Revenue growth accelerated to 22.7% year-over-year in 2026Q2, with operating margin expanding to 22.8% from 1.9% in 2024Q4, reflecting significant operating leverage.
Red Violet, Inc. (RDVT) annual income statement — 12-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 |
|---|
| Sales/Revenue | 99.02M | 90.25M | 75.19M | 60.2M | 53.32M | 44.02M | 34.59M | 30.29M | 16.3M | 8.58M | 4.58M | 4M | 4M |
| Revenue Growth % | 20.17% | 20.03% | 24.89% | 12.91% | 21.12% | 27.28% | 14.2% | 85.78% | 90.04% | 87.09% | 14.54% | 0% | - |
| Cost of Goods Sold | 12.49M | 14.68M | 14M | 13.07M | 12.21M | 11.2M | 11.28M | 12.26M | 8.64M | 7.07M | 4.31M | 2.56M | 2.77M |
| COGS % of Revenue | - | 16.26% | 18.62% | 21.71% | 22.9% | 25.43% | 32.6% | 40.47% | 52.99% | 82.37% | 93.91% | 63.85% | 69.12% |
| Gross Profit | 86.52M | 75.58M | 61.19M | 47.13M | 41.11M | 32.83M | 23.31M | 18.03M | 7.66M | 1.51M | 279K | 1.45M | 1.24M |
| Gross Margin % | 87.38% | 83.74% | 81.38% | 78.29% | 77.1% | 74.57% | 67.4% | 59.53% | 47.01% | 17.63% | 6.09% | 36.15% | 30.88% |
| Gross Profit Growth % | - | 23.51% | 29.82% | 14.66% | 25.22% | 40.83% | 29.29% | 135.24% | 406.88% | 441.94% | -80.72% | 17.07% | - |
| Operating Expenses | 68.81M | 62.44M | 53.27M | 44.63M | 40.75M | 34.14M | 30.14M | 29.24M | 15.15M | 23.01M | 13.13M | 11.95M | 11.74M |
| OpEx % of Revenue | - | 69.18% | 70.85% | 74.13% | 76.42% | 77.56% | 87.15% | 96.55% | 92.96% | 268.27% | 286.26% | 298.48% | 293.21% |
| Selling, General & Admin | 55.1M | 51.77M | 43.71M | 36.28M | 34.07M | 28.74M | 25.93M | 26.35M | 13.16M | 21.87M | 12.52M | 10.25M | 11.74M |
| SG&A % of Revenue | - | 57.36% | 58.13% | 60.26% | 63.9% | 65.29% | 74.96% | 87.01% | 80.72% | 255% | 273.02% | 256.06% | 293.21% |
| Research & Development | 2.65M | 0 | 9.35M | 8.12M | 0 | 0 | 0 | 0 | 1.73M | 866K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 12.43% | 13.49% | - | - | - | - | 10.61% | 10.1% | - | - | - |
| Other Operating Expenses | 3.04M | 10.67M | 213K | 233K | 6.67M | 5.4M | 4.22M | 2.89M | 539K | 1.14M | 607K | 0 | 0 |
| Operating Income | 17.71M | 13.14M | 7.92M | 2.5M | 361K | -1.31M | -6.83M | -11.21M | -7.49M | -21.5M | -12.85M | -9.02M | -10.5M |
| Operating Margin % | 17.89% | 14.56% | 10.53% | 4.16% | 0.68% | -2.99% | -19.75% | -37.02% | -45.95% | -250.64% | -280.17% | -225.28% | -262.33% |
| Operating Income Growth % | - | 65.88% | 216.29% | 593.63% | 127.45% | 80.75% | 39.07% | -49.67% | 65.16% | -67.37% | -42.45% | 14.12% | - |
| EBITDA | 26.17M | 23.81M | 17.48M | 10.86M | 7.04M | 4.08M | -2.62M | -8.32M | -5.5M | -20.36M | -12.24M | -8.8M | -10.29M |
| EBITDA Margin % | 26.43% | 26.38% | 23.25% | 18.03% | 13.2% | 9.28% | -7.56% | -27.48% | -33.71% | -237.37% | -266.94% | -219.91% | -256.96% |
| EBITDA Growth % | 50.15% | 36.2% | 61.04% | 54.29% | 72.28% | 256.18% | 68.58% | -51.47% | 73.01% | -66.37% | -39.03% | 14.42% | - |
| D&A (Non-Cash Add-back) | 8.46M | 10.67M | 9.56M | 8.35M | 6.67M | 5.4M | 4.22M | 2.89M | 2M | 1.14M | 607K | 215K | 215K |
| EBIT | 18.83M | 14.56M | 9.32M | 3.84M | 712K | 853K | -6.83M | -11.21M | -7.49M | -21.5M | -12.85M | -9.02M | -10.5M |
| Net Interest Income | 1.12M | 1.42M | 1.4M | 1.33M | 351K | -7K | 18K | 136K | 84K | 0 | 0 | 0 | 0 |
| Interest Income | 1.12M | 1.42M | 1.4M | 1.33M | 351K | 0 | 18K | 136K | 84K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.5M | 1.42M | 1.4M | 1.33M | 351K | 2.17M | 18K | 136K | 623K | 0 | -4.05M | -1.48M | 0 |
| Pretax Income | 19.22M | 14.56M | 9.32M | 3.84M | 712K | 853K | -6.81M | -11.08M | -6.87M | -21.5M | -16.9M | -10.5M | -10.5M |
| Pretax Margin % | 19.41% | 16.13% | 12.4% | 6.38% | 1.34% | 1.94% | -19.7% | -36.57% | -42.13% | -250.64% | -368.62% | -262.33% | -262.33% |
| Income Tax | 2.84M | 1.4M | 2.32M | -9.69M | 96K | 198K | 0 | 0 | 0 | 0 | -38K | 142K | 142K |
| Effective Tax Rate % | 14.78% | 9.64% | 24.86% | -252.5% | 13.48% | 23.21% | 0% | 0% | 0% | 0% | 0.22% | -1.35% | -1.35% |
| Net Income | 16.38M | 13.15M | 7M | 13.53M | 616K | 655K | -6.81M | -11.08M | -6.87M | -21.5M | -16.86M | -10.64M | -10.64M |
| Net Margin % | 16.54% | 14.57% | 9.31% | 22.47% | 1.16% | 1.49% | -19.7% | -36.57% | -42.13% | -250.64% | -367.79% | -265.88% | -265.88% |
| Net Income Growth % | 88.06% | 87.83% | -48.24% | 2096.27% | -5.95% | 109.61% | 38.49% | -61.27% | 68.06% | -27.5% | -58.44% | 0% | - |
| Net Income (Continuing) | 16.38M | 13.15M | 7M | 13.53M | 616K | 655K | -6.81M | -11.08M | -6.87M | -21.5M | -16.86M | -10.64M | -10.64M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 1.16 | 0.91 | 0.50 | 0.96 | 0.04 | 0.05 | -0.57 | -1.02 | -0.67 | -2.08 | -1.63 | -1.03 | -1.03 |
| EPS Growth % | 90% | 82% | -47.92% | 2096.8% | -10.63% | 108.58% | 44.12% | -52.24% | 67.79% | -27.61% | -58.25% | 0% | - |
| EPS (Basic) | - | 0.94 | 0.51 | 0.97 | 0.04 | 0.05 | -0.57 | -1.02 | -0.67 | -2.08 | -1.63 | -1.03 | -1.03 |
| Diluted Shares Outstanding | 14.11M | 14.4M | 14.13M | 14.13M | 14.11M | 13.4M | 11.86M | 10.76M | 10.27M | 10.33M | 10.33M | 10.33M | 10.33M |
| Basic Shares Outstanding | 14.11M | 14.04M | 13.86M | 13.97M | 13.76M | 12.6M | 11.86M | 10.76M | 10.27M | 10.33M | 10.33M | 10.33M | 10.33M |
| Dividend Payout Ratio | - | 31.79% | 59.7% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RDVT stock.
For fiscal year 2025, Red Violet, Inc. (RDVT) reported total revenue of $90.3M. This represents a 2154.6% increase compared to $4.0M in 2014.
Red Violet, Inc. (RDVT) is profitable, generating $13.2M in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Red Violet, Inc. (RDVT) reported an operating income of $13.1M, resulting in an operating profit margin of 14.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Red Violet, Inc. (RDVT) generated $75.6M in gross profit for the year, representing a gross profit margin of 83.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory data privacy risks
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Revenue grew 22.7% year-over-year to $26.7M in 2026Q2, accelerating from 17.4% in the prior quarter, driven by continued adoption of FOREWARN and idiCORE, as reported in the latest financial statements.
The sequential acceleration from 17.4% to 22.7% suggests strengthening demand across both product lines, with FOREWARN's expansion into mortgage and financial services likely contributing. The consistent double-digit growth over the past ten quarters, with the exception of a temporary dip in 2025Q2, indicates a durable growth trajectory. Investors should monitor whether this pace is sustainable as the company scales into new verticals.
Gross Margin Expansion on Data Efficiency
Gross margin improved to 85.7% in 2026Q2, up from 78.6% in 2024Q1, reflecting the low marginal cost of the CORE platform's data processing, as per the income statement data.
The 710 basis point expansion in gross margin over the period underscores the scalability of the proprietary data fusion architecture. The dip to 94.7% in 2025Q4 appears anomalous, likely due to a one-time cost benefit, but the overall trend is upward. This suggests that the company is successfully leveraging its fixed-cost data infrastructure to drive profitability, though investors should watch for potential increases in data acquisition costs.
Operating Leverage Driving Margin Expansion
Operating margin surged to 22.8% in 2026Q2 from 1.9% in 2024Q4, as revenue growth outpaced SG&A increases, demonstrating significant operating leverage, based on reported figures.
The dramatic improvement in operating margin from 1.9% to 22.8% over six quarters indicates that SG&A costs are not scaling proportionally with revenue. While SG&A has grown in absolute terms, it has declined as a percentage of revenue, from 67.3% in 2024Q4 to 52.4% in 2026Q2. This suggests that the company is achieving efficiency in its sales and marketing efforts, likely due to the land-and-expand strategy in real estate and enterprise segments.
Earnings Quality Supported by Cash Flow
Net income of $5.0M in 2026Q2 includes $2.2M in stock-based compensation, but the 18.6% net margin appears sustainable given the strong cash generation, as disclosed in the financial statements.
Stock-based compensation represents a significant portion of net income, but the company's ability to generate positive net income consistently suggests that the underlying business is profitable. The tax rate appears stable, and there are no obvious non-operating items distorting earnings. However, investors should monitor the capitalization of software development costs, which could inflate reported earnings relative to cash flow.
Cost Discipline in SG&A and R&D
SG&A as a percentage of revenue declined to 52.4% in 2026Q2 from 67.3% in 2024Q4, while R&D was minimal, indicating disciplined expense management, as per the income statement data.
The reduction in SG&A intensity is a key driver of margin expansion, suggesting that the company is scaling efficiently. R&D expenses were reported as zero in most quarters, which may indicate that development costs are being capitalized or that the company is not investing heavily in new product development. This could be a concern for long-term growth, but it also reflects a focus on leveraging the existing CORE platform.
Regulatory and Concentration Risks
Despite strong margins, the company faces risks from increasing data privacy regulations and concentration in the real estate sector, which could pressure growth and margins, as noted in recent disclosures.
The expansion into mortgage and financial services may diversify revenue, but the core business remains sensitive to housing market cycles. Regulatory changes, such as updates to CCPA or new federal privacy laws, could increase compliance costs and restrict data usage, potentially capping margin expansion. Additionally, the lack of R&D spending may limit the company's ability to innovate and defend its moat against larger competitors like LexisNexis.