Revenue surged 121.3% YoY in Q2 2026 to $981M, but operating margin compressed to 4.7% due to SG&A rising 20% sequentially, while gross margin held at 36.6%.
JBT Marel Corporation (JBTM) annual income statement — 20-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 |
|---|
| Sales/Revenue | 3.93B | 3.8B | 1.72B | 1.66B | 1.59B | 1.4B | 1.73B | 1.95B | 1.92B | 1.64B | 1.35B | 1.11B | 984.2M | 934.2M | 917.3M | 955.8M | 880.4M | 841.6M | 1.03B | 978M | 844.3M |
| Revenue Growth % | 44.87% | 121.34% | 3.1% | 4.66% | 13.53% | -18.93% | -11.2% | 1.35% | 17.41% | 21.07% | 21.96% | 12.51% | 5.35% | 1.84% | -4.03% | 8.56% | 4.61% | -18.14% | 5.12% | 15.84% | - |
| Cost of Goods Sold | 2.53B | 2.46B | 1.09B | 1.08B | 1.06B | 918.7M | 1.19B | 1.35B | 1.38B | 1.16B | 969.8M | 790.4M | 719.5M | 699M | 686.5M | 721.2M | 645.8M | 621.2M | 776.3M | 740.8M | 631.1M |
| COGS % of Revenue | - | 64.86% | 63.49% | 64.81% | 66.71% | 65.58% | 69.11% | 69.26% | 72% | 71.21% | 71.81% | 71.38% | 73.11% | 74.82% | 74.84% | 75.46% | 73.35% | 73.81% | 75.51% | 75.75% | 74.75% |
| Gross Profit | 1.4B | 1.33B | 626.5M | 585.7M | 529.4M | 482.1M | 533.7M | 598.1M | 537.6M | 470.7M | 380.7M | 316.9M | 264.7M | 235.2M | 230.8M | 234.6M | 234.6M | 220.4M | 251.8M | 237.2M | 213.2M |
| Gross Margin % | 35.55% | 35.14% | 36.51% | 35.19% | 33.29% | 34.42% | 30.89% | 30.74% | 28% | 28.79% | 28.19% | 28.62% | 26.89% | 25.18% | 25.16% | 24.54% | 26.65% | 26.19% | 24.49% | 24.25% | 25.25% |
| Gross Profit Growth % | - | 113.02% | 6.97% | 10.63% | 9.81% | -9.67% | -10.77% | 11.25% | 14.21% | 23.64% | 20.13% | 19.72% | 12.54% | 1.91% | -1.62% | 0% | 6.44% | -12.47% | 6.16% | 11.26% | - |
| Operating Expenses | 1.11B | 1.15B | 508.1M | 421M | 396.8M | 356.5M | 370.6M | 409.9M | 393.8M | 326.9M | 279.7M | 227.9M | 214M | 182M | 169.9M | 181.4M | 167.5M | 162.7M | 174.9M | 172.5M | 162.9M |
| OpEx % of Revenue | - | 30.15% | 29.61% | 25.29% | 24.95% | 25.45% | 21.45% | 21.07% | 20.51% | 19.99% | 20.71% | 20.58% | 21.74% | 19.48% | 18.52% | 18.98% | 19.03% | 19.33% | 17.01% | 17.64% | 19.29% |
| Selling, General & Admin | 1.06B | 1.02B | 506.7M | 409.6M | 389.7M | 351.4M | 358.5M | 396.4M | 346.8M | 325.2M | 267.4M | 207M | 183.3M | 166.6M | 156.6M | 152.9M | 147.8M | 147.8M | 152.9M | 153.8M | 146.7M |
| SG&A % of Revenue | - | 26.77% | 29.53% | 24.61% | 24.5% | 25.09% | 20.75% | 20.37% | 18.07% | 19.89% | 19.8% | 18.69% | 18.62% | 17.83% | 17.07% | 16% | 16.79% | 17.56% | 14.87% | 15.73% | 17.38% |
| Research & Development | 35.9M | 100.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.7M | 23.6M | 18.2M | 14.6M | 14M | 14.3M | 18.5M | 17.5M | 17.1M | 22M | 18.7M | 16.2M |
| R&D % of Revenue | - | 2.64% | - | - | - | - | - | - | - | 1.76% | 1.75% | 1.64% | 1.48% | 1.5% | 1.56% | 1.94% | 1.99% | 2.03% | 2.14% | 1.91% | 1.92% |
| Other Operating Expenses | 1000K | 28.1M | 1.4M | 11.4M | 7.1M | 5.1M | 12.1M | 13.5M | 47M | -27M | -11.3M | 2.7M | 16.1M | 1.4M | -1M | 10M | 2.2M | -2.2M | 0 | 0 | 0 |
| Operating Income | 288.4M | 189.4M | 118.4M | 164.7M | 132.6M | 125.6M | 163.1M | 188.2M | 143.8M | 143.8M | 101M | 89M | 50.7M | 53.2M | 60.9M | 53.2M | 67.1M | 57.7M | 76.9M | 64.7M | 50.3M |
| Operating Margin % | 7.35% | 4.99% | 6.9% | 9.9% | 8.34% | 8.97% | 9.44% | 9.67% | 7.49% | 8.79% | 7.48% | 8.04% | 5.15% | 5.69% | 6.64% | 5.57% | 7.62% | 6.86% | 7.48% | 6.62% | 5.96% |
| Operating Income Growth % | - | 59.97% | -28.11% | 24.21% | 5.57% | -22.99% | -13.34% | 30.88% | 0% | 42.38% | 13.48% | 75.54% | -4.7% | -12.64% | 14.47% | -20.72% | 16.29% | -24.97% | 18.86% | 28.63% | - |
| EBITDA | 538.4M | 448.5M | 207.8M | 256M | 208.8M | 197.7M | 234.9M | 253.8M | 201.5M | 195.5M | 139.5M | 118.6M | 76M | 78.2M | 84.5M | 77.3M | 90M | 80.3M | 102.4M | 89.8M | 73.5M |
| EBITDA Margin % | 13.71% | 11.81% | 12.11% | 15.38% | 13.13% | 14.11% | 13.6% | 13.04% | 10.5% | 11.96% | 10.33% | 10.71% | 7.72% | 8.37% | 9.21% | 8.09% | 10.22% | 9.54% | 9.96% | 9.18% | 8.71% |
| EBITDA Growth % | 102.63% | 115.83% | -18.83% | 22.61% | 5.61% | -15.84% | -7.45% | 25.96% | 3.07% | 40.14% | 17.62% | 56.05% | -2.81% | -7.46% | 9.31% | -14.11% | 12.08% | -21.58% | 14.03% | 22.18% | - |
| D&A (Non-Cash Add-back) | 250M | 259.1M | 89.4M | 91.3M | 76.2M | 72.1M | 71.8M | 65.6M | 57.7M | 51.7M | 38.5M | 29.6M | 25.3M | 25M | 23.6M | 24.1M | 22.9M | 22.6M | 25.5M | 25.1M | 23.2M |
| EBIT | 294.2M | 42.5M | 114.8M | 177.4M | 136.3M | 130.7M | 159.4M | 185.7M | 142.9M | 145.8M | 103.4M | 89M | 52.3M | 55.4M | 61.4M | 53.8M | 67.1M | 57.7M | 70.3M | 64.7M | 50.3M |
| Net Interest Income | -56.3M | -103.3M | 4.3M | -10.9M | -12.6M | -7.4M | -13.9M | -18.8M | -13.9M | -13.6M | -9.4M | -6.8M | -6M | -5.4M | -6.9M | -6.4M | -7.8M | -8.8M | -3.8M | 500K | 400K |
| Interest Income | 0 | 4.2M | 23.7M | 13.4M | 3.7M | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 1.6M | 2.2M | 500K | 600K | 0 | 0 | 0 | 500K | 400K |
| Interest Expense | 56.3M | 107.5M | 19.4M | 24.3M | 16.3M | 11.2M | 13.9M | 18.8M | 13.9M | 13.6M | 9.4M | 6.8M | 7.6M | 7.6M | 7.4M | 7M | 7.8M | 8.8M | 3.8M | 0 | 0 |
| Other Income/Expense | -50.5M | -254.4M | -23.1M | -11.9M | -12.6M | -6.1M | -17.6M | -21.3M | -14.8M | -11.6M | -7M | -6.8M | -6M | -5.4M | -6.9M | -6.4M | -7.8M | -8.8M | -10.4M | -3.1M | 500K |
| Pretax Income | 237.9M | -65M | 95.3M | 152.8M | 120M | 119.5M | 145.5M | 166.9M | 129M | 132.2M | 94M | 82.2M | 44.7M | 47.8M | 54M | 46.8M | 59.3M | 48.9M | 66.5M | 61.6M | 50.8M |
| Pretax Margin % | 6.06% | -1.71% | 5.55% | 9.18% | 7.55% | 8.53% | 8.42% | 8.58% | 6.72% | 8.09% | 6.96% | 7.42% | 4.54% | 5.12% | 5.89% | 4.9% | 6.74% | 5.81% | 6.47% | 6.3% | 6.02% |
| Income Tax | 45M | -15.3M | 10.7M | 23.5M | 16.2M | 27M | 36.7M | 37.6M | 24.6M | 50.1M | 26M | 26.2M | 13.9M | 13.8M | 16.9M | 16M | 21.4M | 16.1M | 22.4M | 21.5M | 16M |
| Effective Tax Rate % | 18.92% | 23.54% | 11.23% | 15.38% | 13.5% | 22.59% | 25.22% | 22.53% | 19.07% | 37.9% | 27.66% | 31.87% | 31.1% | 28.87% | 31.3% | 34.19% | 36.09% | 32.92% | 33.68% | 34.9% | 31.5% |
| Net Income | 192.1M | -50.5M | 85.4M | 582.6M | 137.4M | 119.1M | 108.8M | 129M | 104.1M | 80.5M | 67.6M | 55.9M | 30.8M | 33.1M | 36.2M | 30.5M | 37.3M | 32.8M | 44.2M | 36.4M | 34.6M |
| Net Margin % | 4.89% | -1.33% | 4.98% | 35% | 8.64% | 8.5% | 6.3% | 6.63% | 5.42% | 4.92% | 5.01% | 5.05% | 3.13% | 3.54% | 3.95% | 3.19% | 4.24% | 3.9% | 4.3% | 3.72% | 4.1% |
| Net Income Growth % | 239.51% | -159.13% | -85.34% | 324.02% | 15.37% | 9.47% | -15.66% | 23.92% | 29.32% | 19.08% | 20.93% | 81.49% | -6.95% | -8.56% | 18.69% | -18.23% | 13.72% | -25.79% | 21.43% | 5.2% | - |
| Net Income (Continuing) | 192.9M | -49.7M | 84.6M | 129.3M | 103.8M | 92.5M | 108.8M | 129.3M | 104.4M | 82.1M | 68M | 56M | 30.8M | 34M | 37.1M | 30.8M | 37.9M | 32.8M | 44.1M | 40.1M | 34.8M |
| Discontinued Operations | -800K | -800K | 800K | 453.3M | 33.6M | 26.6M | 0 | 300K | 300K | -1.6M | -400K | -100K | 0 | -900K | -900K | -300K | -600K | 0 | 100K | -3.7M | -200K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.68 | -0.99 | 2.65 | 18.13 | 4.07 | 3.69 | 3.39 | 4.02 | 3.23 | 2.53 | 2.27 | 1.88 | 1.03 | 1.11 | 1.23 | 1.04 | 1.28 | 1.15 | 1.59 | 1.32 | 1.26 |
| EPS Growth % | 261.14% | -137.36% | -85.38% | 345.45% | 10.3% | 8.85% | -15.67% | 24.46% | 27.67% | 11.45% | 20.74% | 82.52% | -7.21% | -9.76% | 18.27% | -18.75% | 11.3% | -27.67% | 20.45% | 4.76% | - |
| EPS (Basic) | - | -0.98 | 2.67 | 18.21 | 4.08 | 3.70 | 3.40 | 4.04 | 3.26 | 2.56 | 2.30 | 1.89 | 1.04 | 1.13 | 1.24 | 1.06 | 1.32 | 1.19 | 1.61 | 1.32 | 1.26 |
| Diluted Shares Outstanding | 52.2M | 52.3M | 32.2M | 32.1M | 32.1M | 32.1M | 32.1M | 32M | 32.2M | 31.9M | 29.8M | 29.8M | 29.9M | 29.7M | 29.5M | 29.3M | 29.1M | 28.6M | 27.8M | 27.5M | 27.5M |
| Basic Shares Outstanding | 52.1M | 52M | 32M | 32M | 32M | 32M | 32M | 31.9M | 31.9M | 31.4M | 29.4M | 29.5M | 29.5M | 29.2M | 29.1M | 28.8M | 28.3M | 27.6M | 27.5M | 27.5M | 27.5M |
| Dividend Payout Ratio | - | - | 15.34% | 2.2% | 9.53% | 10.75% | 11.76% | 9.84% | 12.58% | 15.78% | 17.46% | 20.04% | 34.74% | 30.51% | 23.48% | 27.54% | 21.72% | 23.48% | 465.61% | 66.21% | - |
Quick answers to the most common questions about buying JBTM stock.
For fiscal year 2025, JBT Marel Corporation (JBTM) reported total revenue of $3.80B. This represents a 349.9% increase compared to $844.3M in 2006.
JBT Marel Corporation (JBTM) reported a net loss of $50.5M for the fiscal year ending 2025.
JBT Marel Corporation (JBTM) reported an operating income of $189.4M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
JBT Marel Corporation (JBTM) generated $1.33B in gross profit for the year, representing a gross profit margin of 35.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration costs and margin dilution
Metrics are mathematically derived from official filings.
Merger-Driven Revenue Surge
Revenue jumped 121.3% year-over-year in Q2 2026, per the latest income statement, reflecting the Marel acquisition. Organic growth appears modest, with sequential gains of 4.9% in Q2 2026, suggesting the surge is inorganic.
The 121.3% YoY growth in Q2 2026 is almost entirely attributable to the Marel consolidation, as pre-merger quarterly revenues were in the $400M range. Sequential growth of 4.9% from Q1 2026 indicates some organic momentum, but the underlying trend is difficult to discern due to the scale shift. Investors should monitor organic growth ex-Marel, as the reported figures are not comparable to historical periods.
Gross Margin Stability Amid Integration
Gross margin held at 36.6% in Q2 2026, slightly above the 35.1% in Q1 2026, per reported data. This suggests pricing power in the combined entity, though operating margin compression to 4.7% signals integration costs are weighing on profitability.
Gross margin has remained in a tight 34-36% range over the past year, indicating that the Marel acquisition did not materially dilute product-level profitability. However, operating margin fell to 4.7% in Q2 2026 from 7.3% in Q1, reflecting elevated SG&A and integration expenses. The gap between gross and operating margins highlights the fixed-cost burden and suggests that margin recovery will depend on realizing synergies.
Operating Leverage Not Yet Realized
Operating income scaled to $46M in Q2 2026 from $68M in Q1, despite higher revenue, per the income statement. This indicates negative operating leverage as SG&A grew 20% sequentially, outpacing the 4.9% revenue increase.
The sequential decline in operating income despite revenue growth suggests that the integration is causing cost inefficiencies, with SG&A rising to $313M in Q2 from $261M in Q1. This may reflect one-time restructuring costs, but if it persists, it would indicate that the combined entity is not yet achieving the expected cost synergies. Investors should watch for SG&A as a percentage of revenue to decline as integration progresses.
GAAP Earnings Obscured by Non-Cash Charges
Net income of $28M in Q2 2026 includes significant non-cash amortization from the Marel acquisition, as evidenced by the negative net margin in Q1 2026. Reported EPS of $0.54 may understate cash earnings, warranting a focus on adjusted metrics.
The Q1 2026 net loss of $173M and negative EPS of -$3.35 likely include large one-time charges and purchase price accounting adjustments. Q2 2026's return to profitability suggests some normalization, but the low net margin of 2.9% indicates ongoing integration costs. Stock-based compensation was $7M in Q1, but zero in Q2, which may be a data artifact; investors should adjust for SBC to assess true earnings quality.
SG&A Surge Threatens Margin Recovery
SG&A jumped to $313M in Q2 2026, up from $261M in Q1, per the income statement, representing 31.9% of revenue. This is a key cost pressure point, as COGS remained stable at 63.4% of revenue.
The sequential increase in SG&A of $52M is substantial and may include integration-related expenses such as consulting, system integration, and severance. While COGS as a percentage of revenue has been stable, the SG&A spike is the primary driver of operating margin compression. Management's ability to control these costs will be critical to achieving the projected synergies from the Marel deal.
Q1 2026: The Trough of Integration
Q1 2026 marked the operational low point with a net loss of $173M and a -20.3% net margin, per reported figures. This likely reflects peak acquisition-related charges, and Q2 2026's recovery to positive net income suggests the worst may be over.
The Q1 2026 loss appears to be a one-time event driven by purchase accounting and restructuring costs, as Q2 2026 returned to profitability with a net margin of 2.9%. This inflection suggests that the integration costs are front-loaded, and if the trend continues, margins could improve in subsequent quarters. However, the Q2 EPS miss of $1.95 vs. $2.31 estimate indicates that the market expected a faster recovery, so the pace of improvement remains uncertain.
What Could Invalidate the Base Case
The Q2 2026 EPS miss of $1.95 versus the $2.31 consensus, per the latest earnings event, suggests integration costs may be more persistent than expected. If SG&A remains elevated, margin recovery could be delayed, undermining the synergy thesis.
The negative net margin in Q1 2026 and the modest 2.9% net margin in Q2 indicate that the Marel integration is proving more dilutive than anticipated. The 16% EPS shortfall in Q2 could signal that cost synergies are not materializing as quickly as management projected, or that revenue quality is weaker than reported. Short-sellers might argue that the 121% revenue growth is purely inorganic and that the combined entity lacks pricing power, as evidenced by the stable but unimpressive gross margin. If the company fails to reduce SG&A as a percentage of revenue in the coming quarters, the stock could re-rate lower, especially given the elevated debt-to-equity ratio of 0.42.