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Revenue growth has reaccelerated sharply to 25.7% year-over-year in Q1 2027, but gross margins remain structurally constrained at 39.3%, significantly lagging industry peers.
Quantum Corporation (QMCO) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 296.1M | 279.58M | 274.06M | 311.6M | 422.08M | 383.43M | 349.58M | 402.95M | 402.68M | 437.68M | 493.05M | 475.96M | 553.1M | 553.16M | 587.44M | 651.99M | 672.27M | 681.43M | 808.97M | 975.7M | 1.02B | 834.29M | 794.17M | 808.38M | 870.81M | 1.03B | 1.35B | 1.42B | 1.3B | 5.81B | 5.32B |
| Revenue Growth % | 10.9% | 2.02% | -12.05% | -26.17% | 10.08% | 9.68% | -13.25% | 0.07% | -8% | -11.23% | 3.59% | -13.95% | -0.01% | -5.83% | -9.9% | -3.02% | -1.34% | -15.77% | -17.09% | -3.98% | 21.8% | 5.05% | -1.76% | -7.17% | -15.43% | -23.51% | -5.13% | 8.91% | -77.56% | 9.13% | 20.28% |
| Cost of Goods Sold | 184.05M | 176.54M | 164.23M | 186.71M | 278.81M | 225.79M | 198.82M | 230.44M | 235.07M | 264.9M | 287.78M | 272.92M | 308.09M | 313.55M | 346.88M | 378.54M | 389.29M | 401.39M | 504.66M | 656.6M | 722.79M | 602.36M | 558.69M | 556.73M | 603.65M | 652.07M | 733.58M | 671.34M | 630.29M | 4.93B | 4.43B |
| COGS % of Revenue | - | 63.14% | 59.92% | 59.92% | 66.06% | 58.89% | 56.88% | 57.19% | 58.38% | 60.52% | 58.37% | 57.34% | 55.7% | 56.68% | 59.05% | 58.06% | 57.91% | 58.9% | 62.38% | 67.29% | 71.13% | 72.2% | 70.35% | 68.87% | 69.32% | 63.33% | 54.5% | 47.31% | 48.38% | 84.92% | 83.21% |
| Gross Profit | 112.05M | 103.04M | 109.83M | 124.89M | 143.26M | 157.64M | 150.75M | 172.51M | 167.61M | 172.78M | 205.27M | 203.04M | 245.01M | 239.62M | 240.56M | 273.44M | 282.98M | 280.04M | 304.31M | 319.1M | 293.38M | 231.93M | 235.48M | 251.66M | 267.16M | 377.61M | 612.54M | 747.54M | 672.44M | 875.52M | 893.2M |
| Gross Margin % | 37.84% | 36.86% | 40.08% | 40.08% | 33.94% | 41.11% | 43.12% | 42.81% | 41.62% | 39.48% | 41.63% | 42.66% | 44.3% | 43.32% | 40.95% | 41.94% | 42.09% | 41.1% | 37.62% | 32.71% | 28.87% | 27.8% | 29.65% | 31.13% | 30.68% | 36.67% | 45.5% | 52.69% | 51.62% | 15.08% | 16.79% |
| Gross Profit Growth % | - | -6.18% | -12.06% | -12.83% | -9.12% | 4.57% | -12.61% | 2.92% | -2.99% | -15.83% | 1.1% | -17.13% | 2.25% | -0.39% | -12.03% | -3.37% | 1.05% | -7.98% | -4.63% | 8.77% | 26.5% | -1.51% | -6.43% | -5.8% | -29.25% | -38.35% | -18.06% | 11.17% | -23.2% | -1.98% | 39.67% |
| Operating Expenses | 116.42M | 119.44M | 151.51M | 153.77M | 159.95M | 160.88M | 142.35M | 151.3M | 166.79M | 192.93M | 196.5M | 211.23M | 229.09M | 241.01M | 272.85M | 268.27M | 255.24M | 245.93M | 288.43M | 317.72M | 293.93M | 234.77M | 245.01M | 271.35M | 366.54M | 408.58M | 303.17M | 344.4M | 214.22M | 580.14M | 651.6M |
| OpEx % of Revenue | - | 42.72% | 55.28% | 49.35% | 37.9% | 41.96% | 40.72% | 37.55% | 41.42% | 44.08% | 39.85% | 44.38% | 41.42% | 43.57% | 46.45% | 41.15% | 37.97% | 36.09% | 35.65% | 32.56% | 28.93% | 28.14% | 30.85% | 33.57% | 42.09% | 39.68% | 22.52% | 24.27% | 16.44% | 9.99% | 12.25% |
| Selling, General & Admin | 90.34M | 95.93M | 116.28M | 112.44M | 113.79M | 108.21M | 96.95M | 113.98M | 134.68M | 154.37M | 152.12M | 162.53M | 170.47M | 176.64M | 198.89M | 193.91M | 182.23M | 175.98M | 217.9M | 228.16M | 178.71M | 127.37M | 136.81M | 152.67M | 171.72M | 224.27M | 186.33M | 181.5M | 114.89M | 258.39M | 235.9M |
| SG&A % of Revenue | - | 34.31% | 42.43% | 36.08% | 26.96% | 28.22% | 27.73% | 28.29% | 33.45% | 35.27% | 30.85% | 34.15% | 30.82% | 31.93% | 33.86% | 29.74% | 27.11% | 25.83% | 26.93% | 23.38% | 17.59% | 15.27% | 17.23% | 18.89% | 19.72% | 21.78% | 13.84% | 12.79% | 8.82% | 4.45% | 4.43% |
| Research & Development | 22.86M | 23.5M | 31.14M | 38.05M | 44.55M | 51.81M | 41.7M | 36.3M | 32.11M | 38.56M | 44.38M | 48.7M | 58.62M | 64.38M | 73.96M | 74.36M | 73.01M | 69.95M | 70.54M | 89.56M | 115.22M | 107.41M | 96.68M | 103.47M | 111.93M | 111.45M | 116.84M | 122.82M | 99.33M | 321.74M | 291.3M |
| R&D % of Revenue | - | 8.41% | 11.36% | 12.21% | 10.56% | 13.51% | 11.93% | 9.01% | 7.97% | 8.81% | 9% | 10.23% | 10.6% | 11.64% | 12.59% | 11.41% | 10.86% | 10.27% | 8.72% | 9.18% | 11.34% | 12.87% | 12.17% | 12.8% | 12.85% | 10.82% | 8.68% | 8.66% | 7.62% | 5.54% | 5.48% |
| Other Operating Expenses | 1.02M | 0 | 4.09M | 3.28M | 1.6M | 850K | 3.7M | 1.02M | 0 | 767K | 601K | -191K | 0 | 1.3M | -216K | -118K | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -4.38M | -16.39M | -41.68M | -28.88M | -16.68M | -3.23M | 8.4M | 21.2M | -4.75M | -28.62M | 6.68M | -67.81M | 14.72M | -11.8M | -42.46M | 4.75M | 24.7M | 29.31M | -329.93M | -8.1M | -27.15M | -20.96M | -9.54M | -19.69M | -107.17M | -44.18M | 309.37M | 267.49M | 276.69M | 295.38M | 241.53M |
| Operating Margin % | -1.48% | -5.86% | -15.21% | -9.27% | -3.95% | -0.84% | 2.4% | 5.26% | -1.18% | -6.54% | 1.35% | -14.25% | 2.66% | -2.13% | -7.23% | 0.73% | 3.67% | 4.3% | -40.78% | -0.83% | -2.67% | -2.51% | -1.2% | -2.44% | -12.31% | -4.29% | 22.98% | 18.85% | 21.24% | 5.09% | 4.54% |
| Operating Income Growth % | - | 60.66% | -44.34% | -73.1% | -415.67% | -138.5% | -60.37% | 546.78% | 83.42% | -528.41% | 109.85% | -560.66% | 224.76% | 72.21% | -994.84% | -80.79% | -15.71% | 108.88% | -3974.66% | 70.18% | -29.53% | -119.86% | 51.58% | 81.63% | -142.61% | -114.28% | 15.66% | -3.33% | -6.33% | 22.3% | 313.03% |
| EBITDA | 1.34M | -11.11M | -36.08M | -19.56M | -6.56M | 6.18M | 14.1M | 25.49M | -480K | -23.65M | 12.29M | -61.12M | 26.7M | 7.82M | -16.75M | 39.62M | 66.67M | 79.87M | -272.18M | 91.8M | 58.05M | 22.46M | 32.93M | 30.49M | -54.85M | 23.29M | 370.74M | 398.06M | 389.63M | 386.98M | 117.13M |
| EBITDA Margin % | 0.45% | -3.97% | -13.17% | -6.28% | -1.56% | 1.61% | 4.03% | 6.33% | -0.12% | -5.4% | 2.49% | -12.84% | 4.83% | 1.41% | -2.85% | 6.08% | 9.92% | 11.72% | -33.65% | 9.41% | 5.71% | 2.69% | 4.15% | 3.77% | -6.3% | 2.26% | 27.54% | 28.05% | 29.91% | 6.67% | 2.2% |
| EBITDA Growth % | 104.24% | 69.2% | -84.43% | -198.05% | -206.16% | -56.15% | -44.69% | 5410.63% | 97.97% | -292.46% | 120.11% | -328.93% | 241.58% | 146.67% | -142.27% | -40.57% | -16.53% | 129.34% | -396.49% | 58.15% | 158.44% | -31.79% | 8.01% | 155.58% | -335.5% | -93.72% | -6.86% | 2.16% | 0.68% | 230.39% | 155.65% |
| D&A (Non-Cash Add-back) | 5.72M | 5.28M | 5.6M | 9.31M | 10.12M | 9.42M | 5.7M | 4.29M | 4.27M | 4.97M | 5.61M | 6.69M | 11.98M | 19.61M | 25.71M | 34.88M | 41.96M | 50.56M | 57.74M | 99.9M | 85.2M | 43.42M | 42.47M | 50.18M | 52.32M | 67.47M | 61.37M | 130.57M | 112.94M | 91.6M | -124.4M |
| EBIT | -220.48M | -78.46M | -90.66M | -25.49M | -5.87M | 51.58M | -7.7M | 20.94M | -19.33M | -34.79M | 12.67M | -68.39M | 27.26M | -10.5M | -42.68M | 2.32M | 24.72M | 43.42M | -329.88M | 1.39M | -546K | -30.11M | -9.54M | -19.69M | -99.37M | -30.98M | 309.37M | 403.14M | 458.22M | 295.38M | 241.6M |
| Net Interest Income | -17.11M | -21.57M | -23.61M | -15.09M | -10.56M | -11.89M | -27.52M | -25.35M | -21.09M | -11.67M | -7.99M | -6.82M | -9.46M | -9.75M | -8.34M | -10.69M | -20.16M | -25.52M | -29.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.16M | 21.57M | 23.61M | 15.09M | 10.56M | 11.89M | 27.52M | 25.35M | 21.09M | 11.67M | 7.99M | 6.82M | 9.46M | 9.75M | 8.34M | 10.69M | 20.16M | 25.52M | 29.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -233.26M | -83.64M | -72.59M | -11.7M | 254K | 42.93M | -43.62M | -25.61M | -35.67M | -17.84M | -7.43M | -7.4M | 3.08M | -8.46M | -8.56M | -13.11M | -20.15M | -11.4M | -29.22M | -52.62M | -32M | -19.12M | -2.6M | -11.27M | -30M | -14.44M | 304K | -140K | -12.38M | -64.57M | -40.83M |
| Pretax Income | -237.64M | -100.04M | -114.27M | -40.58M | -16.43M | 39.7M | -35.22M | -4.41M | -40.42M | -46.46M | -752K | -75.21M | 17.8M | -20.26M | -51.02M | -8.37M | 4.55M | 17.91M | -359.14M | -60.72M | -59.16M | -40.08M | -12.13M | -30.96M | -13.17M | -58.61M | 309.68M | 267.35M | 264.32M | 230.81M | 200.7M |
| Pretax Margin % | -80.26% | -35.78% | -41.7% | -13.02% | -3.89% | 10.35% | -10.08% | -1.09% | -10.04% | -10.61% | -0.15% | -15.8% | 3.22% | -3.66% | -8.68% | -1.28% | 0.68% | 2.63% | -44.4% | -6.22% | -5.82% | -4.8% | -1.53% | -3.83% | -1.51% | -5.69% | 23.01% | 18.84% | 20.29% | 3.98% | 3.77% |
| Income Tax | 1.5M | 1.01M | 821K | 711K | 1.94M | 1.34M | 239K | 803K | 2.38M | -3.11M | 1.66M | 1.18M | 718K | 1.22M | 1.16M | 887K | 13K | 1.27M | -881K | -482K | 4.94M | 1.4M | -8.64M | 32.76M | -5.08M | -9.61M | 111.85M | 121.74M | 141.33M | 60.01M | 52.2M |
| Effective Tax Rate % | -0.63% | -1.01% | -0.72% | -1.75% | -11.81% | 3.38% | -0.68% | -18.22% | -5.88% | 6.7% | -220.21% | -1.57% | 4.03% | -6.01% | -2.28% | -10.6% | 0.29% | 7.11% | 0.25% | 0.79% | -8.35% | -3.49% | 71.19% | -105.82% | 38.6% | 16.4% | 36.12% | 45.53% | 53.47% | 26% | 26.01% |
| Net Income | -239.13M | -101.05M | -115.09M | -41.29M | -18.37M | 38.35M | -35.46M | -5.21M | -42.8M | -43.35M | -2.41M | -76.39M | 17.08M | -21.47M | -52.18M | -9.26M | 4.54M | 16.63M | -358.26M | -60.23M | -64.09M | -41.48M | -3.5M | -62.02M | -264.3M | 42.5M | 160.69M | 40.84M | -29.54M | 170.8M | 148.5M |
| Net Margin % | -80.76% | -36.14% | -42% | -13.25% | -4.35% | 10% | -10.14% | -1.29% | -10.63% | -9.9% | -0.49% | -16.05% | 3.09% | -3.88% | -8.88% | -1.42% | 0.68% | 2.44% | -44.29% | -6.17% | -6.31% | -4.97% | -0.44% | -7.67% | -30.35% | 4.13% | 11.94% | 2.88% | -2.27% | 2.94% | 2.79% |
| Net Income Growth % | -114.51% | 12.2% | -178.77% | -124.77% | -147.89% | 208.17% | -580.6% | 87.83% | 1.27% | -1700.08% | 96.85% | -547.19% | 179.55% | 58.85% | -463.73% | -303.83% | -72.7% | 104.64% | -494.79% | 6.02% | -54.52% | -1086.47% | 94.36% | 76.53% | -721.84% | -73.55% | 293.41% | 238.29% | -117.29% | 15.02% | 264.09% |
| Net Income (Continuing) | -239.13M | -101.05M | -115.09M | -41.29M | -18.37M | 38.35M | -35.46M | -5.21M | -42.8M | -43.35M | -2.41M | -76.39M | 17.08M | -21.47M | -52.18M | -9.26M | 4.54M | 16.63M | -358.26M | -60.23M | -64.09M | -41.48M | -3.5M | -63.72M | -132.09M | -49M | 197.83M | 145.61M | 122.99M | 170.8M | 148.5M |
| 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 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.88 | -7.97 | -22.35 | -8.60 | -5.63 | 11.32 | -16.00 | -2.80 | -24.00 | -25.00 | 2.20 | -44.80 | 9.60 | -14.40 | -35.20 | -6.40 | 3.20 | 3.20 | -273.60 | -48.00 | -52.80 | -36.80 | -3.20 | -56.00 | -260.80 | 43.20 | 169.07 | -16.00 | -28.80 | 171.20 | 218.81 |
| EPS Growth % | 35.92% | 64.34% | -159.88% | -52.75% | -149.73% | 170.75% | -471.43% | 88.33% | 4% | -1236.36% | 104.91% | -566.67% | 166.67% | 59.09% | -450% | -300% | 0% | 101.17% | -470% | 9.09% | -43.48% | -1050% | 94.29% | 78.53% | -703.7% | -74.45% | 1156.72% | 44.44% | -116.82% | -21.76% | 239.73% |
| EPS (Basic) | - | -7.97 | -22.35 | -8.60 | -4.07 | 13.03 | -16.00 | -2.80 | -24.00 | -25.00 | 2.20 | -44.80 | 11.20 | -14.40 | -35.20 | -6.40 | 3.20 | 12.80 | -273.60 | -48.00 | -52.80 | -36.80 | -3.20 | -56.00 | -260.80 | 43.20 | 169.07 | -16.00 | -28.80 | 200.00 | 218.81 |
| Diluted Shares Outstanding | 21.99M | 12.67M | 5.15M | 4.75M | 4.56M | 3.39M | 2.22M | 2.25M | 1.78M | 1.73M | 1.7M | 1.64M | 1.63M | 1.54M | 1.5M | 1.45M | 1.44M | 1.4M | 1.31M | 1.26M | 1.2M | 1.15M | 1.13M | 1.1M | 1.01M | 983.84K | 950.38K | 1.04M | 1M | 1.04M | 818.86K |
| Basic Shares Outstanding | 21.99M | 12.67M | 5.15M | 4.75M | 4.56M | 2.94M | 2.22M | 1.88M | 1.78M | 1.73M | 1.69M | 1.64M | 1.59M | 1.54M | 1.5M | 1.45M | 1.38M | 1.33M | 1.31M | 1.26M | 1.2M | 1.15M | 1.13M | 1.1M | 1.01M | 983.84K | 950.38K | 1.04M | 1M | 852.54K | 818.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying QMCO stock.
For fiscal year 2026, Quantum Corporation (QMCO) reported total revenue of $279.6M. This represents a 94.7% decline compared to $5.32B in 1997.
Quantum Corporation (QMCO) reported a net loss of $101.0M for the fiscal year ending 2026.
Quantum Corporation (QMCO) reported an operating income of $-16.4M, resulting in an operating profit margin of -5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Quantum Corporation (QMCO) generated $103.0M in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses and margin volatility
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates After Slump
Quantum's revenue growth has reaccelerated sharply, with Q1 2027 revenue of $80.8 million representing a 25.7% year-over-year increase, a significant reversal from the negative growth seen in most of 2025 and early 2026.
The company's top line has shown a clear inflection, moving from consistent year-over-year declines in 2025 to strong positive growth in the last two quarters. This suggests the business may be stabilizing or benefiting from new product cycles or market demand. However, the durability of this acceleration is uncertain, as the company's historical growth has been volatile and the recent surge follows a period of contraction.
Gross Margin Recovery Lags Peers
Despite a recent recovery to 39.3% in Q1 2027, Quantum's gross margin remains structurally lower than key storage peers like NetApp and Pure Storage, which operate at over 70%, indicating limited pricing power or a less favorable product mix.
The company's gross margin has been volatile, ranging from 35.3% to 43.8% over the past ten quarters, without a clear upward trend. This volatility suggests exposure to component costs, product mix shifts, or competitive pricing pressure. The significant gap versus higher-margin peers implies Quantum may be competing in a more commoditized segment of the hardware market.
Operating Leverage Emerging from Cost Cuts
Operating income turned positive at $5.0 million in Q1 2027, driven by a combination of revenue growth and a notable reduction in SG&A expenses, which fell to $20.6 million from a peak of $34.4 million in Q1 2025.
The company appears to be generating positive operating leverage, as operating income improved from a loss of $17.7 million to a profit of $5.0 million over two years, while revenue grew. This was primarily achieved through disciplined SG&A reduction rather than gross margin expansion. The sustainability of this leverage depends on maintaining the recent revenue growth trajectory while controlling overhead.
Net Losses Mask Operational Improvement
Quantum's Q1 2027 net loss of $155.3 million was dramatically larger than its operating profit, driven by a massive non-operating charge that dwarfs the underlying operational performance.
The stark divergence between a $5.0 million operating profit and a $155.3 million net loss indicates a significant non-recurring or non-operating item, likely a large impairment or write-down. This severely distorts the net income and EPS figures, making them poor indicators of core business profitability. Investors should focus on operating metrics to assess the company's true financial health.
SG&A Discipline Driving Path to Profitability
Management has executed a significant reduction in SG&A expenses, cutting them by over 40% from their Q1 2025 peak, which has been the primary driver of the recent shift to positive operating income.
The cost structure shows a clear focus on overhead reduction, with SG&A falling from $34.4 million to $20.6 million. Meanwhile, R&D spending has also been reduced, from $8.3 million to $6.0 million, which may raise questions about future innovation capacity. The company's path to profitability appears heavily reliant on expense control rather than gross margin improvement.
Sustainability of Turnaround in Question
The recent operational improvement may be fragile, as it is built on cost cuts and a single quarter of strong revenue growth, while the company continues to post massive net losses and operates with gross margins far below industry standards.
A skeptical view would highlight that the positive operating income in Q1 2027 is a first in over two years and follows a period of deep losses. The revenue growth, while strong, comes off a low base and its durability is unproven. Furthermore, the enormous net loss suggests potential balance sheet risks or write-downs that could recur, and the low gross margin structure leaves little room for error if growth stalls.