Revenue remains highly volatile, oscillating between a 16.5% growth spike in 2026Q2 and double-digit declines, while operating margins have remained consistently negative throughout the observed ten-quarter period.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 181.76M | 178.55M | 186.58M | 227.81M | 250.81M | 235.19M | 170.63M | 263.38M | 300.67M | 243.67M | 227.29M | 219.38M | 222.3M | 192.8M | 203.12M | 180.4M | 105.89M | 91.02M | 223.99M | 188.05M | 148.52M | 125.51M | 99.57M | 75.53M | 70.49M | 92.27M | 96.2M | 88.2M | 93.4M | 95.7M | 99.4M |
| Revenue Growth % | -1.02% | -4.3% | -18.1% | -9.17% | 6.64% | 37.84% | -35.22% | -12.4% | 23.39% | 7.21% | 3.6% | -1.31% | 15.3% | -5.08% | 12.59% | 70.36% | 16.35% | -59.37% | 19.12% | 26.62% | 18.33% | 26.05% | 31.83% | 7.16% | -23.61% | -4.09% | 9.07% | -5.57% | -2.4% | -3.72% | 10.94% |
| Cost of Goods Sold | 146.01M | 145.57M | 148.84M | 171.64M | 186.34M | 178.95M | 134.17M | 186.17M | 208.87M | 173.1M | 156.85M | 150.29M | 153.69M | 137.75M | 139.94M | 124.53M | 84.1M | 65.19M | 141.38M | 116.97M | 95.19M | 82.95M | 69.27M | 54.71M | 55.24M | 69M | 68.31M | 61.7M | 63.4M | 65.9M | 68.2M |
| COGS % of Revenue | - | 81.53% | 79.77% | 75.34% | 74.29% | 76.08% | 78.63% | 70.69% | 69.47% | 71.04% | 69.01% | 68.51% | 69.14% | 71.44% | 68.89% | 69.03% | 79.42% | 71.62% | 63.12% | 62.2% | 64.09% | 66.09% | 69.57% | 72.43% | 78.37% | 74.79% | 71% | 69.95% | 67.88% | 68.86% | 68.61% |
| Gross Profit | 35.74M | 32.98M | 37.74M | 56.17M | 64.48M | 56.25M | 36.46M | 77.21M | 91.81M | 70.56M | 70.44M | 69.09M | 68.61M | 55.06M | 63.18M | 55.87M | 21.8M | 25.83M | 82.62M | 71.08M | 53.33M | 42.56M | 30.3M | 20.82M | 15.25M | 23.26M | 27.9M | 26.5M | 30M | 29.8M | 31.2M |
| Gross Margin % | 19.67% | 18.47% | 20.23% | 24.66% | 25.71% | 23.92% | 21.37% | 29.31% | 30.53% | 28.96% | 30.99% | 31.49% | 30.86% | 28.56% | 31.11% | 30.97% | 20.58% | 28.38% | 36.88% | 37.8% | 35.91% | 33.91% | 30.43% | 27.57% | 21.63% | 25.21% | 29% | 30.05% | 32.12% | 31.14% | 31.39% |
| Gross Profit Growth % | - | -12.62% | -32.8% | -12.89% | 14.63% | 54.29% | -52.78% | -15.9% | 30.1% | 0.18% | 1.95% | 0.7% | 24.62% | -12.86% | 13.08% | 156.35% | -15.61% | -68.74% | 16.23% | 33.3% | 25.3% | 40.46% | 45.51% | 36.57% | -34.46% | -16.61% | 5.27% | -11.67% | 0.67% | -4.49% | 18.63% |
| Operating Expenses | 44.45M | 43.25M | 46.03M | 49.55M | 51.73M | 46M | 41.42M | 54.67M | 58.01M | 49.66M | 50.82M | 45.29M | 46.62M | 41.41M | 41.16M | 38.49M | 29.84M | 30.87M | 46.81M | 40.12M | 30.7M | 26.06M | 21.4M | 18.75M | 19.66M | 24.04M | 26.06M | 23.7M | 23.9M | 23.1M | 24M |
| OpEx % of Revenue | - | 24.22% | 24.67% | 21.75% | 20.63% | 19.56% | 24.27% | 20.76% | 19.29% | 20.38% | 22.36% | 20.64% | 20.97% | 21.48% | 20.26% | 21.34% | 28.18% | 33.92% | 20.9% | 21.34% | 20.67% | 20.76% | 21.49% | 24.82% | 27.89% | 26.05% | 27.09% | 26.87% | 25.59% | 24.14% | 24.14% |
| Selling, General & Admin | 44.21M | 43.25M | 46.03M | 49.55M | 51.73M | 46M | 41.42M | 54.67M | 58.01M | 49.66M | 50.82M | 45.29M | 46.62M | 41.41M | 41.16M | 38.49M | 29.84M | 30.87M | 46.81M | 40.12M | 30.7M | 26.06M | 21.4M | 18.75M | 19.66M | 24.04M | 23.54M | 21.3M | 21.8M | 21M | 21.3M |
| SG&A % of Revenue | - | 24.22% | 24.67% | 21.75% | 20.63% | 19.56% | 24.27% | 20.76% | 19.29% | 20.38% | 22.36% | 20.64% | 20.97% | 21.48% | 20.26% | 21.34% | 28.18% | 33.92% | 20.9% | 21.34% | 20.67% | 20.76% | 21.49% | 24.82% | 27.89% | 26.05% | 24.47% | 24.15% | 23.34% | 21.94% | 21.43% |
| Research & Development | 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 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 240K | 0 | 0 | 0 | 0 | 0 | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 465K | -124K | 2.75M | 143K | 2.52M | 2.4M | 2.1M | 2.1M | 2.7M |
| Operating Income | -8.7M | -10.27M | -8.29M | 6.62M | 12.75M | 10.25M | -9.86M | 22.54M | 33.8M | 20.9M | 19.62M | 23.8M | 22M | 13.64M | 22.02M | 17.38M | -8.04M | -5.05M | 35.81M | 30.96M | 22.63M | 16.5M | 8.43M | 2.2M | -7.17M | -921K | 1.84M | 2.8M | 6.1M | 6.7M | 7.2M |
| Operating Margin % | -4.79% | -5.75% | -4.44% | 2.9% | 5.08% | 4.36% | -5.78% | 8.56% | 11.24% | 8.58% | 8.63% | 10.85% | 9.9% | 7.08% | 10.84% | 9.63% | -7.59% | -5.54% | 15.99% | 16.46% | 15.24% | 13.15% | 8.47% | 2.91% | -10.17% | -1% | 1.91% | 3.17% | 6.53% | 7% | 7.24% |
| Operating Income Growth % | - | -23.92% | -225.24% | -48.1% | 24.39% | 203.91% | -143.75% | -33.31% | 61.68% | 6.56% | -17.59% | 8.21% | 61.23% | -38.05% | 26.7% | 316.15% | -59.35% | -114.09% | 15.66% | 36.81% | 37.13% | 95.69% | 283.8% | 130.65% | -678.18% | -150.08% | -34.32% | -54.1% | -8.96% | -6.94% | 63.64% |
| EBITDA | -6.28M | -7.58M | -4.75M | 10.71M | 16.66M | 14.44M | -5.32M | 26.29M | 37.51M | 24.52M | 23.48M | 27.03M | 25.31M | 17.04M | 26.15M | 21.68M | -4.24M | -1.75M | 38.83M | 33.06M | 24.13M | 17.83M | 9.65M | 3.63M | -5.24M | 1.27M | 4.36M | 5.2M | 8.2M | 8.8M | 9.9M |
| EBITDA Margin % | -3.46% | -4.24% | -2.55% | 4.7% | 6.64% | 6.14% | -3.12% | 9.98% | 12.48% | 10.06% | 10.33% | 12.32% | 11.38% | 8.84% | 12.87% | 12.02% | -4% | -1.92% | 17.33% | 17.58% | 16.25% | 14.21% | 9.7% | 4.8% | -7.43% | 1.38% | 4.53% | 5.9% | 8.78% | 9.2% | 9.96% |
| EBITDA Growth % | -23.58% | -59.38% | -144.39% | -35.74% | 15.4% | 371.7% | -120.22% | -29.92% | 52.98% | 4.41% | -13.11% | 6.8% | 48.55% | -34.85% | 20.6% | 611.71% | -141.98% | -104.51% | 17.44% | 37.01% | 35.33% | 84.69% | 166.27% | 169.22% | -510.82% | -70.74% | -16.19% | -36.59% | -6.82% | -11.11% | 35.62% |
| D&A (Non-Cash Add-back) | 2.42M | 2.69M | 3.53M | 4.09M | 3.92M | 4.19M | 4.55M | 3.75M | 3.71M | 3.62M | 3.87M | 3.22M | 3.31M | 3.39M | 4.13M | 4.3M | 3.8M | 3.29M | 3.02M | 2.11M | 1.5M | 1.33M | 1.22M | 1.43M | 1.93M | 2.2M | 2.52M | 2.4M | 2.1M | 2.1M | 2.7M |
| EBIT | -10.89M | -12.08M | -9.27M | 7.04M | 11.9M | 10.14M | -10.71M | 23.39M | 32.6M | 20.81M | 18.96M | 23.75M | 21.63M | 12.72M | 22.03M | 15.76M | -8.81M | -3.78M | 35.81M | 30.96M | 22.63M | 16.5M | 8.9M | 2.07M | -4.41M | -778K | 1.84M | 2.8M | 6.1M | 6.7M | 7.2M |
| Net Interest Income | 536K | 469K | 43K | 87K | 52K | 10K | 36K | 400K | 89K | -50K | -32K | -122K | -186K | -206K | -99K | -11K | 37K | 155K | -3.23M | 0 | 0 | 0 | -468K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 599K | 558K | 621K | 369K | 79K | 34K | 130K | 462K | 189K | 41K | 40K | 76K | 78K | 74K | 69K | 132K | 86K | 190K | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 63K | 89K | 578K | 282K | 27K | 24K | 94K | 62K | 100K | 91K | 72K | 198K | 264K | 280K | 168K | 143K | 49K | 35K | 3.77M | 0 | 0 | 901K | 468K | 850K | 5.92M | 0 | 0 | 300K | 0 | 0 | 2.3M |
| Other Income/Expense | -2.25M | -1.9M | -1.56M | 138K | -869K | -127K | -941K | 784K | -1.3M | -187K | -731K | -251K | -636K | -1.2M | -157K | -1.76M | -818K | 1.23M | -1.64M | 1.81M | 486K | -419K | -864K | -777K | -507K | 101K | 3.77M | -700K | 5.1M | 8.1M | -2.8M |
| Pretax Income | -10.95M | -12.17M | -9.85M | 6.75M | 11.88M | 10.12M | -10.8M | 23.32M | 32.5M | 20.72M | 18.89M | 23.55M | 21.36M | 12.44M | 21.86M | 15.62M | -8.86M | -3.81M | 34.17M | 32.77M | 23.11M | 16.08M | 7.57M | 1.42M | -7.67M | -820K | 5.61M | 2.1M | 11.2M | 14.8M | 4.4M |
| Pretax Margin % | -6.02% | -6.82% | -5.28% | 2.96% | 4.74% | 4.3% | -6.33% | 8.86% | 10.81% | 8.5% | 8.31% | 10.74% | 9.61% | 6.45% | 10.76% | 8.66% | -8.37% | -4.19% | 15.25% | 17.42% | 15.56% | 12.81% | 7.6% | 1.88% | -10.89% | -0.89% | 5.83% | 2.38% | 11.99% | 15.47% | 4.43% |
| Income Tax | 1.63M | 2.95M | 6.76M | 2.37M | 3.65M | 3.36M | -4.56M | 5.83M | 11.01M | 5.6M | 5.59M | 7.34M | 6.22M | 4.25M | 6.23M | 4.5M | -3.12M | -1.49M | 11.65M | 11.88M | 7.63M | -361K | 1.3M | 958K | 589K | 777K | 571K | 300K | 1.9M | 1M | 100K |
| Effective Tax Rate % | -14.84% | -24.23% | -68.61% | 35.02% | 30.75% | 33.17% | 42.17% | 24.99% | 33.87% | 27.04% | 29.62% | 31.16% | 29.11% | 34.17% | 28.48% | 28.78% | 35.16% | 39.11% | 34.09% | 36.25% | 33.03% | -2.24% | 17.16% | 67.46% | -7.68% | -94.76% | 10.19% | 14.29% | 16.96% | 6.76% | 2.27% |
| Net Income | -12.57M | -15.12M | -16.61M | 4.39M | 8.23M | 6.76M | -6.25M | 17.5M | 21.49M | 15.12M | 13.29M | 16.21M | 15.14M | 8.19M | 15.64M | 11.12M | -5.74M | -2.32M | 22.52M | 20.89M | 15.48M | 16.44M | 6.27M | 462K | -8.26M | -1.6M | 5.04M | 1.8M | 9.3M | 13.8M | 4.3M |
| Net Margin % | -6.92% | -8.47% | -8.9% | 1.93% | 3.28% | 2.88% | -3.66% | 6.64% | 7.15% | 6.2% | 5.85% | 7.39% | 6.81% | 4.25% | 7.7% | 6.17% | -5.42% | -2.55% | 10.05% | 11.11% | 10.42% | 13.1% | 6.3% | 0.61% | -11.72% | -1.73% | 5.23% | 2.04% | 9.96% | 14.42% | 4.33% |
| Net Income Growth % | 35.26% | 8.98% | -478.4% | -46.64% | 21.61% | 208.28% | -135.71% | -18.59% | 42.18% | 13.71% | -18.02% | 7.07% | 84.9% | -47.63% | 40.58% | 293.66% | -147.48% | -110.31% | 7.81% | 34.95% | -5.86% | 162.29% | 1256.93% | 105.59% | -417.41% | -131.72% | 179.72% | -80.65% | -32.61% | 220.93% | 2050% |
| Net Income (Continuing) | -12.57M | -15.12M | -16.61M | 4.39M | 8.23M | 6.76M | -6.25M | 17.5M | 21.49M | 15.12M | 13.29M | 16.21M | 15.14M | 8.19M | 15.64M | 11.12M | -5.74M | -2.32M | 22.52M | 20.89M | 15.48M | 16.44M | 6.27M | 462K | -8.26M | -1.6M | 5.04M | 1.8M | 9.3M | 13.8M | 4.3M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.95 | -2.34 | -2.56 | 0.66 | 1.23 | 1.01 | -0.94 | 2.55 | 3.17 | 2.25 | 1.99 | 2.44 | 2.30 | 1.25 | 2.40 | 1.71 | -0.89 | -0.36 | 3.49 | 3.24 | 2.42 | 2.60 | 1.04 | 0.08 | -1.48 | -0.28 | 0.84 | 0.30 | 1.39 | 2.06 | 0.72 |
| EPS Growth % | 35% | 8.59% | -487.88% | -46.34% | 21.78% | 207.45% | -136.86% | -19.56% | 40.89% | 13.07% | -18.44% | 6.09% | 84% | -47.92% | 40.35% | 292.13% | -147.22% | -110.32% | 7.72% | 33.88% | -6.92% | 150% | 1200% | 105.41% | -428.57% | -133.33% | 180% | -78.42% | -32.52% | 186.11% | 1700% |
| EPS (Basic) | - | -2.34 | -2.56 | 0.67 | 1.24 | 1.01 | -0.94 | 2.57 | 3.21 | 2.27 | 2.01 | 2.46 | 2.31 | 1.26 | 2.41 | 1.72 | -0.89 | -0.36 | 3.51 | 3.27 | 2.45 | 2.66 | 1.08 | 0.08 | -1.48 | -0.28 | 0.85 | 0.30 | 1.42 | 2.11 | 0.74 |
| Diluted Shares Outstanding | 6.45M | 6.46M | 6.49M | 6.53M | 6.63M | 6.61M | 6.67M | 6.82M | 6.77M | 6.68M | 6.64M | 6.6M | 6.54M | 6.5M | 6.47M | 6.47M | 6.44M | 6.43M | 6.44M | 6.44M | 6.4M | 6.34M | 6.03M | 5.58M | 5.58M | 5.67M | 6.02M | 6.06M | 6.67M | 6.7M | 5.97M |
| Basic Shares Outstanding | 6.45M | 6.46M | 6.49M | 6.5M | 6.58M | 6.59M | 6.67M | 6.76M | 6.7M | 6.62M | 6.57M | 6.54M | 6.5M | 6.46M | 6.45M | 6.44M | 6.44M | 6.43M | 6.42M | 6.38M | 6.32M | 6.17M | 5.78M | 5.58M | 5.58M | 5.67M | 5.95M | 5.98M | 6.5M | 6.54M | 5.81M |
| Dividend Payout Ratio | - | - | - | 94.37% | 47.69% | 54.32% | - | 18.31% | 13.49% | 17.14% | 17.38% | 12.54% | 11.18% | 7.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical demand and margin compression
According to quarterly financial data, Hurco's revenue trajectory remains highly inconsistent, oscillating between a 16.5% growth spike in 2026Q2 and double-digit declines in prior periods, reflecting the inherent sensitivity of its machine tool business to the capital expenditure cycles of small-to-medium manufacturing job shops.
The recent revenue fluctuation suggests that the company lacks a stable, recurring demand base, leaving it exposed to the immediate spending decisions of its industrial customers. Investors should monitor whether the 2026Q2 growth represents a sustainable recovery or merely a temporary anomaly in a broader, multi-year period of top-line contraction.
As reported in financial statements, Hurco's gross margins have struggled to maintain a consistent level, fluctuating between 17.6% and 22.7% over the last ten quarters, which highlights the company's limited pricing power and vulnerability to input cost volatility in the global industrial machinery market.
The inability to consistently expand gross margins suggests that competitive pressures from larger global players may be forcing the company to absorb higher component costs. This structural weakness implies that without a significant shift toward higher-margin software-driven revenue, profitability will likely remain under pressure during periods of low volume.
Based on the provided income statement data, Hurco is currently experiencing significant negative operating leverage, as SG&A expenses remain relatively sticky near $11 million per quarter despite substantial revenue volatility, causing operating margins to remain consistently negative throughout the majority of the observed ten-quarter period.
The company's inability to scale its operating expenses down in line with revenue declines suggests a high fixed-cost burden that is currently outpacing its gross profit generation. This dynamic indicates that the firm may require a more aggressive rationalization of its global manufacturing footprint to achieve a sustainable break-even point.
Analysis of the income statement reveals that Hurco has reported negative net income in nine of the last ten quarters, raising serious questions about the long-term viability of its current cost structure and the potential for continued erosion of shareholder equity if losses persist.
While the company maintains a strong balance sheet, the persistent cash burn from operations warrants further investigation into whether management can pivot toward a more efficient model. Skeptics may argue that the current valuation is not supported by earnings power, and the lack of a clear path to profitability suggests that the business model may be fundamentally misaligned with current market realities.
Quick answers to the most common questions about buying HURC stock.
For fiscal year 2025, Hurco Companies, Inc. (HURC) reported total revenue of $178.6M. This represents a 79.6% increase compared to $99.4M in 1996.
Hurco Companies, Inc. (HURC) reported a net loss of $15.1M for the fiscal year ending 2025.
Hurco Companies, Inc. (HURC) reported an operating income of $-10.3M, resulting in an operating profit margin of -5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Hurco Companies, Inc. (HURC) generated $33.0M in gross profit for the year, representing a gross profit margin of 18.5%. This demonstrates the company's core pricing power and production efficiency.