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Revenue grew 10.7% YoY to $41.5M in 2027Q1, but operating margin compressed to 13.0% from 24.8% in the prior quarter, reflecting an SG&A spike to $13.0M.
Reservoir Media, Inc. (RSVR) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'19 |
|---|
| Sales/Revenue | 180.01M | 175.66M | 158.71M | 144.86M | 122.29M | 107.84M | 80.25M | 0 | 49.23M | 49.23M |
| Revenue Growth % | 11.43% | 10.69% | 9.56% | 18.46% | 13.4% | 34.39% | - | -100% | - | - |
| Cost of Goods Sold | 63.81M | 61.99M | 57.43M | 55.48M | 47.99M | 44.19M | 32.85M | 0 | 20.59M | 20.59M |
| COGS % of Revenue | - | 35.29% | 36.19% | 38.3% | 39.24% | 40.97% | 40.94% | - | 41.82% | 41.82% |
| Gross Profit | 116.21M | 113.67M | 101.28M | 89.38M | 74.3M | 63.65M | 47.39M | 0 | 28.64M | 28.64M |
| Gross Margin % | 64.56% | 64.71% | 63.81% | 61.7% | 60.76% | 59.03% | 59.06% | - | 58.18% | 58.18% |
| Gross Profit Growth % | - | 12.24% | 13.31% | 20.29% | 16.72% | 34.32% | - | -100% | - | - |
| Operating Expenses | 78.07M | 75.44M | 66.21M | 64.8M | 53.24M | 44.3M | 29.06M | 0 | 17.23M | 17.23M |
| OpEx % of Revenue | - | 42.95% | 41.72% | 44.74% | 43.54% | 41.08% | 36.22% | - | 35% | 35% |
| Selling, General & Admin | 54.1M | 44.66M | 39.92M | 39.82M | 31.17M | 25.28M | 14.99M | 0 | 8.67M | 8.67M |
| SG&A % of Revenue | - | 25.42% | 25.15% | 27.49% | 25.49% | 23.44% | 18.68% | - | 17.61% | 17.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 30.78M | 26.3M | 24.99M | 22.07M | 19.02M | 14.08M | 0 | 0 | 0 |
| Operating Income | 38.14M | 38.23M | 35.06M | 24.58M | 21.06M | 19.35M | 18.33M | 0 | 13.57M | 13.57M |
| Operating Margin % | 21.18% | 21.76% | 22.09% | 16.97% | 17.22% | 17.95% | 22.84% | - | 27.57% | 27.57% |
| Operating Income Growth % | - | 9.04% | 42.66% | 16.71% | 8.81% | 5.59% | - | -100% | - | - |
| EBITDA | 70.36M | 69.01M | 61.36M | 49.56M | 43.13M | 38.38M | 32.41M | 8.42M | 19.97M | 19.97M |
| EBITDA Margin % | 39.08% | 39.29% | 38.66% | 34.21% | 35.27% | 35.59% | 40.38% | - | 40.57% | 40.57% |
| EBITDA Growth % | 12.08% | 12.47% | 23.81% | 14.9% | 12.4% | 18.42% | 284.77% | -57.83% | - | - |
| D&A (Non-Cash Add-back) | 32.22M | 30.78M | 26.3M | 24.99M | 22.07M | 19.02M | 14.08M | 8.42M | 6.4M | 6.4M |
| EBIT | 39.12M | 37.61M | 31.76M | 22.26M | 23.16M | 28.25M | 20.42M | -1.22K | 13.57M | 13.57M |
| Net Interest Income | -27.08M | -26.45M | -21.88M | -21.09M | -14.76M | -10.86M | -8.96M | 11.94M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 10.51K | 13.24K | 11.94M | 6.66M | 6.66M |
| Interest Expense | 27.08M | 26.45M | 21.88M | 21.09M | 14.76M | 10.87M | 8.97M | 0 | 0 | 0 |
| Other Income/Expense | -26.69M | -27.08M | -25.19M | -23.4M | -12.65M | -1.97M | -6.88M | -1.23K | -8.82M | -8.82M |
| Pretax Income | 11.44M | 11.15M | 9.87M | 1.17M | 8.4M | 17.38M | 11.45M | -1.23K | 4.75M | 4.75M |
| Pretax Margin % | 6.36% | 6.35% | 6.22% | 0.81% | 6.87% | 16.12% | 14.26% | - | 9.65% | 9.65% |
| Income Tax | 3.48M | 3.33M | 2.14M | 334.8K | 5.62M | 4.25M | 2.15M | 0 | 893.06K | 893.06K |
| Effective Tax Rate % | 30.43% | 29.84% | 21.68% | 28.57% | 66.93% | 24.47% | 18.75% | 0% | 18.79% | 18.79% |
| Net Income | 8.77M | 8.3M | 7.75M | 644.94K | 2.54M | 13.08M | 9.25M | -1.23K | 3.86M | 3.86M |
| Net Margin % | 4.87% | 4.73% | 4.88% | 0.45% | 2.08% | 12.13% | 11.53% | - | 7.84% | 7.84% |
| Net Income Growth % | 16.29% | 7.13% | 1101.65% | -74.6% | -80.58% | 41.32% | 755443.27% | -100.03% | - | - |
| Net Income (Continuing) | 7.96M | 7.83M | 7.73M | 837.26K | 2.78M | 13.13M | 9.3M | -1.23K | 3.86M | 3.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 429.76K | 845.04K | 1.32M | 1.49M | 1.3M | 1.06M | 1.01M | 959.02K | 0 | 0 |
| EPS (Diluted) | 0.13 | 0.13 | 0.12 | 0.01 | 0.04 | 0.22 | 0.21 | 33.83 | 30.82 | 30.82 |
| EPS Growth % | 20.26% | 8.33% | - | -74.74% | -82.18% | 4.76% | -99.38% | 9.77% | - | - |
| EPS (Basic) | - | 0.13 | 0.12 | 0.01 | 0.04 | 0.23 | 0.21 | 51.38 | 30.82 | 30.82 |
| Diluted Shares Outstanding | 65.75M | 66.31M | 65.95M | 65.26M | 64.83M | 58.45M | 28.54M | 195.74K | 125.23K | 125.23K |
| Basic Shares Outstanding | 65.75M | 65.54M | 65.16M | 64.76M | 64.34M | 52.61M | 28.54M | 128.88K | 125.23K | 125.23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RSVR stock.
For fiscal year 2026, Reservoir Media, Inc. (RSVR) reported total revenue of $175.7M. This represents a 256.8% increase compared to $49.2M in 2018.
Reservoir Media, Inc. (RSVR) is profitable, generating $8.3M in net income for the fiscal year ending 2026 with a net profit margin of 4.7%.
Reservoir Media, Inc. (RSVR) reported an operating income of $38.2M, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Reservoir Media, Inc. (RSVR) generated $113.7M in gross profit for the year, representing a gross profit margin of 64.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS miss and margin compression
Metrics are mathematically derived from official filings.
Double-Digit Growth Persists
Revenue grew 10.7% year-over-year in 2027Q1, reaching $41.5M, with consistent double-digit expansion across recent quarters, according to the latest income statement data.
The 11.6% YoY growth in 2027Q1 follows a 14.7% increase in 2026Q4, indicating sustained momentum. This appears driven by both Music Publishing and Recorded Music segments, though the data does not break down volume versus pricing. The growth rate is above the peer average, suggesting Reservoir is gaining market share or benefiting from favorable industry tailwinds.
Gross Margin Stability Amid Cost Pressures
Gross margin remained near 64% in 2027Q1, consistent with the prior year, but operating margin fell to 13.0% from 24.8% in 2026Q4, as reported in financial statements.
The gross margin stability suggests the company maintains its Net Publisher Share, but the sharp drop in operating margin indicates rising SG&A or other operating costs. This may reflect increased investment in sync placement or administrative overhead. Investors should monitor whether this is a temporary blip or a structural shift.
Operating Leverage Reverses
Operating income scaled slower than revenue in 2027Q1, with operating margin compressing to 13.0% from 24.8% in the prior quarter, based on reported figures.
The 10.7% revenue growth did not translate into proportional operating income growth, as SG&A rose to $13.0M from $11.5M in 2026Q4. This suggests that the company's cost base is not fully leveraging with revenue, possibly due to one-time expenses or increased investment. The historical pattern shows operating margins typically in the low-to-mid 20s, so the current level may be an anomaly.
Net Income Volatility Masks Cash Generation
Net income swung to a slight loss of $93.1K in 2027Q1, despite positive operating income, due to non-operating charges, as per the latest income statement.
The wide gap between operating income of $5.4M and net income of -$93.1K suggests significant interest expense or other non-operating items. The low net margin of -0.2% contrasts with the operating margin of 13.0%, indicating that financing costs are eroding profitability. This may explain the EPS miss and warrants close monitoring.
SG&A Spike Drives Margin Compression
SG&A expenses jumped to $13.0M in 2027Q1, up from $11.5M in 2026Q4, representing a 13% increase, as reported in the income statement.
The rise in SG&A is the primary driver of the operating margin decline, as COGS remained relatively stable. This could be due to higher legal, administrative, or sync placement costs. Management's expense discipline appears to have wavered in the quarter, but it is unclear if this is a one-time event or a new trend.
EPS Miss Raises Red Flags
The Q1 FY2027 EPS miss ($0.00 actual vs. $0.19 estimate) despite maintained guidance suggests potential margin compression or one-time costs, according to recent earnings data.
The significant gap between actual and estimated EPS indicates that the market's expectations were not met, and the low net margin relative to operating margin points to elevated interest or non-operating charges. Short-sellers might argue that the company's growth is not translating into shareholder value, and the low ROE of 2.2% supports this concern. Investors should watch if the revenue growth can eventually flow to the bottom line.