Operating margins remain constrained by competitive pricing pressures, evidenced by a decline to 4.1% in 2026Q1 compared to the 7.8% peak observed in 2024Q3.
| 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 | 10.99B | 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 % | 2.85% | -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 | 8.31B | 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 | 2.67B | 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 % | 24.34% | 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 | 2.14B | 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 | 2.11B | 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 | 537.4M | 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 % | 4.89% | 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 | 1.22B | 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 % | 11.12% | 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 % | -4.47% | -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) | 684M | 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 | 501.8M | 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 | -13.6M | -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 | 13.6M | 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 | -50.6M | -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 | 486.8M | 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 % | 4.43% | 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 | 72.4M | 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 % | 14.87% | 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 | 414.4M | 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 % | 3.77% | 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 % | -14.59% | -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) | 414.4M | 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 | 0 | 0 | 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) | 6.72 | 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 % | -12.7% | -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 | 61.7M | 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 | 61.4M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical housing market sensitivity
According to the provided financial data, Mohawk Industries has struggled to maintain consistent top-line momentum, with revenue growth fluctuating between a contraction of 5.7% and a recent peak of 8.0% YoY, reflecting the company's high sensitivity to broader residential construction and remodeling cycles.
The erratic revenue trajectory suggests that the company is currently unable to decouple its performance from the broader housing market's volatility. Investors should monitor whether the recent 8.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from a low base in the prior year.
As reported in the income statement, Mohawk's gross margin has remained compressed, hovering near 23.5% to 25.8% over the last ten quarters, which indicates significant difficulty in passing through inflationary input costs to a price-sensitive consumer base in the current flooring market environment.
The inability to consistently expand gross margins suggests that Mohawk lacks the pricing power enjoyed by higher-margin peers like Armstrong World Industries. This structural limitation may imply that the company's massive manufacturing footprint is currently a liability rather than an asset during periods of lower capacity utilization.
Based on the reported figures, operating income has shown extreme volatility, dropping from a high of $214 million in 2024Q2 to $111.8 million in 2026Q1, demonstrating that the company's high fixed-cost structure prevents efficient scaling when revenue growth fails to materialize.
The lack of operating leverage suggests that SG&A expenses remain stubbornly high relative to gross profit, limiting the company's ability to protect the bottom line during revenue downturns. This pattern warrants further investigation into whether management can successfully rationalize the cost base without compromising long-term competitive positioning.
Analysis of the income statement reveals that net income has been highly inconsistent, with margins as thin as 1.6% in 2025Q4, suggesting that the company's earnings quality is vulnerable to non-operating items and the recurring nature of restructuring charges inherent in its M&A strategy.
Short-sellers may focus on the company's reliance on inorganic growth and the potential for goodwill impairments if the current margin compression persists. The thin net margin buffer indicates that any further deterioration in global construction activity could rapidly lead to earnings volatility that the current valuation may not fully account for.
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.