Revenue has declined year over year from $36.3M in 2025Q1 to $33.0M in 2026Q3 while gross margin ranged from 57.6% to 79.7% and operating margin ranged from 2.3% to 17.1%, indicating volatile profitability on a shrinking base.
Spok Holdings, Inc. (SPOK) annual income statement — 22-year revenue, gross profit & net income history
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 135.1M | 139.71M | 137.65M | 139.03M | 134.53M | 142.15M | 148.18M | 160.29M | 169.47M | 171.18M | 179.56M | 189.63M | 200.27M | 209.75M | 168.41M | 242.91M | 233.25M | 289.71M | 359.45M | 424.62M | 497.69M | 618.57M | 490.16M |
| Revenue Growth % | -3.32% | 1.49% | -0.99% | 3.34% | -5.36% | -4.07% | -7.55% | -5.42% | -0.99% | -4.67% | -5.31% | -5.32% | -4.52% | 24.55% | -30.67% | 4.14% | -19.49% | -19.4% | -15.35% | -14.68% | -19.54% | 26.2% | - |
| Cost of Goods Sold | 15.48M | 29.57M | 28.43M | 57.16M | 59.25M | 72.27M | 37.6M | 39.32M | 74.53M | 71.54M | 76.35M | 81.94M | 94.72M | 87.93M | 94.5M | 102.57M | 97.5M | 133.42M | 175.42M | 206.85M | 254.26M | 135.81M | 111.98M |
| COGS % of Revenue | - | 21.16% | 20.65% | 41.11% | 44.04% | 50.84% | 25.37% | 24.53% | 43.98% | 41.8% | 42.52% | 43.21% | 47.29% | 41.92% | 56.12% | 42.23% | 41.8% | 46.05% | 48.8% | 48.71% | 51.09% | 21.96% | 22.84% |
| Gross Profit | 119.61M | 110.14M | 109.22M | 81.87M | 75.28M | 69.89M | 110.58M | 120.97M | 94.94M | 99.63M | 103.22M | 107.69M | 105.56M | 121.82M | 125.19M | 140.34M | 135.76M | 156.29M | 184.02M | 217.77M | 243.44M | 482.76M | 378.18M |
| Gross Margin % | 88.54% | 78.84% | 79.35% | 58.89% | 55.96% | 49.16% | 74.63% | 75.47% | 56.02% | 58.2% | 57.48% | 56.79% | 52.71% | 58.08% | 74.34% | 57.77% | 58.2% | 53.95% | 51.2% | 51.29% | 48.91% | 78.04% | 77.16% |
| Gross Profit Growth % | - | 0.84% | 33.41% | 8.75% | 7.72% | -36.8% | -8.59% | 27.41% | -4.71% | -3.47% | -4.15% | 2.02% | -13.35% | -2.69% | -10.79% | 3.37% | -13.14% | -15.07% | -15.5% | -10.54% | -49.57% | 27.65% | - |
| Operating Expenses | 100.38M | 90.43M | 90.26M | 60.07M | 67.72M | 81.94M | 108.24M | 127.93M | 98.11M | 88.92M | 79.62M | 79.89M | 75.91M | 75.34M | 74.33M | 76.69M | 74.3M | 92.14M | 109.8M | 135.5M | 171.78M | 439M | 331.14M |
| OpEx % of Revenue | - | 64.73% | 65.57% | 43.21% | 50.33% | 57.64% | 73.05% | 79.81% | 57.89% | 51.95% | 44.34% | 42.13% | 37.9% | 35.92% | 44.13% | 31.57% | 31.85% | 31.8% | 30.55% | 31.91% | 34.52% | 70.97% | 67.56% |
| Selling, General & Admin | 45.73M | 50.87M | 49.15M | 49.52M | 54.09M | 64.02M | 92.41M | 100.39M | 73.65M | 70.22M | 66.15M | 69.61M | 75.91M | 75.34M | 74.33M | 76.69M | 74.3M | 92.14M | 109.8M | 135.5M | 171.78M | 220.58M | 166.13M |
| SG&A % of Revenue | - | 36.41% | 35.71% | 35.62% | 40.21% | 45.04% | 62.36% | 62.63% | 43.46% | 41.02% | 36.84% | 36.71% | 37.9% | 35.92% | 44.13% | 31.57% | 31.85% | 31.8% | 30.55% | 31.91% | 34.52% | 35.66% | 33.89% |
| Research & Development | 12.99M | 12.09M | 11.55M | 10.55M | 13.63M | 17.92M | 15.83M | 27.54M | 24.46M | 18.7M | 13.47M | 10.28M | 9.5M | 8.7M | 8.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 8.66% | 8.39% | 7.59% | 10.13% | 12.61% | 10.68% | 17.18% | 14.44% | 10.93% | 7.5% | 5.42% | 4.74% | 4.15% | 5.28% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 27.47M | 29.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 218.42M | 165.01M |
| Operating Income | 19.24M | 19.71M | 18.96M | 21.8M | 7.57M | -12.05M | 2.34M | -6.96M | -3.17M | 10.71M | 23.6M | 27.8M | 29.65M | 46.48M | 50.87M | 63.65M | 61.46M | 64.14M | 74.23M | 82.28M | 71.66M | 43.76M | 47.05M |
| Operating Margin % | 14.24% | 14.11% | 13.78% | 15.68% | 5.62% | -8.48% | 1.58% | -4.34% | -1.87% | 6.25% | 13.14% | 14.66% | 14.8% | 22.16% | 30.21% | 26.2% | 26.35% | 22.14% | 20.65% | 19.38% | 14.4% | 7.07% | 9.6% |
| Operating Income Growth % | - | 3.93% | -13.01% | 188.11% | 162.77% | -614.73% | 133.65% | -119.35% | -129.64% | -54.63% | -15.11% | -6.22% | -36.21% | -8.63% | -20.08% | 3.57% | -4.19% | -13.58% | -9.78% | 14.82% | 63.76% | -6.99% | - |
| EBITDA | 22.97M | 23.14M | 23.11M | 26.3M | 11.14M | -1.61M | 11.4M | 2.29M | 7.6M | 22.33M | 36.56M | 41.77M | 46.32M | 61.64M | 69.1M | 82.99M | 85.58M | 106.06M | 121.24M | 130.97M | 144.96M | 175.09M | 154.68M |
| EBITDA Margin % | 17% | 16.56% | 16.79% | 18.92% | 8.28% | -1.13% | 7.69% | 1.43% | 4.48% | 13.05% | 20.36% | 22.03% | 23.13% | 29.39% | 41.03% | 34.16% | 36.69% | 36.61% | 33.73% | 30.84% | 29.13% | 28.3% | 31.56% |
| EBITDA Growth % | -4.27% | 0.11% | -12.11% | 136.1% | 792.23% | -114.12% | 397.95% | -69.87% | -65.98% | -38.93% | -12.47% | -9.83% | -24.85% | -10.79% | -16.73% | -3.04% | -19.3% | -12.52% | -7.43% | -9.65% | -17.21% | 13.2% | - |
| D&A (Non-Cash Add-back) | 3.73M | 3.43M | 4.15M | 4.5M | 3.57M | 10.45M | 9.06M | 9.25M | 10.77M | 11.62M | 12.96M | 13.97M | 16.68M | 15.17M | 18.23M | 19.33M | 24.13M | 41.91M | 47.01M | 48.69M | 73.3M | 131.33M | 107.63M |
| EBIT | 27.3M | 21.44M | 20.07M | 22.32M | 997K | -27.33M | -21.77M | -13.42M | -2.19M | 11.56M | 22.97M | 26.3M | 27.78M | 45.6M | 46.44M | 67.61M | 60M | 58.01M | -116.83M | 81.46M | 71.78M | 25.9M | 35.34M |
| Net Interest Income | 719K | 820K | 1.15M | 1.1M | 592K | 320K | 687K | 1.65M | 1.64M | 719K | 275K | 16K | -456K | -260K | -380K | -2.25M | 16K | 69K | 1.8M | 3.45M | 3.87M | -1.32M | -5.91M |
| Interest Income | 719K | 820K | 1.15M | 1.1M | 592K | 320K | 687K | 1.65M | 1.64M | 719K | 275K | 0 | 0 | 0 | 0 | 0 | 16K | 71K | 1.81M | 3.46M | 3.9M | 1.09M | 451K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 456K | 260K | 380K | 2.25M | 0 | 2K | 11K | 13K | 34K | 2.41M | 6.37M |
| Other Income/Expense | 6.59M | 1.73M | 1.07M | 524K | -6.57M | -15.28M | -24.11M | -6.46M | 988K | 853K | -628K | -1.5M | -2.32M | -1.14M | -4.8M | 1.7M | -1.46M | -6.14M | -191.07M | -831K | 82K | -20.27M | -18.07M |
| Pretax Income | 25.83M | 21.44M | 20.03M | 22.32M | 997K | -27.33M | -21.77M | -13.42M | -2.19M | 11.56M | 22.97M | 26.3M | 27.33M | 45.34M | 53.59M | 65.36M | 60M | 58.01M | -116.84M | 81.45M | 71.74M | 23.48M | 22.76M |
| Pretax Margin % | 19.12% | 15.35% | 14.55% | 16.06% | 0.74% | -19.23% | -14.69% | -8.37% | -1.29% | 6.75% | 12.79% | 13.87% | 13.64% | 21.62% | 31.83% | 26.91% | 25.72% | 20.02% | -32.51% | 19.18% | 14.41% | 3.8% | 4.64% |
| Income Tax | 7.07M | 5.56M | 5.07M | 6.66M | -20.86M | -5.15M | 22.45M | -2.66M | -706K | 26.86M | 8.99M | -57.94M | 6.58M | 17.81M | 21.55M | -23.28M | -17.9M | -9.55M | 40.23M | 86.64M | 31.56M | 10.58M | 9.28M |
| Effective Tax Rate % | 27.39% | 25.94% | 25.29% | 29.83% | -2092.18% | 18.85% | -103.15% | 19.8% | 32.31% | 232.42% | 39.15% | -220.31% | 24.09% | 39.28% | 40.22% | -35.63% | -29.83% | -16.47% | -34.43% | 106.38% | 43.99% | 45.04% | 40.77% |
| Net Income | 18.75M | 15.88M | 14.96M | 15.67M | 21.86M | -22.18M | -44.23M | -10.77M | -1.48M | -15.31M | 13.98M | 84.23M | 20.75M | 27.53M | 32.04M | 88.64M | 77.9M | 67.56M | -157.08M | -5.2M | 40.18M | 12.91M | 13.48M |
| Net Margin % | 13.88% | 11.37% | 10.87% | 11.27% | 16.25% | -15.6% | -29.85% | -6.72% | -0.87% | -8.94% | 7.79% | 44.42% | 10.36% | 13.13% | 19.03% | 36.49% | 33.4% | 23.32% | -43.7% | -1.22% | 8.07% | 2.09% | 2.75% |
| Net Income Growth % | 13.01% | 6.12% | -4.47% | -28.32% | 198.54% | 49.85% | -310.82% | -627.86% | 90.34% | -209.49% | -83.4% | 306.05% | -24.65% | -14.08% | -63.85% | 13.79% | 15.31% | 143.01% | -2921.87% | -112.94% | 211.31% | -4.26% | - |
| Net Income (Continuing) | 18.75M | 15.88M | 14.96M | 15.67M | 21.86M | -22.18M | -44.23M | -10.77M | -1.48M | -15.31M | 13.98M | 80.25M | 20.75M | 27.53M | 26.98M | 88.64M | 77.9M | 67.56M | -157.08M | -5.2M | 40.18M | 12.91M | 12.17M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.88 | 0.75 | 0.73 | 0.77 | 1.09 | -1.14 | -2.32 | -0.56 | -0.08 | -0.76 | 0.68 | 3.98 | 0.94 | 1.25 | 1.43 | 3.94 | 3.45 | 2.90 | -5.83 | -0.19 | 1.46 | 0.47 | 0.58 |
| EPS Growth % | 11.25% | 2.74% | -5.19% | -29.36% | 195.61% | 50.86% | -314.29% | -644.68% | 90.11% | -211.76% | -82.91% | 323.4% | -24.8% | -12.59% | -63.71% | 14.2% | 18.97% | 149.74% | -2968.42% | -113.01% | 210.64% | -18.97% | - |
| EPS (Basic) | - | 0.77 | 0.74 | 0.79 | 1.11 | -1.14 | -2.32 | -0.56 | -0.08 | -0.76 | 0.68 | 3.99 | 0.96 | 1.27 | 1.46 | 4.01 | 3.50 | 2.95 | -5.83 | -0.19 | 1.47 | 0.47 | 0.58 |
| Diluted Shares Outstanding | 21.21M | 21.07M | 20.57M | 20.34M | 19.99M | 19.4M | 19.03M | 19.09M | 19.67M | 20.21M | 20.59M | 21.19M | 22.09M | 22.01M | 22.4M | 22.51M | 22.57M | 23.26M | 26.94M | 27.44M | 27.58M | 27.43M | 20.97M |
| Basic Shares Outstanding | 20.92M | 20.61M | 20.24M | 19.95M | 19.67M | 19.4M | 19.03M | 19.09M | 19.67M | 20.21M | 20.59M | 21.12M | 21.62M | 21.65M | 21.92M | 22.08M | 22.27M | 22.92M | 26.94M | 27.44M | 27.4M | 27.28M | 20.84M |
| Dividend Payout Ratio | - | 171.65% | 176.28% | 163.68% | 114.44% | - | - | - | - | - | 73.59% | 16.59% | 52.19% | 44.72% | 51.54% | 24.96% | 56.78% | 67.35% | - | - | 246.15% | 315.26% | - |
Quick answers to the most common questions about buying SPOK stock.
For fiscal year 2025, Spok Holdings, Inc. (SPOK) reported total revenue of $139.7M. This represents a 71.5% decline compared to $490.2M in 2004.
Spok Holdings, Inc. (SPOK) is profitable, generating $15.9M in net income for the fiscal year ending 2025 with a net profit margin of 11.4%.
Spok Holdings, Inc. (SPOK) reported an operating income of $19.7M, resulting in an operating profit margin of 14.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Spok Holdings, Inc. (SPOK) generated $110.1M in gross profit for the year, representing a gross profit margin of 78.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent top-line decline
Metrics are mathematically derived from official filings.
Revenue Erosion Persists Across Quarters
Based on reported income statement figures, Spok's revenue declined from $36.3M in 2025Q1 to $33.0M in 2026Q3, with year-over-year contraction of roughly 2.6% to 8.5% in recent periods, indicating a structural rather than cyclical downtrend.
The consistent sign of year-over-year decline across most recent quarters suggests the core paging and legacy communications base is shrinking faster than any offsetting growth can replace. The modest magnitude of each decline reduces the risk of abrupt collapse, but the persistence of the trend warrants investors monitoring whether revenue stabilization appears in upcoming reporting periods.
Gross Margin Volatility Obscures Underlying Economics
Reported gross margins ranged from 57.6% in 2024Q2 to 79.7% in 2026Q3, with the 117.1% reading in 2025Q4 reflecting a negative COGS figure that appears to be an accounting adjustment rather than operating performance.
The step-up from the high-50s range in 2024 to the 70s and 80s in 2025 and 2026 suggests a meaningful shift in cost of revenue, though the magnitude of that shift cannot be fully attributed to pricing power based on the supplied data alone. The 2025Q4 anomaly, where COGS turned negative, distorts trend analysis and should be treated as a data point requiring further investigation rather than a reliable indicator of structural margin strength.
Operating Income Lags Gross Profit Trend
Operating margin compressed from 16.7% in 2025Q1 to 2.3% in 2026Q2 before recovering to 17.1% in 2026Q3, indicating operating income is highly sensitive to SG&A swings relative to a flat-to-declining revenue base.
SG&A has remained relatively stable near $10.5M to $13.2M while revenue has drifted lower, meaning overhead absorbs a rising share of gross profit during weaker quarters. The 2026Q3 recovery is notable but driven partly by a lower SG&A figure, and investors may wish to assess whether that cost reduction reflects durable efficiency or timing effects.
Net Income Diverges From Operating Trend
Reported net income of $9.7M in 2026Q3 exceeds operating income of $5.6M by a wide margin, and EPS growth swings from -64.0% to +2.1% year over year, suggesting non-operating items materially influence reported earnings.
Net income exceeding operating income implies meaningful non-operating gains, tax benefits, or other items that are not captured in the core business trajectory. The extreme EPS volatility, combined with stock-based compensation remaining modest near $1.2M to $1.8M per quarter, suggests investors should separate operating performance from one-time or non-recurring contributions when evaluating earnings durability.
Declining Base Challenges Earnings Recovery Narrative
Bearish reading of the reported figures centers on a shrinking revenue base, where the 2026Q3 earnings rebound relies on a single quarter's margin improvement rather than demonstrated sustained growth.
A skeptical analyst would argue that quarterly margin recovery cannot offset a multi-quarter revenue decline indefinitely, and that the 2026Q3 profit spike may prove non-repeatable. Peer context shows several comparables also operating at negative net margins, which may indicate sector-wide pressure rather than Spok-specific resilience, warranting caution in extrapolating recent profitability.