Revenue growth accelerated to 7.7% in 2026Q1, while gross margins recovered to 32.5% from a 2025Q3 low of 27.4%, suggesting successful pass-through of cost surcharges.
| 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 | 695.03M | 682.39M | 659.67M | 659.51M | 521.03M | 378.32M | 348.97M | 398.18M | 414.33M | 379.39M | 382.07M | 406.15M | 434.93M | 391.67M | 375.69M | 359.49M | 296.81M | 266.24M | 330.65M | 305.56M | 270.91M | 231.25M | 203.55M | 195.83M | 194.07M | 202.93M | 190.14M | 179.3M | 171.2M | 164.9M | 155.2M |
| Revenue Growth % | 4.62% | 3.44% | 0.02% | 26.58% | 37.72% | 8.41% | -12.36% | -3.9% | 9.21% | -0.7% | -5.93% | -6.62% | 11.05% | 4.25% | 4.51% | 21.12% | 11.48% | -19.48% | 8.21% | 12.79% | 17.15% | 13.61% | 3.95% | 0.9% | -4.36% | 6.72% | 6.05% | 4.73% | 3.82% | 6.25% | 3.81% |
| Cost of Goods Sold | 485.03M | 485.61M | 467.72M | 463.26M | 390.09M | 282.42M | 259.41M | 295.5M | 304.41M | 280.64M | 290.05M | 313.57M | 327.37M | 298.01M | 285.54M | 271.65M | 220.47M | 204.47M | 253.56M | 238.11M | 212.23M | 184.18M | 161.13M | 153.83M | 152.62M | 154.82M | 134.85M | 126.4M | 121.2M | 117.9M | 110.4M |
| COGS % of Revenue | - | 71.16% | 70.9% | 70.24% | 74.87% | 74.65% | 74.34% | 74.21% | 73.47% | 73.97% | 75.91% | 77.21% | 75.27% | 76.09% | 76% | 75.57% | 74.28% | 76.8% | 76.69% | 77.93% | 78.34% | 79.64% | 79.16% | 78.56% | 78.64% | 76.29% | 70.92% | 70.5% | 70.79% | 71.5% | 71.13% |
| Gross Profit | 210.01M | 196.78M | 191.95M | 196.25M | 130.94M | 95.9M | 89.56M | 102.67M | 109.92M | 98.75M | 92.03M | 92.58M | 107.56M | 93.66M | 90.15M | 87.84M | 76.34M | 61.77M | 77.09M | 67.45M | 58.68M | 47.07M | 42.42M | 41.99M | 41.45M | 48.11M | 55.29M | 52.9M | 50M | 47M | 44.8M |
| Gross Margin % | 30.22% | 28.84% | 29.1% | 29.76% | 25.13% | 25.35% | 25.66% | 25.79% | 26.53% | 26.03% | 24.09% | 22.79% | 24.73% | 23.91% | 24% | 24.43% | 25.72% | 23.2% | 23.31% | 22.07% | 21.66% | 20.36% | 20.84% | 21.44% | 21.36% | 23.71% | 29.08% | 29.5% | 29.21% | 28.5% | 28.87% |
| Gross Profit Growth % | - | 2.52% | -2.19% | 49.88% | 36.54% | 7.08% | -12.78% | -6.59% | 11.32% | 7.3% | -0.6% | -13.93% | 14.85% | 3.89% | 2.63% | 15.06% | 23.58% | -19.87% | 14.29% | 14.96% | 24.65% | 10.95% | 1.03% | 1.31% | -13.84% | -12.99% | 4.52% | 5.8% | 6.38% | 4.91% | 7.43% |
| Operating Expenses | 106.21M | 101.42M | 101.7M | 109.21M | 90.75M | 56.54M | 53.8M | 58.84M | 59.28M | 56.79M | 54.53M | 56.19M | 54.25M | 51.73M | 47.97M | 44.84M | 37.38M | 35.38M | 38.1M | 34.57M | 32.41M | 30.37M | 29M | 27.97M | 27.92M | 25.96M | 33.29M | 32.2M | 31.9M | 30.7M | 29.7M |
| OpEx % of Revenue | - | 14.86% | 15.42% | 16.56% | 17.42% | 14.95% | 15.42% | 14.78% | 14.31% | 14.97% | 14.27% | 13.83% | 12.47% | 13.21% | 12.77% | 12.47% | 12.59% | 13.29% | 11.52% | 11.31% | 11.96% | 13.13% | 14.25% | 14.29% | 14.39% | 12.79% | 17.51% | 17.96% | 18.63% | 18.62% | 19.14% |
| Selling, General & Admin | 103.11M | 101.42M | 101.7M | 96.66M | 83.12M | 56.54M | 53.8M | 58.84M | 59.28M | 56.79M | 54.53M | 56.19M | 54.25M | 51.73M | 47.97M | 44.84M | 37.38M | 35.38M | 38.1M | 34.57M | 32.41M | 30.37M | 29M | 27.97M | 27.92M | 25.96M | 26.43M | 25.7M | 25.6M | 24.7M | 24M |
| SG&A % of Revenue | - | 14.86% | 15.42% | 14.66% | 15.95% | 14.95% | 15.42% | 14.78% | 14.31% | 14.97% | 14.27% | 13.83% | 12.47% | 13.21% | 12.77% | 12.47% | 12.59% | 13.29% | 11.52% | 11.31% | 11.96% | 13.13% | 14.25% | 14.29% | 14.39% | 12.79% | 13.9% | 14.33% | 14.95% | 14.98% | 15.46% |
| 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 | 1000K | 0 | 0 | 12.55M | 7.64M | 0 | 0 | 0 | -323K | 0 | 0 | 0 | 429K | 0 | 264K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.86M | 6.5M | 6.3M | 6M | 5.7M |
| Operating Income | 100.72M | 95.36M | 90.25M | 87.04M | 40.18M | 39.36M | 35.75M | 30.09M | 50.64M | 37.86M | 35.7M | 36.39M | 53.3M | 41.92M | 42.18M | 42.99M | 38.96M | 26.39M | 38.99M | 32.88M | 26.27M | 16.7M | 13.43M | 14.02M | 13.53M | 22.15M | 22M | 20.7M | 18.1M | 16.3M | 15.1M |
| Operating Margin % | 14.49% | 13.97% | 13.68% | 13.2% | 7.71% | 10.4% | 10.25% | 7.56% | 12.22% | 9.98% | 9.34% | 8.96% | 12.26% | 10.7% | 11.23% | 11.96% | 13.13% | 9.91% | 11.79% | 10.76% | 9.7% | 7.22% | 6.6% | 7.16% | 6.97% | 10.91% | 11.57% | 11.54% | 10.57% | 9.88% | 9.73% |
| Operating Income Growth % | - | 5.67% | 3.68% | 116.61% | 2.1% | 10.08% | 18.82% | -40.58% | 33.76% | 6.05% | -1.91% | -31.73% | 27.16% | -0.62% | -1.89% | 10.36% | 47.61% | -32.3% | 18.56% | 25.2% | 57.25% | 24.41% | -4.24% | 3.62% | -38.91% | 0.68% | 6.28% | 14.36% | 11.04% | 7.95% | 10.22% |
| EBITDA | 121.46M | 123.07M | 118.14M | 115.54M | 61.34M | 51.27M | 48.45M | 43.84M | 65.12M | 52.91M | 51.23M | 51.67M | 67.92M | 55.51M | 54.25M | 54.45M | 49.56M | 35.35M | 46.84M | 40.48M | 32.95M | 23.51M | 20.61M | 21.14M | 20.57M | 29.28M | 28.86M | 27.2M | 24.4M | 22.3M | 20.8M |
| EBITDA Margin % | 17.48% | 18.04% | 17.91% | 17.52% | 11.77% | 13.55% | 13.88% | 11.01% | 15.72% | 13.95% | 13.41% | 12.72% | 15.62% | 14.17% | 14.44% | 15.15% | 16.7% | 13.28% | 14.16% | 13.25% | 12.16% | 10.17% | 10.12% | 10.79% | 10.6% | 14.43% | 15.18% | 15.17% | 14.25% | 13.52% | 13.4% |
| EBITDA Growth % | 0.44% | 4.17% | 2.26% | 88.35% | 19.64% | 5.83% | 10.5% | -32.68% | 23.08% | 3.29% | -0.87% | -23.92% | 22.36% | 2.32% | -0.37% | 9.87% | 40.21% | -24.53% | 15.7% | 22.85% | 40.16% | 14.1% | -2.52% | 2.78% | -29.76% | 1.44% | 6.11% | 11.48% | 9.42% | 7.21% | 10.05% |
| D&A (Non-Cash Add-back) | 20.75M | 27.71M | 27.9M | 28.5M | 21.16M | 11.91M | 12.69M | 13.75M | 14.48M | 15.05M | 15.53M | 15.28M | 14.62M | 13.59M | 12.07M | 11.46M | 10.6M | 8.96M | 7.85M | 7.6M | 6.69M | 6.81M | 7.18M | 7.12M | 7.04M | 7.13M | 6.86M | 6.5M | 6.3M | 6M | 5.7M |
| EBIT | 70.72M | 92.56M | 82.32M | 85.23M | 33.11M | 37.25M | 31.25M | 43.84M | 50.64M | 45.73M | 38.23M | 36.39M | 53.73M | 41.92M | 42.18M | 42.99M | 38.96M | 27.43M | 38.99M | 32.88M | 26.27M | 16.7M | 13.43M | 14.02M | 13.53M | 22.47M | 22M | 20.6M | 18.1M | 16.3M | 15.1M |
| Net Interest Income | -17.09M | -23.4M | -33.62M | -41.27M | -19.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -179K | -175K | -170K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 12.12M | 23.4M | 33.62M | 41.27M | 19.24M | 0 | 0 | 0 | 0 | 0 | 20K | 0 | 0 | 0 | 0 | 179K | 175K | 170K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -24.84M | -26.2M | -39.76M | -43.08M | -26.31M | -2.11M | -4.51M | 1.33M | -323K | -2.58M | -1.01M | 875K | 429K | 2.36M | 264K | -309K | -626K | 862K | 1.51M | 2.5M | 1.46M | 435K | 926K | 380K | 673K | 886K | 197K | 900K | 1.1M | 600K | 500K |
| Pretax Income | 75.88M | 69.16M | 50.49M | 43.96M | 13.87M | 37.25M | 31.25M | 45.17M | 50.32M | 39.38M | 36.48M | 37.27M | 53.73M | 44.28M | 42.45M | 42.69M | 38.33M | 27.25M | 40.49M | 35.38M | 27.73M | 17.14M | 14.35M | 14.4M | 14.2M | 23.04M | 22.2M | 21.6M | 19.2M | 16.9M | 15.6M |
| Pretax Margin % | 10.92% | 10.14% | 7.65% | 6.67% | 2.66% | 9.85% | 8.95% | 11.34% | 12.14% | 10.38% | 9.55% | 9.18% | 12.35% | 11.3% | 11.3% | 11.87% | 12.92% | 10.24% | 12.25% | 11.58% | 10.23% | 7.41% | 7.05% | 7.35% | 7.32% | 11.35% | 11.67% | 12.05% | 11.21% | 10.25% | 10.05% |
| Income Tax | 17.15M | 16.15M | 10.38M | 9.01M | 2.68M | 7.4M | 6.06M | 9.35M | 10.34M | 12.82M | 11.6M | 12.16M | 17.59M | 14.17M | 14.24M | 13.88M | 12.37M | 8.99M | 13.3M | 12.52M | 8.65M | 6.24M | 5.08M | 4.61M | 5.27M | 8.45M | 8.4M | 8.5M | 7.4M | 6.3M | 5.7M |
| Effective Tax Rate % | 22.6% | 23.35% | 20.55% | 20.5% | 19.3% | 19.86% | 19.39% | 20.7% | 20.54% | 32.56% | 31.79% | 32.62% | 32.74% | 32.01% | 33.56% | 32.52% | 32.27% | 32.97% | 32.84% | 35.4% | 31.21% | 36.38% | 35.36% | 32.03% | 37.08% | 36.68% | 37.84% | 39.35% | 38.54% | 37.28% | 36.54% |
| Net Income | 58.73M | 53.02M | 40.12M | 34.95M | 11.2M | 29.85M | 25.19M | 35.81M | 39.98M | 26.55M | 24.88M | 25.11M | 36.14M | 30.1M | 28.2M | 28.8M | 25.96M | 18.27M | 27.2M | 22.86M | 19.07M | 10.9M | 9.28M | 9.79M | 8.94M | 14.59M | 13.8M | 13.1M | 11.8M | 10.6M | 9.9M |
| Net Margin % | 8.45% | 7.77% | 6.08% | 5.3% | 2.15% | 7.89% | 7.22% | 8.99% | 9.65% | 7% | 6.51% | 6.18% | 8.31% | 7.69% | 7.51% | 8.01% | 8.75% | 6.86% | 8.23% | 7.48% | 7.04% | 4.71% | 4.56% | 5% | 4.6% | 7.19% | 7.26% | 7.31% | 6.89% | 6.43% | 6.38% |
| Net Income Growth % | 32.39% | 32.16% | 14.77% | 212.2% | -62.5% | 18.51% | -29.67% | -10.42% | 50.55% | 6.72% | -0.9% | -30.52% | 20.05% | 6.74% | -2.09% | 10.94% | 42.12% | -32.83% | 18.98% | 19.86% | 74.92% | 17.53% | -5.21% | 9.52% | -38.73% | 5.72% | 5.31% | 11.02% | 11.32% | 7.07% | 4.21% |
| Net Income (Continuing) | 58.73M | 53.02M | 40.12M | 34.95M | 11.2M | 29.85M | 25.19M | 35.81M | 39.98M | 26.55M | 24.88M | 25.11M | 36.14M | 30.1M | 28.2M | 28.8M | 25.96M | 18.27M | 27.2M | 22.86M | 19.07M | 10.9M | 9.28M | 9.79M | 8.94M | 14.59M | 13.8M | 13.1M | 11.8M | 10.6M | 9.9M |
| 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 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 707K | 618K | 520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.23 | 2.02 | 1.53 | 1.34 | 0.43 | 1.14 | 0.97 | 1.37 | 1.53 | 1.02 | 0.95 | 0.96 | 1.38 | 1.15 | 1.07 | 1.10 | 0.99 | 0.70 | 1.04 | 0.88 | 0.58 | 0.34 | 0.36 | 0.30 | 0.28 | 0.56 | 0.53 | 0.50 | 0.45 | 0.40 | 0.38 |
| EPS Growth % | 31.95% | 32.03% | 14.18% | 211.63% | -62.28% | 17.53% | -29.2% | -10.46% | 50% | 7.37% | -1.04% | -30.43% | 20% | 7.48% | -2.73% | 11.11% | 41.43% | -32.69% | 18.18% | 51.72% | 70.59% | -5.56% | 20% | 7.14% | -50% | 5.66% | 6% | 11.11% | 12.5% | 5.26% | 5.56% |
| EPS (Basic) | - | 2.02 | 1.53 | 1.34 | 0.43 | 1.14 | 0.97 | 1.37 | 1.53 | 1.02 | 0.95 | 0.96 | 1.38 | 1.15 | 1.07 | 1.10 | 0.99 | 0.70 | 1.04 | 0.88 | 0.58 | 0.34 | 0.36 | 0.30 | 0.28 | 0.56 | 0.53 | 0.50 | 0.45 | 0.40 | 0.38 |
| Diluted Shares Outstanding | 26.34M | 26.29M | 26.22M | 26.17M | 26.09M | 26.12M | 26.09M | 26.13M | 26.13M | 26.03M | 26.09M | 26.16M | 26.19M | 26.18M | 26.31M | 26.28M | 26.23M | 26.19M | 26.07M | 26.1M | 32.61M | 32.6M | 26.08M | 32.58M | 32.57M | 26.11M | 26.19M | 26.2M | 26.24M | 26.27M | 26.3M |
| Basic Shares Outstanding | 26.34M | 26.29M | 26.22M | 26.08M | 26.09M | 26.12M | 26.09M | 26.13M | 26.11M | 26.03M | 26.09M | 26.16M | 26.19M | 26.18M | 26.24M | 26.28M | 26.23M | 26.19M | 26.07M | 26.1M | 32.61M | 32.6M | 26.08M | 32.58M | 32.57M | 26.11M | 26.19M | 26.2M | 26.24M | 26.27M | 26.3M |
| Dividend Payout Ratio | - | 36.95% | 47.39% | 52.78% | 159.64% | 55.56% | 61.12% | 40.12% | 163.96% | 46.2% | 45.08% | 42.21% | 26.88% | 28.77% | 29.03% | 25.8% | 27.05% | 37.04% | 24.57% | 28.45% | 32.12% | 54.87% | 63.67% | 59.35% | 62.11% | 37.54% | 38.58% | 39.69% | 42.37% | 45.28% | 46.46% |
Infrastructure project execution delays
According to the latest quarterly financial data, GRC's revenue growth has accelerated to 7.7% in 2026Q1, marking a notable departure from the stagnant or negative growth observed throughout 2024, suggesting that recent infrastructure-related demand may finally be translating into recognized top-line expansion for the company.
The shift from mid-single-digit growth to a 7.7% expansion suggests that the company is successfully navigating the conversion of its project backlog. Investors should monitor whether this momentum is sustainable or if it reflects a temporary catch-up in municipal project completions.
As reported in the company's income statements, gross margins reached 32.5% in 2026Q1, recovering from a low of 27.4% in 2025Q3, which indicates that GRC may be successfully passing through raw material cost surcharges to its distributor network after a period of significant margin compression.
While the recovery is encouraging, the volatility in gross margins highlights the company's sensitivity to input costs like iron and steel. The current margin profile remains below that of higher-tier industrial peers, suggesting limited pricing power in a competitive fluid-handling market.
Based on the provided figures, operating income scaled to $27.5M in 2026Q1, representing an operating margin of 15.6%, which demonstrates that GRC is effectively managing its SG&A expenses even as revenue growth accelerates, potentially signaling improved operational efficiency following recent corporate acquisitions and integration efforts.
The ability to maintain SG&A discipline while growing the top line suggests that the company is not currently over-investing in overhead to support its current project volume. This operating leverage warrants further investigation to determine if it is a permanent structural improvement or a temporary outcome of cost-cutting.
As indicated by the financial statements, stock-based compensation has remained a consistent line item, reaching $1.2M in 2026Q1, which suggests that while net income is growing, shareholders should account for the dilutive impact of these equity-based incentives on the company's reported earnings per share.
The presence of recurring stock-based compensation, while standard, requires careful scrutiny to ensure that EPS growth is driven by operational performance rather than accounting adjustments. Investors should monitor the trend of these expenses relative to net income to assess the true quality of earnings.
Quick answers to the most common questions about buying GRC stock.
For fiscal year 2025, The Gorman-Rupp Company (GRC) reported total revenue of $682.4M. This represents a 339.7% increase compared to $155.2M in 1996.
The Gorman-Rupp Company (GRC) is profitable, generating $53.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.8%.
The Gorman-Rupp Company (GRC) reported an operating income of $95.4M, resulting in an operating profit margin of 14.0%. This margin reflects the operational efficiency of the business before interest and taxes.
The Gorman-Rupp Company (GRC) generated $196.8M in gross profit for the year, representing a gross profit margin of 28.8%. This demonstrates the company's core pricing power and production efficiency.