Operating income has shown significant scaling, reaching $50.3M in 2025Q4 from $25.6M in 2024Q4, even as revenue growth remains inconsistent with a 1.7% contraction reported in 2026Q2.
| 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 | 1.49B | 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 % | 10.09% | 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 | 1.18B | 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 | 314.22M | 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 % | 21.04% | 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 | 137.01M | 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 | 137.01M | 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 | 177.21M | 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 % | 11.87% | 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 | 185.08M | 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 % | 12.4% | 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 % | 25.62% | 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) | 7.88M | 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 | 143.27M | 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 | 309K | -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 | 7.28M | 6.19M | 4.14M | 1M | 9K | 4K | 11K | 9K | 70K | 140K | 133K | 113K | 0 | 0 | 2.32M |
| Interest Expense | 363K | 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 | -1.7M | 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 | 175.51M | 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 % | 11.75% | 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 | 26.12M | 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 % | 14.88% | 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 | 133.01M | 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 % | 8.91% | 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 % | 22.99% | 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) | 103.71M | 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) | 4.09 | 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 % | 26.01% | 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 | 32.56M | 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 | 31.7M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Federal subsidy funding cliff
As reported in recent financial filings, Blue Bird's revenue growth has exhibited significant volatility, oscillating from a peak of 34.8% in 2024Q1 to a contraction of 1.7% in 2026Q2, reflecting the inherent lumpiness of municipal fleet procurement cycles and the timing of large-scale vehicle deliveries.
The inconsistent top-line performance suggests that Blue Bird remains highly sensitive to the timing of government-funded replacement cycles rather than steady-state organic demand. Investors should monitor whether the recent deceleration indicates a saturation point in the current replacement wave or merely a temporary logistical bottleneck in production.
Based on the provided income statement data, Blue Bird has maintained gross margins within a 17.0% to 21.6% range over the last ten quarters, demonstrating a resilient ability to pass through commodity cost fluctuations despite the high variable cost nature of its specialized bus manufacturing operations.
The ability to sustain margins above 20% in recent periods suggests that the company possesses meaningful pricing power, likely bolstered by its niche market position and the premium commanded by alternative fuel powertrains. However, the compression observed in 2026Q2 warrants further investigation into whether rising input costs or shifts in product mix are beginning to erode this structural advantage.
According to the historical income statement, Blue Bird has successfully demonstrated operating leverage, as operating income scaled to $50.3M in 2025Q4 from $25.6M in 2024Q4, indicating that management has effectively controlled SG&A expenses while capturing the benefits of increased production volumes and higher-margin vehicle sales.
The expansion of operating margins to the 11-12% range suggests that the company is moving beyond the initial costs of its EV transition and beginning to realize economies of scale. This trend appears to be a critical driver of recent earnings growth, though sustainability depends on maintaining this disciplined overhead structure as production complexity increases.
Analysis of the quarterly income statements reveals that stock-based compensation has fluctuated significantly, reaching a high of $7.4M in 2025Q2, which suggests that reported net income figures may periodically mask the true economic cost of employee and management incentive programs during periods of aggressive growth.
While the company has shown strong bottom-line growth, the variability in non-cash compensation expenses requires investors to look closely at adjusted earnings metrics to gauge true operational performance. The absence of R&D expenses in the provided data also suggests that development costs may be capitalized or otherwise obscured, which warrants further investigation into the long-term sustainability of current profit margins.
Based on the company's reliance on the EPA Clean School Bus Program, there is a significant risk that the current earnings trajectory is artificially inflated by federal policy, potentially creating a funding cliff that could lead to a sharp contraction in demand if political priorities shift.
Short-sellers may focus on the potential for a sudden decline in municipal procurement if federal subsidies are curtailed, as the current revenue growth appears heavily tethered to these external financial incentives. The market may be mispricing the durability of this demand, assuming it represents a permanent shift in fleet replacement behavior rather than a policy-driven cycle.
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.