Ennis, Inc. (EBF) Income Statement

30Y historyFree accessUpdated daily

After seven quarters of contraction, revenue growth has re-accelerated for four consecutive periods, reaching 3.4% in 2027Q2, but net margin has compressed to a period-low of 9.2%, indicating profitability is being pressured despite the top-line improvement.

Annual statement

EBF Income Statement

Ennis, Inc. (EBF) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Feb'26	Feb'25	Feb'24	Feb'23	Feb'22	Feb'21	Feb'20	Feb'19	Feb'18	Feb'17	Feb'16	Feb'15	Feb'14	Feb'13	Feb'12	Feb'11	Feb'10	Feb'09	Feb'08	Feb'07	Feb'06	Feb'05	Feb'04	Feb'03	Feb'02	Feb'01	Feb'00	Feb'99	Feb'98	Feb'97

Sales/Revenue	397.15M	392.4M	394.62M	420.11M	431.84M	400.01M	357.97M	438.41M	400.78M	370.17M	356.89M	568.97M	580.24M	542.44M	533.51M	517.01M	550M	517.74M	584.03M	610.61M	584.71M	559.4M	365.35M	259.36M	240.76M	236.92M	229.19M	166.53M	150.9M	154.3M	153.7M
Revenue Growth %	2.27%	-0.56%	-6.07%	-2.72%	7.96%	11.74%	-18.35%	9.39%	8.27%	3.72%	-37.28%	-1.94%	6.97%	1.68%	3.19%	-6%	6.23%	-11.35%	-4.35%	4.43%	4.53%	53.11%	40.87%	7.73%	1.62%	3.38%	37.63%	10.35%	-2.2%	0.39%	8.16%
Cost of Goods Sold	275.5M	271.99M	277.32M	294.77M	300.79M	285.29M	254.21M	309.49M	277.42M	253.26M	252.94M	416.23M	434.76M	398.65M	409.35M	386.5M	395.5M	382.42M	440.55M	457.96M	438.78M	417.31M	274.6M	190.81M	177.49M	171.94M	156.61M	107.87M	96M	99.1M	100.3M
COGS % of Revenue	-	69.31%	70.28%	70.16%	69.65%	71.32%	71.01%	70.59%	69.22%	68.42%	70.87%	73.16%	74.93%	73.49%	76.73%	74.76%	71.91%	73.86%	75.43%	75%	75.04%	74.6%	75.16%	73.57%	73.72%	72.57%	68.33%	64.77%	63.62%	64.23%	65.26%
Gross Profit	121.65M	120.41M	117.29M	125.34M	131.05M	114.72M	103.77M	128.92M	123.36M	116.91M	103.95M	152.74M	145.48M	143.79M	124.15M	130.51M	154.5M	135.32M	143.48M	152.65M	145.94M	142.09M	90.76M	68.55M	63.27M	64.99M	72.58M	58.66M	54.9M	55.2M	53.4M
Gross Margin %	30.63%	30.69%	29.72%	29.84%	30.35%	28.68%	28.99%	29.41%	30.78%	31.58%	29.13%	26.84%	25.07%	26.51%	23.27%	25.24%	28.09%	26.14%	24.57%	25%	24.96%	25.4%	24.84%	26.43%	26.28%	27.43%	31.67%	35.23%	36.38%	35.77%	34.74%
Gross Profit Growth %	-	2.66%	-6.42%	-4.36%	14.23%	10.56%	-19.51%	4.51%	5.51%	12.47%	-31.94%	4.99%	1.17%	15.82%	-4.87%	-15.52%	14.17%	-5.69%	-6.01%	4.6%	2.71%	56.56%	32.4%	8.34%	-2.64%	-10.46%	23.73%	6.85%	-0.54%	3.37%	-7.77%
Operating Expenses	67.49M	67.73M	65.38M	68.83M	64.9M	71.14M	67.86M	78.09M	73.27M	69.61M	62.81M	65.26M	60.61M	110.63M	83.76M	78.83M	83.68M	76.74M	85.7M	76.87M	72.58M	70.06M	51.16M	38.52M	37.56M	39M	50.09M	36.73M	33.5M	37.4M	33.2M
OpEx % of Revenue	-	17.26%	16.57%	16.38%	15.03%	17.78%	18.96%	17.81%	18.28%	18.81%	17.6%	11.47%	10.45%	20.39%	15.7%	15.25%	15.21%	14.82%	14.67%	12.59%	12.41%	12.52%	14%	14.85%	15.6%	16.46%	21.85%	22.06%	22.2%	24.24%	21.6%
Selling, General & Admin	51.4M	0	65.38M	68.83M	70.79M	71.41M	68.27M	78.17M	73.49M	69.45M	63.93M	65.74M	60.66M	86.68M	83.76M	78.96M	83.68M	76.74M	86.22M	77.62M	72.58M	70.06M	51.16M	38.52M	37.56M	39M	40.36M	30.86M	28.1M	31.2M	28.3M
SG&A % of Revenue	-	-	16.57%	16.38%	16.39%	17.85%	19.07%	17.83%	18.34%	18.76%	17.91%	11.55%	10.45%	15.98%	15.7%	15.27%	15.21%	14.82%	14.76%	12.71%	12.41%	12.52%	14%	14.85%	15.6%	16.46%	17.61%	18.53%	18.62%	20.22%	18.41%
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	67.73M	0	0	-5.9M	-271K	-405K	-87K	-217K	162K	-1.11M	-479K	-54K	23.95M	2K	-137K	-1K	-1K	-514K	-757K	0	0	0	0	0	0	9.73M	5.87M	5.4M	6.2M	4.9M
Operating Income	54.18M	52.68M	51.92M	56.46M	66.15M	43.58M	35.9M	50.84M	50.09M	47.82M	41.91M	51.05M	54.46M	33.16M	40.39M	51.69M	70.82M	58.58M	-10.08M	75.78M	73.36M	72.03M	39.6M	30.03M	25.71M	25.99M	22.49M	21.93M	21.4M	17.8M	20.2M
Operating Margin %	13.64%	13.42%	13.16%	13.44%	15.32%	10.9%	10.03%	11.6%	12.5%	12.92%	11.74%	8.97%	9.39%	6.11%	7.57%	10%	12.88%	11.31%	-1.73%	12.41%	12.55%	12.88%	10.84%	11.58%	10.68%	10.97%	9.81%	13.17%	14.18%	11.54%	13.14%
Operating Income Growth %	-	1.47%	-8.05%	-14.65%	51.78%	21.4%	-29.38%	1.5%	4.75%	14.08%	-17.89%	-6.28%	64.23%	-17.9%	-21.85%	-27.02%	20.89%	681.29%	-113.3%	3.3%	1.84%	81.9%	31.87%	16.78%	-1.06%	15.55%	2.56%	2.47%	20.22%	-11.88%	-29.12%
EBITDA	71.25M	69.8M	68.48M	73.97M	83.51M	62.36M	53.94M	69.03M	66.28M	61.91M	54.52M	63.4M	70.75M	47.23M	53.63M	63.64M	81.29M	70.4M	2.78M	90.51M	90.44M	89.84M	50.67M	39.38M	34.91M	36.28M	32.22M	27.8M	26.8M	24M	25.1M
EBITDA Margin %	17.94%	17.79%	17.35%	17.61%	19.34%	15.59%	15.07%	15.75%	16.54%	16.72%	15.28%	11.14%	12.19%	8.71%	10.05%	12.31%	14.78%	13.6%	0.48%	14.82%	15.47%	16.06%	13.87%	15.18%	14.5%	15.31%	14.06%	16.7%	17.76%	15.55%	16.33%
EBITDA Growth %	5.72%	1.92%	-7.42%	-11.42%	33.91%	15.62%	-21.87%	4.16%	7.05%	13.55%	-14%	-10.39%	49.78%	-11.92%	-15.73%	-21.71%	15.46%	2430.52%	-96.93%	0.08%	0.66%	77.29%	28.7%	12.8%	-3.8%	12.61%	15.89%	3.74%	11.67%	-4.38%	-23.94%
D&A (Non-Cash Add-back)	17.07M	17.13M	16.57M	17.51M	17.36M	18.78M	18.04M	18.19M	16.19M	14.09M	12.61M	12.35M	16.28M	14.07M	13.23M	11.95M	10.46M	11.82M	12.86M	14.73M	17.08M	17.81M	11.08M	9.35M	9.19M	10.3M	9.73M	5.87M	5.4M	6.2M	4.9M
EBIT	54.1M	58.59M	51.92M	56.51M	60.26M	41.95M	33.3M	51.86M	51.09M	47.69M	40.65M	50.57M	54.46M	33.06M	40.15M	51.66M	70.65M	58.3M	-9.7M	75.78M	73.3M	72.3M	40.22M	30.03M	25.71M	25.99M	22.49M	21.93M	21.43M	17.8M	20.2M
Net Interest Income	933K	1.89M	4.87M	3.97M	771K	-9K	-11K	-606K	-1.15M	-777K	-613K	-1.36M	-8K	-1.27M	-1.53M	-2.29M	-1.23M	-2.63M	-3.36M	-5.68M	-6.94M	-8.33M	-2.51M	-830K	-1.31M	0	0	0	0	0	0
Interest Income	933K	1.89M	4.87M	3.97M	771K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	246K	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	9K	11K	606K	1.15M	777K	613K	1.36M	8K	1.27M	1.53M	2.29M	1.23M	2.63M	3.36M	5.68M	6.94M	8.33M	2.75M	830K	1.31M	0	0	0	0	0	0
Other Income/Expense	-474K	5.92M	3.54M	2.66M	-1.22M	-1.64M	-2.61M	413K	-153K	-909K	-1.88M	-5K	-9K	-1.37M	-1.77M	-2.31M	-1.4M	-2.91M	-2.98M	-6M	-6.99M	-8.06M	-2.13M	-1.14M	-1.37M	-1.58M	-919K	2.11M	1.12M	-2M	1.3M
Pretax Income	53.7M	58.59M	55.45M	59.12M	64.93M	41.94M	33.29M	51.25M	49.93M	46.91M	40.03M	51.04M	54.45M	31.79M	38.62M	49.38M	69.42M	55.67M	-13.06M	69.78M	66.36M	63.97M	37.47M	28.89M	24.34M	24.4M	21.57M	24.04M	22.5M	15.8M	21.5M
Pretax Margin %	13.52%	14.93%	14.05%	14.07%	15.04%	10.49%	9.3%	11.69%	12.46%	12.67%	11.22%	8.97%	9.38%	5.86%	7.24%	9.55%	12.62%	10.75%	-2.24%	11.43%	11.35%	11.44%	10.25%	11.14%	10.11%	10.3%	9.41%	14.44%	14.91%	10.24%	13.99%
Income Tax	14.76M	15.97M	15.23M	16.53M	17.63M	12.96M	9.19M	12.96M	12.5M	14.15M	13.62M	18.78M	5.4M	18.6M	13.9M	18.02M	24.79M	20.46M	19.71M	25.2M	24.76M	23.43M	14.51M	10.94M	9.1M	9.44M	8.39M	8.92M	8.4M	5.6M	8M
Effective Tax Rate %	27.48%	27.25%	27.47%	27.95%	27.15%	30.9%	27.62%	25.29%	25.03%	30.17%	34.01%	36.8%	9.92%	58.51%	36%	36.5%	35.71%	36.76%	-150.92%	36.1%	37.31%	36.63%	38.72%	37.86%	37.37%	38.67%	38.91%	37.09%	37.33%	35.44%	37.21%
Net Income	38.94M	42.63M	40.22M	42.6M	47.3M	28.98M	24.09M	38.29M	37.44M	32.91M	1.78M	35.74M	-44.53M	13.19M	24.71M	31.36M	44.63M	35.21M	-32.77M	44.59M	41.6M	40.54M	22.96M	17.95M	15.25M	14.97M	13.18M	15.12M	14.1M	10.2M	13.5M
Net Margin %	9.81%	10.86%	10.19%	10.14%	10.95%	7.25%	6.73%	8.73%	9.34%	8.89%	0.5%	6.28%	-7.67%	2.43%	4.63%	6.07%	8.11%	6.8%	-5.61%	7.3%	7.11%	7.25%	6.28%	6.92%	6.33%	6.32%	5.75%	9.08%	9.34%	6.61%	8.78%
Net Income Growth %	-7.67%	5.98%	-5.58%	-9.94%	63.2%	20.29%	-37.08%	2.28%	13.77%	1748.6%	-95.02%	180.25%	-437.65%	-46.64%	-21.18%	-29.74%	26.77%	207.44%	-173.49%	7.18%	2.62%	76.56%	27.9%	17.73%	1.88%	13.58%	-12.87%	7.26%	38.24%	-24.44%	-27.42%
Net Income (Continuing)	38.95M	42.63M	40.22M	42.6M	47.3M	28.98M	24.09M	38.29M	37.44M	32.76M	26.42M	32.26M	34.47M	13.19M	24.71M	31.36M	44.63M	35.21M	-32.77M	44.59M	41.6M	40.54M	22.96M	17.95M	15.25M	14.97M	13.18M	15.12M	14.11M	10.2M	13.5M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	3.48M	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)	1.54	1.66	1.54	1.64	1.82	1.11	0.93	1.47	1.45	1.29	1.03	1.39	-1.72	0.50	0.95	1.21	1.72	1.36	-1.27	1.72	1.62	1.58	1.19	1.08	0.93	0.92	0.81	0.93	0.87	0.62	0.82
EPS Growth %	-5.56%	7.79%	-6.1%	-9.89%	63.96%	19.35%	-36.73%	1.38%	12.4%	25.24%	-25.9%	180.81%	-444%	-47.37%	-21.49%	-29.65%	26.47%	207.09%	-173.84%	6.17%	2.53%	32.77%	10.19%	16.13%	1.09%	13.58%	-12.9%	6.9%	40.32%	-24.39%	-27.43%
EPS (Basic)	-	1.66	1.55	1.65	1.83	1.11	0.93	1.47	1.45	1.29	1.03	1.39	-1.72	0.50	0.95	1.21	1.73	1.37	-1.27	1.74	1.63	1.59	1.21	1.10	0.94	0.92	0.81	0.93	0.87	0.62	0.82
Diluted Shares Outstanding	25.33M	25.69M	26.16M	25.94M	25.95M	26.11M	26M	26.04M	25.84M	25.42M	25.75M	25.72M	25.86M	26.15M	26.02M	25.92M	25.95M	25.89M	25.79M	25.86M	25.76M	25.73M	19.26M	16.6M	16.48M	16.32M	16.26M	16.27M	16.22M	16.49M	16.46M
Basic Shares Outstanding	25.27M	25.61M	26.02M	25.84M	25.82M	26.03M	26M	26.04M	25.83M	25.39M	25.73M	25.69M	25.86M	26.13M	26.02M	25.92M	25.8M	25.7M	25.72M	25.62M	25.53M	25.45M	18.94M	16.36M	16.28M	16.27M	16.26M	16.25M	16.22M	16.45M	16.46M
Dividend Payout Ratio	-	60.76%	228.7%	60.71%	54.63%	87.71%	97.4%	61.33%	60.4%	67.65%	3213.48%	50.49%	-	104.37%	92.51%	51.44%	35.98%	45.45%	-	35.69%	38.06%	38.93%	50.41%	56.52%	66.2%	67.41%	76.46%	66.57%	71.63%	100%	74.81%

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Margin Compression Risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q2)

Revenue Growth Resurgence After Prolonged Decline

According to reported figures, Ennis's revenue grew 3.4% year-over-year in 2027Q2, marking the fourth consecutive quarter of acceleration after a streak of seven quarters of contraction, suggesting a tentative recovery in demand for its business equipment and supplies.

The revenue trajectory indicates a potential inflection from the trough in early 2025, with growth gradually improving from -7.4% in 2025Q1 to positive 3.4% in 2027Q2. However, the absolute revenue level remains below the peak of $103.1M in 2025Q1, implying that the recovery is still in its early stages and may not yet be fully durable.

Stable Gross Margins Mask Net Margin Compression

Despite maintaining a relatively stable gross margin around 30% over the past ten quarters, Ennis's net margin fell to 9.2% in 2027Q2, the lowest in the period, indicating that non-gross profit items are increasingly impacting profitability.

The gross margin has been consistent, ranging between 29.2% and 31.9%, which suggests stable input costs and pricing power in its niche market. However, the net margin compression in the latest quarter to 9.2% from 10.0% in the prior quarter warrants investigation into factors such as higher operating expenses, taxes, or non-operating items.

Operating Leverage Appears Limited Amid Volatile SG&A

Operating income grew 9.7% year-over-year in 2027Q2 despite only a 3.4% revenue increase, hinting at some operating leverage, though the inconsistent reporting of SG&A expense raises questions about the sustainability of overhead efficiency.

The company's operating margin has fluctuated between 12.5% and 14.9% over the past ten quarters, with the latest quarter at 13.3%. While the improvement in operating income relative to revenue suggests positive operating leverage, the volatility in SG&A (e.g., $17.5M in 2027Q1 vs. $0 reported in 2027Q2) may indicate timing differences or one-time items that could obscure true underlying leverage.

EPS Decline Contrasts with Revenue Growth, SBC a Key Factor

Ennis's diluted EPS dropped 27.5% year-over-year in 2027Q2 to $0.37, despite revenue growth, partly due to variable stock-based compensation that reached $379K in 2027Q1 but was zero in 2027Q2, highlighting earnings volatility.

The earnings quality is mixed, as net income growth has not consistently tracked revenue growth. For instance, in 2026Q2, EPS surged 27.5% on flat revenue, possibly due to lower SBC or tax benefits, while in 2027Q2, EPS declined sharply on moderate revenue growth. The sporadic nature of SBC expenses and potential non-recurring items may distort underlying earnings trends.

Margin Compression and EPS Volatility Pose Risk to Valuation

Critics may focus on Ennis's net margin compression to 9.2% in 2027Q2 and the 27.5% EPS decline year-over-year, which could signal operational inefficiencies or unsustainable cost structures in a competitive industrial sector.

The company's net margin has been trending downwards from a high of 13.3% in 2026Q2, and the latest quarter's EPS miss despite revenue growth suggests that cost controls or pricing power may be weakening. Investors should monitor whether the recent revenue growth translates into sustainable profit expansion or if margin pressures persist.

EBF — Frequently Asked Questions

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

What was Ennis, Inc.'s (EBF) revenue in 2026?

For fiscal year 2026, Ennis, Inc. (EBF) reported total revenue of $392.4M. This represents a 155.3% increase compared to $153.7M in 1997.

Is Ennis, Inc. (EBF) profitable?

Ennis, Inc. (EBF) is profitable, generating $42.6M in net income for the fiscal year ending 2026 with a net profit margin of 10.9%.

What is Ennis, Inc.'s operating profit margin?

Ennis, Inc. (EBF) reported an operating income of $52.7M, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ennis, Inc.'s gross profit and gross margin?

Ennis, Inc. (EBF) generated $120.4M in gross profit for the year, representing a gross profit margin of 30.7%. This demonstrates the company's core pricing power and production efficiency.