Revenue growth has stagnated to 1.2% as of 2026Q1, while operating margins remain volatile, fluctuating from -47.4% in 2024Q3 to 39.6% in 2025Q2 due to litigation-related costs.
| 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'13 | Dec'12 |
|---|
| Sales/Revenue | 422.81M | 421.54M | 428.75M | 431.5M | 409.66M | 374.43M | 326.78M | 281.05M | 252.79M | 212.63M | 160.18M | 118.16M | 61.12M | 43.57M |
| Revenue Growth % | -0.8% | -1.68% | -0.64% | 5.33% | 9.41% | 14.58% | 16.27% | 11.18% | 18.89% | 32.75% | 35.55% | 93.32% | 40.27% | - |
| Cost of Goods Sold | 169.47M | 166.94M | 167.73M | 162.51M | 152.38M | 136.46M | 126.21M | 105.11M | 95.98M | 82.9M | 3.33M | 52.77M | 29.98M | 24.22M |
| COGS % of Revenue | - | 39.6% | 39.12% | 37.66% | 37.2% | 36.45% | 38.62% | 37.4% | 37.97% | 38.99% | 2.08% | 44.66% | 49.06% | 55.57% |
| Gross Profit | 253.33M | 254.6M | 261.02M | 268.98M | 257.28M | 237.97M | 200.57M | 175.95M | 156.81M | 129.74M | 156.84M | 65.4M | 31.14M | 19.36M |
| Gross Margin % | 59.92% | 60.4% | 60.88% | 62.34% | 62.8% | 63.55% | 61.38% | 62.6% | 62.03% | 61.01% | 97.92% | 55.34% | 50.94% | 44.43% |
| Gross Profit Growth % | - | -2.46% | -2.96% | 4.55% | 8.12% | 18.65% | 13.99% | 12.2% | 20.87% | -17.28% | 139.83% | 110.02% | 60.85% | - |
| Operating Expenses | 195M | 221.57M | 293.15M | 215.38M | 249.19M | 211.19M | 182.69M | 153.81M | 130.2M | 102.9M | 3.33M | 85.87M | 42.15M | 28.4M |
| OpEx % of Revenue | - | 52.56% | 68.37% | 49.92% | 60.83% | 56.4% | 55.9% | 54.73% | 51.5% | 48.39% | 2.08% | 72.67% | 68.96% | 65.17% |
| Selling, General & Admin | 231.1M | 226.4M | 222.82M | 215.38M | 218.38M | 192.67M | 168.03M | 158.58M | 130.2M | 102.9M | 109.15M | 85.87M | 40.28M | 24.9M |
| SG&A % of Revenue | - | 53.71% | 51.97% | 49.92% | 53.31% | 51.46% | 51.42% | 56.42% | 51.5% | 48.39% | 68.14% | 72.67% | 65.9% | 57.15% |
| Research & Development | 571K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.25M | -4.83M | 70.33M | 0 | 30.8M | 18.52M | 14.66M | -4.77M | 0 | 320K | 3.33M | -50K | 0 | 0 |
| Operating Income | 57.92M | 33.03M | -32.13M | 53.6M | 8.09M | 26.77M | 17.88M | 22.14M | 26.61M | 21.97M | -3.33M | -20.47M | -9.14M | -5.54M |
| Operating Margin % | 13.7% | 7.84% | -7.49% | 12.42% | 1.97% | 7.15% | 5.47% | 7.88% | 10.53% | 10.33% | -2.08% | -17.33% | -14.96% | -12.72% |
| Operating Income Growth % | - | 202.82% | -159.94% | 562.63% | -69.79% | 49.7% | -19.21% | -16.82% | 21.12% | 758.85% | 83.71% | -123.91% | -64.94% | - |
| EBITDA | 63.36M | 36.9M | -23.97M | 56.43M | 16.12M | 35.32M | 25.89M | 24.05M | 28.45M | 23.95M | -1.55M | -19.02M | -8.53M | -4.63M |
| EBITDA Margin % | 14.99% | 8.75% | -5.59% | 13.08% | 3.94% | 9.43% | 7.92% | 8.56% | 11.25% | 11.26% | -0.97% | -16.1% | -13.95% | -10.62% |
| EBITDA Growth % | 414.05% | 253.95% | -142.47% | 249.98% | -54.35% | 36.41% | 7.65% | -15.47% | 18.81% | 1642.94% | 91.84% | -123.12% | -84.23% | - |
| D&A (Non-Cash Add-back) | 5.44M | 3.86M | 8.16M | 2.83M | 8.03M | 8.54M | 8.01M | 1.91M | 1.84M | 1.97M | 1.78M | 1.45M | 617.98K | 916.17K |
| EBIT | 52.53M | 62M | -30.34M | 47.6M | 8.08M | 20.98M | 16.23M | 24.52M | -39.84M | -5.35M | 1.95M | -42.99M | -1.56M | -9.04M |
| Net Interest Income | -4.51M | -1.62M | -2.71M | -1.82M | -4.04M | -1.5M | -53K | -141K | -36.07M | -35.35M | -19.7M | -818K | 0 | 0 |
| Interest Income | 0 | 4.75M | 3.59M | 3.7M | 228K | 55K | 24K | 257K | 253K | 198K | 485.36K | 11K | 581.96K | 480.85K |
| Interest Expense | 3.26M | 6.37M | 6.3M | 5.52M | 4.27M | 1.55M | 77K | 398K | 36.33M | 35.55M | 485.36K | 829K | 0 | 0 |
| Other Income/Expense | -7.59M | 22.6M | -4.51M | -12.37M | -4.28M | -7.34M | -1.73M | 1.99M | -91.48M | -73.98M | -8.07M | -23.34M | -2.45M | -3.98M |
| Pretax Income | 50.33M | 55.63M | -36.64M | 41.23M | 3.81M | 19.43M | 16.16M | 24.12M | -65.97M | -51.98M | -2.86M | -43M | -11.59M | -9.52M |
| Pretax Margin % | 11.9% | 13.2% | -8.55% | 9.56% | 0.93% | 5.19% | 4.94% | 8.58% | -26.1% | -24.44% | -1.79% | -36.39% | -18.97% | -21.85% |
| Income Tax | 15.22M | 18.53M | -371K | 15.17M | 6.29M | -55.78M | 4.57M | 2.71M | -1.99M | 1.32M | -485.36K | 2.23M | 527.33K | 362.55K |
| Effective Tax Rate % | 30.25% | 33.31% | 1.01% | 36.8% | 165.18% | -287.03% | 28.28% | 11.25% | 3.02% | -2.54% | 16.96% | -5.19% | -4.55% | -3.81% |
| Net Income | 35.11M | 37.1M | -36.27M | 26.06M | -2.48M | 75.22M | 11.59M | 21.41M | -67.97M | -53.3M | -2.86M | -45.27M | -12.12M | -9.88M |
| Net Margin % | 8.3% | 8.8% | -8.46% | 6.04% | -0.61% | 20.09% | 3.55% | 7.62% | -26.89% | -25.07% | -1.79% | -38.31% | -19.83% | -22.68% |
| Net Income Growth % | 202.54% | 202.28% | -239.19% | 1150.77% | -103.3% | 549.22% | -45.88% | 131.5% | -27.52% | -1762.77% | 93.68% | -273.48% | -22.64% | - |
| Net Income (Continuing) | 35.11M | 37.1M | -36.27M | 26.06M | -2.48M | 75.22M | 11.59M | 21.41M | -63.95M | -53.3M | -12.94M | -45.27M | -12.12M | -9.88M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.37 | 0.39 | -0.40 | 0.29 | -0.03 | 0.85 | 0.16 | -0.12 | -1.11 | -1.65 | -0.12 | -8.52 | -0.12 | -0.10 |
| EPS Growth % | 198.29% | 197.5% | -237.93% | 1124.74% | -103.33% | 431.25% | 233.33% | 89.19% | 32.73% | -1275% | 98.59% | -7000% | -20% | - |
| EPS (Basic) | - | 0.40 | -0.40 | 0.29 | -0.03 | 0.89 | 0.16 | -0.12 | -1.11 | -1.65 | -0.12 | -8.52 | -0.12 | -0.10 |
| Diluted Shares Outstanding | 93.92M | 94.49M | 90.5M | 89.54M | 87.67M | 88.97M | 71.23M | 66.05M | 61.38M | 32.23M | 24.26M | 5.31M | 100.3M | 97.06M |
| Basic Shares Outstanding | 91.79M | 91.74M | 90.5M | 89.07M | 87.67M | 84.32M | 71.23M | 66.05M | 61.38M | 32.23M | 24.26M | 5.31M | 100.3M | 97.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Legal and Architectural Obsolescence
According to recent quarterly filings, RMNI's revenue trajectory has turned negative, with the most recent period showing a 1.2% growth rate that fails to offset broader contraction trends, suggesting that the company's core third-party maintenance value proposition is struggling against aggressive cloud-first modernization mandates.
The persistent inability to generate consistent top-line expansion indicates that churn among legacy ERP clients may be outpacing new customer acquisition. Investors should monitor whether this contraction is a temporary cyclical lull or a structural decline as the addressable market for on-premise support continues to shrink.
As reported in financial statements, RMNI maintains a gross margin profile hovering near 60%, yet operating margins remain highly volatile, frequently disrupted by significant litigation-related expenses that obscure the underlying profitability of the firm's specialized software support services.
The labor-intensive nature of manual bug-fixing and regulatory updates creates a high fixed-cost floor that limits operating leverage. Without a resolution to the ongoing legal overhead, the company appears structurally constrained from achieving the margin expansion typically expected of software-adjacent business models.
Based on RMNI's reported figures, the disparity between net income and operating income suggests that non-operating items, including potential tax benefits or interest income, are frequently inflating bottom-line results, thereby masking the true operational performance of the core maintenance business.
The reliance on non-operating gains to bolster net margins warrants further investigation into the sustainability of current EPS levels. Analysts should focus on operating income as the primary gauge of health, as the current earnings quality appears compromised by these recurring, yet non-core, financial adjustments.
Analysis of the income statement reveals that SG&A expenses remain elevated, often consuming a substantial portion of gross profit, which reflects the persistent financial burden of protracted legal disputes that appear to be a structural feature of the company's current operating model.
Management's expense discipline is difficult to assess given the recurring nature of these extraordinary legal costs. This spending pattern suggests that capital is being diverted toward defensive legal postures rather than reinvestment in growth initiatives, which may limit the company's ability to pivot toward new service offerings.
While the market often fixates on the binary outcomes of legal battles, the most significant risk to RMNI's income statement is the structural shift toward multi-tenant cloud environments, which may render the company's third-party support model technically obsolete regardless of legal standing.
The potential for an 'architectural lockout' suggests that the total addressable market for RMNI's services could evaporate faster than the company can adapt its business model. Investors should consider that the current revenue contraction may be an early indicator of this fundamental technological displacement.
Quick answers to the most common questions about buying RMNI stock.
For fiscal year 2025, Rimini Street, Inc. (RMNI) reported total revenue of $421.5M. This represents a 867.4% increase compared to $43.6M in 2012.
Rimini Street, Inc. (RMNI) is profitable, generating $37.1M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
Rimini Street, Inc. (RMNI) reported an operating income of $33.0M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Rimini Street, Inc. (RMNI) generated $254.6M in gross profit for the year, representing a gross profit margin of 60.4%. This demonstrates the company's core pricing power and production efficiency.