Revenue growth rebounded to 7.9% YoY in Q3 2026, with gross margin expanding to 49.5% and operating margin reaching 28.3%, reflecting strong operating leverage.
Rockwell Automation, Inc. (ROK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 8.97B | 8.34B | 8.26B | 9.06B | 7.76B | 7B | 6.33B | 6.69B | 6.66B | 6.31B | 5.88B | 6.32B | 6.63B | 6.35B | 6.26B | 6B | 4.86B | 4.33B | 5.7B | 5B | 4.56B | 5B | 4.41B | 3.99B | 3.91B | 4.29B | 4.66B | 7.04B | 6.75B | 6.37B | 5.78B |
| Revenue Growth % | 11.28% | 0.97% | -8.79% | 16.72% | 10.9% | 10.53% | -5.43% | 0.45% | 5.59% | 7.24% | -6.83% | -4.67% | 4.34% | 1.43% | 4.34% | 23.48% | 12.34% | -24.09% | 13.87% | 9.82% | -8.93% | 13.42% | 10.49% | 2.13% | -8.77% | -8.07% | -33.82% | 4.31% | 6% | 10.13% | -2.58% |
| Cost of Goods Sold | 4.08B | 4.33B | 4.58B | 5.34B | 4.66B | 4.1B | 3.39B | 3.43B | 3.39B | 3.33B | 3.11B | 3.34B | 3.58B | 3.52B | 3.49B | 3.35B | 2.72B | 2.57B | 3.16B | 2.74B | 2.51B | 2.97B | 2.73B | 2.68B | 2.67B | 3.04B | 3.11B | 4.57B | 4.45B | 4.16B | 3.8B |
| COGS % of Revenue | - | 51.86% | 55.48% | 58.96% | 60.03% | 58.59% | 53.53% | 51.3% | 50.92% | 52.83% | 52.86% | 52.91% | 54.03% | 55.47% | 55.67% | 55.87% | 55.96% | 59.39% | 55.47% | 54.79% | 55.04% | 59.37% | 61.81% | 67.15% | 68.41% | 70.88% | 66.66% | 64.89% | 65.83% | 65.35% | 65.66% |
| Gross Profit | 4.89B | 4.02B | 3.68B | 3.72B | 3.1B | 2.9B | 2.94B | 3.26B | 3.27B | 2.98B | 2.77B | 2.97B | 3.05B | 2.83B | 2.78B | 2.65B | 2.14B | 1.76B | 2.54B | 2.26B | 2.05B | 2.03B | 1.68B | 1.31B | 1.24B | 1.25B | 1.55B | 2.47B | 2.31B | 2.21B | 1.99B |
| Gross Margin % | 54.53% | 48.14% | 44.52% | 41.04% | 39.97% | 41.41% | 46.47% | 48.7% | 49.08% | 47.17% | 47.14% | 47.09% | 45.97% | 44.53% | 44.33% | 44.13% | 44.04% | 40.61% | 44.53% | 45.21% | 44.96% | 40.63% | 38.19% | 32.85% | 31.59% | 29.12% | 33.34% | 35.11% | 34.17% | 34.65% | 34.34% |
| Gross Profit Growth % | - | 9.17% | -1.04% | 19.83% | 7.05% | -1.5% | -9.77% | -0.31% | 9.87% | 7.31% | -6.73% | -2.34% | 7.69% | 1.9% | 4.83% | 23.71% | 21.84% | -30.78% | 12.17% | 10.43% | 0.78% | 20.67% | 28.46% | 6.18% | -1.04% | -19.69% | -37.16% | 7.2% | 4.53% | 11.13% | -3.26% |
| Operating Expenses | 2.95B | 2.59B | 2.41B | 2.02B | 1.77B | 2.17B | 1.85B | 1.92B | 1.96B | 1.94B | 1.79B | 1.81B | 1.86B | 1.8B | 1.75B | 1.72B | 1.52B | 1.36B | 1.63B | 1.4B | 1.29B | 1.26B | 1.18B | 967.7M | 953M | 1.04B | 1.04B | 1.61B | 1.72B | 1.55B | 1.45B |
| OpEx % of Revenue | - | 31.08% | 29.22% | 22.34% | 22.77% | 30.98% | 29.22% | 28.63% | 29.43% | 30.73% | 30.34% | 28.71% | 28.08% | 28.32% | 27.97% | 28.59% | 31.33% | 31.41% | 28.55% | 27.98% | 28.3% | 25.17% | 26.76% | 24.24% | 24.38% | 24.29% | 22.31% | 22.82% | 25.4% | 24.35% | 25% |
| Selling, General & Admin | 1.92B | 1.91B | 1.94B | 2.02B | 1.77B | 1.75B | 1.48B | 1.54B | 1.59B | 1.59B | 1.47B | 1.51B | 1.57B | 1.54B | 1.49B | 1.46B | 1.32B | 1.19B | 1.44B | 1.26B | 1.14B | 1.12B | 1.06B | 967.7M | 953M | 1.04B | 1.04B | 1.27B | 1.31B | 1.24B | 1.15B |
| SG&A % of Revenue | - | 22.94% | 23.44% | 22.34% | 22.77% | 24.94% | 23.35% | 22.96% | 23.85% | 25.21% | 24.92% | 23.85% | 23.7% | 24.21% | 23.83% | 24.35% | 27.23% | 27.48% | 25.19% | 25.12% | 25.04% | 22.4% | 24% | 24.24% | 24.38% | 24.29% | 22.31% | 18.03% | 19.34% | 19.39% | 19.8% |
| Research & Development | 1.03B | 679M | 477.3M | 529.5M | 440.9M | 422.5M | 371.5M | 378.9M | 371.8M | 348.2M | 319.3M | 307.3M | 290.1M | 260.7M | 259.1M | 254.4M | 198.9M | 170M | 191.3M | 143.1M | 148.5M | 138.6M | 121.7M | 0 | 0 | 0 | 0 | 0 | 103M | 23M | 0 |
| R&D % of Revenue | - | 8.14% | 5.78% | 5.85% | 5.68% | 6.04% | 5.87% | 5.66% | 5.58% | 5.52% | 5.43% | 4.87% | 4.38% | 4.11% | 4.14% | 4.24% | 4.09% | 3.93% | 3.36% | 2.86% | 3.26% | 2.77% | 2.76% | - | - | - | - | - | 1.53% | 0.36% | - |
| Other Operating Expenses | 0 | 0 | 0 | -529.5M | -440.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 337M | 306M | 293M | 301M |
| Operating Income | 1.95B | 1.42B | 1.26B | 1.69B | 1.34B | 729.9M | 1.09B | 1.34B | 1.31B | 1.04B | 988.1M | 1.16B | 1.19B | 1.03B | 1.02B | 932M | 617.9M | 397.9M | 910.6M | 862.2M | 759M | 773.3M | 504.2M | 345M | 282M | 251M | 947M | 866M | 592M | 830M | 881M |
| Operating Margin % | 21.69% | 17.06% | 15.3% | 18.69% | 17.21% | 10.43% | 17.25% | 20.08% | 19.65% | 16.44% | 16.79% | 18.37% | 17.89% | 16.21% | 16.37% | 15.53% | 12.72% | 9.2% | 15.98% | 17.23% | 16.66% | 15.46% | 11.43% | 8.64% | 7.21% | 5.86% | 20.32% | 12.3% | 8.77% | 13.03% | 15.23% |
| Operating Income Growth % | - | 12.54% | -25.33% | 26.81% | 82.94% | -33.15% | -18.77% | 2.63% | 26.23% | 5% | -14.86% | -2.1% | 15.13% | 0.49% | 9.94% | 50.83% | 55.29% | -56.3% | 5.61% | 13.6% | -1.85% | 53.37% | 46.14% | 22.34% | 12.35% | -73.5% | 9.35% | 46.28% | -28.67% | -5.79% | -36.89% |
| EBITDA | 2.27B | 1.75B | 1.58B | 1.94B | 1.57B | 907.8M | 1.26B | 1.5B | 1.47B | 1.21B | 1.16B | 1.32B | 1.34B | 1.17B | 1.16B | 1.06B | 745.2M | 532M | 1.05B | 980.1M | 876.4M | 944.5M | 690.9M | 543M | 488M | 523M | 1.32B | 1.2B | 898M | 1.31B | 1.42B |
| EBITDA Margin % | 25.31% | 20.95% | 19.15% | 21.46% | 20.29% | 12.97% | 19.97% | 22.35% | 22.12% | 19.12% | 19.72% | 20.95% | 20.19% | 18.5% | 18.58% | 17.72% | 15.34% | 12.3% | 18.38% | 19.59% | 19.23% | 18.88% | 15.66% | 13.6% | 12.48% | 12.21% | 28.23% | 17.08% | 13.3% | 20.63% | 24.6% |
| EBITDA Growth % | 35.19% | 10.51% | -18.62% | 23.47% | 73.41% | -28.21% | -15.49% | 1.5% | 22.2% | 3.97% | -12.3% | -1.11% | 13.88% | 1% | 9.4% | 42.69% | 40.08% | -49.19% | 6.84% | 11.83% | -7.21% | 36.71% | 27.24% | 11.27% | -6.69% | -60.26% | 9.39% | 33.96% | -31.66% | -7.66% | -27.66% |
| D&A (Non-Cash Add-back) | 325M | 325M | 317.4M | 250.4M | 238.9M | 177.9M | 172.7M | 152.2M | 164.6M | 168.9M | 172.2M | 162.5M | 152.5M | 145.2M | 138.6M | 131.3M | 127.3M | 134.1M | 136.5M | 117.9M | 117.4M | 171.2M | 186.7M | 198M | 206M | 272M | 369M | 337M | 306M | 484M | 542M |
| EBIT | 1.45B | 1.07B | 1.25B | 1.74B | 1.2B | 1.15B | 1.24B | 998M | 1.4B | 1.09B | 1.03B | 1.2B | 1.19B | 1.04B | 1.03B | 927.1M | 604.7M | 334.8M | 877.1M | 852M | 792.4M | 782.8M | 476.6M | 343.6M | 282M | 207M | 514M | 866M | 592M | 656M | 540M |
| Net Interest Income | -126M | -143M | -135.4M | -122.1M | -115.2M | -90.7M | -95.9M | -85.9M | -48.6M | -32.5M | -72.7M | -58.4M | -49.8M | -51.1M | -52.3M | -53.5M | -55.5M | -51.3M | -40.1M | -33.8M | -48.7M | -35.2M | -36.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9M | 13M | 15.6M | 9.7M | 4.4M | 1.6M | 5.5M | 11.1M | 24.4M | 19.6M | 12.7M | 10.7M | 9.5M | 9.8M | 7.8M | 6M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 135M | 156M | 151M | 131.8M | 119.6M | 92.3M | 101.4M | 97M | 73M | 52.1M | 85.4M | 69.1M | 59.3M | 60.9M | 60.1M | 59.5M | 60.5M | 60.9M | 68.2M | 63.4M | 56.6M | 45.8M | 41.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -631M | -506M | -165.3M | -84.8M | -261.7M | 796.3M | 44.3M | -443.1M | 21.2M | -100K | -45M | -33M | -51.2M | -48.7M | -58.7M | -64.4M | -73.7M | -124M | -101.7M | -73.6M | -23.2M | -36.3M | -69.3M | -47.4M | -49M | -39M | -7M | 24M | -567M | -95M | -8M |
| Pretax Income | 1.31B | 917M | 1.1B | 1.61B | 1.07B | 1.53B | 1.14B | 901M | 1.33B | 1.04B | 943.1M | 1.13B | 1.13B | 980.9M | 965.9M | 867.6M | 544.2M | 273.9M | 808.9M | 788.6M | 891.4M | 737M | 438.1M | 299M | 233M | 168M | 943M | 890M | 25M | 923M | 896M |
| Pretax Margin % | 14.66% | 10.99% | 13.3% | 17.76% | 13.83% | 21.81% | 17.95% | 13.46% | 19.97% | 16.44% | 16.03% | 17.85% | 17.12% | 15.45% | 15.43% | 14.46% | 11.2% | 6.33% | 14.2% | 15.76% | 19.56% | 14.73% | 9.93% | 7.49% | 5.96% | 3.92% | 20.23% | 12.64% | 0.37% | 14.49% | 15.49% |
| Income Tax | 224M | 168M | 151.8M | 330.5M | 154.5M | 181.9M | 112.9M | 205.2M | 795.3M | 211.7M | 213.4M | 299.9M | 307.4M | 224.6M | 228.9M | 170.5M | 103.8M | 56M | 231.3M | 219.3M | 263.3M | 218.6M | 84M | 17M | 7M | 43M | 307M | 308M | 134M | 337M | 341M |
| Effective Tax Rate % | 17.03% | 18.32% | 13.81% | 20.55% | 14.39% | 11.92% | 9.94% | 22.77% | 59.76% | 20.41% | 22.63% | 26.6% | 27.1% | 22.9% | 23.7% | 19.65% | 19.07% | 20.45% | 28.59% | 27.81% | 29.54% | 29.66% | 19.17% | 5.69% | 3% | 25.6% | 32.56% | 34.61% | 536% | 36.51% | 38.06% |
| Net Income | 1.2B | 869M | 952.5M | 1.39B | 932.2M | 1.36B | 1.02B | 695.8M | 535.5M | 825.7M | 729.7M | 827.6M | 826.8M | 756.3M | 737M | 697.8M | 464.3M | 220.7M | 577.6M | 1.49B | 607M | 540M | 414.9M | 286M | 121M | 305M | 636M | 562M | -427M | 644M | 726M |
| Net Margin % | 13.38% | 10.42% | 11.53% | 15.32% | 12.01% | 19.41% | 16.17% | 10.39% | 8.04% | 13.08% | 12.4% | 13.1% | 12.48% | 11.91% | 11.77% | 11.63% | 9.56% | 5.1% | 10.14% | 29.73% | 13.32% | 10.79% | 9.41% | 7.16% | 3.1% | 7.12% | 13.65% | 7.98% | -6.32% | 10.11% | 12.55% |
| Net Income Growth % | 23.8% | -8.77% | -31.35% | 48.83% | -31.36% | 32.7% | 47.08% | 29.93% | -35.15% | 13.16% | -11.83% | 0.1% | 9.32% | 2.62% | 5.62% | 50.29% | 110.38% | -61.79% | -61.18% | 145.11% | 12.41% | 30.15% | 45.07% | 136.36% | -60.33% | -52.04% | 13.17% | 231.62% | -166.3% | -11.29% | -2.16% |
| Net Income (Continuing) | 1.09B | 749M | 947.3M | 1.28B | 919.1M | 1.34B | 1.02B | 695.8M | 535.5M | 825.7M | 729.7M | 827.6M | 826.8M | 756.3M | 737M | 697.1M | 440.4M | 217.9M | 577.6M | 569.3M | 529.3M | 447.7M | 354.1M | 281.4M | 226M | 125M | 344M | 582M | -109M | 437M | 364M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8M | 0 | 0 | 0 | 21.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2M | 57M | 176.9M | 181.8M | 291.1M | 304.5M | 319M | 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) | 10.67 | 7.67 | 8.28 | 11.95 | 7.96 | 11.58 | 8.77 | 5.83 | 4.22 | 6.35 | 5.56 | 6.09 | 5.91 | 5.36 | 5.13 | 4.80 | 3.22 | 1.55 | 3.90 | 9.23 | 3.37 | 2.39 | 1.65 | 1.51 | 0.64 | 0.65 | 1.86 | 1.47 | -2.16 | 2.97 | 3.28 |
| EPS Growth % | 24.88% | -7.37% | -30.71% | 50.13% | -31.26% | 32.04% | 50.43% | 38.15% | -33.54% | 14.21% | -8.7% | 3.05% | 10.26% | 4.48% | 6.88% | 49.07% | 107.74% | -60.26% | -57.75% | 173.89% | 41% | 44.85% | 9.27% | 135.94% | -1.54% | -65.05% | 26.53% | 168.06% | -172.73% | -9.45% | -4.09% |
| EPS (Basic) | - | 7.69 | 8.32 | 12.03 | 8.02 | 11.69 | 8.83 | 5.88 | 4.42 | 6.43 | 5.68 | 6.25 | 6.05 | 5.44 | 5.27 | 4.92 | 3.27 | 1.55 | 3.94 | 9.37 | 3.44 | 2.45 | 1.71 | 1.54 | 0.66 | 0.66 | 1.88 | 1.49 | -2.16 | 3.01 | 3.34 |
| Diluted Shares Outstanding | 112.6M | 113.1M | 114.5M | 115.6M | 116.7M | 117.1M | 116.6M | 119.3M | 126.9M | 129.9M | 131.1M | 135.7M | 139.7M | 140.9M | 143.4M | 145.2M | 144M | 142.2M | 148.2M | 161.2M | 179.9M | 225.94M | 191.7M | 190.1M | 188.8M | 185.1M | 191.3M | 192.89M | 197.9M | 216.84M | 221.34M |
| Basic Shares Outstanding | 112.1M | 112.7M | 114M | 114.8M | 115.9M | 116M | 115.8M | 118.3M | 121.1M | 128.4M | 128.5M | 132.4M | 136.7M | 138.9M | 139.8M | 141.9M | 141.79M | 141.6M | 146.5M | 158.7M | 176.6M | 220.41M | 186M | 185.4M | 184.9M | 182.6M | 188.9M | 190.19M | 197.9M | 213.95M | 217.37M |
| Dividend Payout Ratio | - | 68.01% | 59.95% | 39.09% | 55.72% | 36.6% | 46.2% | 66.08% | 82.32% | 47.32% | 51.83% | 42.3% | 38.76% | 36.53% | 33.57% | 30.24% | 37.39% | 74.54% | 29.47% | 12.41% | 26.24% | 26.43% | 29.53% | 42.66% | 100.83% | 55.74% | 30.19% | 34.52% | - | 38.51% | 34.85% |
Quick answers to the most common questions about buying ROK stock.
For fiscal year 2025, Rockwell Automation, Inc. (ROK) reported total revenue of $8.34B. This represents a 44.2% increase compared to $5.78B in 1996.
Rockwell Automation, Inc. (ROK) is profitable, generating $869.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
Rockwell Automation, Inc. (ROK) reported an operating income of $1.42B, resulting in an operating profit margin of 17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Rockwell Automation, Inc. (ROK) generated $4.02B in gross profit for the year, representing a gross profit margin of 48.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Revenue Momentum Rebounding
Rockwell's revenue growth turned positive in 2026, with Q3 2026 up 7.9% year-over-year, following a contraction in 2024 and early 2025, as reported in the latest quarterly filings.
After a period of negative growth in 2024 and early 2025, revenue growth has accelerated for three consecutive quarters, reaching 7.9% in Q3 2026. This suggests a cyclical recovery in industrial demand, though the sustainability of this momentum remains uncertain given the prior downturn.
Gross Margin Expansion Cycle
Gross margin improved from 38.3% in Q1 2025 to 49.5% in Q3 2026, a 1,120 basis point expansion, according to the income statement data, indicating strong pricing power and cost discipline.
The gross margin trajectory shows a clear upward trend, with the most recent quarter at 49.5%, well above the peer average of around 42%. This suggests that Rockwell has been able to pass through price increases or benefit from favorable product mix, though the sustainability of such high margins warrants monitoring.
Operating Leverage Driving Profits
Operating margin expanded from 13.9% in Q4 2024 to 28.3% in Q3 2026, with operating income growing faster than revenue, as per the quarterly data, indicating significant operating leverage.
The operating margin improvement is notable, with Q3 2026 operating income of $654 million on revenue of $2.3 billion, representing a 28.3% margin. This suggests that SG&A and R&D costs are not scaling proportionally with revenue, which may indicate efficient cost management, but investors should assess whether this is sustainable as revenue growth normalizes.
Earnings Quality and SBC Volatility
Net income quality is mixed, with Q1 2026 showing a negative stock-based compensation of -$124 million, while Q3 2026 EPS grew 39.2% year-over-year, based on the reported figures.
The negative SBC in Q1 2026 is unusual and may reflect a reversal or adjustment, which could distort reported earnings. Excluding this, EPS growth appears robust, but the volatility in SBC suggests that reported net income may not fully reflect cash-based profitability. Investors should monitor the sustainability of these adjustments.
Cost Structure and R&D Investment
R&D spending was absent in several quarters, but Q4 2025 showed a spike to $679 million, while SG&A remained stable around $480 million, as per the income statement data.
The inconsistency in R&D reporting is notable, with zero R&D in most quarters but a large spike in Q4 2025. This may indicate a one-time charge or a change in accounting treatment. SG&A has been relatively stable, suggesting disciplined overhead management, but the R&D volatility could signal uneven investment in innovation.
2025 Q4 Margin Inflection
The most significant inflection occurred in Q4 2025, where gross margin jumped to 69.4% from 40.9% in the prior quarter, driven by a sharp drop in COGS, as reported in the financial statements.
The Q4 2025 gross margin spike appears anomalous, with COGS falling to $708 million from $1.3 billion in Q3 2025, while revenue rose slightly. This could be due to a one-time inventory adjustment or a change in cost allocation. The subsequent quarters show a more normalized margin around 50%, suggesting the Q4 figure was not sustainable.
What Could Invalidate the Base Case
Despite strong recent growth, the sustainability of Rockwell's margin expansion and revenue recovery is questionable, given the volatile R&D and SBC figures, as per the quarterly data.
The sharp gross margin spike in Q4 2025 and the negative SBC in Q1 2026 raise concerns about earnings quality. If these anomalies are not one-time events, reported profitability may be overstated. Additionally, the absence of R&D in most quarters could indicate underinvestment, potentially undermining long-term competitiveness. Investors should monitor whether the recent margin improvements are sustainable or if they reflect temporary cost reductions.