Revenue has plateaued near $1.0B with near-zero growth, while gross margin improved to 23.8% in 2026Q2, driving operating margin to 7.4% from 4.7% in 2024Q4.
Patrick Industries, Inc. (PATK) 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 |
|---|
| Sales/Revenue | 3.94B | 3.95B | 3.72B | 3.47B | 4.88B | 4.08B | 2.49B | 2.34B | 2.26B | 1.64B | 1.22B | 920.33M | 735.72M | 594.93M | 437.37M | 307.82M | 278.23M | 212.52M | 325.15M | 435.2M | 347.63M | 323.4M | 301.55M | 274.68M | 308.75M | 293.07M | 361.62M | 457.36M | 453.5M | 410.6M | 403.5M |
| Revenue Growth % | 3.2% | 6.33% | 7.14% | -28.96% | 19.71% | 64% | 6.4% | 3.27% | 38.36% | 33.86% | 32.77% | 25.09% | 23.66% | 36.03% | 42.08% | 10.63% | 30.92% | -34.64% | -25.29% | 25.19% | 7.49% | 7.24% | 9.78% | -11.04% | 5.35% | -18.96% | -20.93% | 0.85% | 10.45% | 1.76% | 11.31% |
| Cost of Goods Sold | 3.03B | 3.04B | 2.88B | 2.69B | 3.82B | 3.28B | 2.03B | 1.91B | 1.85B | 1.36B | 1.02B | 768.05M | 617.21M | 503.91M | 371.62M | 263.51M | 248.59M | 189.64M | 297.91M | 384.74M | 305.57M | 285.26M | 265.67M | 242.5M | 269.56M | 259.06M | 311.48M | 391.11M | 386.4M | 352.6M | 345.6M |
| COGS % of Revenue | - | 76.89% | 77.5% | 77.44% | 78.29% | 80.35% | 81.54% | 81.91% | 81.62% | 82.95% | 83.43% | 83.45% | 83.89% | 84.7% | 84.97% | 85.61% | 89.35% | 89.23% | 91.62% | 88.41% | 87.9% | 88.21% | 88.1% | 88.28% | 87.31% | 88.39% | 86.13% | 85.52% | 85.2% | 85.87% | 85.65% |
| Gross Profit | 908.07M | 912.86M | 835.89M | 782.23M | 1.06B | 801.19M | 459.02M | 422.87M | 415.87M | 278.92M | 202.47M | 152.28M | 118.5M | 91.02M | 65.74M | 44.31M | 29.64M | 22.88M | 27.24M | 50.46M | 42.06M | 38.14M | 35.88M | 32.18M | 39.19M | 34.01M | 50.14M | 66.24M | 67.1M | 58M | 57.9M |
| Gross Margin % | 23.06% | 23.11% | 22.5% | 22.56% | 21.71% | 19.65% | 18.46% | 18.09% | 18.38% | 17.05% | 16.57% | 16.55% | 16.11% | 15.3% | 15.03% | 14.39% | 10.65% | 10.77% | 8.38% | 11.59% | 12.1% | 11.79% | 11.9% | 11.72% | 12.69% | 11.61% | 13.87% | 14.48% | 14.8% | 14.13% | 14.35% |
| Gross Profit Growth % | - | 9.21% | 6.86% | -26.2% | 32.29% | 74.55% | 8.55% | 1.68% | 49.1% | 37.76% | 32.96% | 28.5% | 30.19% | 38.45% | 48.38% | 49.5% | 29.54% | -16.01% | -46.02% | 19.96% | 10.29% | 6.3% | 11.49% | -17.89% | 15.23% | -32.17% | -24.31% | -1.28% | 15.69% | 0.17% | 8.63% |
| Operating Expenses | 642.62M | 636.87M | 577.85M | 522.03M | 563.77M | 449.48M | 285.64M | 268.43M | 237.45M | 157.01M | 111.63M | 82.31M | 67M | 50.51M | 38.94M | 31.08M | 26.1M | 21.53M | 97.27M | 48.04M | 35.91M | 34.3M | 34.21M | 31.36M | 37.88M | 42.17M | 48.62M | 52.68M | 50.5M | 43.1M | 39.1M |
| OpEx % of Revenue | - | 16.12% | 15.55% | 15.05% | 11.55% | 11.02% | 11.49% | 11.49% | 10.49% | 9.6% | 9.14% | 8.94% | 9.11% | 8.49% | 8.9% | 10.1% | 9.38% | 10.13% | 29.92% | 11.04% | 10.33% | 10.61% | 11.34% | 11.42% | 12.27% | 14.39% | 13.44% | 11.52% | 11.14% | 10.5% | 9.69% |
| Selling, General & Admin | 545.93M | 539.56M | 481.57M | 443.34M | 490.54M | 393.15M | 244.78M | 232.52M | 203.24M | 137.64M | 98.26M | 73.52M | 62.52M | 48.14M | 37.42M | 30.25M | 25.53M | 22.38M | 43.39M | 49.22M | 35.91M | 34.3M | 34.21M | 31.36M | 37.88M | 42.17M | 40.38M | 43.77M | 42.9M | 37.3M | 34.6M |
| SG&A % of Revenue | - | 13.66% | 12.96% | 12.78% | 10.05% | 9.64% | 9.84% | 9.95% | 8.98% | 8.42% | 8.04% | 7.99% | 8.5% | 8.09% | 8.56% | 9.83% | 9.18% | 10.53% | 13.35% | 11.31% | 10.33% | 10.61% | 11.34% | 11.42% | 12.27% | 14.39% | 11.17% | 9.57% | 9.46% | 9.08% | 8.58% |
| 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 | 4M | 97.31M | 96.28M | 78.69M | 73.23M | 56.33M | 40.87M | 35.91M | 34.21M | 19.37M | 13.37M | 8.79M | 4.48M | 2.37M | 1.52M | 829K | 564K | -848K | 53.88M | -1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 8.24M | 8.9M | 7.6M | 5.8M | 4.5M |
| Operating Income | 265.45M | 275.99M | 258.04M | 260.2M | 496.17M | 351.71M | 173.37M | 154.44M | 178.41M | 121.9M | 90.84M | 69.92M | 51.47M | 40.95M | 27.04M | 13.47M | 6.41M | 1.35M | -70.23M | -2.13M | 6.15M | 3.84M | 1.67M | 589K | 1.05M | -8.58M | 1.52M | 13.57M | 16.6M | 14.9M | 18.8M |
| Operating Margin % | 6.74% | 6.99% | 6.94% | 7.5% | 10.16% | 8.62% | 6.97% | 6.61% | 7.88% | 7.45% | 7.43% | 7.6% | 7% | 6.88% | 6.18% | 4.38% | 2.3% | 0.63% | -21.6% | -0.49% | 1.77% | 1.19% | 0.55% | 0.21% | 0.34% | -2.93% | 0.42% | 2.97% | 3.66% | 3.63% | 4.66% |
| Operating Income Growth % | - | 6.96% | -0.83% | -47.56% | 41.07% | 102.86% | 12.26% | -13.44% | 46.36% | 34.2% | 29.92% | 35.84% | 25.71% | 51.42% | 100.67% | 110.35% | 375.58% | 101.92% | -3200.38% | -134.58% | 60.43% | 129.42% | 183.88% | -43.85% | 112.23% | -662.89% | -88.77% | -18.27% | 11.41% | -20.74% | 6.21% |
| EBITDA | 435.97M | 446.2M | 424.58M | 404.74M | 626.93M | 456.52M | 246.64M | 217.24M | 233.47M | 155.44M | 115.2M | 78.7M | 55.95M | 43.32M | 28.56M | 18.39M | 11.38M | 1.7M | -62.16M | 4.62M | 10.24M | 8.25M | 6.61M | 6.49M | 7.34M | -1.07M | 9.76M | 22.47M | 24.2M | 20.7M | 23.3M |
| EBITDA Margin % | 11.07% | 11.29% | 11.43% | 11.67% | 12.84% | 11.19% | 9.92% | 9.3% | 10.32% | 9.5% | 9.43% | 8.55% | 7.6% | 7.28% | 6.53% | 5.97% | 4.09% | 0.8% | -19.12% | 1.06% | 2.95% | 2.55% | 2.19% | 2.36% | 2.38% | -0.36% | 2.7% | 4.91% | 5.34% | 5.04% | 5.77% |
| EBITDA Growth % | -0.07% | 5.09% | 4.9% | -35.44% | 37.33% | 85.09% | 13.54% | -6.95% | 50.2% | 34.93% | 46.37% | 40.68% | 29.16% | 51.65% | 55.31% | 61.66% | 569.18% | 102.73% | -1445.43% | -54.88% | 24.15% | 24.71% | 1.97% | -11.69% | 788.75% | -110.92% | -56.56% | -7.15% | 16.91% | -11.16% | 9.39% |
| D&A (Non-Cash Add-back) | 170.51M | 170.21M | 166.54M | 144.54M | 130.76M | 104.81M | 73.27M | 62.8M | 55.05M | 33.54M | 24.36M | 8.79M | 4.48M | 2.37M | 1.52M | 4.92M | 4.97M | 353K | 8.07M | 6.75M | 4.09M | 4.41M | 4.94M | 5.9M | 6.3M | 7.51M | 8.24M | 8.9M | 7.6M | 5.8M | 4.5M |
| EBIT | 265.45M | 251.57M | 258.04M | 260.2M | 496.17M | 351.71M | 173.37M | 154.44M | 178.41M | 121.9M | 90.84M | 69.92M | 51.47M | 40.52M | 25.31M | 12.78M | 6.67M | 530K | -70.23M | -2.13M | 6.15M | 3.84M | 1.71M | 824K | 1.32M | -8.15M | 1.52M | 13.57M | 16.7M | 14.87M | 18.8M |
| Net Interest Income | -73.89M | -74.51M | -79.47M | -68.94M | -60.76M | -57.89M | -43M | -36.62M | -26.44M | -8.79M | -7.18M | -4.32M | -2.39M | -2.17M | -4.04M | -4.47M | -5.52M | -6.44M | -6.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 73.89M | 74.51M | 79.47M | 68.94M | 60.76M | 57.89M | 43M | 36.62M | 26.44M | 8.79M | 7.18M | 4.32M | 2.39M | 2.17M | 4.04M | 4.47M | 5.52M | 6.44M | 6.38M | 6.53M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -73.89M | -98.93M | -79.47M | -68.94M | -60.76M | -57.89M | -43M | -36.62M | -26.44M | -8.79M | -7.18M | -4.32M | -2.39M | -2.17M | -5.77M | -5.17M | -5.26M | -7.26M | -6.38M | -6.53M | -1.63M | -1.4M | -671.06K | -679.64K | -891.26K | -961.8K | -8.88M | -1.39M | -1.2M | -1.17M | -1.1M |
| Pretax Income | 191.56M | 177.06M | 178.57M | 191.26M | 435.41M | 293.82M | 130.37M | 117.83M | 151.98M | 113.11M | 83.65M | 65.6M | 49.08M | 38.77M | 21.27M | 8.31M | 1.15M | -5.91M | -76.61M | -8.66M | 4.52M | 2.44M | 1M | -90.65K | 157.62K | -9.54M | -7.35M | 12.17M | 15.5M | 13.7M | 17.7M |
| Pretax Margin % | 4.86% | 4.48% | 4.81% | 5.51% | 8.92% | 7.2% | 5.24% | 5.04% | 6.72% | 6.92% | 6.85% | 7.13% | 6.67% | 6.52% | 4.86% | 2.7% | 0.41% | -2.78% | -23.56% | -1.99% | 1.3% | 0.75% | 0.33% | -0.03% | 0.05% | -3.26% | -2.03% | 2.66% | 3.42% | 3.34% | 4.39% |
| Income Tax | 44.28M | 42.01M | 40.17M | 48.36M | 107.21M | 68.91M | 33.31M | 28.26M | 32.15M | 27.39M | 28.07M | 23.38M | 18.4M | 14.73M | -6.82M | -163K | -81K | -469K | -9.95M | -2.81M | 1.89M | 1.02M | 400K | -35.2K | 63.1K | -3.77M | -2.82M | 4.77M | 6.2M | 5.4M | 6.9M |
| Effective Tax Rate % | 23.12% | 23.72% | 22.49% | 25.29% | 24.62% | 23.45% | 25.55% | 23.98% | 21.15% | 24.22% | 33.56% | 35.64% | 37.5% | 38% | -32.08% | -1.96% | -7.07% | 7.93% | 12.99% | 32.51% | 41.87% | 41.64% | 39.93% | 38.83% | 40.03% | 39.51% | 38.36% | 39.18% | 40% | 39.42% | 38.98% |
| Net Income | 147.28M | 135.06M | 138.4M | 142.9M | 328.2M | 224.91M | 97.06M | 89.57M | 119.83M | 85.72M | 55.58M | 42.22M | 30.67M | 24.04M | 28.09M | 8.47M | 1.23M | -4.52M | -71.51M | -5.84M | 2.63M | 1.42M | 600.82K | -55.45K | 94.52K | -5.77M | -4.53M | 7.4M | 9.3M | 8.3M | 10.8M |
| Net Margin % | 3.74% | 3.42% | 3.72% | 4.12% | 6.72% | 5.52% | 3.9% | 3.83% | 5.3% | 5.24% | 4.55% | 4.59% | 4.17% | 4.04% | 6.42% | 2.75% | 0.44% | -2.13% | -21.99% | -1.34% | 0.76% | 0.44% | 0.2% | -0.02% | 0.03% | -1.97% | -1.25% | 1.62% | 2.05% | 2.02% | 2.68% |
| Net Income Growth % | 16.8% | -2.42% | -3.15% | -56.46% | 45.92% | 131.73% | 8.37% | -25.26% | 39.8% | 54.23% | 31.64% | 37.64% | 27.6% | -14.43% | 231.7% | 590.86% | 127.12% | 93.68% | -1123.81% | -322.25% | 84.62% | 137.01% | 1183.53% | -158.66% | 101.64% | -27.3% | -161.23% | -20.38% | 12.05% | -23.15% | 6.93% |
| Net Income (Continuing) | 147.28M | 135.06M | 138.4M | 142.9M | 328.2M | 224.91M | 97.06M | 89.57M | 119.83M | 85.72M | 55.58M | 42.22M | 30.67M | 24.04M | 28.09M | 8.47M | 1.23M | -5.44M | -66.66M | -5.84M | 2.63M | 1.42M | 601K | -55.45K | 94.52K | -5.77M | -4.53M | 7.4M | 9.3M | 8.3M | 10.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 498K | 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) | 4.21 | 3.90 | 4.11 | 6.50 | 13.50 | 9.63 | 4.20 | 3.85 | 4.93 | 3.48 | 2.43 | 1.81 | 1.28 | 0.99 | 1.17 | 0.37 | 0.05 | -0.22 | -3.97 | -0.46 | 0.24 | 0.13 | 0.06 | -0.00 | 0.01 | -0.57 | -0.40 | 0.57 | 0.70 | 0.62 | 0.80 |
| EPS Growth % | 14.09% | -5.11% | -36.77% | -51.85% | 40.19% | 129.29% | 9.09% | -21.91% | 41.67% | 43.21% | 34.25% | 41.41% | 29.29% | -15.38% | 216.22% | 594.18% | 124.23% | 94.46% | -763.04% | -291.67% | 84.62% | 124.91% | - | - | 101.56% | -42.5% | -170.18% | -18.57% | 12.9% | -22.5% | 5.26% |
| EPS (Basic) | - | 4.16 | 4.25 | 6.65 | 14.97 | 9.87 | 4.27 | 3.88 | 4.99 | 3.54 | 2.47 | 1.84 | 1.28 | 1.00 | 1.18 | 0.39 | 0.06 | -0.22 | -3.97 | -0.46 | 0.24 | 0.13 | 0.06 | -0.00 | 0.01 | -0.57 | -0.40 | 0.58 | 0.70 | 0.62 | 0.80 |
| Diluted Shares Outstanding | 34.99M | 34.64M | 33.7M | 22.02M | 24.3M | 23.36M | 23.09M | 23.28M | 24.32M | 24.64M | 22.9M | 23.25M | 24.06M | 24.27M | 23.93M | 22.85M | 22.19M | 20.7M | 18.02M | 12.72M | 11.16M | 10.68M | 10.4M | 12.48M | 10.63M | 10.15M | 11.46M | 12.91M | 13.33M | 13.44M | 13.5M |
| Basic Shares Outstanding | 32.2M | 32.49M | 32.57M | 22M | 21.93M | 23.36M | 22.73M | 23.06M | 24M | 24.23M | 22.52M | 22.98M | 23.93M | 24.15M | 23.76M | 21.95M | 21.04M | 20.7M | 18.02M | 12.72M | 10.95M | 10.68M | 10.4M | 12.48M | 10.63M | 10.15M | 11.46M | 12.82M | 13.24M | 13.34M | 13.43M |
| Dividend Payout Ratio | - | 40.93% | 36.26% | 29.49% | 10.02% | 12.02% | 24.35% | 6.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 769.62% | - | - | 12.41% | 9.68% | 10.84% | 9.26% |
Quick answers to the most common questions about buying PATK stock.
For fiscal year 2025, Patrick Industries, Inc. (PATK) reported total revenue of $3.95B. This represents a 879.1% increase compared to $403.5M in 1996.
Patrick Industries, Inc. (PATK) is profitable, generating $135.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Patrick Industries, Inc. (PATK) reported an operating income of $276.0M, resulting in an operating profit margin of 7.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Patrick Industries, Inc. (PATK) generated $912.9M in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue stagnation and margin volatility
Metrics are mathematically derived from official filings.
Revenue Growth Plateaus Near $1B
PATK's quarterly revenue has hovered around $1.0B for the past two years, with recent growth rates near zero, indicating a mature phase. According to the latest income statement data, 2026Q2 revenue was $1.0B, essentially flat year-over-year.
Revenue growth has decelerated from double-digit rates in 2024 to near-zero in 2026, with 2026Q2 showing -0.6% YoY. This suggests the company may be facing market saturation or cyclical headwinds in the RV and marine end markets. The stability at ~$1B per quarter implies a plateau, and investors should monitor whether new product lines or acquisitions can reignite growth.
Gross Margin Stability Amid Cost Pressures
Gross margin has remained relatively stable around 23%, with 2026Q2 at 23.8%, slightly above the peer average. This suggests pricing power or cost management, but the flat revenue growth may limit further expansion.
Gross margin has ranged from 21.9% to 23.9% over the past ten quarters, showing resilience despite revenue stagnation. The stability indicates that PATK has been able to pass through input costs, but the lack of revenue growth may cap margin upside. Compared to peers like LCII (23.8%) and UFPI (16.8%), PATK's gross margin is competitive, but operating margin at 7.4% is below LCII's 6.8% and UFPI's 5.8%, suggesting potential for operational improvement.
Operating Leverage Limited by Flat Revenue
Operating income has grown from $39.6M in 2024Q4 to $77.0M in 2026Q2, but this is largely due to margin recovery, not revenue growth. SG&A as a percentage of revenue has remained around 14%, indicating limited operating leverage.
While operating income has improved, the growth is not driven by revenue scaling but by gross margin expansion and cost control. SG&A expenses have grown modestly from $122.9M to $146.0M, but as a percentage of revenue, they have stayed flat, suggesting that the company is not achieving economies of scale. The lack of revenue growth means that any further margin expansion must come from cost cutting, which may have limits.
EPS Volatility Driven by Non-Operating Items
EPS has swung from $0.42 in 2024Q4 to $1.27 in 2026Q2, with net income growth outpacing revenue growth, indicating non-operating influences. Stock-based compensation has been modest, averaging around $5M per quarter.
The wide EPS fluctuations, such as a 97.6% YoY growth in 2025Q4, are not fully explained by revenue trends, suggesting that tax rates, one-time items, or other non-operating factors are at play. For instance, 2025Q2 saw a 33.3% EPS decline despite a 3.0% revenue increase, which may indicate a higher effective tax rate or other charges. Investors should scrutinize the quality of earnings, as the underlying operational performance appears more stable than the EPS swings suggest.
COGS Dominates Cost Structure
COGS consistently accounts for over 76% of revenue, with 2026Q2 at $794.1M, reflecting the manufacturing nature of the business. SG&A is the next largest cost, but R&D is negligible, indicating a focus on operational efficiency.
The cost structure is heavily weighted towards COGS, which is typical for a manufacturer. The gross margin stability suggests that PATK has managed input costs effectively, but the lack of R&D investment may limit innovation and future product differentiation. SG&A has been relatively controlled, but any significant increase in raw material costs could pressure margins, given the limited pricing power in a flat revenue environment.
Stagnation Risks and Margin Vulnerability
The most significant risk is that revenue growth has stalled, and any economic downturn could compress margins, as seen in 2024Q4 when operating margin fell to 4.7%. This suggests the company is highly cyclical and sensitive to demand fluctuations.
Short-sellers might argue that PATK's revenue plateau indicates a mature or declining market, and the company's high fixed costs could lead to margin compression in a downturn. The 2024Q4 data shows operating margin at 4.7%, well below the recent average, highlighting the vulnerability. Additionally, the reliance on the RV and marine industries, which are cyclical, could lead to further earnings volatility. Investors should monitor order trends and inventory levels for signs of demand softening.