Revenue has been flat at roughly $1.6B to $1.7B with year-over-year growth ranging from about -6% to +5%, and gross margin of 31.5% to 34.1% is steady but operating margin of roughly 7% to 8% in recent quarters leaves limited headroom against pricing or volume pressure.
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 | 6.64B | 6.55B | 6.78B | 6.97B | 7.51B | 7.39B | 6.39B | 6.04B | 5.86B | 1.25B | 691.3M |
| Revenue Growth % | 0.92% | -3.41% | -2.64% | -7.26% | 1.71% | 15.52% | 5.85% | 3% | 370.12% | 80.44% | - |
| Cost of Goods Sold | 4.54B | 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 | 2.1B | 2.14B | 2.28B | 2.36B | 2.6B | 2.5B | 2.08B | 1.92B | 1.82B | 432.8M | 319.7M |
| Gross Margin % | 31.59% | 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 | 1.59B | 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 | 2M | 790.1M | -446.6M | 160.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 502.7M | -246.2M | 1.08B | 696.4M | 1.13B | 972.2M | 706.8M | 551.8M | 413.5M | -210.4M | 9.9M |
| Operating Margin % | 7.58% | -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 | 921.9M | 164M | 1.49B | 1.1B | 1.54B | 1.35B | 1.1B | 950.7M | 818.1M | -111.2M | 70.2M |
| EBITDA Margin % | 13.89% | 2.5% | 21.97% | 15.77% | 20.44% | 18.3% | 17.24% | 15.74% | 13.95% | -8.91% | 10.15% |
| EBITDA Growth % | 36.92% | -89% | 35.64% | -28.46% | 13.64% | 22.61% | 15.94% | 16.21% | 835.7% | -258.4% | - |
| D&A (Non-Cash Add-back) | 419.2M | 410.2M | 405.5M | 402.3M | 405.5M | 379.2M | 395.4M | 398.9M | 404.6M | 99.2M | 60.3M |
| EBIT | 490.1M | -271.5M | 1.07B | 695.3M | 1.12B | 970.4M | 369.9M | 480.6M | 410M | -259.3M | 9.7M |
| Net Interest Income | -164.1M | -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 | 174.6M | 169.8M | 218.8M | 284.8M | 265.8M | 217.4M | 307.6M | 440M | 523.8M | 200.9M | 80.3M |
| Other Income/Expense | -187.2M | -195.1M | -230.9M | -285.9M | -279.1M | -219.2M | -644.5M | -511.2M | -527.3M | -249.8M | -80.5M |
| Pretax Income | 315.5M | -441.3M | 853.9M | 410.5M | 851.1M | 753M | 62.3M | 40.6M | -113.8M | -460.2M | -70.6M |
| Pretax Margin % | 4.75% | -6.74% | 12.59% | 5.89% | 11.33% | 10.19% | 0.97% | 0.67% | -1.94% | -36.89% | -10.21% |
| Income Tax | -21.7M | 88.9M | 142.4M | 89.4M | 164.6M | 180.4M | -54.3M | 2.8M | -26.9M | -314.9M | 10.1M |
| Effective Tax Rate % | -6.88% | -20.15% | 16.68% | 21.78% | 19.34% | 23.96% | -87.16% | 6.9% | 23.64% | 68.43% | -14.31% |
| Net Income | 337.2M | -530.2M | 711.5M | 321.1M | 686.5M | 572.6M | 116.6M | 37.8M | -86.9M | -112.7M | -42.4M |
| Net Margin % | 5.08% | -8.09% | 10.49% | 4.61% | 9.14% | 7.75% | 1.82% | 0.63% | -1.48% | -9.03% | -6.13% |
| Net Income Growth % | 510.22% | -174.52% | 121.58% | -53.23% | 19.89% | 391.08% | 208.47% | 143.5% | 22.89% | -165.8% | - |
| Net Income (Continuing) | 337.2M | -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) | 0.50 | -0.78 | 1.04 | 0.47 | 1.01 | 0.85 | 0.09 | -0.84 | -0.72 | -0.84 | -0.09 |
| EPS Growth % | 515.26% | -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 | 680.9M | 679.3M | 681.9M | 678.4M | 679.4M | 599.6M | 583.4M | 401.2M | 496.5M | 496.5M | 491.3M |
| Basic Shares Outstanding | 677.1M | 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
Margin compression and volatile net income
Metrics are mathematically derived from official filings.
Flat Revenue Masks Modest Recovery
Based on the reported quarterly figures, Avantor's revenue has hovered near $1.6B to $1.7B across the ten quarters shown, with year-over-year growth swinging between roughly -6% and +5%, indicating a largely flat top line with no durable acceleration.
The reported quarterly revenue shows no sustained acceleration, with growth oscillating around zero and the most recent 2026Q3 print of 4.6% representing the strongest reading in the set. This pattern suggests the top line is being held roughly flat rather than driven by a clear volume or pricing expansion, and the single positive quarter warrants confirmation before being treated as a trend. Investors should monitor whether subsequent periods sustain growth above the low-single-digit range.
Gross Margin Steady in Narrow Band
As reported in the income statement, Avantor's gross margin has stayed within a tight band of roughly 31.5% to 34.1%, which is well below the 60%-plus gross margins posted by peer Danaher but comparable to Thermo Fisher's 37.7%.
The stability of gross margin in a narrow range suggests limited pricing power beyond what the cost base supports, and the gap to Danaher points to a structurally different product and service mix. Gross margin compression of roughly 2 to 3 points across the period, while not dramatic, is worth tracking because it leaves little cushion against input cost or pricing pressure. The margin profile appears more consistent with a mid-tier life sciences supplier than a high-margin instrument platform.
Operating Margin Volatility Limits Scale Benefits
Based on the reported figures, Avantor's operating margin has ranged from roughly 5% to above 10% in most quarters, and the absence of consistent SG&A disclosure in several periods limits a clean assessment of operating leverage.
Where SG&A is reported, it appears to absorb a large and relatively stable share of gross profit, which suggests that incremental revenue has not translated into meaningful operating leverage. Several quarters report SG&A as unavailable, so conclusions about overhead efficiency should be treated cautiously. Investors should monitor whether operating income begins to scale faster than gross profit once consistent cost reporting is available.
Net Income Driven by Non-Operating Swings
According to the reported statements, Avantor's net income swung from a loss of $711.8M in 2025Q3 to $500.4M in 2024Q4, a pattern that appears driven by items outside core operations rather than by the stable operating income line.
The gap between operating income and net income in the most volatile quarters indicates that non-operating or tax-related items are dominating the bottom line, which weakens the reliability of reported EPS as a signal of underlying earnings power. Stock-based compensation, while modest at roughly $7M to $15M per quarter, is not large enough to explain these swings. The earnings figures warrant further investigation into the nature of these non-operating items before they are relied upon for valuation.
Narrow Margins Leave Little Room for Error
The strongest challenge to the narrative is that Avantor's operating margin of roughly 7% to 8% in most recent quarters, versus Thermo Fisher's 18.2% and Danaher's 20.9%, leaves limited headroom if pricing or volume weakens.
Short-side scrutiny would focus on the combination of flat revenue, gross margins drifting lower, and net income that has repeatedly diverged sharply from operating results. These patterns may indicate that reported profitability is more fragile than the headline operating figures suggest. Investors should monitor whether the recent positive growth print is sustained, since a return to negative growth would expose the thin margin structure.