Revenue growth moderated to 8.5% in Q2 2026 from 14.3% a year earlier, while gross margin held at 69.7%, but operating margin compressed to 27.7% from 28.8% as SG&A grew 26.7% versus revenue growth of 23.5% over two years.
Roper Technologies, Inc. (ROP) 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 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 8.28B | 7.9B | 7.04B | 6.18B | 5.37B | 4.83B | 4.85B | 5.37B | 5.19B | 4.61B | 3.79B | 3.58B | 3.55B | 3.24B | 2.99B | 2.8B | 2.39B | 2.05B | 2.31B | 2.1B | 1.7B | 1.45B | 969.76M | 657.36M | 627.03M | 586.51M | 503.81M | 407.3M | 389.2M | 298.2M | 225.7M |
| Revenue Growth % | 10.88% | 12.26% | 13.94% | 15% | 11.13% | -0.42% | -9.55% | 3.38% | 12.67% | 21.57% | 5.79% | 0.93% | 9.62% | 8.17% | 7.02% | 17.22% | 16.41% | -11.13% | 9.72% | 23.6% | 16.99% | 49.91% | 47.52% | 4.84% | 6.91% | 16.41% | 23.7% | 4.65% | 30.52% | 32.12% | 28.68% |
| Cost of Goods Sold | 2.52B | 2.43B | 2.16B | 1.87B | 1.62B | 1.43B | 1.58B | 1.94B | 1.91B | 1.74B | 1.46B | 1.42B | 1.45B | 1.36B | 1.32B | 1.28B | 1.11B | 1.01B | 1.12B | 1.04B | 839.41M | 727.32M | 484.46M | 311.22M | 290.71M | 277.54M | 222.69M | 180.8M | 183.8M | 133.4M | 101.8M |
| COGS % of Revenue | - | 30.76% | 30.7% | 30.28% | 30.14% | 29.5% | 32.62% | 36.14% | 36.83% | 37.82% | 38.46% | 39.58% | 40.78% | 41.85% | 44.15% | 45.82% | 46.56% | 49.11% | 48.48% | 49.65% | 49.36% | 50.03% | 49.96% | 47.34% | 46.36% | 47.32% | 44.2% | 44.39% | 47.23% | 44.74% | 45.1% |
| Gross Profit | 5.76B | 5.47B | 4.88B | 4.31B | 3.75B | 3.41B | 3.27B | 3.43B | 3.28B | 2.86B | 2.33B | 2.16B | 2.1B | 1.88B | 1.67B | 1.52B | 1.28B | 1.04B | 1.19B | 1.06B | 861.33M | 726.41M | 485.3M | 346.14M | 336.32M | 308.97M | 281.12M | 226.5M | 205.4M | 164.8M | 123.9M |
| Gross Margin % | 69.53% | 69.24% | 69.3% | 69.72% | 69.86% | 70.5% | 67.38% | 63.86% | 63.17% | 62.18% | 61.54% | 60.42% | 59.22% | 58.15% | 55.85% | 54.18% | 53.44% | 50.89% | 51.52% | 50.35% | 50.64% | 49.97% | 50.04% | 52.66% | 53.64% | 52.68% | 55.8% | 55.61% | 52.77% | 55.26% | 54.9% |
| Gross Profit Growth % | - | 12.17% | 13.26% | 14.77% | 10.13% | 4.18% | -4.56% | 4.5% | 14.48% | 22.83% | 7.75% | 2.99% | 11.63% | 12.63% | 10.3% | 18.86% | 22.24% | -12.22% | 12.27% | 22.88% | 18.57% | 49.68% | 40.2% | 2.92% | 8.85% | 9.91% | 24.12% | 10.27% | 24.64% | 33.01% | 24.15% |
| Operating Expenses | 3.44B | 3.24B | 2.88B | 2.56B | 2.23B | 2.07B | 2B | 1.93B | 1.88B | 1.65B | 1.27B | 1.13B | 1.1B | 1.04B | 907.63M | 855.02M | 760.83M | 647.74M | 702.13M | 620.04M | 523.67M | 461.51M | 312.78M | 238.04M | 221.49M | 210.54M | 192.93M | 148.5M | 139.3M | 103.9M | 76.6M |
| OpEx % of Revenue | - | 40.96% | 40.94% | 41.47% | 41.48% | 42.86% | 41.15% | 35.94% | 36.27% | 35.91% | 33.49% | 31.57% | 30.98% | 32.03% | 30.32% | 30.57% | 31.89% | 31.6% | 30.44% | 29.5% | 30.79% | 31.75% | 32.25% | 36.21% | 35.32% | 35.9% | 38.29% | 36.46% | 35.79% | 34.84% | 33.94% |
| Selling, General & Admin | 3.44B | 3.24B | 2.13B | 1.92B | 1.7B | 1.59B | 1.57B | 1.59B | 1.57B | 1.37B | 1.07B | 966.63M | 951.73M | 891.57M | 781.73M | 752.63M | 658.43M | 564.34M | 614.73M | 552.14M | 465.07M | 408.01M | 274.08M | 238.04M | 221.49M | 210.54M | 170.63M | 132.5M | 124.9M | 92.5M | 68.7M |
| SG&A % of Revenue | - | 40.96% | 30.31% | 31.01% | 31.62% | 32.84% | 32.42% | 29.62% | 30.17% | 29.81% | 28.34% | 26.98% | 26.81% | 27.53% | 26.11% | 26.91% | 27.59% | 27.53% | 26.65% | 26.27% | 27.35% | 28.07% | 28.26% | 36.21% | 35.32% | 35.9% | 33.87% | 32.53% | 32.09% | 31.02% | 30.44% |
| Research & Development | 0 | 0 | 748.1M | 646.1M | 529.8M | 484.8M | 423.6M | 339.1M | 317M | 281.1M | 195.4M | 164.2M | 147.9M | 145.7M | 125.9M | 102.4M | 102.4M | 83.4M | 87.4M | 67.9M | 58.6M | 53.5M | 38.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 10.63% | 10.46% | 9.86% | 10.03% | 8.73% | 6.32% | 6.11% | 6.1% | 5.16% | 4.58% | 4.17% | 4.5% | 4.21% | 3.66% | 4.29% | 4.07% | 3.79% | 3.23% | 3.45% | 3.68% | 3.99% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 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 | 22.3M | 16M | 14.4M | 11.4M | 7.9M |
| Operating Income | 2.32B | 2.24B | 2B | 1.75B | 1.52B | 1.34B | 1.27B | 1.5B | 1.4B | 1.21B | 1.06B | 1.03B | 1B | 845.66M | 764.09M | 660.54M | 514.29M | 395.4M | 486.16M | 438.35M | 337.65M | 264.9M | 172.52M | 108.1M | 114.83M | 98.43M | 88.2M | 78M | 66.1M | 60.9M | 47.3M |
| Operating Margin % | 27.97% | 28.29% | 28.37% | 28.25% | 28.38% | 27.63% | 26.24% | 27.92% | 26.9% | 26.27% | 28.05% | 28.86% | 28.24% | 26.12% | 25.52% | 23.62% | 21.55% | 19.29% | 21.08% | 20.85% | 19.85% | 18.22% | 17.79% | 16.44% | 18.31% | 16.78% | 17.51% | 19.15% | 16.98% | 20.42% | 20.96% |
| Operating Income Growth % | - | 11.95% | 14.42% | 14.48% | 14.14% | 4.88% | -15.01% | 7.3% | 15.38% | 13.84% | 2.83% | 3.15% | 18.52% | 10.68% | 15.68% | 28.44% | 30.07% | -18.67% | 10.91% | 29.82% | 27.46% | 53.55% | 59.59% | -5.86% | 16.66% | 11.6% | 13.07% | 18% | 8.54% | 28.75% | 26.47% |
| EBITDA | 3.44B | 3.11B | 2.81B | 2.5B | 2.17B | 1.95B | 1.79B | 1.91B | 1.76B | 1.55B | 1.3B | 1.24B | 1.2B | 1.03B | 914.98M | 795.22M | 634.72M | 496.39M | 584.08M | 525.81M | 414.35M | 329.02M | 213.91M | 124.48M | 130M | 125.88M | 110.49M | 94M | 80.5M | 72.3M | 55.2M |
| EBITDA Margin % | 41.58% | 39.32% | 39.91% | 40.47% | 40.48% | 40.37% | 36.8% | 35.63% | 33.95% | 33.72% | 34.34% | 34.5% | 33.7% | 31.82% | 30.57% | 28.43% | 26.6% | 24.22% | 25.32% | 25.01% | 24.36% | 22.63% | 22.06% | 18.94% | 20.73% | 21.46% | 21.93% | 23.08% | 20.68% | 24.25% | 24.46% |
| EBITDA Growth % | 16.76% | 10.61% | 12.37% | 14.98% | 11.43% | 9.24% | -6.58% | 8.51% | 13.43% | 19.39% | 5.29% | 3.33% | 16.09% | 12.62% | 15.06% | 25.29% | 27.87% | -15.01% | 11.08% | 26.9% | 25.93% | 53.82% | 71.84% | -4.25% | 3.27% | 13.93% | 17.55% | 16.77% | 11.34% | 30.98% | 27.19% |
| D&A (Non-Cash Add-back) | 1.13B | 872.2M | 812.8M | 755.2M | 650.1M | 615.9M | 512.9M | 413.9M | 366M | 343.51M | 238.3M | 202.19M | 193.89M | 184.76M | 150.89M | 134.68M | 120.43M | 101M | 97.92M | 87.46M | 76.69M | 64.13M | 41.39M | 16.38M | 15.18M | 27.45M | 22.3M | 16M | 14.4M | 11.4M | 7.9M |
| EBIT | 3.37B | 2.26B | 2.23B | 1.91B | 1.47B | 1.27B | 1.27B | 2.41B | 1.38B | 1.22B | 1.05B | 1.09B | 1B | 842.17M | 754.21M | 668.63M | 514.93M | 398.31M | 489.63M | 435.85M | 337.67M | 263.96M | 162.56M | 108.1M | 115.55M | 100.87M | 88.2M | 78M | 66.1M | 60.9M | 47.3M |
| Net Interest Income | -393.7M | -325M | -259.2M | -164.7M | -192.4M | -233.9M | -218.5M | -186.6M | -182.1M | -180.57M | -111.56M | -84.22M | -78.64M | -88.04M | -67.53M | -63.65M | -66.53M | -58.54M | -53.68M | -52.2M | -44.8M | -43.39M | -28.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 393.7M | 325M | 259.2M | 164.7M | 192.4M | 234.1M | 218.9M | 186.6M | 182.1M | 180.6M | 111.6M | 84.22M | 78.64M | 88.04M | 67.53M | 63.65M | 66.53M | 58.54M | 53.68M | 56.2M | 44.76M | 45.27M | 46.33M | 70.06M | 45.75M | 8.06M | 11.05M | 4.2M | 5.1M | 5.4M | 2.7M |
| Other Income/Expense | 660.2M | -299.3M | -29.6M | -2.1M | -242.5M | -303.7M | -222.1M | 729M | -198M | -175.52M | -122.41M | -31.47M | -80.82M | -91.53M | -77.41M | -55.55M | -65.9M | -55.63M | -50.21M | -54.7M | -44.78M | -44.33M | -38.8M | -41.81M | -19.22M | -12M | -12.27M | -5.8M | -6.5M | -5.7M | -3M |
| Pretax Income | 2.98B | 1.94B | 1.97B | 1.74B | 1.28B | 1.03B | 1.05B | 2.23B | 1.2B | 1.03B | 940.65M | 1B | 921.46M | 754.13M | 686.68M | 604.99M | 448.39M | 339.77M | 435.95M | 383.66M | 292.87M | 220.57M | 133.72M | 66.29M | 95.69M | 86.44M | 75.93M | 72.2M | 59.6M | 55.2M | 44.3M |
| Pretax Margin % | 35.94% | 24.5% | 27.95% | 28.22% | 23.87% | 21.35% | 21.66% | 41.5% | 23.09% | 22.46% | 24.82% | 27.98% | 25.96% | 23.29% | 22.94% | 21.63% | 18.79% | 16.58% | 18.9% | 18.25% | 17.22% | 15.17% | 13.79% | 10.08% | 15.26% | 14.74% | 15.07% | 17.73% | 15.31% | 18.51% | 19.63% |
| Income Tax | 471.5M | 399.8M | 417.9M | 374.7M | 296.4M | 226.6M | 225.9M | 459.5M | 254M | 62.95M | 282.01M | 306.28M | 275.42M | 215.84M | 203.32M | 177.74M | 125.81M | 100.29M | 149.44M | 133.62M | 99.55M | 67.39M | 39.86M | 18.23M | 29.66M | 30.6M | 26.65M | 24.9M | 20.3M | 18.8M | 15.4M |
| Effective Tax Rate % | 15.84% | 20.65% | 21.24% | 21.5% | 23.12% | 21.96% | 21.49% | 20.63% | 21.19% | 6.08% | 29.98% | 30.56% | 29.89% | 28.62% | 29.61% | 29.38% | 28.06% | 29.52% | 34.28% | 34.83% | 33.99% | 30.55% | 29.81% | 27.5% | 31% | 35.4% | 35.1% | 34.49% | 34.06% | 34.06% | 34.76% |
| Net Income | 2.5B | 1.54B | 1.55B | 1.36B | 1.19B | 1.1B | 949.7M | 1.77B | 944.4M | 971.77M | 658.64M | 696.07M | 646.03M | 538.29M | 483.36M | 427.25M | 322.58M | 239.48M | 286.51M | 250.03M | 193.32M | 153.18M | 93.85M | 45.24M | 40.05M | 55.84M | 49.28M | 47.3M | 39.3M | 36.4M | 28.9M |
| Net Margin % | 30.24% | 19.44% | 22.01% | 22.08% | 22.12% | 22.69% | 19.56% | 32.94% | 18.19% | 21.09% | 17.38% | 19.43% | 18.2% | 16.62% | 16.15% | 15.27% | 13.52% | 11.68% | 12.42% | 11.89% | 11.37% | 10.54% | 9.68% | 6.88% | 6.39% | 9.52% | 9.78% | 11.61% | 10.1% | 12.21% | 12.8% |
| Net Income Growth % | 62.66% | -0.84% | 13.56% | 14.8% | 8.36% | 15.48% | -46.28% | 87.2% | -2.82% | 47.54% | -5.38% | 7.74% | 20.02% | 11.36% | 13.13% | 32.45% | 34.7% | -16.42% | 14.59% | 29.33% | 26.21% | 63.21% | 107.46% | 12.95% | -28.27% | 13.31% | 4.18% | 20.36% | 7.97% | 25.95% | 24.03% |
| Net Income (Continuing) | 2.5B | 1.54B | 1.55B | 1.37B | 985.6M | 805.3M | 825.5M | 1.77B | 944.4M | 971.77M | 658.64M | 696.07M | 646.03M | 538.29M | 483.36M | 427.25M | 322.58M | 239.48M | 286.51M | 250.03M | 193.32M | 153.18M | 93.85M | 48.06M | 66.44M | 57.41M | 49.28M | 47.3M | 39.3M | 36.4M | 28.9M |
| Discontinued Operations | 0 | 0 | 0 | -4.1M | 202.8M | 291.4M | 124.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 24.41 | 14.20 | 14.35 | 12.70 | 11.13 | 10.30 | 8.98 | 16.82 | 9.05 | 9.39 | 6.43 | 6.85 | 6.40 | 5.37 | 4.86 | 4.34 | 3.34 | 2.58 | 3.06 | 2.68 | 2.13 | 1.74 | 1.24 | 0.71 | 0.32 | 0.45 | 0.79 | 0.77 | 0.62 | 0.29 | 0.12 |
| EPS Growth % | 68.66% | -1.05% | 12.97% | 14.16% | 8.06% | 14.61% | -46.59% | 85.95% | -3.66% | 46.03% | -6.13% | 7.03% | 19.18% | 10.49% | 11.98% | 29.94% | 29.46% | -15.69% | 14.18% | 25.82% | 22.41% | 40.32% | 74.65% | 121.88% | -28.89% | -43.04% | 2.6% | 24.19% | 113.79% | 141.67% | 24.61% |
| EPS (Basic) | - | 14.31 | 14.47 | 12.80 | 11.22 | 10.42 | 9.08 | 17.02 | 9.15 | 9.51 | 6.50 | 6.92 | 6.47 | 5.43 | 4.95 | 4.45 | 3.42 | 2.64 | 3.20 | 2.83 | 2.23 | 1.79 | 1.26 | 0.72 | 0.32 | 0.46 | 0.81 | 0.78 | 0.64 | 0.30 | 0.12 |
| Diluted Shares Outstanding | 102.6M | 107.8M | 108M | 107.4M | 106.8M | 106.5M | 105.7M | 105.1M | 104.4M | 103.52M | 102.46M | 101.6M | 100.88M | 100.21M | 99.56M | 98.39M | 96.65M | 92.82M | 93.7M | 93.23M | 90.88M | 87.88M | 75.66M | 63.98M | 63.73M | 63.19M | 62.36M | 61.98M | 63.43M | 61.84M | 60.64M |
| Basic Shares Outstanding | 102.3M | 107.2M | 107.1M | 106.6M | 105.9M | 105.3M | 104.6M | 103.9M | 103.2M | 102.17M | 101.29M | 100.62M | 99.92M | 99.12M | 97.7M | 95.96M | 94.24M | 90.69M | 89.47M | 88.39M | 86.84M | 85.5M | 74.44M | 63.15M | 62.34M | 61.44M | 60.91M | 60.54M | 62M | 61.84M | 60.64M |
| Dividend Payout Ratio | - | 23.11% | 20.78% | 21.27% | 22.07% | 21.56% | 22.54% | 10.84% | 18.01% | 14.69% | 18.39% | 14.41% | 12.36% | 9.12% | 14.46% | 9.85% | 11.07% | 12.45% | 9.04% | 9.18% | 10.55% | 11.85% | 15.13% | 25.95% | 25.76% | 16.53% | 17.32% | 16.7% | 18.83% | 16.48% | 16.61% |
Quick answers to the most common questions about buying ROP stock.
For fiscal year 2025, Roper Technologies, Inc. (ROP) reported total revenue of $7.90B. This represents a 3401.3% increase compared to $225.7M in 1996.
Roper Technologies, Inc. (ROP) is profitable, generating $1.54B in net income for the fiscal year ending 2025 with a net profit margin of 19.4%.
Roper Technologies, Inc. (ROP) reported an operating income of $2.24B, resulting in an operating profit margin of 28.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Roper Technologies, Inc. (ROP) generated $5.47B in gross profit for the year, representing a gross profit margin of 69.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Organic growth below expectations
Metrics are mathematically derived from official filings.
Revenue Growth Steadies Amid Portfolio Shift
ROP's revenue growth has moderated to 8.5% in Q2 2026 from 14.3% a year earlier, per reported figures, reflecting a maturing software portfolio and the recent divestiture of industrial units.
The deceleration in revenue growth from 14.3% in Q3 2025 to 8.5% in Q2 2026 suggests that the pivot to software is yielding lower organic expansion than prior acquisition-driven spurts. Management's commentary of 5% organic growth indicates that M&A contributions are masking a softer underlying trend, which investors should monitor for durability.
Gross Margin Stability Masks Mix Shift
Gross margin has held near 69-70% over the past ten quarters, as reported in financial statements, indicating that the software-heavy mix is sustaining pricing power despite slower growth.
The consistency of gross margin around 69% suggests that ROP's niche software retains pricing power, but the lack of expansion implies that the mix shift toward software is not yet driving incremental margin gains. This could reflect higher cloud-related costs or competitive pricing pressures in certain verticals, warranting further investigation into segment-level margins.
Operating Leverage Fades as SG&A Scales
Operating margin has compressed from 28.8% in Q2 2024 to 27.7% in Q2 2026, as SG&A growth outpaced revenue, based on reported figures, indicating reduced operating leverage.
While revenue grew 8.5% year-over-year in Q2 2026, SG&A increased at a similar pace, preventing operating income from scaling faster. This suggests that ROP is investing in sales and administrative capabilities to support its software transition, but the lack of operating leverage may limit margin expansion in the near term.
EPS Volatility Driven by Non-Operating Items
Net income swung from $508.9M in Q1 2026 to $1.2B in Q2 2026, per reported data, with EPS of $11.48 versus $4.87, indicating significant non-operating gains or tax benefits.
The dramatic quarter-over-quarter jump in net income and EPS, despite stable operating income, suggests that Q2 2026 included a large one-time gain, possibly from the divestiture of industrial businesses. Investors should adjust for these items to assess underlying earnings power, as the reported EPS is not indicative of recurring profitability.
SG&A Discipline Under Scrutiny
SG&A expenses have risen from $699.1M in Q2 2024 to $885.5M in Q2 2026, a 26.7% increase, as reported in financial statements, outpacing revenue growth of 23.5% over the same period.
The disproportionate growth in SG&A relative to revenue suggests that ROP is investing heavily in its commercial organization, possibly to drive organic growth or integrate acquisitions. While this may be intentional, it is compressing operating margins and warrants monitoring for efficiency gains in coming quarters.
Organic Growth Shortfall Could Pressure Multiple
Despite a 9% total revenue increase in Q2 2026, organic growth of 5% per management commentary lags analyst expectations for high single digits, as noted in recent reports, suggesting core software may be maturing.
If organic growth continues to underperform, the market may re-rate ROP from a high-growth software compounder to a slower-growing industrial, compressing its valuation multiple. The reliance on acquisitions to sustain growth, coupled with rising competition for assets, could further dilute returns on invested capital.