Revenue growth accelerated to 24.9% YoY in 2026Q2, with gross margin recovering to 19.9% from 15.9% in 2026Q1, though still below the 29-30% levels of 2024, indicating ongoing cost pressures.
Ecovyst Inc. (ECVT) annual income statement — 11-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 |
|---|
| Sales/Revenue | 869.29M | 723.51M | 704.49M | 691.12M | 820.16M | 611.2M | 495.92M | 532.75M | 1.61B | 1.47B | 1.06B | 388.88M |
| Revenue Growth % | 23.41% | 2.7% | 1.94% | -15.73% | 34.19% | 23.25% | -6.91% | -66.87% | 9.24% | 38.33% | 173.66% | - |
| Cost of Goods Sold | 686.41M | 565.43M | 502.97M | 493.15M | 595.53M | 434.54M | 344.97M | 365.54M | 1.23B | 1.1B | 810.09M | 278.79M |
| COGS % of Revenue | - | 78.15% | 71.39% | 71.36% | 72.61% | 71.1% | 69.56% | 68.61% | 76.27% | 74.4% | 76.12% | 71.69% |
| Gross Profit | 182.88M | 158.09M | 201.52M | 197.97M | 224.63M | 176.66M | 150.95M | 167.21M | 381.63M | 376.84M | 254.09M | 110.08M |
| Gross Margin % | 21.04% | 21.85% | 28.61% | 28.64% | 27.39% | 28.9% | 30.44% | 31.39% | 23.73% | 25.6% | 23.88% | 28.31% |
| Gross Profit Growth % | - | -21.55% | 1.8% | -11.87% | 27.15% | 17.03% | -9.72% | -56.19% | 1.27% | 48.31% | 130.82% | - |
| Operating Expenses | 88.8M | 79.66M | 103.43M | 101.31M | 120.25M | 122.05M | 99.39M | 101.24M | 210.61M | 187.63M | 141.23M | 42.01M |
| OpEx % of Revenue | - | 11.01% | 14.68% | 14.66% | 14.66% | 19.97% | 20.04% | 19% | 13.1% | 12.75% | 13.27% | 10.8% |
| Selling, General & Admin | 68.43M | 66.02M | 83.88M | 79.22M | 85.33M | 97.78M | 81.55M | 83.51M | 168.63M | 148.88M | 111.19M | 35.2M |
| SG&A % of Revenue | - | 9.12% | 11.91% | 11.46% | 10.4% | 16% | 16.44% | 15.68% | 10.49% | 10.11% | 10.45% | 9.05% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.56M | 13.86M | 7.27M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.97% | 0.94% | 0.68% | - |
| Other Operating Expenses | 3.2M | 13.64M | 19.55M | 22.1M | 34.91M | 24.27M | 17.84M | 17.73M | 41.98M | 38.75M | 30.05M | 6.81M |
| Operating Income | 94.09M | 78.43M | 98.09M | 96.65M | 104.39M | 54.61M | 51.57M | 65.97M | 183.56M | 167.5M | 84.19M | 55.77M |
| Operating Margin % | 10.82% | 10.84% | 13.92% | 13.98% | 12.73% | 8.93% | 10.4% | 12.38% | 11.41% | 11.38% | 7.91% | 14.34% |
| Operating Income Growth % | - | -20.05% | 1.49% | -7.41% | 91.16% | 5.9% | -21.83% | -64.06% | 9.58% | 98.96% | 50.95% | - |
| EBITDA | 228.11M | 157.03M | 187.46M | 181.25M | 183.55M | 134.35M | 128.49M | 140.75M | 368.79M | 344.64M | 212.48M | 94.78M |
| EBITDA Margin % | 26.24% | 21.7% | 26.61% | 26.23% | 22.38% | 21.98% | 25.91% | 26.42% | 22.93% | 23.41% | 19.97% | 24.37% |
| EBITDA Growth % | 37.22% | -16.23% | 3.43% | -1.25% | 36.62% | 4.56% | -8.71% | -61.84% | 7.01% | 62.2% | 124.19% | - |
| D&A (Non-Cash Add-back) | 134.02M | 78.6M | 89.36M | 84.6M | 79.16M | 79.74M | 76.93M | 74.78M | 185.23M | 177.14M | 128.29M | 39M |
| EBIT | 79.04M | 59.99M | 44.4M | 126.67M | 131.95M | 50.93M | 52.62M | 110.29M | 202.59M | 118.41M | 139.04M | 55.77M |
| Net Interest Income | -24.07M | -34.2M | -49.43M | -44.73M | -37.22M | -36.99M | -50.41M | -66.87M | -90.76M | -179.04M | -140.31M | -44.35M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.07M | 34.2M | 49.43M | 44.73M | 37.22M | 36.99M | 50.41M | 66.87M | 90.76M | 179.04M | 140.31M | 44.35M |
| Other Income/Expense | -41.11M | -52.64M | -103.12M | -14.71M | -9.65M | -40.67M | -49.35M | -22.55M | -99.54M | -226.52M | -150.66M | -44.35M |
| Pretax Income | 52.98M | 25.79M | -5.02M | 81.94M | 94.73M | 13.94M | 2.21M | 43.42M | 88.62M | -60.63M | -69.12M | 11.43M |
| Pretax Margin % | 6.09% | 3.56% | -0.71% | 11.86% | 11.55% | 2.28% | 0.45% | 8.15% | 5.51% | -4.12% | -6.49% | 2.94% |
| Income Tax | 27.51M | 19.5M | 1.63M | 10.79M | 24.94M | 12.15M | -52.06M | 12.3M | 29M | -119.2M | 10.04M | 0 |
| Effective Tax Rate % | 51.93% | 75.61% | -32.46% | 13.16% | 26.33% | 87.13% | -2350.56% | 28.33% | 32.72% | 196.58% | -14.53% | 0% |
| Net Income | -61.3M | -71.13M | -6.65M | 71.15M | 73.7M | -139.95M | -278.77M | 79.54M | 58.3M | 57.6M | -79.75M | 11.43M |
| Net Margin % | -7.05% | -9.83% | -0.94% | 10.3% | 8.99% | -22.9% | -56.21% | 14.93% | 3.63% | 3.91% | -7.49% | 2.94% |
| Net Income Growth % | -344.89% | -969.24% | -109.35% | -3.45% | 152.66% | 49.8% | -450.48% | 36.43% | 1.22% | 172.23% | -797.87% | - |
| Net Income (Continuing) | 25.47M | 6.29M | -6.65M | 71.15M | 69.8M | 1.79M | 54.28M | 31.12M | 50.38M | 58.56M | -79.16M | 11.43M |
| Discontinued Operations | -4M | -77.41M | 0 | 0 | 3.9M | -141.74M | -333.05M | 49.19M | 9.03M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 53K | 5.87M | 4.6M | 3.9M | 5.06M | 0 |
| EPS (Diluted) | -0.55 | -0.61 | -0.06 | 0.60 | 0.52 | 0.01 | -2.06 | 0.59 | 0.43 | 0.52 | -1.02 | 0.11 |
| EPS Growth % | 235.42% | -916.67% | -110% | 15.38% | 5100% | 100.49% | -449.15% | 37.21% | -17.31% | 150.98% | -1027.27% | - |
| EPS (Basic) | - | -0.62 | -0.06 | 0.60 | 0.52 | 0.01 | -2.06 | 0.59 | 0.44 | 0.52 | -1.02 | 0.11 |
| Diluted Shares Outstanding | 110.84M | 115.96M | 116.72M | 119.49M | 135.09M | 137.71M | 136.45M | 135.55M | 134.68M | 111.67M | 78.02M | 103.98M |
| Basic Shares Outstanding | 109.46M | 115.29M | 116.72M | 118.37M | 133.6M | 136.17M | 135.53M | 134.39M | 133.38M | 111.3M | 78.02M | 103.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 100.58% | - | - | - | - |
Quick answers to the most common questions about buying ECVT stock.
For fiscal year 2025, Ecovyst Inc. (ECVT) reported total revenue of $723.5M. This represents a 86.1% increase compared to $388.9M in 2015.
Ecovyst Inc. (ECVT) reported a net loss of $71.1M for the fiscal year ending 2025.
Ecovyst Inc. (ECVT) reported an operating income of $78.4M, resulting in an operating profit margin of 10.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Ecovyst Inc. (ECVT) generated $158.1M in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative net margin
Metrics are mathematically derived from official filings.
Revenue Momentum Rebounding Sharply
Revenue growth accelerated to 24.9% YoY in 2026Q2, up from 9.5% in 2025Q2, driven by the Waggaman acquisition and strong refinery utilization, as reported in the latest quarterly filing.
The 24.9% YoY growth in 2026Q2 marks a significant acceleration from the mid-single-digit growth seen in 2024, suggesting that the divestiture of Performance Chemicals has sharpened the company's focus on higher-growth segments. The contribution from the Waggaman plant acquired in May 2025 appears to be scaling as expected, with virgin sulfuric acid volumes up double digits. However, the sustainability of this growth depends on continued high refinery utilization and the successful integration of the acquisition, which warrants monitoring.
Gross Margin Recovery Underway
Gross margin improved to 19.9% in 2026Q2 from 15.9% in 2026Q1, but remains below the 29-30% levels seen in 2024, indicating ongoing cost pressures, per the income statement data.
The sequential recovery in gross margin from 15.9% to 19.9% suggests that the company is regaining pricing power or benefiting from lower input costs, but the margin is still well below the 29-30% range reported in 2024. This may indicate that the Waggaman acquisition carries lower margins or that energy and sulfur costs remain elevated. Investors should monitor whether gross margin can return to historical levels as the integration matures and contractual pass-through mechanisms adjust.
Operating Leverage Emerging
Operating income grew 42.6% YoY in 2026Q2 to $19.4M, outpacing revenue growth of 24.9%, as SG&A remained flat at $17.4M, indicating improving operating leverage, based on reported figures.
The fact that operating income grew faster than revenue in 2026Q2 suggests that the company is beginning to realize operating leverage, with SG&A costs held in check. However, the operating margin of 7.8% is still below the 10-17% range seen in 2024, implying that the cost structure has not fully normalized. The recent quarters show a volatile pattern, with 2025Q3 operating margin at 16.7% followed by a dip, so the durability of this leverage is uncertain.
Net Income Volatility Masks Core Strength
Net income swung from a -$79.3M loss in 2025Q3 to a $7.9M profit in 2026Q2, with EPS of $0.07, but the negative net margin of -9.8% over the trailing year suggests non-operating charges, per financial statements.
The large loss in 2025Q3 appears to be driven by a one-time impairment or restructuring charge, as operating income was positive at $34.2M. The subsequent recovery to profitability in 2026Q2 indicates that the core business is generating earnings, but the persistent negative net margin over the trailing twelve months suggests that interest expenses or tax adjustments are weighing on the bottom line. Stock-based compensation of $2.5M in 2026Q2 is modest, but the quality of earnings is clouded by these non-operating items.
COGS Pressures Easing
COGS as a percentage of revenue fell to 80.1% in 2026Q2 from 84.1% in 2026Q1, but remains elevated versus 2024 levels, indicating input cost volatility, as reported in the income statement.
The sequential decline in COGS ratio suggests that energy and raw material costs are moderating, but the ratio is still above the 70-71% range seen in 2024. This may reflect the impact of the Waggaman acquisition, which could have a different cost structure, or ongoing pass-through lag. SG&A has been relatively stable, but R&D is not separately disclosed, suggesting it is minimal or included in SG&A. Management's expense discipline appears to be improving, but the cost structure remains sensitive to natural gas and sulfur prices.
2025Q3 Impairment Marks Turning Point
The $79.3M net loss in 2025Q3, despite positive operating income of $34.2M, appears to be a one-time impairment that reset the earnings base, as subsequent quarters returned to profitability, per the income statement data.
The 2025Q3 loss is a clear inflection point, likely related to a goodwill impairment or asset write-down following the portfolio reshaping. This charge obscured the underlying profitability of the core segments, but the recovery in 2025Q4 and 2026Q2 suggests that the company has moved past this drag. The lasting impact is a cleaner balance sheet and a more focused business, but the negative net margin in the trailing year indicates that the company has not yet fully recovered to its 2024 profitability levels.
Net Margin Drag Persists
Despite the earnings beat and raised guidance, the trailing net margin remains deeply negative at -9.8% and ROE is -10.9%, suggesting structural profitability challenges, as reported in the latest financials.
Short-sellers would focus on the fact that the company has not been able to translate positive operating income into consistent net income, with interest expenses or tax adjustments likely eroding earnings. The negative ROE indicates that the company is not generating sufficient returns on equity, which could be a red flag for investors. The recent guidance raise may be driven by one-off tailwinds, and the sustainability of the earnings recovery is unproven. If the net margin does not improve in coming quarters, the stock could face further de-rating.