Revenue growth remains cyclical with a recent peak of 9.2% in 2026Q1, while structural gross margins have held steady near 30% over the last ten quarters.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 4.84B | 4.56B | 4.48B | 4.41B | 3.81B | 3.24B | 3.25B | 3.47B | 3.07B | 2.59B | 2.52B | 2.75B | 2.46B | 2.46B | 2.38B | 2.21B | 1.89B | 1.92B | 2.09B | 2.01B | 1.9B | 1.72B | 1.52B | 1.46B | 1.45B | 1.63B | 1.6B | 1.56B | 1.49B | 1.16B | 1.14B |
| Revenue Growth % | 7.54% | 1.88% | 1.51% | 15.8% | 17.76% | -0.3% | -6.54% | 13% | 18.49% | 2.95% | -8.44% | 11.86% | -0.09% | 3.65% | 7.35% | 16.88% | -1.56% | -7.96% | 3.74% | 5.96% | 10.7% | 13.19% | 3.59% | 1.23% | -11.02% | 1.54% | 2.94% | 4.29% | 28.54% | 1.45% | 8.43% |
| Cost of Goods Sold | 3.39B | 3.18B | 3.14B | 3.13B | 2.7B | 2.3B | 2.31B | 2.47B | 2.19B | 1.86B | 1.81B | 1.98B | 1.77B | 1.78B | 1.72B | 1.6B | 1.38B | 1.4B | 1.52B | 1.47B | 1.39B | 1.26B | 1.11B | 1.09B | 1.08B | 1.22B | 1.21B | 1.19B | 1.08B | 840.6M | 833.3M |
| COGS % of Revenue | - | 69.69% | 70.16% | 70.84% | 70.95% | 71.09% | 71.11% | 70.98% | 71.24% | 71.56% | 71.92% | 72.02% | 72.07% | 72.26% | 72.45% | 72.29% | 72.76% | 72.96% | 72.75% | 72.79% | 72.96% | 73.51% | 73.49% | 74.1% | 74.72% | 74.82% | 75.54% | 76.33% | 72.31% | 72.45% | 72.86% |
| Gross Profit | 1.45B | 1.38B | 1.34B | 1.29B | 1.11B | 935.52M | 937.74M | 1.01B | 884M | 737.7M | 707.42M | 769.81M | 686.93M | 682.96M | 654.47M | 613.11M | 515.72M | 520.01M | 569.28M | 548.05M | 513.88M | 454.85M | 402.14M | 379.3M | 365.69M | 409.3M | 391.59M | 368.18M | 412.9M | 319.7M | 310.4M |
| Gross Margin % | 30.04% | 30.31% | 29.84% | 29.16% | 29.05% | 28.91% | 28.89% | 29.02% | 28.76% | 28.44% | 28.08% | 27.98% | 27.93% | 27.74% | 27.55% | 27.71% | 27.24% | 27.04% | 27.25% | 27.21% | 27.04% | 26.49% | 26.51% | 25.9% | 25.28% | 25.18% | 24.46% | 23.67% | 27.69% | 27.55% | 27.14% |
| Gross Profit Growth % | - | 3.48% | 3.86% | 16.27% | 18.32% | -0.24% | -6.94% | 13.99% | 19.83% | 4.28% | -8.1% | 12.07% | 0.58% | 4.35% | 6.75% | 18.88% | -0.82% | -8.66% | 3.87% | 6.65% | 12.98% | 13.11% | 6.02% | 3.72% | -10.65% | 4.52% | 6.36% | -10.83% | 29.15% | 3% | 8.65% |
| Operating Expenses | 911.74M | 884.63M | 840.83M | 813.81M | 749.06M | 730.07M | 848.75M | 773.84M | 658.17M | 562.31M | 617.64M | 585.2M | 522.57M | 506.56M | 486.08M | 462.35M | 405.67M | 447.52M | 416.46M | 413.04M | 398.29M | 366.88M | 350.69M | 343.04M | 334.86M | 354.3M | 333.81M | 325.91M | 354.4M | 269M | 261.2M |
| OpEx % of Revenue | - | 19.39% | 18.77% | 18.44% | 19.66% | 22.56% | 26.15% | 22.28% | 21.42% | 21.68% | 24.52% | 21.27% | 21.24% | 20.57% | 20.46% | 20.89% | 21.43% | 23.27% | 19.93% | 20.51% | 20.95% | 21.37% | 23.12% | 23.43% | 23.15% | 21.79% | 20.85% | 20.95% | 23.76% | 23.18% | 22.84% |
| Selling, General & Admin | 911.63M | 884.63M | 840.83M | 813.81M | 749.67M | 680.83M | 717.98M | 741.76M | 658.17M | 562.31M | 552.85M | 585.2M | 522.57M | 506.56M | 486.08M | 462.35M | 405.67M | 410.91M | 416.46M | 413.04M | 398.29M | 366.88M | 350.69M | 343.04M | 334.86M | 354.3M | 333.81M | 325.94M | 333.4M | 255.4M | 245.8M |
| SG&A % of Revenue | - | 19.39% | 18.77% | 18.44% | 19.67% | 21.04% | 22.12% | 21.36% | 21.42% | 21.68% | 21.94% | 21.27% | 21.24% | 20.57% | 20.46% | 20.89% | 21.43% | 21.37% | 19.93% | 20.51% | 20.95% | 21.37% | 23.12% | 23.43% | 23.15% | 21.79% | 20.85% | 20.96% | 22.35% | 22.01% | 21.49% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 109K | 0 | 0 | 0 | -610K | 49.24M | 130.77M | 32.07M | 0 | 0 | 64.79M | 0 | 0 | 0 | 0 | 0 | 0 | 36.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31K | 21M | 13.6M | 15.4M |
| Operating Income | 541.85M | 498.53M | 495.82M | 473.15M | 357.86M | 205.45M | 88.99M | 233.79M | 225.83M | 174.59M | 88.8M | 184.62M | 164.36M | 176.4M | 168.4M | 150.76M | 110.05M | 72.49M | 152.82M | 135.01M | 115.59M | 87.97M | 51.45M | 36.25M | 30.83M | 55M | 57.72M | 42.4M | 58.5M | 50.7M | 49.2M |
| Operating Margin % | 11.2% | 10.92% | 11.07% | 10.72% | 9.39% | 6.35% | 2.74% | 6.73% | 7.35% | 6.73% | 3.52% | 6.71% | 6.68% | 7.16% | 7.09% | 6.81% | 5.81% | 3.77% | 7.31% | 6.7% | 6.08% | 5.12% | 3.39% | 2.48% | 2.13% | 3.38% | 3.6% | 2.73% | 3.92% | 4.37% | 4.3% |
| Operating Income Growth % | - | 0.55% | 4.79% | 32.22% | 74.18% | 130.88% | -61.94% | 3.53% | 29.35% | 96.61% | -51.9% | 12.33% | -6.83% | 4.75% | 11.7% | 36.99% | 51.81% | -52.56% | 13.19% | 16.8% | 31.4% | 70.98% | 41.91% | 17.58% | -43.94% | -4.71% | 36.13% | -27.52% | 15.38% | 3.05% | 33.33% |
| EBITDA | 592.27M | 559.01M | 548.18M | 526.22M | 411.41M | 260.6M | 151.74M | 295.91M | 275.69M | 214.27M | 130.35M | 226.99M | 192.36M | 202.13M | 191.1M | 173.38M | 131.67M | 94.88M | 166.87M | 148.75M | 127.93M | 104.44M | 67.52M | 51.46M | 48.38M | 77.51M | 80.7M | 65.1M | 79.5M | 64.3M | 64.6M |
| EBITDA Margin % | 12.24% | 12.25% | 12.24% | 11.92% | 10.8% | 8.05% | 4.68% | 8.52% | 8.97% | 8.26% | 5.17% | 8.25% | 7.82% | 8.21% | 8.04% | 7.84% | 6.95% | 4.93% | 7.99% | 7.39% | 6.73% | 6.08% | 4.45% | 3.51% | 3.34% | 4.77% | 5.04% | 4.19% | 5.33% | 5.54% | 5.65% |
| EBITDA Growth % | 5.8% | 1.98% | 4.17% | 27.91% | 57.87% | 71.74% | -48.72% | 7.33% | 28.67% | 64.38% | -42.58% | 18.01% | -4.84% | 5.78% | 10.22% | 31.68% | 38.77% | -43.14% | 12.18% | 16.28% | 22.49% | 54.68% | 31.21% | 6.37% | -37.58% | -3.96% | 23.97% | -18.11% | 23.64% | -0.46% | 26.92% |
| D&A (Non-Cash Add-back) | 50.42M | 60.48M | 52.35M | 53.07M | 53.55M | 55.15M | 62.75M | 62.12M | 49.86M | 39.68M | 41.55M | 42.38M | 28M | 25.73M | 22.7M | 22.62M | 21.62M | 22.39M | 14.04M | 13.74M | 12.34M | 16.47M | 16.07M | 15.21M | 17.55M | 22.51M | 22.99M | 22.7M | 21M | 13.6M | 15.4M |
| EBIT | 550.13M | 519.18M | 518.67M | 474.6M | 356.57M | 207.87M | 220.11M | 235.27M | 228.86M | 175.8M | 87.98M | 183.99M | 167.16M | 178.29M | 167.28M | 154.97M | 110.75M | 71.34M | 152.82M | 135.01M | 115.59M | 87.97M | 51.45M | 36.25M | 30.83M | 55M | 57.78M | 42.27M | 58.5M | 50.7M | 49.2M |
| Net Interest Income | -12.81M | -16.74M | -2.83M | -21.64M | -26.26M | -30.59M | -36.53M | -40.19M | -23.48M | -8.54M | -8.76M | -7.87M | -249K | -165K | 9K | -1.67M | -5.46M | -4.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 17.6M | 17.71M | 3.15M | 522K | 215K | 729K | 600K | 657K | 290K | 241K | 252K | 651K | 456K | 466K | 0 | 280K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.81M | 34.34M | 20.54M | 24.79M | 26.79M | 30.81M | 37.26M | 40.79M | 24.14M | 8.83M | 9M | 8.12M | 900K | 621K | 457K | 1.67M | 5.74M | 4.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -20.32M | 2.44M | 2.31M | -23.34M | -28.07M | -28.39M | -33.75M | -39.31M | -21.11M | -8.42M | -10.8M | -8.75M | 1.9M | 1.27M | -1.57M | 2.13M | -5.03M | -6.68M | -1.11M | -1.18M | -2.49M | -1.63M | -4.98M | -5.32M | -7.08M | -9.65M | -7.23M | -9.64M | -8.7M | -5.6M | -8.4M |
| Pretax Income | 521.53M | 500.97M | 498.13M | 449.81M | 329.79M | 177.06M | 55.24M | 194.48M | 204.72M | 166.97M | 78.98M | 175.87M | 166.26M | 177.66M | 166.83M | 152.89M | 105.02M | 65.81M | 151.72M | 133.83M | 113.1M | 86.34M | 46.47M | 30.93M | 23.75M | 45.35M | 50.55M | 32.6M | 49.8M | 45.1M | 40.8M |
| Pretax Margin % | 10.78% | 10.98% | 11.12% | 10.19% | 8.65% | 5.47% | 1.7% | 5.6% | 6.66% | 6.44% | 3.13% | 6.39% | 6.76% | 7.22% | 7.02% | 6.91% | 5.55% | 3.42% | 7.26% | 6.64% | 5.95% | 5.03% | 3.06% | 2.11% | 1.64% | 2.79% | 3.16% | 2.1% | 3.34% | 3.89% | 3.57% |
| Income Tax | 117.77M | 107.98M | 112.37M | 103.07M | 72.38M | 32.3M | 31.19M | 50.49M | 63.09M | 33.06M | 49.4M | 60.39M | 53.44M | 59.52M | 58.05M | 56.13M | 39.11M | 23.55M | 56.26M | 47.81M | 40.8M | 31M | 15M | 11.1M | 9M | 17.3M | 19.5M | 12.7M | 19.7M | 18M | 17.5M |
| Effective Tax Rate % | 22.58% | 21.55% | 22.56% | 22.91% | 21.95% | 18.25% | 56.47% | 25.96% | 30.82% | 19.8% | 62.55% | 34.34% | 32.14% | 33.5% | 34.79% | 36.71% | 37.25% | 35.79% | 37.08% | 35.72% | 36.07% | 35.9% | 32.28% | 35.89% | 37.89% | 38.15% | 38.58% | 38.96% | 39.56% | 39.91% | 42.89% |
| Net Income | 403.76M | 392.99M | 385.76M | 346.74M | 257.41M | 144.76M | 24.04M | 143.99M | 141.63M | 133.91M | 29.58M | 115.48M | 112.82M | 118.15M | 108.78M | 96.76M | 65.9M | 42.26M | 95.46M | 86.02M | 72.3M | 55.34M | 31.47M | 19.83M | 2.65M | 28.05M | 31.05M | 19.9M | 30.1M | 27.1M | 23.3M |
| Net Margin % | 8.34% | 8.61% | 8.61% | 7.86% | 6.76% | 4.47% | 0.74% | 4.15% | 4.61% | 5.16% | 1.17% | 4.2% | 4.59% | 4.8% | 4.58% | 4.37% | 3.48% | 2.2% | 4.57% | 4.27% | 3.8% | 3.22% | 2.07% | 1.35% | 0.18% | 1.73% | 1.94% | 1.28% | 2.02% | 2.34% | 2.04% |
| Net Income Growth % | 3.89% | 1.87% | 11.25% | 34.7% | 77.82% | 502.1% | -83.3% | 1.67% | 5.76% | 352.75% | -74.39% | 2.36% | -4.51% | 8.61% | 12.42% | 46.82% | 55.95% | -55.73% | 10.97% | 18.98% | 30.65% | 75.84% | 58.69% | 646.97% | -90.53% | -9.66% | 56.02% | -33.89% | 11.07% | 16.31% | 37.87% |
| Net Income (Continuing) | 403.76M | 392.99M | 385.76M | 346.74M | 257.41M | 144.76M | 24.04M | 143.99M | 141.63M | 133.91M | 29.58M | 115.48M | 112.82M | 118.15M | 108.78M | 96.76M | 65.9M | 42.26M | 95.46M | 86.02M | 72.3M | 55.34M | 31.47M | 19.83M | 14.76M | 28.05M | 31.05M | 19.93M | 30.1M | 27.1M | 23.3M |
| Discontinued Operations | 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 |
| 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) | 10.62 | 10.12 | 9.83 | 8.84 | 6.58 | 3.68 | 0.62 | 3.68 | 3.61 | 3.40 | 0.75 | 2.80 | 2.67 | 2.78 | 2.54 | 2.24 | 1.54 | 0.99 | 2.19 | 1.93 | 1.57 | 0.80 | 0.48 | 0.46 | 0.06 | 0.63 | 0.67 | 0.41 | 0.61 | 0.65 | 0.56 |
| EPS Growth % | 6.33% | 2.95% | 11.2% | 34.35% | 78.8% | 493.55% | -83.15% | 1.94% | 6.18% | 353.33% | -73.21% | 4.87% | -3.96% | 9.45% | 13.39% | 45.45% | 55.56% | -54.79% | 13.47% | 22.93% | 96.25% | 66.67% | 4.35% | 695.85% | -90.83% | -5.97% | 63.41% | -32.79% | -6.15% | 16.07% | 30.23% |
| EPS (Basic) | - | 10.26 | 9.98 | 8.98 | 6.69 | 3.73 | 0.62 | 3.72 | 3.65 | 3.43 | 0.75 | 2.82 | 2.69 | 2.81 | 2.58 | 2.28 | 1.56 | 1.00 | 2.23 | 1.97 | 1.62 | 0.83 | 0.48 | 0.47 | 0.06 | 0.64 | 0.68 | 0.41 | 0.62 | 0.65 | 0.56 |
| Diluted Shares Outstanding | 38M | 38.82M | 39.26M | 39.22M | 39.1M | 39.3M | 39M | 39.16M | 39.28M | 39.4M | 39.47M | 41.19M | 42.33M | 42.54M | 42.82M | 43.25M | 42.92M | 42.79M | 43.55M | 44.57M | 46.05M | 45.93M | 44.03M | 43.32M | 45.95M | 44.76M | 46.57M | 48.23M | 49.08M | 41.76M | 41.39M |
| Basic Shares Outstanding | 37.53M | 38.29M | 38.67M | 38.59M | 38.47M | 38.76M | 38.66M | 38.67M | 38.75M | 39.01M | 39.25M | 40.89M | 41.94M | 42.06M | 42.14M | 42.43M | 42.31M | 42.29M | 42.8M | 43.67M | 44.63M | 44.33M | 43.15M | 42.5M | 42.67M | 44.13M | 45.96M | 48.23M | 48.38M | 41.76M | 41.39M |
| Dividend Payout Ratio | - | 16.21% | 14.49% | 15.41% | 20.13% | 35% | 203.28% | 32.83% | 32.38% | 33.32% | 146.5% | 36.94% | 35.82% | 31.48% | 31.07% | 30.75% | 38.57% | 60.05% | 26.95% | 24.38% | 24.86% | 23.02% | 29.47% | 46.16% | 349.15% | 33.98% | 31.98% | 52.26% | 34.22% | 28.41% | 27.9% |
Cyclical industrial demand sensitivity
According to recent quarterly filings, AIT's revenue growth has fluctuated significantly, moving from a low of -0.4% in 2025Q2 to a recent peak of 9.2% in 2026Q1, suggesting that the company's top-line performance remains highly sensitive to broader North American industrial production cycles and project-based demand.
The volatility in year-over-year growth rates indicates that AIT's reliance on both recurring MRO and project-based automation creates a lumpy revenue profile. Investors should monitor whether the recent deceleration to 7.3% in 2026Q3 reflects a cooling in industrial capital expenditure or merely the timing of large-scale system installations.
As reported in financial statements, AIT has maintained a consistent gross margin profile, hovering near 30% over the last ten quarters, which suggests that the company's value-added technical services provide a meaningful buffer against the commodity-like pricing pressures typically seen in industrial distribution models.
The stability of these margins implies that management has successfully passed through input cost fluctuations to customers, preserving profitability despite varying macro conditions. This performance warrants further investigation into whether the shift toward higher-margin automation solutions is effectively offsetting potential margin compression in the legacy distribution business.
Based on reported figures, AIT's operating income has not consistently scaled faster than gross profit, with operating margins fluctuating between 10.3% and 12.0% over the observed period, indicating that fixed overhead costs remain a significant factor in the company's ability to drive incremental profitability.
The lack of clear operating leverage suggests that the company's specialized technical workforce and branch network require substantial ongoing investment, limiting the margin expansion potential during periods of revenue growth. Analysts should evaluate whether future automation-driven efficiencies can decouple operating expenses from the current branch-heavy cost structure.
Analysis of the income statement reveals that AIT's net income remains resilient, with stock-based compensation expenses appearing minimal and non-operating items largely absent, suggesting that reported EPS figures are primarily driven by core operational performance rather than accounting adjustments or significant non-recurring financial engineering.
The company's ability to maintain a net margin consistently around 8% reflects disciplined expense management and a lack of dilutive compensation practices. Investors should continue to monitor the impact of acquisition-related amortization on future earnings, as the company's M&A strategy could introduce non-cash charges that obscure underlying operational trends.
Quick answers to the most common questions about buying AIT stock.
For fiscal year 2025, Applied Industrial Technologies, Inc. (AIT) reported total revenue of $4.56B. This represents a 299.0% increase compared to $1.14B in 1996.
Applied Industrial Technologies, Inc. (AIT) is profitable, generating $393.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Applied Industrial Technologies, Inc. (AIT) reported an operating income of $498.5M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Applied Industrial Technologies, Inc. (AIT) generated $1.38B in gross profit for the year, representing a gross profit margin of 30.3%. This demonstrates the company's core pricing power and production efficiency.