Revenue growth remains cyclically sensitive, fluctuating from a 9.2% increase in 2026Q1 to a -5.6% contraction in 2024Q4, while private label strategies support a 34.8% gross margin.
| 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.41B | 1.38B | 1.32B | 1.27B | 1.17B | 1.06B | 1.03B | 946.9M | 896.9M | 1.27B | 1.68B | 1.85B | 3.44B | 3.35B | 3.54B | 3.68B | 3.59B | 3.17B | 3.03B | 2.78B | 2.35B | 2.12B | 1.93B | 1.66B | 1.55B | 1.55B | 1.69B | 1.75B | 1.44B | 1.15B | 911.9M |
| Revenue Growth % | 7.23% | 4.8% | 3.26% | 9.28% | 9.69% | 3.31% | 8.67% | 5.57% | -29.12% | -24.68% | -9.41% | -46.13% | 2.7% | -5.43% | -3.73% | 2.56% | 13.39% | 4.39% | 9.1% | 18.54% | 10.86% | 9.74% | 16.29% | 6.85% | 0.29% | -8.25% | -3.9% | 22.21% | 25.34% | 25.61% | 43.72% |
| Cost of Goods Sold | 908.5M | 888.9M | 863.9M | 838.5M | 744.9M | 688.8M | 672.1M | 621.2M | 589.2M | 914M | 1.36B | 1.51B | 2.95B | 2.87B | 3.06B | 3.15B | 3.09B | 2.71B | 2.57B | 2.35B | 2B | 1.81B | 1.64B | 1.39B | 1.29B | 1.27B | 1.46B | 1.43B | 1.14B | 874.1M | 658.5M |
| COGS % of Revenue | - | 64.46% | 65.65% | 65.8% | 63.88% | 64.79% | 65.32% | 65.6% | 65.69% | 72.23% | 80.67% | 81.52% | 85.67% | 85.48% | 86.23% | 85.59% | 86.19% | 85.46% | 84.7% | 84.66% | 85.38% | 85.47% | 84.94% | 83.82% | 82.88% | 82.1% | 86.75% | 81.43% | 79.38% | 76.31% | 72.21% |
| Gross Profit | 500M | 490.2M | 452M | 435.8M | 421.2M | 374.3M | 356.9M | 325.7M | 307.7M | 351.4M | 324.7M | 342.7M | 493.2M | 486.7M | 488.1M | 530.68M | 495.95M | 460.25M | 464.14M | 426.3M | 342.92M | 307.29M | 290.38M | 268.27M | 265.59M | 276.92M | 223.46M | 325.8M | 296.1M | 271.3M | 253.4M |
| Gross Margin % | 35.5% | 35.54% | 34.35% | 34.2% | 36.12% | 35.21% | 34.68% | 34.4% | 34.31% | 27.77% | 19.33% | 18.48% | 14.33% | 14.52% | 13.77% | 14.41% | 13.81% | 14.54% | 15.3% | 15.34% | 14.62% | 14.53% | 15.06% | 16.18% | 17.12% | 17.9% | 13.25% | 18.57% | 20.62% | 23.69% | 27.79% |
| Gross Profit Growth % | - | 8.45% | 3.72% | 3.47% | 12.53% | 4.88% | 9.58% | 5.85% | -12.44% | 8.22% | -5.25% | -30.51% | 1.34% | -0.29% | -8.02% | 7% | 7.76% | -0.84% | 8.88% | 24.32% | 11.6% | 5.82% | 8.24% | 1.01% | -4.09% | 23.92% | -31.41% | 10.03% | 9.14% | 7.06% | 27.08% |
| Operating Expenses | 400M | 392.6M | 371.5M | 339.3M | 316M | 286.3M | 272.8M | 259.6M | 245.2M | 279.8M | 314.7M | 338.9M | 494.7M | 485.1M | 481.7M | 455.75M | 422.91M | 386.86M | 380.78M | 330.8M | 281.01M | 268.33M | 260.11M | 254.02M | 256.07M | 274.39M | 284.47M | 265.9M | 231.7M | 212M | 183.9M |
| OpEx % of Revenue | - | 28.47% | 28.23% | 26.63% | 27.1% | 26.93% | 26.51% | 27.42% | 27.34% | 22.11% | 18.73% | 18.27% | 14.37% | 14.47% | 13.59% | 12.38% | 11.78% | 12.22% | 12.55% | 11.9% | 11.98% | 12.68% | 13.49% | 15.32% | 16.5% | 17.74% | 16.87% | 15.16% | 16.14% | 18.51% | 20.17% |
| Selling, General & Admin | 400M | 392.6M | 367.1M | 335M | 316M | 282.8M | 272.8M | 256.5M | 245.2M | 279.8M | 314.7M | 338.9M | 494.7M | 485.1M | 481.7M | 455.75M | 422.91M | 386.86M | 380.78M | 330.8M | 281.01M | 268.33M | 260.11M | 251.46M | 256.07M | 274.39M | 270.86M | 254.7M | 224.2M | 206.3M | 180.1M |
| SG&A % of Revenue | - | 28.47% | 27.9% | 26.29% | 27.1% | 26.6% | 26.51% | 27.09% | 27.34% | 22.11% | 18.73% | 18.27% | 14.37% | 14.47% | 13.59% | 12.38% | 11.78% | 12.22% | 12.55% | 11.9% | 11.98% | 12.68% | 13.49% | 15.17% | 16.5% | 17.74% | 16.06% | 14.52% | 15.62% | 18.01% | 19.75% |
| 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 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 4.4M | 4.3M | 0 | 3.5M | 0 | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.56M | 0 | 0 | 13.61M | 11.2M | 7.5M | 5.7M | 3.8M |
| Operating Income | 100M | 97.6M | 80.5M | 96.5M | 105.2M | 88M | 84.1M | 66.1M | 61.7M | 71.3M | 4.1M | -24.1M | -25.9M | -20.6M | -39.9M | 80.53M | 68.75M | 73.39M | 83.37M | 95.5M | 61.9M | 34.81M | 22.92M | 12.52M | -7.78M | 2.53M | -61.01M | 59.9M | 64.4M | 59.3M | 69.5M |
| Operating Margin % | 7.1% | 7.08% | 6.12% | 7.57% | 9.02% | 8.28% | 8.17% | 6.98% | 6.88% | 5.63% | 0.24% | -1.3% | -0.75% | -0.61% | -1.13% | 2.19% | 1.91% | 2.32% | 2.75% | 3.44% | 2.64% | 1.65% | 1.19% | 0.76% | -0.5% | 0.16% | -3.62% | 3.41% | 4.49% | 5.18% | 7.62% |
| Operating Income Growth % | - | 21.24% | -16.58% | -8.27% | 19.55% | 4.64% | 27.23% | 7.13% | -13.46% | 1639.02% | 117.01% | 6.95% | -25.73% | 48.37% | -149.55% | 17.14% | -6.33% | -11.97% | -12.71% | 54.28% | 77.84% | 51.9% | 82.99% | 260.94% | -407.55% | 104.15% | -201.85% | -6.99% | 8.6% | -14.68% | 40.12% |
| EBITDA | 105.8M | 105.3M | 88.1M | 102.9M | 109.1M | 91.7M | 88.2M | 70.2M | 66.2M | 74.9M | 9.4M | -14.8M | -9.6M | -1.3M | -21.9M | 97.98M | 83.22M | 85.74M | 93.75M | 104.28M | 70.09M | 44.8M | 34.23M | 26.46M | 5.87M | 17.67M | -47.4M | 71.1M | 71.9M | 65M | 73.3M |
| EBITDA Margin % | 7.51% | 7.64% | 6.69% | 8.08% | 9.36% | 8.63% | 8.57% | 7.41% | 7.38% | 5.92% | 0.56% | -0.8% | -0.28% | -0.04% | -0.62% | 2.66% | 2.32% | 2.71% | 3.09% | 3.75% | 2.99% | 2.12% | 1.78% | 1.6% | 0.38% | 1.14% | -2.81% | 4.05% | 5.01% | 5.67% | 8.04% |
| EBITDA Growth % | 19.01% | 19.52% | -14.38% | -5.68% | 18.97% | 3.97% | 25.64% | 6.04% | -11.62% | 696.81% | 163.51% | -54.17% | -638.46% | 94.06% | -122.35% | 17.73% | -2.94% | -8.54% | -10.1% | 48.79% | 56.44% | 30.89% | 29.36% | 350.71% | -66.78% | 137.28% | -166.67% | -1.11% | 10.62% | -11.32% | 41.78% |
| D&A (Non-Cash Add-back) | 5.8M | 7.7M | 7.6M | 6.4M | 3.9M | 3.7M | 4.1M | 4.1M | 4.5M | 3.6M | 5.3M | 9.3M | 16.3M | 19.3M | 18M | 17.46M | 14.48M | 12.35M | 10.39M | 8.78M | 8.19M | 9.99M | 11.31M | 13.94M | 13.65M | 15.14M | 13.61M | 11.2M | 7.5M | 5.7M | 3.8M |
| EBIT | 100.5M | 97.6M | 80M | 96.5M | 105.2M | 88M | 84M | 65.3M | 62.5M | 45.7M | 26.8M | -33.8M | -31.3M | -20.3M | -39.9M | 80.87M | 67.83M | 73.97M | 84.05M | 95.5M | 61.9M | 38.96M | 26.36M | 10.88M | 9.51M | 2.53M | -61.01M | 59.84M | 64.4M | 59.3M | 69.5M |
| Net Interest Income | -400K | 0 | -200K | -1.1M | -1.1M | -100K | -100K | 0 | 1.6M | -200K | -300K | -700K | -1.1M | -1.1M | -1.4M | -800K | -1M | -357K | -305K | 4.52M | 7.79M | -1.94M | -2.44M | -1.59M | -1.23M | -1.49M | -4.25M | 0 | -500K | 0 | -500K |
| Interest Income | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 400K | 300K | 1.38M | 840K | 768K | 0 | 5.5M | 9.47M | 735K | 630K | 755K | 427K | 276K | 106K | 0 | 0 | 0 | 0 |
| Interest Expense | 600K | 0 | 200K | 1.1M | 1.1M | 100K | 100K | 0 | 1.6M | 200K | 300K | 700K | 1.3M | 1.5M | 1.7M | 2.18M | 1.8M | 887K | 305K | 986K | 1.68M | 2.67M | 3.07M | 2.34M | 1.65M | 1.76M | 4.35M | 0 | 500K | 0 | 500K |
| Other Income/Expense | 200K | 0 | -700K | -1.3M | -1.4M | -400K | -100K | 0 | 1.2M | -200K | -1.5M | -31.3M | -18.9M | -11M | -1.7M | -1.84M | -2.71M | -306K | 376K | 4.52M | 7.79M | -1.94M | -6.36M | -4.96M | -1.23M | -1.49M | -4.25M | 600K | 2.7M | 2.8M | 1.9M |
| Pretax Income | 100.2M | 97.6M | 79.8M | 95.2M | 103.8M | 87.6M | 84M | 66.1M | 62.9M | 70.8M | 2.1M | -34.8M | -32.6M | -21.8M | -41.6M | 78.68M | 66.03M | 73.08M | 83.74M | 100.02M | 69.69M | 32.87M | 20.47M | 10.93M | -9.01M | 1.04M | -65.25M | 60.5M | 67.1M | 62.1M | 71.4M |
| Pretax Margin % | 7.11% | 7.08% | 6.06% | 7.47% | 8.9% | 8.24% | 8.16% | 6.98% | 7.01% | 5.6% | 0.13% | -1.88% | -0.95% | -0.65% | -1.17% | 2.14% | 1.84% | 2.31% | 2.76% | 3.6% | 2.97% | 1.55% | 1.06% | 0.66% | -0.58% | 0.07% | -3.87% | 3.45% | 4.67% | 5.42% | 7.83% |
| Income Tax | 26.4M | 25.6M | 19.1M | 24.5M | 25.7M | 17.5M | 19.9M | 16.1M | 13.4M | 5.3M | 10M | 13.5M | 4.9M | 22M | -33.6M | 24.27M | 23.48M | 26.9M | 30.9M | 30.54M | 24.55M | 21.43M | 7.92M | 5.32M | -1.04M | 389K | -24.48M | 24.5M | 25.8M | 23.3M | 27.7M |
| Effective Tax Rate % | 26.35% | 26.23% | 23.93% | 25.74% | 24.76% | 19.98% | 23.69% | 24.36% | 21.3% | 7.49% | 476.19% | -38.79% | -15.03% | -100.92% | 80.77% | 30.85% | 35.56% | 36.81% | 36.9% | 30.53% | 35.22% | 65.2% | 38.7% | 48.68% | 11.54% | 37.33% | 37.52% | 40.5% | 38.45% | 37.52% | 38.8% |
| Net Income | 75.1M | 72.1M | 61M | 70.7M | 78.8M | 103.3M | 65.4M | 48.5M | 224.7M | 40.4M | -32.6M | -99.8M | -37.5M | -43.8M | -8.3M | 54.41M | 42.55M | 46.19M | 52.84M | 69.48M | 45.15M | 11.44M | 12.55M | 5.61M | -58.94M | 653K | -40.77M | 36M | 41.3M | 38.8M | 43.7M |
| Net Margin % | 5.33% | 5.23% | 4.64% | 5.55% | 6.76% | 9.72% | 6.36% | 5.12% | 25.05% | 3.19% | -1.94% | -5.38% | -1.09% | -1.31% | -0.23% | 1.48% | 1.19% | 1.46% | 1.74% | 2.5% | 1.93% | 0.54% | 0.65% | 0.34% | -3.8% | 0.04% | -2.42% | 2.05% | 2.88% | 3.39% | 4.79% |
| Net Income Growth % | 22.31% | 18.2% | -13.72% | -10.28% | -23.72% | 57.95% | 34.85% | -78.42% | 456.19% | 223.93% | 67.33% | -166.13% | 14.38% | -427.71% | -115.26% | 27.87% | -7.87% | -12.6% | -23.95% | 53.9% | 294.61% | -8.84% | 123.67% | 109.52% | -9125.88% | 101.6% | -213.25% | -12.83% | 6.44% | -11.21% | 22.41% |
| Net Income (Continuing) | 75.1M | 72.1M | 60.7M | 70.7M | 78.1M | 70.1M | 64.1M | 50M | 49.5M | 65.5M | 3.9M | -24M | -32M | -43M | -8M | 54.41M | 42.55M | 46.19M | 52.84M | 69.48M | 45.15M | 11.44M | 10.19M | 3.21M | -7.97M | 653K | -40.77M | 36.01M | 41.3M | 38.8M | 43.7M |
| Discontinued Operations | 0 | 0 | 300K | 0 | 700K | 33.2M | 1.3M | -1.5M | 175.2M | 0 | -36.5M | -51.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 | 0 |
| EPS (Diluted) | 1.96 | 1.85 | 1.58 | 1.84 | 2.06 | 1.84 | 1.71 | 1.29 | 5.93 | 1.07 | -0.88 | -2.69 | -1.01 | -1.18 | -0.22 | 1.47 | 1.13 | 1.24 | 1.40 | 1.84 | 1.22 | 0.31 | 0.29 | 0.09 | -1.72 | 0.02 | -1.19 | 1.01 | 1.11 | 1.02 | 1.15 |
| EPS Growth % | 20.75% | 17.09% | -14.13% | -10.68% | 11.96% | 7.6% | 32.56% | -78.25% | 454.21% | 221.59% | 67.29% | -166.34% | 14.41% | -436.36% | -114.97% | 30.09% | -8.87% | -11.43% | -23.91% | 50.82% | 293.55% | 6.9% | 222.22% | 105.23% | -8700% | 101.68% | -217.82% | -9.01% | 8.82% | -11.3% | 23.66% |
| EPS (Basic) | - | 1.86 | 1.59 | 1.85 | 2.07 | 1.85 | 1.72 | 1.29 | 6.04 | 1.09 | -0.88 | -2.70 | -1.01 | -1.18 | -0.22 | 1.48 | 1.15 | 1.26 | 1.43 | 1.93 | 1.29 | 0.33 | 0.30 | 0.09 | -1.73 | 0.02 | -1.19 | 1.01 | 1.11 | 1.02 | 1.16 |
| Diluted Shares Outstanding | 38.3M | 38.4M | 38.4M | 38.2M | 38.1M | 38M | 37.7M | 37.7M | 37.9M | 37.6M | 37.2M | 37.1M | 37.1M | 37M | 36.9M | 37.1M | 37.6M | 37.34M | 37.7M | 37.69M | 36.88M | 36.49M | 35.5M | 34.9M | 34.22M | 32.65M | 34.26M | 35.66M | 37.21M | 38.04M | 38M |
| Basic Shares Outstanding | 38.2M | 38.4M | 38.3M | 38.1M | 38M | 37.8M | 37.5M | 37.5M | 37.2M | 37M | 37.2M | 36.92M | 37.1M | 37M | 36.9M | 36.8M | 37M | 36.71M | 36.95M | 35.97M | 34.96M | 34.65M | 34.4M | 34.2M | 34.07M | 32.65M | 34.26M | 35.66M | 37.21M | 38.04M | 37.67M |
| Dividend Payout Ratio | - | 55.89% | 62.95% | 43.28% | 35.03% | 60.5% | 205.35% | 539.38% | 48.64% | 32.18% | - | - | - | - | - | - | - | 59.78% | 70.26% | 52.66% | - | - | - | - | - | - | - | - | - | - | - |
Supply chain margin volatility
According to reported financial data, GIC experienced a revenue growth rate of 9.2% in 2026Q1, following a period of significant fluctuation that saw growth dip to -5.6% in 2024Q4, suggesting that the company's top-line performance remains highly sensitive to broader North American industrial production cycles.
The recent acceleration in revenue growth appears to reflect a recovery from the mid-2024 trough, yet the inconsistency in quarterly performance warrants caution regarding long-term durability. Investors should monitor whether this growth is driven by sustainable volume gains or if it remains vulnerable to the stagnation currently observed in domestic manufacturing indices.
Based on the provided income statements, GIC maintained a gross margin of 34.8% in 2026Q1, which reflects the company's strategic reliance on proprietary brands like Nexel and Interion to capture higher distributor margins compared to the lower-margin national brand products that serve as primary volume drivers.
While the 34.8% gross margin is structurally supported by private-label penetration, it remains susceptible to fluctuations in trans-Pacific shipping costs and raw material inputs. The lack of return-to-vendor protections for these proprietary goods suggests that any shift in demand could lead to inventory obsolescence risks that would compress these margins rapidly.
As reported in recent filings, GIC's operating margin reached 5.9% in 2026Q1, indicating that a substantial portion of gross profit is consumed by SG&A expenses, including digital marketing and relationship marketer labor costs required to maintain customer acquisition in a highly fragmented and competitive industrial distribution market.
The company's inability to consistently scale operating income faster than gross profit suggests that its current digital transformation and customer acquisition model is capital-intensive. Future margin expansion appears contingent on management's ability to drive greater efficiency in its digital conversion rates without eroding the consultative service model that differentiates its heavy-goods offering.
Financial statements indicate that GIC's reliance on overseas manufacturing for its private-label portfolio, while margin-accretive, introduces significant exposure to supply chain shocks and potential tariff impacts, as evidenced by the sensitivity of its cost structure to global logistics rates and commodity price volatility in steel and plastics.
Short-sellers may focus on the potential for margin compression if GIC cannot pass through rising freight and material costs to its customers in a softening industrial environment. The company's lack of vendor-backed inventory protection for its proprietary lines further exacerbates the risk that supply chain disruptions could lead to significant write-downs and earnings volatility.
Quick answers to the most common questions about buying GIC stock.
For fiscal year 2025, Global Industrial Company (GIC) reported total revenue of $1.38B. This represents a 51.2% increase compared to $911.9M in 1996.
Global Industrial Company (GIC) is profitable, generating $72.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Global Industrial Company (GIC) reported an operating income of $97.6M, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Industrial Company (GIC) generated $490.2M in gross profit for the year, representing a gross profit margin of 35.5%. This demonstrates the company's core pricing power and production efficiency.