Gross margins have demonstrated a resilient recovery from 23.2% in 2024Q2 to 30.7% in 2026Q1, though top-line growth remains challenged by broader consumer discretionary headwinds.
| 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 | 240.46M | 240.16M | 251.51M | 263.57M | 313.76M | 313.61M | 273.65M | 180.54M | 175.78M | 177.33M | 167.65M | 155.54M | 137.97M | 163.68M | 147.59M | 134.25M | 120.66M | 116M | 148.69M | 185.58M | 191.47M | 185.62M | 220.71M | 221.73M | 155.46M | 148.85M | 116.08M | 86.2M | 90.7M | 91.5M | 93.2M |
| Revenue Growth % | -3.69% | -4.51% | -4.57% | -16% | 0.05% | 14.6% | 51.57% | 2.71% | -0.88% | 5.78% | 7.78% | 12.73% | -15.7% | 10.9% | 9.94% | 11.27% | 4.01% | -21.98% | -19.88% | -3.08% | 3.15% | -15.9% | -0.46% | 42.63% | 4.44% | 28.23% | 34.67% | -4.96% | -0.87% | -1.82% | 2.19% |
| Cost of Goods Sold | 175.19M | 177.81M | 189.31M | 201.79M | 240.12M | 236.48M | 198.82M | 138.18M | 130.75M | 132.61M | 123.38M | 112.07M | 96.91M | 113.35M | 103.17M | 92.54M | 83.47M | 82.25M | 112.14M | 131.39M | 137.82M | 130.02M | 158.39M | 154.37M | 111.16M | 106.92M | 76.97M | 57.7M | 58.1M | 59.5M | 63.7M |
| COGS % of Revenue | - | 74.04% | 75.27% | 76.56% | 76.53% | 75.41% | 72.66% | 76.54% | 74.38% | 74.78% | 73.6% | 72.05% | 70.24% | 69.25% | 69.91% | 68.93% | 69.18% | 70.91% | 75.42% | 70.8% | 71.98% | 70.05% | 71.76% | 69.62% | 71.51% | 71.83% | 66.31% | 66.94% | 64.06% | 65.03% | 68.35% |
| Gross Profit | 65.28M | 62.35M | 62.2M | 61.77M | 73.64M | 77.13M | 74.83M | 42.36M | 45.03M | 44.73M | 44.27M | 43.47M | 41.06M | 50.33M | 44.41M | 41.71M | 37.18M | 33.75M | 36.55M | 54.19M | 53.64M | 55.6M | 62.32M | 67.36M | 44.29M | 41.93M | 39.11M | 28.5M | 32.6M | 32M | 29.5M |
| Gross Margin % | 27.15% | 25.96% | 24.73% | 23.44% | 23.47% | 24.59% | 27.34% | 23.46% | 25.62% | 25.22% | 26.4% | 27.95% | 29.76% | 30.75% | 30.09% | 31.07% | 30.82% | 29.09% | 24.58% | 29.2% | 28.02% | 29.95% | 28.24% | 30.38% | 28.49% | 28.17% | 33.69% | 33.06% | 35.94% | 34.97% | 31.65% |
| Gross Profit Growth % | - | 0.24% | 0.7% | -16.12% | -4.53% | 3.08% | 76.65% | -5.93% | 0.68% | 1.04% | 1.82% | 5.87% | -18.41% | 13.31% | 6.49% | 12.18% | 10.17% | -7.66% | -32.55% | 1.01% | -3.51% | -10.79% | -7.49% | 52.09% | 5.63% | 7.21% | 37.23% | -12.58% | 1.88% | 8.47% | 37.85% |
| Operating Expenses | 43.79M | 43.63M | 42.2M | 43.96M | 47.32M | 45.23M | 41.8M | 33.09M | 31.21M | 30.13M | 29.68M | 30.66M | 25.56M | 35.83M | 33.62M | 37.54M | 28.99M | 31.75M | 42.05M | 41.12M | 39.92M | 36.44M | 44.29M | 46.37M | 26.33M | 22.71M | 23.43M | 18.3M | 18.6M | 19.8M | 19.6M |
| OpEx % of Revenue | - | 18.17% | 16.78% | 16.68% | 15.08% | 14.42% | 15.27% | 18.33% | 17.76% | 16.99% | 17.71% | 19.71% | 18.52% | 21.89% | 22.78% | 27.96% | 24.03% | 27.37% | 28.28% | 22.16% | 20.85% | 19.63% | 20.07% | 20.91% | 16.94% | 15.26% | 20.19% | 21.23% | 20.51% | 21.64% | 21.03% |
| Selling, General & Admin | 43.79M | 40.43M | 43.3M | 41.48M | 44.77M | 43.37M | 40.31M | 31.62M | 29.81M | 28.55M | 27.36M | 27.77M | 22.94M | 33.45M | 31.37M | 35.94M | 27.7M | 29.48M | 39.88M | 38.46M | 39.92M | 36.44M | 43.07M | 46.37M | 26.33M | 21.85M | 20.25M | 15.5M | 15.8M | 17.4M | 16.6M |
| SG&A % of Revenue | - | 16.83% | 17.22% | 15.74% | 14.27% | 13.83% | 14.73% | 17.51% | 16.96% | 16.1% | 16.32% | 17.86% | 16.62% | 20.44% | 21.25% | 26.77% | 22.96% | 25.42% | 26.82% | 20.73% | 20.85% | 19.63% | 19.51% | 20.91% | 16.94% | 14.68% | 17.45% | 17.98% | 17.42% | 19.02% | 17.81% |
| Research & Development | 0 | 3.2M | 0 | 3.1M | 2.7M | 2M | 1.5M | 1.6M | 1.5M | 1.6M | 1.5M | 1.5M | 1.7M | 1.2M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.33% | - | 1.18% | 0.86% | 0.64% | 0.55% | 0.89% | 0.85% | 0.9% | 0.89% | 0.96% | 1.23% | 0.73% | 0.68% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -1.1M | -620K | 0 | 0 | 0 | 0 | -89K | -169K | 121K | 333K | 4.73M | 2.93M | 3.03M | 1.6M | 1.29M | 2.27M | 2.16M | 2.66M | 0 | 0 | 1.22M | 0 | 0 | 862K | 3.18M | 2.8M | 2.8M | 2.4M | 3M |
| Operating Income | 20.91M | 18.73M | 20M | 17.81M | 26.32M | 31.9M | 33.03M | 9.28M | 13.82M | 14.6M | 14.58M | 12.82M | 15.5M | 14.5M | -2.58M | 4.17M | 8.19M | 2M | -8.12M | 13.07M | 13.73M | 19.78M | 15.66M | 21M | 17.96M | 19.22M | 15.68M | 10.2M | 14M | 12.2M | 9.9M |
| Operating Margin % | 8.7% | 7.8% | 7.95% | 6.76% | 8.39% | 10.17% | 12.07% | 5.14% | 7.86% | 8.23% | 8.7% | 8.24% | 11.24% | 8.86% | -1.75% | 3.11% | 6.79% | 1.72% | -5.46% | 7.04% | 7.17% | 10.66% | 7.09% | 9.47% | 11.55% | 12.91% | 13.51% | 11.83% | 15.44% | 13.33% | 10.62% |
| Operating Income Growth % | - | -6.38% | 12.31% | -32.32% | -17.5% | -3.44% | 256.14% | -32.87% | -5.36% | 0.12% | 13.77% | -17.32% | 6.95% | 660.81% | -161.98% | -49.07% | 309.45% | 124.63% | -162.14% | -4.79% | -30.62% | 26.34% | -25.42% | 16.89% | -6.54% | 22.59% | 53.71% | -27.14% | 14.75% | 23.23% | 153.85% |
| EBITDA | 24.73M | 23.79M | 26.05M | 23.48M | 32.38M | 36.73M | 37.05M | 13.31M | 17.67M | 18.51M | 19.83M | 15.7M | 18.13M | 16.88M | -339K | 12.94M | 12.52M | 4.26M | -2.58M | 19.11M | 19.38M | 24.52M | 21.99M | 26.3M | 21.76M | 22.81M | 18.86M | 13M | 16.8M | 14.6M | 12.9M |
| EBITDA Margin % | 10.29% | 9.91% | 10.36% | 8.91% | 10.32% | 11.71% | 13.54% | 7.37% | 10.05% | 10.44% | 11.83% | 10.09% | 13.14% | 10.31% | -0.23% | 9.64% | 10.38% | 3.68% | -1.74% | 10.3% | 10.12% | 13.21% | 9.96% | 11.86% | 14% | 15.33% | 16.25% | 15.08% | 18.52% | 15.96% | 13.84% |
| EBITDA Growth % | -6.67% | -8.66% | 10.91% | -27.48% | -11.85% | -0.86% | 178.43% | -24.71% | -4.52% | -6.64% | 26.29% | -13.38% | 7.39% | 5078.76% | -102.62% | 3.39% | 193.53% | 265.18% | -113.51% | -1.36% | -20.98% | 11.52% | -16.39% | 20.85% | -4.61% | 20.98% | 45.06% | -22.62% | 15.07% | 13.18% | 72% |
| D&A (Non-Cash Add-back) | 3.82M | 5.06M | 6.04M | 5.67M | 6.06M | 4.83M | 4.02M | 4.03M | 3.86M | 3.91M | 5.24M | 2.88M | 2.62M | 2.38M | 2.25M | 8.77M | 4.33M | 2.27M | 5.54M | 6.04M | 5.65M | 4.74M | 6.33M | 5.3M | 3.8M | 3.59M | 3.18M | 2.8M | 2.8M | 2.4M | 3M |
| EBIT | 15.07M | 18.73M | 20.08M | 17.84M | 26.32M | 31.9M | 33.17M | 9.28M | 13.82M | 14.6M | 14.58M | 12.82M | 15.5M | 17.43M | 14.69M | 7.57M | 10.24M | 4.27M | -8.15M | 13.07M | 13.73M | 19.2M | 18.05M | 21M | 17.96M | 19.22M | 15.68M | 10.2M | 13.6M | 12.1M | 10.2M |
| Net Interest Income | -592K | -836K | -2.3M | -5.35M | -3.78M | -1.51M | -250K | -356K | -427K | -804K | -834K | -470K | -447K | -404K | -88K | -693K | -1.16M | -1.62M | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 334K | 88K | 0 | 0 | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 404K | 836K | 2.3M | 5.35M | 3.78M | 1.51M | 250K | 356K | 427K | 804K | 834K | 470K | 447K | 738K | 602K | 693K | 1.16M | 1.67M | 2.02M | 0 | 1.89M | 0 | 6.64M | 0 | 1.09M | 2.22M | 2.72M | 500K | 3.2M | 900K | 900K |
| Other Income/Expense | -593K | -705K | -2.23M | -5.32M | -3.7M | -1.35M | -110K | -341K | 12.63M | 917K | 959K | 2.86M | 4.28M | 2.19M | -12.58M | 2.7M | 887K | 605K | -2.06M | 1.15M | -2.27M | -567K | -1.75M | 227K | -1.02M | -1.79M | -2.4M | -600K | -1M | -1M | -1.5M |
| Pretax Income | 20.32M | 18.02M | 17.78M | 12.49M | 22.61M | 30.55M | 32.92M | 8.93M | 26.44M | 15.52M | 15.54M | 15.67M | 19.78M | 16.69M | -538K | 6.88M | 9.08M | 2.6M | -10.18M | 14.22M | 11.46M | 19.22M | 13.82M | 21.22M | 16.94M | 17.43M | 13.27M | 9.6M | 12.6M | 11.1M | 8.7M |
| Pretax Margin % | 8.45% | 7.5% | 7.07% | 4.74% | 7.21% | 9.74% | 12.03% | 4.95% | 15.04% | 8.75% | 9.27% | 10.08% | 14.34% | 10.2% | -0.36% | 5.12% | 7.52% | 2.25% | -6.85% | 7.66% | 5.99% | 10.35% | 6.26% | 9.57% | 10.9% | 11.71% | 11.44% | 11.14% | 13.89% | 12.13% | 9.33% |
| Income Tax | 4.85M | 4.32M | 4.79M | 2.66M | 4.63M | 6.14M | 6.99M | 1.68M | 6M | 1.46M | 4.05M | 4.07M | 6.44M | 6.88M | 4.39M | 2.43M | 3.02M | 948K | -2.68M | 4.97M | 2.97M | 7.27M | 5.99M | 6.37M | 5.8M | 6.29M | 5.17M | 3.5M | 4.8M | 4.7M | 3.5M |
| Effective Tax Rate % | 23.89% | 23.98% | 26.95% | 21.32% | 20.45% | 20.11% | 21.23% | 18.76% | 22.69% | 9.38% | 26.05% | 25.95% | 32.54% | 41.25% | -816.36% | 35.4% | 33.24% | 36.39% | 26.37% | 34.92% | 25.88% | 37.85% | 43.35% | 30.03% | 34.26% | 36.1% | 38.98% | 36.46% | 38.1% | 42.34% | 40.23% |
| Net Income | 15.46M | 13.7M | 12.99M | 9.83M | 17.99M | 24.41M | 25.93M | 7.26M | 20.44M | 14.06M | 11.49M | 11.61M | 11.82M | 9.8M | -4.93M | 4.44M | 6.06M | 1.66M | -7.5M | 9.26M | 8.49M | 11.94M | 7.83M | 14.85M | 11.14M | 11.14M | 8.1M | 6.1M | 6.2M | 6.4M | 5.2M |
| Net Margin % | 6.43% | 5.71% | 5.16% | 3.73% | 5.73% | 7.78% | 9.48% | 4.02% | 11.63% | 7.93% | 6.86% | 7.46% | 8.56% | 5.99% | -3.34% | 3.31% | 5.02% | 1.43% | -5.04% | 4.99% | 4.44% | 6.43% | 3.55% | 6.7% | 7.17% | 7.48% | 6.98% | 7.08% | 6.84% | 6.99% | 5.58% |
| Net Income Growth % | 11.81% | 5.51% | 32.12% | -45.36% | -26.29% | -5.9% | 257.32% | -64.49% | 45.38% | 22.34% | -0.97% | -1.79% | 20.52% | 298.88% | -211.01% | -26.7% | 265.66% | 122.11% | -180.99% | 8.95% | -28.86% | 52.57% | -47.29% | 33.32% | -0% | 37.51% | 32.8% | -1.61% | -3.13% | 23.08% | 1200% |
| Net Income (Continuing) | 15.46M | 13.7M | 12.99M | 9.83M | 17.99M | 24.41M | 25.93M | 7.26M | 20.44M | 14.06M | 11.49M | 11.61M | 13.35M | 12.6M | 10.75M | 4.44M | 6.06M | 1.66M | -7.5M | 9.26M | 8.49M | 12.92M | 7.83M | 14.85M | 11.14M | 11.14M | 8.1M | 6.1M | 6.1M | 6.4M | 5.2M |
| 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) | 1.11 | 0.99 | 0.92 | 0.71 | 1.31 | 1.76 | 1.82 | 0.50 | 1.41 | 0.98 | 0.80 | 0.82 | 0.84 | 0.72 | -0.37 | 0.33 | 0.46 | 0.13 | -0.59 | 0.72 | 0.65 | 0.98 | 0.63 | 0.56 | 0.43 | 0.28 | 0.57 | 0.33 | 0.33 | 0.06 | 0.04 |
| EPS Growth % | 13.27% | 7.61% | 29.58% | -45.8% | -25.57% | -3.3% | 264% | -64.54% | 43.88% | 22.5% | -2.44% | -2.38% | 16.67% | 294.59% | -212.12% | -28.26% | 253.85% | 122.03% | -181.94% | 10.77% | -33.67% | 55.56% | 12.5% | 30.23% | 53.57% | -50.88% | 72.73% | 0% | 488.24% | 48.81% | 106.01% |
| EPS (Basic) | - | 1.00 | 0.94 | 0.72 | 1.33 | 1.78 | 1.84 | 0.50 | 1.42 | 0.98 | 0.81 | 0.82 | 0.85 | 0.73 | -0.37 | 0.35 | 0.48 | 0.13 | -0.59 | 0.72 | 0.65 | 0.99 | 0.63 | 0.57 | 0.43 | 0.29 | 0.57 | 0.34 | 0.33 | 0.06 | 0.04 |
| Diluted Shares Outstanding | 13.91M | 13.86M | 14.03M | 13.9M | 13.69M | 13.87M | 14.22M | 14.44M | 14.48M | 14.35M | 14.37M | 14.09M | 14.07M | 13.62M | 13.24M | 13.41M | 13.24M | 12.87M | 12.68M | 12.85M | 13.07M | 13.18M | 13.23M | 13.31M | 13.11M | 13.07M | 14.21M | 18.3M | 18.58M | 18.31M | 18.5M |
| Basic Shares Outstanding | 13.77M | 13.75M | 13.88M | 13.71M | 13.57M | 13.75M | 14.1M | 14.41M | 14.42M | 14.35M | 14.19M | 14.09M | 13.85M | 13.51M | 13.24M | 12.85M | 12.73M | 12.63M | 12.68M | 12.85M | 13.07M | 13.05M | 12.98M | 13M | 12.98M | 16.22M | 14.17M | 18.21M | 18.48M | 18.31M | 18.5M |
| Dividend Payout Ratio | - | 60.41% | 63.96% | 62.88% | 45.33% | 31.52% | 28.79% | 99.26% | 35.3% | 46.99% | 54.66% | 52.32% | 44.8% | 47.14% | - | 72.33% | 21.21% | - | - | 30.97% | 30.65% | 16.42% | 19.88% | - | - | - | - | 50.82% | - | 1.56% | 3.85% |
Consumer discretionary spending sensitivity
As reported in recent financial statements, Escalade's revenue growth has struggled to find consistent momentum, fluctuating between a 13.1% decline in 2025Q2 and a modest 0.6% increase in 2026Q1, reflecting the ongoing normalization of consumer demand for durable leisure goods following the pandemic-era surge.
The lack of sustained top-line expansion suggests that the company is currently navigating a challenging retail environment where inventory destocking by major partners continues to weigh on sell-in figures. Investors should monitor whether the recent return to positive growth in 2026Q1 represents a durable recovery or merely a seasonal anomaly in the company's highly cyclical product portfolio.
Based on Escalade's reported figures, gross margins have demonstrated a notable recovery from a low of 23.2% in 2024Q2 to 30.7% in 2026Q1, suggesting that management's efforts to optimize product mix and mitigate logistics costs are beginning to yield tangible improvements in profitability.
This expansion in gross margin is particularly encouraging given the company's reliance on imported goods and raw material inputs like steel. It appears that the company is successfully leveraging its premium brand positioning to protect pricing power, though the sustainability of these margins remains contingent on stable freight costs and consumer appetite for high-end sporting equipment.
According to quarterly income statement data, operating margins have oscillated significantly, reaching a peak of 11.8% in 2024Q3 before contracting to 4.8% in 2025Q2, which indicates that the company's cost structure lacks the flexibility to fully insulate operating income from revenue volatility.
The inability to consistently scale operating income alongside gross profit suggests that fixed overhead costs remain a burden during periods of softer demand. While the company maintains a lean profile, the sensitivity of operating margins to minor revenue shifts warrants further investigation into the fixed versus variable nature of their SG&A expenses.
As evidenced by the provided income statement data, net income has experienced sharp swings, ranging from $1.8 million to $5.7 million, with stock-based compensation and periodic non-operating charges creating noise that complicates the assessment of underlying core earnings power for the leisure manufacturer.
The fluctuation in EPS, which moved from $0.13 to $0.40 over the observed period, suggests that investors should look past headline figures to understand the impact of seasonal inventory adjustments and integration costs. The inconsistent nature of these earnings may indicate that the company's bottom line is highly susceptible to one-time accounting events rather than steady operational growth.
While recent margins have improved, the historical data suggests that Escalade remains vulnerable to cyclical downturns, as evidenced by the 2025Q2 contraction where gross margins fell to 23.7%, highlighting the potential for rapid margin erosion if consumer discretionary spending faces further macroeconomic pressure.
Short-term observers might argue that the recent margin expansion is a temporary result of promotional discipline rather than a structural shift in competitive advantage. If the company cannot maintain its premium pricing in the face of increased competition or a broader retail slowdown, the current profitability levels may prove unsustainable.
Quick answers to the most common questions about buying ESCA stock.
For fiscal year 2025, Escalade, Incorporated (ESCA) reported total revenue of $240.2M. This represents a 157.7% increase compared to $93.2M in 1996.
Escalade, Incorporated (ESCA) is profitable, generating $13.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.
Escalade, Incorporated (ESCA) reported an operating income of $18.7M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Escalade, Incorporated (ESCA) generated $62.4M in gross profit for the year, representing a gross profit margin of 26.0%. This demonstrates the company's core pricing power and production efficiency.