Revenue of $260.1M in Q3 2026 grew 6.5% year over year with a 47.9% gross margin, but a 12.5% net margin versus a 19.3% operating margin points to non-operating drag that warrants review.
Hayward Holdings, Inc. (HAYW) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.18B | 1.12B | 1.05B | 992.45M | 1.31B | 1.4B | 875.4M | 733.45M |
| Revenue Growth % | 7.57% | 6.71% | 5.96% | -24.48% | -6.25% | 60.13% | 19.35% | - |
| Cost of Goods Sold | 655.6M | 610.93M | 549.65M | 545.86M | 749.23M | 778.66M | 516.3M | 451.7M |
| COGS % of Revenue | - | 54.44% | 52.27% | 55% | 57.01% | 55.55% | 58.98% | 61.59% |
| Gross Profit | 527.5M | 511.23M | 501.96M | 446.59M | 564.91M | 623.13M | 359.1M | 281.7M |
| Gross Margin % | 44.59% | 45.56% | 47.73% | 45% | 42.99% | 44.45% | 41.02% | 38.41% |
| Gross Profit Growth % | - | 1.85% | 12.4% | -20.94% | -9.34% | 73.53% | 27.48% | - |
| Operating Expenses | 270.88M | 274.09M | 286.71M | 258.15M | 271.17M | 290.13M | 215.2M | 199.3M |
| OpEx % of Revenue | - | 24.43% | 27.26% | 26.01% | 20.63% | 20.7% | 24.58% | 27.17% |
| Selling, General & Admin | 226.38M | 246.89M | 260.93M | 233.61M | 248.81M | 267.26M | 195.2M | 179.4M |
| SG&A % of Revenue | - | 22% | 24.81% | 23.54% | 18.93% | 19.07% | 22.3% | 24.46% |
| Research & Development | 31.03M | 27.2M | 25.78M | 24.55M | 22.36M | 22.87M | 20M | 19.91M |
| R&D % of Revenue | - | 2.42% | 2.45% | 2.47% | 1.7% | 1.63% | 2.28% | 2.71% |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 256.62M | 237.14M | 215.25M | 188.44M | 293.74M | 333M | 143.9M | 82.4M |
| Operating Margin % | 21.69% | 21.13% | 20.47% | 18.99% | 22.35% | 23.76% | 16.44% | 11.23% |
| Operating Income Growth % | - | 10.17% | 14.23% | -35.85% | -11.79% | 131.41% | 74.64% | - |
| EBITDA | 313.65M | 294.42M | 271.11M | 241.5M | 351.37M | 390.82M | 206.72M | 146.34M |
| EBITDA Margin % | 26.51% | 26.24% | 25.78% | 24.33% | 26.74% | 27.88% | 23.61% | 19.95% |
| EBITDA Growth % | 8.66% | 8.6% | 12.26% | -31.27% | -10.09% | 89.06% | 41.26% | - |
| D&A (Non-Cash Add-back) | 57.03M | 57.29M | 55.86M | 53.06M | 57.64M | 57.82M | 62.82M | 63.94M |
| EBIT | 260.82M | 244.52M | 223.03M | 190.31M | 285.43M | 304.4M | 131.4M | 96.6M |
| Net Interest Income | -55.24M | -59.89M | -62.16M | -71.2M | -51.19M | -50.85M | -73.61M | -84.5M |
| Interest Income | 0 | 0 | 5.85M | 2.4M | 0 | 0 | 0 | 0 |
| Interest Expense | 55.24M | 59.89M | 68.02M | 73.6M | 51.19M | 50.85M | 73.61M | 84.5M |
| Other Income/Expense | -50.79M | -52.5M | -71.07M | -87.35M | -59.5M | -72.86M | -86.1M | -70.3M |
| Pretax Income | 205.83M | 184.64M | 144.18M | 101.09M | 234.24M | 260.14M | 57.8M | 12.1M |
| Pretax Margin % | 17.4% | 16.45% | 13.71% | 10.19% | 17.82% | 18.56% | 6.6% | 1.65% |
| Income Tax | 36.02M | 33.07M | 25.53M | 20.4M | 54.89M | 56.42M | 14.5M | 3.57M |
| Effective Tax Rate % | 17.5% | 17.91% | 17.7% | 20.18% | 23.43% | 21.69% | 25.09% | 29.54% |
| Net Income | 169.81M | 151.57M | 118.66M | 80.69M | 179.35M | 203.72M | 43.3M | 8.52M |
| Net Margin % | 14.35% | 13.51% | 11.28% | 8.13% | 13.65% | 14.53% | 4.95% | 1.16% |
| Net Income Growth % | 23.14% | 27.74% | 47.06% | -55.01% | -11.97% | 370.47% | 408.06% | - |
| Net Income (Continuing) | 169.81M | 151.57M | 118.66M | 80.69M | 179.35M | 203.72M | 43.3M | 8.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.78 | 0.68 | 0.54 | 0.37 | 0.78 | 0.49 | 0.01 | 0.00 |
| EPS Growth % | 24.88% | 25.93% | 45.95% | -52.56% | 59.18% | - | - | - |
| EPS (Basic) | - | 0.70 | 0.55 | 0.38 | 0.82 | 0.52 | 0.01 | 0.00 |
| Diluted Shares Outstanding | 216.53M | 222.23M | 221.37M | 220.69M | 229.73M | 200.57M | 46.32M | 46.32M |
| Basic Shares Outstanding | 212.21M | 216.59M | 215.03M | 213.14M | 219.95M | 187.69M | 46.32M | 46.32M |
| Dividend Payout Ratio | - | - | - | - | - | 0.02% | 635.54% | 4.88% |
Quick answers to the most common questions about buying HAYW stock.
For fiscal year 2025, Hayward Holdings, Inc. (HAYW) reported total revenue of $1.12B. This represents a 53.0% increase compared to $733.4M in 2019.
Hayward Holdings, Inc. (HAYW) is profitable, generating $151.6M in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
Hayward Holdings, Inc. (HAYW) reported an operating income of $237.1M, resulting in an operating profit margin of 21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Hayward Holdings, Inc. (HAYW) generated $511.2M in gross profit for the year, representing a gross profit margin of 45.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unverified leverage data discrepancy
Metrics are mathematically derived from official filings.
Mid-Single-Digit Growth Amid Volatility
Based on reported quarterly figures, HAYW's Q3 2026 revenue of $260.1M grew 6.5% year over year, a moderate pace that sits well below the 17.5% surge posted in Q4 2024 and suggests growth has normalized.
The quarterly series shows top-line growth oscillating between roughly 0.3% and 17.5%, with the most recent quarters clustering in the mid-single digits. This pattern suggests demand is steady rather than inflecting, consistent with an aftermarket-weighted business. Investors should monitor whether the guided 5%-6% full-year net sales expansion can be sustained without relying on favorable comparisons.
Gross Margin Holds Above Four-Five Percent
As reported in the income statement, HAYW's gross margin of 47.9% in Q3 2026 remained near the top of its recent range, indicating that pricing and mix continue to offset input cost pressure.
Gross margins ranged from 38.8% to 50.4% over the ten quarters, with the lowest print coinciding with the Q4 2025 cost spike where COGS reached $213.9M. The recovery to the high-40s suggests the shift toward higher-priced variable speed pumps and automation controls is supporting realization. Margin durability will depend on whether resin and copper costs remain contained.
Net Income Lags Operating Strength
Based on EDBL-style reporting conventions applied here, HAYW's Q3 2026 net margin of 12.5% compares with a 19.3% operating margin, implying a meaningful gap from interest, taxes, or other non-operating items that warrants review.
The spread between operating and net margins is wide in several quarters, most notably Q4 2025 where operating margin was 25.0% but net margin reached 19.6%, and Q1 2026 where the gap narrowed to a 7.6-point difference. Stock-based compensation of roughly $3.5M-$4.0M per quarter is modest and does not explain the gap. The EPS trajectory, including the 36.4% year-over-year EPS growth in Q3 2026, appears partly driven by a low prior-year base rather than structural earnings expansion.
Operating Income Tracks Revenue Closely
As reported in filings, HAYW's operating income of $50.2M in Q3 2026 on $260.1M revenue indicates operating margin of 19.3%, with SG&A of $59.4M absorbing most of the gross profit cushion.
SG&A has remained in a fairly narrow band of roughly $40M to $73M quarterly, so operating leverage is driven more by revenue swings than by overhead discipline. The Q4 2025 SG&A drop to $40.1M appears to have been a major contributor to that quarter's elevated margin, which may reflect timing rather than a permanent efficiency gain. Investors should track whether SG&A can be held flat as revenue grows.
Destocking Risk Could Mask Demand Softness
Based on reported figures, the sequential pattern of strong Q4 and Q2 prints followed by weaker Q3 results may reflect distributor sell-in timing, which could overstate underlying demand if channel inventories are rebuilding.
Because revenue is recognized on sell-in to distributors rather than sell-through to pool professionals, the reported quarterly pattern may not reflect end-market consumption. The Q3 2026 EPS of $0.15 was in line with estimates rather than a beat, which may indicate limited upside surprise potential. The debt-to-equity figure of 0.01% in the snapshot is inconsistent with typical industrial capital structures and warrants verification before drawing balance sheet conclusions.