TriMas Corporation (TRS) Income Statement

30Y historyFree accessUpdated daily

Revenue fell 36.5% year-over-year to $174.6M in 2026Q2, with gross margin compressing to 21.1% from 24.0% in 2025Q2, reflecting weakened pricing power and inconsistent operating leverage.

Annual statement

TRS Income Statement

TriMas Corporation (TRS) annual income statement — 30-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'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'96	Dec'95	Dec'94	Dec'93

Sales/Revenue	767.61M	645.72M	630.8M	893.55M	883.83M	857.11M	769.97M	723.53M	705.03M	817.74M	794.02M	863.98M	1.5B	1.39B	1.27B	1.08B	942.65M	803.65M	1.02B	1.07B	1.02B	1B	1.05B	905.4M	733.58M	732.44M	707.18K	600.23M	553.49M	535.48M	443.23M
Revenue Growth %	-4.8%	2.37%	-29.41%	1.1%	3.12%	11.32%	6.42%	2.62%	-13.78%	2.99%	-8.1%	-42.37%	7.47%	9.58%	17.43%	14.99%	17.3%	-21.31%	-4.4%	4.68%	1.97%	-4.24%	15.44%	23.42%	0.16%	103471.93%	-99.88%	8.44%	3.36%	20.81%	-
Cost of Goods Sold	600.41M	514.48M	507.6M	698.69M	689.52M	654.68M	587.71M	544.65M	519.63M	614.93M	600.5M	645.07M	1.14B	1.04B	946.75M	779.86M	674.8M	607.33M	772.42M	790.68M	759.4M	765.66M	803.56M	673.43M	552.35M	543.31M	485.28K	403.38M	371.47M	361.52M	301.13M
COGS % of Revenue	-	79.68%	80.47%	78.19%	78.02%	76.38%	76.33%	75.28%	73.7%	75.2%	75.63%	74.66%	75.73%	74.46%	74.38%	71.95%	71.59%	75.57%	75.63%	74.02%	74.41%	76.5%	76.88%	74.38%	75.3%	74.18%	68.62%	67.2%	67.11%	67.51%	67.94%
Gross Profit	167.2M	131.24M	123.2M	194.86M	194.31M	202.43M	182.26M	178.88M	185.4M	202.81M	193.52M	218.91M	363.84M	356.2M	326.16M	304.1M	267.85M	196.32M	248.88M	277.59M	261.13M	235.2M	241.6M	231.97M	181.23M	189.13M	221.9K	196.85M	182.02M	173.96M	142.1M
Gross Margin %	21.78%	20.32%	19.53%	21.81%	21.98%	23.62%	23.67%	24.72%	26.3%	24.8%	24.37%	25.34%	24.27%	25.54%	25.62%	28.05%	28.41%	24.43%	24.37%	25.99%	25.59%	23.5%	23.12%	25.62%	24.7%	25.82%	31.38%	32.8%	32.89%	32.49%	32.06%
Gross Profit Growth %	-	6.53%	-36.78%	0.28%	-4.01%	11.07%	1.89%	-3.52%	-8.58%	4.8%	-11.6%	-39.83%	2.14%	9.21%	7.25%	13.53%	36.44%	-21.12%	-10.34%	6.3%	11.02%	-2.65%	4.15%	28%	-4.18%	85132.09%	-99.89%	8.15%	4.63%	22.42%	-
Operating Expenses	129.66M	117.19M	102.41M	117.82M	112.4M	97.51M	114.76M	87.51M	76.5M	112.56M	135.75M	127.25M	219.05M	223.04M	197.37M	172.52M	152.23M	140.59M	152.2M	174.61M	157.78M	147.23M	163.3M	183.12M	114.09M	121.45M	112.64K	92.56M	83.34M	82.56M	72.08M
OpEx % of Revenue	-	18.15%	16.23%	13.19%	12.72%	11.38%	14.9%	12.09%	10.85%	13.76%	17.1%	14.73%	14.61%	15.99%	15.51%	15.92%	16.15%	17.49%	14.9%	16.35%	15.46%	14.71%	15.62%	20.23%	15.55%	16.58%	15.93%	15.42%	15.06%	15.42%	16.26%
Selling, General & Admin	129.66M	117.19M	102.41M	117.82M	112.4M	97.51M	114.76M	87.51M	76.5M	112.56M	135.15M	126.65M	217.35M	221.04M	197.37M	172.52M	151.53M	136.8M	150.9M	172.91M	157.78M	147.23M	163.3M	175.52M	114.09M	121.45M	112.64K	92.56M	83.34M	82.56M	72.08M
SG&A % of Revenue	-	18.15%	16.23%	13.19%	12.72%	11.38%	14.9%	12.09%	10.85%	13.76%	17.02%	14.66%	14.5%	15.85%	15.51%	15.92%	16.07%	17.02%	14.78%	16.19%	15.46%	14.71%	15.62%	19.39%	15.55%	16.58%	15.93%	15.42%	15.06%	15.42%	16.26%
Research & Development	0	0	0	0	0	0	0	0	0	0	600K	600K	800K	700K	1.3M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	0.08%	0.07%	0.05%	0.05%	0.1%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2.89M	0	0	0	0	0	183.12M	0	0	0	0	0	0	0
Operating Income	37.54M	14.05M	20.79M	77.04M	81.91M	104.92M	67.5M	91.37M	108.9M	90.25M	57.77M	91.66M	144.79M	133.16M	128.79M	131.58M	115.62M	55.73M	96.68M	102.98M	103.35M	87.97M	78.3M	48.85M	67.14M	67.68M	109.26K	104.29M	98.68M	91.4M	70.02M
Operating Margin %	4.89%	2.18%	3.3%	8.62%	9.27%	12.24%	8.77%	12.63%	15.45%	11.04%	7.28%	10.61%	9.66%	9.55%	10.12%	12.14%	12.27%	6.93%	9.47%	9.64%	10.13%	8.79%	7.49%	5.4%	9.15%	9.24%	15.45%	17.38%	17.83%	17.07%	15.8%
Operating Income Growth %	-	-32.42%	-73.01%	-5.95%	-21.93%	55.44%	-26.12%	-16.1%	20.66%	56.22%	-36.97%	-36.69%	8.73%	3.39%	-2.12%	13.8%	107.46%	-42.36%	-6.12%	-0.36%	17.48%	12.35%	60.29%	-27.24%	-0.8%	61843.99%	-99.9%	5.68%	7.96%	30.53%	-
EBITDA	95.42M	71.08M	85.71M	134.63M	135.13M	158.37M	117.27M	134.87M	149.39M	137.12M	102.63M	135.2M	201.27M	183.74M	173.66M	172.05M	153.36M	99.67M	140.75M	144.33M	142.09M	128.72M	118.31M	103.7M	106.01M	121.46M	4.65M	127.22M	120.16M	111.98M	88.49M
EBITDA Margin %	12.43%	11.01%	13.59%	15.07%	15.29%	18.48%	15.23%	18.64%	21.19%	16.77%	12.93%	15.65%	13.43%	13.17%	13.64%	15.87%	16.27%	12.4%	13.78%	13.51%	13.92%	12.86%	11.32%	11.45%	14.45%	16.58%	657.44%	21.2%	21.71%	20.91%	19.96%
EBITDA Growth %	-8.4%	-17.07%	-36.34%	-0.37%	-14.67%	35.05%	-13.05%	-9.72%	8.95%	33.61%	-24.09%	-32.83%	9.54%	5.8%	0.94%	12.19%	53.87%	-29.19%	-2.48%	1.58%	10.39%	8.8%	14.09%	-2.18%	-12.72%	2512.46%	-96.35%	5.88%	7.3%	26.55%	-
D&A (Non-Cash Add-back)	57.88M	57.03M	64.92M	57.59M	53.22M	53.45M	49.77M	43.5M	40.49M	46.87M	44.86M	43.54M	56.48M	50.58M	44.87M	40.47M	37.74M	43.94M	44.07M	41.35M	38.74M	40.75M	40.01M	54.85M	38.87M	53.78M	4.54M	22.93M	21.48M	20.58M	18.47M
EBIT	63.83M	42.29M	15.38M	66.51M	101.78M	83.62M	67.5M	91.37M	108.9M	90.25M	57.77M	-8.48M	113.65M	117.12M	77.73M	123.85M	109.02M	63.69M	-74.93M	-103.09M	-26.38M	78.23M	61.17M	800.91M	647.66M	67.68M	109.26K	104.29M	98.68M	91.4M	70.02M
Net Interest Income	-18.8M	-18.03M	-19.56M	-15.92M	-14.11M	-14.51M	-14.66M	-13.95M	-13.91M	-14.39M	-13.72M	-14.06M	-12.95M	-17.73M	35.8M	-48.45M	-51.83M	-45.07M	-55.74M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	1.1M	600K	35.8M	-3.97M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	18.8M	18.03M	19.56M	15.92M	14.11M	14.51M	14.66M	13.95M	13.91M	14.4M	13.72M	14.06M	15.02M	18.33M	0	44.48M	51.83M	45.07M	55.74M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.09M	10.21M	-24.97M	-26.45M	5.76M	-35.81M	-170.21M	-13.11M	-16.54M	-24.04M	-116M	-113.78M	-45.19M	-35.4M	-86.53M	-51.84M	-54.47M	-34.65M	-227.35M	-274.38M	-208.79M	-84.95M	-84.78M	-85.37M	-59.4M	-77.13M	0	-3.7M	-6.84M	-7.9M	-6.15M
Pretax Income	38.63M	24.26M	-4.18M	50.59M	87.67M	69.11M	-102.71M	78.26M	92.36M	66.21M	-58.23M	-22.12M	99.6M	97.76M	42.26M	79.74M	61.15M	21.08M	-130.67M	-171.4M	-105.44M	3.02M	-6.48M	-36.52M	3.12M	-9.45M	0	100.59M	91.84M	83.5M	63.87M
Pretax Margin %	5.03%	3.76%	-0.66%	5.66%	9.92%	8.06%	-13.34%	10.82%	13.1%	8.1%	-7.33%	-2.56%	6.64%	7.01%	3.32%	7.36%	6.49%	2.62%	-12.79%	-16.04%	-10.33%	0.3%	-0.62%	-4.03%	0.43%	-1.29%	-	16.76%	16.59%	15.59%	14.41%
Income Tax	9.04M	-48.05M	-2.23M	10.23M	21.5M	11.8M	-22.95M	16.32M	18.65M	35.25M	-18.43M	6.54M	32.87M	18.39M	5.97M	28.93M	19.25M	8.35M	-2.08M	-12.08M	2.74M	2.01M	-4.29M	-5.59M	2.25M	1.87M	67.61K	39.23M	35.82M	33.4M	25.87M
Effective Tax Rate %	23.39%	-198.06%	53.35%	20.22%	24.52%	17.07%	22.34%	20.85%	20.19%	53.24%	31.65%	-29.57%	33%	18.81%	14.13%	36.28%	31.48%	39.61%	1.59%	7.05%	-2.6%	66.56%	66.2%	15.31%	72.12%	-19.79%	-	39%	39%	40%	40.5%
Net Income	891.03M	120.14M	24.25M	40.36M	66.17M	57.31M	-79.76M	98.62M	83.3M	30.96M	-39.8M	-33.4M	68.47M	75.55M	33.88M	60.36M	45.27M	-220K	-136.19M	-158.43M	-128.91M	-45.46M	-2.19M	-30.93M	-35.76M	-11.32M	41.65K	61.36M	56.02M	50.1M	38M
Net Margin %	116.08%	18.61%	3.84%	4.52%	7.49%	6.69%	-10.36%	13.63%	11.82%	3.79%	-5.01%	-3.87%	4.57%	5.42%	2.66%	5.57%	4.8%	-0.03%	-13.33%	-14.83%	-12.63%	-4.54%	-0.21%	-3.42%	-4.87%	-1.55%	5.89%	10.22%	10.12%	9.36%	8.57%
Net Income Growth %	2288.19%	395.42%	-39.92%	-39.01%	15.46%	171.85%	-180.88%	18.39%	169.06%	177.79%	-19.16%	-148.78%	-9.37%	122.99%	-43.87%	33.33%	20677.27%	99.84%	14.04%	-22.9%	-183.57%	-1975.8%	92.92%	13.51%	-215.9%	-27278.87%	-99.93%	9.53%	11.82%	31.84%	-
Net Income (Continuing)	29.59M	72.31M	-1.95M	40.36M	66.17M	57.31M	-79.76M	61.94M	73.71M	30.96M	-39.8M	-28.66M	66.73M	79.37M	36.29M	50.81M	41.9M	12.73M	-128.59M	-159.32M	-108.18M	1.01M	-2.19M	-18.7M	5.67M	-11.32M	41.65K	61.36M	56.02M	50.1M	38M
Discontinued Operations	2M	47.83M	26.2M	0	0	0	0	36.68M	9.59M	0	0	-4.74M	2.55M	700K	0	9.55M	3.37M	-12.95M	-7.6M	890K	-20.73M	-46.34M	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	29.48M	26.78M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	24.03	2.95	0.60	0.97	1.56	1.32	-1.83	2.16	1.80	0.67	-0.88	-0.74	1.51	1.83	0.89	1.73	1.31	-0.01	-4.07	-5.56	-6.37	-2.27	-0.11	-1.54	-0.96	-0.31	0.00	1.55	1.42	1.35	1.01
EPS Growth %	2699.96%	391.67%	-38.14%	-37.82%	18.18%	172.13%	-184.72%	20%	168.66%	176.14%	-18.92%	-149.01%	-17.49%	105.62%	-48.55%	32.06%	-	99.84%	26.8%	12.72%	-180.62%	-1963.64%	92.86%	-60.42%	-209.68%	-	-99.93%	9.15%	5.19%	33.66%	-
EPS (Basic)	-	2.97	0.60	0.97	1.57	1.33	-1.83	1.37	1.82	0.68	-0.88	-0.75	1.53	1.85	0.90	1.76	1.34	-0.01	-4.07	-5.56	-6.37	-2.27	-0.11	-1.54	-1.72	-0.55	0.00	1.66	1.51	1.35	1.05
Diluted Shares Outstanding	37.08M	40.79M	40.73M	41.69M	42.48M	43.28M	43.58M	45.6M	46.17M	45.99M	45.41M	45.12M	45.27M	41.4M	37.95M	34.78M	34.44M	33.89M	33.42M	28.5M	20.23M	20.01M	20.76M	20.05M	37.1M	37.1M	37.1M	39.59M	39.45M	37.11M	32.43M
Basic Shares Outstanding	36.65M	40.38M	40.73M	41.44M	42.25M	43.01M	43.58M	45.3M	45.82M	45.68M	45.41M	44.78M	44.88M	40.93M	37.52M	34.25M	33.76M	33.49M	33.42M	28.5M	20.23M	20.01M	20.01M	20.05M	20.76M	20.76M	20.76M	36.96M	37.1M	37.11M	31.19M
Dividend Payout Ratio	-	5.5%	27.34%	16.6%	10.4%	3.04%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.14%	11.76%	10.24%	8.34%

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Revenue volatility and margin compression

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Volatility Masks Underlying Instability

TriMas's revenue swung from $274.8M in 2025Q2 to $174.6M in 2026Q2, a 36.5% year-over-year decline, indicating significant demand instability across its packaging segments.

The quarterly revenue pattern shows extreme volatility, with 2025Q2 and 2025Q3 exceeding $269M, while 2025Q1 and 2025Q4 fell below $156M. This suggests a lumpy order profile or potential divestiture effects, as the 2026Q2 revenue is 36.5% below the prior year's level. Investors should monitor whether this reflects a structural decline or temporary demand softness, as the growth trajectory appears inconsistent with the broader packaging industry's stability.

Gross Margin Compression Signals Pricing Pressure

Gross margin fell from 24.0% in 2025Q2 to 21.1% in 2026Q2, a 290 basis point decline, suggesting weaker pricing power or higher input costs relative to peers like AptarGroup's 29.6%.

The gross margin trend shows a clear deterioration from the 24% peak in mid-2025 to the low 21% range in 2026, while peers like AptarGroup maintain 29.6% and ESAB 35.5%. This may indicate that TriMas is facing competitive pricing pressure or an unfavorable product mix shift. The 2024Q4 gross margin of 15.0% was an outlier, but the recent stabilization around 21% still lags the sector's more profitable players, suggesting limited pricing power.

Operating Leverage Inconsistent Across Quarters

Operating income swung from $27.1M in 2025Q2 to $6.7M in 2026Q2, with operating margin contracting from 9.9% to 3.9%, indicating that fixed costs are not scaling efficiently with revenue.

The operating margin has been highly volatile, ranging from -3.2% in 2025Q4 to 9.9% in 2025Q2, with the latest quarter at 3.9%. This suggests that SG&A expenses, which remained around $30M even when revenue dropped to $174.6M, are not adjusting proportionally, leading to negative operating leverage during downturns. The 2025Q4 operating loss of $5.0M on $155.5M revenue highlights the risk of fixed cost overhang when volumes decline.

Net Income Distorted by One-Time Items

Net income swung from $800.8M in 2026Q1 to -$795K in 2026Q2, with EPS of $21.40 versus $1.86, indicating that reported earnings are heavily influenced by non-operating gains or tax benefits.

The 2026Q1 net income of $800.8M on $168.3M revenue implies a net margin of 475%, which is clearly not sustainable and likely reflects a one-time tax benefit or gain from discontinued operations. Similarly, 2025Q4 net income of $81.7M on $155.5M revenue (52.5% net margin) suggests another non-recurring item. Excluding these anomalies, underlying profitability appears much weaker, with 2026Q2 net loss of $795K, indicating that core operations are barely breaking even.

SG&A Discipline Lacking in Downturns

SG&A expenses remained at $30.1M in 2026Q2 despite a 36.5% revenue decline, representing 17.2% of revenue versus 14.1% in 2025Q2, indicating insufficient cost flexibility.

While COGS has declined proportionally with revenue, SG&A has not, leading to margin erosion. In 2025Q2, SG&A was $38.8M on $274.8M revenue (14.1%), but in 2026Q2, it was $30.1M on $174.6M (17.2%), a 310 basis point increase. This suggests that management has not aggressively cut overhead in response to lower volumes, which may be a deliberate investment in growth or a sign of inefficiency. The 2025Q4 SG&A spike to $37.9M on $155.5M revenue (24.4%) further underscores the lack of cost discipline during trough quarters.

Short Thesis: Earnings Quality and Demand Sustainability

The extreme volatility in net income, with a $800.8M quarter followed by a loss, raises serious questions about earnings quality and the sustainability of reported profitability.

Short-sellers would likely focus on the massive one-time items inflating net income in 2026Q1 and 2025Q4, which mask the underlying operational weakness. The 2026Q2 net loss of $795K, despite positive operating income of $6.7M, suggests significant non-operating expenses or tax charges. Additionally, the revenue decline of 36.5% year-over-year in 2026Q2 could indicate loss of a major customer or market share, which may not recover. The inconsistent gross margins and negative operating leverage in down quarters further support the thesis that TriMas's earnings power is lower than headline numbers suggest.

TRS — Frequently Asked Questions

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

What was TriMas Corporation's (TRS) revenue in 2025?

For fiscal year 2025, TriMas Corporation (TRS) reported total revenue of $645.7M. This represents a 45.7% increase compared to $443.2M in 1993.

Is TriMas Corporation (TRS) profitable?

TriMas Corporation (TRS) is profitable, generating $120.1M in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.

What is TriMas Corporation's operating profit margin?

TriMas Corporation (TRS) reported an operating income of $14.1M, resulting in an operating profit margin of 2.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is TriMas Corporation's gross profit and gross margin?

TriMas Corporation (TRS) generated $131.2M in gross profit for the year, representing a gross profit margin of 20.3%. This demonstrates the company's core pricing power and production efficiency.