Revenue growth remains highly erratic, oscillating between a 14.3% expansion in 2024Q4 and a 18.1% contraction in 2023Q4, while gross margins have faced persistent pressure, declining to 13.7% as of 2026Q1.
| 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 |
|---|
| Sales/Revenue | 69.2B | 69.86B | 67.03B | 68.92B | 82.41B | 78.35B | 43.81B | 39.64B | 46.16B | 36.92B | 37.65B | 43.58B | 42.55B | 39.86B | 37.98B | 35.41B | 31.39B | 26.54B | 41.91B | 30.61B | 25.26B | 20.77B | 18.47B | 13.07B | 11.56B | 5.39B | 5.22B | 3.31B | 2.28B |
| Revenue Growth % | 1.48% | 4.23% | -2.74% | -16.38% | 5.19% | 78.81% | 10.52% | -14.12% | 25.03% | -1.95% | -13.61% | 2.43% | 6.73% | 4.95% | 7.27% | 12.78% | 18.29% | -36.67% | 36.89% | 21.2% | 21.62% | 12.47% | 41.25% | 13.11% | 114.46% | 3.25% | 57.68% | 45.33% | - |
| Cost of Goods Sold | 60.88B | 61.89B | 57.82B | 57.58B | 63.66B | 57.53B | 37.88B | 35.44B | 40.01B | 33.31B | 34.19B | 39.29B | 37.41B | 34.73B | 33.23B | 30.3B | 25.87B | 22.31B | 31.02B | 23.13B | 18.72B | 15.33B | 12.85B | 9.94B | 8.32B | 3.81B | 3.56B | 2.03B | 1.47B |
| COGS % of Revenue | - | 88.59% | 86.27% | 83.56% | 77.25% | 73.43% | 86.46% | 89.4% | 86.68% | 90.24% | 90.8% | 90.15% | 87.92% | 87.12% | 87.5% | 85.57% | 82.42% | 84.04% | 74.02% | 75.57% | 74.11% | 73.8% | 69.6% | 76.04% | 71.97% | 70.74% | 68.12% | 61.38% | 64.74% |
| Gross Profit | 8.31B | 7.97B | 9.2B | 11.33B | 18.75B | 20.82B | 5.93B | 4.2B | 6.15B | 3.6B | 3.46B | 4.29B | 5.14B | 5.13B | 4.75B | 5.11B | 5.52B | 4.23B | 10.89B | 7.48B | 6.54B | 5.44B | 5.61B | 3.13B | 3.24B | 1.58B | 1.66B | 1.28B | 803.09M |
| Gross Margin % | 12.02% | 11.41% | 13.73% | 16.44% | 22.75% | 26.57% | 13.54% | 10.6% | 13.32% | 9.76% | 9.2% | 9.85% | 12.08% | 12.88% | 12.5% | 14.43% | 17.58% | 15.96% | 25.98% | 24.43% | 25.89% | 26.2% | 30.4% | 23.96% | 28.03% | 29.26% | 31.88% | 38.62% | 35.26% |
| Gross Profit Growth % | - | -13.43% | -18.79% | -39.56% | -9.93% | 251.02% | 41.09% | -31.65% | 70.6% | 4.07% | -19.27% | -16.52% | 0.11% | 8.15% | -7.07% | -7.45% | 30.35% | -61.11% | 45.58% | 14.38% | 20.18% | -3.06% | 79.23% | -3.35% | 105.5% | -5.24% | 30.14% | 59.2% | - |
| Operating Expenses | 2.33B | 2.36B | 2.79B | 1.71B | 2.15B | 797.48M | 5.93B | 1.02B | 2.1B | 2.5B | 5.1B | 7.51B | 2.24B | 2.38B | 2.4B | 2.23B | 1.88B | 3.39B | 2.88B | 2.68B | 2.07B | 1.58B | 1.29B | 1.12B | 1.18B | 666.29M | 909.14M | 641.2M | 448.97M |
| OpEx % of Revenue | - | 3.38% | 4.16% | 2.48% | 2.61% | 1.02% | 13.54% | 2.57% | 4.55% | 6.78% | 13.55% | 17.22% | 5.27% | 5.97% | 6.32% | 6.3% | 5.97% | 12.76% | 6.88% | 8.74% | 8.19% | 7.62% | 6.98% | 8.57% | 10.25% | 12.36% | 17.42% | 19.37% | 19.71% |
| Selling, General & Admin | 2.1B | 2.12B | 2.17B | 2.21B | 2.19B | 2.11B | 1.53B | 1.43B | 1.65B | 1.65B | 2.24B | 2.58B | 2.73B | 2.61B | 2.47B | 2.4B | 2.36B | 2.14B | 2.97B | 2.5B | 2.3B | 1.56B | 1.36B | 1.12B | 1.18B | 666.29M | 634.37M | 443M | 334.43M |
| SG&A % of Revenue | - | 3.04% | 3.23% | 3.2% | 2.65% | 2.69% | 3.49% | 3.61% | 3.58% | 4.48% | 5.95% | 5.93% | 6.41% | 6.55% | 6.51% | 6.78% | 7.51% | 8.08% | 7.1% | 8.18% | 9.1% | 7.52% | 7.39% | 8.57% | 10.25% | 12.36% | 12.15% | 13.38% | 14.68% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 238.75M | 622.63M | -500.3M | -36.19M | -1.31B | 4.4B | -411.11M | 449.27M | 849.64M | 2.86B | 4.92B | -486.92M | -231.72M | -72.31M | -172.14M | -482.28M | 1.24B | -89.61M | 171.96M | -229.02M | 19.25M | -76.25M | 0 | 0 | 1 | 274.76M | 198.2M | 114.54M |
| Operating Income | 5.98B | 5.61B | 6.41B | 9.63B | 16.6B | 20.02B | 0 | 3.18B | 4.05B | 1.1B | -1.64B | -3.22B | 2.9B | 2.75B | 2.35B | 2.88B | 3.64B | 846.89M | 8.01B | 4.8B | 4.47B | 3.86B | 4.32B | 2.01B | 2.06B | 910.34M | 754.65M | 637.28M | 354.12M |
| Operating Margin % | 8.65% | 8.03% | 9.57% | 13.97% | 20.14% | 25.55% | - | 8.03% | 8.77% | 2.98% | -4.35% | -7.38% | 6.81% | 6.91% | 6.18% | 8.13% | 11.61% | 3.19% | 19.1% | 15.69% | 17.7% | 18.58% | 23.42% | 15.39% | 17.79% | 16.89% | 14.46% | 19.25% | 15.55% |
| Operating Income Growth % | - | -12.57% | -33.36% | -42.02% | -17.08% | - | -100% | -21.33% | 267.91% | 167.23% | 49.11% | -210.92% | 5.25% | 17.3% | -18.44% | -21.01% | 330.35% | -89.42% | 66.62% | 7.47% | 15.84% | -10.77% | 115.01% | -2.16% | 125.82% | 20.63% | 18.42% | 79.96% | - |
| EBITDA | 9.7B | 9.29B | 9.54B | 12.67B | 19.47B | 22.68B | 7.02B | 5.26B | 5.94B | 3.19B | 899.6M | -607.6M | 5.13B | 4.78B | 4.18B | 4.65B | 5.54B | 2.59B | 9.9B | 6.12B | 5.55B | 4.56B | 5.04B | 2.54B | 2.69B | 1.23B | 1.03B | 835.48M | 468.66M |
| EBITDA Margin % | 14.01% | 13.3% | 14.23% | 18.39% | 23.62% | 28.95% | 16.02% | 13.26% | 12.87% | 8.65% | 2.39% | -1.39% | 12.05% | 12% | 10.99% | 13.14% | 17.64% | 9.77% | 23.63% | 20% | 21.95% | 21.97% | 27.29% | 19.41% | 23.26% | 22.75% | 19.72% | 25.24% | 20.58% |
| EBITDA Growth % | 4.22% | -2.61% | -24.72% | -34.9% | -14.16% | 223.18% | 33.45% | -11.46% | 86.02% | 254.9% | 248.06% | -111.85% | 7.16% | 14.57% | -10.22% | -16.01% | 113.63% | -73.82% | 61.74% | 10.39% | 21.51% | -9.45% | 98.6% | -5.62% | 119.32% | 19.09% | 23.21% | 78.27% | - |
| D&A (Non-Cash Add-back) | 3.71B | 3.68B | 3.13B | 3.05B | 2.87B | 2.66B | 2.5B | 2.07B | 1.89B | 2.09B | 2.54B | 2.61B | 2.23B | 2.03B | 1.83B | 1.77B | 1.89B | 1.75B | 1.9B | 1.32B | 1.08B | 704.61M | 715.06M | 526.26M | 632.94M | 315.55M | 274.76M | 198.2M | 114.54M |
| EBIT | 4.34B | 3.88B | 6.26B | 10.19B | 16.82B | 21.33B | 4.52B | 2.61B | 3.34B | 1.28B | -1.04B | -4.62B | 2.52B | 2.35B | 2.37B | 3.18B | 3.88B | 2.32B | 7.51B | 6.46B | 5.97B | 4.65B | 5.01B | 2.01B | 2.06B | 910.34M | 754.65M | 637.28M | 354.12M |
| Net Interest Income | -1.01B | -191.1M | -424.26M | 12.6M | -69.37M | -150.26M | -177.27M | -181.23M | -1.44B | -1.58B | -1.9B | -1.67B | -1.27B | -895.51M | -791.71M | -780.42M | -976.69M | -850.13M | -1.14B | -391.89M | 46.24M | -54.35M | -219.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 332.71M | 51.82M | 372.67M | 180.79M | 117.41M | 46.15M | 20.95M | 56.58M | 204M | 226.62M | 252.04M | 378.4M | 276.25M | 292.91M | 316.61M | 455.8M | 295.56M | 436.24M | 484.05M | 810.14M | 978.42M | 477.47M | 216.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.35B | 242.92M | 796.93M | 168.19M | 186.78M | 196.41M | 198.22M | 237.81M | 1.58B | 1.73B | 2.01B | 1.78B | 1.4B | 1.05B | 952.68M | 970.46M | 1.1B | 1.29B | 1.62B | 1.2B | 932.18M | 531.81M | 436.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.02B | -3.08B | -950.28M | -278.52M | -740.6M | 252.69M | 3.5B | -1.51B | -1.89B | -1.14B | -945.25M | -2.88B | -1.56B | -1.3B | -788.74M | -528.34M | -685.31M | 184.57M | -2.11B | 450.97M | 566.16M | 254.66M | 249.18M | -494.77M | -1.21B | -394.79M | -298.02M | -246.74M | -56.79M |
| Pretax Income | 2.96B | 2.52B | 5.46B | 9.35B | 15.86B | 20.27B | 3.5B | 1.67B | 2.16B | -43.28M | -2.58B | -6.09B | 1.34B | 1.45B | 1.56B | 2.35B | 2.96B | 1.03B | 5.89B | 5.26B | 5.04B | 4.11B | 4.57B | 1.52B | 843.84M | 515.55M | 456.63M | 390.54M | 297.34M |
| Pretax Margin % | 4.28% | 3.61% | 8.15% | 13.56% | 19.24% | 25.88% | 7.98% | 4.22% | 4.67% | -0.12% | -6.86% | -13.98% | 3.14% | 3.64% | 4.11% | 6.64% | 9.43% | 3.89% | 14.06% | 17.17% | 19.94% | 19.81% | 24.77% | 11.6% | 7.3% | 9.57% | 8.75% | 11.8% | 13.05% |
| Income Tax | 1.29B | 1.11B | 864.65M | 1.81B | 4.38B | 4.71B | 1.11B | 457.83M | -168.95M | 295.39M | 304.31M | -1.5B | -150.39M | -241.06M | 63.22M | 253.1M | 501.86M | 26.95M | 948.22M | 952.33M | 935.96M | 1.09B | 1.08B | -98.42M | 23.21M | 126.91M | 88.96M | 37.79M | 63.19M |
| Effective Tax Rate % | 43.44% | 43.81% | 15.83% | 19.36% | 27.62% | 23.25% | 31.69% | 27.34% | -7.83% | -682.57% | -11.79% | 24.59% | -11.24% | -16.59% | 4.05% | 10.77% | 16.96% | 2.61% | 16.09% | 18.12% | 18.58% | 26.41% | 23.62% | -6.49% | 2.75% | 24.62% | 19.48% | 9.68% | 21.25% |
| Net Income | 1.64B | 1.39B | 4.57B | 7.5B | 11.43B | 15.49B | 2.37B | 1.2B | 2.3B | -359.36M | -2.89B | -4.55B | 1.4B | 1.58B | 1.43B | 2.01B | 2.14B | 1.12B | 3.94B | 3.55B | 3.23B | 2.61B | 3.08B | 1.47B | 820.63M | 388.64M | 367.67M | 352.75M | 234.15M |
| Net Margin % | 2.37% | 1.99% | 6.81% | 10.88% | 13.86% | 19.78% | 5.4% | 3.04% | 4.99% | -0.97% | -7.68% | -10.44% | 3.3% | 3.97% | 3.75% | 5.66% | 6.82% | 4.23% | 9.4% | 11.6% | 12.78% | 12.56% | 16.66% | 11.26% | 7.1% | 7.21% | 7.04% | 10.66% | 10.28% |
| Net Income Growth % | -49.89% | -69.63% | -39.13% | -34.34% | -26.26% | 554.93% | 96.54% | -47.75% | 741.1% | 87.57% | 36.49% | -424.44% | -11.42% | 11.09% | -28.92% | -6.38% | 90.96% | -71.53% | 11% | 9.96% | 23.71% | -15.19% | 109.02% | 79.36% | 111.15% | 5.71% | 4.23% | 50.65% | - |
| Net Income (Continuing) | 1.67B | 1.42B | 4.6B | 7.54B | 11.48B | 15.56B | 2.39B | 1.22B | 2.33B | -338.67M | -2.89B | -4.6B | 1.49B | 1.69B | 1.5B | 2.1B | 2.46B | 1B | 4.94B | 4.3B | 4.1B | 3.03B | 3.49B | 1.47B | 820.63M | 388.64M | 367.67M | 352.75M | 234.15M |
| 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 |
| Minority Interest | 199.54M | 213.1M | 225.03M | 179.9M | 182M | 211.37M | 224.94M | 217.43M | 207.97M | 248.74M | 246.52M | 284.58M | 1.05B | 1.68B | 1.55B | 1.52B | 677.17M | 3.5B | 4.88B | 3.94B | 0 | 2.15B | 1.71B | 764.56M | 1.09B | 75.24M | 82.45M | 112.7M | 17.16M |
| EPS (Diluted) | 0.83 | 0.69 | 2.18 | 3.55 | 6.19 | 8.69 | 1.34 | 0.68 | 1.31 | -0.19 | -1.61 | -2.60 | 0.78 | 0.89 | 0.80 | 1.16 | 1.43 | 0.75 | 2.70 | 2.53 | 2.29 | 1.86 | 2.20 | 2.15 | 1.20 | 0.57 | 0.54 | 0.52 | 0.34 |
| EPS Growth % | -67.74% | -68.35% | -38.59% | -42.65% | -28.77% | 548.51% | 97.06% | -48.09% | 789.47% | 88.2% | 38.08% | -433.33% | -12.36% | 11.25% | -31.03% | -18.88% | 90.67% | -72.22% | 6.72% | 10.48% | 23.12% | -15.45% | 2.33% | 79.17% | 110.53% | 5.56% | 3.85% | 52.94% | - |
| EPS (Basic) | - | 0.69 | 2.18 | 3.55 | 6.22 | 8.69 | 1.34 | 0.68 | 1.31 | -0.19 | -1.61 | -2.60 | 0.78 | 0.89 | 0.80 | 1.16 | 1.43 | 0.75 | 2.70 | 2.55 | 2.32 | 1.87 | 2.20 | 2.15 | 1.20 | 0.57 | 0.54 | 0.52 | 0.34 |
| Diluted Shares Outstanding | 1.98B | 2.01B | 2.1B | 2.11B | 1.85B | 1.79B | 1.79B | 1.78B | 1.78B | 1.79B | 1.79B | 1.77B | 1.79B | 1.79B | 1.79B | 1.73B | 1.5B | 1.49B | 1.46B | 1.4B | 1.41B | 1.4B | 1.4B | 683.8M | 683.8M | 680.05M | 680.05M | 678.69M | 693.78M |
| Basic Shares Outstanding | 1.97B | 2B | 2.09B | 2.11B | 1.84B | 1.79B | 1.79B | 1.78B | 1.78B | 1.79B | 1.79B | 1.77B | 1.79B | 1.79B | 1.79B | 1.72B | 1.5B | 1.49B | 1.46B | 1.39B | 1.39B | 1.39B | 1.39B | 683.6M | 683.8M | 680.05M | 680.05M | 678.69M | 693.78M |
| Dividend Payout Ratio | - | 92.69% | 36.27% | 35.77% | 51.57% | 34.46% | 11.62% | 40.22% | 26% | - | - | - | 32.44% | 26.96% | 36.69% | 27.46% | 47.54% | 29.3% | 41.87% | 33.79% | 29.41% | 37.62% | 23.79% | 23.97% | 32.03% | 42.36% | 35% | 19.69% | 23.17% |
Cyclical Commodity Price Volatility
According to the provided quarterly income statements, Gerdau's revenue growth has exhibited significant volatility, oscillating between a 14.3% expansion in 2024Q4 and a 18.1% contraction in 2023Q4, suggesting that the company's top-line performance remains heavily tethered to cyclical construction and automotive demand cycles across its core markets.
The inconsistent revenue trajectory reflects the company's sensitivity to regional macro conditions in Brazil and North America. Investors should monitor whether the recent 3.8% revenue decline in 2026Q1 signals a broader cooling of industrial demand or merely a temporary adjustment in pricing power.
As reported in the financial data, Gerdau's gross margin has faced persistent downward pressure, retreating from a peak of 14.9% in 2024Q1 to 13.7% in 2026Q1, which appears to indicate that the company is struggling to fully pass through volatile scrap input costs to its end customers.
The narrowing metal spread suggests that the company's EAF-based model is currently facing headwinds from rising raw material costs relative to finished steel prices. This margin compression warrants further investigation into whether the company can leverage its retail distribution network to regain pricing leadership in the domestic Brazilian market.
Based on the income statement figures, Gerdau has maintained disciplined SG&A management, with quarterly expenses consistently hovering near the $500 million to $550 million range, demonstrating an ability to protect operating income despite the significant fluctuations in gross profit observed over the last ten quarters.
The company's ability to keep overhead costs stable while gross profit fluctuates suggests a lean operational structure that provides a buffer during cyclical downturns. However, the reliance on fixed-cost discipline may reach its limit if revenue growth continues to decelerate, potentially impacting future operating margins.
Financial statements reveal that Gerdau's net income has experienced extreme swings, including a notable $1.3 billion loss in 2025Q4 followed by a $1.0 billion profit in 2026Q1, suggesting that reported earnings are frequently impacted by non-operating items or significant foreign exchange translation effects between the BRL and USD.
The disconnect between operating income and net income highlights the complexity of the company's tax and currency environment. Investors should exercise caution when evaluating EPS, as these non-recurring items may obscure the underlying operational health of the steel manufacturing business.
While the company maintains a robust balance sheet, the income statement data suggests that Gerdau remains highly vulnerable to external shocks, as evidenced by the sharp 144.6% decline in EPS growth during 2025Q4, which underscores the inherent risks of its capital-intensive and cyclical business model.
Short-term observers may focus on the potential for margin erosion if Chinese steel exports continue to penetrate Latin American markets, potentially undermining the company's domestic pricing power. The reliance on government-subsidized infrastructure projects in Brazil also introduces a layer of political risk that could impact future profitability.
Quick answers to the most common questions about buying GGB stock.
For fiscal year 2025, Gerdau S.A. (GGB) reported total revenue of $69.86B. This represents a 2967.2% increase compared to $2.28B in 1998.
Gerdau S.A. (GGB) is profitable, generating $1.39B in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
Gerdau S.A. (GGB) reported an operating income of $5.61B, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Gerdau S.A. (GGB) generated $7.97B in gross profit for the year, representing a gross profit margin of 11.4%. This demonstrates the company's core pricing power and production efficiency.