Revenue rose to $554.9M in 2026Q3 while operating margin of 11.7% and net margin of 7.7% remained well below the 14% to 15% operating margins seen in 2024Q3 and 2025Q2, suggesting limited operating leverage on top-line gains.
Minerals Technologies Inc. (MTX) annual income statement — 30-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 | Dec'96 |
|---|
| Sales/Revenue | 2.17B | 2.07B | 2.12B | 2.17B | 2.13B | 1.86B | 1.59B | 1.79B | 1.81B | 1.68B | 1.64B | 1.8B | 1.73B | 1.02B | 1.01B | 1.04B | 1B | 907.32M | 1.11B | 1.08B | 1.06B | 995.84M | 923.67M | 813.74M | 752.68M | 684.42M | 670.92M | 637.5M | 609.2M | 602.3M | 556M |
| Revenue Growth % | 4.76% | -2.17% | -2.37% | 2.09% | 14.38% | 16.52% | -10.95% | -0.92% | 7.87% | 2.3% | -8.88% | 4.21% | 69.42% | 1.25% | -3.75% | 4.24% | 10.47% | -18.42% | 3.2% | 1.74% | 6.37% | 7.81% | 13.51% | 8.11% | 9.97% | 2.01% | 5.24% | 4.65% | 1.15% | 8.33% | 6.01% |
| Cost of Goods Sold | 1.65B | 1.57B | 1.58B | 1.68B | 1.67B | 1.42B | 1.2B | 1.36B | 1.35B | 1.22B | 1.19B | 1.33B | 1.29B | 784.54M | 786.25M | 832.66M | 793.16M | 751.5M | 891.74M | 845.14M | 798.73M | 780.55M | 709.03M | 615.75M | 567.99M | 502.52M | 416.72M | 379.9M | 363.4M | 371.7M | 350.1M |
| COGS % of Revenue | - | 75.56% | 74.72% | 77.22% | 78.72% | 76.54% | 75.16% | 75.91% | 74.96% | 72.6% | 72.39% | 74.23% | 75.04% | 77.05% | 78.19% | 79.69% | 79.13% | 82.83% | 80.18% | 78.42% | 75.4% | 78.38% | 76.76% | 75.67% | 75.46% | 73.42% | 62.11% | 59.59% | 59.65% | 61.71% | 62.97% |
| Gross Profit | 518.6M | 506.6M | 535.6M | 494.4M | 452.3M | 435.9M | 396.1M | 431.5M | 452.6M | 459.2M | 452.2M | 463.2M | 430.6M | 233.65M | 219.37M | 212.2M | 209.19M | 155.82M | 220.47M | 232.59M | 224.81M | 210.2M | 214.63M | 197.99M | 184.69M | 181.89M | 254.2M | 257.6M | 245.8M | 230.6M | 205.9M |
| Gross Margin % | 23.9% | 24.44% | 25.28% | 22.78% | 21.28% | 23.46% | 24.84% | 24.09% | 25.04% | 27.4% | 27.61% | 25.77% | 24.96% | 22.95% | 21.81% | 20.31% | 20.87% | 17.17% | 19.82% | 21.58% | 21.22% | 21.11% | 23.24% | 24.33% | 24.54% | 26.58% | 37.89% | 40.41% | 40.35% | 38.29% | 37.03% |
| Gross Profit Growth % | - | -5.41% | 8.33% | 9.31% | 3.76% | 10.05% | -8.2% | -4.66% | -1.44% | 1.55% | -2.37% | 7.57% | 84.3% | 6.51% | 3.38% | 1.44% | 34.25% | -29.33% | -5.21% | 3.46% | 6.95% | -2.07% | 8.4% | 7.2% | 1.54% | -28.44% | -1.32% | 4.8% | 6.59% | 12% | 8.83% |
| Operating Expenses | 539.7M | 219.5M | 250.1M | 214.5M | 199.8M | 195.1M | 187.1M | 198.7M | 192.5M | 196.4M | 195M | 205.9M | 201.8M | 109.28M | 109.33M | 111.29M | 110.05M | 111.02M | 124.91M | 241.08M | 132.39M | 129.43M | 123.42M | 117.47M | 103.82M | 97.93M | 164.49M | 160.2M | 153.3M | 150.4M | 138.4M |
| OpEx % of Revenue | - | 10.59% | 11.81% | 9.89% | 9.4% | 10.5% | 11.73% | 11.09% | 10.65% | 11.72% | 11.9% | 11.45% | 11.7% | 10.73% | 10.87% | 10.65% | 10.98% | 12.24% | 11.23% | 22.37% | 12.5% | 13% | 13.36% | 14.44% | 13.79% | 14.31% | 24.52% | 25.13% | 25.16% | 24.97% | 24.89% |
| Selling, General & Admin | 219.2M | 196.6M | 227.1M | 193.3M | 179.4M | 175.6M | 167.2M | 178.4M | 169.8M | 172.7M | 171.2M | 182.3M | 177.4M | 89.23M | 89.16M | 91.96M | 90.47M | 91.08M | 101.86M | 104.65M | 106.39M | 100.36M | 94.42M | 89.12M | 80.37M | 74.42M | 77.37M | 76.5M | 79.2M | 77.1M | 72.5M |
| SG&A % of Revenue | - | 9.49% | 10.72% | 8.91% | 8.44% | 9.45% | 10.48% | 9.96% | 9.39% | 10.31% | 10.45% | 10.14% | 10.28% | 8.76% | 8.87% | 8.8% | 9.03% | 10.04% | 9.16% | 9.71% | 10.04% | 10.08% | 10.22% | 10.95% | 10.68% | 10.87% | 11.53% | 12% | 13% | 12.8% | 13.04% |
| Research & Development | 23.5M | 22.9M | 23M | 21.2M | 20.4M | 19.5M | 19.9M | 20.3M | 22.7M | 23.7M | 23.8M | 23.6M | 24.4M | 20.05M | 20.17M | 19.33M | 19.58M | 19.94M | 23.05M | 26.35M | 30.02M | 29.06M | 29M | 25.15M | 22.7M | 23.51M | 26.33M | 25M | 21M | 20.4M | 19.7M |
| R&D % of Revenue | - | 1.1% | 1.09% | 0.98% | 0.96% | 1.05% | 1.25% | 1.13% | 1.26% | 1.41% | 1.45% | 1.31% | 1.41% | 1.97% | 2.01% | 1.85% | 1.95% | 2.2% | 2.07% | 2.44% | 2.83% | 2.92% | 3.14% | 3.09% | 3.02% | 3.43% | 3.92% | 3.92% | 3.45% | 3.39% | 3.54% |
| Other Operating Expenses | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110.09M | -4.02M | 0 | 0 | 3.2M | 750K | 0 | 60.8M | 58.7M | 53.1M | 52.9M | 46.2M |
| Operating Income | -21.1M | 287.1M | 285.5M | 279.9M | 252.5M | 240.8M | 209M | 232.8M | 260.1M | 262.8M | 257.2M | 257.3M | 228.8M | 124.36M | 110.04M | 100.91M | 99.14M | 44.8M | 95.56M | -8.5M | 92.43M | 80.77M | 91.22M | 77.2M | 80.87M | 80.56M | 89.71M | 97.4M | 92.5M | 80.2M | 67.5M |
| Operating Margin % | -0.97% | 13.85% | 13.48% | 12.9% | 11.88% | 12.96% | 13.11% | 13% | 14.39% | 15.68% | 15.7% | 14.31% | 13.26% | 12.21% | 10.94% | 9.66% | 9.89% | 4.94% | 8.59% | -0.79% | 8.73% | 8.11% | 9.88% | 9.49% | 10.74% | 11.77% | 13.37% | 15.28% | 15.18% | 13.32% | 12.14% |
| Operating Income Growth % | - | 0.56% | 2% | 10.85% | 4.86% | 15.22% | -10.22% | -10.5% | -1.03% | 2.18% | -0.04% | 12.46% | 83.98% | 13.01% | 9.05% | 1.78% | 121.29% | -53.12% | 1224.43% | -109.2% | 14.43% | -11.45% | 18.15% | -4.54% | 0.39% | -10.2% | -7.9% | 5.3% | 15.34% | 18.81% | 14.99% |
| EBITDA | 74.1M | 392M | 393.1M | 387.2M | 355.8M | 343M | 310.8M | 339.4M | 350.6M | 349.7M | 351.6M | 358.4M | 314.9M | 172.35M | 161.95M | 159.73M | 163.92M | 117.9M | 176.41M | 76.87M | 176.35M | 154.03M | 161.69M | 143.54M | 149.83M | 147.07M | 150.5M | 156.1M | 145.6M | 133.1M | 113.7M |
| EBITDA Margin % | 3.42% | 18.91% | 18.56% | 17.84% | 16.74% | 18.46% | 19.49% | 18.95% | 19.4% | 20.87% | 21.47% | 19.94% | 18.26% | 16.93% | 16.1% | 15.29% | 16.35% | 12.99% | 15.86% | 7.13% | 16.65% | 15.47% | 17.5% | 17.64% | 19.91% | 21.49% | 22.43% | 24.49% | 23.9% | 22.1% | 20.45% |
| EBITDA Growth % | -81.41% | -0.28% | 1.52% | 8.83% | 3.73% | 10.36% | -8.43% | -3.19% | 0.26% | -0.54% | -1.9% | 13.81% | 82.71% | 6.42% | 1.39% | -2.56% | 39.03% | -33.17% | 129.5% | -56.41% | 14.5% | -4.74% | 12.64% | -4.2% | 1.88% | -2.28% | -3.59% | 7.21% | 9.39% | 17.06% | 14.85% |
| D&A (Non-Cash Add-back) | 95.2M | 104.9M | 107.6M | 107.3M | 103.3M | 102.2M | 101.8M | 106.6M | 90.5M | 86.9M | 94.4M | 101.1M | 86.1M | 47.99M | 51.91M | 58.82M | 64.78M | 73.1M | 80.85M | 85.36M | 83.93M | 73.25M | 70.47M | 66.34M | 68.96M | 66.52M | 60.8M | 58.7M | 53.1M | 52.9M | 46.2M |
| EBIT | -26.1M | 50.7M | 285.8M | 170.8M | 204M | 242.9M | 178.1M | 202.7M | 250M | 234.3M | 224.7M | 193.5M | 164.8M | 126.97M | 110.27M | 100.99M | 102.19M | -19.65M | 87.45M | -112.89M | 88.36M | 83.24M | 88.72M | 80.53M | 80.87M | 83.96M | 84.81M | 97.4M | 92.4M | 80.2M | 67.5M |
| Net Interest Income | -50.4M | -54.5M | -56.4M | -59.2M | -43.9M | -37.2M | -38.2M | -43.2M | -45.9M | -43.4M | -54.4M | -60.9M | -41.8M | -247K | -53K | 653K | -571K | -3.49M | -276K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.3M | 5.3M | 5.8M | 3.9M | 3.4M | 3.4M | 1.9M | 2.2M | 0 | 0 | 0 | 0 | 0 | 3.02M | 3.17M | 3.91M | 2.77M | 0 | 4.91M | 3.08M | 1.76M | 1.38M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54.7M | 59.8M | 62.2M | 63.1M | 47.3M | 40.6M | 40.1M | 45.4M | 45.9M | 43.4M | 54.4M | 60.9M | 41.8M | 3.26M | 3.22M | 3.25M | 3.34M | 3.49M | 5.18M | 8.7M | 7.75M | 5.85M | 4.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -59.5M | -296.2M | -55.2M | -167.9M | -94.1M | -35.7M | -68.8M | -73.6M | -52.5M | -70.4M | -84.8M | -122.9M | -104.6M | -651K | -3M | -3.17M | -293K | -67.94M | -13.3M | -3M | -5.87M | -3.38M | -6.65M | -4.86M | -6.9M | -9.62M | -6.86M | -6.4M | -7.8M | -6.8M | -4.9M |
| Pretax Income | -80.6M | -9.1M | 230.3M | 112M | 158.4M | 205.1M | 140.2M | 159.2M | 207.6M | 192.4M | 172.4M | 134.4M | 124.2M | 123.71M | 107.05M | 97.74M | 98.85M | -23.14M | 82.27M | -11.5M | 86.56M | 77.39M | 84.57M | 72.34M | 73.97M | 70.94M | 77.94M | 91M | 84.6M | 73.4M | 62.6M |
| Pretax Margin % | -3.71% | -0.44% | 10.87% | 5.16% | 7.45% | 11.04% | 8.79% | 8.89% | 11.48% | 11.48% | 10.53% | 7.48% | 7.2% | 12.15% | 10.64% | 9.35% | 9.86% | -2.55% | 7.4% | -1.07% | 8.17% | 7.77% | 9.16% | 8.89% | 9.83% | 10.37% | 11.62% | 14.27% | 13.89% | 12.19% | 11.26% |
| Income Tax | -14.5M | 4.9M | 59.4M | 23.7M | 32.1M | 36.6M | 24.4M | 22.8M | 34.4M | -6.6M | 35.3M | 22.8M | 30.8M | 34.52M | 30.78M | 27.49M | 28.96M | -5.39M | 24.08M | 11.27M | 26.99M | 22.98M | 24.3M | 4.12M | 20.22M | 21.15M | 23.73M | 28.9M | 27.4M | 23.1M | 19.5M |
| Effective Tax Rate % | 17.99% | -53.85% | 25.79% | 21.16% | 20.27% | 17.84% | 17.4% | 14.32% | 16.57% | -3.43% | 20.48% | 16.96% | 24.8% | 27.9% | 28.75% | 28.12% | 29.3% | 23.28% | 29.27% | -97.97% | 31.18% | 29.7% | 28.73% | 5.69% | 27.33% | 29.81% | 30.45% | 31.76% | 32.39% | 31.47% | 31.15% |
| Net Income | -67.6M | -18.4M | 167.1M | 84.1M | 122.2M | 164.4M | 112.4M | 132.7M | 169M | 195.1M | 133.4M | 107.9M | 92.4M | 80.33M | 74.15M | 67.52M | 66.87M | -23.8M | 65.29M | -63.51M | 49.95M | 53.26M | 58.56M | 70.09M | 53.75M | 49.79M | 54.21M | 62.1M | 57.2M | 50.3M | 43.1M |
| Net Margin % | -3.12% | -0.89% | 7.89% | 3.88% | 5.75% | 8.85% | 7.05% | 7.41% | 9.35% | 11.64% | 8.14% | 6% | 5.36% | 7.89% | 7.37% | 6.46% | 6.67% | -2.62% | 5.87% | -5.89% | 4.72% | 5.35% | 6.34% | 8.61% | 7.14% | 7.28% | 8.08% | 9.74% | 9.39% | 8.35% | 7.75% |
| Net Income Growth % | -4125% | -111.01% | 98.69% | -31.18% | -25.67% | 46.26% | -15.3% | -21.48% | -13.38% | 46.25% | 23.63% | 16.77% | 15.03% | 8.34% | 9.81% | 0.97% | 381.01% | -136.45% | 202.79% | -227.15% | -6.22% | -9.05% | -16.44% | 30.39% | 7.95% | -8.14% | -12.71% | 8.57% | 13.72% | 16.71% | 9.11% |
| Net Income (Continuing) | -66.1M | -14M | 170.9M | 88.3M | 126.3M | 168.5M | 115.8M | 136.4M | 173.2M | 199M | 137.1M | 111.6M | 93.4M | 89.19M | 76.27M | 70.25M | 69.89M | -17.75M | 58.19M | -22.77M | 59.57M | 54.41M | 60.27M | 51.65M | 53.75M | 49.79M | 54.21M | 62.1M | 57.2M | 50.3M | 43.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 10.28M | 0 | 0 | 589K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 32.9M | 36.3M | 36.2M | 34.7M | 33.7M | 40.2M | 37.9M | 31.9M | 31.8M | 27.4M | 24.4M | 27.2M | 25.9M | 22.31M | 23.31M | 26.41M | 27.17M | 23.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6M |
| EPS (Diluted) | -2.17 | -0.59 | 5.17 | 2.58 | 3.73 | 4.86 | 3.29 | 3.78 | 4.75 | 5.48 | 3.79 | 3.08 | 2.65 | 2.30 | 2.09 | 1.86 | 1.79 | -0.64 | 1.72 | -1.65 | 1.26 | 1.20 | 1.41 | 1.18 | 1.31 | 1.24 | 1.29 | 1.40 | 1.25 | 1.09 | 0.93 |
| EPS Growth % | -10800% | -111.41% | 100.39% | -30.83% | -23.25% | 47.72% | -12.96% | -20.42% | -13.32% | 44.59% | 23.05% | 16.23% | 15.22% | 10.05% | 12.37% | 3.91% | 379.69% | -137.21% | 204.24% | -230.95% | 5% | -14.89% | 19.49% | -9.92% | 5.65% | -3.88% | -7.86% | 12% | 14.68% | 17.2% | 8.14% |
| EPS (Basic) | - | -0.59 | 5.21 | 2.59 | 3.74 | 4.89 | 3.29 | 3.79 | 4.79 | 5.54 | 3.82 | 3.11 | 2.68 | 2.32 | 2.10 | 1.87 | 1.80 | -0.64 | 1.73 | -1.65 | 1.27 | 1.22 | 1.43 | 1.20 | 1.33 | 1.27 | 1.33 | 1.45 | 1.29 | 1.12 | 0.96 |
| Diluted Shares Outstanding | 31.2M | 31.4M | 32.3M | 32.6M | 32.8M | 33.8M | 34.2M | 35.1M | 35.6M | 35.6M | 35.2M | 35M | 34.8M | 34.98M | 35.5M | 36.24M | 37.39M | 37.45M | 37.97M | 38.38M | 39.49M | 41.13M | 41.54M | 46.68M | 41.19M | 40.16M | 42.02M | 44.36M | 45.76M | 46.15M | 46.34M |
| Basic Shares Outstanding | 31.1M | 31.4M | 32.1M | 32.5M | 32.7M | 33.6M | 34.2M | 35M | 35.3M | 35.2M | 34.9M | 34.7M | 34.5M | 34.69M | 35.3M | 36.02M | 37.23M | 37.45M | 37.79M | 38.38M | 39.18M | 40.69M | 41.06M | 46.1M | 40.42M | 39.21M | 40.91M | 42.83M | 44.51M | 45.11M | 45.13M |
| Dividend Payout Ratio | - | - | 7.9% | 9.63% | 5.32% | 4.14% | 6.05% | 5.28% | 4.2% | 3.59% | 5.25% | 6.49% | 7.47% | 8.65% | 5.95% | 5.33% | 5.56% | - | 5.79% | - | 7.83% | 7.64% | 7% | 2.89% | 3.77% | 3.94% | 3.78% | 3.38% | 3.85% | 4.57% | 5.34% |
Quick answers to the most common questions about buying MTX stock.
For fiscal year 2025, Minerals Technologies Inc. (MTX) reported total revenue of $2.07B. This represents a 272.8% increase compared to $556.0M in 1996.
Minerals Technologies Inc. (MTX) reported a net loss of $18.4M for the fiscal year ending 2025.
Minerals Technologies Inc. (MTX) reported an operating income of $287.1M, resulting in an operating profit margin of 13.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Minerals Technologies Inc. (MTX) generated $506.6M in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and volatile earnings
Metrics are mathematically derived from official filings.
Top-Line Growth Stabilizing Near Flat
As reported in the quarterly income statements, MTX revenue moved from $491.8M in 2025Q1 to $554.9M in 2026Q3, a rise that suggests modest recovery after a soft 2024 and early 2025 period.
Year-over-year revenue growth has swung between roughly -8% and +11%, which points to demand that is recovering unevenly rather than compounding. The most recent quarters show low-single-digit expansion, suggesting the growth profile is stabilizing but not yet accelerating. Investors should monitor whether volume or pricing is driving the improvement, as the reported figures do not separate these effects.
Gross Margin Holding in a Narrow Band
Based on reported figures, MTX gross margin ranged from 23.3% to 26.6% over the ten quarters, a fairly tight band that suggests limited pricing power relative to higher-margin specialty peers.
Compared with Balchem at roughly 35.7% and Ecolab at 44.5%, MTX gross margins sit well below the specialty chemicals leaders, which may reflect a more commodity-exposed product mix. The gradual drift lower from 26.6% in 2024Q2 to the low-to-mid 20s in recent periods warrants attention as a possible sign of input cost pressure not fully passed through. The narrow range also indicates the business has not demonstrated meaningful structural margin expansion.
Operating Leverage Largely Absent
As reported in the income statements, MTX operating margin fluctuated between about 10% and 15% in normal quarters, with SG&A remaining near $50M to $57M, suggesting limited operating leverage on revenue gains.
Because SG&A has stayed roughly flat while revenue varied, operating income moves closely track gross profit rather than expanding faster than it. This pattern suggests the cost base is largely fixed in the short term and that incremental revenue has not produced disproportionate profit gains. Investors should watch whether overhead discipline can translate sales recovery into durable margin improvement.
Reported Earnings Distorted by Large Charges
Based on reported figures, MTX net income swung from $54.0M in 2024Q4 to a loss of $183.6M in 2026Q2 and $144.0M in 2025Q1, indicating that large non-recurring items materially distort the reported earnings series.
Operating income in the same quarters was far less volatile, which implies the swings stem from items below the operating line, such as impairments or other non-operating charges. The data does not disclose the nature of these items, so their recurring or one-time status cannot be confirmed from the provided figures. Analysts should treat reported EPS with caution and focus on underlying operating profit when comparing periods.
Earnings Volatility Could Undermine the Thesis
The strongest challenge is that MTX reported two quarters of substantial losses in the last ten, which may signal recurring charges that analysts should not dismiss as isolated events.
Short-side scrutiny would likely focus on the gap between stable operating margins and large net losses, arguing that the business is less profitable than headline operating figures imply. With gross margins trending below specialty peers and revenue growth only in the low single digits, there is limited cushion to absorb further charges. Investors should monitor whether the non-operating drag reverses or persists.