Revenue growth remains subdued at 1.7% YoY in Q2 2026, but gross margin improved to 25.7% and operating margin reached 6.2%, though Q4 2025's 11.6% operating margin appears to be an outlier.
Diebold Nixdorf, Incorporated (DBD) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 3.87B | 3.81B | 3.75B | 3.76B | 3.46B | 3.91B | 3.9B | 4.41B | 4.58B | 4.61B | 3.32B | 2.42B | 3.05B | 2.86B | 2.99B | 2.84B | 2.82B | 2.72B | 3.17B | 2.96B | 2.91B | 2.59B | 2.38B | 2.11B | 1.94B | 1.76B | 1.74B | 1.26B | 1.19B | 1.23B | 1.03B |
| Revenue Growth % | 5.44% | 1.46% | -0.25% | 8.66% | -11.38% | 0.07% | -11.48% | -3.72% | -0.67% | 38.99% | 37.08% | -20.71% | 6.77% | -4.49% | 5.5% | 0.43% | 3.88% | -14.25% | 6.92% | 2.02% | 12.34% | 8.66% | 12.86% | 8.74% | 10.22% | 0.96% | 38.47% | 6.2% | -3.36% | 19.09% | 19.32% |
| Cost of Goods Sold | 2.86B | 2.8B | 2.83B | 2.88B | 2.7B | 2.86B | 2.87B | 3.33B | 3.69B | 3.58B | 2.57B | 1.76B | 2.27B | 2.22B | 2.26B | 2.1B | 2.1B | 2.07B | 2.38B | 2.28B | 2.2B | 1.96B | 1.7B | 1.48B | 1.35B | 1.24B | 1.15B | 767.7M | 744M | 768.4M | 639.3M |
| COGS % of Revenue | - | 73.63% | 75.47% | 76.7% | 78.12% | 73.28% | 73.48% | 75.58% | 80.54% | 77.68% | 77.47% | 72.86% | 74.46% | 77.59% | 75.39% | 74.05% | 74.52% | 76.09% | 74.93% | 76.93% | 75.55% | 75.82% | 71.51% | 70.27% | 69.35% | 70.23% | 65.87% | 60.97% | 62.75% | 62.63% | 62.06% |
| Gross Profit | 1.01B | 1B | 920M | 876.2M | 757.3M | 1.04B | 1.03B | 1.08B | 890.9M | 1.03B | 747.2M | 656.5M | 779.35M | 640.36M | 736.15M | 735.93M | 719.57M | 650M | 794.62M | 683.85M | 710.52M | 625.48M | 678.38M | 627.14M | 594.64M | 524.07M | 595.06M | 491.5M | 441.7M | 458.5M | 390.9M |
| Gross Margin % | 26.15% | 26.37% | 24.53% | 23.3% | 21.88% | 26.72% | 26.52% | 24.42% | 19.46% | 22.32% | 22.53% | 27.14% | 25.54% | 22.41% | 24.61% | 25.95% | 25.48% | 23.91% | 25.07% | 23.07% | 24.45% | 24.18% | 28.49% | 29.73% | 30.65% | 29.77% | 34.13% | 39.03% | 37.25% | 37.37% | 37.94% |
| Gross Profit Growth % | - | 9.07% | 5% | 15.7% | -27.42% | 0.81% | -3.85% | 20.82% | -13.42% | 37.71% | 13.82% | -15.76% | 21.71% | -13.01% | 0.03% | 2.27% | 10.7% | -18.2% | 16.2% | -3.75% | 13.6% | -7.8% | 8.17% | 5.47% | 13.47% | -11.93% | 21.07% | 11.27% | -3.66% | 17.29% | 20.69% |
| Operating Expenses | 695.8M | 668.8M | 737.9M | 789.3M | 969M | 906.3M | 1.01B | 841.4M | 1.04B | 893.6M | 686.7M | 522.1M | 609.17M | 689.01M | 595.66M | 577.37M | 545.52M | 496.91M | 618.34M | 584.49M | 534.86M | 464.21M | 401.41M | 364.29M | 353.47M | 385.16M | 366.1M | 306.6M | 274.3M | 274.7M | 250.6M |
| OpEx % of Revenue | - | 17.57% | 19.67% | 20.99% | 28% | 23.21% | 25.91% | 19.09% | 22.78% | 19.39% | 20.71% | 21.58% | 19.97% | 24.11% | 19.91% | 20.36% | 19.32% | 18.28% | 19.51% | 19.71% | 18.4% | 17.94% | 16.86% | 17.27% | 18.22% | 21.88% | 21% | 24.35% | 23.13% | 22.39% | 24.33% |
| Selling, General & Admin | 470.6M | 585M | 643.6M | 0 | 741.6M | 775.6M | 858.6M | 697.3M | 885.6M | 737M | 581.6M | 435.8M | 515.55M | 596.69M | 509.78M | 499.26M | 471.29M | 424.88M | 534.49M | 470.62M | 463.86M | 403.8M | 341.39M | 303.84M | 289.58M | 325.54M | 274.51M | 221.4M | 194.5M | 191.8M | 217.6M |
| SG&A % of Revenue | - | 15.37% | 17.16% | - | 21.43% | 19.86% | 22% | 15.82% | 19.34% | 15.99% | 17.54% | 18.01% | 16.9% | 20.88% | 17.04% | 17.61% | 16.69% | 15.63% | 16.86% | 15.87% | 15.96% | 15.61% | 14.34% | 14.4% | 14.93% | 18.49% | 15.74% | 17.58% | 16.4% | 15.63% | 21.12% |
| Research & Development | 83.9M | 83.8M | 93.6M | 110.9M | 120.7M | 126.3M | 133.4M | 144.1M | 157.4M | 156.6M | 105.1M | 86.3M | 93.62M | 92.31M | 85.88M | 78.11M | 74.22M | 72.03M | 79.07M | 73.95M | 71M | 60.41M | 60.02M | 60.45M | 63.89M | 59.61M | 55.69M | 50.5M | 54.2M | 54.4M | 0 |
| R&D % of Revenue | - | 2.2% | 2.5% | 2.95% | 3.49% | 3.23% | 3.42% | 3.27% | 3.44% | 3.4% | 3.17% | 3.57% | 3.07% | 3.23% | 2.87% | 2.75% | 2.63% | 2.65% | 2.49% | 2.49% | 2.44% | 2.34% | 2.52% | 2.87% | 3.29% | 3.39% | 3.19% | 4.01% | 4.57% | 4.43% | - |
| Other Operating Expenses | -600K | 0 | 700K | 678.4M | 106.7M | 4.4M | 19M | 0 | -4M | 8.8M | 3.5M | 3.7M | -1.65M | -1.55M | 0 | 0 | -1.66M | 7K | 403K | 39.93M | 0 | 0 | 0 | 0 | 0 | 0 | 35.9M | 34.7M | 25.6M | 28.5M | 33M |
| Operating Income | 316.6M | 334.6M | 182.1M | 86.9M | -211.7M | 137.1M | 24M | 235M | -362.9M | 135.4M | 60.5M | 134.4M | 180.95M | -118.26M | 124.71M | 155.59M | -1.8M | 150.59M | 176.28M | 99.36M | 175.66M | 161.27M | 276.97M | 262.85M | 241.17M | 138.91M | 228.96M | 184.9M | 167.4M | 183.8M | 140.3M |
| Operating Margin % | 8.18% | 8.79% | 4.85% | 2.31% | -6.12% | 3.51% | 0.61% | 5.33% | -7.93% | 2.94% | 1.82% | 5.56% | 5.93% | -4.14% | 4.17% | 5.49% | -0.06% | 5.54% | 5.56% | 3.35% | 6.04% | 6.23% | 11.63% | 12.46% | 12.43% | 7.89% | 13.13% | 14.68% | 14.12% | 14.98% | 13.62% |
| Operating Income Growth % | - | 83.75% | 109.55% | 141.05% | -254.41% | 471.25% | -89.79% | 164.76% | -368.02% | 123.8% | -54.99% | -25.72% | 253.01% | -194.83% | -19.85% | 8734.52% | -101.2% | -14.57% | 77.42% | -43.44% | 8.92% | -41.77% | 5.37% | 8.99% | 73.62% | -39.33% | 23.83% | 10.45% | -8.92% | 31% | 31.37% |
| EBITDA | 410.4M | 462.1M | 314.4M | 213.3M | -85.7M | 286.2M | 204.4M | 461.1M | -115.1M | 387.6M | 195.3M | 198.4M | 255.02M | -35.67M | 203.36M | 235.45M | 77.45M | 228.28M | 256.75M | 162.74M | 245.47M | 237.51M | 351.96M | 327.15M | 302.46M | 184.36M | 264.86M | 219.6M | 193M | 212.3M | 173.3M |
| EBITDA Margin % | 10.6% | 12.14% | 8.38% | 5.67% | -2.48% | 7.33% | 5.24% | 10.46% | -2.51% | 8.41% | 5.89% | 8.2% | 8.36% | -1.25% | 6.8% | 8.3% | 2.74% | 8.4% | 8.1% | 5.49% | 8.45% | 9.18% | 14.78% | 15.51% | 15.59% | 10.47% | 15.19% | 17.44% | 16.28% | 17.3% | 16.82% |
| EBITDA Growth % | 18.24% | 46.98% | 47.4% | 348.89% | -129.94% | 40.02% | -55.67% | 500.61% | -129.7% | 98.46% | -1.56% | -22.2% | 815.02% | -117.54% | -13.63% | 204% | -66.07% | -11.09% | 57.77% | -33.7% | 3.35% | -32.52% | 7.58% | 8.16% | 64.06% | -30.39% | 20.61% | 13.78% | -9.09% | 22.5% | 27.15% |
| D&A (Non-Cash Add-back) | 93.8M | 127.5M | 132.3M | 126.4M | 126M | 149.1M | 180.4M | 226.1M | 247.8M | 252.2M | 134.8M | 64M | 74.07M | 82.59M | 78.64M | 79.86M | 79.25M | 77.69M | 80.47M | 63.38M | 69.81M | 76.24M | 74.98M | 64.3M | 61.3M | 45.45M | 35.9M | 34.7M | 25.6M | 28.5M | 33M |
| EBIT | 248M | 207.3M | 202.6M | 148.6M | -239.4M | 144.6M | -2.7M | -32.8M | -323.4M | -78.5M | -141.8M | 134.4M | 196.81M | -112.6M | 141.22M | 193.39M | 35.49M | 159.26M | 201.68M | 99.36M | 182.23M | 182.75M | 273.48M | 251.79M | 241.17M | 138.91M | 228.96M | 184.9M | 167.4M | 183.9M | 140.3M |
| Net Interest Income | -79.9M | -76.8M | -143M | -233.2M | -189.2M | -189.2M | -266.6M | -193.6M | -146.2M | -97M | -79.9M | -6.5M | 3.1M | -29.2M | -30.33M | -34.46M | -37.89M | -35.45M | -45.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.9M | 8.9M | 12.3M | 13M | 10M | 6.1M | 6.8M | 9.3M | 8.7M | 20.3M | 21.5M | 26M | 34.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 89.8M | 85.7M | 155.3M | 246.2M | 199.2M | 195.3M | 273.4M | 202.9M | 154.9M | 117.3M | 101.4M | 32.5M | 31.4M | 29.23M | 30.33M | 34.46M | 37.89M | 35.45M | 45.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -155.4M | -213M | -132.3M | 1.37B | -224.7M | -187.5M | -292.8M | -462.9M | -152.7M | -98.4M | -68.5M | -12.8M | -10.36M | 20.49M | -7.29M | 8.8M | -595K | -26.79M | -19.96M | -24.02M | -18.19M | -352K | -313K | 5.23M | -22.62M | -39.07M | -24.6M | 16.5M | -47.6M | 1.8M | 6.2M |
| Pretax Income | 161.2M | 121.6M | 49.8M | 1.45B | -436.4M | -50.4M | -268.8M | -227.9M | -515.6M | -191.9M | -238.3M | 45.8M | 170.59M | -119.81M | 117.43M | 164.39M | -2.4M | 123.81M | 138.96M | 75.34M | 124.45M | 138.25M | 268.94M | 257.02M | 218.55M | 99.84M | 204.36M | 201.4M | 119.8M | 185.6M | 146.5M |
| Pretax Margin % | 4.16% | 3.2% | 1.33% | 38.62% | -12.61% | -1.29% | -6.89% | -5.17% | -11.26% | -4.16% | -7.19% | 1.89% | 5.59% | -4.19% | 3.93% | 5.8% | -0.08% | 4.55% | 4.38% | 2.54% | 4.28% | 5.34% | 11.3% | 12.18% | 11.26% | 5.67% | 11.72% | 15.99% | 10.1% | 15.13% | 14.22% |
| Income Tax | 46.4M | 24.1M | 64.3M | 75.7M | 149.2M | 27.7M | -1M | 116.7M | 37.2M | 28.3M | -67.6M | -13.7M | 53.57M | 56.72M | 29.91M | 12.81M | 14.56M | 44.48M | 32.55M | 35.8M | 37.9M | 55.35M | 84.99M | 82.25M | 86.25M | 32.95M | 67.44M | 72.5M | 43.7M | 63.1M | 49.1M |
| Effective Tax Rate % | 28.78% | 19.82% | 129.12% | 5.21% | -34.19% | -54.96% | 0.37% | -51.21% | -7.21% | -14.75% | 28.37% | -29.91% | 31.4% | -47.34% | 25.47% | 7.8% | -607.47% | 35.92% | 23.42% | 47.52% | 30.46% | 40.03% | 31.6% | 32% | 39.46% | 33% | 33% | 36% | 36.48% | 34% | 33.52% |
| Net Income | 111.2M | 94.6M | -16.5M | 1.38B | -581.4M | -78.8M | -269.1M | -341.3M | -568.7M | -241.5M | -178M | 76.8M | 114.42M | -181.6M | 78.45M | 144.81M | -20.25M | 41.61M | 93.46M | 39.54M | 86.55M | 96.75M | 183.96M | 174.78M | 99.15M | 66.89M | 136.92M | 128.9M | 76.1M | 122.5M | 97.4M |
| Net Margin % | 2.87% | 2.49% | -0.44% | 36.59% | -16.8% | -2.02% | -6.9% | -7.74% | -12.42% | -5.24% | -5.37% | 3.17% | 3.75% | -6.36% | 2.62% | 5.11% | -0.72% | 1.53% | 2.95% | 1.33% | 2.98% | 3.74% | 7.73% | 8.28% | 5.11% | 3.8% | 7.85% | 10.24% | 6.42% | 9.98% | 9.45% |
| Net Income Growth % | 962.02% | 673.33% | -101.2% | 336.69% | -637.82% | 70.72% | 21.15% | 39.99% | -135.49% | -35.67% | -331.77% | -32.88% | 163% | -331.48% | -45.82% | 815.07% | -148.67% | -55.48% | 136.36% | -54.31% | -10.54% | -47.41% | 5.25% | 76.27% | 48.23% | -51.14% | 6.22% | 69.38% | -37.88% | 25.77% | 27.82% |
| Net Income (Continuing) | 114.8M | 97.5M | -14.5M | 1.38B | -585.6M | -78.1M | -267.8M | -344.6M | -528.7M | -213.9M | -179.3M | 59.5M | 107.3M | -190.2M | 87.52M | 151.58M | -16.96M | 79.33M | 114.82M | 47.91M | 93.14M | 89.73M | 181.81M | 171.27M | 132.3M | 66.89M | 136.92M | 128.9M | 76.1M | 122.5M | 97.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.9M | 0 | 0 | 0 | 523K | 0 | 0 | 0 | 0 | 11.41M | 2.23M | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.3M | 4.9M | 8.4M | 15.4M | 9.8M | 8.1M | 14.6M | 44.9M | 157.2M | 528.9M | 477.5M | 23.1M | 23.29M | 24.05M | 35.35M | 31.27M | 28.66M | 25.65M | 17.66M | 13.76M | 27.35M | 21.55M | 25.53M | 20.35M | 14.32M | 9.38M | 5.26M | 4.4M | 3.7M | 16.9M | 13.1M |
| EPS (Diluted) | 3.15 | 2.54 | -0.44 | 21.38 | -7.44 | -1.00 | -3.47 | -4.51 | -7.48 | -3.20 | -2.58 | 1.12 | 1.76 | -2.85 | 1.23 | 2.24 | -0.31 | 0.62 | 1.41 | 0.59 | 1.55 | 1.43 | 2.53 | 2.37 | 1.37 | 0.93 | 1.92 | 1.85 | 1.10 | 1.76 | 1.42 |
| EPS Growth % | 1000% | 677.27% | -102.06% | 387.37% | -644% | 71.18% | 23.06% | 39.71% | -133.75% | -24.03% | -330.36% | -36.36% | 161.75% | -331.71% | -45.09% | 822.58% | -150% | -56.03% | 138.98% | -61.94% | 8.39% | -43.48% | 6.75% | 72.99% | 47.31% | -51.56% | 3.78% | 68.18% | -37.5% | 23.94% | -14.97% |
| EPS (Basic) | - | 2.57 | -0.44 | 21.38 | -7.44 | -1.00 | -3.47 | -4.51 | -7.48 | -3.20 | -2.58 | 1.14 | 1.77 | -2.85 | 1.24 | 2.25 | -0.31 | 0.63 | 1.41 | 0.60 | 1.57 | 1.45 | 2.55 | 2.39 | 1.38 | 0.94 | 1.92 | 1.86 | 1.10 | 1.78 | 1.42 |
| Diluted Shares Outstanding | 35.3M | 37.2M | 37.6M | 64.36M | 79M | 78.3M | 77.6M | 76.7M | 76M | 75.5M | 69.1M | 65.6M | 65.15M | 63.66M | 63.91M | 64.79M | 65.91M | 66.87M | 66.49M | 66.67M | 67.25M | 71.34M | 72.53M | 72.92M | 72.3M | 71.78M | 71.48M | 69.56M | 69.31M | 69.6M | 68.8M |
| Basic Shares Outstanding | 34.4M | 36.8M | 37.6M | 64.36M | 79M | 78.3M | 77.6M | 76.7M | 76M | 75.5M | 69.1M | 64.9M | 64.53M | 63.66M | 63.06M | 64.24M | 65.91M | 66.26M | 66.08M | 65.84M | 66.67M | 70.58M | 72M | 72.42M | 71.98M | 71.52M | 71.3M | 69.36M | 68.96M | 68.82M | 68.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 98.44% | 65.5% | - | 92.83% | 50.34% | - | 166.91% | 71.22% | 157.92% | 66.33% | 59.71% | 28.94% | 28.17% | 47.93% | 68.43% | 32.33% | 32.35% | 50.72% | 28.16% | 32.03% |
Quick answers to the most common questions about buying DBD stock.
For fiscal year 2025, Diebold Nixdorf, Incorporated (DBD) reported total revenue of $3.81B. This represents a 269.4% increase compared to $1.03B in 1996.
Diebold Nixdorf, Incorporated (DBD) is profitable, generating $94.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Diebold Nixdorf, Incorporated (DBD) reported an operating income of $334.6M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Diebold Nixdorf, Incorporated (DBD) generated $1.00B in gross profit for the year, representing a gross profit margin of 26.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth remains sluggish
Metrics are mathematically derived from official filings.
Revenue Growth Remains Subdued
DBD's revenue growth has been modest, with Q2 2026 up only 1.7% year-over-year, and recent quarters showing negative growth, indicating a lack of momentum.
Revenue growth has been inconsistent, with Q2 2026 showing a 1.7% increase, but Q1 2026 and Q2 2025 saw declines of 6.0% and 2.6% respectively. This suggests that the company is struggling to achieve sustained top-line expansion, possibly due to market saturation or competitive pressures. The modest growth in Q2 2026 may be a temporary rebound rather than a durable trend, and investors should monitor whether the company can achieve consistent positive growth.
Gross Margin Shows Slight Improvement
Gross margin improved to 25.7% in Q2 2026 from 25.3% in Q1 2026, but remains below the 27.1% peak in Q4 2025, indicating limited pricing power.
Gross margin has been relatively stable in the mid-20s, with a slight uptick in Q2 2026. However, the margin is still below the 27.1% achieved in Q4 2025, suggesting that the company has not been able to fully pass on costs or improve product mix. The modest improvement may be due to cost controls, but the lack of significant expansion indicates that DBD faces competitive pricing pressures in its markets.
Operating Leverage Appears Limited
Operating income in Q2 2026 was $57.4M, roughly flat versus Q1 2026, despite a 4.4% revenue increase, indicating limited operating leverage.
The increase in revenue from Q1 to Q2 2026 did not translate into higher operating income, as it remained nearly unchanged. This suggests that variable costs are consuming the incremental revenue, or that SG&A expenses are not scaling down proportionally. The operating margin of 6.2% in Q2 2026 is below the 7.8% in Q3 2025, indicating that the company is not achieving economies of scale.
Earnings Quality Boosted by One-Time Items
Net income in Q4 2025 jumped to $49.6M with EPS of $1.37, but this appears to be an outlier, as other quarters show much lower or negative earnings.
The Q4 2025 net income of $49.6M is significantly higher than any other quarter in the dataset, suggesting that it may include one-time gains or tax benefits. In contrast, Q1 2025 and Q3 2024 reported net losses. This volatility in earnings raises questions about the sustainability of profitability, and investors should scrutinize the components of net income to assess the quality of earnings.
SG&A Fluctuates, R&D Stable
SG&A expenses were $162.3M in Q2 2026, up from $157.2M in Q1 2026, while R&D remained around $20-22M, indicating cost discipline in R&D but variability in SG&A.
R&D spending has been relatively stable, ranging from $20.3M to $25.6M over the past ten quarters, suggesting a consistent investment in product development. However, SG&A has fluctuated, with some quarters showing zero SG&A (likely due to data unavailability) and others showing over $160M. The increase in SG&A in Q2 2026 may be due to higher selling or administrative costs, which could pressure margins if not accompanied by revenue growth.
Q4 2025 Marks a Profitability Inflection
Q4 2025 saw a dramatic jump in operating income to $127.6M and net income to $49.6M, a clear inflection from prior quarters, likely driven by one-time factors.
The Q4 2025 results stand out as a significant improvement, with operating margin reaching 11.6% and net margin 4.5%, far above the typical 5-8% operating margin seen in other quarters. This inflection may be due to cost restructuring, favorable contract terms, or one-time gains. However, the subsequent quarters have not sustained this level, indicating that the Q4 2025 performance may not be repeatable.
What Could Invalidate the Base Case
The Q4 2025 earnings spike may mask underlying weakness, as revenue growth remains tepid and margins are below peer levels, suggesting potential overvaluation.
Short-sellers might argue that the Q4 2025 profitability is unsustainable, given that subsequent quarters show a reversion to lower margins and earnings. Additionally, DBD's gross margin of 25.7% is only slightly above NCR Atleos's 24.4%, but its operating margin of 6.2% is well below NCR's 11.0%, indicating operational inefficiencies. If revenue growth continues to stagnate and cost pressures persist, the market may reassess DBD's earnings power, leading to multiple compression.