Revenue has stalled near $5.6M to $6.0M with a year-over-year decline of 3.2% in 2026Q4 after a 16.3% gain in 2025Q3, while gross margin holds steady near 84% to 86% and operating margin ranges from roughly 25% to 38%.
ReposiTrak, Inc. (TRAK) annual income statement — 14-year revenue, gross profit & net income history
| Metric | Jun'26 | 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 | 23.29M | 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 % | 3.01% | 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 | 3.31M | 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 | 14.2% | 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 | 19.98M | 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 % | 85.8% | 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 % | 5.58% | 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 | 12.14M | 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 | 52.12% | 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 | 11.49M | 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 | 49.34% | 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 | 647.64K | 1.25M | 1.19M | 1.08M | 875.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 7.84M | 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 % | 33.68% | 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 % | 25.95% | 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 | 8.49M | 7.54M | 6.27M | 6.23M | 5.62M | 4M | 2.36M | 4.59M | 4.15M | 4.39M | 1.19M | -1.83M | -1.79M | 1.15M |
| EBITDA Margin % | 36.46% | 33.36% | 30.68% | 32.61% | 31.12% | 19.03% | 11.79% | 21.69% | 18.84% | 23.16% | 8.53% | -13.4% | -14.98% | 10.19% |
| EBITDA Growth % | 12.58% | 20.21% | 0.74% | 10.88% | 40.51% | 69.21% | -48.54% | 10.6% | -5.39% | 267.16% | 165.35% | -2.35% | -254.88% | - |
| D&A (Non-Cash Add-back) | 647.64K | 1.32M | 1.25M | 1.14M | 1.2M | 1.11M | 884.61K | 601.43K | 633.85K | 486.02K | 507.44K | 768.16K | 806.25K | 755.24K |
| EBIT | 7.84M | 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 | 1.5M | 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 | 1.54M | 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 | 38.48K | 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 | 1.68M | 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 | 9.52M | 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 % | 40.88% | 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 | 1.95M | 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 % | 20.48% | 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 | 7.57M | 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 % | 32.5% | 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 % | 8.47% | 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) | 7.57M | 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 % | 11.43% | 20.69% | 7.41% | 50% | 0% | 124.44% | -57.79% | 11.76% | -10.53% | 445.98% | 109.16% | -100% | -284.62% | - |
| EPS (Basic) | 0.41 | 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 | 18.98M | 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 | 18.24M | 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 | 21.61% | 23.74% | 28.9% | 25.31% | 14.65% | 14.24% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TRAK stock.
For fiscal year 2026, ReposiTrak, Inc. (TRAK) reported total revenue of $23.3M. This represents a 105.7% increase compared to $11.3M in 2013.
ReposiTrak, Inc. (TRAK) is profitable, generating $7.6M in net income for the fiscal year ending 2026 with a net profit margin of 32.5%.
ReposiTrak, Inc. (TRAK) reported an operating income of $7.8M, resulting in an operating profit margin of 33.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ReposiTrak, Inc. (TRAK) generated $20.0M in gross profit for the year, representing a gross profit margin of 85.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin Revenue Growth Momentum
Metrics are mathematically derived from official filings.
Revenue Growth Losing Momentum Recently
According to the reported quarterly figures, TRAK's revenue grew 16.3% year over year in 2025Q3 but slowed to a -3.2% decline by 2026Q4, with revenue holding near $5.6M to $6.0M across the last four quarters.
The reported figures suggest growth peaked in 2025Q3 and has since decelerated, with the most recent quarter showing a year-over-year contraction. Flat-to-negative top-line movement at this revenue scale may indicate a maturing subscription base, though the reported data does not reveal whether volume, pricing, or churn is driving the slowdown. Investors should monitor whether the 2026Q4 decline is a one-quarter fluctuation or the start of a sustained trend.
Gross Margin Holds Near Software Levels
Based on TRAK's reported figures, gross margin has held between 84% and 86% across most recent quarters, a level that appears consistent with subscription software economics and sits well above the 47% reported for peer SSYS.
Gross margin stability in the mid-80s suggests limited hosting or delivery costs relative to revenue, consistent with a recurring software model. The reported gap versus Stratasys reflects a fundamentally different hardware-linked cost structure rather than a superior competitive position in isolation. Margin resilience during the 2025Q2 dip to 81.7% indicates the cost base is generally well controlled.
Operating Margin Shows Limited Scaling
As reported in TRAK's financial statements, operating margin ranged from roughly 25% to 38% over the period, while SG&A remained near $2.7M to $3.0M, indicating that incremental revenue has not produced consistent operating leverage.
Because SG&A has stayed essentially flat while revenue has fluctuated within a narrow band, the margin swings appear driven more by revenue timing than by structural cost efficiency. The absence of a clear upward operating margin trend suggests the company has not yet demonstrated sustained operating leverage. This warrants further investigation into whether the cost base is intentionally held steady or constrained by reinvestment needs.
Net Income Exceeds Operating Income Often
Based on reported figures, TRAK's net income at $2.1M in 2026Q4 exceeded operating income of $1.9M, and net margin ran above operating margin in several quarters, a pattern that warrants scrutiny of non-operating contributions.
When net income consistently meets or exceeds operating income, it may indicate non-operating gains, interest income, or tax effects contributing to reported earnings. The reported data does not break out these components, so their nature and recurrence cannot be confirmed. Investors should review the income statement reconciliation before treating reported EPS growth as representative of core operating performance.
Growth Slowdown Could Persist
The strongest challenge to the narrative is that TRAK's reported revenue has stalled near $5.9M while net income is supported by non-operating items, potentially masking an underlying business that is no longer expanding.
Short-side scrutiny would likely focus on the -3.2% revenue decline in the latest quarter and the flat revenue base over four quarters, which together challenge any assumption of durable compounding. If EPS growth is partly driven by non-operating or tax-related items, reported earnings momentum may overstate the health of the core business. Based on reported figures, these concerns warrant weighting alongside the more favorable gross margin profile.