Revenue growth rebounded to 5.2% year-over-year in 2026Q3 with gross margins expanding to a multi-year high of 33.5%, though operating margin of 13.7% appears susceptible to cyclical reversal as per analytical findings.
H.B. Fuller Company (FUL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Nov'25 | Nov'24 | Dec'23 | Dec'22 | Nov'21 | Nov'20 | Nov'19 | Dec'18 | Dec'17 | Dec'16 | Nov'15 | Nov'14 | Nov'13 | Dec'12 | Dec'11 | Nov'10 | Nov'09 | Nov'08 | Dec'07 | Dec'06 | Dec'05 | Nov'04 | Nov'03 | Nov'02 | Dec'01 | Dec'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Sales/Revenue | 3.55B | 3.47B | 3.57B | 3.51B | 3.75B | 3.28B | 2.79B | 2.9B | 3.04B | 2.31B | 2.09B | 2.08B | 2.1B | 2.05B | 1.89B | 1.56B | 1.36B | 1.23B | 1.39B | 1.4B | 1.47B | 1.51B | 1.41B | 1.29B | 1.26B | 1.27B | 1.35B | 1.36B | 1.35B | 1.31B | 1.28B |
| Revenue Growth % | 1.48% | -2.67% | 1.65% | -6.35% | 14.37% | 17.48% | -3.68% | -4.74% | 31.87% | 10.09% | 0.53% | -0.99% | 2.81% | 8.52% | 21.1% | 14.85% | 9.84% | -11.27% | -0.62% | -4.9% | -2.63% | 7.28% | 9.5% | 2.48% | -1.4% | -5.8% | -0.87% | 1.28% | 3.09% | 2.44% | 2.56% |
| Cost of Goods Sold | 2.39B | 2.37B | 2.49B | 2.49B | 2.79B | 2.43B | 2.03B | 2.09B | 2.21B | 1.69B | 1.48B | 1.52B | 1.57B | 1.48B | 1.37B | 1.11B | 958.98M | 863.36M | 1.03B | 981.55M | 979.7M | 1.11B | 1.04B | 935.13M | 918.23M | 928.51M | 887.19M | 870.5M | 875.9M | 847M | 824.5M |
| COGS % of Revenue | - | 68.31% | 69.9% | 70.84% | 74.3% | 74.22% | 72.85% | 72.07% | 72.58% | 73.34% | 70.89% | 72.74% | 74.66% | 72.15% | 72.58% | 71.3% | 70.71% | 69.93% | 73.81% | 70.1% | 66.54% | 73.61% | 73.56% | 72.64% | 73.1% | 72.88% | 65.59% | 63.8% | 65.02% | 64.81% | 64.63% |
| Gross Profit | 1.17B | 1.1B | 1.07B | 1.02B | 963.55M | 845.13M | 757.66M | 809M | 833.86M | 614.83M | 609.8M | 568.04M | 533.29M | 570.17M | 517.28M | 447.09M | 397.18M | 371.3M | 364.45M | 418.7M | 406.4M | 399.05M | 372.64M | 352.2M | 337.98M | 345.55M | 465.38M | 494M | 471.3M | 459.8M | 451.2M |
| Gross Margin % | 32.79% | 31.69% | 30.1% | 29.16% | 25.7% | 25.78% | 27.15% | 27.93% | 27.42% | 26.66% | 29.11% | 27.26% | 25.34% | 27.85% | 27.42% | 28.7% | 29.29% | 30.07% | 26.19% | 29.9% | 27.6% | 26.39% | 26.44% | 27.36% | 26.9% | 27.12% | 34.41% | 36.2% | 34.98% | 35.19% | 35.37% |
| Gross Profit Growth % | - | 2.49% | 4.91% | 6.26% | 14.01% | 11.54% | -6.35% | -2.98% | 35.62% | 0.83% | 7.35% | 6.52% | -6.47% | 10.23% | 15.7% | 12.57% | 6.97% | 1.88% | -12.96% | 3.03% | 1.84% | 7.09% | 5.81% | 4.21% | -2.19% | -25.75% | -5.79% | 4.82% | 2.5% | 1.91% | 4.04% |
| Operating Expenses | 755.63M | 701.73M | 705.2M | 644.42M | 641.26M | 589.43M | 534.76M | 568.48M | 587.09M | 455.63M | 406.46M | 397.17M | 382.92M | 374.34M | 354.74M | 318.05M | 292.84M | 264.14M | 254.9M | 275.89M | 296.89M | 311.71M | 304.44M | 284.24M | 281.56M | 257.45M | 363.18M | 373M | 383.4M | 372.5M | 370.5M |
| OpEx % of Revenue | - | 20.2% | 19.76% | 18.35% | 17.1% | 17.98% | 19.17% | 19.62% | 19.31% | 19.76% | 19.41% | 19.06% | 18.2% | 18.29% | 18.81% | 20.42% | 21.59% | 21.39% | 18.32% | 19.7% | 20.16% | 20.61% | 21.6% | 22.08% | 22.41% | 20.21% | 26.85% | 27.34% | 28.46% | 28.5% | 29.04% |
| Selling, General & Admin | 755.63M | 701.73M | 655.64M | 595.78M | 596.4M | 550.09M | 497.8M | 531.85M | 551.55M | 425.56M | 377.85M | 371M | 361.67M | 349.77M | 333.48M | 297.1M | 273.54M | 247.15M | 238.38M | 259.02M | 281.04M | 295.38M | 288.42M | 284.24M | 281.56M | 257.45M | 311.01M | 322.2M | 333.9M | 325.7M | 323.5M |
| SG&A % of Revenue | - | 20.2% | 18.37% | 16.97% | 15.91% | 16.78% | 17.84% | 18.36% | 18.14% | 18.45% | 18.04% | 17.81% | 17.19% | 17.09% | 17.68% | 19.07% | 20.17% | 20.02% | 17.13% | 18.5% | 19.09% | 19.53% | 20.46% | 22.08% | 22.41% | 20.21% | 22.99% | 23.61% | 24.78% | 24.92% | 25.36% |
| Research & Development | 0 | 0 | 49.56M | 48.64M | 44.85M | 39.34M | 36.97M | 36.62M | 35.53M | 30.07M | 28.61M | 26.17M | 21.25M | 24.57M | 21.25M | 20.95M | 19.29M | 16.99M | 16.51M | 16.88M | 15.85M | 16.34M | 16.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.39% | 1.39% | 1.2% | 1.2% | 1.32% | 1.26% | 1.17% | 1.3% | 1.37% | 1.26% | 1.01% | 1.2% | 1.13% | 1.34% | 1.42% | 1.38% | 1.19% | 1.21% | 1.08% | 1.08% | 1.14% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 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 | 52.16M | 50.8M | 49.5M | 46.8M | 47M |
| Operating Income | 409.65M | 399.12M | 368.94M | 379.49M | 322.29M | 255.7M | 222.9M | 240.53M | 246.77M | 159.2M | 203.34M | 170.87M | 150.37M | 195.83M | 162.54M | 129.04M | 104.34M | 107.16M | 109.56M | 142.81M | 109.51M | 87.34M | 68.2M | 70.61M | 55.27M | 89.32M | 101.14M | 138.2M | 114M | 88.4M | 66M |
| Operating Margin % | 11.53% | 11.49% | 10.34% | 10.81% | 8.6% | 7.8% | 7.99% | 8.3% | 8.11% | 6.9% | 9.71% | 8.2% | 7.15% | 9.57% | 8.62% | 8.29% | 7.69% | 8.68% | 7.87% | 10.2% | 7.44% | 5.78% | 4.84% | 5.48% | 4.4% | 7.01% | 7.48% | 10.13% | 8.46% | 6.76% | 5.17% |
| Operating Income Growth % | - | 8.18% | -2.78% | 17.75% | 26.04% | 14.72% | -7.33% | -2.53% | 55.01% | -21.71% | 19% | 13.63% | -23.21% | 20.48% | 25.96% | 23.67% | -2.63% | -2.19% | -23.28% | 30.41% | 25.39% | 28.06% | -3.41% | 27.76% | -38.13% | -11.69% | -26.81% | 21.23% | 28.96% | 33.94% | -6.91% |
| EBITDA | 508.77M | 577.44M | 543.65M | 539.33M | 469.27M | 398.87M | 361.71M | 381.74M | 391.9M | 246.52M | 281.02M | 246.16M | 220.87M | 257.49M | 219.96M | 170.26M | 145.54M | 153.91M | 155.73M | 193.17M | 156.2M | 142.81M | 124.23M | 124.74M | 112.81M | 143.72M | 153.31M | 189M | 163.5M | 135.2M | 113M |
| EBITDA Margin % | 14.32% | 16.62% | 15.23% | 15.36% | 12.52% | 12.17% | 12.96% | 13.18% | 12.89% | 10.69% | 13.42% | 11.81% | 10.5% | 12.58% | 11.66% | 10.93% | 10.73% | 12.47% | 11.19% | 13.8% | 10.61% | 9.44% | 8.81% | 9.69% | 8.98% | 11.28% | 11.33% | 13.85% | 12.14% | 10.35% | 8.86% |
| EBITDA Growth % | -4.15% | 6.22% | 0.8% | 14.93% | 17.65% | 10.27% | -5.24% | -2.59% | 58.97% | -12.28% | 14.16% | 11.45% | -14.22% | 17.06% | 29.19% | 16.98% | -5.43% | -1.17% | -19.38% | 23.67% | 9.37% | 14.96% | -0.41% | 10.58% | -21.51% | -6.25% | -18.88% | 15.6% | 20.93% | 19.65% | 0.8% |
| D&A (Non-Cash Add-back) | 138.46M | 178.32M | 174.71M | 159.84M | 146.98M | 143.17M | 138.82M | 141.21M | 145.13M | 87.31M | 77.68M | 75.29M | 70.49M | 61.66M | 57.42M | 41.22M | 41.2M | 46.75M | 46.17M | 50.36M | 46.69M | 55.48M | 56.03M | 54.14M | 57.54M | 54.4M | 52.16M | 50.8M | 49.5M | 46.8M | 47M |
| EBIT | 402.33M | 348.76M | 315.79M | 368.76M | 343.45M | 294.94M | 245.13M | 276.12M | 267.72M | 104.3M | 194.78M | 163.37M | 99.06M | 146.66M | 109.34M | 125.8M | 98.13M | 122.35M | 24.94M | 149.61M | 111M | 94.75M | 62.01M | 65.87M | 56.42M | 88.11M | 102.5M | 97.99M | 87.9M | 87.3M | 80.7M |
| Net Interest Income | -131.07M | -128.53M | -128.44M | -130.66M | -83.74M | -68.62M | -75.36M | -91.11M | -99.22M | -39.77M | -25.31M | -24.51M | -19.4M | -18.38M | -18.06M | -8.72M | -9.77M | -6.63M | -8.57M | -6.11M | -13.44M | -10.12M | -12.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.28M | 4.82M | 4.68M | 3.94M | 7.78M | 9.48M | 11.42M | 12.18M | 11.77M | 3.93M | 2.04M | 510K | 344K | 737K | 1.73M | 2.27M | 879K | 0 | 10.21B | 0 | 0 | 0 | 48.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 139.35M | 133.35M | 133.12M | 134.6M | 91.52M | 78.09M | 86.78M | 103.29M | 110.99M | 43.7M | 27.36M | 25.02M | 19.74M | 19.12M | 19.79M | 10.81M | 10.41M | 7.73M | 14.73M | 12.72M | 16.96M | 12.35M | 13.72M | 17.68M | 14.12M | 25.05M | 23.53M | 63M | 79.2M | 24.8M | 0 |
| Other Income/Expense | -142.29M | -179.92M | -182.16M | -140.97M | -64.7M | -31.19M | -57.19M | -60.28M | -81.9M | -89.93M | -28.52M | -26.62M | -65.87M | -59.9M | -63.77M | -5.05M | -8.62M | 13.25M | -96.52M | -4M | -14.48M | -1.67M | -19.9M | -15.06M | -16.11M | -23.33M | -24.88M | -22.07M | -53.1M | -20.3M | -4.1M |
| Pretax Income | 267.36M | 219.2M | 186.78M | 238.52M | 257.59M | 224.51M | 165.71M | 180.25M | 164.88M | 69.28M | 174.82M | 144.25M | 84.5M | 135.92M | 98.77M | 124M | 95.73M | 120.41M | 13.04M | 138.81M | 95.03M | 85.67M | 48.3M | 50.81M | 40.31M | 64.77M | 77.62M | 75.9M | 34.8M | 67M | 76.6M |
| Pretax Margin % | 7.52% | 6.31% | 5.23% | 6.79% | 6.87% | 6.85% | 5.94% | 6.22% | 5.42% | 3% | 8.35% | 6.92% | 4.02% | 6.64% | 5.24% | 7.96% | 7.06% | 9.75% | 0.94% | 9.91% | 6.45% | 5.67% | 3.43% | 3.95% | 3.21% | 5.08% | 5.74% | 5.56% | 2.58% | 5.13% | 6% |
| Income Tax | 69.59M | 67.13M | 56.38M | 93.53M | 77.19M | 63.03M | 41.92M | 49.41M | -6.36M | 9.81M | 50.44M | 55.85M | 34.35M | 39.95M | 30.48M | 34.95M | 25.31M | 36.73M | -5.69M | 37.71M | 22.05M | 24.99M | 14.71M | 14.31M | 12.97M | 19.83M | 28.45M | 31.8M | 18.8M | 26.7M | 31.2M |
| Effective Tax Rate % | 26.03% | 30.62% | 30.19% | 39.21% | 29.96% | 28.08% | 25.3% | 27.41% | -3.86% | 14.16% | 28.85% | 38.72% | 40.65% | 29.39% | 30.86% | 28.19% | 26.44% | 30.5% | -43.67% | 27.17% | 23.21% | 29.17% | 30.46% | 28.16% | 32.18% | 30.62% | 36.66% | 41.9% | 54.02% | 39.85% | 40.73% |
| Net Income | 197.76M | 151.97M | 130.26M | 144.91M | 180.31M | 161.39M | 123.72M | 130.82M | 171.21M | 58.24M | 124.13M | 86.68M | 49.86M | 96.76M | 125.62M | 89.11M | 70.88M | 83.65M | 18.89M | 102.17M | 134.21M | 61.58M | 35.6M | 38.62M | 28.18M | 44.44M | 49.16M | 43.4M | 16M | 36.9M | 45.4M |
| Net Margin % | 5.56% | 4.37% | 3.65% | 4.13% | 4.81% | 4.92% | 4.43% | 4.52% | 5.63% | 2.53% | 5.93% | 4.16% | 2.37% | 4.73% | 6.66% | 5.72% | 5.23% | 6.78% | 1.36% | 7.3% | 9.12% | 4.07% | 2.53% | 3% | 2.24% | 3.49% | 3.63% | 3.18% | 1.19% | 2.82% | 3.56% |
| Net Income Growth % | 72.15% | 16.67% | -10.11% | -19.64% | 11.72% | 30.45% | -5.43% | -23.59% | 193.96% | -53.08% | 43.2% | 73.86% | -48.48% | -22.97% | 40.98% | 25.72% | -15.27% | 342.87% | -81.51% | -23.87% | 117.96% | 72.95% | -7.81% | 37.06% | -36.6% | -9.61% | 13.28% | 171.25% | -56.64% | -18.72% | 58.19% |
| Net Income (Continuing) | 197.76M | 152.07M | 130.4M | 144.99M | 180.41M | 161.47M | 123.79M | 130.84M | 171.23M | 59.47M | 124.38M | 88.4M | 50.15M | 95.97M | 68.29M | 89.05M | 70.42M | 83.69M | 18.73M | 101.1M | 72.98M | 60.68M | 33.59M | 38.62M | 28.18M | 44.94M | 49.16M | 44.11M | 16M | 40.3M | 45.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.21M | 57.57M | 0 | 0 | 0 | 0 | 1.97M | 718K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -24K | 1.19M | 708K | 624K | 591K | 541K | 442K | 401K | 393K | 393K | 406K | 403K | 396K | 4.41M | 373K | 2.46M | 2.89M | 2.84M | 3.06M | 17.77M | 16.36M | 15.82M | 14.35M | 14.57M | 19.56M | 19.08M | 17.5M | 16.2M | 15.8M | 2.8M |
| EPS (Diluted) | 3.60 | 2.75 | 2.30 | 2.59 | 3.26 | 2.97 | 2.36 | 2.52 | 3.29 | 1.13 | 2.42 | 1.69 | 0.97 | 1.89 | 2.48 | 1.79 | 1.43 | 1.70 | 0.36 | 1.68 | 2.23 | 1.05 | 0.62 | 0.63 | 0.44 | 0.78 | 0.87 | 0.78 | 0.29 | 0.65 | 0.80 |
| EPS Growth % | 1809.52% | 19.57% | -11.2% | -20.55% | 9.76% | 25.85% | -6.35% | -23.4% | 191.15% | -53.31% | 43.2% | 74.23% | -48.68% | -23.79% | 38.55% | 25.17% | -15.88% | 372.22% | -78.57% | -24.66% | 112.38% | 69.35% | -1.59% | 43.18% | -43.59% | -10.34% | 11.54% | 168.97% | -55.38% | -18.75% | 56.86% |
| EPS (Basic) | - | 2.78 | 2.37 | 2.67 | 3.37 | 3.05 | 2.38 | 2.57 | 3.38 | 1.16 | 2.48 | 1.72 | 1.00 | 1.94 | 2.53 | 1.82 | 1.46 | 1.73 | 0.37 | 1.71 | 2.28 | 1.07 | 0.63 | 0.64 | 0.45 | 0.79 | 0.88 | 0.79 | 0.29 | 0.65 | 0.80 |
| Diluted Shares Outstanding | 54.91M | 55.35M | 56.63M | 55.96M | 55.27M | 54.31M | 52.52M | 51.98M | 51.98M | 51.62M | 51.27M | 51.39M | 51.26M | 51.14M | 50.62M | 49.87M | 49.61M | 49.12M | 51.84M | 60.99M | 60.06M | 58.48M | 57.82M | 61.3M | 64.04M | 56.66M | 56.41M | 55.91M | 55.38M | 56.34M | 56.46M |
| Basic Shares Outstanding | 54.23M | 54.6M | 54.93M | 54.33M | 53.58M | 52.89M | 52.04M | 50.92M | 50.59M | 50.37M | 50.14M | 50.27M | 50.01M | 49.89M | 49.57M | 48.99M | 48.6M | 48.33M | 51.05M | 59.91M | 58.79M | 57.47M | 56.86M | 60.34M | 62.61M | 55.92M | 55.66M | 55.23M | 54.88M | 56.34M | 56.46M |
| Dividend Payout Ratio | - | 33.08% | 36.54% | 29.95% | 21.74% | 21.6% | 27.05% | 24.73% | 18.18% | 50.84% | 22.17% | 29.63% | 46.31% | 19.98% | 13.1% | 16.33% | 19.22% | 15.69% | 71.06% | 15.17% | 10.99% | 22.67% | 36.72% | 32.79% | 44.03% | 27.22% | 23.97% | 26.36% | 68.13% | 27.37% | 20.26% |
Quick answers to the most common questions about buying FUL stock.
For fiscal year 2025, H.B. Fuller Company (FUL) reported total revenue of $3.47B. This represents a 172.3% increase compared to $1.28B in 1996.
H.B. Fuller Company (FUL) is profitable, generating $152.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
H.B. Fuller Company (FUL) reported an operating income of $399.1M, resulting in an operating profit margin of 11.5%. This margin reflects the operational efficiency of the business before interest and taxes.
H.B. Fuller Company (FUL) generated $1.10B in gross profit for the year, representing a gross profit margin of 31.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Raw Material Cost Volatility
Metrics are mathematically derived from official filings.
Revenue Growth Rebounds Amid Volatility
H.B. Fuller's revenue growth has shown mixed signals, with a 5.2% year-over-year increase in 2026Q3 following several quarters of decline, as per the company's income statement data. This suggests a potential turnaround, though sequential revenue dipped slightly from Q2 to Q3, indicating uneven recovery.
The recent positive growth may stem from successful pricing actions or improving end-market demand, but the inconsistency highlights risks in volume recovery. Investors should monitor segment-specific performance, particularly in Engineering Adhesives versus Construction, to assess the durability of this rebound against cyclical headwinds.
Gross Margin Resilience Amid Cost Pressures
Gross margin expanded to 33.5% in 2026Q3, a significant improvement from 29.2% in early 2025, according to financial statements. This expansion indicates effective raw material cost management and potential benefits from a higher-margin product mix, though it warrants monitoring for cyclicality.
The 430-basis-point margin improvement over 18 months is a key driver of earnings recovery, likely aided by value-based pricing and portfolio shifts. Structural advantages in Engineering Adhesives may support this trend, but raw material volatility could pressure margins if pricing power weakens in a downturn.
Operating Leverage Amplifies Profit Growth
Operating income surged 135% year-over-year in 2026Q3, far outpacing revenue growth of 5.2%, demonstrating substantial operating leverage as per reported figures. This indicates that incremental revenue flows efficiently to profit, highlighting the high-fixed-cost nature of the business.
The inflection in operating margin from 6.3% to 13.7% showcases how scale can enhance profitability, but it also introduces risk if revenue growth stalls. This leverage suggests that Fuller's earnings can be highly sensitive to demand fluctuations, amplifying both upside and downside scenarios.
Net Income Swings Highlight Non-Operational Influences
Net income fluctuated from a loss of $7.4M in 2024Q4 to a profit of $79.2M in 2026Q3, as reported in SEC filings, with stock-based compensation adding variability in some quarters. This volatility suggests that non-operating items significantly impact bottom-line results.
The divergence between operating margin improvement and net margin swings indicates that interest, taxes, and other factors are distorting core earnings. Excluding these, the underlying operational trend appears more stable, though investors should adjust for non-recurring charges to gauge true profitability.
2026 Marks a Profitability Inflection Point
The company's income statement shows a clear inflection starting in 2026Q1, with operating margins improving to around 11.5% from a trough of 8.5% in early 2025, based on financial data. This shift may indicate successful cost restructuring or market position gains.
This inflection appears driven by a combination of revenue stabilization and margin expansion initiatives, creating a higher profitability floor. However, the lasting impact depends on defending against competitive pressures and maintaining cost discipline amid ongoing economic uncertainty.
Margin Sustainability Under Scrutiny
The current operating margin of 13.7% is at a multi-year high, and a significant portion of the earnings surge may rely on cyclical tailwinds that could reverse, posing risks to sustainability as per analytical review. Short-sellers might focus on raw material cost vulnerabilities.
While operating leverage is a strength in a recovery, it could quickly erode profitability if demand weakens. The company's exposure to volatile input costs and construction cyclicality warrants caution, especially if pricing power diminishes in a competitive or inflationary environment.