Revenue growth remains inconsistent, evidenced by a 2026Q1 increase of 8.3% following a period of prolonged declines, while operating margins remain fragile due to high fixed-cost sensitivity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.55B | 1.52B | 1.67B | 1.83B | 1.95B | 2.03B | 1.66B | 1.96B | 1.94B | 1.95B | 1.56B | 1.51B | 1.69B | 1.77B | 1.76B | 1.32B | 1.33B | 1.27B | 1.58B | 1.94B | 1.95B | 1.49B | 712.32M | 697.91M | 701.73M | 784.26M | 910.8M | 901.89M | 922.41M | 770M | 536.84M |
| Revenue Growth % | -4.54% | -8.49% | -9.09% | -5.89% | -3.84% | 22.36% | -15.37% | 0.75% | -0.39% | 25.16% | 3.09% | -10.58% | -4.3% | 0.38% | 33.38% | -0.91% | 4.56% | -19.37% | -18.6% | -0.62% | 31.16% | 108.83% | 2.06% | -0.54% | -10.52% | -13.89% | 0.99% | -2.23% | 19.79% | 43.43% | 17.11% |
| Cost of Goods Sold | 1.08B | 1.07B | 1.11B | 1.23B | 1.4B | 1.41B | 1.16B | 1.32B | 1.31B | 1.29B | 1.04B | 1.03B | 1.16B | 1.22B | 1.23B | 903.7M | 915.1M | 893.2M | 1.09B | 1.35B | 1.38B | 1.05B | 434.91M | 419.7M | 424M | 443.97M | 499.74M | 556.31M | 521.94M | 440.63M | 315.95M |
| COGS % of Revenue | - | 70.16% | 66.67% | 67.36% | 71.64% | 69.64% | 70.25% | 67.61% | 67.66% | 66.32% | 66.92% | 68.33% | 68.63% | 69.13% | 69.67% | 68.55% | 68.78% | 70.19% | 69.34% | 69.55% | 70.88% | 70.45% | 61.06% | 60.14% | 60.42% | 56.61% | 54.87% | 61.68% | 56.58% | 57.22% | 58.85% |
| Gross Profit | 475.4M | 454.9M | 555.4M | 598.3M | 552.3M | 614.9M | 492.4M | 633.5M | 627.8M | 656.4M | 515.1M | 478.4M | 529.9M | 544.8M | 533.4M | 414.7M | 415.4M | 379.3M | 483.8M | 590.3M | 568.2M | 439.5M | 277.41M | 278.2M | 277.73M | 340.29M | 411.06M | 345.58M | 400.48M | 329.38M | 220.89M |
| Gross Margin % | 30.65% | 29.84% | 33.33% | 32.64% | 28.36% | 30.36% | 29.75% | 32.39% | 32.34% | 33.68% | 33.08% | 31.67% | 31.37% | 30.87% | 30.33% | 31.45% | 31.22% | 29.81% | 30.66% | 30.45% | 29.12% | 29.55% | 38.94% | 39.86% | 39.58% | 43.39% | 45.13% | 38.32% | 43.42% | 42.78% | 41.15% |
| Gross Profit Growth % | - | -18.1% | -7.17% | 8.33% | -10.18% | 24.88% | -22.27% | 0.91% | -4.36% | 27.43% | 7.67% | -9.72% | -2.73% | 2.14% | 28.62% | -0.17% | 9.52% | -21.6% | -18.04% | 3.89% | 29.28% | 58.43% | -0.29% | 0.17% | -18.38% | -17.22% | 18.95% | -13.71% | 21.59% | 49.12% | 13.46% |
| Operating Expenses | 353.1M | 346.7M | 592.4M | 553.6M | 517.5M | 463.9M | 380M | 437.3M | 440.8M | 472.8M | 355.8M | 315.3M | 356.3M | 402.1M | 338.7M | 300.2M | 300.9M | 299.5M | 689.9M | 517.8M | 503.3M | 314.8M | 226.76M | 276M | 227.43M | 249.99M | 355.16M | 290.85M | 317.98M | 255.04M | 172.16M |
| OpEx % of Revenue | - | 22.74% | 35.55% | 30.21% | 26.57% | 22.91% | 22.96% | 22.36% | 22.71% | 24.26% | 22.85% | 20.88% | 21.09% | 22.78% | 19.26% | 22.77% | 22.62% | 23.54% | 43.71% | 26.71% | 25.8% | 21.16% | 31.83% | 39.55% | 32.41% | 31.88% | 38.99% | 32.25% | 34.47% | 33.12% | 32.07% |
| Selling, General & Admin | 353.1M | 324.7M | 371.8M | 395.3M | 376.7M | 392.6M | 336.3M | 389.9M | 392.4M | 406.1M | 320.8M | 295.7M | 328.6M | 344.2M | 349.9M | 293.9M | 294M | 273.1M | 379M | 448.9M | 448.1M | 307M | 225.63M | 222.74M | 226.58M | 304.27M | 344.21M | 326.43M | 307.34M | 247.19M | 171.47M |
| SG&A % of Revenue | - | 21.3% | 22.31% | 21.57% | 19.34% | 19.38% | 20.32% | 19.94% | 20.21% | 20.84% | 20.6% | 19.58% | 19.45% | 19.5% | 19.9% | 22.29% | 22.1% | 21.46% | 24.01% | 23.15% | 22.97% | 20.64% | 31.68% | 31.92% | 32.29% | 38.8% | 37.79% | 36.19% | 33.32% | 32.1% | 31.94% |
| Research & Development | 0 | 22M | 23M | 25.8M | 26.3M | 26.6M | 19.7M | 21.8M | 23.8M | 23.5M | 21M | 20M | 20.2M | 22.5M | 20.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.44% | 1.38% | 1.41% | 1.35% | 1.31% | 1.19% | 1.11% | 1.23% | 1.21% | 1.35% | 1.32% | 1.2% | 1.27% | 1.18% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 197.6M | 132.5M | 114.5M | 44.7M | 24M | 25.6M | 24.6M | 43.2M | 14M | -400K | 7.5M | 32.3M | -32M | 6.3M | 6.9M | 26.4M | 312.3M | 68.9M | 55.2M | 7.8M | 1.13M | 53.26M | 853K | -54.28M | 10.95M | -35.58M | 10.64M | 7.86M | 688K |
| Operating Income | 122.3M | 108.2M | -37M | 44.7M | 34.8M | 151M | 112.4M | 196.2M | 187M | 184.5M | 159.1M | 163.5M | 173.6M | 145.8M | 139.3M | 115.2M | 109.7M | 79.8M | -206.1M | 72.5M | 64.9M | 124.7M | 96.9M | 47.3M | 19.6M | 17.98M | 54.4M | -11.61M | 82.5M | 74.33M | 48.73M |
| Operating Margin % | 7.89% | 7.1% | -2.22% | 2.44% | 1.79% | 7.46% | 6.79% | 10.03% | 9.63% | 9.47% | 10.22% | 10.82% | 10.28% | 8.26% | 7.92% | 8.74% | 8.24% | 6.27% | -13.06% | 3.74% | 3.33% | 8.38% | 13.6% | 6.78% | 2.79% | 2.29% | 5.97% | -1.29% | 8.94% | 9.65% | 9.08% |
| Operating Income Growth % | - | 392.43% | -182.77% | 28.45% | -76.95% | 34.34% | -42.71% | 4.92% | 1.35% | 15.96% | -2.69% | -5.82% | 19.07% | 4.67% | 20.92% | 5.01% | 37.47% | 138.72% | -384.28% | 11.71% | -47.96% | 28.69% | 104.86% | 141.33% | 9% | -66.95% | 568.53% | -114.07% | 10.99% | 52.55% | 21.54% |
| EBITDA | 177.1M | 181M | 36.1M | 120.8M | 114.2M | 236.7M | 183.1M | 266.5M | 257.7M | 255.7M | 211.1M | 215.5M | 231.1M | 210.4M | 193.7M | 148.1M | 146.2M | 87M | -198.4M | 121.4M | 120.7M | 163.2M | 118.45M | 72.46M | 48.01M | 57.25M | 93.09M | 28.67M | 116.41M | 101.54M | 63.74M |
| EBITDA Margin % | 11.42% | 11.87% | 2.17% | 6.59% | 5.86% | 11.69% | 11.06% | 13.63% | 13.28% | 13.12% | 13.56% | 14.27% | 13.68% | 11.92% | 11.02% | 11.23% | 10.99% | 6.84% | -12.57% | 6.26% | 6.19% | 10.97% | 16.63% | 10.38% | 6.84% | 7.3% | 10.22% | 3.18% | 12.62% | 13.19% | 11.87% |
| EBITDA Growth % | 1671% | 401.38% | -70.12% | 5.78% | -51.75% | 29.27% | -31.29% | 3.41% | 0.78% | 21.13% | -2.04% | -6.75% | 9.84% | 8.62% | 30.79% | 1.3% | 68.05% | 143.85% | -263.43% | 0.58% | -26.04% | 37.78% | 63.46% | 50.92% | -16.13% | -38.51% | 224.67% | -75.37% | 14.65% | 59.29% | 20.49% |
| D&A (Non-Cash Add-back) | 54.8M | 72.8M | 73.1M | 76.1M | 79.4M | 85.7M | 70.7M | 70.3M | 70.7M | 71.2M | 52M | 52M | 57.5M | 64.6M | 54.4M | 32.9M | 36.5M | 7.2M | 7.7M | 48.9M | 55.8M | 38.5M | 21.55M | 25.16M | 28.41M | 39.27M | 38.69M | 40.28M | 33.91M | 27.21M | 15.02M |
| EBIT | 114.6M | 108.2M | -34.7M | 45.5M | 60.5M | 157.7M | 117.4M | 206.7M | 199.1M | 199.2M | 174.4M | 175.9M | 186.5M | 150.7M | 86.9M | 120.1M | 116.8M | 79.1M | -182.4M | 95.9M | 109M | 127.6M | 48.53M | 64.6M | 53.9M | 25.25M | 824.58M | 835.55M | 82.5M | 74.33M | 48.73M |
| Net Interest Income | -27.5M | -36.4M | -45.1M | -51.5M | -37.3M | -44.4M | -37.8M | -40M | -36.8M | -35.3M | -42.9M | -37.9M | -43.9M | -54.7M | -89.3M | -77.2M | -78.3M | -67M | -63.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6M | 9.4M | 7.5M | 7.1M | 8.3M | 1.9M | 1M | 3.2M | 4.4M | 5.8M | 6.4M | 6.6M | 5.6M | 0 | 0 | 0 | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 45.8M | 45.8M | 52.6M | 58.6M | 45.6M | 46.3M | 38.8M | 43.2M | 41.2M | 41.1M | 49.3M | 44.5M | 49.5M | 54.7M | 89.3M | 77.2M | 78.2M | 67M | 63.7M | 64.1M | 61.1M | 8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -41.8M | -59.1M | -50.3M | -57.8M | -19.9M | -39.6M | -33.8M | -32.7M | -29.1M | -26.4M | -34M | -32.1M | -36.6M | -54.1M | -143.7M | -72.3M | -71.3M | -67.7M | -39.9M | -56.9M | -57.3M | -28.8M | -7.3M | -7.4M | -36.78M | -42.3M | -47.64M | -53.61M | -42.51M | -26.15M | -6.17M |
| Pretax Income | 80.5M | 49.1M | -87.3M | -13.1M | 14.9M | 111.4M | 78.6M | 163.5M | 157.9M | 158.1M | 125.1M | 131.4M | 137M | 91.7M | -4.4M | 42.9M | 43.7M | 12.1M | -246M | 15.6M | 7.6M | 95.9M | 23.88M | 4.37M | 1.06M | -24.32M | 6.76M | -65.22M | 39.99M | 48.18M | 42.55M |
| Pretax Margin % | 5.19% | 3.22% | -5.24% | -0.71% | 0.77% | 5.5% | 4.75% | 8.36% | 8.13% | 8.11% | 8.03% | 8.7% | 8.11% | 5.2% | -0.25% | 3.25% | 3.28% | 0.95% | -15.59% | 0.8% | 0.39% | 6.45% | 3.35% | 0.63% | 0.15% | -3.1% | 0.74% | -7.23% | 4.33% | 6.26% | 7.93% |
| Income Tax | 6.6M | 7.8M | 14.3M | 8.7M | 28.1M | 9.5M | 16.6M | 56.7M | 51.2M | 26.4M | 29.6M | 45.5M | 45.4M | 14.4M | -121.4M | 24.3M | 32.2M | 127.9M | 16.9M | 15.9M | 200K | 39.5M | 9.11M | 7.63M | 2.04M | -4.85M | 4.33M | -8.54M | 16.2M | 19.51M | 17.34M |
| Effective Tax Rate % | 8.2% | 15.89% | -16.38% | -66.41% | 188.59% | 8.53% | 21.12% | 34.68% | 32.43% | 16.7% | 23.66% | 34.63% | 33.14% | 15.7% | 2759.09% | 56.64% | 73.68% | 1057.02% | -6.87% | 101.92% | 2.63% | 41.19% | 38.17% | 174.68% | 193.11% | 19.94% | 64% | 13.1% | 40.5% | 40.5% | 40.75% |
| Net Income | 73.9M | 41.3M | -101.6M | -21.8M | -13.2M | 101.9M | 62M | 106.8M | 106.7M | 131.7M | 95.5M | 85.9M | 91.6M | 77.1M | 115.4M | 56.7M | 12.4M | -126.1M | -339.2M | -900K | 7.2M | 59.5M | 14.76M | -3.26M | -80.01M | -19.47M | 2.43M | -56.68M | 23.79M | 28.67M | 25.21M |
| Net Margin % | 4.76% | 2.71% | -6.1% | -1.19% | -0.68% | 5.03% | 3.75% | 5.46% | 5.5% | 6.76% | 6.13% | 5.69% | 5.42% | 4.37% | 6.56% | 4.3% | 0.93% | -9.91% | -21.49% | -0.05% | 0.37% | 4% | 2.07% | -0.47% | -11.4% | -2.48% | 0.27% | -6.28% | 2.58% | 3.72% | 4.7% |
| Net Income Growth % | 168.11% | 140.65% | -366.06% | -65.15% | -112.95% | 64.35% | -41.95% | 0.09% | -18.98% | 37.91% | 11.18% | -6.22% | 18.81% | -33.19% | 103.53% | 357.26% | 109.83% | 62.82% | -37588.89% | -112.5% | -87.9% | 303.06% | 552.54% | 95.92% | -310.92% | -900.29% | 104.29% | -338.21% | -17.01% | 13.7% | 17.27% |
| Net Income (Continuing) | 73.9M | 41.3M | -101.6M | -21.8M | -13.2M | 101.9M | 62M | 106.8M | 106.7M | 131.7M | 95.5M | 85.9M | 91.6M | 77.3M | 117M | 18.6M | 11.5M | -115.8M | -263M | -900K | 7.4M | 56.4M | 13.49M | 26.7M | 1.5M | -19.47M | 2.43M | -56.68M | 23.79M | 28.67M | 25.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.1M | 0 | 0 | 0 | 0 | 0 | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.77 | 0.44 | -1.06 | -0.23 | -0.14 | 1.05 | 0.65 | 1.06 | 1.00 | 1.19 | 0.87 | 0.78 | 0.79 | 0.67 | 1.20 | 0.98 | 0.22 | -2.31 | -6.26 | -0.02 | 0.13 | 1.40 | 1.92 | -0.20 | -5.04 | -1.24 | 0.15 | -3.60 | 1.50 | 1.80 | 1.60 |
| EPS Growth % | 169.62% | 141.51% | -360.87% | -64.29% | -113.33% | 61.54% | -38.68% | 6% | -15.97% | 36.78% | 11.54% | -1.27% | 17.91% | -44.17% | 22.45% | 345.45% | 109.52% | 63.1% | -37385.03% | -112.85% | -90.71% | -27.08% | 1060% | 96.03% | -306.45% | -926.67% | 104.17% | -340% | -16.67% | 12.5% | 16.79% |
| EPS (Basic) | - | 0.45 | -1.06 | -0.23 | -0.14 | 1.07 | 0.65 | 1.07 | 1.02 | 1.22 | 0.89 | 0.79 | 0.81 | 0.68 | 1.23 | 1.03 | 0.23 | -2.31 | -6.26 | -0.02 | 0.13 | 1.43 | 1.96 | -0.20 | -5.04 | -1.24 | 0.15 | -3.60 | 1.51 | 1.82 | 1.60 |
| Diluted Shares Outstanding | 95.5M | 94M | 95.6M | 95.3M | 95.3M | 97.1M | 96.1M | 101M | 107M | 110.9M | 109.2M | 110.6M | 116.3M | 115.7M | 96.1M | 57.6M | 57.2M | 54.5M | 54.2M | 54M | 54.3M | 42.4M | 16.85M | 15.97M | 15.87M | 15.76M | 16.22M | 15.74M | 15.86M | 15.93M | 15.74M |
| Basic Shares Outstanding | 92.6M | 92.1M | 95.6M | 95.3M | 95.3M | 95.5M | 94.9M | 99.5M | 104.8M | 108.1M | 107M | 108.8M | 113.7M | 113.5M | 94.1M | 55.2M | 54.8M | 54.5M | 54.2M | 54M | 53.4M | 41.5M | 16.16M | 15.97M | 15.87M | 15.76M | 16.22M | 15.74M | 15.72M | 15.76M | 15.74M |
| Dividend Payout Ratio | - | 65.38% | - | - | - | 25.32% | 39.68% | 22.85% | 23.52% | - | - | - | - | - | - | - | - | - | - | - | - | 1050.42% | - | - | - | - | - | - | 29.74% | 24.19% | 26.85% |
Secular demand erosion
According to the provided quarterly income statements, ACCO's revenue trajectory remains highly inconsistent, characterized by a notable 8.3% growth in 2026Q1 following a prolonged period of year-over-year declines, suggesting that the company's reliance on seasonal Back-to-School cycles continues to obscure underlying organic demand trends.
The recent revenue uptick in 2026Q1 appears to be a departure from the persistent contraction observed throughout 2024 and 2025. Investors should monitor whether this growth represents a sustainable recovery in professional office demand or merely a timing shift in retail inventory replenishment ahead of peak seasons.
As reported in financial statements, ACCO's gross margin has fluctuated between 27.2% and 34.8% over the last ten quarters, reflecting the company's limited ability to fully offset raw material cost volatility and the ongoing shift toward lower-margin product categories within its diverse portfolio.
The compression of gross margins during periods of lower volume suggests that the company lacks the pricing power necessary to protect profitability when input costs rise. This structural vulnerability warrants further investigation into whether the product mix is permanently shifting toward less profitable, commoditized office supplies.
Based on ACCO's reported figures, the company's operating income exhibits extreme sensitivity to revenue fluctuations, with operating margins swinging from a negative 25.4% in 2024Q2 to a positive 11.5% in 2025Q4, indicating that fixed costs remain a significant burden on the bottom line.
The inability to maintain consistent operating leverage suggests that the company's manufacturing footprint is not sufficiently flexible to scale with declining sales. This lack of operational discipline may continue to pressure earnings until management can successfully align its cost structure with current demand realities.
Analysis of the income statement reveals that ACCO's net income is frequently impacted by non-operating items and restructuring charges, as evidenced by the massive $125.2 million loss in 2024Q2, which complicates the assessment of the company's true underlying earnings power and operational efficiency.
The frequent appearance of significant bottom-line volatility suggests that investors should focus on normalized earnings rather than reported net income. The recurring nature of these charges implies that the company is in a constant state of footprint optimization, which may be masking deeper structural issues.
While management emphasizes a pivot toward technology accessories, the income statement data suggests that the core business remains tethered to declining paper-based categories, raising concerns that the company's growth initiatives may be insufficient to offset the long-term erosion of its traditional professional office equipment segment.
Short-sellers may focus on the company's inability to generate consistent, high-margin growth despite its diversification efforts. The reliance on legacy products in a digital-first environment suggests that the company's valuation may remain under pressure until the technology segment achieves a more meaningful share of total revenue.
Quick answers to the most common questions about buying ACCO stock.
For fiscal year 2025, ACCO Brands Corporation (ACCO) reported total revenue of $1.52B. This represents a 184.0% increase compared to $536.8M in 1996.
ACCO Brands Corporation (ACCO) is profitable, generating $41.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
ACCO Brands Corporation (ACCO) reported an operating income of $108.2M, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
ACCO Brands Corporation (ACCO) generated $454.9M in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.