Revenue growth has normalized to 1.3% in Q3 2026 after acquisition-driven spikes, while gross margin volatility—ranging from 18.2% to 29.0% in the past four quarters—highlights persistent integration and pricing challenges.
Quanex Building Products Corporation (NX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 1.86B | 1.84B | 1.28B | 1.13B | 1.22B | 1.07B | 851.57M | 893.84M | 889.78M | 866.55M | 928.18M | 645.53M | 595.38M | 952.64M | 828.98M | 848.29M | 798.31M | 585.01M | 868.93M | 2.05B | 2.03B | 1.97B | 1.46B | 1.03B | 994.39M | 924.35M | 934.2M | 810.09M | 797.49M | 746.09M | 895.71M |
| Revenue Growth % | 1.26% | 43.81% | 13.03% | -7.44% | 13.93% | 25.9% | -4.73% | 0.46% | 2.68% | -6.64% | 43.79% | 8.42% | -37.5% | 14.92% | -2.28% | 6.26% | 36.46% | -32.67% | -57.59% | 0.81% | 3.23% | 34.84% | 41.61% | 3.7% | 7.58% | -1.05% | 15.32% | 1.58% | 6.89% | -16.7% | 0.51% |
| Cost of Goods Sold | 1.44B | 1.34B | 972.24M | 853.06M | 953M | 831.54M | 658.75M | 694.42M | 697.02M | 672.49M | 710.64M | 499.1M | 464.58M | 419.73M | 355.67M | 712.09M | 660.85M | 489.33M | 717.38M | 767.14M | 829.71M | 1.51B | 1.25B | 867.78M | 812.95M | 769.33M | 730.86M | 710.04M | 647.18M | 609.99M | 772.37M |
| COGS % of Revenue | - | 72.83% | 76.08% | 75.45% | 78.02% | 77.56% | 77.36% | 77.69% | 78.34% | 77.6% | 76.56% | 77.32% | 78.03% | 44.06% | 42.9% | 83.94% | 82.78% | 83.64% | 82.56% | 37.44% | 40.82% | 76.84% | 85.3% | 84.15% | 81.75% | 83.23% | 78.23% | 87.65% | 81.15% | 81.76% | 86.23% |
| Gross Profit | 423.53M | 499.23M | 305.62M | 277.52M | 268.5M | 240.61M | 192.82M | 199.42M | 192.76M | 194.07M | 217.54M | 146.43M | 130.8M | 135.13M | 122.91M | 136.2M | 137.47M | 95.68M | 151.56M | 196.84M | 214.06M | 456.03M | 214.63M | 163.43M | 181.44M | 155.03M | 75.47M | 124.86M | 150.31M | 136.1M | 123.34M |
| Gross Margin % | 22.73% | 27.17% | 23.92% | 24.55% | 21.98% | 22.44% | 22.64% | 22.31% | 21.66% | 22.4% | 23.44% | 22.68% | 21.97% | 14.19% | 14.83% | 16.06% | 17.22% | 16.36% | 17.44% | 9.61% | 10.53% | 23.16% | 14.7% | 15.85% | 18.25% | 16.77% | 8.08% | 15.41% | 18.85% | 18.24% | 13.77% |
| Gross Profit Growth % | - | 63.35% | 10.13% | 3.36% | 11.59% | 24.78% | -3.31% | 3.45% | -0.67% | -10.79% | 48.56% | 11.95% | -3.21% | 9.95% | -9.76% | -0.92% | 43.67% | -36.87% | -23% | -8.05% | -53.06% | 112.47% | 31.33% | -9.92% | 17.04% | 105.4% | -39.55% | -16.93% | 10.44% | 10.35% | 9.03% |
| Operating Expenses | 310.42M | 693.18M | 250.8M | 166.82M | 157.22M | 158.74M | 137.56M | 225.85M | 157.07M | 160.13M | 181.19M | 121.76M | 116.52M | 153.96M | 131.77M | 119.72M | 100.17M | 274.78M | 130.58M | 108.67M | 109.3M | 163.25M | -647.49M | -54.26M | -60.81M | -66.62M | 0 | 53.1M | 148.05M | 81.1M | 56.8M |
| OpEx % of Revenue | - | 37.72% | 19.63% | 14.76% | 12.87% | 14.81% | 16.15% | 25.27% | 17.65% | 18.48% | 19.52% | 18.86% | 19.57% | 16.16% | 15.9% | 14.11% | 12.55% | 46.97% | 15.03% | 5.3% | 5.38% | 8.29% | -44.34% | -5.26% | -6.12% | -7.21% | - | 6.56% | 18.56% | 10.87% | 6.34% |
| Selling, General & Admin | 285.7M | 277.26M | 190.47M | 123.96M | 117.11M | 115.97M | 89.71M | 101.29M | 103.53M | 97.98M | 114.91M | 86.54M | 82.15M | 109.33M | 111.58M | 83.99M | 71.95M | 60.47M | 95.5M | 97.99M | 92.7M | 97.85M | 65.62M | 53.57M | 54.41M | 54.2M | 53.55M | 53.1M | 47.71M | 43.8M | 56.8M |
| SG&A % of Revenue | - | 15.09% | 14.91% | 10.96% | 9.59% | 10.82% | 10.53% | 11.33% | 11.64% | 11.31% | 12.38% | 13.41% | 13.8% | 11.48% | 13.46% | 9.9% | 9.01% | 10.34% | 10.99% | 4.78% | 4.56% | 4.97% | 4.49% | 5.2% | 5.47% | 5.86% | 5.73% | 6.56% | 5.98% | 5.87% | 6.34% |
| 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 | 106K | 415.92M | 60.33M | 42.87M | 40.11M | 42.77M | 47.85M | 124.56M | 53.31M | 62.05M | 66.28M | 35.22M | 34.37M | 54.99M | 30.89M | 35.73M | 28.21M | 215.01M | 35.07M | 37.99M | 37M | 65.4M | -713.1M | -107.83M | -115.22M | -120.82M | -53.55M | 0 | 100.33M | 37.3M | 0 |
| Operating Income | 113.11M | -193.95M | 54.83M | 110.7M | 111.28M | 81.87M | 55.27M | 48.66M | 36.38M | 34.37M | 36.35M | 24.68M | 14.28M | -17.73M | -24.95M | 16.48M | 37.3M | -180.08M | 20.98M | 4.05M | 251.39M | 292.77M | 99.41M | 63.8M | 83.3M | 57.32M | -3.96M | 71.76M | 2.26M | 55.01M | 66.54M |
| Operating Margin % | 6.07% | -10.55% | 4.29% | 9.79% | 9.11% | 7.64% | 6.49% | 5.44% | 4.09% | 3.97% | 3.92% | 3.82% | 2.4% | -1.86% | -3.01% | 1.94% | 4.67% | -30.78% | 2.41% | 0.2% | 12.37% | 14.87% | 6.81% | 6.19% | 8.38% | 6.2% | -0.42% | 8.86% | 0.28% | 7.37% | 7.43% |
| Operating Income Growth % | - | -453.76% | -50.47% | -0.52% | 35.92% | 48.14% | 13.58% | 33.77% | 5.84% | -5.46% | 47.33% | 72.84% | 180.52% | 28.95% | -251.43% | -55.82% | 120.71% | -958.31% | 417.54% | -98.39% | -14.13% | 194.51% | 55.83% | -23.42% | 45.33% | 1546.64% | -105.52% | 3069.48% | -95.88% | -17.33% | 0.09% |
| EBITDA | 211.78M | -90.51M | 115.15M | 153.57M | 151.39M | 124.6M | 102.49M | 98.25M | 88.2M | 91.86M | 89.5M | 59.9M | 51.19M | 42.77M | 12.71M | 50.48M | 65.58M | 35.27M | 56.09M | 81.36M | 323.05M | 358.76M | 150.01M | 110.21M | 127.29M | 101.23M | 44.48M | 117.64M | 44.66M | 92.87M | 104.96M |
| EBITDA Margin % | 11.37% | -4.93% | 9.01% | 13.58% | 12.39% | 11.62% | 12.04% | 10.99% | 9.91% | 10.6% | 9.64% | 9.28% | 8.6% | 4.49% | 1.53% | 5.95% | 8.21% | 6.03% | 6.46% | 3.97% | 15.89% | 18.22% | 10.27% | 10.69% | 12.8% | 10.95% | 4.76% | 14.52% | 5.6% | 12.45% | 11.72% |
| EBITDA Growth % | 264.27% | -178.6% | -25.01% | 1.44% | 21.5% | 21.57% | 4.32% | 11.39% | -3.99% | 2.64% | 49.43% | 17.01% | 19.66% | 236.47% | -74.81% | -23.03% | 85.96% | -37.13% | -31.06% | -74.81% | -9.95% | 139.15% | 36.12% | -13.42% | 25.75% | 127.56% | -62.19% | 163.39% | -51.91% | -11.51% | 6.11% |
| D&A (Non-Cash Add-back) | 98.67M | 103.44M | 60.33M | 42.87M | 40.11M | 42.73M | 47.23M | 49.59M | 51.82M | 57.49M | 53.15M | 35.22M | 36.91M | 60.5M | 37.67M | 34M | 28.28M | 215.35M | 35.11M | 77.31M | 71.66M | 65.99M | 50.6M | 46.41M | 43.99M | 43.91M | 48.45M | 45.88M | 42.4M | 37.87M | 38.42M |
| EBIT | 124.42M | -186.78M | 62.67M | 105.18M | 112.32M | 82.62M | 55.55M | -26.31M | 36.85M | 35.1M | 30.87M | 24.14M | 14.37M | -18.65M | -8.64M | 15.96M | 39.94M | -178.69M | 20.98M | 88.17M | 255.63M | 292.77M | 624.06M | 878.41M | 831.57M | 51.27M | 75.47M | 71.76M | 60.76M | 55.01M | 66.54M |
| Net Interest Income | -49.44M | -53.72M | -18.9M | -7.89M | -2.54M | -2.52M | -5.22M | -9.58M | -11.03M | -9.51M | -36.39M | -927K | -443K | -558K | -225K | -138K | -440K | -452K | 0 | 0 | -1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 414K | 2.09M | 1.69M | 248K | 19K | 5K | 28K | 63K | 69K | 86K | 106K | 64K | 119K | 63K | 206K | 311K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 49.85M | 55.81M | 20.59M | 8.14M | 2.56M | 2.53M | 5.25M | 9.64M | 11.1M | 9.6M | 36.5M | 991K | 562K | 621K | 431K | 449K | 440K | 453K | 0 | 0 | 708K | 31.22M | 8.9M | 0 | 0 | 7.61M | 7.28M | 8M | 105.51M | 0 | 10.26M |
| Other Income/Expense | -40.75M | -48.64M | -12.74M | -13.65M | -1.52M | -1.78M | -4.96M | -9.53M | -12.41M | -8.87M | -41.98M | -1.52M | -470K | -472K | -16.32M | -963K | 2.21M | -46K | 4.71M | -208K | -578K | -9.15M | 49.27M | 2.03M | -1.69M | -6.22M | -90.88M | -11.41M | -8.23M | -12.37M | -9.83M |
| Pretax Income | 72.36M | -242.59M | 42.08M | 97.05M | 109.76M | 80.09M | 50.3M | -35.95M | 25.45M | 25.5M | -5.62M | 23.15M | 13.81M | -18.2M | -25.18M | 15.52M | 39.5M | -180.13M | 25.69M | 207.06M | 250.82M | 283.63M | 93.64M | 65.82M | 81.61M | 45.05M | -15.41M | 60.35M | -5.96M | 42.64M | 56.71M |
| Pretax Margin % | 3.88% | -13.2% | 3.29% | 8.58% | 8.99% | 7.47% | 5.91% | -4.02% | 2.86% | 2.94% | -0.61% | 3.59% | 2.32% | -1.91% | -3.04% | 1.83% | 4.95% | -30.79% | 2.96% | 10.11% | 12.34% | 14.4% | 6.41% | 6.38% | 8.21% | 4.87% | -1.65% | 7.45% | -0.75% | 5.72% | 6.33% |
| Income Tax | 27M | 8.21M | 9.02M | 14.54M | 21.43M | 23.11M | 11.8M | 10.78M | -875K | 6.82M | -3.77M | 7.54M | 5.47M | -6.5M | -8.65M | 6.44M | 15.3M | -43.04M | 9.79M | 72.44M | 90.5M | 106.39M | 36.05M | 22.94M | 26.13M | 16.23M | -5.38M | 21.05M | -2.09M | 14.93M | 23.82M |
| Effective Tax Rate % | 37.32% | -3.39% | 21.44% | 14.99% | 19.52% | 28.86% | 23.47% | -29.97% | -3.44% | 26.74% | 66.95% | 32.56% | 39.61% | 35.7% | 34.35% | 41.49% | 38.73% | 23.89% | 38.09% | 34.99% | 36.08% | 37.51% | 38.49% | 34.84% | 32.02% | 36.02% | 34.94% | 34.88% | 34.99% | 35% | 42% |
| Net Income | 45.35M | -250.81M | 33.06M | 82.5M | 88.34M | 56.98M | 38.5M | -46.73M | 26.33M | 18.68M | -1.86M | 16.09M | 29.23M | -11.7M | -16.53M | 9.07M | 23.1M | -137.09M | 21.58M | 134.62M | 160.18M | 155.16M | 54.47M | 42.89M | 55.48M | 29.19M | -9.66M | 39.72M | 9.17M | 69.18M | 30.37M |
| Net Margin % | 2.43% | -13.65% | 2.59% | 7.3% | 7.23% | 5.31% | 4.52% | -5.23% | 2.96% | 2.16% | -0.2% | 2.49% | 4.91% | -1.23% | -1.99% | 1.07% | 2.89% | -23.43% | 2.48% | 6.57% | 7.88% | 7.88% | 3.73% | 4.16% | 5.58% | 3.16% | -1.03% | 4.9% | 1.15% | 9.27% | 3.39% |
| Net Income Growth % | 115.95% | -858.66% | -59.93% | -6.61% | 55.03% | 48.02% | 182.38% | -277.49% | 40.92% | 1105% | -111.55% | -44.95% | 349.8% | 29.22% | -282.37% | -60.75% | 116.85% | -735.3% | -83.97% | -15.96% | 3.24% | 184.87% | 27% | -22.7% | 90.05% | 402.06% | -124.34% | 333.16% | -86.75% | 127.82% | -4.62% |
| Net Income (Continuing) | 45.35M | -250.81M | 33.06M | 82.5M | 88.34M | 56.98M | 38.5M | -46.73M | 26.55M | 18.68M | -1.86M | 15.61M | 8.34M | -11.7M | -16.53M | 9.08M | 24.2M | -137.09M | 15.9M | 134.62M | 160.31M | 177.23M | 57.43M | 43.65M | 53.28M | 25.57M | 39.02M | 39.3M | -3.88M | 27.72M | 32.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 479K | 0 | 0 | 0 | 0 | 0 | 0 | 5.67M | 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) | 0.99 | -5.43 | 0.90 | 2.50 | 2.66 | 1.70 | 1.17 | -1.42 | 0.75 | 0.54 | -0.05 | 0.47 | 0.78 | -0.32 | -0.45 | 0.24 | 0.61 | -3.67 | 0.56 | 3.41 | 4.08 | 3.95 | 0.64 | 0.51 | 0.66 | 0.35 | -0.31 | 1.15 | 0.29 | 1.95 | 0.91 |
| EPS Growth % | 116.21% | -703.33% | -64% | -6.02% | 56.47% | 45.3% | 182.39% | -289.33% | 38.89% | 1083.61% | -111.68% | -39.74% | 343.75% | 28.89% | -287.5% | -60.66% | 116.62% | -755.36% | -83.58% | -16.42% | 3.29% | 517.19% | 25.49% | -22.73% | 88.57% | 212.9% | -126.96% | 296.55% | -85.13% | 114.29% | 0% |
| EPS (Basic) | - | -5.43 | 0.91 | 2.51 | 2.67 | 1.72 | 1.18 | -1.42 | 0.76 | 0.55 | -0.05 | 0.47 | 0.79 | -0.32 | -0.45 | 0.24 | 0.62 | -3.67 | 0.58 | 3.64 | 4.27 | 4.11 | 0.64 | 0.51 | 0.66 | 0.35 | -0.31 | 1.24 | 0.29 | 2.19 | 0.99 |
| Diluted Shares Outstanding | 45.65M | 46.17M | 36.65M | 33.03M | 33.2M | 33.49M | 32.82M | 32.96M | 35.02M | 34.84M | 33.88M | 34.5M | 37.68M | 36.86M | 36.62M | 37.54M | 37.67M | 37.34M | 38.53M | 39.51M | 39.71M | 39.81M | 37.5M | 36.9M | 36.21M | 34.7M | 31.44M | 32.03M | 31.84M | 37.63M | 37.32M |
| Basic Shares Outstanding | 45.46M | 46.17M | 36.42M | 32.82M | 33.05M | 33.19M | 32.69M | 32.96M | 34.7M | 34.23M | 33.88M | 33.99M | 37.13M | 36.42M | 36.45M | 37.01M | 37.22M | 37.34M | 37.27M | 36.98M | 37.48M | 37.77M | 36.9M | 36.4M | 32.18M | 30.14M | 31.11M | 32.03M | 31.84M | 31.57M | 30.73M |
| Dividend Payout Ratio | - | - | 36.21% | 12.9% | 12% | 18.92% | 27.36% | - | 26.66% | 29.52% | - | 34.27% | 20.5% | - | - | 65.95% | 22.84% | - | 10.46% | 15.43% | 11.46% | 9.21% | 21.17% | 25.33% | 17.37% | 29.53% | - | 22.97% | 98.8% | 12.17% | 26.72% |
Quick answers to the most common questions about buying NX stock.
For fiscal year 2025, Quanex Building Products Corporation (NX) reported total revenue of $1.84B. This represents a 105.2% increase compared to $895.7M in 1996.
Quanex Building Products Corporation (NX) reported a net loss of $250.8M for the fiscal year ending 2025.
Quanex Building Products Corporation (NX) reported an operating income of $-194.0M, resulting in an operating profit margin of -10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Quanex Building Products Corporation (NX) generated $499.2M in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile margins and earnings
Metrics are mathematically derived from official filings.
Growth Normalizes After Acquisition Spike
Following the triple-digit year-over-year revenue growth spikes in mid-2025 driven by the Tyman acquisition, Quanex's revenue growth has normalized to low single digits, with Q3 2026 growth slowing to 1.3% from 2.3% in Q2 2026 as reported in the financial statements.
The dramatic deceleration from 76.7% growth in Q3 2025 to 1.3% in Q3 2026 marks the anniversary of a transformative event and the transition to an organic growth profile. This shift requires a reassessment of the company's growth drivers, as future expansion now hinges on volume and pricing within a larger, slower-growth base rather than inorganic contribution.
Gross Margin Volatility Signals Integration Challenges
Gross margin has exhibited significant instability, plunging from 29.0% in Q2 2025 to 18.2% in Q1 2026 before recovering to 23.6% in Q3 2026, a pattern that suggests ongoing cost integration pressures and inconsistent pricing power within the enlarged entity.
The severe Q1 2026 margin compression, which coincided with a net loss, indicates the company may have faced cost inflation or pricing headwinds it could not immediately offset. While the rebound to 23.6% in the latest quarter is encouraging, this remains below the peak margins seen in 2025, suggesting the combined business has not yet achieved a stable, optimal margin profile.
SG&A Discipline Offsets Margin Pressure
Despite the gross margin volatility, SG&A as a percentage of revenue has shown improvement, declining from 14.5% in Q2 2025 to 14.1% in Q3 2026, indicating some success in managing overhead costs to support operating profitability during the integration phase.
The company has demonstrated an ability to control its SG&A burden relative to its revenue base, which has helped cushion the impact of fluctuating gross margins on the bottom line. However, the operating margin of 9.7% in Q3 2026 remains below the 9.0% level of Q2 2025, suggesting that gross margin recovery is the primary lever needed to restore full operating leverage.
Impairment Charge Overshadows Core Earnings
The reported $276.0 million net loss in Q3 2025, which included a significant non-cash impairment, starkly contrasts with the $26.5 million profit in Q3 2026, making it difficult to assess the trajectory of sustainable, core operational earnings without adjusting for such items.
The extreme volatility in reported net income, swinging from a massive loss to a profit, indicates that non-operational charges have a dominant impact on the income statement. While stock-based compensation remains low at approximately $1.2M per quarter, supporting cash flow quality, investors must look past these distortions to gauge the true earning power of the underlying business.
Q3 2025: A Non-Recurring Charge Distorts Performance
The $276.0 million net loss in Q3 2025 represents a clear inflection point driven by a non-cash impairment related to the Tyman acquisition, an event that fundamentally distorts year-over-year comparisons and masks the period's underlying operational performance.
This charge artificially created a highly depressed earnings base, making the subsequent quarters' profitability appear artificially strong on a year-over-year basis. The lasting impact is a reference point that complicates financial analysis, requiring the use of adjusted metrics to evaluate the company's true operational trajectory and the integration's success.
Margin Recovery May Be Transitory
The recent rebound in gross margin to 23.6% could be fragile, as it follows a period of severe compression and sits below 2025 peaks, leaving the company vulnerable to renewed cost pressures or competitive pricing dynamics that could quickly erode profitability again.
Short-sellers would likely focus on the inconsistency of the margin performance, arguing the Q3 2026 recovery may reflect favorable temporary factors rather than a sustainable structural improvement. The persistent gap between current margins and the higher levels achieved in mid-2025 suggests the integration's cost synergies may be lagging, and the company has yet to prove it can consistently operate at a higher margin level within its new structure.