Nominal revenue grew 36.4% YoY in 2026Q2 to $238.1B, but gross margin compressed to 19.2% from 31.2% in 2024Q4, and operating margin fell to 6.0%, reflecting cost inflation outpacing pricing power.
Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 893.48B | 988.07B | 699.18B | 919.31B | 984.19B | 446.87B | 122.38B | 72.08B |
| Revenue Growth % | 22.14% | 41.32% | -23.95% | -6.59% | 120.24% | 265.14% | 69.79% | - |
| Cost of Goods Sold | 701.06B | 772.52B | 512.2B | 688.69B | 718.41B | 305.63B | 85.34B | 52.39B |
| COGS % of Revenue | - | 78.19% | 73.26% | 74.91% | 73% | 68.39% | 69.74% | 72.68% |
| Gross Profit | 192.42B | 215.54B | 186.98B | 230.63B | 265.78B | 141.24B | 37.04B | 19.69B |
| Gross Margin % | 21.54% | 21.81% | 26.74% | 25.09% | 27% | 31.61% | 30.26% | 27.32% |
| Gross Profit Growth % | - | 15.28% | -18.93% | -13.23% | 88.17% | 281.34% | 88.07% | - |
| Operating Expenses | 110.95B | 120.44B | 80.6B | 94.38B | 94.71B | 42.89B | 11.58B | 6.58B |
| OpEx % of Revenue | - | 12.19% | 11.53% | 10.27% | 9.62% | 9.6% | 9.46% | 9.13% |
| Selling, General & Admin | 101.82B | 109.92B | 53.89B | 61.18B | 58.42B | 25.28B | 6.69B | 3.77B |
| SG&A % of Revenue | - | 11.12% | 7.71% | 6.65% | 5.94% | 5.66% | 5.46% | 5.23% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 10.52B | 26.71B | 33.21B | 36.29B | 17.62B | 4.89B | 2.81B |
| Operating Income | 81.47B | 95.1B | 106.39B | 136.24B | 171.07B | 98.35B | 25.46B | 13.11B |
| Operating Margin % | 9.12% | 9.63% | 15.22% | 14.82% | 17.38% | 22.01% | 20.8% | 18.19% |
| Operating Income Growth % | - | -10.61% | -21.92% | -20.36% | 73.95% | 286.35% | 94.14% | - |
| EBITDA | 142.91B | 194.75B | 169.01B | 206.35B | 261.11B | 134.5B | 37.18B | 18.63B |
| EBITDA Margin % | 16% | 19.71% | 24.17% | 22.45% | 26.53% | 30.1% | 30.38% | 25.85% |
| EBITDA Growth % | -9.49% | 15.23% | -18.09% | -20.97% | 94.14% | 261.73% | 99.58% | - |
| D&A (Non-Cash Add-back) | 70.11B | 99.64B | 62.63B | 70.1B | 90.04B | 36.15B | 11.73B | 5.52B |
| EBIT | 132.3B | 111.06B | 307.95B | 174.75B | 115.67B | 102.61B | 31.32B | 12.45B |
| Net Interest Income | -54.03B | -62.89B | -57.41B | -125.89B | -30.8B | 2.54B | -15.99M | -2.36B |
| Interest Income | 3.71B | 4.63B | 992.22M | 10.92B | 10.25B | 6.2B | 1.15M | 0 |
| Interest Expense | 57.74B | 67.53B | 58.4B | 136.82B | 41.05B | 3.66B | 17.15M | 2.36B |
| Other Income/Expense | -6.92B | -51.57B | 143.17B | -98.31B | -96.46B | 600.99M | -413.54M | -3.02B |
| Pretax Income | 74.56B | 43.53B | 249.55B | 37.93B | 74.61B | 98.95B | 25.04B | 10.09B |
| Pretax Margin % | 8.34% | 4.41% | 35.69% | 4.13% | 7.58% | 22.14% | 20.46% | 14% |
| Income Tax | 29.52B | 16.95B | 95.93B | 16.85B | 62.36B | 60.46B | 6.66B | 3.32B |
| Effective Tax Rate % | 39.59% | 38.93% | 38.44% | 44.42% | 83.58% | 61.11% | 26.58% | 32.91% |
| Net Income | 46.31B | 27.48B | 153.81B | 22.44B | 13.15B | 39.95B | 33.37B | 7.89B |
| Net Margin % | 5.18% | 2.78% | 22% | 2.44% | 1.34% | 8.94% | 27.27% | 10.95% |
| Net Income Growth % | -38.24% | -82.14% | 585.4% | 70.7% | -67.09% | 19.7% | 323.04% | - |
| Net Income (Continuing) | 45.04B | 26.59B | 153.63B | 21.08B | 12.25B | 38.48B | 18.39B | 6.77B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 15.08B | 1.54B |
| Minority Interest | -2.06B | -1.06B | -222.14M | -39.12M | 606.69M | 326.62M | 409.38M | 3.04B |
| EPS (Diluted) | 396.81 | 232.15 | 6590.15 | 88.30 | 51.55 | 337.40 | 280.00 | 43.85 |
| EPS Growth % | -29% | -96.48% | 7363.36% | 71.29% | -84.72% | 20.5% | 538.54% | - |
| EPS (Basic) | - | 232.15 | 6590.15 | 88.30 | 51.55 | 337.40 | 280.00 | 43.85 |
| Diluted Shares Outstanding | 116.7M | 116.6M | 116.6M | 116.71M | 117.06M | 118.41M | 119.21M | 119.21M |
| Basic Shares Outstanding | 116.7M | 116.6M | 116.6M | 116.71M | 117.06M | 118.41M | 119.21M | 119.21M |
| Dividend Payout Ratio | - | 0.01% | - | 842.73% | 1124.77% | - | 0.11% | - |
Quick answers to the most common questions about buying LOMA stock.
For fiscal year 2025, Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) reported total revenue of $988.07B. This represents a 1270.8% increase compared to $72.08B in 2019.
Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) is profitable, generating $27.48B in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) reported an operating income of $95.10B, resulting in an operating profit margin of 9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) generated $215.54B in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Hyperinflation and policy uncertainty
Nominal Growth Masks Real Contraction
Reported revenue grew 41.3% YoY in 2026Q2, but under IAS 29 hyperinflationary restatement, real volumes likely declined, as evidenced by negative growth in prior quarters. According to the latest financial statements, nominal gains may not reflect underlying demand.
The 41.3% YoY revenue increase in 2026Q2 appears to be driven by inflationary price adjustments rather than volume expansion, given that 2025Q1 and 2025Q2 showed negative growth of -8.9% and -8.0%, respectively. This suggests that the recent acceleration is a monetary phenomenon, not a demand recovery. Investors should monitor volume disclosures to assess whether the company is losing market share or merely tracking inflation.
Margin Compression from Cost Inflation
Gross margin fell to 19.2% in 2026Q2 from 31.2% in 2024Q4, indicating that input cost inflation is outpacing price increases. As reported in the income statement, operating margin also contracted to 6.0%, reflecting a challenging pricing environment.
The sequential decline in gross margin from 26.1% in 2026Q1 to 19.2% in 2026Q2 suggests that the company's ability to pass through energy and logistics cost increases is limited, possibly due to competitive pressures or regulatory constraints. The operating margin of 6.0% is well below the 18.5% seen in 2024Q4, indicating that fixed costs are not being adequately covered by gross profit. This margin compression may persist if inflation remains elevated and pricing power stays weak.
Operating Leverage Turns Negative
Operating income fell to $14.3B in 2026Q2 despite revenue of $238.1B, yielding a 6.0% operating margin, down from 13.9% in the prior quarter. Based on the latest financial data, SG&A expenses rose disproportionately, eroding the benefit of higher sales.
The 36.4% revenue growth in 2026Q2 was accompanied by a 19% increase in SG&A, but gross profit only grew by 4.5% sequentially, indicating that operating leverage is negative. This suggests that the company's cost structure is not scaling efficiently with nominal revenue, possibly due to inflationary adjustments in wages and logistics. If this trend continues, operating income may remain under pressure even as revenue grows.
Volatile Net Income Distorts Underlying Performance
Net income swung from a loss of $8.5B in 2025Q3 to a gain of $41.0B in 2026Q1, reflecting hyperinflationary accounting adjustments and non-cash items. As per the income statement, EPS volatility is extreme, with a 91% YoY growth in 2026Q1 followed by a 17.8% growth in 2026Q2.
The reported net income figures are heavily influenced by IAS 29 restatements, which can create large monetary gains or losses unrelated to cash flows. For instance, 2024Q1 net income of $79.1B on revenue of $179.1B implies a net margin of 44.2%, which is not sustainable operationally. Investors should adjust for these non-cash items to assess the true earnings power, as the underlying business appears to be generating modest profits at best.
Energy and Logistics Costs Dominate
COGS as a percentage of revenue rose to 80.8% in 2026Q2, up from 73.9% in 2024Q4, indicating that input costs are consuming a larger share of sales. According to the latest financial statements, the company's cost structure is highly sensitive to energy prices and inflationary pressures.
The increase in COGS ratio suggests that Loma Negra is unable to fully offset rising energy and logistics costs, which are the primary cost drivers in cement production. The company's high fixed-cost model amplifies the impact of volume declines, as seen in 2025Q3 when gross margin fell to 17.3%. Management's focus on thermal substitution may help mitigate energy costs, but the near-term outlook remains challenging given the volatile input price environment.
2024Q4 Peak Marks Turning Point
The 2024Q4 quarter represented the peak profitability with a gross margin of 31.2% and operating margin of 18.5%, followed by a sharp deterioration in 2025. As reported in the income statement, subsequent quarters show a clear downward trend in margins, indicating a structural shift.
The 2024Q4 results appear to be the high-water mark for Loma Negra's recent profitability, driven by favorable pricing and cost conditions. Since then, margins have compressed significantly, with 2026Q2 gross margin at 19.2% and operating margin at 6.0%. This inflection suggests that the company is facing a more challenging operating environment, possibly due to increased competition, regulatory interventions, or sustained cost inflation. The lasting impact is a lower profitability baseline, which may persist until the macro environment stabilizes.
What Could Invalidate the Base Case
The bullish narrative of Loma Negra as a store of value in hyperinflation may be undermined by persistent margin compression and volume declines. As per the latest income statement, gross margin at 19.2% and operating margin at 6.0% suggest limited pricing power, while negative volume growth in prior quarters indicates demand weakness.
Short-sellers could argue that the reported revenue growth is purely inflationary and that the company is losing real market share, as evidenced by negative growth in 2025Q1 and 2025Q2. The extremely low debt-to-equity ratio of 0.28% may not be a sign of strength but rather a reflection of limited access to credit in Argentina, constraining growth. Additionally, the parent company InterCement's financial distress could force asset sales or changes in control, adding uncertainty. If inflation moderates, the company may face pricing pressure without the benefit of inventory gains, further compressing margins.