Turning Point Brands, Inc. (TPB) Income Statement

16Y historyFree accessUpdated daily

Revenue accelerated 22.6% YoY to $143.0M in 2026Q2 with gross margin up to 65.5%, but operating margin contracted to 11.7% due to an SG&A spike to $77.0M, and EPS fell 77.2% YoY.

Annual statement

TPB Income Statement

Turning Point Brands, Inc. (TPB) annual income statement — 16-year revenue, gross profit & net income history

Annual Quarterly

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'06	Dec'05	Dec'04

Sales/Revenue	507.23M	463.06M	360.66M	325.06M	321.23M	445.47M	405.11M	361.99M	332.68M	285.78M	206.23M	197.26M	200.33M	193.3M	117.6M	116.9M	115.3M
Revenue Growth %	24.49%	28.39%	10.95%	1.19%	-27.89%	9.96%	11.91%	8.81%	16.41%	38.57%	4.55%	-1.53%	3.63%	64.37%	0.6%	1.39%	-
Cost of Goods Sold	207.15M	198.75M	159.09M	142.12M	143.4M	227.64M	215.12M	201.87M	190.12M	160.91M	105.87M	100.96M	107.17M	103.04M	53.3M	56.7M	58.6M
COGS % of Revenue	-	42.92%	44.11%	43.72%	44.64%	51.1%	53.1%	55.77%	57.15%	56.31%	51.34%	51.18%	53.49%	53.31%	45.32%	48.5%	50.82%
Gross Profit	300.08M	264.31M	201.56M	182.94M	177.83M	217.83M	189.99M	160.12M	142.56M	124.87M	100.36M	96.3M	93.16M	90.26M	64.3M	60.2M	56.7M
Gross Margin %	59.16%	57.08%	55.89%	56.28%	55.36%	48.9%	46.9%	44.23%	42.85%	43.69%	48.66%	48.82%	46.51%	46.69%	54.68%	51.5%	49.18%
Gross Profit Growth %	-	31.13%	10.18%	2.87%	-18.36%	14.66%	18.66%	12.32%	14.17%	24.43%	4.22%	3.36%	3.22%	40.37%	6.81%	6.17%	-
Operating Expenses	224.68M	168.99M	114.85M	102.76M	98.58M	127.51M	125.56M	132.89M	94.08M	75.37M	56.77M	51.78M	45.11M	46.85M	48.4M	44.3M	37.5M
OpEx % of Revenue	-	36.49%	31.84%	31.61%	30.69%	28.62%	30.99%	36.71%	28.28%	26.37%	27.53%	26.25%	22.52%	24.24%	41.16%	37.9%	32.52%
Selling, General & Admin	188.32M	168.99M	113.55M	102.16M	97.98M	123.15M	121.65M	104.73M	94.08M	75.37M	56.77M	51.78M	45.11M	46.82M	47.8M	43.9M	37M
SG&A % of Revenue	-	36.49%	31.48%	31.43%	30.5%	27.65%	30.03%	28.93%	28.28%	26.37%	27.53%	26.25%	22.52%	24.22%	40.65%	37.55%	32.09%
Research & Development	0	0	1.3M	600K	600K	1.1M	1.3M	2.5M	2.5M	2.3M	1.8M	1.4M	1.2M	949K	0	0	0
R&D % of Revenue	-	-	0.36%	0.18%	0.19%	0.25%	0.32%	0.69%	0.75%	0.8%	0.87%	0.71%	0.6%	0.49%	-	-	-
Other Operating Expenses	1000K	0	0	0	0	3.26M	2.62M	25.66M	-131K	0	0	0	0	27K	600K	400K	500K
Operating Income	75.4M	95.33M	86.72M	80.18M	79.25M	90.32M	64.43M	27.23M	48.48M	49.5M	43.59M	44.51M	48.06M	43.41M	15.9M	15.9M	19.2M
Operating Margin %	14.87%	20.59%	24.04%	24.67%	24.67%	20.28%	15.9%	7.52%	14.57%	17.32%	21.13%	22.57%	23.99%	22.46%	13.52%	13.6%	16.65%
Operating Income Growth %	-	9.93%	8.16%	1.18%	-12.26%	40.19%	136.6%	-43.84%	-2.05%	13.57%	-2.08%	-7.38%	10.7%	173.03%	0%	-17.19%	-
EBITDA	82.92M	102.74M	92.38M	84.3M	82.63M	95.33M	69.44M	31.32M	51.59M	51.83M	44.87M	45.57M	48.99M	44.34M	18.36M	17.51M	20.48M
EBITDA Margin %	16.35%	22.19%	25.61%	25.93%	25.72%	21.4%	17.14%	8.65%	15.51%	18.14%	21.76%	23.1%	24.45%	22.94%	15.61%	14.98%	17.76%
EBITDA Growth %	-12.6%	11.22%	9.59%	2.02%	-13.33%	37.28%	121.73%	-39.3%	-0.45%	15.51%	-1.54%	-6.98%	10.47%	141.53%	4.85%	-14.5%	-
D&A (Non-Cash Add-back)	5.99M	7.42M	5.66M	4.12M	3.38M	5.01M	5.02M	4.09M	3.11M	2.33M	1.28M	1.06M	933K	932K	2.46M	1.61M	1.28M
EBIT	93.75M	108.53M	88.39M	84.52M	61.59M	93.58M	67.04M	52.89M	46.39M	43.82M	41.65M	44.51M	5.28M	45.41M	-38.28M	-21.55M	-38.98M
Net Interest Income	-16.59M	-17.47M	-13.98M	-14.64M	-19.52M	-20.5M	-13.49M	-14.44M	-14.82M	-16.89M	-26.62M	-34.28M	-34.31M	-44.09M	0	0	0
Interest Income	7.94M	7.92M	0	0	0	0	0	0	267K	0	0	0	0	0	0	0	0
Interest Expense	24.53M	25.39M	13.98M	14.64M	19.52M	20.5M	13.49M	14.44M	15.09M	16.89M	26.62M	34.28M	34.31M	44.09M	-27.08M	-31.85M	-31.28M
Other Income/Expense	-6.18M	-12.18M	-21.76M	-18.11M	-37.18M	-25.02M	-14.28M	-8.13M	-16.91M	-22.75M	-28.68M	-34.28M	-77.09M	-44.53M	-27.1M	-5.6M	-26.9M
Pretax Income	69.22M	83.14M	64.96M	62.06M	42.07M	65.3M	50.15M	19.1M	31.57M	26.93M	14.91M	10.23M	-29.04M	-1.12M	-11.2M	10.3M	-7.7M
Pretax Margin %	13.65%	17.95%	18.01%	19.09%	13.1%	14.66%	12.38%	5.28%	9.49%	9.42%	7.23%	5.18%	-14.49%	-0.58%	-9.52%	8.81%	-6.68%
Income Tax	9.58M	14.99M	16.93M	24M	10.98M	14.04M	11.96M	2.86M	6.29M	7.28M	-12.01M	1.08M	370K	486K	850K	228K	17.4M
Effective Tax Rate %	13.84%	18.03%	26.06%	38.67%	26.1%	21.5%	23.84%	14.99%	19.91%	27.03%	-80.53%	10.54%	-1.27%	-43.28%	-7.59%	2.21%	-226.03%
Net Income	44.55M	58.16M	39.81M	38.46M	11.64M	52.06M	38.19M	16.23M	25.29M	20.21M	26.91M	16.68M	-29.41M	-1.61M	-12M	10.1M	-34.9M
Net Margin %	8.78%	12.56%	11.04%	11.83%	3.62%	11.69%	9.43%	4.48%	7.6%	7.07%	13.05%	8.46%	-14.68%	-0.83%	-10.2%	8.64%	-30.27%
Net Income Growth %	2.03%	46.11%	3.5%	230.4%	-77.64%	36.31%	135.27%	-35.81%	25.14%	-24.91%	61.35%	156.72%	-1727.53%	86.59%	-218.81%	128.94%	-
Net Income (Continuing)	59.64M	68.15M	48.03M	38.07M	31.09M	51.26M	38.19M	16.23M	25.29M	19.65M	26.91M	9.15M	-29.41M	-1.61M	-12M	10.1M	-34.9M
Discontinued Operations	0	0	-7.52M	-285K	-19.93M	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	23.93M	17.68M	2.4M	1.03M	1.74M	2.31M	4.05M	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	2.21	3.11	2.14	2.01	0.64	2.52	1.67	0.69	1.28	1.04	1.49	0.55	-1.76	-0.10	-0.65	17.12	-53.28
EPS Growth %	-2.51%	45.33%	6.47%	214.06%	-74.6%	50.9%	142.03%	-46.09%	23.08%	-30.2%	170.91%	131.25%	-1727.62%	85.18%	-103.8%	132.13%	-
EPS (Basic)	-	3.18	2.24	2.34	0.65	2.75	1.70	0.70	1.31	1.06	1.63	0.59	-1.89	-0.10	-0.65	17.12	-53.28
Diluted Shares Outstanding	20.16M	18.73M	19.36M	20.47M	18.06M	22.38M	19.73M	20.04M	19.83M	19.51M	18.02M	16.7M	16.7M	16.7M	18.4M	590K	655K
Basic Shares Outstanding	19.89M	18.31M	17.73M	17.58M	17.9M	18.92M	19.4M	19.63M	19.36M	18.99M	16.47M	15.54M	15.54M	15.54M	18.4M	590K	655K
Dividend Payout Ratio	-	9.49%	12.32%	11.69%	36.51%	7.87%	9.96%	21.75%	9.17%	3.8%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

EPS volatility from tax items

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Accelerates

TPB's revenue grew 22.6% year-over-year in 2026Q2, reaching $143.0M, up from $116.6M in 2025Q2, according to the latest quarterly report, marking the fourth consecutive quarter of accelerating growth.

The revenue trajectory shows a clear acceleration from the negative growth in 2024 (ranging from -16.7% to -3.6%) to positive double-digit growth in 2025 and 2026, with the most recent quarter posting the highest growth rate at 22.6%. This suggests that the company has successfully navigated a period of contraction and is now benefiting from stronger demand or market share gains. The sequential increase from $124.3M in 2026Q1 to $143.0M in 2026Q2 indicates a robust quarter-over-quarter momentum, which may be driven by new product launches or expanded distribution. Investors should monitor whether this growth rate is sustainable, as it outpaces the broader tobacco industry's modest growth, implying potential market share capture or category expansion.

Gross Margin Expansion Signals Pricing Power

Gross margin improved to 65.5% in 2026Q2, up from 57.1% a year earlier, as reported in the income statement, indicating enhanced pricing power or a favorable product mix shift.

The gross margin has trended upward from the mid-50s in 2024 to 65.5% in 2026Q2, a significant expansion of over 800 basis points. This improvement suggests that TPB is either raising prices successfully or shifting its sales mix toward higher-margin products, such as smokeless or alternative tobacco products. Compared to peers like Altria (72.2%) and Philip Morris (67.1%), TPB's gross margin is now approaching industry norms, though it still lags slightly. The sustainability of this margin expansion is critical; if it is driven by one-time factors like inventory adjustments, it may revert. However, the consistent upward trend over several quarters suggests structural improvements, possibly from operational efficiencies or premium product positioning.

Operating Leverage Masked by SG&A Spike

Operating income margin fell to 11.7% in 2026Q2 from 22.6% in 2025Q2, despite higher revenue, as SG&A surged to $77.0M from $8.9M, according to the latest financials, indicating a temporary cost disruption.

The operating leverage appears negative in the most recent quarter, with operating income declining to $16.7M from $26.3M a year earlier, even as revenue grew. This is primarily due to a dramatic increase in SG&A expenses, which jumped from $8.9M in 2025Q2 to $77.0M in 2026Q2. This spike is anomalous and may reflect one-time charges, such as litigation settlements, restructuring costs, or acquisition-related expenses. Excluding this quarter, operating margins have been relatively stable in the low-to-mid 20s, suggesting that the underlying business has good operating leverage. Investors should scrutinize the nature of this SG&A increase; if it is recurring, it could signal a structural shift in cost structure, but if it is non-recurring, the margin compression may be temporary.

Earnings Volatility Raises Quality Concerns

Net income swung from $14.5M in 2025Q2 to $3.6M in 2026Q2, with EPS down 77.2% year-over-year, as reported in the income statement, despite revenue growth, highlighting non-operating distortions.

The earnings quality is questionable due to significant volatility in net income and EPS that does not align with the revenue trend. For instance, in 2026Q2, net income was only $3.6M despite record revenue, while in 2025Q3, net income was $21.1M on lower revenue. This suggests that non-operating items, such as tax adjustments, gains or losses on investments, or one-time charges, are materially impacting reported earnings. The effective tax rate appears to fluctuate wildly, as seen in the net margin dropping to 2.5% in 2026Q2 from 12.4% in 2025Q2. Additionally, stock-based compensation is relatively modest at around $2-3M per quarter, so it is not the primary driver. Investors should adjust for these non-recurring items to assess the underlying profitability, which appears more stable based on operating income trends.

SG&A Spike Demands Scrutiny

SG&A expenses surged to $77.0M in 2026Q2, representing 53.8% of revenue, up from 7.6% in 2025Q2, based on the income statement, a dramatic increase that warrants investigation.

The cost structure is dominated by COGS and SG&A, with R&D negligible. While COGS has remained relatively stable as a percentage of revenue, SG&A has been highly volatile. In most quarters, SG&A is in the range of $5-10M, but in 2026Q2 it jumped to $77.0M, and in 2025Q4 it was $47.7M. These spikes are not explained by revenue growth and may indicate one-time expenses such as legal settlements, impairment charges, or acquisition costs. The company's expense discipline appears inconsistent, with SG&A as a percentage of revenue swinging from under 10% to over 50%. This volatility makes it difficult to assess the underlying cost structure. Investors should seek clarity on the nature of these expenses; if they are recurring, they could compress margins permanently, but if they are non-recurring, the normalized SG&A is quite low, suggesting strong cost control.

Margin Compression and EPS Distortions

Despite revenue growth, operating margin contracted to 11.7% in 2026Q2 from 22.6% a year earlier, and EPS fell 77.2%, as per the income statement, raising concerns about earnings sustainability.

The most significant challenge to the bullish narrative is the recent margin compression and earnings volatility. While revenue is growing at an accelerating pace, the operating margin has dropped sharply in the latest quarter, and net income has been erratic. Short-sellers might argue that the company's growth is not translating into bottom-line profitability, and that the SG&A spike indicates a lack of cost discipline. Additionally, the wide swings in EPS, from $1.13 in 2025Q3 to $0.18 in 2026Q2, suggest that reported earnings are not a reliable indicator of underlying performance. If the SG&A increase is recurring, the company's profitability could be structurally impaired. Furthermore, the company's gross margin, while improving, still lags behind major peers like Altria and British American Tobacco, which may indicate weaker pricing power in the long run. Investors should monitor whether the company can restore operating margins to the low-20s while sustaining revenue growth.

TPB — Frequently Asked Questions

Quick answers to the most common questions about buying TPB stock.

What was Turning Point Brands, Inc.'s (TPB) revenue in 2025?

For fiscal year 2025, Turning Point Brands, Inc. (TPB) reported total revenue of $463.1M. This represents a 301.6% increase compared to $115.3M in 2004.

Is Turning Point Brands, Inc. (TPB) profitable?

Turning Point Brands, Inc. (TPB) is profitable, generating $58.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.6%.

What is Turning Point Brands, Inc.'s operating profit margin?

Turning Point Brands, Inc. (TPB) reported an operating income of $95.3M, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Turning Point Brands, Inc.'s gross profit and gross margin?

Turning Point Brands, Inc. (TPB) generated $264.3M in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.