The firm exhibits structural margin compression, with gross margins declining from a 65.9% peak in 2024Q2 to 47.5% by 2026Q1, reflecting significant operational inefficiency.
U.S. Global Investors, Inc. (GROW) annual income statement — 30-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Net Interest Income | 1.44M | -1K | -3K | -4K | 0 | 464K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | - | 66.67% | 25% | - | -100% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 2.95% | -0% | -0.01% | -0.01% | 0% | 0.75% | 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 Income | 1.44M | 0 | 0 | 0 | 0 | 464K | 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 | 6K | 1K | 3K | 4K | 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 |
| Loan Loss Provision | 78K | 4.93M | 4.8M | 4.79M | 6.06M | 7.37M | 2.84M | 2.88M | 4.27M | 3.75M | 4.92M | 5.4M | 6.53M | 11.01M | 12.85M | 18.95M | 0 | 0 | 0 | 0 | 0 | 0 | 4.99B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 6.32M | 8.45M | 10.98M | 15.07M | 24.71M | 21.19M | 4.48M | 3.46M | 6.26M | 6.76M | 5.5M | 7.33M | 8.53M | 17.32M | 22.37M | 40.93M | 0 | 0 | 56.04M | 58.6M | 44.85M | 16.98M | 12.98M | 7.48M | 7.77M | 8.89M | 10.91M | 9.02M | 10.02M | 14.01M |
| Non-Interest Income % | 81.46% | 100.01% | 100.03% | 100.03% | 100% | 97.86% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 7.76M | 8.45M | 10.98M | 15.07M | 24.71M | 21.65M | 4.48M | 3.46M | 6.26M | 6.76M | 5.5M | 7.33M | 8.53M | 17.32M | 22.37M | 40.93M | 0 | 0 | 56.04M | 58.6M | 44.85M | 16.98M | 12.98M | 7.48M | 7.77M | 8.89M | 10.91M | 9.02M | 10.02M | 14.01M |
| Revenue Growth % | -8.2% | -23.04% | -27.13% | -39.02% | 14.13% | 383.78% | 29.4% | -44.75% | -7.42% | 22.85% | -24.93% | -14.07% | -50.72% | -22.6% | -45.33% | - | - | -100% | -4.38% | 30.66% | 164.13% | 30.79% | 73.6% | -3.72% | -12.66% | -18.5% | 21.01% | -10.02% | -28.46% | -30.7% |
| Non-Interest Expense | 5.4M | 6.51M | 6.66M | 6.75M | 7.54M | 6.12M | 4.04M | 3.33M | 4.28M | 3.88M | 4.76M | 5.44M | 5.28M | 6.5M | 6.68M | 10.96M | -8.51M | 3.61M | 39.46M | 37.26M | 28.99M | 14.74M | 10.07M | 7.73M | 8.02M | 9.54M | 10.38M | 9.82M | 9.76M | 12.12M |
| Efficiency Ratio | 69.64% | 77% | 60.67% | 44.8% | 30.52% | 28.26% | 90.24% | 96.33% | 68.34% | 57.4% | 86.52% | 74.2% | 61.91% | 37.54% | 29.87% | 26.77% | - | - | 70.41% | 63.58% | 64.62% | 86.83% | 77.54% | 103.42% | 103.24% | 107.29% | 95.14% | 108.87% | 97.34% | 86.5% |
| Operating Income | 2.28M | -2.99M | -480K | 3.52M | 11.11M | 8.16M | -2.4M | -2.76M | -2.29M | -873K | -4.18M | -3.51M | -3.28M | -191K | 2.84M | 11.02M | 8.51M | -3.61M | 16.58M | 21.35M | 15.87M | 2.24M | 2.92M | -256K | -251.4K | -648.25K | 530.15K | -799.49K | 266.34K | 1.89M |
| Operating Margin % | 29.35% | -35.33% | -4.37% | 23.39% | 44.97% | 37.71% | -53.69% | -79.71% | -36.54% | -12.91% | -75.86% | -47.82% | -38.4% | -1.1% | 12.69% | 26.93% | - | - | 29.59% | 36.42% | 35.38% | 13.17% | 22.46% | -3.42% | -3.24% | -7.29% | 4.86% | -8.87% | 2.66% | 13.5% |
| Operating Income Growth % | 176.26% | -522.08% | -113.62% | -68.28% | 36.11% | 439.78% | 12.84% | -20.5% | -162.08% | 79.09% | -19.08% | -7.02% | -1615.71% | -106.73% | -74.24% | 29.53% | 335.66% | -121.77% | -22.32% | 34.53% | 609.46% | -23.29% | 1238.91% | -1.83% | 61.22% | -222.28% | 166.31% | -400.18% | -85.92% | -78.13% |
| Pretax Income | 3.88M | -262K | 1.92M | 4.08M | 4.97M | 37.44M | -4.64M | -4.27M | 886K | -527K | -3.69M | -3.07M | -1.11M | 71K | 2.66M | 12.03M | 8.51M | -3.61M | 16.58M | 21.35M | 15.87M | 2.24M | 2.84M | 32.11K | -336.79K | -758.5K | 469.23K | -1.67M | -188.19K | 616.13K |
| Pretax Margin % | 50.06% | -3.1% | 17.44% | 27.09% | 20.1% | 172.89% | -103.64% | -123.42% | 14.15% | -7.79% | -67.05% | -41.91% | -13.03% | 0.41% | 11.9% | 29.4% | - | - | 29.59% | 36.42% | 35.38% | 13.17% | 21.89% | 0.43% | -4.34% | -8.53% | 4.3% | -18.51% | -1.88% | 4.4% |
| Income Tax | 829K | 72K | 582K | 934K | 1.53M | 5.48M | -175K | -977K | 197K | 17K | -6K | 822K | -475K | 100K | 1.02M | 4.2M | 3.16M | -1.37M | 5.75M | 7.59M | 5.43M | 789.97K | 675.84K | -10.5K | -95.35K | 36.18K | -26.53K | 183.33K | -39.57K | 331.98K |
| Effective Tax Rate % | 21.34% | -27.48% | 30.39% | 22.88% | 30.76% | 14.63% | 3.77% | 22.89% | 22.23% | -3.23% | 0.16% | -26.75% | 42.72% | 140.85% | 38.47% | 34.89% | 37.13% | 38.03% | 34.65% | 35.54% | 34.23% | 35.32% | 23.78% | -32.71% | 28.31% | -4.77% | -5.65% | -10.98% | 21.03% | 53.88% |
| Net Income | 3.06M | -334K | 1.33M | 3.15M | 3.44M | 31.96M | -4.68M | -3.39M | 647K | -513K | -3.67M | -4.03M | -970K | -194K | 1.53M | 7.83M | 5.35M | -2.24M | 10.84M | 13.76M | 10.44M | 1.45M | 2.17M | 42.61K | -241.43K | -794.68K | 495.76K | -1.85M | -148.62K | 284.15K |
| Net Margin % | 39.38% | -3.95% | 12.14% | 20.9% | 13.92% | 147.6% | -104.65% | -97.95% | 10.33% | -7.59% | -66.76% | -54.96% | -11.37% | -1.12% | 6.84% | 19.14% | - | - | 19.34% | 23.48% | 23.27% | 8.52% | 16.69% | 0.57% | -3.11% | -8.94% | 4.54% | -20.55% | -1.48% | 2.03% |
| Net Income Growth % | 1014.67% | -125.06% | -57.67% | -8.46% | -89.24% | 782.34% | -38.25% | -623.65% | 226.12% | 86.04% | 8.81% | -315.46% | -400% | -112.68% | -80.47% | 46.42% | 339.07% | -120.65% | -21.24% | 31.85% | 621.44% | -33.24% | 4984.58% | 117.65% | 69.62% | -260.3% | 126.76% | -1146.68% | -152.3% | -85.7% |
| Net Income (Continuing) | 3.06M | -334K | 1.33M | 3.15M | 3.44M | 31.96M | -4.46M | -3.29M | 689K | -544K | -3.69M | -3.9M | -637K | -29K | 1.64M | 7.83M | 5.35M | -2.24M | 10.84M | 13.76M | 10.44M | 1.45M | 2.17M | 42.61K | -241.43K | -794.68K | 495.76K | -1.9M | -148.62K | 284.15K |
| EPS (Diluted) | 0.24 | -0.03 | 0.09 | 0.22 | 0.23 | 2.12 | -0.30 | -0.23 | 0.04 | -0.03 | -0.24 | -0.26 | -0.06 | -0.01 | 0.10 | 0.51 | 0.35 | -0.15 | 0.71 | 0.90 | 0.69 | 0.10 | 0.15 | 0.00 | -0.02 | -0.06 | 0.04 | -0.14 | -0.01 | 0.02 |
| EPS Growth % | 1060% | -126.6% | -57.27% | -4.35% | -89.15% | 806.67% | -30.43% | -638.64% | 226.71% | 85.96% | 7.69% | -314.67% | -401.6% | -112.5% | -80.39% | 45.71% | 333.33% | -121.13% | -21.11% | 30.43% | 626.32% | -36.67% | - | 119.33% | 72.73% | -257.14% | 125% | -1161.26% | -155.5% | -86.67% |
| EPS (Basic) | 0.24 | -0.03 | 0.09 | 0.22 | 0.23 | 2.12 | -0.30 | -0.23 | 0.04 | -0.03 | -0.24 | -0.26 | -0.06 | -0.01 | 0.10 | 0.51 | 0.35 | -0.15 | 0.71 | 0.91 | 0.69 | 0.10 | 0.15 | 0.01 | -0.02 | -0.06 | 0.04 | -0.14 | -0.01 | 0.02 |
| Diluted Shares Outstanding | 12.69M | 13.34M | 14.18M | 14.64M | 15.01M | 15.07M | 15.11M | 15.14M | 15.16M | 15.21M | 15.29M | 15.4M | 15.46M | 15.48M | 15.44M | 15.38M | 15.34M | 15.28M | 15.28M | 15.24M | 15.15M | 15.13M | 14.44M | 14.94M | 16.1M | 14.45M | 14.75M | 13.33M | 13.34M | 13.33M |
Quick answers to the most common questions about buying GROW stock.
For fiscal year 2026, U.S. Global Investors, Inc. (GROW) reported total revenue of $7.8M. This represents a 44.6% decline compared to $14.0M in 1997.
U.S. Global Investors, Inc. (GROW) is profitable, generating $3.1M in net income for the fiscal year ending 2026 with a net profit margin of 39.4%.
U.S. Global Investors, Inc. (GROW) reported an operating income of $2.3M, resulting in an operating profit margin of 29.4%. This margin reflects the operational efficiency of the business before interest and taxes.
U.S. Global Investors, Inc. (GROW) generated $7.7M in gross profit for the year, representing a gross profit margin of 99.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High revenue concentration risk
Metrics are mathematically derived from official filings.
Revenue Contraction Amidst Market Volatility
As indicated by the quarterly income statement data, GROW's revenue has trended downward from $2.8M in 2024Q2 to $2.3M in 2026Q1, reflecting a challenging environment for its thematic asset management products that warrants close monitoring by investors regarding future AUM stability.
The consistent decline in top-line performance suggests that the firm's niche focus on airline and precious metals ETFs is struggling to maintain scale in the current market cycle. This downward trajectory implies that the firm may be facing significant net outflows, which could further pressure the revenue base if thematic interest continues to wane.
Structural Margin Compression and Inefficiency
Based on reported financial figures, the firm's gross margin has fluctuated significantly, dropping from a peak of 65.9% in 2024Q2 to 47.5% in 2026Q1, which highlights the difficulty of maintaining profitability within a high-fixed-cost asset management model during periods of declining assets under management.
The erosion of gross margins suggests that the direct costs associated with maintaining ETF listings and regulatory compliance are becoming increasingly burdensome relative to the shrinking fee revenue. Investors should consider whether the firm possesses the pricing power necessary to offset these rising relative costs or if margin compression is a permanent feature of its current scale.
Operating Leverage Constrained by Overhead
According to the provided income statement, the firm has struggled to achieve positive operating income, with margins frequently dipping into negative territory, such as the -50.8% operating margin recorded in 2025Q4, indicating a lack of operational scalability in the current business model.
The inability to scale operating income faster than gross profit suggests that SG&A expenses remain stubbornly high despite the contraction in revenue. This implies that the firm's current cost structure is not optimized for its present size, potentially requiring a significant reduction in overhead to reach a sustainable break-even point.
Non-Operating Items Masking Operational Losses
Financial statements reveal a recurring discrepancy between operating losses and net income, such as the 2026Q1 period where a -22.9% operating margin was offset by a 66.9% net margin, suggesting that non-operating investment gains are significantly distorting the firm's true underlying profitability.
The reliance on non-operating income to bolster the bottom line indicates that the core asset management business is currently failing to generate consistent earnings. Analysts should be wary of these accounting anomalies, as they may mask the fundamental deterioration of the firm's primary advisory operations.
Sustainability of the Current Business Model
As reported in recent filings, the firm's persistent operating losses and reliance on cash reserves to maintain operations raise questions about the long-term viability of its current strategy, particularly given the -23.05% revenue decline observed in recent periods.
Short-term observers might argue that the firm's substantial cash position provides a safety net, but this capital is effectively being eroded to fund ongoing operational deficits. This trend suggests that without a pivot to a more efficient revenue model, the firm may continue to see its intrinsic value decline alongside its shrinking AUM.