Revenue growth remains consistently negative, with a 7.2% year-over-year decline in 2026Q4 contributing to a compressed operating margin of 1.1%.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 1.16B | 1.2B | 1.28B | 1.33B | 1.36B | 1.13B | 1.26B | 1.2B | 1.13B | 1.02B | 943.65M | 894.49M | 831.43M | 732M | 686.55M | 636.68M | 564.64M | 476.11M | 439.39M | 417.23M | 368.73M | 337.41M | 279.46M | 258.03M | 224.85M | 222.96M | 223.6M | 193.5M | 154.3M | 141.2M |
| Revenue Growth % | -3.19% | -6.38% | -3.67% | -2.5% | 20.75% | -10.41% | 4.69% | 6.42% | 10.41% | 8.25% | 5.5% | 7.58% | 13.58% | 6.62% | 7.83% | 12.76% | 18.6% | 8.36% | 5.31% | 13.15% | 9.28% | 20.74% | 8.31% | 14.75% | 0.85% | -0.29% | 15.56% | 25.41% | 9.28% | 20.58% |
| Cost of Goods Sold | 751.91M | 777.69M | 824.69M | 869.21M | 877.49M | 730.53M | 779.87M | 735M | 692.24M | 624.62M | 557.95M | 541.14M | 511.46M | 453.85M | 410.15M | 379.17M | 333.46M | 284.64M | 264.78M | 250.8M | 220.91M | 200.62M | 164.65M | 152.43M | 133.04M | 120.23M | 121.11M | 103.3M | 78.2M | 70.7M |
| COGS % of Revenue | 64.98% | 65.06% | 64.59% | 65.58% | 64.55% | 64.89% | 62.07% | 61.24% | 61.38% | 61.15% | 59.13% | 60.5% | 61.52% | 62% | 59.74% | 59.55% | 59.06% | 59.78% | 60.26% | 60.11% | 59.91% | 59.46% | 58.92% | 59.08% | 59.17% | 53.93% | 54.16% | 53.39% | 50.68% | 50.07% |
| Gross Profit | 405.26M | 417.64M | 452.1M | 456.18M | 481.84M | 395.19M | 476.66M | 465.23M | 435.57M | 396.89M | 385.7M | 353.35M | 319.97M | 278.15M | 276.4M | 257.51M | 231.17M | 191.47M | 174.61M | 166.42M | 147.81M | 136.79M | 114.81M | 105.59M | 91.81M | 102.72M | 102.49M | 90.2M | 76.1M | 70.5M |
| Gross Margin % | 35.02% | 34.94% | 35.41% | 34.42% | 35.45% | 35.11% | 37.93% | 38.76% | 38.62% | 38.85% | 40.87% | 39.5% | 38.48% | 38% | 40.26% | 40.45% | 40.94% | 40.22% | 39.74% | 39.89% | 40.09% | 40.54% | 41.08% | 40.92% | 40.83% | 46.07% | 45.84% | 46.62% | 49.32% | 49.93% |
| Gross Profit Growth % | -2.97% | -7.62% | -0.89% | -5.33% | 21.92% | -17.09% | 2.46% | 6.81% | 9.75% | 2.9% | 9.16% | 10.43% | 15.04% | 0.63% | 7.33% | 11.39% | 20.74% | 9.66% | 4.92% | 12.59% | 8.06% | 19.15% | 8.72% | 15.01% | -10.62% | 0.22% | 13.63% | 18.53% | 7.94% | 22.18% |
| Operating Expenses | 389.79M | 377.34M | 380.68M | 376.43M | 374.51M | 319.51M | 366.98M | 338.49M | 308.28M | 280.5M | 265.11M | 243.56M | 224.63M | 204.44M | 184.98M | 178.35M | 171.94M | 147.8M | 136.04M | 126.44M | 108.03M | 102.38M | 84.71M | 81.04M | 69.72M | 66.99M | 79.95M | 75.9M | 55.4M | 49.8M |
| OpEx % of Revenue | 33.68% | 31.57% | 29.82% | 28.4% | 27.55% | 28.38% | 29.21% | 28.2% | 27.33% | 27.46% | 28.09% | 27.23% | 27.02% | 27.93% | 26.94% | 28.01% | 30.45% | 31.04% | 30.96% | 30.3% | 29.3% | 30.34% | 30.31% | 31.41% | 31.01% | 30.05% | 35.75% | 39.22% | 35.9% | 35.27% |
| Selling, General & Admin | 375.77M | 377.34M | 380.68M | 376.43M | 374.51M | 319.51M | 366.98M | 338.49M | 308.28M | 280.5M | 265.11M | 243.56M | 224.63M | 204.44M | 184.98M | 176.97M | 169.9M | 148.37M | 137.15M | 126.44M | 108.03M | 102.38M | 84.71M | 81.04M | 69.72M | 66.99M | 66.89M | 64.1M | 46.1M | 41.7M |
| SG&A % of Revenue | 32.47% | 31.57% | 29.82% | 28.4% | 27.55% | 28.38% | 29.21% | 28.2% | 27.33% | 27.46% | 28.09% | 27.23% | 27.02% | 27.93% | 26.94% | 27.8% | 30.09% | 31.16% | 31.21% | 30.3% | 29.3% | 30.34% | 30.31% | 31.41% | 31.01% | 30.05% | 29.91% | 33.13% | 29.88% | 29.53% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 14.02M | 0 | 0 | 593K | 0 | 0 | 0 | 630K | 454K | 628K | 374K | 908K | 659K | 332K | 0 | 2.16M | 2.04M | -571K | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.06M | 11.8M | 9.3M | 8.1M |
| Operating Income | 15.47M | 40.31M | 71.42M | 79.75M | 107.33M | 75.68M | 109.68M | 126.74M | 127.3M | 116.38M | 120.59M | 109.79M | 95.35M | 73.7M | 91.42M | 78.39M | 59.24M | 43.66M | 38.57M | 39.98M | 39.78M | 34.41M | 30.1M | 24.55M | 22.09M | 22.77M | 22.55M | 14.3M | 20.7M | 20.7M |
| Operating Margin % | 1.34% | 3.37% | 5.59% | 6.02% | 7.9% | 6.72% | 8.73% | 10.56% | 11.29% | 11.39% | 12.78% | 12.27% | 11.47% | 10.07% | 13.32% | 12.31% | 10.49% | 9.17% | 8.78% | 9.58% | 10.79% | 10.2% | 10.77% | 9.52% | 9.83% | 10.21% | 10.08% | 7.39% | 13.42% | 14.66% |
| Operating Income Growth % | -61.61% | -43.57% | -10.44% | -25.7% | 41.82% | -31% | -13.46% | -0.43% | 9.38% | -3.49% | 9.84% | 15.15% | 29.36% | -19.37% | 16.62% | 32.33% | 35.67% | 13.21% | -3.54% | 0.51% | 15.6% | 14.34% | 22.58% | 11.14% | -2.98% | 0.99% | 57.67% | -30.92% | 0% | 32.69% |
| EBITDA | 77.15M | 109.68M | 143.63M | 156.79M | 188.5M | 152.98M | 174.67M | 182.27M | 176.63M | 161.01M | 160.36M | 145.51M | 127.03M | 101.2M | 115M | 79.76M | 60.13M | 64.09M | 58.99M | 60.3M | 57.56M | 50.14M | 43.3M | 36.89M | 34.93M | 35.73M | 35.6M | 26.1M | 30M | 28.8M |
| EBITDA Margin % | 6.67% | 9.18% | 11.25% | 11.83% | 13.87% | 13.59% | 13.9% | 15.19% | 15.66% | 15.76% | 16.99% | 16.27% | 15.28% | 13.83% | 16.75% | 12.53% | 10.65% | 13.46% | 13.43% | 14.45% | 15.61% | 14.86% | 15.5% | 14.3% | 15.53% | 16.03% | 15.92% | 13.49% | 19.44% | 20.4% |
| EBITDA Growth % | -29.66% | -23.64% | -8.39% | -16.82% | 23.21% | -12.41% | -4.17% | 3.19% | 9.7% | 0.41% | 10.2% | 14.54% | 25.52% | -11.99% | 44.17% | 32.65% | -6.18% | 8.65% | -2.18% | 4.77% | 14.8% | 15.78% | 17.38% | 5.63% | -2.26% | 0.36% | 36.42% | -13% | 4.17% | 28.57% |
| D&A (Non-Cash Add-back) | 61.67M | 69.37M | 72.2M | 77.04M | 81.17M | 77.3M | 64.99M | 55.53M | 49.34M | 44.63M | 39.77M | 35.72M | 31.69M | 27.5M | 23.58M | 1.38M | 894K | 20.43M | 20.42M | 20.32M | 17.78M | 15.72M | 13.2M | 12.34M | 12.83M | 12.96M | 13.06M | 11.8M | 9.3M | 8.1M |
| EBIT | 15.47M | 13.01M | 71.42M | 79.75M | 101.92M | 72.43M | 102.49M | 126.74M | 127.3M | 116.38M | 120.59M | 109.79M | 95.35M | 73.7M | 91.42M | 78.39M | 59.58M | 44.06M | 39.22M | 39.98M | 39.78M | 34.41M | 29.34M | 23.91M | 22.21M | 35.73M | 22.55M | 14.3M | 20.7M | 20.7M |
| Net Interest Income | -17.23M | -18.92M | -20M | -23.18M | -24.63M | -28.23M | -28.21M | -27.01M | -24.3M | -19.77M | -15.54M | -11.34M | -9.47M | -7.21M | -5.22M | -5.09M | -6.09M | -5.92M | -5.75M | 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 | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.23M | 18.92M | 20M | 23.18M | 24.63M | 28.23M | 28.21M | 27.01M | 24.3M | 19.77M | 15.54M | 11.34M | 9.47M | 7.21M | 5.22M | 5.09M | 6.09M | 6.01M | 5.75M | 4.56M | 3.48M | 2.55M | 2.61M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.37M | -46.22M | -19.55M | -22.58M | -30.04M | -31.49M | -35.41M | -26.38M | -23.84M | -19.14M | -15.17M | -10.43M | -8.81M | -6.88M | -4.73M | -4.45M | -5.81M | -5.55M | -4.96M | -5.3M | -2.98M | -3.01M | -1.91M | -1.77M | -4.56M | -6.66M | -8.92M | -6.4M | -4.1M | -3.8M |
| Pretax Income | 3.1M | -5.91M | 51.88M | 57.17M | 77.28M | 44.19M | 74.27M | 100.36M | 103.45M | 97.24M | 105.42M | 99.36M | 86.54M | 66.82M | 86.69M | 73.94M | 53.42M | 38.11M | 33.61M | 34.69M | 36.81M | 31.4M | 27.43M | 22.14M | 17.53M | 16.11M | 13.63M | 7.9M | 16.6M | 16.9M |
| Pretax Margin % | 0.27% | -0.49% | 4.06% | 4.31% | 5.69% | 3.93% | 5.91% | 8.36% | 9.17% | 9.52% | 11.17% | 11.11% | 10.41% | 9.13% | 12.63% | 11.61% | 9.46% | 8.01% | 7.65% | 8.31% | 9.98% | 9.31% | 9.81% | 8.58% | 7.8% | 7.22% | 6.09% | 4.08% | 10.76% | 11.97% |
| Income Tax | 927K | -731K | 14.31M | 18.12M | 15.72M | 9.87M | 16.25M | 20.61M | 39.52M | 35.72M | 38.62M | 37.56M | 32.08M | 24.26M | 32.07M | 28.1M | 20.23M | 14.03M | 11.69M | 12.41M | 14.14M | 11.73M | 10.42M | 8.41M | 6.29M | 6.41M | 5.42M | 3.2M | 6.7M | 6.7M |
| Effective Tax Rate % | 29.9% | 12.36% | 27.58% | 31.69% | 20.34% | 22.34% | 21.88% | 20.53% | 38.2% | 36.73% | 36.63% | 37.8% | 37.07% | 36.3% | 37% | 38% | 37.87% | 36.8% | 34.78% | 35.79% | 38.42% | 37.36% | 38% | 38% | 35.91% | 39.8% | 39.77% | 40.51% | 40.36% | 39.64% |
| Net Income | 2.17M | -5.18M | 37.57M | 39.05M | 61.57M | 34.32M | 58.02M | 79.75M | 63.94M | 61.53M | 66.81M | 61.8M | 54.46M | 42.57M | 54.61M | 45.84M | 33.19M | 24.09M | 21.92M | 22.27M | 22.67M | 19.67M | 17M | 13.73M | 11.23M | 9.7M | 8.21M | 4.7M | 9.9M | 10.2M |
| Net Margin % | 0.19% | -0.43% | 2.94% | 2.95% | 4.53% | 3.05% | 4.62% | 6.64% | 5.67% | 6.02% | 7.08% | 6.91% | 6.55% | 5.82% | 7.95% | 7.2% | 5.88% | 5.06% | 4.99% | 5.34% | 6.15% | 5.83% | 6.08% | 5.32% | 5% | 4.35% | 3.67% | 2.43% | 6.42% | 7.22% |
| Net Income Growth % | 141.93% | -113.79% | -3.78% | -36.58% | 79.4% | -40.85% | -27.24% | 24.74% | 3.92% | -7.9% | 8.1% | 13.48% | 27.94% | -22.06% | 19.13% | 38.11% | 37.79% | 9.89% | -1.57% | -1.74% | 15.24% | 15.67% | 23.87% | 22.2% | 15.86% | 18.14% | 74.62% | -52.53% | -2.94% | 34.21% |
| Net Income (Continuing) | 2.17M | -5.18M | 37.57M | 39.05M | 61.57M | 34.32M | 58.02M | 79.75M | 63.94M | 61.53M | 66.81M | 61.8M | 54.46M | 42.57M | 54.61M | 45.84M | 33.19M | 24.09M | 21.92M | 22.27M | 22.67M | 19.67M | 16.54M | 13.34M | 11.31M | 9.7M | 8.21M | 4.7M | 9.9M | 10.2M |
| 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 |
| Minority Interest | 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 |
| EPS (Diluted) | 0.03 | -0.22 | 1.14 | 1.18 | 1.80 | 1.00 | 1.70 | 2.37 | 1.92 | 1.85 | 2.00 | 1.88 | 1.67 | 1.32 | 1.69 | 1.44 | 1.07 | 0.80 | 0.67 | 0.65 | 0.67 | 0.60 | 0.51 | 0.47 | 0.36 | 0.33 | 0.25 | 0.09 | 0.32 | 0.34 |
| EPS Growth % | 112.5% | -119.3% | -3.39% | -34.44% | 80% | -41.18% | -28.27% | 23.44% | 3.78% | -7.5% | 6.38% | 12.57% | 26.52% | -21.89% | 17.36% | 34.58% | 33.75% | 19.4% | 3.08% | -2.99% | 11.67% | 17.65% | 8.51% | 30.56% | 9.09% | 32% | 181.21% | -72.22% | -5.88% | 36% |
| EPS (Basic) | 0.03 | -0.22 | 1.22 | 1.20 | 1.82 | 1.02 | 1.73 | 2.42 | 1.95 | 1.88 | 2.07 | 1.94 | 1.73 | 1.36 | 1.77 | 1.50 | 1.11 | 0.85 | 0.72 | 0.71 | 0.74 | 0.67 | 0.57 | 0.47 | 0.40 | 0.33 | 0.28 | 0.10 | 0.35 | 0.37 |
| Diluted Shares Outstanding | 30M | 29.94M | 31.89M | 32.65M | 34.04M | 33.88M | 33.95M | 33.67M | 33.34M | 33.3M | 33.35M | 32.94M | 32.64M | 32.31M | 32.24M | 31.81M | 30.98M | 30.15M | 32.81M | 34.32M | 33.8M | 32.76M | 32.4M | 31.74M | 30.56M | 30.03M | 32.4M | 30.29M | 30.43M | 30.43M |
| Basic Shares Outstanding | 30M | 29.94M | 29.91M | 32.14M | 33.53M | 33.33M | 33.25M | 32.98M | 32.77M | 32.69M | 32.24M | 31.83M | 31.49M | 31.25M | 30.89M | 30.46M | 29.39M | 28.26M | 30.04M | 31.23M | 30.44M | 29.48M | 29.15M | 28.57M | 27.66M | 29.09M | 29.78M | 27.92M | 27.86M | 27.73M |
| Dividend Payout Ratio | 1546.53% | - | 94.5% | 93.23% | 56.32% | 86.78% | 51.21% | 33.62% | 37.49% | 36.6% | 29.47% | 27.26% | 25.99% | 29.93% | 20.21% | 18.96% | 16.36% | 18.63% | 21.9% | 17% | 9.43% | - | - | - | - | - | - | - | - | - |
Structural technician labor shortage
As reported in recent financial statements, Monro's revenue growth has remained consistently negative, culminating in a 7.2% year-over-year decline in 2026Q4, which suggests that the company's regional cluster strategy is failing to capture sufficient organic demand in an increasingly competitive and price-sensitive automotive service market.
The persistent negative revenue growth indicates that Monro is struggling to maintain market share, likely due to a combination of reduced consumer discretionary spending and the limitations of its multi-brand regional footprint. Investors should monitor whether this trend reflects a structural loss of relevance in the DIFM segment or merely a temporary cyclical downturn in tire replacement demand.
Based on the company's reported figures, gross margins have fluctuated within a narrow band, dropping to 33.9% in 2026Q4, which highlights the difficulty of passing through inflationary labor and procurement costs to a consumer base that is increasingly deferring non-essential vehicle maintenance and repairs.
The inability to expand gross margins despite the high-margin potential of automotive service labor suggests that Monro lacks significant pricing power. This margin profile appears vulnerable to further compression if the company cannot optimize its inventory procurement or improve technician productivity to offset rising wage pressures.
According to the latest quarterly data, Monro's operating margin has compressed to a precarious 1.1% in 2026Q4, demonstrating that the company's high fixed-cost structure is failing to scale effectively as revenue declines, leaving virtually no buffer for operational errors or unexpected macroeconomic headwinds.
The volatility in operating income, which swung from a $21.4M profit in 2024Q3 to a $6.1M loss in 2026Q1, underscores the sensitivity of the business model to volume fluctuations. This lack of operating leverage suggests that management's transformation initiatives have yet to yield the necessary efficiency gains to stabilize profitability.
Financial filings indicate that net income has been highly erratic, with a significant $6.6M loss reported in 2026Q4, a figure that is further complicated by inconsistent stock-based compensation charges that periodically obscure the underlying cash-generating capability of the core automotive service operations.
The frequent swings between profitability and net losses suggest that the company's earnings quality is currently low, driven by non-operating items and the inability to maintain consistent store-level performance. Analysts should scrutinize the recurring nature of these losses to determine if they represent a fundamental shift in the company's long-term earnings potential.
While the aging vehicle fleet is often cited as a tailwind, the company's recent performance, including the 2026Q4 net loss, suggests that Monro may be losing ground to more agile, integrated competitors who are better positioned to manage the evolving demands of modern automotive service.
Short-sellers would likely focus on the company's inability to convert its vast physical footprint into consistent profitability, pointing to the risk that the multi-brand strategy is a structural liability. The potential for electric vehicle adoption to permanently reduce the addressable market for traditional undercar services warrants further investigation as a long-term existential threat.
Quick answers to the most common questions about buying MNRO stock.
For fiscal year 2026, Monro, Inc. (MNRO) reported total revenue of $1.16B. This represents a 719.5% increase compared to $141.2M in 1997.
Monro, Inc. (MNRO) is profitable, generating $2.2M in net income for the fiscal year ending 2026 with a net profit margin of 0.2%.
Monro, Inc. (MNRO) reported an operating income of $15.5M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Monro, Inc. (MNRO) generated $405.3M in gross profit for the year, representing a gross profit margin of 35.0%. This demonstrates the company's core pricing power and production efficiency.