Revenue has been flat to negative over ten quarters, with 2026Q2 growth of just 0.5% YoY, while gross margin contracted 240 basis points from 34.1% in 2024Q2 to 31.7% in 2026Q2, and operating margin fell from 10.3% to 7.2% over the same period.
Avantor, Inc. (AVTR) annual income statement — 10-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 |
|---|
| Sales/Revenue | 6.56B | 6.55B | 6.78B | 6.97B | 7.51B | 7.39B | 6.39B | 6.04B | 5.86B | 1.25B | 691.3M |
| Revenue Growth % | -1.57% | -3.41% | -2.64% | -7.26% | 1.71% | 15.52% | 5.85% | 3% | 370.12% | 80.44% | - |
| Cost of Goods Sold | 4.47B | 4.41B | 4.5B | 4.6B | 4.91B | 4.88B | 4.31B | 4.12B | 4.04B | 814.6M | 371.6M |
| COGS % of Revenue | - | 67.35% | 66.4% | 66.07% | 65.35% | 66.12% | 67.46% | 68.2% | 68.97% | 65.3% | 53.75% |
| Gross Profit | 2.09B | 2.14B | 2.28B | 2.36B | 2.6B | 2.5B | 2.08B | 1.92B | 1.82B | 432.8M | 319.7M |
| Gross Margin % | 31.83% | 32.65% | 33.6% | 33.93% | 34.65% | 33.88% | 32.54% | 31.8% | 31.03% | 34.7% | 46.25% |
| Gross Profit Growth % | - | -6.14% | -3.57% | -9.18% | 4% | 20.29% | 8.32% | 5.54% | 320.47% | 35.38% | - |
| Operating Expenses | 2.37B | 2.39B | 1.19B | 1.67B | 1.47B | 1.53B | 1.37B | 1.37B | 1.41B | 643.2M | 309.8M |
| OpEx % of Revenue | - | 36.41% | 17.61% | 23.93% | 19.6% | 20.72% | 21.49% | 22.66% | 23.98% | 51.56% | 44.81% |
| Selling, General & Admin | 1.2B | 1.6B | 1.64B | 1.51B | 1.47B | 1.53B | 1.37B | 1.37B | 1.41B | 643.2M | 309.8M |
| SG&A % of Revenue | - | 24.35% | 24.19% | 21.62% | 19.6% | 20.72% | 21.49% | 22.66% | 23.98% | 51.56% | 44.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.1M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 2.76% |
| Other Operating Expenses | 3M | 790.1M | -446.6M | 160.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -285.6M | -246.2M | 1.08B | 696.4M | 1.13B | 972.2M | 706.8M | 551.8M | 413.5M | -210.4M | 9.9M |
| Operating Margin % | -4.35% | -3.76% | 15.99% | 10% | 15.04% | 13.16% | 11.05% | 9.14% | 7.05% | -16.87% | 1.43% |
| Operating Income Growth % | - | -122.7% | 55.77% | -38.38% | 16.25% | 37.55% | 28.09% | 33.45% | 296.53% | -2225.25% | - |
| EBITDA | 26M | 164M | 1.49B | 1.1B | 1.54B | 1.35B | 1.1B | 950.7M | 818.1M | -111.2M | 70.2M |
| EBITDA Margin % | 0.4% | 2.5% | 21.97% | 15.77% | 20.44% | 18.3% | 17.24% | 15.74% | 13.95% | -8.91% | 10.15% |
| EBITDA Growth % | -98.2% | -89% | 35.64% | -28.46% | 13.64% | 22.61% | 15.94% | 16.21% | 835.7% | -258.4% | - |
| D&A (Non-Cash Add-back) | 312.8M | 410.2M | 405.5M | 402.3M | 405.5M | 379.2M | 395.4M | 398.9M | 404.6M | 99.2M | 60.3M |
| EBIT | -293.1M | -271.5M | 1.07B | 695.3M | 1.12B | 970.4M | 369.9M | 480.6M | 410M | -259.3M | 9.7M |
| Net Interest Income | -168.4M | -169.8M | -218.8M | -284.8M | -265.8M | -217.4M | -307.6M | -440M | -523.8M | -200.9M | -80.3M |
| Interest Income | 10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 178.9M | 169.8M | 218.8M | 284.8M | 265.8M | 217.4M | 307.6M | 440M | 523.8M | 200.9M | 80.3M |
| Other Income/Expense | -186.4M | -195.1M | -230.9M | -285.9M | -279.1M | -219.2M | -644.5M | -511.2M | -527.3M | -249.8M | -80.5M |
| Pretax Income | -472M | -441.3M | 853.9M | 410.5M | 851.1M | 753M | 62.3M | 40.6M | -113.8M | -460.2M | -70.6M |
| Pretax Margin % | -7.19% | -6.74% | 12.59% | 5.89% | 11.33% | 10.19% | 0.97% | 0.67% | -1.94% | -36.89% | -10.21% |
| Income Tax | 106M | 88.9M | 142.4M | 89.4M | 164.6M | 180.4M | -54.3M | 2.8M | -26.9M | -314.9M | 10.1M |
| Effective Tax Rate % | -22.46% | -20.15% | 16.68% | 21.78% | 19.34% | 23.96% | -87.16% | 6.9% | 23.64% | 68.43% | -14.31% |
| Net Income | -578M | -530.2M | 711.5M | 321.1M | 686.5M | 572.6M | 116.6M | 37.8M | -86.9M | -112.7M | -42.4M |
| Net Margin % | -8.81% | -8.09% | 10.49% | 4.61% | 9.14% | 7.75% | 1.82% | 0.63% | -1.48% | -9.03% | -6.13% |
| Net Income Growth % | -184.09% | -174.52% | 121.58% | -53.23% | 19.89% | 391.08% | 208.47% | 143.5% | 22.89% | -165.8% | - |
| Net Income (Continuing) | -578M | -530.2M | 711.5M | 321.1M | 686.5M | 572.6M | 116.6M | 37.8M | -86.9M | -145.3M | -80.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -135.7M |
| EPS (Diluted) | -0.85 | -0.78 | 1.04 | 0.47 | 1.01 | 0.85 | 0.09 | -0.84 | -0.72 | -0.84 | -0.09 |
| EPS Growth % | -183.59% | -175% | 121.28% | -53.47% | 18.82% | 844.44% | 110.71% | -16.67% | 14.29% | -873.35% | - |
| EPS (Basic) | - | -0.78 | 1.05 | 0.48 | 1.02 | 0.86 | 0.09 | -0.84 | -0.72 | -0.84 | -0.09 |
| Diluted Shares Outstanding | 677.2M | 679.3M | 681.9M | 678.4M | 679.4M | 599.6M | 583.4M | 401.2M | 496.5M | 496.5M | 491.3M |
| Basic Shares Outstanding | 676.2M | 678M | 680.3M | 675.6M | 650.9M | 590.5M | 576.3M | 401.2M | 496.5M | 496.5M | 491.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 82.8% | - | - | - |
Quick answers to the most common questions about buying AVTR stock.
For fiscal year 2025, Avantor, Inc. (AVTR) reported total revenue of $6.55B. This represents a 847.8% increase compared to $691.3M in 2016.
Avantor, Inc. (AVTR) reported a net loss of $530.2M for the fiscal year ending 2025.
Avantor, Inc. (AVTR) reported an operating income of $-246.2M, resulting in an operating profit margin of -3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Avantor, Inc. (AVTR) generated $2.14B in gross profit for the year, representing a gross profit margin of 32.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue stagnation and margin erosion
Metrics are mathematically derived from official filings.
Revenue Stagnation Persists
Avantor's revenue has been flat to slightly negative over the past ten quarters, with 2026Q2 growth of just 0.5% year-over-year, as reported in the latest financial statements.
Revenue has hovered around $1.6-1.7 billion per quarter, with year-over-year growth ranging from -5.9% to 0.5%, indicating a persistent lack of top-line momentum. The absence of any quarter with growth above 1% suggests that end-market demand remains subdued, possibly reflecting ongoing destocking or competitive pressures. Investors should monitor whether the company can return to organic growth, as the current trajectory appears to be one of stagnation rather than acceleration.
Gross Margin Compression Continues
Gross margin has declined from 34.1% in 2024Q2 to 31.7% in 2026Q2, a 240 basis point drop, based on reported figures, indicating persistent pricing or mix headwinds.
The steady erosion in gross margin, from the mid-34% range in early 2024 to the low-31% range in 2026, suggests that Avantor is facing structural cost pressures or an unfavorable product mix shift. This compression is more pronounced than the slight revenue decline, implying that the company may be sacrificing margin to defend market share. Compared to peers like Thermo Fisher (37.7%) and Danaher (60.9%), Avantor's gross margin is significantly lower, which may indicate a weaker competitive position or a less differentiated product portfolio.
Operating Leverage Turns Negative
Operating income as a percentage of revenue has fallen from 10.3% in 2024Q2 to 7.2% in 2026Q2, with SG&A expenses not scaling down proportionally, as per the income statement data.
While revenue has remained roughly flat, operating margin has contracted by over 300 basis points, indicating that fixed costs are not being adequately covered by sales. SG&A expenses have remained in the $390-425 million range despite lower revenue, suggesting limited cost flexibility. The 2025Q3 operating loss of -$648.8 million, likely driven by impairment charges, further highlights the fragility of the operating model. This negative operating leverage suggests that any further revenue decline could disproportionately impact profitability.
Earnings Volatility Masks Core Trends
Net income swung from a $500.4 million gain in 2024Q4 to a $711.8 million loss in 2025Q3, with diluted EPS ranging from -$1.04 to $0.73, based on reported quarterly data.
The extreme volatility in net income, particularly the large loss in 2025Q3, appears to be driven by non-operating items such as impairments or one-time charges, rather than core operational deterioration. Excluding these anomalies, net income has been relatively stable in the $38-93 million range, but the quality of earnings is questionable given the recurring SBC expenses of $7-15 million per quarter. The effective tax rate also appears to fluctuate significantly, as evidenced by the wide swings in net margin, which warrants further investigation into the sustainability of reported earnings.
Cost Discipline Lacking in SG&A
SG&A expenses have remained flat at around $390-425 million per quarter despite revenue declines, with SG&A as a percentage of revenue rising to 24.5% in 2026Q2, as per the income statement.
While COGS has declined slightly in line with revenue, SG&A has not shown similar flexibility, indicating that management has not aggressively cut overhead costs. This has contributed to the operating margin compression, as SG&A now consumes a larger share of revenue. The lack of cost discipline is particularly concerning given the stagnant revenue environment, and investors should monitor whether management can implement more effective expense controls to protect profitability.
Margin Erosion Could Accelerate
With gross margin down 240 basis points and operating margin down 310 basis points over two years, Avantor's profitability could deteriorate further if revenue growth remains elusive, as reported in financial statements.
Short-sellers might argue that Avantor's competitive position is weakening, as evidenced by its inability to grow revenue or maintain margins in a stable demand environment. The company's gross margin is significantly below peers like Danaher (60.9%) and Thermo Fisher (37.7%), suggesting a lack of pricing power or a commoditized product offering. If the company cannot stabilize margins or return to growth, the current valuation could be at risk, especially given the high volatility in earnings and the potential for further one-time charges.