Revenue growth accelerated to 5.8% in 2026Q2, while gross margins recovered to 33.9% from a 29.2% low in 2025Q1, suggesting successful implementation of pricing strategies.
| 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 | 3.51B | 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 % | -0.57% | -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 | 2.37B | 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 | 1.14B | 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 % | 32.53% | 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 | 731.49M | 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 | 731.49M | 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 | 409.61M | 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 % | 11.68% | 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 | 508.01M | 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 % | 14.48% | 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 % | -3.27% | 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) | 137.74M | 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 | 374.14M | 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 | -125.17M | -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 | 6.9M | 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 | 132.07M | 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 | -162.33M | -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 | 247.28M | 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 % | 7.05% | 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 | 61.46M | 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 % | 24.86% | 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 | 185.74M | 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 % | 5.29% | 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 % | 80.2% | 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) | 185.81M | 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) | 3.37 | 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 % | 848.89% | 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 | 55.07M | 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 | 54.43M | 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% |
Raw material cost volatility
According to the most recent quarterly data, H.B. Fuller achieved a 5.8% revenue growth in 2026Q2, marking a notable departure from the persistent negative growth trends observed throughout 2025, where revenue consistently contracted by over 2% in each of the four reported quarters.
The recent uptick in top-line performance suggests that the company may be successfully navigating the transition toward higher-value Engineering Adhesives. Investors should monitor whether this growth is driven by volume recovery in industrial end-markets or if it reflects temporary pricing adjustments that could prove unsustainable in a competitive environment.
As reported in financial statements, the company's gross margin reached 33.9% in 2026Q2, representing a significant improvement from the 29.2% trough seen in 2025Q1, suggesting that management's value-based pricing strategy is beginning to offset the inflationary pressures on petrochemical-derived raw materials.
While the expansion is encouraging, the historical volatility in gross margins indicates that Fuller remains highly sensitive to input cost fluctuations. The ability to maintain these levels will likely depend on the company's success in shifting its product mix toward specialized applications that command higher pricing power.
Based on the provided income statement data, operating income scaled to $122.8 million in 2026Q2, demonstrating improved operating leverage as the company managed to grow operating margins to 12.9% despite the inherent complexities of its global manufacturing footprint and recurring integration costs.
The efficiency gains appear to stem from better fixed-cost absorption as revenue volumes recover from the 2025 slump. However, the persistence of SG&A expenses warrants further investigation to determine if the company can maintain this operating margin profile without sacrificing necessary R&D or technical support investments.
As evidenced by the quarterly data, net income has fluctuated significantly, ranging from a loss of $7.4 million in 2024Q4 to a peak of $67.8 million in 2026Q2, largely due to the impact of non-operating items and periodic restructuring charges that complicate core earnings analysis.
The inconsistency in net income suggests that investors should focus on operating income as a more reliable proxy for performance. The presence of stock-based compensation, while relatively modest, adds another layer of complexity that may mask the true economic cost of talent retention in a competitive specialty chemicals market.
Despite recent margin improvements, the company's historical reliance on petrochemical inputs and the potential for cyclical downturns in construction markets, as noted in industry analysis, suggest that the current profitability levels may be vulnerable to a reversal if raw material spreads tighten unexpectedly.
Short-sellers might focus on the company's inability to consistently grow revenue organically, viewing the recent 2026Q2 spike as an outlier rather than a trend. The reliance on M&A to drive growth also introduces integration risks that could lead to future impairment charges or margin compression if synergies fail to materialize.
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.