Generac Holdings (GNRC): what its 10-K says it depends on

Customers

Data center market

earns fromnamed as a risk

Growth of the data center market is difficult to project and may not be sustaining, and we may not be successful in achieving our growth, revenue, or profitability objectives in the future related to it.Risk factors (Item 1A)

Also named by ECG, MOD, TXN, VRT

Telecommunications carriers and tower companies

earns from

Generac is the leading supplier of backup power to the telecommunications market in the United States.Business (Item 1)

Utility grid services programs

earns from

In exchange for this capability, utilities pay ecobee for that connection.Business (Item 1)

Suppliers

Contract manufacturers

depends onnamed as a risk

For certain products, we do not have internal manufacturing capabilities and rely on a small number of contract manufacturers to build these products or supply these components, including but not limited to certain energy technology products and components.Business (Item 1)

Also named by AIOT, COHR, CSCO, DELL, GOOG, HROW, KEYS, LITE and 6 more

Large engine suppliers for data center generators

depends onnamed as a risk

For certain products we rely upon outside manufacturers to build these products or supply these components, including but not limited to certain clean energy products or components and large engines used in data center backup applications.Risk factors (Item 1A)

Partners and platforms

Independent dealers and distributors

depends on · no single customer providing more than 4% of our net sales in 2025named as a risk

We depend on the services of independent distributors and dealers to sell and install our products and provide service and aftermarket support to our end customers.Risk factors (Item 1A)

Other companies

SOFR

exposed to its price · approximately $7.4 millionnamed as a risk

A hypothetical change in the SOFR interest rate of 100 basis points would have changed annual interest expense by approximately $7.4 million (or, without the swaps in place, approximately $12.4 million) in 2025.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Residential products

earns from · 53.9%

Residential products comprised 53.9%, 56.6% and 51.3%, respectively, of total net sales in 2025, 2024 and 2023.Business (Item 1)

Commercial & industrial (C&I) products

earns from · 34.6%

C&I products comprised 34.6%, 32.3% and 37.2%, respectively, of total net sales in 2025, 2024 and 2023.Business (Item 1)

Wisconsin collective bargaining agreement

operates in

That facility is subject to a collective bargaining agreement that expires October 17, 2026, and is subject to Wisconsin’s Right to Work law.Business (Item 1)

Competitors

Caterpillar

competes with

C&I products – Competitors include Caterpillar, Cummins, Rehlko (formerly known as Kohler Power), IGSA, MTU (Rolls Royce), AKSA, MultiQuip, Wacker, Doosan, Atlas Copco, Himoinsa, Woodward, Planelec, and Co-map, as well as other domestic and foreign competitors that package engines and alternators into power generation equipment in local markets around the world.Business (Item 1)

Also named by APLD, FIX, MOD, RBC, TRMB

Cummins

competes with

C&I products – Competitors include Caterpillar, Cummins, Rehlko (formerly known as Kohler Power), IGSA, MTU (Rolls Royce), AKSA, MultiQuip, Wacker, Doosan, Atlas Copco, Himoinsa, Woodward, Planelec, and Co-map, as well as other domestic and foreign competitors that package engines and alternators into power generation equipment in local markets around the world.Business (Item 1)

Also named by FIX

Tesla

competes with

Residential products – Competitors include Rehlko (formerly known as Kohler Power), Briggs & Stratton, Honda, Champion, Techtronics International, Harbor Freight, Husqvarna, Ariens, Tesla, Enphase, Solar Edge, Google, Resideo, The Toro Company, EcoFlow, and Emerson, along with a number of other domestic and foreign competitors; certain of which also have broad operations in other manufacturing businesses.Business (Item 1)

Also named by UBER

Rehlko (formerly Kohler Power)

competes with

C&I products – Competitors include Caterpillar, Cummins, Rehlko (formerly known as Kohler Power), IGSA, MTU (Rolls Royce), AKSA, MultiQuip, Wacker, Doosan, Atlas Copco, Himoinsa, Woodward, Planelec, and Co-map, as well as other domestic and foreign competitors that package engines and alternators into power generation equipment in local markets around the world.Business (Item 1)

Enphase

competes with

Residential products – Competitors include Rehlko (formerly known as Kohler Power), Briggs & Stratton, Honda, Champion, Techtronics International, Harbor Freight, Husqvarna, Ariens, Tesla, Enphase, Solar Edge, Google, Resideo, The Toro Company, EcoFlow, and Emerson, along with a number of other domestic and foreign competitors; certain of which also have broad operations in other manufacturing businesses.Business (Item 1)

Places

Wisconsin

concentrated in · within a 100-mile radius of each othernamed as a risk

In addition, a significant portion of our manufacturing and production facilities are in Wisconsin within a 100-mile radius of each other.Risk factors (Item 1A)

Also named by LNT, WEC

Europe

depends onnamed as a risk

We source a significant portion of our purchased components overseas, primarily in Asia and Europe.Risk factors (Item 1A)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Asia

depends onnamed as a risk

We source a significant portion of our purchased components overseas, primarily in Asia and Europe.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

South Carolina

operates innamed as a risk

In the event of a business interruption at our facilities, in particular our Wisconsin or South Carolina facilities, we may be unable to shift manufacturing capabilities to alternate locations, accept materials from suppliers or meet customer shipment needs, among other severe consequences.Risk factors (Item 1A)

Also named by ENPH, ENS, FCNCA, IMKTA, PNFP, SSB

Hazards

Power outages (storms, hurricanes, wildfires, ice storms)

earns fromnamed as a risk

Sales of our residential products are subject to consumer buying patterns, and demand for the majority of our products is affected by power outage events caused by thunderstorms, hurricanes, wildfires, ice storms, blackouts, public safety power shutoffs, and other power grid reliability issues, all of which affect our ability to accurately manage our business and forecast future results.Risk factors (Item 1A)

Western United States wildfire public safety power shutoffs

earns from

Finally, certain utilities are adopting preventative power shutoff policies to reduce the risk of wildfires caused by their electrical distribution equipment, predominately in the western part of the United States.Business (Item 1)

Commodities and inputs

Copper

exposed to its price · $1,924named as a risk

We are a purchaser of commodities and components manufactured from commodities including steel, aluminum, copper and others.Market risk (Item 7A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Steel

exposed to its pricenamed as a risk

The principal raw materials that we use to produce our products include steel, copper and aluminum as well as batteries and advanced electronic components.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

Our primary raw material inputs are steel, copper and aluminum, all of which are purchased from third parties and, in many cases, are part of machined or manufactured components.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Batteries

depends onnamed as a risk

In addition, batteries are a significant supply chain input for our energy storage systems for residential and C&I behind-the-meter applications.Business (Item 1)

Also named by SYM

Advanced electronic components and microprocessors

depends onnamed as a risk

Given our broad offering of energy technology solutions, advanced electronic components and micro-processors are now a larger supply chain consideration.Business (Item 1)

Natural gas

Our residential automatic standby generators, which predominantly operate on natural gas and liquid propane, range in output from 7.5kW to 150kW and are permanently installed with an automatic transfer switch, which we also manufacture.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

Our products sold in the United States are regulated by the U.S. Environmental Protection Agency (EPA), California Air Resources Board (CARB) and various other state and local air quality management districts.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Department of Justice (DOJ)

subject tonamed as a risk

The industries in which we operate are also periodically reviewed or investigated by regulators, and we are subject to and may continue to be subject to such investigations and claims, including by the U.S. Department of Justice (DOJ), CPSC and EPA, which could lead to enforcement actions, fines and penalties or the assertion of private litigation claims.Risk factors (Item 1A)

Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more

U.S. Department of Energy (DOE)

earns fromnamed as a risk

For example, in July 2024, we received a grant from the U.S. Department of Energy (DOE) to facilitate the installation of residential solar and battery storage systems for disadvantaged Puerto Rican residents that the DOE has elected to stop funding going forward in 2026.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

California Air Resources Board (CARB)

subject tonamed as a risk

As a further example, CARB regulations that will prohibit future sales in California of certain small off-road engines may negatively affect the long-term sales of certain products we sell today in that state.Risk factors (Item 1A)

Also named by CMI, CRC, CVLG, F, FND, GM, HTLD, KMI and 11 more

U.S. Consumer Product Safety Commission (CPSC)

subject tonamed as a risk

The industries in which we operate are also periodically reviewed or investigated by regulators, and we are subject to and may continue to be subject to such investigations and claims, including by the U.S. Department of Justice (DOJ), CPSC and EPA, which could lead to enforcement actions, fines and penalties or the assertion of private litigation claims.Risk factors (Item 1A)

Also named by ASO, AXON, BBW, CHD, DORM, HAS, KVUE, PG and 8 more

Laws and programs

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

On July 4, 2025, the United States enacted the OBBBA, which introduced substantial tax law changes, eliminates or reduces several tax credits and incentives applicable to energy related technologies, which has and may continue to negatively impact our business in the short term.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

EU Corporate Sustainability Reporting Directive

subject tonamed as a risk

We are subject to regulatory requirements around sustainability-related disclosures, including the EU’s Corporate Sustainability Reporting Directive, which may continue to evolve and may impose substantial additional costs and require additional resources.Risk factors (Item 1A)

Also named by AMAT, AVY, CBRE, FFIV, HLT, IEX, INGR, IP and 19 more

U.S.-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

These changes include renegotiating and terminating certain existing bilateral or multi-lateral trade agreements, such as the U.S.-Mexico-Canada Agreement, and initiating tariffs on certain foreign goods from a variety of countries and regions, most notably China, India, or the EU.Risk factors (Item 1A)

Also named by GM, LII, R, STZ

U.S. tariffs on China, India and EU imports

subject tonamed as a risk

In particular, during 2025, the U.S. imposed new or increased tariffs and other countries, resulting in the imposition of retaliatory tariffs on the U.S., which increased costs in our supply chain.Risk factors (Item 1A)

Anti-dumping and countervailing duties

subject tonamed as a risk

In addition, certain of our products or key components or raw materials have and may continue to be subject to the imposition of higher duties as a result of anti-dumping and countervailing duties applied against them.Risk factors (Item 1A)