American Vanguard Corporation (AVD) Income Statement

30Y historyFree accessUpdated daily

Revenue growth remains highly inconsistent, fluctuating from a 9.0% contraction in 2025Q4 to a 6.7% increase in 2026Q1, while operating margins have frequently turned negative, including a -42.3% margin in 2024Q4.

Annual statement

AVD Income Statement

American Vanguard Corporation (AVD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	510.32M	515.11M	547.31M	579.37M	609.62M	557.68M	458.7M	468.19M	454.27M	355.05M	312.11M	289.38M	298.63M	381.02M	366.19M	304.43M	229.62M	209.33M	237.54M	216.66M	193.77M	189.8M	150.85M	124.86M	100.67M	87.02M	77.98M	69.21M	67M	67.7M	48.6M
Revenue Growth %	-3.54%	-5.88%	-5.53%	-4.96%	9.31%	21.58%	-2.03%	3.06%	27.95%	13.76%	7.85%	-3.1%	-21.62%	4.05%	20.29%	32.58%	9.69%	-11.88%	9.64%	11.81%	2.09%	25.81%	20.82%	24.03%	15.69%	11.59%	12.67%	3.3%	-1.03%	39.3%	-12.27%
Cost of Goods Sold	360.37M	367.55M	426.99M	400.21M	368.26M	386.95M	286.11M	290.83M	271.64M	207.66M	183.82M	177.48M	184.14M	209.67M	205.06M	181.36M	140.54M	148.9M	136.41M	120.93M	111.41M	104.12M	78.6M	65.99M	56.8M	45.2M	38.46M	32.73M	36.8M	37.6M	26M
COGS % of Revenue	-	71.35%	78.02%	69.08%	60.41%	69.39%	62.37%	62.12%	59.8%	58.49%	58.9%	61.33%	61.66%	55.03%	56%	59.57%	61.2%	71.13%	57.43%	55.82%	57.5%	54.86%	52.1%	52.85%	56.42%	51.94%	49.32%	47.3%	54.93%	55.54%	53.5%
Gross Profit	149.95M	147.56M	120.32M	179.16M	241.35M	170.72M	172.59M	177.35M	182.63M	147.39M	128.29M	111.9M	114.5M	171.35M	161.13M	123.07M	89.08M	60.43M	101.13M	95.73M	82.36M	85.68M	72.26M	58.87M	43.88M	41.82M	39.52M	36.48M	30.2M	30.1M	22.6M
Gross Margin %	29.38%	28.65%	21.98%	30.92%	39.59%	30.61%	37.63%	37.88%	40.2%	41.51%	41.1%	38.67%	38.34%	44.97%	44%	40.43%	38.8%	28.87%	42.57%	44.18%	42.5%	45.14%	47.9%	47.15%	43.58%	48.06%	50.68%	52.7%	45.07%	44.46%	46.5%
Gross Profit Growth %	-	22.64%	-32.85%	-25.77%	41.37%	-1.08%	-2.69%	-2.89%	23.91%	14.89%	14.64%	-2.27%	-33.18%	6.34%	30.92%	38.15%	47.42%	-40.25%	5.64%	16.24%	-3.88%	18.57%	22.73%	34.18%	4.92%	5.81%	8.35%	20.79%	0.33%	33.19%	-19.57%
Operating Expenses	146.18M	133.79M	221.87M	155.87M	200.7M	139.78M	149.68M	151.13M	143.61M	120.6M	107.75M	100.38M	107.79M	115.61M	101.8M	83.84M	69.89M	66.75M	64.99M	59.72M	53.14M	53.41M	47.3M	42.33M	32M	31.45M	30.69M	29.5M	26.1M	25.3M	19.1M
OpEx % of Revenue	-	25.97%	40.54%	26.9%	32.92%	25.06%	32.63%	32.28%	31.61%	33.97%	34.52%	34.69%	36.09%	30.34%	27.8%	27.54%	30.44%	31.89%	27.36%	27.56%	27.43%	28.14%	31.35%	33.9%	31.78%	36.15%	39.36%	42.62%	38.96%	37.37%	39.3%
Selling, General & Admin	103.49M	98.51M	119.63M	116.89M	154.93M	111.09M	115.28M	127.06M	117.18M	94.52M	86.45M	81.57M	86.58M	93.97M	81.05M	65.8M	57.26M	56.13M	64.99M	59.72M	53.14M	53.41M	47.3M	42.33M	32M	32.21M	27.75M	26.28M	23M	22.6M	16.8M
SG&A % of Revenue	-	19.12%	21.86%	20.17%	25.41%	19.92%	25.13%	27.14%	25.8%	26.62%	27.7%	28.19%	28.99%	24.66%	22.13%	21.61%	24.94%	26.81%	27.36%	27.56%	27.43%	28.14%	31.35%	33.9%	31.78%	37.02%	35.58%	37.98%	34.33%	33.38%	34.57%
Research & Development	16.95M	23.16M	32.66M	38.02M	31.82M	28.86M	26.31M	24.07M	26.43M	26.08M	21.3M	18.81M	21.21M	21.64M	20.75M	18.04M	12.63M	10.63M	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	4.5%	5.97%	6.56%	5.22%	5.17%	5.74%	5.14%	5.82%	7.34%	6.82%	6.5%	7.1%	5.68%	5.67%	5.93%	5.5%	5.08%	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	12.12M	69.58M	957K	13.95M	-171K	8.09M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-761.9K	2.95M	3.21M	3.1M	2.7M	2.3M
Operating Income	3.77M	13.77M	-101.56M	23.3M	40.65M	30.95M	22.91M	26.22M	39.02M	26.79M	20.54M	11.52M	6.71M	55.73M	59.32M	39.23M	19.19M	-6.33M	36.14M	36.01M	29.22M	32.27M	24.96M	16.54M	11.88M	10.37M	8.83M	6.98M	4.1M	4.8M	3.5M
Operating Margin %	0.74%	2.67%	-18.56%	4.02%	6.67%	5.55%	4.99%	5.6%	8.59%	7.55%	6.58%	3.98%	2.25%	14.63%	16.2%	12.89%	8.36%	-3.02%	15.22%	16.62%	15.08%	17%	16.54%	13.25%	11.8%	11.91%	11.32%	10.08%	6.12%	7.09%	7.2%
Operating Income Growth %	-	113.56%	-535.95%	-42.7%	31.36%	35.09%	-12.63%	-32.8%	45.63%	30.45%	78.24%	71.74%	-87.96%	-6.05%	51.23%	104.4%	403.22%	-117.51%	0.36%	23.26%	-9.46%	29.29%	50.88%	39.25%	14.59%	17.44%	26.51%	70.2%	-14.58%	37.14%	-41.67%
EBITDA	22.09M	32.51M	-79.23M	45.08M	62.79M	57.12M	42.81M	44.86M	57.91M	43.75M	36.87M	28M	23.04M	70.58M	72.81M	52.77M	33.57M	7.16M	47.76M	46.1M	35.89M	39.28M	30.76M	20.59M	14.22M	12.51M	11.78M	10.19M	7.2M	7.5M	5.8M
EBITDA Margin %	4.33%	6.31%	-14.48%	7.78%	10.3%	10.24%	9.33%	9.58%	12.75%	12.32%	11.81%	9.68%	7.72%	18.52%	19.88%	17.33%	14.62%	3.42%	20.11%	21.28%	18.52%	20.7%	20.39%	16.49%	14.12%	14.38%	15.1%	14.73%	10.75%	11.08%	11.93%
EBITDA Growth %	128.58%	141.03%	-275.78%	-28.21%	9.93%	33.42%	-4.58%	-22.53%	32.36%	18.68%	31.68%	21.51%	-67.35%	-3.06%	37.97%	57.19%	369.01%	-85.01%	3.59%	28.45%	-8.64%	27.72%	49.35%	44.86%	13.63%	6.23%	15.54%	41.57%	-4%	29.31%	-38.3%
D&A (Non-Cash Add-back)	18.32M	18.74M	22.32M	21.78M	22.14M	26.17M	19.9M	18.64M	18.89M	16.96M	16.33M	16.47M	16.33M	14.85M	13.49M	13.55M	14.38M	13.49M	11.61M	10.09M	6.67M	7.02M	5.8M	4.05M	2.34M	2.14M	2.95M	3.21M	3.1M	2.7M	2.3M
EBIT	-29.32M	-30.53M	-31.98M	22.94M	40.09M	30.83M	23.39M	26.22M	39.02M	26.84M	20.54M	11.52M	6.71M	55.73M	58.59M	37.66M	19.19M	-6.33M	36.47M	36.01M	29.22M	32.27M	24.96M	16.54M	11.88M	10.37M	8.62M	6.98M	4.1M	4.8M	3.5M
Net Interest Income	-23.23M	-16.56M	-16.55M	-12.27M	-3.95M	-3.62M	-5.18M	-7.21M	-4.02M	-1.94M	-1.62M	-2.56M	-2.47M	-1.19M	-1.75M	-3.46M	-3.02M	-3.21M	-3.97M	214K	30K	392K	85K	626K	371.4K	18.9K	38.6K	0	0	0	0
Interest Income	2K	106K	230K	368K	167K	65K	89K	182K	174K	41K	7K	0	19K	1K	1K	3K	0	44K	75K	214K	30K	392K	85K	626K	371.4K	18.9K	38.6K	0	0	0	0
Interest Expense	23.23M	16.67M	16.78M	12.64M	4.12M	3.69M	5.27M	7.39M	4.2M	1.98M	1.63M	2.14M	2.49M	1.19M	1.75M	3.46M	3.02M	3.25M	4.3M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-56.32M	-60.97M	-18.9M	-13M	-4.69M	-4.19M	-4.59M	-7.42M	-5.42M	-1.94M	-1.62M	-2.56M	-3.07M	-1.9M	-2.47M	-4M	-3.02M	-3.21M	-3.97M	-5.49M	-2.69M	-1.33M	-1.23M	-360K	-602K	-1.34M	-1.43M	-1.76M	-900K	-1.5M	-900K
Pretax Income	-52.55M	-47.2M	-120.46M	10.3M	35.97M	26.75M	18.32M	18.8M	33.6M	24.85M	18.92M	8.96M	3.64M	53.83M	56.85M	35.22M	16.17M	-9.54M	32.17M	30.53M	26.55M	30.94M	23.73M	16.18M	11.28M	9.02M	7.19M	5.22M	3.2M	3.3M	2.6M
Pretax Margin %	-10.3%	-9.16%	-22.01%	1.78%	5.9%	4.8%	3.99%	4.02%	7.4%	7%	6.06%	3.1%	1.22%	14.13%	15.53%	11.57%	7.04%	-4.56%	13.54%	14.09%	13.7%	16.3%	15.73%	12.96%	11.2%	10.37%	9.21%	7.55%	4.78%	4.87%	5.35%
Income Tax	2.03M	2.68M	5.88M	2.78M	8.56M	8.17M	3.08M	5.2M	9.14M	4.44M	5.54M	2.01M	-451K	18.92M	20.03M	13.15M	5.19M	-3.75M	12.15M	11.8M	11.07M	11.94M	9.26M	5.92M	4.23M	3.38M	2.87M	1.99M	1.1M	1.3M	1M
Effective Tax Rate %	-3.87%	-5.68%	-4.88%	26.98%	23.8%	30.52%	16.81%	27.67%	27.22%	17.88%	29.29%	22.42%	-12.38%	35.14%	35.22%	37.35%	32.09%	39.31%	37.78%	38.65%	41.71%	38.58%	39%	36.58%	37.5%	37.5%	40%	38.05%	34.38%	39.39%	38.46%
Net Income	-54.58M	-49.88M	-126.34M	7.52M	27.4M	18.59M	15.24M	13.6M	24.2M	20.27M	12.79M	6.59M	4.84M	34.45M	36.87M	22.07M	10.98M	-5.79M	20.02M	18.73M	15.45M	19M	14.48M	10.26M	7.05M	5.64M	4.31M	3.24M	2.1M	2M	1.6M
Net Margin %	-10.7%	-9.68%	-23.08%	1.3%	4.5%	3.33%	3.32%	2.9%	5.33%	5.71%	4.1%	2.28%	1.62%	9.04%	10.07%	7.25%	4.78%	-2.77%	8.43%	8.64%	7.97%	10.01%	9.6%	8.22%	7%	6.48%	5.53%	4.67%	3.13%	2.95%	3.29%
Net Income Growth %	56.5%	60.52%	-1780.28%	-72.56%	47.44%	21.95%	12.07%	-43.79%	19.34%	58.54%	94.02%	36.15%	-85.95%	-6.56%	67.06%	100.91%	289.74%	-128.92%	6.89%	21.23%	-18.7%	31.26%	41.06%	45.6%	24.99%	30.81%	33.25%	54.07%	5%	25%	-48.39%
Net Income (Continuing)	-54.58M	-49.88M	-126.34M	7.52M	27.4M	18.59M	15.24M	13.6M	24.06M	20.36M	13.02M	6.32M	4.09M	33.93M	36.83M	22.07M	10.98M	-5.79M	20.02M	18.73M	15.45M	19M	14.48M	10.26M	7.05M	5.64M	4.31M	3.24M	2.1M	2M	1.6M
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	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	254K	167K	-69K	-634K	-158K	359K	0	0	0	0	0	0	0	0	0	0	0	0	101.7K	0	0	0
EPS (Diluted)	-1.91	-1.75	-4.50	0.26	0.92	0.61	0.51	0.46	0.81	0.68	0.44	0.23	0.17	1.19	1.28	0.79	0.40	-0.21	0.73	0.68	0.57	0.74	0.57	0.41	0.29	0.24	0.18	0.14	0.09	0.09	0.07
EPS Growth %	57.75%	61.11%	-1830.77%	-71.74%	50.82%	19.61%	10.87%	-43.21%	19.12%	54.55%	91.3%	35.29%	-85.71%	-7.03%	62.03%	97.5%	290.48%	-128.77%	7.35%	19.3%	-22.97%	29.82%	39.02%	41.38%	20.83%	33.33%	28.57%	59.45%	-5.18%	37.8%	-48.31%
EPS (Basic)	-	-1.75	-4.50	0.27	0.94	0.62	0.52	0.47	0.83	0.70	0.44	0.23	0.17	1.22	1.32	0.80	0.40	-0.21	0.75	0.71	0.60	0.78	0.61	0.44	0.30	0.25	0.18	0.14	0.09	0.09	0.07
Diluted Shares Outstanding	28.65M	28.43M	28.06M	28.53M	29.87M	30.41M	29.99M	29.66M	30.05M	29.7M	29.39M	29.24M	28.91M	28.9M	28.76M	27.88M	27.65M	27.12M	27.47M	27.44M	27.19M	25.76M	25.56M	24.84M	24.24M	23.66M	24.06M	23.96M	24.22M	20.04M	23.94M
Basic Shares Outstanding	28.65M	28.43M	28.06M	28.13M	29.23M	29.81M	29.45M	29.03M	29.33M	29.1M	28.86M	28.67M	28.44M	28.3M	27.91M	27.56M	27.39M	27.12M	26.64M	26.31M	25.93M	24.34M	23.95M	23.5M	23.12M	22.95M	23.67M	23.96M	24.22M	20.04M	23.94M
Dividend Payout Ratio	-	-	-	45.01%	10.17%	12.82%	7.66%	17.08%	9.09%	7.89%	4.52%	17.31%	117.17%	13.95%	16.68%	9.99%	7.46%	-	10.62%	9.81%	14.01%	8.16%	8.12%	7.86%	8.5%	8.15%	10.54%	4.62%	9.52%	10%	6.25%

Key Metrics

Growth RegimeMixed

ProfitabilityNegative

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Regulatory EPA molecule bans

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Volatility Amid Seasonal Shifts

As indicated by the most recent quarterly data, American Vanguard's revenue growth remains highly inconsistent, with a 6.7% increase in 2026Q1 following a 9.0% contraction in 2025Q4, reflecting the inherent challenges of managing a seasonal, agriculture-dependent portfolio in a volatile commodity price environment.

The revenue trajectory suggests that the company is struggling to maintain consistent demand, likely exacerbated by channel inventory de-stocking cycles. Investors should monitor whether the recent growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the significant contraction observed in late 2025.

Structural Constraints on Gross Profit

Based on reported financial statements, gross margins have fluctuated significantly, bottoming out at 13.8% in 2024Q4 before recovering to 31.1% in 2026Q1, highlighting the sensitivity of the company's off-patent chemical portfolio to raw material cost spikes and inventory valuation adjustments.

The inability to consistently maintain gross margins above 30% suggests limited pricing power, as the company lacks the protection of new, proprietary molecules. This margin profile implies that profitability is highly susceptible to external cost pressures and the timing of regulatory-driven inventory write-downs.

Operating Leverage Remains Under Pressure

According to the income statement history, operating income has frequently turned negative, with a notable operating margin of -42.3% in 2024Q4, demonstrating that the company's fixed cost base is currently too high to support its fluctuating revenue levels during periods of operational stress.

The lack of consistent operating leverage indicates that SG&A and R&D expenses are not scaling efficiently with revenue. This suggests that management may need to rationalize the cost structure further if they are to achieve sustainable profitability in the absence of significant top-line growth.

Persistent Net Losses Cloud Earnings

As reported in recent filings, American Vanguard has struggled to generate positive net income, with a net margin of -9.68% recently, a trend that appears driven by both operational inefficiencies and the impact of non-operating items on the bottom line.

The recurring net losses warrant further investigation into whether these are purely operational or if they reflect ongoing impairments related to the legacy portfolio. Investors should be cautious of the quality of earnings until the company can demonstrate a sustained return to positive net income.

Regulatory Risks Threaten Core Portfolio

Based on the provided data and industry context, the most significant risk to the income statement is the potential for accelerated EPA restrictions on organophosphates, which could render a substantial portion of the company's revenue-generating assets obsolete in the near term.

Short-sellers would likely focus on the vulnerability of the company's legacy chemical portfolio to regulatory shifts, which could force expensive portfolio turnover. This risk profile suggests that the current valuation may not fully account for the potential loss of key revenue streams due to environmental compliance.

AVD — Frequently Asked Questions

Quick answers to the most common questions about buying AVD stock.

What was American Vanguard Corporation's (AVD) revenue in 2025?

For fiscal year 2025, American Vanguard Corporation (AVD) reported total revenue of $515.1M. This represents a 959.9% increase compared to $48.6M in 1996.

Is American Vanguard Corporation (AVD) profitable?

American Vanguard Corporation (AVD) reported a net loss of $49.9M for the fiscal year ending 2025.

What is American Vanguard Corporation's operating profit margin?

American Vanguard Corporation (AVD) reported an operating income of $13.8M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is American Vanguard Corporation's gross profit and gross margin?

American Vanguard Corporation (AVD) generated $147.6M in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.