Revenue has been flat, with quarterly growth ranging from -5.1% to +2.7%, while gross margin recovered to 33.0% in 2026Q2 from a low of 26.5% in 2025Q2, indicating uneven but improving profitability.
Stanley Black & Decker, Inc. (SWK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | 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 | 15.22B | 15.13B | 15.37B | 15.78B | 16.95B | 15.28B | 13.06B | 12.91B | 13.98B | 12.97B | 11.41B | 11.17B | 11.34B | 10.89B | 10.15B | 10.38B | 8.41B | 3.74B | 4.43B | 4.48B | 4.02B | 3.29B | 3B | 2.68B | 2.59B | 2.62B | 2.75B | 2.75B | 2.73B | 2.67B | 2.67B |
| Revenue Growth % | 0.38% | -1.53% | -2.63% | -6.88% | 10.9% | 17.03% | 1.12% | -7.65% | 7.83% | 13.67% | 2.1% | -1.47% | 4.12% | 7.31% | -2.2% | 23.39% | 125.03% | -15.57% | -1.28% | 11.58% | 22.32% | 9.61% | 11.92% | 3.28% | -1.2% | -4.53% | -0.11% | 0.83% | 2.23% | -0.05% | 1.77% |
| Cost of Goods Sold | 10.08B | 10.61B | 10.76B | 11.68B | 12.84B | 10.2B | 8.6B | 8.64B | 9.08B | 8.13B | 7.12B | 7.16B | 7.22B | 6.94B | 6.42B | 6.52B | 5.44B | 2.23B | 2.75B | 2.79B | 2.56B | 2.1B | 1.89B | 1.79B | 1.76B | 1.7B | 1.75B | 1.73B | 1.71B | 1.71B | 1.72B |
| COGS % of Revenue | - | 70.14% | 70.06% | 74.02% | 75.79% | 66.76% | 65.88% | 66.95% | 64.96% | 62.72% | 62.4% | 64.06% | 63.67% | 63.74% | 63.26% | 62.88% | 64.67% | 59.64% | 62.24% | 62.26% | 63.67% | 64.04% | 63.18% | 66.66% | 67.77% | 64.83% | 63.72% | 62.81% | 62.77% | 64.09% | 64.43% |
| Gross Profit | 5.14B | 4.52B | 4.6B | 4.1B | 4.1B | 5.08B | 4.45B | 4.27B | 4.9B | 4.83B | 4.29B | 4.01B | 4.12B | 3.95B | 3.73B | 3.85B | 2.97B | 1.51B | 1.67B | 1.69B | 1.46B | 1.18B | 1.1B | 892.8M | 835.8M | 923.1M | 997.4M | 1.02B | 1.02B | 958.5M | 950M |
| Gross Margin % | 33.75% | 29.86% | 29.94% | 25.98% | 24.21% | 33.24% | 34.12% | 33.05% | 35.04% | 37.28% | 37.6% | 35.94% | 36.33% | 36.26% | 36.74% | 37.12% | 35.33% | 40.36% | 37.76% | 37.74% | 36.33% | 35.96% | 36.82% | 33.34% | 32.23% | 35.17% | 36.28% | 37.19% | 37.23% | 35.91% | 35.57% |
| Gross Profit Growth % | - | -1.81% | 12.22% | -0.08% | -19.21% | 14.02% | 4.38% | -12.88% | 1.35% | 12.7% | 6.83% | -2.54% | 4.33% | 5.9% | -3.2% | 29.64% | 96.98% | -9.76% | -1.23% | 15.91% | 23.58% | 7.04% | 23.61% | 6.82% | -9.46% | -7.45% | -2.55% | 0.74% | 6% | 0.89% | 3.73% |
| Operating Expenses | 3.74B | 3.36B | 3.25B | 3.19B | 3.19B | 3.01B | 2.51B | 2.5B | 3.01B | 2.96B | 2.62B | 2.49B | 2.56B | 2.55B | 2.36B | 2.45B | 2.09B | 1.02B | 1.11B | 1.06B | 953.9M | 736.8M | 691.3M | 637.8M | 547.2M | 593.7M | 656.6M | 788.6M | 764.4M | 700.1M | 683.2M |
| OpEx % of Revenue | - | 22.24% | 21.16% | 20.22% | 18.82% | 19.69% | 19.19% | 19.34% | 21.55% | 22.84% | 23% | 22.26% | 22.62% | 23.46% | 23.27% | 23.64% | 24.82% | 27.41% | 25.02% | 23.61% | 23.74% | 22.43% | 23.06% | 23.82% | 21.1% | 22.62% | 23.89% | 28.66% | 28.01% | 26.23% | 25.58% |
| Selling, General & Admin | 3.53B | 3.25B | 2.92B | 2.83B | 2.83B | 2.73B | 2.31B | 2.26B | 2.74B | 2.71B | 2.42B | 2.3B | 2.39B | 2.38B | 2.21B | 2.31B | 1.96B | 1.01B | 1.08B | 1.03B | 938.6M | 722.3M | 678.1M | 637.8M | 547.2M | 593.7M | 656.6M | 703M | 684.7M | 627.7M | 608.5M |
| SG&A % of Revenue | - | 21.51% | 19.02% | 17.93% | 16.71% | 17.89% | 17.65% | 17.47% | 19.58% | 20.89% | 21.21% | 20.57% | 21.08% | 21.89% | 21.78% | 22.22% | 23.25% | 26.92% | 24.45% | 23.04% | 23.36% | 21.99% | 22.62% | 23.82% | 21.1% | 22.62% | 23.89% | 25.55% | 25.09% | 23.51% | 22.78% |
| Research & Development | 0 | 0 | 328.8M | 362M | 357.4M | 276.3M | 200M | 240.8M | 275.8M | 252.3M | 204.4M | 188M | 174.6M | 170.7M | 151.4M | 147.2M | 131.4M | 18.3M | 25.4M | 25.4M | 15.3M | 14.5M | 13.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.14% | 2.29% | 2.11% | 1.81% | 1.53% | 1.86% | 1.97% | 1.95% | 1.79% | 1.68% | 1.54% | 1.57% | 1.49% | 1.42% | 1.56% | 0.49% | 0.57% | 0.57% | 0.38% | 0.44% | 0.44% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 110.7M | 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 | 85.6M | 79.7M | 72.4M | 74.7M |
| Operating Income | 1.4B | 1.15B | 1.35B | 908.8M | 913.7M | 2.07B | 1.95B | 1.77B | 1.89B | 1.87B | 1.67B | 1.53B | 1.55B | 1.39B | 1.37B | 1.4B | 884.2M | 483.9M | 563.8M | 633.8M | 506M | 444.5M | 412.3M | 255M | 288.6M | 329.4M | 340.8M | 234.9M | 251.6M | 258.4M | 266.8M |
| Operating Margin % | 9.19% | 7.62% | 8.78% | 5.76% | 5.39% | 13.54% | 14.93% | 13.71% | 13.48% | 14.44% | 14.6% | 13.68% | 13.71% | 12.8% | 13.46% | 13.48% | 10.51% | 12.95% | 12.74% | 14.14% | 12.59% | 13.53% | 13.76% | 9.52% | 11.13% | 12.55% | 12.4% | 8.54% | 9.22% | 9.68% | 9.99% |
| Operating Income Growth % | - | -14.59% | 48.53% | -0.54% | -55.86% | 6.18% | 10.09% | -6.06% | 0.69% | 12.43% | 8.95% | -1.72% | 11.59% | 1.98% | -2.32% | 58.19% | 82.72% | -14.17% | -11.04% | 25.26% | 13.84% | 7.81% | 61.69% | -11.64% | -12.39% | -3.35% | 45.08% | -6.64% | -2.63% | -3.15% | 9.84% |
| EBITDA | 1.88B | 1.67B | 1.94B | 1.53B | 1.49B | 2.65B | 2.53B | 2.33B | 2.39B | 2.33B | 2.07B | 1.94B | 2B | 1.83B | 1.81B | 1.81B | 1.22B | 832.6M | 746.8M | 796M | 627.2M | 541M | 507.3M | 341.5M | 359.8M | 412.3M | 424.1M | 320.5M | 331.3M | 330.8M | 341.5M |
| EBITDA Margin % | 12.32% | 11.01% | 12.62% | 9.72% | 8.77% | 17.32% | 19.36% | 18.05% | 17.1% | 17.99% | 18.17% | 17.38% | 17.68% | 16.85% | 17.85% | 17.43% | 14.5% | 22.28% | 16.87% | 17.75% | 15.61% | 16.47% | 16.92% | 12.75% | 13.88% | 15.71% | 15.43% | 11.65% | 12.14% | 12.39% | 12.79% |
| EBITDA Growth % | 10.61% | -14.13% | 26.43% | 3.23% | -43.86% | 4.72% | 8.43% | -2.53% | 2.52% | 12.53% | 6.73% | -3.12% | 9.27% | 1.28% | 0.15% | 48.38% | 46.41% | 11.49% | -6.18% | 26.91% | 15.93% | 6.64% | 48.55% | -5.09% | -12.73% | -2.78% | 32.32% | -3.26% | 0.15% | -3.13% | 5.37% |
| D&A (Non-Cash Add-back) | 476.9M | 512.4M | 589.5M | 625.1M | 572.2M | 577.1M | 578.1M | 560.2M | 506.5M | 460.7M | 408M | 414M | 449.8M | 441.3M | 445.3M | 410.1M | 334.8M | 348.7M | 183M | 162.2M | 121.2M | 96.5M | 95M | 86.5M | 71.2M | 82.9M | 83.3M | 85.6M | 79.7M | 72.4M | 74.7M |
| EBIT | 1.23B | 882.7M | 733.6M | 177.6M | 370.6M | 1.77B | 1.43B | 1.36B | 1.28B | 1.74B | 1.4B | 1.33B | 1.28B | 779.1M | 721.5M | 939.4M | 358.2M | 354M | 385.3M | 536.3M | 436.4M | 398.6M | 362.8M | 237.3M | 288.6M | 329.4M | 340.8M | 234.9M | 251.6M | 258.4M | 266.8M |
| Net Interest Income | -273.5M | -316.7M | -319.5M | -372.5M | -283.8M | -175.6M | -205.1M | -230.3M | -209.2M | -182.5M | -171.3M | -165.2M | -163.6M | -147.3M | -133.9M | -113.9M | -101.1M | -60.6M | -82.9M | -80.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 72.6M | 148.1M | 179.1M | 186.9M | 54.7M | 9.8M | 18M | 53.9M | 68.7M | 40.1M | 23.2M | 15.2M | 13.6M | 12.8M | 10.1M | 27M | 9.4M | 9.4M | 9.2M | 5.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 346.1M | 464.8M | 498.6M | 559.4M | 338.5M | 185.4M | 223.1M | 284.3M | 277.9M | 222.6M | 194.5M | 180.4M | 177.2M | 160.4M | 144.2M | 140.3M | 100.6M | 110M | 82M | 85.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -228.4M | -735M | -1.11B | -1.28B | -875.8M | -463.9M | -720.5M | -687.6M | -862.9M | -344.2M | -438.9M | -377.4M | -470.1M | -805.8M | -824.1M | -618.9M | -647.1M | -200.6M | -270.6M | -182.7M | -138.9M | -86.3M | -88.1M | -104.3M | -16.1M | -92.7M | -47.1M | -4.1M | -36.2M | -277M | -92.6M |
| Pretax Income | 1.17B | 417.9M | 241.1M | -375.7M | 37.9M | 1.61B | 1.23B | 1.08B | 1.02B | 1.53B | 1.23B | 1.15B | 1.08B | 587.6M | 542.2M | 779.8M | 237.1M | 283.3M | 293.2M | 451.1M | 367.1M | 358.2M | 324.2M | 133M | 272.5M | 236.7M | 293.7M | 230.8M | 215.4M | -18.6M | 174.2M |
| Pretax Margin % | 7.69% | 2.76% | 1.57% | -2.38% | 0.22% | 10.51% | 9.41% | 8.39% | 7.31% | 11.78% | 10.75% | 10.3% | 9.57% | 5.4% | 5.34% | 7.52% | 2.82% | 7.58% | 6.62% | 10.06% | 9.13% | 10.9% | 10.82% | 4.97% | 10.51% | 9.02% | 10.68% | 8.39% | 7.89% | -0.7% | 6.52% |
| Income Tax | 328.8M | 16M | -45.2M | -94M | -132.4M | 55.1M | 43M | 126.8M | 416.3M | 300.9M | 261.2M | 248.6M | 227.1M | 68.6M | 78.2M | 88.6M | 38.9M | 54.5M | 72.5M | 114.5M | 76.4M | 86.5M | 87.3M | 36.3M | 87.5M | 78.4M | 99.3M | 80.8M | 77.6M | 23.3M | 77.3M |
| Effective Tax Rate % | 28.1% | 3.83% | -18.75% | 25.02% | -349.34% | 3.43% | 3.5% | 11.71% | 40.73% | 19.69% | 21.3% | 21.6% | 20.93% | 11.67% | 14.42% | 11.36% | 16.41% | 19.24% | 24.73% | 25.38% | 20.81% | 24.15% | 26.93% | 27.29% | 32.11% | 33.12% | 33.81% | 35.01% | 36.03% | -125.27% | 44.37% |
| Net Income | 841.2M | 401.9M | 286.3M | -281.7M | -133.7M | 1.69B | 1.24B | 957.5M | 605.2M | 1.23B | 965.3M | 883.7M | 760.9M | 490.1M | 523.7M | 673.2M | 197.7M | 224M | 306.3M | 336.6M | 290.6M | 269.6M | 236.9M | 107.9M | 185M | 158.3M | 194.4M | 150M | 137.8M | -41.9M | 96.9M |
| Net Margin % | 5.53% | 2.66% | 1.86% | -1.79% | -0.79% | 11.06% | 9.46% | 7.42% | 4.33% | 9.47% | 8.46% | 7.91% | 6.71% | 4.5% | 5.16% | 6.49% | 2.35% | 5.99% | 6.92% | 7.51% | 7.23% | 8.21% | 7.9% | 4.03% | 7.13% | 6.03% | 7.07% | 5.45% | 5.05% | -1.57% | 3.63% |
| Net Income Growth % | 91.79% | 40.38% | 201.63% | -110.7% | -107.91% | 36.83% | 29.03% | 58.21% | -50.69% | 27.14% | 9.23% | 16.14% | 55.25% | -6.42% | -22.21% | 240.52% | -11.74% | -26.87% | -9% | 15.83% | 7.79% | 13.8% | 119.56% | -41.68% | 16.87% | -18.57% | 29.6% | 8.85% | 428.88% | -143.24% | 63.96% |
| Net Income (Continuing) | 841.2M | 401.9M | 286.3M | -281.7M | 170.3M | 1.55B | 1.19B | 956.4M | 605.8M | 1.23B | 964.9M | 902.2M | 857.7M | 519M | 464M | 691.2M | 198.2M | 228.8M | 220.7M | 336.6M | 290.7M | 271.7M | 236.9M | 88M | 185M | 158.3M | 194.4M | 150M | 137.8M | -41.9M | 96.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -305M | 136.7M | 48.8M | 1.6M | 0 | 0 | 0 | -20.1M | -96.3M | -29.7M | 60.1M | -16.7M | 0 | -2.5M | 87.9M | 0 | -100K | -2.1M | 126.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 2.1M | 1.9M | 6.8M | 5.9M | 3.7M | 2.8M | 22M | 47.6M | 82.8M | 81.3M | 60M | 63.2M | 52.7M | 52.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.66 | 2.65 | 1.95 | -2.07 | -0.89 | 10.16 | 7.46 | 6.11 | 4.26 | 8.04 | 6.51 | 5.79 | 4.76 | 3.09 | 5.30 | 3.97 | 4.12 | 2.20 | 3.92 | 4.00 | 3.46 | 3.16 | 4.36 | 1.27 | 2.10 | 1.81 | 2.22 | 1.67 | 1.53 | -0.47 | 1.09 |
| EPS Growth % | 92.73% | 35.9% | 194.2% | -132.58% | -108.76% | 36.19% | 22.09% | 43.43% | -47.01% | 23.5% | 12.44% | 21.64% | 54.05% | -41.7% | 33.5% | -3.64% | 87.27% | -43.88% | -2% | 15.61% | 9.49% | -27.52% | 243.31% | -39.52% | 16.02% | -18.47% | 32.93% | 9.15% | 425.53% | -143.12% | 62.69% |
| EPS (Basic) | - | 2.65 | 1.96 | -2.07 | -0.94 | 10.55 | 7.86 | 6.44 | 4.33 | 8.19 | 6.61 | 5.96 | 4.87 | 3.16 | 5.41 | 4.06 | 4.20 | 2.23 | 3.97 | 4.09 | 3.54 | 3.23 | 4.47 | 1.28 | 2.14 | 1.85 | 2.22 | 1.67 | 1.54 | -0.47 | 1.09 |
| Diluted Shares Outstanding | 148.63M | 152.14M | 151.3M | 149.75M | 156.55M | 165.02M | 162.43M | 156.38M | 151.64M | 152.45M | 148.21M | 152.71M | 159.74M | 158.78M | 166.7M | 170.1M | 150.17M | 90.01M | 79.87M | 84.05M | 83.67M | 85.32M | 84.15M | 84.96M | 88.1M | 87.46M | 87.57M | 89.82M | 90.07M | 89.15M | 88.9M |
| Basic Shares Outstanding | 147.6M | 151.45M | 150.49M | 149.75M | 148.17M | 158.76M | 154.18M | 148.37M | 148.92M | 149.63M | 146.04M | 148.23M | 156.09M | 155.24M | 163.07M | 165.83M | 147.22M | 88.82M | 78.9M | 82.31M | 81.78M | 83.47M | 82.08M | 84.3M | 86.45M | 85.57M | 87.57M | 89.82M | 89.48M | 89.15M | 88.9M |
| Dividend Payout Ratio | - | 124.56% | 171.57% | - | - | 28.09% | 34.95% | 41.98% | 63.6% | 29.57% | 34.28% | 36.2% | 42.23% | 63.8% | 58.05% | 40.98% | 101.97% | 46.25% | 32.32% | 29.65% | 33.07% | 35.2% | 37.74% | 79.8% | 46.27% | 50.85% | 40.28% | 51.67% | 53.63% | - | 69.76% |
Quick answers to the most common questions about buying SWK stock.
For fiscal year 2025, Stanley Black & Decker, Inc. (SWK) reported total revenue of $15.13B. This represents a 466.5% increase compared to $2.67B in 1996.
Stanley Black & Decker, Inc. (SWK) is profitable, generating $401.9M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
Stanley Black & Decker, Inc. (SWK) reported an operating income of $1.15B, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Stanley Black & Decker, Inc. (SWK) generated $4.52B in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent margin volatility
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Near Zero
SWK's revenue has been essentially flat over the past ten quarters, with quarterly growth ranging from -5.1% to +2.7%, indicating a mature market with limited expansion, as per reported financials.
The company's top line has hovered around $3.7B to $4.0B, with the most recent quarter (2026Q2) showing only 0.4% growth. This suggests that SWK is not gaining significant market share, and organic growth appears muted. The lack of acceleration in revenue, despite a stable industrial environment, may indicate that the company is facing demand saturation or competitive pressures.
Gross Margin Recovery Remains Uneven
Gross margin fluctuated between 26.5% and 33.2% over the last ten quarters, with the latest quarter at 33.0%, reflecting ongoing pricing and cost pressures, according to SEC filings.
The gross margin has shown a general upward trend from the low of 26.5% in 2025Q2 to 33.0% in 2026Q2, but the path has been volatile. This volatility suggests that the company is still managing input cost fluctuations and pricing power is not fully stable. Compared to peers like Snap-on (51.7%) and Allegion (45.2%), SWK's gross margin is significantly lower, indicating a less differentiated product mix or higher cost structure.
Operating Leverage Shows Signs of Improvement
Operating margin improved from 5.7% in 2025Q2 to 7.8% in 2026Q2, but remains below the 10.0% peak in 2025Q4, indicating that SG&A costs are not scaling efficiently with revenue, as per income statement data.
While revenue has been flat, operating income has fluctuated widely, from $223.5M to $366.8M. The operating margin in 2026Q2 is 7.8%, which is below the 10.0% achieved in 2025Q4, suggesting that the company has not consistently leveraged its fixed costs. The SG&A expense as a percentage of revenue has ranged from 21.3% to 23.4%, indicating that overhead costs are relatively sticky, limiting operating leverage.
Earnings Quality Clouded by One-Time Items
Net income swung from a loss of $19.2M in 2024Q2 to a profit of $351.3M in 2026Q2, with EPS growth of 163.1% in 2024Q4, suggesting non-recurring items may be distorting underlying profitability, as reported in financial statements.
The wide swings in net income, including a negative quarter in 2024Q2, indicate that reported earnings are not a clean reflection of operational performance. The EPS growth of 163.1% in 2024Q4 is likely due to one-time gains or tax benefits, not sustainable operational improvement. Investors should monitor the sustainability of these earnings, as the underlying operating income has not shown consistent growth.
COGS and SG&A Drive Margin Volatility
COGS as a percentage of revenue has ranged from 66.8% to 73.5%, while SG&A has remained around 21-23% of revenue, indicating that cost management is critical to margin stability, based on reported figures.
The primary cost driver is COGS, which has fluctuated significantly, directly impacting gross margins. SG&A has been relatively stable, but the combination of volatile COGS and sticky SG&A has led to inconsistent operating margins. The company's ability to control input costs and pass through price increases will be key to improving profitability.
2025Q2 Marks a Margin Trough
The lowest gross margin of 26.5% and operating margin of 5.7% occurred in 2025Q2, followed by a recovery to 33.0% and 7.8% by 2026Q2, indicating a potential inflection point, as per income statement data.
The period around 2025Q2 appears to be a trough in profitability, with subsequent quarters showing improvement. This could be due to cost-cutting measures or favorable commodity prices. However, the recovery has been uneven, and the company has not yet returned to the operating margin levels seen in 2024Q3 and 2024Q4 (around 9.7%). The lasting impact of this inflection is uncertain, as the company still faces structural margin challenges.
Margin Recovery May Be Unsustainable
Despite recent margin improvements, SWK's gross margin remains well below peers, and the volatile earnings history suggests that the current profitability may not be durable, warranting caution, based on reported financials.
Short-sellers could argue that the recent margin expansion is temporary, driven by cost cuts or favorable input prices, rather than structural improvements. The company's gross margin of 33.0% is significantly lower than peers like Snap-on (51.7%) and Allegion (45.2%), indicating a competitive disadvantage. Additionally, the inconsistent operating income and net income suggest that the company may face ongoing margin pressure, making the current earnings level potentially unsustainable.