Profitability remains under severe pressure, evidenced by a 2026Q3 operating margin of -29.0% and a net loss of $411.4 million, reflecting significant challenges in scaling operations.
Coty Inc. (COTY) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 |
|---|
| Sales/Revenue | 5.78B | 5.81B | 5.89B | 6.12B | 5.55B | 5.3B | 4.63B | 4.72B | 8.65B | 9.4B | 7.65B | 4.35B | 4.4B | 4.55B | 4.65B | 4.61B | 4.09B |
| Revenue Growth % | -0.24% | -1.46% | -3.68% | 10.15% | 4.71% | 14.57% | -1.86% | -45.45% | -7.98% | 22.84% | 75.91% | -1.05% | -3.44% | -2.1% | 0.82% | 12.85% | - |
| Cost of Goods Sold | 2.39B | 2.15B | 2.07B | 2.18B | 2.01B | 1.92B | 1.85B | 1.98B | 3.31B | 3.61B | 3.03B | 1.75B | 1.76B | 1.87B | 1.86B | 1.82B | 1.64B |
| COGS % of Revenue | - | 37.11% | 35.16% | 35.61% | 36.12% | 36.26% | 40.03% | 41.9% | 38.23% | 38.4% | 39.59% | 40.15% | 39.98% | 40.99% | 40.01% | 39.55% | 40.14% |
| Gross Profit | 3.4B | 3.65B | 3.82B | 3.94B | 3.55B | 3.38B | 2.78B | 2.74B | 5.34B | 5.79B | 4.62B | 2.6B | 2.64B | 2.69B | 2.79B | 2.79B | 2.45B |
| Gross Margin % | 58.76% | 62.89% | 64.84% | 64.39% | 63.88% | 63.74% | 59.97% | 58.1% | 61.77% | 61.6% | 60.41% | 59.85% | 60.02% | 59.01% | 59.99% | 60.45% | 59.86% |
| Gross Profit Growth % | - | -4.42% | -3% | 11.02% | 4.94% | 21.78% | 1.29% | -48.69% | -7.73% | 25.27% | 77.55% | -1.33% | -1.78% | -3.69% | 0.05% | 13.95% | - |
| Operating Expenses | 3.12B | 3.73B | 3.58B | 3.39B | 3B | 3.14B | 2.83B | 3.98B | 4.92B | 5.36B | 4.34B | 2.11B | 2.14B | 2.31B | 2.37B | 2.4B | 2.11B |
| OpEx % of Revenue | - | 64.3% | 60.75% | 55.45% | 54.1% | 59.2% | 61.02% | 84.31% | 56.86% | 57.06% | 56.67% | 48.45% | 48.71% | 50.66% | 51.06% | 52.04% | 51.73% |
| Selling, General & Admin | 3.09B | 3.11B | 3.1B | 3.16B | 2.82B | 2.83B | 2.37B | 2.91B | 4.56B | 5.01B | 4.06B | 2.03B | 2.07B | 2.22B | 2.28B | 2.3B | 2.03B |
| SG&A % of Revenue | - | 53.52% | 52.68% | 51.7% | 50.74% | 53.43% | 51.1% | 61.66% | 52.77% | 53.3% | 53.07% | 46.63% | 47.01% | 48.78% | 49.12% | 49.86% | 49.78% |
| Research & Development | 0 | 0 | 123M | 126.8M | 105.2M | 97.3M | 96.5M | 93.4M | 98.5M | 174.6M | 139.2M | 47.7M | 47.4M | 46.5M | 44.6M | 0 | 0 |
| R&D % of Revenue | - | - | 2.09% | 2.07% | 1.89% | 1.83% | 2.08% | 1.98% | 1.14% | 1.86% | 1.82% | 1.1% | 1.08% | 1.02% | 0.96% | - | - |
| Other Operating Expenses | 1000K | 625.6M | 352.7M | 102.8M | 81.1M | 209.1M | 362.5M | 975.4M | 353.5M | -38M | -1.6M | -30.4M | 74.7M | -1.3M | 800K | 3.5M | 79.6M |
| Operating Income | 276M | -81.5M | 241.1M | 546.7M | 543.7M | 240.9M | -48.6M | -1.24B | 393.7M | 161.2M | -437.8M | 254.2M | 395.1M | 25.7M | 394.4M | -209.5M | 280.9M |
| Operating Margin % | 4.77% | -1.4% | 4.09% | 8.94% | 9.79% | 4.54% | -1.05% | -26.21% | 4.55% | 1.72% | -5.72% | 5.84% | 8.99% | 0.56% | 8.48% | -4.54% | 6.87% |
| Operating Income Growth % | - | -133.8% | -55.9% | 0.55% | 125.7% | 595.68% | 96.07% | -414.07% | 144.23% | 136.82% | -272.23% | -35.66% | 1437.35% | -93.48% | 288.26% | -174.58% | - |
| EBITDA | 750.6M | 400.7M | 661.1M | 967.8M | 970.4M | 757.3M | 536.7M | -520M | 1.13B | 898.2M | 117.3M | 486.2M | 626M | 276.4M | 654M | 36.5M | 494.3M |
| EBITDA Margin % | 12.98% | 6.9% | 11.22% | 15.82% | 17.47% | 14.28% | 11.59% | -11.02% | 13.06% | 9.56% | 1.53% | 11.18% | 14.24% | 6.07% | 14.07% | 0.79% | 12.1% |
| EBITDA Growth % | 25.39% | -39.39% | -31.69% | -0.27% | 28.14% | 41.1% | 203.21% | -146.03% | 25.77% | 665.73% | -75.87% | -22.33% | 126.48% | -57.74% | 1691.78% | -92.62% | - |
| D&A (Non-Cash Add-back) | 474.6M | 482.2M | 420M | 421.1M | 426.7M | 516.4M | 585.3M | 716.5M | 736M | 737M | 555.1M | 232M | 230.9M | 250.7M | 259.6M | 246M | 213.4M |
| EBIT | -370.3M | -455M | 529.9M | 582.9M | 538.2M | 339.9M | 159.2M | -400.8M | -3.69B | -171.8M | -438.4M | 251.7M | 304.7M | 25.7M | 395.9M | -249.3M | 260.7M |
| Net Interest Income | -175.4M | -155.2M | -210.4M | -235.5M | -245.7M | -234M | -228.3M | -227.9M | -232.8M | -209.1M | -215.2M | -108.8M | -68M | -65.7M | -73.9M | -83.8M | -78M |
| Interest Income | 14.3M | 0 | 16.6M | 16.1M | 15.4M | 7.2M | 3.5M | 5.4M | 19.2M | 13.6M | 4.4M | 4.1M | 3.4M | 4.1M | 3.9M | 6.4M | 3.3M |
| Interest Expense | 189.7M | 155.2M | 227M | 251.6M | 261.1M | 241.2M | 231.8M | 233.3M | 252M | 222.7M | 218.6M | 112.9M | 71.4M | 69.8M | 77.8M | 85.5M | 77.8M |
| Other Income/Expense | -835.9M | -528.7M | -585.9M | -342.2M | 161.1M | 185.9M | -191.2M | 524.3M | -473.9M | -313.7M | -237.1M | -115.4M | -161.8M | -69.8M | -75.7M | -718.9M | -95.9M |
| Pretax Income | -559.9M | -610.2M | -344.8M | 204.5M | 704.8M | 426.8M | -239.8M | -712.2M | -3.78B | -152.5M | -658M | 138.8M | 233.3M | -44.1M | 318.7M | -331.1M | 185M |
| Pretax Margin % | -9.68% | -10.51% | -5.85% | 3.34% | 12.69% | 8.05% | -5.18% | -15.1% | -43.69% | -1.62% | -8.6% | 3.19% | 5.31% | -0.97% | 6.86% | -7.18% | 4.53% |
| Income Tax | -8.1M | -20M | 5.4M | 95.1M | 181.6M | 164.8M | -172M | 377.7M | -8.5M | -24.7M | -259.5M | -40.4M | -26.1M | 20.1M | 116.8M | -37.8M | 95.1M |
| Effective Tax Rate % | 1.45% | 3.28% | -1.57% | 46.5% | 25.77% | 38.61% | 71.73% | -53.03% | 0.22% | 16.2% | 39.44% | -29.11% | -11.19% | -45.58% | 36.65% | 11.42% | 51.41% |
| Net Income | -563.2M | -604.8M | -367.9M | 89.4M | 508.2M | 259.5M | -201.3M | -1.01B | -3.77B | -168.8M | -422.2M | 156.9M | 232.5M | -97.4M | 168M | -324.4M | 61.7M |
| Net Margin % | -9.74% | -10.42% | -6.24% | 1.46% | 9.15% | 4.89% | -4.35% | -21.34% | -43.59% | -1.8% | -5.52% | 3.61% | 5.29% | -2.14% | 3.61% | -7.03% | 1.51% |
| Net Income Growth % | -47.09% | -64.39% | -511.52% | -82.41% | 95.84% | 228.91% | 80% | 73.29% | -2133.18% | 60.02% | -369.09% | -32.52% | 338.71% | -157.98% | 151.79% | -625.77% | - |
| Net Income (Continuing) | -551.8M | -590.2M | -350.2M | 109.4M | 523.2M | 262M | -67.8M | -1.09B | -3.89B | -362.3M | -398.5M | 179.2M | 259.4M | -64.2M | 201.9M | -293.3M | 89.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 5.7M | -137.3M | 87.2M | 121M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 170.2M | 247M | 270.5M | 278.2M | 279.8M | 261.1M | 285.6M | 303.3M | 458.3M | 666.8M | 554.1M | 80.2M | 101.2M | 116.8M | 121.5M | 107.9M | 11.5M |
| EPS (Diluted) | -0.64 | -0.70 | -0.44 | 0.09 | 0.56 | 0.31 | -0.09 | -1.44 | -5.02 | -0.23 | -0.66 | 0.44 | 0.64 | -0.26 | 0.42 | -0.85 | 0.16 |
| EPS Growth % | -42.64% | -59.09% | -609.85% | -84.59% | 80.65% | 449.49% | 93.84% | 71.31% | -2082.61% | 65.15% | -250% | -31.25% | 346.15% | -161.9% | 149.41% | -631.25% | - |
| EPS (Basic) | - | -0.70 | -0.44 | 0.09 | 0.58 | 0.32 | -0.09 | -1.44 | -5.02 | -0.23 | -0.66 | 0.45 | 0.66 | -0.26 | 0.44 | -0.85 | 0.16 |
| Diluted Shares Outstanding | 882.7M | 877.4M | 872.1M | 883.4M | 886.5M | 834.1M | 764.8M | 759.1M | 751.2M | 749.7M | 642.8M | 354.2M | 362.9M | 381.7M | 396.4M | 382.83M | 382.83M |
| Basic Shares Outstanding | 880.6M | 877.4M | 872.1M | 874.4M | 849M | 820.6M | 764.8M | 759.1M | 751.2M | 746.85M | 639.7M | 345.5M | 353.3M | 374.62M | 381.7M | 382.83M | 382.83M |
| Dividend Payout Ratio | - | - | - | 14.99% | 2.7% | 22.04% | - | - | - | - | - | 56.72% | 30.54% | - | 34.17% | - | 57.21% |
Quick answers to the most common questions about buying COTY stock.
For fiscal year 2026, Coty Inc. (COTY) reported total revenue of $5.81B. This represents a 42.1% increase compared to $4.09B in 2011.
Coty Inc. (COTY) reported a net loss of $604.8M for the fiscal year ending 2026.
Coty Inc. (COTY) reported an operating income of $-81.5M, resulting in an operating profit margin of -1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Coty Inc. (COTY) generated $3.65B in gross profit for the year, representing a gross profit margin of 62.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
License renewal and leverage
Metrics are mathematically derived from official filings.
Revenue Growth Facing Structural Headwinds
As indicated by the most recent quarterly data, Coty's top-line performance has shifted into negative territory, with a 1.3% year-over-year revenue decline in 2026Q3, highlighting the difficulty of maintaining growth momentum in a competitive beauty landscape that favors more agile, brand-owned business models over licensing.
The consistent deceleration from the 13.4% growth observed in 2024Q2 suggests that the company is struggling to offset the loss of key licenses and the saturation of its core fragrance portfolio. Investors should monitor whether this contraction reflects a permanent loss of market share or merely a temporary lull in the travel retail and holiday gifting cycles.
Gross Margin Volatility Impairs Profitability
Based on reported financial statements, Coty's gross margin has fluctuated between 59.4% and 66.7% over the last ten quarters, reflecting a lack of structural pricing power and high sensitivity to the input costs of luxury fragrance production and the promotional intensity required in mass-market cosmetics.
The inability to maintain a stable gross margin above 65% suggests that the company is frequently forced to choose between volume and margin, particularly in the Consumer Beauty segment. This volatility complicates the path to sustainable profitability, as the high fixed-cost base of a global distribution network requires consistent margin expansion to achieve operating leverage.
Operating Leverage Constrained by Overhead
According to the income statement, Coty's operating income has swung into significant losses, reaching -$372.0 million in 2026Q3, which demonstrates that the company's high SG&A burden prevents it from scaling effectively even when revenue remains relatively stable compared to historical peaks in the 2024 fiscal year.
The persistent high level of SG&A relative to gross profit indicates that the company is not achieving the necessary operating leverage to justify its current cost structure. This suggests that the business model remains overly dependent on high marketing and advertising spend to maintain brand relevance, leaving little room for bottom-line expansion.
Earnings Quality Obscured by Volatility
As reported in recent filings, the company's net income has experienced extreme swings, culminating in a net loss of $411.4 million in 2026Q3, which raises concerns regarding the quality of earnings and the impact of non-operating items on the company's ability to generate consistent shareholder value.
The frequent divergence between operating income and net income suggests that restructuring charges and interest expenses are significantly distorting the company's true earnings power. Investors should be wary of relying on adjusted metrics, as the underlying GAAP figures reveal a business that is struggling to generate positive net income on a consistent basis.
Structural Risks to Licensing Model
Based on the loss of the Lacoste license and recent revenue trends, the core investment thesis for Coty appears vulnerable to the risk that fashion houses may increasingly internalize their beauty operations, thereby eroding the company's primary moat and long-term revenue durability in the prestige segment.
Short-sellers would likely focus on the company's inability to grow organically while simultaneously managing a high debt load and the inherent instability of its licensed brand portfolio. The reliance on celebrity-backed acquisitions to drive growth may prove to be a short-term fix that fails to build the long-term brand equity required to compete with established luxury houses.