Revenue grew 6.3% year-over-year to $1.0B in 2026Q2, but gross margin fell 300 basis points to 27.8% and net margin dropped to 8.5% from 11.6%, reflecting mix shift and elevated R&D.
AptarGroup, Inc. (ATR) 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 | 3.93B | 3.78B | 3.58B | 3.49B | 3.32B | 3.23B | 2.93B | 2.86B | 2.76B | 2.47B | 2.33B | 2.32B | 2.6B | 2.52B | 2.33B | 2.34B | 2.08B | 1.84B | 2.07B | 1.89B | 1.6B | 1.38B | 1.3B | 1.11B | 926.69M | 891.99M | 883.48M | 834.3M | 713.5M | 655.4M | 615.8M |
| Revenue Growth % | 8.93% | 5.42% | 2.74% | 4.97% | 2.94% | 10.17% | 2.43% | 3.44% | 11.97% | 5.94% | 0.59% | -10.8% | 3.09% | 8.11% | -0.26% | 12.54% | 12.77% | -11.11% | 9.49% | 18.16% | 16.04% | 6.43% | 16.32% | 20.29% | 3.89% | 0.96% | 5.89% | 16.93% | 8.86% | 6.43% | 10.46% |
| Cost of Goods Sold | 2.82B | 2.66B | 2.23B | 2.22B | 2.16B | 2.07B | 1.84B | 1.82B | 1.81B | 1.6B | 1.5B | 1.5B | 1.76B | 1.71B | 1.59B | 1.57B | 1.38B | 1.23B | 1.41B | 1.28B | 1.09B | 927.59M | 866.87M | 732.04M | 593.72M | 562.81M | 553.64M | 519.7M | 444.6M | 418.1M | 399.7M |
| COGS % of Revenue | - | 70.42% | 62.17% | 63.77% | 64.97% | 64.16% | 62.91% | 63.59% | 65.57% | 64.97% | 64.27% | 64.85% | 67.57% | 67.81% | 68.23% | 67.1% | 66.39% | 66.55% | 68.12% | 67.85% | 67.83% | 67.22% | 66.86% | 65.67% | 64.07% | 63.1% | 62.67% | 62.29% | 62.31% | 63.79% | 64.91% |
| Gross Profit | 1.11B | 1.12B | 1.36B | 1.26B | 1.16B | 1.16B | 1.09B | 1.04B | 951.8M | 865.1M | 832.86M | 814.5M | 842.54M | 811.08M | 740.67M | 768.9M | 697.93M | 615.95M | 660.41M | 608.39M | 515.12M | 452.42M | 429.74M | 382.65M | 332.97M | 329.17M | 329.84M | 314.6M | 268.9M | 237.3M | 216.1M |
| Gross Margin % | 28.26% | 29.58% | 37.83% | 36.23% | 35.03% | 35.84% | 37.09% | 36.41% | 34.43% | 35.03% | 35.73% | 35.15% | 32.43% | 32.19% | 31.77% | 32.9% | 33.61% | 33.45% | 31.88% | 32.15% | 32.17% | 32.78% | 33.14% | 34.33% | 35.93% | 36.9% | 37.33% | 37.71% | 37.69% | 36.21% | 35.09% |
| Gross Profit Growth % | - | -17.57% | 7.29% | 8.55% | 0.62% | 6.46% | 4.34% | 9.41% | 10.02% | 3.87% | 2.25% | -3.33% | 3.88% | 9.51% | -3.67% | 10.17% | 13.31% | -6.73% | 8.55% | 18.11% | 13.86% | 5.28% | 12.31% | 14.92% | 1.15% | -0.2% | 4.84% | 17% | 13.32% | 9.81% | 8.54% |
| Operating Expenses | 625.05M | 605.04M | 859.01M | 859.38M | 784.57M | 809.34M | 747.02M | 649.17M | 601.7M | 541.38M | 522.36M | 490.35M | 536.13M | 514.7M | 478.66M | 481.87M | 429.82M | 417.56M | 431.99M | 397.66M | 353.51M | 302.63M | 288.86M | 257.45M | 225.9M | 227.3M | 215.95M | 206.2M | 173.7M | 158.3M | 152.2M |
| OpEx % of Revenue | - | 16.02% | 23.98% | 24.64% | 23.62% | 25.08% | 25.5% | 22.7% | 21.76% | 21.92% | 22.41% | 21.16% | 20.64% | 20.42% | 20.53% | 20.62% | 20.7% | 22.67% | 20.85% | 21.02% | 22.08% | 21.93% | 22.28% | 23.1% | 24.38% | 25.48% | 24.44% | 24.72% | 24.34% | 24.15% | 24.72% |
| Selling, General & Admin | 634.83M | 499.94M | 582.23M | 565.78M | 544.26M | 551.24M | 500.23M | 454.62M | 429.95M | 388.28M | 367.56M | 351.46M | 383.91M | 364.75M | 341.63M | 347.63M | 296.86M | 276.99M | 300.85M | 274.2M | 238.91M | 203.39M | 194.37M | 171.6M | 148.35M | 146.14M | 145M | 137.5M | 119.3M | 108.4M | 104.3M |
| SG&A % of Revenue | - | 13.24% | 16.25% | 16.22% | 16.38% | 17.08% | 17.08% | 15.9% | 15.55% | 15.72% | 15.77% | 15.17% | 14.78% | 14.47% | 14.66% | 14.87% | 14.29% | 15.04% | 14.52% | 14.49% | 14.92% | 14.74% | 14.99% | 15.39% | 16.01% | 16.38% | 16.41% | 16.48% | 16.72% | 16.54% | 16.94% |
| Research & Development | 325.34M | 105.1M | 0 | 0 | 0 | 99.8M | 92.5M | 82.8M | 75.3M | 68.2M | 66.2M | 67.1M | 76.2M | 71.8M | 65.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.78% | - | - | - | 3.09% | 3.16% | 2.9% | 2.72% | 2.76% | 2.84% | 2.9% | 2.93% | 2.85% | 2.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | 276.79M | 293.6M | 240.3M | 158.29M | 154.29M | 111.75M | 5.55M | 8.66M | 2.78M | 163K | -1.97M | -2.03M | -1.13M | 134.24M | 132.96M | 133.01M | 131.15M | 123.47M | 114.61M | 99.24M | 94.49M | 85.85M | 77.55M | 81.17M | 70.95M | 68.7M | 54.4M | 49.9M | 47.9M |
| Operating Income | 486.55M | 512.34M | 496.5M | 404.02M | 379.27M | 347.35M | 339.5M | 371.69M | 286.27M | 321.52M | 310.5M | 324.14M | 306.42M | 284.57M | 258.91M | 287.02M | 268.11M | 205.94M | 228.42M | 210.73M | 161.6M | 149.79M | 140.88M | 125.2M | 107.07M | 101.87M | 113.89M | 108.4M | 95.2M | 79M | 63.9M |
| Operating Margin % | 12.37% | 13.56% | 13.86% | 11.58% | 11.42% | 10.76% | 11.59% | 13% | 10.35% | 13.02% | 13.32% | 13.99% | 11.8% | 11.29% | 11.11% | 12.28% | 12.91% | 11.18% | 11.03% | 11.14% | 10.09% | 10.85% | 10.87% | 11.23% | 11.55% | 11.42% | 12.89% | 12.99% | 13.34% | 12.05% | 10.38% |
| Operating Income Growth % | - | 3.19% | 22.89% | 6.52% | 9.19% | 2.31% | -8.66% | 29.84% | -10.96% | 3.55% | -4.21% | 5.79% | 7.68% | 9.91% | -9.79% | 7.06% | 30.18% | -9.84% | 8.39% | 30.4% | 7.88% | 6.32% | 12.53% | 16.93% | 5.11% | -10.56% | 5.06% | 13.87% | 20.51% | 23.63% | 7.58% |
| EBITDA | 793.73M | 799.7M | 760.28M | 652.61M | 612.98M | 582.2M | 559.8M | 566.25M | 458.02M | 474.61M | 465.3M | 463.04M | 458.63M | 434.53M | 395.94M | 421.27M | 401.07M | 338.96M | 359.56M | 334.2M | 276.21M | 249.03M | 235.38M | 211.05M | 179.21M | 175.45M | 184.84M | 177.1M | 149.6M | 128.9M | 111.8M |
| EBITDA Margin % | 20.18% | 21.17% | 21.22% | 18.71% | 18.45% | 18.04% | 19.11% | 19.8% | 16.57% | 19.22% | 19.96% | 19.98% | 17.65% | 17.24% | 16.99% | 18.02% | 19.31% | 18.41% | 17.36% | 17.66% | 17.25% | 18.05% | 18.15% | 18.93% | 19.34% | 19.67% | 20.92% | 21.23% | 20.97% | 19.67% | 18.16% |
| EBITDA Growth % | 0.49% | 5.18% | 16.5% | 6.47% | 5.29% | 4% | -1.14% | 23.63% | -3.5% | 2% | 0.49% | 0.96% | 5.55% | 9.75% | -6.01% | 5.04% | 18.32% | -5.73% | 7.59% | 20.99% | 10.91% | 5.8% | 11.53% | 17.76% | 2.14% | -5.08% | 4.37% | 18.38% | 16.06% | 15.3% | 8.65% |
| D&A (Non-Cash Add-back) | 307.18M | 287.36M | 263.78M | 248.59M | 233.71M | 234.85M | 220.3M | 194.55M | 171.75M | 153.09M | 154.8M | 138.89M | 152.22M | 149.96M | 137.02M | 134.24M | 132.96M | 133.01M | 131.15M | 123.47M | 114.61M | 99.24M | 94.49M | 85.85M | 72.14M | 73.58M | 70.95M | 68.7M | 54.4M | 49.9M | 47.9M |
| EBIT | 515.04M | 544.12M | 513.66M | 415.24M | 375.53M | 351.94M | 334.4M | 377.56M | 298.65M | 335.42M | 315.73M | 329.19M | 307.33M | 284.9M | 260.32M | 292.24M | 268.76M | 200.54M | 245.41M | 219.49M | 161.6M | 149.79M | 140.88M | 123.95M | 107.07M | 101.87M | 113.89M | 108.44M | 95.2M | 79M | 63.9M |
| Net Interest Income | -50.07M | -41.06M | -31.8M | -36.05M | -38.13M | -26.62M | -32.29M | -31.32M | -25.57M | -35.13M | -32.59M | -29.02M | -16.23M | -17.28M | -15.95M | -11.58M | -11.12M | -13.15M | -5.57M | -10.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.41M | 11.68M | 12.1M | 4.37M | 2.7M | 3.67M | 958K | 4.17M | 7.06M | 5.47M | 2.64M | 5.6M | 4.8M | 3.23M | 3M | 5.72M | 3.25M | 3.33M | 13.12M | 8.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 63.48M | 52.74M | 43.9M | 40.42M | 40.83M | 30.28M | 33.24M | 35.49M | 32.63M | 40.6M | 35.24M | 34.62M | 21.03M | 20.51M | 18.95M | 17.3M | 14.37M | 16.48M | 18.69M | 19.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -32.08M | -20.96M | -26.73M | -29.19M | -44.57M | -25.69M | -38.34M | -29.62M | -20.25M | -28.66M | -35.6M | -29.57M | -20.11M | -34.72M | -17.54M | -12.08M | -13.72M | -21.89M | -7.45M | -10.74M | -13.3M | -7.84M | -3.71M | -6.68M | -8.71M | -13.51M | -15.97M | -16.64M | 4M | -400K | -3.8M |
| Pretax Income | 454.47M | 491.38M | 469.76M | 374.82M | 334.7M | 321.65M | 301.15M | 342.07M | 266.02M | 294.82M | 280.5M | 294.57M | 286.3M | 264.38M | 241.37M | 274.94M | 254.38M | 184.06M | 220.97M | 200M | 148.31M | 141.95M | 137.18M | 117.27M | 98.36M | 88.36M | 97.92M | 91.8M | 99.2M | 78.6M | 60.1M |
| Pretax Margin % | 11.55% | 13.01% | 13.11% | 10.75% | 10.07% | 9.97% | 10.28% | 11.96% | 9.62% | 11.94% | 12.03% | 12.71% | 11.02% | 10.49% | 10.35% | 11.76% | 12.25% | 9.99% | 10.67% | 10.57% | 9.26% | 10.29% | 10.58% | 10.52% | 10.61% | 9.91% | 11.08% | 11% | 13.9% | 11.99% | 9.76% |
| Income Tax | 91.59M | 98.88M | 95.59M | 90.65M | 95.15M | 78.02M | 87.06M | 99.84M | 71.25M | 74.8M | 74.89M | 95.28M | 94.68M | 92.46M | 78.95M | 91.31M | 80.8M | 59.46M | 67.47M | 60.49M | 45.41M | 41.92M | 43.89M | 37.59M | 31.71M | 29.45M | 33.26M | 33.1M | 38.4M | 32.1M | 22.6M |
| Effective Tax Rate % | 20.15% | 20.12% | 20.35% | 24.18% | 28.43% | 24.25% | 28.91% | 29.19% | 26.79% | 25.37% | 26.7% | 32.34% | 33.07% | 34.97% | 32.71% | 33.21% | 31.76% | 32.31% | 30.54% | 30.24% | 30.62% | 29.53% | 32% | 32.06% | 32.24% | 33.33% | 33.96% | 36.06% | 38.71% | 40.84% | 37.6% |
| Net Income | 362.52M | 392.79M | 374.54M | 284.49M | 239.29M | 244.1M | 214.04M | 242.2M | 194.75M | 220.03M | 205.59M | 199.35M | 191.66M | 171.99M | 162.61M | 183.68M | 173.48M | 124.62M | 153.5M | 141.74M | 102.9M | 100.03M | 93.29M | 79.68M | 66.65M | 58.84M | 64.67M | 58.7M | 60.8M | 46.5M | 37.5M |
| Net Margin % | 9.22% | 10.4% | 10.45% | 8.16% | 7.2% | 7.56% | 7.31% | 8.47% | 7.04% | 8.91% | 8.82% | 8.6% | 7.38% | 6.83% | 6.98% | 7.86% | 8.35% | 6.77% | 7.41% | 7.49% | 6.43% | 7.25% | 7.19% | 7.15% | 7.19% | 6.6% | 7.32% | 7.04% | 8.52% | 7.09% | 6.09% |
| Net Income Growth % | -7.4% | 4.87% | 31.65% | 18.89% | -1.97% | 14.04% | -11.63% | 24.37% | -11.49% | 7.02% | 3.13% | 4.01% | 11.43% | 5.77% | -11.47% | 5.88% | 39.2% | -18.81% | 8.29% | 37.75% | 2.86% | 7.23% | 17.08% | 19.55% | 13.26% | -9% | 10.16% | -3.45% | 30.75% | 24% | 5.04% |
| Net Income (Continuing) | 362.79M | 392.5M | 374.18M | 284.18M | 239.56M | 243.64M | 214.09M | 242.23M | 194.77M | 220.03M | 205.6M | 199.29M | 191.62M | 171.93M | 162.42M | 183.63M | 173.59M | 124.6M | 153.5M | 139.51M | 102.9M | 100.03M | 93.29M | 79.68M | 66.65M | 58.91M | 64.67M | 58.7M | 60.8M | 46.5M | 37.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 46.15M | 44.13M | 14.04M | 14.47M | 14.27M | 15.19M | 396K | 336K | 315K | 310K | 292K | 295K | 509K | 551K | 608K | 796K | 851K | 791K | 768K | 553K | 563K | 4.7M | 7.23M | 6.46M | 5.23M | 5.1M | 5.05M | 4.1M | 4.2M | 4.6M | 4.4M |
| EPS (Diluted) | 5.62 | 5.88 | 5.53 | 4.25 | 3.59 | 3.60 | 3.21 | 3.66 | 3.00 | 3.41 | 3.17 | 3.09 | 2.85 | 2.52 | 2.38 | 2.65 | 2.48 | 1.79 | 2.18 | 1.98 | 1.44 | 1.39 | 1.25 | 1.08 | 0.91 | 0.81 | 0.89 | 0.80 | 0.83 | 0.64 | 0.52 |
| EPS Growth % | -4.82% | 6.33% | 30.12% | 18.38% | -0.28% | 12.15% | -12.3% | 22% | -12.02% | 7.57% | 2.59% | 8.42% | 13.1% | 5.88% | -10.19% | 6.85% | 38.55% | -17.89% | 10.1% | 37.5% | 3.6% | 11.2% | 15.74% | 18.68% | 12.35% | -8.99% | 11.25% | -3.61% | 29.69% | 23.08% | 4% |
| EPS (Basic) | - | 5.97 | 5.65 | 4.34 | 3.66 | 3.72 | 3.32 | 3.81 | 3.12 | 3.52 | 3.27 | 3.19 | 2.95 | 2.60 | 2.45 | 2.76 | 2.58 | 1.84 | 2.26 | 2.06 | 1.48 | 1.42 | 1.29 | 1.11 | 0.93 | 0.82 | 0.90 | 0.81 | 0.85 | 0.65 | 0.52 |
| Diluted Shares Outstanding | 64.5M | 66.72M | 67.69M | 66.91M | 66.72M | 67.68M | 66.66M | 66.15M | 64.96M | 64.6M | 64.85M | 64.49M | 67.29M | 68.21M | 68.39M | 69.27M | 69.81M | 69.78M | 70.52M | 71.52M | 71.7M | 72.23M | 74.33M | 73.78M | 73.24M | 73.1M | 72.66M | 73.84M | 73.7M | 72.94M | 71.77M |
| Basic Shares Outstanding | 63.84M | 65.74M | 66.33M | 65.62M | 65.4M | 65.66M | 64.42M | 63.57M | 62.44M | 62.44M | 62.8M | 62.59M | 65.01M | 66.09M | 66.39M | 66.55M | 67.34M | 67.64M | 67.85M | 68.77M | 69.76M | 70.45M | 72.32M | 72.11M | 71.66M | 71.76M | 71.85M | 72.47M | 71.95M | 71.81M | 71.77M |
| Dividend Payout Ratio | - | 30.75% | 30.45% | 36.45% | 41.57% | 40.36% | 43.29% | 37.24% | 42.28% | 36.33% | 37.29% | 35.74% | 37.08% | 38.45% | 35.94% | 29.02% | 25.64% | 32.58% | 24.8% | 24.3% | 28.45% | 24.62% | 17.08% | 11.78% | 12.93% | 13.38% | 11.09% | 11.07% | 9.54% | 11.61% | 13.33% |
Quick answers to the most common questions about buying ATR stock.
For fiscal year 2025, AptarGroup, Inc. (ATR) reported total revenue of $3.78B. This represents a 513.4% increase compared to $615.8M in 1996.
AptarGroup, Inc. (ATR) is profitable, generating $392.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
AptarGroup, Inc. (ATR) reported an operating income of $512.3M, resulting in an operating profit margin of 13.6%. This margin reflects the operational efficiency of the business before interest and taxes.
AptarGroup, Inc. (ATR) generated $1.12B in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from mix shift
Metrics are mathematically derived from official filings.
Pharma-Led Acceleration Amid Broad Growth
Revenue grew 6.3% year-over-year in 2026Q2, accelerating from 5.7% in 2025Q3, with Pharma leading on double-digit consumer healthcare growth, as reported in the latest quarterly results.
The sequential acceleration in revenue growth, from 5.7% in 2025Q3 to 6.3% in 2026Q2, appears driven by broad-based segment strength, particularly Pharma's double-digit consumer healthcare growth and high single-digit injectables/prescription growth (excluding emergency medicine). This suggests the portfolio is well-diversified, but the reliance on ex-emergency medicine figures warrants monitoring for normalization. The durability of this growth appears supported by the defensive nature of Pharma demand and the recovery in prestige beauty launch cycles, though the pace may moderate if destocking cycles emerge.
Gross Margin Compression Signals Mix Shift
Gross margin fell to 27.8% in 2026Q2 from 30.8% a year earlier, a 300 basis point decline, according to reported financials, suggesting a shift toward lower-margin consumer segments.
The gross margin decline from 30.8% in 2025Q2 to 27.8% in 2026Q2 appears to reflect a mix shift toward Beauty + Home and Food + Beverage, which carry lower margins than Pharma's proprietary components. This may also indicate resin cost pass-through lag, as raw material price increases typically impact margins with a one-to-two quarter delay. Investors should monitor whether the company can rebalance mix toward Pharma or successfully commercialize active material science solutions to restore margin levels.
Operating Leverage Stalled by Rising SG&A
Operating income grew only 8.5% in 2026Q2 despite 6.3% revenue growth, as SG&A rose to $167.6M from $151.1M a year earlier, based on reported figures, indicating limited operating leverage.
The near-flat operating leverage, with operating margin at 12.5% versus 15.1% in 2025Q2, appears driven by a disproportionate increase in SG&A, which grew 10.9% year-over-year. This suggests overhead costs are scaling faster than gross profit, possibly due to investments in digital health initiatives or increased selling expenses. The company's ability to convert revenue growth into operating income growth appears constrained, warranting monitoring of SG&A discipline in coming quarters.
EPS Miss Masks Underlying Profitability
EPS of $1.36 in 2026Q2 missed estimates by $0.06 despite revenue growth, with net margin down to 8.5% from 11.6% a year earlier, as per the latest earnings release.
The EPS miss appears to stem from margin compression rather than a top-line shortfall, as revenue grew 6.3% but net income fell 21.6% year-over-year. The decline in net margin from 11.6% to 8.5% suggests either higher operating costs, unfavorable product mix, or one-time charges. The maintained forward EPS guidance of $1.45-$1.53 implies management views the miss as transient, but the wide range indicates uncertainty. Investors should monitor whether the margin pressure persists or if the company can achieve the high end of guidance.
R&D Investment Surge Pressures Margins
R&D expense jumped to $157.7M in 2026Q2 from zero in prior quarters, representing 15.4% of revenue, according to reported financials, signaling a strategic shift toward innovation.
The sudden appearance of R&D expense in 2026Q2, after being absent in prior periods, suggests a reclassification or increased investment in digital health and smart dispensing technologies. This may indicate a deliberate strategy to enhance long-term growth, but it also pressures near-term margins. The company's historical R&D was likely embedded in SG&A, so this change warrants monitoring for whether it reflects a new cost structure or a one-time adjustment.
Margin Compression Threatens Premium Valuation
Despite revenue growth, gross margin has contracted 300 basis points year-over-year to 27.8% in 2026Q2, as reported, which could undermine the premium valuation relative to packaging peers.
Short-sellers may argue that the margin compression indicates a structural shift toward lower-margin consumer segments, eroding the 'Pharma-fication' thesis. The company's premium valuation, relative to diversified packaging peers like Silgan and Sonoco, appears justified only if Pharma margins remain dominant. However, the recent EPS miss and margin decline suggest that top-line strength is not fully converting to bottom-line results, which could lead to multiple compression if the trend persists. Investors should monitor whether the company can reverse the mix shift or if the consumer segments are becoming a larger drag on profitability.