Revenue growth has decelerated from a peak of 37.2% to a contraction of 10.9% in 2026Q2, with gross margins compressing to 22.9% as the company faces the downswing of the global pulp price cycle.
Suzano S.A. (SUZ) annual income statement — 21-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 |
|---|
| Sales/Revenue | 48.29B | 49.13B | 47.4B | 39.76B | 49.83B | 40.97B | 30.46B | 26.01B | 13.44B | 10.52B | 9.88B | 10.22B | 7.26B | 5.69B | 5.19B | 4.85B | 4.51B | 3.95B | 4.06B | 3.41B | 3.1B | 2.79B |
| Revenue Growth % | -5.87% | 3.65% | 19.24% | -20.22% | 21.64% | 34.49% | 17.1% | 93.5% | 27.78% | 6.46% | -3.35% | 40.74% | 27.7% | 9.56% | 7.1% | 7.4% | 14.2% | -2.73% | 19.18% | 10.03% | 11.19% | - |
| Cost of Goods Sold | 34.8B | 33.85B | 27.4B | 25.08B | 24.82B | 20.62B | 18.97B | 20.74B | 6.92B | 6.45B | 6.57B | 6.18B | 5.36B | 4.19B | 4.04B | 3.77B | 3.15B | 3.04B | 2.65B | 2.22B | 1.95B | 1.76B |
| COGS % of Revenue | - | 68.89% | 57.81% | 63.08% | 49.81% | 50.32% | 62.27% | 79.74% | 51.49% | 61.3% | 66.5% | 60.49% | 73.72% | 73.66% | 77.74% | 77.8% | 69.75% | 76.99% | 65.15% | 65.23% | 62.94% | 63.29% |
| Gross Profit | 13.49B | 15.28B | 20B | 14.68B | 25.01B | 20.35B | 11.49B | 5.27B | 6.52B | 4.07B | 3.31B | 4.04B | 1.91B | 1.5B | 1.16B | 1.08B | 1.37B | 909.67M | 1.42B | 1.19B | 1.15B | 1.02B |
| Gross Margin % | 27.94% | 31.11% | 42.19% | 36.92% | 50.19% | 49.68% | 37.73% | 20.26% | 48.51% | 38.7% | 33.5% | 39.51% | 26.28% | 26.34% | 22.26% | 22.2% | 30.25% | 23.01% | 34.85% | 34.77% | 37.06% | 36.71% |
| Gross Profit Growth % | - | -23.58% | 36.26% | -41.31% | 22.9% | 77.05% | 118.12% | -19.19% | 60.17% | 22.98% | -18.05% | 111.64% | 27.41% | 29.61% | 7.43% | -21.19% | 50.1% | -35.77% | 19.47% | 3.23% | 12.26% | - |
| Operating Expenses | 5.16B | 4.08B | 4.31B | 2.46B | 2.79B | 2.17B | 3.05B | 2.64B | 1.52B | 767.51M | 918.46M | 955.65M | 684.2M | 586.4M | 650.69M | 399.69M | 213.94M | 988.23M | 477.93M | 491.28M | 498.38M | 398.44M |
| OpEx % of Revenue | - | 8.3% | 9.09% | 6.19% | 5.59% | 5.3% | 10.01% | 10.15% | 11.28% | 7.3% | 9.29% | 9.35% | 9.42% | 10.31% | 12.53% | 8.24% | 4.74% | 25% | 11.76% | 14.41% | 16.08% | 14.3% |
| Selling, General & Admin | 1.37T | 6.1B | 4.46B | 3.45B | 3.14B | 2.82B | 2.63B | 3.05B | 1.38B | 924.88M | 805.75M | 839.5M | 673.78M | 653.77M | 651.77M | 581.48M | 516.47M | 363.73M | 406.96M | 402.87M | 406.76M | 361.86M |
| SG&A % of Revenue | - | 12.42% | 9.41% | 8.67% | 6.3% | 6.89% | 8.65% | 11.73% | 10.3% | 8.79% | 8.15% | 8.21% | 9.27% | 11.49% | 12.55% | 11.99% | 11.44% | 9.2% | 10.01% | 11.82% | 13.13% | 12.98% |
| Research & Development | 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 | 0 | -2.02B | -148.93M | -986.19M | -352.69M | -651.75M | 416.86M | -411.53M | 126.9M | -160.92M | 109.28M | 112.62M | 7.3M | -67.38M | -1.08M | -181.79M | -302.53M | 624.5M | 70.97M | -127.86M | 778K | -10.68M |
| Operating Income | 8.33B | 11.21B | 15.69B | 12.22B | 22.22B | 18.18B | 8.44B | 2.63B | 5.01B | 3.26B | 1.32B | 3.07B | 1.23B | 975.57M | 544.36M | -98.31M | 899.07M | 617.84M | -635.78M | 944.13M | 596.86M | 657.62M |
| Operating Margin % | 17.25% | 22.81% | 33.1% | 30.73% | 44.6% | 44.38% | 27.72% | 10.1% | 37.25% | 30.97% | 13.33% | 30.03% | 16.93% | 17.15% | 10.48% | -2.03% | 19.92% | 15.63% | -15.65% | 27.69% | 19.26% | 23.6% |
| Operating Income Growth % | - | -28.58% | 28.44% | -45.03% | 22.24% | 115.32% | 221.22% | -47.51% | 53.71% | 147.36% | -57.1% | 149.68% | 26.04% | 79.22% | 653.74% | -110.93% | 45.52% | 197.18% | -167.34% | 58.18% | -9.24% | - |
| EBITDA | 20.24B | 22.28B | 24.57B | 19.54B | 29.66B | 25.26B | 15.2B | 10.68B | 6.58B | 4.67B | 2.72B | 4.49B | 2.45B | 1.91B | 1.27B | 531.55M | 1.42B | 1.1B | -104.98M | 1.4B | 986.31M | 945.94M |
| EBITDA Margin % | 41.91% | 45.35% | 51.82% | 49.14% | 59.52% | 61.67% | 49.89% | 41.06% | 48.95% | 44.38% | 27.53% | 43.91% | 33.67% | 33.62% | 24.49% | 10.96% | 31.57% | 27.9% | -2.58% | 40.95% | 31.83% | 33.94% |
| EBITDA Growth % | -16.01% | -9.3% | 25.74% | -34.13% | 17.41% | 66.25% | 42.26% | 62.31% | 40.95% | 71.62% | -39.4% | 83.57% | 27.88% | 50.4% | 139.23% | -62.7% | 29.2% | 1150.58% | -107.52% | 41.55% | 4.27% | - |
| D&A (Non-Cash Add-back) | 11.91B | 11.08B | 8.87B | 7.32B | 7.44B | 7.08B | 6.75B | 8.05B | 1.57B | 1.41B | 1.4B | 1.42B | 1.22B | 936.99M | 727.27M | 629.86M | 525.85M | 485.02M | 530.81M | 452.04M | 389.46M | 288.32M |
| EBIT | 16.42B | 26.55B | 14.59B | 22.08B | 32.74B | 12.58B | -13.88B | -462.99M | 1.2B | 3.14B | 3.49B | -155.38M | 685.57M | 471.02M | 264.31M | 394.97M | 1.17B | 639.62M | 938.43M | 1.15B | 868.81M | 879.4M |
| Net Interest Income | -4.81B | -4.99B | -3.31B | -2.83B | -3.62B | -3.54B | -828.53M | -960.36M | -598.29M | -912.7M | -762.65M | -936.43M | -803.01M | -777.34M | -371.79M | -319.25M | -273.67M | 696.4M | -1.57B | -220.62M | -190.69M | -135.29M |
| Interest Income | 1.86B | 1.55B | 1.6B | 1.24B | 967.01M | 205.57M | 28.48M | 99.38M | 435.2M | 75.68M | 0 | 0 | 0 | 246.43M | 295.2M | 174.02M | 0 | 696.4M | 217.08M | 138.87M | 125M | 126.08M |
| Interest Expense | 6.67B | 6.54B | 4.9B | 4.08B | 4.59B | 3.75B | 857.01M | 1.06B | 1.2B | 1.14B | 762.65M | 936.43M | 803.01M | 681.56M | 571.53M | 493.28M | 273.67M | 0 | 417.79M | 335.73M | 271.18M | 232.46M |
| Other Income/Expense | 4.06B | 8.8B | -28.8B | 5.78B | 6.43B | -9.35B | -26.09B | -6.73B | -4.84B | -1.02B | 1.12B | -4.4B | -1.58B | -1.26B | -832.62M | -774.66M | 0 | 718.19M | 0 | 0 | 778K | -10.68M |
| Pretax Income | 12.39B | 20.01B | -13.11B | 18B | 28.66B | 8.83B | -17.64B | -4.1B | 165.3M | 2.24B | 2.42B | -1.36B | -363.94M | -279.97M | -310.98M | -98.31M | 899.07M | 1.23B | -635.78M | 816.27M | 597.63M | 646.94M |
| Pretax Margin % | 25.66% | 40.73% | -27.66% | 45.27% | 57.51% | 21.56% | -57.92% | -15.75% | 1.23% | 21.28% | 24.47% | -13.29% | -5.01% | -4.92% | -5.99% | -2.03% | 19.92% | 31.17% | -15.65% | 23.94% | 19.28% | 23.21% |
| Income Tax | 4.15B | 6.84B | -6.07B | 3.89B | 5.26B | 197.43M | -6.93B | -1.28B | -154.52M | 431.63M | 726.2M | -433.17M | -102.44M | -59.52M | -128.86M | -128.2M | 130.07M | 354.17M | -184.47M | 276.91M | 153.94M | 147.29M |
| Effective Tax Rate % | 33.5% | 34.17% | 46.27% | 21.62% | 18.36% | 2.24% | 39.27% | 31.3% | -93.48% | 19.28% | 30.03% | 31.89% | 28.15% | 21.26% | 41.44% | 130.41% | 14.47% | 28.75% | 29.02% | 33.92% | 25.76% | 22.77% |
| Net Income | 8.21B | 13.14B | -7.07B | 14.08B | 23.38B | 8.63B | -10.72B | -2.82B | 319.69M | 1.81B | 1.69B | -925.35M | -261.51M | -220.46M | -182.13M | 29.89M | 769M | 877.93M | -451.31M | 539.35M | 443.69M | 499.65M |
| Net Margin % | 17% | 26.75% | -14.92% | 35.43% | 46.92% | 21.06% | -35.21% | -10.83% | 2.38% | 17.18% | 17.12% | -9.05% | -3.6% | -3.88% | -3.51% | 0.62% | 17.04% | 22.21% | -11.11% | 15.82% | 14.32% | 17.93% |
| Net Income Growth % | 4.82% | 285.81% | -150.23% | -39.76% | 171.05% | 180.43% | -280.65% | -981.32% | -82.31% | 6.82% | 282.85% | -253.86% | -18.62% | -21.05% | -709.3% | -96.11% | -12.41% | 294.53% | -183.68% | 21.56% | -11.2% | - |
| Net Income (Continuing) | 8.24B | 13.17B | -7.04B | 14.11B | 23.39B | 8.64B | -10.71B | -2.81B | 319.81M | 1.82B | 1.68B | -925.35M | -261.51M | -220.46M | -182.13M | 29.89M | 769M | 946.52M | -451.31M | 536.6M | 443.69M | 499.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 153.38M | 140.06M | 131.31M | 117.53M | 105.33M | 99.66M | 20.32M | 28.67M | 13.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.63 | 10.63 | -5.59 | 10.85 | 17.57 | 6.39 | -7.94 | -2.09 | 0.29 | 1.66 | 1.53 | -0.85 | -0.24 | -0.20 | -0.25 | 0.06 | 2.13 | 2.55 | -1.05 | 1.37 | 1.47 | 1.66 |
| EPS Growth % | 5.72% | 290.16% | -151.52% | -38.25% | 174.96% | 180.48% | -279.9% | -820.69% | -82.53% | 8.5% | 280% | -254.17% | -20% | 20% | -520.17% | -97.21% | -16.47% | 342.86% | -176.64% | -6.8% | -11.45% | - |
| EPS (Basic) | - | 10.63 | -5.59 | 10.85 | 17.58 | 6.39 | -7.94 | -2.09 | 0.29 | 1.67 | 1.54 | -0.85 | -0.24 | -0.20 | -0.25 | 0.07 | 2.13 | 2.55 | -1.05 | 1.37 | 1.47 | 1.66 |
| Diluted Shares Outstanding | 1.24B | 1.24B | 1.26B | 1.3B | 1.33B | 1.35B | 1.35B | 1.35B | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B | 722.04M | 471.16M | 365.01M | 383.27M | 428.19M | 391.4M | 301.89M | 301.89M |
| Basic Shares Outstanding | 1.24B | 1.24B | 1.26B | 1.3B | 1.33B | 1.35B | 1.35B | 1.35B | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B | 1.08B | 722.04M | 397.95M | 364.57M | 383.14M | 428.19M | 391.4M | 301.89M | 301.89M |
| Dividend Payout Ratio | - | 16.47% | - | - | 17.75% | 0.11% | - | - | 65.75% | 31.57% | 17.73% | - | - | - | - | 516.08% | 32.38% | 4.03% | - | 27.28% | 41.1% | 20.22% |
Quick answers to the most common questions about buying SUZ stock.
For fiscal year 2025, Suzano S.A. (SUZ) reported total revenue of $49.13B. This represents a 1662.9% increase compared to $2.79B in 2005.
Suzano S.A. (SUZ) is profitable, generating $13.14B in net income for the fiscal year ending 2025 with a net profit margin of 26.8%.
Suzano S.A. (SUZ) reported an operating income of $11.21B, resulting in an operating profit margin of 22.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Suzano S.A. (SUZ) generated $15.28B in gross profit for the year, representing a gross profit margin of 31.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from pulp price downturn
Revenue Growth Faltering After Strong Cycle
Suzano's revenue growth has decelerated sharply from a peak of 37.2% in 2024Q3 to a contraction of 10.9% in 2026Q2, indicating the company is now facing the downswing of the global pulp price cycle.
The sequential decline in revenue growth from double-digit expansion to contraction suggests the company's top line is now heavily exposed to falling global BEKP prices. This deceleration appears to be driven by pricing rather than volume, as the company's low-cost position should allow it to maintain market share. The durability of this growth trajectory is questionable, as it is now tied to the timing of a global pulp price recovery rather than internal operational improvements.
Gross Margin Erosion Signals Cycle Peak Passed
Gross margin has compressed significantly from a peak of 47.0% in 2024Q2 to 22.9% in 2026Q2, a 2,410 basis point decline that suggests the company's pricing power has diminished considerably in the current market environment.
The severe margin compression indicates that Suzano's cost advantage, while structural, cannot fully offset a downturn in global pulp pricing. The current gross margin of 22.9% is now below the reported 31.11% benchmark, suggesting the company is operating in a trough period. This level of compression warrants monitoring, as it tests the lower bound of the company's profitability and its ability to maintain operational discipline during industry downturns.
Operating Leverage Working in Reverse
Operating income has declined from $4.6B in 2024Q2 to $1.8B in 2026Q2, a 61% drop that demonstrates how Suzano's high fixed-cost structure amplifies the impact of revenue declines on profitability.
The company's operating leverage, which is a powerful amplifier during upcycles, is now working against it. The 61% decline in operating income is more severe than the 3.5% revenue decline over the same period, indicating that fixed costs are not scaling down proportionally. This suggests management faces a challenging environment where cost discipline becomes critical to preserving profitability, and any further revenue weakness could lead to disproportionate earnings pressure.
Net Income Volatility Raises Quality Concerns
Net income has swung from a loss of $6.7B in 2024Q4 to a profit of $4.3B in 2026Q1, a pattern that suggests significant non-operational items are distorting the underlying earnings trend and complicating valuation.
The extreme volatility in net income, including a $6.7B loss in 2024Q4 followed by a $4.3B profit in 2026Q1, indicates that reported earnings are heavily influenced by non-cash items such as biological asset fair value adjustments and foreign exchange gains/losses. This pattern suggests investors should focus on operating income and cash flow metrics rather than net income, as the latter may not reflect the company's true operational performance or cash generation capability.
Margin Compression May Be Structural, Not Cyclical
The sustained decline in gross margins from 47.0% to 22.9% over eight quarters could indicate more than a cyclical downturn, potentially reflecting increased competition from new global capacity or permanent shifts in input cost structures.
While management may attribute margin compression to cyclical pulp pricing, the magnitude and duration of the decline warrant investigation into structural factors. The entry of new capacity from competitors or changes in global trade patterns could be eroding Suzano's historical pricing advantage. Additionally, the company's elevated debt-to-equity ratio of 2.42, combined with declining profitability, creates a potential vulnerability if the downturn persists longer than anticipated, as interest expenses could consume an increasing share of operating cash flow.