Revenue growth remains muted at 2.5% in 2026Q1, while structural margin pressure persists as evidenced by a gross margin of only 8.5%.
| 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 |
|---|
| Sales/Revenue | 69.43T | 68.99T | 72.69T | 77.13T | 84.75T | 76.33T | 57.79T | 64.37T | 64.98T | 60.66T | 53.08T | 58.19T | 64.76T | 61.77T | 63.35T | 68.94T | 47.89T | 36.86T | 41.74T | 31.63T | 24.65T | 26.1T | 23.16T | 18.66T | 14.35T | 13.13T | 13.75T | 12.66T | 13.26T |
| Revenue Growth % | -3.67% | -5.09% | -5.76% | -8.99% | 11.03% | 32.08% | -10.21% | -0.94% | 7.13% | 14.26% | -8.78% | -10.14% | 4.85% | -2.49% | -8.11% | 43.96% | 29.93% | -11.71% | 31.99% | 28.3% | -5.56% | 12.7% | 24.13% | 29.97% | 9.35% | -4.51% | 8.56% | -4.54% | - |
| Cost of Goods Sold | 64.11T | 63.85T | 67.3T | 70.74T | 77.13T | 64.47T | 53.09T | 58.14T | 57.03T | 52.32T | 46.42T | 51.68T | 57.49T | 54.93T | 55.92T | 59.82T | 39.72T | 31.04T | 32.56T | 24.92T | 18.98T | 18.62T | 16.77T | 14.11T | 11.34T | 10.68T | 9.54T | 8.61T | 9.51T |
| COGS % of Revenue | - | 92.55% | 92.59% | 91.71% | 91% | 84.46% | 91.86% | 90.32% | 87.77% | 86.25% | 87.44% | 88.81% | 88.78% | 88.94% | 88.28% | 86.78% | 82.95% | 84.21% | 78.01% | 78.79% | 76.99% | 71.35% | 72.42% | 75.61% | 78.99% | 81.39% | 69.38% | 67.96% | 71.67% |
| Gross Profit | 5.31T | 5.14T | 5.39T | 6.39T | 7.62T | 11.86T | 4.71T | 6.23T | 7.95T | 8.34T | 6.67T | 6.51T | 7.27T | 6.83T | 7.42T | 9.11T | 8.16T | 5.82T | 9.18T | 6.71T | 5.67T | 7.48T | 6.39T | 4.55T | 3.02T | 2.44T | 4.21T | 4.06T | 3.76T |
| Gross Margin % | 7.65% | 7.45% | 7.41% | 8.29% | 9% | 15.54% | 8.14% | 9.68% | 12.23% | 13.75% | 12.56% | 11.19% | 11.22% | 11.06% | 11.72% | 13.22% | 17.05% | 15.78% | 21.99% | 21.21% | 23.01% | 28.65% | 27.58% | 24.39% | 21.01% | 18.61% | 30.62% | 32.04% | 28.33% |
| Gross Profit Growth % | - | -4.66% | -15.69% | -16.18% | -35.73% | 152.06% | -24.44% | -21.63% | -4.67% | 25.04% | 2.4% | -10.39% | 6.33% | -7.95% | -18.54% | 11.64% | 40.35% | -36.63% | 36.84% | 18.3% | -24.15% | 17.05% | 40.39% | 50.83% | 23.51% | -41.98% | 3.77% | 7.96% | - |
| Operating Expenses | 3.12T | 3.27T | 2.88T | 2.79T | 2.45T | 2.3T | 2.04T | 2.12T | 2.18T | 3.72T | 3.82T | 4.1T | 4.75T | 4.27T | 3.86T | 3.62T | 2.68T | 1.95T | 2.01T | 1.77T | 1.48T | 1.44T | 1.25T | 1.13T | 966.79B | 854.43B | 1.66T | 2.05T | 1.91T |
| OpEx % of Revenue | - | 4.74% | 3.97% | 3.61% | 2.89% | 3.01% | 3.52% | 3.29% | 3.36% | 6.13% | 7.2% | 7.05% | 7.34% | 6.91% | 6.1% | 5.25% | 5.61% | 5.29% | 4.81% | 5.61% | 6.02% | 5.52% | 5.41% | 6.04% | 6.73% | 6.51% | 12.08% | 16.17% | 14.4% |
| Selling, General & Admin | 2.6T | 2.56T | 2.49T | 2.35T | 2.24T | 2.14T | 1.85T | 1.94T | 1.92T | 3.09T | 3.21T | 3.41T | 3.41T | 3.26T | 3.21T | 3.08T | 2.25T | 1.74T | 1.7T | 1.62T | 1.35T | 1.31T | 1.1T | 987.5B | 966.79B | 854.43B | 716.53B | 674.29B | 761.22B |
| SG&A % of Revenue | - | 3.71% | 3.43% | 3.04% | 2.64% | 2.81% | 3.21% | 3.01% | 2.96% | 5.09% | 6.05% | 5.87% | 5.27% | 5.28% | 5.07% | 4.47% | 4.7% | 4.73% | 4.08% | 5.11% | 5.46% | 5.03% | 4.76% | 5.29% | 6.73% | 6.51% | 5.21% | 5.33% | 5.74% |
| Research & Development | 148.48B | 195.25B | 207.56B | 175.17B | 179.71B | 123.09B | 116.27B | 110.31B | 108.35B | 554.43B | 506.83B | 491.68B | 528.34B | 562.65B | 192.32B | 212.47B | 141.31B | 84.38B | 94.57B | 52.85B | 51.48B | 52.14B | 68.54B | 60B | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.28% | 0.29% | 0.23% | 0.21% | 0.16% | 0.2% | 0.17% | 0.17% | 0.91% | 0.95% | 0.84% | 0.82% | 0.91% | 0.3% | 0.31% | 0.3% | 0.23% | 0.23% | 0.17% | 0.21% | 0.2% | 0.3% | 0.32% | - | - | - | - | - |
| Other Operating Expenses | 4M | 513.41B | 185.13B | 265.91B | 34.62B | 27.18B | 66.22B | 70.29B | 152.31B | 72.45B | -427.93B | -417.37B | 237.57B | -85.74B | 459.76B | 323.86B | 290.33B | 123.53B | 209.8B | 105.23B | 87.57B | 75.07B | 82.3B | 80B | 0 | 0 | 944.35B | 1.37T | 1.15T |
| Operating Income | 2.19T | 1.87T | 2.5T | 3.6T | 5.17T | 9.57T | 2.67T | 4.11T | 5.77T | 4.62T | 2.84T | 2.41T | 2.51T | 2.57T | 3.26T | 5.41T | 5.43T | 3.87T | 7.17T | 4.92T | 4.19T | 6.04T | 5.14T | 3.42T | 2.05T | 1.59T | 2.3T | 2.01T | 1.85T |
| Operating Margin % | 3.16% | 2.71% | 3.44% | 4.67% | 6.11% | 12.53% | 4.62% | 6.39% | 8.87% | 7.62% | 5.36% | 4.14% | 3.88% | 4.15% | 5.14% | 7.84% | 11.35% | 10.5% | 17.19% | 15.57% | 16.98% | 23.13% | 22.19% | 18.35% | 14.28% | 12.1% | 16.74% | 15.86% | 13.92% |
| Operating Income Growth % | - | -25.46% | -30.53% | -30.35% | -45.92% | 258.23% | -35.03% | -28.69% | 24.74% | 62.49% | 18.02% | -4.1% | -2.08% | -21.16% | -39.81% | -0.47% | 40.47% | -46.08% | 45.73% | 17.58% | -30.65% | 17.47% | 50.14% | 66.97% | 29.08% | -31% | 14.58% | 8.74% | - |
| EBITDA | 6.38T | 6.03T | 6.49T | 7.45T | 8.87T | 13.15T | 6.29T | 7.57T | 9.03T | 7.91T | 6T | 5.57T | 5.7T | 5.25T | 5.82T | 7.67T | 8.47T | 6.42T | 9.55T | 7.05T | 5.89T | 7.64T | 6.65T | 5.07T | 3.5T | 2.9T | 3.53T | 3.38T | 3T |
| EBITDA Margin % | 9.2% | 8.73% | 8.93% | 9.66% | 10.46% | 17.22% | 10.89% | 11.76% | 13.9% | 13.04% | 11.3% | 9.58% | 8.79% | 8.5% | 9.19% | 11.13% | 17.69% | 17.42% | 22.89% | 22.29% | 23.88% | 29.26% | 28.72% | 27.16% | 24.4% | 22.06% | 25.67% | 26.71% | 22.59% |
| EBITDA Growth % | -2% | -7.13% | -12.89% | -16.01% | -32.55% | 108.93% | -16.9% | -16.17% | 14.22% | 31.82% | 7.62% | -2.13% | 8.45% | -9.75% | -24.18% | -9.39% | 31.9% | -32.79% | 35.5% | 19.76% | -22.91% | 14.82% | 31.24% | 44.66% | 20.97% | -17.95% | 4.35% | 12.88% | - |
| D&A (Non-Cash Add-back) | 4.19T | 4.16T | 3.98T | 3.84T | 3.69T | 3.58T | 3.62T | 3.46T | 3.27T | 3.29T | 3.15T | 3.16T | 3.18T | 2.69T | 2.56T | 2.27T | 3.04T | 2.55T | 2.38T | 2.13T | 1.7T | 1.6T | 1.51T | 1.65T | 1.45T | 1.31T | 1.23T | 1.37T | 1.15T |
| EBIT | 2.61T | 2.23T | 2.12T | 3.25T | 4.84T | 9.25T | 2.35T | 3.79T | 5.48T | 4.57T | 2.84T | 2.41T | 2.56T | 2.73T | 4.2T | 5.57T | 5.85T | 4.27T | 6.44T | 4.93T | 4.19T | 6.04T | 5.14T | 3.42T | 2.05T | 1.59T | 2.55T | 2.01T | 1.85T |
| Net Interest Income | -295.88B | -558.15B | -514.09B | -491.8B | -349.73B | -153.1B | -275.05B | -428.77B | -474.08B | -487.69B | -495.61B | -771.69B | -577.87B | -384.71B | -572.66B | -594.07B | -287.87B | -235.9B | -88.2B | -69.27B | -66.7B | 11.62B | -86.26B | -160B | -258.97B | -323.53B | -330.95B | 0 | -659.69B |
| Interest Income | 237.13B | 533.31B | 624.61B | 494.76B | 239.66B | 303.18B | 342.98B | 341.63B | 343.36B | 204.63B | 189.89B | 217.74B | 232.49B | 252.16B | 269.4B | 224.53B | 286.87B | 254.41B | 243.37B | 173.63B | 113.54B | 158.73B | 88.02B | 102.5B | 72.79B | 127.21B | 131.65B | 0 | 0 |
| Interest Expense | 533.01B | 1.09T | 1.14T | 986.55B | 589.39B | 456.28B | 618.03B | 770.4B | 817.44B | 692.32B | 685.51B | 989.43B | 810.36B | 636.87B | 842.07B | 818.61B | 574.74B | 490.31B | 331.57B | 242.9B | 180.24B | 147.11B | 174.28B | 262.5B | 331.76B | 450.74B | 462.6B | 0 | 659.69B |
| Other Income/Expense | -807.7B | -727.19B | -1.25T | -969.05B | -1.16T | -152.07B | -645.85B | -1.06T | -2.2T | -442.14B | -1.41T | -2.23T | -1.13T | -628.22B | 76.72B | -625.71B | -166.4B | -128.89B | -1.08T | -20.94B | -99.73B | -590.51B | 22.69B | -562.5B | -562.28B | -404.32B | 15.9B | 237.37B | -605.88B |
| Pretax Income | 1.39T | 1.14T | 1.25T | 2.64T | 4.01T | 9.42T | 2.03T | 3.05T | 3.56T | 4.18T | 1.43T | 180.76B | 1.39T | 1.94T | 3.33T | 4.78T | 5.27T | 3.74T | 6.1T | 4.9T | 4.09T | 5.45T | 5.16T | 2.86T | 1.49T | 1.18T | 2.32T | 2.25T | 1.24T |
| Pretax Margin % | 2% | 1.65% | 1.72% | 3.42% | 4.74% | 12.34% | 3.5% | 4.74% | 5.48% | 6.89% | 2.7% | 0.31% | 2.14% | 3.14% | 5.26% | 6.94% | 11% | 10.15% | 14.6% | 15.5% | 16.58% | 20.87% | 22.29% | 15.33% | 10.36% | 9.02% | 16.86% | 17.74% | 9.36% |
| Income Tax | 659.7B | 612.13B | 303.62B | 789.3B | 453.88B | 2.22T | 236.93B | 1.07T | 1.67T | 1.21T | 384.69B | 276.94B | 823.84B | 589.03B | 974.02B | 1.07T | 1.08T | 536B | 1.73T | 1.27T | 879.4B | 1.46T | 1.45T | 766.25B | 398.58B | 337.61B | 687.22B | 696.26B | 312.57B |
| Effective Tax Rate % | 47.6% | 53.74% | 24.27% | 29.95% | 11.31% | 23.58% | 11.7% | 35.07% | 46.89% | 28.86% | 26.85% | 153.21% | 59.36% | 30.39% | 29.23% | 22.33% | 20.53% | 14.33% | 28.45% | 26.01% | 21.52% | 26.85% | 28.11% | 26.79% | 26.79% | 28.52% | 29.66% | 31% | 25.18% |
| Net Income | 855.75B | 690.69B | 1.09T | 1.7T | 3.14T | 6.62T | 1.6T | 1.84T | 1.69T | 2.79T | 1.36T | 180.65B | 632.71B | 1.37T | 2.44T | 3.65T | 4.11T | 3.22T | 4.38T | 3.56T | 3.16T | 3.99T | 3.68T | 2.09T | 1.09T | 846.04B | 1.63T | 1.55T | 928.55B |
| Net Margin % | 1.23% | 1% | 1.51% | 2.2% | 3.71% | 8.67% | 2.77% | 2.85% | 2.6% | 4.6% | 2.57% | 0.31% | 0.98% | 2.22% | 3.85% | 5.29% | 8.57% | 8.73% | 10.49% | 11.26% | 12.82% | 15.29% | 15.91% | 11.22% | 7.59% | 6.45% | 11.86% | 12.24% | 7% |
| Net Income Growth % | -0.09% | -36.92% | -35.52% | -45.99% | -52.49% | 313.02% | -12.69% | 8.55% | -39.41% | 104.66% | 654.68% | -71.45% | -53.85% | -43.75% | -33.19% | -11.14% | 27.57% | -26.5% | 22.98% | 12.64% | -20.8% | 8.33% | 75.98% | 92.27% | 28.71% | -48.1% | 5.19% | 66.88% | - |
| Net Income (Continuing) | 726.27B | 527.02B | 947.58B | 1.85T | 3.56T | 7.2T | 1.79T | 1.98T | 1.89T | 2.97T | 1.05T | -96.18B | 564.04B | 1.35T | 2.36T | 3.71T | 4.19T | 3.24T | 4.35T | 3.56T | 3.16T | 3.99T | 3.68T | 2.09T | 1.09T | 846.04B | 1.63T | 1.55T | 928.55B |
| 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 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.5T | 6.63T | 6.05T | 5.45T | 5.75T | 4.33T | 3.34T | 3.32T | 3.39T | 3.73T | 3.46T | 3.83T | 3.7T | 3.78T | 2.98T | 2.37T | 2.31T | 755.35B | 680.54B | 634.02B | 466.63B | 382.67B | 297B | 307.5B | 279.15B | 168.24B | 159.27B | 120.95B | 115.04B |
| EPS (Diluted) | 2300.70 | 507.88 | 3062.50 | 5595.25 | 9781.25 | 21344.00 | 5041.00 | 5705.50 | 5283.00 | 8510.00 | 4156.75 | 461.25 | 1878.50 | 4352.25 | 7968.50 | 11806.00 | 13569.75 | 10495.50 | 14500.50 | 11716.75 | 10042.75 | 12599.75 | 11387.75 | 6422.50 | 3324.25 | 2592.50 | 4779.75 | 4049.75 | 2481.42 |
| EPS Growth % | 32.48% | -83.42% | -45.27% | -42.8% | -54.17% | 323.41% | -11.65% | 8% | -37.92% | 104.73% | 801.19% | -75.45% | -56.84% | -45.38% | -32.5% | -13% | 29.29% | -27.62% | 23.76% | 16.67% | -20.29% | 10.64% | 77.31% | 93.2% | 28.23% | -45.76% | 18.03% | 63.2% | - |
| EPS (Basic) | - | 507.88 | 3612.75 | 5595.25 | 10364.00 | 21832.50 | 5041.00 | 5705.50 | 5283.00 | 8510.00 | 4156.75 | 461.25 | 1878.50 | 4352.25 | 7968.50 | 11806.00 | 13569.75 | 10495.50 | 14500.50 | 11716.75 | 10042.75 | 12599.75 | 11387.75 | 6422.50 | 3324.25 | 2592.50 | 4779.75 | 4049.75 | 2481.42 |
| Diluted Shares Outstanding | 371.95M | 1.29B | 357.52M | 303.48M | 315.62M | 306.75M | 316.48M | 320.46M | 320M | 319.99M | 319.99M | 319.98M | 319.21M | 312.04M | 308.98M | 309.01M | 308.13M | 306.64M | 301.97M | 303.81M | 314.77M | 316.79M | 323.34M | 325.93M | 328.87M | 326.33M | 341.54M | 382.62M | 374.2M |
| Basic Shares Outstanding | 371.95M | 1.29B | 357.54M | 303.48M | 303.26M | 302.78M | 316.48M | 320.46M | 320M | 319.99M | 319.99M | 319.98M | 319.21M | 312.04M | 308.98M | 309.01M | 308.13M | 306.64M | 301.97M | 303.81M | 314.77M | 316.79M | 323.34M | 325.93M | 327.58M | 326.33M | 341.04M | 382.62M | 374.2M |
| Dividend Payout Ratio | - | 132.51% | 77.1% | 48.02% | 38.75% | 19.81% | 41.14% | 51.56% | 42.82% | 30.95% | 52% | 455.35% | 107% | 47.31% | 30.85% | 21.13% | 16.89% | 21.41% | 17.24% | 18.41% | 19.2% | 16.92% | 13.75% | 16.3% | 19.72% | 27.05% | 14.67% | 7.64% | 9.67% |
Cyclical Steel Spread Compression
As reported in recent financial statements, POSCO Holdings experienced a 2.5% revenue growth in 2026Q1, marking a departure from the preceding four quarters of contraction, yet the overall trend suggests persistent headwinds within the core steel segment and broader industrial demand cycles across the Korean market.
The return to positive year-over-year growth in the most recent quarter may indicate a stabilization in volume, though it remains insufficient to offset the cumulative decline observed throughout 2024 and 2025. Investors should monitor whether this uptick reflects genuine demand recovery or merely a favorable comparison against the prior year's trough.
Based on reported figures, the company's gross margin reached 8.5% in 2026Q1, reflecting the ongoing difficulty in passing through volatile raw material costs to downstream customers, a challenge that has historically constrained profitability compared to more specialized steel producers within the global peer group.
The persistent thinness of these margins suggests that the company's high-fixed-cost model remains highly sensitive to the spread between iron ore prices and finished steel pricing. Without a significant shift in product mix toward higher-value battery materials, margin expansion appears likely to remain elusive in the near term.
According to recent SEC filings, operating income scaled to $798.8B in 2026Q1, yet the erratic nature of operating margins—which fluctuated between 0.3% and 4.6% over the last ten quarters—suggests that the company struggles to maintain consistent overhead efficiency during periods of cyclical revenue contraction.
The inability to consistently scale operating income faster than gross profit implies that fixed costs, particularly within the Pohang and Gwangyang works, exert significant downward pressure on profitability during demand troughs. This lack of operating leverage warrants further investigation into the company's ability to rationalize its cost base during downturns.
Based on the provided income statement data, net income has exhibited extreme volatility, including multiple quarterly losses, which suggests that headline EPS figures are heavily influenced by non-operating items and inventory valuation adjustments rather than pure core operational performance across the holding company's diverse business segments.
The frequent swings between profitability and net losses indicate that investors should look past headline EPS to understand the underlying cash-generating capacity of the business. The impact of minority interest adjustments from subsidiaries further complicates the assessment of true earnings quality for the parent entity.
While the company pivots toward battery materials, the persistent reliance on the cyclical steel segment, which accounts for the majority of revenue, suggests that the market's valuation may be overly optimistic regarding the speed and profitability of this transition, as evidenced by recent margin compression.
Short-term investors should focus on the risk that the capital-intensive nature of the battery material expansion could drain liquidity if the core steel business continues to face pricing pressure. The potential for further margin erosion in the face of global overcapacity remains a significant threat to the current valuation narrative.
Quick answers to the most common questions about buying PKX stock.
For fiscal year 2025, POSCO Holdings Inc. (PKX) reported total revenue of $68.99T. This represents a 420.1% increase compared to $13.26T in 1998.
POSCO Holdings Inc. (PKX) is profitable, generating $690.69B in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
POSCO Holdings Inc. (PKX) reported an operating income of $1.87T, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
POSCO Holdings Inc. (PKX) generated $5.14T in gross profit for the year, representing a gross profit margin of 7.4%. This demonstrates the company's core pricing power and production efficiency.