Revenue growth has decelerated sharply from 154.7% in 2025Q2 to just 2.1% in 2026Q2, while gross margins remain constrained at 13.1%, suggesting structural margin pressure and limited operational scalability.
Magnera Corp (MAGN) annual income statement — 30-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 | 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 | 3.28B | 3.2B | 2.19B | 1.39B | 1.49B | 1.08B | 916.5M | 927.67M | 866.29M | 800.36M | 761.22M | 1.67B | 1.81B | 1.73B | 1.58B | 1.61B | 1.47B | 1.2B | 1.27B | 1.16B | 997.14M | 589.2M | 553.48M | 543.23M | 550.16M | 642.26M | 739.81M | 705.49M | 727.3M | 567.07M | 566.1M |
| Revenue Growth % | 21.76% | 46.5% | 57.85% | -7.09% | 37.49% | 18.35% | -1.2% | 7.09% | 8.24% | 5.14% | -54.33% | -7.93% | 4.9% | 8.9% | -1.72% | 9.99% | 22.44% | -5.96% | 9.97% | 16.11% | 69.24% | 6.45% | 1.89% | -1.26% | -14.34% | -13.19% | 4.86% | -3% | 28.26% | 0.17% | -9.24% |
| Cost of Goods Sold | 2.92B | 2.92B | 1.95B | 1.26B | 1.34B | 939.9M | 768.63M | 780.13M | 735.88M | 656.77M | 629.47M | 1.46B | 1.58B | 1.51B | 1.37B | 1.41B | 1.28B | 927.58M | 1.1B | 1B | 891.84M | 492.02M | 461.06M | 463.69M | 423.88M | 501.14M | 591.2M | 533.14M | 549.8M | 422.3M | 400.9M |
| COGS % of Revenue | - | 91.04% | 89.16% | 90.64% | 90.02% | 86.65% | 83.87% | 84.1% | 84.95% | 82.06% | 82.69% | 87.82% | 87.01% | 87.33% | 86.52% | 87.21% | 87.3% | 77.47% | 86.04% | 86.5% | 89.44% | 83.51% | 83.3% | 85.36% | 77.05% | 78.03% | 79.91% | 75.57% | 75.59% | 74.47% | 70.82% |
| Gross Profit | 360M | 287M | 237M | 129.71M | 148.8M | 144.79M | 147.87M | 147.54M | 130.41M | 143.59M | 131.75M | 202.97M | 235.15M | 218.66M | 213.65M | 206.19M | 186.25M | 269.76M | 177.78M | 156.31M | 105.29M | 97.18M | 92.41M | 79.55M | 126.28M | 141.12M | 148.61M | 172.35M | 177.5M | 144.77M | 165.2M |
| Gross Margin % | 10.96% | 8.96% | 10.84% | 9.36% | 9.98% | 13.35% | 16.13% | 15.9% | 15.05% | 17.94% | 17.31% | 12.18% | 12.99% | 12.67% | 13.48% | 12.79% | 12.7% | 22.53% | 13.96% | 13.5% | 10.56% | 16.49% | 16.7% | 14.64% | 22.95% | 21.97% | 20.09% | 24.43% | 24.41% | 25.53% | 29.18% |
| Gross Profit Growth % | - | 21.1% | 82.72% | -12.83% | 2.77% | -2.08% | 0.22% | 13.14% | -9.18% | 8.99% | -35.09% | -13.69% | 7.54% | 2.35% | 3.62% | 10.71% | -30.96% | 51.74% | 13.74% | 48.45% | 8.35% | 5.15% | 16.18% | -37.01% | -10.52% | -5.04% | -13.77% | -2.9% | 22.61% | -12.37% | -5.17% |
| Operating Expenses | 239M | 193M | 378M | 127M | 312.75M | 116.18M | 98.71M | 92.91M | 108.47M | 110.34M | 153.27M | 106.59M | 128.37M | 132.14M | 111.78M | 120.92M | 121.66M | 109.36M | 78.57M | 37.49M | 105.2M | 26.99M | -10.98M | 45.3M | 54.64M | 119.12M | 60.27M | 104.02M | 99.5M | 72.6M | 69.1M |
| OpEx % of Revenue | - | 6.02% | 17.28% | 9.17% | 20.97% | 10.71% | 10.77% | 10.02% | 12.52% | 13.79% | 20.13% | 6.4% | 7.09% | 7.66% | 7.05% | 7.5% | 8.3% | 9.13% | 6.17% | 3.24% | 10.55% | 4.58% | -1.98% | 8.34% | 9.93% | 18.55% | 8.15% | 14.74% | 13.68% | 12.8% | 12.21% |
| Selling, General & Admin | 205M | 173M | 128M | 109.74M | 144M | 153M | 99.14M | 94.97M | 111.72M | 110.53M | 153.15M | 127.71M | 133.24M | 133.87M | 121.59M | 124.87M | 122.11M | 110.26M | 97.9M | 116.14M | 92.48M | 67.63M | 59.94M | 59.15M | 53.7M | 60.23M | 60.27M | 56.26M | 51.8M | 36.8M | 35.5M |
| SG&A % of Revenue | - | 5.4% | 5.85% | 7.92% | 9.66% | 14.11% | 10.82% | 10.24% | 12.9% | 13.81% | 20.12% | 7.66% | 7.36% | 7.76% | 7.67% | 7.74% | 8.33% | 9.21% | 7.69% | 10.03% | 9.27% | 11.48% | 10.83% | 10.89% | 9.76% | 9.38% | 8.15% | 7.97% | 7.12% | 6.49% | 6.27% |
| Research & Development | 0 | 20M | 13M | 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 |
| R&D % of Revenue | - | 0.62% | 0.59% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 237M | 17.25M | 168.75M | -36.82M | -432K | -2.06M | -3.26M | -197K | 116K | -21.11M | -4.86M | -1.73M | -9.81M | -3.95M | -453K | -898K | -19.32M | -78.65M | 12.72M | -40.64M | -70.92M | -13.85M | 937K | 58.89M | 0 | 47.77M | 47.7M | 35.8M | 33.6M |
| Operating Income | 121M | 94M | -141M | 2.71M | -163.95M | 28.61M | 49.16M | 54.63M | 21.94M | 33.25M | -21.52M | 96.37M | 106.78M | 86.52M | 101.87M | 85.27M | 64.59M | 160.41M | 99.21M | 118.82M | 94K | 70.18M | 103.39M | 34.25M | 71.64M | 22M | 88.34M | 68.33M | 78M | 72.17M | 96.1M |
| Operating Margin % | 3.68% | 2.93% | -6.45% | 0.2% | -10.99% | 2.64% | 5.36% | 5.89% | 2.53% | 4.15% | -2.83% | 5.78% | 5.9% | 5.01% | 6.43% | 5.29% | 4.41% | 13.4% | 7.79% | 10.26% | 0.01% | 11.91% | 18.68% | 6.3% | 13.02% | 3.43% | 11.94% | 9.69% | 10.72% | 12.73% | 16.98% |
| Operating Income Growth % | - | 166.67% | -5299.11% | 101.65% | -672.97% | -41.79% | -10.03% | 149% | -34.01% | 254.52% | -122.33% | -9.75% | 23.42% | -15.07% | 19.47% | 32.02% | -59.73% | 61.68% | -16.5% | - | -99.87% | -32.12% | 201.88% | -52.19% | 225.61% | -75.09% | 29.29% | -12.4% | 8.08% | -24.9% | -8.65% |
| EBITDA | 308M | 300M | 34M | 65.96M | -97.23M | 90.03M | 105.76M | 105.45M | 69.47M | 75.33M | 44.31M | 159.61M | 177.34M | 154.72M | 171.37M | 154.59M | 130.43M | 221.66M | 159.82M | 174.82M | 50.12M | 120.83M | 154.99M | 90.28M | 116.65M | 66.82M | 134.45M | 116.1M | 125.7M | 107.97M | 129.7M |
| EBITDA Margin % | 9.38% | 9.36% | 1.55% | 4.76% | -6.52% | 8.3% | 11.54% | 11.37% | 8.02% | 9.41% | 5.82% | 9.58% | 9.8% | 8.96% | 10.81% | 9.59% | 8.9% | 18.51% | 12.55% | 15.1% | 5.03% | 20.51% | 28% | 16.62% | 21.2% | 10.4% | 18.17% | 16.46% | 17.28% | 19.04% | 22.91% |
| EBITDA Growth % | 56.5% | 782.35% | -48.45% | 167.84% | -207.99% | -14.87% | 0.29% | 51.81% | -7.78% | 70.02% | -72.24% | -10% | 14.62% | -9.72% | 10.86% | 18.52% | -41.16% | 38.69% | -8.58% | 248.84% | -58.52% | -22.04% | 71.68% | -22.61% | 74.58% | -50.3% | 15.81% | -7.64% | 16.42% | -16.75% | -5.88% |
| D&A (Non-Cash Add-back) | 187M | 206M | 175M | 63.25M | 66.72M | 61.42M | 56.6M | 50.82M | 47.52M | 42.08M | 65.83M | 63.24M | 70.56M | 68.2M | 69.5M | 69.31M | 65.84M | 61.26M | 60.61M | 56M | 50.02M | 50.65M | 51.6M | 56.03M | 45M | 44.81M | 46.11M | 47.77M | 47.7M | 35.8M | 33.6M |
| EBIT | 49M | -16M | 61M | -6.35M | -171.19M | 26.03M | 39.38M | -24.05M | 22.88M | 32.78M | -28.73M | 96.04M | 106.3M | 87.17M | 97.64M | 82.64M | 59.08M | 162.37M | 104.19M | 118.85M | 30.41M | 71.75M | 123.77M | 41.23M | 75.89M | 22M | 88.34M | 68.33M | 78M | 72.17M | 96.1M |
| Net Interest Income | -146M | -150M | -3M | -63.25M | -32.8M | -12.28M | -6.62M | -9.29M | -15.05M | -13.08M | -13.64M | -17.18M | -18.76M | -17.66M | -18.23M | -31.13M | -24.74M | -17.33M | -18.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 1.49M | 408K | 73K | 399K | 1.12M | 559K | 237K | 206K | 283K | 159K | 310K | 460K | 666K | 808K | 1.89M | 4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 146M | 150M | 3M | 64.74M | 33.21M | 12.35M | 7.02M | 10.41M | 15.61M | 13.32M | 13.85M | 17.46M | 18.92M | 17.96M | 18.69M | 31.79M | 25.55M | 19.22M | 23.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -218M | -260M | 6M | -73.8M | -40.44M | -14.94M | -16.8M | -89.09M | -14.67M | -13.79M | -21.06M | -17.8M | -19.4M | -17.32M | -22.93M | -34.43M | -31.06M | -17.26M | -18.18M | -24.88M | -22.32M | -10.04M | -12.63M | -13.83M | -12.52M | -10.48M | -19.74M | -3.18M | -19.3M | 1.43M | 1.8M |
| Pretax Income | -97M | -166M | -135M | -71.09M | -204.39M | 13.68M | 32.36M | -34.45M | 7.28M | 19.47M | -42.58M | 78.58M | 87.38M | 69.2M | 78.94M | 50.84M | 33.53M | 143.15M | 81.03M | 93.93M | -22.23M | 60.14M | 90.76M | 20.42M | 59.13M | 11.52M | 68.6M | 65.15M | 58.7M | 73.6M | 97.9M |
| Pretax Margin % | -2.95% | -5.18% | -6.17% | -5.13% | -13.71% | 1.26% | 3.53% | -3.71% | 0.84% | 2.43% | -5.59% | 4.71% | 4.83% | 4.01% | 4.98% | 3.15% | 2.29% | 11.96% | 6.36% | 8.11% | -2.23% | 10.21% | 16.4% | 3.76% | 10.75% | 1.79% | 9.27% | 9.23% | 8.07% | 12.98% | 17.29% |
| Income Tax | 15M | -7M | 19M | 7.01M | -10.28M | 6.96M | 11.58M | -9.24M | 7.72M | 25.08M | -28.41M | 14M | 18.14M | 2.04M | 19.56M | 8.15M | -20.91M | 19.7M | 23.14M | 30.46M | -9.99M | 21.53M | 34.66M | 7.43M | 21.49M | 4.69M | 24.6M | 23.73M | 22.6M | 28.3M | 37.5M |
| Effective Tax Rate % | -15.46% | 4.22% | -14.07% | -9.86% | 5.03% | 50.86% | 35.77% | 26.82% | 106.16% | 128.83% | 66.71% | 17.82% | 20.76% | 2.95% | 24.78% | 16.03% | -62.35% | 13.76% | 28.56% | 32.43% | 44.95% | 35.8% | 38.19% | 36.39% | 36.35% | 40.73% | 35.86% | 36.42% | 38.5% | 38.45% | 38.3% |
| Net Income | -112M | -159M | -154M | -79.05M | -194.21M | 6.94M | 21.3M | -21.54M | -177.6M | 7.91M | 21.55M | 64.58M | 69.25M | 67.16M | 59.38M | 42.69M | 54.43M | 123.44M | 57.89M | 63.47M | -12.24M | 38.61M | 56.1M | 12.66M | 37.59M | 6.96M | 44M | 41.42M | 36.1M | 45.3M | 60.4M |
| Net Margin % | -3.41% | -4.96% | -7.04% | -5.71% | -13.02% | 0.64% | 2.32% | -2.32% | -20.5% | 0.99% | 2.83% | 3.87% | 3.82% | 3.89% | 3.75% | 2.65% | 3.71% | 10.31% | 4.55% | 5.48% | -1.23% | 6.55% | 10.14% | 2.33% | 6.83% | 1.08% | 5.95% | 5.87% | 4.96% | 7.99% | 10.67% |
| Net Income Growth % | 16.57% | -3.25% | -94.81% | 59.29% | -2899.6% | -67.43% | 198.87% | 87.87% | -2344.17% | -63.28% | -66.62% | -6.75% | 3.11% | 13.1% | 39.08% | -21.57% | -55.9% | 113.24% | -8.8% | 618.73% | -131.69% | -31.18% | 343.11% | -66.32% | 440.31% | -84.19% | 6.22% | 14.75% | -20.31% | -25% | -8.21% |
| Net Income (Continuing) | -112M | -159M | -154M | -78.1M | -194.12M | 6.72M | 20.78M | -25.21M | -448K | -5.61M | -14.18M | 64.58M | 69.25M | 67.16M | 59.38M | 42.69M | 54.43M | 123.44M | 57.89M | 63.47M | -12.24M | 38.61M | 56.1M | 12.99M | 37.64M | 6.83M | 44M | 41.42M | 36.1M | 45.3M | 60.4M |
| Discontinued Operations | 0 | 0 | 0 | -950K | -91K | 216K | 515K | 3.67M | -177.16M | 13.53M | 35.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -325K | -42K | 129K | 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) | -3.12 | -4.48 | -4.41 | -2.27 | -5.63 | 0.20 | 6.24 | -0.64 | -5.28 | 0.23 | 0.64 | 1.91 | 2.04 | 1.98 | 1.77 | 1.21 | 1.52 | 3.51 | 1.65 | 1.82 | -0.35 | 1.13 | 1.65 | 0.38 | 1.12 | 0.21 | 1.33 | 1.27 | 1.12 | 1.39 | 1.83 |
| EPS Growth % | 17.2% | -1.59% | -94.27% | 59.68% | -2915% | -96.79% | 1075% | 87.88% | -2395.65% | -64.06% | -66.51% | -6.37% | 3.29% | 11.76% | 46.24% | -20.51% | -56.67% | 112.6% | -9.29% | 618.52% | -131.03% | -31.5% | 337.93% | -66.28% | 437.5% | -84.31% | 4.08% | 13.95% | -19.63% | -24.11% | -5.37% |
| EPS (Basic) | - | -4.48 | -4.41 | -2.27 | -5.63 | 0.21 | 6.24 | -0.64 | -5.28 | 0.23 | 0.64 | 1.94 | 2.08 | 2.03 | 1.81 | 1.22 | 1.55 | 3.51 | 1.66 | 1.83 | -0.35 | 1.14 | 1.66 | 0.38 | 1.13 | 0.21 | 1.33 | 1.27 | 1.12 | 1.39 | 1.83 |
| Diluted Shares Outstanding | 35.9M | 35.5M | 34.92M | 34.66M | 34.48M | 34.56M | 34.32M | 33.95M | 33.67M | 34.18M | 33.95M | 33.8M | 33.9M | 34.08M | 33.59M | 35.23M | 35.67M | 35.21M | 35.06M | 34.94M | 34.3M | 34.11M | 33.98M | 33.58M | 33.63M | 33.45M | 33.18M | 32.57M | 32.29M | 32.57M | 32.95M |
| Basic Shares Outstanding | 35.9M | 35.5M | 34.92M | 34.66M | 34.48M | 34.27M | 34.11M | 33.95M | 33.67M | 33.55M | 33.51M | 33.38M | 33.23M | 33.2M | 32.96M | 34.79M | 35.32M | 35.14M | 34.81M | 34.64M | 34.3M | 33.86M | 33.72M | 33.58M | 33.24M | 33.45M | 33.18M | 32.52M | 32.29M | 32.57M | 32.95M |
| Dividend Payout Ratio | - | - | - | - | - | 352.57% | 110.3% | - | - | 284.05% | 100.16% | 31.66% | 27% | 25.26% | 26.29% | 38.91% | 30.76% | 13.44% | 28.45% | 25.76% | - | 41.02% | 28.13% | 212.3% | 80.61% | 429.38% | 67.33% | 71.24% | 81.44% | 65.34% | 49.67% |
Quick answers to the most common questions about buying MAGN stock.
For fiscal year 2025, Magnera Corp (MAGN) reported total revenue of $3.20B. This represents a 466.0% increase compared to $566.1M in 1996.
Magnera Corp (MAGN) reported a net loss of $159.0M for the fiscal year ending 2025.
Magnera Corp (MAGN) reported an operating income of $94.0M, resulting in an operating profit margin of 2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Magnera Corp (MAGN) generated $287.0M in gross profit for the year, representing a gross profit margin of 9.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Operating Losses
Metrics are mathematically derived from official filings.
Revenue Surge Followed by Stagnation
According to Magnera's income statement, revenue experienced a dramatic surge of 154.7% in 2025Q2, but subsequent quarters reveal a deceleration to just 2.1% growth in 2026Q2, indicating that the initial post-acquisition momentum is fading and organic growth remains subdued.
The initial revenue jump from $332.1M in 2024Q3 to over $700M appears inorganic, likely driven by an acquisition that expanded scale without proportional earnings growth. Recent quarters show revenue stabilizing around $800M but with low or negative sequential growth, suggesting difficulty in driving organic expansion or market share gains.
Structural Margin Pressure from High COGS
Based on the reported financials, Magnera's gross margins have remained in the 10-13% range over the last several quarters, well below peers like Silgan at 17.7%, suggesting the company lacks pricing power or faces elevated cost pressures that constrain profitability.
The persistently low gross margin indicates the business operates in a competitive, commodity-driven segment where cost pass-through is challenging, limiting the ability to invest in growth. Operating margins are even more strained, often below 5% or negative, pointing to overhead that does not scale efficiently with revenue and may signal operational inefficiencies.
Acquisition-Driven Inflection in Late 2024
As reported in the quarterly data, Magnera's revenue inflected sharply in 2024Q4, jumping from $332.1 million to $702.0 million, a change that likely reflects an acquisition and has led to a new, higher baseline of operations despite minimal profit improvement.
This inflection fundamentally altered the company's scale, but the lack of a corresponding jump in operating income—remaining near break-even—suggests integration challenges or that the acquisition was not accretive to earnings. The lasting impact is a larger revenue base with depressed profitability, warranting scrutiny of synergy realization and capital allocation.
Persistent Losses Undermine Earnings Quality
Net income has been negative for all reported quarters, with EPS losses widening to -0.56 in 2026Q2, indicating that top-line growth is not translating to bottom-line profitability as shown in the income data.
The negative earnings are primarily driven by high cost of goods sold that consume most of revenue, leaving insufficient gross profit to cover operating expenses. Stock-based compensation adds to dilution, and the absence of positive net income raises concerns about the company's path to sustainable profitability, making earnings quality low and reliant on external factors.
Short-Seller Focus on Unsustainable Margins
Analyzing the income statement, short-sellers would likely focus on Magnera's gross margins stuck below 13%, implying that without significant cost reductions or pricing enhancements, the company may struggle to achieve sustainable operating profitability, as indicated by historical trends.
The persistent margin compression relative to peers suggests the business model may be structurally disadvantaged in a low-margin industry, making it vulnerable to cost shocks or competitive pressures. Even with revenue scale, the high fixed cost base appears to prevent operating leverage, and any improvement would require operational overhauls not evident in past performance.