Revenue growth has decelerated sharply to a 21.3% decline in 2026Q2, while operating margins remain negative at -2.7%, highlighting persistent profitability challenges.
Boston Omaha Corporation (BOC) 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 | 108.89M | 114.38M | 108.27M | 96.25M | 81.23M | 56.97M | 45.74M | 41.39M | 20.02M | 9.01M | 3.84M | 722.91K | 43.87K | 33.55K | 0 |
| Revenue Growth % | -2.4% | 5.64% | 12.49% | 18.49% | 42.59% | 24.55% | 10.52% | 106.73% | 122.11% | 134.5% | 431.74% | 1547.7% | 30.78% | - | - |
| Cost of Goods Sold | 24.17M | 14.93M | 34.34M | 31.9M | 26.69M | 18.59M | 18.51M | 17.61M | 7.59M | 3.43M | 1.27M | 229.51K | 0 | 0 | 0 |
| COGS % of Revenue | - | 13.05% | 31.72% | 33.14% | 32.86% | 32.63% | 40.46% | 42.55% | 37.91% | 38.05% | 32.93% | 31.75% | - | - | - |
| Gross Profit | 84.72M | 99.45M | 73.93M | 64.35M | 54.54M | 38.38M | 27.23M | 23.78M | 12.43M | 5.58M | 2.58M | 493.4K | 43.87K | 33.55K | 105.12B |
| Gross Margin % | 77.8% | 86.95% | 68.28% | 66.86% | 67.14% | 67.37% | 59.54% | 57.45% | 62.1% | 61.95% | 67.07% | 68.25% | 100% | 100% | - |
| Gross Profit Growth % | - | 34.51% | 14.89% | 17.98% | 42.11% | 40.93% | 14.54% | 91.25% | 122.65% | 116.6% | 422.49% | 1024.6% | 30.78% | -100% | - |
| Operating Expenses | 89.88M | 103.37M | 82.4M | 73.21M | 59.77M | 62.15M | 32.23M | 36.19M | 24.41M | 12.36M | 5.72M | 1.59M | 82.52K | 76.84K | 75.51K |
| OpEx % of Revenue | - | 90.38% | 76.1% | 76.05% | 73.58% | 109.08% | 70.46% | 87.44% | 121.94% | 137.09% | 148.7% | 220.08% | 188.08% | 229.03% | - |
| Selling, General & Admin | 34.44M | 20M | 59.28M | 53.34M | 44.51M | 51.71M | 24.2M | 21.96M | 16.29M | 8.49M | 3.79M | 1.13M | 66.72K | 72.98K | 88.64K |
| SG&A % of Revenue | - | 17.49% | 54.75% | 55.42% | 54.79% | 90.76% | 52.9% | 53.05% | 81.34% | 94.22% | 98.62% | 156.73% | 152.06% | 217.54% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 83.37M | 23.12M | 19.87M | 15.27M | 10.44M | 8.03M | 14.23M | 8.41M | 3.9M | 1.93M | 699.34K | 0 | 0 | 0 |
| Operating Income | -5.19M | -3.93M | -8.47M | -8.85M | -5.23M | -23.77M | -4.99M | -12.41M | -12.26M | -6.77M | -3.14M | -1.11M | -22.84K | -39.43K | -88.64K |
| Operating Margin % | -4.76% | -3.43% | -7.82% | -9.2% | -6.44% | -41.72% | -10.92% | -29.99% | -61.23% | -75.14% | -81.63% | -153.13% | -52.06% | -117.54% | - |
| Operating Income Growth % | - | 53.61% | 4.35% | -69.27% | 78% | -375.82% | 59.76% | -1.26% | -80.98% | -115.84% | -183.47% | -4746.55% | 42.08% | 55.51% | - |
| EBITDA | 26.33M | 26.73M | 19.42M | 16.42M | 15.41M | -9.08M | 6.81M | 4.92M | -4.13M | -3.42M | -1.5M | -649.2K | 0 | -30.12K | 0 |
| EBITDA Margin % | 24.18% | 23.37% | 17.94% | 17.06% | 18.98% | -15.93% | 14.89% | 11.88% | -20.62% | -37.93% | -39.04% | -89.8% | - | -89.79% | - |
| EBITDA Growth % | 3.11% | 37.62% | 18.31% | 6.51% | 269.83% | -233.27% | 38.47% | 219.11% | -20.77% | -127.81% | -131.19% | - | 100% | - | - |
| D&A (Non-Cash Add-back) | 31.52M | 30.66M | 27.89M | 25.27M | 20.64M | 14.69M | 11.81M | 17.33M | 8.13M | 3.35M | 1.64M | 457.8K | 22.84K | 0 | 88.64K |
| EBIT | -11.53M | -16.05M | 4.69M | -8M | 9.08M | 74.13M | -1.59M | -1.18M | -9.16M | -6.48M | -3.17M | -1.02M | -38.65K | -43.29K | -75.51K |
| Net Interest Income | -1.59M | -1.13M | -212K | 1.46M | -773K | -279.43K | 819.85K | 2.9M | 1.95M | 87.52K | -7.8K | -22.51K | 28.13K | 26.27K | 19.78K |
| Interest Income | 840.06K | 1.2M | 1.39M | 2.61M | 434.94K | 676.62K | 1.66M | 3.2M | 1.95M | 95.78K | 0 | 0 | 28.13K | 26.27K | 19.78K |
| Interest Expense | 2.43M | 2.33M | 1.6M | 1.15M | 1.21M | 956.05K | 841.83K | 302.75K | 1.8K | 8.26K | 7.8K | 22.51K | 0 | 0 | 0 |
| Other Income/Expense | -11.6M | -14.46M | 11.56M | -294.06K | 13.1M | 96.94M | 2.57M | 10.93M | 3.1M | 293.48K | -35.06K | 59.45K | -43.94K | -30.12K | -6.64K |
| Pretax Income | -16.79M | -18.38M | 3.1M | -9.15M | 7.87M | 73.17M | -2.43M | -1.48M | -9.16M | -6.48M | -3.17M | -1.05M | -66.78K | -69.56K | -95.28K |
| Pretax Margin % | -15.41% | -16.07% | 2.86% | -9.5% | 9.69% | 128.44% | -5.31% | -3.58% | -45.75% | -71.88% | -82.54% | -144.83% | -152.2% | -207.33% | - |
| Income Tax | -2.03M | -79.26K | -274.82K | -2.98M | -2.5M | 17.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 12.12% | 0.43% | -8.87% | 32.57% | -31.81% | 24.18% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -13.2M | -12.43M | -1.29M | -7M | 10.23M | 52.75M | -49.09K | -1.49M | -9.11M | -6.47M | -3.17M | -1.05M | -66.78K | -69.56K | -95.28K |
| Net Margin % | -12.12% | -10.87% | -1.19% | -7.28% | 12.6% | 92.59% | -0.11% | -3.59% | -45.52% | -71.75% | -82.54% | -144.83% | -152.2% | -207.33% | - |
| Net Income Growth % | -1833.32% | -861.55% | 81.55% | -168.44% | -80.6% | - | 96.7% | 83.69% | -40.91% | -103.84% | -203.06% | -1467.88% | 4% | 27% | - |
| Net Income (Continuing) | -14.75M | -18.31M | 3.37M | -6.17M | 10.38M | 55.48M | -2.43M | -1.48M | -9.16M | -6.48M | -3.17M | -1.05M | -66.78K | -69.56K | -95.28K |
| Discontinued Operations | 490K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.43M | 19.94M | 29.9M | 78.24M | 23.12M | 144.27M | 145.03M | 1.73M | 1.35M | 1.23M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | -0.40 | -0.04 | -0.23 | 0.34 | 1.82 | -0.00 | -0.07 | -0.46 | -0.60 | -0.53 | -0.99 | -0.25 | -0.26 | -0.35 |
| EPS Growth % | -1835.54% | -875.61% | 82.17% | -167.65% | -81.32% | - | 97.29% | 84.78% | 23.33% | -13.21% | 46.46% | -296% | 3.85% | 25.71% | - |
| EPS (Basic) | - | -0.40 | -0.04 | -0.23 | 0.34 | 1.82 | -0.00 | -0.07 | -0.46 | -0.60 | -0.53 | -0.99 | -0.25 | -0.26 | -0.36 |
| Diluted Shares Outstanding | 30.42M | 31.41M | 31.5M | 31.09M | 29.77M | 29.05M | 25.68M | 22.78M | 19.93M | 10.82M | 6.04M | 1.06M | 266.95K | 267K | 272.24K |
| Basic Shares Outstanding | 30.42M | 31.41M | 31.5M | 30.45M | 29.77M | 28.98M | 25.68M | 22.78M | 19.93M | 10.82M | 6.04M | 1.06M | 266.95K | 267K | 267K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BOC stock.
For fiscal year 2025, Boston Omaha Corporation (BOC) reported total revenue of $114.4M.
Boston Omaha Corporation (BOC) reported a net loss of $12.4M for the fiscal year ending 2025.
Boston Omaha Corporation (BOC) reported an operating income of $-3.9M, resulting in an operating profit margin of -3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Boston Omaha Corporation (BOC) generated $99.4M in gross profit for the year, representing a gross profit margin of 86.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Negative Margins
Metrics are mathematically derived from official filings.
Revenue Growth Reverses to Sharp Contraction
After posting positive growth rates up to 13.2% in 2024, BOC's revenue declined 21.3% in 2026Q2 to $22.2 million, a significant reversal that suggests potential demand softening or operational headwinds, as indicated in the quarterly financial data.
The trajectory has shifted from steady mid-single-digit growth to a material contraction, with the latest quarter's drop far exceeding typical seasonal variations. This pattern may signal weakening market position or increased competition, warranting scrutiny of organic growth drivers.
Gross Margin Volatility Signals Cost Instability
Gross margin fluctuated widely from 87.6% in 2026Q1 to 72.1% in 2026Q2, highlighting significant variability in cost of goods sold that could undermine pricing power, based on the reported income statement figures.
The erratic gross margin, driven by swings in COGS from as low as $3.5 million to $10.7 million quarterly, suggests a lack of structural cost control or exposure to volatile input prices. This instability may erode investor confidence in the sustainability of the company's high-margin periods.
Operating Leverage Fails to Translate Gross Profit
Despite gross profits ranging from $16.0 million to $25.0 million, operating income has remained negative for nine of ten quarters, with 2026Q2 operating margin at -2.7%, indicating that SG&A overhead is not scaling efficiently, as per recent SEC filings.
The persistent negative operating leverage points to a cost structure where fixed SG&A expenses—often exceeding $13 million quarterly—outpace gross profit improvements. This disconnect implies that revenue growth alone may not lead to profitability without significant expense rationalization.
Short-Seller Focus on Structural Losses
The consistent negative net margins, such as -7.3% in 2026Q2, combined with the recent 21.3% revenue decline, may indicate unsustainable operations that could challenge the viability of the business model, as inferred from the income statement history.
Critics might highlight that BOC's profitability has not improved despite revenue growth in earlier quarters, with net losses persisting and only one quarter (2024Q4) showing a positive net income. This pattern suggests fundamental issues with cost management or revenue quality that could lead to further financial strain.