Revenue growth has decelerated to a 4.5% decline in 2026Q1, yet the firm maintains structural profitability with a 33.0% gross margin despite broader industrial softening.
| 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 | 2.69B | 2.73B | 2.79B | 2.7B | 2.76B | 2.36B | 2.01B | 2.19B | 2.29B | 2.2B | 2.05B | 2.14B | 2.34B | 2.28B | 2.22B | 2.15B | 1.8B | 1.53B | 1.62B | 1.37B | 1.26B | 1.08B | 894.11M | 756.34M | 656.35M | 724.46M | 820.87M | 843.7M | 974.2M | 1.06B | 1.15B |
| Revenue Growth % | -3.47% | -2.2% | 3.27% | -2.4% | 17.35% | 17.17% | -8.19% | -4.34% | 4.15% | 7.27% | -4.27% | -8.33% | 2.41% | 2.57% | 3.43% | 19.59% | 17.47% | -5.4% | 17.64% | 8.83% | 17.46% | 20.29% | 18.22% | 15.23% | -9.4% | -11.74% | -2.71% | -13.4% | -8.41% | -7.49% | 19.7% |
| Cost of Goods Sold | 1.85B | 1.87B | 1.9B | 1.93B | 2.12B | 1.81B | 1.42B | 1.56B | 1.7B | 1.56B | 1.37B | 1.46B | 1.67B | 1.63B | 1.59B | 1.59B | 1.28B | 1.07B | 1.3B | 1.08B | 999.21M | 875.29M | 715.81M | 590.43M | 518.03M | 631.13M | 589.46M | 584.2M | 661.7M | 699.9M | 742.7M |
| COGS % of Revenue | - | 68.54% | 68.19% | 71.37% | 76.83% | 76.75% | 70.41% | 71.24% | 74.43% | 70.8% | 66.78% | 68.28% | 71.51% | 71.35% | 71.33% | 73.99% | 71.32% | 69.72% | 80.56% | 78.43% | 79.1% | 81.38% | 80.06% | 78.06% | 78.93% | 87.12% | 71.81% | 69.24% | 67.92% | 65.8% | 64.6% |
| Gross Profit | 842.26M | 857.4M | 886.35M | 772.51M | 640.5M | 547.71M | 595.03M | 629.87M | 585.36M | 642.02M | 680.76M | 679.06M | 665.42M | 653.3M | 637.53M | 559.03M | 515.46M | 463.26M | 314.49M | 296.57M | 264.09M | 200.26M | 178.3M | 165.91M | 138.32M | 93.33M | 231.41M | 259.5M | 312.5M | 363.7M | 407M |
| Gross Margin % | 31.26% | 31.46% | 31.81% | 28.63% | 23.17% | 23.25% | 29.59% | 28.76% | 25.57% | 29.2% | 33.22% | 31.72% | 28.49% | 28.65% | 28.67% | 26.01% | 28.68% | 30.28% | 19.44% | 21.57% | 20.9% | 18.62% | 19.94% | 21.94% | 21.07% | 12.88% | 28.19% | 30.76% | 32.08% | 34.2% | 35.4% |
| Gross Profit Growth % | - | -3.27% | 14.74% | 20.61% | 16.94% | -7.95% | -5.53% | 7.6% | -8.82% | -5.69% | 0.25% | 2.05% | 1.86% | 2.47% | 14.04% | 8.45% | 11.27% | 47.3% | 6.04% | 12.3% | 31.87% | 12.32% | 7.47% | 19.95% | 48.21% | -59.67% | -10.83% | -16.96% | -14.08% | -10.64% | 8.94% |
| Operating Expenses | 315.17M | 313.68M | 296.31M | 289.47M | 285.36M | 289.93M | 283.23M | 292.55M | 292.69M | 305.25M | 318.07M | 322.34M | 302.7M | 301.45M | 272.05M | 218.44M | 228.16M | 200.97M | 198.13M | 187.95M | 156.45M | 127.38M | 115.74M | 116.35M | 98.93M | 205.24M | 215.07M | 204.7M | 210.1M | 223.9M | 237.2M |
| OpEx % of Revenue | - | 11.51% | 10.63% | 10.73% | 10.32% | 12.31% | 14.08% | 13.36% | 12.78% | 13.88% | 15.52% | 15.06% | 12.96% | 13.22% | 12.24% | 10.16% | 12.69% | 13.13% | 12.25% | 13.67% | 12.38% | 11.84% | 12.94% | 15.38% | 15.07% | 28.33% | 26.2% | 24.26% | 21.57% | 21.05% | 20.63% |
| Selling, General & Admin | 184.62M | 181.58M | 171.41M | 151.47M | 145.11M | 145.97M | 142.86M | 148.08M | 152.4M | 165.06M | 161.11M | 164.08M | 163.52M | 164.88M | 154.21M | 151.6M | 136.97M | 114.9M | 116.38M | 111.11M | 109.19M | 96.81M | 96.86M | 89M | 74.18M | 70.19M | 75.88M | 72.6M | 79.4M | 90.9M | 175.3M |
| SG&A % of Revenue | - | 6.66% | 6.15% | 5.61% | 5.25% | 6.2% | 7.1% | 6.76% | 6.66% | 7.51% | 7.86% | 7.66% | 7% | 7.23% | 6.94% | 7.05% | 7.62% | 7.51% | 7.2% | 8.08% | 8.64% | 9% | 10.83% | 11.77% | 11.3% | 9.69% | 9.24% | 8.61% | 8.15% | 8.55% | 15.25% |
| Research & Development | 130.55M | 132.09M | 124.9M | 138M | 140.25M | 143.95M | 140.37M | 144.47M | 140.29M | 140.19M | 156.96M | 158.25M | 139.18M | 136.57M | 117.84M | 105.5M | 91.19M | 86.07M | 81.75M | 76.83M | 70.26M | 65.39M | 65.36M | 56.95M | 50.5M | 57.61M | 72.94M | 67M | 67.4M | 71.2M | 0 |
| R&D % of Revenue | - | 4.85% | 4.48% | 5.11% | 5.07% | 6.11% | 6.98% | 6.6% | 6.13% | 6.38% | 7.66% | 7.39% | 5.96% | 5.99% | 5.3% | 4.91% | 5.07% | 5.63% | 5.05% | 5.59% | 5.56% | 6.08% | 7.31% | 7.53% | 7.69% | 7.95% | 8.89% | 7.94% | 6.92% | 6.69% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 529K | -2.7M | -3.1M | 0 | 0 | 0 | -18.05M | 0 | 0 | 0 | 0 | -23.01M | -34.82M | -46.47M | -29.6M | -25.76M | 77.44M | 66.26M | 65.1M | 63.3M | 61.8M | 61.9M |
| Operating Income | 527.09M | 543.73M | 590.04M | 483.05M | 355.14M | 257.78M | 311.8M | 337.32M | 292.67M | 336.77M | 362.69M | 356.72M | 362.72M | 351.85M | 365.48M | 340.58M | 287.3M | 262.29M | 116.36M | 108.62M | 107.64M | 72.88M | 62.56M | 49.56M | 39.39M | -111.91M | 16.34M | 54.8M | 102.4M | 139.8M | 169.8M |
| Operating Margin % | 19.57% | 19.95% | 21.17% | 17.9% | 12.85% | 10.94% | 15.51% | 15.4% | 12.78% | 15.32% | 17.7% | 16.66% | 15.53% | 15.43% | 16.44% | 15.84% | 15.98% | 17.14% | 7.19% | 7.9% | 8.52% | 6.78% | 7% | 6.55% | 6% | -15.45% | 1.99% | 6.5% | 10.51% | 13.14% | 14.77% |
| Operating Income Growth % | - | -7.85% | 22.15% | 36.02% | 37.77% | -17.33% | -7.57% | 15.25% | -13.09% | -7.15% | 1.67% | -1.65% | 3.09% | -3.73% | 7.31% | 18.55% | 9.54% | 125.41% | 7.12% | 0.92% | 47.7% | 16.49% | 26.23% | 25.82% | 135.2% | -785.1% | -70.19% | -46.48% | -26.75% | -17.67% | 15.35% |
| EBITDA | 652.01M | 666.15M | 706.99M | 561.05M | 437.42M | 377.1M | 395.8M | 424.88M | 394.43M | 418.11M | 406.55M | 398.99M | 404.26M | 397.99M | 408.87M | 382.33M | 324.97M | 293.86M | 144.33M | 137.75M | 139.23M | 109.27M | 107.33M | 99.95M | 91.81M | -12.39M | 82.59M | 119.9M | 165.7M | 201.6M | 231.7M |
| EBITDA Margin % | 24.2% | 24.44% | 25.37% | 20.79% | 15.82% | 16.01% | 19.68% | 19.4% | 17.23% | 19.02% | 19.84% | 18.64% | 17.31% | 17.45% | 18.39% | 17.79% | 18.08% | 19.21% | 8.92% | 10.02% | 11.02% | 10.16% | 12% | 13.21% | 13.99% | -1.71% | 10.06% | 14.21% | 17.01% | 18.95% | 20.15% |
| EBITDA Growth % | -10.57% | -5.78% | 26.01% | 28.26% | 16% | -4.73% | -6.84% | 7.72% | -5.66% | 2.84% | 1.9% | -1.3% | 1.58% | -2.66% | 6.94% | 17.65% | 10.59% | 103.61% | 4.78% | -1.06% | 27.42% | 1.8% | 7.39% | 8.86% | 840.84% | -115.01% | -31.12% | -27.64% | -17.81% | -12.99% | 17.97% |
| D&A (Non-Cash Add-back) | 124.92M | 122.42M | 116.96M | 78.01M | 82.28M | 119.32M | 84M | 87.56M | 101.76M | 81.34M | 43.86M | 42.27M | 41.54M | 46.14M | 43.39M | 41.75M | 37.67M | 31.57M | 27.97M | 29.13M | 31.59M | 36.4M | 44.77M | 50.39M | 52.42M | 99.52M | 66.26M | 65.1M | 63.3M | 61.8M | 61.9M |
| EBIT | 555.33M | 543.73M | 641.47M | 526.32M | 382.94M | 281.77M | 357.62M | 360.83M | 317.01M | 337.3M | 359.99M | 353.62M | 355.67M | 359.11M | 346M | 320.95M | 277.26M | 251.09M | 117.37M | 108.62M | 99.46M | 49.72M | 62.56M | 49.56M | 39.39M | -115.61M | 128.96M | 116.03M | 102.4M | 140M | 169.8M |
| Net Interest Income | -37.76M | -39.69M | -57.37M | -37.36M | -35.2M | -34.22M | -26.33M | -29.24M | -26.72M | -21.86M | -16.79M | -14.65M | -16.57M | -17.8M | -8.44M | -14.15M | -17.26M | -11.72M | -12.05M | 0 | 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 | 0 |
| Interest Expense | 37.76M | 39.69M | 57.37M | 37.36M | 35.2M | 34.22M | 26.33M | 29.24M | 26.72M | 21.86M | 16.79M | 14.65M | 16.57M | 17.8M | 10.81M | 18.82M | 17.26M | 11.72M | 12.05M | 11.56M | 15.4M | 16.85M | 18.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 21.02M | 16.84M | -5.93M | 5.92M | -7.41M | -10.23M | 19.48M | -5.73M | -2.39M | -21.33M | -19.48M | -17.75M | -23.62M | -10.53M | -17.04M | -36.87M | -27.31M | -22.91M | -11.03M | -8.2M | -11.31M | 7.23M | -17.93M | -20.22M | -26.12M | -37.08M | -38.87M | 26.32M | 4M | -30M | -24M |
| Pretax Income | 548.1M | 560.56M | 584.11M | 488.96M | 347.73M | 247.55M | 331.29M | 331.59M | 290.29M | 315.44M | 343.21M | 338.97M | 339.1M | 341.31M | 341.39M | 303.72M | 260M | 239.38M | 105.33M | 100.42M | 88.14M | 56.95M | 44.63M | 29.34M | 13.27M | -148.99M | 90.09M | 81.1M | 106.4M | 110M | 145.8M |
| Pretax Margin % | 20.35% | 20.57% | 20.96% | 18.12% | 12.58% | 10.51% | 16.47% | 15.14% | 12.68% | 14.35% | 16.75% | 15.83% | 14.52% | 14.97% | 15.36% | 14.13% | 14.47% | 15.64% | 6.51% | 7.3% | 6.98% | 5.3% | 4.99% | 3.88% | 2.02% | -20.57% | 10.98% | 9.61% | 10.92% | 10.34% | 12.68% |
| Income Tax | 137.24M | 141.81M | 121.69M | 100.1M | 68.2M | 56.64M | 60.72M | 77.3M | 55.55M | 124.93M | 99.77M | 100.37M | 105.84M | 98.96M | 101.8M | 96.81M | 82.87M | 77.09M | 32.1M | 21.87M | 30.62M | 14.57M | 11.57M | 8.72M | 3.76M | -43.95M | 29.1M | 25.8M | 35.8M | 32.5M | 52.8M |
| Effective Tax Rate % | 25.04% | 25.3% | 20.83% | 20.47% | 19.61% | 22.88% | 18.33% | 23.31% | 19.14% | 39.61% | 29.07% | 29.61% | 31.21% | 29% | 29.82% | 31.88% | 31.87% | 32.21% | 30.48% | 21.78% | 34.74% | 25.58% | 25.93% | 29.71% | 28.31% | 29.5% | 32.3% | 31.81% | 33.65% | 29.55% | 36.21% |
| Net Income | 410.87M | 418.75M | 462.41M | 388.86M | 279.54M | 190.91M | 270.57M | 254.29M | 234.73M | 190.51M | 243.44M | 238.6M | 233.25M | 264.74M | 239.59M | 206.91M | 177.13M | 162.28M | 73.23M | 80.77M | 57.52M | 42.38M | 33.06M | 37.05M | 9.91M | -105.04M | 61M | 55.3M | 70.6M | 77.5M | 93M |
| Net Margin % | 15.25% | 15.37% | 16.59% | 14.41% | 10.11% | 8.1% | 13.45% | 11.61% | 10.25% | 8.67% | 11.88% | 11.15% | 9.99% | 11.61% | 10.78% | 9.63% | 9.85% | 10.61% | 4.53% | 5.87% | 4.55% | 3.94% | 3.7% | 4.9% | 1.51% | -14.5% | 7.43% | 6.55% | 7.25% | 7.29% | 8.09% |
| Net Income Growth % | -14.52% | -9.44% | 18.91% | 39.11% | 46.43% | -29.44% | 6.4% | 8.33% | 23.21% | -21.74% | 2.03% | 2.29% | -11.89% | 10.5% | 15.8% | 16.81% | 9.15% | 121.62% | -9.34% | 40.41% | 35.73% | 28.2% | -10.78% | 273.93% | 109.43% | -272.21% | 10.31% | -21.68% | -8.9% | -16.67% | 25.68% |
| Net Income (Continuing) | 410.87M | 418.75M | 462.41M | 388.86M | 279.54M | 190.91M | 270.57M | 254.29M | 234.73M | 190.51M | 243.44M | 238.6M | 233.25M | 242.35M | 239.59M | 206.91M | 177.13M | 162.28M | 73.23M | 78.55M | 57.52M | 42.38M | 33.06M | 20.62M | 9.51M | -107.37M | 61M | 55.3M | 70.6M | 77.5M | 93M |
| 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) | 43.72 | 44.44 | 48.22 | 40.44 | 27.77 | 17.71 | 24.64 | 22.77 | 20.34 | 16.08 | 20.54 | 19.45 | 18.38 | 19.90 | 17.85 | 15.09 | 12.09 | 10.65 | 4.75 | 5.62 | 3.30 | 2.45 | 1.92 | 2.19 | 0.59 | -6.29 | 3.65 | 3.30 | 4.25 | 3.55 | 3.90 |
| EPS Growth % | -13.04% | -7.84% | 19.24% | 45.62% | 56.8% | -28.13% | 8.21% | 11.95% | 26.49% | -21.71% | 5.6% | 5.82% | -7.64% | 11.48% | 18.29% | 24.81% | 13.52% | 124.21% | -15.48% | 70.3% | 34.69% | 27.6% | -12.33% | 271.19% | 109.38% | -272.33% | 10.61% | -22.35% | 19.72% | -8.97% | 25.81% |
| EPS (Basic) | - | 44.44 | 48.22 | 40.44 | 27.77 | 17.71 | 24.64 | 22.77 | 20.39 | 16.08 | 20.54 | 19.45 | 18.38 | 19.90 | 17.85 | 15.10 | 12.12 | 10.67 | 4.77 | 5.66 | 3.34 | 2.49 | 1.95 | 2.21 | 0.59 | -6.29 | 3.65 | 3.30 | 4.25 | 3.55 | 3.90 |
| Diluted Shares Outstanding | 9.4M | 9.39M | 9.56M | 9.58M | 10.04M | 10.76M | 10.96M | 11.17M | 11.54M | 11.85M | 11.85M | 12.24M | 12.69M | 13.3M | 13.4M | 13.71M | 14.65M | 15.24M | 15.43M | 16.96M | 17.41M | 17.32M | 17.2M | 16.94M | 16.73M | 16.69M | 16.69M | 16.76M | 16.61M | 23.62M | 23.85M |
| Basic Shares Outstanding | 9.4M | 9.39M | 9.56M | 9.58M | 10.04M | 10.76M | 10.96M | 11.17M | 11.52M | 11.82M | 11.83M | 12.24M | 12.67M | 13.29M | 13.4M | 13.71M | 14.62M | 15.21M | 15.36M | 16.84M | 17.22M | 17.03M | 16.92M | 16.73M | 16.69M | 16.69M | 16.69M | 16.76M | 16.61M | 23.62M | 23.85M |
| Dividend Payout Ratio | - | 25.3% | 20.74% | 21.87% | 30.14% | 45% | 30.83% | 32.12% | 34.27% | 43.51% | 31.15% | 29.66% | 25.47% | 19.03% | 156.8% | 15.75% | 12.76% | 10.07% | 20.66% | 8.22% | 15% | - | - | - | - | - | 25.66% | 37.8% | 29.6% | 76.39% | 63.66% |
Secular ICE demand decline
According to recent financial disclosures, NewMarket Corporation experienced a 2.20% year-over-year revenue decline, reflecting a broader softening in industrial demand that suggests the company's top-line trajectory is currently decelerating as it navigates a normalization period following previous inflationary pricing cycles across its core additive segments.
The consistent negative growth prints over the last several quarters indicate that the company is struggling to find volume-based expansion to offset pricing adjustments. Investors should monitor whether this trend represents a temporary cyclical trough or a more permanent shift in the underlying demand for lubricant additives.
As reported in quarterly filings, NewMarket maintained a gross margin of 33.0% in 2026Q1, demonstrating a structural ability to preserve profitability despite the inherent volatility of raw material feedstocks that typically pressure specialty chemical manufacturers during periods of shifting global industrial production cycles.
The company's ability to sustain gross margins above 30% suggests significant pricing power derived from its specialized, OEM-approved product portfolio. This performance implies that management successfully manages the lag between commodity cost fluctuations and finished product pricing, though this remains a key area for ongoing scrutiny.
Based on the provided income statement data, NewMarket's operating margin of 21.4% in 2026Q1 highlights disciplined overhead management, as the company continues to scale its operating income effectively despite the recent revenue contraction, suggesting a lean cost structure that prioritizes R&D and technical certification requirements.
The firm's ability to maintain operating margins above 20% during periods of revenue decline points to a high degree of operational leverage and expense discipline. This suggests that the company is not over-extending its fixed cost base, which provides a buffer against further potential top-line volatility.
Financial statements indicate that NewMarket generates net income without the distortive impact of stock-based compensation, as evidenced by the zero-dollar expense reported across all periods, which suggests a clean earnings profile that reflects actual operational performance rather than accounting adjustments or equity-based incentive dilution.
The absence of stock-based compensation is a notable indicator of conservative management practices that prioritize shareholder value through direct cash returns. This transparency in earnings quality warrants investor confidence, as it eliminates a common source of non-cash expense that often obscures the true profitability of industrial peers.
While current margins appear robust, the long-term narrative faces significant scrutiny as the accelerating global transition toward battery electric vehicles threatens the core lubricant additive business, potentially rendering the company's historical reliance on internal combustion engine maintenance cycles an unsustainable driver of future earnings growth.
Short-term profitability may be masking the structural risk posed by the secular decline of the ICE market, which remains the primary revenue engine. Investors should investigate whether the company's R&D pivot toward EV-specific fluids can realistically replicate the high-margin, high-barrier moat currently enjoyed in the traditional additive space.
Quick answers to the most common questions about buying NEU stock.
For fiscal year 2025, NewMarket Corporation (NEU) reported total revenue of $2.73B. This represents a 137.0% increase compared to $1.15B in 1996.
NewMarket Corporation (NEU) is profitable, generating $418.7M in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
NewMarket Corporation (NEU) reported an operating income of $543.7M, resulting in an operating profit margin of 20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NewMarket Corporation (NEU) generated $857.4M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.