Revenue contraction persists with a -0.3% year-over-year decline in 2026Q2, while operating losses continue at a -12.7% margin, indicating the company's cost structure remains too heavy for the current industrial 3D printing adoption pace.
Stratasys Ltd. (SSYS) annual income statement — 30-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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 547.27M | 551.1M | 572.46M | 627.6M | 651.48M | 607.22M | 520.82M | 636.08M | 663.24M | 668.36M | 672.46M | 696M | 750.13M | 484.4M | 215.24M | 155.89M | 117.1M | 98.36M | 124.5M | 112.24M | 103.81M | 82.84M | 70.33M | 50.89M | 39.81M | 37.57M | 35.61M | 37.59M | 32.4M | 29.6M | 22.9M |
| Revenue Growth % | -3.05% | -3.73% | -8.79% | -3.67% | 7.29% | 16.59% | -18.12% | -4.09% | -0.77% | -0.61% | -3.38% | -7.22% | 54.86% | 125.05% | 38.07% | 33.13% | 19.06% | -21% | 10.92% | 8.12% | 25.31% | 17.8% | 38.2% | 27.84% | 5.95% | 5.51% | -5.26% | 16.01% | 9.46% | 29.26% | 122.33% |
| Cost of Goods Sold | 312.24M | 291.84M | 315.64M | 360.57M | 375.02M | 347.14M | 301.42M | 330.32M | 338.01M | 345.58M | 355.15M | 593.82M | 387.74M | 258.23M | 105.33M | 73.49M | 61.01M | 51.97M | 58.08M | 52.53M | 52.37M | 35.32M | 28M | 18.11M | 15.44M | 14.57M | 11.89M | 11.01M | 8.8M | 7.8M | 6.8M |
| COGS % of Revenue | - | 52.96% | 55.14% | 57.45% | 57.56% | 57.17% | 57.88% | 51.93% | 50.96% | 51.71% | 52.81% | 85.32% | 51.69% | 53.31% | 48.94% | 47.14% | 52.1% | 52.84% | 46.65% | 46.8% | 50.45% | 42.63% | 39.81% | 35.58% | 38.79% | 38.78% | 33.4% | 29.29% | 27.16% | 26.35% | 29.69% |
| Gross Profit | 235.03M | 259.26M | 256.82M | 267.02M | 276.47M | 260.08M | 219.39M | 305.76M | 325.22M | 322.78M | 317.31M | 102.17M | 362.39M | 226.17M | 109.91M | 82.4M | 56.09M | 46.38M | 66.41M | 59.71M | 51.44M | 47.53M | 42.33M | 32.78M | 24.37M | 23M | 23.72M | 26.58M | 23.6M | 21.8M | 16.1M |
| Gross Margin % | 42.95% | 47.04% | 44.86% | 42.55% | 42.44% | 42.83% | 42.13% | 48.07% | 49.04% | 48.29% | 47.19% | 14.68% | 48.31% | 46.69% | 51.06% | 52.86% | 47.9% | 47.16% | 53.35% | 53.2% | 49.55% | 57.37% | 60.19% | 64.42% | 61.21% | 61.22% | 66.6% | 70.71% | 72.84% | 73.65% | 70.31% |
| Gross Profit Growth % | - | 0.95% | -3.82% | -3.42% | 6.3% | 18.54% | -28.25% | -5.98% | 0.76% | 1.72% | 210.56% | -71.81% | 60.23% | 105.78% | 33.38% | 46.92% | 20.92% | -30.16% | 11.23% | 16.07% | 8.24% | 12.27% | 29.12% | 34.54% | 5.94% | -3.02% | -10.77% | 12.62% | 8.26% | 35.4% | 136.76% |
| Operating Expenses | 312.1M | 318.06M | 342.48M | 354.6M | 333.63M | 339.24M | 675.39M | 313.39M | 334.07M | 351.92M | 404.89M | 556.98M | 434.26M | 255.1M | 92.79M | 53.4M | 42.62M | 40.56M | 45.82M | 41.24M | 35.8M | 33.37M | 29.33M | 24.04M | 20.75M | 19.51M | 23.27M | 24.1M | 23.5M | 21.7M | 14M |
| OpEx % of Revenue | - | 57.71% | 59.83% | 56.5% | 51.21% | 55.87% | 129.68% | 49.27% | 50.37% | 52.65% | 60.21% | 80.03% | 57.89% | 52.66% | 43.11% | 34.25% | 36.4% | 41.24% | 36.8% | 36.74% | 34.49% | 40.28% | 41.71% | 47.24% | 52.13% | 51.94% | 65.35% | 64.11% | 72.53% | 73.31% | 61.14% |
| Selling, General & Admin | 228.95M | 218.35M | 238.22M | 255.98M | 240.75M | 250.94M | 205.22M | 219.13M | 235.11M | 257.06M | 287.12M | 351.02M | 351.99M | 202.04M | 73.13M | 39.04M | 32.86M | 32.82M | 36.84M | 33.77M | 29.11M | 27.01M | 23.69M | 18.99M | 16.07M | 14.6M | 15.14M | 15.61M | 15.3M | 14.7M | 9.6M |
| SG&A % of Revenue | - | 39.62% | 41.61% | 40.79% | 36.95% | 41.33% | 39.4% | 34.45% | 35.45% | 38.46% | 42.7% | 50.43% | 46.92% | 41.71% | 33.98% | 25.04% | 28.06% | 33.37% | 29.59% | 30.09% | 28.04% | 32.61% | 33.69% | 37.32% | 40.36% | 38.85% | 42.51% | 41.53% | 47.22% | 49.66% | 41.92% |
| Research & Development | 59.17M | 0 | 99.14M | 94.42M | 92.88M | 88.3M | 84.01M | 94.25M | 98.96M | 96.24M | 97.78M | 122.36M | 82.27M | 52.31M | 19.66M | 14.36M | 9.76M | 7.74M | 8.97M | 7.47M | 6.7M | 6.35M | 5.64M | 5.05M | 4.69M | 4.92M | 6.37M | 6.58M | 5.9M | 5.1M | 3.3M |
| R&D % of Revenue | - | - | 17.32% | 15.05% | 14.26% | 14.54% | 16.13% | 14.82% | 14.92% | 14.4% | 14.54% | 17.58% | 10.97% | 10.8% | 9.13% | 9.21% | 8.33% | 7.87% | 7.21% | 6.65% | 6.45% | 7.67% | 8.02% | 9.92% | 11.78% | 13.08% | 17.88% | 17.51% | 18.21% | 17.23% | 14.41% |
| Other Operating Expenses | 1000K | 99.7M | 5.11M | 4.2M | 0 | 0 | 386.15M | 0 | 0 | 0 | 0 | 0 | 0 | -450K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.77M | 1.9M | 2.3M | 1.9M | 1.1M |
| Operating Income | -77.07M | -58.79M | -85.66M | -87.58M | -57.16M | -79.16M | -456M | -7.63M | -8.85M | -30.52M | -86.71M | -1.37B | -148.19M | -28.93M | 17.12M | 29.01M | 13.47M | 5.82M | 20.6M | 18.47M | 15.64M | 14.16M | 13M | 8.74M | 3.61M | 3.49M | 443.59K | 2.48M | 100K | 100K | 2.1M |
| Operating Margin % | -14.08% | -10.67% | -14.96% | -13.95% | -8.77% | -13.04% | -87.55% | -1.2% | -1.33% | -4.57% | -12.89% | -197.35% | -19.76% | -5.97% | 7.95% | 18.61% | 11.5% | 5.92% | 16.54% | 16.46% | 15.06% | 17.09% | 18.48% | 17.18% | 9.08% | 9.28% | 1.25% | 6.6% | 0.31% | 0.34% | 9.17% |
| Operating Income Growth % | - | 31.36% | 2.19% | -53.22% | 27.79% | 82.64% | -5879.49% | 13.8% | 71.02% | 64.8% | 93.69% | -826.89% | -412.22% | -268.97% | -40.97% | 115.38% | 131.25% | -71.72% | 11.5% | 18.14% | 10.45% | 8.92% | 48.67% | 141.94% | 3.6% | 686.26% | -82.12% | 2380.66% | 0% | -95.24% | 950% |
| EBITDA | -32.74M | -15.62M | -40.32M | -38.61M | 2.61M | -23.07M | -406.44M | 43.32M | 52.4M | 36.11M | 6.16M | -1.27B | -38.76M | 63.51M | 36.62M | 39.35M | 22.81M | 14.08M | 27.6M | 23.45M | 19.47M | 17.22M | 15.68M | 11.28M | 6.01M | 5.77M | 2.21M | 4.38M | 2.4M | 2M | 3.2M |
| EBITDA Margin % | -5.98% | -2.83% | -7.04% | -6.15% | 0.4% | -3.8% | -78.04% | 6.81% | 7.9% | 5.4% | 0.92% | -181.78% | -5.17% | 13.11% | 17.01% | 25.24% | 19.48% | 14.31% | 22.17% | 20.89% | 18.75% | 20.78% | 22.3% | 22.16% | 15.11% | 15.35% | 6.21% | 11.67% | 7.41% | 6.76% | 13.97% |
| EBITDA Growth % | -57.62% | 61.26% | -4.44% | -1579.2% | 111.32% | 94.32% | -1038.3% | -17.34% | 45.11% | 485.85% | 100.49% | -3164.06% | -161.03% | 73.42% | -6.95% | 72.53% | 62.01% | -48.99% | 17.71% | 20.43% | 13.08% | 9.77% | 39.09% | 87.48% | 4.29% | 160.77% | -49.56% | 82.7% | 20% | -37.5% | 433.33% |
| D&A (Non-Cash Add-back) | 44.33M | 43.17M | 45.34M | 48.97M | 59.77M | 56.1M | 49.56M | 50.94M | 61.25M | 66.64M | 92.88M | 108.39M | 109.43M | 92.44M | 19.5M | 10.35M | 9.34M | 8.26M | 7M | 4.97M | 3.83M | 3.06M | 2.69M | 2.53M | 2.4M | 2.28M | 1.77M | 1.9M | 2.3M | 1.9M | 1.1M |
| EBIT | -114.15M | -101.2M | -114.59M | -80.68M | -23.52M | -65.89M | -69.84M | -7.14M | -8.85M | -30.52M | -86.71M | -454.81M | -143.96M | -29.38M | 17.12M | 31.35M | 13.84M | 5.82M | 20.6M | 18.47M | 15.64M | 14.16M | 13M | 8.74M | 3.61M | 3.49M | 443.59K | 2.48M | 100K | 136.37K | 2.1M |
| Net Interest Income | 8.67M | 0 | -2.72M | 0 | 0 | 0 | -6.78M | 1.66M | 633K | 1.05M | 354K | -10.29M | -6.53M | -450K | 1.39M | 923.21K | 921K | 989.92K | 2.04M | 0 | 0 | 0 | 0 | -123.92K | -178.43K | -270.82K | -69.55K | 0 | -100K | 0 | 0 |
| Interest Income | 8.67M | 0 | 0 | 0 | 0 | 0 | - | 1.66M | 633K | 1.05M | 354K | 0 | 0 | 0 | 984K | 923.21K | 921.09K | 989.92K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 2.72M | 0 | 0 | 0 | 6.78M | 0 | 0 | 0 | 0 | 10.29M | 6.53M | 450K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123.92K | 178.43K | 270.82K | 69.55K | 0 | 100K | 0 | 0 |
| Other Income/Expense | -29.82M | -42.41M | -31.65M | -29.71M | 33.64M | 13.27M | -4.51M | 70K | 622K | 1.05M | -24.61M | -1.24B | -101.76M | -450K | 1.39M | 2.35M | 368K | 358.55K | 137.03K | 1.89M | 1.33M | 1.13M | 849.49K | 402.38K | 288.44K | 35.25K | 482.3K | 408.99K | -5.8M | 500K | 600K |
| Pretax Income | -106.88M | -101.2M | -117.31M | -117.29M | -23.52M | -65.89M | -460.51M | -7.56M | -8.21M | -29.48M | -86.36M | -1.38B | -154.72M | -29.38M | 18.51M | 31.35M | 13.84M | 6.18M | 20.73M | 20.36M | 16.96M | 15.28M | 13.85M | 9.14M | 3.9M | 3.52M | 925.89K | 2.89M | -5.7M | 600K | 2.7M |
| Pretax Margin % | -19.53% | -18.36% | -20.49% | -18.69% | -3.61% | -10.85% | -88.42% | -1.19% | -1.24% | -4.41% | -12.84% | -198.83% | -20.63% | -6.07% | 8.6% | 20.11% | 11.82% | 6.29% | 16.65% | 18.14% | 16.34% | 18.45% | 19.69% | 17.97% | 9.8% | 9.38% | 2.6% | 7.69% | -17.59% | 2.03% | 11.79% |
| Income Tax | 8.29M | 3.08M | 2.97M | 5.78M | 5.45M | -3.91M | -16.39M | 3.52M | 4.74M | 9.27M | -9.45M | -10.32M | -35.25M | -2.47M | 9.69M | 10.73M | 4.47M | 2.07M | 7.12M | 6.04M | 5.8M | 4.68M | 4.72M | 2.99M | 791.1K | 1.01M | -62.41K | 746K | -2.4M | 100K | -800K |
| Effective Tax Rate % | -7.76% | -3.05% | -2.53% | -4.93% | -23.19% | 5.93% | 3.56% | -46.63% | -57.66% | -31.46% | 10.94% | 0.75% | 22.78% | 8.42% | 52.33% | 34.21% | 32.28% | 33.42% | 34.33% | 29.65% | 34.19% | 30.62% | 34.07% | 32.69% | 20.27% | 28.66% | -6.74% | 25.82% | 42.11% | 16.67% | -29.63% |
| Net Income | -115.18M | -104.28M | -120.28M | -123.07M | -28.97M | -61.98M | -443.72M | -10.85M | -10.96M | -39.98M | -77.22M | -1.37B | -119.42M | -26.95M | 8.49M | 20.63M | 9.37M | 4.12M | 13.62M | 14.32M | 11.16M | 10.6M | 9.13M | 6.16M | 3.11M | 2.51M | 988.3K | 2.14M | -3.3M | 500K | 3.5M |
| Net Margin % | -21.05% | -18.92% | -21.01% | -19.61% | -4.45% | -10.21% | -85.2% | -1.71% | -1.65% | -5.98% | -11.48% | -197.51% | -15.92% | -5.56% | 3.94% | 13.23% | 8% | 4.19% | 10.94% | 12.76% | 10.75% | 12.8% | 12.98% | 12.1% | 7.81% | 6.69% | 2.78% | 5.7% | -10.19% | 1.69% | 15.28% |
| Net Income Growth % | -17.1% | 13.3% | 2.27% | -324.77% | 53.25% | 86.03% | -3989.97% | 1.05% | 72.58% | 48.22% | 94.38% | -1051.09% | -343.05% | -417.44% | -58.83% | 120.14% | 127.62% | -69.77% | -4.95% | 28.3% | 5.29% | 16.14% | 48.31% | 97.88% | 23.78% | 154.29% | -53.9% | 164.96% | -760% | -85.71% | 775% |
| Net Income (Continuing) | -115.18M | -104.28M | -120.28M | -123.07M | -28.97M | -61.98M | -444.12M | -11.08M | -11.22M | -38.75M | -76.91M | -1.37B | -119.47M | -26.91M | 8.82M | 20.63M | 9.37M | 4.12M | 13.62M | 14.32M | 11.16M | 10.6M | 9.13M | 6.16M | 3.11M | 2.51M | 988.3K | 2.14M | -3.3M | 500K | 3.5M |
| 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 | 227K | 622K | 852K | 17K | 131K | 183K | 469K | 0 | 496K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.32 | -1.28 | -1.70 | -1.79 | -0.44 | -0.98 | -8.08 | -0.20 | -0.20 | -0.75 | -1.47 | -26.64 | -2.39 | -0.64 | 0.36 | 0.95 | 0.44 | 0.20 | 0.65 | 0.66 | 0.27 | 0.50 | 0.43 | 0.32 | 0.19 | 0.15 | 0.06 | 0.12 | -0.18 | 0.03 | 0.07 |
| EPS Growth % | 0% | 24.71% | 5.03% | -306.82% | 55.1% | 87.87% | -3940% | 0% | 73.33% | 48.98% | 94.48% | -1014.64% | -273.44% | -277.78% | -62.11% | 115.91% | 120% | -69.23% | -1.52% | 144.44% | -46% | 16.28% | 34.38% | 68.42% | 26.67% | 164.55% | -52.75% | 166.67% | -749.82% | -60.43% | 600% |
| EPS (Basic) | - | -1.28 | -1.70 | -1.79 | -0.44 | -0.98 | -8.08 | -0.20 | -0.20 | -0.75 | -1.48 | -26.64 | -2.39 | -0.64 | 0.37 | 0.98 | 0.46 | 0.20 | 0.66 | 0.69 | 0.28 | 0.51 | 0.44 | 0.34 | 0.19 | 0.15 | 0.06 | 0.12 | -0.18 | 0.03 | 0.07 |
| Diluted Shares Outstanding | 87.05M | 81.6M | 70.86M | 68.67M | 66.49M | 63.47M | 54.92M | 54.26M | 53.75M | 52.96M | 52.58M | 51.59M | 50.02M | 42.1M | 23.78M | 21.65M | 21.13M | 20.27M | 21.08M | 21.57M | 41.45M | 21.49M | 21.45M | 19.36M | 16.78M | 16.48M | 17.05M | 17.34M | 18.22M | 18.05M | 16.54M |
| Basic Shares Outstanding | 87.05M | 81.6M | 70.86M | 68.67M | 66.49M | 63.47M | 54.92M | 54.26M | 53.75M | 52.96M | 52.33M | 51.59M | 49.97M | 42.08M | 22.81M | 21.13M | 20.58M | 20.24M | 20.68M | 20.77M | 40.48M | 21.06M | 20.7M | 18.1M | 16.01M | 16.39M | 16.58M | 17.33M | 18.22M | 17.18M | 16.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SSYS stock.
For fiscal year 2025, Stratasys Ltd. (SSYS) reported total revenue of $551.1M. This represents a 2306.6% increase compared to $22.9M in 1996.
Stratasys Ltd. (SSYS) reported a net loss of $104.3M for the fiscal year ending 2025.
Stratasys Ltd. (SSYS) reported an operating income of $-58.8M, resulting in an operating profit margin of -10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Stratasys Ltd. (SSYS) generated $259.3M in gross profit for the year, representing a gross profit margin of 47.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses amid revenue contraction
Revenue Contraction Persists Despite Sequential Stabilization
Stratasys' revenue has contracted year-over-year for ten consecutive quarters, with the latest 2026Q2 figure of $137.6M representing a -0.3% decline, suggesting the industrial capex cycle remains a significant headwind for new system placements.
The sequential revenue improvement from $132.7M in 2026Q1 to $137.6M in 2026Q2 indicates a potential stabilization in demand, but the persistent negative year-over-year growth underscores a challenging environment for capital equipment sales. This pattern is consistent with the company's noted sensitivity to North American industrial budgets and the deferral of large-scale additive manufacturing investments in a higher-rate environment. The durability of this recovery is questionable without a clear inflection in the underlying drivers of system utilization and new platform attachment.
Gross Margin Volatility Masks Structural Pressure
Gross margin has fluctuated between 41.0% and 46.3% over the past ten quarters, with the latest 2026Q2 reading of 42.4% appearing to reflect an unfavorable product mix, as the high-margin consumables business may be offset by lower-margin hardware sales.
The significant margin swing from 46.0% in 2025Q4 to 42.4% in 2026Q2 suggests that the 'system-material lag' is actively impacting reported profitability, where a surge in hardware sales initially depresses margins. While the company's gross margin remains structurally superior to peer 3D Systems (33.9%), the inability to sustain the higher end of its historical range indicates pricing power may be constrained or that the mix is shifting unfavorably. Investors should monitor whether the shift toward manufacturing applications can eventually support a more stable, higher-margin profile.
Operating Leverage Remains Elusive Amid Heavy Cost Base
Operating losses have persisted for all ten reported quarters, with the operating margin at -12.7% in 2026Q2, indicating that the company's fixed cost structure in R&D and SG&A is not scaling down effectively with the current revenue base.
The operating loss of -$17.4M in 2026Q2, while an improvement from -$24.3M in the prior quarter, demonstrates that the company has not yet achieved the scale necessary to cover its investment in next-generation technologies. SG&A expenses of $56.3M in the latest quarter remain elevated relative to revenue, suggesting limited progress in overhead efficiency. The path to operating profitability appears to require either a significant revenue uplift or more aggressive cost restructuring, neither of which is evident in the recent trend.
R&D and SG&A Dominate Cost Structure, Limiting Path to Profitability
Combined R&D and SG&A expenses consistently consume over 55% of revenue, with SG&A alone at $56.3M in 2026Q2, highlighting a cost structure that is too heavy for the current pace of industrial 3D printing adoption.
The company's cost discipline appears challenged, as SG&A expenses have remained in the $53M-$64M range despite revenue contraction, indicating limited flexibility in the sales and support infrastructure. R&D spending, while essential for maintaining technological leadership, represents a significant fixed cost that must be funded by a shrinking revenue base. The absence of a clear downward trend in these line items suggests that management has not yet implemented the necessary restructuring to align expenses with the current market reality.
Net Losses Distorted by Non-Cash Charges and Tax Effects
The net loss of -$16.9M in 2026Q2, which improved from -$23.8M in the prior quarter, appears to be influenced by non-cash items and tax effects, as the net margin of -12.3% is slightly better than the operating margin of -12.7%.
The quality of reported earnings is low, as the company has not generated positive net income in any of the last ten quarters. The significant swing in net loss from -$55.6M in 2025Q3 to -$16.9M in 2026Q2 suggests the impact of non-operating items, such as impairment charges or tax adjustments, which can distort the underlying operational performance. The reduction in stock-based compensation from $8.6M in 2024Q1 to $0 in recent quarters may indicate a shift in compensation strategy, but it also removes a non-cash expense that previously inflated the net loss figure.
Sustainability of 'Go-It-Alone' Strategy Questioned by Cash Burn
The company's decision to remain independent after rejecting multiple acquisition bids places immense pressure on its ability to achieve standalone profitability, yet the sustained operating losses of over $17M per quarter suggest the current strategy may be value-destructive.
A short-seller would focus on the fact that Stratasys is burning cash to defend its independence while failing to demonstrate a credible path to GAAP profitability. The revenue contraction and persistent negative operating margins indicate that the 'go-it-alone' strategy is not yet supported by the financials, and the lack of a new strategic catalyst in the latest report increases the risk of further cash erosion. The company's fortress balance sheet provides a temporary buffer, but without a clear inflection in operational performance, the market may increasingly question the wisdom of rejecting consolidation opportunities.