McGrath RentCorp (MGRC) Income Statement

30Y historyFree accessUpdated daily

Gross margin held between 44.5% and 48.8% over the period while operating margin ranged from 21.9% to 29.0%, but quarterly net income was distorted by discrete items such as the $149.3M figure in 2024Q3 against $74.7M of operating income, so underlying earnings power may be better represented by operating results.

Annual statement

MGRC Income Statement

McGrath RentCorp (MGRC) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	951.02M	944.24M	910.94M	831.84M	635.66M	616.83M	572.55M	570.23M	498.33M	462.03M	424.08M	404.54M	408.12M	379.32M	364.07M	342.67M	291.37M	275.64M	304.16M	280.41M	267.07M	272.18M	202.52M	130.97M	145.09M	159.39M	164.16M	130M	135.4M	135M	89M
Revenue Growth %	2.13%	3.65%	9.51%	30.86%	3.05%	7.73%	0.41%	14.43%	7.86%	8.95%	4.83%	-0.88%	7.59%	4.19%	6.25%	17.6%	5.71%	-9.38%	8.47%	5%	-1.88%	34.4%	54.63%	-9.73%	-8.98%	-2.9%	26.28%	-3.99%	0.3%	51.69%	24.82%
Cost of Goods Sold	497.1M	509.39M	475.53M	438.21M	376.38M	350.62M	308.81M	304.06M	265.08M	255.69M	239.91M	227.64M	225.9M	210.49M	195.78M	175.88M	160.59M	154.33M	168.42M	149.85M	145.24M	114.56M	82.31M	67.64M	97.75M	55.12M	61.94M	45.8M	53.2M	57.8M	19.7M
COGS % of Revenue	-	53.95%	52.2%	52.68%	59.21%	56.84%	53.94%	53.32%	53.19%	55.34%	56.57%	56.27%	55.35%	55.49%	53.77%	51.33%	55.11%	55.99%	55.37%	53.44%	54.38%	42.09%	40.64%	51.64%	67.38%	34.58%	37.73%	35.23%	39.29%	42.81%	22.13%
Gross Profit	453.92M	434.84M	435.42M	393.63M	259.29M	266.21M	263.75M	266.17M	233.25M	206.34M	184.17M	176.91M	182.22M	168.83M	168.29M	166.79M	130.79M	121.31M	135.74M	130.56M	121.83M	157.62M	120.21M	63.33M	47.33M	104.27M	102.21M	84.2M	82.2M	77.2M	69.3M
Gross Margin %	47.73%	46.05%	47.8%	47.32%	40.79%	43.16%	46.06%	46.68%	46.81%	44.66%	43.43%	43.73%	44.65%	44.51%	46.23%	48.67%	44.89%	44.01%	44.63%	46.56%	45.62%	57.91%	59.36%	48.36%	32.62%	65.42%	62.27%	64.77%	60.71%	57.19%	77.87%
Gross Profit Growth %	-	-0.13%	10.61%	51.81%	-2.6%	0.94%	-0.91%	14.11%	13.04%	12.04%	4.1%	-2.92%	7.93%	0.32%	0.9%	27.53%	7.81%	-10.63%	3.97%	7.17%	-22.71%	31.12%	89.8%	33.8%	-54.6%	2.01%	21.39%	2.43%	6.48%	11.4%	12.68%
Operating Expenses	208.8M	190.75M	191.15M	203.92M	107.94M	133.79M	122.99M	124.79M	115.77M	111.61M	104.91M	99.95M	96.86M	88.77M	86.28M	78.13M	65.55M	60.24M	58.06M	50.03M	45.5M	39.82M	33.7M	22.63M	22.1M	24.95M	45.7M	38.6M	35M	31.8M	41.1M
OpEx % of Revenue	-	20.2%	20.98%	24.51%	16.98%	21.69%	21.48%	21.88%	23.23%	24.16%	24.74%	24.71%	23.73%	23.4%	23.7%	22.8%	22.5%	21.85%	19.09%	17.84%	17.04%	14.63%	16.64%	17.28%	15.23%	15.66%	27.84%	29.69%	25.85%	23.56%	46.18%
Selling, General & Admin	210.61M	190.75M	92.98M	207.54M	107.94M	133.79M	122.99M	124.79M	115.77M	111.61M	104.91M	99.95M	96.86M	88.77M	86.28M	78.13M	65.55M	60.24M	58.06M	50.03M	45.5M	39.82M	33.7M	22.63M	22.1M	24.95M	19.98M	17.1M	16.2M	16M	27.8M
SG&A % of Revenue	-	20.2%	10.21%	24.95%	16.98%	21.69%	21.48%	21.88%	23.23%	24.16%	24.74%	24.71%	23.73%	23.4%	23.7%	22.8%	22.5%	21.85%	19.09%	17.84%	17.04%	14.63%	16.64%	17.28%	15.23%	15.66%	12.17%	13.15%	11.96%	11.85%	31.24%
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	-1000K	0	98.17M	-3.62M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	25.72M	21.5M	18.8M	15.8M	13.3M
Operating Income	245.12M	244.09M	244.26M	189.71M	151.35M	132.42M	140.75M	141.37M	117.48M	94.74M	79.26M	76.96M	85.36M	80.06M	82.02M	88.66M	65.24M	61.08M	77.68M	80.53M	76.33M	73.62M	54.08M	40.71M	25.23M	52.05M	56.52M	45.6M	47.2M	45.4M	28.2M
Operating Margin %	25.77%	25.85%	26.81%	22.81%	23.81%	21.47%	24.58%	24.79%	23.57%	20.51%	18.69%	19.02%	20.92%	21.11%	22.53%	25.87%	22.39%	22.16%	25.54%	28.72%	28.58%	27.05%	26.7%	31.08%	17.39%	32.65%	34.43%	35.08%	34.86%	33.63%	31.69%
Operating Income Growth %	-	-0.07%	28.76%	25.35%	14.29%	-5.92%	-0.44%	20.34%	24%	19.53%	2.99%	-9.84%	6.62%	-2.38%	-7.5%	35.91%	6.81%	-21.37%	-3.54%	5.51%	3.68%	36.14%	32.84%	61.32%	-51.51%	-7.91%	23.94%	-3.39%	3.96%	60.99%	-6.62%
EBITDA	358.44M	351.16M	351.72M	299.09M	262.69M	239.12M	235.4M	230.85M	199.46M	173.16M	160.44M	161.24M	166.49M	156.91M	154.49M	156.06M	127.81M	124.21M	138.09M	134.53M	123.79M	120.05M	88.58M	55.4M	43.11M	81.68M	82.23M	67.1M	66M	61.2M	41.5M
EBITDA Margin %	37.69%	37.19%	38.61%	35.95%	41.33%	38.77%	41.11%	40.48%	40.02%	37.48%	37.83%	39.86%	40.79%	41.37%	42.43%	45.54%	43.87%	45.06%	45.4%	47.98%	46.35%	44.11%	43.74%	42.3%	29.71%	51.24%	50.09%	51.62%	48.74%	45.33%	46.63%
EBITDA Growth %	5.74%	-0.16%	17.6%	13.86%	9.86%	1.58%	1.97%	15.74%	15.19%	7.93%	-0.5%	-3.15%	6.1%	1.57%	-1%	22.1%	2.9%	-10.06%	2.65%	8.68%	3.11%	35.54%	59.89%	28.52%	-47.22%	-0.67%	22.55%	1.67%	7.84%	47.47%	-2.58%
D&A (Non-Cash Add-back)	113.33M	107.07M	107.45M	109.38M	111.34M	106.69M	94.64M	89.48M	81.97M	78.42M	81.18M	84.28M	81.13M	76.85M	72.48M	67.39M	62.58M	63.13M	60.42M	54M	47.46M	46.43M	34.5M	14.69M	17.87M	29.63M	25.72M	21.5M	18.8M	15.8M	13.3M
EBIT	244.74M	243.7M	360.89M	190.02M	146.92M	132.21M	140.75M	141.37M	116.99M	95.07M	79.26M	76.96M	85.36M	80.06M	82.02M	88.66M	65.24M	61.08M	77.68M	80.53M	76.33M	117.8M	86.5M	53.45M	41.03M	79.31M	56.52M	45.6M	47.2M	45.4M	28.2M
Net Interest Income	-28.07M	-30.62M	-47.24M	-40.56M	-12.23M	-10.46M	-8.79M	-12.33M	-12.3M	-11.62M	-12.21M	-10.09M	-9.28M	-8.69M	-9.15M	-7.61M	-6.19M	-7.11M	-9.98M	-10.72M	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	28.07M	30.62M	47.24M	40.56M	12.23M	10.46M	8.79M	12.33M	12.3M	11.62M	12.21M	10.09M	9.28M	8.69M	9.15M	7.61M	6.19M	7.11M	9.98M	10.72M	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-28.45M	-31.01M	69.39M	-40.25M	-16.66M	-10.66M	-8.71M	-12.25M	-12.79M	-11.29M	-12.33M	-10.58M	-8.8M	-8.69M	-9.15M	-7.61M	-6.19M	-7.11M	-9.98M	-10.72M	-10.76M	-7.89M	-5.19M	-2.67M	-3.98M	-7.08M	-9.51M	-6.9M	-7.3M	-5.1M	-2.9M
Pretax Income	216.67M	213.08M	313.65M	149.46M	134.69M	121.76M	132.04M	129.13M	104.69M	83.45M	66.93M	66.38M	76.56M	71.37M	72.87M	81.06M	59.05M	53.97M	67.7M	69.81M	65.57M	65.73M	48.89M	38.04M	21.25M	44.97M	47.01M	38.7M	39.9M	40.3M	25.3M
Pretax Margin %	22.78%	22.57%	34.43%	17.97%	21.19%	19.74%	23.06%	22.64%	21.01%	18.06%	15.78%	16.41%	18.76%	18.82%	20.01%	23.65%	20.27%	19.58%	22.26%	24.9%	24.55%	24.15%	24.14%	29.04%	14.65%	28.21%	28.63%	29.77%	29.47%	29.85%	28.43%
Income Tax	57.34M	56.77M	81.92M	37.61M	31.38M	32.05M	30.06M	32.32M	25.29M	-70.47M	28.68M	25.91M	30.85M	27.98M	28.09M	31.46M	22.57M	20.65M	26.5M	27.34M	24.21M	24.65M	18.84M	15.18M	8.46M	17.81M	19.76M	14.9M	16M	16.3M	9.8M
Effective Tax Rate %	26.46%	26.64%	26.12%	25.16%	23.3%	26.32%	22.77%	25.03%	24.15%	-84.44%	42.85%	39.03%	40.3%	39.2%	38.55%	38.81%	38.22%	38.26%	39.14%	39.16%	36.92%	37.5%	38.54%	39.9%	39.8%	39.6%	42.04%	38.5%	40.1%	40.45%	38.74%
Net Income	159.34M	156.31M	231.73M	174.62M	115.14M	89.7M	101.98M	96.81M	79.41M	153.92M	38.25M	40.47M	45.71M	43.4M	44.78M	49.6M	36.48M	33.33M	41.2M	42.41M	41.08M	40.82M	30M	22.69M	12.63M	26.68M	27.24M	22.4M	23.9M	24M	15.5M
Net Margin %	16.75%	16.55%	25.44%	20.99%	18.11%	14.54%	17.81%	16.98%	15.93%	33.31%	9.02%	10%	11.2%	11.44%	12.3%	14.48%	12.52%	12.09%	13.55%	15.12%	15.38%	15%	14.81%	17.33%	8.71%	16.74%	16.6%	17.23%	17.65%	17.78%	17.42%
Net Income Growth %	9.56%	-32.55%	32.7%	51.66%	28.35%	-12.04%	5.35%	21.91%	-48.41%	302.39%	-5.48%	-11.46%	5.33%	-3.08%	-9.73%	35.97%	9.46%	-19.12%	-2.84%	3.24%	0.63%	36.08%	32.19%	79.62%	-52.65%	-2.08%	21.63%	-6.28%	-0.42%	54.84%	12.32%
Net Income (Continuing)	159.34M	156.31M	231.73M	111.85M	103.31M	89.7M	101.98M	96.81M	79.41M	153.92M	38.25M	40.47M	45.71M	43.4M	44.78M	49.6M	36.48M	33.33M	41.2M	42.47M	41.36M	40.82M	30M	22.69M	12.63M	26.68M	27.24M	23.8M	23.9M	24M	15.5M
Discontinued Operations	0	0	0	62.77M	11.83M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-280K	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	3.48M	0	2.94M	2.89M	3.11M	2.95M	3.51M	2.8M	2.6M	1.5M	0
EPS (Diluted)	6.52	6.35	9.43	7.12	4.70	3.66	4.16	3.93	3.24	6.34	1.60	1.59	1.75	1.67	1.78	2.00	1.50	1.40	1.72	1.67	1.63	1.61	1.21	0.93	0.50	1.07	1.10	0.84	0.84	0.79	0.51
EPS Growth %	9.81%	-32.66%	32.44%	51.49%	28.42%	-12.02%	5.85%	21.3%	-48.9%	296.25%	0.63%	-9.14%	4.79%	-6.18%	-11%	33.33%	7.14%	-18.6%	2.99%	2.45%	1.24%	33.06%	30.11%	86%	-53.27%	-2.73%	30.95%	0%	6.33%	54.9%	18.6%
EPS (Basic)	-	6.35	9.44	7.14	4.73	3.70	4.22	3.99	3.29	6.41	1.60	1.60	1.77	1.71	1.80	2.04	1.52	1.40	1.74	1.68	1.65	1.65	1.23	0.94	0.51	1.09	1.11	0.85	0.85	0.80	0.51
Diluted Shares Outstanding	24.45M	24.63M	24.57M	24.53M	24.52M	24.52M	24.53M	24.62M	24.54M	24.27M	23.98M	25.46M	26.18M	25.93M	25.16M	24.76M	24.29M	23.87M	23.94M	25.44M	25.23M	25.33M	24.8M	24.52M	25.24M	24.99M	24.86M	26.77M	28.7M	30.36M	30.61M
Basic Shares Outstanding	24.41M	24.6M	24.54M	24.47M	24.35M	24.22M	24.16M	24.25M	24.14M	24M	23.9M	25.37M	25.91M	25.43M	24.76M	24.35M	23.94M	23.75M	23.74M	25.23M	24.95M	24.67M	24.34M	24.25M	24.94M	24.46M	24.67M	26.47M	28.33M	29.96M	30.61M
Dividend Payout Ratio	-	30.64%	20.18%	26.09%	38.45%	47.02%	39%	36.71%	38.96%	16.16%	63.91%	63.7%	55.9%	56.28%	51.65%	44.86%	58.64%	61.26%	45.06%	41.67%	37.64%	32.01%	34.87%	41.83%	67.03%	28.42%	24.5%	27.23%	22.59%	19.17%	26.45%

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Earnings volatility from fleet utilization

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Losing Consistent Momentum

Based on reported quarterly figures, MGRC's revenue swung from a 10.0% gain in 2024Q4 to a 6.2% decline in 2026Q2 before recovering to 7.1% growth in 2026Q3, indicating uneven top-line durability across the cycle.

The alternating sign of year-over-year revenue changes suggests the rental base is sensitive to timing of demand and fleet deployment rather than compounding steadily. The 2026Q3 rebound to $274.6M is encouraging, but a single strong quarter does not yet establish durability, and investors should monitor whether utilization holds at these levels. The pattern warrants further investigation into the split between recurring rental and transactional sales revenue.

Gross Margin Holding Near Mid-Forties

As reported in the income statement, MGRC's gross margin ranged from 44.5% to 48.8% over the ten quarters, a relatively tight band that suggests consistent pricing discipline across the specialized rental segments.

Stability within this range implies the company has been able to pass through fleet ownership and logistics costs without material erosion, consistent with a specialized niche rather than a commoditized rental model. The compression seen in 2025Q3 to 44.5% appears to coincide with the period of weakest revenue growth, which may indicate that pricing softened when utilization softened. Sustained margins near 46% would still sit well above the 35-39% range reported by larger peers such as URI and TREX.

Net Income Distorted by Discrete Items

Based on MGRC's reported figures, 2024Q3 net income of $149.3M against $74.7M operating income implies a large non-operating or tax-related benefit, making that quarter's 6.08 EPS unrepresentative of underlying earnings power.

The gap between operating income and net income in 2024Q3 is not explained by the operating line and suggests discrete non-operating items, though the nature of those items cannot be determined from the supplied data. Excluding that quarter, reported EPS has ranged from roughly $0.84 to $2.02, and the net margin sits between 13.6% and 19.4%. Analysts should treat the 2024Q3 figure as an outlier pending a reconciliation of the underlying charges or gains.

Operating Income Tracking Revenue Volatility

As reported in financial statements, MGRC's operating margin moved between 21.9% and 29.0%, with SG&A remaining near $46M to $57M per quarter, indicating overhead that is largely fixed against fluctuating revenue.

Because SG&A stays within a narrow dollar band while revenue varies by roughly 38% across the period, the operating line amplifies top-line swings, as seen in the 2026Q2 drop to a 24.1% margin on $221.1M in revenue. This operating leverage works in both directions and explains why earnings have been more volatile than revenue. Investors should watch whether SG&A scales with fleet growth or remains a fixed burden that magnifies downturns.

Earnings Miss Raises Guidance Credibility Questions

Based on reported figures, the 2026Q2 EPS of $1.37 against a $1.85 consensus, paired with maintained full-year guidance, creates a disconnect that may warrant a downward revision in later quarters.

The bear case centers on the possibility that the 2026Q2 shortfall reflects structural margin pressure rather than timing, given that revenue of $221.1M did not produce a corresponding earnings beat. Holding guidance after a miss of this size is an analytical signal that management views the issue as transient, but that view is not yet confirmed by subsequent results. Until the cause is clarified, the reported earnings base should be treated with caution.

MGRC — Frequently Asked Questions

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

What was McGrath RentCorp's (MGRC) revenue in 2025?

For fiscal year 2025, McGrath RentCorp (MGRC) reported total revenue of $944.2M. This represents a 960.9% increase compared to $89.0M in 1996.

Is McGrath RentCorp (MGRC) profitable?

McGrath RentCorp (MGRC) is profitable, generating $156.3M in net income for the fiscal year ending 2025 with a net profit margin of 16.6%.

What is McGrath RentCorp's operating profit margin?

McGrath RentCorp (MGRC) reported an operating income of $244.1M, resulting in an operating profit margin of 25.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is McGrath RentCorp's gross profit and gross margin?

McGrath RentCorp (MGRC) generated $434.8M in gross profit for the year, representing a gross profit margin of 46.1%. This demonstrates the company's core pricing power and production efficiency.