Revenue has oscillated between roughly $846M and $1.0B per quarter with near-zero growth in 2026Q3, while gross margin held near 23.6% and operating margin fell to 5.1% as SG&A climbed to $156.8M.
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 % | 1.69% | 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 | 3.02B | 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 | 917M | 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 % | 23.28% | 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 | 668M | 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 | 572.23M | 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 | 249M | 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 % | 6.32% | 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 | 420.37M | 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 % | 10.67% | 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 % | -1.77% | 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) | 171.38M | 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 | 249M | 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 | -74.27M | -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 | 74.27M | 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 | -74.27M | -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 | 174.73M | 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 % | 4.44% | 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 | 41.69M | 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 % | 23.86% | 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 | 133.04M | 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 % | 3.38% | 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 % | 10.37% | -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) | 133.04M | 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) | 4.07 | 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 % | 9.71% | -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 | 9.63 | 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 | 32.66M | 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 | 31.48M | 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
Cyclical RV and marine demand exposure
Metrics are mathematically derived from official filings.
Revenue Plateaued Near One Billion Quarterly
Based on reported figures, PATK's quarterly revenue has oscillated between roughly $846M and $1.0B over the ten quarters shown, with the latest quarter at $975.3M and year-over-year growth near zero percent.
The revenue series shows no sustained acceleration, with the 2024Q4 trough at $846.1M followed by recovery to the $1.0B range in 2025 and early 2026. Year-over-year growth has compressed toward 0% in the most recent quarters, which suggests the company is currently sustaining its top line rather than expanding it. Investors should monitor whether order trends in the RV and marine end markets support a re-acceleration or whether the plateau persists.
Gross Margin Stable but Slightly Compressed
As reported in financial statements, PATK's gross margin held between 22.1% and 23.9% across the period, ending at 23.6% in 2026Q3, which points to limited pricing leverage but reasonable cost control.
The narrow gross margin band indicates that PATK's pricing power is modest and that margin outcomes track input and volume conditions rather than structural differentiation. The 2026Q1 dip to 22.8% and the recent 23.6% level are within historical range, suggesting no material deterioration. Gross margin of this scale is typical of a cyclical manufacturer and warrants monitoring against peer LCII at 23.8%, which implies comparable but not superior economics.
Operating Income Volatile Against Flat SG&A
Based on PATK's reported figures, operating margin ranged from 4.7% to 8.3%, with SG&A rising to $156.8M in 2026Q3 while operating income fell to $49.8M, suggesting negative operating leverage in the latest quarter.
SG&A grew from roughly $113M to $157M over the period while operating income did not expand correspondingly, indicating that overhead has not scaled efficiently with revenue. The 2026Q3 operating margin of 5.1% sits well below the 8.3% peak in 2024Q2 and 2025Q2. This pattern may reflect cost absorption pressure during softer volume, and investors should monitor whether SG&A growth moderates as revenue stabilizes.
EPS Swings Outpace Underlying Revenue Trend
According to reported figures, PATK's diluted EPS moved from $0.42 in 2024Q4 to $1.27 in 2026Q2 and back to $0.64 in 2026Q3, a swing far larger than the revenue movement over the same span.
EPS volatility of this magnitude relative to revenue suggests that net income is sensitive to below-operating-line items, tax effects, or share count changes, though the supplied data does not isolate these drivers. Stock-based compensation has ranged from $2.4M to $6.1M, which appears modest relative to net income and unlikely to explain the swings alone. Earnings quality warrants further investigation through the full filing before drawing firm conclusions.
Cyclical Exposure Threatens Earnings Durability
Based on the supplied data, the most significant counter-argument is that PATK's recent 2026Q3 net margin of 2.2% and flat revenue growth may signal the start of a downturn rather than a temporary soft patch.
A bear case would focus on the compression from an 8.3% operating margin in 2024Q2 to 5.1% in 2026Q3, combined with SG&A growth outpacing operating income. Peer UFPI reporting negative one-year revenue growth of -5.0% suggests sector-wide softness in building-related markets, which may indicate cyclical headwinds. Investors should monitor order backlogs and dealer inventory signals before assuming margin recovery.