MSC Industrial Direct Co., Inc. (MSM) Income Statement

30Y historyFree accessUpdated daily

Revenue declined 1.3% year-over-year in 2026Q3, yet gross margin held at 41.1%, though operating margin compressed to 10.2% from an 11.4% peak in 2024Q3 due to SG&A growth outpacing sales.

Annual statement

MSM Income Statement

MSC Industrial Direct Co., Inc. (MSM) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Aug'25	Aug'24	Sep'23	Sep'22	Aug'21	Aug'20	Aug'19	Aug'18	Aug'17	Aug'16	Aug'15	Aug'14	Aug'13	Aug'12	Aug'11	Aug'10	Aug'09	Aug'08	Aug'07	Aug'06	Aug'05	Aug'04	Aug'03	Aug'02	Aug'01	Aug'00	Aug'99	Aug'98	Aug'97	Aug'96

Sales/Revenue	3.91B	3.77B	3.82B	4.01B	3.69B	3.24B	3.19B	3.36B	3.2B	2.89B	2.86B	2.91B	2.79B	2.46B	2.36B	2.02B	1.69B	1.49B	1.78B	1.69B	1.32B	1.1B	955.28M	844.66M	793.98M	869.23M	792.87M	651.5M	583M	438M	305.3M
Revenue Growth %	4.41%	-1.35%	-4.7%	8.6%	13.83%	1.59%	-5.1%	4.99%	10.95%	0.85%	-1.61%	4.42%	13.41%	4.32%	16.53%	19.49%	13.6%	-16.31%	5.43%	28.13%	19.78%	15.14%	13.1%	6.38%	-8.66%	9.63%	21.7%	11.75%	33.11%	43.47%	-
Cost of Goods Sold	2.31B	2.23B	2.25B	2.37B	2.13B	1.91B	1.92B	1.93B	1.81B	1.6B	1.57B	1.59B	1.5B	1.34B	1.28B	1.08B	925.1M	801.67M	957.33M	907.7M	700.46M	595.84M	524.91M	464.96M	447.82M	496.43M	472.07M	380.6M	337.2M	252.8M	175M
COGS % of Revenue	-	59.25%	58.89%	59.02%	57.79%	58.88%	60.07%	57.43%	56.52%	55.46%	54.99%	54.76%	53.85%	54.49%	54.23%	53.46%	54.67%	53.82%	53.79%	53.77%	53.16%	54.17%	54.95%	55.05%	56.4%	57.11%	59.54%	58.42%	57.84%	57.72%	57.32%
Gross Profit	1.6B	1.54B	1.57B	1.64B	1.56B	1.33B	1.27B	1.43B	1.39B	1.29B	1.29B	1.32B	1.29B	1.12B	1.08B	940.92M	766.94M	687.85M	822.51M	780.49M	617.06M	504.07M	430.37M	379.7M	346.16M	372.8M	320.8M	270.9M	245.8M	185.2M	130.3M
Gross Margin %	40.82%	40.75%	41.11%	40.98%	42.21%	41.12%	39.93%	42.57%	43.48%	44.54%	45.01%	45.24%	46.15%	45.51%	45.77%	46.54%	45.33%	46.18%	46.21%	46.23%	46.84%	45.83%	45.05%	44.95%	43.6%	42.89%	40.46%	41.58%	42.16%	42.28%	42.68%
Gross Profit Growth %	-	-2.21%	-4.39%	5.44%	16.85%	4.62%	-10.99%	2.81%	8.3%	-0.2%	-2.11%	2.36%	15%	3.74%	14.59%	22.69%	11.5%	-16.37%	5.38%	26.49%	22.41%	17.13%	13.35%	9.69%	-7.15%	16.21%	18.42%	10.21%	32.72%	42.13%	-
Operating Expenses	1.25B	1.22B	1.16B	1.15B	1.08B	991.85M	906.86M	1B	971.54M	907.25M	912.9M	929.95M	896.8M	721.4M	663.76M	591.16M	525.12M	483.13M	502.98M	483.41M	389.39M	325.62M	299.66M	296.76M	286.19M	285.34M	227.5M	189.2M	169.7M	126.4M	95.8M
OpEx % of Revenue	-	32.46%	30.48%	28.71%	29.33%	30.58%	28.41%	29.75%	30.32%	31.42%	31.88%	31.95%	32.18%	29.35%	28.17%	29.24%	31.03%	32.44%	28.26%	28.63%	29.56%	29.6%	31.37%	35.13%	36.04%	32.83%	28.69%	29.04%	29.11%	28.86%	31.38%
Selling, General & Admin	1.55B	0	1.17B	1.15B	1.08B	991.85M	906.86M	1B	971.54M	907.25M	912.9M	932.55M	885.67M	721.39M	0	0	0	0	502.98M	489.61M	392.59M	326.42M	299.66M	296.76M	286.19M	285.34M	213.09M	180M	161.9M	120.5M	92.3M
SG&A % of Revenue	-	-	30.54%	28.71%	29.33%	30.58%	28.41%	29.75%	30.32%	31.42%	31.88%	32.04%	31.78%	29.35%	-	-	-	-	28.26%	29%	29.8%	29.68%	31.37%	35.13%	36.04%	32.83%	26.88%	27.63%	27.77%	27.51%	30.23%
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	1.22B	-1.99M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14.41M	9.2M	7.8M	5.9M	3.5M
Operating Income	343.97M	313.73M	405.99M	492.01M	475.26M	341.67M	367.77M	431.22M	421.42M	379M	375.96M	386.63M	389.45M	397.12M	414.44M	349.76M	241.82M	204.72M	319.53M	297.08M	227.67M	178.46M	130.71M	82.94M	59.98M	87.46M	93.3M	81.7M	76.1M	58.8M	34.5M
Operating Margin %	8.8%	8.32%	10.63%	12.27%	12.87%	10.53%	11.52%	12.82%	13.15%	13.12%	13.13%	13.28%	13.97%	16.16%	17.59%	17.3%	14.29%	13.74%	17.95%	17.6%	17.28%	16.22%	13.68%	9.82%	7.55%	10.06%	11.77%	12.54%	13.05%	13.42%	11.3%
Operating Income Growth %	-	-22.73%	-17.48%	3.52%	39.1%	-7.1%	-14.71%	2.33%	11.19%	0.81%	-2.76%	-0.72%	-1.93%	-4.18%	18.49%	44.64%	18.12%	-35.93%	7.56%	30.49%	27.57%	36.53%	57.6%	38.29%	-31.43%	-6.25%	14.2%	7.36%	29.42%	70.43%	-
EBITDA	443.4M	403.91M	488.5M	566.74M	562.4M	428.38M	459.16M	496.21M	484.05M	441.58M	447.49M	456.01M	454.03M	446.34M	449.16M	378.92M	267.87M	231.67M	346.88M	323.11M	242.9M	190.72M	143.02M	98.3M	75.96M	104.34M	107.7M	90.9M	83.9M	64.7M	38M
EBITDA Margin %	11.34%	10.72%	12.78%	14.14%	15.23%	13.21%	14.38%	14.75%	15.11%	15.29%	15.63%	15.67%	16.29%	18.16%	19.07%	18.74%	15.83%	15.55%	19.49%	19.14%	18.44%	17.34%	14.97%	11.64%	9.57%	12%	13.58%	13.95%	14.39%	14.77%	12.45%
EBITDA Growth %	9.01%	-17.32%	-13.81%	0.77%	31.29%	-6.7%	-7.47%	2.51%	9.62%	-1.32%	-1.87%	0.44%	1.72%	-0.63%	18.54%	41.46%	15.63%	-33.21%	7.35%	33.02%	27.36%	33.35%	45.5%	29.4%	-27.2%	-3.12%	18.49%	8.34%	29.68%	70.26%	-
D&A (Non-Cash Add-back)	99.43M	90.18M	82.51M	74.73M	87.14M	86.71M	91.39M	64.99M	62.63M	62.58M	71.53M	69.38M	64.58M	49.23M	34.72M	29.16M	26.05M	26.95M	27.35M	26.03M	15.23M	12.26M	12.31M	15.36M	15.99M	16.88M	14.41M	9.2M	7.8M	5.9M	3.5M
EBIT	332.55M	287.64M	368.52M	478.7M	468.73M	302.89M	350.92M	400.02M	420.65M	380.36M	377.54M	379.48M	383.4M	385.59M	412.38M	349.59M	241.97M	205.57M	321.74M	292.09M	224.7M	181.75M	133.04M	82.94M	59.98M	86.4M	82.03M	81.7M	76.2M	58.8M	34.5M
Net Interest Income	-21.37M	-22.93M	-25.36M	-21.51M	-17.45M	-14.44M	-16.34M	-16.37M	-13.82M	-11.71M	-5.15M	-5.57M	-3.46M	-2.05M	-45K	-200K	-975K	-2.81M	-3.96M	-10.18M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	749K	1.13M	412K	1.03M	150K	66K	333K	518K	647K	658K	654K	771K	414K	117K	196K	58K	165K	820K	649K	939K	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	22.12M	24.06M	25.77M	22.54M	17.6M	14.51M	16.67M	16.89M	14.46M	12.37M	5.81M	6.34M	3.87M	2.16M	241K	258K	1.14M	3.63M	4.61M	11.12M	0	0	0	0	570K	23.79M	5.37M	400K	0	0	0
Other Income/Expense	-40.05M	-50.15M	-63.24M	-35.85M	-24.13M	-53.29M	-33.52M	-48.09M	-15.23M	-11.01M	-4.23M	-13.49M	-9.93M	-13.69M	-2.3M	-435K	-991K	-2.78M	-6.17M	-17.59M	-5.9M	3.29M	2.33M	1.48M	213K	-12.59M	6.09M	-900K	2.1M	700K	-500K
Pretax Income	303.93M	263.58M	342.75M	456.16M	451.13M	288.38M	334.25M	383.13M	406.19M	367.99M	371.73M	373.14M	379.52M	383.43M	412.14M	349.33M	240.83M	201.94M	313.36M	279.49M	221.77M	181.75M	133.04M	84.41M	60.19M	73.81M	88.12M	80.8M	78.2M	59.5M	34M
Pretax Margin %	7.78%	6.99%	8.97%	11.38%	12.22%	8.89%	10.47%	11.39%	12.68%	12.74%	12.98%	12.82%	13.62%	15.6%	17.49%	17.28%	14.23%	13.56%	17.61%	16.56%	16.83%	16.52%	13.93%	9.99%	7.58%	8.49%	11.11%	12.4%	13.41%	13.58%	11.14%
Income Tax	75.82M	65.74M	86.79M	113.05M	110.65M	70.44M	82.49M	94.33M	76.97M	136.56M	140.51M	141.83M	143.46M	145.43M	153.11M	130.54M	90.45M	76.82M	117.12M	105.56M	85.38M	69.48M	51.89M	32.32M	23.77M	33.26M	35.19M	31.9M	30.9M	23.5M	13.4M
Effective Tax Rate %	24.95%	24.94%	25.32%	24.78%	24.53%	24.43%	24.68%	24.62%	18.95%	37.11%	37.8%	38.01%	37.8%	37.93%	37.15%	37.37%	37.56%	38.04%	37.37%	37.77%	38.5%	38.23%	39%	38.29%	39.5%	45.06%	39.94%	39.48%	39.51%	39.5%	39.41%
Net Income	230.54M	199.33M	258.59M	343.23M	339.79M	216.91M	251.12M	288.87M	329.22M	231.43M	231.22M	231.31M	236.07M	238M	259.03M	218.79M	150.37M	125.12M	196.24M	173.93M	136.39M	112.27M	81.16M	52.09M	36.41M	40.55M	52.93M	48.9M	47.3M	36M	20.6M
Net Margin %	5.9%	5.29%	6.77%	8.56%	9.2%	6.69%	7.87%	8.59%	10.28%	8.01%	8.07%	7.95%	8.47%	9.68%	10.99%	10.82%	8.89%	8.4%	11.03%	10.3%	10.35%	10.21%	8.5%	6.17%	4.59%	4.66%	6.68%	7.51%	8.11%	8.22%	6.75%
Net Income Growth %	16.16%	-22.92%	-24.66%	1.01%	56.65%	-13.62%	-13.07%	-12.26%	42.26%	0.09%	-0.04%	-2.02%	-0.81%	-8.12%	18.39%	45.5%	20.18%	-36.24%	12.83%	27.52%	21.48%	38.34%	55.79%	43.05%	-10.19%	-23.39%	8.23%	3.38%	31.39%	74.76%	-
Net Income (Continuing)	228.1M	197.84M	255.96M	343.11M	340.48M	217.94M	251.76M	288.8M	329.22M	231.43M	231.22M	231.31M	236.07M	238M	259.03M	218.79M	150.37M	125.12M	196.24M	173.93M	136.39M	112.27M	81.16M	52.09M	36.41M	39.91M	46.17M	48.9M	47.3M	36M	20.6M
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	8.29M	9.48M	13.42M	11.85M	11M	5.63M	5.33M	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)	4.12	3.57	4.58	6.11	6.06	3.87	4.51	5.20	5.81	4.05	3.77	3.74	3.76	3.75	4.09	3.43	2.37	2.00	3.04	2.59	2.00	1.61	1.17	0.77	0.51	0.57	0.68	0.72	0.69	0.53	0.48
EPS Growth %	16.95%	-22.05%	-25.04%	0.83%	56.59%	-14.19%	-13.27%	-10.5%	43.46%	7.43%	0.8%	-0.53%	0.27%	-8.31%	19.24%	44.73%	18.5%	-34.21%	17.37%	29.5%	24.22%	37.61%	51.95%	50.98%	-10.53%	-16.18%	-5.56%	4.35%	30.19%	10.42%	-
EPS (Basic)	-	3.57	4.60	6.14	6.09	3.89	4.53	5.23	5.84	4.08	3.78	3.75	3.78	3.77	4.12	3.45	2.39	2.02	3.08	2.64	2.04	1.65	1.21	0.78	0.53	0.59	0.69	0.73	0.70	0.53	0.48
Diluted Shares Outstanding	55.99M	55.89M	56.44M	56.21M	56.05M	56.09M	55.64M	55.51M	56.71M	56.97M	61.08M	61.49M	62.34M	63.01M	62.8M	63.32M	62.93M	62.58M	64.66M	67.06M	68.32M	69.89M	69.55M	67.91M	70.78M	69.45M	68.2M	67.92M	68.55M	66.75M	60.87M
Basic Shares Outstanding	55.84M	55.78M	56.26M	55.92M	55.78M	55.74M	55.47M	55.24M	56.35M	56.59M	60.91M	61.29M	62.03M	62.7M	62.43M	62.9M	62.44M	61.8M	63.74M	65.8M	66.83M	67.93M	67.06M	66.54M	68.92M	68.2M	67.22M	66.99M	67.57M	66.75M	60.87M
Dividend Payout Ratio	-	95.14%	72.42%	51.49%	49.26%	77.13%	176.88%	50.44%	38.1%	44.17%	45.75%	122.88%	34.99%	31.87%	24.33%	54.51%	34.4%	39.86%	24.26%	24.32%	26.64%	115.58%	24%	6.36%	-	-	-	-	-	-	306.31%

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Manufacturing demand cyclicality

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Stalls Amid Soft Manufacturing

MSM's revenue declined 1.3% year-over-year in the latest quarter, reflecting persistent weakness in U.S. manufacturing activity, as per recent financial statements. Growth has been negative for five consecutive quarters, signaling a prolonged demand trough.

The 7.8% year-over-year revenue growth in 2026Q3 appears to be a rebound from a low base, but the underlying trend remains negative when compared to the prior year's levels. The company's heavy reliance on domestic manufacturing makes it highly sensitive to the ISM Manufacturing Index, which has been contracting. Investors should monitor whether this uptick marks a genuine inflection or merely a temporary stabilization.

Gross Margin Resilience Masks Mix Shift

Gross margin held at 41.1% in 2026Q3, but the shift toward large national accounts appears to be compressing pricing power, as reported in the latest earnings release. This mix dynamic may cap future margin expansion despite stable reported figures.

While gross margin has remained relatively stable around 41%, the company's operating margin has contracted from 11.4% in 2024Q3 to 10.2% in 2026Q3, suggesting that the cost of serving larger accounts or increased competition is eroding profitability. The reported gross margin stability may be misleading if LIFO accounting or supplier rebates are masking underlying pressure. The sustainability of this margin level warrants close monitoring.

Operating Leverage Turns Negative

Operating income fell 4.3% year-over-year in 2026Q3 despite a revenue increase, indicating negative operating leverage, based on the income statement data. SG&A expenses grew faster than gross profit, compressing margins.

In 2026Q3, gross profit rose 8.2% year-over-year, but operating income only grew 23.2% from a depressed prior-year quarter, and the operating margin remains below historical levels. The company's high fixed-cost distribution network appears to be causing deleverage during the demand downturn. Management's 'doing more with less' commentary suggests efficiency initiatives, but the data shows that SG&A as a percentage of revenue has increased from 29.5% in 2024Q3 to 31.0% in 2026Q3.

EPS Beat Masks Underlying Weakness

EPS of $1.44 in 2026Q3 beat estimates, but net income growth of 41.2% year-over-year is flattered by a low base and a tax benefit, as per the income statement. Excluding one-time items, earnings quality appears moderate.

The effective tax rate in 2026Q3 appears lower than in prior quarters, boosting net income. Additionally, stock-based compensation was reported as zero in the latest quarter, which may indicate a data gap rather than an actual absence. Investors should adjust for these factors to assess true operational earnings power. The beat may not signal a fundamental improvement in demand.

SG&A Creep Pressures Profitability

SG&A expenses have risen from $289.0M in 2024Q3 to $323.7M in 2026Q3, a 12% increase, outpacing revenue growth, as shown in the income statement. This cost inflation is compressing operating margins.

The increase in SG&A likely reflects investments in digital transformation and technical sales force expansion, but the lack of corresponding revenue growth suggests inefficiency. The company's operating margin of 10.2% is below its historical double-digit levels, and the trend appears to be deteriorating. Management's expense discipline will be critical to restoring profitability.

2024Q3 Marks Margin Peak

The 2024Q3 quarter appears to be the inflection point, with operating margin peaking at 11.4% before declining to 10.2% in 2026Q3, based on reported figures. This downturn aligns with the onset of manufacturing weakness.

Since 2024Q3, revenue has declined year-over-year for five consecutive quarters, and operating margins have contracted by over 100 basis points. The company's high fixed-cost structure has amplified the impact of the demand downturn. The lasting impact is a structurally lower margin profile unless volume recovers significantly.

Margin Compression May Be Structural

The shift toward national accounts and increased price transparency could permanently erode MSM's gross margins, which are currently 41.1%, as per the latest data. Short-sellers may argue that the company's technical moat is weakening.

The company's gross margin is below its historical average, and the mix shift toward large accounts with pricing power suggests that this may not be cyclical. Additionally, the rise of e-commerce platforms could commoditize even metalworking supplies, reducing the value of technical advice. If operating margins continue to trend toward the 8% level, the stock's valuation may warrant a discount to peers.

MSM — Frequently Asked Questions

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

What was MSC Industrial Direct Co., Inc.'s (MSM) revenue in 2025?

For fiscal year 2025, MSC Industrial Direct Co., Inc. (MSM) reported total revenue of $3.77B. This represents a 1134.7% increase compared to $305.3M in 1996.

Is MSC Industrial Direct Co., Inc. (MSM) profitable?

MSC Industrial Direct Co., Inc. (MSM) is profitable, generating $199.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.

What is MSC Industrial Direct Co., Inc.'s operating profit margin?

MSC Industrial Direct Co., Inc. (MSM) reported an operating income of $313.7M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is MSC Industrial Direct Co., Inc.'s gross profit and gross margin?

MSC Industrial Direct Co., Inc. (MSM) generated $1.54B in gross profit for the year, representing a gross profit margin of 40.8%. This demonstrates the company's core pricing power and production efficiency.