Revenue growth has stabilized at a modest 3.8% in 2026Q1, while gross margins remain constrained within the 27-30% range, reflecting a structural shift toward lower-margin business segments.
| Metric | TTM | Jan'26 | Jan'25 | 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 |
|---|
| Sales/Revenue | 1.48B | 1.47B | 1.39B | 1.46B | 1.6B | 1.3B | 890.55M | 751.02M | 619.23M | 475.63M | 403.08M | 366.8M | 306.73M | 272.75M | 235.87M | 197.74M |
| Revenue Growth % | 4.63% | 5.27% | -4.8% | -8.63% | 23.36% | 45.87% | 18.58% | 21.28% | 30.19% | 18% | 9.89% | 19.58% | 12.46% | 15.63% | 19.28% | - |
| Cost of Goods Sold | 1.05B | 1.02B | 970.35M | 999.37M | 1.07B | 866.73M | 601.01M | 508.29M | 413.73M | 321.14M | 276.69M | 254.76M | 212.31M | 192.62M | 173.04M | 140.85M |
| COGS % of Revenue | - | 69.79% | 69.61% | 68.25% | 66.84% | 66.72% | 67.49% | 67.68% | 66.81% | 67.52% | 68.64% | 69.45% | 69.22% | 70.62% | 73.36% | 71.23% |
| Gross Profit | 433.97M | 443.25M | 423.58M | 464.81M | 531.34M | 432.33M | 289.55M | 242.74M | 205.5M | 154.49M | 126.39M | 112.04M | 94.42M | 80.13M | 62.83M | 56.89M |
| Gross Margin % | 29.3% | 30.21% | 30.39% | 31.75% | 33.16% | 33.28% | 32.51% | 32.32% | 33.19% | 32.48% | 31.36% | 30.55% | 30.78% | 29.38% | 26.64% | 28.77% |
| Gross Profit Growth % | - | 4.64% | -8.87% | -12.52% | 22.9% | 49.31% | 19.29% | 18.12% | 33.02% | 22.23% | 12.8% | 18.66% | 17.84% | 27.54% | 10.44% | - |
| Operating Expenses | 685.43M | 966.18M | 365.91M | 304.72M | 284.65M | 235.42M | 175.4M | 129.93M | 110.96M | 86M | 74.94M | 69.76M | 56.94M | 41.35M | 36.67M | 34.3M |
| OpEx % of Revenue | - | 65.85% | 26.25% | 20.81% | 17.76% | 18.12% | 19.7% | 17.3% | 17.92% | 18.08% | 18.59% | 19.02% | 18.56% | 15.16% | 15.55% | 17.35% |
| Selling, General & Admin | 285.65M | 283.88M | 261.06M | 225.03M | 206.9M | 168.17M | 123.52M | 91.79M | 79.05M | 62.84M | 53.49M | 44.23M | 36.88M | 25.56M | 21.63M | 19.34M |
| SG&A % of Revenue | - | 19.35% | 18.73% | 15.37% | 12.91% | 12.95% | 13.87% | 12.22% | 12.77% | 13.21% | 13.27% | 12.06% | 12.02% | 9.37% | 9.17% | 9.78% |
| Research & Development | 70.86M | 69.44M | 60.31M | 53.18M | 56.2M | 46.57M | 34.29M | 31.79M | 25.85M | 20.18M | 18.46M | 17M | 13.64M | 10.41M | 9.73M | 9.75M |
| R&D % of Revenue | - | 4.73% | 4.33% | 3.63% | 3.51% | 3.58% | 3.85% | 4.23% | 4.17% | 4.24% | 4.58% | 4.63% | 4.45% | 3.82% | 4.12% | 4.93% |
| Other Operating Expenses | 2M | 612.85M | 44.53M | 26.51M | 21.54M | 20.68M | 17.58M | 6.34M | 6.07M | -360K | -363K | 449K | 693K | 12K | -277K | -13K |
| Operating Income | -251.46M | -522.93M | 57.67M | 160.09M | 246.7M | 196.91M | 114.15M | 112.81M | 94.53M | 67.04M | 45.54M | 35.34M | 34.62M | 38.78M | 26.15M | 22.59M |
| Operating Margin % | -16.98% | -35.64% | 4.14% | 10.93% | 15.39% | 15.16% | 12.82% | 15.02% | 15.27% | 14.1% | 11.3% | 9.64% | 11.29% | 14.22% | 11.09% | 11.42% |
| Operating Income Growth % | - | -1006.77% | -63.98% | -35.11% | 25.28% | 72.51% | 1.19% | 19.33% | 41.01% | 47.21% | 28.85% | 2.08% | -10.72% | 48.28% | 15.79% | - |
| EBITDA | -160.54M | -430.62M | 141.24M | 218.69M | 295.94M | 240.34M | 148.08M | 130.41M | 108.74M | 77.32M | 54.3M | 43.87M | 41.05M | 44.16M | 33.36M | 29.18M |
| EBITDA Margin % | -10.84% | -29.35% | 10.13% | 14.94% | 18.47% | 18.5% | 16.63% | 17.36% | 17.56% | 16.26% | 13.47% | 11.96% | 13.38% | 16.19% | 14.14% | 14.76% |
| EBITDA Growth % | -37.58% | -404.9% | -35.42% | -26.1% | 23.13% | 62.31% | 13.54% | 19.93% | 40.63% | 42.41% | 23.77% | 6.88% | -7.05% | 32.38% | 14.3% | - |
| D&A (Non-Cash Add-back) | 90.92M | 92.31M | 83.57M | 58.6M | 49.24M | 43.43M | 33.93M | 17.61M | 14.21M | 10.28M | 8.75M | 8.53M | 6.42M | 5.38M | 7.2M | 6.6M |
| EBIT | -251.3M | -522.62M | 55.95M | 157.98M | 242.7M | 196.54M | 113.82M | 111.74M | 94.53M | 66.68M | 45.18M | 35.79M | 40.98M | 38.78M | 25.88M | 22.57M |
| Net Interest Income | -52.67M | -53.67M | -54.94M | -19.32M | -8.94M | -8.16M | -9.29M | -3.17M | -3.06M | -2.4M | -2.09M | -1.55M | -999K | -4.13M | -3.49M | -1.98M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52.67M | 53.67M | 54.94M | 19.32M | 8.94M | 8.16M | 9.29M | 3.17M | 3.06M | 2.4M | 2.09M | 1.55M | 999K | 4.13M | 3.49M | 1.98M |
| Other Income/Expense | -77.09M | -53.36M | -56.66M | -21.43M | -12.93M | -8.53M | -9.62M | -4.24M | -3.64M | -2.76M | -2.45M | -1.1M | -306K | -4.11M | -3.76M | -2M |
| Pretax Income | -328.55M | -576.29M | 1.01M | 138.66M | 233.76M | 188.38M | 104.53M | 108.57M | 90.89M | 64.28M | 43.09M | 34.24M | 34.32M | 34.67M | 22.39M | 20.59M |
| Pretax Margin % | -22.19% | -39.27% | 0.07% | 9.47% | 14.59% | 14.5% | 11.74% | 14.46% | 14.68% | 13.52% | 10.69% | 9.34% | 11.19% | 12.71% | 9.49% | 10.41% |
| Income Tax | -28.55M | -31.57M | -5.5M | 17.82M | 28.49M | 24.56M | 12.78M | 14.1M | 5.52M | 21.1M | 7.42M | 9.29M | 6.63M | 10.57M | 8.18M | 7.05M |
| Effective Tax Rate % | 8.69% | 5.48% | -543.48% | 12.85% | 12.19% | 13.04% | 12.23% | 12.99% | 6.08% | 32.83% | 17.21% | 27.13% | 19.32% | 30.48% | 36.54% | 34.26% |
| Net Income | -299.88M | -544.58M | 6.55M | 120.85M | 205.28M | 163.82M | 90.67M | 93.03M | 84.04M | 43.13M | 35.67M | 24.95M | 27.69M | 24.1M | 14.21M | 13.54M |
| Net Margin % | -20.25% | -37.11% | 0.47% | 8.25% | 12.81% | 12.61% | 10.18% | 12.39% | 13.57% | 9.07% | 8.85% | 6.8% | 9.03% | 8.84% | 6.02% | 6.85% |
| Net Income Growth % | -20.12% | -8414.18% | -94.58% | -41.13% | 25.31% | 80.67% | -2.54% | 10.7% | 94.86% | 20.89% | 42.96% | -9.87% | 14.87% | 69.61% | 4.96% | - |
| Net Income (Continuing) | -299.86M | -544.58M | 6.51M | 120.85M | 205.28M | 163.82M | 91.75M | 94.47M | 85.37M | 43.18M | 35.67M | 24.95M | 27.69M | 24.1M | 14.21M | 13.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -201K | -179K | -38K | 0 | 0 | 0 | 0 | 0 | 14.28M | 12.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.16 | -13.04 | 0.16 | 2.85 | 4.84 | 3.87 | 2.22 | 2.38 | 2.16 | 1.11 | 0.94 | 0.66 | 0.73 | 0.68 | 0.42 | 0.40 |
| EPS Growth % | -19.62% | -8250% | -94.39% | -41.12% | 25.06% | 74.32% | -6.72% | 10.19% | 94.59% | 18.09% | 42.42% | -9.59% | 7.35% | 61.9% | 5% | - |
| EPS (Basic) | - | -13.04 | 0.16 | 2.86 | 4.86 | 3.90 | 2.25 | 2.43 | 2.22 | 1.15 | 0.97 | 0.67 | 0.75 | 0.70 | 0.42 | 0.40 |
| Diluted Shares Outstanding | 41.86M | 41.82M | 41.72M | 42.43M | 42.38M | 42.37M | 40.8M | 39.16M | 38.96M | 38.74M | 37.8M | 37.89M | 37.81M | 35.7M | 34.15M | 34.15M |
| Basic Shares Outstanding | 41.86M | 41.82M | 41.68M | 42.3M | 42.23M | 42.02M | 40.23M | 38.33M | 37.8M | 37.37M | 36.8M | 36.99M | 36.76M | 34.57M | 33.46M | 33.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 471.5% | - |
Structural Margin Compression
As reported in recent financial filings, FOXF's revenue growth has stabilized in the low single digits, with the most recent quarter showing a 3.8% year-over-year increase, suggesting that the company is struggling to regain the momentum seen prior to the broader outdoor recreation market correction.
The modest revenue expansion appears to be heavily reliant on volume rather than pricing power, as the company navigates a persistent inventory glut in its Specialty Sports segment. Investors should monitor whether the shift toward vehicle upfitting can provide a durable growth floor or if it merely masks underlying weakness in core component demand.
Based on the provided income statement data, gross margins have hovered near 27-30% over the last ten quarters, indicating that the company's transition toward lower-margin vehicle upfitting is structurally altering its profitability profile compared to its historical performance as a pure-play high-end component manufacturer.
The compression in gross margins suggests that the company is facing increased cost pressures from raw materials and a less favorable product mix. This trend warrants further investigation into whether the company can regain its premium margin status or if the current levels represent a new, lower baseline for the business.
According to the company's quarterly income statements, net income has been severely impacted by massive, non-recurring operating losses, including a staggering -84.7% operating margin in 2025Q4, which suggests significant non-cash impairment charges that distort the true earnings power of the core manufacturing operations.
The frequent swings between profitability and deep losses indicate that the reported net income is currently an unreliable metric for assessing operational health. Analysts should focus on stripping out these one-time accounting events to determine if the underlying business remains capable of generating consistent cash flow.
As indicated by the historical data, SG&A expenses have remained relatively sticky despite the volatility in top-line revenue, suggesting that management has yet to achieve the necessary expense discipline to offset the recent margin pressures and the integration costs associated with their aggressive acquisition strategy.
The inability to scale SG&A efficiently relative to revenue growth may indicate that the company is carrying excess overhead from its recent expansion into non-core segments. This lack of operating leverage appears to be a primary contributor to the recent earnings instability and warrants close scrutiny by investors.
Based on the reported figures, the company's pivot toward diversified acquisitions like Marucci Sports appears to have introduced significant integration risk and asset impairment, raising concerns that the firm is moving away from its core engineering moat toward a less efficient, conglomerate-style operating model.
Short-sellers may focus on the potential for further goodwill write-downs and the dilution of the company's specialized ride dynamics brand equity. The current financial performance suggests that the aggressive M&A path may have overextended the balance sheet without providing the expected synergistic benefits to the bottom line.
Quick answers to the most common questions about buying FOXF stock.
For fiscal year 2025, Fox Factory Holding Corp. (FOXF) reported total revenue of $1.47B. This represents a 642.0% increase compared to $197.7M in 2011.
Fox Factory Holding Corp. (FOXF) reported a net loss of $544.6M for the fiscal year ending 2025.
Fox Factory Holding Corp. (FOXF) reported an operating income of $-522.9M, resulting in an operating profit margin of -35.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Fox Factory Holding Corp. (FOXF) generated $443.2M in gross profit for the year, representing a gross profit margin of 30.2%. This demonstrates the company's core pricing power and production efficiency.