Revenue growth remains stagnant with a 1.1% year-over-year decline in 2027Q1, while gross margins have contracted significantly from 30.0% in 2025Q1 to 21.9% in 2027Q1.
Apogee Enterprises, Inc. (APOG) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Feb'26 | Mar'25 | Mar'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Sales/Revenue | 1.4B | 1.4B | 1.36B | 1.42B | 1.44B | 1.31B | 1.23B | 1.39B | 1.4B | 1.33B | 1.11B | 981.19M | 933.94M | 771.45M | 700.22M | 662.46M | 582.78M | 696.7M | 925.5M | 881.81M | 778.85M | 696.73M | 628.81M | 535.33M | 771.84M | 802.32M | 865.2M | 840.49M | 792.6M | 912.8M | 950.8M |
| Revenue Growth % | 1.79% | 3.21% | -3.95% | -1.65% | 9.64% | 6.76% | -11.29% | -1.08% | 5.77% | 18.99% | 13.59% | 5.06% | 21.06% | 10.17% | 5.7% | 13.67% | -16.35% | -24.72% | 4.95% | 13.22% | 11.79% | 10.8% | 17.46% | -30.64% | -3.8% | -7.27% | 2.94% | 6.04% | -13.17% | -4% | 9.15% |
| Cost of Goods Sold | 1.07B | 1.09B | 996.92M | 1.04B | 1.11B | 1.01B | 955.08M | 1.08B | 1.11B | 992.65M | 822.51M | 737.62M | 725.39M | 606.19M | 554.49M | 545.34M | 499.66M | 534.61M | 724.75M | 696.66M | 630.43M | 566.67M | 513.1M | 440.86M | 585.77M | 614.59M | 651.97M | 640.23M | 596.5M | 709.4M | 778.5M |
| COGS % of Revenue | - | 77.26% | 73.25% | 73.7% | 76.73% | 76.99% | 77.6% | 78.09% | 79.07% | 74.85% | 73.8% | 75.18% | 77.67% | 78.58% | 79.19% | 82.32% | 85.74% | 76.73% | 78.31% | 79% | 80.94% | 81.33% | 81.6% | 82.35% | 75.89% | 76.6% | 75.36% | 76.17% | 75.26% | 77.72% | 81.88% |
| Gross Profit | 326.98M | 319.47M | 364.08M | 372.63M | 335.27M | 302.36M | 275.69M | 303.96M | 293.56M | 333.52M | 292.02M | 243.57M | 208.54M | 165.25M | 145.73M | 117.12M | 83.12M | 162.09M | 200.75M | 185.15M | 148.41M | 130.06M | 115.72M | 94.47M | 186.07M | 187.73M | 213.23M | 200.25M | 196.1M | 203.4M | 172.3M |
| Gross Margin % | 23.34% | 22.74% | 26.75% | 26.3% | 23.27% | 23.01% | 22.4% | 21.91% | 20.93% | 25.15% | 26.2% | 24.82% | 22.33% | 21.42% | 20.81% | 17.68% | 14.26% | 23.27% | 21.69% | 21% | 19.06% | 18.67% | 18.4% | 17.65% | 24.11% | 23.4% | 24.64% | 23.83% | 24.74% | 22.28% | 18.12% |
| Gross Profit Growth % | - | -12.25% | -2.3% | 11.14% | 10.88% | 9.67% | -9.3% | 3.54% | -11.98% | 14.21% | 19.89% | 16.8% | 26.2% | 13.39% | 24.43% | 40.9% | -48.72% | -19.25% | 8.42% | 24.75% | 14.11% | 12.4% | 22.5% | -49.23% | -0.88% | -11.96% | 6.48% | 2.12% | -3.59% | 18.05% | 27.63% |
| Operating Expenses | 216.71M | 235M | 245.97M | 238.79M | 209.49M | 280.32M | 250.16M | 216.11M | 226.28M | 219.23M | 169.8M | 146.18M | 144.96M | 124.97M | 118.09M | 113.3M | 104.09M | 116.67M | 123.09M | 118.69M | 100.69M | 99.84M | 89.44M | 86.72M | 144.37M | 143.6M | 147.1M | 180.84M | 153.9M | 162.5M | 125.8M |
| OpEx % of Revenue | - | 16.73% | 18.07% | 16.85% | 14.54% | 21.33% | 20.33% | 15.58% | 16.13% | 16.53% | 15.23% | 14.9% | 15.52% | 16.2% | 16.86% | 17.1% | 17.86% | 16.75% | 13.3% | 13.46% | 12.93% | 14.33% | 14.22% | 16.2% | 18.71% | 17.9% | 17% | 21.52% | 19.42% | 17.8% | 13.23% |
| Selling, General & Admin | 216.71M | 245.03M | 214.85M | 221.5M | 205.28M | 192.54M | 179.89M | 214.81M | 197.44M | 188.93M | 161.2M | 138.18M | 140.86M | 119.27M | 118.31M | 113.3M | 104.09M | 116.67M | 123.09M | 118.69M | 100.69M | 99.84M | 89.44M | 86.72M | 144.37M | 143.6M | 147.1M | 147.82M | 128M | 138.5M | 105.3M |
| SG&A % of Revenue | - | 17.44% | 15.79% | 15.63% | 14.25% | 14.65% | 14.62% | 15.48% | 14.08% | 14.25% | 14.46% | 14.08% | 15.08% | 15.46% | 16.9% | 17.1% | 17.86% | 16.75% | 13.3% | 13.46% | 12.93% | 14.33% | 14.22% | 16.2% | 18.71% | 17.9% | 17% | 17.59% | 16.15% | 15.17% | 11.07% |
| Research & Development | 0 | 0 | 29M | 30.3M | 25.5M | 17.3M | 15.3M | 16.6M | 19.5M | 14M | 8.6M | 8M | 6.5M | 7.8M | 6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.13% | 2.14% | 1.77% | 1.32% | 1.24% | 1.2% | 1.39% | 1.06% | 0.77% | 0.82% | 0.7% | 1.01% | 0.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -10.03M | 2.11M | -13M | -21.3M | 70.47M | 54.97M | -15.3M | 9.34M | 16.3M | 0 | 0 | -2.4M | -2.1M | 0 | -4K | -92K | 35K | 0 | 9K | 11K | -45K | -40K | -20K | -73K | -1K | -3K | -17K | 0 | 24M | 0 |
| Operating Income | 110.27M | 84.47M | 118.11M | 133.83M | 125.79M | 22.05M | 25.53M | 87.85M | 67.28M | 114.28M | 122.22M | 97.39M | 63.59M | 40.28M | 27.42M | 3.82M | -20.97M | 45.43M | 77.66M | 66.46M | 47.73M | 30.22M | 26.28M | 7.75M | 41.69M | 44.13M | 31.89M | 19.42M | 42.2M | 40.9M | 46.5M |
| Operating Margin % | 7.87% | 6.01% | 8.68% | 9.45% | 8.73% | 1.68% | 2.07% | 6.33% | 4.8% | 8.62% | 10.97% | 9.93% | 6.81% | 5.22% | 3.92% | 0.58% | -3.6% | 6.52% | 8.39% | 7.54% | 6.13% | 4.34% | 4.18% | 1.45% | 5.4% | 5.5% | 3.69% | 2.31% | 5.32% | 4.48% | 4.89% |
| Operating Income Growth % | - | -28.48% | -11.75% | 6.4% | 470.6% | -13.64% | -70.94% | 30.56% | -41.13% | -6.5% | 25.5% | 53.17% | 57.84% | 46.92% | 618.53% | 118.2% | -146.16% | -41.5% | 16.85% | 39.25% | 57.94% | 14.99% | 239.2% | -81.42% | -5.51% | 38.36% | 64.25% | -53.99% | 3.18% | -12.04% | 43.52% |
| EBITDA | 160.41M | 134.47M | 162.72M | 175.42M | 168.19M | 72.04M | 76.97M | 134.64M | 117.08M | 169.13M | 157.83M | 128.64M | 93.01M | 66.83M | 53.95M | 31.06M | 7.25M | 75.03M | 106.96M | 89.23M | 66.26M | 50.18M | 44.24M | 27.5M | 65.97M | 71.16M | 66.12M | 52.44M | 68.1M | 64.9M | 67M |
| EBITDA Margin % | 11.45% | 9.57% | 11.96% | 12.38% | 11.67% | 5.48% | 6.25% | 9.7% | 8.35% | 12.75% | 14.16% | 13.11% | 9.96% | 8.66% | 7.7% | 4.69% | 1.24% | 10.77% | 11.56% | 10.12% | 8.51% | 7.2% | 7.04% | 5.14% | 8.55% | 8.87% | 7.64% | 6.24% | 8.59% | 7.11% | 7.05% |
| EBITDA Growth % | 22.71% | -17.36% | -7.24% | 4.3% | 133.48% | -6.4% | -42.84% | 15% | -30.77% | 7.16% | 22.69% | 38.31% | 39.16% | 23.89% | 73.68% | 328.68% | -90.34% | -29.85% | 19.87% | 34.67% | 32.04% | 13.44% | 60.89% | -58.32% | -7.3% | 7.62% | 26.1% | -23% | 4.93% | -3.13% | 37.01% |
| D&A (Non-Cash Add-back) | 50.14M | 50M | 44.61M | 41.59M | 42.4M | 49.99M | 51.44M | 46.8M | 49.8M | 54.84M | 35.61M | 31.25M | 29.42M | 26.55M | 26.53M | 27.25M | 28.22M | 29.6M | 29.31M | 22.78M | 18.54M | 19.96M | 17.96M | 19.75M | 24.27M | 27.03M | 34.23M | 33.02M | 25.9M | 24M | 20.5M |
| EBIT | 105.6M | 91.43M | 140.32M | 146.23M | 125.79M | 102.02M | 88.2M | 72.85M | 70.42M | 114.28M | 122.22M | 97.39M | 63.59M | 40.28M | 27.42M | 5.02M | -20.11M | 46.57M | 80.46M | 66.46M | 47.73M | 30.89M | 27.2M | 7.75M | 45.57M | 42.11M | 66.12M | 19.42M | 43.35M | 45.59M | 44.6M |
| Net Interest Income | -12.96M | -13.98M | -6.16M | -6.67M | -7.66M | -3.77M | -4.41M | -8.81M | -8.09M | -4.97M | 37K | 388K | 30K | -432K | -736K | -361K | 193K | 247K | -739K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355K | 538K | 1.01M | 981K | 954K | 827K | 758K | 1.07M | 912K | 853K | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.96M | 13.98M | 6.16M | 6.67M | 7.66M | 3.77M | 4.41M | 8.81M | 8.45M | 5.51M | 971K | 593K | 924K | 1.26M | 1.49M | 1.43M | 719K | 606K | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -19.29M | -7.02M | -5.54M | -4.58M | -9.17M | -8.18M | -2.92M | -8.1M | -8.62M | -4.4M | 580K | -69K | 1.41M | -519K | -512K | -220K | 139K | 532K | 1.05M | -4.16M | 1.07M | 1.77M | -2.22M | -6.24M | -4.97M | -4.23M | -9.66M | -13.18M | -10.92M | -7.09M | -5.4M |
| Pretax Income | 90.98M | 77.46M | 112.57M | 129.25M | 116.62M | 13.87M | 22.61M | 79.75M | 58.66M | 109.88M | 122.81M | 97.32M | 65M | 39.77M | 26.91M | 3.65M | -20.83M | 45.96M | 78.71M | 62.3M | 48.8M | 31.23M | 23.98M | 1.5M | 36.58M | 37.89M | 22.24M | 6.24M | 31.4M | -63.5M | 40M |
| Pretax Margin % | 6.5% | 5.51% | 8.27% | 9.12% | 8.09% | 1.06% | 1.84% | 5.75% | 4.18% | 8.29% | 11.02% | 9.92% | 6.96% | 5.15% | 3.84% | 0.55% | -3.57% | 6.6% | 8.5% | 7.07% | 6.27% | 4.48% | 3.81% | 0.28% | 4.74% | 4.72% | 2.57% | 0.74% | 3.96% | -6.96% | 4.21% |
| Income Tax | 22.63M | 23.32M | 27.52M | 29.64M | 12.51M | 10.38M | 7.17M | 17.84M | 12.97M | 30.39M | 37.02M | 31.98M | 14.48M | 11.78M | 7.8M | -1.05M | -6.68M | 14.74M | 27.51M | 19.13M | 17.15M | 7.46M | 7.4M | -3.13M | 10.24M | 11.74M | 8.88M | 3.17M | 11.7M | -12.4M | 13.8M |
| Effective Tax Rate % | 24.87% | 30.11% | 24.45% | 22.93% | 10.73% | 74.87% | 31.73% | 22.36% | 22.11% | 27.66% | 30.14% | 32.86% | 22.28% | 29.62% | 28.97% | -28.76% | 32.05% | 32.08% | 34.95% | 30.71% | 35.14% | 23.9% | 30.87% | -207.98% | 28% | 31% | 39.92% | 50.8% | 37.26% | 19.53% | 34.5% |
| Net Income | 68.35M | 54.13M | 85.05M | 99.61M | 104.11M | 3.49M | 15.44M | 61.91M | 45.69M | 79.49M | 85.79M | 65.34M | 50.52M | 27.99M | 19.11M | 4.64M | -10.33M | 31.74M | 51.03M | 48.55M | 31.65M | 23.77M | 16.64M | -5.59M | 29.91M | 26.14M | 15M | 12.18M | 25.2M | -51.1M | 26.2M |
| Net Margin % | 4.88% | 3.85% | 6.25% | 7.03% | 7.23% | 0.27% | 1.25% | 4.46% | 3.26% | 5.99% | 7.7% | 6.66% | 5.41% | 3.63% | 2.73% | 0.7% | -1.77% | 4.56% | 5.51% | 5.51% | 4.06% | 3.41% | 2.65% | -1.04% | 3.88% | 3.26% | 1.73% | 1.45% | 3.18% | -5.6% | 2.76% |
| Net Income Growth % | 33.1% | -36.35% | -14.62% | -4.32% | 2886.43% | -77.42% | -75.07% | 35.5% | -42.51% | -7.35% | 31.29% | 29.35% | 80.5% | 46.44% | 311.43% | 144.96% | -132.55% | -37.8% | 5.12% | 53.39% | 33.17% | 42.79% | 397.6% | -118.7% | 14.43% | 74.26% | 23.22% | -51.69% | 149.32% | -295.04% | 47.19% |
| Net Income (Continuing) | 68.35M | 54.13M | 85.05M | 99.61M | 104.11M | 3.49M | 15.44M | 61.91M | 45.69M | 79.49M | 85.79M | 65.34M | 50.52M | 27.99M | 0 | 4.64M | -14.16M | 31.22M | 51.2M | 43.17M | 31.65M | 24.24M | 16.58M | 4.63M | 28.88M | 25.24M | 13.36M | 3.07M | 20.25M | 24.1M | 26.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 67K | 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) | 3.21 | 2.52 | 3.89 | 4.51 | 4.64 | 0.14 | 0.59 | 2.32 | 1.63 | 2.76 | 2.97 | 2.22 | 1.72 | 0.95 | 0.67 | 0.17 | -0.37 | 1.15 | 1.81 | 1.67 | 1.12 | 0.85 | 0.60 | -0.20 | 1.06 | 0.91 | 0.54 | 0.44 | 0.91 | -1.80 | 0.91 |
| EPS Growth % | 36.32% | -35.22% | -13.75% | -2.8% | 3214.29% | -76.27% | -74.57% | 42.33% | -40.94% | -7.07% | 33.78% | 29.07% | 81.05% | 41.79% | 294.12% | 145.95% | -132.17% | -36.46% | 8.38% | 49.11% | 31.76% | 41.67% | 400% | -118.87% | 16.48% | 68.52% | 22.73% | -51.65% | 150.56% | -297.8% | 37.88% |
| EPS (Basic) | - | 2.54 | 3.91 | 4.55 | 4.73 | 0.14 | 0.59 | 2.34 | 1.64 | 2.79 | 2.98 | 2.25 | 1.76 | 0.98 | 0.68 | 0.17 | -0.37 | 1.16 | 1.84 | 1.71 | 1.14 | 0.87 | 0.61 | -0.21 | 1.09 | 0.94 | 0.54 | 0.44 | 0.91 | -1.84 | 0.96 |
| Diluted Shares Outstanding | 21.31M | 21.45M | 21.89M | 22.09M | 22.42M | 25.29M | 26.3M | 26.73M | 28.08M | 28.8M | 28.89M | 29.38M | 29.37M | 29.37M | 28.64M | 28.05M | 27.64M | 27.72M | 28.18M | 29.05M | 28.25M | 28M | 27.74M | 27.96M | 28.22M | 28.73M | 27.9M | 27.67M | 27.73M | 28.39M | 28.79M |
| Basic Shares Outstanding | 21.05M | 21.13M | 21.86M | 22.09M | 22.44M | 24.92M | 26.16M | 26.69M | 28.03M | 28.8M | 28.89M | 29.43M | 29.37M | 29.46M | 28.52M | 27.74M | 27.64M | 27.38M | 27.75M | 28.32M | 27.69M | 27.41M | 27.29M | 26.63M | 27.44M | 27.81M | 27.84M | 27.67M | 27.73M | 27.77M | 27.29M |
| Dividend Payout Ratio | - | 41.04% | 25.56% | 21.22% | 18.89% | 581.35% | 126.98% | 30.23% | 39.09% | 20.62% | 17.1% | 20.18% | 23.9% | 38.46% | 53.98% | 197.05% | - | 28.71% | 17.24% | 16.87% | 29.42% | 29.41% | 40.22% | - | 20.88% | 23.25% | 38.89% | 47.91% | 22.62% | - | 18.32% |
Quick answers to the most common questions about buying APOG stock.
For fiscal year 2026, Apogee Enterprises, Inc. (APOG) reported total revenue of $1.40B. This represents a 47.7% increase compared to $950.8M in 1997.
Apogee Enterprises, Inc. (APOG) is profitable, generating $54.1M in net income for the fiscal year ending 2026 with a net profit margin of 3.9%.
Apogee Enterprises, Inc. (APOG) reported an operating income of $84.5M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Apogee Enterprises, Inc. (APOG) generated $319.5M in gross profit for the year, representing a gross profit margin of 22.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical non-residential demand
Metrics are mathematically derived from official filings.
Top Line Growth Remains Stagnant
As reported in recent financial filings, Apogee's revenue trajectory has struggled to find momentum, with the most recent quarter showing a 1.1% year-over-year decline to $342.7 million, reflecting the broader challenges in sustaining volume growth within the current commercial construction environment and project-based revenue model.
The company's revenue performance appears inconsistent, oscillating between modest growth and contraction over the last ten quarters. This volatility suggests that the firm's reliance on long-cycle institutional projects leaves it vulnerable to shifts in the Architectural Billings Index, which may be delaying new contract awards.
Structural Margin Compression Remains Evident
Based on the provided income statement data, gross margins have experienced a notable contraction from a peak of 30.0% in 2025Q1 to 21.9% in 2027Q1, indicating that the company is facing significant headwinds in maintaining pricing power amidst rising input costs and shifting product mix.
The erosion of gross margins suggests that the company's value-added services are not fully offsetting the inflationary pressures on raw materials like aluminum and glass. Investors should monitor whether the exit from low-margin glass fabrication will eventually stabilize these margins or if competitive pricing remains a persistent drag.
Operating Leverage Remains Under Pressure
According to the latest quarterly figures, operating income has failed to scale efficiently, dropping to $18.8 million in 2027Q1 from a high of $42.0 million in 2025Q2, which implies that the company's fixed cost base is currently outpacing its ability to generate incremental operating profit.
The lack of operating leverage suggests that the 'Project Fortify' initiative has yet to yield the expected efficiency gains in the income statement. The high fixed-cost nature of the manufacturing facilities appears to be amplifying the impact of revenue fluctuations on the bottom line, warranting further investigation into cost discipline.
Margin Sustainability and Cyclical Risks
While management emphasizes a shift toward higher-margin institutional work, the data indicates that net margins have compressed to 3.4% in 2027Q1, suggesting that the underlying earnings quality may be more sensitive to cyclical downturns than the current strategic narrative implies for long-term investors.
Short-sellers might focus on the persistent volatility in EPS and the inability to maintain the double-digit operating margins seen in early 2025. The reliance on percentage-of-completion accounting also introduces a layer of subjectivity that could mask potential project-level losses if execution risks materialize in the current backlog.