Revenue grew 9.8% year over year to $816.0M in 2026Q3, yet a 5.9% operating margin and 2.2% net margin, with net losses in four of the last ten quarters, suggest profitability remains fragile and not yet structurally secure.
Stagwell Inc. (STGW) 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 | 3.11B | 2.91B | 2.84B | 2.53B | 2.69B | 1.47B | 888.03M | 628.67M | 1.48B | 1.51B | 1.39B | 1.33B | 1.22B | 1.15B | 1.07B | 943.27M | 697.83M | 545.92M | 584.65M | 547.32M | 423.67M | 443.46M | 316.81M | 312.72M | 599.2M | 699.3M | 778.11M | 456.58M | 309.86M | 195.71M | 170.1M |
| Revenue Growth % | 7.74% | 2.39% | 12.43% | -5.98% | 82.92% | 65.46% | 41.26% | -57.41% | -2.48% | 9.24% | 4.49% | 8.4% | 6.5% | 7.3% | 13.51% | 35.17% | 27.82% | -6.62% | 6.82% | 29.18% | -4.46% | 39.98% | 1.31% | -47.81% | -14.31% | -10.13% | 70.42% | 47.35% | 58.33% | 15.05% | 27.55% |
| Cost of Goods Sold | 2.04B | 1.85B | 1.84B | 1.62B | 1.67B | 906.86M | 571.59M | 376.28M | 1.04B | 1.07B | 982.58M | 931.94M | 798.52M | 754.49M | 739.12M | 674.46M | 477.49M | 354.31M | 392.14M | 351.85M | 246.8M | 261.69M | 203M | 276.16M | 311.32M | 350.69M | 401.82M | 200.47M | 157.65M | 109.59M | 99.5M |
| COGS % of Revenue | - | 63.46% | 64.87% | 64.15% | 62.27% | 61.72% | 64.37% | 59.85% | 70.27% | 70.48% | 70.9% | 70.27% | 65.26% | 65.67% | 69.03% | 71.5% | 68.43% | 64.9% | 67.07% | 64.29% | 58.25% | 59.01% | 64.08% | 88.31% | 51.96% | 50.15% | 51.64% | 43.91% | 50.88% | 56% | 58.49% |
| Gross Profit | 1.08B | 1.06B | 998.24M | 906M | 1.01B | 562.51M | 316.44M | 252.39M | 438.81M | 446.83M | 403.21M | 394.32M | 424.99M | 394.39M | 331.59M | 268.81M | 220.33M | 191.61M | 192.5M | 195.47M | 176.87M | 181.78M | 113.81M | 36.56M | 287.88M | 348.61M | 376.29M | 256.11M | 152.21M | 86.12M | 70.6M |
| Gross Margin % | 34.61% | 36.54% | 35.13% | 35.85% | 37.73% | 38.28% | 35.63% | 40.15% | 29.73% | 29.52% | 29.1% | 29.73% | 34.74% | 34.33% | 30.97% | 28.5% | 31.57% | 35.1% | 32.93% | 35.71% | 41.75% | 40.99% | 35.92% | 11.69% | 48.04% | 49.85% | 48.36% | 56.09% | 49.12% | 44% | 41.5% |
| Gross Profit Growth % | - | 6.49% | 10.18% | -10.67% | 80.3% | 77.76% | 25.38% | -42.48% | -1.79% | 10.82% | 2.25% | -7.22% | 7.76% | 18.94% | 23.35% | 22% | 14.99% | -0.46% | -1.52% | 10.51% | -2.7% | 59.72% | 211.3% | -87.3% | -17.42% | -7.36% | 46.93% | 68.26% | 76.76% | 21.97% | 26.34% |
| Operating Expenses | 951.7M | 904.04M | 865.17M | 815.48M | 854.99M | 517.78M | 232.7M | 211.69M | 352.74M | 304.68M | 295.64M | 252.06M | 337.25M | 426.38M | 349.5M | 259.51M | 191.41M | 171.37M | 172.16M | 172.45M | 163.59M | 159.19M | 110.99M | 12.62M | 335.66M | 216.72M | 325.69M | 197.64M | 117.91M | 71.43M | 57.9M |
| OpEx % of Revenue | - | 31.08% | 30.45% | 32.27% | 31.81% | 35.24% | 26.2% | 33.67% | 23.89% | 20.13% | 21.33% | 19.01% | 27.56% | 37.11% | 32.64% | 27.51% | 27.43% | 31.39% | 29.45% | 31.51% | 38.61% | 35.9% | 35.03% | 4.03% | 56.02% | 30.99% | 41.86% | 43.29% | 38.05% | 36.5% | 34.04% |
| Selling, General & Admin | 814.8M | 0 | 711.8M | 661.25M | 601.54M | 424.04M | 191.68M | 175.96M | 352.74M | 304.68M | 295.64M | 252.06M | 290.07M | 386.78M | 303.08M | 0 | 156.92M | 136.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 274.27M | 290.65M | 169.77M | 101.01M | 61.14M | 50.2M |
| SG&A % of Revenue | - | - | 25.05% | 26.17% | 22.38% | 28.86% | 21.58% | 27.99% | 23.89% | 20.13% | 21.33% | 19.01% | 23.71% | 33.67% | 28.31% | - | 22.49% | 25.08% | - | - | - | - | - | - | - | 39.22% | 37.35% | 37.18% | 32.6% | 31.24% | 29.51% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 904.04M | 153.37M | 154.23M | 253.45M | 93.74M | 41.02M | 35.73M | 0 | 0 | 0 | 0 | 47.17M | 39.6M | 46.41M | 259.51M | 34.48M | 34.47M | 172.16M | 172.45M | 163.59M | 159.19M | 110.99M | 12.62M | 335.66M | -57.55M | 35.04M | 27.87M | 16.9M | 10.29M | 7.7M |
| Operating Income | 125.88M | 159M | 133.07M | 90.53M | 159.23M | 44.73M | 83.74M | 40.7M | 86.07M | 142.15M | 107.57M | 142.26M | 87.75M | -31.99M | -17.91M | 9.31M | 28.93M | 20.24M | 20.34M | 23.02M | 13.29M | 22.59M | 2.82M | 23.94M | -47.78M | 131.88M | 50.6M | 58.47M | 34.31M | 14.69M | 12.7M |
| Operating Margin % | 4.04% | 5.47% | 4.68% | 3.58% | 5.92% | 3.04% | 9.43% | 6.47% | 5.83% | 9.39% | 7.76% | 10.73% | 7.17% | -2.78% | -1.67% | 0.99% | 4.15% | 3.71% | 3.48% | 4.21% | 3.14% | 5.09% | 0.89% | 7.66% | -7.97% | 18.86% | 6.5% | 12.81% | 11.07% | 7.5% | 7.47% |
| Operating Income Growth % | - | 19.49% | 46.99% | -43.15% | 256.01% | -46.59% | 105.77% | -52.72% | -39.45% | 32.15% | -24.38% | 62.12% | 374.28% | -78.65% | -292.41% | -67.83% | 42.9% | -0.49% | -11.61% | 73.23% | -41.18% | 700.43% | -88.21% | 150.11% | -136.23% | 160.63% | -13.46% | 70.44% | 133.6% | 15.63% | 74.03% |
| EBITDA | 338.28M | 397.75M | 359.84M | 310.01M | 367.87M | 181.21M | 124.77M | 76.42M | 132.27M | 185.62M | 154.01M | 194.48M | 134.92M | 7.61M | 28.51M | 49.54M | 63.41M | 54.72M | 56.1M | 54.59M | 40.26M | 51.38M | 22.78M | 36.56M | -31.59M | 170.14M | 85.64M | 86.34M | 51.21M | 24.98M | 20.4M |
| EBITDA Margin % | 10.86% | 13.67% | 12.66% | 12.27% | 13.69% | 12.33% | 14.05% | 12.16% | 8.96% | 12.26% | 11.11% | 14.66% | 11.03% | 0.66% | 2.66% | 5.25% | 9.09% | 10.02% | 9.59% | 9.97% | 9.5% | 11.59% | 7.19% | 11.69% | -5.27% | 24.33% | 11.01% | 18.91% | 16.53% | 12.76% | 11.99% |
| EBITDA Growth % | -11.12% | 10.53% | 16.07% | -15.73% | 103.01% | 45.24% | 63.25% | -42.22% | -28.74% | 20.52% | -20.81% | 44.14% | 1673.41% | -73.31% | -42.46% | -21.87% | 15.89% | -2.46% | 2.76% | 35.61% | -21.64% | 125.56% | -37.7% | 215.72% | -118.57% | 98.67% | -0.82% | 68.62% | 105.03% | 22.43% | 75.92% |
| D&A (Non-Cash Add-back) | 212.4M | 238.74M | 226.77M | 219.48M | 208.64M | 136.49M | 41.02M | 35.73M | 46.2M | 43.47M | 46.45M | 52.22M | 47.17M | 39.6M | 46.41M | 40.24M | 34.48M | 34.47M | 35.75M | 31.58M | 26.97M | 28.79M | 19.95M | 12.62M | 16.19M | 38.25M | 35.04M | 27.87M | 16.9M | 10.29M | 7.7M |
| EBIT | 139.38M | 165.22M | 130.04M | 181.71M | 151.65M | 91.45M | 83.56M | 39.55M | -13.42M | 151.34M | 15.89M | 37.94M | 70.37M | -90.36M | -18.51M | 7.88M | 29.58M | 18.55M | 35.33M | 20.61M | 15.56M | 20.86M | 20.18M | 28.09M | 134.27M | -46.81M | 65.06M | 0 | 30.28M | 0 | 12.2M |
| Net Interest Income | -2.83M | -96.44M | -92.32M | -90.64M | -76.06M | -31.89M | -6.22M | -8.66M | 6.41M | 65.88M | -65.05M | -57.44M | -54.85M | -45M | -46.31M | -41.78M | -33.28M | -21.75M | -13.26M | -11.95M | -10.76M | -8.89M | -8.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.41M | 759K | 808K | 467K | 418K | 230K | 259K | 139K | 205K | 344K | 1.74M | 1.73M | 514K | 369K | 685K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.83M | 96.44M | 92.32M | 90.64M | 76.06M | 31.89M | 6.22M | 8.66M | 0 | -65.12M | 65.86M | 57.9M | 55.27M | 45.23M | 46.57M | 41.92M | 33.49M | 22.1M | 15M | 13.67M | 11.28M | 9.26M | 8.79M | 11.5M | 17.8M | 31.78M | 31.58M | 0 | 14.99M | 0 | 6.3M |
| Other Income/Expense | -82.07M | -90.57M | -94.84M | -8.33M | -83.72M | 14.59M | -6.34M | -9.8M | -166.48M | -55.07M | -157.28M | -159.67M | -72.64M | -103.6M | -47.17M | -43.34M | -32.83M | -23.79M | -12K | -16.07M | -9.01M | -30.54M | 8.57M | -7.36M | 164.25M | -210.46M | -17.12M | -33.28M | -19.01M | -6.49M | -6.8M |
| Pretax Income | 43.81M | 68.79M | 38.23M | 82.2M | 75.51M | 59.32M | 77.4M | 30.89M | -80.41M | 87.08M | -49.72M | -17.42M | 15.11M | -135.59M | -65.08M | -34.04M | -3.9M | -3.55M | 20.33M | 6.94M | 4.28M | 8.52M | 9.06M | 16.59M | 116.47M | -78.58M | 33.49M | 25.19M | 15.29M | 8.19M | 5.9M |
| Pretax Margin % | 1.41% | 2.36% | 1.35% | 3.25% | 2.81% | 4.04% | 8.72% | 4.91% | -5.45% | 5.75% | -3.59% | -1.31% | 1.23% | -11.8% | -6.08% | -3.61% | -0.56% | -0.65% | 3.48% | 1.27% | 1.01% | 1.92% | 2.86% | 5.3% | 19.44% | -11.24% | 4.3% | 5.52% | 4.94% | 4.19% | 3.47% |
| Income Tax | 31.97M | 38.27M | 13.18M | 40.56M | 25.46M | 23.4M | 5.94M | 10M | 31.6M | -168.06M | -9.4M | 5.66M | 12.42M | -4.29M | 9.55M | 41.73M | -165K | 8.54M | 2.4M | 5.62M | 2.56M | -2.16M | 243K | 6.59M | 22.27M | -16.17M | 5.96M | 9.3M | 6.14M | 2.8M | 800.01K |
| Effective Tax Rate % | 72.97% | 55.64% | 34.48% | 49.34% | 33.72% | 39.45% | 7.67% | 32.38% | -39.3% | -193% | 18.92% | -32.52% | 82.22% | 3.16% | -14.68% | -122.62% | 4.23% | -240.59% | 11.79% | 80.96% | 59.86% | -25.31% | 2.68% | 39.72% | 19.12% | 20.58% | 17.79% | 36.94% | 40.13% | 34.15% | 13.56% |
| Net Income | 9.04M | 29.1M | 2.26M | 134K | 19.92M | 21.04M | 56.36M | 18.4M | -123.73M | 241.85M | -45.84M | -32.15M | -24.06M | -148.86M | -85.44M | -84.67M | -15.44M | -18.32M | 133K | -26.36M | -33.54M | -7.95M | -2.16M | 11.04M | 94.21M | -149.95M | 27.53M | 15.88M | 9.15M | -14.59M | 5.1M |
| Net Margin % | 0.29% | 1% | 0.08% | 0.01% | 0.74% | 1.43% | 6.35% | 2.93% | -8.38% | 15.98% | -3.31% | -2.42% | -1.97% | -12.96% | -7.98% | -8.98% | -2.21% | -3.36% | 0.02% | -4.82% | -7.92% | -1.79% | -0.68% | 3.53% | 15.72% | -21.44% | 3.54% | 3.48% | 2.95% | -7.45% | 3% |
| Net Income Growth % | -54.08% | 1188.22% | 1585.82% | -99.33% | -5.31% | -62.67% | 206.22% | 114.87% | -151.16% | 627.6% | -42.58% | -33.64% | 83.84% | -74.23% | -0.9% | -448.41% | 15.74% | -13877.44% | 100.5% | 21.42% | -321.93% | -268.52% | -119.53% | -88.28% | 162.83% | -644.67% | 73.34% | 73.49% | 162.77% | -385.99% | 96.21% |
| Net Income (Continuing) | 11.94M | 30.63M | 25.04M | 41.64M | 50.04M | 35.92M | 71.46M | 20.73M | -112.01M | 255.14M | -40.31M | -23.08M | 2.69M | -131.3M | -74.63M | -75.77M | -3.74M | -12.08M | 17.93M | 1.32M | 1.72M | 10.71M | 10.57M | 11.04M | 94.21M | -149.95M | 27.53M | 15.88M | 9.15M | -14.59M | 5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07M | -5.16M | -3.08M | -5.43M | -1.36M | -2.49M | -876K | -10.02M | -7.28M | -18.72M | 1.13M | -7.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37.48M | 42.94M | 453.59M | 479.37M | 469.27M | 551.65M | 40.39M | 77.23M | 116.06M | 120.92M | 125.81M | 148.55M | 194.95M | 148.53M | 117.95M | 107.43M | 77.56M | 33.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.04 | 0.11 | 0.02 | 0.00 | 0.22 | 0.40 | 0.73 | 0.25 | -2.16 | 4.36 | -0.89 | -0.64 | -0.49 | -3.16 | -1.85 | -1.94 | -0.37 | -0.45 | 0.00 | -0.70 | -0.94 | -0.23 | -0.06 | 0.33 | 2.46 | -5.92 | 1.10 | 0.60 | 0.37 | -0.85 | 0.28 |
| EPS Growth % | -40.48% | 464.1% | - | -99.5% | -45% | -45.21% | 192% | 111.57% | -149.54% | 589.89% | -39.06% | -30.61% | 84.49% | -70.81% | 4.64% | -424.32% | 17.78% | - | 100.46% | 25.53% | -308.7% | -265.08% | -119.09% | -86.59% | 141.55% | -638.18% | 83.33% | 62.16% | 143.53% | -403.57% | 64.71% |
| EPS (Basic) | - | 0.13 | 0.02 | 0.00 | 0.22 | 0.40 | 0.73 | 0.25 | -2.16 | 4.38 | -0.89 | -0.64 | -0.49 | -3.16 | -1.85 | -1.94 | -0.37 | -0.45 | 0.00 | -0.70 | -0.94 | -0.23 | -0.07 | 0.37 | 3.68 | -5.92 | 1.10 | 0.60 | 0.40 | -0.85 | 0.30 |
| Diluted Shares Outstanding | 250.99M | 264.52M | 115.75M | 122.17M | 124.06M | 90.43M | 77.57M | 69.13M | 57.22M | 55.48M | 51.35M | 49.88M | 49.55M | 47.11M | 46.09M | 43.68M | 42.24M | 41.09M | 41.15M | 37.5M | 35.81M | 34.95M | 34.23M | 33.8M | 38.25M | 25.33M | 25.07M | 26.61M | 24.57M | 17.23M | 18.21M |
| Basic Shares Outstanding | 244.67M | 220.61M | 110.89M | 117.26M | 124.06M | 90.43M | 77.57M | 69.13M | 57.22M | 55.26M | 51.35M | 49.88M | 49.55M | 47.11M | 46.09M | 43.68M | 42.24M | 41.09M | 40.15M | 37.5M | 35.81M | 34.95M | 32.03M | 30.11M | 25.63M | 25.33M | 25.07M | 26.61M | 22.93M | 17.23M | 17M |
| Dividend Payout Ratio | - | - | - | - | - | 1108.59% | 205.02% | 218.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying STGW stock.
For fiscal year 2025, Stagwell Inc. (STGW) reported total revenue of $2.91B. This represents a 1610.1% increase compared to $170.1M in 1996.
Stagwell Inc. (STGW) is profitable, generating $29.1M in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
Stagwell Inc. (STGW) reported an operating income of $159.0M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Stagwell Inc. (STGW) generated $1.06B in gross profit for the year, representing a gross profit margin of 36.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin net margins amid volatility
Metrics are mathematically derived from official filings.
Revenue Growth Stabilizing After Volatility
Based on reported quarterly figures, Stagwell's revenue grew 9.8% year over year to $816.0M in 2026Q3, following 11.2% growth in 2026Q2, suggesting top-line momentum has recovered from the weak 2025Q1 contraction of -2.7%.
The recovery from the -2.7% decline in 2025Q1 to sustained high-single and low-double-digit growth suggests demand has firmed, though the lumpy pattern across recent quarters warrants caution about whether this reflects durable organic expansion or timing effects. Investors should monitor whether growth holds without reliance on acquisitions, as the reported figures alone do not isolate organic from inorganic contributions.
Gross Margin Recovery Lags Peer Levels
Based on reported figures, Stagwell's gross margin improved to 37.3% in 2026Q3 from 28.4% in 2026Q1, yet remains broadly in line with the 15.8% to 17.3% range of listed peers only after accounting for its distinct cost structure.
The sharp swing in gross margin between 2026Q1 at 28.4% and 2026Q3 at 37.3% indicates considerable sensitivity to project mix and pass-through costs, which may point to cyclical exposure in agency billing. Because the margin figures are not directly comparable to peers due to differing revenue recognition conventions, the apparent pricing advantage should be treated as provisional pending deeper segment disclosure.
Operating Leverage Remains Modest
Operating margin reached 5.9% in 2026Q3 versus 1.4% in 2026Q1, and SG&A stayed near $190M to $214M per quarter, suggesting overhead has not scaled proportionally with revenue.
Operating income rose faster than revenue in the most recent quarter, which suggests some operating leverage is emerging from a largely fixed SG&A base. However, the quarter-to-quarter volatility in operating margin implies that this leverage has not yet proven durable across the cycle.
Net Income Lags Operating Profit Gains
According to reported financial statements, Stagwell's 2026Q3 net income of $18.1M represents only 2.2% net margin against a 5.9% operating margin, indicating substantial below-the-line drag from interest and other items.
The gap between operating income of $48.1M and net income of $18.1M in 2026Q3 suggests that financing costs or other non-operating items absorb a meaningful portion of operating profit. Investors should monitor the reconciliation between operating and net income, as the reported figures show repeated net losses in several recent quarters despite positive operating income.
Repeated Losses Undermine Earnings Narrative
Based on reported quarterly data, Stagwell posted net losses in four of the last ten quarters, including -$13.0M in 2026Q1, which challenges any assumption that recent profitability is structurally secure.
The recurrence of net losses alongside periods of positive operating income suggests that the earnings base remains fragile and sensitive to non-operating charges. A short-seller perspective would focus on whether the 2026Q3 profit is a single-quarter outlier, given the EPS swing from -0.05 in 2026Q1 to 0.07 in 2026Q3.