Phibro Animal Health Corporation (PAHC) Income Statement

23Y historyFree accessUpdated daily

Revenue grew from $260.4M in 2025Q1 to $386.8M in 2027Q1 while gross margin held near 33% and operating margin reached 12.8%, though net margin of 7.6% suggests meaningful leakage below the operating line.

Annual statement

PAHC Income Statement

Phibro Animal Health Corporation (PAHC) annual income statement — 23-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jun'26	Jun'25	Jun'24	Jun'23	Jun'22	Jun'21	Jun'20	Jun'19	Jun'18	Jun'17	Jun'16	Jun'15	Jun'14	Jun'13	Jun'12	Jun'07	Jun'06	Jun'05	Jun'04	Jun'03	Jun'02	Jun'01	Jun'00

Sales/Revenue	1.54B	1.52B	1.3B	1.02B	977.89M	942.26M	833.35M	800.35M	828M	820M	764.3M	751.5M	748.59M	691.9M	653.15M	654.1M	453M	398.4M	364.4M	354.4M	337.8M	328.7M	319.7M	323M
Revenue Growth %	10.1%	17.12%	27.37%	4.07%	3.78%	13.07%	4.12%	-3.34%	0.98%	7.29%	1.7%	0.39%	8.19%	5.93%	-0.15%	44.39%	13.7%	9.33%	2.82%	4.91%	2.77%	2.82%	-1.02%	-
Cost of Goods Sold	1.02B	1.01B	896.27M	704.59M	679.65M	656.86M	561.97M	543.47M	563.4M	553.1M	516M	512.5M	512.22M	484.1M	474.19M	489.96M	341.8M	307.3M	293.1M	265.2M	248.6M	247.4M	250.3M	249.6M
COGS % of Revenue	-	66.24%	69.15%	69.23%	69.5%	69.71%	67.44%	67.9%	68.04%	67.45%	67.51%	68.2%	68.42%	69.97%	72.6%	74.91%	75.45%	77.13%	80.43%	74.83%	73.59%	75.27%	78.29%	77.28%
Gross Profit	520.47M	511.71M	399.94M	313.09M	298.24M	285.4M	271.38M	256.88M	264.6M	266.9M	248.3M	239M	236.37M	207.8M	178.96M	164.14M	111.2M	91.1M	71.3M	89.2M	89.2M	81.3M	69.4M	73.4M
Gross Margin %	33.78%	33.71%	30.85%	30.77%	30.5%	30.29%	32.56%	32.1%	31.96%	32.55%	32.49%	31.8%	31.58%	30.03%	27.4%	25.09%	24.55%	22.87%	19.57%	25.17%	26.41%	24.73%	21.71%	22.72%
Gross Profit Growth %	-	27.95%	27.74%	4.98%	4.5%	5.17%	5.64%	-2.92%	-0.86%	7.49%	3.89%	1.11%	13.75%	16.11%	9.03%	47.61%	22.06%	27.77%	-20.07%	0%	9.72%	17.15%	-5.45%	-
Operating Expenses	319.94M	312.5M	289.48M	259.78M	226.39M	206.41M	196.51M	187.69M	181.4M	168M	150.3M	153.3M	148.7M	144M	122.23M	114.81M	90.2M	68.1M	66.9M	45.5M	63.3M	70.6M	63.9M	57.8M
OpEx % of Revenue	-	20.59%	22.33%	25.53%	23.15%	21.91%	23.58%	23.45%	21.91%	20.49%	19.67%	20.4%	19.86%	20.81%	18.71%	17.55%	19.91%	17.09%	18.36%	12.84%	18.74%	21.48%	19.99%	17.89%
Selling, General & Admin	319.94M	312.5M	289.48M	259.78M	226.39M	206.41M	196.51M	187.69M	181.4M	168M	150.3M	153.3M	148.7M	144M	122.23M	114.81M	76.2M	68.1M	66.9M	63.4M	63.3M	70.6M	63.9M	59.3M
SG&A % of Revenue	-	20.59%	22.33%	25.53%	23.15%	21.91%	23.58%	23.45%	21.91%	20.49%	19.67%	20.4%	19.86%	20.81%	18.71%	17.55%	16.82%	17.09%	18.36%	17.89%	18.74%	21.48%	19.99%	18.36%
Research & Development	0	0	0	0	0	0	0	0	12.08M	10M	9.44M	11.03M	9.51M	8.21M	6.64M	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	1.46%	1.22%	1.24%	1.47%	1.27%	1.19%	1.02%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-151K	400K	14M	0	0	-17.9M	0	0	0	-1.5M
Operating Income	200.19M	198.44M	110.47M	53.31M	71.85M	78.99M	74.87M	69.19M	73.3M	98.9M	97.9M	85.7M	87.67M	63.8M	56.73M	49.33M	21.1M	23M	4.4M	43.7M	25.9M	10.6M	5.4M	15.7M
Operating Margin %	12.99%	13.07%	8.52%	5.24%	7.35%	8.38%	8.98%	8.65%	8.85%	12.06%	12.81%	11.4%	11.71%	9.22%	8.69%	7.54%	4.66%	5.77%	1.21%	12.33%	7.67%	3.22%	1.69%	4.86%
Operating Income Growth %	-	79.64%	107.19%	-25.79%	-9.04%	5.5%	8.2%	-5.6%	-25.88%	1.02%	14.24%	-2.24%	37.41%	12.46%	15.01%	133.77%	-8.26%	422.73%	-89.93%	68.73%	144.34%	96.3%	-65.61%	-
EBITDA	252.45M	249.95M	156.07M	89.49M	105.86M	111.69M	106.75M	101.53M	100.86M	125.84M	123.9M	109.15M	109.27M	85.25M	75.75M	66.85M	31.82M	36.99M	22.51M	54.36M	36.89M	22.96M	15.81M	27.57M
EBITDA Margin %	16.38%	16.46%	12.04%	8.79%	10.83%	11.85%	12.81%	12.69%	12.18%	15.35%	16.21%	14.52%	14.6%	12.32%	11.6%	10.22%	7.02%	9.28%	6.18%	15.34%	10.92%	6.99%	4.95%	8.54%
EBITDA Growth %	32.81%	60.15%	74.39%	-15.46%	-5.22%	4.63%	5.13%	0.66%	-19.85%	1.57%	13.51%	-0.11%	28.17%	12.54%	13.32%	110.09%	-13.98%	64.33%	-58.59%	47.36%	60.67%	45.22%	-42.66%	-
D&A (Non-Cash Add-back)	52.26M	51.51M	45.6M	36.18M	34.01M	32.7M	31.88M	32.34M	27.56M	26.94M	26M	23.45M	21.6M	21.45M	19.02M	17.53M	10.72M	13.99M	18.11M	10.66M	10.99M	12.36M	10.41M	11.87M
EBIT	185.27M	184.95M	101.24M	32.89M	72.02M	84.43M	78.33M	69.24M	85.18M	100.79M	97.42M	93.61M	93.32M	39.39M	53.62M	48.81M	-33.6M	-40.5M	-48.3M	3.3M	-10.4M	-28.1M	-29.4M	-200K
Net Interest Income	-44.44M	-46.15M	-30.63M	-17.5M	-14.59M	-11.29M	-9.56M	-12.55M	-11.78M	-11.91M	-14.91M	-16.59M	-14.3M	-32.96M	-35.63M	-35.42M	0	0	0	0	0	0	0	0
Interest Income	975K	1.46M	2.62M	4.47M	3.35M	816K	838K	1.76M	1.9M	1.69M	1.97M	256K	249K	119K	142K	281K	0	0	0	0	0	0	0	0
Interest Expense	45.41M	47.6M	33.25M	21.97M	17.95M	12.1M	10.4M	14.3M	13.68M	13.6M	16.87M	16.85M	14.55M	33M	35.77M	35.7M	-27.3M	-32.6M	-26.9M	-20.6M	-17.4M	-17.7M	-17.7M	-14.2M
Other Income/Expense	-60.33M	-61.09M	-42.47M	-42.4M	-17.78M	-6.66M	-8.4M	-13.68M	-11.72M	-10.86M	-17.39M	-19.44M	-8.9M	-57.49M	-38.88M	-36.21M	-27.4M	-30.9M	-25.8M	-19.8M	-18.9M	-21M	-17.1M	-1.7M
Pretax Income	139.86M	137.35M	67.99M	10.92M	54.07M	72.33M	66.47M	55.51M	71.5M	88.1M	80.5M	76.8M	78.76M	6.3M	17.85M	13.11M	-6.3M	-7.9M	-21.4M	23.9M	7M	-10.4M	-11.7M	14M
Pretax Margin %	9.08%	9.05%	5.25%	1.07%	5.53%	7.68%	7.98%	6.94%	8.64%	10.74%	10.53%	10.22%	10.52%	0.91%	2.73%	2%	-1.39%	-1.98%	-5.87%	6.74%	2.07%	-3.16%	-3.66%	4.33%
Income Tax	37.14M	37.63M	19.73M	8.5M	21.46M	23.15M	12.08M	21.96M	16.8M	23.2M	15.9M	-6M	18.48M	9.4M	-7.04M	6.14M	400K	5.2M	2.1M	7.8M	9.8M	14.8M	-400K	3.9M
Effective Tax Rate %	26.56%	27.4%	29.02%	77.87%	39.7%	32.01%	18.18%	39.56%	23.5%	26.33%	19.75%	-7.81%	23.47%	149.21%	-39.46%	46.8%	-6.35%	-65.82%	-9.81%	32.64%	140%	-142.31%	3.42%	27.86%
Net Income	102.71M	99.72M	48.26M	2.42M	32.61M	49.17M	54.38M	33.55M	54.7M	64.9M	64.6M	82.7M	60.28M	-3.1M	24.89M	6.98M	-6.7M	-13.1M	-22.1M	12.9M	-17.6M	-51.8M	-14.9M	10.1M
Net Margin %	6.67%	6.57%	3.72%	0.24%	3.33%	5.22%	6.53%	4.19%	6.61%	7.91%	8.45%	11%	8.05%	-0.45%	3.81%	1.07%	-1.48%	-3.29%	-6.06%	3.64%	-5.21%	-15.76%	-4.66%	3.13%
Net Income Growth %	51.46%	106.61%	1897.68%	-92.59%	-33.69%	-9.58%	62.09%	-38.66%	-15.72%	0.46%	-21.89%	37.19%	2044.52%	-112.45%	256.81%	204.12%	48.85%	40.72%	-271.32%	173.3%	66.02%	-247.65%	-247.52%	-
Net Income (Continuing)	102.71M	99.72M	48.26M	2.42M	32.61M	49.17M	54.38M	33.55M	54.71M	64.88M	64.61M	82.73M	60.28M	-3.13M	24.89M	6.98M	-6.7M	-13.1M	-22.1M	12.9M	-17.6M	-51.8M	-14.9M	10.1M
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
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
EPS (Diluted)	2.51	2.44	1.19	0.06	0.81	1.21	1.34	0.83	1.35	1.61	1.61	2.07	1.51	-0.10	0.82	0.23	-0.17	-0.22	-0.37	0.22	-0.29	-0.86	-0.25	0.17
EPS Growth %	51.2%	105.04%	1883.33%	-92.59%	-33.06%	-9.7%	61.45%	-38.52%	-16.15%	0%	-22.22%	37.09%	1668.02%	-111.74%	256.52%	235.29%	22.73%	40.54%	-268.18%	175.86%	66.28%	-244%	-247.06%	-
EPS (Basic)	-	2.46	1.19	0.06	0.81	1.21	1.34	0.83	1.35	1.61	1.63	2.11	1.55	-0.10	0.82	0.23	-0.17	-0.22	-0.37	0.22	-0.29	-0.86	-0.25	0.17
Diluted Shares Outstanding	40.96M	41M	40.7M	40.52M	40.5M	40.5M	40.5M	40.5M	40.52M	40.4M	40M	40M	39.81M	32.2M	30.46M	30.52M	38.8M	60M	60M	60M	60M	60M	60M	60M
Basic Shares Outstanding	40.59M	40.6M	40.5M	40.5M	40.5M	40.5M	40.5M	40.5M	40.41M	40.2M	39.5M	39.3M	38.97M	31.27M	30.46M	30.46M	38.8M	60M	60M	60M	60M	60M	60M	60M
Dividend Payout Ratio	-	19.52%	40.3%	804.72%	59.63%	39.54%	35.73%	57.87%	33.99%	24.77%	24.5%	18.99%	25.87%	-	12.05%	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeExpanding

ProfitabilityModerate

Balance SheetStrained

Cash FlowStable

Top Statement Risk

Leverage Amplifies Margin Pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Top-Line Momentum Re-Accelerating Through Fiscal 2026

Based on reported quarterly figures, PAHC's revenue grew 39.7% year-over-year in 2026Q1 and 27.4% trailing, with quarterly revenue stepping up from roughly $260M in 2025Q1 to nearly $387M in 2027Q1, a pattern that suggests sustained demand rather than a single-period spike.

The growth profile shows acceleration through 2026 followed by a moderation to mid-single-digit sequential changes, which may indicate the easier comparison base has been absorbed. Without segment-level disclosure in the supplied data, it is unclear how much of this expansion reflects volume growth in Animal Health versus pricing or portfolio additions, and investors should monitor whether the Zoetis MFA portfolio contributes meaningfully once integrated. Durability therefore depends on whether volume holds as comparisons normalize.

Gross Margin Stabilizing Near Thirty-Three Percent

Gross margin has held within a 29% to 36% band across the last ten quarters, with recent readings near 33% in 2027Q1 according to reported figures, suggesting the mix between proprietary vaccines and lower-margin nutritional volume is relatively steady.

The range indicates no sustained structural step-change in pricing power, and the dip to 29.0% in 2025Q4 alongside elevated COGS hints that input cost volatility in trace minerals may have temporarily outpaced pass-through. The consistency of the 32% to 34% zone suggests the company is recovering margin after that compression rather than expanding it. Continued monitoring of raw material costs remains warranted given the Mineral Nutrition exposure.

Operating Leverage Limited by Cost Absorption

Operating margin has ranged from roughly 7% to 15% over recent quarters, and 2027Q1 reached 12.8% on a 33.2% gross margin, indicating that roughly 20 cents of each gross profit dollar is consumed by SG&A and other operating costs, based on reported statements.

Operating income grew faster than gross profit in several recent quarters, such as 2026Q2 and 2026Q1, which implies some scale efficiency in overhead. However, SG&A rose in absolute dollars to $78.9M in 2027Q1, so the leverage benefit appears partial rather than structural. Whether operating income keeps outpacing gross profit will depend on whether overhead growth is contained as revenue scales.

Net Income Lags Operating Gains Due to Leverage

Net margin of 7.6% in 2027Q1 sits well below operating margin of 12.8%, and reported net margin of 3.7% on a trailing basis, which suggests a meaningful gap between operating profit and bottom-line earnings that warrants further investigation of interest and tax burdens.

The spread between operating and net margin is consistent with the company's elevated Debt/Equity ratio of 2.67, implying that interest expense absorbs a substantial share of operating profit. Stock-based compensation remains small in the reported data, so it does not appear to be a material distortion of earnings. The quarter-to-quarter EPS volatility, including the sharp swing in 2025Q2 to $0.08, suggests earnings are sensitive to non-operating items that the supplied data does not fully isolate.

Debt Load Could Constrain a Growth Narrative

With a reported Debt/Equity ratio of 2.67 and trailing net margin near 3.7%, the balance sheet may limit financial flexibility if integration of the acquired Zoetis MFA portfolio or a margin shock coincides with higher financing costs.

The bullish growth trajectory rests on continued top-line expansion, yet the narrow net margin leaves limited cushion for interest or operating shocks. Short-seller focus would likely center on whether revenue growth is being purchased through acquisitions and leverage rather than organic demand. Investors should monitor whether gross margin holds near 33% and whether SG&A growth outpaces revenue, as either trend could expose the earnings base to downside.

PAHC — Frequently Asked Questions

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

What was Phibro Animal Health Corporation's (PAHC) revenue in 2026?

For fiscal year 2026, Phibro Animal Health Corporation (PAHC) reported total revenue of $1.52B. This represents a 370.0% increase compared to $323.0M in 2000.

Is Phibro Animal Health Corporation (PAHC) profitable?

Phibro Animal Health Corporation (PAHC) is profitable, generating $99.7M in net income for the fiscal year ending 2026 with a net profit margin of 6.6%.

What is Phibro Animal Health Corporation's operating profit margin?

Phibro Animal Health Corporation (PAHC) reported an operating income of $198.4M, resulting in an operating profit margin of 13.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Phibro Animal Health Corporation's gross profit and gross margin?

Phibro Animal Health Corporation (PAHC) generated $511.7M in gross profit for the year, representing a gross profit margin of 33.7%. This demonstrates the company's core pricing power and production efficiency.