Revenue grew 13.0% year over year to $244.5M in 2026Q4 on seven consecutive quarters of positive growth, yet the 8.0% gross margin and -0.4% operating margin still lag peers and underscore persistently thin buffers against project overruns.
Matrix Service Company (MTRX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | Jun'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 881.15M | 873.63M | 769.29M | 728.21M | 795.02M | 707.78M | 673.4M | 1.1B | 1.42B | 1.09B | 1.2B | 1.31B | 1.35B | 1.26B | 892.57M | 739.05M | 627.05M | 550.81M | 689.72M | 731.3M | 939.85M | 493.93M | 439.14M | 607.9M | 288.42M | 222.51M | 190.9M | 193.75M | 211M | 214.9M | 183.1M |
| Revenue Growth % | 8.04% | 13.56% | 5.64% | -8.4% | 12.33% | 5.11% | -38.83% | -22.29% | 29.79% | -8.85% | -8.72% | -2.77% | 6.82% | 41.51% | 20.77% | 17.86% | 13.84% | -20.14% | -5.69% | -22.19% | 90.28% | 12.48% | -27.76% | 110.77% | 29.62% | 16.56% | -1.47% | -8.17% | -1.81% | 17.37% | -0.38% |
| Cost of Goods Sold | 813.33M | 809.68M | 729.61M | 687.74M | 764.2M | 708.99M | 640.63M | 998.76M | 1.28B | 999.62M | 1.12B | 1.19B | 1.26B | 1.13B | 797.87M | 659.43M | 552.14M | 497.89M | 595.4M | 656.18M | 573.96M | 446.85M | 408.12M | 561.59M | 256.81M | 197.25M | 168.39M | 169.86M | 193M | 189.6M | 161.2M |
| COGS % of Revenue | - | 92.68% | 94.84% | 94.44% | 96.12% | 100.17% | 95.13% | 90.72% | 90.69% | 91.58% | 93.24% | 90.4% | 93.52% | 89.2% | 89.39% | 89.23% | 88.05% | 90.39% | 86.32% | 89.73% | 61.07% | 90.47% | 92.94% | 92.38% | 89.04% | 88.65% | 88.21% | 87.67% | 91.47% | 88.23% | 88.04% |
| Gross Profit | 67.82M | 63.95M | 39.68M | 40.47M | 30.82M | -1.21M | 32.77M | 102.18M | 131.95M | 91.94M | 81M | 125.99M | 87.37M | 136.47M | 94.7M | 79.62M | 74.91M | 52.92M | 94.32M | 75.12M | 365.89M | 47.08M | 31.02M | 46.31M | 31.61M | 25.26M | 22.51M | 23.89M | 18M | 25.3M | 21.9M |
| Gross Margin % | 7.7% | 7.32% | 5.16% | 5.56% | 3.88% | -0.17% | 4.87% | 9.28% | 9.31% | 8.42% | 6.76% | 9.6% | 6.48% | 10.8% | 10.61% | 10.77% | 11.95% | 9.61% | 13.68% | 10.27% | 38.93% | 9.53% | 7.06% | 7.62% | 10.96% | 11.35% | 11.79% | 12.33% | 8.53% | 11.77% | 11.96% |
| Gross Profit Growth % | - | 61.18% | -1.97% | 31.32% | 2655.56% | -103.68% | -67.93% | -22.57% | 43.52% | 13.5% | -35.71% | 44.2% | -35.98% | 44.11% | 18.95% | 6.28% | 41.56% | -43.89% | 25.57% | -79.47% | 677.17% | 51.77% | -33.02% | 46.51% | 25.15% | 12.2% | -5.79% | 32.74% | -28.85% | 15.53% | 1.86% |
| Operating Expenses | 64.28M | 73.57M | 74.75M | 70.59M | 83.71M | 86.65M | 76.51M | 138.8M | 94.02M | 84.42M | 76.14M | 85.11M | 78.57M | 77.87M | 57.99M | 47.98M | 44.01M | 45.17M | 47.01M | 40.57M | 32.76M | 28.84M | 66.5M | 28.94M | 20.45M | 16.34M | 14.43M | 16.89M | 19.7M | 17.6M | 16.5M |
| OpEx % of Revenue | - | 8.42% | 9.72% | 9.69% | 10.53% | 12.24% | 11.36% | 12.61% | 6.64% | 7.73% | 6.36% | 6.49% | 5.82% | 6.16% | 6.5% | 6.49% | 7.02% | 8.2% | 6.82% | 5.55% | 3.49% | 5.84% | 15.14% | 4.76% | 7.09% | 7.35% | 7.56% | 8.72% | 9.34% | 8.19% | 9.01% |
| Selling, General & Admin | 60.62M | 63.61M | 71.17M | 70.08M | 68.25M | 67.69M | 69.76M | 86.28M | 94.02M | 84.42M | 76.14M | 85.11M | 78.57M | 77.87M | 57.99M | 47.98M | 44.01M | 45.17M | 47.01M | 40.57M | 32.76M | 28.77M | 40.34M | 28.94M | 20.45M | 16M | 14.08M | 12.99M | 15M | 12.2M | 11.1M |
| SG&A % of Revenue | - | 7.28% | 9.25% | 9.62% | 8.58% | 9.56% | 10.36% | 7.84% | 6.64% | 7.73% | 6.36% | 6.49% | 5.82% | 6.16% | 6.5% | 6.49% | 7.02% | 8.2% | 6.82% | 5.55% | 3.49% | 5.83% | 9.19% | 4.76% | 7.09% | 7.19% | 7.38% | 6.71% | 7.11% | 5.68% | 6.06% |
| 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 | 1.23M | 9.96M | 3.57M | 501K | 15.46M | 18.96M | 6.76M | 52.52M | 611K | 550K | -334K | -567K | 158K | -472K | -30K | 0 | 0 | 0 | 0 | 0 | 0 | 70K | 26.17M | 0 | 0 | 341K | 353K | 3.89M | 4.7M | 5.4M | 5.4M |
| Operating Income | 3.55M | -9.62M | -35.07M | -30.11M | -52.89M | -87.85M | -43.75M | -36.63M | 37.8M | -10.48M | 4.86M | 40.88M | 8.8M | 58.61M | 36.71M | 31.64M | 30.9M | 7.75M | 47.32M | 34.55M | 33.05M | 17.7M | -39.14M | 18.16M | 13.09M | 8.96M | 7.47M | 7.01M | -1.7M | 7.7M | 5.4M |
| Operating Margin % | 0.4% | -1.1% | -4.56% | -4.14% | -6.65% | -12.41% | -6.5% | -3.33% | 2.67% | -0.96% | 0.41% | 3.12% | 0.65% | 4.64% | 4.11% | 4.28% | 4.93% | 1.41% | 6.86% | 4.72% | 3.52% | 3.58% | -8.91% | 2.99% | 4.54% | 4.03% | 3.91% | 3.62% | -0.81% | 3.58% | 2.95% |
| Operating Income Growth % | - | 72.57% | -16.45% | 43.06% | 39.8% | -100.82% | -19.45% | -196.89% | 460.73% | -315.66% | -88.11% | 364.46% | -84.98% | 59.63% | 16.05% | 2.38% | 298.56% | -83.61% | 36.95% | 4.54% | 86.74% | 145.22% | -315.51% | 38.76% | 46.1% | 19.94% | 6.59% | 512.18% | -122.08% | 42.59% | 12.5% |
| EBITDA | 11.6M | -978K | -25.06M | -19.09M | -39.19M | -72.6M | -25.89M | -17.5M | 56.02M | 9.87M | 26.46M | 62.32M | 32.28M | 77.13M | 49.5M | 43.12M | 41.97M | 19.5M | 58.08M | 43.08M | 40.99M | 27.98M | -31.19M | 25M | 18.39M | 13.94M | 12.01M | 10.9M | 3M | 13.1M | 10.8M |
| EBITDA Margin % | 1.32% | -0.11% | -3.26% | -2.62% | -4.93% | -10.26% | -3.84% | -1.59% | 3.95% | 0.9% | 2.21% | 4.75% | 2.39% | 6.11% | 5.55% | 5.83% | 6.69% | 3.54% | 8.42% | 5.89% | 4.36% | 5.66% | -7.1% | 4.11% | 6.37% | 6.26% | 6.29% | 5.63% | 1.42% | 6.1% | 5.9% |
| EBITDA Growth % | 170.33% | 96.1% | -31.25% | 51.29% | 46.02% | -180.43% | -47.93% | -131.24% | 467.74% | -62.71% | -57.54% | 93.06% | -58.14% | 55.82% | 14.79% | 2.75% | 115.17% | -66.42% | 34.82% | 5.09% | 46.52% | 189.7% | -224.75% | 35.99% | 31.91% | 16.06% | 10.16% | 263.37% | -77.1% | 21.3% | 0.93% |
| D&A (Non-Cash Add-back) | 6.18M | 8.64M | 10.01M | 11.02M | 13.69M | 15.25M | 17.86M | 19.12M | 18.22M | 20.35M | 21.6M | 21.44M | 23.48M | 18.52M | 12.78M | 11.48M | 11.07M | 11.75M | 10.76M | 8.53M | 7.94M | 10.28M | 7.95M | 6.84M | 5.3M | 4.98M | 4.54M | 3.89M | 4.7M | 5.4M | 5.4M |
| EBIT | 8.03M | -1.79M | -28.48M | -23.88M | -50.74M | -55.33M | -41.7M | -35.05M | 37.93M | -9.55M | 5.46M | 47.28M | 8.8M | 60.61M | 36.72M | 31.3M | 31.41M | 8.08M | 48.32M | 34.61M | 33.12M | 18.23M | -35.48M | 17.59M | 11.16M | 8.91M | 8.08M | 7.01M | -1.7M | 4.63M | 5.4M |
| Net Interest Income | 7.4M | 7.28M | 6.13M | 209K | -1.73M | -2.86M | -1.43M | -327K | -129K | -2.22M | -2.08M | -662K | -768K | -1.32M | -768K | -788K | -724K | -593K | -233K | -808K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.88M | 7.72M | 6.65M | 1.34M | 290K | 90K | 126K | 1.27M | 1.17M | 381K | 132K | 190K | 468K | 112K | 32K | 26K | 71K | 79K | 330K | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 474K | 437K | 518K | 1.13M | 2.02M | 2.95M | 1.56M | 1.6M | 1.3M | 2.6M | 2.21M | 852K | 1.24M | 1.44M | 800K | 814K | 795K | 672K | 563K | 890K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.01M | 7.39M | 6.07M | 5.1M | 126K | 29.57M | 484K | -19K | 482K | -1.67M | -2.41M | -1.23M | -610K | -1.8M | -798K | -1.15M | -284K | -343K | 442K | -835K | -1.94M | -6.1M | -5.32M | -1.45M | -198K | 530K | -409K | 189K | -10.3M | -21.93M | -300K |
| Pretax Income | 7.56M | -2.22M | -29M | -25.01M | -52.76M | -58.28M | -43.26M | -36.64M | 38.41M | -12.15M | 2.45M | 39.65M | 8.19M | 56.81M | 35.92M | 30.49M | 30.62M | 7.41M | 47.76M | 33.72M | 31.11M | 11.59M | -44.46M | 16.07M | 12.89M | 9.49M | 7.06M | 7.2M | -12M | 1M | 5.1M |
| Pretax Margin % | 0.86% | -0.25% | -3.77% | -3.43% | -6.64% | -8.23% | -6.42% | -3.33% | 2.71% | -1.11% | 0.2% | 3.02% | 0.61% | 4.5% | 4.02% | 4.13% | 4.88% | 1.35% | 6.92% | 4.61% | 3.31% | 2.35% | -10.12% | 2.64% | 4.47% | 4.26% | 3.7% | 3.71% | -5.69% | 0.47% | 2.79% |
| Income Tax | 286K | 356K | 464K | -36K | -400K | 5.62M | -12.04M | -3.57M | 10.43M | -668K | 2.31M | 14.12M | 10.09M | 19.93M | 11.91M | 13.3M | 11.63M | 2.53M | 17.17M | 12.3M | 11.94M | 3.94M | -5.63M | 6.53M | 4.71M | 3.61M | 2.48M | 580K | 10.9M | 1.7M | 2.1M |
| Effective Tax Rate % | 3.78% | -16.01% | -1.6% | 0.14% | 0.76% | -9.64% | 27.83% | 9.74% | 27.15% | 5.5% | 94.36% | 35.6% | 123.17% | 35.09% | 33.16% | 43.63% | 38% | 34.2% | 35.95% | 36.49% | 38.38% | 33.99% | 12.66% | 40.62% | 36.56% | 38.02% | 35.13% | 8.06% | -90.83% | 170% | 41.18% |
| Net Income | 7.27M | -2.58M | -29.46M | -24.98M | -52.36M | -63.9M | -31.22M | -33.07M | 27.98M | -11.48M | -183K | 28.86M | 17.16M | 35.81M | 24.01M | 17.19M | 18.98M | 4.88M | 30.59M | 21.41M | 19.17M | 7.65M | -38.83M | 9.54M | 8.18M | 5.88M | 4.58M | 6.62M | -12.6M | -11.6M | 3M |
| Net Margin % | 0.83% | -0.3% | -3.83% | -3.43% | -6.59% | -9.03% | -4.64% | -3% | 1.98% | -1.05% | -0.02% | 2.2% | 1.27% | 2.84% | 2.69% | 2.33% | 3.03% | 0.89% | 4.44% | 2.93% | 2.04% | 1.55% | -8.84% | 1.57% | 2.84% | 2.64% | 2.4% | 3.41% | -5.97% | -5.4% | 1.64% |
| Net Income Growth % | 130.42% | 91.24% | -17.96% | 52.3% | 18.06% | -104.65% | 5.59% | -218.2% | 343.75% | -6173.22% | -100.63% | 68.23% | -52.09% | 49.16% | 39.68% | -9.45% | 289.29% | -84.06% | 42.85% | 11.7% | 150.5% | 119.71% | -506.94% | 16.68% | 39.06% | 28.41% | -30.77% | 152.51% | -8.62% | -486.67% | 25% |
| Net Income (Continuing) | 7.27M | -2.58M | -29.46M | -24.98M | -52.36M | -63.9M | -31.22M | -33.07M | 27.98M | -11.48M | 138K | 25.54M | -1.9M | 36.88M | 24.01M | 17.19M | 18.98M | 4.88M | 30.59M | 21.41M | 19.17M | 7.65M | -38.83M | 9.54M | 8.18M | 5.88M | 4.58M | 6.62M | -12.6M | -11.6M | 3M |
| 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 | -1.18M | -8.74M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.26 | -0.09 | -1.06 | -0.91 | -1.94 | -2.39 | -1.18 | -1.24 | 1.01 | -0.43 | -0.01 | 1.07 | 0.63 | 1.33 | 0.91 | 0.65 | 0.71 | 0.18 | 1.16 | 0.80 | 0.72 | 0.30 | -2.24 | 0.54 | 0.49 | 0.36 | 0.27 | 0.37 | -0.67 | -0.61 | 0.15 |
| EPS Growth % | 130.33% | 91.51% | -16.48% | 53.09% | 18.83% | -102.54% | 4.84% | -222.77% | 334.88% | - | -100.64% | 69.84% | -52.63% | 46.15% | 40% | -8.45% | 294.44% | -84.48% | 45% | 11.11% | 140% | 113.39% | -514.81% | 10.2% | 36.11% | 33.33% | -27.03% | 155.22% | -9.84% | -506.67% | 25% |
| EPS (Basic) | - | -0.09 | -1.06 | -0.91 | -1.94 | -2.39 | -1.18 | -1.24 | 1.04 | -0.43 | -0.01 | 1.09 | 0.64 | 1.36 | 0.92 | 0.66 | 0.72 | 0.19 | 1.17 | 0.81 | 0.83 | 0.39 | -2.24 | 0.57 | 0.52 | 0.38 | 0.27 | 0.37 | -0.67 | -0.61 | 0.16 |
| Diluted Shares Outstanding | 28.5M | 28.3M | 27.77M | 27.38M | 26.99M | 26.73M | 26.45M | 26.62M | 27.59M | 26.77M | 26.53M | 27.1M | 27.18M | 26.98M | 26.36M | 26.3M | 26.69M | 26.5M | 26.39M | 26.88M | 26.75M | 25.74M | 17.33M | 17.62M | 16.71M | 16.21M | 17.04M | 17.99M | 18.88M | 19.09M | 19.35M |
| Basic Shares Outstanding | 28.38M | 28.3M | 27.77M | 27.38M | 26.99M | 26.73M | 26.45M | 26.62M | 26.89M | 26.7M | 26.53M | 26.6M | 26.6M | 26.29M | 25.96M | 25.92M | 26.41M | 26.27M | 26.12M | 26.43M | 23.06M | 19.65M | 17.33M | 16.72M | 15.84M | 15.44M | 16.67M | 17.75M | 18.88M | 19.09M | 18.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MTRX stock.
For fiscal year 2026, Matrix Service Company (MTRX) reported total revenue of $873.6M. This represents a 377.1% increase compared to $183.1M in 1997.
Matrix Service Company (MTRX) reported a net loss of $2.6M for the fiscal year ending 2026.
Matrix Service Company (MTRX) reported an operating income of $-9.6M, resulting in an operating profit margin of -1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Matrix Service Company (MTRX) generated $64.0M in gross profit for the year, representing a gross profit margin of 7.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistently thin gross margins
Metrics are mathematically derived from official filings.
Revenue Recovery Broadens in 2026
Matrix Service's quarterly revenue returned to double-digit growth in 2026Q4, rising 13.0% year over year to $244.5M, marking seven consecutive quarters of positive growth after the 2025Q1 trough of -16.2%, according to reported income statements, suggesting the recovery is broadening rather than stalling.
The sequence of growth rates — 6.9%, 20.6%, 14.2%, 28.0%, 12.5%, 3.3%, 13.0% — is volatile rather than smoothly accelerating, which may indicate lumpy project starts and completions typical of an engineering and construction backlog rather than a steady demand trend. Investors should treat the 2026Q4 uptick as encouraging but should test it against backlog and project-mix disclosure before assuming the trajectory is durable, since a single large contract timing shift could distort the quarterly comparison.
Gross Margin Gains Remain Peer-Lagging
Gross margin nearly tripled from 3.4% in 2024Q3 to 8.0% in 2026Q4, yet remains far below the 22.9% gross margin Great Lakes Dredge and 11.5% MYR Group posted, per comparative peer data, implying MTRX's project mix still skews toward lower-value construction scopes.
The margin climb from 3.8% in 2025Q4 to 8.0% in 2026Q4 appears to reflect a combination of higher-revenue quarters absorbing fixed project costs and possible mix improvement, but the 6.2%-8.3% band over the last four quarters suggests a structural ceiling rather than a one-off recovery. With peers generating 10.7%-37.5% gross margins, MTRX's pricing power or contract selection looks comparatively weak, and any renewed cost inflation in labor or materials could compress the margin again before operating leverage ever materializes.
Overhead Cuts Mask Operating Leverage
SG&A declined 15.2% from $19.9M in 2024Q3 to $16.9M in 2026Q4 while revenue grew 47.3%, per reported financial statements, yet the savings only pulled operating margin from -8.7% to -0.4%, indicating overhead reductions have largely offset cost pressure rather than created genuine operating leverage.
Absolute SG&A of $16.9M against $244.5M of revenue implies a 6.9% overhead ratio versus roughly 12% in 2024Q3, which is a meaningful efficiency gain in isolation; however, the fact that operating income is still marginally negative shows that gross margin, not overhead, is the binding constraint on profitability. If revenue growth continues while SG&A holds near current levels, the operating leverage math becomes materially more favorable, but investors should verify that the SG&A reduction reflects sustainable structural change rather than deferred spending or project-related cost capitalization.
Earnings Rest on Non-Operating Support
Stock-based compensation of $1.7M exceeded 2026Q4 net income of $1.1M, and the quarter reported positive earnings despite an $891K operating loss, based on MTRX's filed figures, implying non-operating income or tax benefits appear to have underpinned the reported bottom-line profitability.
A net income figure that exceeds operating income, while also absorbing $1.7M of SBC, suggests the quality of reported EPS is dependent on items outside core project execution, which may not recur at the same magnitude. Combined with the pattern of EPS swings from -0.53 to +0.04 within eight quarters, the earnings stream looks volatile and sensitive to non-operating line items, warranting closer inspection of tax and other income components before ascribing a normalized earnings power to the stock.
Thin Buffers Against Project Missteps
Even at 2026Q4's improved 8.0% gross margin, MTRX converts only 0.5% of revenue to net income versus peer net margins spanning 3.2% to 16.1%, per comparable company data, so a single delayed or over-run project could plausibly wipe out an entire quarter of reported earnings.
The strongest short-seller argument is that the recent profitability is an artifact of volume recovery on a structurally sub-scale margin base: 2025Q4's 3.8% gross margin produced a $11.3M loss on $216.4M of revenue, showing how little cushion exists when project costs disappoint. Additionally, SBC running at $1.4M-$2.3M per quarter consumes a large share of the modest profits being generated, meaning economic earnings to common holders are thinner than headline EPS suggests and leaving limited room for reinvestment or shareholder returns.