Gross margin held within a narrow 23.1% to 26.6% band and operating margin swung between 3.7% and 8.5% over the ten quarters, indicating operating leverage that amplifies results when volume moves.
Mohawk Industries, Inc. (MHK) 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 | 11.21B | 10.79B | 10.84B | 11.14B | 11.74B | 11.2B | 9.55B | 9.97B | 9.98B | 9.49B | 8.96B | 8.07B | 7.8B | 7.35B | 5.79B | 5.64B | 5.32B | 5.34B | 6.83B | 7.59B | 7.91B | 6.62B | 5.88B | 5B | 4.52B | 3.45B | 3.26B | 3.08B | 2.74B | 2.43B | 2.15B |
| Revenue Growth % | 4.5% | -0.48% | -2.68% | -5.13% | 4.79% | 17.26% | -4.2% | -0.13% | 5.19% | 5.94% | 11% | 3.44% | 6.19% | 26.97% | 2.58% | 6.08% | -0.47% | -21.71% | -10.01% | -4.05% | 19.42% | 12.58% | 17.62% | 10.68% | 31.08% | 5.84% | 5.6% | 12.34% | 12.99% | 12.82% | 30.6% |
| Cost of Goods Sold | 8.4B | 8.21B | 8.15B | 8.43B | 8.79B | 7.93B | 7.12B | 7.29B | 7.15B | 6.49B | 6.15B | 5.66B | 5.65B | 5.43B | 4.3B | 4.23B | 3.92B | 4.11B | 5.09B | 5.47B | 5.67B | 4.9B | 4.26B | 3.61B | 3.25B | 2.61B | 2.35B | 2.2B | 1.99B | 1.8B | 1.61B |
| COGS % of Revenue | - | 76.13% | 75.2% | 75.67% | 74.92% | 70.82% | 74.55% | 73.16% | 71.57% | 68.43% | 68.6% | 70.13% | 72.39% | 73.86% | 74.26% | 74.89% | 73.63% | 76.94% | 74.54% | 72.12% | 71.78% | 73.97% | 72.44% | 72.12% | 71.9% | 75.83% | 72.2% | 71.39% | 72.53% | 73.95% | 74.91% |
| Gross Profit | 2.81B | 2.57B | 2.69B | 2.71B | 2.94B | 3.27B | 2.43B | 2.68B | 2.84B | 3B | 2.81B | 2.41B | 2.15B | 1.92B | 1.49B | 1.42B | 1.4B | 1.23B | 1.74B | 2.11B | 2.23B | 1.72B | 1.62B | 1.39B | 1.27B | 832.9M | 905.2M | 882.2M | 753.9M | 632.8M | 540.1M |
| Gross Margin % | 25.08% | 23.87% | 24.8% | 24.33% | 25.08% | 29.18% | 25.45% | 26.84% | 28.43% | 31.57% | 31.4% | 29.87% | 27.61% | 26.14% | 25.74% | 25.11% | 26.37% | 23.06% | 25.46% | 27.88% | 28.22% | 26.03% | 27.56% | 27.88% | 28.1% | 24.17% | 27.8% | 28.61% | 27.47% | 26.05% | 25.09% |
| Gross Profit Growth % | - | -4.2% | -0.81% | -7.94% | -9.95% | 34.48% | -9.17% | -5.71% | -5.28% | 6.53% | 16.68% | 11.91% | 12.15% | 28.91% | 5.16% | 1.02% | 13.83% | -29.09% | -17.83% | -5.22% | 29.49% | 6.31% | 16.29% | 9.83% | 52.37% | -7.99% | 2.61% | 17.02% | 19.14% | 17.16% | 33.23% |
| Operating Expenses | 2.16B | 2.06B | 1.99B | 3B | 2.7B | 1.93B | 1.79B | 1.85B | 1.74B | 1.64B | 1.53B | 1.57B | 1.38B | 1.37B | 1.11B | 1.1B | 1.09B | 1.19B | 2.86B | 1.36B | 1.39B | 1.1B | 985.25M | 851.77M | 747.03M | 505.75M | 588.08M | 587.4M | 507.7M | 464.5M | 403.1M |
| OpEx % of Revenue | - | 19.15% | 18.39% | 26.92% | 23% | 17.26% | 18.79% | 18.54% | 17.46% | 17.3% | 17.11% | 19.49% | 17.7% | 18.7% | 19.19% | 19.52% | 20.46% | 22.24% | 41.92% | 17.99% | 17.61% | 16.55% | 16.75% | 17.04% | 16.54% | 14.68% | 18.06% | 19.05% | 18.5% | 19.12% | 18.72% |
| Selling, General & Admin | 2.13B | 2.06B | 1.96B | 2.12B | 2B | 1.93B | 1.79B | 1.85B | 1.74B | 1.64B | 1.53B | 1.57B | 1.38B | 1.37B | 1.11B | 1.1B | 1.09B | 1.19B | 1.32B | 1.36B | 1.39B | 1.1B | 985.25M | 851.77M | 747.03M | 505.75M | 505.73M | 482.1M | 435.1M | 391.6M | 340.8M |
| SG&A % of Revenue | - | 19.15% | 18.09% | 19.04% | 17.07% | 17.26% | 18.79% | 18.54% | 17.46% | 17.3% | 17.11% | 19.49% | 17.7% | 18.7% | 19.19% | 19.52% | 20.46% | 22.24% | 19.31% | 17.99% | 17.61% | 16.55% | 16.75% | 17.04% | 16.54% | 14.68% | 15.53% | 15.64% | 15.85% | 16.12% | 15.83% |
| 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 | 32.5M | 877.7M | 695.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.54B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.35M | 105.3M | 72.6M | 72.9M | 62.3M |
| Operating Income | 653.3M | 509.7M | 694.7M | -287.8M | 244.2M | 1.34B | 636M | 827.22M | 1.1B | 1.35B | 1.28B | 837.57M | 772.8M | 546.93M | 379.51M | 315.54M | 314.17M | 43.73M | -1.12B | 750.11M | 839.06M | 627.27M | 635.59M | 542.03M | 522.07M | 327.16M | 317.12M | 294.8M | 246.2M | 168.3M | 137M |
| Operating Margin % | 5.83% | 4.73% | 6.41% | -2.58% | 2.08% | 11.92% | 6.66% | 8.3% | 10.97% | 14.27% | 14.29% | 10.38% | 9.9% | 7.44% | 6.56% | 5.59% | 5.91% | 0.82% | -16.47% | 9.89% | 10.61% | 9.48% | 10.81% | 10.84% | 11.56% | 9.49% | 9.74% | 9.56% | 8.97% | 6.93% | 6.36% |
| Operating Income Growth % | - | -26.63% | 341.38% | -217.85% | -81.71% | 109.91% | -23.12% | -24.48% | -19.11% | 5.8% | 52.82% | 8.38% | 41.3% | 44.12% | 20.27% | 0.44% | 618.43% | 103.89% | -249.86% | -10.6% | 33.76% | -1.31% | 17.26% | 3.82% | 59.58% | 3.17% | 7.57% | 19.74% | 46.29% | 22.85% | 185.42% |
| EBITDA | 1.32B | 1.16B | 1.33B | 342.5M | 839.7M | 1.93B | 1.24B | 1.4B | 1.62B | 1.8B | 1.69B | 1.2B | 1.12B | 855.8M | 659.8M | 613.28M | 610.94M | 346.73M | -829.08M | 1.06B | 1.11B | 777.93M | 758.68M | 648.64M | 624.01M | 411.32M | 399.46M | 400.1M | 318.8M | 241.2M | 199.3M |
| EBITDA Margin % | 11.8% | 10.78% | 12.3% | 3.08% | 7.15% | 17.2% | 13.02% | 14.08% | 16.2% | 18.97% | 18.86% | 14.87% | 14.33% | 11.65% | 11.4% | 10.87% | 11.49% | 6.49% | -12.15% | 13.93% | 14.09% | 11.75% | 12.9% | 12.97% | 13.81% | 11.94% | 12.27% | 12.98% | 11.62% | 9.93% | 9.26% |
| EBITDA Growth % | 12.41% | -12.81% | 289.2% | -59.21% | -56.42% | 54.94% | -11.41% | -13.2% | -10.2% | 6.6% | 40.76% | 7.32% | 30.68% | 29.71% | 7.59% | 0.38% | 76.2% | 141.82% | -178.47% | -5.16% | 43.2% | 2.54% | 16.96% | 3.95% | 51.71% | 2.97% | -0.16% | 25.5% | 32.17% | 21.02% | 98.11% |
| D&A (Non-Cash Add-back) | 668.7M | 652.6M | 638.3M | 630.3M | 595.5M | 591.71M | 607.51M | 576.45M | 521.76M | 446.67M | 409.47M | 362.65M | 345.57M | 308.87M | 280.29M | 297.73M | 296.77M | 303M | 295.05M | 306.44M | 274.95M | 150.66M | 123.09M | 106.61M | 101.94M | 84.17M | 82.35M | 105.3M | 72.6M | 72.9M | 62.3M |
| EBIT | 615.8M | 486.5M | 694.5M | -277M | 235.8M | 1.35B | 636.75M | 790.82M | 1.09B | 1.35B | 1.28B | 819.95M | 762.1M | 537.82M | 379.2M | 301.49M | 325.8M | 49.32M | -1.15B | 758.59M | 839.06M | 627.27M | 635.59M | 542.03M | 522.07M | 327.16M | 317.12M | 294.8M | 246.2M | 168.3M | 137M |
| Net Interest Income | -9.8M | -17.8M | -48.5M | -77.5M | -51.9M | -57.25M | -52.38M | -41.27M | -38.83M | -31.11M | -40.55M | -71.09M | -98.21M | -92.25M | -74.71M | -101.62M | -133.15M | -127.03M | -127.05M | -154.47M | 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 | 9.8M | 17.8M | 48.5M | 77.51M | 51.9M | 57.25M | 52.38M | 41.27M | 38.83M | 31.11M | 40.55M | 71.09M | 98.21M | 92.25M | 74.71M | 101.62M | 133.15M | 127.03M | 127.05M | 145.99M | 162.75M | 70.25M | 58.2M | 53.59M | 75.48M | 35.74M | 49.49M | 34.9M | 51.7M | 42.9M | 36.9M |
| Other Income/Expense | -47.3M | -41M | -48.7M | -66.7M | -60.3M | -45.02M | -51.63M | -77.68M | -46.13M | -36.32M | -38.82M | -88.7M | -108.91M | -101.36M | -75.02M | -115.67M | -121.52M | -121.44M | -148.34M | -145.99M | -162.75M | -70.25M | -58.2M | -53.59M | -78.44M | -35.74M | -49.49M | -34.9M | -51.3M | -36.8M | -45.3M |
| Pretax Income | 606M | 468.7M | 646M | -354.5M | 183.9M | 1.29B | 584.37M | 749.54M | 1.05B | 1.32B | 1.24B | 748.86M | 663.89M | 445.57M | 304.49M | 199.87M | 192.65M | -77.71M | -1.27B | 604.12M | 676.31M | 557.02M | 577.39M | 488.43M | 443.63M | 291.42M | 267.63M | 259.9M | 194.9M | 131.5M | 91.7M |
| Pretax Margin % | 5.41% | 4.35% | 5.96% | -3.18% | 1.57% | 11.52% | 6.12% | 7.52% | 10.51% | 13.88% | 13.85% | 9.28% | 8.51% | 6.06% | 5.26% | 3.54% | 3.62% | -1.45% | -18.64% | 7.96% | 8.55% | 8.41% | 9.82% | 9.77% | 9.82% | 8.46% | 8.22% | 8.43% | 7.1% | 5.41% | 4.26% |
| Income Tax | 87.5M | 98.8M | 128.2M | 84.86M | 158.11M | 256.44M | 68.65M | 4.97M | 184.35M | 343.17M | 307.56M | 131.88M | 131.64M | 78.39M | 53.6M | 21.65M | 2.71M | -76.69M | 180.06M | -102.7M | 220.48M | 198.83M | 208.77M | 178.28M | 159.14M | 102.82M | 105.03M | 102.7M | 74.8M | 44.4M | 33.7M |
| Effective Tax Rate % | 14.44% | 21.08% | 19.85% | -23.94% | 85.98% | 19.88% | 11.75% | 0.66% | 17.57% | 26.04% | 24.78% | 17.61% | 19.83% | 17.59% | 17.6% | 10.83% | 1.41% | 98.69% | -14.15% | -17% | 32.6% | 35.69% | 36.16% | 36.5% | 35.87% | 35.28% | 39.24% | 39.52% | 38.38% | 33.76% | 36.75% |
| Net Income | 518.3M | 369.9M | 517.7M | -439.52M | 25.25M | 1.03B | 515.6M | 744.21M | 861.7M | 971.64M | 930.36M | 615.3M | 531.97M | 348.79M | 250.26M | 173.92M | 185.47M | -5.5M | -1.46B | 706.81M | 455.83M | 358.19M | 368.62M | 310.15M | 284.49M | 188.59M | 162.6M | 157.2M | 107.6M | 68M | 49.1M |
| Net Margin % | 4.63% | 3.43% | 4.78% | -3.95% | 0.22% | 9.22% | 5.4% | 7.46% | 8.63% | 10.24% | 10.38% | 7.62% | 6.82% | 4.75% | 4.32% | 3.08% | 3.49% | -0.1% | -21.36% | 9.32% | 5.77% | 5.41% | 6.27% | 6.2% | 6.3% | 5.47% | 4.99% | 5.1% | 3.92% | 2.8% | 2.28% |
| Net Income Growth % | 23.08% | -28.55% | 217.79% | -1840.86% | -97.56% | 100.38% | -30.72% | -13.63% | -11.31% | 4.44% | 51.2% | 15.67% | 52.52% | 39.37% | 43.89% | -6.23% | 3472.81% | 99.62% | -306.31% | 55.06% | 27.26% | -2.83% | 18.85% | 9.02% | 50.85% | 15.99% | 3.43% | 46.1% | 58.24% | 38.49% | 667.19% |
| Net Income (Continuing) | 518.5M | 369.9M | 517.8M | -439.37M | 25.78M | 1.03B | 515.73M | 744.57M | 864.86M | 974.69M | 933.57M | 616.99M | 532.25M | 367.19M | 250.89M | 178.22M | 189.94M | -1.02M | -1.45B | 706.81M | 455.83M | 358.19M | 368.62M | 310.15M | 284.49M | 188.59M | 162.6M | 157.2M | 115.3M | 79.6M | 53.4M |
| 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 | 4.1M | 5.4M | 5.5M | 6M | 6.41M | 6.79M | 6.84M | 6.61M | 6.25M | 7.85M | 7.04M | 6.69M | 4.81M | 9.25M | 0 | 33.72M | 35.44M | 33.46M | 31.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.64 | 5.93 | 8.14 | -6.90 | 0.39 | 14.94 | 7.22 | 10.30 | 11.52 | 12.98 | 12.48 | 8.31 | 7.25 | 4.82 | 3.61 | 2.52 | 2.65 | -0.08 | -21.32 | 10.32 | 6.70 | 5.72 | 5.49 | 4.62 | 4.39 | 3.55 | 3.00 | 2.61 | 1.89 | 1.32 | 0.95 |
| EPS Growth % | 26.97% | -27.15% | 217.97% | -1869.23% | -97.39% | 106.93% | -29.9% | -10.59% | -11.25% | 4.01% | 50.18% | 14.62% | 50.41% | 33.52% | 43.25% | -4.91% | 3400.12% | 99.62% | -306.59% | 54.03% | 17.13% | 4.19% | 18.83% | 5.24% | 23.66% | 18.33% | 14.94% | 38.1% | 43.18% | 38.95% | 630.77% |
| EPS (Basic) | - | 5.96 | 8.18 | -6.90 | 0.40 | 15.01 | 7.24 | 10.34 | 11.58 | 13.07 | 12.55 | 8.37 | 7.30 | 4.86 | 3.63 | 2.53 | 2.66 | -0.08 | -21.32 | 10.37 | 6.74 | 5.78 | 5.56 | 4.68 | 4.46 | 3.60 | 3.02 | 2.63 | 1.91 | 1.33 | 0.96 |
| Diluted Shares Outstanding | 60M | 62.4M | 63.6M | 63.66M | 64.06M | 69.14M | 71.4M | 72.26M | 74.77M | 74.84M | 74.57M | 74.04M | 73.36M | 72.3M | 69.31M | 68.96M | 68.78M | 68.45M | 68.4M | 68.49M | 68.06M | 67.64M | 67.56M | 67.12M | 64.86M | 53.14M | 54.26M | 60.35M | 61.13M | 60.3M | 56.21M |
| Basic Shares Outstanding | 59.8M | 62.1M | 63.3M | 63.66M | 63.83M | 68.85M | 71.21M | 71.99M | 74.41M | 74.36M | 74.1M | 73.52M | 72.84M | 71.77M | 68.99M | 68.74M | 68.58M | 68.45M | 68.4M | 68.17M | 67.67M | 66.93M | 66.68M | 66.25M | 63.72M | 52.42M | 53.77M | 59.73M | 60.39M | 59.85M | 55.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MHK stock.
For fiscal year 2025, Mohawk Industries, Inc. (MHK) reported total revenue of $10.79B. This represents a 400.9% increase compared to $2.15B in 1996.
Mohawk Industries, Inc. (MHK) is profitable, generating $369.9M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Mohawk Industries, Inc. (MHK) reported an operating income of $509.7M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Mohawk Industries, Inc. (MHK) generated $2.57B in gross profit for the year, representing a gross profit margin of 23.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margin buffer
Metrics are mathematically derived from official filings.
Top-Line Stalls Amid Housing Weakness
Based on Mohawk's reported quarterly figures, revenue growth has hovered near flat at roughly -0.5% year-over-year in the latest period, with quarterly revenue holding around $2.7B to $3.0B across the ten-quarter window.
The reported figures suggest Mohawk is unable to generate organic top-line expansion while residential turnover remains depressed, which is consistent with the cyclical sensitivity of remodel-driven demand. The absence of meaningful acceleration indicates that near-term growth may depend more on pricing and mix than on volume recovery. Investors should monitor whether flat revenue persists into subsequent quarters, as prolonged stagnation would weigh on the earnings base.
Gross Margin Holds Within Narrow Band
Mohawk's reported gross margin ranged from roughly 23.1% to 26.6% over the ten quarters shown, with the most recent quarter at 25.5%, suggesting a competitive pricing environment with limited structural expansion.
The narrow range indicates that Mohawk has been able to defend unit economics against input cost volatility, particularly energy and resin inflation, but has not demonstrated sustained pricing power. The stronger Q2 2026 gross margin of 26.6% may reflect favorable mix, which appears to be a cyclical rather than structural improvement. Given the high fixed-cost base in kiln and extrusion operations, further margin deterioration could materially compress profitability.
Operating Margin Swings With Volume
Operating margin moved between 3.7% and 8.5% across the reported quarters, and based on Mohawk's reported figures, the swing is considerably wider than gross margin movement, indicating meaningful operating leverage.
Because SG&A remained broadly stable near $480M to $540M per quarter, the bulk of operating income variability traces to gross profit fluctuations, implying that overhead is largely fixed in the short run. This pattern suggests that modest revenue shortfalls translate into disproportionate profit compression. Management's overhead discipline appears adequate, but the operating structure leaves limited cushion if demand weakens further.
Earnings Beat Driven by Cost Discipline
As reported in Mohawk's Q2 2026 results, EPS of $3.22 exceeded the cited consensus of $2.56, yet revenue growth remained slightly negative, suggesting the beat rests more on margin execution than on top-line momentum.
The gap between EPS outperformance and flat revenue implies that margin gains and cost management, rather than durable volume recovery, produced the upside. Net margin of 6.6% in that quarter compares with a substantially lower run-rate in other periods, which may reflect a non-recurring favorable item or mix benefit that warrants further investigation. Investors should treat the beat as provisional until subsequent quarters confirm sustainability.
Guidance Signals Possible Normalization
Management's maintained next-quarter EPS guidance of $2.50 to $2.60 sits well below the recent $3.22 quarterly figure, which may indicate that the latest strength is viewed as temporary rather than structural.
The bearish reading is that the Q2 margin peak reflects timing or mix effects, and a reversion toward the 4% to 5% operating margin levels seen in several prior quarters would sharply reduce earnings. Recurring restructuring costs tied to the acquisition-heavy strategy add further downside risk if they re-emerge. Investors should monitor whether guidance is revised and whether input cost or competitive pricing pressure returns.