Revenue momentum accelerated to $517.2M in 2026Q3 (up 29.9% YoY) with gross margin holding at 20.0%, up from 17.0% in 2024Q4, indicating pricing power and mix shift benefits.
Blue Bird Corporation (BLBD) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 |
|---|
| Sales/Revenue | 1.61B | 1.48B | 1.35B | 1.13B | 800.64M | 684M | 879.22M | 1.02B | 1.02B | 990.6M | 932.01M | 919.13M | 855.74M | 776.56M | 598.33M |
| Revenue Growth % | 13.46% | 9.87% | 18.92% | 41.49% | 17.05% | -22.2% | -13.71% | -0.6% | 3.47% | 6.29% | 1.4% | 7.41% | 10.2% | 29.79% | - |
| Cost of Goods Sold | 1.28B | 1.18B | 1.09B | 993.94M | 764.09M | 611.85M | 783.02M | 885.4M | 902.99M | 863.23M | 802.65M | 798.73M | 746.36M | 684.11M | 541.97M |
| COGS % of Revenue | - | 79.49% | 80.99% | 87.74% | 95.44% | 89.45% | 89.06% | 86.9% | 88.1% | 87.14% | 86.12% | 86.9% | 87.22% | 88.09% | 90.58% |
| Gross Profit | 331.66M | 303.51M | 256.16M | 138.85M | 36.55M | 72.14M | 96.2M | 133.47M | 121.99M | 127.37M | 129.36M | 120.39M | 109.37M | 92.45M | 56.36M |
| Gross Margin % | 20.57% | 20.51% | 19.01% | 12.26% | 4.56% | 10.55% | 10.94% | 13.1% | 11.9% | 12.86% | 13.88% | 13.1% | 12.78% | 11.91% | 9.42% |
| Gross Profit Growth % | - | 18.49% | 84.48% | 279.93% | -49.34% | -25.01% | -27.93% | 9.42% | -4.22% | -1.54% | 7.44% | 10.08% | 18.31% | 64.03% | - |
| Operating Expenses | 141.86M | 136.35M | 116.83M | 87.19M | 77.25M | 65.62M | 74.21M | 89.64M | 86.91M | 67.84M | 102.71M | 84.56M | 3.88M | 63.47M | 56.28M |
| OpEx % of Revenue | - | 9.21% | 8.67% | 7.7% | 9.65% | 9.59% | 8.44% | 8.8% | 8.48% | 6.85% | 11.02% | 9.2% | 0.45% | 8.17% | 9.41% |
| Selling, General & Admin | 141.86M | 136.35M | 116.83M | 87.19M | 77.25M | 65.62M | 74.21M | 89.64M | 86.91M | 67.84M | 102.71M | 84.56M | 3.88M | 61.73M | 56.73M |
| SG&A % of Revenue | - | 9.21% | 8.67% | 7.7% | 9.65% | 9.59% | 8.44% | 8.8% | 8.48% | 6.85% | 11.02% | 9.2% | 0.45% | 7.95% | 9.48% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 3.6M | 3.3M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 0.43% | 0.46% | 0.55% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 189.81M | 167.17M | 139.33M | 51.66M | -40.7M | 6.52M | 21.99M | 43.83M | 35.08M | 59.53M | 26.64M | 35.83M | -3.88M | 27.12M | -369K |
| Operating Margin % | 11.77% | 11.29% | 10.34% | 4.56% | -5.08% | 0.95% | 2.5% | 4.3% | 3.42% | 6.01% | 2.86% | 3.9% | -0.45% | 3.49% | -0.06% |
| Operating Income Growth % | - | 19.98% | 169.72% | 226.92% | -724.04% | -70.35% | -49.82% | 24.96% | -41.08% | 123.43% | -25.64% | 1023.32% | -114.31% | 7448.78% | - |
| EBITDA | 212.76M | 182.75M | 154.15M | 67.64M | -26.65M | 19.97M | 36.39M | 54.22M | 44.12M | 67.71M | 34.69M | 44.62M | -3.86M | 38.92M | 12.82M |
| EBITDA Margin % | 13.2% | 12.35% | 11.44% | 5.97% | -3.33% | 2.92% | 4.14% | 5.32% | 4.3% | 6.84% | 3.72% | 4.86% | -0.45% | 5.01% | 2.14% |
| EBITDA Growth % | 34.67% | 18.55% | 127.92% | 353.79% | -233.46% | -45.13% | -32.87% | 22.88% | -34.84% | 95.19% | -22.26% | 1256.96% | -109.91% | 203.51% | - |
| D&A (Non-Cash Add-back) | 22.95M | 15.59M | 14.82M | 15.98M | 14.05M | 13.45M | 14.4M | 10.38M | 9.04M | 8.18M | 8.05M | 8.79M | 24K | 11.81M | 13.19M |
| EBIT | 59.23M | 176.77M | 137.51M | 43.82M | -38.38M | 7.7M | 22.74M | 42.51M | 33.53M | 44.6M | 26.24M | 35.95M | -5.65M | 27.12M | -369K |
| Net Interest Income | -389K | -1.01M | -6.44M | -17.01M | -14.67M | -9.68M | -12.24M | -12.87M | -6.59M | -7.11M | -16.28M | -18.96M | -6.05M | 0 | 0 |
| Interest Income | 6.42M | 6.19M | 4.14M | 1M | 9K | 4K | 11K | 9K | 70K | 140K | 133K | 113K | 0 | 0 | 2.32M |
| Interest Expense | 6.81M | 7.2M | 10.58M | 18.01M | 14.68M | 9.68M | 12.25M | 12.88M | 6.66M | 7.25M | 16.41M | 19.08M | 6.05M | 0 | 0 |
| Other Income/Expense | 135.72M | 4.48M | -556K | -18.89M | -16.51M | -8M | -8.29M | -11.96M | -6.88M | -18.88M | -13.94M | -16.33M | -1.79M | -294K | -1.87M |
| Pretax Income | 325.52M | 171.65M | 138.78M | 32.77M | -57.21M | -1.48M | 13.7M | 31.87M | 28.2M | 40.66M | 12.7M | 19.5M | -5.67M | 26.82M | -2.24M |
| Pretax Margin % | 20.19% | 11.6% | 10.3% | 2.89% | -7.15% | -0.22% | 1.56% | 3.13% | 2.75% | 4.1% | 1.36% | 2.12% | -0.66% | 3.45% | -0.37% |
| Income Tax | 43.72M | 43.93M | 33.23M | 8.95M | -11.45M | -1.19M | 1.52M | 7.57M | -2.62M | 11.86M | 5.8M | 4.44M | -24K | -27.54M | 429K |
| Effective Tax Rate % | 13.43% | 25.59% | 23.94% | 27.32% | 20.02% | 80.47% | 11.08% | 23.76% | -9.29% | 29.16% | 45.69% | 22.78% | 0.42% | -102.69% | -19.14% |
| Net Income | 281.81M | 127.72M | 105.55M | 23.81M | -45.76M | -289K | 12.19M | 24.3M | 30.82M | 28.8M | 6.9M | 14.93M | -3.86M | 54.37M | -2.67M |
| Net Margin % | 17.48% | 8.63% | 7.83% | 2.1% | -5.72% | -0.04% | 1.39% | 2.38% | 3.01% | 2.91% | 0.74% | 1.62% | -0.45% | 7% | -0.45% |
| Net Income Growth % | 143.18% | 21.01% | 343.25% | 152.04% | -15733.56% | -102.37% | -49.86% | -21.16% | 7.01% | 317.41% | -53.79% | 487.14% | -107.09% | 2136.22% | - |
| Net Income (Continuing) | 281.81M | 127.72M | 105.55M | 23.81M | -45.76M | -289K | 12.19M | 24.3M | 30.82M | 28.8M | 6.9M | 15.06M | -5.65M | 54.37M | -2.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41K | -328K | -129K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.02 | 3.88 | 3.16 | 0.74 | -1.34 | -0.03 | 0.33 | 0.90 | 1.08 | 0.74 | 0.14 | 0.59 | -1.13 | 18.91 | -0.93 |
| EPS Growth % | 134.86% | 22.78% | 327.03% | 155.22% | -4520.69% | -108.79% | -63.33% | -16.67% | 45.95% | 428.57% | -76.27% | 152.21% | -105.98% | 2133.33% | - |
| EPS (Basic) | - | 4.01 | 3.27 | 0.74 | -1.34 | -0.03 | 0.33 | 0.92 | 1.08 | 0.79 | 0.14 | 0.60 | -1.13 | 18.91 | -0.93 |
| Diluted Shares Outstanding | 35.15M | 32.88M | 33.35M | 32.26M | 31.02M | 27.14M | 27.09M | 27.04M | 28.62M | 24.88M | 21.32M | 25.5M | 3.4M | 2.88M | 2.88M |
| Basic Shares Outstanding | 34.24M | 31.86M | 32.27M | 32.18M | 31.02M | 27.14M | 26.85M | 26.46M | 28.62M | 23.34M | 21.25M | 21.18M | 3.4M | 2.88M | 2.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BLBD stock.
For fiscal year 2025, Blue Bird Corporation (BLBD) reported total revenue of $1.48B. This represents a 147.4% increase compared to $598.3M in 2012.
Blue Bird Corporation (BLBD) is profitable, generating $127.7M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Blue Bird Corporation (BLBD) reported an operating income of $167.2M, resulting in an operating profit margin of 11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Blue Bird Corporation (BLBD) generated $303.5M in gross profit for the year, representing a gross profit margin of 20.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Subsidy cliff and tariff exposure
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Mix Shift
Revenue grew 29.9% year-over-year in 2026Q3 to $517.2M, the strongest quarter in the series, driven by higher-priced alternative fuel and electric bus deliveries, according to the latest income statement data.
The 29.9% growth in 2026Q3 marks a sharp acceleration from the mid-single-digit rates seen in the prior two quarters, suggesting that the company is converting its backlog of higher-ASP units into revenue. The sequential jump from $352.6M in 2026Q2 to $517.2M in 2026Q3 is unusually large, likely reflecting seasonal delivery peaks and the fulfillment of orders booked under the EPA Clean School Bus Program. Investors should monitor whether this pace is sustainable, as federal subsidy timing can create lumpy quarters.
Gross Margin Expansion Signals Pricing Power
Gross margin held at 20.0% in 2026Q3, up from 17.0% in 2024Q4, as reported in the financial statements, indicating that the company is successfully passing through higher input costs and benefiting from a richer product mix.
The gross margin has trended upward from 17.0% in 2024Q4 to a stable 20%+ range in recent quarters, despite commodity price volatility. This suggests that Blue Bird's focus on propane and electric buses, which carry higher average selling prices, is structurally improving profitability. The consistency of the 20% gross margin in 2026Q2 and Q3, even as revenue fluctuated, implies that the company has achieved a more efficient cost structure, though the sustainability of this level depends on steel and aluminum prices.
Operating Leverage Drives Margin Step-Up
Operating income surged to $62.7M in 2026Q3, a 25% sequential increase, with operating margin expanding to 12.1% from 11.1% in the prior quarter, based on the income statement data, as SG&A grew only modestly.
The 2026Q3 operating margin of 12.1% is the highest in the ten-quarter series, and it was achieved on a 46.7% sequential revenue increase, while SG&A rose only 29.2%. This indicates that the company is leveraging its fixed overhead base effectively, with operating income growing faster than gross profit. The low SG&A intensity (7.9% of revenue in 2026Q3) suggests disciplined cost control, which may be a competitive advantage versus larger peers with more complex organizational structures.
EPS Beat Clouded by One-Time Tax Benefit
Net income of $185.3M in 2026Q3, or $5.27 per diluted share, far exceeded the $0.87 consensus estimate, but the effective tax rate appears to be negative, as reported in the income statement, warranting scrutiny of earnings quality.
The reported net margin of 35.8% in 2026Q3 is anomalous compared to the 7-9% range in prior quarters, implying a significant non-operating tax benefit or one-time gain. While the EPS beat is impressive, investors should distinguish between operational earnings power and this one-time boost. The low stock-based compensation of $1.5M in the quarter suggests that dilution is not a major concern, but the sustainability of the tax rate is questionable.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 80.0% in 2026Q3 from 83.0% in 2024Q4, as per the income statement data, indicating that the company is managing raw material costs and production efficiency effectively.
The reduction in COGS ratio by 300 basis points over the past year suggests that Blue Bird is benefiting from stabilizing supply chains and better absorption of fixed manufacturing costs as volumes increase. The company's high variable cost structure, with steel and aluminum as key inputs, makes this improvement notable, as it implies pricing power or favorable commodity trends. However, any reversal in commodity prices could pressure margins, so investors should monitor input cost trends.
Subsidy Dependence and Tariff Risks
The record 2026Q3 results may be flattered by federal subsidies and tariff-related pricing, but the reliance on the EPA Clean School Bus Program creates a funding cliff risk, as noted in recent earnings commentary.
While the company has navigated tariff headwinds so far, the sustainability of its growth is tied to government incentives that could be reduced or eliminated under a different administration. The sharp revenue spike in 2026Q3 could be pulled forward demand from districts rushing to use grant funds, which may lead to a demand vacuum in subsequent quarters. Additionally, the negative effective tax rate in 2026Q3 raises questions about the quality of the EPS beat, and investors should be cautious about extrapolating this quarter's profitability.