Revenue growth is highly volatile, swinging from -20.5% in 2026Q2 to +73.5% in 2025Q2, with gross margin recovering to 27.1% in 2026Q2 but still below the 31.5% peak in 2024Q2, indicating mix shift and uneven operating leverage (op margin 15.7% vs. 22.9% peak).
Power Solutions International, Inc. (PSIX) annual income statement — 22-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 |
|---|
| Sales/Revenue | 676.19M | 722.4M | 475.97M | 458.97M | 481.33M | 456.25M | 417.64M | 546.08M | 496.04M | 416.62M | 339.46M | 389.45M | 348M | 237.84M | 202.34M | 154.97M | 77.54K | 98.36K | 114.39K | 84.93K | 80.66K | 70.13K | 84.21K |
| Revenue Growth % | -1.56% | 51.78% | 3.7% | -4.65% | 5.5% | 9.25% | -23.52% | 10.09% | 19.06% | 22.73% | -12.83% | 11.91% | 46.31% | 17.54% | 30.57% | 199764.58% | -21.17% | -14.01% | 34.69% | 5.29% | 15.01% | -16.71% | - |
| Cost of Goods Sold | 515.73M | 538.72M | 335.43M | 353.11M | 392.77M | 414.98M | 359.19M | 446.19M | 437.27M | 365.62M | 310.28M | 326.61M | 280.95M | 193.32M | 168.43M | 128.54M | 14.98K | 14.49K | 15K | 39.2K | 63.97K | 0 | 0 |
| COGS % of Revenue | - | 74.57% | 70.47% | 76.93% | 81.6% | 90.95% | 86.01% | 81.71% | 88.15% | 87.76% | 91.4% | 83.87% | 80.73% | 81.28% | 83.24% | 82.95% | 19.31% | 14.73% | 13.11% | 46.15% | 79.3% | - | - |
| Gross Profit | 160.46M | 183.68M | 140.54M | 105.86M | 88.56M | 41.27M | 58.45M | 99.89M | 58.77M | 50.99M | 29.19M | 62.83M | 67.05M | 44.53M | 33.92M | 26.43M | 62.56K | 83.87K | 99.39K | 45.73K | 16.69K | 70.13K | 84.21K |
| Gross Margin % | 23.73% | 25.43% | 29.53% | 23.07% | 18.4% | 9.05% | 13.99% | 18.29% | 11.85% | 12.24% | 8.6% | 16.13% | 19.27% | 18.72% | 16.76% | 17.05% | 80.69% | 85.27% | 86.89% | 53.85% | 20.7% | 100% | 100% |
| Gross Profit Growth % | - | 30.7% | 32.75% | 19.54% | 114.59% | -29.39% | -41.49% | 69.97% | 15.25% | 74.7% | -53.55% | -6.28% | 50.57% | 31.28% | 28.34% | 42143.57% | -25.41% | -15.61% | 117.32% | 173.94% | -76.2% | -16.71% | - |
| Operating Expenses | 72.55M | 73.97M | 58.89M | 61.59M | 63.96M | 82.84M | 80.17M | 82.69M | 93.24M | 69.04M | 53.2M | 53.64M | 41M | 29.56M | 21.6M | 16.62M | 103.57K | 104.29K | 138.56K | 156.94K | 123.16K | 136.87K | 160.18K |
| OpEx % of Revenue | - | 10.24% | 12.37% | 13.42% | 13.29% | 18.16% | 19.2% | 15.14% | 18.8% | 16.57% | 15.67% | 13.77% | 11.78% | 12.43% | 10.68% | 10.73% | 133.57% | 106.03% | 121.14% | 184.79% | 152.69% | 195.15% | 190.21% |
| Selling, General & Admin | 53.11M | 55.8M | 37.38M | 40.39M | 42.94M | 57.87M | 51.74M | 54.12M | 59.63M | 44.26M | 28.52M | 27.38M | 24.1M | 19.12M | 14.22M | 11.91M | 100.89K | 100.22K | 132.75K | 150.65K | 110.8K | 125.75K | 151.16K |
| SG&A % of Revenue | - | 7.72% | 7.85% | 8.8% | 8.92% | 12.68% | 12.39% | 9.91% | 12.02% | 10.62% | 8.4% | 7.03% | 6.93% | 8.04% | 7.03% | 7.69% | 130.12% | 101.89% | 116.06% | 177.39% | 137.36% | 179.3% | 179.5% |
| Research & Development | 19.16M | 18.16M | 20.06M | 19.46M | 18.9M | 22.43M | 25.38M | 24.93M | 28.6M | 19.94M | 18.96M | 21.68M | 16.9M | 10.44M | 7.38M | 4.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.51% | 4.21% | 4.24% | 3.93% | 4.92% | 6.08% | 4.57% | 5.77% | 4.79% | 5.59% | 5.57% | 4.86% | 4.39% | 3.65% | 3.04% | - | - | - | - | - | - | - |
| Other Operating Expenses | 280K | 0 | 1.46M | 1.75M | 2.12M | 2.54M | 3.05M | 3.64M | 176K | -2.36M | -359K | -229K | -183K | -10K | 0 | 0 | 2.68K | 4.07K | 5.81K | 6.29K | 12.37K | 11.12K | 9.02K |
| Operating Income | 87.91M | 109.71M | 81.64M | 44.27M | 24.6M | -41.57M | -21.72M | 17.2M | -36.7M | -18.05M | -25.34M | 9.2M | 26.04M | 14.97M | 12.32M | 9.8M | -26.03K | -5.93K | -24.18K | -111.21K | -106.47K | -66.73K | -75.97K |
| Operating Margin % | 13% | 15.19% | 17.15% | 9.65% | 5.11% | -9.11% | -5.2% | 3.15% | -7.4% | -4.33% | -7.46% | 2.36% | 7.48% | 6.29% | 6.09% | 6.33% | -33.57% | -6.03% | -21.14% | -130.94% | -132% | -95.15% | -90.21% |
| Operating Income Growth % | - | 34.38% | 84.4% | 79.97% | 159.18% | -91.36% | -226.28% | 146.87% | -103.4% | 28.79% | -375.6% | -64.69% | 74.01% | 21.52% | 25.61% | 37763.73% | -339.23% | 75.49% | 78.26% | -4.45% | -59.54% | 12.16% | - |
| EBITDA | 95.75M | 115.1M | 86.84M | 49.88M | 31.29M | -34.16M | -13.52M | 26M | -26.5M | -8.57M | -15.04M | 18.87M | 30.75M | 16.54M | 13.42M | 10.63M | -23.36K | -1.86K | -18.37K | -104.92K | -94.1K | -55.62K | -66.95K |
| EBITDA Margin % | 14.16% | 15.93% | 18.25% | 10.87% | 6.5% | -7.49% | -3.24% | 4.76% | -5.34% | -2.06% | -4.43% | 4.84% | 8.84% | 6.95% | 6.63% | 6.86% | -30.12% | -1.89% | -16.06% | -123.54% | -116.67% | -79.3% | -79.5% |
| EBITDA Growth % | -11.27% | 32.54% | 74.12% | 59.39% | 191.59% | -152.62% | -152.01% | 198.12% | -209.09% | 43% | -179.74% | -38.65% | 85.99% | 23.2% | 26.32% | 45591.52% | -1156.37% | 89.88% | 82.49% | -11.49% | -69.2% | 16.92% | - |
| D&A (Non-Cash Add-back) | 7.84M | 5.39M | 5.2M | 5.6M | 6.69M | 7.41M | 8.2M | 8.8M | 10.2M | 9.47M | 10.3M | 9.67M | 4.71M | 1.57M | 1.1M | 820K | 2.68K | 4.07K | 5.81K | 6.29K | 12.37K | 11.12K | 9.02K |
| EBIT | 88.17M | 110.07M | 81.64M | 44.27M | 24.6M | -41.57M | -20.98M | 16.53M | -46.93M | -36.33M | -24.64M | -4.64M | 35.87M | -13.34M | 11.87M | 8.17M | 4.07M | -5.93K | -24.18K | -111.21K | -106.47K | -66.73K | -75.97K |
| Net Interest Income | -6.55M | -6.7M | -11.44M | -17.07M | -13.03M | -7.31M | -5.71M | -7.87M | -7.63M | -10.84M | -11.21M | -4.32M | -1.34M | -657K | -1.02M | -1.34M | -2.13M | 0 | 0 | 0 | 25 | 98 | 54 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 98 | 54 |
| Interest Expense | 6.55M | 6.7M | 11.44M | 17.07M | 13.03M | 7.31M | 5.71M | 7.87M | 7.63M | 10.84M | 11.21M | 4.33M | 1.33M | 657K | 1.02M | 1.34M | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.29M | -6.35M | -11.44M | -17.07M | -13.03M | -7.31M | -4.97M | -8.55M | -17.85M | -29.12M | -10.52M | 3.63M | 8.49M | -28.97M | -1.47M | -2.97M | 919 | 25K | 0 | 5.6K | -3.3K | 17.95K | -8.48K |
| Pretax Income | 81.62M | 103.36M | 70.2M | 27.21M | 11.57M | -48.88M | -26.7M | 8.66M | -54.56M | -47.17M | -35.86M | 13.89M | 34.54M | -14M | 10.85M | 6.83M | -25.11K | 19.07K | -24.18K | -105.61K | -109.77K | -48.78K | -84.45K |
| Pretax Margin % | 12.07% | 14.31% | 14.75% | 5.93% | 2.4% | -10.71% | -6.39% | 1.59% | -11% | -11.32% | -10.56% | 3.57% | 9.93% | -5.89% | 5.36% | 4.41% | -32.39% | 19.39% | -21.14% | -124.35% | -136.09% | -69.56% | -100.28% |
| Income Tax | 13.77M | -10.62M | 922K | 900K | 304K | -406K | -3.71M | 409K | 169K | 443K | 11.61M | -388K | 10.81M | 4.76M | 4.14M | 2.77M | 800 | 800 | 800 | 800 | -3.2K | 800 | -57.91K |
| Effective Tax Rate % | 16.87% | -10.28% | 1.31% | 3.31% | 2.63% | 0.83% | 13.91% | 4.72% | -0.31% | -0.94% | -32.39% | -2.79% | 31.31% | -33.99% | 38.2% | 40.58% | -3.19% | 4.19% | -3.31% | -0.76% | 2.92% | -1.64% | 68.58% |
| Net Income | 67.85M | 113.99M | 69.28M | 26.31M | 11.27M | -48.47M | -22.98M | 8.25M | -54.73M | -47.61M | -47.47M | 14.28M | 23.73M | -18.76M | 6.7M | 4.06M | -25.91K | 18.27K | -24.98K | -106.41K | -106.57K | -49.59K | -26.54K |
| Net Margin % | 10.03% | 15.78% | 14.56% | 5.73% | 2.34% | -10.62% | -5.5% | 1.51% | -11.03% | -11.43% | -13.98% | 3.67% | 6.82% | -7.89% | 3.31% | 2.62% | -33.42% | 18.58% | -21.84% | -125.29% | -132.12% | -70.7% | -31.51% |
| Net Income Growth % | -38.83% | 64.53% | 163.36% | 133.42% | 123.25% | -110.91% | -378.64% | 115.07% | -14.94% | -0.29% | -432.48% | -39.82% | 226.47% | -379.92% | 65.03% | 15771.07% | -241.82% | 173.16% | 76.53% | 0.15% | -114.92% | -86.86% | - |
| Net Income (Continuing) | 67.85M | 113.99M | 69.28M | 26.31M | 11.27M | -48.47M | -22.98M | 8.25M | -54.73M | -47.61M | -47.47M | 14.28M | 23.73M | -18.76M | 6.7M | 4.06M | 1.57M | 18.27K | -24.98K | -106.41K | -106.57K | -49.59K | -26.54K |
| 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 |
| 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 |
| EPS (Diluted) | 2.94 | 4.94 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -3.45 | -4.34 | -1.11 | 1.38 | -1.92 | 0.74 | 0.44 | -0.08 | 0.16 | -0.21 | -0.90 | -0.90 | -0.42 | -0.23 |
| EPS Growth % | -38.67% | 64.12% | 161.74% | 134.69% | 123.11% | -112% | -363.16% | 112.93% | 14.78% | 20.51% | -290.99% | -180.43% | 171.88% | -359.46% | 68.18% | 630.76% | -151.81% | 176.19% | 76.67% | 0% | -114.29% | -82.61% | - |
| EPS (Basic) | - | 4.95 | 3.01 | 1.15 | 0.49 | -2.12 | -1.00 | 0.38 | -2.94 | -3.45 | -4.47 | -0.27 | 2.01 | -1.92 | 0.74 | 0.44 | -0.08 | 0.16 | -0.21 | -0.90 | -0.90 | -0.42 | -0.23 |
| Diluted Shares Outstanding | 23.07M | 23.07M | 23.02M | 22.97M | 22.95M | 22.91M | 22.87M | 21.53M | 18.59M | 13.79M | 10.93M | 10.99M | 11.13M | 9.78M | 9.07M | 3.51M | 312.5K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K |
| Basic Shares Outstanding | 23.05M | 23.02M | 22.98M | 22.96M | 22.94M | 22.91M | 22.87M | 21.51M | 18.59M | 13.79M | 10.62M | 10.81M | 10.71M | 9.77M | 9.07M | 3.51M | 312.5K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K | 117.81K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PSIX stock.
For fiscal year 2025, Power Solutions International, Inc. (PSIX) reported total revenue of $722.4M. This represents a 857781.7% increase compared to $0.1M in 2004.
Power Solutions International, Inc. (PSIX) is profitable, generating $114.0M in net income for the fiscal year ending 2025 with a net profit margin of 15.8%.
Power Solutions International, Inc. (PSIX) reported an operating income of $109.7M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Power Solutions International, Inc. (PSIX) generated $183.7M in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Weichai supply chain dependence
Metrics are mathematically derived from official filings.
Volatile Growth with Energy-Led Surge
PSIX's TTM revenue reached $722.4M, up 51.8% YoY, but quarterly growth swung from -20.5% to +73.5%, indicating lumpy demand and potential backlog clearing.
The 51.8% YoY growth in TTM revenue is heavily influenced by a strong 2025Q2 (73.5% YoY) and 2024Q3 (85.8% YoY), but the most recent quarter (2026Q2) contracted 20.5% YoY, suggesting a deceleration. This volatility likely reflects project-based Energy segment orders and catch-up deliveries after supply chain disruptions, rather than a smooth organic ramp. Investors should monitor whether the Energy segment can sustain its momentum or if the growth is a one-time normalization.
Gross Margin Recovery Amid Mix Shift
Gross margin improved 420 bps sequentially to 27.1% in 2026Q2, but remains below the 31.5% peak in 2024Q2, reflecting a mix shift toward lower-margin Industrial volume.
The sequential gross margin expansion from 22.7% to 27.1% suggests operational leverage and favorable product mix, possibly from higher Energy segment sales. However, the 10-quarter range of 16.9% to 31.5% indicates significant volatility, likely tied to product mix and input costs. The current 27.1% is still below the 2024Q2 level, implying that the recent improvement may not fully offset the margin pressure seen in 2025Q4 and 2026Q1. The close proximity of net margin (11.1%) to operating margin (15.7%) in 2026Q2 warrants scrutiny of non-operating items.
Operating Leverage Fades in Recent Quarter
Operating income scaled to 15.7% of revenue in 2026Q2, up from 8.9% in 2026Q1, but still below the 22.9% peak in 2024Q2, indicating uneven cost control.
The sequential improvement in operating margin from 8.9% to 15.7% in 2026Q2 suggests that SG&A and R&D costs were relatively contained despite a revenue increase. However, the operating margin has been volatile, ranging from 8.9% to 22.9% over the past ten quarters, with no clear upward trend. The 2026Q2 SG&A of $12.1M is lower than the $15.3M in 2025Q3, indicating expense discipline, but the revenue decline of 20.5% YoY means that operating leverage is not consistently positive. The company's ability to maintain margins amid revenue swings will be key.
Net Income Boosted by Non-Operating Items
Net margin of 26.7% in 2025Q2 far exceeded operating margin of 16.9%, suggesting significant non-operating income or tax benefits, which may not be recurring.
In 2025Q2, net income of $51.2M on operating income of $32.5M implies a $18.7M non-operating gain, likely from tax benefits or other items. This inflated EPS to $2.22, but the subsequent quarter saw net margin drop to 13.5%, indicating the non-recurring nature. The 2026Q2 net margin of 11.1% is closer to operating margin, but the gap still suggests some non-operating influence. Investors should adjust for these items to assess underlying profitability, as the reported EPS may overstate sustainable earnings power.
COGS Dominates Cost Structure
COGS averaged 74.6% of revenue over the last ten quarters, reflecting a high-variable-cost model with limited fixed-cost absorption, making margins sensitive to volume and input prices.
The cost structure is heavily weighted toward COGS, which is typical for an integrator that purchases engine blocks and components. The gross margin of 25.4% TTM indicates that the company captures only the value-added engineering and assembly, not the raw material spread. SG&A and R&D combined are relatively low, averaging around 10% of revenue, suggesting a lean overhead structure. However, the volatility in gross margin (16.9% to 31.5%) highlights the vulnerability to input cost swings and product mix, which management has limited control over.
2025Q2 Marks a Profitability Inflection
In 2025Q2, revenue surged 73.5% YoY and net margin hit 26.7%, driven by a non-operating gain, but the subsequent quarters show a normalization to lower margins.
The 2025Q2 period stands out as a peak in both revenue growth and profitability, with EPS of $2.22 and net margin of 26.7%. This was likely a combination of strong demand and a one-time tax benefit or other non-operating income. The following quarters saw revenue decline and margins compress, indicating that the inflection was not sustained. The recent 2026Q2 shows a sequential improvement in gross margin, but the overall trend suggests that the company has not yet achieved a stable, higher-margin profile. The lasting impact of this inflection is uncertain, as it may have been a temporary boost rather than a structural shift.
Growth Sustainability and Related-Party Risks
The 51.8% YoY revenue growth may be inflated by backlog clearing and related-party transactions with Weichai, while the recent EPS miss of $0.73 vs. $1.01 consensus raises concerns.
Short-sellers could argue that the high growth rate is not sustainable, given the quarterly volatility and the recent 20.5% YoY decline in 2026Q2. The reliance on Weichai for both supply and ownership creates related-party dynamics that could obscure true costs and margins. The Q2 EPS miss, despite revenue growth, suggests margin pressure or elevated expenses that management may not have fully explained. Additionally, the lack of a P/E or EV/EBITDA in the snapshot implies the market is still pricing in a turnaround discount, which could be justified if the growth decelerates further. Investors should monitor the sustainability of the Energy segment and the stability of the Weichai relationship.