Revenue growth accelerated to 31.4% YoY on a TTM basis, with Q2 2026 gross margin expanding to 32.3% and operating margin reaching 25.0%, driven by a mix shift toward proprietary platform revenue.
Super Group (SGHC) Limited (SGHC) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 2.48B | 2.23B | 1.7B | 1.44B | 1.39B | 1.5B | 908.02M | 476.04M |
| Revenue Growth % | 11.28% | 31.44% | 18.16% | 3.63% | -7.32% | 64.67% | 90.74% | - |
| Cost of Goods Sold | 1.73B | 1.62B | 855.43M | 769.84M | 682.62M | 618.43M | 365.82M | 230.27M |
| COGS % of Revenue | - | 72.81% | 50.41% | 53.61% | 49.26% | 41.36% | 40.29% | 48.37% |
| Gross Profit | 755M | 606.41M | 841.42M | 666.28M | 703.14M | 876.85M | 542.2M | 245.77M |
| Gross Margin % | 30.38% | 27.19% | 49.59% | 46.39% | 50.74% | 58.64% | 59.71% | 51.63% |
| Gross Profit Growth % | - | -27.93% | 26.29% | -5.24% | -19.81% | 61.72% | 120.61% | - |
| Operating Expenses | 194M | 181.54M | 578.26M | 591.3M | 612.39M | 651.78M | 416.81M | 301.14M |
| OpEx % of Revenue | - | 8.14% | 34.08% | 41.17% | 44.19% | 43.59% | 45.9% | 63.26% |
| Selling, General & Admin | 194M | 166.95M | 576.74M | 463.56M | 488.69M | 535.36M | 352.23M | 206.04M |
| SG&A % of Revenue | - | 7.49% | 33.99% | 32.28% | 35.26% | 35.8% | 38.79% | 43.28% |
| Research & Development | 0 | 0 | 1.52M | 3.61M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.09% | 0.25% | - | - | - | - |
| Other Operating Expenses | 0 | 14.6M | 0 | 124.13M | 123.71M | 116.42M | 64.58M | 95.1M |
| Operating Income | 561M | 424.87M | 263.16M | 74.98M | 90.75M | 225.07M | 125.39M | -55.37M |
| Operating Margin % | 22.58% | 19.05% | 15.51% | 5.22% | 6.55% | 15.05% | 13.81% | -11.63% |
| Operating Income Growth % | - | 61.45% | 250.99% | -17.38% | -59.68% | 79.5% | 326.45% | - |
| EBITDA | 654M | 366.89M | 340.89M | 157.16M | 157.77M | 308.31M | 180.79M | -24.91M |
| EBITDA Margin % | 26.32% | 16.45% | 20.09% | 10.94% | 11.39% | 20.62% | 19.91% | -5.23% |
| EBITDA Growth % | 24.71% | 7.63% | 116.9% | -0.38% | -48.83% | 70.53% | 825.75% | - |
| D&A (Non-Cash Add-back) | 93M | 0 | 77.73M | 82.19M | 67.03M | 83.24M | 55.41M | 30.46M |
| EBIT | 567M | 366.89M | 193.69M | 19.51M | 233.63M | 262.99M | 160.64M | -9.88M |
| Net Interest Income | 2M | -11M | 4.14M | 6.19M | 877K | -5.06M | -10.73M | -7.58M |
| Interest Income | 22M | 0 | 10.22M | 8.91M | 2.22M | 1.31M | 257K | 158K |
| Interest Expense | 20M | 11M | 6.08M | 2.73M | 1.34M | 6.37M | 10.99M | 7.74M |
| Other Income/Expense | 4M | -68.98M | -74.36M | -58.2M | 141.44M | 30.71M | 24.26M | 37.75M |
| Pretax Income | 565M | 355.89M | 188.8M | 16.78M | 232.18M | 255.78M | 149.65M | -17.62M |
| Pretax Margin % | 22.74% | 15.96% | 11.13% | 1.17% | 16.75% | 17.11% | 16.48% | -3.7% |
| Income Tax | 147M | 137.96M | 75.25M | 25.39M | 36.72M | -11.29M | 429K | 333K |
| Effective Tax Rate % | 26.02% | 38.76% | 39.86% | 151.29% | 15.81% | -4.41% | 0.29% | -1.89% |
| Net Income | 416M | 216.93M | 113.1M | -10.55M | 194.57M | 267.07M | 149.22M | -17.95M |
| Net Margin % | 16.74% | 9.73% | 6.67% | -0.73% | 14.04% | 17.86% | 16.43% | -3.77% |
| Net Income Growth % | 89.87% | 91.81% | 1171.92% | -105.42% | -27.14% | 78.98% | 931.29% | - |
| Net Income (Continuing) | 418M | 217.93M | 113.55M | -8.61M | 195.46M | 267.07M | 149.22M | -17.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1M | -2M | -1.96M | 20.43M | 17.77M | 0 | 0 | 0 |
| EPS (Diluted) | 0.81 | 0.43 | 0.22 | -0.02 | 0.37 | 4.37 | 0.25 | -0.33 |
| EPS Growth % | 86.07% | 95.45% | 1137.74% | -105.73% | -91.53% | 1648% | 175.76% | - |
| EPS (Basic) | - | 0.43 | 0.23 | -0.02 | 0.37 | 4.37 | 0.25 | -0.33 |
| Diluted Shares Outstanding | 511.72M | 507.84M | 503.7M | 498.24M | 490.04M | 56.25M | 488.32M | 53.86M |
| Basic Shares Outstanding | 508.52M | 505.34M | 501.8M | 498.24M | 490.02M | 56.25M | 488.32M | 53.86M |
| Dividend Payout Ratio | - | 71.91% | 40.78% | - | - | - | 6.7% | - |
Quick answers to the most common questions about buying SGHC stock.
For fiscal year 2025, Super Group (SGHC) Limited (SGHC) reported total revenue of $2.23B. This represents a 368.5% increase compared to $476.0M in 2019.
Super Group (SGHC) Limited (SGHC) is profitable, generating $216.9M in net income for the fiscal year ending 2025 with a net profit margin of 9.7%.
Super Group (SGHC) Limited (SGHC) reported an operating income of $424.9M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Super Group (SGHC) Limited (SGHC) generated $606.4M in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and competitive pressures
Emerging Market Momentum Drives Acceleration
Revenue growth accelerated to 31.4% YoY on a TTM basis, with Q2 2026 showing a 0.3% sequential uptick despite seasonal headwinds. According to recent financial statements, this growth is increasingly driven by African iGaming expansion.
The 31.4% YoY growth is a marked acceleration from the mid-20% rates seen in early 2025, suggesting that the strategic pivot away from the US is paying off. The sequential stability in Q2 2026 (0.3% QoQ) indicates that the European football calendar's seasonality is being offset by the Spin segment's steady contribution. This mix shift toward higher-margin iGaming in emerging markets appears durable, though investors should monitor regulatory changes in key African jurisdictions.
Margin Expansion Reflects Mix Shift
Gross margin expanded to 32.3% in Q2 2026 from 29.2% a year earlier, while operating margin reached 25.0%. As reported in the latest quarterly data, this improvement is driven by a higher proportion of proprietary platform revenue.
The 310 bps YoY gross margin expansion suggests that the company is successfully migrating volume to its proprietary technology stack, reducing third-party licensing costs. Operating margin of 25.0% is well above the peer average (e.g., Flutter at 3.4%), indicating superior cost control and operating leverage. However, the sustainability of these margins depends on the regulatory mix; a shift toward more regulated markets could compress margins due to higher taxes and compliance costs.
Operating Leverage Amplifies Profit Growth
Operating income grew 39.6% YoY in Q2 2026, outpacing revenue growth of 0.3% sequentially, as SG&A remained flat at $50M. Based on the income statement, this demonstrates significant operating leverage in the customer acquisition model.
The fact that SG&A stayed flat at $50M while revenue grew sequentially suggests that the company is acquiring and retaining customers more efficiently, likely due to the Spin segment's higher lifetime value. This leverage is also evident in the TTM figures, where operating margin expanded to 19.0% from 17.2% in the prior year. If this trend continues, it could lead to further margin expansion, but investors should watch for potential increases in marketing spend as competition intensifies in emerging markets.
Clean Earnings with Minimal SBC Distortion
Net income of $120M in Q2 2026 translated to EPS of $0.24, with stock-based compensation reported as zero. According to the financial data, this suggests high earnings quality, though the absence of SBC may warrant further investigation.
The reported SBC of $0 in Q2 2026 is unusual for a growth company, and while it may indicate a shift to cash-based compensation, it could also be a data artifact. The effective tax rate appears stable, and the net margin of 17.5% is robust. However, the lack of SBC disclosure reduces transparency, and investors should monitor subsequent filings for any adjustments that could affect reported EPS.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 67.7% in Q2 2026 from 70.8% in the prior year, while SG&A remained flat at $50M. As reported in the latest quarterly results, this cost discipline is a key driver of margin expansion.
The reduction in COGS ratio suggests improved cost management in gaming duties, payment processing, and platform royalties, likely due to scale and proprietary technology. SG&A stability indicates that the company is not overspending on marketing despite growth, which is a positive sign for profitability. However, the recent exit from the US market may have reduced high-burn marketing costs, and investors should assess whether this cost efficiency is sustainable as the company expands into new regulated markets.
Regulatory and Competitive Risks Loom
Despite strong growth, the 31.4% YoY revenue increase may attract regulatory scrutiny and competitive responses in key markets. Based on the data, operating margin expansion to 19.0% could be challenged by rising taxes and compliance costs.
Short-sellers might argue that the high growth rate is unsustainable given the regulatory environment, particularly in the UK and Europe where affordability checks are tightening. Additionally, the company's reliance on emerging markets exposes it to geopolitical and currency risks. The lack of forward guidance in the latest earnings event (reported 2026-08-03) adds uncertainty, and investors should monitor for any signs of margin compression as competition intensifies.