Revenue and margins have recovered unevenly, with operating margin rising to 13.1% in 2026Q3 from a 2.9% trough in 2026Q1, suggesting profitability is improving but remains sensitive to input costs and sourcing conditions.
Rocky Brands, Inc. (RCKY) annual income statement — 30-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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 521.3M | 481.98M | 453.77M | 461.83M | 615.48M | 514.23M | 277.31M | 270.41M | 252.69M | 253.2M | 260.26M | 269.3M | 286.24M | 244.87M | 228.32M | 239.6M | 252.79M | 229.49M | 259.54M | 275.27M | 263.49M | 296.02M | 132.25M | 106.16M | 88.96M | 103.32M | 102.45M | 98.1M | 88.7M | 95M | 73.1M |
| Revenue Growth % | 10.84% | 6.22% | -1.75% | -24.96% | 19.69% | 85.43% | 2.55% | 7.01% | -0.2% | -2.71% | -3.36% | -5.92% | 16.9% | 7.25% | -4.71% | -5.22% | 10.16% | -11.58% | -5.71% | 4.47% | -10.99% | 123.84% | 24.57% | 19.34% | -13.9% | 0.85% | 4.44% | 10.6% | -6.63% | 29.96% | 102.49% |
| Cost of Goods Sold | 294.84M | 284.69M | 274.76M | 283.24M | 390.26M | 319.69M | 172.57M | 173.3M | 165.66M | 172.43M | 183.53M | 180.41M | 189.88M | 161.33M | 148.03M | 151.67M | 163.42M | 144.93M | 157.29M | 167.27M | 154.17M | 184.79M | 93.61M | 73.38M | 65.53M | 80.07M | 73.92M | 79.5M | 64M | 66.4M | 52.7M |
| COGS % of Revenue | - | 59.07% | 60.55% | 61.33% | 63.41% | 62.17% | 62.23% | 64.09% | 65.56% | 68.1% | 70.52% | 66.99% | 66.34% | 65.88% | 64.84% | 63.3% | 64.65% | 63.15% | 60.61% | 60.77% | 58.51% | 62.43% | 70.78% | 69.12% | 73.66% | 77.5% | 72.15% | 81.04% | 72.15% | 69.89% | 72.09% |
| Gross Profit | 226.46M | 197.29M | 179.01M | 178.6M | 225.22M | 194.54M | 104.73M | 97.1M | 87.03M | 80.77M | 76.73M | 88.89M | 96.36M | 83.54M | 80.29M | 87.93M | 89.37M | 84.56M | 102.24M | 107.99M | 109.32M | 111.23M | 38.64M | 32.78M | 23.43M | 23.25M | 28.53M | 18.6M | 24.7M | 28.6M | 20.4M |
| Gross Margin % | 43.44% | 40.93% | 39.45% | 38.67% | 36.59% | 37.83% | 37.77% | 35.91% | 34.44% | 31.9% | 29.48% | 33.01% | 33.66% | 34.12% | 35.16% | 36.7% | 35.35% | 36.85% | 39.39% | 39.23% | 41.49% | 37.57% | 29.22% | 30.88% | 26.34% | 22.5% | 27.85% | 18.96% | 27.85% | 30.11% | 27.91% |
| Gross Profit Growth % | - | 10.21% | 0.23% | -20.7% | 15.77% | 85.74% | 7.86% | 11.58% | 7.75% | 5.26% | -13.68% | -7.75% | 15.34% | 4.06% | -8.69% | -1.61% | 5.69% | -17.3% | -5.33% | -1.21% | -1.72% | 187.84% | 17.88% | 39.91% | 0.77% | -18.51% | 53.4% | -24.7% | -13.64% | 40.2% | 148.78% |
| Operating Expenses | 175.38M | 160.1M | 147.94M | 143.23M | 181.18M | 158.56M | 77.56M | 75.02M | 68.97M | 68.94M | 75.63M | 78.4M | 80.6M | 71.35M | 66.68M | 75.13M | 72.3M | 75.78M | 112.13M | 121.28M | 90.39M | 83.16M | 25.62M | 23.28M | 18.66M | 18.18M | 25.35M | 23.8M | 21.4M | 19.3M | 14.7M |
| OpEx % of Revenue | - | 33.22% | 32.6% | 31.01% | 29.44% | 30.84% | 27.97% | 27.74% | 27.29% | 27.23% | 29.06% | 29.11% | 28.16% | 29.14% | 29.2% | 31.36% | 28.6% | 33.02% | 43.2% | 44.06% | 34.3% | 28.09% | 19.37% | 21.93% | 20.98% | 17.59% | 24.74% | 24.26% | 24.13% | 20.32% | 20.11% |
| Selling, General & Admin | 0 | 0 | 137.35M | 136.14M | 180.94M | 0 | 76.86M | 75.6M | 68.97M | 68.94M | 75.63M | 78.4M | 80.6M | 71.35M | 66.68M | 75.13M | 72.3M | 75.07M | 87.5M | 96.41M | 90.39M | 83.16M | 25.62M | 23.28M | 18.66M | 18.18M | 20.65M | 20M | 17.2M | 16.4M | 12.3M |
| SG&A % of Revenue | - | - | 30.27% | 29.48% | 29.4% | - | 27.72% | 27.96% | 27.29% | 27.23% | 29.06% | 29.11% | 28.16% | 29.14% | 29.2% | 31.36% | 28.6% | 32.71% | 33.71% | 35.02% | 34.3% | 28.09% | 19.37% | 21.93% | 20.98% | 17.59% | 20.16% | 20.39% | 19.39% | 17.26% | 16.83% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 160.1M | 10.59M | 7.08M | 246K | 158.56M | 705K | -581K | -162K | 15.45K | 59.02K | -105.43K | -78.45K | -116.67K | 131.46K | 0 | 0 | 0 | 0 | 24.87T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 51.08M | 37.19M | 31.07M | 35.37M | 44.04M | 35.97M | 27.17M | 22.09M | 18.06M | 11.83M | -3.06M | 10.49M | 15.76M | 11.02M | 13.61M | 12.8M | 17.07M | 8.77M | -9.88M | -13.29M | 18.93M | 28.06M | 13.02M | 9.5M | 4.77M | 3.58M | 3.19M | -5.2M | 3.3M | 9.3M | 5.7M |
| Operating Margin % | 9.8% | 7.72% | 6.85% | 7.66% | 7.16% | 7% | 9.8% | 8.17% | 7.15% | 4.67% | -1.18% | 3.9% | 5.51% | 4.5% | 5.96% | 5.34% | 6.75% | 3.82% | -3.81% | -4.83% | 7.18% | 9.48% | 9.85% | 8.95% | 5.36% | 3.46% | 3.11% | -5.3% | 3.72% | 9.79% | 7.8% |
| Operating Income Growth % | - | 19.7% | -12.17% | -19.68% | 22.42% | 32.4% | 23.02% | 22.28% | 52.73% | 486.33% | -129.18% | -33.45% | 43.05% | -19.02% | 6.33% | -25.03% | 94.55% | 188.76% | 25.62% | -170.2% | -32.54% | 115.47% | 37.05% | 99.28% | 33.36% | 12.27% | 161.25% | -257.58% | -64.52% | 63.16% | 1800% |
| EBITDA | 58.49M | 47.03M | 41.32M | 46.31M | 56.36M | 47.29M | 32.41M | 27.12M | 23.44M | 18.33M | 4.66M | 17.68M | 22.7M | 17.28M | 19.5M | 18.46M | 22.71M | 15.11M | -3.45M | -7.53M | 24.2M | 32.99M | 16.43M | 13.06M | 8.8M | 7.99M | 7.88M | -1.4M | 7.5M | 12.2M | 8.1M |
| EBITDA Margin % | 11.22% | 9.76% | 9.11% | 10.03% | 9.16% | 9.2% | 11.69% | 10.03% | 9.27% | 7.24% | 1.79% | 6.56% | 7.93% | 7.06% | 8.54% | 7.7% | 8.98% | 6.59% | -1.33% | -2.73% | 9.19% | 11.15% | 12.43% | 12.3% | 9.89% | 7.73% | 7.7% | -1.43% | 8.46% | 12.84% | 11.08% |
| EBITDA Growth % | 27.5% | 13.83% | -10.78% | -17.83% | 19.19% | 45.9% | 19.5% | 15.73% | 27.84% | 293.41% | -73.64% | -22.14% | 31.37% | -11.39% | 5.68% | -18.73% | 50.27% | 537.55% | 54.12% | -131.1% | -26.65% | 100.79% | 25.82% | 48.39% | 10.22% | 1.29% | 663.12% | -118.67% | -38.52% | 50.62% | 523.08% |
| D&A (Non-Cash Add-back) | 7.42M | 9.85M | 10.25M | 10.94M | 12.32M | 11.31M | 5.24M | 5.04M | 5.38M | 6.51M | 7.72M | 7.19M | 6.94M | 6.26M | 5.9M | 5.66M | 5.64M | 6.34M | 6.43M | 5.76M | 5.27M | 4.93M | 3.41M | 3.56M | 4.03M | 4.41M | 4.7M | 3.8M | 4.2M | 2.9M | 2.4M |
| EBIT | 51.08M | 37.19M | 31.07M | 35.37M | 44.04M | 35.97M | 27.17M | 21.5M | 18.06M | 9.75M | -3M | 10.38M | 15.68M | 12.19M | 13.74M | 13.01M | 17.72M | 9.35M | 9.86M | -13.29M | 18.93M | 28.06M | 13.02M | 9.5M | 4.77M | 5.08M | 3.19M | -5.2M | 3.3M | 9.3M | 5.7M |
| Net Interest Income | -8.47M | -10.01M | -17.01M | -21.22M | -18.27M | -10.6M | -205K | 0 | 0 | -389.59K | -616.57K | -696.83K | -943.15K | -688.5K | -650.87K | -979.51K | -6.46M | -7.5M | -9.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 8.47M | 10.01M | 17.01M | 21.22M | 18.27M | 10.6M | 205K | 0 | 162K | 389.59K | 616.57K | 696.83K | 943.15K | 688.5K | 650.87K | 979.51K | 6.46M | 7.5M | 9.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.47M | -10.01M | -17.01M | -21.22M | -18.27M | -10.6M | -205K | 146K | -162K | -2.46M | -557.55K | -802.26K | -1.02M | -203.19K | -738.8K | -1.13M | -5.81M | -7.63M | -9.35M | -36.13M | -11.33M | -8.79M | -954.03K | -1.03M | -972.48K | -2.14M | -2.91M | -2.1M | 700K | -2.4M | -2M |
| Pretax Income | 42.61M | 27.18M | 14.06M | 14.15M | 25.77M | 25.37M | 26.96M | 22.23M | 17.9M | 9.36M | -3.62M | 9.69M | 14.74M | 10.82M | 13.09M | 12.03M | 11.26M | 1.85M | 539.47K | -24.54M | 7.61M | 19.27M | 12.07M | 8.47M | 3.8M | 1.44M | 280.01K | -7.3M | 4M | 6.9M | 3.7M |
| Pretax Margin % | 8.17% | 5.64% | 3.1% | 3.06% | 4.19% | 4.93% | 9.72% | 8.22% | 7.08% | 3.7% | -1.39% | 3.6% | 5.15% | 4.42% | 5.73% | 5.02% | 4.45% | 0.81% | 0.21% | -8.92% | 2.89% | 6.51% | 9.13% | 7.98% | 4.27% | 1.39% | 0.27% | -7.44% | 4.51% | 7.26% | 5.06% |
| Income Tax | 8.11M | 4.91M | 2.67M | 3.73M | 5.3M | 4.81M | 6M | 4.77M | 3.35M | -225.36K | -1.48M | 3.08M | 4.9M | 3.44M | 4.23M | 3.73M | 3.57M | 676.51K | -627.66K | -1.44M | 2.79M | 6.26M | 3.48M | 2.43M | 953K | -93.44K | 183.46K | -2.2M | 1M | 2.1M | 900K |
| Effective Tax Rate % | 19.03% | 18.05% | 19% | 26.34% | 20.58% | 18.96% | 22.25% | 21.45% | 18.69% | -2.41% | 40.88% | 31.84% | 33.21% | 31.83% | 32.34% | 30.97% | 31.74% | 36.54% | -116.35% | 5.87% | 36.63% | 32.47% | 28.8% | 28.73% | 25.1% | -6.5% | 65.52% | 30.14% | 25% | 30.43% | 24.32% |
| Net Income | 34.5M | 22.27M | 11.39M | 10.43M | 20.46M | 20.56M | 20.96M | 17.46M | 14.55M | 9.59M | -2.14M | 6.6M | 9.85M | 7.37M | 8.85M | 8.31M | 7.68M | 1.17M | 1.17M | -23.1M | 4.82M | 13.01M | 8.59M | 6.04M | 2.84M | 1.53M | 96.54K | -5.1M | 2.3M | 4.8M | 2.8M |
| Net Margin % | 6.62% | 4.62% | 2.51% | 2.26% | 3.33% | 4% | 7.56% | 6.46% | 5.76% | 3.79% | -0.82% | 2.45% | 3.44% | 3.01% | 3.88% | 3.47% | 3.04% | 0.51% | 0.45% | -8.39% | 1.83% | 4.4% | 6.5% | 5.69% | 3.2% | 1.48% | 0.09% | -5.2% | 2.59% | 5.05% | 3.83% |
| Net Income Growth % | 67.78% | 95.61% | 9.22% | -49.05% | -0.46% | -1.93% | 20.05% | 19.99% | 51.8% | 548.1% | -132.4% | -32.93% | 33.54% | -16.74% | 6.6% | 8.11% | 554.04% | 0.66% | 105.05% | -579.42% | -62.97% | 51.42% | 42.31% | 112.4% | 85.74% | 1485.65% | 101.89% | -321.74% | -52.08% | 71.43% | 660% |
| Net Income (Continuing) | 34.5M | 22.27M | 11.39M | 10.43M | 20.46M | 20.56M | 20.96M | 17.46M | 14.55M | 9.59M | -2.14M | 6.6M | 9.85M | 7.37M | 8.85M | 8.31M | 7.68M | 1.17M | 1.17M | -23.1M | 4.82M | 13.01M | 8.59M | 6.04M | 2.84M | 1.53M | 96.54K | -5.1M | 2.3M | 4.8M | 2.8M |
| 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) | 4.53 | 2.96 | 1.52 | 1.41 | 2.78 | 2.77 | 2.86 | 2.35 | 1.95 | 1.29 | -0.29 | 0.87 | 1.30 | 0.98 | 1.18 | 1.11 | 1.14 | 0.21 | 0.21 | -4.22 | 0.86 | 2.33 | 1.74 | 1.32 | 0.62 | 0.34 | 0.02 | -1.08 | 0.41 | 1.10 | 0.74 |
| EPS Growth % | 65.69% | 94.74% | 7.8% | -49.28% | 0.36% | -3.15% | 21.7% | 20.51% | 51.16% | 544.83% | -133.33% | -33.08% | 32.65% | -16.95% | 6.31% | -2.63% | 442.86% | 0% | 104.98% | -590.7% | -63.09% | 33.91% | 31.82% | 112.9% | 82.35% | 1600% | 101.85% | -363.41% | -62.73% | 48.65% | 669.23% |
| EPS (Basic) | - | 2.98 | 1.53 | 1.42 | 2.80 | 2.82 | 2.87 | 2.36 | 1.96 | 1.29 | -0.29 | 0.87 | 1.30 | 0.98 | 1.18 | 1.11 | 1.14 | 0.21 | 0.21 | -4.22 | 0.89 | 2.48 | 1.89 | 1.44 | 0.63 | 0.34 | 0.02 | -1.08 | 0.42 | 1.16 | 0.74 |
| Diluted Shares Outstanding | 7.62M | 7.53M | 7.48M | 7.38M | 7.37M | 7.41M | 7.34M | 7.44M | 7.46M | 7.45M | 7.51M | 7.57M | 7.54M | 7.52M | 7.5M | 7.49M | 6.76M | 5.55M | 5.51M | 5.48M | 5.58M | 5.58M | 4.95M | 4.56M | 4.59M | 4.55M | 4.49M | 4.71M | 5.53M | 4.33M | 3.78M |
| Basic Shares Outstanding | 7.51M | 7.47M | 7.44M | 7.36M | 7.32M | 7.28M | 7.3M | 7.39M | 7.41M | 7.43M | 7.38M | 7.56M | 7.54M | 7.52M | 7.5M | 7.49M | 6.75M | 5.55M | 5.51M | 5.48M | 5.39M | 5.26M | 4.56M | 4.19M | 4.5M | 4.49M | 4.49M | 4.71M | 5.43M | 4.09M | 3.78M |
| Dividend Payout Ratio | - | 20.8% | 40.49% | 43.78% | 22.17% | 20.91% | 19.52% | 22.83% | 23.94% | 34.1% | - | 49.25% | 30.65% | 30.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RCKY stock.
For fiscal year 2025, Rocky Brands, Inc. (RCKY) reported total revenue of $482.0M. This represents a 559.3% increase compared to $73.1M in 1996.
Rocky Brands, Inc. (RCKY) is profitable, generating $22.3M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Rocky Brands, Inc. (RCKY) reported an operating income of $37.2M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Rocky Brands, Inc. (RCKY) generated $197.3M in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and tariff exposure
Metrics are mathematically derived from official filings.
Revenue Recovery Lacks Consistent Momentum
Based on reported figures, RCKY's quarterly revenue rose 13.3% year over year to $138.8M in 2026Q3, yet growth has been uneven across the ten-quarter window, ranging from -8.8% to 13.3%.
The recent acceleration in revenue suggests demand has stabilized after a weak 2024 stretch, but a single strong quarter does not yet establish durability. The swing from negative growth in 2024Q3 to double-digit gains in 2026Q3 warrants further investigation into whether volume or pricing is driving the improvement. Investors should monitor whether the 2026Q3 rate holds in subsequent periods before extrapolating it.
Gross Margin Swings Signal Input Sensitivity
As reported in the quarterly income statements, RCKY's gross margin moved from 36.5% in 2026Q1 to 51.4% in 2026Q2, a 14.9-point swing that is wide relative to the 38-42% band seen through most of 2024 and 2025.
Such volatility may indicate sensitivity to product mix, promotional activity, or input and freight costs, though the reported data alone does not isolate the cause. The 2026Q2 peak appears unusually high against the company's own history, which raises the question of whether it reflects a sustainable structural change or a timing benefit. Peer gross margins cluster around 33-44%, suggesting RCKY's recent highs sit at the top of the group and merit scrutiny.
Operating Margin Recovery Remains Uneven
Based on RCKY's reported figures, operating margin reached 16.6% in 2026Q2 and 13.1% in 2026Q3, compared with a trough of 2.9% in 2026Q1, indicating operating income is scaling unevenly against revenue.
The gap between the 2026Q1 trough and the 2026Q2 peak suggests operating income is highly sensitive to gross profit movements, consistent with a cost base that does not flex quickly. SG&A detail is unavailable for most recent periods, so the efficiency of overhead absorption cannot be fully assessed. The 2026Q3 margin of 13.1% remains below the 2026Q2 level, which may indicate the recovery is not yet self-sustaining.
Earnings Rebound Overstates Underlying Stability
According to reported filings, RCKY's diluted EPS climbed to $1.82 in 2026Q2 and $1.69 in 2026Q3 after a $0.17 quarter in 2026Q1, yet net margin remains thin at 9.3% to 11.7% in the strongest periods.
Stock-based compensation is small and steady at roughly $0.4-0.5M per quarter, so it does not explain the earnings volatility. The large EPS swing relative to modest net margin changes suggests share count effects or below-the-line items may contribute, though the data does not confirm this. Investors should monitor whether reported earnings are driven by gross margin normalization rather than recurring operating improvement.
Peak Margins May Not Persist
Based on reported figures, RCKY's 2026Q2 gross margin of 51.4% sits well above the 33-44% range of listed peers, a gap that a skeptical analyst would argue is unlikely to be durable without a clear structural driver.
The bear case centers on whether the 2026Q2 margin reflects one-time factors such as favorable inventory costs or pricing actions that may reverse. Revenue growth of 13.3% in 2026Q3 follows several quarters of low or negative growth, and the sustainability of that rate has not been demonstrated. If margins revert toward the 38-42% historical band, the recent EPS levels would be difficult to maintain, which warrants further investigation.