Simpson Manufacturing Co., Inc. (SSD) Income Statement

30Y historyFree accessUpdated daily

Revenue growth decelerated to 2.3% year over year in 2026Q3 from 9.1% in 2026Q1, yet gross margin held at 45.7% as SG&A discipline (20.6% of sales versus 22.7% a year prior) kept operating margin near 22.1%.

Annual statement

SSD Income Statement

Simpson Manufacturing Co., Inc. (SSD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	2.44B	2.33B	2.23B	2.21B	2.12B	1.57B	1.27B	1.14B	1.08B	977.02M	860.66M	794.06M	752.15M	706.33M	657.24M	603.45M	555.49M	585.07M	756.5M	816.99M	863.18M	846.26M	698.05M	548.18M	465.47M	415.86M	369.09M	328.4M	279.1M	246.1M	202.4M
Revenue Growth %	5.44%	4.51%	0.83%	4.62%	34.51%	24.08%	11.56%	5.35%	10.42%	13.52%	8.39%	5.57%	6.49%	7.47%	8.91%	8.63%	-5.06%	-22.66%	-7.4%	-5.35%	2%	21.23%	27.34%	17.77%	11.93%	12.67%	12.39%	17.66%	13.41%	21.59%	20.48%
Cost of Goods Sold	1.33B	1.26B	1.21B	1.17B	1.17B	818.51M	692.42M	645.28M	598.29M	530.76M	448.21M	435.14M	410.12M	391.79M	373.76M	332.64M	311.35M	391.5M	474.19M	511.5M	517.88M	525.09M	412.93M	329.9M	276.56M	257.78M	214.17M	184.9M	161.7M	142.6M	117.2M
COGS % of Revenue	-	54.15%	54.03%	52.85%	55.52%	52.03%	54.61%	56.78%	55.46%	54.32%	52.08%	54.8%	54.53%	55.47%	56.87%	55.12%	56.05%	66.91%	62.68%	62.61%	60%	62.05%	59.16%	60.18%	59.41%	61.99%	58.03%	56.3%	57.94%	57.94%	57.91%
Gross Profit	1.11B	1.07B	1.03B	1.04B	941.17M	754.71M	575.52M	491.26M	480.52M	446.26M	412.45M	358.92M	342.03M	314.54M	283.48M	270.8M	244.14M	193.57M	282.31M	305.49M	345.3M	321.16M	285.12M	218.28M	188.92M	158.08M	154.92M	143.5M	117.4M	103.5M	85.2M
Gross Margin %	45.59%	45.85%	45.97%	47.15%	44.48%	47.97%	45.39%	43.22%	44.54%	45.68%	47.92%	45.2%	45.47%	44.53%	43.13%	44.88%	43.95%	33.09%	37.32%	37.39%	40%	37.95%	40.84%	39.82%	40.59%	38.01%	41.97%	43.7%	42.06%	42.06%	42.09%
Gross Profit Growth %	-	4.25%	-1.71%	10.92%	24.71%	31.13%	17.15%	2.23%	7.68%	8.2%	14.91%	4.94%	8.74%	10.96%	4.68%	10.92%	26.12%	-31.43%	-7.59%	-11.53%	7.51%	12.64%	30.62%	15.54%	19.51%	2.04%	7.96%	22.23%	13.43%	21.48%	33.33%
Operating Expenses	612.75M	626.98M	595.88M	564.25M	466.2M	387.24M	323.49M	316.03M	312.08M	307.26M	272.81M	241.48M	243.09M	230.92M	219.26M	195.27M	164.19M	164.17M	191.93M	184.69M	183.43M	169.48M	153.9M	120.21M	102.83M	92.26M	95.18M	80.9M	66.1M	60.2M	52.5M
OpEx % of Revenue	-	26.88%	26.7%	25.49%	22.03%	24.61%	25.51%	27.81%	28.93%	31.45%	31.7%	30.41%	32.32%	32.69%	33.36%	32.36%	29.56%	28.06%	25.37%	22.61%	21.25%	20.03%	22.05%	21.93%	22.09%	22.19%	25.79%	24.63%	23.68%	24.46%	25.94%
Selling, General & Admin	540.79M	544.49M	496.93M	472.08M	397.85M	328.18M	273.55M	269.84M	268.5M	257.65M	223.2M	204.09M	203.53M	193.17M	182.33M	169.39M	143.08M	133.85M	170.6M	164.57M	164.17M	164.58M	149.83M	120.1M	102.83M	92.26M	82.04M	70M	57.8M	53.5M	45.3M
SG&A % of Revenue	-	23.34%	22.26%	21.32%	18.8%	20.86%	21.57%	23.74%	24.89%	26.37%	25.93%	25.7%	27.06%	27.35%	27.74%	28.07%	25.76%	22.88%	22.55%	20.14%	19.02%	19.45%	21.46%	21.91%	22.09%	22.19%	22.23%	21.32%	20.71%	21.74%	22.38%
Research & Development	76.62M	82.48M	93.58M	92.17M	68.35M	59.38M	50.81M	47.06M	43.06M	47.62M	46.25M	40.3M	39.02M	36.84M	35.92M	25.89M	21.11M	19.99M	21.33M	20.11M	19.25M	4.9M	4.48M	0	0	0	0	0	0	0	0
R&D % of Revenue	-	3.54%	4.19%	4.16%	3.23%	3.77%	4.01%	4.14%	3.99%	4.87%	5.37%	5.07%	5.19%	5.22%	5.47%	4.29%	3.8%	3.42%	2.82%	2.46%	2.23%	0.58%	0.64%	-	-	-	-	-	-	-	-
Other Operating Expenses	-306K	0	5.37M	0	0	-324K	-864K	-872K	525K	1.99M	3.36M	-2.9M	545K	907K	1M	0	0	10.32M	0	0	0	0	-408.79K	103.58K	0	0	13.14M	10.9M	8.3M	6.7M	7.2M
Operating Income	497.99M	442.63M	429.98M	479.66M	474.97M	367.47M	252.03M	175.23M	168.44M	139.01M	139.64M	117.44M	98.94M	83.62M	64.22M	75.53M	79.95M	29.41M	90.38M	120.8M	161.87M	151.69M	131.22M	98.07M	86.08M	65.82M	59.74M	62.6M	51.3M	43.3M	32.7M
Operating Margin %	20.44%	18.97%	19.26%	21.67%	22.45%	23.36%	19.88%	15.42%	15.61%	14.23%	16.23%	14.79%	13.15%	11.84%	9.77%	12.52%	14.39%	5.03%	11.95%	14.79%	18.75%	17.92%	18.8%	17.89%	18.49%	15.83%	16.19%	19.06%	18.38%	17.59%	16.16%
Operating Income Growth %	-	2.94%	-10.36%	0.99%	29.25%	45.8%	43.83%	4.03%	21.17%	-0.45%	18.91%	18.7%	18.32%	30.2%	-14.97%	-5.52%	171.86%	-67.46%	-25.18%	-25.37%	6.71%	15.6%	33.8%	13.93%	30.79%	10.18%	-4.57%	22.03%	18.48%	32.42%	42.79%
EBITDA	600.77M	532.58M	515.37M	554.37M	535.86M	409.95M	290.8M	213.63M	207.83M	172.73M	167.57M	144.26M	126.85M	111.13M	91.08M	96.28M	102.81M	58.79M	120.59M	148.79M	186.4M	174.06M	149.66M	113.72M	100.11M	81.47M	72.87M	73.5M	59.6M	50M	39.9M
EBITDA Margin %	24.66%	22.83%	23.09%	25.04%	25.32%	26.06%	22.93%	18.8%	19.26%	17.68%	19.47%	18.17%	16.87%	15.73%	13.86%	15.96%	18.51%	10.05%	15.94%	18.21%	21.59%	20.57%	21.44%	20.75%	21.51%	19.59%	19.74%	22.38%	21.35%	20.32%	19.71%
EBITDA Growth %	9.24%	3.34%	-7.03%	3.45%	30.71%	40.97%	36.12%	2.79%	20.32%	3.08%	16.16%	13.72%	14.15%	22.02%	-5.4%	-6.35%	74.86%	-51.25%	-18.95%	-20.18%	7.09%	16.3%	31.6%	13.6%	22.88%	11.79%	-0.85%	23.32%	19.2%	25.31%	41.49%
D&A (Non-Cash Add-back)	102.78M	89.95M	85.4M	74.71M	60.89M	42.48M	38.77M	38.4M	39.39M	33.72M	27.93M	26.82M	27.92M	27.52M	26.86M	20.75M	22.86M	29.39M	30.21M	27.98M	24.54M	22.37M	18.44M	15.65M	14.02M	15.65M	13.14M	10.9M	8.3M	6.7M	7.2M
EBIT	506.48M	462.47M	435.34M	483.98M	460.73M	359.4M	251.85M	180.38M	173.19M	145.59M	140.05M	109.68M	100.18M	82.47M	62.71M	79.36M	78.38M	28.96M	90.03M	116.8M	165.24M	155.76M	131.97M	98.07M	86.08M	65.82M	59.74M	62.6M	51.3M	43.3M	32.7M
Net Interest Income	17.32M	8.34M	-48.94M	-7.43M	-12.66M	-850K	-2.01M	-1.74M	-571K	-788K	-577K	-342K	46K	86K	212K	340K	148K	75K	2.6M	5.76M	3.72M	1.55M	385.27K	0	0	0	0	0	0	0	0
Interest Income	17.32M	8.34M	0	0	0	0	272K	291K	493K	389K	570K	655K	901K	987K	1M	913K	492K	542K	2.98M	5.99M	3.93M	1.75M	748.91K	0	0	0	0	0	0	0	0
Interest Expense	0	0	48.94M	7.43M	12.66M	850K	2.28M	2.03M	1.06M	1.18M	1.15M	997K	855K	901K	793K	573K	344K	467K	381K	229K	208K	194K	363.64K	0	0	0	0	0	0	0	0
Other Income/Expense	10.25M	19.84M	4.07M	-3.11M	-26.91M	-8.92M	-2.47M	3.13M	3.69M	5.41M	-742K	-8.76M	386K	-2.05M	-2.3M	3.26M	-1.91M	-916K	-730K	-4.23M	3.17M	3.88M	385.27K	999.49K	985.11K	2.32M	4.26M	1.7M	800K	500K	600K
Pretax Income	508.24M	462.47M	434.04M	476.55M	448.06M	358.55M	249.56M	178.36M	172.13M	144.42M	138.9M	108.68M	99.32M	81.56M	61.92M	78.79M	78.04M	28.49M	89.65M	116.58M	165.03M	155.56M	131.6M	99.07M	87.07M	68.14M	63.99M	64.3M	52.1M	43.8M	33.3M
Pretax Margin %	20.86%	19.82%	19.45%	21.53%	21.17%	22.79%	19.68%	15.69%	15.96%	14.78%	16.14%	13.69%	13.21%	11.55%	9.42%	13.06%	14.05%	4.87%	11.85%	14.27%	19.12%	18.38%	18.85%	18.07%	18.71%	16.38%	17.34%	19.58%	18.67%	17.8%	16.45%
Income Tax	127.65M	117.39M	111.82M	122.56M	114.07M	92.1M	62.56M	44.38M	45.49M	51.8M	49.17M	40.79M	35.79M	30.59M	20M	27.89M	33.24M	16.27M	35.72M	47.83M	62.37M	57.17M	50.09M	38.51M	35.13M	27.62M	25.64M	25.8M	21M	17.8M	13.6M
Effective Tax Rate %	25.12%	25.38%	25.76%	25.72%	25.46%	25.69%	25.07%	24.88%	26.43%	35.87%	35.4%	37.53%	36.04%	37.51%	32.3%	35.39%	42.59%	57.12%	39.84%	41.03%	37.79%	36.75%	38.06%	38.87%	40.35%	40.53%	40.07%	40.12%	40.31%	40.64%	40.84%
Net Income	380.6M	345.08M	322.22M	353.99M	334M	266.45M	187M	133.98M	126.63M	92.62M	89.73M	67.89M	63.53M	50.97M	41.92M	50.9M	28.59M	12.22M	53.93M	68.74M	102.5M	98.39M	81.51M	60.56M	51.93M	40.52M	38.35M	38.5M	31.1M	26M	19.7M
Net Margin %	15.62%	14.79%	14.44%	15.99%	15.78%	16.94%	14.75%	11.79%	11.74%	9.48%	10.43%	8.55%	8.45%	7.22%	6.38%	8.43%	5.15%	2.09%	7.13%	8.41%	11.87%	11.63%	11.68%	11.05%	11.16%	9.74%	10.39%	11.72%	11.14%	10.56%	9.73%
Net Income Growth %	10.53%	7.09%	-8.97%	5.99%	25.35%	42.48%	39.57%	5.8%	36.73%	3.21%	32.18%	6.86%	24.64%	21.6%	-17.65%	78.06%	133.99%	-77.35%	-21.54%	-32.93%	4.17%	20.72%	34.59%	16.61%	28.18%	5.64%	-0.38%	23.79%	19.62%	31.98%	39.72%
Net Income (Continuing)	380.6M	345.08M	322.22M	353.99M	334M	266.45M	187M	133.98M	126.63M	92.62M	89.73M	67.89M	63.53M	50.97M	41.92M	50.9M	44.8M	12.22M	53.93M	68.74M	102.66M	98.39M	81.51M	60.56M	51.93M	40.52M	38.35M	38.5M	31.1M	26M	19.7M
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	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	5.34M	0	0	0	0	754.28K	0	0	0	0
EPS (Diluted)	9.34	8.24	7.60	8.26	7.76	6.12	4.27	2.98	2.78	1.94	1.86	1.38	1.29	1.05	0.87	1.04	0.58	0.25	1.10	1.40	2.10	2.02	1.67	1.23	1.05	0.82	0.80	0.79	0.65	0.14	0.42
EPS Growth %	12.53%	8.42%	-7.99%	6.44%	26.8%	43.33%	43.29%	7.19%	43.3%	4.3%	34.78%	6.98%	22.86%	20.69%	-16.35%	79.31%	132%	-77.27%	-21.43%	-33.33%	3.96%	20.96%	35.77%	17.14%	28.05%	2.5%	1.27%	21.54%	364.29%	-66.67%	446.16%
EPS (Basic)	-	8.27	7.64	8.31	7.78	6.15	4.28	3.00	2.80	1.95	1.87	1.39	1.30	1.05	0.87	1.04	0.58	0.25	1.11	1.42	2.12	2.05	1.70	1.24	1.06	0.84	0.82	0.81	0.67	0.14	0.42
Diluted Shares Outstanding	40.74M	41.86M	42.38M	42.84M	43.05M	43.53M	43.84M	44.92M	46.54M	47.77M	48.3M	49.18M	49.19M	48.67M	48.41M	49.02M	49.61M	49.26M	48.97M	48.93M	48.89M	48.61M	48.92M	49.23M	49.62M	49.26M	49.18M	48.94M	48.19M	46.07M	47.35M
Basic Shares Outstanding	40.61M	41.72M	42.18M	42.6M	42.92M	43.33M	43.71M	44.73M	46.21M	47.49M	48.08M	48.95M	48.98M	48.52M	48.34M	48.97M	49.5M	49.13M	48.64M	48.47M	48.3M	48.08M	48.05M	48.88M	48.94M	48.43M	48.09M	47.35M	46.24M	45.9M	47.02M
Dividend Payout Ratio	-	13.79%	14.43%	12.77%	13.14%	15.62%	21.6%	30%	31.5%	39.93%	36.45%	43.24%	40.8%	35.57%	72.03%	45.83%	69.14%	160.7%	36.04%	26.79%	15.07%	9.76%	8.83%	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Housing cycle deceleration

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Volume Growth Slows Sharply

SSD's revenue growth decelerated to 2.3% year over year in 2026Q3 from 9.1% in 2026Q1, according to reported quarterly statements, suggesting the post-2025 recovery in residential construction demand may be losing momentum even as realized pricing remains intact.

The progression from essentially flat 2024 comparables (-0.1% to 3.1%) through mid-single-digit 2025 growth and then a fade to 2.3% in the latest quarter implies the accelerating phase of the cycle has passed, with the 2025 uplift possibly carrying both price and the ETANCO consolidation rather than pure volume. Sequentially, revenue fell from $671.1M to $638.1M, which is directionally consistent with normal Q3-to-Q2 seasonality in construction, so investors should look to the year-over-year trend rather than the sequential decline when judging demand. The durability question now rests on whether 'content per start' from tightening building codes can offset softening single-family starts, since neither variable is quantified in the disclosed periods.

Pricing Power Absorbs Steel Swing

Gross margin held at 45.7% in 2026Q3 versus 46.4% a year earlier, per reported financial statements, leaving SSD roughly 1,000 basis points above Masco's 35.5% and underscoring the durability of specification-driven pricing power amid steel volatility.

The ten-quarter band of 43.6% to 47.4% shows margins compressing predictably in the seasonally weak fourth quarter (43.6% in 2025Q4) and peaking in the second quarter (47.4% in 2026Q2), a pattern that reads as fixed-cost absorption rather than a structural break. The modest 70 basis point year-over-year easing in Q3 could reflect rebate tier payouts or raw-material catch-up rather than pricing erosion, but it warrants monitoring because customer rebate programs are recorded as revenue reductions and can obscure underlying unit economics. Against the peer set, SSD's premium to Trex (39.2%) and Installed Building Products (34.0%) appears consistent with a differentiated, engineer-specified product rather than a commodity fastener position.

Cost Discipline Offsets Mix Drag

SG&A fell to 20.6% of revenue in 2026Q3 from 22.7% in 2025Q3 and R&D eased to 3.0% of sales from 3.3%, based on company financial statements, yet reported operating margin still slipped to 22.1% from 22.6%.

That combination suggests meaningful overhead efficiency was consumed by something other than the disclosed cost lines, most plausibly the 70 basis point gross margin decline plus unreported other income and expense items, so the operating leverage math in a few periods does not fully reconcile and should be checked against the full statements. The 9% year-over-year reduction in R&D dollars is notable because the moat is described as resting on proprietary engineering software; if this reflects capitalization of software development rather than outright cuts, reported operating income may be flattered relative to true innovation spend. On balance, the fixed-cost base looks well controlled, but the flow-through to operating income is less clean than the headline SG&A ratio implies.

EPS Outpaces Underlying Net Income

Diluted EPS rose 3.9% to $2.68 in 2026Q3 while net income increased only 1.6% to $109.1 million, based on reported figures, with the divergence pointing to share count reduction as a meaningful earnings driver alongside a reported $0 stock-based charge.

Net income has converted at a fairly steady 76% to 78% of operating income across the ten quarters, which argues against large non-operating distortions or tax-rate anomalies inflating the bottom line, a positive signal for earnings quality. The $0 stock-based compensation entry for 2026Q3 following $10.9 million in 2026Q2 and $5.1 million in 2026Q1 is a sharp discontinuity; it may reflect grant timing rather than a policy change, but it warrants confirmation before analysts normalize quarterly expenses, since SBC at $10.9 million equated to roughly 8.6% of that quarter's net income. The 77% EPS growth in 2026Q2 against 24.6% EPS growth disclosed also suggests buybacks are doing real work in per-share results.

Softening Demand Meets Guidance Gap

Sequential EPS declined 13.3% from $3.09 to $2.68 against a $2.40 consensus reference for 2026Q3, and management's omission of forward guidance, per the latest earnings call, may signal reduced visibility into North American volume and mix.

A short-seller would focus on the four-quarter trough in operating margin at 13.6% in 2025Q4 versus 15.0% in 2024Q4, which shows that seasonal deleverage is worsening and that the earnings floor depends heavily on a strong Q2 and Q3 to carry the full year. Layered on that, the ETANCO integration adds European cost and mix uncertainty precisely when organic growth is decelerating, while a structural shift toward multi-family and modular construction could compress the high-margin wood connector franchise over time. The absence of guidance and the unreconciled EPS estimate versus reported result together reduce the reliability of forward anchors, so any margin trajectory call should be treated as provisional.

SSD — Frequently Asked Questions

Quick answers to the most common questions about buying SSD stock.

What was Simpson Manufacturing Co., Inc.'s (SSD) revenue in 2025?

For fiscal year 2025, Simpson Manufacturing Co., Inc. (SSD) reported total revenue of $2.33B. This represents a 1052.6% increase compared to $202.4M in 1996.

Is Simpson Manufacturing Co., Inc. (SSD) profitable?

Simpson Manufacturing Co., Inc. (SSD) is profitable, generating $345.1M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.

What is Simpson Manufacturing Co., Inc.'s operating profit margin?

Simpson Manufacturing Co., Inc. (SSD) reported an operating income of $442.6M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Simpson Manufacturing Co., Inc.'s gross profit and gross margin?

Simpson Manufacturing Co., Inc. (SSD) generated $1.07B in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.