Operating margins have demonstrated significant sensitivity to product mix and volume, fluctuating between a low of 14.8% in 2024Q1 and a peak of 25.0% in 2025Q4.
| Sales/Revenue | 1.15B | 1.12B | 1.05B | 992.45M | 1.31B | 1.4B | 875.4M | 733.45M |
| Revenue Growth % | 7.55% | 6.71% | 5.96% | -24.48% | -6.25% | 60.13% | 19.35% | - |
| Cost of Goods Sold | 631.51M | 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 | 517.02M | 511.23M | 501.96M | 446.59M | 564.91M | 623.13M | 359.1M | 281.7M |
| Gross Margin % | 45.02% | 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 | 272.33M | 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 | 244.36M | 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 | 27.97M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 244.69M | 237.14M | 215.25M | 188.44M | 293.74M | 333M | 143.9M | 82.4M |
| Operating Margin % | 21.3% | 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 | 301.31M | 294.42M | 271.11M | 241.5M | 351.37M | 390.82M | 200.6M | 141.4M |
| EBITDA Margin % | 26.23% | 26.24% | 25.78% | 24.33% | 26.74% | 27.88% | 22.92% | 19.28% |
| EBITDA Growth % | 8.72% | 8.6% | 12.26% | -31.27% | -10.09% | 94.83% | 41.87% | - |
| D&A (Non-Cash Add-back) | 56.62M | 57.29M | 55.86M | 53.06M | 57.64M | 57.82M | 56.7M | 59M |
| EBIT | 244.69M | 237.14M | 223.03M | 190.31M | 285.43M | 304.4M | 131.4M | 96.6M |
| Net Interest Income | -60.11M | -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 | 60.11M | 59.89M | 68.02M | 73.6M | 51.19M | 50.85M | 73.61M | 84.5M |
| Other Income/Expense | -48.62M | -52.5M | -71.07M | -87.35M | -59.5M | -72.86M | -86.1M | -70.3M |
| Pretax Income | 196.07M | 184.64M | 144.18M | 101.09M | 234.24M | 260.14M | 57.8M | 12.1M |
| Pretax Margin % | 17.07% | 16.45% | 13.71% | 10.19% | 17.82% | 18.56% | 6.6% | 1.65% |
| Income Tax | 35.47M | 33.07M | 25.53M | 20.4M | 54.89M | 56.42M | 14.5M | 3.57M |
| Effective Tax Rate % | 18.09% | 17.91% | 17.7% | 20.18% | 23.43% | 21.69% | 25.09% | 29.54% |
| Net Income | 160.6M | 151.57M | 118.66M | 80.69M | 179.35M | 203.72M | 43.3M | 8.52M |
| Net Margin % | 13.98% | 13.51% | 11.28% | 8.13% | 13.65% | 14.53% | 4.95% | 1.16% |
| Net Income Growth % | 30.41% | 27.74% | 47.06% | -55.01% | -11.97% | 370.47% | 408.06% | - |
| Net Income (Continuing) | 160.6M | 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) | 0.72 | 0.68 | 0.54 | 0.37 | 0.78 | 0.49 | 0.01 | 0.00 |
| EPS Growth % | 30.57% | 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 | 222.42M | 222.23M | 221.37M | 220.69M | 229.73M | 200.57M | 46.32M | 46.32M |
| Basic Shares Outstanding | 217.36M | 216.59M | 215.03M | 213.14M | 219.95M | 187.69M | 46.32M | 46.32M |
| Dividend Payout Ratio | - | - | - | - | - | 0.02% | 635.54% | 4.88% |
Distributor inventory channel destocking
According to the provided quarterly income statements, Hayward's revenue growth has fluctuated significantly, ranging from a low of 0.3% in 2024Q2 to a peak of 17.5% in 2024Q4, reflecting the inherent seasonality of the residential pool equipment market and potential shifts in distributor-level inventory purchasing patterns.
The revenue trajectory appears heavily influenced by the timing of pool openings and distributor stocking cycles rather than consistent organic demand growth. Investors should monitor whether the recent 11.5% growth in 2026Q1 represents a sustainable recovery or merely a rebound from prior period destocking within the pro-channel.
As reported in financial statements, Hayward's gross margins have demonstrated notable variance, peaking at 50.4% in 2025Q2 before contracting to 38.8% in 2025Q4, suggesting that product mix shifts toward higher-margin automation controls may be periodically offset by inflationary pressures or aggressive promotional pricing to clear channel inventory.
The volatility in gross margins implies that Hayward's pricing power is not entirely insulated from commodity cost fluctuations or competitive discounting. The compression observed in late 2025 warrants further investigation into whether this reflects a permanent shift in the competitive landscape or temporary operational inefficiencies.
Based on Hayward's reported figures, operating margins have swung between 14.8% and 25.0% over the last ten quarters, indicating that the company's cost structure remains sensitive to volume fluctuations despite management's efforts to maintain a lean manufacturing footprint through the integration of IoT-enabled product lines.
The lack of consistent operating margin expansion during periods of revenue growth suggests that SG&A expenses are not scaling as efficiently as one might expect for a technology-integrated industrial. This may indicate that the company is incurring higher-than-anticipated costs to support its pro-centric ecosystem and automation software rollout.
Data from recent income statements suggests that Hayward's revenue recognition at the point of sell-in to distributors may mask underlying demand weakness, as evidenced by the sharp margin contraction in 2025Q4, which could indicate that the company is struggling to balance production levels with actual end-market consumption.
Short-sellers may focus on the potential for a 'bullwhip effect' where distributor destocking leads to prolonged revenue stagnation. The discrepancy between sell-in and sell-through remains a critical risk factor that could lead to future earnings misses if the current inventory levels in the pro-channel are not rightsized.
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.