Revenue and margins have been highly seasonal, with operating margin swinging from 1.7% to 30.3% largely due to gross profit variation rather than cost discipline, and most quarters delivering net margins below 4%.
Hamilton Beach Brands Holding Company (HBB) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 617.79M | 606.85M | 654.69M | 625.63M | 640.95M | 658.39M | 603.71M | 611.79M | 630.08M | 740.75M | 745.36M | 767.86M |
| Revenue Growth % | 1.71% | -7.31% | 4.65% | -2.39% | -2.65% | 9.06% | -1.32% | -2.9% | -14.94% | -0.62% | -2.93% | - |
| Cost of Goods Sold | 405.33M | 450.7M | 484.49M | 481.95M | 511.83M | 521.89M | 465.06M | 483.23M | 491.03M | 475.94M | 551.59M | 577.13M |
| COGS % of Revenue | - | 74.27% | 74% | 77.03% | 79.86% | 79.27% | 77.03% | 78.99% | 77.93% | 64.25% | 74% | 75.16% |
| Gross Profit | 212.46M | 156.15M | 170.21M | 143.68M | 129.11M | 136.5M | 138.65M | 128.55M | 139.05M | 136.12M | 193.77M | 190.73M |
| Gross Margin % | 34.39% | 25.73% | 26% | 22.97% | 20.14% | 20.73% | 22.97% | 21.01% | 22.07% | 18.38% | 26% | 24.84% |
| Gross Profit Growth % | - | -8.26% | 18.47% | 11.28% | -5.41% | -1.55% | 7.86% | -7.55% | 2.16% | -29.75% | 1.6% | - |
| Operating Expenses | 134.38M | 119.26M | 127M | 108.59M | 90.32M | 104.96M | 101.24M | 101.76M | 105.5M | 98.16M | 150.4M | 155.17M |
| OpEx % of Revenue | - | 19.65% | 19.4% | 17.36% | 14.09% | 15.94% | 16.77% | 16.63% | 16.74% | 13.25% | 20.18% | 20.21% |
| Selling, General & Admin | 134.38M | 119.26M | 126.7M | 96M | 90.12M | 104.76M | 99.99M | 100.38M | 86.96M | 93.42M | 149.02M | 153.79M |
| SG&A % of Revenue | - | 19.65% | 19.35% | 15.34% | 14.06% | 15.91% | 16.56% | 16.41% | 13.8% | 12.61% | 19.99% | 20.03% |
| Research & Development | 0 | 13.2M | 0 | 12.4M | 0 | 0 | 0 | 0 | 11M | 10.4M | 9.7M | 9.6M |
| R&D % of Revenue | - | 2.18% | - | 1.98% | - | - | - | - | 1.75% | 1.4% | 1.3% | 1.25% |
| Other Operating Expenses | 0 | -13.2M | 302K | 200K | 200K | 200K | 1.25M | 1.38M | 7.54M | -5.66M | -8.32M | -1.56M |
| Operating Income | 78M | 36.58M | 43.2M | 35.08M | 38.79M | 31.54M | 37.41M | 26.79M | 33.55M | 38.13M | 43.37M | 35.55M |
| Operating Margin % | 12.63% | 6.03% | 6.6% | 5.61% | 6.05% | 4.79% | 6.2% | 4.38% | 5.32% | 5.15% | 5.82% | 4.63% |
| Operating Income Growth % | - | -15.33% | 23.15% | -9.57% | 23% | -15.7% | 39.64% | -20.14% | -12.02% | -12.08% | 21.99% | - |
| EBITDA | 86.32M | 42.47M | 48M | 39.44M | 43.68M | 36.45M | 41.32M | 30.8M | 37.83M | 42.21M | 49.6M | 41.86M |
| EBITDA Margin % | 13.97% | 7% | 7.33% | 6.3% | 6.81% | 5.54% | 6.84% | 5.03% | 6% | 5.7% | 6.65% | 5.45% |
| EBITDA Growth % | 118.34% | -11.53% | 21.7% | -9.69% | 19.82% | -11.79% | 34.18% | -18.59% | -10.38% | -14.91% | 18.48% | - |
| D&A (Non-Cash Add-back) | 7.52M | 5.89M | 4.8M | 4.36M | 4.88M | 4.91M | 3.91M | 4M | 4.28M | 4.07M | 6.23M | 6.31M |
| EBIT | 80.19M | 36.2M | 33.99M | 34.7M | 37.02M | 31.81M | 35.73M | 27.15M | 38.17M | 37.84M | 43.37M | 35.55M |
| Net Interest Income | 1.47M | -559K | -613K | -3M | -4.59M | -2.85M | -2M | -2.98M | -2.92M | -1.57M | -1.37M | -1.96M |
| Interest Income | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 352K | 559K | 613K | 3M | 4.59M | 2.85M | 2M | 2.98M | 2.92M | 1.57M | 1.37M | 1.96M |
| Other Income/Expense | 1.83M | -938K | -9.83M | -3.38M | -6.37M | -2.58M | -3.68M | -2.62M | -3.06M | -880K | -2.21M | -3.52M |
| Pretax Income | 79.83M | 35.64M | 33.38M | 31.7M | 32.43M | 28.96M | 33.73M | 24.18M | 30.48M | 37.08M | 41.16M | 32.04M |
| Pretax Margin % | 12.92% | 5.87% | 5.1% | 5.07% | 5.06% | 4.4% | 5.59% | 3.95% | 4.84% | 5.01% | 5.52% | 4.17% |
| Income Tax | 20.5M | 9.19M | 2.62M | 6.45M | 7.16M | 7.65M | 9.66M | 9.08M | 7.43M | 18.97M | 14.98M | 12.32M |
| Effective Tax Rate % | 25.68% | 25.77% | 7.84% | 20.36% | 22.09% | 26.42% | 28.65% | 37.57% | 24.36% | 51.16% | 36.4% | 38.47% |
| Net Income | 59.33M | 26.45M | 30.76M | 25.24M | 25.27M | 21.31M | 46.26M | -13.51M | 17.7M | 15.88M | 26.18M | 19.71M |
| Net Margin % | 9.6% | 4.36% | 4.7% | 4.03% | 3.94% | 3.24% | 7.66% | -2.21% | 2.81% | 2.14% | 3.51% | 2.57% |
| Net Income Growth % | 85.94% | -13.99% | 21.86% | -0.1% | 18.59% | -53.94% | 442.47% | -176.32% | 11.42% | -39.33% | 32.81% | - |
| Net Income (Continuing) | 59.33M | 26.45M | 30.76M | 25.24M | 25.27M | 21.31M | 24.07M | 15.09M | 23.06M | 18.11M | 26.18M | 19.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 22.19M | -28.6M | -5.36M | -2.23M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.41 | 1.95 | 2.20 | 1.80 | 1.81 | 1.53 | 3.37 | -0.99 | 1.59 | 1.31 | 1.91 | 1.44 |
| EPS Growth % | 87.61% | -11.36% | 22.22% | -0.55% | 18.3% | -54.6% | 440.4% | -162.26% | 21.37% | -31.41% | 32.64% | - |
| EPS (Basic) | - | 1.95 | 2.20 | 1.80 | 1.81 | 1.54 | 3.39 | -0.99 | 1.59 | 1.31 | 1.91 | 1.44 |
| Diluted Shares Outstanding | 13.46M | 13.45M | 13.96M | 14.06M | 14M | 13.93M | 13.71M | 13.73M | 13.73M | 13.69M | 13.67M | 13.67M |
| Basic Shares Outstanding | 13.44M | 13.43M | 13.95M | 14.04M | 13.97M | 13.88M | 13.66M | 13.69M | 13.7M | 13.67M | 13.67M | 13.67M |
| Dividend Payout Ratio | - | 24.31% | 20.46% | 24.09% | 22.88% | 25.66% | 10.92% | - | 26.32% | 246.55% | 160.43% | 76.1% |
Quick answers to the most common questions about buying HBB stock.
For fiscal year 2025, Hamilton Beach Brands Holding Company (HBB) reported total revenue of $606.9M. This represents a 21.0% decline compared to $767.9M in 2015.
Hamilton Beach Brands Holding Company (HBB) is profitable, generating $26.5M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
Hamilton Beach Brands Holding Company (HBB) reported an operating income of $36.6M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Hamilton Beach Brands Holding Company (HBB) generated $156.2M in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and seasonal earnings concentration
Metrics are mathematically derived from official filings.
Revenue Swings Driven by Seasonality
Based on reported quarterly figures, HBB's revenue moved from a 4.0% year-over-year gain in 2025Q1 to declines of 15.2% and 18.2% in the following two quarters before rebounding to 11.6% in 2026Q2, indicating highly uneven top-line momentum.
The pattern suggests that growth is concentrated in seasonal holiday and promotional windows rather than evenly distributed across the year. The 2025Q4 revenue of $212.9M and the 2026Q2 figure of $142.6M appear to show that the business depends on a small number of high-volume periods, which warrants investor attention to whether reported growth reflects durable demand or timing shifts.
Gross Margin Recovery Lacks Consistency
Reported gross margin ranged from 21.1% in 2025Q3 to 54.3% in 2026Q2, with the 2026Q2 spike appearing anomalous relative to the 24.6% to 29.7% band seen in most other periods.
The outlier 2026Q2 gross margin may reflect one-time items, mix shifts, or cost timing, and the reported figures alone do not confirm which. Peer gross margins of 23.8% to 45.7% suggest HBB's typical range sits at the lower end of the group, implying limited structural pricing power if the elevated quarter proves non-recurring.
Operating Leverage Largely Absent
SG&A remained relatively fixed near $25M to $35M per quarter across the ten-quarter window, so operating margin swung from 1.7% to 30.3% largely in response to gross profit variation rather than cost discipline.
Because SG&A did not scale down meaningfully in weaker quarters, the business appears to carry a high fixed overhead base relative to its gross profit. This suggests that profitability is highly sensitive to revenue and margin fluctuations, and investors should monitor whether overhead reductions can be sustained.
Net Income Dependent on Single Quarter
The 2026Q2 net income of $33.7M and EPS of $2.49 account for a disproportionate share of reported earnings, while most other quarters delivered net margins below 4%, per the supplied filings data.
The concentration of earnings in one outlier quarter suggests that trailing earnings may overstate normalized profitability. Investors should examine whether the 2026Q2 result reflects non-operating items or timing effects before extrapolating it.
Sustained Margin Expansion Appears Unlikely
If the elevated 2026Q2 gross margin of 54.3% proves non-recurring, reported figures suggest HBB reverts to a 25% to 30% gross margin band, implying much thinner operating profit than recent headlines may imply.
A bearish reading would emphasize that the sub-5% operating margins seen in most quarters, combined with a stable SG&A base, leave little cushion against revenue softness. Peer operating margins of 2.3% to 6.8% indicate that HBB's underlying profitability is not clearly superior, and the 2026Q3 operating margin of 3.1% reinforces this caution.