Revenue has held near $1.1B to $1.2B per quarter with 5.4% growth in 2026Q3, while gross margin of 33.5% and operating margin of 12.5% suggest only limited operating leverage despite modest top-line expansion.
Flowserve Corporation (FLS) annual income statement — 30-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 | 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 | 4.7B | 4.73B | 4.56B | 4.32B | 3.62B | 3.54B | 3.73B | 3.94B | 3.83B | 3.66B | 3.99B | 4.56B | 4.88B | 4.95B | 4.75B | 4.51B | 4.03B | 4.37B | 4.47B | 3.76B | 3.06B | 2.7B | 2.64B | 2.4B | 2.25B | 1.92B | 1.54B | 1.06B | 1.08B | 1.15B | 605.45M |
| Revenue Growth % | 0.21% | 3.76% | 5.49% | 19.51% | 2.09% | -5.02% | -5.49% | 2.93% | 4.69% | -8.28% | -12.49% | -6.5% | -1.55% | 4.28% | 5.35% | 11.86% | -7.63% | -2.42% | 18.89% | 22.92% | 13.57% | 2.16% | 9.73% | 6.8% | 17.41% | 24.65% | 44.94% | -2.01% | -6% | 90.3% | 13.65% |
| Cost of Goods Sold | 3.06B | 3.09B | 3.09B | 3.02B | 2.62B | 2.47B | 2.56B | 2.63B | 2.59B | 2.53B | 2.69B | 3.01B | 3.16B | 3.27B | 3.17B | 2.99B | 2.61B | 2.78B | 2.89B | 2.53B | 2.05B | 1.84B | 1.76B | 1.68B | 1.57B | 1.3B | 974.34M | 658.3M | 628.5M | 664.3M | 361.35M |
| COGS % of Revenue | - | 65.4% | 67.84% | 69.96% | 72.49% | 69.88% | 68.78% | 66.75% | 67.69% | 69.05% | 67.5% | 66.07% | 64.85% | 65.93% | 66.73% | 66.28% | 64.68% | 63.58% | 64.67% | 67.33% | 67.09% | 68.18% | 66.86% | 69.95% | 69.55% | 67.95% | 63.34% | 62.03% | 58.03% | 57.65% | 59.68% |
| Gross Profit | 1.63B | 1.64B | 1.47B | 1.3B | 994.65M | 1.07B | 1.16B | 1.31B | 1.24B | 1.13B | 1.3B | 1.55B | 1.71B | 1.69B | 1.58B | 1.52B | 1.42B | 1.59B | 1.58B | 1.23B | 1.01B | 857.62M | 758.58M | 722.42M | 685.53M | 614.55M | 563.95M | 403M | 454.6M | 487.9M | 244.1M |
| Gross Margin % | 34.8% | 34.6% | 32.16% | 30.04% | 27.51% | 30.12% | 31.22% | 33.12% | 32.31% | 30.95% | 32.51% | 34.03% | 35.15% | 34.07% | 33.27% | 33.72% | 35.32% | 36.42% | 35.33% | 32.67% | 32.91% | 31.82% | 28.75% | 30.05% | 30.45% | 32.05% | 36.66% | 37.97% | 41.97% | 42.35% | 40.32% |
| Gross Profit Growth % | - | 11.62% | 12.94% | 30.48% | -6.74% | -8.38% | -10.91% | 5.52% | 9.3% | -12.7% | -16.4% | -9.47% | 1.57% | 6.78% | 3.95% | 6.79% | -10.41% | 0.59% | 28.54% | 22.05% | 17.45% | 13.06% | 5.01% | 5.38% | 11.55% | 8.97% | 39.94% | -11.35% | -6.83% | 99.88% | 13.31% |
| Operating Expenses | 989.76M | 1.02B | 950.4M | 894.04M | 801.27M | 781.43M | 804.95M | 872.67M | 928.4M | 880.17M | 872.67M | 932.3M | 948.52M | 966.83M | 932.52M | 914.08M | 838.49M | 907.85M | 984.4M | 832.26M | 782.5M | 663.23M | 596.1M | 559.55M | 493.1M | 410.56M | 417.34M | 341.1M | 331.3M | 351.8M | 169.25M |
| OpEx % of Revenue | - | 21.61% | 20.85% | 20.69% | 22.16% | 22.07% | 21.59% | 22.12% | 24.22% | 24.04% | 21.86% | 20.44% | 19.45% | 19.51% | 19.63% | 20.27% | 20.8% | 20.8% | 22.01% | 22.12% | 25.56% | 24.61% | 22.6% | 23.27% | 21.9% | 21.41% | 27.13% | 32.14% | 30.59% | 30.53% | 27.95% |
| Selling, General & Admin | 1.04B | 968.11M | 880.5M | 845.34M | 761.37M | 747.23M | 768.85M | 830.67M | 888.8M | 841.57M | 829.87M | 886.4M | 907.62M | 929.03M | 893.63M | 879.08M | 808.99M | 878.45M | 950.4M | 792.26M | 752.8M | 638.93M | 570.9M | 539.78M | 476.92M | 410.56M | 335.51M | 275.9M | 265.6M | 285.9M | 147.22M |
| SG&A % of Revenue | - | 20.47% | 19.32% | 19.57% | 21.06% | 21.1% | 20.62% | 21.06% | 23.19% | 22.99% | 20.79% | 19.43% | 18.61% | 18.75% | 18.81% | 19.49% | 20.06% | 20.12% | 21.25% | 21.06% | 24.59% | 23.71% | 21.64% | 22.45% | 21.18% | 21.41% | 21.81% | 26% | 24.52% | 24.81% | 24.32% |
| Research & Development | 0 | 54.1M | 69.9M | 48.7M | 39.9M | 34.2M | 36.1M | 42M | 39.6M | 38.6M | 42.8M | 45.9M | 40.9M | 37.8M | 38.9M | 35M | 29.5M | 29.4M | 34M | 40M | 29.7M | 24.3M | 25.2M | 0 | 0 | 0 | 24.8M | 25.6M | 26.4M | 26.9M | 15.48M |
| R&D % of Revenue | - | 1.14% | 1.53% | 1.13% | 1.1% | 0.97% | 0.97% | 1.06% | 1.03% | 1.05% | 1.07% | 1.01% | 0.84% | 0.76% | 0.82% | 0.78% | 0.73% | 0.67% | 0.76% | 1.06% | 0.97% | 0.9% | 0.96% | - | - | - | 1.61% | 2.41% | 2.44% | 2.33% | 2.56% |
| Other Operating Expenses | -2M | 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 |
| Operating Income | 644.98M | 613.89M | 515.42M | 403.8M | 193.38M | 285.14M | 359.11M | 433.91M | 309.84M | 252.73M | 425M | 619.88M | 766.09M | 721.27M | 648.43M | 606.77M | 585.7M | 681.78M | 595.91M | 397.12M | 224.8M | 194.39M | 162.48M | 159.99M | 188.08M | 142.15M | 146.61M | 61.9M | 123.3M | 136.1M | 69.07M |
| Operating Margin % | 13.73% | 12.98% | 11.31% | 9.35% | 5.35% | 8.05% | 9.63% | 11% | 8.08% | 6.9% | 10.65% | 13.59% | 15.71% | 14.56% | 13.65% | 13.45% | 14.53% | 15.62% | 13.32% | 10.55% | 7.34% | 7.21% | 6.16% | 6.65% | 8.35% | 7.41% | 9.53% | 5.83% | 11.38% | 11.81% | 11.41% |
| Operating Income Growth % | - | 19.1% | 27.64% | 108.8% | -32.18% | -20.6% | -17.24% | 40.05% | 22.6% | -40.53% | -31.44% | -19.09% | 6.22% | 11.23% | 6.87% | 3.6% | -14.09% | 14.41% | 50.06% | 76.66% | 15.64% | 19.64% | 1.55% | -14.94% | 32.31% | -3.04% | 136.84% | -49.8% | -9.4% | 97.04% | 18.61% |
| EBITDA | 754.03M | 709.35M | 601.02M | 487.54M | 284.34M | 384.96M | 459.87M | 539.82M | 422.31M | 371.18M | 541.75M | 746.97M | 876.37M | 827.66M | 755.65M | 711.59M | 687M | 777.04M | 675.61M | 476.76M | 295.8M | 264.28M | 235.63M | 237.58M | 258.54M | 222.75M | 203.64M | 101.5M | 162.6M | 175.1M | 89.16M |
| EBITDA Margin % | 16.05% | 15% | 13.19% | 11.28% | 7.87% | 10.87% | 12.34% | 13.68% | 11.02% | 10.14% | 13.57% | 16.38% | 17.97% | 16.7% | 15.9% | 15.78% | 17.04% | 17.8% | 15.1% | 12.67% | 9.66% | 9.81% | 8.93% | 9.88% | 11.48% | 11.62% | 13.24% | 9.56% | 15.01% | 15.2% | 14.73% |
| EBITDA Growth % | 21.77% | 18.02% | 23.28% | 71.47% | -26.14% | -16.29% | -14.81% | 27.82% | 13.77% | -31.48% | -27.47% | -14.77% | 5.89% | 9.53% | 6.19% | 3.58% | -11.59% | 15.01% | 41.71% | 61.18% | 11.93% | 12.16% | -0.82% | -8.11% | 16.07% | 9.38% | 100.63% | -37.58% | -7.14% | 96.39% | 15.31% |
| D&A (Non-Cash Add-back) | 109.05M | 95.45M | 85.6M | 83.75M | 90.95M | 99.82M | 100.75M | 105.9M | 112.47M | 118.45M | 116.75M | 127.09M | 110.28M | 106.39M | 107.23M | 104.82M | 101.29M | 95.26M | 79.7M | 79.64M | 71M | 69.89M | 73.16M | 77.59M | 70.46M | 80.59M | 57.04M | 39.6M | 39.3M | 39M | 20.09M |
| EBIT | 447.39M | 603.04M | 455.46M | 290.67M | 200.62M | 191.21M | 258.48M | 377.41M | 234.43M | 322.74M | 273.05M | 477.64M | 793.51M | 745.93M | 655.09M | 623.94M | 564.58M | 624.8M | 641.43M | 420.19M | 252.96M | 153.59M | 146.68M | 171.5M | 184.06M | 129.16M | 146.61M | 61.9M | 123.3M | 136.1M | 81.4M |
| Net Interest Income | -80.92M | -70.09M | -63.93M | -59.93M | -42.28M | -54.85M | -52.01M | -46.57M | -51.7M | -56.3M | -57.33M | -63.2M | -58.64M | -52.98M | -42.57M | -34.6M | -32.73M | -36.76M | -42.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.37M | 7.55M | 5.37M | 6.99M | 3.96M | 2.76M | 4.17M | 8.41M | 6.46M | 3.43M | 2.8M | 2.06M | 1.68M | 1.43M | 954K | 1.58M | 1.57M | 3.25M | 8.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 92.29M | 77.64M | 69.3M | 66.92M | 46.25M | 57.62M | 56.19M | 54.98M | 58.16M | 59.73M | 60.14M | 65.27M | 60.32M | 54.41M | 43.52M | 36.18M | 34.3M | 40.01M | 51.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -289.88M | -88.49M | -129.27M | -180.05M | -39.01M | -151.55M | -156.82M | -111.48M | -133.56M | 10.28M | -212.09M | -207.51M | -32.9M | -28.25M | -36.86M | -19.01M | -55.43M | -96.99M | -5.78M | -37.05M | -37.52M | -102.39M | -96.21M | -79.72M | -107.41M | -153.23M | -123.42M | -43.6M | -50.1M | -46.3M | -4.87M |
| Pretax Income | 355.1M | 525.4M | 386.15M | 223.75M | 154.38M | 133.59M | 202.29M | 322.43M | 176.27M | 263.01M | 212.91M | 412.37M | 733.19M | 693.02M | 611.57M | 587.75M | 530.28M | 584.79M | 590.13M | 360.07M | 187.28M | 92M | 66.27M | 73.83M | 92.07M | 25.63M | 23.18M | 18.3M | 73.2M | 89.8M | 64.15M |
| Pretax Margin % | 7.56% | 11.11% | 8.47% | 5.18% | 4.27% | 3.77% | 5.43% | 8.17% | 4.6% | 7.18% | 5.33% | 9.04% | 15.03% | 13.99% | 12.87% | 13.03% | 13.15% | 13.4% | 13.19% | 9.57% | 6.12% | 3.41% | 2.51% | 3.07% | 4.09% | 1.34% | 1.51% | 1.72% | 6.76% | 7.79% | 10.6% |
| Income Tax | 81.83M | 155.6M | 84.93M | 18.56M | -43.64M | -2.59M | 61.42M | 80.07M | 51.22M | 258.68M | 75.29M | 148.92M | 208.31M | 204.7M | 160.77M | 158.52M | 141.6M | 156.46M | 147.72M | 104.29M | 73.24M | 37.09M | 39.47M | 20.95M | 31.67M | 9.28M | 7.88M | 6.1M | 25.5M | 38.2M | 20.9M |
| Effective Tax Rate % | 23.04% | 29.61% | 21.99% | 8.3% | -28.27% | -1.94% | 30.36% | 24.83% | 29.06% | 98.35% | 35.36% | 36.11% | 28.41% | 29.54% | 26.29% | 26.97% | 26.7% | 26.75% | 25.03% | 28.97% | 39.11% | 40.32% | 59.56% | 28.37% | 34.4% | 36.19% | 33.97% | 33.33% | 34.84% | 42.54% | 32.58% |
| Net Income | 254.72M | 346.25M | 282.76M | 186.74M | 188.69M | 125.95M | 130.42M | 253.67M | 119.67M | 2.65M | 145.06M | 267.67M | 518.82M | 485.53M | 448.34M | 428.58M | 388.29M | 427.89M | 442.41M | 255.77M | 115.03M | 11.84M | 24.2M | 98.31M | 53.02M | -1.5M | 13.24M | 12.2M | 48.9M | 51.6M | 43.25M |
| Net Margin % | 5.42% | 7.32% | 6.2% | 4.32% | 5.22% | 3.56% | 3.5% | 6.43% | 3.12% | 0.07% | 3.63% | 5.87% | 10.64% | 9.8% | 9.44% | 9.5% | 9.63% | 9.8% | 9.89% | 6.8% | 3.76% | 0.44% | 0.92% | 4.09% | 2.36% | -0.08% | 0.86% | 1.15% | 4.51% | 4.48% | 7.14% |
| Net Income Growth % | -43.74% | 22.45% | 51.42% | -1.03% | 49.81% | -3.43% | -48.59% | 111.97% | 4412.48% | -98.17% | -45.81% | -48.41% | 6.86% | 8.3% | 4.61% | 10.38% | -9.25% | -3.28% | 72.97% | 122.35% | 871.96% | -51.09% | -75.38% | 85.4% | 3642.08% | -111.31% | 8.53% | -75.05% | -5.23% | 19.3% | 41.01% |
| Net Income (Continuing) | 273.27M | 369.8M | 301.23M | 205.19M | 198.01M | 136.18M | 140.88M | 246.94M | 125.05M | 4.33M | 135.53M | 264.02M | 519.43M | 488.32M | 450.8M | 429.23M | 388.68M | 428.33M | 442.41M | 255.77M | 114.04M | 51.42M | 25.88M | 50.48M | 45.5M | -10.49M | 15.31M | 12.2M | 47.7M | 51.6M | 43.3M |
| 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 | 71.87M | 62.93M | 44.05M | 38.95M | 33.61M | 33.03M | 30.33M | 25.6M | 18.46M | 16.37M | 20.96M | 17.26M | 10.28M | 6.74M | 4.26M | 8.42M | 10.01M | 5.63M | 6.43M | 7.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.99 | 2.64 | 2.14 | 1.42 | 1.44 | 0.96 | 1.00 | 1.81 | 0.91 | 0.02 | 1.01 | 1.93 | 3.72 | 3.41 | 2.84 | 2.55 | 2.29 | 2.53 | 2.58 | 1.49 | 0.67 | 0.10 | 0.16 | 0.27 | 0.16 | -0.01 | 0.12 | 0.11 | 0.41 | 0.42 | 0.59 |
| EPS Growth % | -42.15% | 23.36% | 50.7% | -1.39% | 50% | -4% | -44.75% | 98.9% | 4450% | -98.02% | -47.67% | -48.12% | 9.09% | 20.07% | 11.37% | 11.35% | -9.49% | -1.94% | 73.15% | 122.39% | 570% | -37.5% | -40.74% | 68.75% | 1330.77% | -110.83% | 9.09% | -73.17% | -2.38% | -28.81% | 43.9% |
| EPS (Basic) | - | 2.66 | 2.15 | 1.42 | 1.44 | 0.97 | 1.00 | 1.82 | 0.91 | 0.02 | 1.02 | 1.94 | 3.75 | 3.43 | 2.86 | 2.57 | 2.32 | 2.55 | 2.61 | 1.51 | 0.69 | 0.10 | 0.16 | 0.27 | 0.16 | -0.01 | 0.12 | 0.11 | 0.41 | 0.42 | 0.59 |
| Diluted Shares Outstanding | 127.96M | 130.98M | 132.36M | 131.93M | 131.31M | 130.86M | 131.05M | 131.72M | 131.27M | 131.18M | 130.97M | 133.81M | 137.84M | 142.43M | 157.97M | 168.31M | 169.25M | 169.09M | 171.54M | 172.05M | 170.84M | 170.74M | 166.95M | 165.41M | 152.36M | 115.4M | 113.53M | 113.57M | 121.46M | 122.77M | 73.39M |
| Basic Shares Outstanding | 127.16M | 130M | 131.49M | 131.51M | 130.63M | 130.31M | 130.4M | 131.03M | 130.82M | 130.57M | 130.43M | 133.07M | 136.91M | 141.6M | 156.85M | 166.63M | 167.29M | 167.52M | 169.8M | 169.39M | 167.52M | 165.23M | 165.21M | 165.41M | 152.36M | 113.74M | 113.53M | 113.57M | 119.69M | 122.69M | 73.39M |
| Dividend Payout Ratio | - | 31.66% | 39.06% | 56.2% | 55.41% | 83.05% | 79.86% | 39.25% | 83.07% | 3741.82% | 67.38% | 34.99% | 16.41% | 15.84% | 16.45% | 16.23% | 16.37% | 13.84% | 11.64% | 10.04% | - | - | - | - | - | - | - | 173.77% | 45.6% | 50.58% | 29.13% |
Quick answers to the most common questions about buying FLS stock.
For fiscal year 2025, Flowserve Corporation (FLS) reported total revenue of $4.73B. This represents a 681.1% increase compared to $605.5M in 1996.
Flowserve Corporation (FLS) is profitable, generating $346.2M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
Flowserve Corporation (FLS) reported an operating income of $613.9M, resulting in an operating profit margin of 13.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Flowserve Corporation (FLS) generated $1.64B in gross profit for the year, representing a gross profit margin of 34.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Quarterly earnings volatility from one-offs
Metrics are mathematically derived from official filings.
Revenue Growth Holding Near Mid-Single Digits
Based on reported figures, FLS revenue of roughly $1.2B in 2026Q3 reflects 5.4% year-over-year growth, a pace that trails the 5.8% one-year growth reported by peers IEX and GGG and may point to modest share pressure.
Quarterly revenue has oscillated in a narrow band around $1.1B to $1.2B across the ten periods shown, with year-over-year growth swinging between roughly -6.7% and +18.7%, which suggests the top line is driven more by timing and pricing than by a sustained acceleration. The 2025Q3 spike appears to be an outlier rather than a durable trend, and investors should monitor whether the 2026 quarters can sustain growth above the peer median. Without segment or volume-versus-price disclosure in the supplied data, the durability of this growth cannot be cleanly attributed to end-market demand.
Gross Margin Stable Near Thirty-Five Percent
As reported in financial statements, FLS gross margin has ranged from 32.1% to 37.1% across ten quarters, sitting well below the 44.5% and 52.5% gross margins reported by IDEX and Graco, indicating limited pricing power relative to higher-margin peers.
The band of gross margin variation is relatively narrow, which suggests the company has maintained cost pass-through discipline, yet the absolute level is structurally lower than the best-in-class peer set. This gap implies a business mix weighted toward more commoditized pump and valve products where competitive pricing constrains margin expansion. The 2026Q1 peak of 37.1% warrants monitoring to determine whether it reflects durable mix improvement or a temporary cost tailwind.
Operating Margin Compression Despite Scale
Based on FLS's reported figures, operating margin moved from 11.6% in 2024Q2 to 12.5% in 2026Q3, while SG&A consumed roughly 23% to 25% of revenue, signaling only limited operating leverage despite modest top-line growth.
Operating income has grown in absolute terms, but SG&A has absorbed a comparable share of incremental gross profit, which suggests overhead is scaling nearly in step with revenue rather than lagging it. The lack of meaningful margin expansion implies that cost discipline has been adequate to defend profitability but not strong enough to drive operating leverage. Investors should watch whether SG&A growth decelerates relative to gross profit in coming periods.
Net Income Distorted by Non-Operating Swings
According to reported financial statements, FLS net income swung from a $219.6M profit in 2025Q3 to a $29.0M loss in 2025Q4 despite operating income of $193.5M, suggesting significant non-operating or tax-related items that warrant further investigation.
The divergence between operating income and net income in several quarters indicates that below-the-line items, such as interest, tax, or discrete gains and losses, are materially influencing reported EPS. Because the supplied data does not decompose these items, the drivers of the 2025Q3 gain and 2025Q4 loss cannot be confirmed from this dataset. Stock-based compensation remains modest relative to revenue, so it does not appear to be a primary distortion source.
Quarterly Volatility Masks Underlying Stagnation
Based on reported figures, FLS EPS growth readings of -51.5% and 24.2% across recent quarters, combined with a peer group growing revenue at 5.8%, may indicate that headline results overstate the durability of earnings momentum.
The bull case rests on reported EPS recovery, but the extreme quarter-to-quarter swings in EPS growth suggest the earnings base is noisy and sensitive to discrete items rather than steadily compounding. Short-side scrutiny would likely focus on whether operating margins can sustain above 12% given structurally lower gross margins than peers. Investors should treat the 2025Q4 loss and 2025Q3 gain as non-recurring until the drivers are verified.