Revenue is flat with 2026Q2 growth of 4.1% YoY, while gross margin holds at 80.0% and operating margin has compressed from 45.6% to 40.3% over the past year due to rising SG&A.
Consensus Cloud Solutions, Inc. (CCSI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 357.9M | 349.7M | 350.38M | 362.56M | 362.42M | 352.66M | 331.17M | 322.56M |
| Revenue Growth % | 2.37% | -0.2% | -3.36% | 0.04% | 2.77% | 6.49% | 2.67% | - |
| Cost of Goods Sold | 71.65M | 70.6M | 69.69M | 68.32M | 61.95M | 58M | 53.38M | 49.99M |
| COGS % of Revenue | - | 20.19% | 19.89% | 18.84% | 17.09% | 16.45% | 16.12% | 15.5% |
| Gross Profit | 286.25M | 279.1M | 280.69M | 294.24M | 300.47M | 294.66M | 277.79M | 272.57M |
| Gross Margin % | 79.98% | 79.81% | 80.11% | 81.16% | 82.91% | 83.55% | 83.88% | 84.5% |
| Gross Profit Growth % | - | -0.57% | -4.6% | -2.07% | 1.97% | 6.07% | 1.92% | - |
| Operating Expenses | 140.35M | 128.86M | 131.29M | 147.01M | 148.55M | 119.53M | 81.11M | 82.74M |
| OpEx % of Revenue | - | 36.85% | 37.47% | 40.55% | 40.99% | 33.89% | 24.49% | 25.65% |
| Selling, General & Admin | 131.42M | 121.39M | 123.61M | 139.29M | 138.53M | 111.88M | 73.97M | 73M |
| SG&A % of Revenue | - | 34.71% | 35.28% | 38.42% | 38.22% | 31.72% | 22.34% | 22.63% |
| Research & Development | 8.93M | 7.46M | 7.68M | 7.73M | 10.02M | 7.65M | 7.15M | 9.74M |
| R&D % of Revenue | - | 2.13% | 2.19% | 2.13% | 2.76% | 2.17% | 2.16% | 3.02% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 145.9M | 150.24M | 149.4M | 147.23M | 151.92M | 175.14M | 196.68M | 189.83M |
| Operating Margin % | 40.77% | 42.96% | 42.64% | 40.61% | 41.92% | 49.66% | 59.39% | 58.85% |
| Operating Income Growth % | - | 0.56% | 1.47% | -3.09% | -13.26% | -10.95% | 3.61% | - |
| EBITDA | 161.06M | 168.97M | 169.92M | 164.65M | 167.22M | 226.95M | 276.43M | 270.8M |
| EBITDA Margin % | 45% | 48.32% | 48.49% | 45.41% | 46.14% | 64.35% | 83.47% | 83.95% |
| EBITDA Growth % | -3.97% | -0.56% | 3.2% | -1.54% | -26.32% | -17.9% | 2.08% | - |
| D&A (Non-Cash Add-back) | 15.16M | 18.73M | 20.52M | 17.42M | 15.3M | 51.81M | 79.75M | 80.97M |
| EBIT | 120.09M | 149.54M | 156.22M | 148.53M | 150.34M | 175.36M | 228.24M | 232.99M |
| Net Interest Income | -22.49M | -33.01M | -31.43M | -41.65M | -51.42M | -14.21M | -75.79M | -42.66M |
| Interest Income | 3.15M | 2.52M | 2.55M | 3.71M | 0 | 60K | 0 | 797K |
| Interest Expense | 16.25M | 35.53M | 33.98M | 45.37M | 51.42M | 14.27M | 75.79M | 43.46M |
| Other Income/Expense | -22.29M | -36.23M | -27.16M | -44.06M | -53.01M | -14.05M | -44.22M | -44.08M |
| Pretax Income | 123.61M | 114.01M | 122.25M | 103.16M | 98.91M | 161.08M | 152.46M | 145.75M |
| Pretax Margin % | 34.54% | 32.6% | 34.89% | 28.45% | 27.29% | 45.68% | 46.04% | 45.18% |
| Income Tax | 29.07M | 29.48M | 32.81M | 25.87M | 26.2M | 39.91M | 30.04M | -33.14M |
| Effective Tax Rate % | 23.52% | 25.86% | 26.84% | 25.08% | 26.49% | 24.78% | 19.71% | -22.74% |
| Net Income | 94.54M | 84.53M | 89.44M | 77.24M | 72.71M | 109M | 152.91M | 212.97M |
| Net Margin % | 26.42% | 24.17% | 25.52% | 21.3% | 20.06% | 30.91% | 46.17% | 66.02% |
| Net Income Growth % | 15.16% | -5.49% | 15.79% | 6.22% | -33.29% | -28.72% | -28.2% | - |
| Net Income (Continuing) | 94.54M | 84.53M | 89.44M | 77.3M | 72.71M | 121.17M | 122.41M | 178.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -12.17M | 30.5M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.96 | 4.35 | 4.61 | 3.94 | 3.62 | 6.53 | 6.77 | 10.62 |
| EPS Growth % | 17.34% | -5.64% | 17.01% | 8.84% | -44.56% | -3.55% | -36.25% | - |
| EPS (Basic) | - | 4.39 | 4.64 | 3.94 | 3.65 | 6.53 | 6.77 | 10.62 |
| Diluted Shares Outstanding | 19.06M | 19.45M | 19.38M | 19.6M | 19.95M | 19.98M | 20.06M | 20.06M |
| Basic Shares Outstanding | 18.13M | 19.25M | 19.29M | 19.58M | 19.86M | 19.98M | 20.06M | 20.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CCSI stock.
For fiscal year 2025, Consensus Cloud Solutions, Inc. (CCSI) reported total revenue of $349.7M. This represents a 8.4% increase compared to $322.6M in 2019.
Consensus Cloud Solutions, Inc. (CCSI) is profitable, generating $84.5M in net income for the fiscal year ending 2025 with a net profit margin of 24.2%.
Consensus Cloud Solutions, Inc. (CCSI) reported an operating income of $150.2M, resulting in an operating profit margin of 43.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Consensus Cloud Solutions, Inc. (CCSI) generated $279.1M in gross profit for the year, representing a gross profit margin of 79.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory shift to API exchange
Metrics are mathematically derived from official filings.
Flat Revenue, Corporate Reacceleration
Revenue growth has been essentially flat over the past year, with 2026Q2 showing 4.1% YoY growth, the strongest since 2024Q1, driven by corporate channel gains per management commentary.
The 4.1% YoY growth in 2026Q2 marks a notable acceleration from the -0.2% average of the prior four quarters, suggesting that enterprise gains are finally offsetting SoHo attrition. However, the absolute revenue level remains within a narrow band of $87M-$91M, indicating that the business is still in a transition phase. The durability of this growth depends on whether corporate momentum can be sustained, as the SoHo segment's improvement is described as 'meaningful' but not yet proven.
Gross Margin Stability Amid Cost Pressures
Gross margin has remained remarkably stable at approximately 80% over the last ten quarters, with 2026Q2 at 80.0%, reflecting the low variable cost structure of the fax infrastructure.
The consistency of gross margin around 80% underscores the high fixed-cost nature of the business, where incremental revenue adds minimal cost. However, the slight dip from 80.9% in 2026Q1 to 80.0% in 2026Q2 may indicate modest input cost increases or a shift in revenue mix. Given the regulatory and technological risks, investors should monitor whether any future compliance mandates could force higher variable costs, potentially compressing this margin.
Operating Leverage Fading as SG&A Rises
Operating margin has declined from 45.6% in 2024Q2 to 40.3% in 2026Q2, as SG&A expenses grew 15.7% YoY while revenue grew only 4.1%, indicating negative operating leverage.
The 40.3% operating margin in 2026Q2 is the lowest in the ten-quarter period, driven by a $4.6M increase in SG&A compared to the prior year quarter. This suggests that the company is investing more in sales and marketing to drive corporate growth, but the revenue response has not yet scaled proportionally. If SG&A continues to outpace revenue, operating margins could face further compression, though the maintained guidance implies management expects this to be temporary.
EPS Growth Boosted by Tax and SBC
Net income grew 33.6% YoY in 2026Q2, but EPS growth was amplified by a lower effective tax rate and stock-based compensation of $5.8M, which may overstate underlying earnings quality.
The 33.6% EPS growth in 2026Q2 is partly attributable to a tax benefit, as net income margin expanded to 30.0% from 23.7% a year ago, despite operating margin declining. Additionally, SBC of $5.8M represents 21.2% of net income, which is a significant non-cash expense that investors should add back when assessing true cash earnings. The high ROE of 613.7% is a function of a thin equity base, amplifying the impact of any earnings variance.
R&D Ramp Signals AI Investment
R&D spending increased 41.2% YoY in 2026Q2 to $2.4M, while SG&A rose 15.7%, indicating a deliberate push into AI-driven products like Clarity, which may pressure near-term margins.
The R&D increase is the most notable cost trend, rising from $1.7M in 2025Q2 to $2.4M in 2026Q2, though it remains a small portion of revenue at 2.6%. This investment is likely directed toward the Clarity AI platform, which management hopes will offset the decline in legacy fax volumes. However, the absolute dollar increase is modest, and the company's ability to convert this spending into revenue growth remains unproven.
Margin Compression and Regulatory Threat
The EPS miss in 2026Q2, combined with rising SG&A and a flat revenue base, suggests that the company may be losing pricing power, while TEFCA compliance could accelerate the obsolescence of fax.
Short-sellers would argue that the 40.3% operating margin is a sign of structural decline, as the company spends more to defend a shrinking legacy business. The regulatory push toward API-based exchange under TEFCA poses an existential threat to the core fax transmission model, and the company's pivot to Clarity is still nascent. With debt-to-equity at 42.14%, any prolonged margin compression could strain the balance sheet, limiting the ability to invest in the transition.