Revenue declined 1.2% year over year to $475.5 million in 2026Q2 with gross margin of 26.1% and operating margin of 2.5%, yet a $19.5 million below-the-line gap still produced a $7.5 million net loss, suggesting margin volatility (gross margin swung 400+ bps between 23.5% and 27.9% over the prior four quarters) reflects mix and utilization rather than pricing power.
Alta Equipment Group Inc. (ALTG) annual income statement — 10-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 |
|---|
| Sales/Revenue | 1.82B | 1.84B | 1.88B | 1.88B | 1.57B | 1.21B | 873.6M | 557.4M | 413M | 345.47M | 0 |
| Revenue Growth % | -1.8% | -2.17% | -0.01% | 19.4% | 29.6% | 38.83% | 56.73% | 34.96% | 19.55% | - | - |
| Cost of Goods Sold | 1.35B | 1.36B | 1.38B | 1.37B | 1.15B | 898.4M | 659.1M | 408.1M | 302.9M | 257.43M | 0 |
| COGS % of Revenue | - | 74.15% | 73.69% | 72.98% | 73.3% | 74.08% | 75.45% | 73.21% | 73.34% | 74.52% | - |
| Gross Profit | 470.8M | 474.6M | 493.7M | 507.2M | 419.6M | 314.4M | 214.5M | 149.3M | 110.1M | 88.04M | 0 |
| Gross Margin % | 25.9% | 25.85% | 26.31% | 27.02% | 26.7% | 25.92% | 24.55% | 26.79% | 26.66% | 25.48% | - |
| Gross Profit Growth % | - | -3.87% | -2.66% | 20.88% | 33.46% | 46.57% | 43.67% | 35.6% | 25.06% | - | - |
| Operating Expenses | 429.7M | 451.4M | 475.1M | 452.8M | 378.8M | 296.4M | 222.6M | 137.6M | 342 | 76.44M | 0 |
| OpEx % of Revenue | - | 24.59% | 25.32% | 24.13% | 24.1% | 24.44% | 25.48% | 24.69% | 0% | 22.13% | - |
| Selling, General & Admin | 319.7M | 422.7M | 446.5M | 430.3M | 362.3M | 285.9M | 216M | 137.6M | 92M | 74.91M | 0 |
| SG&A % of Revenue | - | 23.02% | 23.79% | 22.93% | 23.05% | 23.57% | 24.73% | 24.69% | 22.28% | 21.68% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 28.7M | 28.6M | 22.5M | 16.5M | 10.5M | 6.6M | 0 | -92M | 1.53M | 0 |
| Operating Income | 41.1M | 23.2M | 18.6M | 54.4M | 40.8M | 18M | -8.1M | 11.7M | 15.8M | 11.6M | 0 |
| Operating Margin % | 2.26% | 1.26% | 0.99% | 2.9% | 2.6% | 1.48% | -0.93% | 2.1% | 3.83% | 3.36% | - |
| Operating Income Growth % | - | 24.73% | -65.81% | 33.33% | 126.67% | 322.22% | -169.23% | -25.95% | 36.16% | - | - |
| EBITDA | 171.8M | 156.8M | 163.1M | 187M | 152.8M | 113.8M | 66.9M | 61.8M | 52.9M | 43.12M | 22.82K |
| EBITDA Margin % | 9.45% | 8.54% | 8.69% | 9.96% | 9.72% | 9.38% | 7.66% | 11.09% | 12.81% | 12.48% | - |
| EBITDA Growth % | 25.31% | -3.86% | -12.78% | 22.38% | 34.27% | 70.1% | 8.25% | 16.82% | 22.68% | - | - |
| D&A (Non-Cash Add-back) | 130.7M | 133.6M | 144.5M | 132.6M | 112M | 95.8M | 75M | 50.1M | 37.1M | 31.52M | 22.82K |
| EBIT | -9M | -47.9M | 15M | 59.5M | 42.4M | 6.8M | -6.8M | 11.7M | 15.8M | 11.6M | 0 |
| Net Interest Income | -56M | -10.9M | -81.3M | -57M | -31.8M | -24M | -23.8M | -18.25M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 |
| Interest Expense | 56M | 10.9M | 81.3M | 57M | 31.8M | 24M | 23.8M | 20.5M | 0 | 0 | 0 |
| Other Income/Expense | -106.1M | -82M | -84.9M | -51.9M | -30.2M | -35.2M | -22.5M | -47.1M | 0 | -5.7M | 0 |
| Pretax Income | -65M | -58.8M | -66.3M | 2.5M | 10.6M | -17.2M | -30.6M | -35.4M | -342 | 5.91M | 0 |
| Pretax Margin % | -3.58% | -3.2% | -3.53% | 0.13% | 0.67% | -1.42% | -3.5% | -6.35% | -0% | 1.71% | - |
| Income Tax | 15.3M | 21.5M | -4.2M | -6.4M | 1.3M | 3.6M | -6.6M | 0 | 800 | 0 | 800 |
| Effective Tax Rate % | -23.54% | -36.56% | 6.33% | -256% | 12.26% | -20.93% | 21.57% | 0% | -233.92% | 0% | - |
| Net Income | -80.3M | -80.3M | -62.1M | 8.9M | 9.3M | -20.8M | -24M | -35.4M | -1.14K | 5.91M | -800 |
| Net Margin % | -4.42% | -4.37% | -3.31% | 0.47% | 0.59% | -1.71% | -2.75% | -6.35% | -0% | 1.71% | - |
| Net Income Growth % | -22.97% | -29.31% | -797.75% | -4.3% | 144.71% | 13.33% | 32.2% | - | -100.02% | - | - |
| Net Income (Continuing) | -80.3M | -80.3M | -62.1M | 8.9M | 9.3M | -20.8M | -24M | -35.4M | -1.14K | 5.91M | -800 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.45 | -2.55 | -1.96 | 0.18 | 0.20 | -0.74 | -0.90 | -4.85 | -0.00 | 0.00 | 0.00 |
| EPS Growth % | -24.76% | -30.1% | -1188.89% | -10% | 127.03% | 17.78% | 81.44% | - | - | - | - |
| EPS (Basic) | - | -2.55 | -1.96 | 0.18 | 0.20 | -0.74 | -0.90 | -4.85 | -0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 32.79M | 32.71M | 33.18M | 32.88M | 32.3M | 31.71M | 26.61M | 7.3M | 18.39M | 18.39M | 16.05M |
| Basic Shares Outstanding | 32.79M | 32.71M | 33.18M | 32.45M | 32.1M | 31.71M | 26.61M | 7.3M | 18.39M | 18.39M | 16.05M |
| Dividend Payout Ratio | - | - | - | 85.39% | 39.78% | - | - | - | - | - | - |
Quick answers to the most common questions about buying ALTG stock.
For fiscal year 2025, Alta Equipment Group Inc. (ALTG) reported total revenue of $1.84B.
Alta Equipment Group Inc. (ALTG) reported a net loss of $80.3M for the fiscal year ending 2025.
Alta Equipment Group Inc. (ALTG) reported an operating income of $23.2M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Alta Equipment Group Inc. (ALTG) generated $474.6M in gross profit for the year, representing a gross profit margin of 25.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Chronic non-operating loss drag
Metrics are mathematically derived from official filings.
Revenue Stuck in Flat-to-Down Channel
Alta's revenue has declined year over year in seven of the last eight quarters, with 2026Q2 sales of $475.5 million down 1.2%, a pattern that suggests the top line is contracting rather than stabilizing, according to the company's reported quarterly income statements.
The lone positive quarter in that window (+2.2% in 2025Q4) coincided with the year's weakest gross margin, so the growth that does appear looks tied to volume and shipment timing rather than pricing power. Quarterly revenue has clustered between $410 million and $509 million for three years, implying a non-compounding base where any earnings improvement must be sourced from cost and margin execution rather than scale.
Seasonal Mix Masking Margin Erosion
Alta's gross margin swung from 27.9% in 2025Q3 to 23.5% in 2025Q4 and back to 26.1% in 2026Q2, a swing of more than 400 basis points that points to mix and utilization volatility rather than durable pricing power, as reported in the company's quarterly statements.
The fourth-quarter trough repeated almost exactly (23.4% in 2024Q4, 23.5% in 2025Q4), which reads as a structural annual mix shift toward lower-margin distribution work rather than deterioration, and investors should discount it accordingly when comparing sequential quarters. However, the 26.1% print in 2026Q2 remains about 120 basis points below the 27.3% of 2024Q1, so a mild downward drift in realized margin appears to be underway even as the company's gross margin stays well ahead of equipment-dealer peers Rush (18.7%) and Titan (15.8%).
Overhead Cuts Driving Margin Recovery
SG&A fell to $105.6 million in 2026Q2 from $114.6 million in 2024Q1, an 8% reduction that outpaced revenue's trajectory and helped swing operating income to $12.0 million from a $0.9 million operating loss two years earlier, based on Alta's reported quarterly income statements.
Excluding 2025Q4, where SG&A was not disclosed, the sequential decline in overhead while revenue was broadly flat produced most of the operating swing, indicating genuine if modest cost flexibility rather than demand-led leverage. Even so, a 2.5% operating margin trails the 3.8% to 5.3% range of comparable names, suggesting the current expense base still sits above the level required to convert gross profit into durable bottom-line earnings.
Below-the-Line Drag Dominates Losses
In 2026Q2, Alta reported $12.0 million of operating income yet still posted a $7.5 million net loss, a $19.5 million below-the-line gap that implies non-operating expenses dominate the bottom line, according to the company's quarterly income statements.
Stock-based compensation of roughly $1.0 million per quarter equals only about 0.2% of revenue, so equity charges do not explain the divergence between operating results and net losses; the persistent gap instead points to unlisted non-operating items that the excerpt does not itemize. The 2025Q3 divergence is particularly wide ($4.8 million operating income against a $41.6 million net loss), which may indicate a discrete charge, and analysts should identify that detail before treating the subsequent recovery as run-rate earnings quality.
2026Q2 Operating Profit Inflection
Excluding 2025Q4, where SG&A was not disclosed, 2026Q2 delivered Alta's highest operating income in two years at $12.0 million, a 2.5% margin that reversed the prior quarter's $5.7 million operating loss, according to the company's reported quarterly statements.
The quarter-over-quarter swing appears driven by volume recovery on a slightly leaner SG&A base rather than margin expansion, since gross margin actually eased from 26.6% in 2026Q1 to 26.1% in 2026Q2. If that mechanism holds, the inflection is volume-leveraged rather than pricing-led, which would make the improvement sensitive to another demand wobble even as it narrows the net loss to $7.5 million.
What Could Invalidate the Base Case
Across the last ten quarters, cumulative net losses of about $169 million compare with cumulative operating income of roughly $48 million, a gap that suggests financing or other below-the-line costs outweigh operating performance, per the supplied quarterly data.
A short-seller would argue that a 2.5% operating margin cannot service the implied non-operating burden, so any refinancing pressure or rate reset could extend the loss streak even if gross margins recover toward 27%. The same critique applies to the overhead line: SG&A still sat at $108.2 million in 2026Q1 when revenue dropped to $410.5 million, implying the cost base is sticky relative to volume and that the reported second-quarter improvement may not prove durable.