LSI Industries Inc. (LYTS) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 51.3% in 2026Q4, but operating margin compressed to 3.1% as SG&A ballooned to $112.2M, indicating the top-line expansion may be coming from lower-margin business or facing significant integration costs.

Annual statement

LYTS Income Statement

LSI Industries Inc. (LYTS) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jun'25	Jun'24	Jun'23	Jun'22	Jun'21	Jun'20	Jun'19	Jun'18	Jun'17	Jun'16	Jun'15	Jun'14	Jun'13	Jun'12	Jun'11	Jun'10	Jun'09	Jun'08	Jun'07	Jun'06	Jun'05	Jun'04	Jun'03	Jun'02	Jun'01	Jun'00	Jun'99	Jun'98	Jun'97	Jun'96

Sales/Revenue	682.67M	573.38M	469.64M	496.98M	455.12M	315.61M	305.56M	328.85M	342.02M	331.39M	322.2M	307.86M	299.46M	280.79M	268.4M	293.5M	254.4M	233.8M	305.29M	337.45M	280.47M	282.44M	241.41M	213.13M	259.26M	233.94M	235.6M	227.8M	189.1M	144.7M	152.7M
Revenue Growth %	15.21%	22.09%	-5.5%	9.2%	44.2%	3.29%	-7.08%	-3.85%	3.21%	2.85%	4.66%	2.8%	6.65%	4.62%	-8.55%	15.37%	8.81%	-23.42%	-9.53%	20.32%	-0.7%	17%	13.26%	-17.79%	10.82%	-0.7%	3.42%	20.47%	30.68%	-5.24%	27.36%
Cost of Goods Sold	516.03M	431.6M	336.47M	360.03M	345.91M	236.64M	232.03M	255.14M	252.79M	249.51M	238.53M	233.41M	234.16M	220.38M	208.09M	221.16M	198.67M	181.97M	224.86M	248.27M	209.06M	210.14M	181.88M	157.94M	186.84M	168.53M	151.09M	145.9M	120.3M	93.2M	101.7M
COGS % of Revenue	-	75.27%	71.64%	72.44%	76%	74.98%	75.94%	77.58%	73.91%	75.29%	74.03%	75.82%	78.2%	78.49%	77.53%	75.35%	78.09%	77.83%	73.66%	73.57%	74.54%	74.4%	75.34%	74.1%	72.07%	72.04%	64.13%	64.05%	63.62%	64.41%	66.6%
Gross Profit	172.81M	141.78M	133.17M	136.94M	109.21M	78.97M	73.53M	73.71M	89.23M	81.88M	83.67M	74.45M	65.3M	60.41M	60.31M	72.34M	55.73M	51.83M	80.43M	89.18M	71.41M	72.3M	59.52M	55.2M	72.42M	65.41M	84.51M	81.9M	68.8M	51.5M	51M
Gross Margin %	25.31%	24.73%	28.36%	27.56%	24%	25.02%	24.06%	22.42%	26.09%	24.71%	25.97%	24.18%	21.8%	21.51%	22.47%	24.65%	21.91%	22.17%	26.34%	26.43%	25.46%	25.6%	24.66%	25.9%	27.93%	27.96%	35.87%	35.95%	36.38%	35.59%	33.4%
Gross Profit Growth %	-	6.47%	-2.76%	25.4%	38.28%	7.4%	-0.25%	-17.39%	8.99%	-2.14%	12.39%	14.01%	8.09%	0.16%	-16.63%	29.81%	7.54%	-35.56%	-9.81%	24.88%	-1.22%	21.46%	7.83%	-23.78%	10.71%	-22.6%	3.18%	19.04%	33.59%	0.98%	22.01%
Operating Expenses	134.96M	106.01M	97.65M	99.92M	88.01M	70.94M	60.45M	72.47M	79.75M	77.27M	69.72M	66.92M	62.17M	57.37M	53.98M	56.04M	53.67M	51.77M	92.37M	56.63M	49.9M	49.27M	45.49M	43.8M	49.04M	48.17M	55.95M	54.7M	48.7M	37.8M	37.5M
OpEx % of Revenue	-	18.49%	20.79%	20.1%	19.34%	22.48%	19.78%	22.04%	23.32%	23.32%	21.64%	21.74%	20.76%	20.43%	20.11%	19.09%	21.1%	22.14%	30.26%	16.78%	17.79%	17.44%	18.84%	20.55%	18.91%	20.59%	23.75%	24.01%	25.75%	26.12%	24.56%
Selling, General & Admin	0	105.94M	97.62M	99.88M	88M	70.92M	68.78M	72.47M	79.75M	77.27M	69.72M	66.92M	62.17M	57.37M	53.98M	56.04M	53.67M	51.57M	60.64M	56.63M	49.9M	49.08M	45.49M	43.8M	49.04M	48.17M	50.44M	49.9M	44.3M	34.8M	35.1M
SG&A % of Revenue	-	18.48%	20.79%	20.1%	19.33%	22.47%	22.51%	22.04%	23.32%	23.32%	21.64%	21.74%	20.76%	20.43%	20.11%	19.09%	21.1%	22.06%	19.86%	16.78%	17.79%	17.38%	18.84%	20.55%	18.91%	20.59%	21.41%	21.91%	23.43%	24.05%	22.99%
Research & Development	0	0	0	0	0	3.7M	0	5.27M	5.95M	5.7M	5.55M	5.6M	8.23M	6.48M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	1.17%	-	1.6%	1.74%	1.72%	1.72%	1.82%	2.75%	2.31%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	75K	32K	35K	12K	-3.67M	-8.33M	-138K	0	0	0	0	0	0	0	0	0	200K	31.73M	0	0	186K	0	0	0	0	5.51M	4.8M	4.4M	3M	2.4M
Operating Income	38.37M	35.77M	35.52M	37.03M	21.2M	8.03M	13.08M	-9.12M	-21.65M	3.61M	13.96M	7.53M	2.32M	630K	6.33M	16.3M	1.91M	-14.41M	-11.94M	32.55M	21.52M	23.03M	14.03M	11.4M	23.38M	17.24M	28.56M	27.2M	20.1M	13.7M	13.5M
Operating Margin %	5.62%	6.24%	7.56%	7.45%	4.66%	2.54%	4.28%	-2.77%	-6.33%	1.09%	4.33%	2.45%	0.77%	0.22%	2.36%	5.56%	0.75%	-6.16%	-3.91%	9.65%	7.67%	8.15%	5.81%	5.35%	9.02%	7.37%	12.12%	11.94%	10.63%	9.47%	8.84%
Operating Income Growth %	-	0.71%	-4.08%	74.65%	164.02%	-38.59%	243.44%	57.9%	-699.94%	-74.14%	85.26%	224.98%	267.94%	-90.05%	-61.17%	754.06%	113.25%	-20.65%	-136.69%	51.29%	-6.56%	64.07%	23.14%	-51.25%	35.65%	-39.64%	4.99%	35.32%	46.72%	1.48%	32.35%
EBITDA	28.74M	48.34M	45.52M	46.69M	31.32M	16.14M	21.73M	1.11M	-11.43M	11.87M	20.63M	13.86M	8.54M	7.83M	14.14M	24.18M	9.76M	-6.67M	-3.15M	41.55M	28.29M	30M	19.96M	17.1M	29.48M	22.79M	34.07M	32M	24.5M	16.7M	15.9M
EBITDA Margin %	4.21%	8.43%	9.69%	9.4%	6.88%	5.12%	7.11%	0.34%	-3.34%	3.58%	6.4%	4.5%	2.85%	2.79%	5.27%	8.24%	3.84%	-2.85%	-1.03%	12.31%	10.09%	10.62%	8.27%	8.02%	11.37%	9.74%	14.46%	14.05%	12.96%	11.54%	10.41%
EBITDA Growth %	-43.03%	6.21%	-2.52%	49.09%	94%	-25.71%	1864.74%	109.68%	-196.29%	-42.47%	48.82%	62.27%	9.16%	-44.63%	-41.54%	147.81%	246.41%	-111.25%	-107.59%	46.89%	-5.71%	50.31%	16.73%	-41.99%	29.31%	-33.09%	6.46%	30.61%	46.71%	5.03%	29.27%
D&A (Non-Cash Add-back)	0	12.57M	10M	9.66M	10.12M	8.11M	8.65M	10.22M	10.22M	8.26M	6.68M	6.33M	6.23M	7.2M	7.8M	7.88M	7.85M	7.75M	8.79M	9M	6.77M	6.97M	5.92M	5.7M	6.1M	5.56M	5.51M	4.8M	4.4M	3M	2.4M
EBIT	37.4M	36.17M	35.26M	37.01M	21.05M	8.2M	12.57M	-19.99M	-21.61M	3.7M	14.04M	7.56M	2.33M	677K	6.36M	16.35M	1.94M	-14.31M	-11.94M	32.55M	21.52M	23.03M	14.03M	11.4M	23.38M	17.24M	28.56M	27.23M	20.1M	13.7M	13.5M
Net Interest Income	-5.66M	-3.13M	-2.16M	-3.69M	-1.97M	-268K	-870K	-2.24M	-1.68M	-529K	48K	-19K	-51K	-15K	-140K	-137K	-125K	8K	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	19K	3K	38K	39K	91K	84K	26K	17K	47K	0	43K	28K	8K	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.93M	3.13M	2.16M	3.69M	1.97M	287K	873K	2.28M	1.72M	620K	36K	45K	68K	62K	140K	180K	153K	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-6.93M	-2.73M	-2.42M	-3.7M	-2.12M	-114K	-1.38M	-13.15M	-1.68M	-3.51M	48K	-19K	-51K	-1.55M	-140K	-137K	-125K	-14.66M	279K	-823K	472K	-153K	-237K	-150K	-520K	81K	853K	186K	0	400K	-500K
Pretax Income	31.47M	33.04M	33.1M	33.33M	19.09M	7.92M	11.69M	-22.27M	-23.33M	3.08M	14M	7.51M	2.27M	615K	6.19M	16.17M	1.78M	-14.4M	-11.66M	31.73M	21.99M	22.87M	13.8M	11.25M	22.86M	17.32M	29.41M	27.4M	20.1M	14.1M	13M
Pretax Margin %	4.61%	5.76%	7.05%	6.71%	4.19%	2.51%	3.83%	-6.77%	-6.82%	0.93%	4.35%	2.44%	0.76%	0.22%	2.31%	5.51%	0.7%	-6.16%	-3.82%	9.4%	7.84%	8.1%	5.72%	5.28%	8.82%	7.4%	12.48%	12.03%	10.63%	9.74%	8.51%
Income Tax	8.89M	8.65M	8.12M	7.56M	4.05M	2.05M	2.1M	-5.93M	-3.79M	80K	4.52M	2.36M	1.34M	738K	2.97M	5.34M	360K	-989K	2.06M	10.94M	7.54M	8.24M	5.11M	3.45M	8.67M	6.72M	11.13M	10.3M	7.5M	5.2M	4.7M
Effective Tax Rate %	28.26%	26.2%	24.54%	22.7%	21.24%	25.87%	17.97%	26.63%	16.25%	2.6%	32.29%	31.45%	58.98%	120%	47.92%	33.02%	20.18%	6.87%	-17.63%	34.48%	34.31%	36.01%	37.02%	30.71%	37.94%	38.78%	37.85%	37.59%	37.31%	36.88%	36.15%
Net Income	17.41M	24.38M	24.98M	25.76M	15.03M	5.87M	9.59M	-16.34M	-19.54M	3M	9.48M	5.15M	930K	-123K	3.22M	10.83M	1.42M	-13.41M	-13.72M	20.79M	14.44M	14.64M	8.69M	-10.75M	14.19M	9.88M	17.28M	17.1M	12.6M	8.9M	6.8M
Net Margin %	2.55%	4.25%	5.32%	5.18%	3.3%	1.86%	3.14%	-4.97%	-5.71%	0.91%	2.94%	1.67%	0.31%	-0.04%	1.2%	3.69%	0.56%	-5.74%	-4.49%	6.16%	5.15%	5.18%	3.6%	-5.04%	5.47%	4.22%	7.33%	7.51%	6.66%	6.15%	4.45%
Net Income Growth %	-30.28%	-2.38%	-3.05%	71.38%	156.17%	-38.82%	158.71%	16.39%	-751.37%	-68.36%	84.08%	453.87%	856.1%	-103.82%	-70.23%	660.39%	110.62%	2.24%	-166.01%	43.94%	-1.32%	68.42%	180.85%	-175.76%	43.61%	-42.83%	1.05%	35.71%	41.57%	30.88%	9.68%
Net Income (Continuing)	22.58M	24.38M	24.98M	25.76M	15.03M	5.87M	9.59M	-16.34M	-19.54M	3M	9.48M	5.15M	930K	-123K	3.22M	10.83M	1.42M	-13.41M	-13.72M	20.79M	14.44M	14.64M	8.69M	7.79M	14.19M	10.6M	18.28M	17.1M	12.6M	8.9M	8.3M
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)	0.52	0.79	0.83	0.88	0.54	0.21	0.36	-0.63	-0.76	0.12	0.37	0.21	0.04	-0.01	0.13	0.44	0.06	-0.62	-0.63	0.95	0.71	0.73	0.43	-0.54	0.70	0.50	0.89	0.90	0.69	0.52	0.43
EPS Growth %	-37.05%	-4.82%	-5.68%	62.96%	157.14%	-41.67%	157.14%	17.11%	-733.33%	-67.57%	76.19%	425%	-	-103.85%	-70.45%	633.33%	109.68%	1.59%	-166.32%	33.8%	-2.74%	69.77%	179.63%	-177.14%	40%	-43.82%	-1.11%	30.43%	32.69%	20.93%	2.38%
EPS (Basic)	-	0.82	0.86	0.92	0.55	0.22	0.37	-0.63	-0.76	0.12	0.38	0.21	0.04	-0.01	0.13	0.45	0.06	-0.62	-0.63	0.96	0.72	0.74	0.44	-0.54	0.72	0.51	0.90	0.92	0.70	0.52	0.43
Diluted Shares Outstanding	33.71M	30.83M	30.07M	29.32M	27.99M	27.44M	26.47M	26.11M	25.87M	25.99M	25.59M	24.64M	24.55M	24.39M	24.35M	24.34M	24.13M	21.8M	21.76M	21.92M	20.34M	20.05M	20.21M	20.05M	20.06M	19.73M	19.41M	18.92M	18.31M	17.23M	15.86M
Basic Shares Outstanding	32.87M	29.9M	29.05M	28.13M	27.29M	26.69M	26.27M	26.11M	25.71M	25.44M	24.99M	24.5M	24.39M	24.31M	24.3M	24.29M	24.13M	21.8M	21.76M	21.68M	20.06M	19.78M	19.75M	19.76M	19.64M	19.42M	19.12M	18.59M	17.9M	17.23M	15.86M
Dividend Payout Ratio	-	24.48%	22.97%	21.11%	35.4%	90.12%	55%	-	-	168.27%	44.44%	56.3%	621.51%	-	171.5%	44.41%	337.71%	-	-	52.68%	77.41%	46.49%	59.91%	-	26.22%	40.35%	22.86%	18.71%	22.22%	23.6%	25%

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Margin compression from SG&A volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Revenue Surge Masks Underlying Volatility

LSI Industries reported a 51.3% year-over-year revenue increase in 2026Q4, a dramatic acceleration from the 13.6% growth in the prior quarter, suggesting a significant, potentially non-recurring, demand event or acquisition impact.

The revenue trajectory is highly erratic, swinging from -0.5% growth in 2026Q2 to over 50% in the latest quarter. This pattern indicates the growth is not driven by stable, organic volume expansion but likely by lumpy project wins or inorganic factors. Investors should monitor whether this surge is sustainable or represents a one-time windfall that will normalize.

Gross Margin Resilience Amid Cost Pressures

Despite a 51.3% revenue surge, gross margin compressed to 25.7% in 2026Q4 from 26.1% a year prior, indicating that the top-line growth may have come from lower-margin business or faced input cost headwinds.

The gross margin has remained in a relatively tight band between 23.6% and 28.8% over the period, suggesting limited structural pricing power in its industrial hardware market. The recent dip during a high-growth quarter implies the company may be sacrificing margin to capture volume, a dynamic that warrants scrutiny for long-term profitability.

SG&A Swings Dictate Operating Profitability

Operating income fell to $7.4M in 2026Q4 despite record revenue, as SG&A ballooned to $112.2M, a stark contrast to the $26.8M in SG&A reported just two quarters prior.

The company's operating leverage is severely undermined by extreme volatility in SG&A expenses. The 2026Q4 SG&A figure appears anomalous and may include significant non-recurring charges, as it is more than four times the level seen in 2026Q2. This erratic cost structure makes it difficult to assess underlying operational efficiency and suggests poor expense control or lumpy accounting.

Net Income Volatility Undermines EPS Reliability

Diluted EPS declined 30.8% year-over-year in 2026Q4 to $0.18, even as revenue grew 51.3%, highlighting that the quality of earnings is poor and heavily influenced by non-operational factors.

The disconnect between robust revenue growth and declining EPS points to significant non-operating items or tax anomalies impacting the bottom line. The erratic EPS growth rates, ranging from -52.5% to +36.8% quarter-to-quarter, suggest reported net income is not a reliable indicator of core business performance and may be distorted by one-time events.

Sustainability of Growth and Margin Profile

The strongest challenge to the narrative is whether the 51.3% revenue growth is sustainable and if the associated margin compression signals a permanent shift to a lower-profitability business mix.

Short-sellers would focus on the fact that the massive revenue increase in 2026Q4 coincided with the lowest operating margin (3.1%) and net margin (2.9%) in the entire 10-quarter history. This suggests the growth may be coming from low-value, non-recurring projects that dilute profitability. If this trend continues, the company's earnings power could be structurally lower despite top-line expansion.

LYTS — Frequently Asked Questions

Quick answers to the most common questions about buying LYTS stock.

What was LSI Industries Inc.'s (LYTS) revenue in 2025?

For fiscal year 2025, LSI Industries Inc. (LYTS) reported total revenue of $573.4M. This represents a 275.5% increase compared to $152.7M in 1996.

Is LSI Industries Inc. (LYTS) profitable?

LSI Industries Inc. (LYTS) is profitable, generating $24.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.

What is LSI Industries Inc.'s operating profit margin?

LSI Industries Inc. (LYTS) reported an operating income of $35.8M, resulting in an operating profit margin of 6.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is LSI Industries Inc.'s gross profit and gross margin?

LSI Industries Inc. (LYTS) generated $141.8M in gross profit for the year, representing a gross profit margin of 24.7%. This demonstrates the company's core pricing power and production efficiency.