Despite achieving 19.4% revenue growth in 2026Q1, the company remains unable to scale profitability, with operating margins consistently negative at -8.3% during the same period.
| 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 | 475.66M | 455.55M | 349.98M | 276.71M | 262.35M | 282.88M | 213.79M | 187.23M | 201.25M | 232.6M | 229.65M | 229M | 233.61M | 241.39M | 245.16M | 229.42M | 235.02M | 223.05M | 232.69M | 209.48M | 208.67M | 205.64M | 174.88M | 139.77M | 133.68M | 118.48M | 100.94M | 144.8M | 122.3M | 100M | 117.7M |
| Revenue Growth % | 23.94% | 30.16% | 26.48% | 5.48% | -7.26% | 32.32% | 14.18% | -6.96% | -13.48% | 1.29% | 0.28% | -1.97% | -3.22% | -1.54% | 6.86% | -2.38% | 5.37% | -4.14% | 11.08% | 0.39% | 1.47% | 17.59% | 25.12% | 4.55% | 12.83% | 17.38% | -30.29% | 18.4% | 22.3% | -15.04% | 9.59% |
| Cost of Goods Sold | 288.31M | 257.52M | 203.86M | 187.27M | 180.63M | 220.75M | 174.46M | 149.82M | 162.78M | 181.59M | 183.45M | 183.95M | 176.25M | 188.56M | 194.21M | 178.96M | 173.16M | 177.57M | 175.24M | 157.58M | 153.16M | 150.05M | 137.74M | 110.78M | 105.22M | 91.27M | 83.02M | 106.8M | 93.5M | 79.8M | 84.2M |
| COGS % of Revenue | - | 56.53% | 58.25% | 67.68% | 68.85% | 78.04% | 81.61% | 80.02% | 80.89% | 78.07% | 79.88% | 80.32% | 75.44% | 78.11% | 79.22% | 78% | 73.68% | 79.61% | 75.31% | 75.22% | 73.4% | 72.97% | 78.76% | 79.26% | 78.71% | 77.03% | 82.25% | 73.76% | 76.45% | 79.8% | 71.54% |
| Gross Profit | 187.35M | 198.03M | 146.12M | 89.45M | 81.72M | 62.12M | 39.33M | 37.41M | 38.46M | 51.01M | 46.2M | 45.06M | 57.36M | 52.84M | 50.95M | 50.46M | 61.87M | 45.48M | 57.45M | 51.91M | 55.51M | 55.59M | 37.15M | 28.99M | 28.46M | 27.22M | 17.91M | 38M | 28.8M | 20.2M | 33.5M |
| Gross Margin % | 39.39% | 43.47% | 41.75% | 32.32% | 31.15% | 21.96% | 18.39% | 19.98% | 19.11% | 21.93% | 20.12% | 19.68% | 24.55% | 21.89% | 20.78% | 22% | 26.32% | 20.39% | 24.69% | 24.78% | 26.6% | 27.03% | 21.24% | 20.74% | 21.29% | 22.97% | 17.75% | 26.24% | 23.55% | 20.2% | 28.46% |
| Gross Profit Growth % | - | 35.52% | 63.37% | 9.46% | 31.54% | 57.97% | 5.12% | -2.74% | -24.6% | 10.41% | 2.54% | -21.45% | 8.57% | 3.71% | 0.96% | -18.43% | 36.04% | -20.84% | 10.68% | -6.49% | -0.14% | 49.64% | 28.12% | 1.89% | 4.56% | 51.92% | -52.86% | 31.94% | 42.57% | -39.7% | 3.08% |
| Operating Expenses | 245.86M | 266.8M | 225.22M | 161.17M | 150.78M | 116M | 63.27M | 51.6M | 48.36M | 51.13M | 43.02M | 38.52M | 53.54M | 53.49M | 54.17M | 50.41M | 58.79M | 51.74M | 53.62M | 56.24M | 46.52M | 41.25M | 28.62M | 24.65M | 24.94M | 26.14M | 38.97M | 34.5M | 28.4M | 30.7M | 25.3M |
| OpEx % of Revenue | - | 58.57% | 64.35% | 58.24% | 57.47% | 41.01% | 29.6% | 27.56% | 24.03% | 21.98% | 18.73% | 16.82% | 22.92% | 22.16% | 22.1% | 21.97% | 25.02% | 23.2% | 23.04% | 26.85% | 22.3% | 20.06% | 16.37% | 17.64% | 18.66% | 22.06% | 38.61% | 23.83% | 23.22% | 30.7% | 21.5% |
| Selling, General & Admin | 173.53M | 171.62M | 150.61M | 110.65M | 104.67M | 84M | 46.2M | 38.07M | 34.98M | 38.17M | 31.44M | 27.37M | 37.3M | 37.92M | 40.48M | 35.77M | 40.79M | 36.21M | 36.79M | 37.52M | 33.44M | 30.87M | 22.11M | 19.34M | 19.54M | 18.78M | 25.65M | 23.5M | 20M | 23.1M | 18M |
| SG&A % of Revenue | - | 37.67% | 43.03% | 39.99% | 39.9% | 29.69% | 21.61% | 20.33% | 17.38% | 16.41% | 13.69% | 11.95% | 15.97% | 15.71% | 16.51% | 15.59% | 17.36% | 16.23% | 15.81% | 17.91% | 16.03% | 15.01% | 12.64% | 13.84% | 14.62% | 15.85% | 25.41% | 16.23% | 16.35% | 23.1% | 15.29% |
| Research & Development | 83.98M | 81.77M | 67.26M | 58.36M | 48.64M | 34.58M | 19.25M | 13.37M | 12.41M | 11.99M | 11.58M | 10.87M | 15.96M | 15.57M | 13.7M | 13.8M | 17.06M | 14.2M | 15.29M | 17.16M | 11.8M | 9.36M | 6.27M | 5.31M | 5.4M | 7.36M | 9.92M | 8.1M | 6M | 5.3M | 5M |
| R&D % of Revenue | - | 17.95% | 19.22% | 21.09% | 18.54% | 12.22% | 9.01% | 7.14% | 6.17% | 5.16% | 5.04% | 4.75% | 6.83% | 6.45% | 5.59% | 6.01% | 7.26% | 6.36% | 6.57% | 8.19% | 5.66% | 4.55% | 3.59% | 3.8% | 4.04% | 6.21% | 9.82% | 5.59% | 4.91% | 5.3% | 4.25% |
| Other Operating Expenses | 0 | 13.41M | 7.36M | -7.84M | -2.54M | -2.58M | -2.18M | 156K | 966K | 966K | 0 | 0 | -231K | 0 | 0 | 21.68M | 0 | 1.34M | 1.53M | 1.57M | 1.28M | 1.03M | 245K | 0 | 0 | 0 | 3.4M | 2.9M | 2.4M | 2.3M | 2.3M |
| Operating Income | -58.52M | -68.77M | -79.1M | -71.72M | -69.06M | -53.88M | -23.95M | -14.19M | -10.28M | -121K | 2.21M | 6.63M | -2.22M | -657K | -3.98M | -20.79M | 3.83M | -6.26M | 3.83M | -4.34M | 8.98M | 14.33M | 8.53M | 4.34M | 3.52M | 3.01M | -21.05M | 3.5M | 400K | -10.5M | 8.2M |
| Operating Margin % | -12.3% | -15.1% | -22.6% | -25.92% | -26.32% | -19.05% | -11.2% | -7.58% | -5.11% | -0.05% | 0.96% | 2.89% | -0.95% | -0.27% | -1.62% | -9.06% | 1.63% | -2.81% | 1.65% | -2.07% | 4.31% | 6.97% | 4.87% | 3.11% | 2.63% | 2.54% | -20.86% | 2.42% | 0.33% | -10.5% | 6.97% |
| Operating Income Growth % | - | 13.05% | -10.29% | -3.85% | -28.17% | -125.01% | -68.81% | -38.05% | -8391.74% | -105.47% | -66.62% | 398.74% | -237.75% | 83.5% | 80.84% | -642.16% | 161.21% | -263.58% | 188.33% | -148.26% | -37.32% | 68.14% | 96.29% | 23.52% | 16.66% | 114.32% | -701.51% | 775% | 103.81% | -228.05% | 15.49% |
| EBITDA | -9.37M | -19.75M | -41.19M | -44.71M | -43.42M | -32.46M | -13.85M | -9.46M | -5.54M | 3.91M | 6.84M | 9.7M | -1.94M | 2.17M | 4.74M | -18.14M | 7.17M | -2.42M | 7.86M | -257K | 12.87M | 18.09M | 11.34M | 7.16M | 6.41M | 6.5M | -17.65M | 6.4M | 2.8M | -8.2M | 10.5M |
| EBITDA Margin % | -1.97% | -4.34% | -11.77% | -16.16% | -16.55% | -11.47% | -6.48% | -5.05% | -2.76% | 1.68% | 2.98% | 4.24% | -0.83% | 0.9% | 1.93% | -7.91% | 3.05% | -1.08% | 3.38% | -0.12% | 6.17% | 8.8% | 6.48% | 5.12% | 4.79% | 5.49% | -17.49% | 4.42% | 2.29% | -8.2% | 8.92% |
| EBITDA Growth % | 63.32% | 52.04% | 7.86% | -2.97% | -33.75% | -134.39% | -46.41% | -70.59% | -241.74% | -42.78% | -29.51% | 599.95% | -189.28% | -54.16% | 126.12% | -353.09% | 396.36% | -130.78% | 3157.98% | -102% | -28.86% | 59.56% | 58.38% | 11.67% | -1.46% | 136.86% | -375.78% | 128.57% | 134.15% | -178.1% | 10.53% |
| D&A (Non-Cash Add-back) | 49.15M | 49.02M | 37.91M | 27.01M | 25.64M | 21.42M | 10.1M | 4.73M | 4.73M | 4.03M | 4.62M | 3.07M | 279K | 2.83M | 8.72M | 2.65M | 3.33M | 3.85M | 4.03M | 4.08M | 3.88M | 3.75M | 2.81M | 2.81M | 2.89M | 3.49M | 3.4M | 2.9M | 2.4M | 2.3M | 2.3M |
| EBIT | -64.31M | -75.68M | -84.51M | -72.84M | -70.13M | -67.08M | -31.26M | -14.63M | -9.59M | -804K | 2.21M | 6.63M | -1.92M | -151K | -3.11M | -20.59M | 4.47M | -6.1M | 4.75M | -4.34M | 8.98M | 14.33M | 8.53M | 4.34M | 3.52M | 3.01M | -21.05M | 3.5M | 400K | -10.5M | 8.2M |
| Net Interest Income | -2.49M | -6.05M | -10.17M | -6.93M | -8.81M | -18.15M | -8.29M | -4.57M | -387K | -121K | 121K | -308K | -136K | -60K | -69K | -211K | -352K | -400K | -1.18M | 0 | -734K | -287K | 0 | -540K | 0 | 0 | -1.01M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.49M | 6.05M | 10.17M | 6.93M | 8.81M | 18.15M | 8.29M | 4.57M | 387K | 121K | 0 | 308K | 136K | 60K | 69K | 211K | 352K | 400K | 1.18M | 0 | 734K | 287K | 0 | 540K | 0 | 0 | 1.01M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -14.56M | -12.96M | -15.58M | -8.05M | -9.88M | -31.34M | -15.6M | -5.02M | 296K | 508K | 1.44M | -1.11M | 168K | 446K | 807K | -8K | 288K | -235K | -255K | 131K | -117K | 456K | 839K | 42K | -9K | -313K | -786K | -1.4M | 1.5M | -3.1M | 600K |
| Pretax Income | -73.08M | -81.73M | -94.68M | -79.77M | -78.94M | -85.22M | -39.55M | -19.2M | -9.98M | 387K | 3.65M | 5.52M | -2.05M | -211K | -3.18M | -20.8M | 4.12M | -6.5M | 3.58M | -4.21M | 8.87M | 14.79M | 9.36M | 4.38M | 3.51M | 2.7M | -21.84M | 2.1M | 1.9M | -13.6M | 8.8M |
| Pretax Margin % | -15.36% | -17.94% | -27.05% | -28.83% | -30.09% | -30.13% | -18.5% | -10.26% | -4.96% | 0.17% | 1.59% | 2.41% | -0.88% | -0.09% | -1.3% | -9.07% | 1.75% | -2.91% | 1.54% | -2.01% | 4.25% | 7.19% | 5.35% | 3.14% | 2.62% | 2.28% | -21.64% | 1.45% | 1.55% | -13.6% | 7.48% |
| Income Tax | 3.2M | 2.92M | -4.77M | 1.85M | 1.13M | -9.42M | -2.99M | -3.63M | 14.14M | 4M | 1.15M | 1.5M | -1.6M | -780K | -1.41M | -7.44M | 1M | -1.31M | 1.36M | -1.5M | 3.15M | 5.36M | 3.73M | 1.59M | 884K | 621K | -8.39M | 100K | 600K | -4.9M | 2.9M |
| Effective Tax Rate % | -4.38% | -3.58% | 5.04% | -2.32% | -1.44% | 11.06% | 7.55% | 18.92% | -141.73% | 1032.82% | 31.42% | 27.17% | 78.01% | 369.67% | 44.52% | 35.77% | 24.25% | 20.22% | 37.99% | 35.6% | 35.48% | 36.23% | 39.82% | 36.33% | 25.21% | 22.99% | 38.42% | 4.76% | 31.58% | 36.03% | 32.95% |
| Net Income | -76.28M | -84.46M | -4.99M | -69.75M | -69.32M | -75.8M | -36.56M | -15.57M | -24.12M | -3.39M | 1.78M | -891K | -3.65M | 358K | -315K | -15.53M | 3.12M | -5.19M | 2.22M | -2.71M | 5.72M | 9.43M | 5.63M | 2.43M | 741K | 282K | -13.45M | 2M | 1.3M | -8.7M | 5.9M |
| Net Margin % | -16.04% | -18.54% | -1.42% | -25.21% | -26.42% | -26.8% | -17.1% | -8.32% | -11.99% | -1.46% | 0.78% | -0.39% | -1.56% | 0.15% | -0.13% | -6.77% | 1.33% | -2.33% | 0.95% | -1.29% | 2.74% | 4.59% | 3.22% | 1.74% | 0.55% | 0.24% | -13.32% | 1.38% | 1.06% | -8.7% | 5.01% |
| Net Income Growth % | -590.38% | -1593.62% | 92.85% | -0.62% | 8.55% | -107.32% | -134.81% | 35.45% | -612.4% | -289.9% | 300.11% | 75.6% | -1119.83% | 213.65% | 97.97% | -597.34% | 160.22% | -333.92% | 181.87% | -147.33% | -39.34% | 67.38% | 131.99% | 227.8% | 162.77% | 102.1% | -772.4% | 53.85% | 114.94% | -247.46% | 25.53% |
| Net Income (Continuing) | -76.28M | -84.66M | -89.91M | -81.62M | -80.07M | -75.8M | -36.56M | -15.57M | -24.12M | -3.61M | 2.5M | 4.02M | 71K | 569K | -1.76M | -13.36M | 3.12M | -5.19M | 2.22M | -2.71M | 5.72M | 9.43M | 5.63M | 2.79M | 2.62M | 2.08M | -13.45M | 2M | 1.3M | -8.7M | 5.9M |
| Discontinued Operations | 0 | 197K | 84.92M | 11.87M | 10.75M | 0 | 0 | 0 | 0 | 224K | -720K | -4.91M | -3.72M | -211K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.86 | -2.09 | -0.14 | -2.53 | -2.55 | -3.02 | -1.92 | -0.96 | -1.50 | -0.21 | 0.11 | -0.06 | -0.24 | 0.02 | -0.02 | -1.04 | 0.21 | -0.36 | 0.15 | -0.19 | 0.39 | 0.43 | 0.27 | 0.18 | 0.06 | 0.03 | -0.93 | 0.03 | 0.11 | -0.65 | 0.31 |
| EPS Growth % | -683.33% | -1392.86% | 94.47% | 0.78% | 15.56% | -57.29% | -100% | 36% | -614.29% | -290.91% | 293.32% | 76.29% | -1300% | 196.15% | 98% | -595.24% | 158.33% | -340% | 178.95% | -148.72% | -9.3% | 59.26% | 50% | 200% | 124.72% | 102.87% | -3583.15% | -75.73% | 116.92% | -309.68% | -20.51% |
| EPS (Basic) | - | -2.09 | -0.14 | -2.53 | -2.55 | -3.02 | -1.92 | -0.96 | -1.50 | -0.22 | 0.11 | -0.06 | -0.24 | 0.02 | -0.02 | -1.04 | 0.21 | -0.36 | 0.15 | -0.19 | 0.40 | 0.45 | 0.29 | 0.19 | 0.06 | 0.03 | -0.93 | 0.03 | 0.11 | -0.65 | 0.32 |
| Diluted Shares Outstanding | 41M | 40.47M | 34.16M | 27.55M | 27.15M | 25.09M | 19.01M | 16.22M | 16.04M | 15.95M | 15.74M | 15.67M | 15.5M | 15.27M | 15.12M | 15M | 15.01M | 14.55M | 14.76M | 14.35M | 14.75M | 21.97M | 20.77M | 13.29M | 12.47M | 11.7M | 14.41M | 12.08M | 12.19M | 13.29M | 13.23M |
| Basic Shares Outstanding | 41M | 40.47M | 34.16M | 27.55M | 27.15M | 25.09M | 19.01M | 16.22M | 16.04M | 15.95M | 15.68M | 15.56M | 15.5M | 15.24M | 15.12M | 15M | 14.82M | 14.55M | 14.42M | 14.35M | 14.19M | 20.69M | 19.57M | 12.66M | 11.9M | 11.59M | 14.41M | 12.08M | 12.19M | 13.29M | 13.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.07% | - | - | - | - | - | - | - | - | - | - |
Persistent operating losses
According to recent financial filings, PAR's revenue growth has exhibited significant volatility, fluctuating from a 30.2% contraction in 2024Q1 to a 48.2% expansion by 2025Q1, suggesting that the company's top-line trajectory remains highly sensitive to the timing of hardware cycles and ongoing business segment divestitures.
The wide variance in quarterly revenue growth rates indicates that the company's transition toward a pure-play software model is not yet yielding a smooth, predictable growth profile. Investors should monitor whether the recent stabilization around 19.4% growth in 2026Q1 represents a sustainable baseline or merely a temporary lull following the divestiture of the government segment.
As reported in quarterly income statements, PAR's gross margin has fluctuated between a low of 24.5% in 2023Q4 and a peak of 46.5% in 2025Q1, reflecting the inherent friction of balancing high-margin software subscriptions against the cyclical, lower-margin hardware and government services revenue streams.
The significant margin compression observed in 2025Q4 to 30.0% suggests that the company remains vulnerable to product mix shifts that favor hardware over software. A sustained expansion of gross margins will likely require a more definitive exit from legacy hardware dependencies to allow the higher-margin SaaS components to dictate the consolidated profitability profile.
Based on the provided income statement data, PAR continues to struggle with operating leverage, as operating margins remain consistently negative, reaching -8.3% in 2026Q1 despite significant top-line expansion, indicating that the company's cost structure is scaling in lockstep with, or faster than, its revenue growth.
The persistence of negative operating margins suggests that the company is still in a heavy investment phase, likely prioritizing market share capture over immediate profitability. Without a clear inflection point where revenue growth significantly outpaces the growth in SG&A and R&D, the company may continue to face challenges in achieving a self-sustaining financial model.
Analysis of the reported figures reveals that stock-based compensation has remained a persistent expense, consistently ranging between $4.4 million and $7.9 million per quarter, which significantly exacerbates the company's net losses and complicates the assessment of true operational performance for equity holders.
The reliance on equity-based incentives appears to be a structural component of the company's compensation strategy, which effectively shifts the burden of growth investment onto shareholders through dilution. Investors should scrutinize whether these non-cash expenses are masking a deeper inability to reach cash flow breakeven through core operational improvements alone.
Quick answers to the most common questions about buying PAR stock.
For fiscal year 2025, PAR Technology Corporation (PAR) reported total revenue of $455.5M. This represents a 287.0% increase compared to $117.7M in 1996.
PAR Technology Corporation (PAR) reported a net loss of $84.5M for the fiscal year ending 2025.
PAR Technology Corporation (PAR) reported an operating income of $-68.8M, resulting in an operating profit margin of -15.1%. This margin reflects the operational efficiency of the business before interest and taxes.
PAR Technology Corporation (PAR) generated $198.0M in gross profit for the year, representing a gross profit margin of 43.5%. This demonstrates the company's core pricing power and production efficiency.