Revenue growth accelerated to 28.3% in 2026Q3, yet operating margins remain suppressed at 3.0% due to the company's high-volume, low-margin intermediary business model.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Sales/Revenue | 1.18B | 1.09B | 613.51M | 580.62M | 582.1M | 578.49M | 490.34M | 455.15M | 404.36M | 299.79M | 297.71M | 282.14M | 282.55M | 305.1M | 370.47M | 403.02M | 334.83M | 260.53M | 192.03M |
| Revenue Growth % | 14.75% | 78.27% | 5.66% | -0.25% | 0.62% | 17.98% | 7.73% | 12.56% | 34.88% | 0.7% | 5.52% | -0.14% | -7.39% | -17.64% | -8.08% | 20.36% | 28.52% | 35.67% | - |
| Cost of Goods Sold | 1.06B | 982.84M | 567.27M | 532.1M | 528.37M | 507.96M | 437.86M | 393.51M | 345.95M | 269.41M | 270.29M | 252M | 241.91M | 251.59M | 283.47M | 291.99M | 240.73M | 181.59M | 130.87M |
| COGS % of Revenue | - | 89.86% | 92.46% | 91.64% | 90.77% | 87.81% | 89.3% | 86.46% | 85.55% | 89.87% | 90.79% | 89.32% | 85.62% | 82.46% | 76.52% | 72.45% | 71.9% | 69.7% | 68.15% |
| Gross Profit | 123.85M | 110.87M | 46.25M | 48.52M | 53.73M | 70.53M | 52.48M | 61.65M | 58.41M | 30.38M | 27.42M | 30.14M | 40.64M | 53.51M | 87M | 111.03M | 94.11M | 78.93M | 61.16M |
| Gross Margin % | 10.48% | 10.14% | 7.54% | 8.36% | 9.23% | 12.19% | 10.7% | 13.54% | 14.45% | 10.13% | 9.21% | 10.68% | 14.38% | 17.54% | 23.48% | 27.55% | 28.1% | 30.3% | 31.85% |
| Gross Profit Growth % | - | 139.74% | -4.69% | -9.69% | -23.82% | 34.41% | -14.88% | 5.54% | 92.29% | 10.79% | -9.03% | -25.85% | -24.05% | -38.5% | -21.64% | 17.99% | 19.22% | 29.06% | - |
| Operating Expenses | 103.67M | 104.68M | 74.31M | 69.34M | 58.45M | 56.6M | 46.27M | 50.92M | 42.77M | 38.6M | 44.79M | 49.31M | 52.98M | 49.98M | 58.5M | 61.94M | 54.89M | 44.21M | 39.83M |
| OpEx % of Revenue | - | 9.57% | 12.11% | 11.94% | 10.04% | 9.79% | 9.44% | 11.19% | 10.58% | 12.88% | 15.04% | 17.48% | 18.75% | 16.38% | 15.79% | 15.37% | 16.39% | 16.97% | 20.74% |
| Selling, General & Admin | 69.28M | 70.81M | 44.27M | 40.45M | 36.54M | 37.26M | 32.06M | 38.59M | 28.97M | 25.12M | 28.66M | 31.37M | 33.43M | 30.93M | 37.45M | 37.78M | 35.16M | 29.33M | 25.78M |
| SG&A % of Revenue | - | 6.47% | 7.22% | 6.97% | 6.28% | 6.44% | 6.54% | 8.48% | 7.16% | 8.38% | 9.63% | 11.12% | 11.83% | 10.14% | 10.11% | 9.37% | 10.5% | 11.26% | 13.43% |
| Research & Development | 34.39M | 33.87M | 30.05M | 28.89M | 21.91M | 19.34M | 14.21M | 12.33M | 13.8M | 13.48M | 16.12M | 17.95M | 19.55M | 19.05M | 21.05M | 24.16M | 19.73M | 14.89M | 14.05M |
| R&D % of Revenue | - | 3.1% | 4.9% | 4.98% | 3.76% | 3.34% | 2.9% | 2.71% | 3.41% | 4.5% | 5.42% | 6.36% | 6.92% | 6.24% | 5.68% | 6% | 5.89% | 5.71% | 7.32% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 0 | 0 | 112K | 0 | 0 | -69K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 20.18M | 6.19M | -28.07M | -20.82M | -4.72M | 13.93M | 6.21M | 10.73M | 15.64M | -10.66M | -17.37M | -19.18M | -13.57M | -88.82M | 28.5M | 49.09M | 39.22M | 34.72M | 21.33M |
| Operating Margin % | 1.71% | 0.57% | -4.57% | -3.59% | -0.81% | 2.41% | 1.27% | 2.36% | 3.87% | -3.56% | -5.84% | -6.8% | -4.8% | -29.11% | 7.69% | 12.18% | 11.71% | 13.33% | 11.11% |
| Operating Income Growth % | - | 122.07% | -34.82% | -341.2% | -133.88% | 124.43% | -42.16% | -31.4% | 246.62% | 38.61% | 9.41% | -41.34% | 84.72% | -411.62% | -41.94% | 25.17% | 12.95% | 62.78% | - |
| EBITDA | 42.67M | 30.7M | -4.11M | -1.66M | 11.2M | 30.13M | 17.68M | 19.7M | 23.4M | 713K | -2.29M | -310K | 12.53M | -56.49M | 59.65M | 76.36M | 58.01M | 50.7M | 33.06M |
| EBITDA Margin % | 3.61% | 2.81% | -0.67% | -0.29% | 1.92% | 5.21% | 3.61% | 4.33% | 5.79% | 0.24% | -0.77% | -0.11% | 4.43% | -18.52% | 16.1% | 18.95% | 17.32% | 19.46% | 17.21% |
| EBITDA Growth % | 62.83% | 847.3% | -147.32% | -114.83% | -62.82% | 70.39% | -10.26% | -15.81% | 3182.33% | 131.2% | -637.1% | -102.47% | 122.18% | -194.71% | -21.88% | 31.64% | 14.42% | 53.37% | - |
| D&A (Non-Cash Add-back) | 22.5M | 24.51M | 23.96M | 19.16M | 15.92M | 16.2M | 11.48M | 8.97M | 7.77M | 11.38M | 15.09M | 18.87M | 26.1M | 32.33M | 31.15M | 27.27M | 18.79M | 15.98M | 11.73M |
| EBIT | 20.27M | 6.03M | -29.72M | -20.57M | -4.69M | 30.63M | 19.38M | 11.09M | 15.64M | -12.94M | -18.7M | -16.43M | -106.37M | -88.77M | 28.59M | 49.31M | 40.84M | 34.73M | 22.96M |
| Net Interest Income | -2.23M | -377K | -272K | -494K | -1.06M | -1.26M | -466K | -77K | 181K | -208K | -524K | -3.75M | -3.71M | -5.08M | -4.33M | -4.04M | -3.88M | -3.3M | 268K |
| Interest Income | 96K | 23K | 408K | 296K | 10K | 39K | 230K | 290K | 181K | 138K | 61K | 72K | 115K | 115K | 134K | 169K | 97K | 245K | 1.48M |
| Interest Expense | 2.32M | 400K | 680K | 790K | 1.07M | 1.3M | 696K | 367K | 0 | 346K | 585K | 3.82M | 3.83M | 5.2M | 4.46M | 4.21M | 3.98M | 3.54M | 1.21M |
| Other Income/Expense | -2.22M | -560K | -2.33M | -546K | -1.04M | 15.4M | 12.48M | -8K | 868K | -2.62M | -412K | -1.07M | -2.22M | -5.15M | -4.37M | -3.99M | -2.36M | -3.54M | 413K |
| Pretax Income | 17.96M | 5.63M | -30.4M | -21.36M | -5.76M | 29.33M | 18.69M | 10.72M | 16.5M | -13.29M | -17.78M | -20.25M | -15.79M | -93.97M | 24.13M | 45.1M | 36.86M | 31.18M | 21.74M |
| Pretax Margin % | 1.52% | 0.52% | -4.95% | -3.68% | -0.99% | 5.07% | 3.81% | 2.35% | 4.08% | -4.43% | -5.97% | -7.18% | -5.59% | -30.8% | 6.51% | 11.19% | 11.01% | 11.97% | 11.32% |
| Income Tax | -47.37M | 926K | 935K | 47.5M | -514K | 5.77M | 584K | -51.76M | 574K | -1.08M | 134K | -244K | 37.9M | -26.6M | 11.13M | 17.89M | 16.28M | 13.91M | 8.88M |
| Effective Tax Rate % | -263.71% | 16.44% | -3.08% | -222.38% | 8.92% | 19.69% | 3.13% | -482.89% | 3.48% | 8.13% | -0.75% | 1.2% | -240.11% | 28.31% | 46.13% | 39.66% | 44.16% | 44.6% | 40.82% |
| Net Income | 65.33M | 4.71M | -31.33M | -68.87M | -5.25M | 23.55M | 18.1M | 62.48M | 15.93M | -12.21M | -17.92M | -20.01M | -53.69M | -67.37M | 13M | 27.21M | 20.58M | 17.27M | 12.87M |
| Net Margin % | 5.53% | 0.43% | -5.11% | -11.86% | -0.9% | 4.07% | 3.69% | 13.73% | 3.94% | -4.07% | -6.02% | -7.09% | -19% | -22.08% | 3.51% | 6.75% | 6.15% | 6.63% | 6.7% |
| Net Income Growth % | 9953.7% | 115.02% | 54.5% | -1212.23% | -122.28% | 30.12% | -71.03% | 292.22% | 230.49% | 31.87% | 10.45% | 62.73% | 20.31% | -618.21% | -52.23% | 32.21% | 19.16% | 34.25% | - |
| Net Income (Continuing) | 65.33M | 4.71M | -31.33M | -68.87M | -5.25M | 23.55M | 18.1M | 62.48M | 15.93M | -12.21M | -19.42M | -20.01M | -146.4M | -67.37M | 13M | 27.21M | 20.58M | 17.27M | 12.87M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 1.12 | 0.08 | -0.57 | -1.28 | -0.10 | 0.43 | 0.34 | 1.18 | 0.32 | -0.27 | -0.40 | -0.45 | -1.23 | -1.57 | 0.28 | 0.55 | 0.72 | 1.15 | 0.84 |
| EPS Growth % | 7265.82% | 114.16% | 55.47% | -1225.05% | -122.47% | 26.47% | -71.19% | 268.75% | 218.52% | 32.5% | 11.11% | 63.41% | 21.66% | -660.71% | -49.09% | -23.61% | -37.39% | 36.9% | - |
| EPS (Basic) | - | 0.08 | -0.57 | -1.28 | -0.10 | 0.44 | 0.35 | 1.26 | 0.32 | -0.27 | -0.40 | -0.45 | -1.23 | -1.57 | 0.28 | 0.59 | 0.80 | 1.30 | 0.98 |
| Diluted Shares Outstanding | 58.24M | 58.3M | 54.92M | 53.8M | 54.34M | 55.13M | 53.39M | 52.75M | 49.87M | 45.59M | 45.2M | 44.45M | 43.53M | 42.82M | 46.86M | 49.13M | 28.43M | 14.97M | 15.32M |
| Basic Shares Outstanding | 57.17M | 56.48M | 54.92M | 53.8M | 54.34M | 53.17M | 51.53M | 49.58M | 49.78M | 45.21M | 45.16M | 44.45M | 43.53M | 42.82M | 45.85M | 46.22M | 25.62M | 13.29M | 13.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Search Algorithm Dependency
As reported in recent financial statements, QNST achieved a 28.3% year-over-year revenue growth in 2026Q3, signaling a robust recovery in insurance marketing budgets that suggests the company is successfully capturing increased demand from carriers looking to scale their customer acquisition efforts in a stabilizing market.
The acceleration in top-line performance appears to be driven primarily by a cyclical snap-back in the insurance vertical rather than a fundamental shift in the underlying business model. Investors should monitor whether this growth trajectory remains sustainable as carrier marketing budgets normalize and competition for high-intent search traffic intensifies.
Based on the provided income statement data, QNST maintains a structurally low gross margin of 11.9% as of 2026Q3, which highlights the company's role as a high-volume intermediary that passes the vast majority of its revenue through to third-party media publishers and search engine partners.
This thin margin profile suggests that the company possesses limited pricing power and remains highly vulnerable to fluctuations in traffic acquisition costs. Any meaningful expansion in profitability would likely require a strategic pivot toward a higher mix of owned-and-operated traffic, which currently appears to be a significant operational challenge.
According to historical quarterly filings, QNST's operating margin reached only 3.0% in 2026Q3 despite significant revenue expansion, indicating that the company struggles to scale its operating income faster than its gross profit due to persistent overhead and the high variable nature of its cost structure.
The inability to demonstrate clear operating leverage suggests that the business model is inherently tied to high variable costs that scale linearly with revenue. This lack of scalability may imply that the company will continue to operate near a break-even threshold, leaving little room for error during periods of market volatility.
As evidenced by the 2026Q2 net income spike to $50.2M compared to $4.5M in the following quarter, QNST's bottom-line results appear heavily influenced by non-operating items and stock-based compensation, which complicates the assessment of the company's true underlying profitability and recurring earnings power for institutional investors.
The significant variance in net income suggests that reported EPS may not be a reliable indicator of operational health. Analysts should focus on normalized operating metrics to strip away the noise created by non-recurring charges and equity-based incentives that frequently distort the quarterly income statement.
Quick answers to the most common questions about buying QNST stock.
For fiscal year 2025, QuinStreet, Inc. (QNST) reported total revenue of $1.09B. This represents a 469.6% increase compared to $192.0M in 2008.
QuinStreet, Inc. (QNST) is profitable, generating $4.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
QuinStreet, Inc. (QNST) reported an operating income of $6.2M, resulting in an operating profit margin of 0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
QuinStreet, Inc. (QNST) generated $110.9M in gross profit for the year, representing a gross profit margin of 10.1%. This demonstrates the company's core pricing power and production efficiency.