Revenue growth has stalled into negative territory, with the most recent quarter recording a 1.9% year-over-year decline alongside gross margins that fluctuate significantly, reaching as low as 42.0% during holiday periods.
| Sales/Revenue | 705.62M | 708.78M | 712.54M | 765.15M | 886.3M | 1.31B | 959.03M | 486.55M | 339.79M |
| Revenue Growth % | -0.31% | -0.53% | -6.88% | -13.67% | -32.15% | 36.2% | 97.11% | 43.19% | - |
| Cost of Goods Sold | 320.84M | 318.35M | 359.75M | 421.85M | 536.4M | 848.78M | 626.66M | 344.2M | 228.69M |
| COGS % of Revenue | - | 44.92% | 50.49% | 55.13% | 60.52% | 64.98% | 65.34% | 70.74% | 67.3% |
| Gross Profit | 384.78M | 390.43M | 352.79M | 343.29M | 349.89M | 457.45M | 332.37M | 142.35M | 111.1M |
| Gross Margin % | 54.53% | 55.08% | 49.51% | 44.87% | 39.48% | 35.02% | 34.66% | 29.26% | 32.7% |
| Gross Profit Growth % | - | 10.67% | 2.77% | -1.89% | -23.51% | 37.63% | 133.49% | 28.13% | - |
| Operating Expenses | 295.2M | 294.4M | 276.68M | 273.31M | 269.94M | 265.05M | 131.86M | 88.79M | 73.12M |
| OpEx % of Revenue | - | 41.54% | 38.83% | 35.72% | 30.46% | 20.29% | 13.75% | 18.25% | 21.52% |
| Selling, General & Admin | 227.74M | 227.88M | 216.28M | 208.26M | 193.03M | 185.23M | 92.93M | 62.12M | 49.06M |
| SG&A % of Revenue | - | 32.15% | 30.35% | 27.22% | 21.78% | 14.18% | 9.69% | 12.77% | 14.44% |
| Research & Development | 67.47M | 66.52M | 60.4M | 65.05M | 76.91M | 79.81M | 38.93M | 26.67M | 24.06M |
| R&D % of Revenue | - | 9.39% | 8.48% | 8.5% | 8.68% | 6.11% | 4.06% | 5.48% | 7.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108K |
| Operating Income | 89.58M | 96.03M | 76.11M | 69.98M | 79.95M | 192.41M | 200.51M | 53.56M | 37.98M |
| Operating Margin % | 12.7% | 13.55% | 10.68% | 9.15% | 9.02% | 14.73% | 20.91% | 11.01% | 11.18% |
| Operating Income Growth % | - | 26.18% | 8.75% | -12.47% | -58.45% | -4.04% | 274.36% | 41.03% | - |
| EBITDA | 101.61M | 96.03M | 105.12M | 100.02M | 106.91M | 211.79M | 214.63M | 62.74M | 45.99M |
| EBITDA Margin % | 14.4% | 13.55% | 14.75% | 13.07% | 12.06% | 16.21% | 22.38% | 12.89% | 13.54% |
| EBITDA Growth % | -5.79% | -8.64% | 5.09% | -6.44% | -49.52% | -1.32% | 242.1% | 36.4% | - |
| D&A (Non-Cash Add-back) | 12.03M | 0 | 29.01M | 30.04M | 26.96M | 19.39M | 14.12M | 9.18M | 8.02M |
| EBIT | 73.67M | 96.03M | 89.2M | 80.11M | 82.27M | 192.67M | 200.51M | 53.56M | 38.09M |
| Net Interest Income | 7.54M | 10.82M | 10.69M | 7.65M | 1.52M | -117K | -1.16M | -3.29M | -1.93M |
| Interest Income | 10.26M | 11.39M | 11.02M | 7.98M | 1.81M | 181K | 0 | 0 | 0 |
| Interest Expense | 408K | 567K | 326K | 323K | 289K | 298K | 1.16M | 3.29M | 1.93M |
| Other Income/Expense | 10.78M | 11.86M | 12.77M | 9.8M | 2.03M | -32K | -1.32M | -3.29M | -1.83M |
| Pretax Income | 100.36M | 107.89M | 88.88M | 79.78M | 81.98M | 192.37M | 199.19M | 50.27M | 36.15M |
| Pretax Margin % | 14.22% | 15.22% | 12.47% | 10.43% | 9.25% | 14.73% | 20.77% | 10.33% | 10.64% |
| Income Tax | 27.25M | 31.19M | 26.05M | 26.15M | 21.32M | 51.9M | 44.62M | 11.06M | 8.72M |
| Effective Tax Rate % | 27.15% | 28.91% | 29.31% | 32.77% | 26% | 26.98% | 22.4% | 22% | 24.12% |
| Net Income | 73.11M | 76.7M | 62.83M | 53.64M | 60.67M | 140.47M | 154.58M | 39.21M | 27.43M |
| Net Margin % | 10.36% | 10.82% | 8.82% | 7.01% | 6.84% | 10.75% | 16.12% | 8.06% | 8.07% |
| Net Income Growth % | 8.96% | 22.08% | 17.14% | -11.59% | -56.81% | -9.12% | 294.22% | 42.94% | - |
| Net Income (Continuing) | 73.11M | 76.7M | 62.83M | 53.64M | 60.67M | 140.47M | 154.58M | 39.21M | 27.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.34 | 0.35 | 0.29 | 0.24 | 0.28 | 0.64 | 0.70 | 0.18 | 0.12 |
| EPS Growth % | 10.14% | 20.69% | 20.83% | -14.29% | -56.25% | -8.57% | 288.89% | 50% | - |
| EPS (Basic) | - | 0.36 | 0.29 | 0.25 | 0.28 | 0.67 | 0.70 | 0.18 | 0.12 |
| Diluted Shares Outstanding | 212.55M | 217.31M | 215.65M | 219.72M | 220.59M | 219.78M | 221.37M | 221.37M | 221.37M |
| Basic Shares Outstanding | 210.52M | 215.18M | 215.11M | 216.89M | 214.46M | 208.83M | 221.37M | 221.37M | 221.37M |
| Dividend Payout Ratio | - | 263.48% | 175.03% | 548.38% | - | - | 33.12% | - | - |
Stagnant User Acquisition
As reported in recent financial filings, Cricut's revenue growth has trended into negative territory, with the most recent quarter showing a 1.9% year-over-year decline, suggesting that the company is struggling to maintain its pandemic-era momentum within its core United States consumer market.
The consistent contraction in top-line performance indicates that the company may have reached a saturation point in its primary hardware-driven acquisition model. Investors should monitor whether the lack of growth reflects a permanent shift in consumer discretionary spending or a temporary lull in the product upgrade cycle.
According to historical income statement data, Cricut's gross margins exhibit significant seasonal variance, dropping to as low as 42.0% in Q4 periods, which implies that heavy holiday promotional discounting and product mix shifts exert substantial pressure on the company's underlying profitability profile.
While the company achieves gross margins exceeding 58% in non-holiday quarters, the recurring compression during peak sales periods suggests a reliance on aggressive pricing to move hardware units. This pattern warrants investigation into whether the company's pricing power is sufficient to offset rising logistics and manufacturing costs.
Based on the provided income statement figures, operating income has failed to scale consistently with gross profit, as evidenced by operating margins fluctuating between 6.3% and 18.0% over the last ten quarters, indicating that fixed costs remain a significant drag on overall profitability.
The inability to consistently expand operating margins despite a high-margin subscription component suggests that R&D and SG&A expenses are not scaling efficiently. This may imply that the company is forced to reinvest heavily in marketing and software development just to maintain its current market position.
Analysis of recent financial statements reveals that stock-based compensation remains a persistent expense, consistently exceeding $6 million per quarter, which effectively masks the true cash-based profitability of the business and complicates the assessment of underlying earnings quality for long-term shareholders.
The consistent level of equity-based incentives suggests that management is utilizing significant dilution to retain talent, which may be obscuring the true operational performance of the firm. Investors should consider the impact of these non-cash charges when evaluating the sustainability of the company's reported net income.
As noted in industry trends, the emergence of prosumer laser cutters and alternative crafting technologies poses a credible threat to Cricut's ecosystem, potentially rendering the company's proprietary hardware less relevant and challenging the long-term durability of its subscription-based revenue model.
The current stagnation in revenue growth may be an early indicator that the 'walled garden' is losing its appeal to power users who require more versatile tools. If the company cannot innovate beyond its current hardware limitations, it may face a long-term decline in its active user base.
Quick answers to the most common questions about buying CRCT stock.
For fiscal year 2025, Cricut, Inc. (CRCT) reported total revenue of $708.8M. This represents a 108.6% increase compared to $339.8M in 2018.
Cricut, Inc. (CRCT) is profitable, generating $76.7M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Cricut, Inc. (CRCT) reported an operating income of $96.0M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Cricut, Inc. (CRCT) generated $390.4M in gross profit for the year, representing a gross profit margin of 55.1%. This demonstrates the company's core pricing power and production efficiency.