Revenue growth accelerated to 17.3% in 2026Q3 while operating margin held near 26% (26.3% in 2026Q3), though the lack of organic growth disclosure warrants further investigation into how much of this expansion is acquisition-driven.
AMETEK, Inc. (AME) 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 | 8.19B | 7.4B | 6.94B | 6.6B | 6.15B | 5.55B | 4.54B | 5.16B | 4.85B | 4.3B | 3.84B | 3.97B | 4.02B | 3.59B | 3.33B | 2.99B | 2.47B | 2.1B | 2.53B | 2.14B | 1.82B | 1.43B | 1.23B | 1.09B | 1.04B | 1.02B | 1.02B | 924.8M | 927.47M | 847.8M | 800M |
| Revenue Growth % | 14.34% | 6.63% | 5.22% | 7.26% | 10.89% | 22.17% | -11.99% | 6.45% | 12.69% | 11.98% | -3.38% | -1.19% | 11.9% | 7.8% | 11.52% | 21% | 17.76% | -17.1% | 18.45% | 17.46% | 26.83% | 16.4% | 12.89% | 4.91% | 2.09% | -0.52% | 10.8% | -0.29% | 9.4% | 5.97% | 2.33% |
| Cost of Goods Sold | 5.19B | 4.71B | 4.46B | 4.21B | 4.01B | 3.63B | 3B | 3.37B | 3.19B | 2.86B | 2.59B | 2.62B | 2.66B | 2.32B | 2.15B | 1.96B | 1.65B | 1.44B | 1.73B | 1.44B | 1.25B | 991.79M | 866.55M | 785.44M | 754.57M | 777.92M | 750.37M | 687M | 702.6M | 655.9M | 620.2M |
| COGS % of Revenue | - | 63.62% | 64.32% | 63.85% | 65.12% | 65.52% | 66% | 65.35% | 65.75% | 66.54% | 67.33% | 65.87% | 66.16% | 64.65% | 64.61% | 65.41% | 66.65% | 68.43% | 68.35% | 67.6% | 68.81% | 69.14% | 70.32% | 71.95% | 72.52% | 76.32% | 73.23% | 74.29% | 75.75% | 77.36% | 77.53% |
| Gross Profit | 3B | 2.69B | 2.48B | 2.38B | 2.15B | 1.91B | 1.54B | 1.79B | 1.66B | 1.44B | 1.25B | 1.36B | 1.36B | 1.27B | 1.18B | 1.03B | 824.06M | 662.4M | 801.05M | 692.34M | 567.37M | 442.67M | 365.77M | 306.18M | 285.97M | 241.37M | 274.29M | 237.8M | 224.87M | 191.9M | 179.8M |
| Gross Margin % | 36.64% | 36.38% | 35.68% | 36.14% | 34.88% | 34.48% | 34% | 34.65% | 34.25% | 33.46% | 32.67% | 34.13% | 33.84% | 35.35% | 35.39% | 34.59% | 33.35% | 31.57% | 31.65% | 32.4% | 31.19% | 30.86% | 29.68% | 28.05% | 27.48% | 23.68% | 26.77% | 25.71% | 24.25% | 22.64% | 22.48% |
| Gross Profit Growth % | - | 8.73% | 3.86% | 11.15% | 12.16% | 23.91% | -13.66% | 7.72% | 15.34% | 14.68% | -7.5% | -0.36% | 7.14% | 7.66% | 14.11% | 25.49% | 24.4% | -17.31% | 15.7% | 22.03% | 28.17% | 21.02% | 19.46% | 7.07% | 18.48% | -12% | 15.35% | 5.75% | 17.18% | 6.73% | 0.62% |
| Operating Expenses | 849.89M | 757.12M | 696.9M | 677.01M | 644.58M | 603.94M | 515.63M | 610.28M | 584.02M | 535.18M | 463.61M | 448.59M | 462.64M | 455.42M | 434.21M | 398.19M | 341.9M | 296.35M | 368.39M | 305.76M | 258.38M | 209.18M | 174.59M | 149.42M | 137.28M | 131.82M | 138.4M | 119M | 120.5M | 100M | 97M |
| OpEx % of Revenue | - | 10.23% | 10.04% | 10.26% | 10.48% | 10.89% | 11.36% | 11.83% | 12.05% | 12.45% | 12.07% | 11.29% | 11.5% | 12.67% | 13.02% | 13.32% | 13.84% | 14.12% | 14.55% | 14.31% | 14.2% | 14.58% | 14.17% | 13.69% | 13.19% | 12.93% | 13.51% | 12.87% | 12.99% | 11.8% | 12.13% |
| Selling, General & Admin | 849.89M | 757.12M | 696.9M | 677.01M | 644.58M | 603.94M | 515.63M | 610.28M | 584.02M | 535.18M | 463.61M | 448.59M | 462.64M | 398.18M | 380.53M | 349.32M | 296.48M | 254.14M | 322.55M | 263.47M | 219.45M | 174.22M | 137.83M | 115.19M | 104.82M | 98.66M | 95.15M | 79.4M | 82.1M | 67.1M | 64.3M |
| SG&A % of Revenue | - | 10.23% | 10.04% | 10.26% | 10.48% | 10.89% | 11.36% | 11.83% | 12.05% | 12.45% | 12.07% | 11.29% | 11.5% | 11.08% | 11.41% | 11.68% | 12% | 12.11% | 12.74% | 12.33% | 12.06% | 12.15% | 11.18% | 10.55% | 10.07% | 9.68% | 9.29% | 8.59% | 8.85% | 7.91% | 8.04% |
| Research & Development | 0 | 0 | 236.6M | 220.8M | 198.8M | 194.2M | 158.9M | 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 | - | - | 3.41% | 3.35% | 3.23% | 3.5% | 3.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -236.6M | -220.8M | -198.8M | -194.2M | -158.9M | 0 | 0 | 0 | 0 | 0 | 0 | 57.24M | 53.68M | 48.87M | 45.42M | 42.21M | 45.84M | 42.29M | 38.92M | 34.96M | 36.76M | 34.23M | 32.47M | 33.16M | 43.26M | 39.6M | 38.4M | 32.9M | 32.7M |
| Operating Income | 2.15B | 1.94B | 1.78B | 1.71B | 1.5B | 1.31B | 1.03B | 1.18B | 1.08B | 903.62M | 790.98M | 907.72M | 898.59M | 815.08M | 745.87M | 635.94M | 482.16M | 366.05M | 432.65M | 386.57M | 308.99M | 233.49M | 191.17M | 156.76M | 148.69M | 109.55M | 135.89M | 118.8M | 104.37M | 91.9M | 82.8M |
| Operating Margin % | 26.26% | 26.15% | 25.64% | 25.88% | 24.4% | 23.59% | 22.64% | 22.82% | 22.2% | 21.01% | 20.6% | 22.84% | 22.34% | 22.68% | 22.37% | 21.27% | 19.51% | 17.44% | 17.09% | 18.09% | 16.98% | 16.28% | 15.51% | 14.36% | 14.29% | 10.75% | 13.26% | 12.85% | 11.25% | 10.84% | 10.35% |
| Operating Income Growth % | - | 8.77% | 4.22% | 13.78% | 14.67% | 27.32% | -12.7% | 9.47% | 19.03% | 14.24% | -12.86% | 1.02% | 10.25% | 9.28% | 17.29% | 31.89% | 31.72% | -15.39% | 11.92% | 25.11% | 32.34% | 22.13% | 21.95% | 5.43% | 35.73% | -19.38% | 14.39% | 13.82% | 13.57% | 10.99% | 5.34% |
| EBITDA | 2.44B | 2.36B | 2.16B | 2.05B | 1.82B | 1.6B | 1.28B | 1.41B | 1.28B | 1.09B | 970.7M | 1.06B | 1.04B | 933.74M | 851.34M | 722.47M | 555.05M | 431.55M | 495.92M | 439.24M | 354.92M | 272.92M | 231.08M | 192.23M | 181.64M | 156M | 179.15M | 158.4M | 142.77M | 124.8M | 115.5M |
| EBITDA Margin % | 29.85% | 31.87% | 31.15% | 31% | 29.59% | 28.86% | 28.26% | 27.36% | 26.31% | 25.27% | 25.28% | 26.6% | 25.79% | 25.98% | 25.53% | 24.16% | 22.46% | 20.57% | 19.59% | 20.56% | 19.51% | 19.03% | 18.75% | 17.61% | 17.46% | 15.3% | 17.48% | 17.13% | 15.39% | 14.72% | 14.44% |
| EBITDA Growth % | 6.92% | 9.06% | 5.74% | 12.36% | 13.7% | 24.75% | -9.09% | 10.7% | 17.31% | 11.97% | -8.18% | 1.93% | 11.08% | 9.68% | 17.84% | 30.16% | 28.62% | -12.98% | 12.9% | 23.76% | 30.05% | 18.1% | 20.21% | 5.83% | 16.43% | -12.92% | 13.1% | 10.94% | 14.4% | 8.05% | 3.68% |
| D&A (Non-Cash Add-back) | 317.08M | 422.8M | 382.93M | 337.64M | 319.43M | 292.11M | 255.28M | 234.04M | 199.49M | 183.23M | 179.72M | 149.46M | 138.58M | 118.66M | 105.47M | 86.53M | 72.9M | 65.5M | 63.26M | 52.66M | 45.93M | 39.43M | 39.91M | 35.47M | 32.95M | 46.45M | 43.26M | 39.6M | 38.4M | 32.9M | 32.7M |
| EBIT | 2.09B | 1.88B | 1.77B | 1.69B | 1.51B | 1.3B | 1.17B | 1.16B | 1.07B | 894.76M | 787.41M | 898.17M | 884.76M | 798.37M | 737.95M | 626.37M | 473.77M | 363.38M | 429.87M | 383.31M | 308.99M | 233.49M | 191.17M | 156.76M | 148.69M | 109.55M | 135.89M | 118.8M | 104.37M | 91.9M | 82.8M |
| Net Interest Income | -113.72M | -81.25M | -112.96M | -81.8M | -83.19M | -80.38M | -86.06M | -88.48M | -82.18M | -98.03M | -94.3M | -91.8M | -79.93M | -73.57M | -75.47M | -69.73M | -67.52M | -68.75M | -63.65M | -46.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 113.72M | 81.25M | 112.96M | 81.8M | 83.19M | 80.38M | 86.06M | 88.48M | 82.18M | 98.03M | 94.3M | 91.8M | 79.93M | 73.57M | 75.47M | 69.73M | 67.52M | 68.75M | 63.65M | 46.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -169.86M | -137.28M | -118.02M | -101.05M | -72M | -85.5M | 54.42M | -107.63M | -87.8M | -106.89M | -97.88M | -101.34M | -93.75M | -90.28M | -83.4M | -79.3M | -75.91M | -71.42M | -66.44M | -50.13M | -45.31M | -35.2M | -30.45M | -26.67M | -25.79M | -25.19M | -29.75M | -24.3M | -27.07M | -13.7M | -16.4M |
| Pretax Income | 1.98B | 1.8B | 1.66B | 1.61B | 1.43B | 1.22B | 1.08B | 1.07B | 987.75M | 796.73M | 693.1M | 806.38M | 804.83M | 724.79M | 662.48M | 556.64M | 406.25M | 294.63M | 366.22M | 336.44M | 263.69M | 198.29M | 160.72M | 130.09M | 122.9M | 84.36M | 106.14M | 94.5M | 77.3M | 78.2M | 66.4M |
| Pretax Margin % | 24.19% | 24.3% | 23.94% | 24.35% | 23.23% | 22.05% | 23.84% | 20.74% | 20.38% | 18.53% | 18.05% | 20.29% | 20.01% | 20.17% | 19.87% | 18.62% | 16.44% | 14.04% | 14.47% | 15.74% | 14.49% | 13.82% | 13.04% | 11.92% | 11.81% | 8.28% | 10.36% | 10.22% | 8.33% | 9.22% | 8.3% |
| Income Tax | 350.1M | 318.2M | 285.42M | 293.22M | 269.15M | 233.12M | 209.87M | 208.45M | 209.81M | 115.26M | 180.94M | 215.52M | 220.37M | 207.8M | 203.34M | 172.18M | 122.32M | 88.86M | 119.26M | 108.42M | 81.75M | 61.93M | 51.73M | 42.27M | 39.2M | 18.25M | 37.61M | 33.7M | 26.9M | 27.9M | 23.3M |
| Effective Tax Rate % | 17.67% | 17.69% | 17.18% | 18.25% | 18.84% | 19.06% | 19.39% | 19.49% | 21.24% | 14.47% | 26.11% | 26.73% | 27.38% | 28.67% | 30.69% | 30.93% | 30.11% | 30.16% | 32.57% | 32.23% | 31% | 31.23% | 32.19% | 32.5% | 31.9% | 21.63% | 35.43% | 35.66% | 34.8% | 35.68% | 35.09% |
| Net Income | 1.63B | 1.48B | 1.38B | 1.31B | 1.16B | 990.05M | 872.44M | 861.3M | 777.93M | 681.47M | 512.16M | 590.86M | 584.46M | 517M | 459.13M | 384.46M | 283.93M | 205.77M | 246.95M | 228.02M | 181.93M | 136.36M | 108.99M | 87.81M | 83.7M | 66.11M | 68.53M | 60.8M | 41.7M | 50.4M | 51.2M |
| Net Margin % | 19.91% | 20% | 19.83% | 19.91% | 18.85% | 17.85% | 19.22% | 16.7% | 16.05% | 15.85% | 13.34% | 14.87% | 14.53% | 14.38% | 13.77% | 12.86% | 11.49% | 9.81% | 9.76% | 10.67% | 10% | 9.51% | 8.84% | 8.04% | 8.04% | 6.49% | 6.69% | 6.57% | 4.5% | 5.94% | 6.4% |
| Net Income Growth % | 11.05% | 7.56% | 4.79% | 13.25% | 17.12% | 13.48% | 1.29% | 10.72% | 14.16% | 33.06% | -13.32% | 1.09% | 13.05% | 12.6% | 19.42% | 35.41% | 37.99% | -16.68% | 8.3% | 25.33% | 33.42% | 25.11% | 24.11% | 4.92% | 26.6% | -3.53% | 12.72% | 45.8% | -17.26% | -1.56% | -2.1% |
| Net Income (Continuing) | 1.63B | 1.48B | 1.38B | 1.31B | 1.16B | 990.05M | 872.44M | 861.3M | 777.93M | 681.47M | 512.16M | 590.86M | 584.46M | 517M | 459.13M | 384.46M | 283.93M | 205.77M | 246.95M | 228.02M | 181.93M | 136.36M | 108.99M | 87.81M | 83.7M | 66.11M | 68.53M | 60.8M | 50.4M | 50.3M | 43.1M |
| 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 | 100K | 8.1M |
| 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) | 7.09 | 6.40 | 5.93 | 5.67 | 5.01 | 4.25 | 3.77 | 3.75 | 3.34 | 2.94 | 2.19 | 2.45 | 2.37 | 2.10 | 1.88 | 1.58 | 1.17 | 0.85 | 1.02 | 0.94 | 0.76 | 0.57 | 0.47 | 0.37 | 0.37 | 0.29 | 0.31 | 0.27 | 0.18 | 0.22 | 0.23 |
| EPS Growth % | 11.83% | 7.93% | 4.59% | 13.17% | 17.88% | 12.73% | 0.53% | 12.28% | 13.61% | 34.25% | -10.61% | 3.38% | 12.86% | 11.7% | 18.99% | 35.04% | 37.65% | -16.67% | 8.51% | 23.68% | 33.33% | 21.28% | 27.03% | 0% | 27.59% | -6.45% | 14.81% | 50% | -18.18% | -4.35% | 0% |
| EPS (Basic) | - | 6.42 | 5.95 | 5.70 | 5.04 | 4.29 | 3.80 | 3.78 | 3.37 | 2.96 | 2.20 | 2.46 | 2.39 | 2.12 | 1.90 | 1.60 | 1.19 | 0.86 | 1.04 | 0.96 | 0.77 | 0.58 | 0.48 | 0.38 | 0.38 | 0.30 | 0.32 | 0.28 | 0.19 | 0.23 | 0.23 |
| Diluted Shares Outstanding | 230.04M | 231.26M | 232.17M | 231.51M | 231.54M | 232.81M | 231.15M | 229.4M | 232.71M | 231.84M | 233.73M | 241.59M | 247.1M | 246.06M | 243.99M | 243.16M | 241.33M | 242.66M | 241.75M | 242.06M | 239.87M | 237.55M | 231.97M | 225.9M | 226.98M | 225.75M | 219.6M | 222.41M | 227.75M | 228.21M | 224.3M |
| Basic Shares Outstanding | 229.16M | 230.45M | 231.26M | 230.52M | 231.54M | 230.96M | 229.44M | 227.76M | 230.82M | 230.23M | 232.59M | 239.91M | 244.88M | 243.91M | 241.51M | 240.38M | 238.58M | 240.27M | 238.83M | 238.12M | 235.89M | 233.38M | 228.82M | 223.65M | 222.2M | 221.66M | 216.88M | 218.03M | 220.95M | 222.24M | 220.02M |
| Dividend Payout Ratio | - | 19.28% | 18.81% | 17.54% | 17.44% | 18.64% | 18.92% | 14.8% | 16.57% | 12.14% | 16.26% | 14.55% | 13.78% | 11.3% | 11.56% | 9.98% | 10.06% | 12.43% | 10.4% | 11.29% | 10.35% | 12.33% | 14.93% | 9.25% | 9.43% | 11.92% | 11.23% | 12.66% | 18.7% | 15.67% | 15.43% |
Quick answers to the most common questions about buying AME stock.
For fiscal year 2025, AMETEK, Inc. (AME) reported total revenue of $7.40B. This represents a 825.1% increase compared to $800.0M in 1996.
AMETEK, Inc. (AME) is profitable, generating $1.48B in net income for the fiscal year ending 2025 with a net profit margin of 20.0%.
AMETEK, Inc. (AME) reported an operating income of $1.94B, resulting in an operating profit margin of 26.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AMETEK, Inc. (AME) generated $2.69B in gross profit for the year, representing a gross profit margin of 36.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical Electronic Instruments exposure
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Into 2026
Based on reported quarterly figures, AMETEK's revenue growth rose from roughly negative to 17.3% year-over-year in 2026Q3, suggesting a meaningful acceleration in top-line momentum over the past several quarters.
The move from low single-digit growth in 2024 and early 2025 to double-digit expansion in late 2025 and 2026 may reflect a combination of acquisition contribution and improving organic demand in aerospace and automation end markets. Because the data does not separate organic from acquired revenue, investors should treat the headline acceleration as partly M&A-driven and monitor organic growth before extrapolating the trend.
Stable Mid-Thirties Gross Margin Structure
As reported in quarterly income statements, AMETEK's gross margin has held in a narrow 35.8% to 37.2% band across the ten quarters, indicating durable pricing power in its specialized product niches.
The tight range across cycles suggests limited sensitivity to input cost swings, consistent with engineered-in components where price adjustments can lag cost inflation. Margin stability at this level, well above commodity industrial manufacturers, implies the product mix remains weighted toward differentiated instrumentation rather than price-competitive volume.
Operating Leverage Holding Through Growth
Based on reported figures, operating margin moved from 25.8% to 26.7% across the period while revenue expanded, suggesting operating income has scaled roughly in line with gross profit rather than eroding under acquisition-driven growth.
Operating margin improvement alongside rising SG&A dollars suggests overhead is being absorbed efficiently as the business grows. However, the margin gain is modest, which implies the leverage is incremental rather than dramatic and that much of the earnings growth is coming from revenue scale rather than structural cost compression.
EPS Growth Tracking Above Net Income Pace
According to reported quarterly data, diluted EPS rose from $1.45 in 2024Q2 to $1.85 in 2026Q3, a gain that appears to outpace net income growth and may reflect share count reduction.
Stock-based compensation remains small relative to net income, so dilution and SBC do not appear to be a material drag on reported earnings. The divergence between EPS and net income growth warrants checking the share count trajectory, since buybacks would flatter per-share results independent of operating performance.
Acquisition Dependence Could Mask Organic Slowdown
Based on the supplied data, the sharp headline revenue acceleration in 2026 coincides with an M&A-driven growth model, and without organic growth disclosure the durability of the trend remains unverified.
Short-sellers would likely argue that reported growth reflects purchased revenue rather than internal demand, and that organic growth may be decelerating beneath the headline figures. If acquisition contribution fades or integration costs emerge, the apparent margin and EPS resilience could prove more fragile than the current quarterly trend suggests.