Revenue growth remains sluggish at 2.8% as of 2026Q1, while gross margins have compressed significantly from 31.5% in late 2023 to 27.3% in the most recent quarter.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 1.79B | 1.78B | 1.85B | 1.95B | 1.96B | 1.48B | 1.19B | 1.51B | 1.48B | 1.31B | 883.4M | 1.01B | 960.9M | 818.8M | 776.4M | 774.4M | 683.2M | 598.5M | 640.5M | 602.4M | 532.1M | 527.7M | 480.5M | 462.2M | 451.5M | 420.9M | 422.4M | 516.8M | 465M |
| Revenue Growth % | 0.25% | -3.65% | -5.31% | -0.76% | 32.38% | 24.33% | -21.16% | 2.46% | 13.02% | 47.93% | -12.73% | 5.35% | 17.35% | 5.46% | 0.26% | 13.35% | 14.15% | -6.56% | 6.32% | 13.21% | 0.83% | 9.82% | 3.96% | 2.37% | 7.27% | -0.36% | -18.27% | 11.14% | - |
| Cost of Goods Sold | 1.3B | 1.29B | 1.3B | 1.36B | 1.38B | 1.05B | 850.4M | 1.05B | 1.04B | 903.5M | 551.1M | 666.3M | 658.9M | 563.6M | 540M | 548M | 466M | 409.2M | 454.1M | 405M | 345.4M | 338.2M | 271M | 257.7M | 257.3M | 240.2M | 238.9M | 309.9M | 227.2M |
| COGS % of Revenue | - | 72.31% | 70.58% | 69.67% | 70.12% | 70.68% | 71.28% | 69.19% | 70.55% | 69.14% | 62.38% | 65.82% | 68.57% | 68.83% | 69.55% | 70.76% | 68.21% | 68.37% | 70.9% | 67.23% | 64.91% | 64.09% | 56.4% | 55.76% | 56.99% | 57.07% | 56.56% | 59.97% | 48.86% |
| Gross Profit | 490.8M | 492.4M | 542.9M | 591.1M | 586.7M | 434.9M | 342.7M | 466.2M | 435M | 403.3M | 332.3M | 346M | 302M | 255.2M | 236.4M | 226.4M | 217.2M | 189.3M | 186.4M | 197.4M | 186.7M | 189.5M | 209.5M | 204.5M | 194.2M | 180.7M | 183.5M | 206.9M | 237.8M |
| Gross Margin % | 27.41% | 27.69% | 29.42% | 30.33% | 29.88% | 29.32% | 28.72% | 30.81% | 29.45% | 30.86% | 37.62% | 34.18% | 31.43% | 31.17% | 30.45% | 29.24% | 31.79% | 31.63% | 29.1% | 32.77% | 35.09% | 35.91% | 43.6% | 44.24% | 43.01% | 42.93% | 43.44% | 40.03% | 51.14% |
| Gross Profit Growth % | - | -9.3% | -8.15% | 0.75% | 34.9% | 26.9% | -26.49% | 7.17% | 7.86% | 21.37% | -3.96% | 14.57% | 18.34% | 7.95% | 4.42% | 4.24% | 14.74% | 1.56% | -5.57% | 5.73% | -1.48% | -9.55% | 2.44% | 5.3% | 7.47% | -1.53% | -11.31% | -12.99% | - |
| Operating Expenses | 346.5M | 336.1M | 365M | 429.5M | 399.4M | 302.8M | 309M | 316.3M | 294.4M | 270.9M | 234.9M | 232M | 191.4M | 163.1M | 136.7M | 174.2M | 134.1M | 163.6M | 137M | 146.5M | 150.3M | 255.9M | 160.2M | 91.2M | 69.7M | -41.23M | 124.8M | 117.2M | 102.9M |
| OpEx % of Revenue | - | 18.9% | 19.78% | 22.04% | 20.34% | 20.41% | 25.9% | 20.9% | 19.93% | 20.73% | 26.59% | 22.92% | 19.92% | 19.92% | 17.61% | 22.49% | 19.63% | 27.33% | 21.39% | 24.32% | 28.25% | 48.49% | 33.34% | 19.73% | 15.44% | -9.8% | 29.55% | 22.68% | 22.13% |
| Selling, General & Admin | 294.3M | 285.1M | 314M | 387.8M | 360.7M | 267.2M | 237M | 280.9M | 261M | 239.5M | 209.5M | 206.7M | 169.2M | 141.9M | 117.1M | 155.9M | 111.9M | 142.5M | 115.2M | 103.9M | 99M | 97.6M | 93.4M | 75.7M | 70M | 57.6M | 41.5M | 44.9M | 40.1M |
| SG&A % of Revenue | - | 16.03% | 17.02% | 19.9% | 18.37% | 18.01% | 19.86% | 18.56% | 17.67% | 18.33% | 23.72% | 20.42% | 17.61% | 17.33% | 15.08% | 20.13% | 16.38% | 23.81% | 17.99% | 17.25% | 18.61% | 18.5% | 19.44% | 16.38% | 15.5% | 13.69% | 9.82% | 8.69% | 8.62% |
| Research & Development | 51.5M | 51M | 47.8M | 41.7M | 38.7M | 37.4M | 30.9M | 35.4M | 33.4M | 31.4M | 25.4M | 25.3M | 22.2M | 21.2M | 19.6M | 18.3M | 17.6M | 16.4M | 14.8M | 13.6M | 11.1M | 11.2M | 10.5M | 5.1M | 6M | 5.1M | 3.1M | 3.9M | 3.1M |
| R&D % of Revenue | - | 2.87% | 2.59% | 2.14% | 1.97% | 2.52% | 2.59% | 2.34% | 2.26% | 2.4% | 2.88% | 2.5% | 2.31% | 2.59% | 2.52% | 2.36% | 2.58% | 2.74% | 2.31% | 2.26% | 2.09% | 2.12% | 2.19% | 1.1% | 1.33% | 1.21% | 0.73% | 0.75% | 0.67% |
| Other Operating Expenses | 700K | 0 | 3.2M | 0 | 0 | -1.8M | 41.1M | 0 | 0 | 0 | 900K | 0 | 1.8M | 0 | 0 | 0 | 4.6M | 4.7M | 7M | 29M | 40.2M | 147.1M | 56.3M | 10.4M | -6.3M | -103.93M | 80.2M | 68.4M | 59.7M |
| Operating Income | 144.3M | 156.3M | 177.9M | 161.6M | 187.3M | 132.1M | 33.7M | 149.9M | 133.5M | 129.7M | 105.4M | 156.3M | 112.5M | 90.6M | 98.4M | 49.6M | 72.2M | 20.7M | 43.6M | 47.9M | 31.9M | -97.7M | 40.8M | 98.3M | 105M | 59.3M | 58.7M | 89.7M | 134.9M |
| Operating Margin % | 8.06% | 8.79% | 9.64% | 8.29% | 9.54% | 8.91% | 2.82% | 9.91% | 9.04% | 9.93% | 11.93% | 15.44% | 11.71% | 11.06% | 12.67% | 6.4% | 10.57% | 3.46% | 6.81% | 7.95% | 6% | -18.51% | 8.49% | 21.27% | 23.26% | 14.09% | 13.9% | 17.36% | 29.01% |
| Operating Income Growth % | - | -12.14% | 10.09% | -13.72% | 41.79% | 291.99% | -77.52% | 12.28% | 2.93% | 23.05% | -32.57% | 38.93% | 24.17% | -7.93% | 98.39% | -31.3% | 248.79% | -52.52% | -8.98% | 50.16% | 132.65% | -339.46% | -58.49% | -6.38% | 77.07% | 1.02% | -34.56% | -33.51% | - |
| EBITDA | 186.6M | 205.6M | 221.4M | 200.9M | 227.4M | 174.8M | 79.7M | 200.9M | 189.2M | 185.3M | 143.1M | 191.5M | 141.6M | 111M | 109.9M | 64M | 87.6M | 39.1M | 66.6M | 79.2M | 59.3M | -69M | 65.2M | 124.1M | 137.4M | 146.5M | 138.9M | 158.1M | 194.6M |
| EBITDA Margin % | 10.42% | 11.56% | 12% | 10.31% | 11.58% | 11.78% | 6.68% | 13.28% | 12.81% | 14.18% | 16.2% | 18.92% | 14.74% | 13.56% | 14.16% | 8.26% | 12.82% | 6.53% | 10.4% | 13.15% | 11.14% | -13.08% | 13.57% | 26.85% | 30.43% | 34.81% | 32.88% | 30.59% | 41.85% |
| EBITDA Growth % | -12.76% | -7.14% | 10.2% | -11.65% | 30.09% | 119.32% | -60.33% | 6.18% | 2.1% | 29.49% | -25.27% | 35.24% | 27.57% | 1% | 71.72% | -26.94% | 124.04% | -41.29% | -15.91% | 33.56% | 185.94% | -205.83% | -47.46% | -9.68% | -6.21% | 5.47% | -12.14% | -18.76% | - |
| D&A (Non-Cash Add-back) | 42.3M | 49.3M | 43.5M | 39.3M | 40.1M | 42.7M | 46M | 51M | 55.7M | 55.6M | 37.7M | 35.2M | 29.1M | 20.4M | 11.5M | 14.4M | 15.4M | 18.4M | 23M | 31.3M | 27.4M | 28.7M | 24.4M | 25.8M | 32.4M | 87.2M | 80.2M | 68.4M | 59.7M |
| EBIT | 125.4M | 156.3M | 181.1M | 161.6M | 187.3M | 130.3M | 41.5M | 155.2M | 138.5M | 136.3M | 106.3M | 156.3M | 114.3M | 95.1M | 97M | 54.1M | 75.8M | 24.6M | 25.3M | 50.9M | 36.4M | -66.4M | 50M | 112.8M | 124.5M | 221.93M | 58.7M | 89.7M | 135M |
| Net Interest Income | 4.9M | 9.2M | 0 | 0 | -1.1M | -1.5M | -1.8M | -4.8M | -6.9M | -8.2M | -3.2M | -4M | -3.4M | -1.9M | -1.2M | -3.3M | -4.6M | -6M | -5.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.9M | 9.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 400K | 600K | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.1M | 1.5M | 1.8M | 4.8M | 6.9M | 8.2M | 3.2M | 4M | 3.8M | 2.3M | 1.8M | 3.3M | 4.6M | 6M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.7M | -18.2M | -136.7M | 12.8M | -2.7M | 2.3M | 6M | 500K | -1.9M | -4.3M | -2.3M | -4M | -1.6M | 2.2M | -3.2M | 3M | -1.5M | -2.4M | -24.7M | -200K | 0 | -20.4M | -7.7M | -20.6M | -31M | -22.6M | -23M | -14.4M | -23.1M |
| Pretax Income | 133.6M | 138.1M | 41.2M | 174.4M | 184.6M | 134.4M | 39.7M | 150.4M | 131.6M | 128.1M | 103.1M | 152.3M | 110.9M | 92.8M | 95.2M | 52.6M | 70.7M | 18.3M | 18.8M | 47.7M | 31.9M | -118.1M | 31.1M | 77.1M | 74M | 36.7M | 35.7M | 75.3M | 111.9M |
| Pretax Margin % | 7.46% | 7.77% | 2.23% | 8.95% | 9.4% | 9.06% | 3.33% | 9.94% | 8.91% | 9.8% | 11.67% | 15.04% | 11.54% | 11.33% | 12.26% | 6.79% | 10.35% | 3.06% | 2.94% | 7.92% | 6% | -22.38% | 6.47% | 16.68% | 16.39% | 8.72% | 8.45% | 14.57% | 24.06% |
| Income Tax | 19M | 21.5M | 5.6M | 35.3M | 51.6M | 41.3M | 11M | 38.2M | 46.6M | 66.3M | 21.8M | 32.8M | 26.8M | 15M | 26.9M | 3.7M | -3M | 11.9M | 6.3M | 18.2M | 20.4M | 4.2M | 20M | 23.3M | 23M | 19.8M | 17.4M | 32.7M | 41.5M |
| Effective Tax Rate % | 14.22% | 15.57% | 13.59% | 20.24% | 27.95% | 30.73% | 27.71% | 25.4% | 35.41% | 51.76% | 21.14% | 21.54% | 24.17% | 16.16% | 28.26% | 7.03% | -4.24% | 65.03% | 33.51% | 38.16% | 63.95% | -3.56% | 64.31% | 30.22% | 31.08% | 53.95% | 48.74% | 43.43% | 37.09% |
| Net Income | 114.2M | 116.6M | 35.6M | 139.1M | 133M | 93.1M | 28.7M | 112.2M | 85M | 61.8M | 81.3M | 119.5M | 84.1M | 77.8M | 68.3M | 48.9M | 73.7M | 6.4M | 12.5M | 29.5M | 11.4M | -123.7M | 6.2M | 51.8M | 52.1M | 5.6M | 18.3M | 42.6M | 70.4M |
| Net Margin % | 6.38% | 6.56% | 1.93% | 7.14% | 6.77% | 6.28% | 2.41% | 7.41% | 5.76% | 4.73% | 9.2% | 11.8% | 8.75% | 9.5% | 8.8% | 6.31% | 10.79% | 1.07% | 1.95% | 4.9% | 2.14% | -23.44% | 1.29% | 11.21% | 11.54% | 1.33% | 4.33% | 8.24% | 15.14% |
| Net Income Growth % | 322.96% | 227.53% | -74.41% | 4.59% | 42.86% | 224.39% | -74.42% | 32% | 37.54% | -23.99% | -31.97% | 42.09% | 8.1% | 13.91% | 39.67% | -33.65% | 1051.56% | -48.8% | -57.63% | 158.77% | 109.22% | -2095.16% | -88.03% | -0.58% | 830.36% | -69.4% | -57.04% | -39.49% | - |
| Net Income (Continuing) | 114.6M | 116.6M | 35.6M | 139.1M | 133M | 93.1M | 28.7M | 112.2M | 85M | 61.8M | 81.3M | 119.5M | 84.1M | 77.8M | 68.3M | 48.9M | 73.7M | 6.4M | 12.6M | 29.6M | 11.4M | -122.3M | 13.9M | 54.1M | 51M | 16.9M | 18.3M | 42.6M | 70.4M |
| 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 |
| Minority Interest | 7.2M | 6.8M | 4.9M | 2.5M | 2.4M | 600K | 500K | 400K | 500K | 400K | 300K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 300K | 200K | 6.6M | 4.6M | 5.9M | 4.5M | 2.4M | 0 |
| EPS (Diluted) | 4.60 | 4.67 | 1.42 | 5.56 | 5.32 | 3.75 | 1.16 | 4.54 | 3.45 | 2.52 | 3.33 | 4.86 | 3.38 | 3.22 | 2.81 | 1.99 | 2.97 | 0.26 | 0.51 | 1.19 | 0.45 | -5.00 | 0.24 | 2.06 | 2.08 | 0.23 | 0.71 | 1.53 | 2.42 |
| EPS Growth % | 333.02% | 228.87% | -74.46% | 4.51% | 41.87% | 223.28% | -74.45% | 31.59% | 36.9% | -24.32% | -31.48% | 43.79% | 4.97% | 14.59% | 41.21% | -33% | 1042.31% | -49.02% | -57.14% | 164.44% | 109% | -2183.33% | -88.35% | -0.96% | 804.35% | -67.61% | -53.59% | -36.78% | - |
| EPS (Basic) | - | 4.69 | 1.43 | 5.60 | 5.37 | 3.78 | 1.17 | 4.58 | 3.48 | 2.56 | 3.39 | 4.96 | 3.45 | 3.29 | 2.89 | 2.07 | 3.10 | 0.27 | 0.53 | 1.23 | 0.47 | -5.00 | 0.25 | 2.17 | 2.21 | 0.24 | 0.73 | 1.54 | 2.42 |
| Diluted Shares Outstanding | 24.84M | 24.99M | 25.12M | 25.02M | 24.98M | 24.85M | 24.78M | 24.73M | 24.6M | 24.49M | 24.44M | 24.61M | 24.88M | 24.16M | 23.85M | 24.57M | 24.81M | 24.71M | 24.39M | 24.84M | 25.34M | 24.74M | 25.98M | 25.15M | 25.11M | 24.89M | 26M | 27.96M | 29.03M |
| Basic Shares Outstanding | 24.78M | 24.88M | 24.93M | 24.85M | 24.79M | 24.65M | 24.56M | 24.48M | 24.4M | 24.15M | 24M | 24.11M | 24.39M | 23.65M | 23.19M | 24.52M | 23.76M | 23.64M | 23.59M | 23.92M | 24.14M | 24.74M | 24.69M | 23.87M | 23.63M | 23.53M | 25.16M | 27.65M | 29.03M |
| Dividend Payout Ratio | - | 36.36% | 108.99% | 25.23% | 23.83% | 30.93% | 89.2% | 22.28% | 25.53% | 30.1% | 19.56% | 12.47% | 15.93% | 15.42% | 68.37% | - | - | 18.75% | 19.2% | 7.46% | 16.67% | - | 24.19% | 1.16% | 1.15% | - | - | - | - |
Cyclical End-Market Exposure
According to recent financial disclosures, Innospec's revenue trajectory remains inconsistent, with the most recent quarterly figures showing a modest 2.8% growth rate, yet the broader trend over the last ten quarters reflects persistent volatility and periodic contraction in core specialty chemical and oilfield service demand segments.
The revenue profile suggests a struggle to maintain consistent top-line expansion, likely hampered by the cyclical nature of oilfield services and potential price normalization in fuel additives. Investors should monitor whether the recent return to positive growth in 2026Q1 represents a durable recovery or merely a temporary fluctuation against easier year-over-year comparisons.
As reported in quarterly income statements, Innospec's gross margin has experienced a noticeable contraction from the 31.5% levels observed in late 2023 to 27.3% in 2026Q1, suggesting that the company is facing challenges in fully offsetting rising input costs through its specialty pricing strategies.
The erosion of gross margins indicates that the company's value-added formulations may be facing increased competitive pressure or that raw material inflation is outpacing the firm's ability to pass costs to customers. This trend warrants further investigation into whether the product mix is shifting toward lower-margin offerings within the fuel specialties division.
Based on the provided income statement data, Innospec's operating margin has struggled to scale, fluctuating between 7% and 10% over the last ten quarters, which implies that SG&A and R&D expenses are consuming a significant portion of the gross profit generated by the company's specialty chemical operations.
The lack of meaningful operating leverage suggests that the company's cost structure is relatively rigid, preventing significant margin expansion even when revenue growth is positive. Analysts should consider whether the current level of SG&A spending is necessary to support long-term innovation or if it reflects inefficiencies in the company's mid-sized operational scale.
Financial filings reveal that Innospec's net income has been subject to significant volatility, highlighted by a substantial net loss in 2024Q4, which suggests that non-operating items or legacy liability adjustments may be periodically distorting the underlying profitability of the core specialty chemical business for shareholders.
The wide variance in net income, particularly when compared to more stable operating income, indicates that investors should focus on adjusted metrics to gauge true operational health. The impact of legacy environmental and pension obligations appears to be a recurring factor that complicates the assessment of the company's sustainable earnings power.
Quick answers to the most common questions about buying IOSP stock.
For fiscal year 2025, Innospec Inc. (IOSP) reported total revenue of $1.78B. This represents a 282.4% increase compared to $465.0M in 1998.
Innospec Inc. (IOSP) is profitable, generating $116.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Innospec Inc. (IOSP) reported an operating income of $156.3M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Innospec Inc. (IOSP) generated $492.4M in gross profit for the year, representing a gross profit margin of 27.7%. This demonstrates the company's core pricing power and production efficiency.