Revenue contracted 66.7% year-over-year to $187.3M in Q2 2026, with gross margin collapsing to -84.5% due to a $158.2M COGS spike, indicating a severe impairment or write-down.
Enviri Corporation (NVRI) 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 | 1.87B | 1.27B | 1.4B | 1.44B | 2.13B | 1.85B | 1.53B | 1.2B | 1.72B | 1.61B | 1.45B | 1.72B | 2.07B | 2.9B | 3.05B | 3.3B | 3.04B | 2.99B | 3.97B | 3.69B | 3.42B | 2.77B | 2.5B | 2.12B | 1.98B | 2.11B | 2B | 1.72B | 1.74B | 1.63B | 1.56B |
| Revenue Growth % | -16.68% | -9.72% | -2.5% | -32.58% | 15.45% | 20.49% | 27.37% | -30.08% | 7.18% | 10.74% | -15.78% | -16.59% | -28.68% | -4.91% | -7.77% | 8.69% | 1.61% | -24.63% | 7.58% | 7.74% | 23.75% | 10.56% | 18.1% | 7.17% | -6.25% | 5.17% | 16.5% | -0.84% | 6.63% | 4.49% | 4.15% |
| Cost of Goods Sold | 1.71B | 1.1B | 1.21B | 1.22B | 1.8B | 1.49B | 1.24B | 930.1M | 1.29B | 1.22B | 1.17B | 1.36B | 1.65B | 2.23B | 2.35B | 2.57B | 2.34B | 2.25B | 2.93B | 2.69B | 2.55B | 2.1B | 1.92B | 1.6B | 1.48B | 1.59B | 1.37B | 1.2B | 1.2B | 1.11B | 1.07B |
| COGS % of Revenue | - | 86.98% | 86.61% | 84.69% | 84.16% | 80.64% | 80.98% | 77.23% | 74.82% | 75.96% | 80.65% | 78.72% | 79.72% | 77.13% | 77.13% | 77.83% | 76.9% | 75.31% | 73.75% | 72.81% | 74.42% | 75.89% | 76.59% | 75.73% | 74.96% | 75.62% | 68.33% | 69.72% | 68.92% | 68.37% | 68.54% |
| Gross Profit | 154.42M | 164.91M | 187.83M | 220.31M | 338.06M | 357.84M | 291.74M | 274.27M | 433.64M | 386.34M | 280.76M | 366.73M | 418.95M | 662.3M | 696.5M | 732.11M | 701.8M | 738.44M | 1.04B | 1B | 875.71M | 666.81M | 585.67M | 514.14M | 494.97M | 514.02M | 634.95M | 521.1M | 539.4M | 514.7M | 490M |
| Gross Margin % | 8.26% | 13.02% | 13.39% | 15.31% | 15.84% | 19.36% | 19.02% | 22.77% | 25.18% | 24.04% | 19.35% | 21.28% | 20.28% | 22.87% | 22.87% | 22.17% | 23.1% | 24.69% | 26.25% | 27.19% | 25.58% | 24.11% | 23.41% | 24.27% | 25.04% | 24.38% | 31.67% | 30.28% | 31.08% | 31.63% | 31.46% |
| Gross Profit Growth % | - | -12.2% | -14.75% | -34.83% | -5.53% | 22.66% | 6.37% | -36.75% | 12.24% | 37.61% | -23.44% | -12.46% | -36.74% | -4.91% | -4.86% | 4.32% | -4.96% | -29.09% | 3.86% | 14.5% | 31.33% | 13.85% | 13.91% | 3.87% | -3.71% | -19.05% | 21.85% | -3.39% | 4.8% | 5.04% | 8.19% |
| Operating Expenses | 399.78M | 212.47M | 189.47M | 177.85M | 438.96M | 269.47M | 295.05M | 197.87M | 244.24M | 238.9M | 204.67M | 246.62M | 291.6M | 490.62M | 512.48M | 644.46M | 623.37M | 512.22M | 629.41M | 537.4M | 512.8M | 397.86M | 375.83M | 340.25M | 319M | 350.4M | 438.89M | 351.5M | 351.8M | 333.8M | 322M |
| OpEx % of Revenue | - | 16.78% | 13.51% | 12.36% | 20.57% | 14.58% | 19.23% | 16.43% | 14.18% | 14.87% | 14.1% | 14.31% | 14.12% | 16.94% | 16.82% | 19.51% | 20.51% | 17.13% | 15.86% | 14.57% | 14.98% | 14.38% | 15.02% | 16.06% | 16.14% | 16.62% | 21.89% | 20.43% | 20.27% | 20.51% | 20.67% |
| Selling, General & Admin | 244.62M | 180.22M | 181.63M | 178.1M | 304.87M | 272.23M | 0 | 0 | 238.69M | 234.67M | 200.39M | 242.11M | 285.25M | 481.05M | 503.34M | 535.68M | 532.62M | 509.07M | 602.17M | 538.23M | 507.37M | 393.19M | 368.38M | 329.98M | 312.7M | 322.93M | 274.08M | 207.8M | 213.4M | 211.2M | 212.6M |
| SG&A % of Revenue | - | 14.23% | 12.95% | 12.38% | 14.29% | 14.73% | - | - | 13.86% | 14.6% | 13.81% | 14.05% | 13.81% | 16.61% | 16.52% | 16.22% | 17.53% | 17.02% | 15.18% | 14.59% | 14.82% | 14.21% | 14.72% | 15.58% | 15.82% | 15.32% | 13.67% | 12.08% | 12.3% | 12.98% | 13.65% |
| Research & Development | 2.71M | 2.68M | 3.5M | 2.74M | 2.86M | 956K | 534K | 886K | 5.55M | 4.23M | 4.28M | 4.51M | 6.35M | 9.57M | 9.14M | 6.04M | 4.27M | 3.15M | 5.29M | 3.17M | 3.03M | 2.68M | 2.58M | 3.31M | 2.82M | 3.98M | 5.71M | 7.8M | 7M | 6.1M | 0 |
| R&D % of Revenue | - | 0.21% | 0.25% | 0.19% | 0.13% | 0.05% | 0.03% | 0.07% | 0.32% | 0.26% | 0.29% | 0.26% | 0.31% | 0.33% | 0.3% | 0.18% | 0.14% | 0.11% | 0.13% | 0.09% | 0.09% | 0.1% | 0.1% | 0.16% | 0.14% | 0.19% | 0.29% | 0.45% | 0.4% | 0.37% | - |
| Other Operating Expenses | 3M | 29.57M | 4.35M | -2.99M | 131.23M | -3.72M | 294.51M | 196.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -245.36M | -47.56M | -1.65M | 42.47M | -100.9M | 88.38M | -3.31M | 76.4M | 190.93M | 142.8M | 63.47M | 88.54M | 63.47M | -134.8M | -174.79M | 87.65M | 78.43M | 218.66M | 411.99M | 457.81M | 358.47M | 268.95M | 209.85M | 173.89M | 175.97M | 163.62M | 196.06M | 169.6M | 187.6M | 178.3M | 164.7M |
| Operating Margin % | -13.13% | -3.75% | -0.12% | 2.95% | -4.73% | 4.78% | -0.22% | 6.34% | 11.09% | 8.89% | 4.37% | 5.14% | 3.07% | -4.65% | -5.74% | 2.65% | 2.58% | 7.31% | 10.38% | 12.41% | 10.47% | 9.72% | 8.39% | 8.21% | 8.9% | 7.76% | 9.78% | 9.86% | 10.81% | 10.96% | 10.57% |
| Operating Income Growth % | - | -2791% | -103.87% | 142.09% | -214.17% | 2773.2% | -104.33% | -59.98% | 33.7% | 124.99% | -28.31% | 39.49% | 147.09% | 22.88% | -299.42% | 11.75% | -64.13% | -46.93% | -10.01% | 27.71% | 33.29% | 28.16% | 20.68% | -1.18% | 7.55% | -16.55% | 15.6% | -9.59% | 5.22% | 8.26% | 35.44% |
| EBITDA | -69.03M | 72.98M | 121.06M | 170.47M | 62.95M | 255.05M | 153.44M | 212.3M | 315.98M | 272.74M | 204.96M | 245.01M | 239.8M | 102.24M | 97.33M | 398.09M | 393.67M | 530.19M | 749.94M | 764.22M | 611.45M | 467.01M | 394.22M | 342.83M | 331.63M | 340.15M | 355.16M | 305.5M | 319M | 294.8M | 274.1M |
| EBITDA Margin % | -3.69% | 5.76% | 8.63% | 11.85% | 2.95% | 13.8% | 10% | 17.63% | 18.35% | 16.97% | 14.12% | 14.22% | 11.61% | 3.53% | 3.2% | 12.05% | 12.96% | 17.73% | 18.9% | 20.72% | 17.86% | 16.88% | 15.76% | 16.18% | 16.78% | 16.13% | 17.72% | 17.75% | 18.38% | 18.11% | 17.6% |
| EBITDA Growth % | -142.2% | -39.72% | -28.98% | 170.79% | -75.32% | 66.23% | -27.73% | -32.81% | 15.86% | 33.07% | -16.35% | 2.17% | 134.54% | 5.05% | -75.55% | 1.12% | -25.75% | -29.3% | -1.87% | 24.98% | 30.93% | 18.47% | 14.99% | 3.38% | -2.5% | -4.23% | 16.26% | -4.23% | 8.21% | 7.55% | 21.02% |
| D&A (Non-Cash Add-back) | 176.33M | 120.53M | 122.71M | 128M | 163.85M | 166.67M | 156.74M | 135.9M | 125.06M | 129.94M | 141.49M | 156.47M | 176.33M | 237.04M | 272.12M | 310.44M | 315.24M | 311.53M | 337.95M | 306.41M | 252.98M | 198.06M | 184.37M | 168.94M | 155.66M | 176.53M | 159.1M | 135.9M | 131.4M | 116.5M | 109.4M |
| EBIT | -262.01M | -85.62M | -52.55M | 2.06M | -91.09M | 100.74M | 62.99M | 85.39M | 135.02M | 104.53M | 76.56M | 118.66M | 131.16M | -141.52M | -171.11M | 90.4M | 81.1M | 221.58M | 416.5M | 463.82M | 344.31M | 251.04M | 209.85M | 173.89M | 175.97M | 167.74M | 190.84M | 172.75M | 186.28M | 182.4M | 169.3M |
| Net Interest Income | -90.42M | -104.12M | -102.19M | -99.22M | -69.21M | -61M | -52.46M | -33.91M | -20.5M | -26.66M | -49.11M | -45.23M | -45.41M | -47.57M | -43.7M | -45.98M | -57.95M | -59.82M | -69.55M | -76.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.32M | 2.03M | 6.79M | 6.78M | 3.56M | 2.23M | 2.13M | 1.98M | 2.15M | 2.47M | 2.48M | 1.57M | 1.7M | 2.09M | 3.68M | 2.75M | 2.67M | 2.93M | 3.61M | 4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 92.74M | 106.16M | 108.99M | 106M | 72.77M | 63.23M | 54.59M | 35.89M | 22.66M | 29.13M | 51.58M | 46.8M | 47.11M | 49.65M | 47.38M | 48.73M | 60.62M | 62.75M | 73.16M | 81.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -132.16M | -144.06M | -159.9M | -147.17M | -67.18M | -51.17M | -50.73M | -45.06M | -17.05M | -29.25M | -144.35M | -53.72M | -55.15M | -46.98M | -419.16M | -154.2M | -108.71M | -67.38M | -68.65M | -75.37M | -56.7M | -38.78M | -38.61M | -37.99M | -39.27M | -53.94M | -47.23M | -30.44M | -11.41M | -16.8M | 26M |
| Pretax Income | -377.52M | -191.62M | -161.55M | -104.7M | -168.07M | 37.2M | -54.03M | 31.34M | 157.25M | 95.45M | -79.47M | 34.81M | 8.32M | -183.33M | -218.5M | 41.66M | 20.48M | 159.34M | 343.34M | 382.44M | 301.89M | 230.27M | 171.24M | 135.9M | 136.7M | 113.8M | 143.61M | 142.3M | 174.9M | 165.6M | 195.3M |
| Pretax Margin % | -20.21% | -15.13% | -11.52% | -7.28% | -7.88% | 2.01% | -3.52% | 2.6% | 9.13% | 5.94% | -5.48% | 2.02% | 0.4% | -6.33% | -7.17% | 1.26% | 0.67% | 5.33% | 8.65% | 10.37% | 8.82% | 8.32% | 6.84% | 6.42% | 6.92% | 5.4% | 7.16% | 8.27% | 10.08% | 10.18% | 12.54% |
| Income Tax | 33.77M | 27.11M | 22.74M | 29.36M | 4.86M | 9.09M | -8.67M | 12.73M | 12.9M | 83.8M | 6.64M | 27.68M | 27.17M | 34.91M | 35.25M | 49.85M | 4.28M | 18.51M | 91.82M | 117.6M | 97.52M | 64.77M | 49.03M | 41.71M | 42.24M | 36.98M | 46.8M | 51.6M | 67.4M | 65.2M | 76.3M |
| Effective Tax Rate % | -8.95% | -14.15% | -14.07% | -28.04% | -2.89% | 24.43% | 16.05% | 40.62% | 8.2% | 87.8% | -8.35% | 79.5% | 326.5% | -19.04% | -16.13% | 119.64% | 20.88% | 11.62% | 26.74% | 30.75% | 32.3% | 28.13% | 28.63% | 30.69% | 30.9% | 32.5% | 32.59% | 36.26% | 38.54% | 39.37% | 39.07% |
| Net Income | -516.57M | -228.11M | -194.9M | -137.22M | -180.07M | -3.25M | -26.34M | 503.92M | 137.06M | 7.82M | -85.67M | 6.19M | -24.79M | -227.94M | -254.61M | -11.51M | 6.75M | 118.78M | 240.94M | 299.49M | 196.4M | 156.66M | 121.21M | 92.22M | 90.11M | 71.72M | 96.8M | 90.7M | 107.5M | 278.8M | 119M |
| Net Margin % | -27.65% | -18.01% | -13.89% | -9.54% | -8.44% | -0.18% | -1.72% | 41.84% | 7.96% | 0.49% | -5.9% | 0.36% | -1.2% | -7.87% | -8.36% | -0.35% | 0.22% | 3.97% | 6.07% | 8.12% | 5.74% | 5.66% | 4.84% | 4.35% | 4.56% | 3.4% | 4.83% | 5.27% | 6.19% | 17.13% | 7.64% |
| Net Income Growth % | -237.56% | -17.04% | -42.03% | 23.8% | -5442.29% | 87.67% | -105.23% | 267.67% | 1652.2% | 109.13% | -1484.41% | 124.96% | 89.12% | 10.48% | -2112.09% | -270.42% | -94.31% | -50.7% | -19.55% | 52.49% | 25.37% | 29.24% | 31.44% | 2.34% | 25.63% | -25.91% | 6.73% | -15.63% | -61.44% | 134.29% | 22.18% |
| Net Income (Continuing) | -411.29M | -218.72M | -184.29M | -134.06M | -172.93M | 28.11M | -45.36M | 18.61M | 108.53M | 11.65M | -80.42M | 7.31M | -17.79M | -218.24M | -253.18M | -8.18M | 16.2M | 140.33M | 251.52M | 264.84M | 204.37M | 165.5M | 122.2M | 87M | 88.41M | 74.64M | 94.34M | 90.71M | 107.51M | 100.4M | 83.9M |
| Discontinued Operations | -4M | -5.49M | -5.3M | -5.13M | -3.5M | -25.39M | 23.39M | 493.61M | 36.48M | 14.63M | 0 | 0 | 1.67M | 0 | -1.48M | 690K | -4.13M | -15.06M | 0 | -9.73M | -17.97M | -21.01M | -8.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 40.52M | 38.15M | 52.26M | 53.6M | 57.61M | 56.24M | 48.08M | 45.11M | 44.71M | 41.26M | 39.23M | 44.32M | 43.09M | 49.78M | 43.54M | 36.45M | 36.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -18.68 | -8.11 | -6.93 | -4.88 | -2.27 | -0.04 | -0.33 | -0.82 | 1.64 | 0.10 | -1.07 | 0.08 | -0.31 | -2.82 | -3.16 | -0.14 | 0.08 | 1.47 | 2.87 | 3.53 | 2.32 | 1.86 | 1.46 | 1.13 | 1.11 | 0.90 | 1.21 | 1.11 | 1.17 | 1.42 | 0.30 |
| EPS Growth % | -671.09% | -17.03% | -42.01% | -114.98% | -5575% | 87.88% | 59.76% | -150% | 1540% | 109.35% | -1437.5% | 125.81% | 89.01% | 10.76% | -2157.14% | -275% | -94.56% | -48.78% | -18.7% | 52.16% | 24.73% | 27.4% | 29.2% | 1.8% | 23.33% | -25.62% | 9.01% | -5.13% | -17.61% | 373.33% | -69.07% |
| EPS (Basic) | - | -8.11 | -6.93 | -4.88 | -2.27 | -0.04 | -0.33 | -0.82 | 1.70 | 0.10 | -1.07 | 0.08 | -0.31 | -2.82 | -3.16 | -0.14 | 0.08 | 1.48 | 2.88 | 3.56 | 2.34 | 1.87 | 1.48 | 1.14 | 1.12 | 0.90 | 1.21 | 1.11 | 1.18 | 1.43 | 0.30 |
| Diluted Shares Outstanding | 27.66M | 28.11M | 28.11M | 28.11M | 79.49M | 80.29M | 78.94M | 79.63M | 83.59M | 80.55M | 80.33M | 80.36M | 80.88M | 80.75M | 80.63M | 80.74M | 80.76M | 80.59M | 84.03M | 84.72M | 84.49M | 84.31M | 83.2M | 81.95M | 81.36M | 80.13M | 80.04M | 82.03M | 91.82M | 93.95M | 99.2M |
| Basic Shares Outstanding | 27.66M | 28.11M | 28.11M | 28.11M | 79.49M | 79.23M | 78.94M | 79.63M | 80.72M | 80.55M | 80.33M | 80.23M | 80.88M | 80.75M | 80.63M | 80.74M | 80.57M | 80.3M | 83.6M | 84.17M | 83.88M | 83.55M | 82.26M | 81.38M | 80.72M | 79.75M | 80M | 81.72M | 91.11M | 93.95M | 99.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 1062.22% | - | - | - | - | 976.84% | 53.73% | 27.24% | 19.94% | 27.76% | 31.87% | 37.27% | 46.29% | 44.71% | 53.34% | 38.84% | 40.79% | 37.49% | 14.02% | 31.85% |
Quick answers to the most common questions about buying NVRI stock.
For fiscal year 2025, Enviri Corporation (NVRI) reported total revenue of $1.27B. This represents a 18.7% decline compared to $1.56B in 1996.
Enviri Corporation (NVRI) reported a net loss of $228.1M for the fiscal year ending 2025.
Enviri Corporation (NVRI) reported an operating income of $-47.6M, resulting in an operating profit margin of -3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Enviri Corporation (NVRI) generated $164.9M in gross profit for the year, representing a gross profit margin of 13.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and revenue decline
Metrics are mathematically derived from official filings.
Revenue Contraction Deepens
Revenue fell 9.7% year-over-year in Q2 2026 to $187.3M, accelerating from a 4.3% decline in the prior quarter, according to recent financial statements, signaling persistent volume headwinds.
The sharp acceleration in revenue decline, from -4.3% to -9.7% YoY, suggests that the industrial end-markets, particularly steel production, are weakening faster than anticipated. With Harsco Environmental's revenue tied to steel mill output, the contraction likely reflects lower slag volumes and reduced service demand. The sequential drop from $549.8M in Q1 2026 to $187.3M in Q2 2026 is dramatic and may indicate a one-time event or a structural shift, but the underlying trend is clearly negative.
Gross Margin Collapse in Q2
Gross margin swung to -84.5% in Q2 2026 from 19.2% in Q1, as COGS exceeded revenue by $158.2M, based on reported figures, implying a severe impairment or inventory write-down.
The gross margin of -84.5% is an outlier that cannot be explained by normal operating dynamics. It likely reflects a one-time non-cash charge, such as an asset impairment or contract termination cost, rather than a structural deterioration in pricing power. However, even excluding this anomaly, gross margins have been volatile, ranging from 12.4% to 22.5% over the past year, indicating limited pricing power in a cyclical industry. The company's thin operating margins (3.88% average) suggest that any volume decline quickly erodes profitability.
Negative Operating Leverage Exposed
Operating income swung from a $793K profit in Q1 2026 to a -$244.4M loss in Q2, with SG&A of $49.1M on only $187.3M revenue, as per financial statements, highlighting extreme fixed-cost sensitivity.
The operating loss in Q2 2026 is disproportionate to the revenue decline, underscoring the high fixed-cost structure of the business. SG&A of $49.1M represents 26.2% of revenue, up from 16.6% in Q1, indicating that overhead costs are not scaling down with volume. This negative operating leverage is a critical risk: if revenue continues to contract, operating losses will widen, and the company's ability to service its debt will be further strained.
EPS Miss Masks Underlying Operations
Q2 2026 EPS of -$14.57 versus consensus of -$0.31, as reported in earnings releases, suggests a massive one-time charge, but the net margin of -2.1% indicates ongoing losses.
The magnitude of the EPS miss, with a loss of $14.57 per share, is far beyond any operational deterioration and points to a significant non-cash impairment or restructuring charge. However, even in quarters without such charges, the company has consistently reported net losses, with net margins ranging from -1.6% to -15.7% over the past year. The presence of stock-based compensation (SBC) of $9.1M in Q2 2026, up from $1.2M in Q1, adds to the dilution and reduces earnings quality. Investors should monitor whether the Q2 charge is truly one-time or if further write-downs are likely given the high leverage.
COGS Spike Distorts Cost Structure
COGS of $345.6M in Q2 2026 exceeded revenue by $158.2M, a stark contrast to the typical 80% COGS ratio, based on reported data, implying a non-recurring cost event.
The COGS-to-revenue ratio of 184.5% in Q2 2026 is an anomaly that cannot be explained by normal input costs. It likely includes a one-time write-down of inventory or a contract liability. Excluding this quarter, COGS has averaged around 80% of revenue, which is consistent with a capital-intensive industrial services model. The company's cost structure is heavily weighted toward labor and maintenance, and with revenue declining, these fixed costs become a larger burden, compressing margins further.
Leverage and Cyclicality Threaten Solvency
With a debt-to-equity ratio of 6.11 and a net margin of -18.0% in Q2 2026, as per financial statements, the company faces a high risk of liquidity constraints.
The combination of extreme leverage and persistent net losses raises serious doubts about the company's ability to service its debt without diluting shareholders or selling assets. The revenue decline, if it continues, will exacerbate operating losses and could trigger debt covenant breaches. While the company maintains guidance, the market may be pricing in a distressed scenario. The cyclicality of the steel industry and the high fixed-cost base mean that any prolonged downturn could be existential. Investors should closely monitor cash flow and debt maturity schedules.