Ethan Allen Interiors Inc. (ETD) Income Statement

30Y historyFree accessUpdated daily

Revenue has declined year-over-year in every reported quarter over the past two years, yet gross margins have remained resilient, averaging over 60% and peaking at 63.1% in the latest quarter, suggesting strong pricing power amidst volume pressure.

Annual statement

ETD Income Statement

Ethan Allen Interiors Inc. (ETD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	579.49M	614.65M	646.22M	791.38M	817.76M	685.17M	589.84M	746.68M	766.78M	763.38M	794.2M	754.6M	746.66M	729.08M	729.37M	678.96M	590.05M	674.28M	980.04M	1.01B	1.07B	949.01M	955.11M	907.26M	892.29M	904.13M	856.17M	762.2M	679.3M	571.8M
Revenue Growth %	-5.72%	-4.89%	-18.34%	-3.23%	19.35%	16.16%	-21.01%	-2.62%	0.45%	-3.88%	5.25%	1.06%	2.41%	-0.04%	7.42%	15.07%	-12.49%	-31.2%	-2.51%	-5.73%	12.37%	-0.64%	5.27%	1.68%	-1.31%	5.6%	12.33%	12.2%	18.8%	12.16%
Cost of Goods Sold	224.72M	242.53M	253.16M	311.01M	333.06M	292.06M	266.7M	337.19M	350.82M	343.66M	351.97M	343.44M	340.16M	330.73M	339.08M	329.5M	309.78M	326.94M	453.98M	478.73M	525.41M	487.96M	494.03M	457.88M	470.98M	490.48M	438.59M	391.1M	348.2M	307.8M
COGS % of Revenue	38.78%	39.46%	39.18%	39.3%	40.73%	42.63%	45.22%	45.16%	45.75%	45.02%	44.32%	45.51%	45.56%	45.36%	46.49%	48.53%	52.5%	48.49%	46.32%	47.62%	49.27%	51.42%	51.72%	50.47%	52.78%	54.25%	51.23%	51.31%	51.26%	53.83%
Gross Profit	354.77M	372.12M	393.06M	480.37M	484.71M	393.11M	323.13M	409.49M	415.96M	419.72M	442.24M	411.16M	406.5M	398.35M	390.29M	349.46M	280.28M	347.34M	526.07M	526.58M	540.98M	461.05M	461.08M	449.38M	421.31M	413.66M	417.58M	371.1M	331.1M	264M
Gross Margin %	61.22%	60.54%	60.82%	60.7%	59.27%	57.37%	54.78%	54.84%	54.25%	54.98%	55.68%	54.49%	54.44%	54.64%	53.51%	51.47%	47.5%	51.51%	53.68%	52.38%	50.73%	48.58%	48.28%	49.53%	47.22%	45.75%	48.77%	48.69%	48.74%	46.17%
Gross Profit Growth %	-4.66%	-5.33%	-18.18%	-0.89%	23.3%	21.66%	-21.09%	-1.56%	-0.9%	-5.09%	7.56%	1.15%	2.05%	2.07%	11.68%	24.68%	-19.31%	-33.97%	-0.1%	-2.66%	17.34%	-0.01%	2.6%	6.66%	1.85%	-0.94%	12.53%	12.08%	25.42%	18.97%
Operating Expenses	308.65M	310.13M	315.07M	343.17M	346.46M	315.82M	308.49M	357.16M	367.1M	361.77M	353.06M	345.23M	336.86M	337.91M	340.68M	316.4M	289.57M	353.11M	423.23M	402.02M	394.07M	332.3M	320.75M	315.58M	286.29M	280.7M	271.49M	238.4M	211.7M	178.8M
OpEx % of Revenue	53.26%	50.46%	48.76%	43.36%	42.37%	46.09%	52.3%	47.83%	47.87%	47.39%	44.45%	45.75%	45.12%	46.35%	46.71%	46.6%	49.08%	52.37%	43.18%	39.99%	36.95%	35.01%	33.58%	34.78%	32.08%	31.05%	31.71%	31.28%	31.16%	31.27%
Selling, General & Admin	308.65M	309.79M	314.69M	346.89M	350.92M	313.41M	311.51M	356.88M	367.1M	361.77M	353.06M	345.23M	336.86M	337.91M	340.68M	316.4M	289.57M	353.11M	423.23M	402.02M	394.07M	332.3M	320.75M	315.58M	286.29M	280.7M	254.51M	222.1M	195.8M	162.4M
SG&A % of Revenue	53.26%	50.4%	48.7%	43.83%	42.91%	45.74%	52.81%	47.8%	47.87%	47.39%	44.45%	45.75%	45.12%	46.35%	46.71%	46.6%	49.08%	52.37%	43.18%	39.99%	36.95%	35.01%	33.58%	34.78%	32.08%	31.05%	29.73%	29.14%	28.82%	28.4%
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
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	343K	376K	-3.72M	-4.46M	2.41M	-3.02M	338K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16.98M	16.3M	15.9M	16.4M
Operating Income	45.02M	61.99M	77.99M	137.2M	138.25M	77.28M	14.64M	33.95M	48.87M	57.95M	89.18M	65.93M	69.64M	60.44M	49.7M	31.93M	-11.73M	-72.77M	96M	111.12M	142.67M	128.98M	127.81M	120.58M	129.9M	126.05M	146.1M	132.7M	119.4M	85.2M
Operating Margin %	7.77%	10.09%	12.07%	17.34%	16.91%	11.28%	2.48%	4.55%	6.37%	7.59%	11.23%	8.74%	9.33%	8.29%	6.81%	4.7%	-1.99%	-10.79%	9.8%	11.05%	13.38%	13.59%	13.38%	13.29%	14.56%	13.94%	17.06%	17.41%	17.58%	14.9%
Operating Income Growth %	-27.38%	-20.52%	-43.15%	-0.76%	78.88%	427.76%	-56.86%	-30.53%	-15.67%	-35.02%	35.25%	-5.32%	15.22%	21.61%	55.63%	372.12%	83.87%	-175.8%	-13.61%	-22.12%	10.62%	0.92%	5.99%	-7.17%	3.06%	-13.72%	10.1%	11.14%	40.14%	55.47%
EBITDA	45.02M	77.51M	93.95M	152.81M	154.24M	93.67M	31.5M	53.58M	68.7M	78.06M	108.53M	85.08M	87.57M	78.44M	68.28M	52.75M	17.66M	-47.14M	120.67M	134.13M	164.27M	150.32M	149.08M	141.88M	149.21M	146.27M	163.07M	149M	135.3M	101.6M
EBITDA Margin %	7.77%	12.61%	14.54%	19.31%	18.86%	13.67%	5.34%	7.18%	8.96%	10.23%	13.67%	11.27%	11.73%	10.76%	9.36%	7.77%	2.99%	-6.99%	12.31%	13.34%	15.4%	15.84%	15.61%	15.64%	16.72%	16.18%	19.05%	19.55%	19.92%	17.77%
EBITDA Growth %	-41.92%	-17.5%	-38.52%	-0.93%	64.66%	197.34%	-41.21%	-22%	-12%	-28.07%	27.57%	-2.84%	11.63%	14.89%	29.44%	198.64%	137.47%	-139.06%	-10.04%	-18.35%	9.28%	0.83%	5.08%	-4.92%	2.01%	-10.31%	9.45%	10.13%	33.17%	40.53%
D&A (Non-Cash Add-back)	0	15.52M	15.96M	15.61M	15.99M	16.39M	16.86M	19.64M	19.83M	20.11M	19.35M	19.14M	17.93M	18.01M	18.58M	20.82M	29.4M	25.64M	24.67M	23.01M	21.6M	21.34M	21.28M	21.3M	19.31M	20.22M	16.98M	16.3M	15.9M	16.4M
EBIT	0	69.26M	77.91M	141.24M	138.32M	79.7M	11.63M	33.95M	49.39M	57.95M	89.57M	65.93M	69.94M	58.95M	50.26M	37.5M	-6.86M	-69.42M	102.84M	124.56M	146.91M	128.76M	138.92M	132.59M	135.02M	132.95M	146.1M	132.7M	119.4M	85.2M
Net Interest Income	0	7.03M	7.46M	3.83M	-129K	-874K	-455K	-425K	200K	-955K	-1.22M	-9.25M	-7.23M	-10.26M	-8.46M	-5.56M	-7.05M	-8.41M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	7.28M	7.7M	4.04M	72K	0	0	0	525K	268K	395K	0	276K	0	562K	5.56M	4.87M	3.35M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	243K	245K	213K	201K	874K	455K	425K	325K	1.22M	1.62M	9.25M	7.51M	10.26M	9.02M	11.13M	11.92M	11.76M	3.82M	1.39M	4.57M	0	0	0	0	0	0	0	0	0
Other Income/Expense	8.16M	7.03M	7.46M	3.83M	-129K	-874K	-455K	-87K	200K	-955K	-1.22M	-9.25M	-7.23M	-10.26M	-8.46M	-5.56M	-7.05M	-8.41M	-3.82M	-1.39M	-4.57M	442K	4.09M	-609K	2.34M	2.06M	671K	0	-900K	-4.5M
Pretax Income	53.18M	69.02M	85.45M	141.03M	138.12M	76.41M	14.19M	33.86M	49.07M	56.99M	87.96M	56.68M	62.4M	50.17M	41.24M	26.37M	-18.79M	-81.18M	92.18M	109.73M	138.1M	129.42M	130.5M	121.19M	132.24M	128.1M	146.77M	132.7M	118.5M	80.7M
Pretax Margin %	9.18%	11.23%	13.22%	17.82%	16.89%	11.15%	2.41%	4.53%	6.4%	7.47%	11.07%	7.51%	8.36%	6.88%	5.65%	3.88%	-3.18%	-12.04%	9.41%	10.91%	12.95%	13.64%	13.66%	13.36%	14.82%	14.17%	17.14%	17.41%	17.44%	14.11%
Income Tax	13.29M	17.42M	21.63M	35.22M	34.84M	16.41M	5.29M	8.16M	12.7M	20.8M	31.32M	19.54M	19.47M	17.7M	-8.46M	-2.88M	25.53M	-28.49M	34.11M	40.5M	52.42M	50.08M	50.16M	45.81M	49.99M	48.42M	56.2M	51.4M	46.6M	32M
Effective Tax Rate %	25%	25.24%	25.31%	24.97%	25.22%	21.47%	37.28%	24.11%	25.87%	36.5%	35.61%	34.47%	31.2%	35.27%	-20.5%	-10.92%	-135.89%	35.1%	37%	36.91%	37.96%	38.7%	38.43%	37.8%	37.8%	37.8%	38.29%	38.73%	39.32%	39.65%
Net Income	39.88M	51.6M	63.82M	105.81M	103.28M	60.01M	8.9M	25.7M	36.37M	36.19M	56.64M	37.14M	42.93M	32.48M	49.69M	29.25M	-44.32M	-52.69M	58.07M	69.23M	85.68M	79.34M	80.34M	75.38M	82.26M	79.68M	90.57M	81.3M	71.1M	48.7M
Net Margin %	6.88%	8.39%	9.88%	13.37%	12.63%	8.76%	1.51%	3.44%	4.74%	4.74%	7.13%	4.92%	5.75%	4.45%	6.81%	4.31%	-7.51%	-7.81%	5.93%	6.89%	8.03%	8.36%	8.41%	8.31%	9.22%	8.81%	10.58%	10.67%	10.47%	8.52%
Net Income Growth %	-22.7%	-19.15%	-39.69%	2.45%	72.12%	574.21%	-65.37%	-29.34%	0.49%	-36.09%	52.49%	-13.48%	32.18%	-34.64%	69.89%	166%	15.89%	-190.73%	-16.11%	-19.2%	8%	-1.25%	6.58%	-8.36%	3.23%	-12.02%	11.4%	14.35%	46%	73.31%
Net Income (Continuing)	39.88M	51.6M	63.82M	105.81M	103.28M	60.01M	8.9M	25.7M	36.37M	36.19M	56.64M	37.14M	42.93M	32.48M	49.69M	29.25M	-44.32M	-52.69M	58.07M	69.23M	85.68M	79.34M	79.48M	74.62M	82.26M	79.68M	90.57M	81.3M	71.9M	48.7M
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
Minority Interest	-85K	-86K	-64K	-22K	-26K	-25K	-1K	63K	139K	190K	204K	277K	252K	207K	200K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.56	2.01	2.49	4.13	4.05	2.37	0.34	0.96	1.32	1.29	2.00	1.27	1.47	1.11	1.71	1.01	-1.53	-1.83	1.97	2.15	2.51	2.19	2.08	1.93	2.06	1.96	2.20	1.92	1.61	0.37
EPS Growth %	-22.39%	-19.28%	-39.71%	1.98%	70.89%	597.06%	-64.58%	-27.27%	2.33%	-35.5%	57.48%	-13.61%	32.43%	-35.09%	69.31%	166.01%	16.39%	-192.89%	-8.37%	-14.34%	14.61%	5.29%	7.77%	-6.31%	5.1%	-10.91%	14.58%	19.25%	335.14%	68.18%
EPS (Basic)	1.56	2.03	2.50	4.15	4.06	2.38	0.34	0.96	1.33	1.31	2.02	1.29	1.48	1.13	1.72	1.02	-1.53	-1.83	1.98	2.19	2.58	2.24	2.14	1.98	2.12	2.01	2.25	1.97	1.65	0.38
Diluted Shares Outstanding	25.58M	25.63M	25.64M	25.6M	25.52M	25.35M	26.07M	26.75M	27.63M	27.96M	28.32M	29.18M	29.28M	29.24M	29.11M	28.97M	28.98M	28.81M	29.47M	32.26M	34.09M	36.19M	38.3M	38.57M	39.94M	40.32M	41.17M	42.34M	44.07M	43.13M
Basic Shares Outstanding	25.58M	25.63M	25.52M	25.47M	25.41M	25.27M	26.04M	26.7M	27.32M	27.68M	28.07M	28.87M	28.92M	28.86M	28.82M	28.76M	28.98M	28.81M	29.27M	31.57M	33.21M	35.4M	37.18M	37.61M	38.83M	39.39M	40.25M	41.27M	43M	43.13M
Dividend Payout Ratio	-	97.07%	78.77%	43.81%	46.72%	72.14%	241.22%	182.85%	81.13%	55.34%	29.39%	35.94%	26.31%	68.42%	16.22%	19.67%	-	-	43.9%	35.82%	26.99%	24.74%	156.56%	12.03%	7.54%	7.88%	7.14%	5.41%	4.92%	4.72%

Key Metrics

Growth RegimeDecelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Sustained revenue contraction

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Persistent Top-Line Contraction

Ethan Allen's revenue has declined year-over-year in every reported quarter over the past two years, with the most recent quarter showing an 8.5% drop, indicating a sustained demand downturn in the premium furnishings market.

The company's revenue trajectory is firmly in a decelerating phase, with year-over-year declines ranging from -2.5% to -21.4% across the last ten quarters. This persistent contraction suggests the company is facing significant headwinds in consumer discretionary spending, which may be impacting order volumes and average selling prices. The lack of any positive growth quarter in this dataset points to a structural challenge rather than a temporary blip, warranting investigation into market share shifts and competitive positioning.

Resilient Gross Margins Amidst Volume Pressure

Despite consistent revenue declines, Ethan Allen's gross margin has remained robust, averaging over 60% and peaking at 63.1% in the latest quarter, suggesting strong pricing power and effective cost management within its vertical integration model.

The company's gross margin profile is a key strength, consistently outperforming peers like MillerKnoll (38.8%) and HNI (40.4%). This indicates that Ethan Allen has maintained pricing discipline and likely benefits from its direct-to-consumer and manufacturing control, allowing it to protect profitability even as volumes fall. However, the slight improvement in the most recent quarter to 63.1% from a trough of 59.3% may reflect favorable product mix or cost tailwinds, but its sustainability is questionable if top-line erosion continues to pressure fixed cost absorption.

Operating Leverage Eroded by SG&A Rigidity

Operating income has contracted more sharply than gross profit, with operating margins falling from 13.4% to 9.7% over the period, indicating that SG&A expenses have not scaled down proportionally with revenue, limiting profitability upside.

The data reveals a clear lack of positive operating leverage. While gross profit has declined, SG&A expenses have remained relatively sticky, hovering between $74M and $81M per quarter. This rigidity has caused operating margin to compress significantly, from a high of 13.4% in 2024Q4 to 9.7% in the latest quarter. The implication is that management's cost structure may be misaligned with the current revenue run-rate, and further margin improvement will likely require more aggressive overhead reduction rather than relying solely on volume recovery.

Net Income Volatility from Non-Operating Items

Net income has shown greater volatility than operating income, with swings like the -37.8% EPS decline in 2026Q3, suggesting that non-operating items such as taxes or interest are significantly impacting bottom-line results and complicating earnings predictability.

The quality of reported earnings appears mixed. While stock-based compensation is minimal and not a major dilutive factor, the disconnect between operating income trends and net income/EPS movements is notable. For instance, in 2026Q3, operating income fell 57% year-over-year, but EPS plummeted 37.8%, indicating that non-operating factors amplified the decline. This volatility suggests investors should focus on operating metrics for core performance assessment, as the bottom line may be influenced by items outside of the company's operational control.

Margin Compression Risk from Fixed Cost Burden

The strongest challenge to the income statement narrative is that Ethan Allen's high gross margins may be masking an unsustainable cost structure, where inflexible SG&A could lead to severe operating losses if revenue declines continue unabated.

A bearish perspective would focus on the company's operating leverage problem. With SG&A expenses consistently consuming over 50% of revenue, any further top-line deterioration would rapidly erode operating income, which has already fallen from $22.6M to $14.2M in the latest quarter. The current operating margin of 9.7% leaves little buffer; a return to 2024Q3's revenue level of $146.4M with today's cost base would imply near-breakeven operations. This scenario highlights a key risk: the company's profitability is highly sensitive to volume, and without a clear catalyst for demand recovery, margin compression could accelerate.

ETD — Frequently Asked Questions

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

What was Ethan Allen Interiors Inc.'s (ETD) revenue in 2026?

For fiscal year 2026, Ethan Allen Interiors Inc. (ETD) reported total revenue of $579.5M. This represents a 1.3% increase compared to $571.8M in 1997.

Is Ethan Allen Interiors Inc. (ETD) profitable?

Ethan Allen Interiors Inc. (ETD) is profitable, generating $39.9M in net income for the fiscal year ending 2026 with a net profit margin of 6.9%.

What is Ethan Allen Interiors Inc.'s operating profit margin?

Ethan Allen Interiors Inc. (ETD) reported an operating income of $45.0M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ethan Allen Interiors Inc.'s gross profit and gross margin?

Ethan Allen Interiors Inc. (ETD) generated $354.8M in gross profit for the year, representing a gross profit margin of 61.2%. This demonstrates the company's core pricing power and production efficiency.