Revenue reached $243.8M in 2026Q3 (+33.7% YoY) with operating income of $45.5M (18.6% margin), but gross margin's 1,070 bp sequential swing from 48.7% to 38.0% signals input-cost volatility rather than stable pricing power.
The Vita Coco Company, Inc. (COCO) 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 | 767.53M | 609.78M | 516.01M | 493.61M | 427.79M | 379.51M | 310.64M | 283.95M |
| Revenue Growth % | 25.97% | 18.17% | 4.54% | 15.39% | 12.72% | 22.17% | 9.4% | - |
| Cost of Goods Sold | 454.06M | 388.26M | 317.23M | 313.54M | 324.43M | 266.37M | 205.79M | 190.96M |
| COGS % of Revenue | - | 63.67% | 61.48% | 63.52% | 75.84% | 70.19% | 66.25% | 67.25% |
| Gross Profit | 313.47M | 221.52M | 198.78M | 180.07M | 103.36M | 113.15M | 104.86M | 92.99M |
| Gross Margin % | 40.84% | 36.33% | 38.52% | 36.48% | 24.16% | 29.81% | 33.76% | 32.75% |
| Gross Profit Growth % | - | 11.44% | 10.39% | 74.21% | -8.65% | 7.91% | 12.77% | - |
| Operating Expenses | 161.1M | 138.85M | 124.96M | 123.58M | 100.31M | 88.56M | 58M | 79.62M |
| OpEx % of Revenue | - | 22.77% | 24.22% | 25.04% | 23.45% | 23.33% | 18.67% | 28.04% |
| Selling, General & Admin | 161.1M | 138.45M | 124.96M | 123.16M | 91.21M | 86.86M | 72.87M | 77.04M |
| SG&A % of Revenue | - | 22.71% | 24.22% | 24.95% | 21.32% | 22.89% | 23.46% | 27.13% |
| Research & Development | 0 | 399K | 398K | 418K | 541K | 477K | 313K | 642K |
| R&D % of Revenue | - | 0.07% | 0.08% | 0.08% | 0.13% | 0.13% | 0.1% | 0.23% |
| Other Operating Expenses | 0 | 0 | -398K | 0 | 8.55M | 1.22M | -15.18M | 1.94M |
| Operating Income | 152.37M | 82.67M | 73.82M | 56.49M | 3.06M | 24.59M | 46.86M | 13.37M |
| Operating Margin % | 19.85% | 13.56% | 14.31% | 11.44% | 0.71% | 6.48% | 15.08% | 4.71% |
| Operating Income Growth % | - | 11.99% | 30.67% | 1749.2% | -87.58% | -47.52% | 250.44% | - |
| EBITDA | 155.26M | 83.74M | 74.56M | 57.15M | 4.96M | 26.66M | 48.98M | 15.45M |
| EBITDA Margin % | 20.23% | 13.73% | 14.45% | 11.58% | 1.16% | 7.02% | 15.77% | 5.44% |
| EBITDA Growth % | 100.43% | 12.31% | 30.47% | 1053.21% | -81.41% | -45.58% | 216.97% | - |
| D&A (Non-Cash Add-back) | 2.89M | 1.07M | 745K | 660K | 1.9M | 2.07M | 2.13M | 2.08M |
| EBIT | 155.19M | 92.97M | 70.79M | 57.95M | 10.39M | 24.59M | 30.46M | 14.07M |
| Net Interest Income | 7.03M | 6.55M | 6.71M | 2.55M | -207K | -233K | -387K | -938K |
| Interest Income | 7.03M | 6.55M | 6.71M | 2.58M | 51K | 127K | 404K | 225K |
| Interest Expense | 0 | 0 | 0 | 31K | 258K | 360K | 791K | 1.16M |
| Other Income/Expense | 2.82M | 10.3M | -3.03M | 1.43M | 7.79M | -360K | -3.26M | -1.97M |
| Pretax Income | 155.19M | 92.97M | 70.79M | 57.92M | 10.84M | 24.23M | 43.6M | 11.4M |
| Pretax Margin % | 20.22% | 15.25% | 13.72% | 11.73% | 2.53% | 6.38% | 14.04% | 4.02% |
| Income Tax | 34.72M | 21.65M | 14.84M | 11.29M | 3.03M | 5.24M | 10.91M | 1.98M |
| Effective Tax Rate % | 22.37% | 23.29% | 20.96% | 19.49% | 27.92% | 21.61% | 25.03% | 17.36% |
| Net Income | 120.47M | 71.32M | 55.95M | 46.63M | 7.81M | 19.02M | 32.66M | 9.42M |
| Net Margin % | 15.7% | 11.7% | 10.84% | 9.45% | 1.83% | 5.01% | 10.51% | 3.32% |
| Net Income Growth % | 74.18% | 27.47% | 19.99% | 496.74% | -58.91% | -41.78% | 246.82% | - |
| Net Income (Continuing) | 120.47M | 71.32M | 55.95M | 46.63M | 7.81M | 18.99M | 32.69M | 9.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 78K | 46K |
| EPS (Diluted) | 1.98 | 1.19 | 0.94 | 0.79 | 0.14 | 0.34 | 0.59 | 0.17 |
| EPS Growth % | 73.74% | 26.6% | 18.99% | 464.29% | -58.82% | -42.37% | 247.06% | - |
| EPS (Basic) | - | 1.25 | 0.99 | 0.83 | 0.14 | 0.34 | 0.59 | 0.17 |
| Diluted Shares Outstanding | 60.83M | 59.97M | 59.29M | 58.75M | 56.12M | 55.56M | 55.5M | 55.5M |
| Basic Shares Outstanding | 57.45M | 56.91M | 56.73M | 56.43M | 55.73M | 55.56M | 55.5M | 55.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying COCO stock.
For fiscal year 2025, The Vita Coco Company, Inc. (COCO) reported total revenue of $609.8M. This represents a 114.7% increase compared to $283.9M in 2019.
The Vita Coco Company, Inc. (COCO) is profitable, generating $71.3M in net income for the fiscal year ending 2025 with a net profit margin of 11.7%.
The Vita Coco Company, Inc. (COCO) reported an operating income of $82.7M, resulting in an operating profit margin of 13.6%. This margin reflects the operational efficiency of the business before interest and taxes.
The Vita Coco Company, Inc. (COCO) generated $221.5M in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin reversal from freight normalization
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates Sharply
Revenue growth has inflected from near-stagnation in mid-2024 to a 33.7% year-over-year increase in 2026Q3 at $243.8M, marking four consecutive quarters above 28% growth and the strongest top-line trajectory in the reported history. This appears driven by both branded momentum and private label distribution gains, per recent earnings commentary.
The trajectory shift is material: growth moved from -3.7% in 2024Q3 to 37.3% in 2026Q1 and has held above 28% since, suggesting the acceleration is structural rather than a one-quarter artifact. The concurrent strength in branded retail velocity and private label shipments indicates the company is capturing share at both the premium and value ends of the category, which investors should view as a durable, if competitively contested, position.
Gross Margin Volatility Masks Underlying Compression
Gross margin swung from 48.7% in 2026Q2 to 38.0% in 2026Q3, a 1,070 basis point sequential decline, and the ten-quarter range spans 32.5% to 48.7%, indicating the margin line is highly sensitive to input and freight cost fluctuations rather than reflecting stable pricing power. This pattern warrants close monitoring.
The 48.7% Q2 print appears to be an outlier likely benefiting from unusually favorable freight and input costs, and its reversal in Q3 supports the view that structural gross margins settle nearer the 36-39% band observed across most of the period. Given the company's reliance on trans-Pacific logistics, gross margin durability is fundamentally a bet on shipping rate stability, which suggests the reported expansion should be treated as cyclical rather than a permanent step-up in unit economics.
Operating Leverage Now Evident in SG&A Discipline
SG&A rose only 28.9% year-over-year to $47.2M in 2026Q3 against 33.7% revenue growth, while operating income expanded from $20.6M in 2024Q3 to $45.5M over the same period, implying genuine overhead leverage as the brand scales. Operating margin has nearly doubled from 15.5% to 18.6% through the cycle.
The leverage is most visible in the trajectory from 2025Q1's 14.7% operating margin through 2026Q2's 29.2% peak, evidencing that a meaningful portion of the cost base is fixed and scales favorably with volume. The Q3 normalization to 18.6% appears to reflect gross margin reversal rather than SG&A discipline failure, implying that future operating margin is likely tethered more to freight conditions than to internal efficiency gains.
Stock Compensation Erodes Earnings Quality
Stock-based compensation reached $4.6M in 2026Q1, representing approximately 15% of the $30.5M net income for the quarter, and cumulative SBC over the last four quarters approaches $13.9M, a meaningful non-cash charge that dilutes reported profitability. The Q2 EPS of $0.82, up 115.8% year-over-year, appears inflated by abnormally high gross margins.
While SBC is non-cash and excluded from adjusted metrics, its steady upward drift alongside revenue growth suggests equity-funded compensation is becoming a larger share of the cost structure, which investors should net against headline EPS to gauge true per-unit economic value creation. The magnitude of the Q2 EPS beat versus the Q3 normalization further suggests the earnings stream remains lumpy and sensitive to input cost timing, calling into question the durability of the most recent guidance raise.
Margin Tailwinds May Reverse With Freight Cycle
The strongest argument against the current earnings narrative is that the 2026 margin expansion, particularly the 48.7% gross margin print in Q2, appears largely attributable to favorable ocean freight conditions rather than pricing power or mix shift, and the immediate 1,070 basis point reversal in Q3 supports this concern. Elevated private label mix adds further pressure.
A short-seller would focus on the fact that the 29.2% operating margin achieved in 2026Q2 has already proven non-reproducible, falling back to 18.6% in the very next quarter, while the accelerating revenue growth includes lower-margin private label volume that could structurally dilute profitability over time. Additionally, with R&D essentially negligible (one quarter showed $398K), the company has limited visible investment in product diversification that would insulate it from coconut water category fatigue or shipping lane shocks, leaving earnings highly levered to a single macro variable. Investors should monitor whether the reported margin profile can hold if trans-Pacific freight rates re-inflate.