Revenue growth remains inconsistent with a 1.4% year-over-year contraction in 2026Q1, while gross margins have compressed to 16.2% from the 20% levels observed in late 2023.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 524.73M | 526.52M | 523.85M | 509.79M | 489.74M | 470.25M | 487.27M | 668.21M | 700.85M | 659.81M | 594.74M | 797.52M | 1.09B | 1.07B | 981.08M | 907.65M | 794.65M | 695.54M | 780.84M | 670.54M | 575.69M | 483.47M | 427.43M | 405.64M | 364.75M | 376.57M | 336.1M | 303.7M | 286.2M | 214.9M | 105.4M |
| Revenue Growth % | 1.34% | 0.51% | 2.76% | 4.1% | 4.14% | -3.49% | -27.08% | -4.66% | 6.22% | 10.94% | -25.43% | -26.51% | 1.09% | 9.42% | 8.09% | 14.22% | 14.25% | -10.92% | 16.45% | 16.48% | 19.08% | 13.11% | 5.37% | 11.21% | -3.14% | 12.04% | 10.67% | 6.11% | 33.18% | 103.89% | 31.59% |
| Cost of Goods Sold | 431.12M | 432.24M | 435.48M | 415.74M | 410.82M | 386.41M | 385.14M | 495.58M | 520.05M | 499.18M | 469.52M | 560.11M | 691.97M | 688.44M | 644.74M | 593.37M | 513.79M | 457.77M | 514.78M | 449.19M | 407.1M | 368.12M | 336.39M | 326.92M | 301.31M | 293.31M | 268.65M | 245.4M | 220.5M | 170.5M | 84.7M |
| COGS % of Revenue | - | 82.09% | 83.13% | 81.55% | 83.89% | 82.17% | 79.04% | 74.17% | 74.2% | 75.66% | 78.94% | 70.23% | 63.76% | 64.13% | 65.72% | 65.37% | 64.66% | 65.81% | 65.93% | 66.99% | 70.72% | 76.14% | 78.7% | 80.59% | 82.61% | 77.89% | 79.93% | 80.8% | 77.04% | 79.34% | 80.36% |
| Gross Profit | 93.61M | 94.28M | 88.37M | 94.05M | 78.92M | 83.84M | 102.13M | 172.63M | 180.79M | 160.63M | 125.22M | 237.41M | 393.25M | 385.07M | 336.34M | 314.28M | 280.86M | 237.77M | 266.05M | 221.35M | 168.59M | 115.34M | 91.03M | 78.72M | 63.44M | 83.26M | 67.44M | 58.3M | 65.7M | 44.4M | 20.7M |
| Gross Margin % | 17.84% | 17.91% | 16.87% | 18.45% | 16.11% | 17.83% | 20.96% | 25.83% | 25.8% | 24.34% | 21.06% | 29.77% | 36.24% | 35.87% | 34.28% | 34.63% | 35.34% | 34.19% | 34.07% | 33.01% | 29.28% | 23.86% | 21.3% | 19.41% | 17.39% | 22.11% | 20.07% | 19.2% | 22.96% | 20.66% | 19.64% |
| Gross Profit Growth % | - | 6.69% | -6.04% | 19.17% | -5.87% | -17.9% | -40.84% | -4.52% | 12.55% | 28.27% | -47.25% | -39.63% | 2.13% | 14.49% | 7.02% | 11.9% | 18.12% | -10.63% | 20.2% | 31.29% | 46.16% | 26.7% | 15.65% | 24.08% | -23.81% | 23.46% | 15.68% | -11.26% | 47.97% | 114.49% | 30.19% |
| Operating Expenses | 41.06M | 45.43M | 29.82M | 39.41M | 37.4M | 38.58M | 178.93M | 75.95M | 62.91M | 47.74M | 39.39M | 49.73M | 45.66M | 51.99M | 43.19M | 63.52M | 53.94M | 50.99M | 60.19M | 37.5M | 45.03M | 54.41M | 44.52M | 45.4M | 42.68M | 43.71M | 32.76M | 31M | 24.9M | 17M | 8.2M |
| OpEx % of Revenue | - | 8.63% | 5.69% | 7.73% | 7.64% | 8.2% | 36.72% | 11.37% | 8.98% | 7.23% | 6.62% | 6.24% | 4.21% | 4.84% | 4.4% | 7% | 6.79% | 7.33% | 7.71% | 5.59% | 7.82% | 11.25% | 10.42% | 11.19% | 11.7% | 11.61% | 9.75% | 10.21% | 8.7% | 7.91% | 7.78% |
| Selling, General & Admin | 46.5M | 45.43M | 38.59M | 38.89M | 38.12M | 44.17M | 32.53M | 46.52M | 62.91M | 47.74M | 39.39M | 49.73M | 45.66M | 51.99M | 43.19M | 41.14M | 33.03M | 30.37M | 31.65M | 33.84M | 33.08M | 37.85M | 28.14M | 22.79M | 20.18M | 15.93M | 13.54M | 12.3M | 8.4M | 6M | 3.6M |
| SG&A % of Revenue | - | 8.63% | 7.37% | 7.63% | 7.78% | 9.39% | 6.68% | 6.96% | 8.98% | 7.23% | 6.62% | 6.24% | 4.21% | 4.84% | 4.4% | 4.53% | 4.16% | 4.37% | 4.05% | 5.05% | 5.75% | 7.83% | 6.58% | 5.62% | 5.53% | 4.23% | 4.03% | 4.05% | 2.94% | 2.79% | 3.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -8.78M | 515K | -722K | -5.59M | 146.4M | 29.43M | 0 | -452K | 344K | 0 | 0 | 338K | 0 | 22.38M | 20.91M | 20.62M | 28.54M | 3.66M | 11.95M | 16.57M | 16.38M | 22.61M | 22.5M | 27.78M | 19.22M | 18.7M | 16.5M | 11M | 4.6M |
| Operating Income | 52.55M | 48.85M | 58.56M | 54.64M | 41.52M | 45.26M | -76.81M | 96.68M | 118.62M | 112.44M | 86.18M | 161.07M | 346.53M | 333.42M | 297.28M | 250.75M | 226.93M | 186.78M | 206.71M | 183.85M | 123.56M | 60.93M | 46.51M | 33.32M | 20.76M | 36.58M | 34.69M | 27.3M | 40.8M | 27.4M | 12.5M |
| Operating Margin % | 10.01% | 9.28% | 11.18% | 10.72% | 8.48% | 9.63% | -15.76% | 14.47% | 16.93% | 17.04% | 14.49% | 20.2% | 31.93% | 31.06% | 30.3% | 27.63% | 28.56% | 26.85% | 26.47% | 27.42% | 21.46% | 12.6% | 10.88% | 8.21% | 5.69% | 9.71% | 10.32% | 8.99% | 14.26% | 12.75% | 11.86% |
| Operating Income Growth % | - | -16.57% | 7.17% | 31.59% | -8.26% | 158.93% | -179.44% | -18.49% | 5.5% | 30.47% | -46.5% | -53.52% | 3.93% | 12.16% | 18.55% | 10.5% | 21.49% | -9.64% | 12.44% | 48.8% | 102.78% | 31% | 39.6% | 60.51% | -43.25% | 5.45% | 27.05% | -33.09% | 48.91% | 119.2% | 23.76% |
| EBITDA | 70.96M | 63.5M | 73.51M | 70.42M | 58.69M | 63.78M | -55.94M | 119.29M | 141.71M | 136.96M | 113.05M | 188.53M | 373.23M | 358.89M | 320.2M | 274.06M | 250.19M | 211.11M | 228.49M | 203.32M | 141.25M | 77.99M | 63.91M | 56.85M | 40.85M | 59.11M | 53.9M | 46M | 57.3M | 38.4M | 17.1M |
| EBITDA Margin % | 13.52% | 12.06% | 14.03% | 13.81% | 11.98% | 13.56% | -11.48% | 17.85% | 20.22% | 20.76% | 19.01% | 23.64% | 34.39% | 33.43% | 32.64% | 30.19% | 31.48% | 30.35% | 29.26% | 30.32% | 24.54% | 16.13% | 14.95% | 14.02% | 11.2% | 15.7% | 16.04% | 15.15% | 20.02% | 17.87% | 16.22% |
| EBITDA Growth % | 2.5% | -13.61% | 4.38% | 20% | -7.99% | 214.02% | -146.89% | -15.82% | 3.46% | 21.15% | -40.03% | -49.49% | 3.99% | 12.08% | 16.84% | 9.54% | 18.51% | -7.61% | 12.38% | 43.95% | 81.11% | 22.03% | 12.41% | 39.16% | -30.89% | 9.66% | 17.18% | -19.72% | 49.22% | 124.56% | 29.55% |
| D&A (Non-Cash Add-back) | 18.41M | 14.65M | 14.95M | 15.78M | 17.16M | 18.52M | 20.87M | 22.61M | 23.09M | 24.52M | 26.87M | 27.46M | 26.7M | 25.47M | 22.92M | 23.3M | 23.27M | 24.33M | 21.77M | 19.48M | 17.69M | 17.06M | 17.4M | 23.54M | 20.1M | 22.54M | 19.22M | 18.7M | 16.5M | 11M | 4.6M |
| EBIT | 52.55M | 48.85M | 58.56M | 54.64M | 41.52M | 45.26M | 49.63M | 102.02M | 118.62M | 109.97M | 87.45M | 161.07M | 346.53M | 333.42M | 297.28M | 249.74M | 224.99M | 186.78M | 209.88M | 183.85M | 123.56M | 60.93M | 46.51M | 35.92M | 22.98M | 39.55M | 34.39M | 19.04M | 37.62M | 30.2M | 12.5M |
| Net Interest Income | -10.15M | -9.86M | -12.37M | -13.43M | -11.57M | -9.15M | -14.37M | -14.69M | -13.33M | -10.73M | -11.57M | -12.32M | -10.2M | -8.54M | -8.5M | -10.76M | -15.59M | -15.52M | -21.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56K | 403K | 776K | 319K | 138K | 249K | 0 | 848K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.15M | 9.86M | 12.37M | 13.43M | 11.57M | 9.15M | 14.37M | 14.69M | 13.33M | 10.73M | 11.57M | 12.38M | 10.6M | 9.32M | 8.82M | 10.9M | 15.84M | 15.52M | 6.43M | 0 | 0 | 0 | 0 | 7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.47M | -2.96M | -12.37M | -13.43M | -11.57M | -9.15M | -14.37M | -14.69M | -13.33M | -8.26M | -11.57M | -12.38M | -10.6M | -9.32M | -8.82M | -11.91M | -17.78M | -15.52M | 1.55M | -2.55M | -5.8M | -14.29M | -8.28M | -5.07M | -5.38M | -7.92M | -8.31M | -8.56M | -3.92M | -2.6M | -1.3M |
| Pretax Income | 43.08M | 45.9M | 46.19M | 41.21M | 29.95M | 36.11M | -91.18M | 81.99M | 105.29M | 101.71M | 74.61M | 148.69M | 335.93M | 324.1M | 288.46M | 238.84M | 209.15M | 171.26M | 208.6M | 181.3M | 117.75M | 46.64M | 38.24M | 25.62M | 13.15M | 28.66M | 27.36M | 5.1M | 33.7M | 22M | 11.4M |
| Pretax Margin % | 8.21% | 8.72% | 8.82% | 8.08% | 6.12% | 7.68% | -18.71% | 12.27% | 15.02% | 15.41% | 12.54% | 18.64% | 30.95% | 30.19% | 29.4% | 26.31% | 26.32% | 24.62% | 26.72% | 27.04% | 20.45% | 9.65% | 8.95% | 6.32% | 3.61% | 7.61% | 8.14% | 1.68% | 11.77% | 10.24% | 10.82% |
| Income Tax | 11.37M | 13.37M | 14.03M | 4.18M | 10.3M | 15.89M | 5.9M | -12.29M | 25.45M | 18.61M | 10.75M | 33.76M | 77.31M | 80.91M | 71.85M | 54.2M | 63.75M | 57.16M | 65M | 60.19M | 35.09M | 14.93M | 10.22M | 6.92M | 5.53M | 8.02M | 8.21M | 1.7M | 10.1M | 6.6M | 3.7M |
| Effective Tax Rate % | 26.4% | 29.13% | 30.39% | 10.16% | 34.37% | 44.01% | -6.47% | -14.99% | 24.17% | 18.3% | 14.41% | 22.7% | 23.01% | 24.96% | 24.91% | 22.69% | 30.48% | 33.38% | 31.16% | 33.2% | 29.8% | 32% | 26.72% | 27% | 42% | 28% | 30% | 33.33% | 29.97% | 30% | 32.46% |
| Net Income | 31.17M | 31.8M | 31.4M | 36.67M | 19.45M | 19.73M | -97.64M | 101.98M | 79.53M | 83.13M | 63.9M | 114.85M | 257.49M | 242.81M | 216.07M | 184.68M | 144.92M | 113.6M | 143.6M | 121.11M | 82.66M | 31.21M | 12.29M | 18.7M | -9.06M | 20.63M | 19.15M | 3.4M | 20M | 15.4M | 7.7M |
| Net Margin % | 5.94% | 6.04% | 5.99% | 7.19% | 3.97% | 4.2% | -20.04% | 15.26% | 11.35% | 12.6% | 10.74% | 14.4% | 23.73% | 22.62% | 22.02% | 20.35% | 18.24% | 16.33% | 18.39% | 18.06% | 14.36% | 6.46% | 2.88% | 4.61% | -2.48% | 5.48% | 5.7% | 1.12% | 6.99% | 7.17% | 7.31% |
| Net Income Growth % | 11.21% | 1.28% | -14.38% | 88.53% | -1.39% | 120.2% | -195.74% | 28.24% | -4.33% | 30.1% | -44.37% | -55.4% | 6.04% | 12.38% | 16.99% | 27.44% | 27.56% | -20.89% | 18.58% | 46.51% | 164.85% | 153.95% | -34.28% | 306.36% | -143.92% | 7.73% | 463.29% | -83% | 29.87% | 100% | 83.33% |
| Net Income (Continuing) | 31.7M | 32.52M | 32.15M | 37.02M | 19.66M | 20.16M | -97.07M | 94.28M | 79.85M | 80.98M | 65.02M | 114.55M | 258.63M | 243.02M | 215.97M | 184.64M | 145.4M | 114.09M | 131.51M | 121.11M | 82.66M | 31.72M | 28.02M | 20.79M | 9.59M | 20.63M | 17.83M | 2.2M | 21.19M | 15.8M | 6.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -424K | 7.83M | 0 | 2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 5.75M | 4.99M | 4.7M | 4.55M | 4.06M | 4.28M | 4.14M | 3.89M | 3.94M | 5.37M | 6.42M | 6.07M | 5.68M | 3.75M | 2.85M | 2.39M | 2.16M | 1.49M | 1.45M | 1.06M | 1.07M | 1.07M | 344K | 815K | 1.89M | 1.3M | 1.1M | 1.2M | 200K |
| EPS (Diluted) | 0.68 | 0.68 | 0.66 | 0.77 | 0.42 | 0.42 | -2.16 | 2.10 | 1.79 | 1.88 | 1.45 | 2.68 | 5.77 | 5.28 | 4.54 | 3.82 | 3.00 | 2.43 | 2.74 | 2.48 | 1.54 | 0.56 | 0.22 | 0.30 | -0.14 | 0.30 | 0.27 | 0.04 | 0.29 | 0.30 | 0.17 |
| EPS Growth % | 8.93% | 3.03% | -14.29% | 83.33% | 0% | 119.44% | -202.86% | 17.32% | -4.79% | 29.66% | -45.9% | -53.55% | 9.28% | 16.3% | 18.85% | 27.33% | 23.46% | -11.31% | 10.48% | 61.04% | 175% | 154.55% | -26.67% | 314.29% | -146.67% | 11.11% | 671.43% | -87.93% | -3.33% | 76.47% | 54.55% |
| EPS (Basic) | - | 0.68 | 0.67 | 0.79 | 0.42 | 0.43 | -2.18 | 2.11 | 1.80 | 1.88 | 1.45 | 2.71 | 5.90 | 5.38 | 4.66 | 3.99 | 3.23 | 2.47 | 2.85 | 2.58 | 1.65 | 0.60 | 0.23 | 0.31 | -0.14 | 0.31 | 0.28 | 0.04 | 0.30 | 0.31 | 0.18 |
| Diluted Shares Outstanding | 46.07M | 46.5M | 47.69M | 47.52M | 46.81M | 46.69M | 44.97M | 44.65M | 44.47M | 44.26M | 44.15M | 42.91M | 44.6M | 45.99M | 47.55M | 48.39M | 48.24M | 46.66M | 47.89M | 48.82M | 53.78M | 56.02M | 57.52M | 62.36M | 66.35M | 68.54M | 67.08M | 64.89M | 60.5M | 52M | 44.71M |
| Basic Shares Outstanding | 46.07M | 46.5M | 46.9M | 46.68M | 46.33M | 46.01M | 44.48M | 44.36M | 44.21M | 44.15M | 43.48M | 42.38M | 43.64M | 45.1M | 46.35M | 46.29M | 44.83M | 45.94M | 46.02M | 47.07M | 50.31M | 52.08M | 53.79M | 60.42M | 66.35M | 66.15M | 64.78M | 62.9M | 58.45M | 50.32M | 43.43M |
| Dividend Payout Ratio | - | 5.88% | 5.97% | 5.09% | 9.53% | 9.3% | - | 95.68% | 122.29% | 116.86% | 148.91% | 82.05% | 34.6% | 24.15% | 24.51% | 24.92% | 27.46% | 23.25% | 19.25% | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Revenue Volatility
As reported in recent financial filings, Core Laboratories experienced a 1.4% year-over-year revenue contraction in 2026Q1, highlighting the persistent difficulty in sustaining top-line expansion amidst a volatile energy services environment where quarterly growth rates have fluctuated between a 4.7% decline and a 7.2% increase.
The revenue trajectory appears highly sensitive to the timing of international project cycles and North American completion activity. Investors should monitor whether the recent negative growth in 2026Q1 signals a broader deceleration or merely a temporary lull in project-based revenue recognition.
Based on the provided income statement data, Core Laboratories' gross margin reached 16.2% in 2026Q1, reflecting a persistent struggle to maintain profitability levels above the 20% threshold observed in late 2023, suggesting that labor and operational costs continue to weigh heavily on the company's core service offerings.
The compression in gross margins suggests that the company's specialized laboratory services are not immune to inflationary pressures on technical labor. This margin profile warrants further investigation into whether the firm possesses sufficient pricing power to offset rising costs in a competitive global oilfield services market.
According to the latest quarterly data, operating income plummeted to $1.9 million in 2026Q1 from $14.4 million in 2025Q4, demonstrating that the company's high fixed-cost structure prevents meaningful operating leverage when revenue experiences even minor sequential declines, leaving the bottom line vulnerable to operational volatility.
The sharp drop in operating margins from 10.4% to 1.5% in a single quarter indicates that the firm lacks the necessary scale to absorb revenue fluctuations without significant earnings impact. This suggests that management's expense discipline may be insufficient to protect profitability during periods of cyclical demand contraction.
As indicated by the reported figures, Core Laboratories recorded $5.0 million in stock-based compensation during 2026Q1, a significant expense that contributed to a net loss of $789,000 and complicates the assessment of true operational profitability when compared to periods with lower or negative stock-based compensation charges.
The volatility in stock-based compensation suggests that reported net income may not accurately reflect the underlying cash-generating capability of the business. Investors should be cautious of these non-cash items, as they appear to mask the true economic cost of retaining the specialized talent required for the firm's operations.
While the company is often characterized as asset-light, the income statement data reveals that operating margins are highly sensitive to revenue shifts, suggesting that the firm's reliance on specialized human capital creates a fixed-cost burden that functions similarly to heavy industrial assets during market downturns.
The counter-argument to the bull case is that Core Laboratories cannot easily scale down its laboratory operations without eroding its competitive moat. This implies that the company's earnings quality may be more fragile than the market anticipates, particularly if international offshore demand fails to materialize as expected.
Quick answers to the most common questions about buying CLB stock.
For fiscal year 2025, Core Laboratories N.V. (CLB) reported total revenue of $526.5M. This represents a 399.5% increase compared to $105.4M in 1996.
Core Laboratories N.V. (CLB) is profitable, generating $31.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
Core Laboratories N.V. (CLB) reported an operating income of $48.9M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Core Laboratories N.V. (CLB) generated $94.3M in gross profit for the year, representing a gross profit margin of 17.9%. This demonstrates the company's core pricing power and production efficiency.