Revenue growth accelerated to 11.0% year-over-year in 2026Q2, with gross margin expanding to 28.0% and operating margin reaching 12.6%, though the trailing twelve months include a -$64.4M net loss in 2025Q3.
Ducommun Incorporated (DCO) 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 | 863.21M | 824.84M | 786.55M | 756.99M | 712.54M | 645.41M | 628.94M | 721.09M | 629.31M | 558.18M | 550.64M | 666.01M | 742.04M | 736.65M | 747.04M | 580.91M | 408.41M | 430.75M | 403.8M | 367.3M | 319.02M | 249.7M | 224.88M | 225.91M | 212.45M | 224.91M | 165.71M | 146.1M | 170.8M | 157.3M | 118.4M |
| Revenue Growth % | 8.57% | 4.87% | 3.9% | 6.24% | 10.4% | 2.62% | -12.78% | 14.58% | 12.74% | 1.37% | -17.32% | -10.25% | 0.73% | -1.39% | 28.6% | 42.24% | -5.19% | 6.67% | 9.94% | 15.13% | 27.76% | 11.04% | -0.46% | 6.34% | -5.54% | 35.72% | 13.42% | -14.46% | 8.58% | 32.85% | 29.82% |
| Cost of Goods Sold | 628.36M | 603.22M | 589.29M | 593.8M | 568.24M | 502.95M | 491.2M | 568.89M | 506.71M | 455.36M | 444.45M | 565.22M | 601.71M | 614.23M | 605.59M | 474.98M | 328.26M | 351.92M | 321.9M | 291.46M | 256.46M | 198.04M | 181.34M | 175.32M | 170.91M | 166.95M | 111.85M | 94.9M | 108M | 101.6M | 75.2M |
| COGS % of Revenue | - | 73.13% | 74.92% | 78.44% | 79.75% | 77.93% | 78.1% | 78.89% | 80.52% | 81.58% | 80.71% | 84.87% | 81.09% | 83.38% | 81.06% | 81.76% | 80.38% | 81.7% | 79.72% | 79.35% | 80.39% | 79.31% | 80.64% | 77.61% | 80.45% | 74.23% | 67.5% | 64.96% | 63.23% | 64.59% | 63.51% |
| Gross Profit | 234.85M | 221.62M | 197.26M | 163.19M | 144.3M | 142.46M | 137.74M | 152.2M | 122.6M | 102.82M | 106.19M | 100.79M | 140.33M | 122.42M | 141.45M | 105.94M | 80.15M | 78.83M | 81.9M | 75.84M | 62.56M | 51.66M | 43.53M | 50.58M | 41.53M | 57.95M | 53.86M | 51.2M | 62.8M | 55.7M | 43.2M |
| Gross Margin % | 27.21% | 26.87% | 25.08% | 21.56% | 20.25% | 22.07% | 21.9% | 21.11% | 19.48% | 18.42% | 19.29% | 15.13% | 18.91% | 16.62% | 18.94% | 18.24% | 19.62% | 18.3% | 20.28% | 20.65% | 19.61% | 20.69% | 19.36% | 22.39% | 19.55% | 25.77% | 32.5% | 35.04% | 36.77% | 35.41% | 36.49% |
| Gross Profit Growth % | - | 12.34% | 20.88% | 13.09% | 1.29% | 3.43% | -9.5% | 24.15% | 19.23% | -3.18% | 5.36% | -28.18% | 14.63% | -13.46% | 33.53% | 32.18% | 1.67% | -3.75% | 7.99% | 21.24% | 21.1% | 18.66% | -13.94% | 21.79% | -28.34% | 7.61% | 5.19% | -18.47% | 12.75% | 28.94% | 25.22% |
| Operating Expenses | 145.46M | 147.81M | 145.05M | 134.27M | 104.51M | 93.58M | 92.23M | 95.96M | 84.01M | 79.44M | 77.63M | 85.92M | 88.56M | 84.85M | 86.64M | 85.79M | 53.68M | 49.62M | 50.55M | 46.19M | 41.87M | 31.06M | 28.86M | 27.94M | 24.4M | 32.76M | 31.55M | 28.6M | 32.9M | 30.3M | 27.6M |
| OpEx % of Revenue | - | 17.92% | 18.44% | 17.74% | 14.67% | 14.5% | 14.66% | 13.31% | 13.35% | 14.23% | 14.1% | 12.9% | 11.94% | 11.52% | 11.6% | 14.77% | 13.14% | 11.52% | 12.52% | 12.58% | 13.12% | 12.44% | 12.83% | 12.37% | 11.48% | 14.57% | 19.04% | 19.58% | 19.26% | 19.26% | 23.31% |
| Selling, General & Admin | 145.46M | 147.81M | 138.61M | 119.73M | 98.35M | 93.58M | 89.81M | 95.96M | 84.01M | 79.44M | 77.63M | 85.92M | 88.56M | 84.85M | 86.64M | 85.79M | 53.68M | 49.62M | 50.55M | 46.19M | 41.87M | 31.06M | 28.86M | 27.94M | 24.4M | 28.91M | 22.8M | 21.8M | 27M | 25M | 23.1M |
| SG&A % of Revenue | - | 17.92% | 17.62% | 15.82% | 13.8% | 14.5% | 14.28% | 13.31% | 13.35% | 14.23% | 14.1% | 12.9% | 11.94% | 11.52% | 11.6% | 14.77% | 13.14% | 11.52% | 12.52% | 12.58% | 13.12% | 12.44% | 12.83% | 12.37% | 11.48% | 12.86% | 13.76% | 14.92% | 15.81% | 15.89% | 19.51% |
| 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 | 0 | 0 | 6.44M | 14.54M | 6.16M | 0 | 2.42M | 0 | 303K | 0 | 215K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.85M | 8.75M | 6.8M | 5.9M | 5.3M | 4.5M |
| Operating Income | 89.39M | 73.81M | 52.21M | 28.92M | 39.79M | 48.88M | 45.51M | 56.23M | 23.92M | 15.03M | 28.57M | -75.31M | 51.77M | 37.57M | 54.81M | -34.13M | 26.47M | 16.28M | 18.29M | 29.65M | 20.69M | 20.6M | 14.68M | 22.64M | 17.14M | 25.19M | 22.3M | 22.6M | 29.9M | 25.4M | 15.6M |
| Operating Margin % | 10.36% | 8.95% | 6.64% | 3.82% | 5.58% | 7.57% | 7.24% | 7.8% | 3.8% | 2.69% | 5.19% | -11.31% | 6.98% | 5.1% | 7.34% | -5.87% | 6.48% | 3.78% | 4.53% | 8.07% | 6.49% | 8.25% | 6.53% | 10.02% | 8.07% | 11.2% | 13.46% | 15.47% | 17.51% | 16.15% | 13.18% |
| Operating Income Growth % | - | 41.36% | 80.55% | -27.32% | -18.6% | 7.42% | -19.08% | 135.11% | 59.19% | -47.41% | 137.93% | -245.48% | 37.8% | -31.46% | 260.61% | -228.94% | 62.56% | -10.98% | -38.31% | 43.31% | 0.44% | 40.36% | -35.17% | 32.1% | -31.98% | 12.95% | -1.31% | -24.41% | 17.72% | 62.82% | 48.57% |
| EBITDA | 122.98M | 107.46M | 85.65M | 61.49M | 71.21M | 77.27M | 74.36M | 84.54M | 49.21M | 37.87M | 51.43M | -48.46M | 80.79M | 68.49M | 84.23M | -12.67M | 40.06M | 29.84M | 28.25M | 39.71M | 30.51M | 28.18M | 22.17M | 30.21M | 25.15M | 36.27M | 31.05M | 29.4M | 35.8M | 30.7M | 20.1M |
| EBITDA Margin % | 14.25% | 13.03% | 10.89% | 8.12% | 9.99% | 11.97% | 11.82% | 11.72% | 7.82% | 6.78% | 9.34% | -7.28% | 10.89% | 9.3% | 11.27% | -2.18% | 9.81% | 6.93% | 7% | 10.81% | 9.56% | 11.29% | 9.86% | 13.37% | 11.84% | 16.13% | 18.74% | 20.12% | 20.96% | 19.52% | 16.98% |
| EBITDA Growth % | 30.63% | 25.47% | 39.29% | -13.65% | -7.84% | 3.92% | -12.04% | 71.78% | 29.96% | -26.36% | 206.12% | -159.99% | 17.95% | -18.68% | 764.82% | -131.62% | 34.25% | 5.63% | -28.85% | 30.17% | 8.24% | 27.1% | -26.59% | 20.08% | -30.66% | 16.81% | 5.63% | -17.88% | 16.61% | 52.74% | 34.9% |
| D&A (Non-Cash Add-back) | 33.59M | 33.66M | 33.44M | 32.57M | 31.42M | 28.39M | 28.85M | 28.3M | 25.3M | 22.84M | 22.86M | 26.85M | 29.02M | 30.93M | 29.41M | 21.46M | 13.6M | 13.56M | 9.96M | 10.06M | 9.82M | 7.59M | 7.5M | 7.57M | 8.02M | 11.08M | 8.75M | 6.8M | 5.9M | 5.3M | 4.5M |
| EBIT | -27.72M | -34.57M | 52.21M | 37.15M | 44.89M | 181.67M | 45.63M | 56.05M | 38.71M | 24.47M | 47.03M | -87.88M | 48.37M | 46.28M | 56.92M | -34.13M | 26.47M | 16.28M | 18.29M | 29.65M | 20.69M | 20.6M | 14.68M | 22.64M | 17.14M | 27.56M | 23.92M | 22.6M | 29.8M | 25.4M | 15.6M |
| Net Interest Income | -5.92M | -12.68M | -15.3M | -20.77M | -11.57M | -11.19M | -13.65M | -18.29M | -13.02M | -8.87M | -8.92M | -18.71M | -28.08M | -29.92M | -32.8M | -18.2M | -1.8M | -2.52M | -1.24M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.92M | 12.68M | 15.3M | 20.77M | 11.57M | 11.19M | 13.65M | 18.29M | 13.02M | 8.87M | 8.92M | 18.71M | 28.08M | 29.92M | 32.8M | 18.2M | 1.8M | 2.52M | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -123.03M | -121.05M | -15.3M | -12.54M | -6.47M | 121.6M | -13.53M | -18.47M | -13.65M | -8.03M | 8.9M | -31.28M | -25.53M | -29.92M | -32.8M | -18.2M | -1.8M | -2.52M | -14.47M | -2.4M | -2.6M | 522K | -210K | 507K | -1.63M | -2.37M | -1.79M | -800K | 9M | -700K | -1.3M |
| Pretax Income | -33.63M | -47.25M | 36.91M | 16.38M | 33.32M | 170.48M | 31.98M | 37.76M | 10.27M | 7.61M | 38.11M | -106.59M | 26.24M | 7.65M | 22.02M | -52.33M | 24.66M | 13.76M | 17.05M | 27.25M | 18.09M | 21.12M | 14.46M | 23.14M | 15.5M | 22.82M | 20.52M | 21.8M | 38.9M | 24.7M | 14.3M |
| Pretax Margin % | -3.9% | -5.73% | 4.69% | 2.16% | 4.68% | 26.41% | 5.08% | 5.24% | 1.63% | 1.36% | 6.92% | -16% | 3.54% | 1.04% | 2.95% | -9.01% | 6.04% | 3.19% | 4.22% | 7.42% | 5.67% | 8.46% | 6.43% | 10.24% | 7.3% | 10.15% | 12.38% | 14.92% | 22.78% | 15.7% | 12.08% |
| Income Tax | -8.82M | -9.89M | 5.41M | 451K | 4.53M | 34.95M | 2.81M | 5.3M | 1.24M | -12.47M | 12.85M | -33.31M | 6.37M | -1.69M | 5.58M | -4.74M | 4.86M | 3.58M | 3.94M | 7.63M | 3.79M | 5.13M | 3.29M | 6.94M | 5.58M | 8.22M | 7.8M | 8.4M | 15.2M | 10.4M | 4M |
| Effective Tax Rate % | 26.23% | 20.94% | 14.66% | 2.75% | 13.6% | 20.5% | 8.78% | 14.04% | 12.03% | -163.86% | 33.72% | 31.25% | 24.29% | -22.13% | 25.34% | 9.06% | 19.69% | 26% | 23.09% | 28.01% | 20.96% | 24.28% | 22.77% | 30% | 36% | 36.02% | 38% | 38.53% | 39.07% | 42.11% | 27.97% |
| Net Income | -24.81M | -37.35M | 31.5M | 15.93M | 28.79M | 135.54M | 29.17M | 32.46M | 9.04M | 20.08M | 25.26M | -73.28M | 19.87M | 9.34M | 16.44M | -47.58M | 19.81M | 10.18M | 13.11M | 19.62M | 14.3M | 15.99M | 11.17M | 16.2M | 6.5M | 14.6M | 12.72M | 13.4M | 23.7M | 14.3M | 10.3M |
| Net Margin % | -2.87% | -4.53% | 4% | 2.1% | 4.04% | 21% | 4.64% | 4.5% | 1.44% | 3.6% | 4.59% | -11% | 2.68% | 1.27% | 2.2% | -8.19% | 4.85% | 2.36% | 3.25% | 5.34% | 4.48% | 6.4% | 4.97% | 7.17% | 3.06% | 6.49% | 7.68% | 9.17% | 13.88% | 9.09% | 8.7% |
| Net Income Growth % | -162.05% | -218.6% | 97.73% | -44.67% | -78.76% | 364.58% | -10.13% | 259.28% | -55% | -20.52% | 134.47% | -468.86% | 112.64% | -43.16% | 134.54% | -340.22% | 94.52% | -22.34% | -33.17% | 37.24% | -10.6% | 43.15% | -31.04% | 149.05% | -55.45% | 14.8% | -5.07% | -43.46% | 65.73% | 38.83% | 106% |
| Net Income (Continuing) | -24.81M | -37.35M | 31.5M | 15.93M | 28.79M | 135.54M | 29.17M | 32.46M | 9.04M | 20.08M | 25.26M | -74.88M | 19.87M | 11.38M | 17.62M | -47.58M | 19.81M | 10.18M | 13.11M | 19.62M | 14.3M | 15.99M | 11.17M | 16.2M | 9.92M | 16.11M | 13.72M | 13.4M | 23.7M | 14.3M | 10.3M |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -1.60 | -2.50 | 2.10 | 1.14 | 2.33 | 11.06 | 2.44 | 2.75 | 0.77 | 1.74 | 2.24 | -6.63 | 1.79 | 0.86 | 1.66 | -4.52 | 1.87 | 0.97 | 1.23 | 1.88 | 1.39 | 1.57 | 1.10 | 1.63 | 0.65 | 1.50 | 1.30 | 1.28 | 2.04 | 1.20 | 0.90 |
| EPS Growth % | -169.7% | -219.05% | 84.21% | -51.07% | -78.93% | 353.28% | -11.27% | 257.14% | -55.75% | -22.32% | 133.79% | -470.39% | 108.14% | -48.19% | 136.73% | -341.71% | 92.78% | -21.14% | -34.57% | 35.25% | -11.46% | 42.73% | -32.52% | 150.77% | -56.67% | 15.38% | 1.56% | -37.25% | 70% | 33.33% | 55.17% |
| EPS (Basic) | - | -2.50 | 2.13 | 1.16 | 2.38 | 11.41 | 2.50 | 2.82 | 0.79 | 1.78 | 2.27 | -6.64 | 1.82 | 0.87 | 1.67 | -4.52 | 1.89 | 0.97 | 1.24 | 1.89 | 1.40 | 1.59 | 1.12 | 1.64 | 0.66 | 1.51 | 1.32 | 1.32 | 2.13 | 1.30 | 1.04 |
| Diluted Shares Outstanding | 15.55M | 14.94M | 15.01M | 13.97M | 12.37M | 12.25M | 11.93M | 11.79M | 11.66M | 11.56M | 11.3M | 11.05M | 11.13M | 10.85M | 10.63M | 10.54M | 10.6M | 10.51M | 10.65M | 10.46M | 10.29M | 10.19M | 10.16M | 9.94M | 10.01M | 9.74M | 9.78M | 10.47M | 11.62M | 11.92M | 11.44M |
| Basic Shares Outstanding | 15.14M | 14.94M | 14.77M | 13.72M | 12.07M | 11.88M | 11.68M | 11.52M | 11.39M | 11.29M | 11.15M | 11.04M | 10.9M | 10.7M | 10.58M | 10.54M | 10.49M | 10.46M | 10.56M | 10.4M | 10.21M | 10.06M | 9.97M | 9.88M | 9.86M | 9.67M | 9.64M | 10.15M | 11.13M | 11M | 9.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.89% | 30.85% | 12.1% | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DCO stock.
For fiscal year 2025, Ducommun Incorporated (DCO) reported total revenue of $824.8M. This represents a 596.7% increase compared to $118.4M in 1996.
Ducommun Incorporated (DCO) reported a net loss of $37.4M for the fiscal year ending 2025.
Ducommun Incorporated (DCO) reported an operating income of $73.8M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ducommun Incorporated (DCO) generated $221.6M in gross profit for the year, representing a gross profit margin of 26.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Net loss persistence and modest growth
Metrics are mathematically derived from official filings.
Revenue Momentum Building Steadily
Revenue grew 11.0% year-over-year in 2026Q2 to $224.5M, accelerating from 2.7% in 2025Q2, according to the latest quarterly report, suggesting strengthening demand across aerospace programs.
The sequential acceleration from 7.7% in 2026Q1 to 11.0% in 2026Q2 indicates that the company is capturing more content per airframe or benefiting from higher build rates. However, the growth rate remains below the broader aerospace recovery, as noted in recent context, which may reflect supply chain constraints or capacity limitations. Investors should monitor whether this acceleration is sustainable or a one-quarter catch-up.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 28.0% in 2026Q2 from 26.6% a year earlier, as reported in the income statement, indicating better mix or operational efficiency, though still below peers like TransDigm's 60.1%.
The 140 basis point year-over-year improvement in gross margin suggests that the company is benefiting from a favorable product mix, likely from higher-margin electronic systems, and improved factory utilization. However, the absolute level remains modest compared to high-IP peers, implying limited pricing power against OEM cost-down pressures. The sustainability of this expansion depends on continued mix shift and raw material cost stability.
Operating Leverage Emerging on Cost Discipline
Operating income grew 59% year-over-year in 2026Q2 to $28.3M, with operating margin expanding to 12.6% from 8.8%, as per the latest financials, indicating that SG&A is scaling slower than revenue.
The operating margin expansion from 8.8% in 2025Q2 to 12.6% in 2026Q2 demonstrates that the company is leveraging its fixed cost base as revenue grows. SG&A as a percentage of revenue declined to 15.4% from 17.8% a year ago, reflecting disciplined overhead control. This suggests that the company is achieving operating leverage, but investors should watch for any resurgence in SG&A as the company invests for future growth.
Net Loss Masks Underlying Profitability
Despite positive operating income of $28.3M in 2026Q2, net income was $20.4M, but the trailing twelve months include a -$64.4M net loss in 2025Q3, as reported, suggesting a one-time non-cash charge.
The divergence between operating margin (12.6%) and net margin (9.1%) in 2026Q2 is less severe than in prior quarters, but the 2025Q3 net loss of -$64.4M on operating income of $20.2M indicates a significant non-operating charge, likely a goodwill impairment or tax valuation allowance. This non-cash item distorts trailing earnings quality, and investors should adjust for it to assess true cash-generative ability. The strong EPS beat in 2026Q2 suggests underlying operations are healthier than the net margin implies.
COGS and SG&A Trends Show Mixed Discipline
COGS as a percentage of revenue fell to 72.0% in 2026Q2 from 73.4% in 2025Q2, while SG&A rose to $34.6M from $36.0M, according to the income statement, indicating improved cost control.
The decline in COGS ratio reflects better absorption of fixed costs and possibly favorable material pricing. SG&A remained relatively flat in absolute terms despite higher revenue, suggesting management is maintaining overhead discipline. However, the spike in SG&A in 2026Q1 to $40.5M warrants attention, as it may indicate one-time costs or investments that could recur. Overall, cost management appears effective, but the company must continue to control SG&A to sustain margin gains.
2025Q3 Loss Marks Turning Point
The -$64.4M net loss in 2025Q3, as reported, appears to be a one-time non-cash charge, as operating income remained positive, and subsequent quarters show recovery to record EPS of $1.31 in 2026Q2.
The 2025Q3 loss likely reflects a goodwill impairment or tax valuation allowance, which is not indicative of operational deterioration. The subsequent recovery in net income to $20.4M in 2026Q2 and the record EPS beat suggest that the company has moved past this non-operating drag. This inflection point may mark the beginning of a cleaner earnings trajectory, but investors should verify that no further impairments are forthcoming.
What Could Invalidate the Base Case
Despite the strong 2026Q2 EPS beat, revenue growth of 11.0% remains below the broader aerospace recovery, and the trailing net loss of -$64.4M in 2025Q3 raises questions about earnings quality, as per the latest financials.
Short-sellers might argue that the 2026Q2 operating margin of 12.6% is unsustainable, given that SG&A spiked to $40.5M in 2026Q1 and could recur, pressuring margins. Additionally, the modest revenue growth relative to peers like Kratos (18.5%) suggests Ducommun may be losing share or facing capacity constraints. The persistence of non-operating charges, as evidenced by the 2025Q3 net loss, could indicate deeper issues with asset valuations or tax positions. If the company fails to convert its operating leverage into consistent net income, the market may continue to discount its shares.