Balchem Corp (BCPC) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 11.2% YoY in 2026Q2, with gross margin expanding to 36.5% and operating margin reaching 20.9%, reflecting strong pricing power and operating leverage.

Annual statement

BCPC Income Statement

Balchem Corp (BCPC) 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	1.09B	1.04B	953.68M	922.44M	942.36M	799.02M	703.64M	643.71M	643.68M	594.79M	553.2M	552.49M	541.38M	337.17M	310.39M	291.87M	255.07M	219.44M	232.05M	176.2M	100.91M	839.1M	67.41M	61.88M	60.2M	46.14M	33.2M	29.7M	28.7M	28.6M	26.4M
Revenue Growth %	10.14%	8.75%	3.39%	-2.11%	17.94%	13.55%	9.31%	0%	8.22%	7.52%	0.13%	2.05%	60.57%	8.63%	6.35%	14.43%	16.24%	-5.44%	31.7%	74.62%	-87.97%	1144.84%	8.94%	2.79%	30.46%	38.99%	11.78%	3.48%	0.35%	8.33%	5.6%
Cost of Goods Sold	691.76M	666.53M	617.48M	620.38M	661.91M	555.85M	479.75M	432.34M	439.43M	405.78M	372.34M	384.39M	397.21M	239.75M	220.85M	205.87M	177.03M	152.48M	179.47M	129.27M	66.9M	54.41M	43.6M	40.72M	36.89M	28.22M	17.14M	15.6M	15.6M	15.3M	13.7M
COGS % of Revenue	-	64.26%	64.75%	67.25%	70.24%	69.57%	68.18%	67.16%	68.27%	68.22%	67.31%	69.57%	73.37%	71.11%	71.15%	70.53%	69.41%	69.49%	77.34%	73.37%	66.3%	6.49%	64.68%	65.81%	61.28%	61.15%	51.64%	52.53%	54.36%	53.5%	51.89%
Gross Profit	394.12M	370.63M	336.21M	302.06M	280.45M	243.17M	223.9M	211.37M	204.25M	189.01M	180.86M	168.1M	144.17M	97.42M	89.54M	86M	78.04M	66.96M	52.58M	46.93M	34.01M	784.68M	23.81M	21.15M	23.31M	17.93M	16.06M	14.1M	13.1M	13.3M	12.7M
Gross Margin %	36.29%	35.74%	35.25%	32.75%	29.76%	30.43%	31.82%	32.84%	31.73%	31.78%	32.69%	30.43%	26.63%	28.89%	28.85%	29.47%	30.59%	30.51%	22.66%	26.63%	33.7%	93.52%	35.32%	34.19%	38.72%	38.85%	48.36%	47.47%	45.64%	46.5%	48.11%
Gross Profit Growth %	-	10.24%	11.31%	7.7%	15.33%	8.61%	5.93%	3.48%	8.06%	4.51%	7.59%	16.59%	47.99%	8.8%	4.11%	10.21%	16.55%	27.35%	12.03%	38.01%	-95.67%	3196.14%	12.55%	-9.26%	30.03%	11.65%	13.87%	7.63%	-1.5%	4.72%	3.25%
Operating Expenses	164.62M	152.3M	153.3M	142.86M	135.26M	115.67M	112.75M	108.81M	96.5M	91.75M	90.02M	74.14M	62.03M	31.82M	29.76M	29.78M	28.27M	26.3M	23.23M	21.02M	14.84M	11.78M	11.01M	12.14M	11.13M	9.77M	8.1M	9.1M	8.3M	9M	9.6M
OpEx % of Revenue	-	14.68%	16.07%	15.49%	14.35%	14.48%	16.02%	16.9%	14.99%	15.43%	16.27%	13.42%	11.46%	9.44%	9.59%	10.2%	11.08%	11.98%	10.01%	11.93%	14.71%	1.4%	16.33%	19.62%	18.48%	21.18%	24.41%	30.64%	28.92%	31.47%	36.36%
Selling, General & Admin	152.91M	142.8M	136.5M	130.13M	123.07M	102.15M	102.42M	97.44M	84.91M	82.45M	82.7M	68.15M	57.22M	28.2M	26.34M	26.89M	25.08M	23M	20.35M	18.51M	12.82M	9.72M	9.26M	10.05M	9.22M	8.14M	7.03M	5.8M	5.6M	6.8M	7.4M
SG&A % of Revenue	-	13.77%	14.31%	14.11%	13.06%	12.78%	14.56%	15.14%	13.19%	13.86%	14.95%	12.34%	10.57%	8.36%	8.49%	9.21%	9.83%	10.48%	8.77%	10.51%	12.71%	1.16%	13.73%	16.25%	15.31%	17.64%	21.19%	19.53%	19.51%	23.78%	28.03%
Research & Development	24.79M	18.51M	16.79M	15.05M	12.19M	13.52M	10.33M	11.38M	11.59M	9.3M	7.33M	5.99M	4.81M	3.62M	3.42M	2.89M	3.19M	3.3M	2.88M	2.51M	2.02M	2.05M	1.75M	2.08M	1.91M	1.63M	1.07M	1.3M	1M	1.1M	800K
R&D % of Revenue	-	1.78%	1.76%	1.63%	1.29%	1.69%	1.47%	1.77%	1.8%	1.56%	1.32%	1.08%	0.89%	1.07%	1.1%	0.99%	1.25%	1.5%	1.24%	1.43%	2%	0.24%	2.6%	3.37%	3.17%	3.53%	3.22%	4.38%	3.48%	3.85%	3.03%
Other Operating Expenses	22K	-9.01M	0	-2.32M	0	0	0	0	0	0	0	-309K	0	-37K	67K	0	0	0	0	0	0	0	0	0	0	0	0	2M	1.7M	1.1M	1.4M
Operating Income	229.5M	218.33M	182.91M	159.19M	145.19M	127.5M	111.15M	102.55M	107.1M	96.9M	90.84M	93.96M	82.14M	65.6M	59.78M	56.23M	49.77M	40.66M	29.35M	25.91M	19.16M	16.9M	12.8M	9.02M	12.19M	8.15M	5.94M	5M	4.8M	4.3M	3.1M
Operating Margin %	21.13%	21.05%	19.18%	17.26%	15.41%	15.96%	15.8%	15.93%	16.64%	16.29%	16.42%	17.01%	15.17%	19.46%	19.26%	19.26%	19.51%	18.53%	12.65%	14.7%	18.99%	2.01%	18.98%	14.57%	20.24%	17.67%	17.89%	16.84%	16.72%	15.04%	11.74%
Operating Income Growth %	-	19.37%	14.9%	9.65%	13.87%	14.71%	8.38%	-4.25%	10.52%	6.68%	-3.32%	14.38%	25.21%	9.74%	6.32%	12.97%	22.41%	38.54%	13.29%	35.19%	13.36%	32.09%	41.95%	-26.02%	49.42%	37.34%	18.76%	4.17%	11.63%	38.71%	14.81%
EBITDA	287.85M	263.52M	230.88M	214.13M	197.03M	176.38M	162.43M	148.41M	151.77M	141.28M	137.04M	133.92M	112.67M	76.08M	69.42M	65.52M	58.33M	48.79M	37.13M	32.28M	22.61M	19.71M	16.07M	12.54M	15.1M	10.78M	7.95M	7M	6.5M	5.4M	4.5M
EBITDA Margin %	26.51%	25.41%	24.21%	23.21%	20.91%	22.07%	23.08%	23.06%	23.58%	23.75%	24.77%	24.24%	20.81%	22.56%	22.36%	22.45%	22.87%	22.23%	16%	18.32%	22.4%	2.35%	23.84%	20.27%	25.09%	23.35%	23.96%	23.57%	22.65%	18.88%	17.05%
EBITDA Growth %	18.89%	14.14%	7.82%	8.68%	11.71%	8.59%	9.44%	-2.21%	7.42%	3.1%	2.33%	18.86%	48.1%	9.59%	5.96%	12.32%	19.55%	31.39%	15.03%	42.8%	14.69%	22.68%	28.13%	-16.96%	40.14%	35.5%	13.61%	7.69%	20.37%	20%	28.57%
D&A (Non-Cash Add-back)	58.35M	45.19M	47.97M	54.94M	51.85M	48.88M	51.28M	45.86M	44.67M	44.38M	46.2M	39.96M	30.52M	10.47M	9.64M	9.29M	8.56M	8.13M	7.79M	6.38M	3.44M	2.81M	3.27M	3.52M	2.92M	2.62M	2.02M	2M	1.7M	1.1M	1.4M
EBIT	220.56M	209.25M	182.98M	159.87M	144.02M	127.69M	110.86M	102.44M	106.64M	96.02M	90.19M	93.66M	82.2M	65.84M	59.85M	56.82M	50.22M	40.81M	29.39M	25.91M	19.16M	16.9M	12.8M	9.02M	12.19M	8.15M	5.94M	5M	4.8M	4.3M	3.1M
Net Interest Income	-9.07M	-10.22M	-16.53M	-22.61M	-10.27M	-2.46M	-4.44M	-5.96M	-7.61M	-7.53M	-7.26M	-6.58M	-5.08M	253K	0	100K	199K	-102K	-856K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	12K	9K	9K	64K	277K	10K	184K	289K	107K	107K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	9.07M	10.22M	16.53M	22.61M	10.27M	2.46M	4.44M	5.96M	7.61M	7.54M	7.26M	6.59M	5.14M	24K	10K	84K	90K	209K	963K	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-17.11M	-19.3M	-16.46M	-21.93M	-11.44M	-2.27M	-4.73M	-6.08M	-8.07M	-8.41M	-7.9M	-6.89M	-5.09M	216K	67K	513K	361K	-57K	-917K	-1.08M	-61K	288K	-82K	-252K	-340K	214K	58K	-100K	-100K	0	-200K
Pretax Income	212.38M	199.03M	166.45M	137.26M	133.75M	125.23M	106.42M	96.48M	99.03M	88.49M	82.93M	87.06M	77.05M	65.82M	59.84M	56.74M	50.13M	40.6M	28.43M	24.83M	19.1M	17.19M	12.71M	8.76M	11.85M	8.37M	6M	4.9M	4.7M	4.3M	2.9M
Pretax Margin %	19.56%	19.19%	17.45%	14.88%	14.19%	15.67%	15.12%	14.99%	15.38%	14.88%	14.99%	15.76%	14.23%	19.52%	19.28%	19.44%	19.65%	18.5%	12.25%	14.09%	18.93%	2.05%	18.86%	14.16%	19.68%	18.14%	18.06%	16.5%	16.38%	15.04%	10.98%
Income Tax	47.97M	44.19M	37.98M	28.72M	28.38M	29.13M	21.79M	16.81M	20.46M	-1.58M	26.96M	27.34M	24.23M	20.94M	19.84M	17.97M	16.85M	13.82M	9.38M	8.71M	6.82M	6.24M	4.69M	3.13M	4.43M	3.26M	2.27M	1.8M	1.7M	1.5M	1M
Effective Tax Rate %	22.59%	22.2%	22.82%	20.92%	21.22%	23.26%	20.48%	17.42%	20.66%	-1.79%	32.51%	31.4%	31.44%	31.82%	33.15%	31.68%	33.62%	34.03%	33%	35.08%	35.72%	36.28%	36.88%	35.66%	37.39%	38.94%	37.81%	36.73%	36.17%	34.88%	34.48%
Net Income	164.41M	154.84M	128.47M	108.54M	105.37M	96.1M	84.62M	79.67M	78.57M	90.07M	55.97M	59.72M	52.83M	44.87M	40.01M	38.77M	33.28M	26.79M	19.05M	16.12M	12.28M	10.95M	8.03M	5.64M	7.42M	5.11M	3.73M	3.1M	3M	2.8M	1.9M
Net Margin %	15.14%	14.93%	13.47%	11.77%	11.18%	12.03%	12.03%	12.38%	12.21%	15.14%	10.12%	10.81%	9.76%	13.31%	12.89%	13.28%	13.05%	12.21%	8.21%	9.15%	12.17%	1.31%	11.91%	9.11%	12.32%	11.07%	11.23%	10.44%	10.45%	9.79%	7.2%
Net Income Growth %	15.18%	20.53%	18.36%	3.01%	9.64%	13.57%	6.22%	1.4%	-12.77%	60.92%	-6.28%	13.05%	17.72%	12.17%	3.2%	16.49%	24.24%	40.6%	18.19%	31.28%	12.09%	36.48%	42.36%	-23.98%	45.13%	37.03%	20.29%	3.33%	7.14%	47.37%	18.75%
Net Income (Continuing)	164.41M	154.84M	128.47M	108.54M	105.37M	96.1M	84.62M	79.67M	78.57M	90.07M	55.97M	59.72M	52.83M	44.87M	40.01M	38.77M	33.28M	26.79M	19.05M	16.12M	12.28M	10.95M	8.03M	5.64M	7.42M	5.11M	3.73M	3.1M	3M	2.8M	1.9M
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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	5.10	4.75	3.93	3.35	3.25	2.94	2.60	2.45	2.42	2.79	1.75	1.89	1.69	1.45	1.32	1.28	1.12	0.93	0.67	0.58	0.45	0.41	0.31	0.22	0.30	0.21	0.15	0.12	0.12	0.11	0.08
EPS Growth %	16.51%	20.87%	17.31%	3.08%	10.54%	13.08%	6.12%	1.24%	-13.26%	59.43%	-7.41%	11.83%	16.55%	9.85%	3.13%	14.29%	20.43%	38.81%	15.52%	28.89%	9.76%	32.26%	40.91%	-26.67%	42.86%	40%	25%	0%	9.09%	36.99%	22.04%
EPS (Basic)	-	4.80	3.97	3.38	3.29	2.98	2.63	2.48	2.44	2.81	1.76	1.92	1.71	1.51	1.36	1.36	1.19	0.98	0.71	0.61	0.47	0.42	0.32	0.23	0.31	0.22	0.16	0.13	0.12	0.11	0.08
Diluted Shares Outstanding	32.24M	32.6M	32.72M	32.45M	32.39M	32.67M	32.5M	32.51M	32.45M	32.23M	31.92M	31.64M	31.17M	30.85M	30.35M	30.24M	29.62M	28.87M	28.52M	27.79M	27.49M	26.94M	26.17M	25.37M	25.03M	24.64M	24.2M	24.91M	25.31M	24.4M	23.65M
Basic Shares Outstanding	32.24M	32.6M	32.33M	32.11M	32.02M	32.22M	32.18M	32.14M	32.26M	32.02M	31.76M	31.16M	30.85M	29.62M	29.45M	28.57M	27.96M	28.87M	26.95M	26.57M	26.31M	26.08M	25.43M	24.4M	24.07M	23.52M	23.6M	24.52M	24.9M	24.4M	23.65M
Dividend Payout Ratio	-	18.27%	19.91%	21.07%	19.66%	19.48%	19.74%	19%	17.09%	13.4%	19.15%	15.49%	14.87%	-	29.25%	11.12%	9.29%	7.5%	10.37%	9.9%	8.51%	6.25%	4.85%	6.78%	4.11%	5.42%	6.57%	6.45%	6.67%	3.57%	5.26%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStable

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Ethylene oxide regulatory risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Growth Across Segments

Revenue growth accelerated to 11.2% YoY in 2026Q2, up from 1.2% in 2024Q2, according to reported quarterly data, indicating sustained momentum across all three segments.

The sequential acceleration from 8.1% in 2026Q1 to 11.2% in 2026Q2 suggests broad-based demand, likely driven by volume and pricing power in nutrition and specialty products. The consistent upward trend in revenue growth over the past two years points to durable expansion, though investors should monitor whether this pace is sustainable given the cyclicality in animal nutrition.

Gross Margin Resilience Amid Input Costs

Gross margin expanded to 36.5% in 2026Q2 from 35.5% in 2024Q2, as per financial statements, reflecting pricing power that offsets raw material inflation.

Despite persistent input cost volatility, gross margin has held above 35% for the last five quarters, indicating effective cost pass-through. The slight dip to 35.6% in 2025Q4 and 35.7% in 2025Q3 suggests intermittent pressure, but the overall trend is stable. This resilience supports the company's positioning as a value-added specialty provider rather than a commodity player.

Operating Leverage Drives Margin Expansion

Operating margin improved to 20.9% in 2026Q2 from 19.6% in 2024Q2, based on reported figures, as revenue growth outpaced SG&A growth.

SG&A as a percentage of revenue declined from 14.2% in 2024Q2 to 14.0% in 2026Q2, while R&D remained stable, indicating operating leverage. The 2025Q3 spike in SG&A to $69.4M appears anomalous, possibly due to one-time items, but the overall trend shows disciplined cost control. This suggests that incremental revenue is converting to operating income at an increasing rate.

Earnings Quality Solid Despite EPS Miss

Net margin rose to 15.7% in 2026Q2 from 13.7% in 2024Q2, per income statement data, yet EPS of $1.38 missed consensus by $0.13, warranting scrutiny.

The EPS miss in 2026Q2, despite record revenue and net income, may indicate higher-than-expected costs or tax items not visible in the quarterly data. Stock-based compensation has been relatively stable at around $5-6M per quarter, which does not appear to be a major drag. Investors should monitor the earnings call for explanations of the miss, as the quality of earnings appears otherwise sound.

Cost Discipline with R&D Investment

COGS as a percentage of revenue fell to 63.5% in 2026Q2 from 64.5% in 2024Q2, as reported, while R&D spending increased 15% YoY, reflecting investment in innovation.

The decline in COGS ratio indicates improved cost management or favorable product mix, while R&D growth suggests a commitment to developing new encapsulated and chelated products. SG&A has been relatively flat as a percentage of revenue, indicating overhead efficiency. However, the 2025Q3 SG&A spike to $69.4M is a notable outlier that may warrant further investigation into its cause.

2024Q1 Marks Margin Inflection

Operating margin jumped from 17.4% in 2024Q1 to 20.4% in 2025Q1, according to quarterly data, signaling a structural improvement in profitability.

The inflection in early 2024 appears to be driven by a combination of revenue acceleration and cost controls, with gross margin expanding from 34.0% to 35.2% over the same period. This improvement has been sustained, with operating margins consistently above 20% since 2025Q1. The lasting impact is a higher profitability baseline, which supports the company's premium valuation.

Margin Compression Risk Looms

Despite stable margins, the 2026Q2 EPS miss and gross margin of 36.5% below the 37.3% in 2026Q1 suggest potential cost pressures, per reported data.

Short-sellers might argue that the recent EPS miss indicates that input cost inflation is outpacing pricing power, and the lack of guidance raises uncertainty. Additionally, regulatory tightening on ethylene oxide could impose significant compliance costs, pressuring the Specialty Products segment. While the balance sheet is fortress-like, the market may be overestimating the durability of current margins if regulatory or competitive pressures intensify.

BCPC — Frequently Asked Questions

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

What was Balchem Corp's (BCPC) revenue in 2025?

For fiscal year 2025, Balchem Corp (BCPC) reported total revenue of $1.04B. This represents a 3828.6% increase compared to $26.4M in 1996.

Is Balchem Corp (BCPC) profitable?

Balchem Corp (BCPC) is profitable, generating $154.8M in net income for the fiscal year ending 2025 with a net profit margin of 14.9%.

What is Balchem Corp's operating profit margin?

Balchem Corp (BCPC) reported an operating income of $218.3M, resulting in an operating profit margin of 21.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Balchem Corp's gross profit and gross margin?

Balchem Corp (BCPC) generated $370.6M in gross profit for the year, representing a gross profit margin of 35.7%. This demonstrates the company's core pricing power and production efficiency.