Revenue remains highly volatile, fluctuating between a 10.5% growth peak in 2025Q3 and a 20.0% contraction in 2024Q3, despite maintaining gross margins as high as 77.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Sep'18 | Sep'17 | Sep'16 | Dec'15 | Dec'14 | Sep'13 | Sep'12 |
|---|
| Sales/Revenue | 300.9M | 304.1M | 297.1M | 322.9M | 284.5M | 205.8M | 198.3M | 153.4M | 141.38M | 122.54M | 119.77M | 127.57M | 146.8M | 130.31M | 145.04M |
| Revenue Growth % | 2.49% | 2.36% | -7.99% | 13.5% | 38.24% | 3.78% | 29.27% | 8.5% | 15.37% | 2.31% | -6.11% | -13.1% | 12.66% | -10.16% | - |
| Cost of Goods Sold | 92.3M | 86.5M | 92.3M | 128.6M | 94.9M | 69.6M | 60.9M | 36.1M | 30.78M | 26.68M | 20.41M | 3.53M | 50.14M | 24.67M | 4.16M |
| COGS % of Revenue | - | 28.44% | 31.07% | 39.83% | 33.36% | 33.82% | 30.71% | 23.53% | 21.77% | 21.77% | 17.04% | 2.77% | 34.15% | 18.93% | 2.87% |
| Gross Profit | 208.6M | 217.6M | 204.8M | 194.3M | 189.6M | 136.2M | 137.4M | 117.3M | 110.6M | 95.86M | 99.36M | 124.04M | 96.66M | 105.64M | 140.87M |
| Gross Margin % | 69.33% | 71.56% | 68.93% | 60.17% | 66.64% | 66.18% | 69.29% | 76.47% | 78.23% | 78.22% | 82.96% | 97.23% | 65.85% | 81.07% | 97.13% |
| Gross Profit Growth % | - | 6.25% | 5.4% | 2.48% | 39.21% | -0.87% | 17.14% | 6.06% | 15.38% | -3.52% | -19.9% | 28.33% | -8.5% | -25.01% | - |
| Operating Expenses | 163.9M | 180.5M | 174.1M | 155.4M | 143.1M | 140.7M | 155.4M | 130.3M | 109.37M | 96.35M | 100.89M | 3.53M | 141.53K | 88.74M | 125.33M |
| OpEx % of Revenue | - | 59.36% | 58.6% | 48.13% | 50.3% | 68.37% | 78.37% | 84.94% | 77.36% | 78.62% | 84.23% | 2.77% | 0.1% | 68.1% | 86.41% |
| Selling, General & Admin | 122.1M | 128.1M | 130.8M | 115.8M | 102.7M | 90.3M | 72.4M | 81.6M | 67.54M | 62.54M | 59.87M | 3.53M | 141.53K | 97.26M | 35.32M |
| SG&A % of Revenue | - | 42.12% | 44.03% | 35.86% | 36.1% | 43.88% | 36.51% | 53.19% | 47.77% | 51.03% | 49.99% | 2.77% | 0.1% | 74.64% | 24.35% |
| Research & Development | 0 | 0 | 30.5M | 0 | 0 | 0 | 0 | 0 | 4.82M | 5.24M | 12.41M | 11.11M | 10.8M | 5.99M | 5.97M |
| R&D % of Revenue | - | - | 10.27% | - | - | - | - | - | 3.41% | 4.27% | 10.36% | 8.71% | 7.36% | 4.6% | 4.11% |
| Other Operating Expenses | 3M | 52.4M | 12.8M | 39.6M | 40.4M | 50.4M | 83M | 48.7M | 12.84M | -7.13M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 44.7M | 37.1M | 30.7M | 38.9M | 46.5M | -4.5M | -18M | -13M | -7.31M | -11.9M | 5.63M | -3.53M | -141.53K | 8.37M | 17.09M |
| Operating Margin % | 14.86% | 12.2% | 10.33% | 12.05% | 16.34% | -2.19% | -9.08% | -8.47% | -5.17% | -9.71% | 4.7% | -2.77% | -0.1% | 6.42% | 11.78% |
| Operating Income Growth % | - | 20.85% | -21.08% | -16.34% | 1133.33% | 75% | -38.46% | -77.79% | 38.54% | -311.16% | 259.58% | -2394.49% | -101.69% | -51.01% | - |
| EBITDA | 103.4M | 94.2M | 78.4M | 82.3M | 89.9M | 48.8M | 40.1M | 30M | 34.52M | 21.91M | 31.65M | -3.53M | 34.33M | 42M | 65.5M |
| EBITDA Margin % | 34.36% | 30.98% | 26.39% | 25.49% | 31.6% | 23.71% | 20.22% | 19.56% | 24.42% | 17.88% | 26.43% | -2.76% | 23.38% | 32.23% | 45.16% |
| EBITDA Growth % | 27.81% | 20.15% | -4.74% | -8.45% | 84.22% | 21.7% | 33.67% | -13.09% | 57.53% | -30.77% | 997.65% | -110.27% | -18.27% | -35.88% | - |
| D&A (Non-Cash Add-back) | 58.7M | 57.1M | 47.7M | 43.4M | 43.4M | 53.3M | 58.1M | 43M | 41.83M | 33.81M | 26.02M | 4.24K | 34.47M | 33.63M | 48.41M |
| EBIT | 41.5M | 35M | 34.6M | 42.7M | 50.7M | 3.8M | -24.2M | -10.5M | 37.1M | -19.35M | 5.63M | -3.53M | -141.53K | 8.37M | 17.09M |
| Net Interest Income | -43.5M | -40.9M | -28.9M | -27.3M | -27.4M | -46M | -28.5M | -28.9M | -20.47M | -29.52M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 3.9M | 3.8M | 0 | 0 | 600K | 100K | 205K | 55K | 58.04M | 14.52K | 0 | 46.15M | 41M |
| Interest Expense | 43.5M | 40.9M | 32.8M | 31.1M | 27.4M | 46M | 29.1M | 29M | 20.68M | 29.36M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -46.6M | -43M | -28.9M | -27M | -23.2M | -37.7M | -38.4M | -28M | -26.99M | -37.03M | -65.2M | 4.24K | 12.61M | -37.62M | -42.54M |
| Pretax Income | -1.9M | -5.9M | 1.8M | 11.9M | 23.3M | -42.2M | -56.4M | -41M | -20.41M | -48.93M | -59.57M | -3.53M | -141.53K | -29.25M | -25.45M |
| Pretax Margin % | -0.63% | -1.94% | 0.61% | 3.69% | 8.19% | -20.51% | -28.44% | -26.73% | -14.44% | -39.93% | -49.74% | -2.76% | -0.1% | -22.44% | -17.55% |
| Income Tax | 15.5M | 11.1M | -63M | 5M | 2.1M | -1.6M | 400K | 100K | 182K | 184K | 307K | -4.24K | 308K | 3M | 4.88M |
| Effective Tax Rate % | -815.79% | -188.14% | -3500% | 42.02% | 9.01% | 3.79% | -0.71% | -0.24% | -0.89% | -0.38% | -0.52% | 0.12% | -217.62% | -10.24% | -19.16% |
| Net Income | -17.4M | -17M | 64.8M | 6.9M | 21.2M | -40.6M | -56.8M | -41.1M | -20.6M | -49.11M | -59.88M | -3.53M | -141.53K | -32.24M | -30.32M |
| Net Margin % | -5.78% | -5.59% | 21.81% | 2.14% | 7.45% | -19.73% | -28.64% | -26.79% | -14.57% | -40.08% | -49.99% | -2.76% | -0.1% | -24.74% | -20.91% |
| Net Income Growth % | -124.93% | -126.23% | 839.13% | -67.45% | 152.22% | 28.52% | -38.2% | -99.55% | 58.06% | 17.98% | -1598.06% | -2391.51% | 99.56% | -6.33% | - |
| Net Income (Continuing) | -17.4M | -17M | 64.8M | 6.9M | 21.2M | -40.6M | -56.8M | -41.1M | -20.6M | -49.11M | -59.88M | -3.53M | -141.53K | -32.24M | -30.32M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.59 | -0.58 | 2.22 | 0.26 | 0.71 | -1.66 | -1.45 | -1.69 | -0.91 | -2.68 | -19.33 | -1.27 | -0.05 | -3.17 | -2.98 |
| EPS Growth % | -124% | -126.13% | 753.85% | -63.38% | 142.77% | -14.48% | 14.2% | -85.71% | 66.04% | 86.14% | -1422.05% | -2400% | 98.4% | -6.38% | - |
| EPS (Basic) | - | -0.58 | 2.27 | 0.27 | 0.73 | -1.66 | -1.45 | -1.69 | -0.99 | -2.68 | -19.33 | -1.27 | -0.05 | -3.17 | -2.98 |
| Diluted Shares Outstanding | 29.29M | 29.06M | 29.2M | 29.21M | 29.09M | 24.4M | 22.4M | 21.89M | 22.55M | 18.3M | 3.1M | 2.79M | 2.79M | 10.16M | 10.17M |
| Basic Shares Outstanding | 29.29M | 29.06M | 28.52M | 28.07M | 28.05M | 24.4M | 22.4M | 21.89M | 20.75M | 18.3M | 3.1M | 2.79M | 2.79M | 10.16M | 10.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
UK retail regulatory exposure
According to the provided quarterly income statements, INSE's revenue trajectory remains inconsistent, fluctuating between a 10.5% year-over-year growth peak in 2025Q3 and a 20.0% contraction in 2024Q3, suggesting that the company struggles to maintain a stable top-line expansion across its diverse gaming and virtual sports segments.
The erratic revenue performance appears to reflect the company's heavy reliance on UK retail footfall, which remains susceptible to seasonal and macroeconomic shifts. Investors should monitor whether the recent push into North American iGaming can provide the necessary diversification to smooth out these cyclical revenue swings.
As reported in financial statements, INSE has maintained a relatively robust gross margin profile, peaking at 77.1% in 2025Q4, yet this high-margin content delivery has failed to translate into consistent bottom-line profitability, with net margins frequently dipping into negative territory over the observed ten-quarter period.
The disparity between strong gross margins and weak net income suggests that the company's operating structure is burdened by significant fixed costs or non-operating expenses. This indicates that while the digital content strategy is inherently scalable, the current overhead associated with physical terminal maintenance may be diluting overall profitability.
Based on the income statement data, INSE's operating income has shown significant volatility, ranging from a $2.1 million loss in 2024Q1 to a $15.6 million gain in 2025Q3, indicating that SG&A expenses often scale disproportionately to gross profit, thereby limiting the company's ability to achieve consistent operating leverage.
The inability to consistently expand operating margins despite high gross margins warrants further investigation into the company's administrative cost discipline. It appears that the fixed-cost nature of the legacy gaming terminal business may be creating a drag on the more efficient digital segments.
Analysis of the reported figures reveals that net income is frequently distorted by non-operating items, as evidenced by the anomalous $65.1 million net income in 2024Q4 compared to persistent losses in other quarters, suggesting that GAAP earnings may not accurately reflect the company's underlying operational cash-generating capability.
The frequent reliance on non-operating adjustments to reach profitability suggests that investors should focus more on operating income and cash flow metrics rather than headline EPS. The recurring stock-based compensation, while moderate, further complicates the assessment of true economic earnings for shareholders.
Quick answers to the most common questions about buying INSE stock.
For fiscal year 2025, Inspired Entertainment, Inc. (INSE) reported total revenue of $304.1M. This represents a 109.7% increase compared to $145.0M in 2012.
Inspired Entertainment, Inc. (INSE) reported a net loss of $17.0M for the fiscal year ending 2025.
Inspired Entertainment, Inc. (INSE) reported an operating income of $37.1M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Inspired Entertainment, Inc. (INSE) generated $217.6M in gross profit for the year, representing a gross profit margin of 71.6%. This demonstrates the company's core pricing power and production efficiency.