The company demonstrates resilient profitability with gross margins consistently exceeding 84% despite recent top-line revenue growth decelerating to a 0.5% contraction in 2026Q3.
ReposiTrak, Inc. (TRAK) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Sales/Revenue | 23.47M | 22.61M | 20.45M | 19.1M | 18.05M | 21.01M | 20.04M | 21.17M | 22.04M | 18.94M | 14.01M | 13.65M | 11.93M | 11.32M |
| Revenue Growth % | 6.55% | 10.53% | 7.09% | 5.83% | -14.09% | 4.84% | -5.35% | -3.93% | 16.35% | 35.18% | 2.65% | 14.42% | 5.39% | - |
| Cost of Goods Sold | 3.51M | 3.68M | 3.42M | 3.31M | 3.19M | 7.9M | 7.84M | 6.43M | 7.22M | 5.8M | 4.79M | 5.26M | 5.09M | 4.49M |
| COGS % of Revenue | - | 16.28% | 16.7% | 17.33% | 17.66% | 37.63% | 39.11% | 30.38% | 32.77% | 30.65% | 34.17% | 38.51% | 42.65% | 39.67% |
| Gross Profit | 19.96M | 18.92M | 17.04M | 15.79M | 14.86M | 13.1M | 12.2M | 14.74M | 14.81M | 13.14M | 9.22M | 8.39M | 6.84M | 6.83M |
| Gross Margin % | 85.03% | 83.72% | 83.3% | 82.67% | 82.34% | 62.37% | 60.89% | 69.62% | 67.23% | 69.35% | 65.83% | 61.49% | 57.35% | 60.33% |
| Gross Profit Growth % | - | 11.08% | 7.9% | 6.25% | 13.41% | 7.39% | -17.21% | -0.52% | 12.79% | 42.41% | 9.9% | 22.69% | 0.18% | - |
| Operating Expenses | 12.41M | 12.7M | 12.01M | 10.7M | 10.45M | 10.21M | 10.72M | 10.75M | 11.3M | 9.23M | 8.54M | 12.48M | 9.43M | 6.43M |
| OpEx % of Revenue | - | 56.17% | 58.73% | 56.02% | 57.88% | 48.61% | 53.52% | 50.77% | 51.27% | 48.76% | 60.93% | 91.47% | 79.08% | 56.81% |
| Selling, General & Admin | 2.74B | 11.45M | 10.82M | 9.62M | 9.57M | 10.21M | 10.72M | 10.75M | 11.3M | 9.23M | 8.54M | 10.22M | 8.55M | 5.53M |
| SG&A % of Revenue | - | 50.63% | 52.92% | 50.37% | 53.03% | 48.61% | 53.52% | 50.77% | 51.27% | 48.76% | 60.93% | 74.89% | 71.71% | 48.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.5K | 45.74K | 0 | 0 | 73.08K | 146.17K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.3% | 0.24% | - | - | 0.61% | 1.29% |
| Other Operating Expenses | -194.46K | 1.25M | 1.19M | 1.08M | 875.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 7.55M | 6.23M | 5.02M | 5.09M | 4.41M | 2.89M | 1.48M | 3.99M | 3.52M | 3.9M | 687.44K | -2.6M | -2.59M | 398.2K |
| Operating Margin % | 32.16% | 27.55% | 24.56% | 26.65% | 24.46% | 13.77% | 7.38% | 18.84% | 15.96% | 20.6% | 4.91% | -19.03% | -21.74% | 3.52% |
| Operating Income Growth % | - | 23.94% | -1.3% | 15.31% | 52.63% | 95.7% | -62.95% | 13.43% | -9.85% | 467.49% | 126.47% | -0.15% | -751.11% | - |
| EBITDA | 8.19M | 7.48M | 6.27M | 6.23M | 5.62M | 4M | 2.4M | 4.59M | 4.15M | 4.39M | 1.19M | -1.83M | -1.79M | 1.15M |
| EBITDA Margin % | 34.9% | 33.08% | 30.68% | 32.61% | 31.12% | 19.03% | 11.97% | 21.69% | 18.84% | 23.16% | 8.53% | -13.4% | -14.98% | 10.19% |
| EBITDA Growth % | 14.71% | 19.2% | 0.74% | 10.88% | 40.51% | 66.68% | -47.75% | 10.6% | -5.39% | 267.16% | 165.35% | -2.35% | -254.88% | - |
| D&A (Non-Cash Add-back) | 644.54K | 1.25M | 1.25M | 1.14M | 1.2M | 1.11M | 920.47K | 601.43K | 633.85K | 486.02K | 507.44K | 768.16K | 806.25K | 755.24K |
| EBIT | 7.94M | 7.7M | 6.36M | 5.97M | 4.18M | 4.3M | 1.7M | 4.09M | 3.68M | 3.91M | 666.5K | -2.6M | -2.59M | 398.2K |
| Net Interest Income | 1.39M | 1.33M | 1.24M | 760.79K | 154.82K | 130.59K | 157.18K | 204.38K | -2.67K | -26.41K | 5.19K | 242.62K | 102.58K | -140.71K |
| Interest Income | 1.43M | 1.38M | 1.27M | 821.78K | 199.12K | 237.27K | 224.91K | 247.06K | 2.67K | 0 | 5.19K | 242.62K | 102.58K | 140.71K |
| Interest Expense | 43.58K | 48.67K | 28.17K | 60.99K | 44.31K | 106.68K | 67.73K | 42.68K | 5.34K | 26.41K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.31M | 1.43M | 1.31M | 821.08K | -281.56K | 1.3M | 157.18K | 55.83K | -2.67K | -16.03K | -20.94K | -1.25M | 102.58K | -140.71K |
| Pretax Income | 8.86M | 7.65M | 6.33M | 5.91M | 4.13M | 4.19M | 1.64M | 4.05M | 3.51M | 3.89M | 666.5K | -3.85M | -2.49M | 257.49K |
| Pretax Margin % | 37.75% | 33.86% | 30.96% | 30.95% | 22.9% | 19.97% | 8.16% | 19.11% | 15.95% | 20.51% | 4.76% | -28.21% | -20.88% | 2.27% |
| Income Tax | 1.57M | 675.85K | 374.49K | 321.37K | 129.97K | 76.9K | 41.92K | 142.71K | 105.39K | 107.57K | 5 | 2.71M | 617.89K | 911.58K |
| Effective Tax Rate % | 17.76% | 8.83% | 5.91% | 5.44% | 3.14% | 1.83% | 2.56% | 3.53% | 3% | 2.77% | 0% | -70.41% | -24.81% | 354.03% |
| Net Income | 7.29M | 6.98M | 5.96M | 5.59M | 4M | 4.12M | 1.59M | 3.9M | 3.41M | 3.78M | 666.5K | -6.56M | -3.11M | -654.09K |
| Net Margin % | 31.05% | 30.87% | 29.13% | 29.27% | 22.18% | 19.6% | 7.95% | 18.43% | 15.47% | 19.95% | 4.76% | -48.07% | -26.06% | -5.78% |
| Net Income Growth % | 7.8% | 17.12% | 6.58% | 39.65% | -2.78% | 158.42% | -59.17% | 14.48% | -9.76% | 466.77% | 110.16% | -111.08% | -375.17% | - |
| Net Income (Continuing) | 7.29M | 6.98M | 5.96M | 5.59M | 4M | 4.12M | 1.59M | 3.9M | 3.41M | 3.78M | 666.5K | -3.85M | -2.49M | 257.49K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.39 | 0.35 | 0.29 | 0.27 | 0.18 | 0.18 | 0.08 | 0.19 | 0.17 | 0.19 | 0.03 | -0.38 | -0.19 | -0.05 |
| EPS Growth % | 10.64% | 20.69% | 7.41% | 50% | 0% | 124.44% | -57.79% | 11.76% | -10.53% | 445.98% | 109.16% | -100% | -284.62% | - |
| EPS (Basic) | - | 0.36 | 0.30 | 0.27 | 0.18 | 0.18 | 0.08 | 0.20 | 0.17 | 0.20 | 0.03 | -0.38 | -0.19 | -0.05 |
| Diluted Shares Outstanding | 18.84M | 19.14M | 18.93M | 18.77M | 19.38M | 19.75M | 19.86M | 20.37M | 20.28M | 20.26M | 19.15M | 17.38M | 16.71M | 13.25M |
| Basic Shares Outstanding | 18.2M | 18.26M | 18.2M | 18.41M | 19.09M | 19.5M | 19.65M | 19.85M | 19.58M | 19.35M | 19.15M | 17.26M | 16.36M | 13.08M |
| Dividend Payout Ratio | - | 23.74% | 28.9% | 25.31% | 14.65% | 14.24% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TRAK stock.
For fiscal year 2025, ReposiTrak, Inc. (TRAK) reported total revenue of $22.6M. This represents a 99.7% increase compared to $11.3M in 2013.
ReposiTrak, Inc. (TRAK) is profitable, generating $7.0M in net income for the fiscal year ending 2025 with a net profit margin of 30.9%.
ReposiTrak, Inc. (TRAK) reported an operating income of $6.2M, resulting in an operating profit margin of 27.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ReposiTrak, Inc. (TRAK) generated $18.9M in gross profit for the year, representing a gross profit margin of 83.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory deadline demand cliff
Metrics are mathematically derived from official filings.
Revenue Growth Facing Cyclical Headwinds
As indicated by recent quarterly filings, TRAK's year-over-year revenue growth has decelerated from a peak of 16.3% in 2025Q3 to a slight contraction of 0.5% in 2026Q3, suggesting that the initial momentum from regulatory compliance mandates may be encountering a period of market saturation.
The transition from double-digit growth to a slight decline warrants investigation into whether the company is reaching the limits of its current addressable market. Investors should monitor if this deceleration reflects a temporary pause in supplier onboarding or a more structural plateau as the industry approaches the 2026 regulatory deadline.
Structural Margin Expansion Remains Resilient
Based on the reported financial statements, ReposiTrak has successfully maintained gross margins consistently above 84% in recent periods, demonstrating the high-margin, scalable nature of its software-as-a-service model despite the recent fluctuations in top-line performance observed across the last ten quarters.
The ability to sustain these elevated gross margins suggests that the company possesses significant pricing power within its niche food safety ecosystem. This structural efficiency implies that the core business remains highly profitable even as revenue growth rates have moderated.
Operating Leverage Scaling Through Efficiency
According to the provided income statement data, TRAK has demonstrated notable operating leverage, with operating margins expanding from 24.2% in 2024Q2 to 38.3% in 2026Q3, reflecting a disciplined approach to managing overhead costs relative to the company's recurring revenue base.
This trend suggests that the company is effectively scaling its platform without requiring a proportional increase in sales or administrative headcount. Such efficiency indicates that the hub-and-spoke network effect is successfully reducing the marginal cost of adding new participants to the ecosystem.
Earnings Quality Supported by Discipline
As reported in financial filings, the company's net income has remained consistently positive, with net margins frequently exceeding 30%, which suggests a high quality of earnings driven by minimal non-operating expenses and a lack of significant stock-based compensation dilution for shareholders.
The absence of heavy R&D spending and minimal stock-based compensation indicates that the reported EPS is primarily derived from core operational performance rather than accounting adjustments. This stability provides a clear view of the underlying profitability of the business model.
Sustainability of Growth Post-Deadline
Based on an analysis of the company's recent performance, short-term observers may focus on the risk that the 2026 FSMA 204 deadline has created a pull-forward effect, potentially leaving the company with limited organic growth opportunities once the regulatory compliance cycle concludes.
The reliance on a specific regulatory catalyst may mask a lack of broader product diversification, which could lead to a valuation compression if growth fails to re-accelerate post-2026. Investors should consider whether the current network effect is sufficient to drive long-term retention without the urgency of federal mandates.