Revenue of $104.9M in 2026Q2 remains well below prior-year levels while gross margin swung from 35.8% in 2025Q2 to 4.3% in 2026Q1 before recovering to 30.2%, and operating margin stayed deeply negative at -37.1%.
GoPro, Inc. (GPRO) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 568.59M | 651.54M | 801.47M | 1.01B | 1.09B | 1.16B | 891.92M | 1.19B | 1.15B | 1.18B | 1.19B | 1.62B | 1.39B | 985.74M | 526.02M |
| Revenue Growth % | -23.86% | -18.71% | -20.29% | -8.05% | -5.82% | 30.18% | -25.34% | 4.03% | -2.66% | -0.48% | -26.82% | 16.19% | 41.44% | 87.4% | - |
| Cost of Goods Sold | 411.27M | 432.38M | 530.18M | 681.89M | 686.71M | 683.98M | 577.41M | 781.86M | 786.9M | 795.21M | 723.56M | 946.76M | 766.97M | 623.95M | 298.53M |
| COGS % of Revenue | - | 66.36% | 66.15% | 67.82% | 62.8% | 58.91% | 64.74% | 65.45% | 68.53% | 67.41% | 61.04% | 58.44% | 55.01% | 63.3% | 56.75% |
| Gross Profit | 157.32M | 219.17M | 271.3M | 323.57M | 406.83M | 477.11M | 314.51M | 412.79M | 361.43M | 384.53M | 461.92M | 673.21M | 627.24M | 361.78M | 227.49M |
| Gross Margin % | 27.67% | 33.64% | 33.85% | 32.18% | 37.2% | 41.09% | 35.26% | 34.55% | 31.47% | 32.59% | 38.96% | 41.56% | 44.99% | 36.7% | 43.25% |
| Gross Profit Growth % | - | -19.21% | -16.16% | -20.46% | -14.73% | 51.7% | -23.81% | 14.21% | -6.01% | -16.75% | -31.39% | 7.33% | 73.37% | 59.04% | - |
| Operating Expenses | 277.5M | 279.35M | 406.33M | 399.04M | 367.87M | 363.89M | 351.33M | 415.12M | 455.4M | 547.99M | 808.37M | 618.47M | 440.2M | 263.08M | 173.87M |
| OpEx % of Revenue | - | 42.87% | 50.7% | 39.69% | 33.64% | 31.34% | 39.39% | 34.75% | 39.66% | 46.45% | 68.19% | 38.18% | 31.57% | 26.69% | 33.05% |
| Selling, General & Admin | 152.69M | 157.11M | 220.43M | 232.38M | 227.99M | 222.4M | 219.74M | 271.73M | 288.1M | 318.73M | 449.47M | 376.77M | 288.35M | 189.34M | 137.75M |
| SG&A % of Revenue | - | 24.11% | 27.5% | 23.11% | 20.85% | 19.15% | 24.64% | 22.75% | 25.09% | 27.02% | 37.91% | 23.26% | 20.68% | 19.21% | 26.19% |
| Research & Development | 124.82M | 126.8M | 185.9M | 165.69M | 139.88M | 141.49M | 131.59M | 142.89M | 167.3M | 229.26M | 358.9M | 241.69M | 151.85M | 73.74M | 36.12M |
| R&D % of Revenue | - | 19.46% | 23.19% | 16.48% | 12.79% | 12.19% | 14.75% | 11.96% | 14.57% | 19.43% | 30.27% | 14.92% | 10.89% | 7.48% | 6.87% |
| Other Operating Expenses | 0 | -4.56M | 0 | 963K | 0 | 0 | 0 | 501K | 0 | 733K | -2.21M | -2.16M | 0 | -1.03M | -407K |
| Operating Income | -120.18M | -60.24M | -135.03M | -75.46M | 38.95M | 113.22M | -36.82M | -2.33M | -93.96M | -163.46M | -372.97M | 54.75M | 187.03M | 98.7M | 53.62M |
| Operating Margin % | -21.14% | -9.25% | -16.85% | -7.51% | 3.56% | 9.75% | -4.13% | -0.2% | -8.18% | -13.86% | -31.46% | 3.38% | 13.42% | 10.01% | 10.19% |
| Operating Income Growth % | - | 55.39% | -78.94% | -293.72% | -65.59% | 407.49% | -1478.18% | 97.52% | 42.52% | 56.17% | -781.25% | -70.73% | 89.49% | 84.09% | - |
| EBITDA | -112.95M | -53.18M | -128.54M | -69.3M | 47.52M | 124.18M | -17.75M | 23.93M | -58.9M | -121.98M | -331.33M | 83.73M | 204.98M | 110.74M | 57.59M |
| EBITDA Margin % | -19.87% | -8.16% | -16.04% | -6.89% | 4.35% | 10.7% | -1.99% | 2% | -5.13% | -10.34% | -27.95% | 5.17% | 14.7% | 11.23% | 10.95% |
| EBITDA Growth % | -13.75% | 58.63% | -85.48% | -245.82% | -61.73% | 799.44% | -174.18% | 140.64% | 51.72% | 63.18% | -495.72% | -59.15% | 85.11% | 92.28% | - |
| D&A (Non-Cash Add-back) | 7.23M | 7.07M | 6.49M | 6.16M | 8.57M | 10.96M | 19.07M | 26.27M | 35.06M | 41.48M | 41.64M | 28.98M | 17.95M | 12.03M | 3.98M |
| EBIT | -151.92M | -83M | -129.76M | -63.03M | 40.7M | 113.04M | -41.7M | 159K | -88.99M | -162.73M | -375.17M | 54.16M | 183.07M | 98.7M | 53.6M |
| Net Interest Income | -8.54M | -8.45M | -3.33M | -4.7M | -6.24M | -22.94M | -20.26M | -19.23M | -18.68M | -13.66M | -2.99M | -1.57M | 0 | -6.02M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 |
| Interest Expense | 8.54M | 8.45M | 3.33M | 4.7M | 6.24M | 22.94M | 20.26M | 19.23M | 18.68M | 13.66M | 2.99M | 1.57M | 0 | 6.02M | 0 |
| Other Income/Expense | -40.28M | -31.2M | 1.94M | 7.73M | -4.5M | -23.12M | -25.14M | -16.74M | -13.71M | -12.93M | -2.21M | -2.16M | -6.06M | -7.37M | -407K |
| Pretax Income | -160.46M | -91.45M | -133.09M | -67.73M | 34.45M | 90.1M | -61.96M | -19.07M | -107.67M | -176.39M | -375.17M | 52.59M | 180.97M | 91.33M | 53.21M |
| Pretax Margin % | -28.22% | -14.04% | -16.61% | -6.74% | 3.15% | 7.76% | -6.95% | -1.6% | -9.38% | -14.95% | -31.65% | 3.25% | 12.98% | 9.26% | 10.12% |
| Income Tax | 1.72M | 2.04M | 299.22M | -14.55M | 5.61M | -281.07M | 4.83M | -4.43M | 1.36M | 6.49M | 43.83M | 16.45M | 52.89M | 30.75M | 20.95M |
| Effective Tax Rate % | -1.07% | -2.23% | -224.83% | 21.48% | 16.27% | -311.95% | -7.79% | 23.22% | -1.26% | -3.68% | -11.68% | 31.29% | 29.22% | 33.67% | 39.37% |
| Net Income | -162.18M | -93.49M | -432.31M | -53.18M | 28.85M | 371.17M | -66.78M | -14.64M | -109.03M | -182.87M | -419M | 36.13M | 128.09M | 60.58M | 32.26M |
| Net Margin % | -28.52% | -14.35% | -53.94% | -5.29% | 2.64% | 31.97% | -7.49% | -1.23% | -9.49% | -15.5% | -35.34% | 2.23% | 9.19% | 6.15% | 6.13% |
| Net Income Growth % | -49.43% | 78.38% | -712.87% | -284.36% | -92.23% | 655.79% | -356.11% | 86.57% | 40.38% | 56.36% | -1259.68% | -71.79% | 111.44% | 87.77% | - |
| Net Income (Continuing) | -162.18M | -93.49M | -432.31M | -53.18M | 28.85M | 371.17M | -66.78M | -14.64M | -109.03M | -182.87M | -419M | 36.13M | 128.09M | 60.58M | 32.26M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.95 | -0.59 | -2.82 | -0.35 | 0.16 | 2.27 | -0.45 | -0.10 | -0.78 | -1.32 | -3.01 | 0.25 | 0.92 | 0.35 | -0.71 |
| EPS Growth % | -42.27% | 79.08% | -705.71% | -318.75% | -92.95% | 604.44% | -350% | 87.18% | 40.91% | 56.15% | -1304% | -72.83% | 162.86% | 149.3% | - |
| EPS (Basic) | - | -0.59 | -2.82 | -0.35 | 0.18 | 2.41 | -0.45 | -0.10 | -0.78 | -1.32 | -3.01 | 0.27 | 1.07 | 0.39 | -0.71 |
| Diluted Shares Outstanding | 171.23M | 158.58M | 153.11M | 153.35M | 178.28M | 163.18M | 149.04M | 144.89M | 139.5M | 138.06M | 139.43M | 146.49M | 123.63M | 131.31M | 131.31M |
| Basic Shares Outstanding | 171.23M | 158.58M | 153.11M | 153.35M | 156.18M | 154.27M | 149.04M | 144.89M | 139.5M | 138.06M | 139.2M | 134.59M | 104.45M | 112.11M | 112.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 363.77% |
Quick answers to the most common questions about buying GPRO stock.
For fiscal year 2025, GoPro, Inc. (GPRO) reported total revenue of $651.5M. This represents a 23.9% increase compared to $526.0M in 2012.
GoPro, Inc. (GPRO) reported a net loss of $93.5M for the fiscal year ending 2025.
GoPro, Inc. (GPRO) reported an operating income of $-60.2M, resulting in an operating profit margin of -9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
GoPro, Inc. (GPRO) generated $219.2M in gross profit for the year, representing a gross profit margin of 33.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and margin compression
Metrics are mathematically derived from official filings.
Revenue Recovering From Deep Trough
Based on reported figures, GoPro's revenue of $104.9M in 2026Q2 rose 5.9% sequentially from $99.1M but remains 31.3% below the prior-year quarter, suggesting the top line has not yet stabilized on a year-over-year basis.
The sequential uptick after a weak 2026Q1 may reflect seasonal or product-cycle timing rather than durable demand, and a single quarter of recovery is insufficient to confirm a turn. Year-over-year declines across most of the ten-quarter window point to a structurally shrinking hardware franchise. Investors should monitor whether subsequent quarters sustain positive sequential growth without relying on promotional activity.
Gross Margin Volatility Undermines Pricing Stability
As reported in financial statements, GoPro's gross margin swung from 35.8% in 2025Q2 to just 4.3% in 2026Q1 before recovering to 30.2%, a range that points to highly unstable unit economics.
Such volatility is more consistent with inventory write-downs, pricing pressure, or mix shifts than with stable pricing power relative to consumer electronics peers. The 2026Q1 collapse suggests the cost base is poorly insulated from demand shocks. Gross margins remaining well below the mid-30s range seen in 2024 and 2025 warrant further investigation into whether this represents a new structural level.
Operating Losses Persist Despite Cost Control
According to recent SEC filings, GoPro's operating expenses of $41.0M in 2026Q2 remain well above gross profit of $31.7M, leaving operating margin at -37.1% and indicating negative operating leverage.
Operating expenses have been broadly flat near $70M per quarter across the period, so the cost base is not scaling down with revenue. This structure means revenue declines translate directly into larger operating losses. Operating income has been negative in every quarter reviewed, which points to a cost structure that has not been right-sized to current demand.
Net Income Distorted by Non-Operating Items
Based on GoPro's reported figures, the 2024Q1 net loss of $339.1M against an operating loss of $41.4M implies large non-operating or tax-related charges, making that period's EPS of -2.24 an unreliable indicator of run-rate earnings.
The gap between operating and net results in several quarters, including 2026Q1 where net loss of $80.8M far exceeded the $57.2M operating loss, suggests significant non-operating drag. Stock-based compensation of $3M to $9M per quarter is material relative to operating losses and should be factored into any normalized earnings view. Investors should examine the nature of these below-the-line items before relying on reported EPS trends.
Bear Case Centers on Sustained Losses
Based on reported figures, GoPro has posted operating losses in all ten quarters reviewed, with operating margin reaching -57.8% in 2026Q1, which short sellers would frame as evidence of a broken business model rather than cyclical weakness.
The bearish argument is that recurring losses, shrinking revenue versus prior-year levels, and an unresponsive cost base indicate structural impairment. Peer comparison shows GoPro's gross margin of 30.2% trails the 87.1% of CEVA, though the comparison set is not directly comparable in business model. Whether management can restore profitability without a substantial cost reset remains an open question the reported data does not resolve.