Revenue growth remains in a contracting trend with a 0.3% year-over-year decline in 2026Q1, while gross margins have experienced significant volatility, dropping from 25.6% in 2025Q4 to 13.2% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 1.88B | 1.88B | 2.09B | 2.15B | 1.98B | 1.68B | 1.67B | 1.64B | 1.71B | 1.48B | 1.42B | 1.63B | 1.55B | 1.48B | 1.55B | 1.47B | 1.25B | 1.12B | 1.36B | 1.33B | 1.16B | 1.03B | 952.5M | 842.9M | 776.5M | 753.7M |
| Revenue Growth % | -8.43% | -10.17% | -2.88% | 8.77% | 17.99% | 0.57% | 1.96% | -4.28% | 15.91% | 4.19% | -12.95% | 4.62% | 5.19% | -4.93% | 6.06% | 17.72% | 10.77% | -17.61% | 2.78% | 14.52% | 12.55% | 8.16% | 13% | 8.55% | 3.03% | - |
| Cost of Goods Sold | 1.48B | 1.43B | 1.67B | 1.73B | 1.64B | 1.34B | 1.31B | 1.31B | 1.38B | 1.15B | 1.13B | 1.37B | 1.34B | 1.26B | 1.32B | 1.24B | 1.06B | 946.6M | 1.14B | 1.09B | 969.8M | 857.5M | 798.4M | 726M | 0 | 631.4M |
| COGS % of Revenue | - | 76.17% | 79.8% | 80.29% | 82.6% | 80.1% | 78.41% | 79.8% | 80.41% | 78.22% | 79.64% | 84.01% | 86.41% | 85.55% | 85.18% | 84.73% | 84.71% | 84.19% | 83.53% | 82.27% | 83.64% | 83.24% | 83.82% | 86.13% | - | 83.77% |
| Gross Profit | 401.9M | 447.8M | 422.6M | 424.5M | 344.6M | 334.1M | 360.4M | 330.7M | 335.1M | 321.4M | 288.3M | 260.2M | 211.3M | 213.6M | 230.4M | 223.9M | 190.4M | 177.8M | 224.8M | 235.5M | 189.7M | 172.7M | 154.1M | 116.9M | 776.5M | 122.3M |
| Gross Margin % | 21.4% | 23.83% | 20.2% | 19.71% | 17.4% | 19.9% | 21.59% | 20.2% | 19.59% | 21.78% | 20.36% | 15.99% | 13.59% | 14.45% | 14.82% | 15.27% | 15.29% | 15.81% | 16.47% | 17.73% | 16.36% | 16.76% | 16.18% | 13.87% | 100% | 16.23% |
| Gross Profit Growth % | - | 5.96% | -0.45% | 23.19% | 3.14% | -7.3% | 8.98% | -1.31% | 4.26% | 11.48% | 10.8% | 23.14% | -1.08% | -7.29% | 2.9% | 17.59% | 7.09% | -20.91% | -4.54% | 24.14% | 9.84% | 12.07% | 31.82% | -84.95% | 534.91% | - |
| Operating Expenses | 238.8M | 228.5M | 274.4M | 229.3M | 206.9M | 177.6M | 203.7M | 205.7M | 212.4M | 183.1M | 183.9M | 183.6M | 160.2M | 113.3M | 103.8M | 101.2M | 91.4M | 82.9M | 95.2M | 104.6M | 105M | 98.7M | 89.7M | 28M | 28.7M | 76.7M |
| OpEx % of Revenue | - | 12.16% | 13.12% | 10.64% | 10.45% | 10.58% | 12.2% | 12.57% | 12.42% | 12.41% | 12.99% | 11.29% | 10.3% | 7.66% | 6.68% | 6.9% | 7.34% | 7.37% | 6.98% | 7.88% | 9.06% | 9.58% | 9.42% | 3.32% | 3.7% | 10.18% |
| Selling, General & Admin | 78.5M | 154.9M | 0 | 0 | 0 | 0 | 0 | 0 | 161.6M | 133.3M | 131M | 124.6M | 116.2M | 71.7M | 75.6M | 74.3M | 63.3M | 58.1M | 65.2M | 72.1M | 71.6M | 66.4M | 56.8M | 55.6M | 0 | 46.3M |
| SG&A % of Revenue | - | 8.24% | - | - | - | - | - | - | 9.45% | 9.03% | 9.25% | 7.66% | 7.47% | 4.85% | 4.86% | 5.07% | 5.08% | 5.17% | 4.78% | 5.43% | 6.18% | 6.45% | 5.96% | 6.6% | - | 6.14% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9M | 6.6M | 5.2M | 3.4M | 2.4M | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.61% | 0.47% | 0.32% | 0.22% | 0.16% | 0.15% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 73.6M | 274.4M | 229.3M | 206.9M | 177.6M | 203.7M | 205.7M | 700K | -6M | 2.9M | 200K | 44M | 3.5M | 1.9M | 48.8M | 28.1M | 24.8M | 30M | 32.5M | 33.4M | 32.3M | 89.7M | 28M | 0 | 76.7M |
| Operating Income | 163.1M | 219.3M | 148.2M | 195.2M | 137.7M | 156.5M | 156.7M | 125M | 110.4M | 112.1M | 86.4M | -29.6M | 33.2M | 100.3M | 126.6M | 122.7M | 99M | 94.9M | 129.6M | 130.9M | 84.7M | 74M | 64.4M | 19.1M | 44.3M | 42.3M |
| Operating Margin % | 8.68% | 11.67% | 7.08% | 9.06% | 6.95% | 9.32% | 9.39% | 7.64% | 6.46% | 7.6% | 6.1% | -1.82% | 2.14% | 6.78% | 8.14% | 8.37% | 7.95% | 8.44% | 9.5% | 9.86% | 7.3% | 7.18% | 6.76% | 2.27% | 5.71% | 5.61% |
| Operating Income Growth % | - | 47.98% | -24.08% | 41.76% | -12.01% | -0.13% | 25.36% | 13.22% | -1.52% | 29.75% | 391.89% | -189.16% | -66.9% | -20.77% | 3.18% | 23.94% | 4.32% | -26.77% | -0.99% | 54.55% | 14.46% | 14.91% | 237.17% | -56.88% | 4.73% | - |
| EBITDA | 229.03M | 292.9M | 211.3M | 252.2M | 193.8M | 214.2M | 210.8M | 180.1M | 161.2M | 161.9M | 139.3M | 29.4M | 77.2M | 141.9M | 154.8M | 171.5M | 127.1M | 121.5M | 159.6M | 165.6M | 118.1M | 106.3M | 97.3M | 52.8M | 73M | 72.7M |
| EBITDA Margin % | 12.19% | 15.59% | 10.1% | 11.71% | 9.79% | 12.76% | 12.63% | 11% | 9.43% | 10.97% | 9.84% | 1.81% | 4.96% | 9.6% | 9.96% | 11.7% | 10.2% | 10.81% | 11.69% | 12.47% | 10.19% | 10.32% | 10.22% | 6.26% | 9.4% | 9.65% |
| EBITDA Growth % | 10.59% | 38.62% | -16.22% | 30.13% | -9.52% | 1.61% | 17.05% | 11.72% | -0.43% | 16.22% | 373.81% | -61.92% | -45.6% | -8.33% | -9.74% | 34.93% | 4.61% | -23.87% | -3.62% | 40.22% | 11.1% | 9.25% | 84.28% | -27.67% | 0.41% | - |
| D&A (Non-Cash Add-back) | 65.93M | 73.6M | 63.1M | 57M | 56.1M | 57.7M | 54.1M | 55.1M | 50.8M | 49.8M | 52.9M | 59M | 44M | 41.6M | 28.2M | 48.8M | 28.1M | 26.6M | 30M | 34.7M | 33.4M | 32.3M | 32.9M | 33.7M | 28.7M | 30.4M |
| EBIT | 181.6M | 147.3M | 180.2M | 193.4M | 135.2M | 127.5M | 163.2M | 131M | 85.3M | 102.8M | 89.3M | -29.4M | 33.2M | 103.8M | 128.5M | 123.4M | 100.6M | 71.8M | 130.8M | 130.9M | 83.7M | 73.7M | 64.4M | 27.6M | 747.8M | 45.6M |
| Net Interest Income | -64.5M | -66.1M | -76.2M | -71M | -44.8M | -40.5M | -48.9M | -61.7M | -54.1M | -42.5M | -50.8M | -50.7M | -39.1M | -26.8M | -27.9M | -27.2M | -27.1M | -36.3M | -42.6M | -45.9M | -61.9M | -52.3M | -38.5M | -37.7M | -22.9M | -24.5M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 64.5M | 66.1M | 76.2M | 71M | 44.8M | 40.5M | 48.9M | 61.7M | 56.3M | 42.5M | 50.8M | 50.7M | 39.1M | 26.8M | 27.9M | 27.2M | 27.1M | 36.3M | 40.8M | 45.9M | 61.9M | 52.3M | 38.5M | 37.7M | 22.9M | 24.5M |
| Other Income/Expense | -56.8M | -138.1M | -78.9M | -70.6M | -42.3M | -36.9M | -46.6M | -61.3M | -55.6M | -51.8M | -47.9M | -50.5M | -39.1M | -23.3M | -26M | -26.5M | -25.2M | -59.4M | -40.2M | -51.4M | -60.4M | -51.1M | -38.1M | -37.7M | -44.3M | -16M |
| Pretax Income | 106.3M | 81.2M | 69.3M | 124.6M | 95.4M | 119.6M | 110.1M | 63.7M | 54.8M | 60.3M | 38.5M | -80.1M | -5.9M | 77M | 100.6M | 96.2M | 73.8M | 35.5M | 90M | 85.3M | 23.7M | 22.6M | 26.3M | -18.6M | 0 | 26.3M |
| Pretax Margin % | 5.66% | 4.32% | 3.31% | 5.78% | 4.82% | 7.12% | 6.6% | 3.89% | 3.2% | 4.09% | 2.72% | -4.92% | -0.38% | 5.21% | 6.47% | 6.56% | 5.93% | 3.16% | 6.59% | 6.42% | 2.04% | 2.19% | 2.76% | -2.21% | - | 3.49% |
| Income Tax | 29.3M | 25.2M | 20.7M | 34.8M | 31.6M | 34.5M | 21M | 0 | 26M | 29M | 11.4M | -4.2M | 34.1M | 36.8M | 33.3M | 38.7M | 29.1M | 13.8M | 41.6M | 25.8M | 6M | 10.6M | 13.3M | -1.3M | 731.3M | -12.1M |
| Effective Tax Rate % | 27.56% | 31.03% | 29.87% | 27.93% | 33.12% | 28.85% | 19.07% | 0% | 47.45% | 48.09% | 29.61% | 5.24% | -577.97% | 47.79% | 33.1% | 40.23% | 39.43% | 38.87% | 46.22% | 30.25% | 25.32% | 46.9% | 50.57% | 6.99% | - | -46.01% |
| Net Income | 77M | 56M | 52.4M | 89.2M | 63.4M | 85.2M | 122M | 66.6M | 23.4M | 29.1M | 29.3M | -72M | -32.4M | 40.4M | 65.6M | 36.9M | 44.1M | 18.8M | 138M | 56.6M | 15.2M | 9.9M | 9.6M | -37.1M | 16.5M | 13.3M |
| Net Margin % | 4.1% | 2.98% | 2.5% | 4.14% | 3.2% | 5.08% | 7.31% | 4.07% | 1.37% | 1.97% | 2.07% | -4.43% | -2.08% | 2.73% | 4.22% | 2.52% | 3.54% | 1.67% | 10.11% | 4.26% | 1.31% | 0.96% | 1.01% | -4.4% | 2.12% | 1.76% |
| Net Income Growth % | 201.96% | 6.87% | -41.26% | 40.69% | -25.59% | -30.16% | 83.18% | 184.62% | -19.59% | -0.68% | 140.69% | -122.22% | -180.2% | -38.41% | 77.78% | -16.33% | 134.57% | -86.38% | 143.82% | 272.37% | 53.54% | 3.13% | 125.88% | -324.85% | 24.06% | - |
| Net Income (Continuing) | 77M | 56M | 48.6M | 89.8M | 63.8M | 85.1M | 89.1M | 63.7M | 5.5M | 31.3M | 27.1M | -75.9M | -40M | 40.2M | 67.3M | 57.5M | 44.6M | 21.7M | 48.4M | 50.5M | 14.8M | 10.8M | 9.6M | -19M | 16.5M | 13.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -600K | -200K | 31.9M | 3.7M | 400K | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.8M | 400K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 300K | 300K | 4.1M | 3.6M | 4.2M | 4.3M | 11.4M | 10.8M | 5.9M | 4.2M | 6.1M | 13.9M | 20M | 17.5M | 12.4M | 11.2M | 11M | 8M | 9.4M | 12.2M | 12M | 10.6M | 6.1M | 0 | 0 |
| EPS (Diluted) | 3.83 | 2.74 | 2.46 | 4.14 | 3.00 | 3.90 | 5.71 | 3.16 | 1.10 | 1.32 | 1.39 | -3.51 | -1.58 | 1.94 | 3.13 | 1.77 | 2.13 | 0.91 | 6.65 | 3.03 | 0.75 | -6.58 | -23.15 | -10.60 | 1.19 | 0.79 |
| EPS Growth % | 227.59% | 11.38% | -40.58% | 38% | -23.08% | -31.7% | 80.7% | 187.27% | -16.67% | -5.04% | 139.6% | -122.15% | -181.44% | -38.02% | 76.84% | -16.9% | 134.07% | -86.32% | 119.47% | 304% | 111.4% | 71.58% | -118.4% | -990.76% | 50.63% | - |
| EPS (Basic) | - | 2.82 | 2.54 | 4.28 | 3.05 | 4.00 | 5.81 | 3.22 | 1.12 | 1.40 | 1.42 | -3.51 | -1.58 | 1.96 | 3.17 | 1.79 | 2.14 | 0.92 | 6.68 | 3.05 | 0.79 | 0.56 | -23.15 | -10.60 | 1.20 | 0.79 |
| Diluted Shares Outstanding | 20.12M | 20.41M | 21.29M | 21.54M | 21.31M | 21.93M | 21.37M | 21.07M | 21.33M | 22M | 21.05M | 20.54M | 20.46M | 20.82M | 20.93M | 20.83M | 20.68M | 20.56M | 20.77M | 20.87M | 20.1M | 2.91M | 2.9M | 3.5M | 13.88M | 5.3M |
| Basic Shares Outstanding | 19.55M | 19.86M | 20.66M | 20.84M | 20.98M | 21.24M | 20.99M | 20.66M | 20.87M | 20.75M | 20.64M | 20.54M | 20.46M | 20.57M | 20.68M | 20.6M | 20.54M | 20.45M | 20.65M | 20.77M | 19.19M | 17.65M | 2.9M | 3.5M | 4.59M | 5.3M |
| Dividend Payout Ratio | - | 11.43% | 11.26% | 5.61% | 6.62% | - | - | - | - | - | - | - | - | 52.23% | 29.73% | 49.32% | 52.38% | 95.74% | 12.46% | 24.91% | 113.82% | 87.88% | 1332.29% | - | - | - |
Cyclical volume and margin volatility
As evidenced by the quarterly income statement data, Koppers has experienced a consistent pattern of negative year-over-year revenue growth, culminating in a 0.3% decline in 2026Q1, which suggests that the firm is struggling to find top-line momentum amidst broader industrial and residential market headwinds.
The persistent negative growth trajectory across the last ten quarters indicates that the company's core segments are facing significant volume pressure. Investors should monitor whether this reflects a structural shift in demand for treated wood products or merely a cyclical trough in the company's primary infrastructure end-markets.
According to the provided financial figures, gross margins have fluctuated significantly, dropping from a peak of 25.6% in 2025Q4 to a compressed 13.2% in 2026Q1, highlighting the company's vulnerability to input cost volatility and its limited ability to pass through price increases to major customers.
This margin compression suggests that Koppers lacks the pricing power necessary to insulate its bottom line from commodity price swings in coal tar and copper. The sharp decline in the most recent quarter warrants further investigation into whether this represents a permanent shift in the cost structure or a temporary inventory valuation adjustment.
Based on the reported income statements, operating margins have failed to scale effectively with revenue, oscillating between 1.3% and 12.5% over the last ten quarters, which implies that the company's high fixed-cost base creates significant earnings sensitivity to even minor fluctuations in top-line performance.
The inability to maintain consistent operating margins suggests that management's efforts to optimize overhead have been insufficient to offset volume-driven margin erosion. This operational profile indicates that the company remains highly exposed to cyclical downturns, as fixed costs continue to weigh heavily on profitability during periods of revenue contraction.
As reported in the quarterly filings, net income has been highly erratic, swinging from a $29.7 million profit in 2025Q4 to a $13.9 million loss in 2025Q1, which suggests that non-operating items and stock-based compensation may be significantly distorting the company's true earnings power.
The inconsistency in net income, coupled with the periodic spikes in stock-based compensation, complicates the assessment of Koppers' core profitability. Investors should be cautious of relying on EPS figures, as they appear to be heavily influenced by non-recurring items rather than sustainable operational improvements.
Quick answers to the most common questions about buying KOP stock.
For fiscal year 2025, Koppers Holdings Inc. (KOP) reported total revenue of $1.88B. This represents a 149.3% increase compared to $753.7M in 2001.
Koppers Holdings Inc. (KOP) is profitable, generating $56.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.0%.
Koppers Holdings Inc. (KOP) reported an operating income of $219.3M, resulting in an operating profit margin of 11.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Koppers Holdings Inc. (KOP) generated $447.8M in gross profit for the year, representing a gross profit margin of 23.8%. This demonstrates the company's core pricing power and production efficiency.