Revenue growth has trended into negative territory with a 7.4% year-over-year decline in 2026Q3, while gross margins have compressed to 24.1% from a 36.1% peak in 2025Q2.
Accuray Incorporated (ARAY) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | 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 |
|---|
| Sales/Revenue | 394.53M | 401.95M | 458.5M | 446.55M | 447.61M | 429.91M | 396.29M | 382.93M | 418.79M | 404.9M | 383.41M | 398.8M | 379.8M | 369.42M | 315.97M | 409.22M | 222.28M | 221.63M | 233.6M | 210.38M | 140.45M | 52.9M | 22.38M |
| Revenue Growth % | -12.5% | -12.34% | 2.68% | -0.24% | 4.12% | 8.48% | 3.49% | -8.56% | 3.43% | 5.6% | -3.86% | 5% | 2.81% | 16.91% | -22.79% | 84.1% | 0.3% | -5.13% | 11.04% | 49.79% | 165.52% | 136.39% | - |
| Cost of Goods Sold | 283.54M | 290.49M | 311.54M | 303.63M | 293.64M | 269.95M | 236.78M | 233.21M | 256.13M | 243.2M | 242.07M | 240.09M | 234.4M | 226.62M | 218.33M | 271.95M | 115.04M | 117.61M | 118.31M | 103.43M | 60.41M | 27.49M | 11.12M |
| COGS % of Revenue | - | 72.27% | 67.95% | 67.99% | 65.6% | 62.79% | 59.75% | 60.9% | 61.16% | 60.07% | 63.14% | 60.2% | 61.72% | 61.34% | 69.1% | 66.46% | 51.75% | 53.07% | 50.65% | 49.16% | 43.01% | 51.97% | 49.67% |
| Gross Profit | 110.99M | 111.45M | 146.97M | 142.92M | 153.96M | 159.96M | 159.51M | 149.72M | 162.65M | 161.69M | 141.34M | 158.71M | 145.4M | 142.8M | 97.64M | 137.27M | 107.24M | 104.02M | 115.29M | 106.95M | 80.04M | 25.41M | 11.26M |
| Gross Margin % | 28.13% | 27.73% | 32.05% | 32.01% | 34.4% | 37.21% | 40.25% | 39.1% | 38.84% | 39.93% | 36.86% | 39.8% | 38.28% | 38.66% | 30.9% | 33.54% | 48.25% | 46.93% | 49.35% | 50.84% | 56.99% | 48.03% | 50.33% |
| Gross Profit Growth % | - | -24.16% | 2.83% | -7.17% | -3.75% | 0.28% | 6.54% | -7.95% | 0.59% | 14.4% | -10.95% | 9.15% | 1.82% | 46.25% | -28.87% | 28% | 3.1% | -9.78% | 7.8% | 33.62% | 215.05% | 125.58% | - |
| Operating Expenses | 162.62M | 137.9M | 139.13M | 142.42M | 151.58M | 151.81M | 137.27M | 137.18M | 162.07M | 165.49M | 151.16M | 163.59M | 164.57M | 160.94M | 178.29M | 200.26M | 135.53M | 101.18M | 117.71M | 107.89M | 88.58M | 58.9M | 36.15M |
| OpEx % of Revenue | - | 34.31% | 30.34% | 31.89% | 33.86% | 35.31% | 34.64% | 35.82% | 38.7% | 40.87% | 39.43% | 41.02% | 43.33% | 43.57% | 56.43% | 48.94% | 60.97% | 45.65% | 50.39% | 51.28% | 63.07% | 111.34% | 161.53% |
| Selling, General & Admin | 76.48M | 83.97M | 91.19M | 92.69M | 94.45M | 94.06M | 84.54M | 87.4M | 105.58M | 108.24M | 101.24M | 106.93M | 108.82M | 107.22M | 112.1M | 113.14M | 93.84M | 69.66M | 81.72M | 75.01M | 61.8M | 41.11M | 24.49M |
| SG&A % of Revenue | - | 20.89% | 19.89% | 20.76% | 21.1% | 21.88% | 21.33% | 22.82% | 25.21% | 26.73% | 26.41% | 26.81% | 28.65% | 29.02% | 35.48% | 27.65% | 42.22% | 31.43% | 34.98% | 35.65% | 44% | 77.72% | 109.44% |
| Research & Development | 34.2M | 37.75M | 47.94M | 49.73M | 57.13M | 57.75M | 52.73M | 49.78M | 56.49M | 57.25M | 49.92M | 56.65M | 55.75M | 53.72M | 66.2M | 87.11M | 41.69M | 31.52M | 35.99M | 32.88M | 26.77M | 17.79M | 11.65M |
| R&D % of Revenue | - | 9.39% | 10.46% | 11.14% | 12.76% | 13.43% | 13.31% | 13% | 13.49% | 14.14% | 13.02% | 14.21% | 14.68% | 14.54% | 20.95% | 21.29% | 18.75% | 14.22% | 15.41% | 15.63% | 19.06% | 33.63% | 52.08% |
| Other Operating Expenses | 2M | 16.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -51.63M | -26.44M | 7.84M | 504K | 2.38M | 8.15M | 22.23M | 12.54M | -9.91M | -3.8M | -9.82M | -4.87M | -19.17M | -18.14M | -80.66M | -62.99M | -28.28M | 2.84M | -2.42M | -934K | -8.54M | -33.49M | -24.88M |
| Operating Margin % | -13.09% | -6.58% | 1.71% | 0.11% | 0.53% | 1.9% | 5.61% | 3.27% | -2.37% | -0.94% | -2.56% | -1.22% | -5.05% | -4.91% | -25.53% | -15.39% | -12.72% | 1.28% | -1.04% | -0.44% | -6.08% | -63.32% | -111.2% |
| Operating Income Growth % | - | -437.31% | 1455.36% | -78.84% | -70.77% | -63.36% | 77.33% | 226.55% | -160.94% | 61.35% | -101.58% | 74.58% | -5.65% | 77.5% | -28.05% | -122.7% | -1097.28% | 217.29% | -158.89% | 89.06% | 74.5% | -34.6% | - |
| EBITDA | 13.62M | -18.5M | 13.99M | 6.41M | 6.91M | 13.66M | 28.62M | 20.08M | 583K | 5.93M | 8.22M | 13.42M | 324K | 2.42M | -55.09M | -30.39M | -20.72M | 9.96M | 4.23M | 6.75M | -2.29M | -29.69M | -22.8M |
| EBITDA Margin % | 3.45% | -4.6% | 3.05% | 1.44% | 1.54% | 3.18% | 7.22% | 5.24% | 0.14% | 1.47% | 2.14% | 3.37% | 0.09% | 0.66% | -17.44% | -7.43% | -9.32% | 4.49% | 1.81% | 3.21% | -1.63% | -56.12% | -101.9% |
| EBITDA Growth % | 170.32% | -232.25% | 118.27% | -7.24% | -49.43% | -52.27% | 42.55% | 3344.25% | -90.18% | -27.8% | -38.76% | 4042.9% | -86.61% | 104.39% | -81.25% | -46.72% | -308.04% | 135.25% | -37.33% | 394.42% | 92.27% | -30.18% | - |
| D&A (Non-Cash Add-back) | 6.27M | 7.94M | 6.15M | 5.91M | 4.53M | 5.51M | 6.39M | 7.54M | 10.49M | 9.73M | 18.04M | 18.3M | 19.49M | 20.56M | 25.56M | 32.59M | 7.57M | 7.12M | 6.65M | 7.69M | 6.25M | 3.81M | 2.08M |
| EBIT | 21.29M | -14.34M | 14.09M | -196K | 3.84M | 6.13M | 12.33M | 23.77M | 583K | -8.06M | -11.24M | -5.71M | -21.27M | -18.07M | -83.41M | -68.05M | -26M | 2.87M | 674K | 6.42M | -8.54M | -33.49M | -24.88M |
| Net Interest Income | -39.36M | -35.31M | -11.76M | -11.62M | -10.63M | -8.13M | -16.89M | -18.08M | -15.08M | -14.96M | -17.3M | -17.46M | -16.52M | -14.29M | -10.38M | -7.4M | 543K | 1.78M | 3.86M | 7.51M | 0 | 0 | 0 |
| Interest Income | -272K | 0 | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 360K | 543K | 1K | 3.08M | 7.68M | 0 | 0 | 0 |
| Interest Expense | 39.09M | 35.31M | 12.95M | 11.62M | 10.63M | 8.13M | 16.89M | 18.08M | 15.08M | 14.96M | 17.3M | 17.46M | 16.52M | 14.29M | 10.38M | 7.81M | 0 | 32K | 10K | 173K | 0 | 0 | 0 |
| Other Income/Expense | 36.24M | -20.81M | -6.71M | -12.32M | -9.17M | -10.15M | -26.79M | -6.85M | -14.93M | -19.22M | -18.72M | -18.3M | -18.62M | -14.22M | -13.13M | -12.87M | 2.29M | 1K | 3.08M | 7.18M | 3.53M | 56K | -238K |
| Pretax Income | -15.39M | -47.25M | 1.13M | -11.82M | -6.79M | -2M | -4.56M | 5.69M | -14.34M | -23.02M | -28.54M | -23.17M | -37.79M | -32.36M | -93.79M | -75.86M | -26M | 2.84M | 664K | 6.25M | -5.01M | -33.44M | -25.12M |
| Pretax Margin % | -3.9% | -11.75% | 0.25% | -2.65% | -1.52% | -0.47% | -1.15% | 1.49% | -3.43% | -5.69% | -7.44% | -5.81% | -9.95% | -8.76% | -29.68% | -18.54% | -11.69% | 1.28% | 0.28% | 2.97% | -3.57% | -63.21% | -112.26% |
| Income Tax | 1.99M | 1.95M | 2.73M | 3.73M | 2.49M | 3.35M | 1.75M | 1.86M | 2.09M | 878K | 1.04M | 2.34M | 2.42M | 3.09M | 3.57M | 2.6M | 1.12M | -4K | 55K | 867K | 1.44M | 258K | 68K |
| Effective Tax Rate % | -12.94% | -4.12% | 240.3% | -31.51% | -36.71% | -167.08% | -38.43% | 32.74% | -14.54% | -3.81% | -3.64% | -10.08% | -6.4% | -9.54% | -3.81% | -3.42% | -4.29% | -0.14% | 8.28% | 13.87% | -28.82% | -0.77% | -0.27% |
| Net Income | -17.38M | -49.19M | -1.59M | -15.54M | -9.28M | -5.35M | -6.31M | 3.83M | -16.43M | -23.9M | -29.58M | -25.5M | -40.21M | -35.45M | -103.22M | -72.04M | -26.68M | 2.84M | 609K | 5.38M | -5.62M | -33.69M | -25.19M |
| Net Margin % | -4.41% | -12.24% | -0.35% | -3.48% | -2.07% | -1.24% | -1.59% | 1% | -3.92% | -5.9% | -7.71% | -6.4% | -10.59% | -9.6% | -32.67% | -17.6% | -12% | 1.28% | 0.26% | 2.56% | -4% | -63.7% | -112.57% |
| Net Income Growth % | 10.01% | -2992.02% | 89.77% | -67.51% | -73.56% | 15.27% | -264.91% | 123.29% | 31.25% | 19.2% | -15.98% | 36.57% | -13.43% | 65.66% | -43.28% | -170% | -1039.18% | 366.5% | -88.69% | 195.85% | 83.33% | -33.76% | - |
| Net Income (Continuing) | -17.38M | -49.19M | -1.59M | -15.54M | -9.28M | -5.35M | -6.31M | 3.83M | -16.43M | -23.9M | -29.58M | -25.5M | -40.21M | -35.45M | -97.36M | -71.35M | -26.66M | 2.84M | 609K | 5.38M | -6.45M | -33.69M | -25.19M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.24M | 10.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.40 | -0.02 | -0.16 | -0.10 | -0.06 | -0.07 | 0.04 | -0.19 | -0.28 | -0.36 | -0.32 | -0.51 | -0.47 | -1.41 | -1.02 | -0.44 | 0.05 | 0.01 | 0.09 | -0.18 | -2.11 | -1.76 |
| EPS Growth % | 7.86% | -2480.65% | 90.31% | -63.6% | -68.33% | 15.31% | -262.56% | 122.21% | 32.14% | 22.22% | -12.5% | 37.25% | -8.51% | 66.67% | -38.24% | -131.82% | -1032.2% | 353.85% | -88.33% | 149.5% | 91.47% | -19.89% | - |
| EPS (Basic) | - | -0.40 | -0.02 | -0.16 | -0.10 | -0.06 | -0.07 | 0.04 | -0.19 | -0.28 | -0.36 | -0.32 | -0.51 | -0.47 | -1.41 | -1.02 | -0.44 | 0.05 | 0.01 | 0.10 | -0.18 | -2.11 | -1.76 |
| Diluted Shares Outstanding | 139.26M | 122.64M | 102.77M | 98.27M | 94.88M | 92.09M | 92.03M | 90.62M | 87.47M | 84.89M | 82.5M | 80.51M | 78.28M | 75.8M | 73.28M | 70.89M | 60.09M | 60.19M | 58.73M | 60.43M | 30.76M | 16M | 14.28M |
| Basic Shares Outstanding | 138.2M | 122.64M | 102.77M | 98.27M | 94.88M | 92.09M | 92.03M | 89.87M | 87.47M | 84.89M | 82.5M | 80.51M | 78.28M | 75.42M | 73.2M | 70.89M | 60.09M | 57.56M | 55.41M | 54.53M | 30.76M | 16M | 14.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ARAY stock.
For fiscal year 2026, Accuray Incorporated (ARAY) reported total revenue of $401.9M. This represents a 1696.3% increase compared to $22.4M in 2005.
Accuray Incorporated (ARAY) reported a net loss of $49.2M for the fiscal year ending 2026.
Accuray Incorporated (ARAY) reported an operating income of $-26.4M, resulting in an operating profit margin of -6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Accuray Incorporated (ARAY) generated $111.5M in gross profit for the year, representing a gross profit margin of 27.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and regulatory dependency
Metrics are mathematically derived from official filings.
Revenue Growth Faces Persistent Headwinds
According to the most recent quarterly filings, Accuray's revenue growth has trended into negative territory, with a 7.4% year-over-year decline in 2026Q3, highlighting the difficulty in maintaining consistent top-line momentum amidst lumpy capital equipment cycles and significant exposure to volatile international markets like China.
The revenue trajectory appears increasingly fragile as the company struggles to convert its installed base into consistent quarterly growth. This deceleration suggests that the long lead times inherent in hospital capital expenditure cycles are currently working against the firm, potentially exacerbated by regulatory hurdles in key growth regions.
Structural Margin Compression Remains Evident
As reported in financial statements, Accuray's gross margin has contracted to 24.1% in 2026Q3, a notable decline from the 36.1% peak observed in 2025Q2, which suggests that the company lacks the pricing power necessary to offset rising manufacturing costs or shifts in product mix.
The inability to sustain gross margins above 30% indicates a structural vulnerability in the company's cost-to-value proposition compared to larger, more diversified radiotherapy peers. Investors should monitor whether this margin erosion is a temporary byproduct of supply chain inefficiencies or a permanent feature of the current competitive landscape.
Operating Expenses Outpacing Revenue Generation
Based on the provided income statement data, Accuray's operating expenses have remained stubbornly high relative to revenue, contributing to an operating loss of $2.5 million in 2026Q3, which underscores the firm's ongoing struggle to achieve meaningful operating leverage despite its specialized technological focus in the radiotherapy market.
The company's cost structure appears heavily weighted toward fixed R&D and SG&A requirements that do not scale efficiently with current revenue levels. This lack of expense discipline suggests that the business model remains highly sensitive to volume fluctuations, leaving little room for error in operational execution.
Sustainability of Current Business Model
Data from the last ten quarters indicates a recurring pattern of net losses, with a net margin of -11.3% in 2026Q3, raising significant questions regarding the long-term viability of the current capital-intensive model without a fundamental shift in either pricing power or manufacturing scale.
Short-sellers would likely focus on the persistent inability to generate consistent GAAP profitability, which suggests that the company's technological differentiation may not be sufficient to command premium pricing. The reliance on external financing or cash reserves to bridge these operational gaps warrants further investigation into the company's long-term solvency.