Revenue growth has normalized to 6.5% in 2026Q2 from previous hyper-growth levels, yet the company maintains structural resilience with a 29.6% gross margin.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 1.13B | 1.1B | 1.01B | 699.31M | 532.58M | 470.56M | 518.5M | 517.18M | 448.72M | 395.91M | 565.24M | 661.86M | 647.81M | 640.87M | 717.19M | 562.4M | 550.69M | 665.85M | 638.7M | 564.28M | 0 | 256.64M | 206.14M | 253.38M | 306.4M | 271.24M | 223.02M | 212.5M | 212.7M | 191.7M | 170.1M |
| Revenue Growth % | 4.5% | 9.08% | 44.77% | 31.31% | 13.18% | -9.25% | 0.26% | 15.26% | 13.34% | -29.96% | -14.6% | 2.17% | 1.08% | -10.64% | 27.52% | 2.13% | -17.29% | 4.25% | 13.19% | - | -100% | 24.5% | -18.64% | -17.3% | 12.96% | 21.62% | 4.95% | -0.09% | 10.95% | 12.7% | 0.18% |
| Cost of Goods Sold | 791.28M | 779.94M | 739.27M | 551.75M | 447.56M | 395.5M | 424.1M | 430.2M | 383.36M | 345.14M | 459.04M | 553.6M | 522.34M | 502.38M | 577.26M | 462.47M | 408.63M | 520.8M | 512.3M | 468.69M | 0 | 212.78M | 170.16M | 204.41M | 238.75M | 214.45M | 177.67M | 168M | 160.8M | 141.2M | 123.8M |
| COGS % of Revenue | - | 70.63% | 73.02% | 78.9% | 84.04% | 84.05% | 81.79% | 83.18% | 85.44% | 87.18% | 81.21% | 83.64% | 80.63% | 78.39% | 80.49% | 82.23% | 74.2% | 78.22% | 80.21% | 83.06% | - | 82.91% | 82.55% | 80.67% | 77.92% | 79.06% | 79.67% | 79.06% | 75.6% | 73.66% | 72.78% |
| Gross Profit | 340.78M | 324.38M | 273.09M | 147.55M | 85.02M | 75.06M | 94.4M | 86.98M | 65.36M | 50.77M | 106.2M | 108.26M | 125.47M | 146.84M | 139.94M | 99.93M | 142.06M | 145.05M | 126.41M | 95.59M | 0 | 43.86M | 35.98M | 48.97M | 67.66M | 56.8M | 45.35M | 44.5M | 51.9M | 50.5M | 46.3M |
| Gross Margin % | 30.1% | 29.37% | 26.98% | 21.1% | 15.96% | 15.95% | 18.21% | 16.82% | 14.56% | 12.82% | 18.79% | 16.36% | 19.37% | 22.91% | 19.51% | 17.77% | 25.8% | 21.78% | 19.79% | 16.94% | - | 17.09% | 17.45% | 19.32% | 22.08% | 20.94% | 20.33% | 20.94% | 24.4% | 26.34% | 27.22% |
| Gross Profit Growth % | - | 18.78% | 85.08% | 73.56% | 13.26% | -20.48% | 8.53% | 33.08% | 28.73% | -52.2% | -1.9% | -13.72% | -14.55% | 4.93% | 40.04% | -29.65% | -2.06% | 14.75% | 32.24% | - | -100% | 21.91% | -26.53% | -27.63% | 19.12% | 25.25% | 1.91% | -14.26% | 2.77% | 9.07% | 17.51% |
| Operating Expenses | 116.61M | 106.41M | 94.31M | 85.03M | 77.79M | 74.04M | 73.83M | 76.45M | 73.69M | 68.78M | 82.01M | 84.22M | 96.14M | 93.72M | 91.55M | 89.81M | 88.93M | 83.41M | 84M | 77.25M | 0 | 40.41M | 34.61M | 35.3M | 39M | 35.01M | 34.51M | 33.8M | 34.9M | 32.4M | 30.2M |
| OpEx % of Revenue | - | 9.64% | 9.32% | 12.16% | 14.61% | 15.74% | 14.24% | 14.78% | 16.42% | 17.37% | 14.51% | 12.72% | 14.84% | 14.62% | 12.76% | 15.97% | 16.15% | 12.53% | 13.15% | 13.69% | - | 15.74% | 16.79% | 13.93% | 12.73% | 12.91% | 15.47% | 15.91% | 16.41% | 16.9% | 17.75% |
| Selling, General & Admin | 103.16M | 95.4M | 84.89M | 78.81M | 70.83M | 67.22M | 67.66M | 69.95M | 66.77M | 61.52M | 74.92M | 76.8M | 87.76M | 83.54M | 82.65M | 77.54M | 84.46M | 79.95M | 84M | 77.25M | 0 | 41.85M | 35.36M | 35.3M | 39M | 35.01M | 29.84M | 29.4M | 30.8M | 29M | 26.9M |
| SG&A % of Revenue | - | 8.64% | 8.39% | 11.27% | 13.3% | 14.28% | 13.05% | 13.53% | 14.88% | 15.54% | 13.26% | 11.6% | 13.55% | 13.04% | 11.52% | 13.79% | 15.34% | 12.01% | 13.15% | 13.69% | - | 16.3% | 17.15% | 13.93% | 12.73% | 12.91% | 13.38% | 13.84% | 14.48% | 15.13% | 15.81% |
| Research & Development | 13.34M | 11.01M | 9.43M | 6.22M | 6.96M | 6.83M | 6.26M | 6.33M | 6.72M | 6.91M | 6.73M | 6.98M | 7.61M | 8.52M | 6.29M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1% | 0.93% | 0.89% | 1.31% | 1.45% | 1.21% | 1.22% | 1.5% | 1.74% | 1.19% | 1.05% | 1.17% | 1.33% | 0.88% | 1.14% | - | - | - | - | - | - | 1.7% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 112K | 0 | 0 | 0 | 0 | 0 | -100K | 177K | 747K | 0 | 352K | 435K | 1.52M | 1.66M | 2.6M | 4.75M | 11.93M | 0 | 0 | 0 | 0 | -1.44M | -744K | -175K | 0 | 0 | 4.67M | 4.4M | 4.1M | 3.4M | 3.3M |
| Operating Income | 223.72M | 217.86M | 178.77M | 62.52M | 7.22M | 1.02M | 20.57M | 11.46M | -9.12M | -19.34M | 15.76M | 20.65M | 29.33M | 45.58M | 48.39M | 2.96M | 45.67M | 61.63M | 42.41M | 18.34M | 0 | 210 | 1.36M | 13.67M | 28.66M | 21.79M | 10.84M | 10.7M | 17M | 18.1M | 16.1M |
| Operating Margin % | 19.76% | 19.73% | 17.66% | 8.94% | 1.36% | 0.22% | 3.97% | 2.22% | -2.03% | -4.88% | 2.79% | 3.12% | 4.53% | 7.11% | 6.75% | 0.53% | 8.29% | 9.26% | 6.64% | 3.25% | - | 0% | 0.66% | 5.39% | 9.35% | 8.03% | 4.86% | 5.04% | 7.99% | 9.44% | 9.46% |
| Operating Income Growth % | - | 21.86% | 185.95% | 765.45% | 608.93% | -95.05% | 79.49% | 225.64% | 52.83% | -222.73% | -23.69% | -29.6% | -35.66% | -5.8% | 1533.76% | -93.51% | -25.9% | 45.35% | 131.15% | - | -100% | -99.98% | -90.02% | -52.31% | 31.53% | 101.05% | 1.29% | -37.06% | -6.08% | 12.42% | 87.21% |
| EBITDA | 231.84M | 225.13M | 185.64M | 71.13M | 16.62M | 11.38M | 31.15M | 23.54M | 3.78M | -6.58M | 29.09M | 34.2M | 41.5M | 55.77M | 61.47M | 18.41M | 59.37M | 72.6M | 54.28M | 29.91M | 25.44M | 5.43M | 5.9M | 18.82M | 33.56M | 26.17M | 15.51M | 15.1M | 21.1M | 21.5M | 19.4M |
| EBITDA Margin % | 20.48% | 20.39% | 18.34% | 10.17% | 3.12% | 2.42% | 6.01% | 4.55% | 0.84% | -1.66% | 5.15% | 5.17% | 6.41% | 8.7% | 8.57% | 3.27% | 10.78% | 10.9% | 8.5% | 5.3% | - | 2.11% | 2.86% | 7.43% | 10.95% | 9.65% | 6.95% | 7.11% | 9.92% | 11.22% | 11.41% |
| EBITDA Growth % | 7.9% | 21.27% | 161.01% | 327.85% | 46.13% | -63.48% | 32.33% | 522.53% | 157.44% | -122.63% | -14.95% | -17.58% | -25.6% | -9.26% | 233.93% | -69% | -18.21% | 33.75% | 81.48% | 17.55% | 368.98% | -8% | -68.67% | -43.91% | 28.23% | 68.77% | 2.7% | -28.44% | -1.86% | 10.82% | 60.33% |
| D&A (Non-Cash Add-back) | 8.12M | 7.26M | 6.87M | 8.61M | 9.4M | 10.36M | 10.58M | 12.08M | 12.9M | 12.76M | 13.33M | 13.55M | 12.16M | 10.19M | 13.08M | 15.45M | 13.7M | 10.96M | 11.87M | 11.56M | 6.5M | 5.42M | 4.53M | 5.16M | 4.9M | 4.38M | 4.67M | 4.4M | 4.1M | 3.4M | 3.3M |
| EBIT | 228.21M | 233.55M | 178.77M | 62.52M | 7.22M | 1.02M | 20.56M | 12.56M | -7.49M | -16.75M | 24.2M | 24.05M | 30.87M | 47.33M | 47.07M | 4.41M | 45.93M | 61.77M | 42.76M | 18.9M | 18.36M | 3.45M | 1.36M | 13.63M | 28.28M | 21.79M | 10.84M | 10.7M | 17M | 18.1M | 16.1M |
| Net Interest Income | 16.74M | 15.69M | 17.32M | 6.43M | 334K | 73K | 753K | 873K | 676K | 390K | 7K | -59K | -165K | -167K | -158K | -194K | -610K | -976K | -2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 16.74M | 15.69M | 17.32M | 6.43M | 334K | 277K | 981K | 1.1M | 883K | 558K | 156K | 86K | 13K | 35K | 114K | 214K | 260K | 131K | 355K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 204K | 228K | 230K | 207K | 168K | 149K | 145K | 178K | 202K | 272K | 408K | 870K | 1.11M | 2.89M | 2.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 16.74M | 15.69M | 17.32M | 6.43M | 2.62M | 73K | -241K | 873K | 1.42M | 2.42M | 2.04M | 2.34M | 1.36M | 1.54M | -158K | 1.03M | -610K | -976K | -2.54M | -2.94M | 0 | 3.39M | 1.39M | -37K | -382K | -359K | 44K | -300K | -200K | 300K | -100K |
| Pretax Income | 240.46M | 233.55M | 196.09M | 68.95M | 9.84M | 1.09M | 20.33M | 12.33M | -7.7M | -16.92M | 17.79M | 22.99M | 30.69M | 50.73M | 48.23M | 4M | 45.06M | 60.66M | 39.87M | 15.4M | 0 | 3.45M | 1.36M | 13.63M | 28.45M | 21.43M | 10.88M | 10.4M | 16.8M | 18.4M | 16M |
| Pretax Margin % | 21.24% | 21.15% | 19.37% | 9.86% | 1.85% | 0.23% | 3.92% | 2.38% | -1.72% | -4.27% | 3.15% | 3.47% | 4.74% | 7.92% | 6.73% | 0.71% | 8.18% | 9.11% | 6.24% | 2.73% | - | 1.34% | 0.66% | 5.38% | 9.29% | 7.9% | 4.88% | 4.89% | 7.9% | 9.6% | 9.41% |
| Income Tax | 53.53M | 52.8M | 46.24M | 14.43M | -3.89M | 461K | 3.67M | 2.44M | -547K | -7.43M | 2.28M | 13.55M | 11.07M | 8.66M | 18.58M | 6.71M | 19.89M | 20.73M | 14.07M | 5.47M | 0 | 1.14M | -282K | 6.14M | 10.55M | 7.89M | 3.82M | 3.3M | 5.3M | 5.8M | 5.2M |
| Effective Tax Rate % | 22.26% | 22.61% | 23.58% | 20.92% | -39.56% | 42.22% | 18.05% | 19.82% | 7.1% | 43.93% | 12.83% | 58.94% | 36.07% | 17.06% | 38.51% | 167.93% | 44.15% | 34.18% | 35.3% | 35.5% | - | 32.97% | -20.67% | 45.02% | 37.07% | 36.81% | 35.11% | 31.73% | 31.55% | 31.52% | 32.5% |
| Net Income | 186.93M | 180.75M | 149.85M | 54.52M | 13.74M | 631K | 16.66M | 9.89M | -7.15M | -9.49M | 15.51M | 9.44M | 29.22M | 42.08M | 29.66M | -2.71M | 25.01M | 39.72M | 25.85M | 9.91M | 0 | 2.25M | 1.67M | 6.99M | 17.91M | 13.54M | 7.06M | 7.1M | 6.7M | 12.6M | 4.8M |
| Net Margin % | 16.51% | 16.37% | 14.8% | 7.8% | 2.58% | 0.13% | 3.21% | 1.91% | -1.59% | -2.4% | 2.74% | 1.43% | 4.51% | 6.57% | 4.14% | -0.48% | 4.54% | 5.96% | 4.05% | 1.76% | - | 0.88% | 0.81% | 2.76% | 5.84% | 4.99% | 3.17% | 3.34% | 3.15% | 6.57% | 2.82% |
| Net Income Growth % | 7.82% | 20.62% | 174.82% | 296.92% | 2077.02% | -96.21% | 68.45% | 238.28% | 24.6% | -161.16% | 64.32% | -67.7% | -30.54% | 41.88% | 1192.34% | -110.86% | -37.03% | 53.66% | 160.74% | - | -100% | 34.87% | -76.11% | -60.99% | 32.22% | 91.79% | -0.55% | 5.97% | -46.83% | 162.5% | -15.79% |
| Net Income (Continuing) | 186.93M | 180.75M | 149.85M | 54.52M | 13.74M | 631K | 16.66M | 9.89M | -7.15M | -9.49M | 15.51M | 9.44M | 19.62M | 39.74M | 28.74M | -2.71M | 25.17M | 39.92M | 25.8M | 9.91M | 0 | 2.25M | 1.65M | 7.5M | 17.8M | 13.54M | 7.06M | 7.1M | 11.5M | 12.6M | 10.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.34M | 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 | 456K | 248K | 298K | 278K | 281K | 218K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.12 | 4.95 | 4.10 | 1.50 | 0.38 | 0.02 | 0.47 | 0.28 | -0.21 | -0.28 | 0.45 | 0.26 | 0.81 | 1.17 | 0.83 | -0.08 | 0.71 | 1.14 | 0.75 | 0.29 | 0.00 | 0.07 | 0.05 | 0.22 | 0.55 | 0.43 | 0.22 | 0.22 | 0.21 | 0.39 | 0.15 |
| EPS Growth % | 7.79% | 20.91% | 173.11% | 291.3% | 2049.53% | -96.23% | 67.06% | 237.1% | 25.3% | -161.03% | 72.15% | -67.36% | -31.05% | 40.96% | 1182.61% | -110.75% | -37.61% | 51.77% | 156.82% | - | -100% | 40% | -76.92% | -60.84% | 29.69% | 91.04% | 1.52% | 6.45% | -47.01% | 165.91% | -18.52% |
| EPS (Basic) | - | 4.99 | 4.17 | 1.53 | 0.39 | 0.02 | 0.48 | 0.28 | -0.21 | -0.28 | 0.45 | 0.27 | 0.81 | 1.17 | 0.83 | -0.08 | 0.72 | 1.16 | 0.76 | 0.30 | 0.00 | 0.07 | 0.05 | 0.22 | 0.56 | 0.43 | 0.23 | 0.22 | 0.21 | 0.39 | 0.15 |
| Diluted Shares Outstanding | 36.54M | 36.5M | 36.56M | 36.36M | 35.83M | 35.37M | 35.08M | 34.9M | 34.52M | 34.36M | 34.29M | 35.72M | 36.17M | 35.98M | 35.77M | 35.2M | 35.08M | 34.77M | 34.36M | 33.7M | 32.34M | 32.16M | 32.32M | 32.04M | 32.17M | 31.8M | 31.59M | 32.33M | 32.23M | 32.5M | 32.73M |
| Basic Shares Outstanding | 36.38M | 36.19M | 35.95M | 35.64M | 35.39M | 35.12M | 34.87M | 34.71M | 34.52M | 34.29M | 34.2M | 35.61M | 36.01M | 35.84M | 35.55M | 35.2M | 34.63M | 34.27M | 33.8M | 33.13M | 32.34M | 32.16M | 32.06M | 31.77M | 31.59M | 31.14M | 31.35M | 32M | 31.93M | 32.31M | 32.73M |
| Dividend Payout Ratio | - | 7.12% | 8.44% | 22.75% | 89.05% | 1924.25% | 72.42% | 121.31% | - | - | 76.37% | 130.92% | 41.06% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
LNG project regulatory delays
As indicated by the most recent quarterly data, Powell's year-over-year revenue growth has decelerated significantly to 6.5% in 2026Q2, a sharp contrast to the hyper-growth phase observed throughout 2024 where quarterly expansion frequently exceeded 40% as the company capitalized on massive industrial infrastructure demand.
The transition from rapid expansion to mid-single-digit growth suggests that the initial surge in project bookings is normalizing as the company works through its existing backlog. Investors should monitor whether this deceleration reflects a structural cooling in capital expenditure cycles or simply the natural cadence of large-scale project recognition.
According to the provided income statement data, Powell has successfully sustained gross margins near the 30% threshold, with 2026Q2 reporting 29.6%, suggesting that the firm is effectively leveraging its specialized engineering niche to maintain pricing power despite broader industrial cost pressures.
The ability to maintain these elevated margins compared to the 24-25% range seen in early 2024 implies a favorable shift in project mix toward higher-complexity, custom-engineered solutions. This margin profile appears to reflect the company's success in passing through inflationary costs while capturing premiums for its critical infrastructure integration services.
Based on reported financial figures, Powell has demonstrated disciplined operating leverage, as operating income reached $57.6 million in 2026Q2, maintaining an operating margin of 19.4% even as revenue growth moderated, indicating that overhead costs are being managed effectively relative to the scale of project execution.
The company's ability to keep SG&A expenses relatively stable while gross profit expanded suggests a high degree of operational discipline. This efficiency indicates that the current cost structure is well-aligned with the project-based nature of the business, allowing for significant flow-through to the bottom line during peak activity periods.
As reported in recent filings, Powell's net income remains robust at $45.9 million for 2026Q2, with minimal stock-based compensation expenses, which underscores a high quality of earnings that is not artificially inflated by non-cash equity grants or aggressive accounting adjustments common in the industrial sector.
The absence of significant stock-based compensation suggests that management is focused on shareholder value preservation rather than dilution. This clean earnings profile, combined with consistent net margins, provides a reliable view of the company's underlying profitability and its ability to convert operational success into tangible bottom-line results.
While current performance is strong, the income statement reveals a potential vulnerability as the 6.5% revenue growth rate in 2026Q2 highlights the risk of a cyclical downturn, particularly if the current backlog is not replenished by new, large-scale LNG or utility-grade infrastructure projects.
Short-term investors should be wary that the current profitability levels may be peaking, as the company is highly sensitive to the timing of large project completions. Any regulatory or economic delay in the North American energy sector could lead to a rapid contraction in revenue, potentially exposing the company to significant margin compression.
Quick answers to the most common questions about buying POWL stock.
For fiscal year 2025, Powell Industries, Inc. (POWL) reported total revenue of $1.10B. This represents a 549.2% increase compared to $170.1M in 1996.
Powell Industries, Inc. (POWL) is profitable, generating $180.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
Powell Industries, Inc. (POWL) reported an operating income of $217.9M, resulting in an operating profit margin of 19.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Powell Industries, Inc. (POWL) generated $324.4M in gross profit for the year, representing a gross profit margin of 29.4%. This demonstrates the company's core pricing power and production efficiency.