’s annual disclosure, not a market-share ranking. Edwards, Leybold, Chicago Pneumatic and LEWA are Atlas Copco Group brands and are not independent competitors. Named-customer revenue concentration is not established by the reviewed sources; industries are not substitutes for a disclosed customer list.
What Atlas buys—and why the price matters
Acquisitions generally sit within or close to existing operations. A distributor adds customer access and service staff; a technology specialist adds a capability; a larger acquisition can establish a new area of business. In 2025 Atlas completed 29 acquisitions with total consideration of SEK 13.1bn and a net acquisition cash outflow of SEK 11.6bn. Consideration and cash paid in the year are different measures.
| Business acquired | Capability added | Operating question |
|---|---|---|
| Edwards · 2014 Leybold · 2016 | Vacuum technology, customers and service expertise. | How do equipment cycles, customer qualification and service activity translate into profit and capital returns? |
| ISRA Vision · 2020 | Machine vision for inspection and production processes. | Does the broader assembly and inspection offer win business and cover its development and acquisition costs? |
| LEWA · 2022 | Specialist metering and process pumps. | Does the added product range generate sufficient profit relative to the capital committed? |
| Anglian Compressors · 2025 | Local sales and service coverage in the East of England. | Does closer access to existing customers improve service and equipment activity? |
| Euroklimat · October 2026 | Industrial heating and cooling technology. | How does the adjacent offer develop within Compressor Technique? Its purchase price was not disclosed. |
Buying a distributor does not create a new installed base overnight
A distributor may already sell and maintain Atlas equipment. Buying it brings the downstream sales and service operation into the group. Existing intercompany equipment sales are eliminated on consolidation. Acquired revenue therefore needs to be read with the transaction’s scope, rather than treated as newly created customer demand.
Local responsibility, with integration and financial oversight
Divisions identify businesses near their existing activities. Atlas has an acquisition process, due diligence and support before and after completion. Some acquired brands remain distinct, while others are integrated. Preserving customer knowledge and technical staff matters, as does establishing group controls. Management’s 2025 review identified faster, more effective integration as an area for improvement.
What can be measured after a deal?
Track acquisition cash spending, organic growth, operating profit, average capital employed and cash generation. Goodwill and acquired intangible assets remain part of the capital committed. Segment trends are useful evidence but cannot isolate an individual acquisition’s return. Many deal prices and subsequent standalone results are not disclosed.
Dated acquisition register ↗ · 2025 management review ↗ · Transaction sources ↓
Why the segments have different returns on capital
ROCE connects profit with the capital required to produce it. For the business areas, operating margin multiplied by revenue divided by average capital employed gives ROCE when the periods and definitions match. A strong margin can coexist with a lower return if the business requires more capital.
Read margin and capital turnover together
Compressor Technique’s high reported return should be read alongside its established operations, service activity and capital base. Vacuum and Industrial Technique include acquired technologies and businesses, so goodwill and acquired intangibles affect the denominator. Power Technique also owns a rental fleet. These differences make a single group-wide ROCE threshold a poor description of operating progress.
A lower return after an acquisition or capacity expansion is not proof of either good or bad discipline. Look for subsequent profit and cash relative to all the capital added. Currency translation, working capital, product mix and economic cycles can also move the ratio.
Accounting changes can alter the ratio without improving the business
An impairment can reduce the future capital denominator even though it records a loss of value. Selling assets can change both profit and capital. Acquisition amortisation affects reported operating profit; EBITA adds back amortisation and impairment of acquisition-related intangibles. Show those measures together rather than treating the higher number as automatically more informative.
Cash, debt and the capacity to keep investing
At 30 September 2026 Atlas reported SEK 24.3bn of cash, SEK 37.5bn of borrowings including leases and SEK 14.2bn of net indebtedness. Reported net debt/EBITDA was 0.3×. Borrowings due within one year were SEK 5.8bn, and average debt maturity was 4.2 years. These are dated reported balances.
The September cash balance preceded the second 2026 distribution of SEK 2.50 per share, scheduled for 23 October. The Euroklimat acquisition also closed after September, with its price undisclosed. September’s balance sheet therefore does not describe cash available after those events.
What supports liquidity—and what needs monitoring?
Atlas lists committed revolving facilities of EUR 1.64bn with maturities in 2030 and 2032. Its debt page lists Fitch A+ and Moody’s A1 ratings. Facilities are borrowing capacity, not additional cash already owned. Watch cash generation, repayments, distributions and acquisition spending together.
In the first nine months of 2026, company-defined operating cash flow was SEK 19.8bn, versus SEK 20.0bn a year earlier. Working capital absorbed approximately SEK 3.0bn, compared with releasing approximately SEK 1.0bn. These nine-month flows are separate from the individual-quarter charts.
Intangible assets of SEK 82.1bn represented about 35% of September’s total assets. They are not liquid reserves. The significance is whether the underlying acquired businesses and technologies earn adequate returns.
Q3 2026 · pp.3, 11–13 ↗ · Debt and facilities ↗ · Distribution dates ↗
The questions behind the scorecard
Where the operating loops can weaken
Customers postpone investment or run equipment less
Industrial and semiconductor spending can be cyclical. Lower utilisation can affect some service demand as well as new equipment. Organic order growth and service activity need to be read alongside the customer’s industry cycle.
A competitor offers a better whole-life proposition
Lower energy use, dependable local service, process performance or a lower price can change a customer’s choice. Established relationships must continue to deliver useful results. The disclosed data does not isolate a single measure of pricing power or switching costs.
Growth absorbs cash or acquisitions disappoint
Inventory, receivables and rental fleets can require cash before they produce revenue. Acquisitions can add complexity and integration costs. Persistent weak cash generation, falling capital productivity or repeated impairments require investigation even when reported sales grow.
Service mix gives a misleading signal
The service percentage can rise when equipment sales fall. It can also decline during a strong equipment cycle while service revenue itself grows. Look at both amounts, acquisition and currency effects, and the mix of maintenance and rental. Service revenue is not a direct count of contracted customers.
Evidence & definitions.
Source review: 30 October 2026. Annual 2021–2025 history and individual Q3 2025/Q3 2026 observations are separate. Every chart mark opens its definition and supporting disclosure.
Coverage and calculation policy
Financial amounts are SEK millions in the dataset and tables unless stated; larger amounts are displayed in SEK billions on cards and charts. Percentages and multiples keep their own units. Annual periods end on 31 December; Q3 flows cover July–September, while Q3 balances are at 30 September. ROCE and net debt/EBITDA are reported trailing measures and are not annualised quarterly profit.
Book-to-bill = orders received / revenue. Operating margin = operating profit / revenue. Equipment and service revenue estimated from rounded mix percentages are marked ≈. They are not directly disclosed amounts, machine counts, contract revenue or organic-growth measures. Power’s quarterly service category includes specialty rental. Segment revenue includes internal sales, so adding segment revenue does not exactly reproduce consolidated group revenue.
Atlas’s company-defined operating cash flow already includes investment cash flows, including rental investment, and excludes acquisitions/divestments and specified currency hedges. It is distinct from IFRS net cash from operating activities. Do not subtract capital expenditure again. Lease principal payments are financing cash flows; the company KPI should not be treated as an unrestricted cash distribution.
Group and segment ROCE definitions differ. Business-area capital employed excludes cash and tax balances, while group capital includes different items. Acquisition-related goodwill and intangibles affect reported returns. Do not compare pre-tax ROCE directly with an after-tax cost of capital.
Blank values mean not established in the reviewed source set, not zero. The dataset does not supply a complete installed-machine count, service attachment or retention rate, separately disclosed service margins, segment free cash flow or individual-deal returns. Customer industries are described; an unverified list of named customers is not substituted for disclosure.
The page is a dated research snapshot. Inclusion in the company source register enables the existing review workflow; it does not guarantee that a newly issued filing has been incorporated. Check the observation dates and original reports.
About this information centre
Historical results and business explanations only. No forecasts, valuation models, price targets or stock recommendations. Reported observations, calculations and operating interpretations are identified separately. Figures can be incomplete or outdated; consult original disclosures. Coverage is a collection of businesses to study, not a recommended portfolio.