Gross margins have compressed to 26.9% in 2026Q2 from a 33.4% peak in 2025Q2, signaling persistent challenges in maintaining pricing power amidst declining sales volumes.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 636.56M | 676.37M | 607.07M | 674.08M | 770.74M | 567.65M | 474.69M | 444.07M | 547.71M | 517.99M | 516.41M | 560.18M | 617.93M | 690.85M | 551.25M | 478.89M | 358.44M | 336.23M | 475.09M | 281.86M | 226M | 177.27M | 196.7M | 163.37M | 145.89M | 126.67M | 129.78M | 116.7M | 155.7M | 158.3M | 136.2M |
| Revenue Growth % | -1.7% | 11.41% | -9.94% | -12.54% | 35.78% | 19.58% | 6.9% | -18.92% | 5.74% | 0.3% | -7.81% | -9.35% | -10.55% | 25.32% | 15.11% | 33.6% | 6.61% | -29.23% | 68.56% | 24.71% | 27.49% | -9.88% | 20.4% | 11.98% | 15.17% | -2.4% | 11.21% | -25.05% | -1.64% | 16.23% | 21.82% |
| Cost of Goods Sold | 445.78M | 465.59M | 416.02M | 461.07M | 571.57M | 417.44M | 322.15M | 329.46M | 396.24M | 372.97M | 367.8M | 403.86M | 446.94M | 496.01M | 402.74M | 349.11M | 259.54M | 255.6M | 351.25M | 212.13M | 177.76M | 143.7M | 157.18M | 123.63M | 112.96M | 98.74M | 95.26M | 83.2M | 110.4M | 115.2M | 101.7M |
| COGS % of Revenue | - | 68.84% | 68.53% | 68.4% | 74.16% | 73.54% | 67.86% | 74.19% | 72.35% | 72% | 71.22% | 72.09% | 72.33% | 71.8% | 73.06% | 72.9% | 72.41% | 76.02% | 73.93% | 75.26% | 78.65% | 81.06% | 79.91% | 75.67% | 77.43% | 77.95% | 73.4% | 71.29% | 70.91% | 72.77% | 74.67% |
| Gross Profit | 190.78M | 210.78M | 191.06M | 213.01M | 199.18M | 150.21M | 152.54M | 114.61M | 151.46M | 145.01M | 148.61M | 156.32M | 171M | 194.83M | 148.52M | 129.78M | 98.9M | 80.63M | 123.83M | 69.73M | 48.24M | 33.57M | 39.52M | 39.75M | 32.93M | 27.93M | 34.53M | 33.5M | 45.3M | 43.1M | 34.5M |
| Gross Margin % | 29.97% | 31.16% | 31.47% | 31.6% | 25.84% | 26.46% | 32.14% | 25.81% | 27.65% | 28% | 28.78% | 27.91% | 27.67% | 28.2% | 26.94% | 27.1% | 27.59% | 23.98% | 26.07% | 24.74% | 21.35% | 18.94% | 20.09% | 24.33% | 22.57% | 22.05% | 26.6% | 28.71% | 29.09% | 27.23% | 25.33% |
| Gross Profit Growth % | - | 10.32% | -10.31% | 6.95% | 32.6% | -1.53% | 33.1% | -24.33% | 4.45% | -2.42% | -4.93% | -8.58% | -12.24% | 31.19% | 14.43% | 31.23% | 22.66% | -34.89% | 77.58% | 44.55% | 43.7% | -15.05% | -0.58% | 20.71% | 17.89% | -19.11% | 3.07% | -26.05% | 5.1% | 24.93% | 25.91% |
| Operating Expenses | 123.04M | 122.66M | 114.45M | 110.83M | 104.53M | 96.1M | 98.34M | 108.49M | 112.9M | 104.81M | 114.24M | 105.63M | 92.64M | 87.77M | 83.01M | 73.2M | 61.06M | 58.21M | 61.59M | 45.97M | 32.74M | 28.07M | 27.48M | 23.38M | 19.81M | 17.39M | 18.1M | 18.4M | 18.2M | 16.7M | 15.1M |
| OpEx % of Revenue | - | 18.13% | 18.85% | 16.44% | 13.56% | 16.93% | 20.72% | 24.43% | 20.61% | 20.23% | 22.12% | 18.86% | 14.99% | 12.71% | 15.06% | 15.29% | 17.03% | 17.31% | 12.96% | 16.31% | 14.49% | 15.84% | 13.97% | 14.31% | 13.58% | 13.73% | 13.95% | 15.77% | 11.69% | 10.55% | 11.09% |
| Selling, General & Admin | 104.42M | 104.73M | 97.32M | 92.61M | 89.39M | 82.74M | 84.39M | 94.56M | 96.85M | 87.66M | 98.39M | 92.78M | 81.51M | 76.38M | 73.53M | 62.8M | 53.27M | 52.18M | 55.19M | 41.29M | 30M | 25.41M | 24.57M | 20.8M | 17.43M | 15.09M | 13.11M | 13.7M | 13.9M | 12.9M | 11.9M |
| SG&A % of Revenue | - | 15.48% | 16.03% | 13.74% | 11.6% | 14.58% | 17.78% | 21.29% | 17.68% | 16.92% | 19.05% | 16.56% | 13.19% | 11.06% | 13.34% | 13.11% | 14.86% | 15.52% | 11.62% | 14.65% | 13.27% | 14.33% | 12.49% | 12.73% | 11.95% | 11.91% | 10.1% | 11.74% | 8.93% | 8.15% | 8.74% |
| Research & Development | 18.62M | 17.93M | 17.12M | 18.22M | 15.14M | 13.36M | 13.95M | 13.94M | 16.05M | 17.15M | 15.85M | 12.85M | 11.13M | 11.39M | 9.48M | 10.4M | 7.79M | 6.04M | 6.41M | 4.68M | 2.74M | 2.67M | 2.91M | 2.58M | 2.38M | 2.3M | 2.06M | 1.9M | 1.8M | 1.6M | 1.4M |
| R&D % of Revenue | - | 2.65% | 2.82% | 2.7% | 1.97% | 2.35% | 2.94% | 3.14% | 2.93% | 3.31% | 3.07% | 2.29% | 1.8% | 1.65% | 1.72% | 2.17% | 2.17% | 1.8% | 1.35% | 1.66% | 1.21% | 1.5% | 1.48% | 1.58% | 1.63% | 1.82% | 1.59% | 1.63% | 1.16% | 1.01% | 1.03% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -907K | -981K | 0 | -245K | 54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.93M | 2.8M | 2.5M | 2.2M | 1.8M |
| Operating Income | 67.74M | 88.12M | 76.61M | 102.18M | 94.64M | 54.11M | 54.2M | 6.12M | 38.56M | 40.2M | 34.38M | 50.7M | 78.36M | 107.06M | 65.51M | 56.59M | 37.84M | 22.42M | 62.24M | 23.76M | 15.5M | 5.5M | 12.04M | 16.37M | 13.12M | 9.64M | 16.43M | 15.1M | 27.1M | 26.4M | 19.4M |
| Operating Margin % | 10.64% | 13.03% | 12.62% | 15.16% | 12.28% | 9.53% | 11.42% | 1.38% | 7.04% | 7.76% | 6.66% | 9.05% | 12.68% | 15.5% | 11.88% | 11.82% | 10.56% | 6.67% | 13.1% | 8.43% | 6.86% | 3.1% | 6.12% | 10.02% | 8.99% | 7.61% | 12.66% | 12.94% | 17.41% | 16.68% | 14.24% |
| Operating Income Growth % | - | 15.03% | -25.03% | 7.97% | 74.92% | -0.18% | 786.38% | -84.14% | -4.07% | 16.95% | -32.19% | -35.3% | -26.81% | 63.43% | 15.77% | 49.53% | 68.81% | -63.98% | 161.96% | 53.26% | 181.96% | -54.34% | -26.43% | 24.78% | 35.99% | -41.28% | 8.78% | -44.28% | 2.65% | 36.08% | 40.58% |
| EBITDA | 89.19M | 109.02M | 94.31M | 121.47M | 110.14M | 73.28M | 73.6M | 20.13M | 55.08M | 56.88M | 51.26M | 67.11M | 93.15M | 119.66M | 77.98M | 68.32M | 48.55M | 32.86M | 71.48M | 30.96M | 19.79M | 9.23M | 15.16M | 19.75M | 16.31M | 12.69M | 19.36M | 17.9M | 29.6M | 28.6M | 21.2M |
| EBITDA Margin % | 14.01% | 16.12% | 15.53% | 18.02% | 14.29% | 12.91% | 15.5% | 4.53% | 10.06% | 10.98% | 9.93% | 11.98% | 15.07% | 17.32% | 14.15% | 14.27% | 13.55% | 9.77% | 15.04% | 10.98% | 8.76% | 5.21% | 7.71% | 12.09% | 11.18% | 10.02% | 14.91% | 15.34% | 19.01% | 18.07% | 15.57% |
| EBITDA Growth % | -14.39% | 15.6% | -22.36% | 10.28% | 50.3% | -0.43% | 265.56% | -63.45% | -3.17% | 10.97% | -23.62% | -27.96% | -22.15% | 53.45% | 14.14% | 40.72% | 47.76% | -54.03% | 130.88% | 56.46% | 114.45% | -39.13% | -23.24% | 21.1% | 28.46% | -34.43% | 8.14% | -39.53% | 3.5% | 34.91% | 37.66% |
| D&A (Non-Cash Add-back) | 21.45M | 20.9M | 17.7M | 19.28M | 15.5M | 19.18M | 19.4M | 14.02M | 16.51M | 16.68M | 16.88M | 16.41M | 14.79M | 12.6M | 12.47M | 11.73M | 10.71M | 10.44M | 9.24M | 7.2M | 4.29M | 3.73M | 3.12M | 3.38M | 3.19M | 3.05M | 2.93M | 2.8M | 2.5M | 2.2M | 1.8M |
| EBIT | 74.35M | 96.42M | 82.28M | 104.16M | 92.14M | 55.14M | 53.6M | 6.87M | 38.54M | 40.47M | 34.38M | 50.7M | 78.36M | 107.06M | 65.6M | 57.28M | 38.34M | 22.57M | 64.15M | 26.53M | 18.04M | 6.95M | 13.84M | 16.37M | 13.12M | 10.54M | 16.43M | 15.1M | 27.1M | 26.4M | 19.3M |
| Net Interest Income | 9.25M | 5.88M | 1.96M | -1M | -3.65M | -3.67M | -2.8M | -2.37M | -3.05M | -3.58M | -4.11M | -2M | 542K | 192K | 12K | -447K | -1.21M | -1.1M | -1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.93M | 7.72M | 5.19M | 2.78M | 622K | 1.08M | 1.96M | 2.4M | 1.64M | 1.18M | 645K | 631K | 729K | 496K | 504K | 315K | 352K | 934K | 1.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 679K | 1.83M | 3.23M | 3.79M | 4.27M | 4.75M | 4.76M | 4.77M | 4.69M | 4.76M | 4.75M | 2.63M | 187K | 304K | 492K | 762K | 1.56M | 2.03M | 3.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.05M | 6.46M | 2.44M | -1.81M | -6.78M | -3.72M | -5.36M | -4.01M | -5.16M | -4.49M | -5.09M | -3.94M | 297K | 246K | -402K | -72K | -1.06M | -1.88M | -1.13M | 374K | 1.91M | 1.45M | 1.8M | 2.42M | 2.2M | 1.76M | 2.72M | 3M | 7.6M | 3.6M | 4.5M |
| Pretax Income | 76.79M | 94.58M | 79.05M | 100.38M | 87.87M | 50.39M | 48.84M | 2.11M | 33.85M | 35.72M | 29.29M | 46.75M | 78.66M | 107.31M | 65.11M | 56.51M | 36.78M | 20.54M | 61.11M | 24.13M | 17.41M | 6.95M | 13.77M | 18.79M | 15.31M | 11.4M | 19.14M | 18.1M | 34.7M | 30M | 23.9M |
| Pretax Margin % | 12.06% | 13.98% | 13.02% | 14.89% | 11.4% | 8.88% | 10.29% | 0.47% | 6.18% | 6.89% | 5.67% | 8.35% | 12.73% | 15.53% | 11.81% | 11.8% | 10.26% | 6.11% | 12.86% | 8.56% | 7.7% | 3.92% | 7% | 11.5% | 10.5% | 9% | 14.75% | 15.51% | 22.29% | 18.95% | 17.55% |
| Income Tax | 17.91M | 20.53M | 12.79M | 28M | 22.4M | 7.81M | 10.21M | -65K | 13.58M | 12.54M | 9.02M | 20.44M | 27.14M | 36.74M | 21.83M | 19.71M | 11.92M | 6.72M | 21.71M | 8.51M | 5.71M | 2.11M | 4.48M | 5.9M | 4.65M | 3.44M | 5.93M | 5.4M | 11.2M | 9.9M | 7.4M |
| Effective Tax Rate % | 23.32% | 21.71% | 16.18% | 27.89% | 25.49% | 15.51% | 20.91% | -3.08% | 40.1% | 35.1% | 30.8% | 43.73% | 34.51% | 34.24% | 33.53% | 34.88% | 32.41% | 32.7% | 35.52% | 35.28% | 32.79% | 30.39% | 32.54% | 31.4% | 30.36% | 30.17% | 31% | 29.83% | 32.28% | 33% | 30.96% |
| Net Income | 58.88M | 74.05M | 66.26M | 72.38M | 65.47M | 42.57M | 38.63M | 2.17M | 20.28M | 23.18M | 20.27M | 26.31M | 51.51M | 70.57M | 43.28M | 36.8M | 24.86M | 13.82M | 39.41M | 15.62M | 11.7M | 4.84M | 9.29M | 12.89M | 10.66M | 7.96M | 13.21M | 12.7M | 23.5M | 20.1M | 16.5M |
| Net Margin % | 9.25% | 10.95% | 10.91% | 10.74% | 8.49% | 7.5% | 8.14% | 0.49% | 3.7% | 4.47% | 3.92% | 4.7% | 8.34% | 10.21% | 7.85% | 7.68% | 6.94% | 4.11% | 8.29% | 5.54% | 5.18% | 2.73% | 4.72% | 7.89% | 7.31% | 6.28% | 10.18% | 10.88% | 15.09% | 12.7% | 12.11% |
| Net Income Growth % | -23.39% | 11.76% | -8.46% | 10.55% | 53.78% | 10.21% | 1678.5% | -89.29% | -12.52% | 14.37% | -22.97% | -48.93% | -27.01% | 63.07% | 17.59% | 48.03% | 79.86% | -64.92% | 152.27% | 33.5% | 141.84% | -47.9% | -27.94% | 20.85% | 33.95% | -39.73% | 4% | -45.96% | 16.92% | 21.82% | 41.03% |
| Net Income (Continuing) | 58.88M | 74.05M | 66.26M | 72.38M | 65.47M | 42.57M | 38.63M | 2.17M | 20.28M | 23.18M | 20.27M | 26.31M | 51.51M | 70.57M | 43.28M | 36.8M | 24.86M | 13.82M | 39.41M | 15.62M | 11.68M | 4.84M | 9.29M | 12.89M | 10.66M | 7.96M | 13.21M | 12.7M | 23.5M | 20.1M | 16.5M |
| 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 | 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 |
| EPS (Diluted) | 5.56 | 6.78 | 6.01 | 6.54 | 5.94 | 3.88 | 3.56 | 0.20 | 1.88 | 2.17 | 1.85 | 2.22 | 4.00 | 5.47 | 3.38 | 2.90 | 1.98 | 1.11 | 3.20 | 1.31 | 1.00 | 0.41 | 0.78 | 1.08 | 0.76 | 0.67 | 1.06 | 0.96 | 1.61 | 1.34 | 0.48 |
| EPS Growth % | -22.33% | 12.81% | -8.1% | 10.1% | 53.09% | 8.99% | 1680% | -89.36% | -13.36% | 17.3% | -16.67% | -44.5% | -26.87% | 61.83% | 16.55% | 46.46% | 78.38% | -65.31% | 144.27% | 31% | 143.9% | -47.44% | -27.78% | 42.11% | 13.43% | -36.79% | 10.42% | -40.37% | 20.15% | 179.17% | -34.25% |
| EPS (Basic) | - | 6.82 | 6.04 | 6.58 | 5.97 | 3.91 | 3.57 | 0.20 | 1.89 | 2.17 | 1.86 | 2.23 | 4.01 | 5.50 | 3.41 | 2.93 | 2.00 | 1.12 | 3.30 | 1.34 | 1.01 | 0.42 | 0.79 | 1.08 | 0.90 | 0.68 | 1.08 | 0.99 | 1.68 | 1.34 | 0.51 |
| Diluted Shares Outstanding | 10.59M | 10.92M | 11.02M | 11.06M | 11.03M | 10.98M | 10.86M | 10.81M | 10.77M | 10.69M | 10.93M | 11.86M | 12.88M | 12.9M | 12.81M | 12.69M | 12.59M | 12.46M | 12.32M | 11.96M | 11.71M | 11.8M | 11.95M | 11.93M | 11.86M | 11.9M | 12.5M | 13.23M | 14.56M | 15M | 14.26M |
| Basic Shares Outstanding | 10.56M | 10.86M | 10.98M | 11M | 10.96M | 10.89M | 10.82M | 10.78M | 10.74M | 10.67M | 10.91M | 11.82M | 12.83M | 12.83M | 12.7M | 12.56M | 12.45M | 12.29M | 11.94M | 11.63M | 11.53M | 11.69M | 11.76M | 11.93M | 10.04M | 11.68M | 12.2M | 12.83M | 13.94M | 15M | 14.26M |
| Dividend Payout Ratio | - | 21.27% | 23.33% | 20.84% | 22.3% | 33.28% | 35.32% | 615.79% | 64.14% | 53.89% | 60.41% | 48.55% | 22.76% | 8.65% | 11.31% | 11.8% | 16.29% | 27.16% | 8.68% | 19.78% | 24.15% | 53.8% | 25.95% | 14.12% | 15.29% | 20.55% | 12.87% | 14.17% | 7.23% | 6.47% | 6.06% |
Cyclical Agricultural Demand Exposure
As reported in recent financial filings, Lindsay Corporation experienced a 15.7% year-over-year revenue decline in 2026Q2, signaling a persistent contraction in top-line performance that reflects the broader cooling of the North American agricultural equipment market and the lumpy nature of infrastructure project cycles.
The consistent negative growth rates observed over the last several quarters suggest that the company is struggling to offset the decline in core irrigation hardware demand. Investors should monitor whether the current revenue trajectory represents a temporary cyclical trough or a more structural shift in the replacement cycle for center-pivot irrigation systems.
Based on the provided income statement data, gross margins have compressed to 26.9% in 2026Q2, down from a peak of 33.4% in 2025Q2, indicating that the company is facing significant challenges in maintaining pricing power amidst rising input costs and lower sales volumes.
The erosion of gross margin suggests that Lindsay is unable to fully pass through commodity price volatility to its dealer network during periods of weak demand. This margin sensitivity highlights the company's vulnerability to volume deleveraging, as fixed manufacturing costs weigh more heavily on the bottom line when top-line growth is absent.
According to the latest quarterly results, operating income fell to $13.0M in 2026Q2, representing an operating margin of 8.3%, which demonstrates a lack of operating leverage as the company fails to scale its SG&A expenses efficiently against declining gross profit levels.
The inability to maintain operating margins above the 10% threshold during recent quarters suggests that the current cost structure remains too rigid for the prevailing revenue environment. Management's expense discipline warrants further investigation, as SG&A costs have not adjusted downward in proportion to the significant revenue contraction observed since 2025Q2.
While the Infrastructure segment is often cited as a hedge, the income statement data suggests that the segment's contribution is insufficient to offset the volatility in the irrigation business, as evidenced by the sharp 52.9% year-over-year decline in EPS during the most recent quarter.
Short-sellers may focus on the fact that the company's reliance on lumpy, project-based infrastructure revenue creates an illusion of stability that disappears during broader economic downturns. The current earnings quality appears compromised by this lack of recurring, high-margin revenue, leaving the company highly exposed to the timing of government infrastructure spending.
Quick answers to the most common questions about buying LNN stock.
For fiscal year 2025, Lindsay Corporation (LNN) reported total revenue of $676.4M. This represents a 396.6% increase compared to $136.2M in 1996.
Lindsay Corporation (LNN) is profitable, generating $74.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.9%.
Lindsay Corporation (LNN) reported an operating income of $88.1M, resulting in an operating profit margin of 13.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lindsay Corporation (LNN) generated $210.8M in gross profit for the year, representing a gross profit margin of 31.2%. This demonstrates the company's core pricing power and production efficiency.