Operating performance has deteriorated significantly, with the company reporting a $4.5 million operating loss in 2026Q1 alongside a gross margin contraction to 22.1%.
| 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 | 1.2B | 1.14B | 1.31B | 1.38B | 1.39B | 1.34B | 1.03B | 898.23M | 1B | 986.92M | 1.01B | 1.04B | 862.09M | 827.57M | 790.06M | 766.61M | 685.07M | 834.22M | 1.23B | 1.31B | 1.3B | 1.18B | 1.01B | 758.26M | 645.11M | 616.03M | 677.54M | 621.92M | 557.9M | 449.7M | 343M |
| Revenue Growth % | -2.05% | -13.24% | -5.01% | -0.88% | 3.75% | 29.75% | 14.96% | -10.39% | 1.57% | -2.09% | -3.16% | 20.74% | 4.17% | 4.75% | 3.06% | 11.9% | -17.88% | -32.3% | -6.06% | 0.65% | 10.62% | 16.12% | 33.81% | 17.54% | 4.72% | -9.08% | 8.94% | 11.47% | 24.06% | 31.11% | 21.29% |
| Cost of Goods Sold | 895.41M | 830.31M | 948.42M | 1.02B | 1.07B | 1.05B | 774.54M | 678.34M | 760.01M | 750.37M | 763.22M | 853.9M | 722.04M | 669.47M | 640.5M | 621.49M | 566.67M | 709.24M | 996.19M | 1.08B | 1.04B | 959.75M | 804.93M | 610.15M | 517.83M | 499.94M | 520.55M | 476.49M | 443.1M | 367M | 275.5M |
| COGS % of Revenue | - | 73.12% | 72.47% | 73.73% | 77.07% | 78.35% | 75.01% | 75.52% | 75.82% | 76.03% | 75.72% | 82.04% | 83.76% | 80.9% | 81.07% | 81.07% | 82.72% | 85.02% | 80.84% | 82.51% | 79.91% | 81.46% | 79.33% | 80.47% | 80.27% | 81.16% | 76.83% | 76.62% | 79.42% | 81.61% | 80.32% |
| Gross Profit | 306.36M | 305.19M | 360.34M | 361.97M | 318.69M | 290.01M | 258.04M | 219.9M | 242.36M | 236.54M | 244.76M | 186.98M | 140.04M | 158.1M | 149.56M | 145.12M | 118.39M | 124.98M | 236.11M | 229.4M | 261.9M | 218.48M | 209.73M | 148.11M | 127.29M | 116.08M | 156.99M | 145.43M | 114.8M | 82.7M | 67.5M |
| Gross Margin % | 25.49% | 26.88% | 27.53% | 26.27% | 22.93% | 21.65% | 24.99% | 24.48% | 24.18% | 23.97% | 24.28% | 17.96% | 16.24% | 19.1% | 18.93% | 18.93% | 17.28% | 14.98% | 19.16% | 17.49% | 20.09% | 18.54% | 20.67% | 19.53% | 19.73% | 18.84% | 23.17% | 23.38% | 20.58% | 18.39% | 19.68% |
| Gross Profit Growth % | - | -15.31% | -0.45% | 13.58% | 9.89% | 12.39% | 17.34% | -9.27% | 2.46% | -3.36% | 30.91% | 33.51% | -11.42% | 5.71% | 3.06% | 22.57% | -5.27% | -47.07% | 2.93% | -12.41% | 19.87% | 4.17% | 41.6% | 16.36% | 9.65% | -26.05% | 7.95% | 26.68% | 38.81% | 22.52% | 43.92% |
| Operating Expenses | 213.58M | 182.44M | 217.32M | 211.24M | 188.59M | 193.02M | 150.85M | 139.09M | 146.84M | 143.45M | 161.62M | 134.03M | 102.49M | 113.46M | 104.67M | 108.96M | 109.54M | 116.92M | 154.64M | 148.11M | 141.59M | 120.78M | 117.09M | 89.31M | 77.13M | 78.57M | 97.09M | 89.96M | 70.3M | 50.1M | 36.8M |
| OpEx % of Revenue | - | 16.07% | 16.6% | 15.33% | 13.57% | 14.41% | 14.61% | 15.48% | 14.65% | 14.53% | 16.03% | 12.88% | 11.89% | 13.71% | 13.25% | 14.21% | 15.99% | 14.01% | 12.55% | 11.29% | 10.86% | 10.25% | 11.54% | 11.78% | 11.96% | 12.75% | 14.33% | 14.46% | 12.6% | 11.14% | 10.73% |
| Selling, General & Admin | 213.58M | 182.44M | 197.5M | 207.44M | 188.59M | 184.72M | 0 | 139.09M | 146.84M | 143.45M | 161.62M | 134.03M | 102.49M | 113.46M | 104.67M | 108.96M | 109.54M | 116.92M | 154.64M | 148.11M | 141.59M | 120.78M | 117.09M | 89.31M | 77.13M | 78.57M | 75.91M | 72.5M | 57M | 41.6M | 30.6M |
| SG&A % of Revenue | - | 16.07% | 15.09% | 15.06% | 13.57% | 13.79% | - | 15.48% | 14.65% | 14.53% | 16.03% | 12.88% | 11.89% | 13.71% | 13.25% | 14.21% | 15.99% | 14.01% | 12.55% | 11.29% | 10.86% | 10.25% | 11.54% | 11.78% | 11.96% | 12.75% | 11.2% | 11.66% | 10.22% | 9.25% | 8.92% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 900K | 60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.22% | 0.09% | 0.01% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 19.81M | 3.8M | 0 | 8.3M | 150.85M | 0 | 0 | -909K | -8.4M | 0 | 88K | 177K | 488K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.19M | 17.45M | 13.3M | 8.5M | 6.2M |
| Operating Income | 92.78M | 122.75M | 143.02M | 150.73M | 130.1M | 96.99M | 107.19M | 80.81M | 93.97M | 92.85M | 72.96M | 48.09M | -70.42M | 21.48M | 40.26M | 36.16M | -68.11M | -52.03M | 81.47M | 81.29M | 120.3M | 97.7M | 92.65M | 58.8M | 50.16M | 37.51M | 59.89M | 55.47M | 44.5M | 32.6M | 30.7M |
| Operating Margin % | 7.72% | 10.81% | 10.93% | 10.94% | 9.36% | 7.24% | 10.38% | 9% | 9.37% | 9.41% | 7.24% | 4.62% | -8.17% | 2.6% | 5.1% | 4.72% | -9.94% | -6.24% | 6.61% | 6.2% | 9.23% | 8.29% | 9.13% | 7.75% | 7.78% | 6.09% | 8.84% | 8.92% | 7.98% | 7.25% | 8.95% |
| Operating Income Growth % | - | -14.17% | -5.11% | 15.85% | 34.14% | -9.52% | 32.64% | -14% | 1.21% | 27.25% | 51.74% | 168.29% | -427.83% | -46.65% | 11.35% | 153.09% | -30.89% | -163.87% | 0.22% | -32.43% | 23.13% | 5.46% | 57.56% | 17.23% | 33.73% | -37.37% | 7.97% | 24.65% | 36.5% | 6.19% | 51.23% |
| EBITDA | 129.45M | 152.6M | 170.34M | 178.11M | 156.27M | 128.95M | 128.1M | 98.37M | 114.34M | 114.54M | 97.08M | 78.63M | -44.98M | 48.53M | 66.61M | 62.34M | -41.71M | -19.62M | 115.38M | 114.34M | 147.8M | 126.31M | 117.67M | 81.25M | 70.64M | 60.99M | 81.08M | 72.92M | 57.8M | 41.1M | 36.9M |
| EBITDA Margin % | 10.77% | 13.44% | 13.01% | 12.93% | 11.24% | 9.63% | 12.41% | 10.95% | 11.41% | 11.61% | 9.63% | 7.55% | -5.22% | 5.86% | 8.43% | 8.13% | -6.09% | -2.35% | 9.36% | 8.72% | 11.34% | 10.72% | 11.6% | 10.72% | 10.95% | 9.9% | 11.97% | 11.73% | 10.36% | 9.14% | 10.76% |
| EBITDA Growth % | -19.56% | -10.41% | -4.36% | 13.97% | 21.18% | 0.66% | 30.23% | -13.97% | -0.17% | 17.99% | 23.46% | 274.8% | -192.7% | -27.14% | 6.84% | 249.45% | -112.58% | -117.01% | 0.9% | -22.64% | 17.02% | 7.34% | 44.83% | 15.02% | 15.81% | -24.77% | 11.19% | 26.16% | 40.63% | 11.38% | 48.79% |
| D&A (Non-Cash Add-back) | 36.67M | 29.85M | 27.31M | 27.38M | 26.17M | 31.97M | 20.91M | 17.56M | 20.37M | 21.69M | 24.11M | 30.55M | 25.43M | 27.05M | 26.34M | 26.18M | 26.39M | 32.41M | 33.91M | 33.06M | 27.5M | 28.61M | 25.03M | 22.45M | 20.48M | 23.49M | 21.19M | 17.45M | 13.3M | 8.5M | 6.2M |
| EBIT | 95.67M | 126.58M | 154.32M | 151.99M | 115.54M | 101.2M | 113.06M | 80.4M | 92.01M | 98.28M | 97.27M | 52.1M | -70.33M | 21.66M | 40.75M | 36.25M | -72.56M | -37.38M | 82.19M | 81.29M | 119.37M | 82.39M | 70.41M | 58.8M | 50.16M | 37.51M | 59.89M | 55.47M | 44.5M | 32.6M | 30.7M |
| Net Interest Income | -12.1M | 0 | 6.17M | -3M | -4.05M | -1.64M | -703K | -2.32M | -10.71M | -14.03M | -14.58M | -15M | -14.42M | -22.49M | -18.58M | -19.36M | -19.71M | -23.11M | -29.23M | -31.89M | -27.32M | -25.44M | -14.24M | -14.25M | -10.4M | -16.45M | -18.94M | 0 | -11.4M | 0 | -3.8M |
| Interest Income | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.74M | 0 | -6.17M | 3M | 4.05M | 1.64M | 703K | 2.32M | 12.06M | 14.03M | 14.58M | 15M | 14.42M | 22.49M | 18.58M | 19.36M | 21.16M | 25.91M | 29.23M | 31.89M | 27.32M | 25.44M | 14.24M | 14.25M | 10.4M | 16.45M | 18.94M | 0 | 11.4M | 0 | 3.8M |
| Other Income/Expense | -9.93M | 3.83M | 30.9M | -1.74M | -18.61M | 2.57M | 569K | -2.73M | -1.2M | -14.94M | -23.5M | -11.63M | -14.33M | -22.31M | -18.09M | -19.27M | -21.08M | -25.6M | -28.51M | -30.67M | -25.9M | -9.87M | 12.84M | -14.25M | -10.4M | -16.45M | -18.94M | -13.44M | -11.5M | -5.1M | -3.9M |
| Pretax Income | 82.86M | 126.58M | 173.93M | 148.99M | 111.49M | 99.56M | 107.76M | 78.08M | 79.94M | 77.91M | 49.98M | 37.1M | -84.75M | -832K | 22.17M | 16.89M | -89.19M | -77.63M | 52.96M | 50.62M | 79.94M | 72.53M | 83.25M | 44.55M | 39.76M | 21.06M | 40.95M | 42.03M | 33M | 27.5M | 26.8M |
| Pretax Margin % | 6.89% | 11.15% | 13.29% | 10.81% | 8.02% | 7.43% | 10.44% | 8.69% | 7.98% | 7.89% | 4.96% | 3.56% | -9.83% | -0.1% | 2.81% | 2.2% | -13.02% | -9.31% | 4.3% | 3.86% | 6.13% | 6.16% | 8.2% | 5.88% | 6.16% | 3.42% | 6.04% | 6.76% | 5.92% | 6.12% | 7.81% |
| Income Tax | 18.47M | 29.02M | 36.59M | 38.46M | 29.08M | 25.05M | 24.47M | 18.15M | 16.14M | 14.94M | 16.26M | 13.62M | -2.96M | 4.8M | 9.52M | 7.67M | -15.79M | -25.76M | 19.55M | 19.51M | 30.08M | 27.84M | 32.47M | 17.6M | 15.9M | 8.53M | 16.59M | 17.02M | 13.2M | 11.1M | 10.8M |
| Effective Tax Rate % | 22.29% | 22.93% | 21.03% | 25.81% | 26.09% | 25.16% | 22.71% | 23.25% | 20.18% | 19.18% | 32.54% | 36.72% | 3.49% | -576.56% | 42.93% | 45.42% | 17.7% | 33.18% | 36.92% | 38.55% | 37.63% | 38.39% | 39% | 39.5% | 40% | 40.5% | 40.5% | 40.5% | 40% | 40.36% | 40.3% |
| Net Income | 8.97M | 97.56M | 137.34M | 110.53M | 82.41M | 75.63M | 64.57M | 65.09M | 63.81M | 62.56M | 33.67M | 23.45M | -81.82M | -5.63M | 12.64M | 16.52M | -91.07M | -52.02M | 24.07M | 13.22M | 57.27M | 43.47M | 50.78M | 26.95M | 23.85M | 12.53M | 24.36M | 25.01M | 19.8M | 16.4M | 16M |
| Net Margin % | 0.75% | 8.59% | 10.49% | 8.02% | 5.93% | 5.64% | 6.25% | 7.25% | 6.37% | 6.34% | 3.34% | 2.25% | -9.49% | -0.68% | 1.6% | 2.16% | -13.29% | -6.24% | 1.95% | 1.01% | 4.39% | 3.69% | 5% | 3.55% | 3.7% | 2.03% | 3.6% | 4.02% | 3.55% | 3.65% | 4.66% |
| Net Income Growth % | -93.28% | -28.97% | 24.25% | 34.13% | 8.96% | 17.13% | -0.81% | 2.01% | 2% | 85.78% | 43.62% | 128.66% | -1352.58% | -144.55% | -23.47% | 118.14% | -75.05% | -316.16% | 82% | -76.91% | 31.74% | -14.39% | 88.41% | 12.99% | 90.33% | -48.56% | -2.57% | 26.3% | 20.73% | 2.5% | 64.95% |
| Net Income (Continuing) | 64.39M | 97.56M | 137.34M | 110.53M | 82.41M | 74.52M | 83.29M | 59.93M | 54.11M | 62.97M | 33.72M | 23.48M | -81.79M | -5.63M | 12.65M | 9.22M | -73.4M | -41.07M | 33.41M | 31.1M | 50.17M | 37.5M | 49.71M | 26.95M | 23.85M | 12.53M | 24.36M | 25.01M | 19.8M | 16.4M | 16M |
| Discontinued Operations | -2M | 0 | 0 | 0 | 0 | 1.11M | -18.73M | 5.16M | 9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 7.31M | 0 | 0 | 0 | 0 | 0 | 5.97M | 1.07M | 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) | 0.30 | 3.25 | 4.46 | 3.59 | 2.56 | 2.29 | 1.96 | 1.99 | 1.96 | 1.94 | 1.05 | 0.74 | -2.63 | -0.18 | 0.41 | 0.54 | -3.01 | -1.73 | 0.80 | 0.44 | 1.91 | 1.46 | 1.72 | 1.18 | 0.76 | 0.65 | 1.28 | 1.30 | 1.05 | 0.87 | 0.95 |
| EPS Growth % | -93.1% | -27.13% | 24.23% | 40.23% | 11.79% | 16.84% | -1.51% | 1.53% | 1.03% | 84.76% | 41.89% | 128.14% | -1361.11% | -143.9% | -24.07% | 117.94% | -73.99% | -316.25% | 81.82% | -76.96% | 30.82% | -15.12% | 45.76% | 55.26% | 16.92% | -49.22% | -1.54% | 23.81% | 20.69% | -8.42% | 50.79% |
| EPS (Basic) | - | 3.27 | 4.50 | 3.61 | 2.57 | 2.30 | 1.98 | 2.01 | 2.00 | 1.97 | 1.07 | 0.75 | -2.63 | -0.18 | 0.41 | 0.54 | -3.01 | -1.73 | 0.80 | 0.44 | 1.93 | 1.47 | 1.73 | 1.20 | 0.77 | 0.67 | 1.29 | 1.33 | 1.06 | 0.89 | 0.95 |
| Diluted Shares Outstanding | 29.8M | 29.98M | 30.77M | 30.79M | 32.19M | 33.05M | 32.92M | 32.72M | 32.53M | 32.25M | 32.07M | 31.55M | 31.07M | 30.93M | 30.86M | 30.65M | 30.3M | 30.14M | 30.19M | 30.11M | 30.01M | 29.81M | 29.6M | 24.39M | 23.28M | 19.16M | 19.03M | 19.21M | 18.98M | 18.91M | 16.89M |
| Basic Shares Outstanding | 29.8M | 29.88M | 30.54M | 30.63M | 32.1M | 32.87M | 32.66M | 32.39M | 31.98M | 31.7M | 31.54M | 31.23M | 31.07M | 30.93M | 30.75M | 30.51M | 30.3M | 30.14M | 29.98M | 29.88M | 29.71M | 29.61M | 29.36M | 24.14M | 22.92M | 18.89M | 18.87M | 18.81M | 18.68M | 18.49M | 16.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 24.87% | 45.15% | 10.4% | 13.67% | 7.33% | 10.14% | 9.51% | 13.07% | 5.94% | 5.01% | - | - | - |
Cyclical project revenue volatility
As indicated by the provided financial data, ROCK experienced a significant revenue swing, moving from a 22.9% growth rate in 2026Q1 to a 25.5% contraction in 2025Q4, highlighting the inherent instability in the company's project-based segments compared to its more stable residential product lines.
The erratic top-line performance suggests that the company's reliance on project-based Renewables and Agtech segments introduces significant lumpiness into quarterly results. Investors should monitor whether this volatility reflects genuine demand shifts or merely the timing of project milestones and revenue recognition under percentage-of-completion accounting.
Based on reported figures, gross margins have fluctuated between 22.1% and 30.5% over the last ten quarters, suggesting that the company's ability to pass through raw material cost increases remains inconsistent in the face of shifting product mix and competitive pricing pressures in the construction sector.
The compression of gross margins during periods of revenue contraction implies that fixed costs are not being absorbed efficiently, leaving the company vulnerable to commodity price volatility. This trend warrants further investigation into whether the company's engineering-heavy products possess the pricing power necessary to maintain margins during cyclical downturns.
According to the income statement history, operating income turned negative in 2026Q1, demonstrating that the company's operating leverage is currently working against it as revenue declines fail to cover the fixed SG&A burden, which reached $83.3 million in the most recent quarter.
The sharp swing from positive operating income to a $4.5 million loss suggests that the company's cost structure is less flexible than previously assumed. Analysts should monitor whether management can successfully implement further cost-rationalization measures to protect operating margins if the current revenue contraction persists.
As reported in financial statements, net income has exhibited extreme variance, ranging from a $67.5 million loss in 2026Q1 to a $139.5 million gain in 2025Q4, which suggests that non-operating items or tax anomalies are significantly obscuring the underlying operational performance of the business.
The wide swings in net income appear to be disconnected from core operating trends, indicating that investors should focus on operating income as a more reliable proxy for performance. The lack of consistent profitability suggests that the company's earnings quality may be compromised by one-time charges or accounting adjustments.
Based on the provided data, the recent shift to negative net income and operating losses in 2026Q1 raises concerns that the company's pivot toward project-based Agtech and Renewables may be introducing more risk than the legacy residential business can effectively offset during a cyclical downturn.
Short-sellers might focus on the potential for further margin erosion if the company continues to struggle with project execution and fixed-cost absorption. The reliance on a few large-scale segments makes the company's earnings profile appear increasingly fragile in the current high-interest-rate environment.
Quick answers to the most common questions about buying ROCK stock.
For fiscal year 2025, Gibraltar Industries, Inc. (ROCK) reported total revenue of $1.14B. This represents a 231.0% increase compared to $343.0M in 1996.
Gibraltar Industries, Inc. (ROCK) is profitable, generating $97.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Gibraltar Industries, Inc. (ROCK) reported an operating income of $122.8M, resulting in an operating profit margin of 10.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Gibraltar Industries, Inc. (ROCK) generated $305.2M in gross profit for the year, representing a gross profit margin of 26.9%. This demonstrates the company's core pricing power and production efficiency.