Revenue growth accelerated to 27.6% YoY in 2026Q2, with gross margin expanding to 25.6% and operating margin reaching 11.5%, reflecting strong 1P sales and pricing power.
GigaCloud Technology Inc. (GCT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.47B | 1.29B | 1.16B | 703.83M | 490.07M | 414.2M | 275.48M | 122.3M |
| Revenue Growth % | 22.86% | 11.1% | 64.96% | 43.62% | 18.32% | 50.36% | 125.26% | - |
| Cost of Goods Sold | 1.12B | 989.23M | 875.81M | 515.2M | 406.96M | 324.6M | 200.36M | 100.1M |
| COGS % of Revenue | - | 76.69% | 75.43% | 73.2% | 83.04% | 78.37% | 72.73% | 81.85% |
| Gross Profit | 351.4M | 300.67M | 285.24M | 188.63M | 83.11M | 89.6M | 75.12M | 22.19M |
| Gross Margin % | 23.96% | 23.31% | 24.57% | 26.8% | 16.96% | 21.63% | 27.27% | 18.15% |
| Gross Profit Growth % | - | 5.41% | 51.21% | 126.96% | -7.24% | 19.28% | 238.45% | - |
| Operating Expenses | 180.59M | 155.69M | 154.61M | 78.56M | 48.09M | 50.24M | 30.93M | 17.39M |
| OpEx % of Revenue | - | 12.07% | 13.32% | 11.16% | 9.81% | 12.13% | 11.23% | 14.22% |
| Selling, General & Admin | 168.16M | 144.76M | 144.63M | 71.39M | 46.66M | 50.24M | 30.93M | 17.39M |
| SG&A % of Revenue | - | 11.22% | 12.46% | 10.14% | 9.52% | 12.13% | 11.23% | 14.22% |
| Research & Development | 10.2M | 10.83M | 9.79M | 3.92M | 1.43M | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.84% | 0.84% | 0.56% | 0.29% | - | - | - |
| Other Operating Expenses | 1.01M | 96K | 193K | 3.24M | 0 | 0 | 0 | 0 |
| Operating Income | 170.77M | 145.07M | 130.62M | 110.08M | 35.02M | 39.35M | 44.18M | 4.8M |
| Operating Margin % | 11.64% | 11.25% | 11.25% | 15.64% | 7.15% | 9.5% | 16.04% | 3.93% |
| Operating Income Growth % | - | 11.06% | 18.66% | 214.3% | -11% | -10.93% | 820.12% | - |
| EBITDA | 179.35M | 153.4M | 139.58M | 112.95M | 36.41M | 40.13M | 44.41M | 4.93M |
| EBITDA Margin % | 12.23% | 11.89% | 12.02% | 16.05% | 7.43% | 9.69% | 16.12% | 4.03% |
| EBITDA Growth % | 27.12% | 9.9% | 23.58% | 210.23% | -9.27% | -9.64% | 800.83% | - |
| D&A (Non-Cash Add-back) | 8.57M | 8.33M | 8.96M | 2.87M | 1.39M | 775K | 227K | 128K |
| EBIT | 184.18M | 161.39M | 140.87M | 116.23M | 31.73M | 38.03M | 45.32M | 4.8M |
| Net Interest Income | 11.71M | 11.53M | 9.15M | 2.06M | -96K | 228K | 12K | 2K |
| Interest Income | 12.34M | 11.73M | 9.4M | 3.3M | 472K | 537K | 58K | 2K |
| Interest Expense | 623K | 200K | 256K | 1.24M | 568K | 309K | 46K | 0 |
| Other Income/Expense | 12.78M | 16.12M | 9.99M | 4.92M | -3.86M | -1.63M | 1.09M | 0 |
| Pretax Income | 183.56M | 161.19M | 140.61M | 115M | 31.16M | 37.73M | 45.27M | 4.8M |
| Pretax Margin % | 12.52% | 12.5% | 12.11% | 16.34% | 6.36% | 9.11% | 16.44% | 3.93% |
| Income Tax | 27.42M | 23.82M | 14.81M | 20.89M | 7.19M | 8.47M | 7.82M | 1.95M |
| Effective Tax Rate % | 14.94% | 14.78% | 10.53% | 18.16% | 23.08% | 22.45% | 17.27% | 40.5% |
| Net Income | 156.13M | 137.37M | 125.81M | 94.11M | 23.97M | 29.26M | 37.45M | 2.86M |
| Net Margin % | 10.65% | 10.65% | 10.84% | 13.37% | 4.89% | 7.06% | 13.6% | 2.34% |
| Net Income Growth % | 17.09% | 9.19% | 33.68% | 292.57% | -18.06% | -21.89% | 1210.99% | - |
| Net Income (Continuing) | 156.13M | 137.37M | 125.81M | 94.11M | 23.97M | 29.26M | 37.45M | 2.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.27 | 3.59 | 3.05 | 2.30 | 0.60 | 0.69 | 3.94 | 0.30 |
| EPS Growth % | 26.13% | 17.7% | 32.61% | 283.33% | -13.04% | -82.49% | 1213.33% | - |
| EPS (Basic) | - | 3.60 | 3.06 | 2.31 | 0.60 | 0.69 | 3.94 | 0.30 |
| Diluted Shares Outstanding | 36.55M | 38.23M | 41.2M | 40.92M | 40.24M | 40.24M | 9.5M | 9.5M |
| Basic Shares Outstanding | 36.53M | 38.16M | 41.08M | 40.79M | 40.24M | 39.75M | 9.5M | 9.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GCT stock.
For fiscal year 2025, GigaCloud Technology Inc. (GCT) reported total revenue of $1.29B. This represents a 954.7% increase compared to $122.3M in 2019.
GigaCloud Technology Inc. (GCT) is profitable, generating $137.4M in net income for the fiscal year ending 2025 with a net profit margin of 10.6%.
GigaCloud Technology Inc. (GCT) reported an operating income of $145.1M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
GigaCloud Technology Inc. (GCT) generated $300.7M in gross profit for the year, representing a gross profit margin of 23.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and demand cyclicality
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on 1P Strength
GigaCloud's revenue grew 27.6% YoY in 2026Q2 to $411.6M, accelerating from 3.8% in 2025Q2, driven by robust 1P sales and marketplace expansion, per recent financial disclosures.
The sequential acceleration from 3.8% to 27.6% YoY growth indicates a re-acceleration in demand, likely fueled by the Noble House acquisition and increased marketplace activity. However, management's maintained guidance of $375M–$400M for the next quarter implies a sequential decline, suggesting the current quarter may be a peak. Investors should monitor whether this reflects seasonality or a demand pull-forward.
Gross Margin Expansion Defies Logistics Cost Pressures
Gross margin improved to 25.6% in 2026Q2 from 23.9% in 2025Q2, despite heavy freight costs, indicating better mix and pricing power, as reported in the latest income statement.
The 170bps YoY gross margin expansion suggests that the company is successfully shifting toward higher-margin 3P services or achieving better cost absorption in its logistics network. This is notable given the structurally low margins typical of large-parcel logistics. However, the sustainability of this expansion is uncertain, as it may be influenced by temporary freight rate declines or one-time benefits from the Noble House integration.
Operating Leverage Emerges as SG&A Scales
Operating income grew 32.7% YoY in 2026Q2 to $47.5M, outpacing revenue growth of 27.6%, as SG&A increased only 46.7% but at a lower rate than gross profit, per SEC filings.
The operating margin of 11.5% in 2026Q2 is near the high end of the trailing range, indicating that the company is beginning to realize operating leverage. SG&A as a percentage of revenue declined to 13.4% from 15.4% in the prior year quarter, suggesting improved overhead efficiency. However, the absolute increase in SG&A of $17.6M YoY warrants monitoring, as it may reflect investments in growth that could pressure margins if revenue decelerates.
EPS Beat Driven by Operational Gains, Not One-Offs
EPS of $1.16 in 2026Q2 beat estimates by $0.31, with net income of $42.3M up 22.3% YoY, while SBC rose to $11.2M from $3.0M, per the latest earnings release.
The EPS beat appears to be driven by strong gross margin and controlled operating expenses, rather than non-operating items, as net income closely tracks operating income. However, the significant increase in SBC to $11.2M (from $3.0M in 2025Q2) may indicate higher equity-based compensation, which could dilute future EPS. The effective tax rate appears stable, but investors should watch for any anomalies in the coming quarters.
COGS and SG&A Dynamics Reflect Scale and Investment
COGS rose 24.6% YoY to $306.1M in 2026Q2, slightly below revenue growth, while SG&A jumped 46.7% to $55.3M, indicating increased spending on logistics and sales, per financial statements.
The lower COGS growth relative to revenue suggests improved cost management in the 1P segment, possibly due to better freight rates or inventory turnover. In contrast, SG&A growth outpaced revenue, likely reflecting investments in the Noble House integration and marketplace expansion. This divergence may indicate that the company is prioritizing growth over near-term margin expansion, which could pressure operating margins if revenue growth slows.
Leverage and Demand Cyclicality Pose Risks
Debt-to-equity of 0.97 and revenue concentration in U.S. housing-related goods expose GigaCloud to margin compression if demand softens or interest rates rise, as per balance sheet data.
The elevated leverage, with debt-to-equity approaching 1.0, could amplify the impact of a downturn in the furniture market, especially if warehouse fixed costs cannot be adjusted quickly. Additionally, the company's reliance on U.S. consumer discretionary spending makes it vulnerable to housing market cycles and potential tariffs on Chinese imports. Short-sellers might argue that the current valuation ignores these cyclical risks and that the recent EPS beat is not sustainable given management's conservative guidance.