Revenue grew 6.3% YoY in Q2 2026 with gross margin at 48.7%, while operating margin peaked at 25.0% in Q4 2025, reflecting strong pricing power and operating leverage.
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 | 1.17B | 1.12B | 1.05B | 992.45M | 1.31B | 1.4B | 875.4M | 733.45M |
| Revenue Growth % | 7.78% | 6.71% | 5.96% | -24.48% | -6.25% | 60.13% | 19.35% | - |
| Cost of Goods Sold | 646.2M | 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 | 521.11M | 511.23M | 501.96M | 446.59M | 564.91M | 623.13M | 359.1M | 281.7M |
| Gross Margin % | 44.64% | 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 | 273.36M | 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 | 236.74M | 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 | 29.52M | 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 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 247.74M | 237.14M | 215.25M | 188.44M | 293.74M | 333M | 143.9M | 82.4M |
| Operating Margin % | 21.22% | 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 | 296.84M | 294.42M | 271.11M | 241.5M | 351.37M | 390.82M | 200.6M | 141.4M |
| EBITDA Margin % | 25.43% | 26.24% | 25.78% | 24.33% | 26.74% | 27.88% | 22.92% | 19.28% |
| EBITDA Growth % | 5.32% | 8.6% | 12.26% | -31.27% | -10.09% | 94.83% | 41.87% | - |
| D&A (Non-Cash Add-back) | 49.09M | 57.29M | 55.86M | 53.06M | 57.64M | 57.82M | 56.7M | 59M |
| EBIT | 256.69M | 244.52M | 223.03M | 190.31M | 285.43M | 304.4M | 131.4M | 96.6M |
| Net Interest Income | -61.04M | -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 | 61.04M | 59.89M | 68.02M | 73.6M | 51.19M | 50.85M | 73.61M | 84.5M |
| Other Income/Expense | -51.85M | -52.5M | -71.07M | -87.35M | -59.5M | -72.86M | -86.1M | -70.3M |
| Pretax Income | 195.89M | 184.64M | 144.18M | 101.09M | 234.24M | 260.14M | 57.8M | 12.1M |
| Pretax Margin % | 16.78% | 16.45% | 13.71% | 10.19% | 17.82% | 18.56% | 6.6% | 1.65% |
| Income Tax | 34.48M | 33.07M | 25.53M | 20.4M | 54.89M | 56.42M | 14.5M | 3.57M |
| Effective Tax Rate % | 17.6% | 17.91% | 17.7% | 20.18% | 23.43% | 21.69% | 25.09% | 29.54% |
| Net Income | 161.41M | 151.57M | 118.66M | 80.69M | 179.35M | 203.72M | 43.3M | 8.52M |
| Net Margin % | 13.83% | 13.51% | 11.28% | 8.13% | 13.65% | 14.53% | 4.95% | 1.16% |
| Net Income Growth % | 23.82% | 27.74% | 47.06% | -55.01% | -11.97% | 370.47% | 408.06% | - |
| Net Income (Continuing) | 161.41M | 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) | 0.73 | 0.68 | 0.54 | 0.37 | 0.78 | 0.49 | 0.01 | 0.00 |
| EPS Growth % | 25.62% | 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 | 220.81M | 222.23M | 221.37M | 220.69M | 229.73M | 200.57M | 46.32M | 46.32M |
| Basic Shares Outstanding | 216.35M | 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
Seasonal revenue concentration
Metrics are mathematically derived from official filings.
Steady Growth Amid Seasonal Swings
Revenue grew 6.3% year-over-year in 2026Q2, with sequential strength in Q4 and Q2 quarters, reflecting a stable but seasonal demand pattern for pool equipment.
The company's revenue growth has been consistent, ranging from 0.3% to 17.5% year-over-year over the past ten quarters, with the most recent quarter at 6.3%. The growth appears to be driven by volume and mix rather than pricing, as gross margins have remained relatively stable. The seasonal pattern, with Q4 and Q2 being the strongest quarters, suggests a reliance on the pool construction and maintenance cycle, which may limit upside in off-peak periods.
Gross Margin Resilience Above Peers
Gross margin expanded to 48.7% in 2026Q2, up from 50.4% a year earlier, but remains well above peers like POOL (29.7%) and LESL (35.4%), indicating strong pricing power.
Hayward's gross margin has consistently hovered between 38.8% and 50.4% over the past ten quarters, with the latest quarter at 48.7%. This is significantly higher than its peers, suggesting a differentiated product mix and brand strength. The slight decline from the 50.4% peak in 2025Q2 may reflect input cost pressures or mix shifts, but the margin remains structurally superior, supporting the company's ability to maintain profitability.
Operating Leverage Evident in Q4
Operating margin peaked at 25.0% in 2025Q4, driven by a 6.8% revenue increase and a 45% drop in SG&A, showcasing significant operating leverage.
In 2025Q4, operating income surged to $87.4 million on revenue of $349.4 million, with SG&A falling to $40.1 million from $73.2 million in the prior year quarter. This suggests that the company can scale its cost base efficiently, with fixed costs spread over higher volumes. However, the volatility in SG&A across quarters (ranging from $40.1M to $73.2M) indicates that the company may be adjusting discretionary spending, which could impact the consistency of operating leverage.
Earnings Quality Supported by Low SBC
Stock-based compensation averaged $3.2M per quarter, representing less than 10% of net income, indicating limited dilution and high earnings quality.
SBC has been relatively stable, ranging from $2.0M to $4.0M per quarter, which is modest compared to net income. For instance, in 2026Q2, SBC of $4.0M was only 8.8% of net income of $45.6M. This suggests that reported earnings are not significantly inflated by non-cash charges, and the quality of earnings appears solid. The tax rate appears normal, with no unusual anomalies, further supporting the reliability of reported net income.
COGS and SG&A Drive Margin Variability
COGS as a percentage of revenue ranged from 49.6% to 61.2% over the past ten quarters, while SG&A fluctuated between 11.5% and 28.6%, highlighting cost management challenges.
The primary cost drivers are COGS and SG&A, with COGS typically around 50-55% of revenue, but spiking to 61.2% in 2025Q4. This variability suggests that input costs or product mix can significantly impact gross margins. SG&A also shows wide swings, from $40.1M in 2025Q4 to $73.2M in 2024Q4, indicating that the company may be adjusting marketing and administrative expenses in response to seasonal demand. Investors should monitor the company's ability to control these costs while maintaining growth.
Seasonality and Margin Compression Risks
Despite strong margins, revenue is highly seasonal, with Q1 typically the weakest quarter, and gross margin dipped to 38.8% in 2025Q4, suggesting potential volatility.
The company's revenue is heavily dependent on the pool season, with Q1 consistently the lowest revenue quarter (e.g., $212.6M in 2024Q1 vs. $349.4M in 2025Q4). This seasonality could lead to cash flow strain and higher working capital needs. Additionally, the gross margin in 2025Q4 fell to 38.8%, well below the typical 46-50% range, which may indicate that the company engaged in promotional pricing or faced higher input costs. If such margin compression becomes more frequent, it could erode the company's profitability advantage.