Revenue surged 86.1% year-over-year to $584.3M in 2026Q2, with gross margin expanding to 34.9%, yet the company still reported a net loss of $13.3M, indicating that growth has not translated into profitability.
TIC Solutions, Inc. (TIC) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 2.05B | 1.53B | 1.1B | 1.05B |
| Revenue Growth % | 84.56% | 39.45% | 4.51% | - |
| Cost of Goods Sold | 1.4B | 1.08B | 831.73M | 810.53M |
| COGS % of Revenue | - | 70.64% | 75.79% | 77.19% |
| Gross Profit | 657.01M | 449.36M | 265.66M | 239.52M |
| Gross Margin % | 31.98% | 29.36% | 24.21% | 22.81% |
| Gross Profit Growth % | - | 69.15% | 10.91% | - |
| Operating Expenses | 695.53M | 440.83M | 312.88M | 185.02M |
| OpEx % of Revenue | - | 28.81% | 28.51% | 17.62% |
| Selling, General & Admin | 676.78M | 440.83M | 0 | 185.02M |
| SG&A % of Revenue | - | 28.81% | - | 17.62% |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 312.88M | 0 |
| Operating Income | -38.52M | 8.53M | -47.21M | 54.5M |
| Operating Margin % | -1.87% | 0.56% | -4.3% | 5.19% |
| Operating Income Growth % | - | 118.07% | -186.63% | - |
| EBITDA | 218.81M | 186.86M | 45.88M | 149.32M |
| EBITDA Margin % | 10.65% | 12.21% | 4.18% | 14.22% |
| EBITDA Growth % | 441.38% | 307.31% | -69.28% | - |
| D&A (Non-Cash Add-back) | 257.33M | 178.33M | 93.09M | 94.82M |
| EBIT | -38.56M | -10.55M | -6.01M | 55.74M |
| Net Interest Income | -113.55M | -87.62M | -70.44M | -58.78M |
| Interest Income | 0 | 0 | 0 | 1.24M |
| Interest Expense | 113.55M | 87.62M | 70.44M | 60.02M |
| Other Income/Expense | -113.58M | -106.7M | -75.95M | -58.78M |
| Pretax Income | -152.1M | -98.17M | -123.17M | -4.28M |
| Pretax Margin % | -7.4% | -6.42% | -11.22% | -0.41% |
| Income Tax | -36.12M | -11.06M | -2.01M | 2.01M |
| Effective Tax Rate % | 23.75% | 11.26% | 1.63% | -46.94% |
| Net Income | -115.98M | -87.12M | -121.16M | -6.29M |
| Net Margin % | -5.65% | -5.69% | -11.04% | -0.6% |
| Net Income Growth % | 17.43% | 28.1% | -1826.46% | - |
| Net Income (Continuing) | -115.98M | -87.12M | -121.16M | -6.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | -0.59 | -1.00 | -1.25 |
| EPS Growth % | 46.73% | 41% | 20% | - |
| EPS (Basic) | - | -0.60 | -1.00 | -1.25 |
| Diluted Shares Outstanding | 157.6M | 157.6M | 121.48M | 5.02M |
| Basic Shares Outstanding | 156.6M | 156.6M | 121.48M | 5.02M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying TIC stock.
For fiscal year 2025, TIC Solutions, Inc. (TIC) reported total revenue of $1.53B. This represents a 45.7% increase compared to $1.05B in 2023.
TIC Solutions, Inc. (TIC) reported a net loss of $87.1M for the fiscal year ending 2025.
TIC Solutions, Inc. (TIC) reported an operating income of $8.5M, resulting in an operating profit margin of 0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TIC Solutions, Inc. (TIC) generated $449.4M in gross profit for the year, representing a gross profit margin of 29.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth outpacing profitability
Metrics are mathematically derived from official filings.
Revenue Surge Amidst Operational Scaling
TIC's revenue jumped 86.1% year-over-year to $584.3M in 2026Q2, per the latest quarterly report, marking a third consecutive quarter of triple-digit growth, though the pace may be decelerating from the 108.4% spike in 2026Q1.
The revenue trajectory is clearly accelerating, with sequential growth from $234.2M in 2025Q1 to $584.3M in 2026Q2, a 149% increase over five quarters. This suggests a major business expansion, possibly through acquisitions or new contracts, but the growth rate appears to be moderating from the peak in 2026Q1. Investors should monitor whether this is sustainable organic growth or a one-time surge, as the underlying drivers are not disclosed.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 18.6% in 2025Q1 to 34.9% in 2026Q2, as reported in financial statements, indicating a structural shift in product mix or cost efficiencies, though sustainability remains uncertain given the volatile history.
The gross margin trajectory shows a dramatic improvement, rising from 18.6% in 2025Q1 to 34.9% in 2026Q2, with a notable jump in 2026Q1 to 24.8% and then to 34.9% in 2026Q2. This suggests that TIC may be shifting toward higher-margin services or benefiting from scale, but the inconsistency (e.g., 23.6% in 2025Q2) warrants caution. The improvement appears real but may be influenced by one-time factors, and investors should assess whether it can be maintained as revenue growth normalizes.
Operating Leverage Elusive Despite Revenue Scale
Despite revenue scaling to $584.3M in 2026Q2, operating income remains thin at $10.8M (1.9% margin), per the income statement, indicating that SG&A costs are absorbing the gross profit gains, limiting operating leverage.
Operating leverage is not yet evident; while gross profit grew to $204.2M in 2026Q2, SG&A expenses of $193.3M consumed 94.7% of gross profit, leaving a razor-thin operating margin. This suggests that the company is investing heavily in selling and administrative infrastructure to support its growth, but the payoff in operating income is not yet materializing. The sequential improvement from a -$29.1M operating loss in 2026Q1 to a positive $10.8M is encouraging, but the absolute level remains low relative to the revenue base.
Net Losses Persist Despite Revenue Boom
TIC reported a net loss of $13.3M in 2026Q2, according to the latest financials, despite a 86.1% revenue surge, with stock-based compensation of $24.2M exceeding operating income, raising questions about earnings quality.
The company remains unprofitable on a net basis, with a net margin of -2.3% in 2026Q2, though this is an improvement from the -8.5% in 2026Q1. The large stock-based compensation expense of $24.2M in 2026Q2, which is more than double the operating income, suggests that reported losses are partly driven by non-cash charges, but it also dilutes shareholders. The tax rate appears anomalous, as net income is more negative than operating income in some quarters, indicating non-operating losses or tax adjustments that warrant further investigation.
SG&A Escalation Outpaces Gross Profit Growth
SG&A expenses surged to $193.3M in 2026Q2, up from $150.3M in 2026Q1, as per the income statement, representing 33.1% of revenue, which is a key driver of the thin operating margins.
The cost structure is dominated by SG&A, which has grown rapidly in absolute terms and as a percentage of revenue, from 0 in 2025Q1 (data unavailable) to 33.1% in 2026Q2. This suggests that TIC is investing heavily in sales and marketing to drive growth, but the efficiency of these expenses is questionable given the modest operating income. R&D is reported as zero, which may indicate that the company is not investing in innovation, or the data is unavailable; investors should monitor whether this is a strategic choice or a gap.
2026Q1 Marks a Turning Point in Scale
The most significant inflection occurred in 2026Q1, when revenue jumped to $488.0M from $234.2M in 2025Q1, a 108.4% year-over-year increase, as reported in the financials, fundamentally altering the company's size and cost structure.
The inflection point is clearly 2026Q1, where revenue more than doubled sequentially from 2025Q4's $508.3M (though that was already elevated) and gross margin jumped to 24.8% from 18.6% in 2025Q1. This suggests a major business event, such as a large contract win or acquisition, that has permanently changed the revenue base. However, the subsequent quarters show that profitability has not kept pace, indicating that the company is still absorbing the costs of this expansion. The lasting impact is a larger but still unprofitable entity, with the path to profitability dependent on cost discipline.
Growth Without Profitability Raises Red Flags
Short-sellers would highlight that despite 86.1% revenue growth in 2026Q2, TIC's net loss of $13.3M and negative free cash flow, as per the income statement, suggest the growth is not translating into shareholder value.
The most compelling bear case is that TIC's revenue growth is not generating sustainable profits; the company has been net income negative for all reported quarters, and the operating margin is only 1.9% in the best quarter. The heavy reliance on stock-based compensation ($24.2M in 2026Q2) to incentivize employees may mask true cash costs, and the zero R&D spending could indicate a lack of investment in future growth. If revenue growth decelerates, the high fixed SG&A costs could lead to significant margin compression, making the current valuation difficult to justify.