Revenue recovered to $329.5M in 2026Q2 (up 5.8% YoY) with gross margin at 32.7%, but operating margin at 9.8% remains below the 12.9% seen in 2024Q2, indicating ongoing margin pressure.
Albany International Corp. (AIN) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 1.22B | 1.18B | 1.23B | 1.15B | 1.03B | 929.24M | 900.61M | 1.05B | 982.48M | 863.72M | 779.84M | 709.87M | 745.35M | 757.41M | 760.94M | 814.7M | 914.36M | 871.04M | 1.09B | 1.09B | 1.01B | 978.71M | 919.8M | 868.97M | 816.05M | 836.7M | 852.93M | 778.37M | 722.65M | 710.08M | 692.76M |
| Revenue Growth % | 3.2% | -3.88% | 7.2% | 10.92% | 11.37% | 3.18% | -14.56% | 7.29% | 13.75% | 10.76% | 9.86% | -4.76% | -1.59% | -0.46% | -6.6% | -10.9% | 4.97% | -19.83% | -0.59% | 8.06% | 3.35% | 6.4% | 5.85% | 6.49% | -2.47% | -1.9% | 9.58% | 7.71% | 1.77% | 2.5% | 6.15% |
| Cost of Goods Sold | 965.83M | 938.89M | 828.84M | 724.19M | 645.11M | 550.85M | 529.54M | 656.43M | 632.73M | 567.94M | 479.27M | 431.18M | 453.71M | 466.86M | 455.55M | 485.74M | 569.1M | 577.13M | 724.48M | 711.45M | 620.15M | 586.7M | 557.74M | 507.79M | 475.76M | 497.3M | 515.65M | 458.93M | 417.38M | 404.98M | 400.82M |
| COGS % of Revenue | - | 79.38% | 67.35% | 63.09% | 62.34% | 59.28% | 58.8% | 62.27% | 64.4% | 65.75% | 61.46% | 60.74% | 60.87% | 61.64% | 59.87% | 59.62% | 62.24% | 66.26% | 66.68% | 65.09% | 61.31% | 59.95% | 60.64% | 58.44% | 58.3% | 59.44% | 60.46% | 58.96% | 57.76% | 57.03% | 57.86% |
| Gross Profit | 257.62M | 243.92M | 401.78M | 423.72M | 389.78M | 378.39M | 371.07M | 397.7M | 349.75M | 295.78M | 300.57M | 278.69M | 291.63M | 290.55M | 305.4M | 328.96M | 345.26M | 293.91M | 362.03M | 381.53M | 391.31M | 392.01M | 362.06M | 361.19M | 340.28M | 339.39M | 337.29M | 319.44M | 305.28M | 305.1M | 291.94M |
| Gross Margin % | 21.06% | 20.62% | 32.65% | 36.91% | 37.66% | 40.72% | 41.2% | 37.73% | 35.6% | 34.24% | 38.54% | 39.26% | 39.13% | 38.36% | 40.13% | 40.38% | 37.76% | 33.74% | 33.32% | 34.91% | 38.69% | 40.05% | 39.36% | 41.56% | 41.7% | 40.56% | 39.54% | 41.04% | 42.24% | 42.97% | 42.14% |
| Gross Profit Growth % | - | -39.29% | -5.18% | 8.71% | 3.01% | 1.97% | -6.7% | 13.71% | 18.25% | -1.59% | 7.85% | -4.44% | 0.37% | -4.86% | -7.16% | -4.72% | 17.47% | -18.82% | -5.11% | -2.5% | -0.18% | 8.27% | 0.24% | 6.14% | 0.26% | 0.63% | 5.59% | 4.64% | 0.06% | 4.51% | 6.93% |
| Operating Expenses | 276.6M | 260.09M | 270.42M | 255.82M | 208.76M | 200.38M | 204.99M | 204.13M | 196.77M | 206.14M | 200.42M | 190.94M | 206.33M | 213.35M | 222.74M | 236.57M | 260.32M | 260.05M | 390.3M | 316.45M | 301.02M | 276.01M | 267.5M | 253.82M | 238.19M | 233.39M | 233.65M | 225.58M | 214.48M | 205.48M | 196.66M |
| OpEx % of Revenue | - | 21.99% | 21.97% | 22.29% | 20.17% | 21.56% | 22.76% | 19.36% | 20.03% | 23.87% | 25.7% | 26.9% | 27.68% | 28.17% | 29.27% | 29.04% | 28.47% | 29.86% | 35.92% | 28.95% | 29.76% | 28.2% | 29.08% | 29.21% | 29.19% | 27.89% | 27.39% | 28.98% | 29.68% | 28.94% | 28.39% |
| Selling, General & Admin | 220.38M | 212.07M | 210.88M | 214.91M | 168.71M | 160.13M | 163.91M | 164.1M | 156.19M | 164.96M | 160.11M | 146.19M | 147.2M | 157.69M | 169.77M | 179.8M | 260.32M | 260.05M | 251.51M | 316.45M | 236.44M | 217.24M | 210.35M | 198.61M | 188.35M | 186.44M | 184.12M | 177.48M | 164.48M | 155.51M | 147.93M |
| SG&A % of Revenue | - | 17.93% | 17.14% | 18.72% | 16.3% | 17.23% | 18.2% | 15.57% | 15.9% | 19.1% | 20.53% | 20.59% | 19.75% | 20.82% | 22.31% | 22.07% | 28.47% | 29.86% | 23.15% | 28.95% | 23.38% | 22.2% | 22.87% | 22.86% | 23.08% | 22.28% | 21.59% | 22.8% | 22.76% | 21.9% | 21.35% |
| Research & Development | 49.48M | 48.02M | 46.1M | 40.63M | 39.94M | 38.92M | 35.35M | 37.57M | 40.58M | 41.17M | 40.3M | 44.75M | 59.13M | 55.67M | 52.96M | 56.77M | 57.16M | 54.96M | 66.49M | 0 | 64.59M | 58.77M | 57.15M | 55.21M | 49.85M | 46.95M | 49.53M | 48.1M | 50M | 49.96M | 48.73M |
| R&D % of Revenue | - | 4.06% | 3.75% | 3.54% | 3.86% | 4.19% | 3.92% | 3.56% | 4.13% | 4.77% | 5.17% | 6.3% | 7.93% | 7.35% | 6.96% | 6.97% | 6.25% | 6.31% | 6.12% | - | 6.39% | 6% | 6.21% | 6.35% | 6.11% | 5.61% | 5.81% | 6.18% | 6.92% | 7.04% | 7.03% |
| Other Operating Expenses | 1000K | 0 | 13.44M | 282K | 106K | 1.33M | 5.74M | 2.46M | 0 | 0 | -46K | 0 | -1.34M | 0 | 0 | 0 | 0 | 0 | 72.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -18.98M | -16.17M | 131.36M | 167.89M | 181.02M | 178.01M | 166.08M | 193.58M | 137.41M | 76.15M | 91.78M | 63.9M | 71.36M | 52.09M | -44.14M | 83.07M | 81.18M | -36.32M | -66.92M | 37.45M | 90.29M | 116M | 40.5M | 85.61M | 102.09M | 84.11M | 103.63M | 76.99M | 70.61M | 99.62M | 95.28M |
| Operating Margin % | -1.55% | -1.37% | 10.67% | 14.63% | 17.49% | 19.16% | 18.44% | 18.36% | 13.99% | 8.82% | 11.77% | 9% | 9.57% | 6.88% | -5.8% | 10.2% | 8.88% | -4.17% | -6.16% | 3.43% | 8.93% | 11.85% | 4.4% | 9.85% | 12.51% | 10.05% | 12.15% | 9.89% | 9.77% | 14.03% | 13.75% |
| Operating Income Growth % | - | -112.31% | -21.76% | -7.25% | 1.69% | 7.18% | -14.2% | 40.88% | 80.44% | -17.03% | 43.64% | -10.46% | 36.99% | 218.02% | -153.13% | 2.33% | 323.51% | 45.72% | -278.69% | -58.52% | -22.17% | 186.39% | -52.69% | -16.14% | 21.37% | -18.84% | 34.61% | 9.03% | -29.12% | 4.56% | 7.18% |
| EBITDA | 42.99M | 71.75M | 220.65M | 244.63M | 250.07M | 252.27M | 238.78M | 264.37M | 216.44M | 148.11M | 159.24M | 124.01M | 135.65M | 115.88M | 19.1M | 149.46M | 144.18M | 32.5M | -757K | 99.97M | 149.74M | 171.44M | 95.72M | 141.71M | 154.95M | 141.66M | 165.85M | 132.86M | 119.44M | 144.61M | 140.46M |
| EBITDA Margin % | 3.51% | 6.07% | 17.93% | 21.31% | 24.16% | 27.15% | 26.51% | 25.08% | 22.03% | 17.15% | 20.42% | 17.47% | 18.2% | 15.3% | 2.51% | 18.35% | 15.77% | 3.73% | -0.07% | 9.15% | 14.8% | 17.52% | 10.41% | 16.31% | 18.99% | 16.93% | 19.44% | 17.07% | 16.53% | 20.37% | 20.28% |
| EBITDA Growth % | -77.59% | -67.49% | -9.8% | -2.18% | -0.87% | 5.65% | -9.68% | 22.14% | 46.14% | -6.99% | 28.41% | -8.58% | 17.06% | 506.73% | -87.22% | 3.66% | 343.58% | 4393.79% | -100.76% | -33.24% | -12.66% | 79.11% | -32.45% | -8.55% | 9.38% | -14.59% | 24.83% | 11.24% | -17.41% | 2.95% | 6.43% |
| D&A (Non-Cash Add-back) | 62M | 87.91M | 89.29M | 76.73M | 69.05M | 74.25M | 72.7M | 70.8M | 79.04M | 71.96M | 67.46M | 60.11M | 64.29M | 63.79M | 63.23M | 66.39M | 63M | 68.83M | 66.16M | 62.52M | 59.45M | 55.45M | 55.22M | 56.09M | 52.86M | 57.55M | 62.22M | 55.87M | 48.83M | 44.99M | 45.19M |
| EBIT | -24.42M | -35.75M | 133.7M | 180.62M | 149.81M | 183.32M | 155.41M | 197.86M | 135.49M | 73.31M | 93.81M | 63.32M | 79.75M | 46.3M | -50.25M | 74M | 66.85M | 12.41M | -65.34M | 60.82M | 96.52M | 116M | 94.56M | 107.36M | 102.09M | 106M | 103.63M | 93.86M | 90.8M | 99.6M | 96.9M |
| Net Interest Income | -23.33M | -20.87M | -26.33M | -28.84M | -13.85M | -8.41M | -8.94M | -18.28M | -18.69M | -16.09M | -11.82M | -8.91M | -9.97M | -13.4M | -19.66M | -18.12M | -20.77M | -20.63M | -23.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.12M | 5.16M | 4.06M | 6.57M | 3.83M | 2.5M | 2.75M | 2.73M | 2.12M | 1.51M | 2.08M | 1.86M | 1.54M | 1.47M | 1.52M | 0 | 1.17M | 0 | 1.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 25.45M | 26.03M | 30.39M | 35.41M | 17.68M | 10.91M | 11.69M | 21.01M | 20.8M | 17.6M | 13.9M | 10.77M | 11.51M | 14.87M | 21.18M | 18.12M | 18.41M | 20.63M | 25.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -30.89M | -45.62M | -14.27M | -7.44M | -49.04M | -12.08M | -27.01M | -15.36M | -22.16M | -23.97M | -15.87M | -12.42M | -3.86M | -21.02M | -24.23M | -20.84M | -251K | 29.24M | -19.41M | -17.41M | -11.96M | -15.24M | -28.18M | -15.74M | -22.54M | -31.75M | -41.07M | -25.07M | -38.8M | -19.4M | -15.7M |
| Pretax Income | -49.87M | -61.79M | 117.09M | 160.46M | 131.98M | 165.93M | 139.07M | 178.21M | 115.25M | 54.71M | 78.27M | 51.48M | 67.5M | 31.08M | -68.37M | 62.23M | 64.46M | -7.08M | -86.33M | 20.04M | 78.33M | 100.76M | 12.33M | 69.88M | 79.55M | 52.36M | 62.57M | 51.92M | 51.7M | 79.63M | 79.43M |
| Pretax Margin % | -4.08% | -5.22% | 9.51% | 13.98% | 12.75% | 17.86% | 15.44% | 16.91% | 11.73% | 6.33% | 10.04% | 7.25% | 9.06% | 4.1% | -8.98% | 7.64% | 7.05% | -0.81% | -7.95% | 1.83% | 7.74% | 10.3% | 1.34% | 8.04% | 9.75% | 6.26% | 7.34% | 6.67% | 7.15% | 11.21% | 11.47% |
| Income Tax | 619K | -4.83M | 29.03M | 48.85M | 35.47M | 47.16M | 41.83M | 44.83M | 32.23M | 24.28M | 25.45M | -5.79M | 25.75M | 13.37M | -27.52M | 35.78M | 26.88M | 15.58M | -3.93M | 2.15M | 20.53M | 29.42M | 2.45M | 15.72M | 25.04M | 19.37M | 25.03M | 22.32M | 20.16M | 31.05M | 30.98M |
| Effective Tax Rate % | -1.24% | 7.81% | 24.8% | 30.44% | 26.88% | 28.42% | 30.08% | 25.15% | 27.96% | 44.38% | 32.52% | -11.24% | 38.15% | 43.03% | 40.26% | 57.49% | 41.7% | -220.1% | 4.56% | 10.75% | 26.21% | 29.2% | 19.87% | 22.5% | 31.48% | 37% | 40% | 43% | 39% | 39% | 39% |
| Net Income | -51.19M | -57.34M | 87.62M | 111.12M | 95.76M | 118.48M | 98.59M | 132.4M | 82.89M | 30.96M | 52.73M | 57.28M | 41.57M | 17.52M | 30.98M | 34.94M | 37.64M | -32.38M | -75.75M | 17.78M | 58.04M | 71.85M | 10.38M | 54.05M | 48.94M | 32.2M | 38.09M | 30.22M | 31.77M | 49.06M | 47.38M |
| Net Margin % | -4.18% | -4.85% | 7.12% | 9.68% | 9.25% | 12.75% | 10.95% | 12.56% | 8.44% | 3.58% | 6.76% | 8.07% | 5.58% | 2.31% | 4.07% | 4.29% | 4.12% | -3.72% | -6.97% | 1.63% | 5.74% | 7.34% | 1.13% | 6.22% | 6% | 3.85% | 4.47% | 3.88% | 4.4% | 6.91% | 6.84% |
| Net Income Growth % | -182.23% | -165.44% | -21.15% | 16.04% | -19.17% | 20.17% | -25.54% | 59.73% | 167.76% | -41.29% | -7.94% | 37.79% | 137.31% | -43.45% | -11.34% | -7.17% | 216.23% | 57.25% | -525.98% | -69.36% | -19.22% | 591.88% | -80.79% | 10.45% | 51.98% | -15.45% | 26.02% | -4.88% | -35.24% | 3.53% | 10.07% |
| Net Income (Continuing) | -50.49M | -56.96M | 88.06M | 111.61M | 96.51M | 118.77M | 97.24M | 133.38M | 83.02M | 32.59M | 52.81M | 57.27M | 41.75M | 17.7M | -40.84M | 26.45M | 37.58M | -22.66M | -82.39M | 17.89M | 57.8M | 71.85M | 9.88M | 54.05M | 54.78M | 33.33M | 38.09M | 30.22M | 31.8M | 49.1M | 49.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.82M | 8.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.4M | 5.89M | 5.41M | 5.95M | 4.49M | 3.64M | 3.8M | 4.01M | 3.03M | 3.25M | 3.77M | 3.69M | 3.7M | 3.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.79 | -1.94 | 2.80 | 3.55 | 3.04 | 3.65 | 3.05 | 4.10 | 2.57 | 1.03 | 1.64 | 1.79 | 1.30 | 0.55 | 0.97 | 1.11 | 1.21 | -1.06 | -2.54 | 0.60 | 1.92 | 2.22 | 0.31 | 1.61 | 1.50 | 1.03 | 1.24 | 0.99 | 1.01 | 1.50 | 1.50 |
| EPS Growth % | -187.5% | -169.29% | -21.13% | 16.78% | -16.71% | 19.67% | -25.61% | 59.53% | 149.51% | -37.2% | -8.38% | 37.69% | 136.36% | -43.3% | -12.61% | -8.26% | 214.15% | 58.27% | -523.33% | -68.75% | -13.51% | 616.13% | -80.75% | 7.33% | 45.63% | -16.94% | 25.25% | -1.98% | -32.67% | 0% | 17.19% |
| EPS (Basic) | - | -1.94 | 2.81 | 3.56 | 3.06 | 3.66 | 3.05 | 4.10 | 2.57 | 1.03 | 1.64 | 1.79 | 1.31 | 0.55 | 0.99 | 1.12 | 1.21 | -1.06 | -2.54 | 0.60 | 1.95 | 2.25 | 0.32 | 1.64 | 1.52 | 1.04 | 1.24 | 1.00 | 1.02 | 1.52 | 1.51 |
| Diluted Shares Outstanding | 28.57M | 29.57M | 31.34M | 31.28M | 31.45M | 32.46M | 32.36M | 32.32M | 32.3M | 32.24M | 32.13M | 32.09M | 31.99M | 31.93M | 31.64M | 31.51M | 31.21M | 30.61M | 29.79M | 29.85M | 30.23M | 32.37M | 33.5M | 28.45M | 32.63M | 31.26M | 30.71M | 30.53M | 31.49M | 32.73M | 32.2M |
| Basic Shares Outstanding | 28.34M | 29.57M | 31.23M | 31.17M | 31.34M | 32.35M | 32.33M | 32.3M | 32.25M | 32.17M | 32.09M | 31.98M | 31.83M | 31.65M | 31.36M | 31.26M | 31.07M | 30.61M | 29.79M | 29.42M | 29.76M | 31.93M | 32.45M | 27.93M | 32.2M | 30.96M | 30.71M | 30.22M | 31.18M | 32.3M | 31.99M |
| Dividend Payout Ratio | - | - | 37.07% | 28.04% | 27.64% | 21.86% | 24.92% | 17.56% | 26.45% | 70.64% | 41.36% | 36.82% | 47.46% | 79.52% | 68.81% | 44.7% | 39.55% | - | - | 69.37% | 19.72% | 14.6% | 92.15% | 14.23% | 13.06% | - | - | - | 20.14% | 25.89% | 25.54% |
Quick answers to the most common questions about buying AIN stock.
For fiscal year 2025, Albany International Corp. (AIN) reported total revenue of $1.18B. This represents a 70.7% increase compared to $692.8M in 1996.
Albany International Corp. (AIN) reported a net loss of $57.3M for the fiscal year ending 2025.
Albany International Corp. (AIN) reported an operating income of $-16.2M, resulting in an operating profit margin of -1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Albany International Corp. (AIN) generated $243.9M in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and demand uncertainty
Metrics are mathematically derived from official filings.
Revenue Recovery After Disruption
Revenue rebounded to $329.5M in 2026Q2, up 5.8% year-over-year, after a 12.4% decline in 2025Q3, suggesting a recovery trajectory, though growth remains uneven.
The 2025Q3 revenue drop to $261.4M appears to be an anomaly, possibly reflecting a one-time disruption, as subsequent quarters show sequential improvement. The 2026Q2 growth of 5.8% is modest compared to the 21.1% surge in 2024Q2, indicating a normalization from earlier volatility. Investors should monitor whether this recovery is sustainable or if it reflects pent-up demand.
Gross Margin Resilience Amid Volatility
Gross margin recovered to 32.7% in 2026Q2 from a negative -19.1% in 2025Q3, but remains below the 34.7% peak in 2024Q1, indicating ongoing margin pressure.
The negative gross margin in 2025Q3 was driven by COGS exceeding revenue, likely due to a significant write-down or cost spike, which appears non-recurring. However, the subsequent recovery to 32.7% still lags the 2024 levels, suggesting structural cost pressures or pricing challenges. Compared to peers like ESE (42.1%) and TDY (39.2%), AIN's gross margin is lower, implying weaker pricing power or higher input costs.
Operating Leverage Inconsistent
Operating income swung from a loss of $113.3M in 2025Q3 to $32.1M in 2026Q2, but operating margin at 9.8% remains below the 12.9% seen in 2024Q2, indicating limited operating leverage.
The 2025Q3 operating loss was exacerbated by the gross margin collapse, but even in recovery, operating margins have not returned to prior peaks. SG&A expenses have grown from $48.4M in 2024Q4 to $56.1M in 2026Q2, outpacing revenue growth, which suggests overhead costs are not scaling efficiently. This may indicate that the company is investing in growth areas, but investors should watch for margin expansion as revenue stabilizes.
Earnings Volatility Masks Underlying Trends
Net income swung from a loss of $97.8M in 2025Q3 to $17.4M in 2026Q2, with EPS growth of 93.5% year-over-year, but the 2025Q3 loss appears to be a one-time event.
The 2025Q3 net loss of $97.8M and EPS of -$3.37 are clearly anomalous, likely due to a non-cash impairment or restructuring charge, as subsequent quarters show profitability. Excluding that quarter, net income has been relatively stable, ranging from $9.2M to $27.3M. Stock-based compensation has been modest, averaging around $2M per quarter, which does not significantly distort reported earnings.
Cost Structure Shows Signs of Strain
COGS spiked to $311.4M in 2025Q3, exceeding revenue, while SG&A has risen to $56.1M in 2026Q2, indicating cost pressures that may be structural.
The 2025Q3 COGS anomaly appears to be a one-time event, but the steady increase in SG&A from $48.4M in 2024Q4 to $56.1M in 2026Q2 suggests rising overhead costs. R&D spending has also increased from $10.7M to $13.0M over the same period, indicating investment in future products. However, these cost increases have not yet translated into higher margins, which may signal inefficiencies or pricing pressures.
Margin Compression and Demand Risks
Despite revenue recovery, gross margins remain below 2024 levels, and the 2025Q3 loss highlights vulnerability to cost shocks, raising questions about earnings sustainability.
Short-sellers might argue that the 2025Q3 loss, while possibly one-time, reveals a fragile cost structure that could recur if input costs rise or demand weakens. The company's gross margin of 32.7% in 2026Q2 is still below the 34.7% in 2024Q1, suggesting that pricing power may be eroding. Additionally, revenue growth has been inconsistent, with negative growth in several quarters, which could indicate demand cyclicality in the aerospace and defense sector. Investors should monitor whether the company can regain its prior margin levels as it navigates these challenges.