Revenue growth remains strong at 18.4% year-over-year, though structural costs limit operating margins to 19.9% as of 2026Q1.
| Sales/Revenue | 2.24B | 2.23B | 1.7B | 1.44B | 1.39B | 1.5B | 908.02M | 476.04M |
| Revenue Growth % | 23.9% | 31.44% | 18.16% | 3.63% | -7.32% | 64.67% | 90.74% | - |
| Cost of Goods Sold | 1.61B | 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 | 637.43M | 606.41M | 841.42M | 666.28M | 703.14M | 876.85M | 542.2M | 245.77M |
| Gross Margin % | 28.41% | 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 | 191.33M | 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 | 173.33M | 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 | 16.13M | 0 | 1.52M | 3.61M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.09% | 0.25% | - | - | - | - |
| Other Operating Expenses | 1000K | 14.6M | 0 | 124.13M | 123.71M | 116.42M | 64.58M | 95.1M |
| Operating Income | 446.1M | 424.87M | 263.16M | 74.98M | 90.75M | 225.07M | 125.39M | -55.37M |
| Operating Margin % | 19.88% | 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 | 497.05M | 424.87M | 310.96M | 157.16M | 162.31M | 319.68M | 180.79M | -24.91M |
| EBITDA Margin % | 22.16% | 19.05% | 18.33% | 10.94% | 11.71% | 21.38% | 19.91% | -5.23% |
| EBITDA Growth % | 47.9% | 36.63% | 97.85% | -3.17% | -49.23% | 76.82% | 825.75% | - |
| D&A (Non-Cash Add-back) | 50.94M | 0 | 47.8M | 82.19M | 71.56M | 94.61M | 55.41M | 30.46M |
| EBIT | 376.29M | 424.87M | 193.69M | 19.51M | 233.63M | 262.99M | 160.64M | -9.88M |
| Net Interest Income | -4.3M | -11M | 4.14M | 6.19M | 877K | -5.06M | -10.73M | -7.58M |
| Interest Income | 7.7M | 0 | 10.22M | 8.91M | 2.22M | 1.31M | 257K | 158K |
| Interest Expense | 12M | 11M | 6.08M | 2.73M | 1.34M | 6.37M | 10.99M | 7.74M |
| Other Income/Expense | -75.81M | -68.98M | -74.36M | -58.2M | 141.44M | 30.71M | 24.26M | 37.75M |
| Pretax Income | 370.29M | 355.89M | 188.8M | 16.78M | 232.18M | 255.78M | 149.65M | -17.62M |
| Pretax Margin % | 16.51% | 15.96% | 11.13% | 1.17% | 16.75% | 17.11% | 16.48% | -3.7% |
| Income Tax | 138.52M | 137.96M | 75.25M | 25.39M | 36.72M | -11.29M | 429K | 333K |
| Effective Tax Rate % | 37.41% | 38.76% | 39.86% | 151.29% | 15.81% | -4.41% | 0.29% | -1.89% |
| Net Income | 231.77M | 216.93M | 113.1M | -10.55M | 194.57M | 267.07M | 149.22M | -17.95M |
| Net Margin % | 10.33% | 9.73% | 6.67% | -0.73% | 14.04% | 17.86% | 16.43% | -3.77% |
| Net Income Growth % | 77.07% | 91.81% | 1171.92% | -105.42% | -27.14% | 78.98% | 931.29% | - |
| Net Income (Continuing) | 231.77M | 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 | -5M | -2M | -1.96M | 20.43M | 17.77M | 0 | 0 | 0 |
| EPS (Diluted) | 0.46 | 0.43 | 0.22 | -0.02 | 0.37 | 0.49 | 0.25 | 0.00 |
| EPS Growth % | 70.6% | 95.45% | 1137.74% | -105.73% | -24.49% | 96% | - | - |
| EPS (Basic) | - | 0.43 | 0.23 | -0.02 | 0.37 | 0.49 | 0.25 | 0.00 |
| Diluted Shares Outstanding | 507.99M | 507.84M | 503.7M | 498.24M | 490.04M | 56.25M | 488.32M | 0 |
| Basic Shares Outstanding | 506.26M | 505.34M | 501.8M | 498.24M | 490.02M | 56.25M | 488.32M | 0 |
| Dividend Payout Ratio | - | 71.91% | 40.78% | - | - | - | 6.7% | - |
Regulatory and tax volatility
As reported in recent financial filings, SGHC achieved a 31.44% year-over-year revenue increase, signaling that the company's strategic focus on emerging markets and high-yield iGaming segments is successfully offsetting the competitive pressures and regulatory headwinds currently impacting its more mature, established European and North American operations.
The revenue trajectory appears to be supported by a successful pivot toward higher-margin casino products, which likely provides a more durable growth profile than pure-play sports betting. Investors should monitor whether this growth rate remains sustainable as the company faces increasing compliance costs in its core jurisdictions.
Based on the provided income statement data, SGHC's gross margin has fluctuated significantly, settling near 27.8% in the most recent quarter, which reflects the inherent cost of gaming duties and third-party platform royalties that continue to weigh on the company's overall profitability profile compared to larger industry peers.
The variability in gross margins suggests that the company's profitability is highly sensitive to the specific regulatory and tax environments of its operating regions. A sustained expansion of these margins would likely require a more aggressive migration of volume to proprietary technology stacks to reduce reliance on external licensing.
According to the latest quarterly figures, SGHC has demonstrated improved operating leverage, with operating income reaching $122 million on $612 million in revenue, suggesting that management is successfully controlling SG&A expenses even as the company scales its global footprint across fragmented and highly competitive international gaming markets.
The ability to maintain an operating margin of approximately 19.9% indicates that the company is beginning to realize economies of scale in its customer acquisition efforts. This trend warrants further investigation to determine if the current level of marketing spend is sufficient to maintain market share without sacrificing long-term profitability.
As indicated by the recent income statement, SGHC's net income of $87 million in 2026Q1, achieved with minimal stock-based compensation, suggests a higher quality of earnings compared to previous periods where non-operating items and significant accounting adjustments created substantial volatility in the company's bottom-line performance and reported EPS.
The reduction in stock-based compensation and the stabilization of net income appear to reflect a more disciplined approach to capital allocation following the exit from the US sports betting market. Investors should remain cautious, however, as the company's complex international tax structure may continue to cause periodic fluctuations in net margins.
While the company shows strong top-line growth, the potential for sudden regulatory shifts, such as increased affordability checks or tax hikes in core African and European markets, poses a significant risk that could rapidly compress margins and undermine the current valuation of the company's international gaming ecosystem.
Short-sellers may focus on the reliance on emerging markets, where political and regulatory instability could disrupt payment processing and local operations. The market's current pricing may be underestimating the potential for these external shocks to impair the durability of the company's cash flows.
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.