Quarterly net margin compressed from a 2024 peak near 25% to 18.6% in 2026Q3 while revenue hovered flat between $303M and $347M, suggesting cyclical Plastics pricing is unwinding.
Otter Tail Corporation (OTTR) 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 |
|---|
| Revenue | 1.31B | 1.3B | 1.33B | 1.35B | 1.46B | 1.2B | 890.11M | 919.5M | 916.45M | 849.35M | 803.54M | 779.8M | 799.26M | 893.31M | 859.24M | 1.08B | 1.12B | 1.04B | 1.31B | 1.24B | 1.1B | 1.05B | 882.32M | 753.24M | 710.12M | 654.13M | 559.45M | 464.5M | 431.1M | 394.3M | 361.7M |
| Revenue Growth % | 0.84% | -1.99% | -1.38% | -7.6% | 22% | 34.46% | -3.2% | 0.33% | 7.9% | 5.7% | 3.04% | -2.43% | -10.53% | 3.97% | -20.28% | -3.68% | 7.65% | -20.72% | 5.84% | 12.12% | 5.59% | 18.6% | 17.14% | 6.07% | 8.56% | 16.93% | 20.44% | 7.75% | 9.33% | 9.01% | 10.07% |
| Cost of Revenue | 808.27M | 941.35M | 747.45M | 784.02M | 889.71M | 772.77M | 588.1M | 639.97M | 645.26M | 592.38M | 564.47M | 570.21M | 595.68M | 684.65M | 664.39M | 759.16M | 718.85M | 677.53M | 128.26M | 135.17M | 117.01M | 114.75M | 92.15M | 87.17M | 138.82M | 141.27M | 104.67M | 81M | 74.8M | 55.8M | 56.3M |
| Gross Profit | 501.75M | 362.7M | 583.1M | 565.15M | 570.5M | 424.07M | 302.01M | 279.53M | 271.18M | 256.97M | 239.07M | 209.6M | 203.59M | 208.67M | 194.84M | 318.69M | 400.24M | 361.98M | 1.18B | 1.1B | 987.94M | 931.65M | 790.17M | 666.07M | 571.3M | 512.87M | 454.78M | 383.5M | 356.3M | 338.5M | 305.4M |
| Gross Margin % | 38.3% | 27.81% | 43.82% | 41.89% | 39.07% | 35.43% | 33.93% | 30.4% | 29.59% | 30.26% | 29.75% | 26.88% | 25.47% | 23.36% | 22.68% | 29.57% | 35.76% | 34.82% | 90.22% | 89.09% | 89.41% | 89.03% | 89.56% | 88.43% | 80.45% | 78.4% | 81.29% | 82.56% | 82.65% | 85.85% | 84.43% |
| Gross Profit Growth % | - | -37.8% | 3.18% | -0.94% | 34.53% | 40.42% | 8.04% | 3.08% | 5.53% | 7.49% | 14.06% | 2.95% | -2.43% | 7.09% | -38.86% | -20.38% | 10.57% | -69.4% | 7.18% | 11.72% | 6.04% | 17.91% | 18.63% | 16.59% | 11.39% | 12.77% | 18.59% | 7.63% | 5.26% | 10.84% | 14.64% |
| Operating Expenses | 304.2M | 17.02M | 202.85M | 187.23M | 180.06M | 174.36M | 154.12M | 144.65M | 141.79M | 130.84M | 127.97M | 100.38M | 104.06M | 111.81M | 112.39M | 262.78M | 345.99M | 314.97M | 1.11B | 1B | 890.15M | 834.06M | 715.73M | 594.91M | 489.32M | 435.38M | 382.29M | 316.2M | 299M | 279.5M | 247.2M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 318.68M | 463.79M | 487.37M | 475.87M | 483.04M | 341.07M | 229.92M | 212.97M | 204.06M | 198.68M | 184.54M | 169.58M | 157.6M | 156.74M | 141.79M | 122.29M | 115.21M | 119M | 138.05M | 153.6M | 147.78M | 144.05M | 118.78M | 117.12M | 124.59M | 119.58M | 110.74M | 85.8M | 88.1M | 92.2M | 90.6M |
| EBITDA Margin % | 24.33% | 35.57% | 36.63% | 35.27% | 33.08% | 28.5% | 25.83% | 23.16% | 22.27% | 23.39% | 22.97% | 21.75% | 19.72% | 17.55% | 16.5% | 11.35% | 10.29% | 11.45% | 10.53% | 12.4% | 13.37% | 13.77% | 13.46% | 15.55% | 17.55% | 18.28% | 19.79% | 18.47% | 20.44% | 23.38% | 25.05% |
| EBITDA Growth % | -30.84% | -4.84% | 2.42% | -1.48% | 41.63% | 48.34% | 7.96% | 4.37% | 2.71% | 7.66% | 8.83% | 7.6% | 0.55% | 10.54% | 15.95% | 6.15% | -3.18% | -13.8% | -10.12% | 3.94% | 2.59% | 21.28% | 1.42% | -6% | 4.19% | 7.99% | 29.07% | -2.61% | -4.45% | 1.77% | 3.31% |
| Depreciation & Amortization | 121.13M | 118.11M | 107.12M | 97.95M | 92.6M | 91.36M | 82.04M | 78.09M | 74.67M | 72.55M | 73.44M | 60.36M | 58.07M | 59.88M | 59.76M | 70M | 80.7M | 73.61M | 65.06M | 52.83M | 49.98M | 46.46M | 44.34M | 45.96M | 42.61M | 42.1M | 38.25M | 18.5M | 30.8M | 33.2M | 32.4M |
| D&A / Revenue % | 9.25% | 9.06% | 8.05% | 7.26% | 6.34% | 7.63% | 9.22% | 8.49% | 8.15% | 8.54% | 9.14% | 7.74% | 7.27% | 6.7% | 6.96% | 6.49% | 7.21% | 7.08% | 4.96% | 4.26% | 4.52% | 4.44% | 5.03% | 6.1% | 6% | 6.44% | 6.84% | 3.98% | 7.14% | 8.42% | 8.96% |
| Operating Income (EBIT) | 197.55M | 345.68M | 380.25M | 377.92M | 390.44M | 249.71M | 147.89M | 134.88M | 129.39M | 126.13M | 111.1M | 109.21M | 99.53M | 96.85M | 82.03M | 52.29M | 34.51M | 45.39M | 72.99M | 100.77M | 97.8M | 97.59M | 74.44M | 71.16M | 81.98M | 77.48M | 72.49M | 67.3M | 57.3M | 59M | 58.2M |
| Operating Margin % | 15.08% | 26.51% | 28.58% | 28.01% | 26.74% | 20.86% | 16.61% | 14.67% | 14.12% | 14.85% | 13.83% | 14.01% | 12.45% | 10.84% | 9.55% | 4.85% | 3.08% | 4.37% | 5.57% | 8.13% | 8.85% | 9.33% | 8.44% | 9.45% | 11.54% | 11.85% | 12.96% | 14.49% | 13.29% | 14.96% | 16.09% |
| Operating Income Growth % | - | -9.09% | 0.62% | -3.21% | 56.36% | 68.85% | 9.64% | 4.24% | 2.58% | 13.53% | 1.73% | 9.73% | 2.77% | 18.07% | 56.87% | 51.51% | -23.96% | -37.82% | -27.57% | 3.04% | 0.21% | 31.11% | 4.6% | -13.2% | 5.81% | 6.89% | 7.71% | 17.45% | -2.88% | 1.37% | -2.51% |
| Interest Expense | 4M | 47.23M | 41.81M | 37.68M | 36.02M | 37.77M | 34.45M | 31.41M | 30.41M | 29.6M | 31.89M | 31.16M | 29.65M | 26.98M | 31.91M | 35.82M | 37.03M | 28.51M | 26.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 7.82x | 9.77x | 10.65x | 10.93x | 6.63x | 4.37x | 4.32x | 4.19x | 4.28x | 3.59x | 3.50x | 3.36x | 3.49x | 2.67x | 1.54x | 1.07x | 1.75x | 2.86x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.31% | 3.62% | 3.14% | 2.79% | 2.47% | 3.16% | 3.87% | 3.42% | 3.32% | 3.49% | 3.97% | 4% | 3.71% | 3.02% | 3.71% | 3.32% | 3.31% | 2.74% | 2.06% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 174.29M | 322.28M | 366.89M | 363.49M | 357.54M | 212.82M | 116.06M | 104.29M | 96.93M | 99.16M | 82.12M | 80.23M | 73.44M | 63.72M | 41.1M | 19.21M | 2.61M | 21.43M | 50.16M | 81.93M | 77.86M | 80.82M | 56.98M | 54.59M | 66.19M | 63.69M | 57.74M | 68.9M | 45.8M | 46.6M | 44M |
| Pretax Margin % | 13.3% | 24.71% | 27.57% | 26.94% | 24.49% | 17.78% | 13.04% | 11.34% | 10.58% | 11.68% | 10.22% | 10.29% | 9.19% | 7.13% | 4.78% | 1.78% | 0.23% | 2.06% | 3.83% | 6.61% | 7.05% | 7.72% | 6.46% | 7.25% | 9.32% | 9.74% | 10.32% | 14.83% | 10.62% | 11.82% | 12.16% |
| Income Tax | -1.95M | 46.38M | 65.23M | 69.3M | 73.35M | 36.05M | 20.21M | 17.44M | 14.59M | 27.04M | 20.08M | 21.64M | 16.56M | 13.54M | 2.13M | 2.09M | 3.95M | -4.61M | 15.04M | 27.97M | 27.11M | 27.97M | 17M | 14.93M | 20.06M | 20.08M | 17.52M | 23.9M | 15.1M | 14.3M | 14M |
| Effective Tax Rate % | -1.12% | 14.39% | 17.78% | 19.06% | 20.52% | 16.94% | 17.41% | 16.72% | 15.05% | 27.27% | 24.45% | 26.97% | 22.54% | 21.25% | 5.19% | 10.87% | 151.55% | -21.49% | 29.98% | 34.14% | 34.82% | 34.6% | 29.84% | 27.35% | 30.31% | 31.53% | 30.33% | 34.69% | 32.97% | 30.69% | 31.82% |
| Net Income | 176.24M | 275.89M | 301.66M | 294.19M | 284.18M | 176.77M | 95.85M | 86.85M | 82.34M | 72.44M | 62.32M | 59.34M | 57.72M | 50.87M | -5.27M | -13.24M | -1.34M | 26.03M | 35.13M | 53.96M | 51.11M | 62.55M | 42.2M | 39.66M | 46.13M | 43.6M | 40.22M | 45M | 34.5M | 32.3M | 30M |
| Net Margin % | 13.45% | 21.16% | 22.67% | 21.81% | 19.46% | 14.77% | 10.77% | 9.44% | 8.99% | 8.53% | 7.76% | 7.61% | 7.22% | 5.69% | -0.61% | -1.23% | -0.12% | 2.5% | 2.68% | 4.36% | 4.63% | 5.98% | 4.78% | 5.26% | 6.5% | 6.67% | 7.19% | 9.69% | 8% | 8.19% | 8.29% |
| Net Income Growth % | -36.82% | -8.54% | 2.54% | 3.52% | 60.77% | 84.42% | 10.37% | 5.47% | 13.68% | 16.24% | 5.01% | 2.81% | 13.48% | 1064.63% | 60.18% | -885.34% | -105.16% | -25.89% | -34.91% | 5.57% | -18.29% | 48.24% | 6.4% | -14.03% | 5.79% | 8.4% | -10.61% | 30.43% | 6.81% | 7.67% | 3.81% |
| EPS (Diluted) | 4.18 | 6.55 | 7.17 | 7.00 | 6.78 | 4.23 | 2.34 | 2.17 | 2.06 | 1.82 | 1.61 | 1.58 | 1.57 | 1.39 | -0.15 | -0.37 | -0.04 | 0.71 | 1.09 | 1.78 | 1.70 | 2.11 | 1.58 | 1.51 | 1.72 | 1.53 | 1.45 | 0.83 | 0.68 | 0.65 | 0.62 |
| EPS Growth % | -36.95% | -8.65% | 2.43% | 3.24% | 60.28% | 80.77% | 7.83% | 5.34% | 13.19% | 13.04% | 1.9% | 0.64% | 12.95% | 1026.67% | 59.46% | -884.04% | -105.3% | -34.86% | -38.76% | 4.71% | -19.43% | 33.54% | 4.64% | -12.21% | 12.42% | 5.52% | 74.7% | 22.06% | 4.62% | 4.84% | 3.33% |
| EPS (Basic) | - | 6.59 | 7.22 | 7.06 | 6.83 | 4.26 | 2.35 | 2.19 | 2.08 | 1.84 | 1.62 | 1.58 | 1.58 | 1.39 | -0.15 | -0.37 | -0.04 | 0.71 | 1.09 | 1.79 | 1.71 | 2.12 | 1.59 | 1.52 | 1.73 | 1.55 | 1.46 | 0.83 | 0.68 | 0.65 | 0.62 |
| Diluted Shares Outstanding | 42.17M | 42.12M | 42.07M | 42.04M | 41.93M | 41.82M | 40.91M | 39.95M | 39.89M | 39.75M | 38.73M | 37.67M | 36.75M | 36.35M | 36.24M | 35.92M | 35.78M | 35.72M | 31.67M | 29.97M | 29.66M | 29.35M | 26.24M | 25.78M | 26.39M | 27.2M | 27.01M | 23.85M | 23.76M | 23.46M | 22.43M |
Quick answers to the most common questions about buying OTTR stock.
For fiscal year 2025, Otter Tail Corporation (OTTR) reported total revenue of $1.30B. This represents a 260.5% increase compared to $361.7M in 1996.
Otter Tail Corporation (OTTR) is profitable, generating $275.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.2%.
Otter Tail Corporation (OTTR) reported an operating income of $345.7M, resulting in an operating profit margin of 26.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Otter Tail Corporation (OTTR) generated $362.7M in gross profit for the year, representing a gross profit margin of 27.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Plastics margin normalization and earnings volatility
Metrics are mathematically derived from official filings.
Plastics-Driven Earnings Volatility Clouds Utility Base
Based on reported figures, OTTR posted a 2026Q2 EPS of -$0.19 against a consolidated trailing operating margin of roughly 26.5%, suggesting a discrete charge rather than broad core erosion.
The quarterly swing from $1.73 in 2026Q1 to a loss in 2026Q2 is too large to attribute to regulated electric earnings, which are typically more stable, and points instead to a non-recurring item or impairment in the non-utility segments. The reported data does not identify the charge's nature, so its recurrence cannot be assessed from the income statement alone. Investors should monitor whether subsequent quarters show the underlying earnings base recovering toward the 2024 to 2025 range of $1.2 to $2.0 per quarter.
Revenue Flat as Cyclical Segments Cool
As reported in financial statements, OTTR's revenue has hovered between $303M and $347M per quarter over ten quarters, with the latest year-over-year change at -1.6%, indicating limited top-line momentum.
Revenue trajectory does not show the steady rate-base-driven growth typical of a pure regulated utility, which suggests that the Electric segment's contribution is being offset by softness in the Manufacturing and Plastics businesses. The absence of meaningful growth in the reported figures implies that near-term earnings expansion will depend on margin recovery rather than volume. Whether this flatness reflects a temporary industrial cycle or a structural plateau cannot be determined from the supplied data.
Margin Strength Reflects Peak Cyclical Pricing
Based on EDBL's reported figures, quarterly net margins peaked near 25% in 2024 and have compressed to 18.6% in 2026Q3, a level that remains elevated relative to the utility peer set's 9.8% to 18.3% range.
The compression from the 2024 peak margins, combined with the 21.16% consolidated net margin figure, suggests that a meaningful portion of profitability was tied to favorable PVC spreads rather than authorized regulated returns. Regulated ROE dynamics cannot be isolated from the consolidated income statement, so the earned-versus-authorized gap is not assessable here. The margin profile warrants caution in extrapolating current earnings levels as the steady-state utility baseline.
Input Cost Spread Drives Non-Utility Margins
According to recent SEC filings, the variable cost structure of OTTR's Manufacturing and Plastics segments exposes reported margins to PVC resin and steel price movements, which the income statement alone cannot decompose.
Fuel and purchased-power pass-through mechanisms that govern the Electric segment do not extend to the Plastics business, where resin-to-pipe spreads determine profitability directly. The data available does not break out segment cost lines, so the magnitude of spread compression cannot be quantified from this income statement. Analysts should consult segment disclosures to determine whether the recent margin decline reflects input cost movements or pricing softness.
Plastics Earnings May Overstate Utility Power
Based on reported figures, a normalized P/E excluding cyclical Plastics earnings could look materially higher than the consolidated multiple, which warrants further investigation before treating OTTR as a stable utility.
The bull case relies on the regulated Electric segment, but consolidated earnings reflect a meaningful contribution from cyclical businesses whose margins are already normalizing. If Plastics reverts toward trough levels, reported EPS could decline even while the Electric segment grows steadily, which would challenge the utility-premium valuation narrative. The absence of segment-level earnings in the supplied data limits precise quantification, and investors should monitor how much of the 2024 to 2025 EPS base depended on non-regulated earnings.