Gross margins have experienced significant contraction, falling from a peak of 47.0% in 2024Q2 to 28.8% in 2026Q1, signaling heightened sensitivity to external commodity price fluctuations.
| 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 | 49.73B | 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 % | 0.47% | 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 | 34.26B | 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 | 15.47B | 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 % | 31.1% | 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 | 5.9B | 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 | 5.83B | 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 | 2M | -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 | 9.57B | 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 % | 19.24% | 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 | 21.11B | 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 % | 42.45% | 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 % | -15.41% | -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) | 11.54B | 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 | 24.38B | 11.21B | 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 | 1.73B | 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 | 6.54B | 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 | 7.28B | 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 | 16.85B | 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 % | 33.88% | 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 | 5.45B | 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 % | 32.32% | 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 | 11.38B | 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 % | 22.89% | 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 % | 1305.5% | 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) | 11.4B | 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 | 146.72M | 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) | 9.19 | 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 % | 1397.15% | 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% |
Commodity Price Volatility Exposure
As reported in recent financial statements, Suzano's revenue growth has decelerated significantly, shifting from a peak of 37.2% in 2024Q3 to a contraction of 5.1% by 2026Q1, reflecting the inherent volatility of global pulp markets and the company's heavy reliance on export-driven commodity pricing cycles.
The transition from double-digit expansion to recent top-line contraction suggests that the company is struggling to maintain pricing power amidst global inventory adjustments. Investors should monitor whether the current revenue decline represents a temporary cyclical trough or a more structural shift in demand for hardwood pulp.
Based on the provided income statement data, gross margins have experienced notable contraction, falling from a high of 47.0% in 2024Q2 to 28.8% in 2026Q1, indicating that the company's cost structure is increasingly sensitive to external input price fluctuations and potential inefficiencies in capacity utilization.
The erosion of gross margins suggests that the benefits of the Cerrado Project may be offset by rising logistics or chemical costs. This trend warrants further investigation into whether the company can successfully pass through inflationary pressures to its global customer base without further sacrificing profitability.
According to historical income statements, Suzano's net income exhibits extreme volatility, with figures swinging from a $6.7 billion loss in 2024Q4 to a $4.3 billion profit in 2026Q1, largely driven by non-operating items such as foreign exchange fluctuations and fair value adjustments of biological assets.
The disconnect between operating income and net income suggests that reported earnings are an unreliable indicator of underlying cash-generating capability. Analysts should focus on normalized EBITDA to strip away the noise created by accounting adjustments and currency-related debt revaluations.
While Suzano maintains a low-cost position, the recent trend of declining operating margins, which dropped from 40.1% in 2024Q2 to 16.7% in 2026Q1, suggests that the company's competitive moat may be under pressure from rising fixed costs and the inherent risks of large-scale capital intensive projects.
Short-sellers may focus on the company's inability to sustain high operating margins during periods of price weakness, which could indicate that the cost-advantage of Brazilian eucalyptus is being eroded by global inflationary pressures. The reliance on debt-funded expansion projects further complicates the risk profile if pulp prices remain depressed.
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.