Matthews International Corporation (MATW) Income Statement

30Y historyFree accessUpdated daily

MATW's income statement reflects a business in severe distress, with revenue contracting for ten straight quarters to $246.0M in 2026Q3 and operating margins deteriorating to -5.4%, indicating negative operating leverage is overwhelming the shrinking revenue base.

Annual statement

MATW Income Statement

Matthews International Corporation (MATW) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	1.11B	1.5B	1.8B	1.88B	1.76B	1.67B	1.5B	1.54B	1.6B	1.52B	1.48B	1.43B	1.11B	985.36M	900.32M	898.82M	821.83M	780.91M	818.62M	749.35M	715.89M	639.82M	508.8M	458.87M	428.09M	283.28M	262.37M	239.3M	211.6M	189.2M	172M
Revenue Growth %	-31.82%	-16.6%	-4.53%	6.72%	5.47%	11.53%	-2.54%	-4.07%	5.74%	2.37%	3.81%	28.87%	12.3%	9.45%	0.17%	9.37%	5.24%	-4.61%	9.24%	4.67%	11.89%	25.75%	10.88%	7.19%	51.12%	7.97%	9.64%	13.09%	11.84%	10%	3.18%
Cost of Goods Sold	702.56M	990.1M	1.27B	1.3B	1.24B	1.13B	1B	994.81M	1.02B	947.82M	924.01M	896.69M	714.1M	628.84M	563.75M	547.16M	498.44M	477.13M	495.66M	468.89M	443.96M	416.75M	315.05M	288.56M	267.72M	163.85M	132.27M	125.7M	110.5M	99.6M	88M
COGS % of Revenue	-	66.11%	70.5%	69.29%	70.37%	67.58%	66.78%	64.71%	63.54%	62.54%	62.41%	62.88%	64.53%	63.82%	62.62%	60.88%	60.65%	61.1%	60.55%	62.57%	62.01%	65.13%	61.92%	62.89%	62.54%	57.84%	50.41%	52.53%	52.22%	52.64%	51.16%
Gross Profit	405.68M	507.59M	529.71M	577.67M	522.28M	541.83M	497.77M	542.47M	584.22M	567.79M	556.45M	529.38M	392.5M	356.52M	336.57M	351.66M	323.39M	303.78M	322.96M	280.46M	271.93M	223.07M	193.75M	170.3M	160.36M	119.44M	130.1M	113.6M	101.1M	89.6M	84M
Gross Margin %	36.61%	33.89%	29.5%	30.71%	29.63%	32.42%	33.22%	35.29%	36.45%	37.46%	37.59%	37.12%	35.47%	36.18%	37.38%	39.12%	39.35%	38.9%	39.45%	37.43%	37.99%	34.87%	38.08%	37.11%	37.46%	42.16%	49.59%	47.47%	47.78%	47.36%	48.84%
Gross Profit Growth %	-	-4.17%	-8.3%	10.61%	-3.61%	8.85%	-8.24%	-7.15%	2.89%	2.04%	5.12%	34.87%	10.09%	5.93%	-4.29%	8.74%	6.46%	-5.94%	15.16%	3.13%	21.9%	15.13%	13.77%	6.2%	34.27%	-8.19%	14.52%	12.36%	12.83%	6.67%	5.53%
Operating Expenses	311.75M	487.28M	525.3M	489.56M	483.76M	499.8M	561.96M	532.16M	445.66M	446.41M	437.64M	387.47M	289.77M	256.7M	242.99M	233.14M	206.81M	186.27M	190.01M	159.87M	158.05M	124.66M	95.96M	89.17M	92.18M	68.26M	82.32M	72.7M	65.1M	58.6M	57.2M
OpEx % of Revenue	-	32.54%	29.25%	26.03%	27.45%	29.91%	37.51%	34.62%	27.81%	29.45%	29.56%	27.17%	26.19%	26.05%	26.99%	25.94%	25.16%	23.85%	23.21%	21.33%	22.08%	19.48%	18.86%	19.43%	21.53%	24.09%	31.38%	30.38%	30.77%	30.97%	33.26%
Selling, General & Admin	431.6M	467.21M	488.28M	447.49M	426.68M	415.56M	400.04M	408.83M	414.1M	423.1M	416.82M	374.44M	281.96M	245.25M	240.77M	231.44M	204.9M	184.07M	187.91M	157.17M	155.25M	121.36M	92.96M	89.17M	92.18M	68.26M	70.31M	62.1M	57.1M	52.6M	49.9M
SG&A % of Revenue	-	31.2%	27.19%	23.79%	24.21%	24.87%	26.7%	26.59%	25.84%	27.92%	28.15%	26.26%	25.48%	24.89%	26.74%	25.75%	24.93%	23.57%	22.95%	20.97%	21.69%	18.97%	18.27%	19.43%	21.53%	24.09%	26.8%	25.95%	26.98%	27.8%	29.01%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	13.03M	7.81M	11.45M	2.22M	1.71M	1.91M	2.2M	2.1M	2.7M	2.8M	3.3M	3M	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	0.91%	0.71%	1.16%	0.25%	0.19%	0.23%	0.28%	0.26%	0.36%	0.39%	0.52%	0.59%	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	20.07M	37.02M	42.07M	57.08M	84.23M	161.92M	123.33M	31.56M	23.31M	20.82M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12.01M	10.6M	8M	6M	7.3M
Operating Income	-37.53M	20.31M	4.4M	88.12M	38.52M	42.03M	-64.19M	10.3M	138.56M	121.38M	118.81M	141.91M	102.72M	99.81M	93.58M	118.52M	116.58M	117.51M	132.95M	120.59M	113.88M	98.41M	97.79M	80.08M	68.19M	53.36M	47.78M	40.9M	36M	31M	26.8M
Operating Margin %	-3.39%	1.36%	0.25%	4.68%	2.19%	2.52%	-4.28%	0.67%	8.65%	8.01%	8.03%	9.95%	9.28%	10.13%	10.39%	13.19%	14.19%	15.05%	16.24%	16.09%	15.91%	15.38%	19.22%	17.45%	15.93%	18.84%	18.21%	17.09%	17.01%	16.38%	15.58%
Operating Income Growth %	-	361.26%	-95%	128.77%	-8.37%	165.48%	-723.05%	-92.56%	14.16%	2.16%	-16.27%	38.15%	2.91%	6.67%	-21.04%	1.66%	-0.79%	-11.61%	10.25%	5.89%	15.72%	0.63%	22.11%	17.45%	27.79%	11.68%	16.81%	13.61%	16.13%	15.67%	9.84%
EBITDA	1.85M	92.06M	99.17M	184.65M	142.57M	175.55M	54.87M	101.1M	215.53M	189.36M	184.29M	204.53M	145.59M	137.68M	122.4M	146.18M	143.9M	147.8M	157.89M	141.12M	135.35M	118.31M	113.42M	94.96M	82.04M	66.29M	59.78M	51.5M	44M	37M	34.1M
EBITDA Margin %	0.17%	6.15%	5.52%	9.82%	8.09%	10.51%	3.66%	6.58%	13.45%	12.49%	12.45%	14.34%	13.16%	13.97%	13.59%	16.26%	17.51%	18.93%	19.29%	18.83%	18.91%	18.49%	22.29%	20.69%	19.17%	23.4%	22.79%	21.52%	20.79%	19.56%	19.83%
EBITDA Growth %	-97.06%	-7.17%	-46.29%	29.51%	-18.78%	219.96%	-45.73%	-53.09%	13.82%	2.75%	-9.89%	40.48%	5.74%	12.49%	-16.27%	1.58%	-2.64%	-6.39%	11.88%	4.26%	14.4%	4.31%	19.45%	15.74%	23.77%	10.88%	16.08%	17.05%	18.92%	8.5%	16.38%
D&A (Non-Cash Add-back)	39.38M	71.75M	94.77M	96.53M	104.06M	133.51M	119.06M	90.79M	76.97M	67.98M	65.48M	62.62M	42.86M	37.87M	28.82M	27.66M	27.32M	30.29M	24.93M	20.53M	21.46M	19.89M	15.63M	14.87M	13.86M	12.93M	12.01M	10.6M	8M	6M	7.3M
EBIT	71.38M	79.1M	-19.12M	85.56M	-76.49M	37.92M	-71.45M	2.88M	135.42M	122.66M	119.58M	103.95M	71.75M	86.39M	89.89M	116.07M	114.16M	100.91M	135.27M	114.57M	115.37M	101.8M	99.35M	81.13M	68.19M	51.18M	47.78M	40.95M	36M	31M	26.8M
Net Interest Income	-38.68M	-62.9M	-50.53M	-44.65M	-27.73M	-28.68M	-34.88M	-40.96M	-37.43M	-26.37M	-24.34M	-20.61M	-12.63M	-12.93M	-11.48M	-8.24M	-7.42M	-12.05M	-10.4M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	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
Interest Expense	38.68M	62.9M	50.53M	44.65M	27.73M	28.68M	34.88M	40.96M	37.43M	26.37M	24.34M	20.61M	12.63M	12.93M	11.48M	8.24M	7.42M	12.05M	10.4M	7M	7M	2.97M	2M	0	0	0	0	0	0	0	0
Other Income/Expense	45.08M	-4.11M	-74.06M	-47.21M	-142.74M	-32.8M	-42.14M	-48.39M	-40.56M	-25.09M	-23.58M	-52.25M	-36.65M	-19.64M	-9.66M	-6.5M	-6.17M	-26.52M	-8.09M	-14.14M	-5.5M	418K	-443K	-6.73M	-5.73M	-1.9M	-1.84M	377K	1.1M	1.3M	6.8M
Pretax Income	7.54M	16.21M	-69.66M	40.91M	-104.22M	9.23M	-106.34M	-38.08M	97.99M	96.29M	95.23M	89.65M	66.08M	80.18M	83.92M	112.02M	110.41M	90.99M	124.86M	103.72M	108.38M	93.06M	89.12M	73.35M	62.46M	51.46M	45.94M	41.3M	37.1M	32.3M	33.6M
Pretax Margin %	0.68%	1.08%	-3.88%	2.17%	-5.91%	0.55%	-7.1%	-2.48%	6.11%	6.35%	6.43%	6.29%	5.97%	8.14%	9.32%	12.46%	13.44%	11.65%	15.25%	13.84%	15.14%	14.54%	17.52%	15.99%	14.59%	18.16%	17.51%	17.26%	17.53%	17.07%	19.53%
Income Tax	36.81M	40.68M	-10M	1.77M	-4.39M	6.38M	-18.68M	806K	-9.12M	22.35M	29.07M	26.36M	22.8M	26.17M	28.72M	38.56M	38.64M	30.81M	42.09M	38.99M	38.96M	34.98M	35.64M	28.46M	24.23M	19.86M	18.02M	16.3M	14.6M	12.7M	13.3M
Effective Tax Rate %	488.07%	250.97%	14.35%	4.34%	4.21%	69.05%	17.57%	-2.12%	-9.3%	23.22%	30.53%	29.41%	34.51%	32.64%	34.22%	34.42%	34.99%	33.86%	33.71%	37.59%	35.95%	37.6%	39.99%	38.8%	38.79%	38.59%	39.22%	39.47%	39.35%	39.32%	39.58%
Net Income	-29.36M	-24.47M	-59.66M	39.29M	-99.77M	2.91M	-87.16M	-37.99M	107.37M	74.37M	66.75M	63.45M	42.63M	54.89M	55.84M	72.37M	69.06M	57.73M	79.48M	64.73M	66.44M	58.07M	56.2M	44.89M	35.01M	31.6M	27.92M	25M	22.5M	19.6M	20.3M
Net Margin %	-2.65%	-1.63%	-3.32%	2.09%	-5.66%	0.17%	-5.82%	-2.47%	6.7%	4.91%	4.51%	4.45%	3.85%	5.57%	6.2%	8.05%	8.4%	7.39%	9.71%	8.64%	9.28%	9.08%	11.04%	9.78%	8.18%	11.15%	10.64%	10.45%	10.63%	10.36%	11.8%
Net Income Growth %	54.94%	58.98%	-251.84%	139.38%	-3528.66%	103.34%	-129.43%	-135.38%	44.38%	11.41%	5.2%	48.85%	-22.34%	-1.71%	-22.84%	4.8%	19.62%	-27.37%	22.8%	-2.59%	14.42%	3.34%	25.18%	28.24%	10.78%	13.16%	11.69%	11.11%	14.8%	-3.45%	30.97%
Net Income (Continuing)	-5.67M	-24.47M	-59.66M	39.14M	-99.83M	2.86M	-87.65M	-38.89M	107.11M	73.93M	66.16M	63.29M	43.27M	54.01M	55.2M	73.46M	71.77M	60.18M	82.78M	64.73M	66.44M	58.07M	54.53M	44.89M	38.23M	31.6M	27.92M	25.02M	22.5M	19.6M	20.3M
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	48K	-387K	-276K	-145K	626K	1.13M	363K	552K	669K	3.23M	4.06M	3.46M	13.09M	3.45M	31.78M	31.8M	30.89M	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	-	-0.79	-1.93	1.26	-3.18	0.09	-2.79	-1.21	3.37	2.28	2.03	1.91	1.33	1.98	1.98	2.46	2.31	1.90	2.55	2.04	2.06	1.79	1.68	1.35	1.10	1.01	0.88	0.77	0.67	0.56	0.57
EPS Growth %	91.43%	59.07%	-253.17%	139.62%	-3594.51%	103.26%	-130.58%	-135.91%	47.81%	12.32%	6.28%	43.61%	-32.83%	0%	-19.51%	6.49%	21.58%	-25.49%	25%	-0.97%	15.08%	6.55%	24.44%	22.73%	8.91%	14.77%	14.29%	14.93%	19.64%	-1.75%	29.55%
EPS (Basic)	-	-0.79	-1.93	1.28	-3.18	0.09	-2.79	-1.21	3.39	2.31	2.08	1.93	1.33	2.01	2.02	2.47	2.32	1.90	2.57	2.05	2.08	1.81	1.69	1.37	1.14	1.03	0.90	0.79	0.69	0.57	0.57
Diluted Shares Outstanding	0	31.1M	30.91M	31.29M	31.37M	31.99M	31.19M	31.42M	31.86M	32.62M	32.88M	33.2M	32.88M	27.72M	28.2M	28.81M	29.71M	30.5M	31.16M	31.73M	32.25M	32.38M	32.54M	33.25M	31.82M	31.29M	31.73M	32.49M	33.58M	35.31M	35.56M
Basic Shares Outstanding	0	30.98M	30.6M	30.47M	31.37M	31.7M	31.19M	31.42M	31.67M	32.15M	32.14M	32.94M	32.88M	27.25M	27.62M	28.77M	29.66M	30.43M	30.93M	31.57M	31.94M	32.12M	32.22M	32.77M	30.71M	30.68M	31.03M	31.67M	32.61M	34.39M	35.56M
Dividend Payout Ratio	-	-	-	71.78%	-	952.03%	-	-	22.95%	29.26%	29.08%	28.13%	31.43%	20.55%	18.49%	13.31%	12.58%	18.17%	9.36%	10.94%	9.86%	10.2%	9.47%	8.69%	9.38%	9.74%	10.66%	11.51%	12.44%	14.29%	12.81%

Key Metrics

Growth RegimeContracting

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Sustained revenue contraction

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Accelerating Revenue Contraction

MATW's revenue has contracted for ten consecutive quarters, with the decline accelerating to -29.6% in 2026Q3, suggesting a deepening operational or market challenge that is outpacing any stabilization efforts.

The sequential acceleration in revenue decline from -9.3% in 2024Q2 to nearly -30% in the latest quarter indicates the business is not merely cyclical but facing a structural headwind. This persistent contraction, now spanning over two years, severely limits the company's ability to leverage its fixed cost base and raises questions about the sustainability of its core operations.

Volatile Margins Amidst Shrinking Scale

Gross margins have shown volatility, ranging from 26.3% to 39.4% over the period, but the recent dip to 35.8% in 2026Q3 suggests pricing power or cost control is struggling to offset the severe volume declines.

The wide swing in gross margin, particularly the sharp improvement to 39.4% in 2026Q2 followed by a reversion, indicates inconsistent cost management or product mix shifts rather than a stable structural advantage. With operating margins deeply negative in recent quarters, the company appears unable to translate any gross margin recovery into bottom-line profitability, highlighting a fundamental disconnect in its cost structure.

Negative Operating Leverage Amplifies Losses

Operating losses have widened significantly as revenue falls, with the operating margin deteriorating to -5.4% in 2026Q3, demonstrating severe negative operating leverage where fixed costs overwhelm a shrinking revenue base.

The company's operating income has swung from a modest profit of $21.3M in 2024Q2 to a loss of $13.2M in 2026Q3, a deterioration that far exceeds the revenue decline. This indicates that SG&A and other overhead costs are not being reduced proportionally, creating a structural drag that will require significant restructuring to address.

SG&A Burden Intensifies on Lower Revenue

SG&A expenses as a percentage of revenue have ballooned to 40.3% in 2026Q3, up from 25.0% in 2024Q2, indicating a severe lack of expense discipline that is eroding any potential gross profit gains.

The absolute level of SG&A has remained stubbornly high, hovering around $100M per quarter even as revenue has plummeted. This suggests a fixed-cost-heavy overhead structure that management has been unable or unwilling to right-size, which is the primary driver of the company's operating losses and a critical area for potential improvement.

Structural Decline vs. Temporary Dislocation

The most significant risk is that MATW's revenue contraction is not cyclical but structural, as the -29.6% decline in 2026Q3 is the worst in the dataset and shows no sign of abating, potentially rendering the current cost base unsustainable.

Short-sellers would focus on the relentless deterioration in top-line performance, which has persisted through multiple quarters and now appears to be accelerating. The combination of collapsing revenue, negative operating margins, and persistent net losses suggests the company may be in a terminal decline phase for certain segments, requiring drastic action beyond incremental cost-cutting to avoid further value erosion.

MATW — Frequently Asked Questions

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

What was Matthews International Corporation's (MATW) revenue in 2025?

For fiscal year 2025, Matthews International Corporation (MATW) reported total revenue of $1.50B. This represents a 770.7% increase compared to $172.0M in 1996.

Is Matthews International Corporation (MATW) profitable?

Matthews International Corporation (MATW) reported a net loss of $24.5M for the fiscal year ending 2025.

What is Matthews International Corporation's operating profit margin?

Matthews International Corporation (MATW) reported an operating income of $20.3M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Matthews International Corporation's gross profit and gross margin?

Matthews International Corporation (MATW) generated $507.6M in gross profit for the year, representing a gross profit margin of 33.9%. This demonstrates the company's core pricing power and production efficiency.