Revenue growth remains highly sensitive to industrial cycles, fluctuating from a 6.4% decline in 2024Q2 to an 8.5% increase by 2026Q1, while gross margins have struggled to maintain their 38.7% peak from 2024Q1.
| 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 | 1.93B | 1.89B | 1.84B | 1.95B | 1.94B | 1.76B | 1.42B | 1.13B | 867.52M | 820.08M | 746.66M | 737.55M | 765.86M | 729.39M | 708.23M | 683.23M | 544.06M | 451.49M | 581.64M | 545.6M | 460.45M | 424.03M | 400.69M | 340.19M | 274.52M | 251.07M | 267.57M | 258.5M | 257.1M | 241.5M | 240.3M |
| Revenue Growth % | 6.25% | 2.66% | -5.82% | 0.5% | 10.36% | 24.23% | 25.07% | 30.66% | 5.78% | 9.83% | 1.24% | -3.7% | 5% | 2.99% | 3.66% | 25.58% | 20.5% | -22.38% | 6.61% | 18.49% | 8.59% | 5.82% | 17.79% | 23.92% | 9.34% | -6.17% | 3.51% | 0.54% | 6.46% | 0.5% | 4.89% |
| Cost of Goods Sold | 1.26B | 1.21B | 1.15B | 1.25B | 1.33B | 1.17B | 904.23M | 741.39M | 555.21M | 528.59M | 467.07M | 460.51M | 492.65M | 468.32M | 469.51M | 460.58M | 351.27M | 294.65M | 418.58M | 377.66M | 317.85M | 294.22M | 269.82M | 218.82M | 162.94M | 150.04M | 148.72M | 134.6M | 134.4M | 127.7M | 129.5M |
| COGS % of Revenue | - | 64.03% | 62.71% | 63.87% | 68.48% | 66.24% | 63.78% | 65.41% | 64% | 64.46% | 62.55% | 62.44% | 64.33% | 64.21% | 66.29% | 67.41% | 64.56% | 65.26% | 71.97% | 69.22% | 69.03% | 69.39% | 67.34% | 64.32% | 59.36% | 59.76% | 55.58% | 52.07% | 52.28% | 52.88% | 53.89% |
| Gross Profit | 662.17M | 679.37M | 686.03M | 705.64M | 612.65M | 594.64M | 513.44M | 392.12M | 312.31M | 291.5M | 279.59M | 277.04M | 273.21M | 261.07M | 238.71M | 222.65M | 192.79M | 156.84M | 163.06M | 167.94M | 142.6M | 129.81M | 130.88M | 121.37M | 111.58M | 101.03M | 118.85M | 123.9M | 122.7M | 113.8M | 110.8M |
| Gross Margin % | 34.38% | 35.97% | 37.29% | 36.13% | 31.52% | 33.76% | 36.22% | 34.59% | 36% | 35.54% | 37.45% | 37.56% | 35.67% | 35.79% | 33.71% | 32.59% | 35.44% | 34.74% | 28.03% | 30.78% | 30.97% | 30.61% | 32.66% | 35.68% | 40.64% | 40.24% | 44.42% | 47.93% | 47.72% | 47.12% | 46.11% |
| Gross Profit Growth % | - | -0.97% | -2.78% | 15.18% | 3.03% | 15.81% | 30.94% | 25.55% | 7.14% | 4.26% | 0.92% | 1.4% | 4.65% | 9.37% | 7.21% | 15.49% | 22.92% | -3.82% | -2.9% | 17.77% | 9.85% | -0.81% | 7.83% | 8.78% | 10.44% | -15% | -4.07% | 0.98% | 7.82% | 2.71% | 8.41% |
| Operating Expenses | 584.09M | 502.42M | 491.32M | 491.15M | 560.35M | 444.17M | 454.08M | 345.98M | 207.87M | 198.81M | 196.98M | 198.99M | 195.27M | 189.83M | 175.49M | 164.74M | 144.66M | 128.46M | 140.2M | 142.73M | 120.97M | 116.34M | 113.54M | 97.2M | 87.6M | 86.84M | 93.68M | 96.9M | 100.2M | 95.4M | 95.6M |
| OpEx % of Revenue | - | 26.6% | 26.71% | 25.14% | 28.83% | 25.22% | 32.03% | 30.52% | 23.96% | 24.24% | 26.38% | 26.98% | 25.5% | 26.03% | 24.78% | 24.11% | 26.59% | 28.45% | 24.1% | 26.16% | 26.27% | 27.44% | 28.33% | 28.57% | 31.91% | 34.59% | 35.01% | 37.49% | 38.97% | 39.5% | 39.78% |
| Selling, General & Admin | 486.46M | 502.42M | 484.79M | 483.56M | 464.19M | 418.86M | 380.75M | 283.83M | 207.87M | 198.81M | 196.98M | 198.99M | 195.85M | 189.83M | 175.49M | 164.74M | 140.53M | 128.46M | 140.2M | 142.73M | 120.97M | 116.34M | 113.54M | 97.2M | 87.6M | 80.48M | 86.86M | 89.9M | 93.1M | 88.1M | 86.9M |
| SG&A % of Revenue | - | 26.6% | 26.35% | 24.76% | 23.88% | 23.78% | 26.86% | 25.04% | 23.96% | 24.24% | 26.38% | 26.98% | 25.57% | 26.03% | 24.78% | 24.11% | 25.83% | 28.45% | 24.1% | 26.16% | 26.27% | 27.44% | 28.33% | 28.57% | 31.91% | 32.06% | 32.46% | 34.78% | 36.21% | 36.48% | 36.16% |
| Research & Development | 0 | 0 | 0 | 50.3M | 0 | 0 | 0 | 0 | 24.5M | 23.9M | 22.5M | 22.1M | 22.1M | 21.58M | 19.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 2.58% | - | - | - | - | 2.82% | 2.91% | 3.01% | 3% | 2.89% | 2.96% | 2.82% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 6.53M | -42.71M | 96.16M | 25.32M | 73.33M | 62.16M | -642K | -718K | 1.81M | -69K | 1.1M | 3.52M | 3.42M | 0 | 4.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.35M | 6.81M | 7M | 7.1M | 7.3M | 8.7M |
| Operating Income | 70.7M | 176.96M | 194.71M | 214.5M | 52.3M | 150.47M | 59.36M | 46.13M | 87.78M | 62.74M | 83.05M | 71.26M | 77.36M | 71.24M | 63.22M | 57.91M | 48.13M | 26.09M | 19.94M | 25.21M | 21.63M | 3.15M | 16.89M | 24.11M | 23.97M | 14.19M | 25.18M | 27M | 22.5M | 18.4M | 15.2M |
| Operating Margin % | 3.67% | 9.37% | 10.58% | 10.98% | 2.69% | 8.54% | 4.19% | 4.07% | 10.12% | 7.65% | 11.12% | 9.66% | 10.1% | 9.77% | 8.93% | 8.48% | 8.85% | 5.78% | 3.43% | 4.62% | 4.7% | 0.74% | 4.22% | 7.09% | 8.73% | 5.65% | 9.41% | 10.44% | 8.75% | 7.62% | 6.33% |
| Operating Income Growth % | - | -9.12% | -9.23% | 310.09% | -65.24% | 153.48% | 28.67% | -47.44% | 39.9% | -24.45% | 16.55% | -7.88% | 8.58% | 12.68% | 9.17% | 20.32% | 84.49% | 30.81% | -20.88% | 16.53% | 585.86% | -81.33% | -29.96% | 0.59% | 68.93% | -43.63% | -6.76% | 20% | 22.28% | 21.05% | 12.59% |
| EBITDA | 143.08M | 270.41M | 278.82M | 296.48M | 132.77M | 237.02M | 142.61M | 91.03M | 107.5M | 82.71M | 102.62M | 90.47M | 93.99M | 87.03M | 78.58M | 71.7M | 58.99M | 36.69M | 32M | 38.09M | 33.2M | 13.69M | 26.66M | 31.75M | 30.21M | 20.57M | 31.99M | 34M | 29.6M | 25.7M | 23.9M |
| EBITDA Margin % | 7.43% | 14.32% | 15.16% | 15.18% | 6.83% | 13.46% | 10.06% | 8.03% | 12.39% | 10.09% | 13.74% | 12.27% | 12.27% | 11.93% | 11.1% | 10.5% | 10.84% | 8.13% | 5.5% | 6.98% | 7.21% | 3.23% | 6.65% | 9.33% | 11% | 8.19% | 11.95% | 13.15% | 11.51% | 10.64% | 9.95% |
| EBITDA Growth % | -42.93% | -3.02% | -5.96% | 123.3% | -43.98% | 66.2% | 56.66% | -15.32% | 29.97% | -19.4% | 13.43% | -3.75% | 8% | 10.75% | 9.59% | 21.56% | 60.76% | 14.66% | -15.99% | 14.75% | 142.56% | -48.66% | -16.04% | 5.1% | 46.86% | -35.69% | -5.92% | 14.86% | 15.18% | 7.53% | 8.14% |
| D&A (Non-Cash Add-back) | 72.38M | 93.45M | 84.12M | 81.99M | 80.47M | 86.55M | 83.25M | 44.9M | 19.71M | 19.97M | 19.57M | 19.21M | 16.63M | 15.78M | 15.36M | 13.79M | 10.86M | 10.6M | 12.06M | 12.88M | 11.56M | 10.53M | 9.77M | 7.64M | 6.24M | 6.38M | 6.81M | 7M | 7.1M | 7.3M | 8.7M |
| EBIT | 36.46M | 51.08M | 196.06M | 203.82M | 39.7M | 169.32M | 53.74M | 45.88M | 87.14M | 62.03M | 84.14M | 81.36M | 80.25M | 75.75M | 67.23M | 64.04M | 51.44M | 29.23M | 22.14M | 29.16M | 21.63M | 13.47M | 17.34M | 24.17M | 23.97M | 14.19M | 25.18M | 27M | 22.5M | 18.4M | 15.2M |
| Net Interest Income | -33.78M | -41.45M | -45.77M | -50.7M | -32.58M | -22.33M | -26.6M | -16.98M | -4.04M | -1.36M | -852K | -961K | 170K | -1.94M | -3.69M | -3.58M | -4.02M | -4.8M | -4.41M | -5.05M | 1.07M | 1.02M | 1.11M | 815K | 984K | 1.03M | 934K | 0 | 0 | 0 | 0 |
| Interest Income | 1.93M | 2.59M | 0 | 0 | 0 | 0 | 0 | 0 | 2.12M | 2.53M | 2.04M | 1.62M | 2.54M | 986K | 592K | 1.08M | 1.2M | 728K | 1.1M | 1.38M | 1.07M | 1.02M | 1.11M | 815K | 984K | 1.03M | 934K | 0 | 0 | 0 | 0 |
| Interest Expense | 25.84M | 44.05M | 45.77M | 50.7M | 32.58M | 22.33M | 26.6M | 16.98M | 6.16M | 3.89M | 2.89M | 2.58M | 2.37M | 2.92M | 4.28M | 4.67M | 5.22M | 5.53M | 5.51M | 6.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -45.26M | -154.75M | -28.68M | -46.04M | -43.22M | 5.9M | -24.87M | -17.23M | -4.68M | -2.08M | -1.34M | -4.34M | 937K | 1.58M | -276K | 1.47M | -1.92M | -2.4M | -3.31M | -2.47M | -3.19M | 3.46M | 566K | 3K | -1.89M | 239K | 199K | -400K | -5.1M | 2.1M | -22.3M |
| Pretax Income | 25.43M | 22.21M | 166.03M | 168.46M | 9.08M | 156.37M | 34.49M | 28.9M | 83.1M | 60.67M | 84.01M | 70.23M | 78.29M | 72.83M | 62.95M | 59.38M | 46.21M | 23.69M | 16.63M | 22.73M | 18.44M | 6.62M | 17.46M | 24.12M | 22.08M | 14.43M | 25.37M | 26.6M | 17.4M | 20.5M | -7.1M |
| Pretax Margin % | 1.32% | 1.18% | 9.02% | 8.62% | 0.47% | 8.88% | 2.43% | 2.55% | 9.58% | 7.4% | 11.25% | 9.52% | 10.22% | 9.98% | 8.89% | 8.69% | 8.49% | 5.25% | 2.86% | 4.17% | 4% | 1.56% | 4.36% | 7.09% | 8.04% | 5.75% | 9.48% | 10.29% | 6.77% | 8.49% | -2.95% |
| Income Tax | 21.08M | 24.61M | 49.3M | 55.59M | 24.93M | 34.94M | -5.3M | 2.08M | 25.05M | 41.65M | 23.23M | 17.79M | 23.54M | 20.49M | 15.57M | 14.26M | 12.62M | 7.07M | 4.98M | 6.67M | 6.22M | 3.34M | 5.5M | 7.49M | 7.78M | 4.47M | 8.21M | 10.9M | 6.7M | 7.9M | 500K |
| Effective Tax Rate % | 82.89% | 110.81% | 29.69% | 33% | 274.41% | 22.34% | -15.35% | 7.21% | 30.15% | 68.66% | 27.65% | 25.32% | 30.07% | 28.13% | 24.74% | 24.01% | 27.3% | 29.82% | 29.93% | 29.33% | 33.75% | 50.43% | 31.5% | 31.05% | 35.25% | 31% | 32.36% | 40.98% | 38.51% | 38.54% | -7.04% |
| Net Income | 4.26M | -2.49M | 116.64M | 112.75M | -15.93M | 121.37M | 39.66M | 31.62M | 59.47M | 20.28M | 61.4M | 51.18M | 56.49M | 56.34M | 47.41M | 43.57M | 31.81M | 16.22M | 11.13M | 15.47M | 11.67M | 1.69M | 8.97M | 14.83M | 14.3M | 7.67M | 17.16M | 15.7M | 10.7M | 12.6M | -7.6M |
| Net Margin % | 0.22% | -0.13% | 6.34% | 5.77% | -0.82% | 6.89% | 2.8% | 2.79% | 6.86% | 2.47% | 8.22% | 6.94% | 7.38% | 7.72% | 6.69% | 6.38% | 5.85% | 3.59% | 1.91% | 2.84% | 2.53% | 0.4% | 2.24% | 4.36% | 5.21% | 3.05% | 6.41% | 6.07% | 4.16% | 5.22% | -3.16% |
| Net Income Growth % | -95.49% | -102.13% | 3.46% | 807.73% | -113.13% | 206.04% | 25.41% | -46.83% | 193.29% | -66.98% | 19.97% | -9.4% | 0.27% | 18.85% | 8.8% | 36.98% | 96.1% | 45.71% | -28.05% | 32.6% | 591.17% | -81.19% | -39.5% | 3.75% | 86.52% | -55.34% | 9.32% | 46.73% | -15.08% | 265.79% | -213.43% |
| Net Income (Continuing) | 4.35M | -2.4M | 116.73M | 112.87M | -15.84M | 121.43M | 39.79M | 31.88M | 59.81M | 22.3M | 63.04M | 52.71M | 58.3M | 58.85M | 50.24M | 48.22M | 33.6M | 16.63M | 11.65M | 16.07M | 12.22M | 3.28M | 11.96M | 14.83M | 14.3M | 7.67M | 17.16M | 15.7M | 10.7M | 12.6M | -7.6M |
| 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 | 0 | 0 |
| Minority Interest | 3.47M | 3.39M | 616K | 603K | 667K | 628K | 550K | 1.6M | 1.32M | 1.95M | 9.85M | 8.2M | 7.66M | 8.88M | 8.58M | 6.98M | 6.72M | 4.98M | 3.95M | 4.51M | 4.04M | 6.61M | 12.42M | 9.71M | 7.66M | 8.44M | 8.38M | 8.1M | 8.3M | 3.5M | 3.8M |
| EPS (Diluted) | 0.24 | -0.14 | 6.51 | 6.26 | -0.89 | 6.77 | 2.22 | 2.09 | 4.47 | 1.52 | 4.63 | 3.84 | 4.26 | 4.27 | 3.63 | 3.66 | 2.80 | 1.47 | 1.05 | 1.52 | 1.18 | 0.17 | 0.90 | 1.52 | 1.51 | 0.84 | 1.93 | 1.74 | 1.20 | 1.45 | -0.85 |
| EPS Growth % | -94.51% | -102.15% | 3.99% | 803.37% | -113.15% | 204.95% | 6.22% | -53.24% | 194.08% | -67.17% | 20.57% | -9.86% | -0.23% | 17.63% | -0.82% | 30.71% | 90.48% | 40% | -30.92% | 28.81% | 594.12% | -81.11% | -40.79% | 0.66% | 79.76% | -56.48% | 10.92% | 45% | -17.24% | 270.59% | -211.84% |
| EPS (Basic) | - | -0.14 | 6.51 | 6.27 | -0.89 | 6.79 | 2.23 | 2.09 | 4.48 | 1.53 | 4.64 | 3.84 | 4.27 | 4.28 | 3.64 | 3.71 | 2.85 | 1.48 | 1.06 | 1.53 | 1.19 | 0.17 | 0.93 | 1.58 | 1.56 | 0.85 | 1.94 | 1.76 | 1.21 | 1.45 | -0.88 |
| Diluted Shares Outstanding | 17.43M | 17.47M | 17.82M | 17.91M | 17.86M | 17.86M | 17.75M | 15.16M | 13.3M | 13.25M | 13.16M | 13.21M | 13.15M | 13.07M | 12.93M | 12.32M | 11.24M | 10.87M | 10.49M | 10.07M | 9.85M | 9.82M | 9.97M | 9.76M | 9.47M | 9.11M | 8.9M | 8.97M | 8.92M | 8.69M | 8.89M |
| Basic Shares Outstanding | 17.32M | 17.47M | 17.79M | 17.89M | 17.84M | 17.81M | 17.72M | 15.13M | 13.27M | 13.2M | 13.14M | 13.2M | 13.13M | 13.04M | 12.87M | 12.16M | 11.04M | 10.81M | 10.42M | 9.99M | 9.78M | 9.68M | 9.65M | 9.38M | 9.17M | 9.05M | 8.83M | 8.91M | 8.84M | 8.69M | 8.64M |
| Dividend Payout Ratio | - | - | 28.44% | 28.07% | - | 23.56% | 69.5% | 69.03% | 32.48% | 91.79% | 28.7% | 32.26% | 25.78% | 23.11% | 26.61% | 26.59% | 32.85% | 62.34% | 85.37% | 55.94% | 72.38% | 494.08% | 91.83% | 53.37% | 72.65% | 96.67% | 40.72% | 43.31% | 60.75% | 49.21% | - |
Cyclical Industrial Demand Exposure
According to the provided quarterly data, KWR's revenue growth has fluctuated significantly, moving from a contraction of 6.4% in 2024Q2 to a positive 8.5% growth by 2026Q1, suggesting that top-line performance remains highly sensitive to underlying industrial production cycles rather than consistent organic expansion.
The recent shift to positive growth in early 2026 appears to be a recovery from a prolonged period of negative year-over-year comparisons. Investors should monitor whether this trend reflects genuine volume gains or merely the impact of pricing adjustments intended to offset previous inflationary pressures.
As reported in financial statements, KWR's gross margin has experienced notable compression, dropping from a peak of 38.7% in 2024Q1 to a low of 31.9% in 2025Q4, which indicates a persistent struggle to maintain pricing power amidst fluctuating raw material costs and input volatility.
The inability to consistently hold margins above the 35% threshold suggests that the company's pass-through mechanisms may be lagging behind commodity price spikes. This margin sensitivity warrants further investigation into the company's contractual flexibility with its heavy-industry client base.
Based on the income statement history, KWR's operating income has demonstrated extreme volatility, including a significant loss of $52.5 million in 2025Q2, which highlights the difficulty of scaling SG&A expenses efficiently against a backdrop of inconsistent gross profit generation and high fixed-cost commitments.
The wide swings in operating margins, ranging from negative territory to double digits, imply that the company's cost structure is not yet optimized for current revenue levels. The high SG&A burden suggests that the service-heavy CMS model may be creating a rigid cost base that is difficult to adjust during cyclical downturns.
Data from the last ten quarters reveals that net income has been highly erratic, with a sharp swing to a $66.6 million loss in 2025Q2, suggesting that non-operating items or one-time charges are significantly distorting the underlying profitability of the core chemical business.
The presence of stock-based compensation, while relatively modest, adds another layer of complexity to evaluating true earnings power. Investors should be cautious of relying on EPS figures until the company demonstrates a sustained period of clean, operational profitability free from large, non-recurring accounting adjustments.
Quick answers to the most common questions about buying KWR stock.
For fiscal year 2025, Quaker Chemical Corporation (KWR) reported total revenue of $1.89B. This represents a 685.9% increase compared to $240.3M in 1996.
Quaker Chemical Corporation (KWR) reported a net loss of $2.5M for the fiscal year ending 2025.
Quaker Chemical Corporation (KWR) reported an operating income of $177.0M, resulting in an operating profit margin of 9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Quaker Chemical Corporation (KWR) generated $679.4M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.