Revenue growth has decelerated significantly to 9.4% in Q2 2026 from over 20% in early 2024, while gross margins show notable volatility, falling to 21.4% in Q2 2025 before recovering to 38.1% in Q2 2026.
Priority Technology Holdings, Inc. (PRTH) annual income statement — 11-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 |
|---|
| Sales/Revenue | 1.03B | 953.01M | 879.7M | 755.61M | 663.64M | 514.9M | 404.34M | 371.85M | 424.42M | 425.62M | 0 | 286.24M |
| Revenue Growth % | 10.14% | 8.33% | 16.42% | 13.86% | 28.89% | 27.34% | 8.74% | -12.38% | -0.28% | - | -100% | - |
| Cost of Goods Sold | 625.93M | 749.28M | 551.62M | 480.31M | 436.75M | 359.88M | 277.37M | 252.57M | 314.35M | 368.24M | 257.02M | 212.2M |
| COGS % of Revenue | - | 78.62% | 62.71% | 63.57% | 65.81% | 69.89% | 68.6% | 67.92% | 74.07% | 86.52% | - | 74.13% |
| Gross Profit | 401.63M | 203.72M | 328.08M | 275.31M | 226.89M | 155.02M | 126.97M | 119.28M | 106.54M | 57.38M | 87.09M | 74.04M |
| Gross Margin % | 39.09% | 21.38% | 37.29% | 36.43% | 34.19% | 30.11% | 31.4% | 32.08% | 25.1% | 13.48% | - | 25.87% |
| Gross Profit Growth % | - | -37.9% | 19.17% | 21.34% | 46.36% | 22.09% | 6.44% | 11.96% | 85.66% | -34.11% | 17.62% | - |
| Operating Expenses | 265.81M | 62.48M | 194.66M | 193.78M | 170.72M | 121.92M | 106.11M | 112.1M | 90.14M | 22.55M | 173.2K | 10.23K |
| OpEx % of Revenue | - | 6.56% | 22.13% | 25.65% | 25.73% | 23.68% | 26.24% | 30.15% | 21.24% | 5.3% | - | 0% |
| Selling, General & Admin | 130.78M | 170.27M | 136.62M | 125.39M | 100.04M | 72.23M | 65.33M | 73.01M | 70.41M | 22.55M | 173.2K | 10.23K |
| SG&A % of Revenue | - | 17.87% | 15.53% | 16.59% | 15.07% | 14.03% | 16.16% | 19.63% | 16.59% | 5.3% | - | 0% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 5.9M | 5.3M | 0 | 2.6M | 1.6M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 1.15% | 1.31% | - | 0.61% | 0.38% | - | - |
| Other Operating Expenses | 4M | -107.79M | 58.04M | 68.39M | 70.68M | 43.8M | 35.48M | 39.09M | 17.14M | -1.6M | 0 | 0 |
| Operating Income | 135.82M | 141.25M | 133.42M | 81.52M | 56.16M | 33.09M | 20.86M | 7.18M | 16.39M | 34.84M | -173.2K | -10.23K |
| Operating Margin % | 13.22% | 14.82% | 15.17% | 10.79% | 8.46% | 6.43% | 5.16% | 1.93% | 3.86% | 8.19% | - | -0% |
| Operating Income Growth % | - | 5.86% | 63.66% | 45.15% | 69.72% | 58.64% | 190.38% | -56.18% | -52.95% | 20215.36% | -1593.02% | - |
| EBITDA | 212.75M | 204.43M | 191.46M | 149.92M | 126.85M | 82.79M | 61.64M | 46.28M | 36.13M | 49.51M | 13.56M | 14.82M |
| EBITDA Margin % | 20.7% | 21.45% | 21.76% | 19.84% | 19.11% | 16.08% | 15.24% | 12.44% | 8.51% | 11.63% | - | 5.18% |
| EBITDA Growth % | 7.08% | 6.77% | 27.71% | 18.19% | 53.21% | 34.32% | 33.19% | 28.07% | -27.02% | 265.15% | -8.52% | - |
| D&A (Non-Cash Add-back) | 76.93M | 63.18M | 58.04M | 68.39M | 70.68M | 49.7M | 40.77M | 39.09M | 19.74M | 14.67M | 13.73M | 14.83M |
| EBIT | 65.91M | 134.24M | 126.23M | 83.26M | 56.75M | 32.62M | 126.8M | 7.89M | 22.91M | 29.65M | -173.2K | -10.23K |
| Net Interest Income | -25.8M | -87.96M | -88.95M | -76.11M | -53.55M | -36.48M | -44.84M | -40.65M | -29.93M | -30.52M | 37.7K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 637K | 37.7K | 3.53M |
| Interest Expense | 4.61M | 87.96M | 88.95M | 76.11M | 53.55M | 36.48M | 44.84M | 40.65M | 29.93M | 31.16M | 0 | 0 |
| Other Income/Expense | -79.11M | -94.97M | -96.14M | -74.37M | -52.97M | -36.96M | 61.1M | -39.94M | -36.72M | -30.25M | 65.2K | 0 |
| Pretax Income | 56.71M | 46.28M | 37.28M | 7.15M | 3.2M | -3.87M | 81.96M | -32.76M | -16.8M | 4.59M | -108K | -10.23K |
| Pretax Margin % | 5.52% | 4.86% | 4.24% | 0.95% | 0.48% | -0.75% | 20.27% | -8.81% | -3.96% | 1.08% | - | -0% |
| Income Tax | 15.92M | -9.4M | 13.27M | 8.46M | 5.35M | -5.26M | 10.9M | 830K | 2.49M | 0 | 0 | -14.83M |
| Effective Tax Rate % | 28.07% | -20.32% | 35.58% | 118.33% | 167.19% | 135.9% | 13.3% | -2.53% | -14.82% | 0% | 0% | 145051.83% |
| Net Income | 40.79M | 55.68M | 24.02M | -1.31M | -2.15M | 1.39M | 25.66M | -33.59M | -17.84M | 4.59M | -108K | -10.23K |
| Net Margin % | 3.97% | 5.84% | 2.73% | -0.17% | -0.32% | 0.27% | 6.35% | -9.03% | -4.2% | 1.08% | - | -0% |
| Net Income Growth % | -25.28% | 131.86% | 1931.81% | 39.02% | -254.79% | -94.59% | 176.4% | -88.32% | -488.25% | 4353.9% | -956.08% | - |
| Net Income (Continuing) | 40.79M | 55.68M | 24.02M | -1.31M | -2.15M | 1.39M | 71.06M | -33.59M | -17.84M | 4.59M | -108K | 9.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.15M | 8.04M | 1.81M | 1.65M | 1.25M | 0 | 0 | 5.65M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.48 | 0.68 | -0.31 | -0.63 | -0.50 | -0.34 | 0.38 | -0.50 | -0.29 | 1.55 | -0.06 | -0.00 |
| EPS Growth % | -9.74% | 319.35% | 50.79% | -26% | -47.06% | -189.47% | 176% | -72.41% | -118.71% | 2488.29% | - | - |
| EPS (Basic) | - | 0.70 | -0.31 | -0.63 | -0.50 | -0.34 | 0.38 | -0.50 | -0.29 | 1.55 | -0.06 | -0.00 |
| Diluted Shares Outstanding | 84.29M | 81.47M | 77.99M | 78.33M | 78.23M | 71.9M | 67.26M | 67.09M | 61.61M | 2.33M | 1.66M | 6.65M |
| Basic Shares Outstanding | 81.66M | 79.8M | 77.99M | 78.33M | 78.23M | 71.9M | 67.16M | 67.09M | 61.61M | 2.33M | 1.66M | 6.65M |
| Dividend Payout Ratio | - | - | 227.18% | - | - | - | - | - | - | 73.99% | - | - |
Quick answers to the most common questions about buying PRTH stock.
For fiscal year 2025, Priority Technology Holdings, Inc. (PRTH) reported total revenue of $953.0M. This represents a 232.9% increase compared to $286.2M in 2015.
Priority Technology Holdings, Inc. (PRTH) is profitable, generating $55.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Priority Technology Holdings, Inc. (PRTH) reported an operating income of $141.2M, resulting in an operating profit margin of 14.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Priority Technology Holdings, Inc. (PRTH) generated $203.7M in gross profit for the year, representing a gross profit margin of 21.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin volatility and SG&A discipline
Metrics are mathematically derived from official filings.
Growth Moderating from High-Twenties Ranges
Revenue growth has decelerated significantly from over 20% in early 2024 to 9.4% in Q2 2026, indicating a maturation of the company's expansion phase as per recent quarterly filings.
The trajectory shows a clear slowdown, with YoY growth rates consistently falling from the 20%+ range in 2024 to the high single digits by mid-2026. This suggests the company is transitioning from a high-growth phase to a more mature operational cadence, likely driven by market penetration limits or a shift in focus from top-line expansion toward margin stability.
Volatile Gross Margins Suggest Pricing Pressures
The company's gross margin dropped sharply to 21.4% in Q2 2025 before recovering to 38.1% in Q2 2026, a volatile pattern that warrants investigation into underlying cost structures and pricing power.
The extreme margin compression in Q2 2025, where COGS surged to $188.6M, indicates significant operational or pricing instability that was not fully explained by the revenue trend. While margins have normalized, the lack of consistency suggests the business model may be susceptible to cost shocks or competitive pricing pressure, which contrasts with more stable peers like EVERTEC.
SG&A Swings Mask Underlying Operational Discipline
Selling, General & Administrative expenses fluctuated wildly from $16.8M to $47.8M over the last four quarters, indicating inconsistent expense management that directly impacts operating income stability.
The large variance in SG&A, which peaked at $47.8M in Q1 2026 before plummeting to $16.8M in Q2 2026, appears to be driven by non-recurring items or shifting cost recognition rather than pure operational efficiency. This makes it difficult to assess the true underlying cost structure and sustainable operating leverage, as core profitability is obscured by these swings.
Margin Recovery May Be Unsustainable
The recent gross margin recovery from 21.4% to 38.1% appears driven by a normalization of COGS from an anomalous Q2 2025 spike, which may not reflect a permanent improvement in pricing power or cost control.
Short-sellers could argue that the margin rebound is merely a return to baseline after a one-time event, not evidence of a sustainable competitive advantage. The underlying gross margin trend pre-2025Q2 was relatively flat in the mid-to-high 30% range, suggesting the business lacks the structural drivers to expand margins further, especially as revenue growth decelerates.