Revenue growth reached 19.1% in 2026Q3 while gross margin held near 10.4% and operating margin reached only 3.8%, indicating that volume gains have not yet produced meaningful operating leverage.
Benchmark Electronics, Inc. (BHE) annual income statement — 30-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 | 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 | 2.95B | 2.66B | 2.66B | 2.84B | 2.89B | 2.26B | 2.05B | 2.27B | 2.57B | 2.47B | 2.31B | 2.54B | 2.8B | 2.51B | 2.47B | 2.25B | 2.4B | 2.09B | 2.59B | 2.92B | 2.91B | 2.26B | 2B | 1.84B | 1.63B | 1.28B | 1.7B | 877.84M | 524.07M | 325.23M | 201.3M |
| Revenue Growth % | 12.9% | 0.11% | -6.44% | -1.64% | 27.98% | 9.85% | -9.48% | -11.63% | 4.04% | 6.77% | -9.07% | -9.16% | 11.59% | 1.55% | 9.55% | -6.21% | 14.98% | -19.34% | -11.17% | 0.3% | 28.8% | 12.79% | 8.78% | 12.87% | 27.65% | -25.1% | 94.22% | 67.51% | 61.14% | 61.57% | 106.67% |
| Cost of Goods Sold | 2.64B | 2.39B | 2.39B | 2.57B | 2.63B | 2.05B | 1.88B | 2.08B | 2.35B | 2.24B | 2.1B | 2.32B | 2.58B | 2.32B | 2.29B | 2.11B | 2.21B | 1.94B | 2.41B | 2.72B | 2.71B | 2.1B | 1.85B | 1.69B | 1.51B | 1.18B | 1.58B | 810.31M | 472.35M | 285.63M | 177.98M |
| COGS % of Revenue | - | 90.04% | 89.83% | 90.45% | 91.16% | 90.87% | 91.47% | 91.82% | 91.4% | 90.77% | 90.76% | 91.4% | 92.14% | 92.56% | 92.84% | 93.84% | 92.14% | 92.98% | 93.21% | 93.18% | 93.14% | 92.84% | 92.32% | 91.83% | 92.34% | 92.68% | 92.72% | 92.31% | 90.13% | 87.82% | 88.42% |
| Gross Profit | 305.44M | 264.95M | 270.02M | 271.07M | 255.24M | 205.9M | 175.05M | 185.53M | 220.59M | 227.7M | 213.46M | 218.57M | 219.86M | 186.48M | 176.74M | 138.84M | 188.69M | 146.58M | 175.94M | 198.93M | 199.52M | 161.6M | 153.77M | 150.27M | 124.85M | 93.51M | 124.11M | 67.53M | 51.71M | 39.6M | 23.31M |
| Gross Margin % | 10.36% | 9.96% | 10.17% | 9.55% | 8.84% | 9.13% | 8.53% | 8.18% | 8.6% | 9.23% | 9.24% | 8.6% | 7.86% | 7.44% | 7.16% | 6.16% | 7.86% | 7.02% | 6.79% | 6.82% | 6.86% | 7.16% | 7.68% | 8.17% | 7.66% | 7.32% | 7.28% | 7.69% | 9.87% | 12.18% | 11.58% |
| Gross Profit Growth % | - | -1.88% | -0.39% | 6.2% | 23.96% | 17.63% | -5.65% | -15.9% | -3.12% | 6.67% | -2.34% | -0.58% | 17.9% | 5.51% | 27.3% | -26.42% | 28.73% | -16.69% | -11.56% | -0.3% | 23.47% | 5.1% | 2.33% | 20.36% | 33.52% | -24.65% | 83.78% | 30.59% | 30.59% | 69.84% | 60.79% |
| Operating Expenses | 181.9M | 159.66M | 160.61M | 161.41M | 165.17M | 152.84M | 149.91M | 156.98M | 152.69M | 140.47M | 125.29M | 111.74M | 115.7M | 99.33M | 89.95M | 93.03M | 92.25M | 85.5M | 339.64M | 95.72M | 69.3M | 62.32M | 61.11M | 56.87M | 65.8M | 128.32M | 70.71M | 38.91M | 20.99M | 14.49M | 7.92M |
| OpEx % of Revenue | - | 6% | 6.05% | 5.69% | 5.72% | 6.78% | 7.3% | 6.92% | 5.95% | 5.69% | 5.42% | 4.4% | 4.14% | 3.96% | 3.64% | 4.13% | 3.84% | 4.09% | 13.11% | 3.28% | 2.38% | 2.76% | 3.05% | 3.09% | 4.04% | 10.05% | 4.15% | 4.43% | 4.01% | 4.45% | 3.94% |
| Selling, General & Admin | 176.51M | 159.66M | 149.46M | 147.03M | 150.22M | 136.7M | 122.19M | 126.74M | 143.21M | 130.4M | 113.45M | 111.74M | 115.7M | 99.33M | 89.95M | 93.03M | 92.25M | 85.5M | 90.37M | 93.93M | 69.3M | 62.32M | 61.11M | 64.98M | 64.19M | 54.38M | 57.87M | 32.48M | 17.68M | 12.82M | 7.23M |
| SG&A % of Revenue | - | 6% | 5.63% | 5.18% | 5.2% | 6.06% | 5.95% | 5.59% | 5.58% | 5.29% | 4.91% | 4.4% | 4.14% | 3.96% | 3.64% | 4.13% | 3.84% | 4.09% | 3.49% | 3.22% | 2.38% | 2.76% | 3.05% | 3.53% | 3.94% | 4.26% | 3.39% | 3.7% | 3.37% | 3.94% | 3.59% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 11.15M | 14.38M | 14.95M | 16.14M | 27.72M | 30.24M | 628K | -1.79M | -282K | 0 | -452K | -101K | 154K | 0 | 0 | 0 | 249.26M | 1.79M | 0 | 0 | 0 | 0 | 1.61M | 73.94M | 12.84M | 6.43M | 3.31M | 1.67M | 695.72K |
| Operating Income | 123.54M | 105.29M | 109.41M | 109.66M | 90.07M | 53.06M | 25.13M | 28.55M | 58.54M | 78.6M | 75.64M | 92.97M | 100.14M | 116.52M | 75.56M | 41.29M | 89.72M | 52.81M | -166.48M | 91.63M | 125.5M | 99.28M | 92.66M | 90.59M | 59.05M | -42.38M | 53.4M | 28.62M | 30.72M | 25.11M | 15.39M |
| Operating Margin % | 4.19% | 3.96% | 4.12% | 3.86% | 3.12% | 2.35% | 1.22% | 1.26% | 2.28% | 3.19% | 3.27% | 3.66% | 3.58% | 4.65% | 3.06% | 1.83% | 3.74% | 2.53% | -6.43% | 3.14% | 4.32% | 4.4% | 4.63% | 4.92% | 3.62% | -3.32% | 3.13% | 3.26% | 5.86% | 7.72% | 7.65% |
| Operating Income Growth % | - | -3.77% | -0.23% | 21.76% | 69.74% | 111.12% | -11.95% | -51.24% | -25.53% | 3.92% | -18.64% | -7.16% | -14.06% | 54.22% | 82.98% | -53.98% | 69.88% | 131.72% | -281.68% | -26.99% | 26.41% | 7.15% | 2.28% | 53.4% | 239.34% | -179.37% | 86.55% | -6.83% | 22.33% | 63.16% | 65.5% |
| EBITDA | 171.59M | 152.92M | 155.56M | 155.07M | 134.32M | 97.21M | 73.93M | 76.97M | 110.38M | 127.28M | 130.78M | 142.64M | 146.59M | 157.47M | 111.27M | 76.78M | 129.55M | 92.62M | -125.81M | 134.76M | 152.88M | 125.45M | 119.53M | 119.68M | 90.06M | 9.48M | 106.08M | 59.69M | 47.38M | 37.27M | 21.84M |
| EBITDA Margin % | 5.82% | 5.75% | 5.86% | 5.46% | 4.65% | 4.31% | 3.6% | 3.39% | 4.3% | 5.16% | 5.66% | 5.61% | 5.24% | 6.28% | 4.51% | 3.41% | 5.39% | 4.43% | -4.86% | 4.62% | 5.26% | 5.56% | 5.97% | 6.5% | 5.52% | 0.74% | 6.22% | 6.8% | 9.04% | 11.46% | 10.85% |
| EBITDA Growth % | 17.19% | -1.69% | 0.31% | 15.45% | 38.17% | 31.5% | -3.96% | -30.26% | -13.28% | -2.68% | -8.32% | -2.7% | -6.91% | 41.51% | 44.93% | -40.74% | 39.87% | 173.62% | -193.36% | -11.85% | 21.87% | 4.96% | -0.13% | 32.89% | 850.16% | -91.06% | 77.71% | 25.97% | 27.12% | 70.7% | 89.89% |
| D&A (Non-Cash Add-back) | 48.04M | 47.63M | 46.14M | 45.41M | 44.25M | 44.15M | 48.79M | 48.43M | 51.84M | 48.67M | 55.14M | 49.67M | 46.45M | 40.94M | 35.71M | 35.48M | 39.83M | 39.81M | 40.67M | 43.13M | 27.38M | 26.17M | 26.87M | 29.09M | 31M | 51.86M | 52.68M | 31.07M | 16.66M | 12.16M | 6.45M |
| EBIT | 102.43M | 81.69M | 110.82M | 113.09M | 97.24M | 53.88M | 25.66M | 33.93M | 66.01M | 80.41M | 77.49M | 93.03M | 100.52M | 117.9M | 77.02M | 42.46M | 88.38M | 53.32M | -156.03M | 101.88M | 129.05M | 99.28M | 92.66M | 93.41M | 59.05M | -34.81M | 53.4M | 28.5M | 30.7M | 25.1M | 15.4M |
| Net Interest Income | -7.36M | -10.61M | -16.71M | -25.62M | -11.16M | -7.93M | -7.17M | -2.83M | -3.63M | -4.04M | -7.17M | -1.79M | 158K | -246K | -274K | 441K | 259K | 811K | 7.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.57M | 9.55M | 10.21M | 6.26M | 1.73M | 540K | 1.2M | 3.83M | 6.85M | 5.37M | 2.14M | 1.21M | 2.05M | 1.69M | 1.31M | 1.77M | 1.62M | 2.21M | 8.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.93M | 20.16M | 26.92M | 31.88M | 12.89M | 8.47M | 8.36M | 6.66M | 10.47M | 9.4M | 9.3M | 3M | 1.89M | 1.93M | 1.58M | 1.33M | 1.36M | 1.4M | 1.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -33.61M | -43.76M | -25.52M | -28.44M | -5.73M | -7.66M | -7.84M | -1.28M | -3M | -5.82M | -8.67M | -2.93M | -294K | -347K | -120K | -161K | -153K | -894K | 8.99M | -1.85M | -38.63M | 6.53M | 1.49M | -7.58M | -4.09M | -15.91M | -24.96M | -8.2M | -3.8M | -1.1M | -900K |
| Pretax Income | 89.94M | 61.53M | 83.89M | 81.22M | 84.34M | 45.41M | 17.29M | 27.27M | 55.54M | 72.78M | 68.19M | 90.04M | 99.85M | 116.18M | 75.44M | 41.13M | 88.29M | 51.92M | -157.49M | 101.36M | 131.76M | 105.81M | 94.15M | 83.01M | 54.97M | -58.29M | 28.43M | 20.28M | 26.89M | 23.95M | 14.48M |
| Pretax Margin % | 3.05% | 2.31% | 3.16% | 2.86% | 2.92% | 2.01% | 0.84% | 1.2% | 2.16% | 2.95% | 2.95% | 3.54% | 3.57% | 4.64% | 3.06% | 1.83% | 3.68% | 2.49% | -6.08% | 3.48% | 4.53% | 4.69% | 4.7% | 4.51% | 3.37% | -4.57% | 1.67% | 2.31% | 5.13% | 7.36% | 7.19% |
| Income Tax | 33.91M | 36.68M | 20.57M | 16.91M | 16.11M | 9.64M | 3.24M | 3.84M | 32.72M | 104.75M | 4.14M | -5.36M | 17.41M | 5.02M | 18.83M | -10.83M | 7.26M | -1.97M | -21.86M | 8.08M | 20.08M | 25.23M | 23.16M | 27.57M | 19.07M | -3.98M | 8.53M | 7M | 10.52M | 8.86M | 5.62M |
| Effective Tax Rate % | 37.71% | 59.61% | 24.52% | 20.81% | 19.1% | 21.22% | 18.72% | 14.1% | 58.92% | 143.92% | 6.07% | -5.96% | 17.43% | 4.32% | 24.96% | -26.32% | 8.22% | -3.8% | 13.88% | 7.97% | 15.24% | 23.84% | 24.6% | 33.22% | 34.7% | 6.83% | 30% | 34.55% | 39.11% | 37% | 38.8% |
| Net Income | 56.02M | 24.85M | 63.33M | 64.31M | 68.23M | 35.77M | 14.05M | 23.43M | 22.82M | -31.96M | 64.05M | 95.4M | 82.44M | 111.16M | 56.61M | 51.96M | 81.03M | 53.9M | -135.63M | 93.28M | 111.68M | 80.59M | 70.99M | 55.44M | 35.89M | -54.31M | 19.9M | 11.97M | 16.37M | 15.09M | 8.86M |
| Net Margin % | 1.9% | 0.93% | 2.38% | 2.27% | 2.36% | 1.59% | 0.68% | 1.03% | 0.89% | -1.3% | 2.77% | 3.75% | 2.95% | 4.43% | 2.29% | 2.31% | 3.37% | 2.58% | -5.24% | 3.2% | 3.84% | 3.57% | 3.55% | 3.01% | 2.2% | -4.25% | 1.17% | 1.36% | 3.12% | 4.64% | 4.4% |
| Net Income Growth % | 50.19% | -60.76% | -1.54% | -5.74% | 90.74% | 154.5% | -40% | 2.66% | 171.38% | -149.91% | -32.87% | 15.72% | -25.83% | 96.37% | 8.95% | -35.88% | 50.36% | 139.74% | -245.4% | -16.47% | 38.58% | 13.52% | 28.06% | 54.45% | 166.09% | -372.91% | 66.2% | -26.86% | 8.5% | 70.25% | 45.3% |
| Net Income (Continuing) | 56.02M | 24.85M | 63.33M | 64.31M | 68.23M | 35.77M | 14.05M | 23.43M | 22.82M | -31.9M | 64.05M | 95.4M | 82.44M | 110.94M | 56.61M | 51.96M | 79.76M | 53.9M | -135.63M | 92.36M | 111.68M | 80.59M | 70.99M | 55.44M | 35.89M | -54.31M | 19.9M | 13.3M | 16.4M | 15.1M | 8.9M |
| 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) | 1.54 | 0.68 | 1.72 | 1.79 | 1.91 | 0.99 | 0.38 | 0.60 | 0.49 | -0.64 | 1.29 | 1.83 | 1.52 | 2.03 | 1.00 | 0.87 | 1.29 | 0.83 | -2.02 | 1.27 | 1.71 | 1.25 | 1.11 | 0.93 | 0.67 | -1.23 | 0.47 | 0.36 | 0.60 | 0.56 | 0.43 |
| EPS Growth % | 52.5% | -60.47% | -3.91% | -6.28% | 92.93% | 160.53% | -36.67% | 22.45% | 176.56% | -149.61% | -29.51% | 20.39% | -25.12% | 103% | 14.94% | -32.56% | 55.42% | 141.09% | -259.06% | -25.73% | 36.8% | 12.61% | 19.35% | 38.81% | 154.47% | -361.7% | 30.56% | -40% | 7.14% | 30.23% | 30.3% |
| EPS (Basic) | - | 0.69 | 1.76 | 1.81 | 1.94 | 1.00 | 0.38 | 0.61 | 0.49 | -0.64 | 1.30 | 1.85 | 1.54 | 2.05 | 1.01 | 0.88 | 1.30 | 0.83 | -2.02 | 1.28 | 1.74 | 1.29 | 1.15 | 0.97 | 0.69 | -1.23 | 0.50 | 0.38 | 0.63 | 0.58 | 0.44 |
| Diluted Shares Outstanding | 36.4M | 36.3M | 36.76M | 35.97M | 35.72M | 36.1M | 36.82M | 38.76M | 46.66M | 49.68M | 49.83M | 52.09M | 54.22M | 54.78M | 56.63M | 59.77M | 62.69M | 65.12M | 67.06M | 72.83M | 65.12M | 64.28M | 63.7M | 62.15M | 53.4M | 44.16M | 42.12M | 33.74M | 27.19M | 26.98M | 20.73M |
| Basic Shares Outstanding | 35.88M | 35.88M | 35.97M | 35.57M | 35.18M | 35.66M | 36.52M | 38.34M | 46.33M | 49.68M | 49.3M | 51.57M | 53.54M | 54.21M | 56.32M | 59.28M | 62.14M | 64.76M | 67.06M | 72.06M | 64.31M | 62.68M | 61.7M | 57.19M | 51.61M | 44.16M | 39.55M | 31.65M | 26.06M | 25.87M | 20.18M |
| Dividend Payout Ratio | - | 98.28% | 37.76% | 36.47% | 33.94% | 65.03% | 163.93% | 99.41% | 92.06% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BHE stock.
For fiscal year 2025, Benchmark Electronics, Inc. (BHE) reported total revenue of $2.66B. This represents a 1221.0% increase compared to $201.3M in 1996.
Benchmark Electronics, Inc. (BHE) is profitable, generating $24.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Benchmark Electronics, Inc. (BHE) reported an operating income of $105.3M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Benchmark Electronics, Inc. (BHE) generated $264.9M in gross profit for the year, representing a gross profit margin of 10.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margin compression exposure
Metrics are mathematically derived from official filings.
Revenue Re-Accelerates to Double-Digit Growth
According to reported income statement figures, BHE's quarterly revenue climbed from $677.3M in 2026Q1 to $810.9M in 2026Q3, with year-over-year growth reaching 19.1% after a weak 2024 and 2025 period.
The shift from low single-digit and negative growth in 2024 and 2025 to 17.7% and 19.1% in the two most recent quarters suggests a meaningful demand or program-win inflection rather than a one-quarter blip. Investors should monitor whether the growth reflects durable customer volume or timing effects, since the reported figures do not break out pricing versus volume contributions.
Gross Margin Holds Near 10% Band
Based on EDBL-style reported figures, BHE's gross margin has stayed in a tight 9.7% to 10.4% range across ten quarters, indicating limited pricing power typical of contract electronics manufacturing.
A stable but thin gross margin across both expansion and contraction periods suggests the business passes through component and labor costs with little structural premium. The flat profile relative to peers such as CLS, at 11.7%, implies BHE is competing more on cost and scale than on differentiated engineering value.
Operating Leverage Remains Modest
As reported in the income statements, BHE's operating margin moved from 3.5% to 5.1% over the period, while SG&A stayed near $36M to $50M, pointing to only partial scaling of overhead.
Operating income growth has broadly tracked revenue rather than outpacing it, so the margin gains appear driven more by gross profit recovery than by overhead efficiency. This suggests limited incremental operating leverage, and the reported figures do not yet demonstrate sustained cost absorption at higher volumes.
Net Income Volatility Outpaces Operations
Based on reported figures, BHE's net income swung from $972K in 2025Q2 to $19.9M in 2026Q2, a far wider range than operating income, which suggests non-operating or tax items may be driving EPS.
Net income fluctuations that are disproportionate to operating income warrant further investigation into tax rate effects and non-operating items, which the supplied data does not isolate. Stock-based compensation remained relatively modest at $4.2M to $9.5M per quarter, so it does not appear to be the primary source of the earnings volatility.
Thin Margins Leave Little Cushion
Against this growth, BHE's net margin of 2.1% in 2026Q3 trails peers such as CLS at 6.7%, indicating that revenue expansion has not yet translated into comparable bottom-line economics.
Short-side scrutiny would focus on whether rapid revenue growth is being bought with pricing concessions or lower-margin program mix, given the flat gross margin and compressed net margin. If the top-line momentum fades, the thin operating cushion of roughly 4% could amplify earnings declines quickly.