Operating margins have experienced significant compression, falling from 13.6% in 2023Q2 to 9.0% in 2025Q3, reflecting the impact of promotional incentives on profitability.
BRP Inc. (DOO) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 |
|---|
| Sales/Revenue | 9.36B | 8.44B | 7.83B | 9.96B | 10.03B | 7.65B | 5.96B | 6.05B | 5.25B | 4.48B | 4.17B | 4.17B | 3.83B | 3.52B | 3.19B | 2.9B |
| Revenue Growth % | 19.92% | 7.83% | -21.41% | -0.7% | 31.19% | 28.37% | -1.5% | 15.23% | 17.06% | 7.48% | - | 8.94% | 8.64% | 10.35% | 10.29% | - |
| Cost of Goods Sold | 7.44B | 6.56B | 6.06B | 7.33B | 7.53B | 5.52B | 4.48B | 4.6B | 3.99B | 3.43B | 3.16B | 3.16B | 2.92B | 2.68B | 2.39B | 2.16B |
| COGS % of Revenue | - | 77.65% | 77.35% | 73.56% | 75.09% | 72.12% | 75.27% | 75.98% | 76.1% | 76.53% | 75.84% | 75.81% | 76.13% | 76.01% | 74.71% | 74.53% |
| Gross Profit | 1.92B | 1.89B | 1.77B | 2.63B | 2.5B | 2.13B | 1.47B | 1.45B | 1.25B | 1.05B | 1.01B | 1.01B | 914.2M | 845.6M | 807.7M | 737.7M |
| Gross Margin % | 20.53% | 22.35% | 22.65% | 26.44% | 24.91% | 27.88% | 24.73% | 24.02% | 23.9% | 23.47% | 24.16% | 24.19% | 23.87% | 23.99% | 25.29% | 25.47% |
| Gross Profit Growth % | - | 6.41% | -32.67% | 5.39% | 17.22% | 44.71% | 1.41% | 15.81% | 19.21% | 4.43% | - | 10.36% | 8.11% | 4.69% | 9.49% | - |
| Operating Expenses | 1.32B | 1.27B | 1.22B | 1.23B | 1.13B | 945.2M | 824.55M | 899.35M | 771.35M | 658.1M | 629.55M | 629.5M | 572.9M | 544.7M | 519.4M | 484M |
| OpEx % of Revenue | - | 15.04% | 15.61% | 12.32% | 11.29% | 12.36% | 13.84% | 14.87% | 14.7% | 14.68% | 15.09% | 15.09% | 14.96% | 15.45% | 16.26% | 16.71% |
| Selling, General & Admin | 868.78M | 836.1M | 753.4M | 801.1M | 774.9M | 664.9M | 554.44M | 638.04M | 549.43M | 458.1M | 445.44M | 445.4M | 408.5M | 386.5M | 374.5M | 355.8M |
| SG&A % of Revenue | - | 9.9% | 9.62% | 8.04% | 7.72% | 8.69% | 9.31% | 10.55% | 10.47% | 10.22% | 10.68% | 10.68% | 10.67% | 10.97% | 11.72% | 12.29% |
| Research & Development | 462M | 434.7M | 391.1M | 401.9M | 367.7M | 289.8M | 270.11M | 261.31M | 221.91M | 200M | 184.12M | 184.1M | 164.4M | 158.2M | 144.9M | 128.2M |
| R&D % of Revenue | - | 5.15% | 5% | 4.03% | 3.66% | 3.79% | 4.53% | 4.32% | 4.23% | 4.46% | 4.41% | 4.41% | 4.29% | 4.49% | 4.54% | 4.43% |
| Other Operating Expenses | 1000K | -1.3M | 77.4M | 24M | -10.3M | -9.5M | 0 | 0 | 0 | 0 | 0 | 600K | 800K | 4.1M | 0 | 0 |
| Operating Income | 603.02M | 617.8M | 551.7M | 1.41B | 1.37B | 1.19B | 648.92M | 553.6M | 483.27M | 394.36M | 378.23M | 306.3M | 265.3M | 305M | 295.1M | 219.7M |
| Operating Margin % | 6.44% | 7.32% | 7.05% | 14.12% | 13.63% | 15.52% | 10.89% | 9.15% | 9.21% | 8.8% | 9.07% | 7.34% | 6.93% | 8.65% | 9.24% | 7.59% |
| Operating Income Growth % | - | 11.98% | -60.79% | 2.92% | 15.17% | 82.92% | 17.22% | 14.55% | 22.55% | 4.26% | - | 15.45% | -13.02% | 3.35% | 34.32% | - |
| EBITDA | 1.06B | 1.07B | 979.3M | 1.8B | 1.68B | 1.46B | 909.92M | 787.53M | 660.74M | 544.61M | 512.54M | 440.6M | 391.5M | 418.2M | 390.2M | 304.8M |
| EBITDA Margin % | 11.33% | 12.69% | 12.51% | 18.05% | 16.72% | 19.1% | 15.27% | 13.02% | 12.59% | 12.15% | 12.29% | 10.56% | 10.22% | 11.86% | 12.22% | 10.52% |
| EBITDA Growth % | 21.59% | 9.43% | -45.56% | 7.22% | 14.85% | 60.52% | 15.54% | 19.19% | 21.32% | 6.26% | - | 12.54% | -6.38% | 7.18% | 28.02% | - |
| D&A (Non-Cash Add-back) | 457.25M | 453.8M | 427.6M | 391.7M | 310.4M | 273.6M | 261.01M | 233.93M | 177.47M | 150.25M | 134.31M | 134.3M | 126.2M | 113.2M | 95.1M | 85.1M |
| EBIT | 415.42M | 554.1M | 342.5M | 1.39B | 1.28B | 1.14B | 571.65M | 563.89M | 396.78M | 428.7M | 380.73M | 387.3M | 162.4M | 182.8M | 180.3M | 211.5M |
| Net Interest Income | -173.07M | -177.6M | -182.1M | -164.2M | -108.2M | -58M | -94.78M | -80.34M | -64.56M | -47.23M | -52.1M | -61.2M | -59.1M | -56.6M | -62M | -51.16M |
| Interest Income | 14.96M | 11M | 8M | 16.6M | 6M | 3.8M | 19.82M | 2.2M | 3M | 2.22M | 1.5M | 1.5M | 3.5M | 2.7M | 2.5M | 1.9M |
| Interest Expense | 188.03M | 188.6M | 190.1M | 180.8M | 114.2M | 61.8M | 114.59M | 82.54M | 67.57M | 49.45M | 53.6M | 60.2M | 62M | 58.3M | 63.2M | 53.06M |
| Other Income/Expense | -443.68M | -252.3M | -399.3M | -201.6M | -201.2M | -110.3M | -191.85M | -72.25M | -154.05M | -15.11M | -51.1M | -46.1M | -234.9M | -180.5M | -178M | -68.1M |
| Pretax Income | 159.34M | 365.5M | 152.4M | 1.21B | 1.17B | 1.08B | 457.06M | 481.35M | 329.22M | 379.25M | 327.13M | 327.1M | 100.4M | 124.5M | 117.1M | 151.6M |
| Pretax Margin % | 1.7% | 4.33% | 1.95% | 12.1% | 11.62% | 14.08% | 7.67% | 7.96% | 6.27% | 8.46% | 7.84% | 7.84% | 2.62% | 3.53% | 3.67% | 5.23% |
| Income Tax | 48.06M | 25.1M | 89.7M | 273.7M | 300.5M | 282.1M | 93.87M | 111.02M | 101.7M | 138.47M | 70.11M | 70.1M | 48.8M | 54.4M | 57.4M | 32.4M |
| Effective Tax Rate % | 30.16% | 6.87% | 58.86% | 22.71% | 25.77% | 26.2% | 20.54% | 23.06% | 30.89% | 36.51% | 21.43% | 21.43% | 48.61% | 43.69% | 49.02% | 21.37% |
| Net Income | 111.22M | 291.6M | -213.1M | 743.4M | 863.9M | 793.9M | 363.69M | 371.13M | 227.22M | 240.58M | 257.22M | 257.2M | 51.6M | 70.2M | 59.9M | 119.2M |
| Net Margin % | 1.19% | 3.45% | -2.72% | 7.46% | 8.61% | 10.38% | 6.1% | 6.14% | 4.33% | 5.37% | 6.17% | 6.17% | 1.35% | 1.99% | 1.88% | 4.12% |
| Net Income Growth % | 395.8% | 236.84% | -128.67% | -13.95% | 8.82% | 118.29% | -2.01% | 63.34% | -5.55% | -6.47% | - | 398.45% | -26.5% | 17.2% | -49.75% | - |
| Net Income (Continuing) | 111.29M | 340.4M | 62.7M | 931.7M | 865.4M | 794.6M | 363.19M | 370.33M | 227.52M | 240.78M | 257.02M | 257M | 51.6M | 70.1M | 59.7M | 119.2M |
| Discontinued Operations | 2M | -51.1M | -275.7M | -187.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.5M | 6.6M | 5.5M | 5M | 5.2M | 2.8M | 3.8M | 4.1M | 5.21M | 5.04M | 4.6M | 4.6M | 5.2M | 2.7M | 2.3M | 2.3M |
| EPS (Diluted) | 1.53 | 3.96 | -2.89 | 9.47 | 10.67 | 9.31 | 4.10 | 3.96 | 2.28 | 2.23 | 2.27 | 2.27 | 0.44 | 0.59 | 0.53 | 1.01 |
| EPS Growth % | 354.36% | 237.02% | -130.52% | -11.25% | 14.61% | 127.07% | 3.54% | 73.68% | 2.24% | -1.76% | - | 415.91% | -25.42% | 11.32% | -47.52% | - |
| EPS (Basic) | - | 3.99 | -2.89 | 9.63 | 10.88 | 9.57 | 4.16 | 4.00 | 2.31 | 2.25 | 2.28 | 2.28 | 0.44 | 0.59 | 0.53 | 1.01 |
| Diluted Shares Outstanding | 72.76M | 73.9M | 74.59M | 78.52M | 80.95M | 85.26M | 88.6M | 93.81M | 99.59M | 107.92M | 113.21M | 113.21M | 117.46M | 118.91M | 113.41M | 118.13M |
| Basic Shares Outstanding | 72.76M | 73.13M | 73.66M | 77.17M | 79.38M | 82.97M | 87.52M | 92.76M | 98.29M | 106.96M | 112.95M | 112.95M | 117.01M | 118.29M | 112.59M | 118.13M |
| Dividend Payout Ratio | - | 21.57% | - | 7.48% | 5.88% | 5.43% | 2.64% | 10.02% | 15.55% | 10.59% | - | - | - | - | 806.34% | - |
Quick answers to the most common questions about buying DOO stock.
For fiscal year 2026, BRP Inc. (DOO) reported total revenue of $8.44B. This represents a 191.5% increase compared to $2.90B in 2012.
BRP Inc. (DOO) is profitable, generating $291.6M in net income for the fiscal year ending 2026 with a net profit margin of 3.5%.
BRP Inc. (DOO) reported an operating income of $617.8M, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BRP Inc. (DOO) generated $1.89B in gross profit for the year, representing a gross profit margin of 22.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical demand and leverage
Volatile Revenue Amid Cyclical Headwinds
As reported in recent financial statements, BRP Inc. experienced significant revenue volatility, highlighted by a sharp 22.1% contraction in 2024Q4, which suggests that the company is struggling to maintain consistent wholesale shipment volumes in the face of shifting consumer demand and elevated dealer inventory levels.
The recent return to 15.1% growth in 2025Q3 appears to be a recovery from a low base rather than a return to structural expansion. Investors should monitor whether this growth is driven by genuine retail pull-through or if it reflects aggressive channel stuffing to manage dealer floorplan financing requirements.
Structural Margin Compression Under Pressure
Based on the provided income statement data, gross margins have fluctuated between 20.4% and 25.4% over the last ten quarters, indicating that the company's ability to maintain premium pricing is increasingly constrained by the competitive necessity of promotional incentives and dealer support during periods of economic cooling.
The contraction in gross margin from the 25% range seen in 2023 to the low 20s suggests that the company lacks the pricing power to fully offset rising input costs and inventory-related discounting. This trend warrants further investigation into whether the product mix is shifting toward lower-margin marine offerings.
Operating Leverage Working Against Profitability
According to the quarterly income statement figures, operating margins have compressed significantly from 13.6% in 2023Q2 to 9.0% in 2025Q3, demonstrating that the company's fixed cost structure is not scaling efficiently as revenue growth remains inconsistent and highly sensitive to broader macroeconomic cycles.
The inability to reduce SG&A expenses in proportion to revenue declines suggests a high degree of operating leverage that exacerbates earnings volatility during downturns. This indicates that management may face difficulty in protecting the bottom line if the current demand environment fails to stabilize.
Solvency Risks in Cyclical Downturn
Based on reported figures, the company's debt-to-equity ratio of 12.68% combined with recent periods of negative net income suggests that the firm's financial flexibility is limited, potentially leaving it vulnerable to covenant breaches if the current powersports market downturn persists longer than anticipated by consensus.
Short-sellers may focus on the disconnect between the company's premium brand identity and its deteriorating balance sheet health. The reliance on dealer floorplan financing creates a hidden layer of risk that could materialize if retail demand for high-ticket discretionary items continues to face pressure from high interest rates.