Revenue contracted to roughly $1.0B in the latest quarter, with operating margin falling to 12.0% from 15-17% in 2024 and gross margin only partially recovering to 20.2%.
Cabot Corp. (CBT) annual income statement — 30-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 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 3.74B | 3.71B | 3.99B | 3.93B | 4.32B | 3.41B | 2.61B | 3.34B | 3.24B | 2.72B | 2.41B | 2.87B | 3.65B | 3.46B | 3.3B | 3.1B | 2.89B | 2.24B | 3.19B | 2.62B | 2.54B | 2.13B | 1.93B | 1.79B | 1.56B | 1.67B | 1.52B | 1.7B | 1.65B | 1.63B | 1.86B |
| Revenue Growth % | 0.83% | -7.04% | 1.6% | -9.03% | 26.75% | 30.41% | -21.67% | 2.93% | 19.32% | 12.69% | -16.05% | -21.25% | 5.31% | 4.94% | 6.42% | 7.19% | 28.98% | -29.71% | 21.98% | 2.87% | 19.67% | 9.88% | 7.74% | 15.29% | -6.77% | 9.65% | -10.15% | 2.86% | 1.09% | -12.19% | 1.42% |
| Cost of Goods Sold | 2.93B | 2.77B | 3.03B | 3.09B | 3.44B | 2.61B | 2.11B | 2.65B | 2.46B | 2.06B | 1.83B | 2.29B | 2.93B | 2.83B | 2.65B | 2.54B | 2.33B | 2.02B | 2.71B | 2.11B | 2.12B | 1.69B | 1.46B | 1.37B | 1.13B | 1.24B | 973M | 1.09B | 1.01B | 1.03B | 1.21B |
| COGS % of Revenue | - | 74.68% | 75.96% | 78.66% | 79.52% | 76.56% | 80.87% | 79.47% | 75.91% | 76% | 76.03% | 79.56% | 80.23% | 81.63% | 80.33% | 82.01% | 80.5% | 89.88% | 84.8% | 80.7% | 83.52% | 79.62% | 75.34% | 76.55% | 72.45% | 74.07% | 63.89% | 64.6% | 61.02% | 63.47% | 65.34% |
| Gross Profit | 816M | 940M | 960M | 839M | 885M | 799M | 500M | 685M | 781M | 652M | 578M | 587M | 721M | 636M | 649M | 558M | 564M | 227M | 485M | 505M | 419M | 433M | 477M | 421M | 429M | 433M | 550M | 600M | 642.3M | 595.5M | 643.4M |
| Gross Margin % | 21.79% | 25.32% | 24.04% | 21.34% | 20.48% | 23.44% | 19.13% | 20.53% | 24.09% | 24% | 23.97% | 20.44% | 19.77% | 18.37% | 19.67% | 17.99% | 19.5% | 10.12% | 15.2% | 19.3% | 16.48% | 20.38% | 24.66% | 23.45% | 27.55% | 25.93% | 36.11% | 35.4% | 38.98% | 36.53% | 34.66% |
| Gross Profit Growth % | - | -2.08% | 14.42% | -5.2% | 10.76% | 59.8% | -27.01% | -12.29% | 19.79% | 12.8% | -1.53% | -18.59% | 13.36% | -2% | 16.31% | -1.06% | 148.46% | -53.2% | -3.96% | 20.53% | -3.23% | -9.22% | 13.3% | -1.86% | -0.92% | -21.27% | -8.33% | -6.59% | 7.86% | -7.44% | -3.34% |
| Operating Expenses | 331M | 319M | 346M | 313M | 496M | 345M | 479M | 379M | 628M | 319M | 328M | 902M | 386M | 365M | 353M | 315M | 306M | 282M | 320M | 318M | 293M | 510M | 270M | 315M | 281M | 256M | 216M | 369M | 372M | 394M | 383.5M |
| OpEx % of Revenue | - | 8.59% | 8.66% | 7.96% | 11.48% | 10.12% | 18.32% | 11.36% | 19.37% | 11.74% | 13.6% | 31.41% | 10.58% | 10.54% | 10.7% | 10.16% | 10.58% | 12.57% | 10.03% | 12.16% | 11.52% | 24% | 13.96% | 17.55% | 18.05% | 15.33% | 14.18% | 21.77% | 22.58% | 24.17% | 20.66% |
| Selling, General & Admin | 278M | 260M | 283M | 253M | 258M | 289M | 292M | 290M | 305M | 260M | 275M | 282M | 326M | 299M | 286M | 249M | 246M | 210M | 246M | 249M | 235M | 240M | 217M | 251M | 219M | 208M | 178M | 208M | 229.7M | 216.5M | 286.5M |
| SG&A % of Revenue | - | 7% | 7.09% | 6.44% | 5.97% | 8.48% | 11.17% | 8.69% | 9.41% | 9.57% | 11.41% | 9.82% | 8.94% | 8.63% | 8.67% | 8.03% | 8.5% | 9.36% | 7.71% | 9.52% | 9.24% | 11.29% | 11.22% | 13.98% | 14.07% | 12.46% | 11.69% | 12.27% | 13.94% | 13.28% | 15.43% |
| Research & Development | 54M | 59M | 63M | 57M | 55M | 56M | 57M | 60M | 66M | 56M | 53M | 58M | 60M | 74M | 73M | 66M | 70M | 71M | 74M | 69M | 58M | 59M | 53M | 64M | 48M | 48M | 43M | 73M | 82.7M | 82.7M | 0 |
| R&D % of Revenue | - | 1.59% | 1.58% | 1.45% | 1.27% | 1.64% | 2.18% | 1.8% | 2.04% | 2.06% | 2.2% | 2.02% | 1.65% | 2.14% | 2.21% | 2.13% | 2.42% | 3.17% | 2.32% | 2.64% | 2.28% | 2.78% | 2.74% | 3.57% | 3.08% | 2.87% | 2.82% | 4.31% | 5.02% | 5.07% | - |
| Other Operating Expenses | -1000K | 0 | 0 | 3M | 183M | 0 | 130M | 29M | 254M | 0 | 0 | 562M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 211M | 0 | 0 | 14M | 0 | 0 | 125M | 115M | 110M | 97M |
| Operating Income | 485M | 621M | 614M | 526M | 389M | 454M | 21M | 306M | 156M | 336M | 250M | 38M | 335M | 263M | 290M | 243M | 248M | -54M | 164M | 187M | 126M | -77M | 207M | 106M | 148M | 177M | 200M | 194M | 214.5M | 186.4M | 259.9M |
| Operating Margin % | 12.95% | 16.73% | 15.37% | 13.38% | 9% | 13.32% | 0.8% | 9.17% | 4.81% | 12.37% | 10.37% | 1.32% | 9.19% | 7.59% | 8.79% | 7.84% | 8.57% | -2.41% | 5.14% | 7.15% | 4.95% | -3.62% | 10.7% | 5.91% | 9.51% | 10.6% | 13.13% | 11.45% | 13.02% | 11.44% | 14% |
| Operating Income Growth % | - | 1.14% | 16.73% | 35.22% | -14.32% | 2061.9% | -93.14% | 96.15% | -53.57% | 34.4% | 557.89% | -88.66% | 27.38% | -9.31% | 19.34% | -2.02% | 559.26% | -132.93% | -12.3% | 48.41% | 263.64% | -137.2% | 95.28% | -28.38% | -16.38% | -11.5% | 3.09% | -9.56% | 15.08% | -28.28% | -6.34% |
| EBITDA | 676M | 775M | 765M | 670M | 535M | 614M | 179M | 454M | 305M | 491M | 411M | 221M | 535M | 453M | 446M | 387M | 391M | 115M | 327M | 336M | 257M | 65M | 341M | 241M | 257M | 292M | 329M | 319M | 329.9M | 296.3M | 356.9M |
| EBITDA Margin % | 18.06% | 20.87% | 19.15% | 17.04% | 12.38% | 18.01% | 6.85% | 13.61% | 9.41% | 18.07% | 17.05% | 7.7% | 14.67% | 13.08% | 13.52% | 12.48% | 13.52% | 5.13% | 10.25% | 12.84% | 10.11% | 3.06% | 17.63% | 13.43% | 16.51% | 17.48% | 21.6% | 18.82% | 20.02% | 18.18% | 19.23% |
| EBITDA Growth % | -12.77% | 1.31% | 14.18% | 25.23% | -12.87% | 243.02% | -60.57% | 48.85% | -37.88% | 19.46% | 85.97% | -58.69% | 18.1% | 1.57% | 15.25% | -1.02% | 240% | -64.83% | -2.68% | 30.74% | 295.38% | -80.94% | 41.49% | -6.23% | -11.99% | -11.25% | 3.13% | -3.3% | 11.34% | -16.98% | -3.98% |
| D&A (Non-Cash Add-back) | 191M | 154M | 151M | 144M | 146M | 160M | 158M | 148M | 149M | 155M | 161M | 183M | 200M | 190M | 156M | 144M | 143M | 169M | 163M | 149M | 131M | 142M | 134M | 135M | 109M | 115M | 129M | 125M | 115.4M | 109.9M | 97M |
| EBIT | 506M | 640M | 610M | 541M | 391M | 455M | 20M | 314M | 171M | 344M | 245M | -324M | 364M | 272M | 291M | 242M | 206M | -72M | 150M | 187M | 126M | -77M | 207M | 106M | 148M | 177M | 194M | 170M | 201M | 171M | 259.8M |
| Net Interest Income | -47M | -49M | -49M | -59M | -45M | -41M | -45M | -50M | -44M | -44M | -49M | -49M | -52M | -57M | -42M | -37M | -38M | -27M | -34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 29M | 27M | 32M | 31M | 11M | 8M | 8M | 9M | 10M | 9M | 5M | 4M | 3M | 5M | 4M | 2M | 2M | 2M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 76M | 76M | 81M | 90M | 56M | 49M | 53M | 59M | 54M | 53M | 54M | 53M | 55M | 62M | 46M | 39M | 40M | 30M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -74M | -49M | -79M | -70M | -44M | -45M | -51M | -50M | -27M | -32M | -56M | -60M | -27M | -58M | -34M | -40M | 4M | -47M | -52M | -19M | -29M | -16M | -43M | -14M | -13M | -14M | -29M | -24M | -28M | -36M | 32.4M |
| Pretax Income | 411M | 572M | 535M | 456M | 345M | 409M | -30M | 256M | 117M | 288M | 194M | -374M | 308M | 205M | 246M | 201M | 208M | -102M | 112M | 168M | 97M | -93M | 164M | 89M | 135M | 163M | 165M | 146M | 182.1M | 134.9M | 292.3M |
| Pretax Margin % | 10.98% | 15.41% | 13.4% | 11.6% | 7.98% | 12% | -1.15% | 7.67% | 3.61% | 10.6% | 8.05% | -13.02% | 8.45% | 5.92% | 7.45% | 6.48% | 7.19% | -4.55% | 3.51% | 6.42% | 3.81% | -4.38% | 8.48% | 4.96% | 8.67% | 9.76% | 10.83% | 8.61% | 11.05% | 8.28% | 15.75% |
| Income Tax | 165M | 196M | 111M | -28M | 102M | 123M | 191M | 70M | 193M | 29M | 34M | -45M | 91M | 58M | 55M | 6M | 46M | -22M | 14M | 38M | 9M | -45M | 39M | 17M | 30M | 42M | 57M | 49M | 60.5M | 42.1M | 98.2M |
| Effective Tax Rate % | 40.15% | 34.27% | 20.75% | -6.14% | 29.57% | 30.07% | -636.67% | 27.34% | 164.96% | 10.07% | 17.53% | 12.03% | 29.55% | 28.29% | 22.36% | 2.99% | 22.12% | 21.57% | 12.5% | 22.62% | 9.28% | 48.39% | 23.78% | 19.1% | 22.22% | 25.77% | 34.55% | 33.56% | 33.22% | 31.21% | 33.6% |
| Net Income | 213M | 331M | 380M | 445M | 209M | 250M | -238M | 157M | -113M | 241M | 149M | -331M | 201M | 155M | 389M | 235M | 154M | -77M | 86M | 129M | 88M | -48M | 124M | 77M | 106M | 124M | 453M | 97M | 121.6M | 92.8M | 194.1M |
| Net Margin % | 5.69% | 8.91% | 9.51% | 11.32% | 4.84% | 7.33% | -9.1% | 4.7% | -3.49% | 8.87% | 6.18% | -11.53% | 5.51% | 4.48% | 11.79% | 7.58% | 5.32% | -3.43% | 2.7% | 4.93% | 3.46% | -2.26% | 6.41% | 4.29% | 6.81% | 7.43% | 29.74% | 5.72% | 7.38% | 5.69% | 10.46% |
| Net Income Growth % | -35.65% | -12.89% | -14.61% | 112.92% | -16.4% | 205.04% | -251.59% | 238.94% | -146.89% | 61.75% | 145.02% | -264.68% | 29.68% | -60.15% | 65.53% | 52.6% | 300% | -189.53% | -33.33% | 46.59% | 283.33% | -138.71% | 61.04% | -27.36% | -14.52% | -72.63% | 367.01% | -20.23% | 31.03% | -52.19% | 12.91% |
| Net Income (Continuing) | 246M | 376M | 424M | 484M | 243M | 286M | -221M | 186M | -74M | 273M | 160M | -328M | 216M | 161M | 202M | 197M | 162M | -80M | 98M | 130M | 88M | -48M | 122M | 75M | 105M | 121M | 108M | 82M | 116M | 93M | 194.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 2M | 0 | 0 | 8M | -19M | 0 | 0 | 2M | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 136M | 155M | 165M | 143M | 134M | 143M | 123M | 136M | 125M | 121M | 98M | 104M | 122M | 132M | 126M | 129M | 115M | 103M | 110M | 76M | 68M | 57M | 45M | 40M | 35M | 27M | 31M | 32M | 25.1M | 22.8M | 27.1M |
| EPS (Diluted) | 4.10 | 6.02 | 6.72 | 7.73 | 3.62 | 4.34 | -3.96 | 2.67 | -1.83 | 3.81 | 2.36 | -5.22 | 3.06 | 2.38 | 6.01 | 3.57 | 2.35 | -1.22 | 1.34 | 1.90 | 1.28 | -0.80 | 1.82 | 1.14 | 1.50 | 1.66 | 6.20 | 1.11 | 1.76 | 1.19 | 2.42 |
| EPS Growth % | -32.61% | -10.42% | -13.07% | 113.54% | -16.59% | 209.6% | -248.31% | 245.9% | -148.03% | 61.44% | 145.21% | -270.59% | 28.57% | -60.4% | 68.35% | 51.91% | 292.62% | -191.04% | -29.47% | 48.44% | 260% | -143.96% | 59.65% | -24% | -9.64% | -73.23% | 458.56% | -36.93% | 47.9% | -50.83% | 19.8% |
| EPS (Basic) | - | 6.07 | 6.79 | 7.79 | 3.65 | 4.36 | -3.96 | 2.67 | -1.87 | 3.89 | 2.40 | -5.30 | 3.12 | 2.42 | 6.14 | 3.68 | 2.36 | -1.22 | 1.37 | 2.06 | 1.42 | -0.80 | 2.07 | 1.32 | 1.67 | 1.93 | 6.65 | 1.24 | 1.86 | 1.33 | 2.74 |
| Diluted Shares Outstanding | 51.9M | 54.2M | 55.7M | 56.5M | 56.9M | 56.8M | 56.6M | 58.8M | 61.7M | 62.7M | 62.9M | 63.4M | 65.1M | 64.5M | 64.2M | 65.4M | 65.37M | 63M | 64M | 68M | 68M | 60M | 68M | 70M | 68.67M | 72.89M | 72.58M | 84.68M | 69.22M | 75.63M | 78.84M |
| Basic Shares Outstanding | 51.5M | 53.7M | 54.3M | 55.24M | 56.25M | 56.73M | 56.53M | 58.7M | 60.37M | 61.88M | 62.21M | 62.46M | 64.38M | 63.97M | 63.35M | 63.86M | 65.37M | 63M | 63M | 62M | 60M | 60M | 59M | 59M | 59M | 63M | 65M | 75.81M | 65.45M | 67.67M | 69.64M |
| Dividend Payout Ratio | - | 29% | 24.47% | 19.78% | 40.19% | 32% | - | 50.96% | - | 31.95% | 43.62% | - | 26.87% | 32.9% | 12.6% | 20% | 30.52% | - | 54.65% | 37.21% | 46.59% | - | 29.84% | 46.75% | 37.74% | 27.42% | 7.06% | 32.99% | 26.07% | 33.73% | 15.71% |
Quick answers to the most common questions about buying CBT stock.
For fiscal year 2025, Cabot Corp. (CBT) reported total revenue of $3.71B. This represents a 100.0% increase compared to $1.86B in 1996.
Cabot Corp. (CBT) is profitable, generating $331.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
Cabot Corp. (CBT) reported an operating income of $621.0M, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Cabot Corp. (CBT) generated $940.0M in gross profit for the year, representing a gross profit margin of 25.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volume deleveraging and cyclical demand
Metrics are mathematically derived from official filings.
Revenue Contraction Persists Despite Beat
Based on Cabot's reported quarterly figures, revenue declined 7.0% year over year in the most recent period to roughly $1.0B, extending a multi-quarter softening trend that began in mid-2024 and has not yet reversed.
The reported figures suggest a sustained volume-driven contraction rather than a single-quarter anomaly, consistent with automotive destocking and softer replacement tire demand. Because part of the top line reflects pass-through feedstock pricing, some of the decline may be price-related rather than purely volume, which investors should separate before drawing conclusions about underlying demand. Continued sequential stabilization would be a more meaningful signal than the headline year-over-year figure.
Gross Margin Recovers From Compression Trough
As reported in financial statements, Cabot's gross margin rebounded to 20.2% in the latest quarter from 18.7% the prior quarter, though it remains well below the 24-26% range seen across much of 2025.
The reported figures appear to reflect the lagged effect of cost-plus contract pass-throughs, where feedstock cost changes flow into pricing with a delay that compresses margins during volatile periods. The pattern suggests pricing discipline is intact but that the cushion against input cost swings has thinned. Whether the recovery persists will depend on whether volume recovery restores fixed-cost absorption across the furnace fleet.
Operating Leverage Cuts Both Ways
Based on Cabot's reported figures, operating margin fell from roughly 15-17% in 2024 to 12.0% in the latest quarter, indicating that a modest revenue decline has translated into a disproportionately larger drop in operating income.
The compression in operating income relative to revenue points to high fixed costs in the furnace-intensive production base, where lower utilization magnifies the earnings impact. SG&A has remained relatively stable in dollar terms, suggesting overhead is not the primary driver and that the margin pressure is largely a function of volume and gross profit. Investors should monitor whether utilization recovers, as the same operating leverage that compressed margins would amplify a rebound.
Net Income Volatility Outpaces Operating Trend
As reported in financial statements, Cabot's net income of $6.0M in the Q3 2026 period fell sharply from $66.0M the following quarter, a far steeper move than the operating income change, warranting closer scrutiny of below-the-line items.
The gap between operating income of $98.0M and net income of $6.0M in that quarter is large enough to suggest significant non-operating charges, tax effects, or other items that are not captured in the operating figures. Because the reported data does not itemize these components, their nature and recurrence cannot be determined from the provided figures. Analysts should review the reconciliation to separate recurring from one-time items before extrapolating the bottom-line result.
Cyclical Recovery Thesis Faces Real Risk
Based on Cabot's reported figures, a bullish case depends on a volume rebound that the revenue trend has not yet confirmed, with net margin falling to 0.6% in one quarter despite an adjusted EPS beat.
The gap between adjusted EPS and reported net income suggests the earnings narrative may rely on adjustments that investors should scrutinize before accepting the beat as evidence of durable profitability. If revenue continues to contract while fixed furnace costs persist, operating margin could compress further than the current 12.0% level. Lowered forward guidance tone reinforces the possibility that near-term headwinds outlast the cyclical downturn.