Revenue growth has decelerated to a modest 1.9% year-over-year in 2026Q1, while the company continues to struggle with negative operating margins of -7.8%.
| 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 | 114.89M | 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 % | 4.02% | 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 | 27.54M | 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 | 87.35M | 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 % | 76.03% | 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 | 92.74M | 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 | 37.5M | 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 | -5.41M | -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 % | -4.7% | -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 | 21.08M | 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 % | 18.34% | 23.37% | 17.94% | 17.06% | 18.98% | -15.93% | 14.89% | 11.88% | -20.62% | -37.93% | -39.05% | -89.8% | - | -89.79% | - |
| EBITDA Growth % | -1.01% | 37.62% | 18.31% | 6.51% | 269.83% | -233.27% | 38.47% | 219.11% | -20.77% | -127.78% | -131.21% | - | 100% | - | - |
| D&A (Non-Cash Add-back) | 26.48M | 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 | -16.19M | -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 | -626.17K | -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 | 553.15K | 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 | 1.18M | 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 | -13.59M | -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 | -19M | -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 % | -16.53% | -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 | -2.33M | -79.26K | -274.82K | -2.98M | -2.5M | 17.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 12.27% | 0.43% | -8.87% | 32.57% | -31.81% | 24.18% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -13.91M | -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 % | -12.1% | -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 % | -1743.18% | -861.55% | 81.55% | -168.44% | -80.6% | 107554.17% | 96.7% | 83.69% | -40.91% | -103.84% | -203.06% | -1467.88% | 4% | 27% | - |
| Net Income (Continuing) | -16.67M | -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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.95M | 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) | -0.45 | -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 % | -1696.4% | -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 | 30.8M | 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 | 30.8M | 31.41M | 31.5M | 30.45M | 30.1M | 28.98M | 25.68M | 22.78M | 19.93M | 10.82M | 6.04M | 1.06M | 266.95K | 267K | 267K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital Intensive Growth Headwinds
As indicated by recent quarterly filings, Boston Omaha's top-line expansion has decelerated from double-digit growth in 2024 to a modest 1.9% year-over-year increase in 2026Q1, suggesting that the initial scaling phase of its broadband and billboard segments may be encountering market saturation or regional economic friction.
The transition from 13.2% growth in 2024Q4 to the current low single-digit trajectory implies that the company's organic growth drivers are losing momentum. Investors should monitor whether this slowdown reflects a deliberate pause in capital deployment or an inability to capture additional market share in its core rural corridors.
Based on the provided financial data, Boston Omaha's gross margin has exhibited significant volatility, swinging from a high of 87.6% in 2026Q1 to a low of 64.0% in 2025Q4, which highlights the sensitivity of the company's cost structure to the timing of infrastructure deployment and project-based expenses.
While the 87.6% gross margin in the most recent quarter suggests strong underlying pricing power in its billboard assets, the historical fluctuations indicate that the broadband build-out introduces significant quarterly noise. This inconsistency warrants further investigation into whether the company can maintain high margins as it scales its fiber-to-the-home network.
According to reported income statements, Boston Omaha has struggled to achieve positive operating leverage, as evidenced by a persistent negative operating margin of -7.8% in 2026Q1, despite the company's efforts to scale its diverse portfolio of billboard, broadband, and surety insurance assets across multiple regional markets.
The failure of operating income to scale alongside revenue suggests that corporate overhead and the aggressive expansion of the broadband segment are currently outpacing gross profit generation. This trend implies that the holding company model may be incurring excessive fixed costs that are not yet being offset by the maturation of its underlying business units.
As highlighted in the income statement history, the company's reliance on consistent cash outflows to fund infrastructure growth, coupled with a negative net margin of -7.6% in 2026Q1, raises questions regarding the long-term sustainability of its current capital allocation model without external financing or improved operational efficiency.
Short-term observers may focus on the persistent net losses as a sign of structural inefficiency rather than a strategic choice to reinvest in high-IRR assets. The lack of a clear path to profitability suggests that the company's valuation may be vulnerable if the broadband segment fails to reach the necessary subscriber density to justify its ongoing capital intensity.
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.