OneSpan Inc. (OSPN) Income Statement

29Y historyFree accessUpdated daily

Revenue growth has stalled at 1.0% year-over-year in 2026Q2, while operating margins have compressed from 27.1% to 14.5% over the past year, indicating that increased R&D spending (up 32% over two years) has not yet translated into top-line acceleration.

Annual statement

OSPN Income Statement

OneSpan Inc. (OSPN) annual income statement — 29-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	246.38M	243.18M	243.18M	235.11M	219.01M	214.48M	215.69M	253.48M	212.28M	193.29M	192.3M	241.44M	201.54M	155.05M	154.03M	168.08M	107.96M	101.69M	132.98M	119.98M	76.06M	54.58M	29.89M	22.87M	18.91M	26.73M	28.07M	19.4M	15.02M	12.3M
Revenue Growth %	2.39%	0%	3.43%	7.35%	2.11%	-0.56%	-14.91%	19.41%	9.82%	0.51%	-20.35%	19.8%	29.98%	0.66%	-8.36%	55.68%	6.16%	-23.52%	10.83%	57.74%	39.36%	82.58%	30.73%	20.9%	-29.24%	-4.77%	44.67%	29.2%	22.06%	-
Cost of Goods Sold	72.54M	71.28M	68.6M	77.39M	70.44M	71.55M	63.44M	85.65M	64.81M	58.78M	61.65M	95.35M	73.77M	55.18M	54.46M	59.97M	32M	30.54M	41.01M	40.87M	24.36M	20.14M	9.18M	9.01M	7.17M	10.59M	8.65M	6.2M	6.95M	6.29M
COGS % of Revenue	-	29.31%	28.21%	32.92%	32.16%	33.36%	29.41%	33.79%	30.53%	30.41%	32.06%	39.49%	36.6%	35.59%	35.36%	35.68%	29.64%	30.03%	30.84%	34.06%	32.03%	36.9%	30.72%	39.4%	37.91%	39.62%	30.83%	31.96%	46.28%	51.1%
Gross Profit	173.84M	171.9M	174.58M	157.72M	148.57M	142.94M	152.25M	167.84M	147.47M	134.51M	130.66M	146.09M	127.77M	99.87M	99.56M	108.11M	75.97M	71.16M	91.97M	79.11M	51.7M	34.44M	20.71M	13.86M	11.74M	16.14M	19.41M	13.2M	8.07M	6.02M
Gross Margin %	70.56%	70.69%	71.79%	67.08%	67.84%	66.64%	70.59%	66.21%	69.47%	69.59%	67.94%	60.51%	63.4%	64.41%	64.64%	64.32%	70.36%	69.97%	69.16%	65.94%	67.97%	63.1%	69.28%	60.6%	62.09%	60.38%	69.17%	68.04%	53.72%	48.9%
Gross Profit Growth %	-	-1.53%	10.69%	6.16%	3.94%	-6.12%	-9.29%	13.81%	9.63%	2.95%	-10.56%	14.34%	27.93%	0.31%	-7.91%	42.32%	6.75%	-22.63%	16.25%	53.01%	50.13%	66.29%	49.46%	18%	-27.23%	-16.88%	47.06%	63.64%	34.1%	-
Operating Expenses	127.61M	121.83M	129.77M	186.59M	175.69M	169.06M	157.51M	153.65M	147.44M	128.32M	121.06M	95.64M	89.68M	86.16M	78.54M	83.35M	63.58M	57.75M	63.83M	48.22M	32.76M	23.66M	15.19M	12.73M	15.57M	24.96M	22.01M	14.1M	9.28M	9.95M
OpEx % of Revenue	-	50.1%	53.36%	79.36%	80.22%	78.82%	73.03%	60.61%	69.46%	66.39%	62.95%	39.61%	44.5%	55.57%	50.99%	49.59%	58.89%	56.78%	48%	40.19%	43.07%	43.34%	50.81%	55.68%	82.31%	93.38%	78.43%	72.68%	61.78%	80.89%
Selling, General & Admin	97.02M	92.64M	90.55M	128.5M	116.5M	115.76M	107.19M	101.72M	105.39M	96.39M	89M	72.16M	65.65M	61.52M	57.84M	62.74M	49.56M	45.71M	51.59M	37.75M	26.64M	19.34M	12.35M	10.45M	12.45M	19.98M	16.02M	9.4M	7.49M	8.15M
SG&A % of Revenue	-	38.1%	37.24%	54.66%	53.2%	53.97%	49.7%	40.13%	49.65%	49.87%	46.28%	29.89%	32.57%	39.68%	37.55%	37.33%	45.91%	44.95%	38.8%	31.46%	35.02%	35.43%	41.33%	45.71%	65.83%	74.75%	57.07%	48.45%	49.87%	66.24%
Research & Development	35.77M	34.16M	32.42M	38.42M	41.73M	47.41M	41.19M	42.46M	32.2M	23.12M	23.21M	18.54M	19.5M	21.32M	18.79M	18.64M	13.57M	11.58M	11.62M	9.44M	5.53M	3.58M	2.83M	2.28M	3.12M	4.98M	4.58M	3.6M	1.79M	1.8M
R&D % of Revenue	-	14.05%	13.33%	16.34%	19.06%	22.11%	19.1%	16.75%	15.17%	11.96%	12.07%	7.68%	9.67%	13.75%	12.2%	11.09%	12.57%	11.39%	8.74%	7.87%	7.27%	6.56%	9.48%	9.98%	16.48%	18.63%	16.32%	18.56%	11.91%	14.64%
Other Operating Expenses	1.5M	-4.97M	6.79M	19.66M	17.45M	5.89M	9.12M	9.47M	2.26M	758K	1.04M	81K	-286K	240K	409K	1.97M	443K	453K	626K	1.03M	27.23M	20.08M	0	0	0	0	17.43M	10.5M	0	0
Operating Income	46.23M	50.07M	44.8M	-28.87M	-27.11M	-26.13M	-5.26M	14.19M	24K	6.19M	9.6M	50.45M	38.09M	13.71M	21.03M	24.77M	12.39M	13.41M	28.14M	30.89M	18.94M	10.95M	5.55M	1.12M	-4.14M	-13.11M	-2.6M	-900K	-1.21M	-3.94M
Operating Margin %	18.76%	20.59%	18.42%	-12.28%	-12.38%	-12.18%	-2.44%	5.6%	0.01%	3.2%	4.99%	20.9%	18.9%	8.84%	13.65%	14.73%	11.48%	13.19%	21.16%	25.75%	24.9%	20.07%	18.57%	4.91%	-21.91%	-49.04%	-9.27%	-4.64%	-8.06%	-31.99%
Operating Income Growth %	-	11.76%	255.19%	-6.48%	-3.78%	-396.92%	-137.06%	59020.83%	-99.61%	-35.5%	-80.97%	32.46%	177.77%	-34.79%	-15.09%	99.88%	-7.63%	-52.33%	-8.92%	63.09%	72.94%	97.28%	394.35%	127.1%	68.38%	-403.94%	-188.96%	25.62%	69.25%	-
EBITDA	57.56M	65.11M	53.17M	-22.39M	-20.05M	-17.2M	7.65M	25.73M	12.16M	16.79M	20.38M	55.4M	42.62M	17.04M	22.93M	26.73M	12.83M	13.87M	31.52M	33.9M	20.18M	12.03M	6.29M	2.18M	-2.79M	-7.53M	-1.18M	200K	-215.5K	-2.69M
EBITDA Margin %	23.36%	26.78%	21.86%	-9.52%	-9.15%	-8.02%	3.55%	10.15%	5.73%	8.69%	10.6%	22.94%	21.15%	10.99%	14.89%	15.9%	11.89%	13.63%	23.7%	28.25%	26.54%	22.04%	21.03%	9.55%	-14.76%	-28.17%	-4.22%	1.03%	-1.44%	-21.84%
EBITDA Growth %	-3.33%	22.47%	337.45%	-11.69%	-16.55%	-324.89%	-70.28%	111.59%	-27.58%	-17.59%	-63.22%	29.97%	150.16%	-25.71%	-14.22%	108.31%	-7.45%	-56.01%	-7.02%	67.94%	67.79%	91.36%	187.81%	178.22%	62.92%	-535.47%	-692.43%	192.81%	91.98%	-
D&A (Non-Cash Add-back)	11.29M	15.04M	8.36M	6.48M	7.07M	8.93M	12.91M	11.54M	12.14M	10.6M	10.78M	4.94M	4.53M	3.33M	1.91M	1.97M	443K	453K	3.38M	3M	1.24M	1.08M	734K	1.06M	1.35M	5.58M	1.42M	1.1M	994.48K	1.25M
EBIT	44.15M	49.36M	49.25M	-11.56M	-13.8M	-26.14M	-5.26M	14.19M	-920K	6.19M	9.6M	50.45M	38.09M	13.71M	21.03M	24.77M	12.39M	12.64M	28.14M	30.89M	18.94M	10.78M	5.52M	1.12M	-4.58M	-6.82M	-2.6M	-900K	-1.33M	-3.94M
Net Interest Income	0	732K	1.81M	2.09M	595K	-1K	404K	747K	1.26M	1.43M	785K	364K	118K	162K	261K	543K	324K	572K	990K	479K	121K	69K	120K	-80.16K	-269.87K	774.89K	29.33K	0	-1.46M	0
Interest Income	173K	732K	1.81M	2.09M	595K	0	404K	747K	1.26M	1.43M	785K	364K	118K	162K	261K	543K	324K	572K	990K	479K	121K	69K	120K	0	0	774.89K	29.33K	0	0	0
Interest Expense	173K	0	0	0	0	1K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	80.16K	269.87K	0	0	0	1.46M	0
Other Income/Expense	-2.25M	-712K	1.68M	1.56M	15.42M	-15K	1.84M	220K	4.47M	2.19M	1.78M	445K	-168K	402K	670K	1.04M	1.02M	2.68M	781K	95K	-301K	575K	-419K	34.57K	499.88K	-1.26M	-1.17M	-1M	-1.77M	-1.37M
Pretax Income	43.97M	49.36M	46.49M	-27.31M	-11.69M	-26.14M	-3.42M	14.41M	3.55M	8.38M	11.43M	50.9M	37.92M	14.11M	21.7M	25.81M	13.41M	16.09M	28.92M	30.99M	18.64M	11.53M	5.13M	1.16M	-4.4M	-12.05M	-3.77M	-1.9M	-2.96M	-5.31M
Pretax Margin %	17.85%	20.3%	19.12%	-11.62%	-5.34%	-12.19%	-1.59%	5.68%	1.67%	4.34%	5.94%	21.08%	18.82%	9.1%	14.09%	15.35%	12.42%	15.82%	21.75%	25.83%	24.51%	21.12%	17.17%	5.06%	-23.26%	-45.07%	-13.42%	-9.79%	-19.72%	-43.16%
Income Tax	-24.43M	-23.54M	-10.6M	2.49M	2.74M	4.44M	2.04M	6.54M	-293K	30.78M	863K	8.7M	5.31M	3.15M	5.47M	1.56M	2.61M	3.46M	4.63M	10.03M	6.05M	3.83M	1.88M	396.94K	140.45K	-12.78K	395.25K	300K	687K	606.58K
Effective Tax Rate %	-55.55%	-47.69%	-22.79%	-9.1%	-23.44%	-16.99%	-59.5%	45.42%	-8.25%	367.26%	7.55%	17.1%	14%	22.3%	25.2%	6.03%	19.43%	21.5%	16%	32.35%	32.48%	33.2%	36.63%	34.29%	-3.19%	0.11%	-10.49%	-15.79%	-23.2%	-11.42%
Net Income	68.4M	72.9M	57.08M	-29.8M	-14.43M	-30.58M	-5.46M	7.86M	3.85M	-22.4M	10.52M	42.15M	33.48M	11.15M	15.6M	18.13M	10.81M	12.63M	24.29M	20.96M	12.59M	7.7M	3.25M	2.76M	-4.54M	-12.03M	-4.16M	-2.2M	-3.65M	-5.92M
Net Margin %	27.76%	29.98%	23.47%	-12.67%	-6.59%	-14.26%	-2.53%	3.1%	1.81%	-11.59%	5.47%	17.46%	16.61%	7.19%	10.13%	10.79%	10.01%	12.42%	18.27%	17.47%	16.55%	14.11%	10.88%	12.05%	-24%	-45.03%	-14.83%	-11.34%	-24.3%	-48.09%
Net Income Growth %	14.18%	27.72%	291.56%	-106.45%	52.81%	-460.66%	-169.37%	104.47%	117.17%	-313.02%	-75.05%	25.88%	200.39%	-28.54%	-13.97%	67.8%	-14.46%	-48%	15.88%	66.54%	63.45%	136.74%	18.05%	160.71%	62.28%	-189.16%	-89.17%	39.71%	38.33%	-
Net Income (Continuing)	68.4M	72.9M	57.08M	-29.8M	-14.43M	-30.58M	-5.46M	7.86M	3.85M	-22.4M	10.51M	42.15M	32.61M	10.97M	16.23M	24.25M	10.81M	11.86M	24.29M	20.96M	12.59M	7.7M	3.25M	760.72K	-5.29M	-9.72M	-4.16M	-2.2M	-3.78M	-5.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	873K	180K	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	11.02K	0	0	0	0
EPS (Diluted)	1.79	1.90	1.46	-0.74	-0.36	-0.77	-0.14	0.20	0.10	-0.56	0.26	1.06	0.85	0.28	0.40	0.47	0.28	0.33	0.64	0.55	0.33	0.21	0.09	-0.06	-0.16	-0.36	-0.15	-0.09	-0.16	-0.31
EPS Growth %	17.88%	30.14%	297.3%	-105.56%	53.25%	-450%	-170%	108.33%	117.14%	-315.38%	-75.47%	24.71%	203.57%	-30%	-14.89%	67.86%	-15.15%	-48.44%	16.36%	66.67%	57.14%	133.33%	250%	62.5%	55.56%	-140%	-74.22%	46.19%	48.39%	-
EPS (Basic)	-	1.91	1.49	-0.74	-0.36	-0.77	-0.14	0.20	0.10	-0.56	0.26	1.07	0.85	0.28	0.41	0.48	0.29	0.34	0.65	0.57	0.35	0.22	0.09	-0.06	-0.16	-0.43	-0.15	-0.09	-0.16	-0.31
Diluted Shares Outstanding	38.14M	38.47M	39.09M	40.19M	40.14M	39.61M	40.03M	40.14M	40.05M	39.8M	39.79M	39.74M	39.5M	39.16M	38.68M	38.57M	38.24M	38.08M	38.2M	38.26M	37.77M	37.24M	33.13M	29.27M	28.35M	33.84M	27.9M	25.56M	22.43M	19.11M
Basic Shares Outstanding	37.21M	37.9M	38.39M	40.19M	40.14M	39.61M	40.03M	40.05M	39.93M	39.8M	39.72M	39.57M	39.34M	38.87M	38.07M	37.55M	37.41M	37.32M	37.16M	36.88M	36.23M	35.43M	32.22M	29.27M	28.35M	28.14M	27.9M	25.56M	22.43M	19.11M
Dividend Payout Ratio	-	25.32%	8.35%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Volatile profitability and EPS

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Stalls After Prior Expansion

OneSpan's revenue growth has decelerated significantly from double-digit gains in early 2024 to low single-digit or negative growth in recent quarters, with the most recent 2026Q2 showing only 1.0% year-over-year growth according to the reported financials.

The company's top-line momentum appears to have stalled, with growth rates falling from 12.6% in 2024Q1 to just 1.0% in 2026Q2. This deceleration suggests the company may be facing market saturation, increased competition, or execution challenges in its core digital identity and e-signature markets. The shift from consistent growth to near-flat performance warrants close monitoring for signs of structural demand weakness.

Gross Margin Volatility Masks Underlying Strength

OneSpan's gross margins have shown significant volatility, ranging from 61.7% to 74.3% over the past ten quarters, with the recent 2026Q2 margin of 73.6% representing a recovery from the 2025Q4 trough of 61.7% as reported in the financial statements.

The wide swings in gross margin, particularly the sharp decline in 2025Q4 to 61.7% followed by a rebound, suggest potential issues with product mix, pricing pressure, or cost of goods sold management. While the current 73.6% margin is respectable for a software company, it remains below peer Qualys's 82.8%, indicating limited pricing power or higher service delivery costs. The volatility itself represents a risk factor for earnings predictability.

Operating Leverage Erodes as Revenue Stalls

Operating income has failed to scale with revenue, with operating margins declining from 27.1% in 2025Q1 to 14.5% in 2026Q2 despite relatively stable gross margins, suggesting SG&A and R&D expenses are consuming a growing share of gross profit.

The company appears to be experiencing negative operating leverage, where operating income growth is not keeping pace with gross profit. SG&A expenses have remained relatively flat in absolute terms while revenue growth has stalled, causing operating margins to compress. This suggests the company may have over-invested in its cost structure during periods of higher growth, and now faces the challenge of right-sizing expenses without further impacting growth.

Net Income Distorted by Non-Operating Items

OneSpan's reported net income shows extreme volatility, with EPS ranging from $0.17 to $1.13 per share over the past ten quarters, largely driven by non-operating items that create significant noise in underlying profitability trends.

The dramatic swings in net income, particularly the $43.5M net income in 2025Q4 versus $6.5M in 2025Q3, suggest substantial non-operating gains or tax benefits that obscure core operational performance. Stock-based compensation has also been volatile, ranging from $0 to $3.5M quarterly, further complicating earnings quality assessment. Investors should focus on operating income as a cleaner measure of underlying business performance.

R&D Investment Intensifies Amid Growth Slowdown

Research and development expenses have increased from $7.5M in 2024Q3 to $9.9M in 2026Q2, representing a 32% increase over two years, while revenue growth has decelerated, suggesting management is betting on innovation to reignite growth.

The company appears to be prioritizing product development despite slowing revenue growth, with R&D as a percentage of revenue increasing from 13.3% to 16.4% over the period. This strategic choice may indicate management's recognition that the current product portfolio requires significant enhancement to compete effectively. However, the increased investment has not yet translated into improved growth, creating a risk that these expenditures may not generate adequate returns.

Margin Compression Risks Undermine Profitability Story

The strongest challenge to OneSpan's income statement narrative is the combination of decelerating revenue growth with margin compression, as operating margins have fallen from 27.1% to 14.5% while gross margins remain volatile, suggesting structural profitability challenges.

Short-sellers would focus on the deteriorating operating leverage and the company's inability to maintain consistent margins despite its software business model. The peer comparison shows OneSpan's operating margin of 14.5% is significantly below Qualys's 33.2%, indicating either inferior pricing power or less efficient cost management. The combination of slowing growth and margin pressure creates a challenging environment where the company may need to make difficult trade-offs between investment and profitability.

OSPN — Frequently Asked Questions

Quick answers to the most common questions about buying OSPN stock.

What was OneSpan Inc.'s (OSPN) revenue in 2025?

For fiscal year 2025, OneSpan Inc. (OSPN) reported total revenue of $243.2M. This represents a 1876.7% increase compared to $12.3M in 1997.

Is OneSpan Inc. (OSPN) profitable?

OneSpan Inc. (OSPN) is profitable, generating $72.9M in net income for the fiscal year ending 2025 with a net profit margin of 30.0%.

What is OneSpan Inc.'s operating profit margin?

OneSpan Inc. (OSPN) reported an operating income of $50.1M, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is OneSpan Inc.'s gross profit and gross margin?

OneSpan Inc. (OSPN) generated $171.9M in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.