Hawkins, Inc. (HWKN) Income Statement

30Y historyFree accessUpdated daily

Revenue growth of 11.9% on $313.8M in 2027Q2 with gross margin rebounding 400 basis points to 24.4% suggests seasonal normalization, though SG&A rising 31% versus 27% gross profit growth and operating margin remaining at 13.4% versus 15.6% two years ago implies limited operating leverage.

Annual statement

HWKN Income Statement

Hawkins, Inc. (HWKN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	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	1.14B	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 %	9.02%	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	883.82M	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	255.66M	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 %	22.44%	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	134.19M	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	134.19M	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	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	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	121.47M	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 %	10.66%	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	176.7M	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 %	15.51%	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 %	5.94%	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)	55.23M	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	128.18M	122.85M	119.81M	105.43M	87.82M	71.38M	57.32M	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	-6.28M	-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	0	38K	0	84K	145K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	6.28M	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	-5.11M	-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	116.36M	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 %	10.21%	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	30.55M	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 %	26.25%	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	85.81M	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 %	7.53%	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 %	3.23%	-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)	85.81M	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	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	0
EPS (Diluted)	4.13	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 %	3.52%	-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	20.78M	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	20.71M	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%

Key Metrics

Growth RegimeExpanding

ProfitabilityModerate

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Chlor-alkali input cost volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q2)

Revenue Growth Regains Double-Digit Pace

After opening FY2025 with just 1.9% year-over-year expansion, Hawkins has reaccelerated to 11.9% revenue growth on $313.8M of sales in 2027Q2, the firmest rate since 2026Q1's 14.6% peak, based on Hawkins' ten-quarter income statement history.

The acceleration is not uniform across the calendar: 2026Q3 and 2026Q4 revenue of $244.1M and $265.9M mark the recurring seasonal troughs, while the first half of each fiscal year carries heavier municipal and pool-season volumes, so the underlying trend appears closer to mid-single-digit growth with acquisition contribution layered on top. Investors should decompose the reported 11.9% into price and volume components, since pass-through of higher chlor-alkali costs can inflate headline growth without corresponding unit expansion, and durability of that growth looks more dependent on Water Treatment contract renewals than on Industrial demand.

Gross Margin Recovers From Seasonal Trough

Gross margin rebounded to 24.4% in 2027Q2 from a 20.4% low in 2026Q4, a 400 basis point swing that suggests seasonal and mix effects rather than structural erosion, though the reading still sits below 2025Q1's 25.3%, as reported in the company's quarterly filings.

The consistent 400-500 basis point compression in third and fourth quarters (20.8% and 20.4% in FY2026, 21.4% and 19.8% in FY2025) points to predictable mix deterioration rather than competitive pricing pressure, which supports modeling margins on a full-year rather than quarterly basis. At 24.4%, Hawkins sits roughly 11 points below Balchem's 35.7% but well above Tronox's distressed 7.9%, consistent with a blend of low-margin bulk distribution and higher-value water treatment service; the failure to reclaim the 25.3% peak may indicate some raw material pass-through lag in fixed-price municipal contracts.

Overhead Build Outpaces Gross Profit

On a year-over-year basis, Hawkins' SG&A climbed 31% from $26.5M in 2025Q2 to $34.7M in 2027Q2, slightly outpacing the 27% rise in gross profit, which implies limited operating leverage despite record quarterly revenue, per the company's reported income statements.

Because gross profit grew 27% year over year while operating income advanced only from $34.5M to $41.9M (about 21%), the incremental margin on new business appears thinner than the base, implying the SG&A build is not yet fully absorbed. The step-up from a $23.8M-$27.0M quarterly SG&A range through 2025Q4 to $32.0M-$35.3M from 2026Q1 onward suggests a structurally higher fixed cost base; holding SG&A growth below revenue growth now looks like the swing factor for any further operating margin expansion beyond the current 13.4%.

Below-Line Items Cloud EPS Reversal

Hawkins posted diluted EPS of $1.34 alongside net income of $27.8M in 2027Q2 while stock-based compensation was recorded at -$3.9M, inverting the prior pattern of $1.5M-$2.4M quarterly charges, a sign change that warrants further investigation from the reported statements.

The 4.5 percentage point gap between the 13.4% operating margin and the 8.9% net margin in 2027Q2 reflects taxes and below-the-line items rather than operating weakness, yet it still leaves quarterly net income below 2025Q1's $28.9M despite substantially higher revenue, so earnings quality appears adequate but not improving structurally. Diluted EPS declined year over year for four consecutive quarters through 2027Q1 (-6.9%, -4.2%, -5.1%, -3.6%) before rebounding 24.1%, a pattern consistent with a cyclical rather than structural shortfall, though investors should reconcile the stock-based compensation sign convention and identify any non-recurring items behind the reversal.

Margin Recovery Rests on Unproven Mix

Hawkins' operating margin of 13.4% in 2027Q2 remains 220 basis points below the 15.6% recorded in 2025Q1 despite 22.6% higher revenue, suggesting the recent EPS beat may reflect recovery from a depressed base rather than durable structural improvement, based on the filed income statement history.

The strongest challenge to the current narrative is that the 2027Q2 beat of $1.34 versus $1.18 consensus arrived against a base in which operating margin had already compressed from 15.6% to 7.7% over six quarters, making part of the improvement mean-reversion rather than new earnings power. Compounding this, SG&A has risen roughly 39% across the ten-quarter window and is now embedded regardless of revenue momentum, while the Industrial segment's exposure to bulk chlor-alkali pricing means the 24.4% gross margin could compress again if caustic soda softens; investors should monitor whether the 8.9% net margin can hold above the 5.8%-6.7% range seen in the FY2026 trough.

HWKN — Frequently Asked Questions

Quick answers to the most common questions about buying HWKN stock.

What was Hawkins, Inc.'s (HWKN) revenue in 2026?

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.

Is Hawkins, Inc. (HWKN) profitable?

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%.

What is Hawkins, Inc.'s operating profit margin?

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.

What is Hawkins, Inc.'s gross profit and gross margin?

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.