Revenue has declined in every quarter from $36.0M in 2024Q1 to $31.3M in 2026Q2, though operating margin recovered to 12.2% on SG&A cuts, while gross margin volatility (72.3%–97.5%) suggests COGS reclassification may be distorting comparability.
DHI Group, Inc. (DHX) annual income statement — 21-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 |
|---|
| Sales/Revenue | 124.65M | 127.83M | 141.93M | 151.88M | 149.68M | 119.9M | 111.17M | 117.27M | 161.57M | 207.95M | 226.97M | 259.77M | 262.62M | 213.48M | 195.36M | 179.13M | 129M | 109.99M | 155.01M | 142.35M | 83.66M | 17M |
| Revenue Growth % | -5.02% | -9.93% | -6.55% | 1.47% | 24.83% | 7.86% | -5.21% | -27.42% | -22.3% | -8.38% | -12.63% | -1.08% | 23.02% | 9.27% | 9.06% | 38.86% | 17.28% | -29.04% | 8.89% | 70.16% | 392.05% | - |
| Cost of Goods Sold | 18.55M | 19.61M | 20.23M | 19.79M | 17.61M | 15.09M | 14.29M | 13.53M | 18.34M | 29.97M | 32.13M | 39.15M | 37.21M | 23.43M | 15.69M | 13.02M | 9.57M | 7.5M | 9.86M | 8.65M | 4.82M | 1.18M |
| COGS % of Revenue | - | 15.34% | 14.26% | 13.03% | 11.76% | 12.58% | 12.85% | 11.54% | 11.35% | 14.41% | 14.15% | 15.07% | 14.17% | 10.97% | 8.03% | 7.27% | 7.42% | 6.82% | 6.36% | 6.07% | 5.77% | 6.95% |
| Gross Profit | 106.09M | 108.21M | 121.69M | 132.09M | 132.07M | 104.81M | 96.88M | 103.74M | 143.23M | 177.98M | 194.84M | 220.62M | 225.4M | 190.05M | 179.68M | 166.11M | 119.42M | 102.49M | 145.15M | 133.7M | 78.83M | 15.82M |
| Gross Margin % | 85.11% | 84.66% | 85.74% | 86.97% | 88.24% | 87.42% | 87.15% | 88.46% | 88.65% | 85.59% | 85.85% | 84.93% | 85.83% | 89.03% | 91.97% | 92.73% | 92.58% | 93.18% | 93.64% | 93.93% | 94.23% | 93.05% |
| Gross Profit Growth % | - | -11.08% | -7.87% | 0.01% | 26.01% | 8.19% | -6.61% | -27.57% | -19.53% | -8.66% | -11.68% | -2.12% | 18.6% | 5.78% | 8.17% | 39.09% | 16.52% | -29.39% | 8.56% | 69.6% | 398.29% | - |
| Operating Expenses | 96.31M | 119.59M | 115.37M | 125.8M | 126.51M | 106.57M | 129.27M | 93.61M | 127.28M | 158.13M | 163.49M | 179.45M | 178.65M | 144.77M | 120.73M | 108.03M | 87.22M | 75.95M | 110.26M | 101.71M | 62.23M | 16.4M |
| OpEx % of Revenue | - | 93.55% | 81.29% | 82.83% | 84.52% | 88.88% | 116.29% | 79.82% | 78.78% | 76.04% | 72.03% | 69.08% | 68.03% | 67.81% | 61.8% | 60.31% | 67.61% | 69.05% | 71.13% | 71.45% | 74.39% | 96.47% |
| Selling, General & Admin | 62.62M | 66.9M | 77.4M | 88.69M | 93.41M | 72.28M | 66.32M | 68.53M | 97.31M | 121.26M | 121.14M | 126.39M | 125.36M | 104.93M | 92.2M | 82.92M | 64.92M | 54.1M | 78.3M | 72.62M | 44.95M | 11.26M |
| SG&A % of Revenue | - | 52.34% | 54.54% | 58.4% | 62.41% | 60.29% | 59.66% | 58.44% | 60.23% | 58.31% | 53.37% | 48.66% | 47.73% | 49.15% | 47.19% | 46.29% | 50.33% | 49.18% | 50.51% | 51.02% | 53.74% | 66.21% |
| Research & Development | 12.2M | 12.84M | 18.88M | 17.78M | 17.67M | 16.02M | 14.89M | 14.7M | 20.21M | 24.98M | 25.71M | 29.86M | 26.09M | 22.44M | 16.23M | 10.32M | 6.75M | 3.87M | 4.42M | 4.19M | 2.36M | 597K |
| R&D % of Revenue | - | 10.05% | 13.3% | 11.7% | 11.81% | 13.36% | 13.39% | 12.54% | 12.51% | 12.01% | 11.33% | 11.5% | 9.93% | 10.51% | 8.31% | 5.76% | 5.23% | 3.51% | 2.85% | 2.94% | 2.82% | 3.51% |
| Other Operating Expenses | 4M | 39.84M | 19.08M | 19.33M | 15.43M | 18.26M | 48.07M | 10.38M | -36K | -23K | -29K | -25K | -11K | -951K | -62K | 14.8M | 15.55M | 17.98M | 20.33M | 24.9M | 14.92M | 4.55M |
| Operating Income | 9.78M | -11.37M | 6.33M | 6.29M | 5.56M | -1.75M | -32.39M | 10.13M | 11.69M | 22.86M | 3.39M | 6.36M | 46.6M | 30.12M | 58.9M | 54.95M | 32.16M | 26.54M | 34.88M | 31.99M | 16.6M | -581K |
| Operating Margin % | 7.85% | -8.9% | 4.46% | 4.14% | 3.71% | -1.46% | -29.14% | 8.64% | 7.24% | 11% | 1.49% | 2.45% | 17.75% | 14.11% | 30.15% | 30.67% | 24.93% | 24.13% | 22.5% | 22.47% | 19.84% | -3.42% |
| Operating Income Growth % | - | -279.81% | 0.59% | 13.09% | 417.35% | 94.59% | -419.81% | -13.38% | -48.87% | 574.28% | -46.64% | -86.36% | 54.72% | -48.86% | 7.19% | 70.87% | 21.16% | -23.91% | 9.03% | 92.74% | 2956.97% | - |
| EBITDA | 18.91M | 2.87M | 24.3M | 23.2M | 23.05M | 15.37M | -20.37M | 19.87M | 21.45M | 34.76M | 20.03M | 29.55M | 73.81M | 47.52M | 71.21M | 69.75M | 47.71M | 44.53M | 56.05M | 54.81M | 31.87M | 4.07M |
| EBITDA Margin % | 15.17% | 2.25% | 17.12% | 15.28% | 15.4% | 12.82% | -18.32% | 16.94% | 13.28% | 16.71% | 8.82% | 11.37% | 28.1% | 22.26% | 36.45% | 38.94% | 36.99% | 40.48% | 36.16% | 38.5% | 38.1% | 23.95% |
| EBITDA Growth % | 172.9% | -88.18% | 4.71% | 0.68% | 49.99% | 175.43% | -202.52% | -7.38% | -38.27% | 73.54% | -32.22% | -59.97% | 55.3% | -33.26% | 2.09% | 46.19% | 7.15% | -20.55% | 2.26% | 71.96% | 682.74% | - |
| D&A (Non-Cash Add-back) | 9.13M | 14.24M | 17.97M | 16.91M | 17.49M | 17.12M | 12.02M | 9.74M | 9.76M | 11.89M | 16.64M | 23.19M | 27.2M | 17.4M | 12.31M | 14.8M | 15.55M | 17.98M | 21.16M | 22.82M | 15.27M | 4.65M |
| EBIT | 13.45M | -12.23M | 6.15M | 7.1M | 5.18M | -364K | -34.39M | 10.13M | 16.94M | 18.21M | 30.46M | 6.33M | 46.76M | 46.49M | 58.15M | 54.94M | 31.09M | 28.18M | 33.96M | 31.99M | 17.9M | -307K |
| Net Interest Income | -2.37M | -2.46M | -3.2M | -3.48M | -1.58M | -667K | -831K | -703K | -2.05M | -3.44M | -3.48M | -3.29M | -3.74M | -1.88M | -1.23M | -1.33M | -4.65M | -6.59M | -7.91M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 83K | 112K | 112K | 213K | 1.65M | 0 | 0 | 0 |
| Interest Expense | 2.37M | 2.46M | 3.2M | 3.48M | 1.58M | 667K | 831K | 703K | 2.05M | 3.44M | 3.48M | 3.29M | 3.74M | 1.91M | 1.31M | 1.45M | 3.38M | 6.8M | 9.55M | 0 | 0 | 0 |
| Other Income/Expense | 861K | -3.31M | -3.38M | -2.67M | -1.96M | 721K | -2.83M | -703K | -2.09M | -3.47M | -3.51M | -3.31M | -3.75M | -1.91M | -2.06M | -1.46M | -4.44M | -5.16M | -10.47M | -12.06M | -5.86M | -1.98M |
| Pretax Income | 10.64M | -14.69M | 2.95M | 3.62M | 3.6M | -1.03M | -35.22M | 9.43M | 9.6M | 19.4M | -119K | 3.04M | 42.85M | 27.3M | 56.84M | 53.49M | 27.72M | 21.38M | 24.41M | 19.94M | 12.04M | -2.56M |
| Pretax Margin % | 8.54% | -11.49% | 2.08% | 2.38% | 2.4% | -0.86% | -31.68% | 8.04% | 5.94% | 9.33% | -0.05% | 1.17% | 16.32% | 12.79% | 29.09% | 29.86% | 21.49% | 19.44% | 15.75% | 14% | 14.4% | -15.03% |
| Income Tax | 3.15M | -1.18M | 2.7M | 131K | -579K | -629K | -2.83M | 2.79M | 2.43M | 3.42M | 5.28M | 14.01M | 15.24M | 11.05M | 18.75M | 19.39M | 8.82M | 7.89M | 9.57M | 6.69M | 4.64M | -939K |
| Effective Tax Rate % | 29.62% | 8.02% | 91.42% | 3.62% | -16.1% | 61.01% | 8.02% | 29.64% | 25.29% | 17.63% | -4436.13% | 460.67% | 35.56% | 40.48% | 32.99% | 36.25% | 31.82% | 36.9% | 39.22% | 33.57% | 38.54% | 36.74% |
| Net Income | 7.89M | -13.51M | 253K | 3.49M | 4.18M | -29.74M | -30.02M | 12.55M | 7.17M | 15.98M | -5.4M | -10.97M | 27.61M | 16.25M | 38.09M | 34.1M | 18.9M | 13.49M | 15.36M | 15.51M | 6.78M | -1.72M |
| Net Margin % | 6.33% | -10.57% | 0.18% | 2.3% | 2.79% | -24.81% | -27% | 10.7% | 4.44% | 7.68% | -2.38% | -4.22% | 10.51% | 7.61% | 19.5% | 19.04% | 14.65% | 12.27% | 9.91% | 10.89% | 8.1% | -10.13% |
| Net Income Growth % | 158.72% | -5439.92% | -92.75% | -16.4% | 114.04% | 0.91% | -339.14% | 74.95% | -55.1% | 396% | 50.78% | -139.72% | 69.96% | -57.34% | 11.69% | 80.43% | 40.09% | -12.15% | -0.97% | 128.78% | 493.61% | - |
| Net Income (Continuing) | 7.49M | -13.51M | 253K | 3.49M | 4.18M | -402K | -32.4M | 6.63M | 7.17M | 15.98M | -5.4M | -10.97M | 27.61M | 16.25M | 38.09M | 34.1M | 18.9M | 13.49M | 14.84M | 13.24M | 8.24M | -1.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -29.34M | 2.38M | 5.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 519K | 2.4M | 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 |
| EPS (Diluted) | 0.19 | -0.30 | 0.01 | 0.08 | 0.09 | -0.01 | -0.62 | 0.24 | 0.14 | 0.33 | -0.11 | -0.21 | 0.51 | 0.27 | 0.59 | 0.49 | 0.28 | 0.20 | 0.24 | -3.26 | -47.75 | -18.67 |
| EPS Growth % | 161.93% | - | -92.87% | -12.49% | - | 98.6% | -358.33% | 71.43% | -57.58% | 400% | 47.62% | -141.18% | 88.89% | -54.24% | 20.41% | 75% | 40% | -16.67% | 107.36% | 93.17% | -155.76% | - |
| EPS (Basic) | - | -0.30 | 0.01 | 0.08 | 0.09 | -0.01 | -0.62 | 0.26 | 0.15 | 0.33 | -0.11 | -0.21 | 0.53 | 0.29 | 0.62 | 0.52 | 0.30 | 0.22 | 0.25 | -3.26 | -47.75 | -18.67 |
| Diluted Shares Outstanding | 42.18M | 44.77M | 45.09M | 44.5M | 46.53M | 46.33M | 48.28M | 51.63M | 49.6M | 48.23M | 48.32M | 51.4M | 54.41M | 59.48M | 64.6M | 70.05M | 67.93M | 66.07M | 65.34M | 92.2K | 92.19K | 92.23K |
| Basic Shares Outstanding | 40.49M | 44.77M | 44.65M | 43.57M | 44.27M | 46.33M | 48.28M | 48.74M | 48.52M | 47.91M | 48.32M | 51.4M | 52.33M | 56.47M | 61.19M | 65.81M | 62.66M | 62.27M | 62.19M | 92.2K | 92.19K | 92.23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 30.84% | 164.95% | - |
Quick answers to the most common questions about buying DHX stock.
For fiscal year 2025, DHI Group, Inc. (DHX) reported total revenue of $127.8M. This represents a 651.8% increase compared to $17.0M in 2005.
DHI Group, Inc. (DHX) reported a net loss of $13.5M for the fiscal year ending 2025.
DHI Group, Inc. (DHX) reported an operating income of $-11.4M, resulting in an operating profit margin of -8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
DHI Group, Inc. (DHX) generated $108.2M in gross profit for the year, representing a gross profit margin of 84.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent revenue decline with margin volatility
Metrics are mathematically derived from official filings.
Revenue Contraction Decelerating Slowly
DHI Group's top line has contracted in every quarter shown, falling from $36.0M in 2024Q1 to $31.3M in 2026Q2, though the rate of decline moderated from roughly 10% to about 2%, suggesting the staffing-demand trough may be nearing based on recent SEC filings.
The deceleration in revenue decline from double-digit territory (2025Q1–Q2) to low single digits (2026Q2) appears to reflect easier year-over-year comparisons and possible stabilization in the professional/technical hiring market rather than a decisive demand recovery. Investors should monitor whether the 2% decline in 2026Q2 reflects a genuine bottoming or simply a one-quarter pause in a longer contraction cycle.
Gross Margin Volatility Signals Accounting Noise
DHI's reported gross margin swung from 72.3% in 2025Q2 to 97.5% in 2025Q4, an unusually wide range for a staffing business that peers like Kforce (26.8%) and ManpowerGroup (16.7%) never approach, suggesting COGS classification or cost reallocation is distorting period-to-period comparability.
The COGS line itself ranged from $782K to $8.9M across ten quarters with no corresponding revenue swing, which points to internal cost-allocation methodology changes rather than true operational margin expansion. Because DHI's 80%+ structural gross margin is fundamentally inconsistent with labor-broker economics, analysts should treat the reported margin as largely uninformative and focus instead on the operating line, where the true cost of delivering services is captured.
SG&A Cuts Rescue Operating Income Partially
SG&A expense fell from $19.9M in 2024Q1 to $15.5M in 2026Q2, a 22% reduction, yet operating margin only recovered to 12.2% from a -27.5% trough in 2025Q1, indicating the overhead reduction was necessary but insufficient to offset revenue erosion.
The SG&A reduction appears to have been achieved through headcount and discretionary spending cuts rather than structural efficiency gains, since it took roughly eight quarters to translate into a meaningful operating-margin recovery. R&D simultaneously declined from $4.8M to $2.9M, which may indicate the company is funding its cost discipline through underinvestment in product development — a trade-off that could weaken DHI's competitive positioning in its niche over time.
Net Income Propped Up by Non-Operating Items
DHI reported positive net income in 2025Q4 ($1.4M) despite a negative operating margin of -3.0%, and stock-based compensation fluctuated from zero in 2024Q4 to $2.2M in 2024Q2, suggesting non-operating gains and variable SBC expense are materially distorting the bottom line.
The 2025Q4 disconnect between operating loss and net income implies that interest income, tax benefits, or one-time items are carrying the reported profitability, which is not a sustainable earnings foundation. SBC also remains a meaningful drag relative to net income — for instance, $928K against $2.6M net income in 2026Q2 represents over a third of earnings — meaning true cash-based profitability is materially thinner than headline EPS suggests.
Cost Cutting Is Not a Growth Strategy
The short-seller case against DHI rests on the fact that operating income is being manufactured entirely by expense reductions while revenue has fallen in every quarter for two years, and peers with comparable margin structures have either stabilized or grown, per recent SEC filings.
If the staffing market recovers, DHI's leaner cost base could drive a sharp earnings inflection; but if revenue continues to erode even modestly, the company will exhaust its available cost levers within several quarters and face structurally negative operating leverage. The absence of disclosed cash flow or balance sheet data makes it difficult to assess whether DHI has the financial runway to reinvest through the cycle, which is the central analytical uncertainty investors should resolve.