Powell Industries, Inc. (POWL) Income Statement

30Y historyFree accessUpdated daily

Revenue grew 8.9% YoY in 2026Q3 to $311.7M, with gross margin expanding to 30.6% from 24.6% in 2024Q2, driving operating margin to 20.6% and net income up 8.3% YoY.

Annual statement

POWL Income Statement

Powell Industries, Inc. (POWL) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	1.16B	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 %	7.04%	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	809.34M	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	348.18M	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 %	30.08%	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	119.84M	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	104.75M	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	14.98M	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	227.67M	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 %	19.67%	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	236.22M	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 %	20.41%	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 %	8.49%	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)	8.55M	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	240.66M	233.55M	196.09M	68.95M	9.84M	1.3M	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	17.81M	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	17.81M	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	17.81M	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	245.48M	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 %	21.21%	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	54.62M	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 %	22.25%	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	190.86M	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 %	16.49%	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 %	8.83%	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)	190.86M	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)	5.22	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 %	8.61%	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	36.57M	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	36.4M	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%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Oil & gas cyclicality

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Order Momentum Outpaces Revenue

POWL's revenue grew 8.9% YoY in 2026Q3, but record quarterly orders of $934M and a 3.0x book-to-bill suggest accelerating future growth, per CEO commentary.

The 3.0x book-to-bill ratio, a leading indicator, implies a significant step-up in revenue recognition over coming quarters as backlog converts. While recent revenue growth has been moderate (4-9% YoY), the order surge indicates a potential inflection point, likely driven by LNG and data center demand. Investors should monitor backlog conversion efficiency to see if this translates into sustained double-digit growth.

Margin Expansion Reflects Mix Shift

Gross margin improved to 30.6% in 2026Q3 from 24.6% in 2024Q2, suggesting a favorable shift toward higher-value projects, as reported in financial statements.

The 600 basis point gross margin expansion over five quarters indicates a structural improvement in project mix, likely from complex PCR units for LNG and electrification projects. Operating margin similarly expanded to 20.6%, outpacing peer HUBB's 20.8% despite smaller scale. This suggests pricing power and efficient cost pass-through, but sustainability depends on maintaining a high-value backlog.

Operating Leverage Drives Profit Growth

Operating income grew 6.6% YoY in 2026Q3, while SG&A rose only 6.4%, indicating modest operating leverage, based on reported figures.

SG&A as a percentage of revenue has declined from 8.7% in 2024Q2 to 8.6% in 2026Q3, despite revenue growth, showing disciplined overhead control. The 20.6% operating margin is near the peak of the last ten quarters, suggesting that incremental revenue is flowing through to profit. However, the recent EPS miss ($1.42 vs. $1.60 estimate) hints that cost pressures may be emerging, warranting close watch on SG&A trends.

EPS Miss Masks Underlying Strength

EPS of $1.42 in 2026Q3 missed consensus by $0.18, yet net income rose 8.3% YoY, with SBC minimal at $1.4M, per latest earnings report.

The EPS miss appears driven by timing of project costs or revenue recognition, not operational deterioration, as revenue and margins improved. SBC is negligible (0.4% of revenue), indicating high earnings quality. The maintained full-year guidance suggests management views the miss as transitory, but investors should verify if cost overruns on fixed-price contracts are emerging.

COGS Efficiency Drives Margin Gains

COGS as a percentage of revenue fell to 69.4% in 2026Q3 from 75.4% in 2024Q2, reflecting improved cost management, as per income statement data.

The decline in COGS ratio indicates better absorption of raw material costs and favorable project mix. R&D remains modest at $4.3M (1.4% of revenue), focusing on engineering innovation. SG&A is stable, but the recent EPS miss suggests potential cost overruns on specific projects, which could pressure margins if not contained.

2025Q1 Marks Margin Inflection

Gross margin jumped to 24.7% in 2025Q1 from 24.6% in 2024Q2, then surged to 30.6% by 2026Q3, signaling a structural shift, based on reported quarterly data.

The inflection began in 2025Q1 with a 24.7% gross margin, followed by a sustained climb to 30.6% in 2026Q3, driven by a shift to higher-margin projects like LNG and data centers. This coincided with a 24.4% revenue growth in 2025Q1, indicating a demand surge. The lasting impact is a higher margin base, but cyclicality in energy markets could reverse this if project mix shifts.

Cyclicality and Cost Pressures Loom

Despite record orders, the EPS miss and oil & gas exposure suggest near-term margin risks, as reported in the latest earnings release.

The EPS miss of $0.18 versus consensus, despite strong order activity, may indicate cost overruns or timing issues on fixed-price contracts, which could pressure margins if sustained. Additionally, the record backlog is likely concentrated in energy infrastructure, making it vulnerable to commodity price downturns or project deferrals. Investors should monitor whether the margin expansion is durable or a temporary byproduct of a favorable project mix.

POWL — Frequently Asked Questions

Quick answers to the most common questions about buying POWL stock.

What was Powell Industries, Inc.'s (POWL) revenue in 2025?

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.

Is Powell Industries, Inc. (POWL) profitable?

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%.

What is Powell Industries, Inc.'s operating profit margin?

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.

What is Powell Industries, Inc.'s gross profit and gross margin?

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.