Monro Inc. (MNRO) Income Statement

30Y historyFree accessUpdated daily

Revenue has contracted for seven consecutive quarters, with the latest period showing a 4.6% decline to $287.1 million, while gross margin has compressed by 220 basis points from 37.2% to 35.0%, indicating severe operational headwinds.

Annual statement

MNRO Income Statement

Monro Inc. (MNRO) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	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	1.14B	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 %	-4.47%	-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	744.52M	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	398.75M	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 %	34.88%	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	360.6M	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	360.6M	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	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	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	38.15M	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 %	3.34%	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	76.07M	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 %	6.65%	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 %	3.5%	-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)	46.21M	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	28.89M	20.33M	13.01M	71.89M	80.34M	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	-17.08M	-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	0	32K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	17.08M	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	-26.35M	-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	11.8M	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 %	1.03%	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	3.73M	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 %	31.61%	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	8.07M	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 %	0.71%	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 %	117.55%	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)	8.07M	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	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	0
EPS (Diluted)	0.27	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 %	113.92%	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	30.14M	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	30.14M	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	-	1608.61%	-	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%	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeContracting

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Persistent operating losses and revenue decline

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Revenue Decline Accelerates Through 2026

Based on reported figures, Monro's revenue has contracted for seven consecutive quarters on a year-over-year basis, with the latest period showing a 4.6% decline to $287.1 million, suggesting significant demand headwinds in its core markets.

The consistent negative revenue growth, accelerating from -0.2% in 2024Q4 to -7.2% in 2026Q4, indicates more than cyclical softness and may point to structural issues like market share loss or customer deferral of maintenance. The trend implies management's growth initiatives, if any, have yet to stabilize the top line.

Structural Margin Compression Erodes Profitability

According to Monro's income statements, gross margin has contracted by 220 basis points from 37.2% in 2025Q1 to 35.0% in 2027Q1, reflecting intense pricing pressure or an unfavorable shift in service mix that the company has been unable to fully offset.

While Monro's gross margin remains far above the ~16% peer average, likely due to its service-oriented model, the downward trend warrants scrutiny. The compression suggests the company is losing some of its pricing power or facing higher input costs, which, combined with high SG&A, leaves minimal room for error.

Negative Operating Leverage Amplifies Losses

As reported in financial statements, as gross profit declined 8.8% from 2024Q4 to 2027Q1, operating income collapsed by 64%, demonstrating that Monro's fixed cost structure, particularly SG&A, is magnifying revenue declines into disproportionate profit impacts.

The data shows that SG&A as a percentage of revenue has increased to 33.7% in 2027Q1 from 32.2% a year prior, indicating a failure to cut overhead in line with falling sales. This negative leverage creates a fragile model where even modest revenue shortfalls lead to operating losses.

Low-Quality Earnings Persist Despite Tax Benefit

The most recent quarterly report reveals a net loss of $2.1 million on an operating profit of $3.7 million, indicating non-operating headwinds, likely tax or interest expenses, that further erode the already thin bottom line for shareholders.

The erratic pattern of net income, swinging from profit to loss quarter-to-quarter, points to low earnings quality and significant non-operational volatility. The impact of stock-based compensation, which was a $1.6 million drag in 2027Q1, also reduces the cash flow generation available to common equity.

SG&A Overhead Resists Downward Adjustment

Analysis of cost structures shows that SG&A spending has remained stubbornly high at $89.7M-$96.7M per quarter, even as revenue declined, suggesting management's expense discipline is insufficient to protect profitability in a downturn.

The fixed nature of this overhead, which likely includes store leases and corporate salaries, becomes a critical liability when top-line growth stalls. Without meaningful SG&A reduction, the company's ability to return to consistent profitability appears constrained.

Core Business Fundamentals Deteriorating

A skeptical analysis would focus on the combination of persistent revenue decline and margin compression, arguing that Monro is caught in a secular squeeze where falling volumes are destroying its ability to cover fixed costs.

The trend suggests the business may be over-earning on a gross margin basis relative to its competitive position, making it vulnerable to continued share erosion. Investors should monitor whether the cost-cutting seen in 2026Q3 SG&A is sustainable or merely a temporary reprieve.

MNRO — Frequently Asked Questions

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

What was Monro Inc.'s (MNRO) revenue in 2026?

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.

Is Monro Inc. (MNRO) profitable?

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%.

What is Monro Inc.'s operating profit margin?

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.

What is Monro Inc.'s gross profit and gross margin?

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.