Revenue climbed from $190.5M to $236.1M over the period and operating margin turned from -33.3% in 2025Q2 to 12.7% in 2026Q3, yet gross margin of 34.2% still trails the 35.2% reached in 2024Q3, suggesting incomplete pricing and mix recovery.
Rogers Corporation (ROG) 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 | 854.9M | 810.8M | 830.1M | 908.4M | 971.2M | 932.9M | 802.58M | 898.26M | 879.09M | 821.04M | 656.31M | 641.44M | 610.91M | 537.48M | 498.76M | 553.15M | 379.19M | 291.82M | 365.36M | 431.35M | 454.56M | 356.11M | 365M | 243.33M | 219.44M | 216.04M | 248.22M | 247.8M | 216.6M | 189.7M | 141.5M |
| Revenue Growth % | 7.68% | -2.33% | -8.62% | -6.47% | 4.11% | 16.24% | -10.65% | 2.18% | 7.07% | 25.1% | 2.32% | 5% | 13.66% | 7.76% | -9.83% | 45.88% | 29.94% | -20.13% | -15.3% | -5.11% | 27.65% | -2.44% | 50% | 10.89% | 1.57% | -12.96% | 0.17% | 14.4% | 14.18% | 34.06% | 0.86% |
| Cost of Goods Sold | 575.7M | 554M | 553M | 601.3M | 650.2M | 583.8M | 510.76M | 583.97M | 568.31M | 502.47M | 406.83M | 404.48M | 376.16M | 348.05M | 338.17M | 374.07M | 242.49M | 212.55M | 251.4M | 315.72M | 311.66M | 252.97M | 251.81M | 164.79M | 150.18M | 149.18M | 165.71M | 165.6M | 150.1M | 127M | 91.5M |
| COGS % of Revenue | - | 68.33% | 66.62% | 66.19% | 66.95% | 62.58% | 63.64% | 65.01% | 64.65% | 61.2% | 61.99% | 63.06% | 61.57% | 64.75% | 67.8% | 67.63% | 63.95% | 72.83% | 68.81% | 73.19% | 68.56% | 71.04% | 68.99% | 67.72% | 68.44% | 69.05% | 66.76% | 66.83% | 69.3% | 66.95% | 64.66% |
| Gross Profit | 279.2M | 256.8M | 277.1M | 307.1M | 321M | 349.1M | 291.82M | 314.29M | 310.78M | 318.57M | 249.49M | 236.96M | 234.75M | 189.44M | 160.59M | 179.08M | 136.7M | 79.28M | 113.96M | 115.64M | 142.9M | 103.15M | 113.19M | 78.54M | 69.25M | 66.86M | 82.5M | 82.2M | 66.5M | 62.7M | 50M |
| Gross Margin % | 32.66% | 31.67% | 33.38% | 33.81% | 33.05% | 37.42% | 36.36% | 34.99% | 35.35% | 38.8% | 38.01% | 36.94% | 38.43% | 35.25% | 32.2% | 32.37% | 36.05% | 27.17% | 31.19% | 26.81% | 31.44% | 28.96% | 31.01% | 32.28% | 31.56% | 30.95% | 33.24% | 33.17% | 30.7% | 33.05% | 35.34% |
| Gross Profit Growth % | - | -7.33% | -9.77% | -4.33% | -8.05% | 19.63% | -7.15% | 1.13% | -2.45% | 27.69% | 5.28% | 0.94% | 23.92% | 17.96% | -10.32% | 31% | 72.44% | -30.44% | -1.45% | -19.08% | 38.54% | -8.87% | 44.12% | 13.41% | 3.59% | -18.96% | 0.37% | 23.61% | 6.06% | 25.4% | 1.01% |
| Operating Expenses | 197.5M | 204.7M | 252.2M | 221.8M | 176.6M | 231.9M | 224.49M | 203.81M | 198.07M | 189.44M | 168.59M | 160.71M | 153.51M | 139.32M | 134.04M | 125.84M | 109.34M | 85.94M | 104.1M | 97.84M | 98.64M | 75.76M | 78.9M | 56.97M | 52.93M | 51.82M | 53.02M | 57.9M | 46.9M | 42.3M | 36.3M |
| OpEx % of Revenue | - | 25.25% | 30.38% | 24.42% | 18.18% | 24.86% | 27.97% | 22.69% | 22.53% | 23.07% | 25.69% | 25.05% | 25.13% | 25.92% | 26.87% | 22.75% | 28.84% | 29.45% | 28.49% | 22.68% | 21.7% | 21.27% | 21.62% | 23.41% | 24.12% | 23.99% | 21.36% | 23.37% | 21.65% | 22.3% | 25.65% |
| Selling, General & Admin | 168M | 176.6M | 193.6M | 195M | 218.6M | 192.6M | 181.96M | 167.95M | 162.43M | 156.61M | 134.22M | 126.96M | 122.14M | 105.6M | 91.99M | 104.22M | 89.55M | 68.55M | 82.22M | 73.19M | 63.01M | 55.8M | 58.41M | 43.3M | 39.34M | 39.25M | 40.53M | 36.7M | 28.1M | 26.1M | 30.5M |
| SG&A % of Revenue | - | 21.78% | 23.32% | 21.47% | 22.51% | 20.65% | 22.67% | 18.7% | 18.48% | 19.07% | 20.45% | 19.79% | 19.99% | 19.65% | 18.44% | 18.84% | 23.62% | 23.49% | 22.5% | 16.97% | 13.86% | 15.67% | 16% | 17.8% | 17.93% | 18.17% | 16.33% | 14.81% | 12.97% | 13.76% | 21.55% |
| Research & Development | 27.6M | 28.1M | 34.6M | 35.7M | 35.2M | 29.9M | 29.32M | 31.68M | 33.08M | 29.55M | 28.58M | 27.64M | 22.88M | 21.65M | 19.31M | 21.62M | 19.79M | 17.39M | 21.89M | 24.66M | 24.36M | 19.96M | 20.49M | 13.66M | 13.6M | 12.57M | 12.49M | 10.8M | 10.4M | 9.6M | 0 |
| R&D % of Revenue | - | 3.47% | 4.17% | 3.93% | 3.62% | 3.21% | 3.65% | 3.53% | 3.76% | 3.6% | 4.35% | 4.31% | 3.74% | 4.03% | 3.87% | 3.91% | 5.22% | 5.96% | 5.99% | 5.72% | 5.36% | 5.6% | 5.61% | 5.62% | 6.2% | 5.82% | 5.03% | 4.36% | 4.8% | 5.06% | - |
| Other Operating Expenses | 1.9M | 0 | 24M | -8.9M | -77.2M | 9.4M | 13.2M | 4.17M | 2.57M | 3.28M | 5.79M | 6.1M | 8.49M | 12.08M | 0 | 0 | 0 | 0 | 0 | 0 | 11.27M | 0 | 0 | 0 | 0 | 0 | 0 | 10.4M | 8.4M | 6.6M | 5.8M |
| Operating Income | 81.7M | 52.1M | 24.9M | 85.3M | 144.4M | 117.2M | 67.33M | 110.48M | 112.71M | 129.14M | 80.9M | 76.25M | 81.24M | 50.12M | 49.29M | 52.8M | 27.36M | -29.57M | 9.86M | 14.26M | 44.26M | 4.74M | 34.29M | 21.57M | 14.17M | 13.05M | 29.48M | 24.3M | 19.6M | 20.4M | 13.7M |
| Operating Margin % | 9.56% | 6.43% | 3% | 9.39% | 14.87% | 12.56% | 8.39% | 12.3% | 12.82% | 15.73% | 12.33% | 11.89% | 13.3% | 9.32% | 9.88% | 9.55% | 7.21% | -10.13% | 2.7% | 3.3% | 9.74% | 1.33% | 9.39% | 8.87% | 6.46% | 6.04% | 11.88% | 9.81% | 9.05% | 10.75% | 9.68% |
| Operating Income Growth % | - | 109.24% | -70.81% | -40.93% | 23.21% | 74.06% | -39.05% | -1.98% | -12.72% | 59.63% | 6.09% | -6.14% | 62.1% | 1.67% | -6.65% | 93.01% | 192.51% | -399.83% | -30.82% | -67.79% | 834.13% | -86.18% | 58.97% | 52.19% | 8.65% | -55.75% | 21.33% | 23.98% | -3.92% | 48.91% | 5.38% |
| EBITDA | 136.2M | 106.4M | 74.3M | 136.4M | 190.3M | 160.5M | 138.76M | 159.64M | 162.78M | 173.24M | 118.74M | 110.31M | 107.51M | 76.47M | 74.77M | 79.11M | 43.47M | -11.61M | 28.26M | 39.97M | 63.79M | 21.59M | 52.36M | 35.19M | 27.75M | 26.76M | 41.99M | 34.7M | 28M | 27M | 19.5M |
| EBITDA Margin % | 15.93% | 13.12% | 8.95% | 15.02% | 19.59% | 17.2% | 17.29% | 17.77% | 18.52% | 21.1% | 18.09% | 17.2% | 17.6% | 14.23% | 14.99% | 14.3% | 11.46% | -3.98% | 7.73% | 9.27% | 14.03% | 6.06% | 14.34% | 14.46% | 12.64% | 12.39% | 16.92% | 14% | 12.93% | 14.23% | 13.78% |
| EBITDA Growth % | 1235% | 43.2% | -45.53% | -28.32% | 18.57% | 15.67% | -13.08% | -1.93% | -6.03% | 45.89% | 7.65% | 2.6% | 40.59% | 2.28% | -5.49% | 81.99% | 474.38% | -141.09% | -29.3% | -37.33% | 195.44% | -58.76% | 48.81% | 26.82% | 3.69% | -36.28% | 21.01% | 23.93% | 3.7% | 38.46% | 4.28% |
| D&A (Non-Cash Add-back) | 54.5M | 54.3M | 49.4M | 51.1M | 45.9M | 43.3M | 71.42M | 49.16M | 50.07M | 44.1M | 37.85M | 34.05M | 26.27M | 26.35M | 25.47M | 26.31M | 16.11M | 17.96M | 18.4M | 25.72M | 19.53M | 16.85M | 18.07M | 13.62M | 13.57M | 13.71M | 12.51M | 10.4M | 8.4M | 6.6M | 5.8M |
| EBIT | 74.2M | -45.1M | 48.9M | 76.4M | 67.2M | 126.6M | 80.68M | 113.74M | 113.27M | 132.42M | 86.69M | 82.36M | 89.73M | 62.19M | 49.29M | 53.92M | 40.19M | -6.67M | 9.86M | 17.79M | 44.26M | 27.39M | 36.92M | 21.57M | 16.32M | 15.04M | 29.48M | 24.3M | 19.6M | 20.4M | 13.7M |
| Net Interest Income | 1.3M | 1.7M | -800K | -10.1M | -9.55M | -2.54M | -3.94M | -7.07M | -6.63M | -6.13M | -3.93M | -4.48M | -2.95M | -3.48M | -4.3M | -4.91M | 184K | 377K | 2.95M | 2.08M | 2.35M | 911K | 260K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.3M | 2.9M | 1.4M | 1.2M | 685K | 541K | 939K | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 184K | 377K | 2.95M | 2.08M | 2.35M | 1.06M | 406K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1M | 1.2M | 2.2M | 11.3M | 10.23M | 3.08M | 4.88M | 8.68M | 6.63M | 6.13M | 3.93M | 4.48M | 2.95M | 3.48M | 4.3M | 4.91M | 0 | 0 | 0 | 0 | 0 | 150K | 146K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.5M | -97.2M | 9.4M | -9M | -4M | 9.1M | 1.2M | -55.35M | -2.12M | 3.79M | 1.38M | -10.08M | -17K | -395K | -26.64M | 1.61M | 12.83M | -14.29M | 15.24M | 10.93M | 14.07M | 7.05M | 6.39M | 13.46M | 10.63M | 7.93M | 8.15M | 1.5M | -400K | 1.6M | 3.9M |
| Pretax Income | 73.2M | -45.1M | 34.3M | 76.3M | 140.4M | 126.3M | 68.53M | 55.13M | 110.59M | 132.93M | 82.28M | 66.17M | 81.22M | 49.72M | 22.65M | 55.09M | 40.19M | -20.15M | 25.11M | 25.18M | 58.33M | 11.79M | 46.78M | 35.03M | 24.81M | 20.98M | 37.63M | 25.8M | 19.2M | 22M | 17.6M |
| Pretax Margin % | 8.56% | -5.56% | 4.13% | 8.4% | 14.46% | 13.54% | 8.54% | 6.14% | 12.58% | 16.19% | 12.54% | 10.32% | 13.3% | 9.25% | 4.54% | 9.96% | 10.6% | -6.9% | 6.87% | 5.84% | 12.83% | 3.31% | 12.82% | 14.4% | 11.31% | 9.71% | 15.16% | 10.41% | 8.86% | 11.6% | 12.44% |
| Income Tax | 27.9M | 16.7M | 8.2M | 19.7M | 23.8M | 18.2M | 18.54M | 7.81M | 22.94M | 52.47M | 34M | 19.85M | 27.81M | 11.52M | 46.48M | 11.28M | 5.62M | 42.72M | 3.49M | 3.32M | 11.88M | -4.65M | 6.68M | 8.76M | 6.2M | 5.25M | 10.91M | 7.2M | 5.4M | 5.5M | 3.7M |
| Effective Tax Rate % | 38.11% | -37.03% | 23.91% | 25.82% | 16.95% | 14.41% | 27.06% | 14.16% | 20.74% | 39.47% | 41.32% | 30% | 34.24% | 23.17% | 205.23% | 20.48% | 13.97% | -212.03% | 13.9% | 13.17% | 20.36% | -39.49% | 14.28% | 25% | 25% | 25% | 29% | 27.91% | 28.13% | 25% | 21.02% |
| Net Income | 45.3M | -61.8M | 26.1M | 56.6M | 116.6M | 108.1M | 49.99M | 47.32M | 87.65M | 80.46M | 48.28M | 46.32M | 52.88M | 37.76M | 68.69M | 37.05M | 34.57M | -62.87M | 26.52M | 22.12M | 46.46M | 16.44M | 40.1M | 26.27M | 18.61M | 15.73M | 26.72M | 18.6M | 13.8M | 16.5M | 13.9M |
| Net Margin % | 5.3% | -7.62% | 3.14% | 6.23% | 12.01% | 11.59% | 6.23% | 5.27% | 9.97% | 9.8% | 7.36% | 7.22% | 8.66% | 7.03% | 13.77% | 6.7% | 9.12% | -21.54% | 7.26% | 5.13% | 10.22% | 4.62% | 10.99% | 10.8% | 8.48% | 7.28% | 10.76% | 7.51% | 6.37% | 8.7% | 9.82% |
| Net Income Growth % | 167.71% | -336.78% | -53.89% | -51.46% | 7.86% | 116.24% | 5.64% | -46.01% | 8.94% | 66.64% | 4.24% | -12.41% | 40.05% | -45.02% | 85.36% | 7.19% | 154.99% | -337.11% | 19.85% | -52.38% | 182.58% | -59% | 52.61% | 41.21% | 18.26% | -41.12% | 43.66% | 34.78% | -16.36% | 18.7% | 6.11% |
| Net Income (Continuing) | 45.3M | -61.8M | 26.1M | 56.6M | 116.6M | 108.1M | 49.99M | 47.32M | 87.65M | 80.46M | 48.28M | 46.32M | 53.41M | 38.2M | 0 | 44.25M | 38.55M | -62.87M | 21.62M | 21.87M | 46.46M | 16.44M | 34.07M | 26.27M | 18.61M | 15.73M | 26.72M | 18.6M | 13.8M | 16.5M | 13.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102K | 0 | 0 | 0 | 0 | 0 | 256K | 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) | 2.53 | -3.36 | 1.40 | 3.03 | 6.15 | 5.73 | 2.67 | 2.53 | 4.70 | 4.34 | 2.65 | 2.48 | 2.86 | 2.16 | 4.04 | 2.21 | 2.16 | -4.01 | 1.67 | 1.32 | 2.69 | 0.98 | 2.30 | 1.77 | 1.16 | 0.98 | 1.69 | 1.23 | 0.87 | 0.53 | 0.46 |
| EPS Growth % | 169.29% | -340% | -53.8% | -50.73% | 7.33% | 114.61% | 5.53% | -46.17% | 8.29% | 63.77% | 6.85% | -13.29% | 32.41% | -46.53% | 82.81% | 2.31% | 153.87% | -340.12% | 26.52% | -50.93% | 174.49% | -57.39% | 29.94% | 52.59% | 18.37% | -42.01% | 37.4% | 41.38% | 64.15% | 15.22% | 6.98% |
| EPS (Basic) | - | -3.36 | 1.40 | 3.04 | 6.21 | 5.77 | 2.68 | 2.55 | 4.77 | 4.43 | 2.68 | 2.52 | 2.94 | 2.23 | 4.18 | 2.31 | 2.19 | -4.01 | 1.69 | 1.34 | 2.77 | 1.01 | 2.41 | 1.83 | 1.20 | 1.03 | 1.79 | 1.25 | 0.91 | 0.56 | 0.48 |
| Diluted Shares Outstanding | 17.9M | 18.4M | 18.6M | 18.7M | 18.95M | 18.86M | 18.71M | 18.71M | 18.66M | 18.55M | 18.22M | 18.68M | 18.7M | 17.77M | 16.99M | 16.74M | 16.01M | 15.69M | 15.92M | 16.75M | 17.29M | 16.72M | 16.44M | 16M | 16.02M | 16M | 15.85M | 15.11M | 15.8M | 15.09M | 14.81M |
| Basic Shares Outstanding | 17.8M | 18.4M | 18.6M | 18.6M | 18.78M | 18.73M | 18.68M | 18.57M | 18.37M | 18.15M | 17.99M | 18.37M | 18.18M | 17.2M | 16.43M | 16.04M | 15.8M | 15.69M | 15.71M | 16.56M | 16.75M | 16.31M | 16.44M | 16M | 15.47M | 15.27M | 14.9M | 14.84M | 15.2M | 15.09M | 14.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ROG stock.
For fiscal year 2025, Rogers Corporation (ROG) reported total revenue of $810.8M. This represents a 473.0% increase compared to $141.5M in 1996.
Rogers Corporation (ROG) reported a net loss of $61.8M for the fiscal year ending 2025.
Rogers Corporation (ROG) reported an operating income of $52.1M, resulting in an operating profit margin of 6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Rogers Corporation (ROG) generated $256.8M in gross profit for the year, representing a gross profit margin of 31.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and revenue decline
Metrics are mathematically derived from official filings.
Revenue Rebounds After Prolonged Contraction
According to reported quarterly figures, Rogers' revenue rose from $190.5M in 2025Q1 to $236.1M in 2026Q3, though year-over-year growth in several recent quarters remains uneven and the TTM top-line trend is still negative.
The sequential climb over the last three quarters suggests demand is recovering from the 2025 trough, but the revenue growth figures remain mixed, with 2026Q3 growth of 13.3% contrasting with earlier quarters of contraction. Investors should monitor whether this rebound reflects durable volume gains in EV power electronics and 5G rather than timing effects or inventory restocking, since the TTM decline indicates the recovery has not yet fully reversed the prior downturn.
Gross Margin Recovery Lags Prior Peak
Based on reported figures, gross margin expanded from 29.9% in 2025Q1 to 34.2% in 2026Q3, still below the 35.2% achieved in 2024Q3, indicating partial but incomplete pricing and mix recovery.
The steady gross margin improvement points to better capacity utilization and product mix as volumes returned, yet the company has not regained its 2024 peak levels. This pattern may indicate that structural pricing power in specialized laminates is intact but constrained by competitive pressure in mid-tier high-frequency materials, warranting continued observation of sequential margin progression.
Operating Leverage Emerging but Thin
As reported in financial statements, operating margin improved from negative territory in 2025Q2 to 12.7% in 2026Q3, with SG&A held roughly flat near $41-43M per quarter, suggesting operating leverage is beginning to materialize.
Because SG&A has remained stable while gross profit grew from roughly $57M to $81M per quarter, incremental revenue appears to be flowing through to operating income at a higher rate. Operating margins remain well below the high-teens levels typical of specialized materials peers, suggesting the fixed cost base still limits the magnitude of leverage.
Net Income Lags Operating Recovery
Based on EDBL-style reported figures, net margin of 9.6% in 2026Q3 trails operating margin of 12.7%, while 2025Q2 showed a large net loss of $73.6M against positive gross profit, highlighting volatility in below-the-line items.
The gap between operating and net income in several quarters suggests non-operating charges, tax effects, or merger-related items may be distorting reported earnings. Investors should treat the 2025 net losses as potentially non-recurring pending further disclosure, and should focus on whether the net-to-operating conversion stabilizes as the company moves past the failed DuPont transaction.
Recovery Could Prove Cyclical Rather Than Structural
The strongest challenge is that the 2026 rebound in revenue and margins may reflect cyclical restocking rather than durable growth, given gross margins still sit below 2024 levels and TTM revenue remains negative.
If the recent sequential gains reflect customer inventory rebuilding in telecom and automotive, margins could compress again once restocking normalizes, as seen in the 2024-2025 decline. Persistent SG&A absorption and a high fixed-cost structure mean any volume shortfall could quickly reverse operating leverage, so the sustainability of the current trajectory remains an open question.