Revenue growth has stalled to 0.1% in 2026Q1, while operating margins have compressed to -2.8% due to inflexible SG&A costs.
| 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 |
|---|
| Sales/Revenue | 4.71B | 4.7B | 4.54B | 4.3B | 4.01B | 3.48B | 2.7B | 2.36B | 2.11B | 1.86B | 1.65B | 1.45B | 1.18B | 1.07B |
| Revenue Growth % | 2.85% | 3.62% | 5.57% | 7.14% | 15.5% | 28.52% | 14.72% | 11.61% | 13.46% | 12.95% | 13.54% | 23.37% | 9.69% | - |
| Cost of Goods Sold | 3.06B | 3.07B | 2.98B | 2.81B | 2.59B | 2.26B | 1.8B | 1.58B | 1.43B | 1.27B | 1.13B | 1.02B | 865.5M | 783M |
| COGS % of Revenue | - | 65.24% | 65.64% | 65.33% | 64.59% | 65.11% | 66.67% | 67.2% | 67.9% | 68.01% | 68.71% | 70.44% | 73.56% | 72.99% |
| Gross Profit | 1.64B | 1.64B | 1.56B | 1.49B | 1.42B | 1.21B | 901.3M | 773.2M | 678.1M | 595.5M | 515.7M | 429.1M | 311.1M | 289.7M |
| Gross Margin % | 34.94% | 34.76% | 34.36% | 34.67% | 35.41% | 34.89% | 33.33% | 32.8% | 32.1% | 31.99% | 31.29% | 29.56% | 26.44% | 27.01% |
| Gross Profit Growth % | - | 4.81% | 4.62% | 4.9% | 17.23% | 34.54% | 16.57% | 14.02% | 13.87% | 15.47% | 20.18% | 37.93% | 7.39% | - |
| Operating Expenses | 1.4B | 1.4B | 1.37B | 1.24B | 1.09B | 898.9M | 721.5M | 648.3M | 570.8M | 497.7M | 441.7M | 369.3M | 265.9M | 232M |
| OpEx % of Revenue | - | 29.7% | 30.12% | 28.85% | 27.11% | 25.86% | 26.68% | 27.5% | 27.02% | 26.73% | 26.8% | 25.44% | 22.6% | 21.63% |
| Selling, General & Admin | 1.29B | 1.28B | 1.39B | 1.26B | 1.1B | 900.6M | 728.2M | 654.3M | 578.8M | 502.2M | 446.5M | 373.3M | 269M | 235.6M |
| SG&A % of Revenue | - | 27.24% | 30.5% | 29.22% | 27.33% | 25.91% | 26.93% | 27.75% | 27.4% | 26.98% | 27.09% | 25.72% | 22.86% | 21.96% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 115.7M | -17.3M | -15.7M | -8.6M | -1.7M | -6.7M | -6M | -8M | -4.5M | -4.8M | -4M | -3.1M | -3.6M |
| Operating Income | 241.7M | 238.1M | 192.3M | 250.3M | 333.1M | 313.7M | 179.8M | 124.9M | 107.3M | 97.8M | 74M | 59.8M | 45.2M | 57.7M |
| Operating Margin % | 5.14% | 5.06% | 4.24% | 5.82% | 8.3% | 9.03% | 6.65% | 5.3% | 5.08% | 5.25% | 4.49% | 4.12% | 3.84% | 5.38% |
| Operating Income Growth % | - | 23.82% | -23.17% | -24.86% | 6.18% | 74.47% | 43.96% | 16.4% | 9.71% | 32.16% | 23.75% | 32.3% | -21.66% | - |
| EBITDA | 382.2M | 378.9M | 331.3M | 378M | 436.9M | 396.7M | 247M | 184.4M | 159.6M | 140.9M | 111M | 91M | 65.5M | 67.9M |
| EBITDA Margin % | 8.12% | 8.05% | 7.3% | 8.79% | 10.88% | 11.41% | 9.13% | 7.82% | 7.56% | 7.57% | 6.73% | 6.27% | 5.57% | 6.33% |
| EBITDA Growth % | 17.02% | 14.37% | -12.35% | -13.48% | 10.13% | 60.61% | 33.95% | 15.54% | 13.27% | 26.94% | 21.98% | 38.93% | -3.53% | - |
| D&A (Non-Cash Add-back) | 140.5M | 140.8M | 139M | 127.7M | 103.8M | 83M | 67.2M | 59.5M | 52.3M | 43.1M | 37M | 31.2M | 20.3M | 10.2M |
| EBIT | 241.7M | 238.1M | 192.3M | 250.3M | 333.1M | 313.7M | 179.8M | 124.9M | 107.3M | 97.8M | 74M | 59.8M | 45.2M | 57.7M |
| Net Interest Income | -35.6M | -35M | -31.9M | -27.1M | -20M | -19.2M | -31M | -33.4M | -32.1M | -25.2M | -22.1M | -11.4M | -9.1M | -100K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.6M | 35M | 31.9M | 27.1M | 20M | 19.2M | 31M | 33.4M | 32.1M | 25.2M | 22.1M | 11.4M | 9.1M | 100K |
| Other Income/Expense | -35.6M | -35M | -31.9M | -27.1M | -20M | -19.2M | -31M | -33.4M | -32.1M | -25.2M | -22.1M | -11.4M | -9.1M | -100K |
| Pretax Income | 206.1M | 203.1M | 160.4M | 223.2M | 313.1M | 294.5M | 148.8M | 91.5M | 75.2M | 72.6M | 51.9M | 48.4M | 36.1M | 57.6M |
| Pretax Margin % | 4.38% | 4.32% | 3.53% | 5.19% | 7.8% | 8.47% | 5.5% | 3.88% | 3.56% | 3.9% | 3.15% | 3.33% | 3.07% | 5.37% |
| Income Tax | 45.3M | 45.7M | 36M | 49.8M | 67.7M | 56.1M | 27.5M | 13.8M | 1.3M | 18M | 21.3M | 19.5M | 14.4M | 23.9M |
| Effective Tax Rate % | 21.98% | 22.5% | 22.44% | 22.31% | 21.62% | 19.05% | 18.48% | 15.08% | 1.73% | 24.79% | 41.04% | 40.29% | 39.89% | 41.49% |
| Net Income | 152.5M | 151.8M | 123.6M | 173.4M | 245.4M | 238.4M | 121.3M | 77.7M | 73.9M | 54.6M | 30.6M | 28.9M | 21.7M | 33.7M |
| Net Margin % | 3.24% | 3.23% | 2.72% | 4.03% | 6.11% | 6.86% | 4.49% | 3.3% | 3.5% | 2.93% | 1.86% | 1.99% | 1.84% | 3.14% |
| Net Income Growth % | 31.92% | 22.82% | -28.72% | -29.34% | 2.94% | 96.54% | 56.11% | 5.14% | 35.35% | 78.43% | 5.88% | 33.18% | -35.61% | - |
| Net Income (Continuing) | 160.8M | 157.4M | 124.4M | 173.4M | 245.4M | 238.4M | 121.3M | 77.7M | 73.9M | 54.6M | 30.6M | 28.9M | 21.7M | 33.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26.5M | 24M | 19.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.42 | 3.37 | 2.71 | 3.80 | 5.36 | 5.20 | 2.75 | 1.82 | 1.73 | 1.29 | -3.01 | -1.04 | -0.29 | 2.36 |
| EPS Growth % | 34.26% | 24.35% | -28.68% | -29.1% | 3.08% | 89.09% | 51.1% | 5.2% | 34.11% | 142.86% | -189.42% | -258.62% | -112.29% | - |
| EPS (Basic) | - | 3.39 | 2.73 | 3.84 | 5.45 | 5.35 | 2.83 | 1.89 | 1.73 | 1.37 | -3.01 | -1.04 | -0.29 | 2.36 |
| Diluted Shares Outstanding | 44.59M | 45.08M | 45.65M | 45.69M | 45.78M | 45.81M | 44.09M | 42.75M | 42.63M | 42.19M | 30.32M | 14.25M | 13.82M | 14.25M |
| Basic Shares Outstanding | 44.59M | 44.83M | 45.24M | 45.11M | 45.05M | 44.58M | 42.86M | 41.22M | 42.63M | 39.75M | 30.32M | 14.21M | 13.79M | 14.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 617.65% | 185.81% | - | - |
Seasonal Operating Margin Volatility
As reported in recent financial filings, SiteOne's year-over-year revenue growth has decelerated to 0.1% in 2026Q1, down from the 8.4% growth observed in 2023Q4, suggesting that the company is struggling to maintain momentum amidst a cooling professional contractor demand environment and normalized commodity pricing.
The sharp decline in top-line expansion indicates that the pricing tailwinds which previously bolstered revenue have largely evaporated. Investors should monitor whether the company can shift from price-led growth to volume-driven gains, as the current stagnation suggests that the professional contractor backlog may be thinning.
According to the provided income statement data, SiteOne's gross margin reached 33.9% in 2026Q1, reflecting a persistent inability to fully insulate profitability from the seasonal fluctuations and variable cost pressures inherent in the wholesale distribution of nursery and irrigation products.
The company's reliance on seasonal peaks to achieve positive operating margins highlights a high fixed-cost structure that leaves little room for error during off-peak quarters. The compression in margins during the first quarter suggests that the business model remains highly sensitive to volume throughput and the effective management of perishable inventory.
Based on the company's reported figures, operating income swung to a loss of $25.9 million in 2026Q1, demonstrating that SG&A expenses remain largely inflexible even as revenue growth stalls, which prevents the realization of meaningful operating leverage during the company's seasonally dormant periods.
The inability to scale SG&A downward in proportion to revenue declines during the first quarter suggests that the branch network requires a consistent baseline of expenditure regardless of demand. This fixed-cost burden warrants further investigation into whether management can optimize branch-level labor and logistics to protect profitability during cyclical troughs.
As evidenced by the income statement, SG&A expenses of $316.4 million in 2026Q1 nearly equaled the total gross profit of $318.8 million, indicating that the company's cost structure is currently operating at a break-even threshold that leaves no margin for operational inefficiencies or unexpected inflationary spikes.
The high level of SG&A relative to gross profit suggests that the company's aggressive acquisition strategy may be creating a bloated overhead base that is difficult to rationalize in a low-growth environment. Investors should scrutinize whether recent acquisitions are delivering the expected synergies or if they are merely adding to the fixed-cost burden.
Quick answers to the most common questions about buying SITE stock.
For fiscal year 2025, SiteOne Landscape Supply, Inc. (SITE) reported total revenue of $4.70B. This represents a 338.6% increase compared to $1.07B in 2013.
SiteOne Landscape Supply, Inc. (SITE) is profitable, generating $151.8M in net income for the fiscal year ending 2025 with a net profit margin of 3.2%.
SiteOne Landscape Supply, Inc. (SITE) reported an operating income of $238.1M, resulting in an operating profit margin of 5.1%. This margin reflects the operational efficiency of the business before interest and taxes.
SiteOne Landscape Supply, Inc. (SITE) generated $1.64B in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.