Revenue growth remains inconsistent, fluctuating between a 3.0% increase in 2025Q2 and an 8.9% expansion in 2026Q3, while operating margins have shown significant variance, dropping to as low as 4.5% in 2025Q3.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 7.71B | 7.37B | 7.34B | 7.26B | 6.71B | 6.11B | 5.51B | 5.56B | 5.32B | 4.96B | 4.81B | 4.59B | 4.38B | 4.08B | 3.78B | 3.38B | 3.41B | 3.37B | 3.64B | 3.34B | 3.01B | 2.56B | 2.34B | 2.08B | 1.99B | 2.01B | 1.95B | 1.71B | 1.62B | 1.35B | 1.14B |
| Revenue Growth % | 5.68% | 0.51% | 1.09% | 8.18% | 9.85% | 10.88% | -1.03% | 4.56% | 7.33% | 3% | 4.77% | 4.99% | 7.3% | 7.97% | 11.7% | -0.9% | 1.32% | -7.56% | 9.14% | 10.98% | 17.71% | 9.15% | 12.39% | 4.9% | -1.08% | 2.74% | 14.13% | 6% | 19.61% | 18.84% | 11.74% |
| Cost of Goods Sold | 4.52B | 4.32B | 4.32B | 4.51B | 4.3B | 3.7B | 3.4B | 3.3B | 3.14B | 2.79B | 2.73B | 2.65B | 2.5B | 2.38B | 2.24B | 1.98B | 1.98B | 2.02B | 2.15B | 1.98B | 1.76B | 1.45B | 1.28B | 1.13B | 1.07B | 1.13B | 1.02B | 865M | 834.9M | 701.3M | 607.2M |
| COGS % of Revenue | - | 58.62% | 58.9% | 62.13% | 64.11% | 60.59% | 61.7% | 59.35% | 59.01% | 56.32% | 56.64% | 57.75% | 57.14% | 58.25% | 59.17% | 58.58% | 57.94% | 59.83% | 58.87% | 59.25% | 58.54% | 56.7% | 54.51% | 54.18% | 54.07% | 56.17% | 52.22% | 50.52% | 51.69% | 51.93% | 53.43% |
| Gross Profit | 3.19B | 3.05B | 3.01B | 2.75B | 2.41B | 2.41B | 2.11B | 2.26B | 2.18B | 2.17B | 2.09B | 1.94B | 1.88B | 1.7B | 1.54B | 1.4B | 1.44B | 1.35B | 1.5B | 1.36B | 1.25B | 1.11B | 1.07B | 954.55M | 912.22M | 879.98M | 933.64M | 847.2M | 780.4M | 649.2M | 529.2M |
| Gross Margin % | 41.36% | 41.38% | 41.1% | 37.87% | 35.89% | 39.41% | 38.3% | 40.65% | 40.99% | 43.68% | 43.36% | 42.25% | 42.86% | 41.75% | 40.83% | 41.42% | 42.06% | 40.17% | 41.13% | 40.75% | 41.46% | 43.3% | 45.49% | 45.82% | 45.93% | 43.83% | 47.78% | 49.48% | 48.31% | 48.07% | 46.57% |
| Gross Profit Growth % | - | 1.19% | 9.7% | 14.13% | 0.04% | 14.11% | -6.75% | 3.7% | 0.72% | 3.77% | 7.5% | 3.5% | 10.16% | 10.4% | 10.09% | -2.4% | 6.08% | -9.71% | 10.15% | 9.07% | 12.73% | 3.88% | 11.59% | 4.64% | 3.66% | -5.75% | 10.2% | 8.56% | 20.21% | 22.68% | 11.95% |
| Operating Expenses | 2.26B | 2.14B | 2.13B | 1.96B | 1.78B | 1.68B | 1.55B | 1.77B | 1.65B | 1.64B | 1.52B | 1.45B | 1.39B | 1.31B | 1.16B | 1.06B | 1.11B | 1.1B | 1.13B | 1.02B | 938.3M | 829.45M | 818.64M | 739.99M | 717.63M | 713.28M | 758.12M | 654.8M | 594.2M | 480.9M | 383.5M |
| OpEx % of Revenue | - | 29.08% | 29.06% | 26.96% | 26.5% | 27.49% | 28.23% | 31.74% | 31.07% | 33.08% | 31.6% | 31.62% | 31.76% | 32.1% | 30.6% | 31.23% | 32.4% | 32.55% | 30.89% | 30.58% | 31.19% | 32.45% | 34.96% | 35.52% | 36.13% | 35.53% | 38.8% | 38.24% | 36.79% | 35.61% | 33.75% |
| Selling, General & Admin | 2.14B | 2.04B | 2.04B | 1.96B | 1.7B | 1.6B | 1.48B | 1.6B | 1.5B | 1.64B | 1.47B | 1.4B | 1.34B | 1.25B | 1.11B | 1.02B | 1.06B | 1.06B | 1.09B | 986.18M | 906M | 800.54M | 818.64M | 739.99M | 717.63M | 713.28M | 678.97M | 592.7M | 537.2M | 429.8M | 340.9M |
| SG&A % of Revenue | - | 27.65% | 27.77% | 26.96% | 25.3% | 26.22% | 26.84% | 28.68% | 28.16% | 33.15% | 30.62% | 30.38% | 30.52% | 30.75% | 29.39% | 30.02% | 31.19% | 31.36% | 29.79% | 29.54% | 30.12% | 31.32% | 34.96% | 35.52% | 36.13% | 35.53% | 34.75% | 34.62% | 33.26% | 31.83% | 30% |
| Research & Development | 94.7M | 94.7M | 92.2M | 0 | 80.5M | 77.6M | 76.5M | 71.6M | 69.7M | 64.9M | 61.5M | 56.7M | 54.6M | 49.3M | 45.4M | 40.9M | 41.3M | 40.1M | 40.2M | 34.7M | 32.3M | 28.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.28% | 1.26% | - | 1.2% | 1.27% | 1.39% | 1.29% | 1.31% | 1.31% | 1.28% | 1.23% | 1.25% | 1.21% | 1.2% | 1.21% | 1.21% | 1.19% | 1.1% | 1.04% | 1.07% | 1.13% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 11.1M | 1.9M | 0 | 0 | 0 | 0 | 98.53M | 85.26M | -68.5M | -14.5M | 0 | 0 | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79.15M | 62.1M | 57M | 51.1M | 42.6M |
| Operating Income | 925.08M | 906.34M | 883.26M | 781.62M | 630.01M | 728.09M | 554.43M | 495.73M | 527.77M | 525.77M | 566.07M | 503.23M | 485.64M | 393.48M | 386.55M | 344.8M | 329.49M | 256.58M | 373.02M | 339.57M | 309.07M | 277.11M | 217.62M | 47.85M | 154.12M | 101.49M | 71.76M | 159.7M | 149.5M | 135.7M | 119.9M |
| Operating Margin % | 11.99% | 12.29% | 12.04% | 10.77% | 9.39% | 11.92% | 10.07% | 8.91% | 9.92% | 10.6% | 11.76% | 10.95% | 11.1% | 9.65% | 10.23% | 10.2% | 9.65% | 7.62% | 10.24% | 10.17% | 10.27% | 10.84% | 9.29% | 2.3% | 7.76% | 5.05% | 3.67% | 9.33% | 9.26% | 10.05% | 10.55% |
| Operating Income Growth % | - | 2.61% | 13% | 24.07% | -13.47% | 31.32% | 11.84% | -6.07% | 0.38% | -7.12% | 12.49% | 3.62% | 23.42% | 1.79% | 12.11% | 4.64% | 28.42% | -31.21% | 9.85% | 9.87% | 11.53% | 27.34% | 354.76% | -68.95% | 51.87% | 41.42% | -55.07% | 6.82% | 10.17% | 13.18% | 12.16% |
| EBITDA | 1.13B | 1.1B | 1.05B | 936.57M | 783.09M | 874.95M | 711.27M | 637.47M | 656.27M | 642.54M | 677.11M | 602.4M | 575.71M | 477.23M | 460.25M | 417.55M | 413.75M | 341.73M | 458.38M | 421.18M | 383.37M | 343.1M | 280.89M | 106.53M | 210.98M | 182.98M | 150.91M | 221.8M | 206.5M | 186.8M | 162.5M |
| EBITDA Margin % | 14.71% | 14.92% | 14.38% | 12.91% | 11.67% | 14.33% | 12.92% | 11.46% | 12.33% | 12.96% | 14.07% | 13.11% | 13.15% | 11.7% | 12.18% | 12.35% | 12.12% | 10.15% | 12.58% | 12.61% | 12.74% | 13.42% | 12% | 5.11% | 10.62% | 9.11% | 7.72% | 12.95% | 12.78% | 13.83% | 14.3% |
| EBITDA Growth % | 6.12% | 4.33% | 12.59% | 19.6% | -10.5% | 23.01% | 11.58% | -2.86% | 2.14% | -5.11% | 12.4% | 4.64% | 20.64% | 3.69% | 10.23% | 0.92% | 21.07% | -25.45% | 8.83% | 9.86% | 11.74% | 22.15% | 163.68% | -49.51% | 15.3% | 21.25% | -31.96% | 7.41% | 10.55% | 14.95% | 13% |
| D&A (Non-Cash Add-back) | 209.55M | 193.84M | 171.25M | 154.95M | 153.07M | 146.86M | 156.84M | 141.74M | 128.5M | 116.77M | 111.04M | 99.18M | 90.07M | 83.74M | 73.7M | 72.75M | 84.25M | 85.14M | 85.37M | 81.61M | 74.3M | 65.99M | 63.28M | 58.67M | 56.86M | 81.49M | 79.15M | 62.1M | 57M | 51.1M | 42.6M |
| EBIT | 936.94M | 889.3M | 905.81M | 768.4M | 691.46M | 750.46M | 508.77M | 442.24M | 521.6M | 341.29M | 575.15M | 540.87M | 505.44M | 256.74M | 400.33M | 360.48M | 327.73M | 235.33M | 99.32M | 365.57M | -74.63M | 204.11M | 246.56M | 214.56M | 194.59M | 166.69M | 175.52M | 192.38M | 186.2M | 168.3M | 145.7M |
| Net Interest Income | -87.73M | -83.21M | -97.02M | -111.53M | -80.83M | -79.1M | -95.69M | -97.51M | -99.54M | -92.33M | -85.71M | -79.31M | -74.62M | -73.03M | -67.01M | -60.37M | -55.24M | -48.52M | -46.96M | -47.03M | -41.34M | -35.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22.49M | 13.34M | 20.95M | 7.48M | 3.82M | 2.92M | 5.31M | 4.88M | 5M | 4.62M | 5.97M | 8.3M | 6.33M | 6.81M | 5.03M | 5.06M | 4.04M | 5.93M | 13.3M | 11M | 6.5M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 110.22M | 96.54M | 117.97M | 119.02M | 84.66M | 82.02M | 101M | 102.39M | 104.55M | 96.95M | 91.68M | 87.61M | 80.95M | 79.85M | 72.05M | 65.43M | 59.27M | 54.46M | 60.26M | 58.03M | 47.84M | 40.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -98.36M | -113.58M | -95.42M | -132.24M | -23.21M | -59.65M | -146.66M | -155.88M | -110.72M | -281.44M | -82.61M | -49.97M | -61.15M | -216.59M | -58.26M | -49.74M | -61.04M | -75.72M | -333.96M | -32.03M | -431.54M | -113.38M | -28.95M | -166.71M | -40.46M | -65.2M | -103.76M | -32.78M | -36.7M | -32.6M | -25.8M |
| Pretax Income | 826.73M | 792.76M | 787.84M | 649.38M | 606.8M | 668.44M | 407.76M | 339.85M | 417.05M | 244.33M | 483.47M | 453.25M | 424.49M | 176.89M | 328.29M | 295.05M | 268.45M | 180.87M | 39.05M | 307.54M | -122.47M | 163.73M | 217.62M | 47.85M | 154.12M | 101.49M | 71.76M | 159.7M | 149.5M | 135.7M | 119.9M |
| Pretax Margin % | 10.72% | 10.75% | 10.74% | 8.95% | 9.05% | 10.95% | 7.4% | 6.11% | 7.84% | 4.93% | 10.04% | 9.87% | 9.7% | 4.34% | 8.69% | 8.72% | 7.87% | 5.37% | 1.07% | 9.21% | -4.07% | 6.41% | 9.29% | 2.3% | 7.76% | 5.05% | 3.67% | 9.33% | 9.26% | 10.05% | 10.55% |
| Income Tax | 159.79M | 102.43M | 198.4M | 169.65M | 114.33M | 164.94M | 102.68M | 72.16M | 77.79M | 59.66M | 126.01M | 224.93M | 118.5M | 67.04M | 94.53M | 91.89M | 87.33M | 61.25M | -8.65M | 99.25M | -46.27M | 58.7M | 75.73M | 12.53M | 52.57M | 38.53M | 30.77M | 65.1M | 61.7M | 57.4M | 51M |
| Effective Tax Rate % | 19.33% | 12.92% | 25.18% | 26.12% | 18.84% | 24.68% | 25.18% | 21.23% | 18.65% | 24.42% | 26.06% | 49.62% | 27.92% | 37.9% | 28.79% | 31.14% | 32.53% | 33.87% | -22.16% | 32.27% | 37.78% | 35.85% | 34.8% | 26.18% | 34.11% | 37.96% | 42.88% | 40.76% | 41.27% | 42.3% | 42.54% |
| Net Income | 665.93M | 688.69M | 588.4M | 478.69M | 491.48M | 502.64M | 304.38M | 266.56M | 337.77M | 181.82M | 354.73M | 239.48M | 291.66M | 98.6M | 215.94M | 189.06M | 180.04M | 119.62M | 47.71M | 208.29M | -76.2M | 105.03M | 141.89M | 35.33M | 101.55M | 62.96M | 40.99M | 94.6M | 87.8M | 78.3M | 68.9M |
| Net Margin % | 8.63% | 9.34% | 8.02% | 6.6% | 7.33% | 8.23% | 5.53% | 4.79% | 6.35% | 3.67% | 7.37% | 5.21% | 6.66% | 2.42% | 5.72% | 5.59% | 5.28% | 3.55% | 1.31% | 6.24% | -2.53% | 4.11% | 6.06% | 1.7% | 5.11% | 3.14% | 2.1% | 5.53% | 5.44% | 5.8% | 6.06% |
| Net Income Growth % | 3.48% | 17.04% | 22.92% | -2.6% | -2.22% | 65.13% | 14.19% | -21.08% | 85.77% | -48.74% | 48.12% | -17.89% | 195.79% | -54.34% | 14.22% | 5.01% | 50.51% | 150.72% | -77.09% | 373.33% | -172.55% | -25.97% | 301.64% | -65.21% | 61.3% | 53.59% | -56.67% | 7.74% | 12.13% | 13.64% | 12.77% |
| Net Income (Continuing) | 666.94M | 690.33M | 589.44M | 479.73M | 492.47M | 503.5M | 305.08M | 267.69M | 339.26M | 184.67M | 357.46M | 228.33M | 305.98M | 109.85M | 233.76M | 203.17M | 181.13M | 119.62M | 47.71M | 208.29M | -76.2M | 105.03M | 141.89M | 35.33M | 101.55M | 62.96M | 40.99M | 94.55M | 87.8M | 78.3M | 68.9M |
| Discontinued Operations | 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 |
| Minority Interest | 1.47M | 1.43M | 1.34M | 2.16M | 1.4M | 1.96M | 2.22M | 2.65M | 2.77M | 2.64M | 2.41M | 2.07M | 195.75M | 154.07M | 130.33M | 124.2M | 81.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.21 | 5.35 | 4.56 | 3.72 | 3.79 | 3.87 | 2.34 | 1.98 | 2.46 | 1.36 | 2.63 | 1.78 | 2.18 | 0.74 | 1.65 | 1.45 | 1.39 | 0.93 | 0.39 | 1.64 | -0.65 | 0.86 | 1.16 | 0.30 | 0.97 | 0.62 | 0.38 | 0.86 | 0.84 | 0.76 | 0.69 |
| EPS Growth % | 4.01% | 17.32% | 22.58% | -1.85% | -2.07% | 65.38% | 18.18% | -19.51% | 80.88% | -48.29% | 47.75% | -18.35% | 194.59% | -55.15% | 13.79% | 4.32% | 49.46% | 138.46% | -76.22% | 352.31% | -175.58% | -25.86% | 286.67% | -69.07% | 56.45% | 63.16% | -55.81% | 2.38% | 10.53% | 10.14% | 6.15% |
| EPS (Basic) | - | 5.38 | 4.58 | 3.74 | 3.81 | 3.89 | 2.35 | 2.04 | 2.57 | 1.37 | 2.70 | 1.81 | 2.20 | 0.75 | 1.65 | 1.46 | 1.40 | 0.95 | 0.40 | 1.76 | -0.65 | 0.90 | 1.23 | 0.31 | 0.97 | 0.62 | 0.38 | 0.87 | 0.89 | 0.81 | 0.72 |
| Diluted Shares Outstanding | 127.71M | 128.2M | 128.34M | 128.82M | 129.58M | 128.93M | 129.97M | 134.33M | 137.17M | 135.16M | 136.72M | 134.89M | 132.29M | 129.8M | 128.72M | 128.07M | 127.73M | 128.25M | 130.54M | 128.71M | 116.84M | 126.36M | 122.32M | 117.76M | 104.42M | 102.2M | 107.22M | 109.94M | 104.52M | 103.03M | 99.86M |
| Basic Shares Outstanding | 127.16M | 127.57M | 127.77M | 127.51M | 127.95M | 128.33M | 128.47M | 130.55M | 131.18M | 130.66M | 129.38M | 129.93M | 129.44M | 128.96M | 128.13M | 127.4M | 127.05M | 126.37M | 120.15M | 118.18M | 116.84M | 116.9M | 115.78M | 115.29M | 104.42M | 102.2M | 107.22M | 108.67M | 98.65M | 96.67M | 95.69M |
| Dividend Payout Ratio | - | 37.11% | 39.41% | 44.69% | 41.59% | 38.74% | 60.81% | 68.06% | 49.58% | 86.21% | 40.69% | 56.86% | 43.11% | 119.31% | 51.94% | 57.43% | 58.56% | 85.14% | 189.98% | 39.42% | - | 65.63% | 44.86% | 167.4% | 51.61% | 80.38% | 126.61% | 53.33% | 49.54% | 50.7% | 53.27% |
Cyclical Construction Demand Exposure
According to the provided quarterly income statements, RPM's revenue growth remains inconsistent, fluctuating between a 3.0% increase in 2025Q2 and an 8.9% expansion in 2026Q3, suggesting that the firm's top-line performance is heavily tethered to seasonal construction cycles rather than consistent organic demand acceleration.
The revenue trajectory appears to be characterized by periodic spikes that mask underlying stagnation in core industrial segments. Investors should monitor whether the recent 8.9% growth in 2026Q3 represents a sustainable shift or merely a temporary recovery from the contraction observed in previous periods.
As reported in financial statements, RPM's gross margin has oscillated between 38.4% and 42.5% over the last ten quarters, indicating that the company's specialty chemical portfolio remains susceptible to raw material price volatility despite its focus on high-margin, specification-driven industrial applications.
The fluctuation in gross margins suggests that while RPM possesses some pricing power, it is not immune to the inflationary pressures inherent in petrochemical derivatives. The inability to maintain a consistent margin profile above 42% warrants further investigation into the efficacy of current procurement centralization efforts.
Based on the income statement data, RPM's operating margin has shown significant variance, dropping to as low as 4.5% in 2025Q3, which implies that the company's decentralized overhead structure may be preventing the realization of meaningful operating leverage during periods of lower revenue volume.
The lack of consistent scaling between gross profit and operating income suggests that fixed costs remain a significant burden on the bottom line. Management's MAP 2025 initiative appears intended to address this, but the current data indicates that operational efficiency gains have yet to materialize consistently.
Analysis of the reported figures suggests that RPM's reliance on a decentralized, multi-brand model may create a persistent complexity discount, as evidenced by the wide swings in net income, which fell from $227.7M in 2025Q1 to $51.4M in 2026Q3, highlighting potential earnings quality risks.
Short-term volatility in net income may indicate that the company's decentralized structure is prone to operational inefficiencies that are difficult to manage at scale. Investors should remain cautious regarding whether the current restructuring charges are truly non-recurring or a permanent feature of the firm's operating model.
Quick answers to the most common questions about buying RPM stock.
For fiscal year 2025, RPM International Inc. (RPM) reported total revenue of $7.37B. This represents a 548.8% increase compared to $1.14B in 1996.
RPM International Inc. (RPM) is profitable, generating $688.7M in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
RPM International Inc. (RPM) reported an operating income of $906.3M, resulting in an operating profit margin of 12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
RPM International Inc. (RPM) generated $3.05B in gross profit for the year, representing a gross profit margin of 41.4%. This demonstrates the company's core pricing power and production efficiency.