Revenue growth has settled into a 5.6% to 8.5% band while gross margin swung between roughly 24% and 45% and operating margin between 4.0% and 37.9%, suggesting cost timing and mix effects rather than a structural shift in pricing power.
Ingersoll Rand Inc. (IR) annual income statement — 12-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'12 |
|---|
| Sales/Revenue | 8.05B | 7.65B | 7.24B | 6.88B | 5.92B | 5.15B | 3.97B | 2.02B | 2.69B | 2.38B | 1.94B | 2.13B | 2.36B |
| Revenue Growth % | 7.96% | 5.75% | 5.22% | 16.22% | 14.83% | 29.68% | 96.94% | -24.99% | 13.24% | 22.48% | -8.82% | -9.71% | - |
| Cost of Goods Sold | 4.97B | 4.7B | 4.07B | 3.99B | 3.59B | 3.16B | 2.57B | 1.24B | 1.68B | 1.48B | 1.22B | 1.35B | 1.55B |
| COGS % of Revenue | - | 61.46% | 56.19% | 58.08% | 60.69% | 61.41% | 64.64% | 61.42% | 62.36% | 62.2% | 63.05% | 63.37% | 65.68% |
| Gross Profit | 3.08B | 2.95B | 3.17B | 2.88B | 2.33B | 1.99B | 1.4B | 778.3M | 1.01B | 897.9M | 716.7M | 779.1M | 808.39M |
| Gross Margin % | 38.28% | 38.54% | 43.81% | 41.92% | 39.31% | 38.59% | 35.36% | 38.58% | 37.64% | 37.8% | 36.95% | 36.63% | 34.32% |
| Gross Profit Growth % | - | -6.98% | 9.99% | 23.93% | 16.95% | 41.54% | 80.51% | -23.13% | 12.76% | 25.28% | -8.01% | -3.62% | - |
| Operating Expenses | 966.4M | 1.53B | 1.87B | 1.72B | 1.51B | 1.42B | 1.35B | 584.2M | 569.5M | 788.8M | 613.2M | 984.5M | 432.12M |
| OpEx % of Revenue | - | 20.01% | 25.85% | 24.98% | 25.49% | 27.61% | 33.86% | 28.96% | 21.17% | 33.21% | 31.62% | 46.29% | 18.34% |
| Selling, General & Admin | 1.52B | 0 | 1.34B | 1.27B | 1.1B | 1.03B | 789.3M | 409.6M | 434.6M | 640.4M | 415.1M | 427M | 402.75M |
| SG&A % of Revenue | - | - | 18.58% | 18.51% | 18.52% | 19.95% | 19.87% | 20.3% | 16.16% | 26.96% | 21.4% | 20.08% | 17.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.5M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 1.68% |
| Other Operating Expenses | 0 | 1.53B | 525.5M | 445.2M | 412.5M | 394.8M | 556M | 174.6M | 134.9M | 148.4M | 198.1M | 557.5M | -10.13M |
| Operating Income | 2.12B | 1.42B | 1.3B | 1.16B | 817.3M | 565.7M | 59.6M | 194.1M | 443M | 109.1M | 103.5M | -205.4M | 401.11M |
| Operating Margin % | 26.28% | 18.53% | 17.97% | 16.93% | 13.81% | 10.98% | 1.5% | 9.62% | 16.47% | 4.59% | 5.34% | -9.66% | 17.03% |
| Operating Income Growth % | - | 9.07% | 11.66% | 42.46% | 44.48% | 849.16% | -69.29% | -56.19% | 306.05% | 5.41% | 150.39% | -151.21% | - |
| EBITDA | 2.66B | 1.92B | 1.78B | 1.62B | 1.25B | 987.8M | 472.1M | 340.6M | 623.4M | 282.9M | 276.2M | -42.4M | 464.89M |
| EBITDA Margin % | 33.08% | 25.14% | 24.63% | 23.61% | 21.13% | 19.17% | 11.88% | 16.88% | 23.18% | 11.91% | 14.24% | -1.99% | 19.74% |
| EBITDA Growth % | 64.24% | 7.95% | 9.78% | 29.86% | 26.55% | 109.24% | 38.61% | -45.36% | 120.36% | 2.43% | 751.42% | -109.12% | - |
| D&A (Non-Cash Add-back) | 547.5M | 505.8M | 482M | 459.1M | 432.8M | 422.1M | 412.5M | 146.5M | 180.4M | 173.8M | 172.7M | 163M | 63.78M |
| EBIT | 1.87B | 1.06B | 1.35B | 1.19B | 845.4M | 600.7M | 65.7M | 198.6M | 449.1M | 28M | 107.1M | -203.8M | 401.11M |
| Net Interest Income | -248.7M | -253.9M | -213.2M | -156.7M | -103.2M | -87.7M | -111.1M | -88.4M | -99.6M | -140.7M | -170.3M | -162.9M | 0 |
| Interest Income | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.71M |
| Interest Expense | 254.7M | 253.9M | 213.2M | 156.7M | 103.2M | 87.7M | 111.1M | 88.4M | 99.6M | 140.7M | 170.34M | 162.9M | 0 |
| Other Income/Expense | -499.2M | -609.8M | -191.3M | -139.2M | -75.1M | -64.1M | -103.4M | -65M | -93.5M | -221.8M | -166.7M | -161.3M | -39.55M |
| Pretax Income | 1.62B | 808.2M | 1.11B | 1.03B | 742.2M | 501.6M | -43.8M | 129.1M | 349.5M | -112.7M | -63.2M | -366.7M | 361.56M |
| Pretax Margin % | 20.08% | 10.56% | 15.33% | 14.91% | 12.54% | 9.74% | -1.1% | 6.4% | 12.99% | -4.74% | -3.26% | -17.24% | 15.35% |
| Income Tax | 225.1M | 219.4M | 262.5M | 240M | 149.6M | -21.8M | 13M | 31.8M | 80.1M | -131.2M | -31.86M | -14.7M | 97.07M |
| Effective Tax Rate % | 13.92% | 27.15% | 23.67% | 23.41% | 20.16% | -4.35% | -29.68% | 24.63% | 22.92% | 116.42% | 50.41% | 4.01% | 26.85% |
| Net Income | 1.38B | 581.4M | 838.6M | 778.7M | 604.7M | 562.5M | -33.3M | 159.1M | 269.4M | 18.4M | -36.62M | -351.2M | 263.27M |
| Net Margin % | 17.2% | 7.6% | 11.59% | 11.32% | 10.22% | 10.92% | -0.84% | 7.89% | 10.02% | 0.77% | -1.89% | -16.51% | 11.18% |
| Net Income Growth % | 154.06% | -30.67% | 7.69% | 28.77% | 7.5% | 1789.19% | -120.93% | -40.94% | 1364.13% | 150.25% | 89.57% | -233.4% | - |
| Net Income (Continuing) | 1.39B | 588.8M | 846.3M | 785.1M | 593.3M | 523.4M | -56.8M | 97.3M | 269.4M | 18.5M | -31.3M | -352M | 263.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 15.2M | 41.6M | 24.4M | 61.8M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 65M | 64.2M | 66.3M | 62.9M | 61.4M | 69.7M | 69.8M | 0 | 0 | 0 | 5.85M | 15.3M | 2.55M |
| EPS (Diluted) | 3.57 | 1.45 | 2.06 | 1.90 | 1.48 | 1.34 | -0.08 | 0.76 | 1.29 | 0.10 | -0.19 | -1.85 | 8.63 |
| EPS Growth % | 162.96% | -29.61% | 8.42% | 28.38% | 10.45% | 1683.92% | -111.13% | -41.09% | 1190% | 152.63% | 89.73% | -121.44% | - |
| EPS (Basic) | - | 1.46 | 2.08 | 1.92 | 1.50 | 1.36 | -0.08 | 0.78 | 1.34 | 0.10 | -0.19 | -1.85 | 8.62 |
| Diluted Shares Outstanding | 388.1M | 401M | 407.2M | 409M | 410.2M | 421.2M | 382.8M | 208.9M | 209.1M | 184M | 189.73M | 189.73M | 30.5M |
| Basic Shares Outstanding | 385.9M | 398.1M | 403.4M | 404.8M | 405.3M | 414.8M | 382.8M | 203.5M | 201.6M | 184M | 189.73M | 189.73M | 30.5M |
| Dividend Payout Ratio | - | 5.47% | 3.85% | 4.16% | 5.36% | 1.46% | - | - | - | - | - | - | 3.77% |
Quick answers to the most common questions about buying IR stock.
For fiscal year 2025, Ingersoll Rand Inc. (IR) reported total revenue of $7.65B. This represents a 224.8% increase compared to $2.36B in 2012.
Ingersoll Rand Inc. (IR) is profitable, generating $581.4M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Ingersoll Rand Inc. (IR) reported an operating income of $1.42B, resulting in an operating profit margin of 18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ingersoll Rand Inc. (IR) generated $2.95B in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility from acquisition-driven costs
Metrics are mathematically derived from official filings.
Top-Line Growth Moderating from Peak Levels
Based on the reported quarterly income statement, IR's revenue growth has settled into a 5.6% to 8.5% band in recent quarters, suggesting the earlier acceleration has largely plateaued as the business matures.
The 2026Q2 reading of 8.5% is the strongest in the window, but the 5.6% in 2026Q3 suggests momentum is not yet durable at that level. Given the reliance on acquisitions to supplement organic volume, sustaining mid-single-digit growth may depend more on deal flow than on underlying demand. Investors should monitor whether organic growth can carry the top line without incremental M&A contribution.
Gross Margin Volatility Masks Underlying Stability
As reported in the quarterly statements, IR's gross margin ranged from roughly 24% in 2025Q4 to about 45% in 2026Q3, a swing that appears more reflective of cost timing and mix than a structural change in pricing power.
The 2025Q4 compression to 24.1% is an outlier against a consistent band of 42% to 44% in the surrounding quarters, which may indicate a one-time inventory or cost-of-sales charge rather than a deteriorating franchise. The recovery to 44.8% in 2026Q3 suggests the underlying aftermarket and PST mix remains intact. Investors should treat the 2025Q4 figure as a potential anomaly warranting further investigation rather than a reliable trend signal.
Net Income Distorted by Below-the-Line Items
Based on IR's reported figures, the 2025Q2 net loss of $115.3M against positive operating income of $76.4M suggests non-operating charges and tax items materially affected bottom-line earnings in that period.
A swing from positive operating income to a large net loss points to items outside operating margins, such as interest expense, amortization of acquired intangibles, or tax adjustments, though the specific drivers are not itemized in the supplied data. The 2026Q3 EPS growth of 183.6% is similarly inflated by a depressed comparison base rather than reflecting a fundamental step-change. Analysts should rely on operating and cash-based measures to evaluate underlying earnings power.
Operating Leverage Uneven Across Quarters
According to the reported figures, IR's operating margin ranged from 4.0% to 37.9% across the period, indicating that operating income has not scaled consistently with gross profit.
The 2026Q3 operating margin of 37.9% on gross profit of $924.3M indicates strong incremental flow-through, while the 2025Q2 margin of 4.0% reflects heavy cost absorption at similar revenue scale. SG&A held relatively flat near $350M to $400M per quarter, suggesting overhead discipline but also that operating income is highly sensitive to gross margin swings. The lack of a clear scaling trend implies efficiency gains remain uneven and quarter-dependent.
Margin Compression Risk Under Leverage
Based on the reported figures, the bear case centers on whether recurring quarterly margin swings and an acquisition-dependent growth model can persist without eroding the profitability that supports the current valuation.
Short-sellers would likely point to the 2025Q2 net loss and the 2025Q4 gross margin collapse as evidence that earnings are more fragile than headline growth suggests, and that the quarterly EPS miss in 2026Q2 may signal rising costs outpacing revenue. If acquisition financing increases net debt, interest burden could further compress net margins, which currently sit well below operating margins. Investors should monitor whether organic growth and gross margin stabilization materialize, as failure to do so would weaken the case that the business is compounding rather than cyclically recovering.