Gross margins have improved to 58.4% in 2026Q1 from 49.3% in 2023Q4, yet operating margins remain inconsistent, fluctuating between -2.6% and 10.5% over the last nine quarters.
InfuSystem Holdings, Inc. (INFU) annual income statement — 21-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 143.34M | 143.44M | 134.86M | 125.78M | 109.91M | 102.38M | 97.39M | 81.11M | 67.14M | 71.08M | 70.5M | 72.13M | 66.49M | 62.28M | 58.83M | 54.64M | 47.23M | 38.96M | 35.41M | 6.58M | 0 | 0 |
| Revenue Growth % | 2.47% | 6.36% | 7.22% | 14.44% | 7.36% | 5.13% | 20.06% | 20.82% | -5.54% | 0.82% | -2.26% | 8.48% | 6.75% | 5.87% | 7.67% | 15.69% | 21.21% | 10.02% | 438.06% | - | - | - |
| Cost of Goods Sold | 60.98M | 63.14M | 64.46M | 62.68M | 49.35M | 43.85M | 38.63M | 34.23M | 28.12M | 27.72M | 25.76M | 20.94M | 19.13M | 18.6M | 15.92M | 19.28M | 13.68M | 10.33M | 9.19M | 1.62M | 0 | 0 |
| COGS % of Revenue | - | 44.02% | 47.8% | 49.83% | 44.9% | 42.83% | 39.67% | 42.2% | 41.88% | 38.99% | 36.54% | 29.03% | 28.78% | 29.87% | 27.06% | 35.29% | 28.97% | 26.5% | 25.95% | 24.61% | - | - |
| Gross Profit | 82.35M | 80.3M | 70.4M | 63.11M | 60.56M | 58.54M | 58.76M | 46.88M | 39.02M | 43.36M | 44.74M | 51.18M | 47.35M | 43.68M | 42.91M | 35.35M | 33.55M | 28.64M | 26.22M | 4.96M | 0 | 0 |
| Gross Margin % | 57.45% | 55.98% | 52.2% | 50.17% | 55.1% | 57.17% | 60.33% | 57.8% | 58.12% | 61.01% | 63.46% | 70.97% | 71.22% | 70.13% | 72.94% | 64.71% | 71.03% | 73.5% | 74.05% | 75.39% | - | - |
| Gross Profit Growth % | - | 14.05% | 11.56% | 4.21% | 3.46% | -0.38% | 25.33% | 20.15% | -10.02% | -3.08% | -12.59% | 8.09% | 8.41% | 1.79% | 21.37% | 5.4% | 17.14% | 9.2% | 428.5% | - | - | - |
| Operating Expenses | 69.08M | 68.38M | 63.51M | 59.02M | 58.91M | 55.72M | 49.93M | 43.36M | 38.6M | 46.18M | 43.77M | 42.32M | 38.02M | 37.78M | 40.91M | 34.12M | 34.48M | 23.31M | 21.44M | 6.46M | 20.82M | 24.48K |
| OpEx % of Revenue | - | 47.67% | 47.09% | 46.92% | 53.59% | 54.42% | 51.27% | 53.45% | 57.5% | 64.97% | 62.08% | 58.68% | 57.19% | 60.67% | 69.54% | 62.45% | 73.01% | 59.82% | 60.53% | 98.13% | - | - |
| Selling, General & Admin | 68.27M | 67.46M | 62.52M | 58.03M | 56.41M | 51.45M | 44.86M | 38.92M | 33.95M | 34.98M | 34.29M | 34.2M | 29.73M | 28.63M | 32.93M | 27.36M | 27.71M | 17.48M | 16.42M | 6.12M | 20.82M | 24.48K |
| SG&A % of Revenue | - | 47.03% | 46.36% | 46.14% | 51.32% | 50.26% | 46.06% | 47.98% | 50.57% | 49.21% | 48.63% | 47.42% | 44.72% | 45.97% | 55.97% | 50.07% | 58.67% | 44.85% | 46.38% | 93.04% | - | - |
| Research & Development | 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 | 809K | 920K | 991K | 990K | 2.49M | 4.26M | 5.08M | 4.44M | -37K | -113K | 6K | 13K | 13K | 301K | -141K | 6.76M | 6.77M | 5.83M | 5.01M | 6.46M | 0 | 0 |
| Operating Income | 13.27M | 11.92M | 6.89M | 4.09M | 1.65M | 2.82M | 8.83M | 3.52M | 415K | -3.81M | 974K | 8.86M | 9.33M | 5.9M | 2M | -66.36M | -938K | 5.33M | 4.79M | -1.5M | -20.82M | -24.48K |
| Operating Margin % | 9.26% | 8.31% | 5.11% | 3.25% | 1.5% | 2.75% | 9.06% | 4.35% | 0.62% | -5.36% | 1.38% | 12.29% | 14.03% | 9.47% | 3.4% | -121.45% | -1.99% | 13.67% | 13.51% | -22.74% | - | - |
| Operating Income Growth % | - | 72.98% | 68.57% | 147.16% | -41.35% | -68.05% | 150.41% | 749.4% | 110.89% | -491.38% | -89.01% | -5% | 58.26% | 194.8% | 103.01% | -6974.2% | -117.61% | 11.32% | 419.71% | 92.81% | -84955.53% | - |
| EBITDA | 23.13M | 25.21M | 19.39M | 16.6M | 15.01M | 17.45M | 22.85M | 15.87M | 11.72M | 8.71M | 11.72M | 17.11M | 15.47M | 13.93M | 10.4M | -57.31M | 7.66M | 11.77M | 11.19M | -635K | -14.16M | -24.48K |
| EBITDA Margin % | 16.14% | 17.58% | 14.38% | 13.19% | 13.66% | 17.04% | 23.46% | 19.56% | 17.46% | 12.26% | 16.62% | 23.72% | 23.27% | 22.37% | 17.68% | -104.89% | 16.21% | 30.21% | 31.6% | -9.65% | - | - |
| EBITDA Growth % | -1.6% | 30.04% | 16.84% | 10.54% | -13.94% | -23.66% | 44.02% | 35.35% | 34.58% | -25.66% | -31.5% | 10.56% | 11.08% | 33.91% | 118.15% | -848.34% | -34.95% | 5.2% | 1862.2% | 95.52% | -57752.41% | - |
| D&A (Non-Cash Add-back) | 9.89M | 13.29M | 12.5M | 12.51M | 13.36M | 14.63M | 14.03M | 12.34M | 11.31M | 12.52M | 10.74M | 8.24M | 6.14M | 8.03M | 8.4M | 9.05M | 8.6M | 6.44M | 6.4M | 862K | 6.66M | 0 |
| EBIT | 12.93M | 11.92M | 7.53M | 4.02M | 1.53M | 2.63M | 8.8M | 3.43M | 378K | -3.92M | 980K | 5.69M | 9.33M | 6.2M | 1.19M | -66.38M | 129K | 5.25M | 14.64M | -1.5M | -6.82M | -24.48K |
| Net Interest Income | -212K | -1.3M | -1.78M | -2.17M | -1.4M | -1.38M | -1.25M | -1.9M | -1.42M | -1.33M | -1.34M | -1.71M | -3.13M | -3.5M | -3.34M | -2.19M | -3.35M | -3.5M | -3.73M | 3.1M | 3.2M | 0 |
| Interest Income | 510K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 36K | 3.88M | 3.2M | 0 |
| Interest Expense | 722K | 1.3M | 1.78M | 2.17M | 1.4M | 1.38M | 1.25M | 1.9M | 1.42M | 1.33M | 1.34M | 1.71M | 3.13M | 3.5M | 3.34M | 2.19M | 3.35M | 3.5M | 3.77M | 774K | 1.3K | 300 |
| Other Income/Expense | -1.05M | -1.3M | -1.83M | -2.24M | -1.52M | -1.56M | -1.28M | -2M | -1.46M | -1.45M | -1.34M | -3.29M | -3.12M | -3.2M | -4.15M | -2.22M | -2.29M | -3.58M | 6.08M | -189K | -6.82T | 0 |
| Pretax Income | 12.21M | 10.62M | 5.06M | 1.85M | 130K | 1.26M | 7.54M | 1.52M | -1.04M | -5.26M | -364K | 5.57M | 6.21M | 2.7M | -2.15M | -68.58M | -3.22M | 1.75M | 10.87M | -1.69M | -6.82M | 0 |
| Pretax Margin % | 8.52% | 7.41% | 3.75% | 1.47% | 0.12% | 1.23% | 7.75% | 1.88% | -1.55% | -7.4% | -0.52% | 7.73% | 9.34% | 4.34% | -3.66% | -125.51% | -6.82% | 4.49% | 30.68% | -25.62% | - | - |
| Income Tax | 3.67M | 4M | 2.71M | 979K | 112K | -163K | -9.79M | 163K | 53K | 15.45M | -142K | 1.83M | 2.85M | 1.03M | -663K | -23.13M | -1.37M | 977K | 907K | 1.11M | 1.04M | 24.78K |
| Effective Tax Rate % | 30.04% | 37.62% | 53.65% | 52.89% | 86.15% | -12.97% | -129.78% | 10.7% | -5.09% | -293.89% | 39.01% | 32.84% | 45.94% | 38.19% | 30.81% | 33.73% | 42.54% | 55.8% | 8.35% | -65.84% | -15.21% | - |
| Net Income | 8.54M | 6.63M | 2.35M | 872K | 18K | 1.42M | 17.33M | 1.36M | -1.09M | -20.71M | -222K | 3.74M | 3.36M | 1.67M | -1.49M | -45.44M | -1.85M | 774K | 9.96M | -2.8M | -7.86M | -24.78K |
| Net Margin % | 5.96% | 4.62% | 1.74% | 0.69% | 0.02% | 1.39% | 17.8% | 1.68% | -1.63% | -29.13% | -0.31% | 5.19% | 5.05% | 2.68% | -2.53% | -83.17% | -3.92% | 1.99% | 28.12% | -42.48% | - | - |
| Net Income Growth % | 68.43% | 182.6% | 168.92% | 4744.44% | -98.73% | -91.81% | 1173.48% | 224.29% | 94.71% | -9227.48% | -105.93% | 11.5% | 101.14% | 212.09% | 96.72% | -2353.73% | -339.28% | -92.23% | 456.19% | 64.42% | -31612.64% | - |
| Net Income (Continuing) | 8.54M | 6.63M | 2.35M | 872K | 18K | 1.42M | 17.33M | 1.36M | -1.09M | -20.71M | -222K | 2.79M | 3.36M | 1.67M | -1.49M | -45.44M | -1.85M | 774K | 9.96M | -2.8M | -7.86M | -24.78K |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.41 | 0.31 | 0.11 | 0.04 | 0.00 | 0.06 | 0.80 | 0.07 | -0.05 | -0.91 | -0.01 | 0.16 | 0.15 | 0.08 | -0.07 | -2.16 | -0.09 | 0.04 | 0.53 | -0.15 | -0.58 | -0.01 |
| EPS Growth % | 74.02% | 181.82% | 175% | - | -98.67% | -92.5% | 1125.11% | 227.79% | 94.38% | - | -106.13% | 6.67% | 87.5% | 215.11% | 96.78% | -2200.32% | -334.75% | -92.45% | 453.33% | 74.14% | - | - |
| EPS (Basic) | - | 0.32 | 0.11 | 0.04 | 0.00 | 0.07 | 0.86 | 0.07 | -0.05 | -0.91 | -0.01 | 0.17 | 0.15 | 0.08 | -0.07 | -2.16 | -0.09 | 0.04 | 0.56 | -0.15 | -0.58 | -0.01 |
| Diluted Shares Outstanding | 20.93M | 21.1M | 21.71M | 21.65M | 21.55M | 22.05M | 21.72M | 20.84M | 21.42M | 22.74M | 22.62M | 22.84M | 22.55M | 22.07M | 21.43M | 21.07M | 19.72M | 18.93M | 18.67M | 18.3M | 13.66M | 3.25M |
| Basic Shares Outstanding | 20.14M | 20.66M | 21.27M | 21.02M | 20.65M | 20.52M | 20.11M | 19.73M | 21.42M | 22.74M | 22.2M | 22.41M | 22.15M | 21.87M | 21.27M | 21.07M | 19.72M | 18.61M | 17.94M | 18.3M | 13.66M | 3.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying INFU stock.
For fiscal year 2025, InfuSystem Holdings, Inc. (INFU) reported total revenue of $143.4M.
InfuSystem Holdings, Inc. (INFU) is profitable, generating $6.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
InfuSystem Holdings, Inc. (INFU) reported an operating income of $11.9M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
InfuSystem Holdings, Inc. (INFU) generated $80.3M in gross profit for the year, representing a gross profit margin of 56.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CMS reimbursement rate volatility
Metrics are mathematically derived from official filings.
Revenue Growth Faces Stagnation Headwinds
As reported in recent financial filings, InfuSystem's revenue growth has decelerated into negative territory, with a 3.0% year-over-year decline in 2026Q1, signaling that the company's core oncology and equipment rental segments are struggling to maintain the momentum observed in previous quarters of mid-single-digit expansion.
The transition from consistent growth to a contraction in the most recent quarter suggests that the company may be hitting a ceiling in its current addressable market. Investors should monitor whether this decline is a temporary seasonal anomaly or a structural shift in demand for its ambulatory infusion services.
Gross Margin Expansion Amidst Volatility
Based on the company's income statement data, gross margins have demonstrated a notable upward trend, reaching 58.4% in 2026Q1 compared to the 49.3% levels seen in 2023Q4, which suggests an improved ability to manage the costs associated with its specialized medical equipment fleet.
This expansion in gross margin appears to indicate better pricing power or a more favorable mix of high-margin service revenue relative to lower-margin equipment sales. However, the sustainability of these gains remains uncertain given the potential for future supply chain disruptions or shifts in reimbursement structures.
Operating Leverage Remains Highly Inconsistent
According to the provided quarterly data, operating margins have fluctuated significantly, ranging from a low of -2.6% in 2024Q1 to a peak of 10.5% in 2025Q2, indicating that the company has yet to achieve a stable, scalable operating model despite its efforts to expand.
The inability to consistently scale operating income alongside gross profit suggests that administrative overhead and logistical costs remain disproportionately high. This volatility warrants further investigation into whether the company's infrastructure investments are truly generating the expected efficiencies or merely adding to the fixed-cost burden.
Stock-Based Compensation Masks Earnings Reality
As evidenced by the income statement, InfuSystem frequently utilizes stock-based compensation, with figures reaching $1.3 million in 2025Q4, which significantly impacts the quality of reported net income and complicates the assessment of true operational profitability for the period.
The reliance on equity-based incentives suggests that reported EPS may be artificially bolstered, potentially obscuring the underlying cash-generating capability of the business. Analysts should adjust for these non-cash expenses to better understand the company's actual ability to fund its operations through organic cash flow.
Structural Risks to Service Revenue
Based on an analysis of the company's financial history, the primary risk to the narrative is the heavy reliance on third-party payer contracts, which could be severely compromised by any adverse changes in CMS reimbursement codes for home-based oncology and infusion therapy treatments.
Short-sellers would likely focus on the potential for margin compression if reimbursement rates are adjusted downward, as the company has limited ability to pass these costs on to providers. The current valuation may be overly optimistic regarding the company's ability to maintain its service-heavy margins in a more restrictive regulatory environment.