Revenue has hovered near $1.3B per quarter with gross margin in a narrow 31% to 35% band and operating margin between 11.6% and 16.0%, though net income volatility, which swung from $137.0M to $60.0M, suggests non-operating or tax effects warrant monitoring.
Axalta Coating Systems Ltd. (AXTA) annual income statement — 14-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 |
|---|
| Sales/Revenue | 5.17B | 5.12B | 5.28B | 5.18B | 4.88B | 4.42B | 3.74B | 4.48B | 4.7B | 4.38B | 4.09B | 4.11B | 4.39B | 3.99B | 4.26B |
| Revenue Growth % | 0.14% | -3.01% | 1.77% | 6.14% | 10.59% | 18.16% | -16.61% | -4.55% | 7.29% | 6.95% | -0.42% | -6.41% | 10.15% | -6.34% | - |
| Cost of Goods Sold | 3.49B | 3.45B | 3.48B | 3.57B | 3.47B | 2.99B | 2.46B | 2.92B | 3.11B | 2.78B | 2.53B | 2.6B | 2.9B | 2.77B | 2.93B |
| COGS % of Revenue | - | 67.36% | 65.92% | 68.79% | 70.97% | 67.64% | 65.76% | 65.1% | 66.15% | 63.53% | 61.79% | 63.19% | 65.97% | 69.55% | 68.89% |
| Gross Profit | 1.69B | 1.67B | 1.8B | 1.62B | 1.42B | 1.43B | 1.28B | 1.56B | 1.59B | 1.6B | 1.56B | 1.51B | 1.49B | 1.21B | 1.32B |
| Gross Margin % | 32.59% | 32.64% | 34.08% | 31.21% | 29.03% | 32.36% | 34.24% | 34.9% | 33.85% | 36.47% | 38.21% | 36.81% | 34.03% | 30.45% | 31.11% |
| Gross Profit Growth % | - | -7.12% | 11.12% | 14.1% | -0.76% | 11.66% | -18.19% | -1.6% | -0.43% | 2.08% | 3.38% | 1.23% | 23.09% | -8.32% | - |
| Operating Expenses | 1.04B | 906M | 1.09B | 1.03B | 995M | 966.5M | 974.2M | 1.08B | 1.15B | 1.23B | 1.16B | 1.05B | 1.12B | 1.19B | 914.9M |
| OpEx % of Revenue | - | 17.71% | 20.7% | 19.87% | 20.37% | 21.89% | 26.06% | 24.01% | 24.44% | 28.17% | 28.31% | 25.48% | 25.61% | 29.83% | 21.49% |
| Selling, General & Admin | 832M | 835M | 847M | 840M | 772M | 738.7M | 695M | 822.1M | 876.4M | 934.7M | 959.8M | 914.8M | 991.5M | 1.04B | 873.4M |
| SG&A % of Revenue | - | 16.32% | 16.05% | 16.2% | 15.81% | 16.73% | 18.59% | 18.34% | 18.66% | 21.35% | 23.45% | 22.26% | 22.58% | 26.1% | 20.52% |
| Research & Development | 70M | 71M | 74M | 74M | 66M | 62.4M | 55.2M | 70.2M | 73.1M | 65.3M | 57.7M | 51.6M | 49.5M | 40.5M | 41.5M |
| R&D % of Revenue | - | 1.39% | 1.4% | 1.43% | 1.35% | 1.41% | 1.48% | 1.57% | 1.56% | 1.49% | 1.41% | 1.26% | 1.13% | 1.02% | 0.97% |
| Other Operating Expenses | 3M | 0 | 171M | 116M | 157M | 165.4M | 224M | 183.8M | 198.1M | 232.8M | 141.3M | 80.7M | 83.8M | 108M | 0 |
| Operating Income | 641M | 764M | 706M | 588M | 423M | 462.4M | 305.5M | 488.2M | 442.1M | 363.7M | 405.1M | 465.6M | 369.5M | 24.9M | 409.3M |
| Operating Margin % | 12.39% | 14.93% | 13.38% | 11.34% | 8.66% | 10.47% | 8.17% | 10.89% | 9.41% | 8.31% | 9.9% | 11.33% | 8.41% | 0.62% | 9.62% |
| Operating Income Growth % | - | 8.22% | 20.07% | 39.01% | -8.52% | 51.36% | -37.42% | 10.43% | 21.56% | -10.22% | -12.99% | 26.01% | 1383.94% | -93.92% | - |
| EBITDA | 879M | 1.06B | 986M | 864M | 726M | 778.9M | 625.8M | 841.2M | 811.2M | 711.2M | 727.2M | 773.3M | 678.2M | 325.6M | 520M |
| EBITDA Margin % | 16.99% | 20.7% | 18.69% | 16.67% | 14.86% | 17.64% | 16.74% | 18.77% | 17.27% | 16.25% | 17.77% | 18.82% | 15.44% | 8.17% | 12.22% |
| EBITDA Growth % | -18.08% | 7.4% | 14.12% | 19.01% | -6.79% | 24.46% | -25.61% | 3.7% | 14.06% | -2.2% | -5.96% | 14.02% | 108.29% | -37.38% | - |
| D&A (Non-Cash Add-back) | 234M | 295M | 280M | 276M | 303M | 316.5M | 320.3M | 353M | 369.1M | 347.5M | 322.1M | 307.7M | 308.7M | 300.7M | 110.7M |
| EBIT | 644M | 739M | 701M | 568M | 397M | 474.7M | 272.1M | 492.6M | 427.1M | 336.6M | 260.9M | 354.4M | 254.5M | -48.6M | 409.3M |
| Net Interest Income | -158M | -193M | -205M | -213M | -140M | -134.2M | -149.9M | -162.6M | -159.6M | -147M | -178.2M | -196.5M | -217.7M | -240.1M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 158M | 193M | 205M | 213M | 140M | 134.2M | 149.9M | 162.6M | 159.6M | 147M | 178.2M | 196.5M | 217.7M | 215.1M | 0 |
| Other Income/Expense | -155M | -218M | -210M | -233M | -166M | -121.9M | -183.3M | -158.2M | -174.6M | -174.1M | -322.4M | -307.7M | -332.7M | -288.6M | -16.3M |
| Pretax Income | 486M | 546M | 496M | 355M | 257M | 340.5M | 122.2M | 330M | 267.5M | 189.6M | 82.7M | 157.9M | 36.8M | -263.7M | 393M |
| Pretax Margin % | 9.39% | 10.67% | 9.4% | 6.85% | 5.26% | 7.71% | 3.27% | 7.36% | 5.7% | 4.33% | 2.02% | 3.84% | 0.84% | -6.61% | 9.23% |
| Income Tax | 151M | 167M | 105M | 86M | 65M | 76.1M | 200K | 77.4M | 54.2M | 141.9M | 38.1M | 62.1M | 2.1M | -44.8M | 145.2M |
| Effective Tax Rate % | 31.07% | 30.59% | 21.17% | 24.23% | 25.29% | 22.35% | 0.16% | 23.45% | 20.26% | 74.84% | 46.07% | 39.33% | 5.71% | 16.99% | 36.95% |
| Net Income | 334M | 378M | 391M | 267M | 192M | 263.9M | 121.6M | 249M | 207.1M | 36.7M | 38.8M | 91.6M | 27.4M | -224.9M | 243.3M |
| Net Margin % | 6.46% | 7.39% | 7.41% | 5.15% | 3.93% | 5.98% | 3.25% | 5.56% | 4.41% | 0.84% | 0.95% | 2.23% | 0.62% | -5.64% | 5.72% |
| Net Income Growth % | -26.59% | -3.32% | 46.44% | 39.06% | -27.25% | 117.02% | -51.16% | 20.23% | 464.31% | -5.41% | -57.64% | 234.31% | 112.18% | -192.44% | - |
| Net Income (Continuing) | 335M | 379M | 391M | 269M | 192M | 264.4M | 122M | 252.6M | 213.3M | 47.7M | 44.6M | 95.8M | 34.7M | -218.9M | 247.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 46M | 47M | 44M | 45.5M | 46M | 45.8M | 46.8M | 55.4M | 105.4M | 131.7M | 121.5M | 67.5M | 67.3M | 68.9M | 33.6M |
| EPS (Diluted) | 1.55 | 1.74 | 1.78 | 1.21 | 0.86 | 1.14 | 0.52 | 1.06 | 0.85 | 0.15 | 0.17 | 0.39 | 0.12 | -0.98 | 1.06 |
| EPS Growth % | -25.48% | -2.25% | 47.11% | 40.7% | -24.56% | 119.23% | -50.94% | 24.71% | 466.67% | -11.76% | -56.41% | 225% | 112.24% | -192.45% | - |
| EPS (Basic) | - | 1.75 | 1.78 | 1.21 | 0.87 | 1.14 | 0.52 | 1.06 | 0.87 | 0.15 | 0.18 | 0.40 | 0.12 | -0.99 | 1.06 |
| Diluted Shares Outstanding | 215.1M | 217M | 220.4M | 221.9M | 222.3M | 231.9M | 236M | 235.8M | 242.9M | 246.1M | 244.4M | 239.7M | 230.3M | 229.07M | 229.07M |
| Basic Shares Outstanding | 214M | 216M | 219.3M | 221M | 221.7M | 231M | 235.2M | 233.9M | 239M | 240.4M | 238.1M | 233.8M | 229.3M | 227.84M | 229.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | 0.74% | - | 0.48% | 8.17% | 7.73% | - | - | - | - |
Quick answers to the most common questions about buying AXTA stock.
For fiscal year 2025, Axalta Coating Systems Ltd. (AXTA) reported total revenue of $5.12B. This represents a 20.2% increase compared to $4.26B in 2012.
Axalta Coating Systems Ltd. (AXTA) is profitable, generating $378.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Axalta Coating Systems Ltd. (AXTA) reported an operating income of $764.0M, resulting in an operating profit margin of 14.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Axalta Coating Systems Ltd. (AXTA) generated $1.67B in gross profit for the year, representing a gross profit margin of 32.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Refinish demand softness and leverage ambiguity
Metrics are mathematically derived from official filings.
Top-Line Growth Turns Negative Recently
Based on reported quarterly figures, AXTA's revenue growth moved from +4.4% in 2024Q2 to roughly -3.7% in 2025Q4, with the most recent quarter showing a modest +1.8% rebound that remains too small to confirm a durable turn.
The reported series suggests a clear deceleration from mid-2024 through late 2025, with several consecutive quarters of year-over-year contraction. The 2026 rebound in Q2 and Q3 is positive but measured, which may reflect base effects rather than broad volume recovery. Investors should monitor whether refinish volumes, rather than pricing, drive any sustained improvement.
Gross Margin Recovers Within a Narrow Band
As reported in the income statement, AXTA's gross margin ranged from 31.1% in 2026Q1 to 35.0% in 2024Q3 and reached 34.5% in 2026Q2, indicating a relatively stable structural spread despite input cost volatility.
The gross margin oscillation appears consistent with the lagged pass-through of raw material costs such as resins and TiO2 noted in the company's cost structure. The recovery toward mid-30s in 2026 may suggest improving price-versus-raw spreads, though the 33.1% Q3 print implies the gain is not yet stable. Premium refinish mix is likely supporting the margin floor against weaker OEM throughput.
Operating Income Tracks Revenue Closely
Based on reported figures, AXTA's operating margin has stayed between 11.6% and 16.0% over the period, with operating income of $165.0M in 2026Q3 versus $206.0M in 2025Q3, showing limited operating leverage.
Because gross profit and operating income have moved in step rather than diverging, the cost base appears largely variable and SG&A absorbs much of the gross profit swing. The year-over-year decline in operating income during 2026 suggests the company has not yet demonstrated meaningful operating leverage on the recent top-line stabilization. Further SG&A discipline would be needed for margin expansion to accelerate.
Net Income Volatility Outpaces Operations
According to reported quarterly statements, AXTA's net income swung from $137.0M in 2024Q4 to $60.0M in 2025Q4, a decline far steeper than the operating income movement over the same window, suggesting significant non-operating or tax effects.
The gap between operating income and net income in several quarters implies that interest, tax, or other non-operating items materially influenced reported earnings. The EPS decline of roughly 55% year over year in 2025Q4 warrants reconciliation against tax and financing items before treating it as an operating signal. Stock-based compensation is modest and does not appear to explain the volatility.
Raw Materials Drive the Cost Base
Based on reported cost of goods sold, AXTA's COGS has remained near $853M to $881M per quarter, representing roughly two-thirds of revenue and confirming that raw material costs dominate the structure.
The stability of absolute COGS alongside fluctuating gross margin suggests input cost swings are being passed through with a lag, consistent with the company's exposure to resins and pigments. R&D spend of $16M to $20M per quarter is small relative to SG&A of roughly $200M to $218M, indicating that commercial and distribution overhead is the more significant controllable cost line. Expense discipline on SG&A appears to be the primary lever.
Revenue Decline Could Signal Share Loss
Analytically, the sustained year-over-year revenue contraction across most of the 2024 to 2025 period may indicate structural share loss rather than purely cyclical softness, a risk that the brief 2026 rebound does not yet disprove.
A bear case would argue that the 2026 positive growth prints reflect easy comparisons against weakened 2025 quarters rather than genuine demand recovery. Persistent margin compression in OEM and potential dilution from mid-tier refinish expansion could erode the premium positioning that supports gross margin. Investors should monitor whether volume growth turns positive independent of base effects.