Revenue growth accelerated to 32.7% in 2026Q1, yet operating margins contracted to 11.7%, suggesting that rapid top-line expansion is currently outpacing operational efficiency.
| 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.24B | 3.94B | 3.63B | 3.28B | 2.99B | 2.77B | 2.48B | 2.85B | 2.75B | 2.59B | 2.41B | 2.49B | 2.65B | 2.5B | 2.23B | 2.12B | 10.99B | 10.9B | 11.69B | 9B | 7.81B | 7.43B | 6.76B | 5.63B | 4.99B | 4.68B | 4.83B | 4.63B | 4.49B | 8.78B | 8.72B |
| Revenue Growth % | 16.63% | 8.48% | 10.59% | 9.88% | 8.05% | 11.59% | -12.95% | 3.69% | 6.18% | 7.48% | -3.23% | -6.37% | 6.32% | 12.08% | 5.13% | -80.73% | 0.83% | -6.76% | 29.89% | 15.31% | 5.12% | 9.8% | 20.22% | 12.86% | 6.62% | -3.18% | 4.26% | 3.1% | -48.81% | 0.68% | -1.87% |
| Cost of Goods Sold | 2.73B | 2.55B | 2.38B | 2.18B | 2.07B | 1.87B | 1.7B | 1.94B | 1.86B | 1.77B | 1.65B | 1.68B | 1.79B | 1.7B | 1.55B | 1.46B | 7.82B | 8.07B | 8.44B | 6.43B | 5.62B | 5.39B | 4.47B | 3.68B | 3.21B | 3.04B | 2.99B | 3.08B | 2.97B | 6.51B | 7.05B |
| COGS % of Revenue | - | 64.65% | 65.65% | 66.27% | 69.13% | 67.47% | 68.43% | 68.03% | 67.68% | 68.39% | 68.48% | 67.45% | 67.36% | 67.97% | 69.47% | 69.09% | 71.12% | 74.02% | 72.16% | 71.47% | 71.96% | 72.57% | 66.03% | 65.47% | 64.43% | 65.11% | 61.98% | 66.59% | 66.11% | 74.2% | 80.87% |
| Gross Profit | 1.5B | 1.39B | 1.25B | 1.11B | 922.3M | 899.5M | 782.2M | 910.1M | 887.2M | 817.2M | 758.2M | 809.1M | 866.4M | 799.8M | 680.2M | 655M | 3.17B | 2.83B | 3.26B | 2.57B | 2.19B | 2.04B | 2.3B | 1.94B | 1.77B | 1.63B | 1.84B | 1.55B | 1.52B | 2.26B | 1.67B |
| Gross Margin % | 35.51% | 35.35% | 34.35% | 33.73% | 30.87% | 32.53% | 31.57% | 31.97% | 32.32% | 31.61% | 31.52% | 32.55% | 32.64% | 32.03% | 30.53% | 30.91% | 28.88% | 25.98% | 27.84% | 28.53% | 28.04% | 27.43% | 33.97% | 34.53% | 35.57% | 34.89% | 38.02% | 33.41% | 33.89% | 25.8% | 19.13% |
| Gross Profit Growth % | - | 11.63% | 12.64% | 20.06% | 2.53% | 15% | -14.05% | 2.58% | 8.57% | 7.78% | -6.29% | -6.61% | 8.33% | 17.58% | 3.85% | -79.37% | 12.06% | -12.96% | 26.75% | 17.3% | 7.47% | -11.33% | 18.25% | 9.57% | 8.72% | -11.15% | 18.64% | 1.65% | -32.76% | 35.78% | 1.8% |
| Operating Expenses | 803.4M | 707.9M | 571.3M | 579.1M | 454.3M | 395.2M | 555.7M | 498.7M | 489.9M | 500.6M | 484.3M | 429M | 600M | 616.2M | 528.7M | 889.9M | 784.5M | 2.13B | 2.05B | 1.59B | 1.39B | 1.24B | 1.08B | 931.4M | 1.24B | 1.23B | 1.34B | 1.14B | 1.19B | 1.14B | 1.02B |
| OpEx % of Revenue | - | 17.97% | 15.74% | 17.64% | 15.21% | 14.29% | 22.43% | 17.52% | 17.85% | 19.36% | 20.13% | 17.26% | 22.6% | 24.68% | 23.73% | 42% | 7.14% | 19.53% | 17.49% | 17.67% | 17.78% | 16.73% | 15.98% | 16.55% | 24.79% | 26.4% | 27.8% | 24.54% | 26.56% | 13.02% | 11.67% |
| Selling, General & Admin | 686.4M | 597.1M | 502.3M | 468.5M | 374.1M | 381.7M | 345.2M | 407.2M | 422.1M | 427.9M | 430.3M | 441.5M | 519.5M | 516.1M | 415.1M | 329.9M | 340.4M | 1.79B | 1.72B | 1.34B | 1.18B | 1.03B | 924.6M | 788.6M | 720.2M | 671.3M | 749.8M | 691.4M | 730M | 679.2M | 564.1M |
| SG&A % of Revenue | - | 15.16% | 13.83% | 14.27% | 12.52% | 13.8% | 13.93% | 14.31% | 15.38% | 16.55% | 17.89% | 17.76% | 19.57% | 20.67% | 18.63% | 15.57% | 3.1% | 16.44% | 14.74% | 14.91% | 15.06% | 13.89% | 13.67% | 14.02% | 14.45% | 14.36% | 15.53% | 14.93% | 16.25% | 7.74% | 6.47% |
| Research & Development | 117M | 110.8M | 116.3M | 102.6M | 96.5M | 94.9M | 84.9M | 97.9M | 98.4M | 93.7M | 80.8M | 78.9M | 76.6M | 67.3M | 62.7M | 66M | 253M | 268.3M | 244.3M | 182.3M | 160.9M | 177.6M | 634M | 559.4M | 519.1M | 424.7M | 391.2M | 264.4M | 267.6M | 496.9M | 0 |
| R&D % of Revenue | - | 2.81% | 3.2% | 3.13% | 3.23% | 3.43% | 3.43% | 3.44% | 3.58% | 3.62% | 3.36% | 3.17% | 2.89% | 2.7% | 2.81% | 3.11% | 2.3% | 2.46% | 2.09% | 2.02% | 2.06% | 2.39% | 9.37% | 9.94% | 10.41% | 9.08% | 8.1% | 5.71% | 5.96% | 5.66% | - |
| Other Operating Expenses | 0 | 0 | -47.3M | 8M | -16.3M | -81.4M | 125.6M | -6.4M | -30.6M | -20.8M | -26.5M | -91.4M | 3.9M | 32.8M | 50.9M | 496.5M | 384.8M | 79M | 77.5M | 66.1M | 51.7M | 53.9M | 29.3M | 27.6M | -3.5M | 138.4M | 201.8M | 181.1M | 195.6M | 196.9M | 187.3M |
| Operating Income | 674.8M | 684.5M | 676M | 528.2M | 468M | 504.3M | 226.5M | 411.4M | 397.3M | 319.3M | 276.6M | 380.1M | 266.4M | 183.6M | 151.5M | -244.9M | -180.6M | 894M | 1.21B | 977.2M | 801M | 725.5M | 587.8M | 499M | 537.6M | 396.8M | 493.1M | 410.6M | 329.2M | 279.1M | 223.7M |
| Operating Margin % | 15.92% | 17.38% | 18.62% | 16.09% | 15.66% | 18.24% | 9.14% | 14.45% | 14.47% | 12.35% | 11.5% | 15.29% | 10.04% | 7.35% | 6.8% | -11.56% | -1.64% | 8.2% | 10.35% | 10.85% | 10.26% | 9.77% | 8.69% | 8.87% | 10.78% | 8.49% | 10.21% | 8.86% | 7.33% | 3.18% | 2.57% |
| Operating Income Growth % | - | 1.26% | 27.98% | 12.86% | -7.2% | 122.65% | -44.94% | 3.55% | 24.43% | 15.44% | -27.23% | 42.68% | 45.1% | 21.19% | 161.86% | -35.6% | -120.2% | -26.12% | 23.83% | 22% | 10.41% | 23.43% | 17.8% | -7.18% | 35.48% | -19.53% | 20.09% | 24.73% | 17.95% | 24.77% | -49.87% |
| EBITDA | 780.8M | 827.7M | 813.3M | 637.4M | 575.4M | 617.4M | 338.7M | 524.8M | 506.7M | 424.6M | 378.6M | 470.1M | 354.7M | 270.5M | 222.6M | -173.6M | -116.4M | 1.18B | 1.49B | 1.16B | 995.5M | 901.4M | 742.5M | 661.3M | 709M | 609.7M | 694.9M | 591.7M | 524.8M | 476M | 411M |
| EBITDA Margin % | 18.43% | 21.02% | 22.4% | 19.42% | 19.26% | 22.33% | 13.67% | 18.44% | 18.46% | 16.42% | 15.74% | 18.91% | 13.36% | 10.83% | 9.99% | -8.19% | -1.06% | 10.85% | 12.73% | 12.91% | 12.75% | 12.14% | 10.98% | 11.75% | 14.22% | 13.04% | 14.39% | 12.77% | 11.68% | 5.42% | 4.71% |
| EBITDA Growth % | -4.62% | 1.77% | 27.6% | 10.78% | -6.8% | 82.29% | -35.46% | 3.57% | 19.34% | 12.15% | -19.46% | 32.53% | 31.13% | 21.52% | 228.23% | -49.14% | -109.84% | -20.52% | 28.02% | 16.79% | 10.44% | 21.4% | 12.28% | -6.73% | 16.29% | -12.26% | 17.44% | 12.75% | 10.25% | 15.82% | -52.73% |
| D&A (Non-Cash Add-back) | 106M | 143.2M | 137.3M | 109.2M | 107.4M | 113.1M | 112.2M | 113.4M | 109.4M | 105.3M | 102M | 90M | 88.3M | 86.9M | 71.1M | 71.3M | 64.2M | 289M | 278.3M | 185.4M | 194.5M | 175.9M | 154.7M | 162.3M | 171.4M | 212.9M | 201.8M | 181.1M | 195.6M | 196.9M | 187.3M |
| EBIT | 546M | 699.6M | 684.2M | 538.7M | 472.7M | 408.5M | 321.3M | 357.1M | 391.5M | 319.3M | 275.7M | 371.2M | 263.5M | 183.6M | 149.2M | -239.5M | -175.5M | 909M | 1.23B | 1.01B | 852.7M | 779.4M | 617.1M | 526.6M | 534.1M | 494.5M | 493.1M | 410.6M | 329.2M | 279.1M | 223.7M |
| Net Interest Income | -29.8M | -37.4M | -30M | -10.4M | -6.4M | 1.1M | 700K | 4.1M | -500K | -9.9M | 800K | 2.2M | -1.5M | -3.1M | 2.7M | -72.3M | -86.3M | -75M | -109.5M | -65.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -1.4M | 10.7M | 6.6M | 8.8M | 4.5M | 1.1M | 700K | 4.1M | 0 | 0 | 800K | 2.2M | 0 | 0 | 2.8M | 4.1M | 10.8M | 24M | 31.3M | 49.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 63.5M | 48.1M | 36.6M | 19.2M | 10.9M | 0 | 0 | 0 | 500K | 9.9M | 0 | 0 | 1.5M | 3.1M | 100K | 76.4M | 97.1M | 99M | 140.8M | 114.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -38.8M | -33M | -28.4M | -8.7M | -6.2M | 4.8M | -141.3M | 3M | -6.3M | -9.9M | -18.2M | 2.2M | -4.4M | -3.1M | -2.4M | -68.9M | -95.4M | -84.2M | -122.6M | -78.7M | -73.7M | -330.1M | -50.1M | 1.6M | -28.8M | -63.4M | -73.2M | -40.9M | -489.2M | -92.7M | 147.3M |
| Pretax Income | 636M | 651.5M | 647.6M | 519.5M | 461.8M | 509.1M | 85.2M | 414.4M | 391M | 309.4M | 258.4M | 382.3M | 262M | 180.5M | 149.1M | -318M | 818M | 825.2M | 1.09B | 898.5M | 727.3M | 448.1M | 610M | 530.7M | 508.8M | 333.4M | 419.9M | 369.7M | -160M | 186.4M | 371M |
| Pretax Margin % | 15.01% | 16.54% | 17.84% | 15.82% | 15.46% | 18.41% | 3.44% | 14.56% | 14.24% | 11.97% | 10.74% | 15.38% | 9.87% | 7.23% | 6.69% | -15.01% | 7.44% | 7.57% | 9.3% | 9.98% | 9.31% | 6.03% | 9.02% | 9.43% | 10.21% | 7.13% | 8.69% | 7.98% | -3.56% | 2.12% | 4.26% |
| Income Tax | 174.2M | 160.1M | 125.8M | 104.8M | 91.1M | 189.6M | 15.3M | 89.9M | 57.7M | 194.6M | 76M | 70.1M | 71.3M | -309.6M | 39.6M | 260M | 164M | 174.5M | 312.3M | 265.5M | 227.6M | 133.7M | 172.5M | 139.8M | 128.9M | 116.7M | 155.4M | 136.8M | -62.4M | 72.7M | 148.4M |
| Effective Tax Rate % | 27.39% | 24.57% | 19.43% | 20.17% | 19.73% | 37.24% | 17.96% | 21.69% | 14.76% | 62.9% | 29.41% | 18.34% | 27.21% | -171.52% | 26.56% | -81.76% | 20.05% | 21.15% | 28.72% | 29.55% | 31.29% | 29.84% | 28.28% | 26.34% | 25.33% | 35% | 37.01% | 37% | 39% | 39% | 40% |
| Net Income | 457.6M | 488M | 518.3M | 410.5M | 367M | 316.3M | 72.5M | 325.1M | 333.7M | 113.5M | 186.1M | 351.8M | 184.5M | 488.5M | 125.4M | -130M | 798M | 643.7M | 794.7M | 742.1M | 581.1M | 359.5M | 432.3M | 403.9M | 379.9M | 276.7M | 264.5M | 232.9M | 1.53B | 108.1M | 222.6M |
| Net Margin % | 10.8% | 12.39% | 14.28% | 12.5% | 12.28% | 11.44% | 2.93% | 11.42% | 12.16% | 4.39% | 7.74% | 14.15% | 6.95% | 19.56% | 5.63% | -6.13% | 7.26% | 5.9% | 6.8% | 8.24% | 7.44% | 4.84% | 6.39% | 7.18% | 7.62% | 5.92% | 5.48% | 5.03% | 34.11% | 1.23% | 2.55% |
| Net Income Growth % | -11.27% | -5.85% | 26.26% | 11.85% | 16.03% | 336.28% | -77.7% | -2.58% | 194.01% | -39.01% | -47.1% | 90.68% | -62.23% | 289.55% | 196.46% | -116.29% | 23.97% | -19% | 7.09% | 27.71% | 61.64% | -16.84% | 7.03% | 6.32% | 37.3% | 4.61% | 13.57% | -84.8% | 1317.67% | -51.44% | -66.17% |
| Net Income (Continuing) | 460.3M | 491.4M | 521.8M | 414.7M | 370.7M | 319.5M | 69.9M | 324.5M | 333.3M | 114.8M | 182.4M | 312.2M | 190.7M | 490.1M | 109.5M | -576.5M | -132M | 650.7M | 775.2M | 633M | 499.7M | 528.8M | 420.1M | 370.3M | 379.9M | 216.7M | 264.5M | 232.9M | -97.6M | 11.9M | 66.4M |
| Discontinued Operations | -100K | -100K | -100K | -900K | -1.3M | 1.5M | 4M | 1.7M | 1.3M | 0 | 4.2M | 39.4M | 0 | 800K | 15.9M | 0 | 0 | -7M | 19.5M | 0 | 0 | 0 | 12.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.7M | 6.9M | 7M | 10.9M | 9.3M | 4.9M | 1.5M | 2.9M | 2.5M | 1.7M | 2M | 3.3M | 5.4M | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.21 | 6.11 | 6.30 | 4.96 | 4.38 | 3.66 | 0.83 | 3.67 | 3.76 | 1.28 | 2.07 | 3.88 | 1.99 | 5.29 | 1.33 | -1.40 | 8.60 | 7.00 | 8.66 | 8.06 | 6.20 | 3.82 | 4.58 | 4.30 | 4.06 | 3.05 | 2.94 | 2.53 | 13.55 | 0.89 | 1.85 |
| EPS Growth % | -9.86% | -3.02% | 27.02% | 13.24% | 19.67% | 340.96% | -77.38% | -2.39% | 193.75% | -38.16% | -46.65% | 94.97% | -62.38% | 297.74% | 195% | -116.28% | 22.86% | -19.17% | 7.44% | 30% | 62.3% | -16.59% | 6.51% | 5.91% | 33.11% | 3.74% | 16.21% | -81.33% | 1422.47% | -51.89% | -70.06% |
| EPS (Basic) | - | 6.15 | 6.34 | 4.99 | 4.40 | 3.68 | 0.84 | 3.71 | 3.81 | 1.29 | 2.09 | 3.92 | 2.02 | 5.37 | 1.35 | -1.40 | 8.68 | 7.06 | 8.80 | 8.22 | 6.30 | 3.90 | 4.68 | 4.38 | 4.17 | 3.14 | 3.01 | 2.61 | 13.55 | 0.91 | 1.89 |
| Diluted Shares Outstanding | 87.8M | 79.9M | 82.3M | 82.7M | 83.7M | 86.5M | 87.3M | 88.6M | 88.7M | 89M | 89.9M | 90.7M | 92.8M | 92.3M | 94.1M | 92.8M | 92.65M | 91.95M | 91.7M | 92M | 93.7M | 94.25M | 94.4M | 93.93M | 93.6M | 90.6M | 89.97M | 92M | 113.1M | 121.46M | 120.32M |
| Basic Shares Outstanding | 87.2M | 79.4M | 81.8M | 82.3M | 83.4M | 86M | 86.7M | 87.7M | 87.7M | 88.3M | 89.2M | 89.8M | 91.5M | 91M | 93M | 92.8M | 91.95M | 91.25M | 90.35M | 90.3M | 92.15M | 92.3M | 92.3M | 92.21M | 91M | 88.1M | 87.87M | 89.2M | 113.1M | 118.79M | 117.78M |
| Dividend Payout Ratio | - | 22.75% | 20.2% | 23.34% | 23.95% | 23.96% | 81.38% | 16.03% | 14.17% | 40% | 23.97% | 12.17% | 22.06% | 7.45% | 27.27% | - | 22.06% | 22.98% | 15.21% | 13.02% | 13.35% | 18.25% | 14.3% | 14.36% | 14.29% | 19.12% | 20% | 23.83% | 4.6% | 65.77% | 23.99% |
European industrial demand volatility
According to the most recent quarterly income statement, ITT achieved a significant revenue surge to $1.2 billion in 2026Q1, representing a 32.7% year-over-year growth rate that stands in stark contrast to the more modest single-digit expansion observed throughout the majority of the preceding two-year period.
This sharp acceleration suggests a potential inflection in project-based revenue recognition or a significant inorganic contribution, likely linked to recent strategic acquisitions. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary lumpiness inherent in the company's long-cycle industrial project portfolio.
Based on reported financial data, ITT has maintained a remarkably consistent gross margin profile, hovering near the 35% threshold for the past ten quarters, which suggests that the company possesses meaningful pricing power and effective cost management despite the recent volatility in global industrial input prices.
The stability of these margins indicates that the company's engineered-to-order business model successfully insulates it from commodity-driven margin erosion. However, the compression in net margins during the most recent quarter warrants further investigation into whether rising SG&A or non-operating costs are beginning to offset gross profitability gains.
As reported in recent filings, ITT's operating income experienced a notable contraction to $141.2 million in 2026Q1, despite the substantial top-line growth, indicating that operating expenses are currently scaling at a faster rate than gross profit, which may signal a temporary decline in operational efficiency.
The divergence between revenue growth and operating income suggests that the company may be absorbing higher integration costs or increased overhead related to recent strategic expansions. Analysts should scrutinize whether this trend represents a permanent shift in the cost structure or merely a transient investment phase.
Based on the provided income statement data, ITT's net income and EPS have exhibited significant quarterly fluctuations, with 2026Q1 EPS falling to $0.89, a sharp decline from the $1.64 reported in 2025Q4, highlighting the sensitivity of the bottom line to non-operating items and tax rate variances.
The inconsistency in earnings quality appears to be driven by factors beyond core operational performance, potentially including lumpy project accounting or legacy liability adjustments. Investors should be cautious in extrapolating recent EPS trends without adjusting for these non-recurring items that frequently obscure the underlying earnings power of the business.
While ITT's revenue growth appears robust, a critical analysis of the 2026Q1 data reveals that the company's operating margin dropped to 11.7%, the lowest level in the ten-quarter period, which may suggest that the recent growth is being achieved at the expense of long-term profitability.
Short-sellers might focus on this margin compression as evidence that the company is struggling to maintain its competitive moat in a high-cost environment. The reliance on project-based revenue, combined with the recent spike in SG&A, raises questions about whether the current growth trajectory is truly accretive to shareholder value.
Quick answers to the most common questions about buying ITT stock.
For fiscal year 2025, ITT Inc. (ITT) reported total revenue of $3.94B. This represents a 54.8% decline compared to $8.72B in 1996.
ITT Inc. (ITT) is profitable, generating $488.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
ITT Inc. (ITT) reported an operating income of $684.5M, resulting in an operating profit margin of 17.4%. This margin reflects the operational efficiency of the business before interest and taxes.
ITT Inc. (ITT) generated $1.39B in gross profit for the year, representing a gross profit margin of 35.4%. This demonstrates the company's core pricing power and production efficiency.