Revenue growth accelerated to 4.5% in 2026Q2, with gross margin expanding to 63.3% and operating margin to 29.8%, reflecting strong pricing power and operating leverage.
Mettler-Toledo International Inc. (MTD) annual income statement — 29-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 |
|---|
| Sales/Revenue | 4.13B | 4.03B | 3.87B | 3.79B | 3.92B | 3.72B | 3.09B | 3.01B | 2.94B | 2.73B | 2.51B | 2.4B | 2.49B | 2.38B | 2.34B | 2.31B | 1.97B | 1.73B | 1.97B | 1.79B | 1.59B | 1.48B | 1.4B | 1.3B | 1.21B | 1.15B | 1.1B | 1.07B | 935.7M | 878.4M |
| Revenue Growth % | 6.91% | 3.98% | 2.22% | -3.35% | 5.43% | 20.51% | 2.54% | 2.49% | 7.73% | 8.64% | 4.71% | -3.64% | 4.5% | 1.6% | 1.39% | 17.41% | 13.77% | -12.39% | 10.01% | 12.47% | 7.58% | 5.56% | 7.67% | 7.47% | 5.72% | 4.79% | 2.82% | 13.87% | 6.52% | - |
| Cost of Goods Sold | 1.68B | 1.71B | 1.62B | 1.62B | 1.68B | 1.61B | 1.34B | 1.32B | 1.3B | 1.19B | 1.12B | 1.06B | 1.16B | 1.12B | 1.12B | 1.11B | 945.82M | 851.36M | 990.82M | 909.25M | 815.98M | 763.59M | 734.3M | 686.25M | 645.97M | 619.14M | 578.5M | 560.1M | 495.6M | 467.9M |
| COGS % of Revenue | - | 42.48% | 41.83% | 42.74% | 42.81% | 43.29% | 43.46% | 43.78% | 44.24% | 43.74% | 44.47% | 44.33% | 46.55% | 47.06% | 47.9% | 48.02% | 48.09% | 49.24% | 50.21% | 50.69% | 51.16% | 51.51% | 52.28% | 52.61% | 53.22% | 53.93% | 52.8% | 52.57% | 52.97% | 53.27% |
| Gross Profit | 2.45B | 2.32B | 2.25B | 2.17B | 2.24B | 2.11B | 1.74B | 1.69B | 1.64B | 1.53B | 1.39B | 1.33B | 1.33B | 1.26B | 1.22B | 1.2B | 1.02B | 877.49M | 982.53M | 884.5M | 778.93M | 718.88M | 670.15M | 618.18M | 567.74M | 528.88M | 517.05M | 505.4M | 440.1M | 410.5M |
| Gross Margin % | 59.3% | 57.52% | 58.17% | 57.26% | 57.19% | 56.71% | 56.54% | 56.22% | 55.76% | 56.26% | 55.53% | 55.67% | 53.45% | 52.94% | 52.1% | 51.98% | 51.91% | 50.76% | 49.79% | 49.31% | 48.84% | 48.49% | 47.72% | 47.39% | 46.78% | 46.07% | 47.2% | 47.43% | 47.03% | 46.73% |
| Gross Profit Growth % | - | 2.82% | 3.86% | -3.24% | 6.32% | 20.87% | 3.12% | 3.34% | 6.77% | 10.07% | 4.44% | 0.36% | 5.5% | 3.25% | 1.62% | 17.57% | 16.36% | -10.69% | 11.08% | 13.55% | 8.35% | 7.27% | 8.41% | 8.88% | 7.35% | 2.29% | 2.31% | 14.84% | 7.21% | - |
| Operating Expenses | 1.27B | 1.2B | 1.13B | 1.09B | 1.12B | 1.11B | 960.32M | 963.13M | 953.87M | 923.17M | 852.59M | 819.89M | 851.88M | 809.13M | 796.56M | 819.77M | 685.75M | 594.86M | 682.09M | 621.5M | 564.51M | 523.6M | 503M | 462.55M | 411.92M | 410.45M | 385.77M | 393.1M | 346.7M | 339.8M |
| OpEx % of Revenue | - | 29.75% | 29.07% | 28.76% | 28.46% | 29.96% | 31.13% | 32.01% | 32.49% | 33.88% | 33.99% | 34.23% | 34.27% | 34.01% | 34.02% | 35.5% | 34.86% | 34.41% | 34.57% | 34.65% | 35.39% | 35.32% | 35.81% | 35.46% | 33.94% | 35.75% | 35.21% | 36.89% | 37.05% | 38.68% |
| Selling, General & Admin | 1.03B | 998.31M | 936.3M | 904.11M | 938.46M | 943.98M | 820.22M | 819.18M | 812.8M | 787.46M | 732.62M | 700.81M | 728.58M | 692.79M | 684.03M | 703.63M | 588.73M | 505.18M | 579.81M | 529.13M | 481.71M | 441.7M | 419.78M | 372.82M | 331.96M | 299.19M | 296.19M | 300.4M | 265.5M | 260.4M |
| SG&A % of Revenue | - | 24.79% | 24.18% | 23.87% | 23.94% | 25.39% | 26.59% | 27.23% | 27.69% | 28.9% | 29.21% | 29.26% | 29.31% | 29.12% | 29.21% | 30.47% | 29.93% | 29.22% | 29.38% | 29.5% | 30.2% | 29.79% | 29.89% | 28.58% | 27.35% | 26.06% | 27.04% | 28.19% | 28.37% | 29.64% |
| Research & Development | 208.01M | 199.37M | 189.36M | 185.28M | 177.12M | 169.77M | 140.1M | 143.95M | 141.07M | 129.26M | 119.97M | 119.08M | 123.3M | 116.35M | 112.53M | 116.14M | 97.03M | 89.69M | 102.28M | 92.38M | 82.8M | 81.89M | 83.22M | 78M | 70.63M | 64.63M | 56.33M | 57.4M | 49M | 47.6M |
| R&D % of Revenue | - | 4.95% | 4.89% | 4.89% | 4.52% | 4.57% | 4.54% | 4.78% | 4.81% | 4.74% | 4.78% | 4.97% | 4.96% | 4.89% | 4.81% | 5.03% | 4.93% | 5.19% | 5.18% | 5.15% | 5.19% | 5.52% | 5.93% | 5.98% | 5.82% | 5.63% | 5.14% | 5.39% | 5.24% | 5.42% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 384.55M | 341.29M | 46.63M | 33.25M | 35.3M | 32.2M | 31.8M |
| Operating Income | 1.19B | 1.12B | 1.13B | 1.08B | 1.13B | 994.74M | 784.04M | 728.39M | 682.98M | 609.91M | 540.19M | 513.68M | 476.86M | 450.37M | 423.34M | 380.69M | 335.34M | 282.63M | 300.44M | 263M | 214.42M | 195.29M | 167.15M | 155.63M | 155.82M | 118.43M | 131.28M | 112.3M | 93.4M | 70.7M |
| Operating Margin % | 28.69% | 27.78% | 29.11% | 28.5% | 28.73% | 26.76% | 25.41% | 24.21% | 23.27% | 22.38% | 21.54% | 21.44% | 19.18% | 18.93% | 18.08% | 16.49% | 17.05% | 16.35% | 15.22% | 14.66% | 13.44% | 13.17% | 11.9% | 11.93% | 12.84% | 10.32% | 11.98% | 10.54% | 9.98% | 8.05% |
| Operating Income Growth % | - | -0.76% | 4.39% | -4.13% | 13.22% | 26.87% | 7.64% | 6.65% | 11.98% | 12.91% | 5.16% | 7.72% | 5.88% | 6.38% | 11.2% | 13.53% | 18.65% | -5.93% | 14.24% | 22.66% | 9.8% | 16.83% | 7.41% | -0.12% | 31.57% | -9.78% | 16.9% | 20.24% | 32.11% | - |
| EBITDA | 1.32B | 1.24B | 1.25B | 1.2B | 1.24B | 1.1B | 882.75M | 817.07M | 767.67M | 686.04M | 608.98M | 577.72M | 539.66M | 509.67M | 478.12M | 430.19M | 379.87M | 324.11M | 339.98M | 301.34M | 251.99M | 232.7M | 206.08M | 192.44M | 190.54M | 155.41M | 164.53M | 147.6M | 125.6M | 102.5M |
| EBITDA Margin % | 31.86% | 30.9% | 32.29% | 31.7% | 31.62% | 29.66% | 28.61% | 27.16% | 26.15% | 25.18% | 24.28% | 24.12% | 21.71% | 21.42% | 20.42% | 18.63% | 19.31% | 18.75% | 17.23% | 16.8% | 15.8% | 15.7% | 14.67% | 14.75% | 15.7% | 13.54% | 15.02% | 13.85% | 13.42% | 11.67% |
| EBITDA Growth % | 8.02% | -0.49% | 4.12% | -3.1% | 12.37% | 24.93% | 8.04% | 6.43% | 11.9% | 12.65% | 5.41% | 7.05% | 5.88% | 6.6% | 11.14% | 13.25% | 17.2% | -4.67% | 12.82% | 19.58% | 8.29% | 12.92% | 7.09% | 0.99% | 22.61% | -5.55% | 11.47% | 17.52% | 22.54% | - |
| D&A (Non-Cash Add-back) | 131M | 125.61M | 123.22M | 121.16M | 113.02M | 108.06M | 98.71M | 88.68M | 84.69M | 76.13M | 68.8M | 64.04M | 62.8M | 59.3M | 54.78M | 49.5M | 44.53M | 41.48M | 39.54M | 38.35M | 37.57M | 37.41M | 38.92M | 36.81M | 34.72M | 36.97M | 33.25M | 35.3M | 32.2M | 31.8M |
| EBIT | 1.16B | 1.11B | 1.1B | 1.06B | 1.13B | 991.83M | 787.25M | 723.3M | 685.83M | 608.69M | 531.18M | 493.64M | 466.42M | 422.34M | 402.37M | 369.4M | 326.59M | 249.2M | 291.46M | 263.87M | 222.34M | 175.06M | 167.11M | 155.63M | 155.82M | 118.43M | 131.28M | 112.27M | 93.36M | 70.7M |
| Net Interest Income | -69.34M | -68.52M | -74.63M | -77.37M | -55.39M | -43.24M | -38.62M | -37.41M | -34.51M | -32.78M | -28.03M | -27.45M | -24.54M | -22.71M | -22.76M | -23.23M | -20.06M | -25.12M | -25.39M | 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 |
| Interest Expense | 69.34M | 68.52M | 74.63M | 77.37M | 55.39M | 43.24M | 38.62M | 37.41M | 34.51M | 32.78M | 28.03M | 27.45M | 24.54M | 22.71M | 22.76M | 23.23M | 20.06M | 25.12M | 25.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -88.73M | -69.58M | -89.83M | -105.95M | -55.63M | -45.38M | -35.3M | -46.99M | -31.12M | -35.69M | -36M | -50.26M | -31.85M | -47.66M | -40.74M | -31.52M | -27.82M | -57.87M | -34.37M | -20.13M | -9.57M | -35.1M | -12.93M | -18.72M | -45.41M | 0 | -22.65M | -32.77M | -34.76M | -77.1M |
| Pretax Income | 1.1B | 1.05B | 1.04B | 973.73M | 1.07B | 949.36M | 748.74M | 681.39M | 651.86M | 574.22M | 504.19M | 463.42M | 445M | 402.71M | 382.6M | 349.18M | 307.51M | 224.76M | 266.07M | 242.87M | 2.05B | 160.18M | 154.22M | 136.91M | 110.41M | 118.43M | 108.63M | 79.5M | 58.6M | -6.4M |
| Pretax Margin % | 26.55% | 26.05% | 26.79% | 25.7% | 27.31% | 25.53% | 24.27% | 22.65% | 22.21% | 21.07% | 20.1% | 19.35% | 17.9% | 16.93% | 16.34% | 15.12% | 15.63% | 13% | 13.48% | 13.54% | 128.44% | 10.81% | 10.98% | 10.5% | 9.1% | 10.32% | 9.92% | 7.46% | 6.26% | -0.73% |
| Income Tax | 191.75M | 179.72M | 174.08M | 184.95M | 198.09M | 180.38M | 146M | 120.28M | 139.25M | 198.25M | 119.82M | 110.6M | 106.76M | 96.61M | 91.75M | 79.68M | 75.36M | 52.17M | 63.29M | 64.36M | 47.31M | 51.28M | 46.27M | 41.07M | 9.99M | 46.17M | 38.51M | 31.4M | 21M | 17.5M |
| Effective Tax Rate % | 17.47% | 17.13% | 16.78% | 18.99% | 18.5% | 19% | 19.5% | 17.65% | 21.36% | 34.52% | 23.77% | 23.87% | 23.99% | 23.99% | 23.98% | 22.82% | 24.51% | 23.21% | 23.79% | 26.5% | 2.31% | 32.01% | 30% | 30% | 9.05% | 38.98% | 35.45% | 39.5% | 35.84% | -273.44% |
| Net Income | 905.61M | 869.19M | 863.14M | 788.78M | 872.5M | 768.99M | 602.74M | 561.11M | 512.61M | 375.97M | 384.37M | 352.82M | 338.24M | 306.09M | 290.85M | 269.49M | 232.15M | 172.59M | 202.78M | 178.51M | 157.53M | 108.9M | 107.96M | 95.84M | 100.42M | 72.26M | 70.12M | 48.1M | 37.6M | -65.9M |
| Net Margin % | 21.91% | 21.59% | 22.29% | 20.82% | 22.26% | 20.68% | 19.54% | 18.65% | 17.46% | 13.8% | 15.32% | 14.73% | 13.61% | 12.87% | 12.42% | 11.67% | 11.8% | 9.98% | 10.28% | 9.95% | 9.88% | 7.35% | 7.69% | 7.35% | 8.27% | 6.29% | 6.4% | 4.51% | 4.02% | -7.5% |
| Net Income Growth % | 9.14% | 0.7% | 9.43% | -9.6% | 13.46% | 27.58% | 7.42% | 9.46% | 36.34% | -2.18% | 8.94% | 4.31% | 10.5% | 5.24% | 7.92% | 16.09% | 34.51% | -14.89% | 13.6% | 13.31% | 44.65% | 0.88% | 12.65% | -4.56% | 38.96% | 3.06% | 45.78% | 27.93% | 157.06% | - |
| Net Income (Continuing) | 905.61M | 869.19M | 863.14M | 788.78M | 872.5M | 768.99M | 602.74M | 561.11M | 512.61M | 375.97M | 384.37M | 352.82M | 338.24M | 306.09M | 290.85M | 269.49M | 232.15M | 172.59M | 202.78M | 178.51M | 157.53M | 108.9M | 107.96M | 95.84M | 100.42M | 72.26M | 70.12M | 48.1M | 37.6M | -23.9M |
| 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 | 4.2M | 3.5M |
| EPS (Diluted) | 44.91 | 42.17 | 40.67 | 35.90 | 38.41 | 32.78 | 24.91 | 22.47 | 19.88 | 14.24 | 14.22 | 12.48 | 11.44 | 9.96 | 9.14 | 8.21 | 6.80 | 5.03 | 5.79 | 4.70 | 3.86 | 2.52 | 2.37 | 2.11 | 2.21 | 1.68 | 1.66 | 1.16 | 0.92 | -2.08 |
| EPS Growth % | 12.6% | 3.69% | 13.29% | -6.53% | 17.18% | 31.59% | 10.86% | 13.03% | 39.61% | 0.14% | 13.94% | 9.09% | 14.86% | 8.97% | 11.33% | 20.74% | 35.19% | -13.13% | 23.19% | 21.76% | 53.17% | 6.33% | 12.32% | -4.52% | 31.55% | 1.2% | 43.1% | 26.09% | 144.23% | - |
| EPS (Basic) | - | 42.17 | 40.67 | 36.10 | 38.79 | 33.25 | 25.24 | 22.84 | 20.33 | 14.62 | 14.49 | 12.75 | 11.71 | 10.22 | 9.37 | 8.45 | 6.98 | 5.12 | 5.92 | 4.82 | 3.93 | 2.58 | 2.44 | 2.15 | 2.27 | 1.78 | 1.80 | 1.25 | 0.98 | -2.08 |
| Diluted Shares Outstanding | 20.17M | 20.61M | 21.32M | 21.97M | 22.72M | 23.46M | 24.2M | 24.97M | 25.78M | 26.39M | 27.02M | 28.27M | 29.57M | 30.73M | 31.82M | 32.84M | 34.14M | 34.29M | 35.05M | 37.95M | 40.79M | 43.29M | 45.48M | 45.51M | 45.37M | 42.98M | 42.14M | 41.3M | 40.68M | 31.62M |
| Basic Shares Outstanding | 20.12M | 20.61M | 21.22M | 21.85M | 22.49M | 23.13M | 23.88M | 24.57M | 25.22M | 25.71M | 26.52M | 27.68M | 28.89M | 29.95M | 31.04M | 31.9M | 33.28M | 33.72M | 34.25M | 37.03M | 40.07M | 42.21M | 44.24M | 44.47M | 44.28M | 40.61M | 38.9M | 38.52M | 38.36M | 31.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MTD stock.
For fiscal year 2025, Mettler-Toledo International Inc. (MTD) reported total revenue of $4.03B. This represents a 358.4% increase compared to $878.4M in 1997.
Mettler-Toledo International Inc. (MTD) is profitable, generating $869.2M in net income for the fiscal year ending 2025 with a net profit margin of 21.6%.
Mettler-Toledo International Inc. (MTD) reported an operating income of $1.12B, resulting in an operating profit margin of 27.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Mettler-Toledo International Inc. (MTD) generated $2.32B in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High valuation multiple
Metrics are mathematically derived from official filings.
Growth Rebounding After Soft Patch
Revenue growth accelerated to 4.5% in 2026Q2 from 3.9% in 2025Q2, with sequential improvement from -4.6% in 2025Q1, suggesting a cyclical recovery. According to recent SEC filings, MTD's top line is regaining momentum.
The revenue trajectory shows a clear V-shaped recovery from the trough in 2025Q1, where growth was -4.6%, to positive 4.5% in 2026Q2. This rebound appears driven by improved demand in China and emerging markets, as management noted, and a stabilization in lab spending. The sequential acceleration from 7.2% in 2026Q1 to 4.5% in 2026Q2, while still positive, indicates the pace may be moderating, but the overall trend is upward. Investors should monitor whether this growth is sustainable or a temporary catch-up effect.
Gross Margin Expansion Defies Cost Pressures
Gross margin reached 63.3% in 2026Q2, up from 57.2% a year earlier, reflecting pricing power and favorable mix. As reported in financial statements, MTD's gross margin is at a multi-year high.
The 610 basis point year-over-year expansion in gross margin is striking, especially given the modest revenue growth. This suggests that MTD is benefiting from a favorable product mix shift toward higher-margin laboratory and service revenue, as well as successful cost pass-through. The gross margin trend has been steadily climbing from 57.2% in 2024Q1 to 63.3% in 2026Q2, indicating structural improvements. However, such rapid expansion may not be sustainable indefinitely, and investors should watch for mean reversion as mix normalizes.
Operating Leverage Amplifies Margin Gains
Operating margin expanded to 29.8% in 2026Q2 from 27.0% in 2025Q2, as SG&A grew only 6.5% versus 10.6% revenue growth. Based on EDBL's reported figures, MTD is scaling efficiently.
The operating leverage is evident: while gross profit grew 15.6% year-over-year in 2026Q2, operating income grew 15.4%, indicating that SG&A and R&D are not growing proportionally. SG&A as a percentage of revenue declined to 25.6% in 2026Q2 from 25.1% in 2025Q2, despite the higher revenue base. This suggests that the Stern Drive productivity initiatives are yielding results, but the ceiling may be approaching as the easiest cost cuts are realized. The company's ability to maintain this leverage will depend on sustaining revenue growth.
EPS Growth Outpaces Net Income
EPS grew 18.2% in 2026Q2 versus net income growth of 15.1%, reflecting aggressive buybacks. As disclosed in quarterly reports, MTD's share count reduction is boosting per-share metrics.
The divergence between EPS growth and net income growth highlights the impact of the company's share repurchase program. With SBC of only $5.4M, the dilution is minimal, but the buyback is significant. This strategy can mask underlying operational performance, and investors should be aware that EPS growth is partly financial engineering. The tax rate appears stable, but any one-off items in the quarter, as suggested by the EPS miss versus consensus, warrant scrutiny. The quality of earnings is high, but the reliance on buybacks for EPS growth is a factor to monitor.
R&D Discipline Amid Revenue Recovery
R&D spending rose 7.5% year-over-year in 2026Q2, below revenue growth, keeping R&D intensity at 5.2%. According to recent financial statements, MTD is balancing innovation with cost control.
R&D expenses have grown modestly, from $45.8M in 2024Q2 to $53.0M in 2026Q2, but as a percentage of revenue, they have declined from 4.8% to 5.2% over the same period. This suggests that MTD is prioritizing efficiency in its innovation spending, which may be appropriate given the maturity of its product lines. However, underinvestment in R&D could jeopardize long-term competitiveness, especially as competitors like Sartorius invest heavily. The company's ability to maintain its technological edge while controlling costs is a delicate balance.
Premium Valuation Leaves No Room for Error
Despite an EPS miss in 2026Q2, management raised guidance, but the stock's high P/E multiple amplifies downside risk. As reported in recent earnings, MTD trades at a premium to peers.
The market's reaction to the EPS miss, despite raised guidance, underscores the high expectations embedded in MTD's valuation. With a P/E of 34.83, comparable to Waters but higher than Agilent, any negative surprise could trigger outsized selling. The company's reliance on buybacks to drive EPS growth may be less effective if the stock price remains elevated. Additionally, the low cash position relative to revenue suggests limited financial flexibility, and any working capital strain from emerging market growth could pressure the balance sheet. Short-sellers might argue that the margin expansion is unsustainable and that China's recovery is fragile.