Revenue stepped up to about $1.4B in Q3 2026 with gross margin of 37.0% and operating margin of 28.6%, but the sharp swings from 8.6% to 37.1% operating margin in two quarters point to heavy dependence on gas-to-methanol spreads.
Methanex Corporation (MEOH) 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 | 4.73B | 3.59B | 3.72B | 3.72B | 4.31B | 4.41B | 2.65B | 3.28B | 4.48B | 3.06B | 2B | 2.23B | 3.22B | 3.02B | 2.54B | 2.61B | 1.97B | 1.2B | 2.31B | 2.27B | 2.11B | 1.66B | 1.72B | 1.39B | 1.01B | 1.15B | 1.06B | 694.9M | 720.9M | 1.3B | 945.71M |
| Revenue Growth % | 32.38% | -3.51% | -0.1% | -13.63% | -2.34% | 66.59% | -19.29% | -26.75% | 46.46% | 53.15% | -10.21% | -30.95% | 6.59% | 18.93% | -2.51% | 32.62% | 64.13% | -48.23% | 2.1% | 7.51% | 27.15% | -3.57% | 23.31% | 38.23% | -12.2% | 8.26% | 52.72% | -3.61% | -44.52% | 37.4% | -24.32% |
| Cost of Goods Sold | 3.17B | 2.68B | 3.01B | 3.07B | 3.45B | 3.34B | 2.03B | 2.5B | 3.14B | 2.01B | 1.49B | 1.65B | 2.13B | 1.92B | 1.82B | 1.9B | 1.69B | 1.06B | 1.95B | 1.61B | 1.31B | 1.21B | 1.29B | 1B | 739.16M | 910.6M | 756.25M | 689.2M | 703.9M | 930.9M | 734.17M |
| COGS % of Revenue | - | 74.67% | 80.9% | 82.4% | 79.93% | 75.65% | 76.76% | 76.25% | 70.08% | 65.73% | 74.67% | 73.98% | 66.22% | 63.41% | 71.68% | 72.97% | 86.18% | 88.16% | 84.28% | 71.22% | 62.05% | 72.76% | 74.74% | 71.92% | 73.27% | 79.25% | 71.26% | 99.18% | 97.64% | 71.64% | 77.63% |
| Gross Profit | 1.55B | 909.09M | 710.42M | 655.4M | 865.09M | 1.08B | 615.94M | 779.84M | 1.34B | 1.05B | 506.27M | 579.18M | 1.09B | 1.11B | 720.02M | 704.96M | 271.72M | 141.83M | 363.8M | 652.34M | 800.08M | 451.69M | 434.39M | 391.6M | 269.64M | 238.36M | 305.02M | 5.7M | 17M | 368.5M | 211.54M |
| Gross Margin % | 32.86% | 25.33% | 19.1% | 17.6% | 20.07% | 24.35% | 23.24% | 23.75% | 29.92% | 34.27% | 25.33% | 26.02% | 33.78% | 36.59% | 28.32% | 27.03% | 13.82% | 11.84% | 15.72% | 28.78% | 37.95% | 27.24% | 25.26% | 28.08% | 26.73% | 20.75% | 28.74% | 0.82% | 2.36% | 28.36% | 22.37% |
| Gross Profit Growth % | - | 27.96% | 8.39% | -24.24% | -19.53% | 74.54% | -21.02% | -41.85% | 27.86% | 107.17% | -12.59% | -46.81% | -1.58% | 53.67% | 2.14% | 159.45% | 91.58% | -61.02% | -44.23% | -18.46% | 77.13% | 3.98% | 10.93% | 45.23% | 13.12% | -21.85% | 5251.28% | -66.47% | -95.39% | 74.2% | -47.25% |
| Operating Expenses | 484.07M | 446.01M | 385.7M | 391.83M | 372.42M | 363.08M | 668.39M | 640.39M | 511.42M | 572.37M | 510.32M | 406.32M | 434.07M | 571.25M | 417.74M | 360.91M | 137.21M | 117.59M | 107.13M | 112.43M | 106.83M | 132.35M | 78.7M | -44.24M | -4.1M | 124.64M | 109.97M | 111.5M | 106.8M | 117.1M | 114.05M |
| OpEx % of Revenue | - | 12.43% | 10.37% | 10.52% | 8.64% | 8.22% | 25.22% | 19.5% | 11.41% | 18.7% | 25.54% | 18.26% | 13.47% | 18.89% | 16.43% | 13.84% | 6.98% | 9.81% | 4.63% | 4.96% | 5.07% | 7.98% | 4.58% | -3.17% | -0.41% | 10.85% | 10.36% | 16.05% | 14.81% | 9.01% | 12.06% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 210.85M | 246.78M | 184.17M | 182.52M | 243.71M | 204.76M | 113.63M | 124.11M | 274.46M | 178.88M | 130.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | 4.78% | 9.31% | 5.61% | 4.07% | 7.96% | 10.25% | 5.11% | 3.85% | 9.08% | 7.04% | 5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 446.01M | 385.7M | 391.83M | 372.42M | 152.24M | 421.61M | 456.22M | 328.9M | 328.67M | 305.56M | 292.69M | 309.96M | 296.79M | 238.86M | 230.4M | 137.21M | 117.59M | 107.13M | 112.43M | 106.83M | 132.35M | 78.7M | -44.24M | -4.1M | 124.64M | 109.97M | 111.5M | 106.8M | 117.1M | 114.05M |
| Operating Income | 1.07B | 463.08M | 324.72M | 263.57M | 492.67M | 711.97M | -52.45M | 189.45M | 829.62M | 476.47M | 28.45M | 237.85M | 696.84M | 476.53M | -59.23M | 344.05M | 156.73M | 24.24M | 223.3M | 539.91M | 693.25M | 319.34M | 355.69M | 296.49M | 158.35M | 113.72M | 195.05M | -105.8M | -89.8M | 251.4M | 97.49M |
| Operating Margin % | 22.62% | 12.9% | 8.73% | 7.08% | 11.43% | 16.13% | -1.98% | 5.77% | 18.51% | 15.57% | 1.42% | 10.69% | 21.62% | 15.76% | -2.33% | 13.19% | 7.97% | 2.02% | 9.65% | 23.82% | 32.88% | 19.26% | 20.69% | 21.26% | 15.7% | 9.9% | 18.38% | -15.23% | -12.46% | 19.35% | 10.31% |
| Operating Income Growth % | - | 42.61% | 23.2% | -46.5% | -30.8% | 1457.42% | -127.69% | -77.16% | 74.12% | 1574.99% | -88.04% | -65.87% | 46.23% | 904.47% | -117.22% | 119.52% | 546.64% | -89.15% | -58.64% | -22.12% | 117.08% | -10.22% | 19.97% | 87.24% | 39.24% | -41.7% | 284.36% | -17.82% | -135.72% | 157.87% | -67.87% |
| EBITDA | 1.55B | 909.09M | 710.42M | 655.4M | 865.09M | 1.08B | 304.68M | 533.58M | 1.07B | 708.69M | 256.5M | 432.7M | 839.58M | 599.86M | 90.18M | 500.72M | 293.94M | 141.83M | 330.43M | 652.34M | 800.08M | 410.57M | 434.39M | 391.6M | 269.64M | 227.44M | 305.02M | 5.7M | 17M | 368.5M | 211.54M |
| EBITDA Margin % | 32.86% | 25.33% | 19.1% | 17.6% | 20.07% | 24.35% | 11.5% | 16.25% | 23.98% | 23.16% | 12.84% | 19.44% | 26.05% | 19.84% | 3.55% | 19.2% | 14.95% | 11.84% | 14.28% | 28.78% | 37.95% | 24.76% | 25.26% | 28.08% | 26.73% | 19.79% | 28.74% | 0.82% | 2.36% | 28.36% | 22.37% |
| EBITDA Growth % | 67.78% | 27.96% | 8.39% | -24.24% | -19.53% | 252.85% | -42.9% | -50.36% | 51.68% | 176.29% | -40.72% | -48.46% | 39.96% | 565.21% | -81.99% | 70.35% | 107.25% | -57.08% | -49.35% | -18.46% | 94.87% | -5.48% | 10.93% | 45.23% | 18.55% | -25.44% | 5251.28% | -66.47% | -95.39% | 74.2% | -47.25% |
| D&A (Non-Cash Add-back) | 484.07M | 446.01M | 385.7M | 391.83M | 372.42M | 363.08M | 357.13M | 344.13M | 245.3M | 232.22M | 228.05M | 194.85M | 142.74M | 123.33M | 149.41M | 156.67M | 137.21M | 117.59M | 107.13M | 112.43M | 106.83M | 91.22M | 78.7M | 95.11M | 111.29M | 113.72M | 109.97M | 111.5M | 106.8M | 117.1M | 114.05M |
| EBIT | 891.81M | 422.93M | 412.72M | 402.98M | 712.9M | 810.74M | -22.59M | 245.27M | 905.89M | 565.84M | 52.56M | 289.7M | 705.97M | 503.53M | -58.38M | 345.72M | 159.18M | 23.83M | 233.93M | 539.91M | 693.25M | 319.34M | 355.69M | 435.84M | 273.73M | 113.72M | 195.05M | -105.8M | -89.8M | 251.4M | 97.49M |
| Net Interest Income | -185M | -193.97M | -120.21M | -77.43M | -105.4M | -143.37M | -164.56M | -120.83M | -90.15M | -81.58M | -85.88M | -76.35M | -44.33M | -51.96M | -60.4M | -60.13M | -28.19M | -27.37M | -38.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 29.64M | 25.73M | 12.42M | 39.94M | 25.35M | 1.04M | 278K | 3.6M | 4.27M | 13.38M | 4.18M | 0 | 0 | 4.45M | 1.07M | 1.67M | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 214.64M | 219.69M | 132.63M | 117.37M | 131M | 144.41M | 164.84M | 124.43M | 94.42M | 94.95M | 90.06M | 76.35M | 44.33M | 56.41M | 71.31M | 61.8M | 24.24M | 27.37M | 38.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -391.63M | -259.84M | -44.63M | 22.04M | 89.48M | -45.63M | -134.98M | -68.61M | -18.15M | -5.58M | -65.95M | -24.5M | -35.2M | -29.41M | -60.61M | -60.13M | -28.19M | -27.77M | -27.81M | -17.05M | -34.99M | -31.14M | -24.01M | -204.16M | -107.02M | -12.95M | -16.08M | -80.3M | 3.9M | 1.8M | -102.38M |
| Pretax Income | 677.17M | 203.24M | 280.09M | 285.61M | 582.15M | 666.34M | -187.43M | 120.84M | 811.48M | 470.88M | -37.5M | 213.35M | 661.64M | 447.12M | -119.84M | 283.92M | 128.53M | -3.54M | 195.49M | 522.87M | 658.26M | 288.2M | 331.67M | 92.33M | 51.33M | 100.77M | 178.97M | -186.1M | -85.9M | 253.2M | -4.89M |
| Pretax Margin % | 14.33% | 5.66% | 7.53% | 7.67% | 13.5% | 15.09% | -7.07% | 3.68% | 18.1% | 15.39% | -1.88% | 9.59% | 20.53% | 14.79% | -4.71% | 10.89% | 6.54% | -0.3% | 8.45% | 23.07% | 31.22% | 17.38% | 19.29% | 6.62% | 5.09% | 8.77% | 16.86% | -26.78% | -11.92% | 19.49% | -0.52% |
| Income Tax | 219.31M | 58.45M | 29.84M | 1.49M | 119.86M | 110.43M | -62.1M | 4.47M | 153.49M | 95.79M | -9.28M | 11M | 155.34M | 70.12M | -85.27M | 55.92M | 34.5M | -4.27M | 26.74M | 147.2M | 175.31M | 122.45M | 95.23M | 84.83M | 24.91M | 29.35M | 34.11M | -36.2M | -17.5M | 51.2M | 2.99M |
| Effective Tax Rate % | 32.39% | 28.76% | 10.65% | 0.52% | 20.59% | 16.57% | 33.13% | 3.7% | 18.92% | 20.34% | 24.74% | 5.15% | 23.48% | 15.68% | 71.15% | 19.7% | 26.84% | 120.87% | 13.68% | 28.15% | 26.63% | 42.49% | 28.71% | 91.87% | 48.54% | 29.12% | 19.06% | 19.45% | 20.37% | 20.22% | -61.19% |
| Net Income | 360.44M | 79.88M | 163.99M | 174.14M | 353.83M | 482.36M | -156.68M | 87.77M | 568.98M | 316.13M | -12.54M | 200.62M | 454.61M | 329.17M | -68.11M | 201.33M | 96.02M | 738K | 168.75M | 375.67M | 482.95M | 165.75M | 236.44M | 7.51M | 26.41M | 71.42M | 144.86M | -149.9M | -68.4M | 202M | -7.88M |
| Net Margin % | 7.63% | 2.23% | 4.41% | 4.68% | 8.21% | 10.93% | -5.91% | 2.67% | 12.69% | 10.33% | -0.63% | 9.01% | 14.1% | 10.88% | -2.68% | 7.72% | 4.88% | 0.06% | 7.29% | 16.57% | 22.91% | 10% | 13.75% | 0.54% | 2.62% | 6.22% | 13.65% | -21.57% | -9.49% | 15.55% | -0.83% |
| Net Income Growth % | 68.66% | -51.29% | -5.83% | -50.78% | -26.65% | 407.87% | -278.52% | -84.57% | 79.98% | 2620.01% | -106.25% | -55.87% | 38.11% | 583.32% | -133.83% | 109.67% | 12910.7% | -99.56% | -55.08% | -22.21% | 191.37% | -29.9% | 3049.23% | -71.58% | -63.01% | -50.7% | 196.64% | -119.15% | -133.86% | 2663.16% | -104.11% |
| Net Income (Continuing) | 457.86M | 144.79M | 250.25M | 284.12M | 462.29M | 555.91M | -125.33M | 116.37M | 657.98M | 375.1M | -28.23M | 202.35M | 506.31M | 377M | -34.58M | 228M | 94.03M | 738K | 168.75M | 375.67M | 482.95M | 165.75M | 236.44M | 7.51M | 26.41M | 71.42M | 144.86M | -149.9M | -68.4M | 202M | -7.88M |
| 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 | 297.1M | 282.94M | 287.71M | 240.85M | 317.44M | 271.15M | 292.36M | 298.68M | 296.63M | 244.35M | 208.51M | 248.84M | 266.84M | 247.61M | 187.86M | 197.24M | 146.1M | 133.12M | 108.73M | 41.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.66 | 0.93 | 2.39 | 2.57 | 4.86 | 6.13 | -2.06 | 1.03 | 7.03 | 3.64 | -0.14 | 2.01 | 4.55 | 3.41 | -0.73 | 2.06 | 1.09 | 0.01 | 1.78 | 3.68 | 4.41 | 1.40 | 1.92 | 0.06 | 0.21 | 0.46 | 0.83 | -0.87 | -0.39 | 1.10 | -0.04 |
| EPS Growth % | 45.15% | -61.09% | -7% | -47.12% | -20.72% | 397.57% | -300% | -85.35% | 93.13% | 2700% | -106.97% | -55.82% | 33.43% | 567.12% | -135.44% | 88.99% | 10800% | -99.44% | -51.63% | -16.55% | 215% | -27.08% | 3100% | -71.43% | -54.35% | -44.58% | 195.4% | -123.08% | -135.45% | 3105.46% | -103.62% |
| EPS (Basic) | - | 1.10 | 2.43 | 2.57 | 4.95 | 6.34 | -2.06 | 1.17 | 7.07 | 3.64 | -0.14 | 2.21 | 4.79 | 3.46 | -0.73 | 2.16 | 1.10 | 0.01 | 1.79 | 3.69 | 4.43 | 1.41 | 1.95 | 0.06 | 0.21 | 0.46 | 0.85 | -0.87 | -0.39 | 1.10 | -0.04 |
| Diluted Shares Outstanding | 77.37M | 72.61M | 67.56M | 67.81M | 71.68M | 76.24M | 76.2M | 76.69M | 80.89M | 86.82M | 89.78M | 91.35M | 96.19M | 96.43M | 93.76M | 94.36M | 93.5M | 92.69M | 94.91M | 102.13M | 109.44M | 118.36M | 122.96M | 122.96M | 126.61M | 154.36M | 174.53M | 173.18M | 174.65M | 183.64M | 216M |
| Basic Shares Outstanding | 77.36M | 72.53M | 67.39M | 67.81M | 71.42M | 76.04M | 76.2M | 76.59M | 80.49M | 86.77M | 89.61M | 90.65M | 95M | 95.26M | 93.29M | 93.03M | 92.22M | 92.06M | 94.52M | 101.72M | 109.11M | 117.77M | 121.52M | 122.96M | 126.61M | 154.36M | 170.3M | 173.18M | 174.65M | 183.64M | 216M |
| Dividend Payout Ratio | - | 68.22% | 30.41% | 28.36% | 11.93% | 5.06% | - | 125.77% | 18.57% | 32.11% | - | 48.46% | 19.78% | 22.77% | - | 29.88% | 59.57% | 8415.13% | 29.11% | 15.94% | 10.6% | 30.03% | 15.34% | 779.66% | 47.35% | - | - | - | - | - | - |
Quick answers to the most common questions about buying MEOH stock.
For fiscal year 2025, Methanex Corporation (MEOH) reported total revenue of $3.59B. This represents a 279.5% increase compared to $945.7M in 1996.
Methanex Corporation (MEOH) is profitable, generating $79.9M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Methanex Corporation (MEOH) reported an operating income of $463.1M, resulting in an operating profit margin of 12.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Methanex Corporation (MEOH) generated $909.1M in gross profit for the year, representing a gross profit margin of 25.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Methanol price and gas spread compression
Revenue Rebounding From Cyclical Trough
According to the reported quarterly figures, Methanex's revenue stepped up from roughly $0.97B in Q1 2026 to about $1.4B in Q2 and Q3 2026, a rebound that reverses a year of softness and suggests a recovering methanol pricing cycle rather than a durable step-change in volume.
The sequential jump in revenue appears driven more by realized pricing than by volume, given that the company's top line is formula-linked to regional spot prices. Growth in the Q3 2026 period of 49.6% should be read against a depressed 2025 base, so the headline rate overstates underlying momentum. Investors should monitor whether this pricing recovery holds once the comparison base normalizes.
Gross Margin Swings Track Gas Spreads
Based on reported figures, gross margin widened from about 20.9% in Q1 2026 to 45.7% in Q2 2026 before settling at 37.0% in Q3, a range that underscores how tightly Methanex's profitability is bound to the methanol-to-gas spread.
The magnitude of quarterly margin movement indicates the company carries little structural pricing insulation despite its logistics advantages. The Q2 peak appears to reflect a favorable spread window that may not persist, while the Q1 trough illustrates how quickly unit economics compress. This pattern suggests margins are better treated as cyclical than as a stable base for valuation.
Operating Leverage Amplifies Price Moves
As reported in the quarterly statements, operating margin moved from 8.6% in Q1 2026 to 37.1% in Q2 2026, a swing far larger than the revenue change, indicating that fixed plant and shipping costs are amplifying every incremental dollar of price.
Because the cost base is weighted toward fixed assets and long-term fleet leases, incremental revenue drops disproportionately to operating income in both directions. The extreme operating margin range relative to modest revenue movement suggests the earnings profile is highly sensitive to methanol pricing. Downside risk is therefore asymmetric if prices soften again.
Net Income Lags Operating Strength
Based on the reported figures, net margin of 19.1% in Q3 2026 sits well below the 28.6% operating margin, and Q4 2025 posted a -9.2% net margin despite positive operating income, which points to meaningful below-the-line drag from interest, taxes, or non-operating items.
The persistent gap between operating and net income suggests financing costs and tax effects absorb a material share of operating profit. Net results also swung negative in several quarters while operating income remained positive, which warrants investigation into non-operating and equity-accounted items. Reported EPS is therefore a noisy signal of underlying operating performance.
Rebound May Prove Cyclical, Not Structural
Tracking the reported data, the 2026 margin expansion follows several quarters of thin or negative net results, and the trailing revenue trend remains negative, so the bullish reading of the recovery depends on pricing that could reverse quickly.
The strongest bearish reading is that the Q2 2026 profitability spike reflects a transient spread window rather than improved structural economics, particularly given the company's sensitivity to Chinese MTO demand. Management's decision to skip formal guidance adds uncertainty about how durable current margins are. Investors should monitor whether gross margins can hold above 30% through a full cycle before extrapolating recent results.