Distribution Solutions Group, Inc. (DSGR) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 11.0% YoY in 2026Q2 with operating margin expanding to 5.0%, but gross margin slipped to 32.3% from 34.3% a year earlier, indicating pricing or mix pressures.

Annual statement

DSGR Income Statement

Distribution Solutions Group, Inc. (DSGR) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	2.05B	1.98B	1.8B	1.57B	1.15B	520.29M	351.59M	370.79M	349.64M	305.91M	276.57M	275.83M	285.69M	269.5M	290.49M	314.96M	316.78M	378.88M	485.21M	509.69M	518.18M	450.19M	419.65M	389.09M	387.46M	379.41M	348.97M	319M	292.5M	278.1M	250.3M
Revenue Growth %	6.45%	9.75%	14.88%	36.39%	121.3%	47.98%	-5.18%	6.05%	14.3%	10.61%	0.27%	-3.45%	6.01%	-7.22%	-7.77%	-0.57%	-16.39%	-21.91%	-4.8%	-1.64%	15.1%	7.28%	7.85%	0.42%	2.12%	8.72%	9.39%	9.06%	5.18%	11.11%	11.99%
Cost of Goods Sold	1.38B	1.32B	1.19B	1.01B	760.52M	390.01M	165.05M	173.43M	160.1M	122.89M	108.51M	106.71M	113.14M	108.21M	129.31M	135.18M	121.95M	161.1M	206.21M	208.71M	212.92M	170.43M	155.97M	141.12M	137.13M	131.06M	117.26M	102.7M	94.1M	91M	77.1M
COGS % of Revenue	-	66.56%	65.98%	64.63%	66.05%	74.96%	46.94%	46.77%	45.79%	40.17%	39.23%	38.69%	39.6%	40.15%	44.51%	42.92%	38.5%	42.52%	42.5%	40.95%	41.09%	37.86%	37.17%	36.27%	35.39%	34.54%	33.6%	32.19%	32.17%	32.72%	30.8%
Gross Profit	671.45M	662.04M	613.77M	555.46M	390.9M	130.28M	186.54M	197.35M	189.54M	183.02M	168.06M	169.12M	172.55M	161.29M	161.18M	179.78M	194.83M	217.78M	279M	300.98M	305.26M	279.76M	263.68M	247.97M	250.33M	248.34M	231.71M	216.3M	198.4M	187.1M	173.2M
Gross Margin %	32.7%	33.44%	34.02%	35.37%	33.95%	25.04%	53.06%	53.23%	54.21%	59.83%	60.77%	61.31%	60.4%	59.85%	55.49%	57.08%	61.5%	57.48%	57.5%	59.05%	58.91%	62.14%	62.83%	63.73%	64.61%	65.46%	66.4%	67.81%	67.83%	67.28%	69.2%
Gross Profit Growth %	-	7.86%	10.5%	42.1%	200.05%	-30.16%	-5.48%	4.12%	3.56%	8.9%	-0.63%	-1.98%	6.98%	0.07%	-10.34%	-7.72%	-10.54%	-21.94%	-7.3%	-1.4%	9.11%	6.1%	6.34%	-0.94%	0.8%	7.18%	7.12%	9.02%	6.04%	8.03%	6.06%
Operating Expenses	598.61M	583.77M	557.82M	512.47M	349.11M	118.86M	165.99M	188.29M	180.33M	178.5M	169.52M	167M	177.37M	163.4M	171.72M	185.25M	177.9M	215.28M	299.23M	268.21M	283.01M	244.39M	232.87M	225.23M	228.52M	232.14M	189.89M	175.9M	164.9M	153.2M	141.2M
OpEx % of Revenue	-	29.48%	30.92%	32.63%	30.32%	22.84%	47.21%	50.78%	51.58%	58.35%	61.29%	60.54%	62.08%	60.63%	59.12%	58.82%	56.16%	56.82%	61.67%	52.62%	54.62%	54.29%	55.49%	57.89%	58.98%	61.19%	54.41%	55.14%	56.38%	55.09%	56.41%
Selling, General & Admin	579.58M	508.87M	457.55M	416.7M	349.11M	207.25M	165.99M	188.29M	180.33M	178.5M	169.52M	166.07M	173.98M	163.8M	171.72M	182.91M	183.65M	215.28M	265.31M	268.21M	282.2M	243.6M	231.76M	221.19M	226.57M	223.61M	189.89M	169.4M	159.4M	148.2M	137.2M
SG&A % of Revenue	-	25.7%	25.36%	26.53%	30.32%	39.83%	47.21%	50.78%	51.58%	58.35%	61.29%	60.21%	60.9%	60.78%	59.12%	58.07%	57.97%	56.82%	54.68%	52.62%	54.46%	54.11%	55.23%	56.85%	58.48%	58.94%	54.41%	53.1%	54.5%	53.29%	54.81%
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	1000K	74.9M	100.27M	95.77M	-670K	-88.39M	0	0	-1.34M	780K	422K	-203K	-99K	0	-831K	2.35M	-5.75M	0	33.92M	0	806K	792K	1.11M	4.04M	1.95M	8.53M	0	6.5M	5.5M	5M	4M
Operating Income	72.84M	78.26M	55.95M	42.99M	41.79M	11.42M	20.55M	9.07M	9.21M	9.94M	-1.46M	2.12M	-4.96M	-5.86M	-43.15M	-5.5M	16.93M	-5.59M	-20.23M	20.44M	22.25M	35.37M	30.81M	22.74M	21.81M	16.2M	41.82M	40.4M	33.5M	33.9M	32M
Operating Margin %	3.55%	3.95%	3.1%	2.74%	3.63%	2.2%	5.84%	2.45%	2.63%	3.25%	-0.53%	0.77%	-1.74%	-2.18%	-14.85%	-1.75%	5.34%	-1.47%	-4.17%	4.01%	4.29%	7.86%	7.34%	5.84%	5.63%	4.27%	11.98%	12.66%	11.45%	12.19%	12.78%
Operating Income Growth %	-	39.87%	30.16%	2.88%	265.87%	-44.42%	126.67%	-1.56%	-7.31%	781.95%	-168.69%	142.74%	15.35%	86.41%	-685.1%	-132.47%	402.97%	72.38%	-198.97%	-8.14%	-37.08%	14.78%	35.49%	4.26%	34.62%	-61.26%	3.52%	20.6%	-1.18%	5.94%	-3.61%
EBITDA	152.99M	159.14M	130.33M	103.94M	86.97M	30.1M	27.25M	14.96M	16.07M	16.71M	6.61M	10.66M	3.79M	3.17M	-36.02M	208K	23.23M	1.63M	-11.95M	27.88M	29.8M	41.98M	37.5M	29.84M	28.64M	24.35M	48.49M	46.9M	39M	38.9M	36M
EBITDA Margin %	7.45%	8.04%	7.22%	6.62%	7.55%	5.79%	7.75%	4.03%	4.59%	5.46%	2.39%	3.87%	1.33%	1.18%	-12.4%	0.07%	7.33%	0.43%	-2.46%	5.47%	5.75%	9.33%	8.94%	7.67%	7.39%	6.42%	13.89%	14.7%	13.33%	13.99%	14.38%
EBITDA Growth %	5.2%	22.11%	25.39%	19.51%	188.91%	10.47%	82.17%	-6.88%	-3.84%	152.78%	-38.03%	181.52%	19.61%	108.79%	-17414.9%	-99.1%	1326.21%	113.63%	-142.86%	-6.44%	-29.03%	11.95%	25.66%	4.21%	17.62%	-49.79%	3.38%	20.26%	0.26%	8.06%	-1.37%
D&A (Non-Cash Add-back)	80.15M	80.88M	74.38M	60.95M	45.19M	18.68M	6.7M	5.89M	6.86M	6.77M	8.07M	8.54M	8.75M	9.03M	7.13M	5.7M	6.31M	7.22M	8.28M	7.43M	7.54M	6.62M	6.69M	7.1M	6.83M	8.15M	6.66M	6.5M	5.5M	5M	4M
EBIT	69.24M	74.76M	54.61M	82.8M	37.24M	12M	21.44M	10.28M	7.87M	10.72M	-1.03M	1.92M	-5.06M	-6.03M	-45.32M	-5.67M	17.09M	-4.7M	-19.91M	32.77M	24.24M	35.84M	32.19M	26.61M	21.81M	16.2M	41.82M	40.34M	33.55M	33.9M	32M
Net Interest Income	-52.06M	-55.35M	-55.15M	-42.77M	-24.3M	-16.74M	-654K	-603K	-1.01M	-622K	-496K	-766K	-772K	-1.1M	-775K	-681K	-391K	-1.04M	-789K	-655K	316K	347K	-62K	63K	-102K	-51.5K	1.06M	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	255K	466K	354K	122K	194K	52K	654.26K	1.07M	0	0	0	0
Interest Expense	52.06M	55.35M	55.15M	42.77M	24.3M	16.74M	654K	603K	1.01M	622K	496K	766K	772K	1.1M	775K	681K	391K	1.04M	789K	910K	150K	7K	184K	131K	154K	705.76K	7.96K	0	0	0	0
Other Income/Expense	-55.66M	-58.85M	-56.49M	-45M	-28.85M	-16.16M	235K	608K	-2.35M	158K	-74K	-969K	-4.69M	-141K	-831K	-580K	-231K	-7.15M	-469K	-369K	1.44M	1.19M	1.25M	5.05M	1.38M	940K	5.74M	-70.53K	100K	1.9M	1.9M
Pretax Income	17.18M	19.41M	-536K	-2.01M	12.94M	-4.74M	20.79M	9.67M	6.86M	10.09M	-1.53M	1.15M	-5.83M	-7.12M	-43.98M	-6.08M	16.7M	-5.74M	-20.7M	20.07M	24.4M	36.55M	33.44M	24.89M	23.19M	17.14M	47.57M	40.2M	33.6M	35.8M	33.9M
Pretax Margin %	0.84%	0.98%	-0.03%	-0.13%	1.12%	-0.91%	5.91%	2.61%	1.96%	3.3%	-0.55%	0.42%	-2.04%	-2.64%	-15.14%	-1.93%	5.27%	-1.51%	-4.27%	3.94%	4.71%	8.12%	7.97%	6.4%	5.98%	4.52%	13.63%	12.6%	11.49%	12.87%	13.54%
Income Tax	8.23M	11.07M	6.8M	6.96M	5.53M	313K	5.67M	2.45M	649K	-19.59M	98K	855K	227K	-141K	18.74M	-1.69M	7.11M	-3.12M	6.36M	8.74M	11.42M	15.1M	12.01M	8.7M	10.74M	8.36M	19.43M	16.3M	14.1M	14.4M	13.9M
Effective Tax Rate %	47.87%	57.01%	-1267.91%	-346.79%	42.75%	-6.6%	27.29%	25.36%	9.46%	-194.12%	-6.4%	74.22%	-3.89%	1.98%	-42.6%	27.76%	42.56%	54.4%	-30.72%	43.54%	46.79%	41.29%	35.93%	34.93%	46.32%	48.74%	40.85%	40.55%	41.96%	40.22%	41%
Net Income	8.96M	8.35M	-7.33M	-8.97M	7.41M	-5.05M	15.11M	7.22M	6.21M	29.69M	-1.63M	297K	-4.37M	-5.12M	-62.55M	-4.62M	6.94M	-2.74M	-27.63M	10.63M	12.61M	26.74M	21.43M	16.2M	12.45M	8.79M	28.14M	23.9M	19.5M	21.4M	20M
Net Margin %	0.44%	0.42%	-0.41%	-0.57%	0.64%	-0.97%	4.3%	1.95%	1.78%	9.7%	-0.59%	0.11%	-1.53%	-1.9%	-21.53%	-1.47%	2.19%	-0.72%	-5.69%	2.09%	2.43%	5.94%	5.11%	4.16%	3.21%	2.32%	8.06%	7.49%	6.67%	7.7%	7.99%
Net Income Growth %	110.26%	213.82%	18.23%	-221.08%	246.6%	-133.43%	109.29%	16.21%	-79.07%	1922.47%	-648.48%	106.8%	14.67%	91.81%	-1252.72%	-166.66%	353.55%	90.1%	-359.96%	-15.72%	-52.83%	24.8%	32.29%	30.12%	41.65%	-68.77%	17.72%	22.56%	-8.88%	7%	-5.21%
Net Income (Continuing)	8.96M	8.35M	-7.33M	-8.97M	7.41M	-5.05M	15.11M	7.22M	6.21M	29.69M	-1.63M	297K	-6.06M	-6.98M	-62.72M	-4.39M	9.59M	-2.62M	-27.06M	11.33M	13.7M	21.46M	21.44M	19.48M	12.45M	8.79M	28.14M	23.93M	19.47M	21.4M	20M
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)	0.19	0.18	-0.16	-0.20	0.21	-0.25	0.81	0.39	0.67	3.23	-0.18	0.03	-0.50	-0.59	-7.24	-0.54	0.81	-0.32	-3.22	1.24	1.41	2.92	2.26	1.69	1.29	0.90	2.83	2.28	1.75	1.90	1.72
EPS Growth %	111.82%	212.5%	20%	-195.24%	184%	-130.86%	107.69%	-41.79%	-79.26%	1894.44%	-704.03%	105.96%	15.25%	91.85%	-1240.74%	-166.67%	353.13%	90.06%	-359.68%	-12.06%	-51.71%	29.2%	33.73%	31.01%	43.33%	-68.2%	24.12%	30.29%	-7.89%	10.47%	-1.15%
EPS (Basic)	-	0.18	-0.16	-0.20	0.22	-0.25	0.84	0.40	0.67	3.33	-0.18	0.03	-0.50	-0.59	-7.24	-0.54	0.81	-0.32	-3.22	1.24	1.41	2.92	2.27	1.70	1.29	0.90	2.83	2.28	1.76	1.90	1.72
Diluted Shares Outstanding	46.43M	47.17M	47.2M	44.87M	35.09M	20.49M	18.66M	8.95M	9.33M	9.19M	8.83M	8.93M	8.74M	8.69M	8.64M	8.6M	8.59M	8.57M	8.57M	8.55M	8.94M	9.15M	9.5M	9.58M	9.63M	9.71M	9.93M	10.51M	11.13M	11.27M	11.63M
Basic Shares Outstanding	46.21M	46.36M	46.83M	44.87M	34.29M	20.49M	18.04M	8.95M	9.33M	8.92M	8.83M	8.78M	8.74M	8.69M	8.64M	8.6M	8.57M	8.57M	8.57M	8.55M	8.94M	9.15M	9.45M	9.53M	9.63M	9.71M	9.93M	10.51M	11.07M	11.27M	11.63M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31.94%	-	-	64.14%	57%	26.6%	31.7%	37.51%	49.31%	69.49%	21.15%	24.6%	31.78%	27.57%	30%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Margin compression and integration risks

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Building Steadily

DSGR's revenue grew 11.0% year-over-year in 2026Q2, accelerating from 3.8% in the prior quarter, according to the latest income statement data, suggesting improving demand trends.

The sequential acceleration from 3.8% to 11.0% growth indicates a strengthening end-market environment or successful market share gains. However, the growth rate remains below the 19.5% peak seen in 2024Q1, implying the pace may be moderating from earlier highs. Investors should monitor whether this acceleration is sustainable or a one-quarter blip.

Gross Margin Stability Amid Cost Pressures

Gross margin held at 32.3% in 2026Q2, down from 34.3% a year earlier, based on reported figures, reflecting a slight erosion that may signal pricing or mix challenges.

The 200 basis point decline in gross margin from 2025Q1 to 2026Q2 suggests that input costs or competitive pricing pressures are weighing on profitability. Despite this, the margin remains within a narrow 31.5%-34.5% range over the past ten quarters, indicating relative stability. The company's gross margin is below peers like GWW (39.1%) and MSM (40.8%), which may indicate a structural disadvantage in pricing power.

Operating Leverage Emerging in 2026

Operating income surged to $27.9M in 2026Q2 from $13.6M in the prior quarter, as per the income statement, with operating margin expanding to 5.0% from 2.7%, indicating positive operating leverage.

The doubling of operating income on a 12.4% sequential revenue increase demonstrates that SG&A costs are not scaling proportionally, allowing for margin expansion. However, the operating margin of 5.0% remains well below the peer average, suggesting there is still significant room for efficiency gains. The recent SG&A spike in 2025Q4 (to $130.9M) appears to have been a temporary anomaly, as it has since normalized.

Earnings Volatility Masks Underlying Progress

Net income swung from a $25.9M loss in 2024Q4 to a $8.5M profit in 2026Q2, according to financial statements, with EPS of $0.18, but the path has been erratic due to one-off items.

The large loss in 2024Q4 and the subsequent recovery suggest that reported earnings are subject to significant non-operating items or tax effects. The tax rate appears to fluctuate widely, as evidenced by the net income to pre-tax income relationship, which warrants further investigation. Stock-based compensation has been modest, averaging around $2M per quarter, which does not materially distort EPS.

SG&A Discipline Key to Margin Expansion

SG&A as a percentage of revenue fell to 27.3% in 2026Q2 from 30.2% in the prior quarter, based on reported data, indicating improved cost control that is driving operating leverage.

The reduction in SG&A intensity is a positive sign, but the absolute level remains high compared to peers like FAST (which has a much lower SG&A ratio). The company's ability to maintain this discipline will be critical to closing the margin gap with industry leaders. R&D is not a factor, as the company reports no R&D expenses, consistent with a distribution business.

Margin Compression and Integration Risks

Despite recent improvements, DSGR's gross margin is 32.3%, trailing peers by 700-1300 basis points, and the company's history of volatile earnings suggests integration risks may persist.

Short-sellers could argue that the company's growth is acquisition-driven, leading to integration costs and margin dilution. The 2024Q4 net loss of $25.9M, despite positive operating income, highlights the impact of non-operating charges that could recur. Additionally, the operating margin of 5.0% is only slightly above the breakeven level, leaving little room for error if demand softens or costs rise.

DSGR — Frequently Asked Questions

Quick answers to the most common questions about buying DSGR stock.

What was Distribution Solutions Group, Inc.'s (DSGR) revenue in 2025?

For fiscal year 2025, Distribution Solutions Group, Inc. (DSGR) reported total revenue of $1.98B. This represents a 691.1% increase compared to $250.3M in 1996.

Is Distribution Solutions Group, Inc. (DSGR) profitable?

Distribution Solutions Group, Inc. (DSGR) is profitable, generating $8.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.

What is Distribution Solutions Group, Inc.'s operating profit margin?

Distribution Solutions Group, Inc. (DSGR) reported an operating income of $78.3M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Distribution Solutions Group, Inc.'s gross profit and gross margin?

Distribution Solutions Group, Inc. (DSGR) generated $662.0M in gross profit for the year, representing a gross profit margin of 33.4%. This demonstrates the company's core pricing power and production efficiency.