Revenue growth decelerated to 8.4% in 2026Q4 as gross margins contracted to 20.4% from a 2025Q1 peak of 25.3%, highlighting sensitivity to raw material cost fluctuations.
| Metric | Mar'26 | Mar'25 | Mar'24 | Apr'23 | Apr'22 | Mar'21 | Mar'20 | Mar'19 | Apr'18 | Apr'17 | Apr'16 | Mar'15 | Mar'14 | Mar'13 | Apr'12 | Apr'11 | Mar'10 | Mar'09 | Mar'08 | Apr'07 | Apr'06 | Apr'05 | Mar'04 | Mar'03 | Sep'01 | Oct'00 | Oct'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 1.08B | 974.43M | 919.16M | 935.1M | 774.54M | 596.87M | 540.2M | 556.33M | 504.17M | 483.59M | 413.98M | 364.02M | 348.26M | 350.39M | 343.83M | 297.64M | 257.1M | 284.36M | 186.66M | 160.41M | 143.33M | 115.28M | 107.03M | 104M | 107.93M | 98.02M | 96.7M | 94.7M | 87.7M | 80.9M |
| Revenue Growth % | 11.21% | 6.01% | -1.7% | 20.73% | 29.77% | 10.49% | -2.9% | 10.35% | 4.25% | 16.82% | 13.72% | 4.53% | -0.61% | 1.91% | 15.52% | 15.77% | -9.59% | 52.34% | 16.37% | 11.91% | 24.33% | 7.71% | 2.91% | -3.64% | 10.11% | 1.37% | 2.11% | 7.98% | 8.41% | -2.88% |
| Cost of Goods Sold | 859.94M | 761.69M | 725.53M | 769.98M | 628.02M | 473.11M | 439.28M | 460.39M | 417.41M | 385.52M | 333.72M | 298.23M | 286.66M | 293.45M | 277.97M | 235.74M | 192.65M | 221.94M | 148.14M | 123.17M | 110.11M | 85.67M | 79.05M | 76.05M | 83.63M | 73.22M | 72.8M | 70.4M | 64.7M | 61.3M |
| COGS % of Revenue | 79.35% | 78.17% | 78.93% | 82.34% | 81.08% | 79.26% | 81.32% | 82.76% | 82.79% | 79.72% | 80.61% | 81.93% | 82.31% | 83.75% | 80.84% | 79.2% | 74.93% | 78.05% | 79.36% | 76.79% | 76.82% | 74.32% | 73.86% | 73.12% | 77.49% | 74.7% | 75.28% | 74.34% | 73.77% | 75.77% |
| Gross Profit | 223.75M | 212.74M | 193.64M | 165.12M | 146.52M | 123.76M | 100.92M | 95.94M | 86.76M | 98.07M | 80.26M | 65.79M | 61.6M | 56.94M | 65.87M | 61.9M | 64.44M | 62.42M | 38.53M | 37.24M | 33.22M | 29.61M | 27.97M | 27.96M | 24.3M | 24.8M | 23.9M | 24.3M | 23M | 19.6M |
| Gross Margin % | 20.65% | 21.83% | 21.07% | 17.66% | 18.92% | 20.74% | 18.68% | 17.24% | 17.21% | 20.28% | 19.39% | 18.07% | 17.69% | 16.25% | 19.16% | 20.8% | 25.07% | 21.95% | 20.64% | 23.21% | 23.18% | 25.68% | 26.14% | 26.88% | 22.51% | 25.3% | 24.72% | 25.66% | 26.23% | 24.23% |
| Gross Profit Growth % | 5.18% | 9.86% | 17.27% | 12.69% | 18.39% | 22.64% | 5.19% | 10.58% | -11.54% | 22.2% | 21.99% | 6.8% | 8.19% | -13.56% | 6.41% | -3.95% | 3.24% | 62.01% | 3.47% | 12.09% | 12.2% | 5.83% | 0.06% | 15.06% | -2.03% | 3.77% | -1.65% | 5.65% | 17.35% | 2.62% |
| Operating Expenses | 108.64M | 92.19M | 89.6M | 76.97M | 75.33M | 67.88M | 59.25M | 59.12M | 59.4M | 59.38M | 49.09M | 35.38M | 33.51M | 31.61M | 30.76M | 29.94M | 25.61M | 25.08M | 26.52M | 25.97M | 20.46M | 18.09M | 19.79M | 14.89M | 14.24M | 11.77M | 10.8M | 12.2M | 11.2M | 10.4M |
| OpEx % of Revenue | 10.02% | 9.46% | 9.75% | 8.23% | 9.73% | 11.37% | 10.97% | 10.63% | 11.78% | 12.28% | 11.86% | 9.72% | 9.62% | 9.02% | 8.95% | 10.06% | 9.96% | 8.82% | 14.21% | 16.19% | 14.27% | 15.69% | 18.49% | 14.32% | 13.2% | 12% | 11.17% | 12.88% | 12.77% | 12.86% |
| Selling, General & Admin | 108.64M | 92.19M | 89.6M | 76.97M | 75.33M | 67.88M | 59.25M | 59.12M | 59.4M | 59.38M | 49.09M | 35.38M | 33.51M | 31.61M | 30.76M | 29.94M | 25.61M | 25.08M | 26.52M | 25.97M | 21.51M | 18.09M | 16.79M | 14.89M | 14.24M | 11.77M | 10.8M | 10.2M | 9.5M | 8.9M |
| SG&A % of Revenue | 10.02% | 9.46% | 9.75% | 8.23% | 9.73% | 11.37% | 10.97% | 10.63% | 11.78% | 12.28% | 11.86% | 9.72% | 9.62% | 9.02% | 8.95% | 10.06% | 9.96% | 8.82% | 14.21% | 16.19% | 15.01% | 15.69% | 15.69% | 14.32% | 13.2% | 12% | 11.17% | 10.77% | 10.83% | 11% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -334K | 189K | 0 | -204K | 73K | 91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 115.12M | 120.54M | 104.04M | 88.15M | 71.19M | 55.88M | 41.67M | 36.82M | -11.76M | 38.69M | 31.17M | 30.42M | 28.09M | 25.33M | 35.11M | 31.96M | 38.84M | 37.34M | 12M | 11.26M | 12.76M | 11.52M | 8.18M | 13.07M | 10.06M | 13.04M | 13.1M | 12.1M | 11.8M | 9.2M |
| Operating Margin % | 10.62% | 12.37% | 11.32% | 9.43% | 9.19% | 9.36% | 7.71% | 6.62% | -2.33% | 8% | 7.53% | 8.36% | 8.07% | 7.23% | 10.21% | 10.74% | 15.11% | 13.13% | 6.43% | 7.02% | 8.9% | 9.99% | 7.64% | 12.56% | 9.32% | 13.3% | 13.55% | 12.78% | 13.46% | 11.37% |
| Operating Income Growth % | -4.5% | 15.87% | 18.02% | 23.82% | 27.41% | 34.09% | 13.18% | 413.1% | -130.39% | 24.13% | 2.48% | 8.28% | 10.9% | -27.85% | 9.85% | -17.71% | 4.03% | 211.04% | 6.57% | -11.74% | 10.82% | 40.77% | -37.39% | 29.95% | -22.87% | -0.49% | 8.26% | 2.54% | 28.26% | 1.1% |
| EBITDA | 167.66M | 160.49M | 135.84M | 117.56M | 95.32M | 78.55M | 63.26M | 58.57M | 10.63M | 59.57M | 46.68M | 43.43M | 40.7M | 35.58M | 43.57M | 39.11M | 45.13M | 42.92M | 17.25M | 15.6M | 16.45M | 16.04M | 11.17M | 16.03M | 12.78M | 15.3M | 15.2M | 14.1M | 13.5M | 10.7M |
| EBITDA Margin % | 15.47% | 16.47% | 14.78% | 12.57% | 12.31% | 13.16% | 11.71% | 10.53% | 2.11% | 12.32% | 11.28% | 11.93% | 11.69% | 10.15% | 12.67% | 13.14% | 17.55% | 15.09% | 9.24% | 9.73% | 11.48% | 13.91% | 10.44% | 15.41% | 11.84% | 15.6% | 15.72% | 14.89% | 15.39% | 13.23% |
| EBITDA Growth % | 4.47% | 18.15% | 15.55% | 23.33% | 21.36% | 24.18% | 7.99% | 450.97% | -82.15% | 27.6% | 7.49% | 6.72% | 14.38% | -18.34% | 11.4% | -13.34% | 5.16% | 148.76% | 10.59% | -5.16% | 2.57% | 43.55% | -30.28% | 25.37% | -16.43% | 0.63% | 7.8% | 4.44% | 26.17% | 1.9% |
| D&A (Non-Cash Add-back) | 52.54M | 39.95M | 31.8M | 29.41M | 24.13M | 22.67M | 21.58M | 21.76M | 22.39M | 20.88M | 15.51M | 13.02M | 12.61M | 10.25M | 8.46M | 7.15M | 6.29M | 5.58M | 5.25M | 4.34M | 3.69M | 4.52M | 2.99M | 2.96M | 2.73M | 2.26M | 2.1M | 2M | 1.7M | 1.5M |
| EBIT | 115.12M | 120.54M | 105.43M | 87.82M | 71.19M | 55.88M | 41.67M | 36.82M | -11.76M | 38.69M | 31.17M | 30.45M | 28.09M | 25.33M | 35.11M | 31.96M | 38.84M | 37.34M | 12M | 11.26M | 12.76M | 11.52M | 8.18M | 13.07M | 10.06M | 13.04M | 13.1M | 12.1M | 11.8M | 9.2M |
| Net Interest Income | -13.51M | -5.43M | -4.28M | -5.23M | -1.4M | -1.47M | -2.51M | -3.36M | -3.41M | -2.64M | -805K | 38K | -29K | 84K | 145K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38K | 0 | 84K | 145K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.51M | 5.43M | 4.28M | 5.23M | 1.4M | 1.47M | 2.51M | 3.36M | 3.41M | 2.64M | 805K | 0 | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.78M | -6.16M | -2.89M | -5.57M | -1.22M | -27K | -2.71M | -3.29M | -3.32M | -2.64M | -805K | 38K | -29K | 84K | 145K | 333K | 286K | 338K | 1.34M | 1.69M | 892.29K | 1.12M | 825.69K | 362.96K | 700.84K | 1.04M | 2.9M | 1.3M | 900K | 1.3M |
| Pretax Income | 109.34M | 114.38M | 101.14M | 82.58M | 69.98M | 55.85M | 38.96M | 33.53M | -15.08M | 36.05M | 30.37M | 30.45M | 28.06M | 25.41M | 35.25M | 32.3M | 39.13M | 37.67M | 13.35M | 12.96M | 13.65M | 12.64M | 9.01M | 13.43M | 10.76M | 14.08M | 16M | 13.4M | 12.7M | 10.5M |
| Pretax Margin % | 10.09% | 11.74% | 11% | 8.83% | 9.03% | 9.36% | 7.21% | 6.03% | -2.99% | 7.45% | 7.34% | 8.37% | 8.06% | 7.25% | 10.25% | 10.85% | 15.22% | 13.25% | 7.15% | 8.08% | 9.53% | 10.96% | 8.42% | 12.91% | 9.97% | 14.36% | 16.55% | 14.15% | 14.48% | 12.98% |
| Income Tax | 27.79M | 30.04M | 25.78M | 22.54M | 18.44M | 14.87M | 10.59M | 9.1M | -5.9M | 13.49M | 12.22M | 11.24M | 9.97M | 8.31M | 13.63M | 11.98M | 15.39M | 14.25M | 4.86M | 4.89M | 4.77M | 4.55M | 3.25M | 5M | 3.64M | 5.51M | 6.3M | 5.2M | 4.9M | 4M |
| Effective Tax Rate % | 25.42% | 26.26% | 25.49% | 27.3% | 26.35% | 26.63% | 27.18% | 27.13% | 39.13% | 37.43% | 40.25% | 36.91% | 35.52% | 32.68% | 38.65% | 37.1% | 39.33% | 37.83% | 36.4% | 37.72% | 34.92% | 35.97% | 36.14% | 37.23% | 33.83% | 39.15% | 39.38% | 38.81% | 38.58% | 38.1% |
| Net Income | 81.55M | 84.34M | 75.36M | 60.04M | 51.54M | 40.98M | 28.37M | 24.43M | -9.18M | 22.55M | 18.14M | 19.21M | 18.09M | 17.13M | 22.68M | 20.31M | 23.85M | 23.76M | 9.11M | 8.07M | 8.89M | 8.09M | 5.75M | 8.43M | 7.12M | 8.57M | 9.7M | 8.2M | 7.8M | 6.5M |
| Net Margin % | 7.52% | 8.66% | 8.2% | 6.42% | 6.65% | 6.87% | 5.25% | 4.39% | -1.82% | 4.66% | 4.38% | 5.28% | 5.2% | 4.89% | 6.6% | 6.83% | 9.28% | 8.36% | 4.88% | 5.03% | 6.2% | 7.02% | 5.37% | 8.11% | 6.59% | 8.74% | 10.03% | 8.66% | 8.89% | 8.03% |
| Net Income Growth % | -3.32% | 11.92% | 25.52% | 16.49% | 25.77% | 44.46% | 16.1% | 366.24% | -140.69% | 24.32% | -5.57% | 6.19% | 5.65% | -24.51% | 11.67% | -14.82% | 0.35% | 160.86% | 12.9% | -9.2% | 9.81% | 40.68% | -31.77% | 18.44% | -16.93% | -11.67% | 18.29% | 5.13% | 20% | 22.64% |
| Net Income (Continuing) | 81.55M | 84.34M | 75.36M | 60.04M | 51.54M | 40.98M | 28.37M | 24.43M | -9.18M | 22.55M | 18.14M | 19.21M | 18.09M | 17.11M | 21.63M | 20.31M | 23.74M | 23.42M | 8.49M | 8.07M | 8.89M | 8.09M | 5.75M | 8.43M | 7.12M | 8.57M | 9.7M | 8.2M | 7.8M | 6.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | 1.06M | 0 | 109K | 340K | 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 |
| EPS (Diluted) | 3.91 | 4.03 | 3.59 | 2.86 | 2.44 | 1.93 | 1.33 | 1.14 | -0.43 | 1.07 | 0.86 | 0.91 | 0.86 | 0.81 | 1.09 | 0.98 | 1.16 | 1.16 | 0.45 | 0.22 | 0.44 | 0.40 | 0.28 | 0.42 | 0.35 | 0.41 | 0.44 | 0.36 | 0.34 | 0.28 |
| EPS Growth % | -2.98% | 12.26% | 25.52% | 17.21% | 26.42% | 45.11% | 16.67% | 365.12% | -140.19% | 24.42% | -5.49% | 5.81% | 6.17% | -25.69% | 11.22% | -15.52% | 0% | 157.78% | 104.55% | -50% | 10% | 42.86% | -33.33% | 20% | -14.63% | -6.82% | 22.22% | 5.88% | 21.43% | 21.74% |
| EPS (Basic) | 3.93 | 4.05 | 3.61 | 2.88 | 2.46 | 1.95 | 1.34 | 1.15 | -0.43 | 1.07 | 0.86 | 0.91 | 0.86 | 0.82 | 1.10 | 0.99 | 1.17 | 1.16 | 0.45 | 0.40 | 0.44 | 0.40 | 0.28 | 0.42 | 0.35 | 0.41 | 0.44 | 0.36 | 0.34 | 0.28 |
| Diluted Shares Outstanding | 20.86M | 20.94M | 21.01M | 21.01M | 21.14M | 21.26M | 21.31M | 21.45M | 21.29M | 21.19M | 21.16M | 21.27M | 21.2M | 21.08M | 20.82M | 20.71M | 20.57M | 20.5M | 20.43M | 20.35M | 20.42M | 20.45M | 20.43M | 20.43M | 20.69M | 21.15M | 22.3M | 23.2M | 23.28M | 23.68M |
| Basic Shares Outstanding | 20.74M | 20.8M | 20.86M | 20.85M | 20.95M | 21.02M | 21.16M | 21.31M | 21.21M | 21.07M | 21.05M | 21.14M | 21.09M | 20.93M | 20.68M | 20.52M | 20.5M | 20.49M | 20.43M | 20.34M | 20.4M | 20.43M | 20.43M | 20.43M | 20.69M | 21.15M | 22.3M | 23.1M | 23.28M | 23.21M |
| Dividend Payout Ratio | 19.21% | 17.35% | 17.57% | 19.99% | 21.45% | 24.47% | 34.64% | 49.01% | - | 38.5% | 45.51% | 40.9% | 40.95% | 40.5% | 28.29% | 34.48% | 27.56% | 21.57% | 51.71% | 52.94% | 43.78% | 45.54% | 63.94% | 36.36% | 43.82% | 36.29% | 28.87% | 26.83% | 24.36% | 24.62% |
Commodity price pass-through lag
According to the provided quarterly income statements, Hawkins experienced a revenue growth peak of 14.6% in 2026Q1, followed by a deceleration to 8.4% by 2026Q4, suggesting that top-line expansion remains highly sensitive to the seasonal demand patterns inherent in the company's municipal water treatment and industrial chemical segments.
The revenue trajectory appears to be influenced by the interplay between volume-driven water treatment demand and the price-sensitive nature of industrial chemical distribution. Investors should monitor whether the recent deceleration reflects a cooling in industrial manufacturing activity or merely a normalization of pricing pass-throughs following earlier inflationary periods.
As reported in financial statements, Hawkins' gross margin contracted from a high of 25.3% in 2025Q1 to 20.4% by 2026Q4, indicating that the company faces significant challenges in maintaining pricing power when raw material costs for caustic soda and chlorine fluctuate within the broader chemical market.
The margin compression suggests that the company's ability to pass through cost increases to municipal clients is not instantaneous, leading to periodic volatility. This trend warrants further investigation into whether the current margin profile represents a structural floor or if further contraction is likely should commodity price volatility persist.
Based on the income statement data, operating income scaled from $20.1M in 2024Q4 to a peak of $39.8M in 2025Q1, yet subsequent periods show operating margins retreating to 8.3% in 2026Q4, suggesting that SG&A expenses are not scaling efficiently relative to the company's gross profit generation.
The lack of consistent operating leverage implies that the company may be incurring higher fixed costs to support its specialized logistics and fleet operations. Analysts should evaluate whether these elevated SG&A levels are necessary investments for future growth or if they represent a lack of expense discipline during revenue fluctuations.
Data from recent filings reveals that stock-based compensation reached $6.8M in 2026Q4, a significant increase from the $1.3M reported in 2024Q3, which suggests that non-cash expenses are increasingly weighing on the quality of reported net income and diluting the underlying earnings power for shareholders.
The sharp rise in stock-based compensation appears to be a notable headwind to net income growth, potentially masking the true operational performance of the business. Investors should monitor this trend closely, as it may indicate a shift in compensation strategy that could continue to pressure EPS growth in future quarters.
Quick answers to the most common questions about buying HWKN stock.
For fiscal year 2026, Hawkins, Inc. (HWKN) reported total revenue of $1.08B. This represents a 1239.6% increase compared to $80.9M in 1996.
Hawkins, Inc. (HWKN) is profitable, generating $81.5M in net income for the fiscal year ending 2026 with a net profit margin of 7.5%.
Hawkins, Inc. (HWKN) reported an operating income of $115.1M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Hawkins, Inc. (HWKN) generated $223.8M in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.