Revenue and margins show a decelerating trajectory, with gross margin recovering to 26.1% in 2026Q1 but operating margin falling from 17.5% in 2024Q3 to 3.1% in 2026Q3 as SG&A stayed near $11-13M.
Luxfer Holdings PLC (LXFR) annual income statement — 18-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 |
|---|
| Sales/Revenue | 362M | 384.6M | 391.9M | 405M | 423.4M | 374.1M | 324.8M | 373.4M | 401.9M | 441.3M | 414.8M | 460.3M | 489.5M | 481.3M | 511.6M | 510.8M | 402.7M | 371.3M | 475.9M |
| Revenue Growth % | -8.88% | -1.86% | -3.23% | -4.35% | 13.18% | 15.18% | -13.02% | -7.09% | -8.93% | 6.39% | -9.88% | -5.97% | 1.7% | -5.92% | 0.16% | 26.84% | 8.46% | -21.98% | - |
| Cost of Goods Sold | 271.1M | 295.4M | 306.2M | 328.4M | 328.4M | 278.1M | 243.9M | 269.7M | 284M | 332.7M | 320.2M | 356.3M | 376.6M | 363.5M | 385.7M | 390.4M | 305.1M | 295.7M | 381.8M |
| COGS % of Revenue | - | 76.81% | 78.13% | 81.09% | 77.56% | 74.34% | 75.09% | 72.23% | 70.66% | 75.39% | 77.19% | 77.41% | 76.94% | 75.52% | 75.39% | 76.43% | 75.76% | 79.64% | 80.23% |
| Gross Profit | 90.9M | 89.2M | 85.7M | 76.6M | 95M | 96M | 80.9M | 103.7M | 117.9M | 108.6M | 94.6M | 104M | 112.9M | 117.8M | 125.9M | 120.4M | 97.6M | 75.6M | 94.1M |
| Gross Margin % | 25.11% | 23.19% | 21.87% | 18.91% | 22.44% | 25.66% | 24.91% | 27.77% | 29.34% | 24.61% | 22.81% | 22.59% | 23.06% | 24.48% | 24.61% | 23.57% | 24.24% | 20.36% | 19.77% |
| Gross Profit Growth % | - | 4.08% | 11.88% | -19.37% | -1.04% | 18.67% | -21.99% | -12.04% | 8.56% | 14.8% | -9.04% | -7.88% | -4.16% | -6.43% | 4.57% | 23.36% | 29.1% | -19.66% | - |
| Operating Expenses | 62.9M | 53.4M | 55.6M | 72.4M | 50.2M | 59.8M | 52.4M | 85M | 84.3M | 86.7M | 61.7M | 66.1M | 72M | 61.3M | 59.5M | 56.5M | 52.7M | 48.3M | 55.4M |
| OpEx % of Revenue | - | 13.88% | 14.19% | 17.88% | 11.86% | 15.98% | 16.13% | 22.76% | 20.98% | 19.65% | 14.87% | 14.36% | 14.71% | 12.74% | 11.63% | 11.06% | 13.09% | 13.01% | 11.64% |
| Selling, General & Admin | 48.1M | 49.1M | 48.1M | 48.7M | 43.1M | 47.3M | 39.8M | 49.7M | 60.8M | 68.1M | 56.2M | 60.5M | 67.8M | 60.4M | 57.3M | 56.9M | 51.9M | 47.2M | 52.7M |
| SG&A % of Revenue | - | 12.77% | 12.27% | 12.02% | 10.18% | 12.64% | 12.25% | 13.31% | 15.13% | 15.43% | 13.55% | 13.14% | 13.85% | 12.55% | 11.2% | 11.14% | 12.89% | 12.71% | 11.07% |
| Research & Development | 5.6M | 4.3M | 4.4M | 4.6M | 4.9M | 3.9M | 3.3M | 5.7M | 6.4M | 7.8M | 7.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.12% | 1.12% | 1.14% | 1.16% | 1.04% | 1.02% | 1.53% | 1.59% | 1.77% | 1.83% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 3.1M | 19.1M | 2.2M | 8.6M | 9.3M | 29.6M | 23.4M | 10.8M | -2.1M | 5.6M | 4.2M | 900K | 2.2M | -400K | 800K | 1.1M | 2.7M |
| Operating Income | 28M | 35.8M | 30.1M | 4.2M | 44.8M | 36.2M | 28.5M | 18.7M | 33.6M | 21.9M | 32.9M | 37.9M | 40.9M | 56.5M | 66.4M | 63.9M | 44.9M | 27.3M | 38.7M |
| Operating Margin % | 7.73% | 9.31% | 7.68% | 1.04% | 10.58% | 9.68% | 8.77% | 5.01% | 8.36% | 4.96% | 7.93% | 8.23% | 8.36% | 11.74% | 12.98% | 12.51% | 11.15% | 7.35% | 8.13% |
| Operating Income Growth % | - | 18.94% | 616.67% | -90.63% | 23.76% | 27.02% | 52.41% | -44.35% | 53.42% | -33.43% | -13.19% | -7.33% | -27.61% | -14.91% | 3.91% | 42.32% | 64.47% | -29.46% | - |
| EBITDA | 38.5M | 48.6M | 43.5M | 16.9M | 62.8M | 51.8M | 41.8M | 31.9M | 50.6M | 40.2M | 51M | 56.5M | 59M | 72.3M | 81.1M | 78.4M | 58.7M | 41M | 53.4M |
| EBITDA Margin % | 10.64% | 12.64% | 11.1% | 4.17% | 14.83% | 13.85% | 12.87% | 8.54% | 12.59% | 9.11% | 12.3% | 12.27% | 12.05% | 15.02% | 15.85% | 15.35% | 14.58% | 11.04% | 11.22% |
| EBITDA Growth % | -18.43% | 11.72% | 157.4% | -73.09% | 21.24% | 23.92% | 31.03% | -36.96% | 25.87% | -21.18% | -9.73% | -4.24% | -18.4% | -10.85% | 3.44% | 33.56% | 43.17% | -23.22% | - |
| D&A (Non-Cash Add-back) | 10.5M | 12.8M | 13.4M | 12.7M | 18M | 15.6M | 13.3M | 13.2M | 17M | 18.3M | 18.1M | 18.6M | 18.1M | 15.8M | 14.7M | 14.5M | 13.8M | 13.7M | 14.7M |
| EBIT | 19.4M | 25.3M | 31.7M | -3.4M | 44.9M | 38.5M | 32.8M | 20.1M | 38.7M | 26.4M | 30.4M | 32.1M | 41.5M | 51.7M | 61.2M | 60.4M | 43.9M | 27M | 39M |
| Net Interest Income | -3.4M | -3.1M | -5.2M | -6.3M | -3.9M | -3.1M | -5M | -4.4M | -4.5M | -6.3M | -6M | -6.9M | -6.1M | -5.9M | -6.5M | -9M | -8.9M | -11.6M | -17.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 400K | 300K | 300K | 500K | 500K | 300K | 200K | 200K | 200K | 200K | 300K |
| Interest Expense | 3.4M | 3.1M | 5.2M | 6.3M | 3.9M | 3.1M | 5M | 4.5M | 4.9M | 6.6M | 6.3M | 6.5M | 5.2M | 5M | 5.7M | 7.6M | 8.3M | 11.8M | 17.7M |
| Other Income/Expense | -12M | -13.6M | -3.6M | -13.9M | -3.8M | -800K | -800K | -2.4M | 200K | -2.1M | -8.8M | -12.3M | -4.6M | -9.8M | -10.9M | -11.1M | -9.3M | -12.1M | -17.4M |
| Pretax Income | 16M | 22.2M | 26.5M | -9.7M | 41M | 35.4M | 27.7M | 16.3M | 33.8M | 19.8M | 24.1M | 25.6M | 36.3M | 46.7M | 55.5M | 52.8M | 35.6M | 15.2M | 21.3M |
| Pretax Margin % | 4.42% | 5.77% | 6.76% | -2.4% | 9.68% | 9.46% | 8.53% | 4.37% | 8.41% | 4.49% | 5.81% | 5.56% | 7.42% | 9.7% | 10.85% | 10.34% | 8.84% | 4.09% | 4.48% |
| Income Tax | 6.4M | 9.1M | 8.2M | -7.1M | 9M | 5.4M | 6.9M | 7.6M | 6.5M | 3.3M | 6.8M | 9.5M | 7.1M | 12.6M | 16M | 12.5M | 9.9M | 5.7M | 8.2M |
| Effective Tax Rate % | 40% | 40.99% | 30.94% | 73.2% | 21.95% | 15.25% | 24.91% | 46.63% | 19.23% | 16.67% | 28.22% | 37.11% | 19.56% | 26.98% | 28.83% | 23.67% | 27.81% | 37.5% | 38.5% |
| Net Income | 6.2M | 7.7M | 18.4M | -1.9M | 26.9M | 29.9M | 20M | 3.1M | 25M | 11.5M | 21.9M | 16.1M | 29.2M | 34.1M | 42.4M | 43.4M | 25.7M | 9.54M | 12.9M |
| Net Margin % | 1.71% | 2% | 4.7% | -0.47% | 6.35% | 7.99% | 6.16% | 0.83% | 6.22% | 2.61% | 5.28% | 3.5% | 5.97% | 7.08% | 8.29% | 8.5% | 6.38% | 2.57% | 2.71% |
| Net Income Growth % | -56.64% | -58.15% | 1068.42% | -107.06% | -10.03% | 49.5% | 545.16% | -87.6% | 117.39% | -47.49% | 36.02% | -44.86% | -14.37% | -19.58% | -2.3% | 68.87% | 169.38% | -26.04% | - |
| Net Income (Continuing) | 9.6M | 13.1M | 18.3M | -2.6M | 32M | 30M | 20.8M | 8.7M | 27.7M | 16.6M | 17.8M | 16.1M | 29.2M | 34.1M | 39.5M | 40.3M | 25.7M | 9.5M | 13.1M |
| Discontinued Operations | -1.2M | -5.4M | 100K | 700K | -5.1M | -100K | -800K | 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 | 1.4M |
| EPS (Diluted) | 0.23 | 0.28 | 0.69 | -0.07 | 0.98 | 1.07 | 0.72 | 0.09 | 0.90 | 0.43 | 0.67 | 0.59 | 0.31 | 2.43 | 3.88 | 4.35 | 0.96 | 0.96 | 1.32 |
| EPS Growth % | -58.13% | -59.42% | 1081.51% | -107.17% | -8.41% | 48.61% | 736.24% | -90.43% | 109.3% | -35.82% | 13.56% | 90.32% | -87.24% | -37.37% | -10.8% | 353.13% | 0% | -27.49% | - |
| EPS (Basic) | - | 0.29 | 0.69 | -0.07 | 0.99 | 1.08 | 0.73 | 0.09 | 0.94 | 0.43 | 0.67 | 0.60 | 1.09 | 1.27 | 3.95 | 4.39 | 0.97 | 0.97 | 1.33 |
| Diluted Shares Outstanding | 27.3M | 27.25M | 26.8M | 27.02M | 27.54M | 28.03M | 27.97M | 27.88M | 27.69M | 27M | 26.65M | 27.37M | 27.74M | 14.02M | 10.93M | 9.98M | 9.92M | 9.89M | 9.89M |
| Basic Shares Outstanding | 26.76M | 26.73M | 26.8M | 26.9M | 27.3M | 27.7M | 27.56M | 27.29M | 26.71M | 26.46M | 26.44M | 26.92M | 26.89M | 26.82M | 10.74M | 9.88M | 9.85M | 9.82M | 9.82M |
| Dividend Payout Ratio | - | 180.52% | 76.09% | - | 52.79% | 45.48% | 68% | 438.71% | 53.6% | 115.65% | 60.73% | 67.08% | 36.99% | 31.67% | 13.68% | - | - | - | - |
Quick answers to the most common questions about buying LXFR stock.
For fiscal year 2025, Luxfer Holdings PLC (LXFR) reported total revenue of $384.6M. This represents a 19.2% decline compared to $475.9M in 2008.
Luxfer Holdings PLC (LXFR) is profitable, generating $7.7M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
Luxfer Holdings PLC (LXFR) reported an operating income of $35.8M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Luxfer Holdings PLC (LXFR) generated $89.2M in gross profit for the year, representing a gross profit margin of 23.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and volatile earnings
Metrics are mathematically derived from official filings.
Revenue Growth Turning Negative Recently
Based on Luxfer's reported quarterly figures, revenue fell 13.5% year over year in 2026Q1 and 1.3% in 2026Q3 after a 4.3% gain in 2025Q2, suggesting top-line momentum has weakened materially over the past year.
The shift from modest growth in 2025 to contraction in early 2026 suggests demand or pricing conditions have softened across the portfolio. Revenue has oscillated between roughly $84M and $104M over ten quarters without establishing a clear upward trend. Investors should monitor whether the 2026Q2 and 2026Q3 stabilization reflects a durable floor or merely a temporary pause.
Gross Margin Recovering From Trough
As reported in the financial statements, Luxfer's gross margin expanded from 22.1% in 2024Q2 to 26.1% in 2026Q1 before easing to 24.4% in 2026Q3, indicating improving unit economics that have not yet held at peak levels.
The roughly four-point improvement in gross margin across the period points to better pricing discipline, mix, or cost absorption. However, the retreat in the most recent quarter suggests the gains are not yet structurally secure. Gross margin remains well below the 35.5% reported by ESAB, indicating limited pricing power relative to higher-margin industrial peers.
Operating Income Volatility Limits Scale Benefits
According to reported figures, operating margin peaked at 17.5% in 2024Q3 but fell to 3.1% in 2026Q3, while SG&A stayed near $11-13M, implying that operating deleverage rather than cost growth drove the swings.
SG&A has been relatively flat in absolute dollars, so the large swings in operating income largely reflect gross profit movement against a fixed overhead base. The lack of consistent operating leverage suggests the business has limited ability to convert incremental revenue into earnings. This pattern warrants further investigation into the cyclicality of its end markets.
Net Income Diverges From Operating Trend
Based on Luxfer's reported figures, net income swung from a $12.7M profit in 2024Q3 to a $3.1M loss in 2025Q4 and remained far below operating income in several quarters, suggesting non-operating items materially affect reported earnings.
The gap between operating income and net income in quarters such as 2025Q4 and 2026Q3 indicates significant below-the-line items, including interest, taxes, or other charges that the supplied data does not decompose. Stock-based compensation is modest at under $2M per quarter, so it does not explain the divergence. Earnings quality therefore appears inconsistent and should be assessed against the full filing detail.
Peak Margins May Not Be Repeatable
The strongest bear case is that Luxfer's 2024Q3 peak operating margin of 17.5% and its recent sub-4% operating margin both reflect cyclical conditions rather than a durable structural improvement, implying downside risk to earnings expectations.
Short-sellers would likely argue that the 2024Q3 spike was non-recurring and that the current gross margin recovery is fragile given the latest sequential decline. With revenue contracting year over year and a peer group trading at materially higher margins, the company has limited evidence of pricing power. Any further revenue weakness could compress operating income quickly given the fixed SG&A base.