Revenue held near $1.1B to $1.2B while net margin ranged from 1.1% to 3.2% and gross margin swung between 33.0% and 51.1%, suggesting margin volatility warrants further investigation into cost classification.
Upbound Group, Inc. (UPBD) annual income statement — 30-year revenue, gross profit & net income history
| 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'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.73B | 4.7B | 4.32B | 3.99B | 4.25B | 4.58B | 2.81B | 2.67B | 2.66B | 2.7B | 2.96B | 3.28B | 3.16B | 3.1B | 3.08B | 2.88B | 2.73B | 2.75B | 2.88B | 2.91B | 2.43B | 2.34B | 2.31B | 2.23B | 2.01B | 1.81B | 1.6B | 1.42B | 809.7M | 327.5M | 238M |
| Revenue Growth % | 3.23% | 8.67% | 8.22% | -5.96% | -7.38% | 62.87% | 5.41% | 0.35% | -1.56% | -8.8% | -9.61% | 3.82% | 1.73% | 0.7% | 6.96% | 5.51% | -0.74% | -4.58% | -0.76% | 19.4% | 4.05% | 1.12% | 3.82% | 10.85% | 11.14% | 12.92% | 13.01% | 75.03% | 147.24% | 37.6% | 78.54% |
| Cost of Goods Sold | 2.38B | 2.42B | 2.24B | 1.97B | 2.17B | 2.35B | 1.14B | 1.03B | 972.3M | 984M | 1.03B | 1.16B | 973.43M | 954.74M | 948.73M | 829.67M | 2.28B | 2.32B | 2.47B | 2.46B | 2.04B | 1.99B | 1.9B | 122.92M | 137.59M | 123.79M | 79.21M | 858.6M | 56.2M | 41.6M | 28.7M |
| COGS % of Revenue | - | 51.61% | 51.85% | 49.35% | 51.02% | 51.24% | 40.58% | 38.42% | 36.55% | 36.41% | 34.7% | 35.39% | 30.83% | 30.76% | 30.78% | 28.79% | 83.44% | 84.3% | 85.56% | 84.7% | 83.8% | 85% | 82.01% | 5.52% | 6.85% | 6.84% | 4.95% | 60.58% | 6.94% | 12.7% | 12.06% |
| Gross Profit | 2.35B | 2.27B | 2.08B | 2.02B | 2.08B | 2.24B | 1.67B | 1.64B | 1.69B | 1.72B | 1.94B | 2.12B | 2.18B | 2.15B | 2.13B | 2.05B | 452.28M | 431.92M | 416.55M | 444.64M | 394.37M | 350.93M | 416.21M | 2.11B | 1.87B | 1.68B | 1.52B | 558.6M | 753.5M | 285.9M | 209.3M |
| Gross Margin % | 49.69% | 48.39% | 48.15% | 50.65% | 48.98% | 48.76% | 59.42% | 61.58% | 63.45% | 63.59% | 65.3% | 64.61% | 69.17% | 69.24% | 69.22% | 71.21% | 16.56% | 15.7% | 14.44% | 15.3% | 16.2% | 15% | 17.99% | 94.48% | 93.15% | 93.16% | 95.05% | 39.42% | 93.06% | 87.3% | 87.94% |
| Gross Profit Growth % | - | 9.2% | 2.87% | -2.75% | -6.96% | 33.66% | 1.71% | -2.61% | -1.77% | -11.19% | -8.64% | -3.03% | 1.62% | 0.73% | 3.97% | 353.81% | 4.71% | 3.69% | -6.32% | 12.75% | 12.38% | -15.68% | -80.23% | 12.43% | 11.14% | 10.66% | 172.54% | -25.87% | 163.55% | 36.6% | 60.51% |
| Operating Expenses | 2.09B | 2.05B | 1.79B | 1.86B | 1.93B | 1.95B | 1.43B | 1.39B | 1.63B | 1.78B | 1.85B | 1.96B | 1.99B | 1.9B | 1.82B | 1.74B | 129.57M | 135.6M | 137.66M | 201.69M | 172.43M | 86M | 133.26M | 290.35M | 1.52B | 1.5B | 1.28B | 368.5M | 651.3M | 244M | 178.3M |
| OpEx % of Revenue | - | 43.63% | 41.4% | 46.57% | 45.48% | 42.64% | 50.98% | 52.07% | 61.34% | 65.92% | 62.44% | 59.66% | 63.05% | 61.31% | 58.89% | 60.21% | 4.74% | 4.93% | 4.77% | 6.94% | 7.08% | 3.68% | 5.76% | 13.03% | 75.72% | 82.95% | 79.78% | 26% | 80.44% | 74.5% | 74.92% |
| Selling, General & Admin | 685.93M | 834.26M | 821.62M | 977.63M | 820.81M | 839.66M | 732.23M | 772.73M | 846.87M | 903.56M | 957.96M | 1.02B | 1.05B | 1.89B | 1.81B | 1.73B | 126.32M | 132.76M | 125.63M | 123.7M | 93.56M | 82.29M | 75.48M | 1.29B | 1.13B | 1.07B | 914.33M | 42M | 452.5M | 175.8M | 126.7M |
| SG&A % of Revenue | - | 17.77% | 19.02% | 24.49% | 19.33% | 18.32% | 26.02% | 28.94% | 31.83% | 33.43% | 32.33% | 31.13% | 33.29% | 60.94% | 58.7% | 60.05% | 4.62% | 4.82% | 4.36% | 4.26% | 3.84% | 3.52% | 3.26% | 57.9% | 56.39% | 59.43% | 57.09% | 2.96% | 55.88% | 53.68% | 53.24% |
| Research & Development | 0 | 0 | 0 | 9.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.23% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.21B | 967.1M | 872.55M | 1.11B | 1.11B | 702.58M | 617.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 260.12M | 223.35M | 291.63M | 162.87M | 148.54M | 280.54M | 237.34M | 253.86M | 56.14M | -63.06M | -66.6M | -1.01B | 193.46M | 246.17M | 318.47M | 293.16M | 303.77M | 296.32M | 274.34M | 204.24M | 221.94M | 249.77M | 282.95M | 1.81B | 350.45M | 184.59M | 244.63M | 190.1M | 102.2M | 41.9M | 31M |
| Operating Margin % | 5.5% | 4.76% | 6.75% | 4.08% | 3.5% | 6.12% | 8.43% | 9.51% | 2.11% | -2.33% | -2.25% | -30.74% | 6.13% | 7.93% | 10.33% | 10.17% | 11.12% | 10.77% | 9.51% | 7.03% | 9.12% | 10.68% | 12.23% | 81.45% | 17.43% | 10.21% | 15.27% | 13.41% | 12.62% | 12.79% | 13.03% |
| Operating Income Growth % | - | -23.41% | 79.06% | 9.65% | -47.05% | 18.2% | -6.51% | 352.21% | 189.02% | 5.31% | 93.39% | -620.97% | -21.41% | -22.7% | 8.64% | -3.49% | 2.51% | 8.01% | 34.32% | -7.98% | -11.14% | -11.73% | -84.41% | 417.87% | 89.86% | -24.54% | 28.68% | 86.01% | 143.91% | 35.16% | 56.57% |
| EBITDA | 1.41B | 1.74B | 1.71B | 1.46B | 1.51B | 1.67B | 927.7M | 934.53M | 741.72M | 633.92M | 670.03M | -927.17M | 280.86M | 257.7M | 324.36M | 297.83M | 307.02M | 299.17M | 290.98M | 854.95M | 750.68M | 765.67M | 789.57M | 2.3B | 783.2M | 598.65M | 608.08M | 516.6M | 301M | 110.1M | 82.6M |
| EBITDA Margin % | 29.83% | 37.02% | 39.64% | 36.49% | 35.6% | 36.37% | 32.97% | 35% | 27.88% | 23.46% | 22.61% | -28.28% | 8.89% | 8.3% | 10.52% | 10.33% | 11.24% | 10.87% | 10.09% | 29.42% | 30.84% | 32.73% | 34.13% | 103.42% | 38.96% | 33.1% | 37.97% | 36.45% | 37.17% | 33.62% | 34.71% |
| EBITDA Growth % | -18.74% | 1.49% | 17.55% | -3.61% | -9.33% | 79.7% | -0.73% | 25.99% | 17% | -5.39% | 172.27% | -430.12% | 8.99% | -20.55% | 8.91% | -2.99% | 2.63% | 2.82% | -65.97% | 13.89% | -1.96% | -3.03% | -65.74% | 194.22% | 30.83% | -1.55% | 17.71% | 71.63% | 173.39% | 33.29% | 51.28% |
| D&A (Non-Cash Add-back) | 1.15B | 1.51B | 1.42B | 1.29B | 1.36B | 1.39B | 690.36M | 680.67M | 685.59M | 696.98M | 736.63M | 80.72M | 87.4M | 11.53M | 5.89M | 4.67M | 3.25M | 2.84M | 16.64M | 650.72M | 528.73M | 515.9M | 506.61M | 489.44M | 432.75M | 414.06M | 363.45M | 326.5M | 198.8M | 68.2M | 51.6M |
| EBIT | 262.58M | 221.07M | 288.13M | 166.28M | 149.18M | 265.18M | 238.1M | 254.81M | 97.74M | -64.2M | -66.09M | -1.01B | 190.2M | 246.98M | 319.31M | 293.78M | 301.52M | 297.16M | 287.58M | 211.06M | 221.94M | 264.94M | 282.95M | 1.81B | 350.45M | 184.59M | 244.63M | 190.07M | 102.22M | 45.9M | 31M |
| Net Interest Income | -103.01M | -110.36M | -107.49M | -110M | -87.07M | -70.65M | -14.56M | -27.91M | -41.82M | -45.2M | -46.68M | -48.69M | -51.11M | -38.81M | -31.22M | -36.61M | -29.01M | -25.95M | -57.38M | -87.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.46M | 2.62M | 3.1M | 3.42M | 641K | 221K | 768K | 3.12M | 1.15M | 791K | 503K | 634K | 947K | 815K | 842K | 627K | 854K | 837K | 8.86M | 6.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 105.47M | 112.98M | 110.58M | 113.42M | 87.71M | 70.87M | 15.32M | 31.03M | 42.97M | 46M | 47.18M | 49.33M | 52.06M | 39.63M | 32.06M | 37.23M | 26.77M | 26.79M | 66.24M | 94.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -103.01M | -115.26M | -114.09M | -110M | -87.07M | -86.23M | -14.56M | -30.08M | -42.3M | -47.14M | -46.68M | -48.69M | -51.11M | -38.81M | -26.78M | -61.06M | -50.5M | -25.95M | -56.98M | -188.91M | -57.81M | -47.87M | -31.57M | -1.52B | -62.01M | -59.78M | -50.23M | -74.77M | -53.52M | 2.2M | 100K |
| Pretax Income | 157.12M | 108.09M | 177.54M | 52.87M | 61.47M | 194.3M | 222.78M | 223.78M | 13.84M | -110.2M | -113.27M | -1.06B | 142.35M | 207.36M | 287.25M | 256.55M | 274.76M | 270.37M | 221.34M | 116.29M | 164.14M | 209.07M | 251.38M | 290.83M | 288.44M | 124.81M | 194.4M | 115.3M | 48.7M | 44.1M | 31.1M |
| Pretax Margin % | 3.32% | 2.3% | 4.11% | 1.32% | 1.45% | 4.24% | 7.92% | 8.38% | 0.52% | -4.08% | -3.82% | -32.23% | 4.51% | 6.68% | 9.32% | 8.9% | 10.06% | 9.82% | 7.67% | 4% | 6.74% | 8.94% | 10.87% | 13.05% | 14.35% | 6.9% | 12.14% | 8.14% | 6.01% | 13.47% | 13.07% |
| Income Tax | 45.73M | 34.85M | 54.06M | 58.05M | 49.11M | 59.36M | 14.66M | 50.24M | 5.35M | -116.85M | -8.08M | -189.95M | 45.93M | 79.12M | 103.76M | 91.91M | 103.11M | 102.52M | 81.72M | 40.02M | 61.05M | 73.33M | 95.52M | 109.33M | 116.27M | 58.59M | 91.37M | 55.9M | 23.9M | 18.2M | 13.1M |
| Effective Tax Rate % | 29.11% | 32.24% | 30.45% | 109.8% | 79.9% | 30.55% | 6.58% | 22.45% | 38.65% | 106.04% | 7.13% | 17.98% | 32.27% | 38.16% | 36.12% | 35.83% | 37.53% | 37.92% | 36.92% | 34.41% | 37.19% | 35.07% | 38% | 37.59% | 40.31% | 46.94% | 47% | 48.48% | 49.08% | 41.27% | 42.12% |
| Net Income | 111.39M | 73.24M | 123.48M | -5.18M | 12.36M | 134.94M | 208.12M | 173.55M | 8.49M | 6.65M | -113.27M | -866.63M | 96.42M | 128.24M | 183.49M | 164.64M | 171.64M | 167.85M | 139.62M | 76.27M | 103.09M | 135.74M | 155.85M | 181.5M | 172.17M | 66.22M | 103.03M | 59.4M | 24.8M | 25.9M | 18M |
| Net Margin % | 2.36% | 1.56% | 2.86% | -0.13% | 0.29% | 2.94% | 7.4% | 6.5% | 0.32% | 0.25% | -3.82% | -26.43% | 3.05% | 4.13% | 5.95% | 5.71% | 6.28% | 6.1% | 4.84% | 2.62% | 4.24% | 5.8% | 6.74% | 8.15% | 8.57% | 3.66% | 6.43% | 4.19% | 3.06% | 7.91% | 7.56% |
| Net Income Growth % | 31.85% | -40.68% | 2484.21% | -141.91% | -90.84% | -35.16% | 19.92% | 1943.64% | 27.64% | 105.87% | 86.93% | -998.79% | -24.81% | -30.11% | 11.45% | -4.08% | 2.26% | 20.22% | 83.07% | -26.02% | -24.05% | -12.91% | -14.13% | 5.41% | 160.01% | -35.73% | 73.45% | 139.52% | -4.25% | 43.89% | 68.22% |
| Net Income (Continuing) | 111.39M | 73.24M | 123.48M | -5.18M | 12.36M | 134.94M | 208.12M | 173.55M | 8.49M | 6.65M | -105.19M | -953.52M | 96.42M | 128.24M | 183.49M | 164.64M | 171.64M | 167.85M | 139.62M | 76.27M | 103.09M | 135.74M | 155.85M | 181.5M | 172.17M | 66.22M | 103.03M | 59.4M | 24.8M | 25.9M | 18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.90 | 1.25 | 2.21 | -0.09 | 0.21 | 2.02 | 3.73 | 3.10 | 0.16 | 0.12 | -2.13 | -16.34 | 1.81 | 2.33 | 3.03 | 2.64 | 2.60 | 2.52 | 2.08 | 1.10 | 1.46 | 1.83 | 1.94 | 2.08 | 1.90 | 0.72 | 1.18 | 0.70 | 0.33 | 0.16 | 0.29 |
| EPS Growth % | 31.03% | -43.44% | 2446.07% | -144.86% | -89.6% | -45.84% | 20.32% | 1837.5% | 33.33% | 105.63% | 86.96% | -1002.76% | -22.32% | -23.1% | 14.77% | 1.54% | 3.17% | 21.15% | 89.09% | -24.66% | -20.22% | -5.67% | -6.73% | 9.47% | 163.89% | -38.98% | 68.57% | 112.12% | 106.25% | -44.83% | 248.56% |
| EPS (Basic) | - | 1.30 | 2.26 | -0.09 | 0.23 | 2.37 | 3.84 | 3.19 | 0.16 | 0.12 | -2.13 | -16.34 | 1.82 | 2.35 | 3.06 | 2.67 | 2.64 | 2.54 | 2.10 | 1.11 | 1.48 | 1.86 | 1.99 | 2.16 | 2.20 | 0.79 | 1.52 | 0.82 | 0.34 | 0.17 | 0.29 |
| Diluted Shares Outstanding | 58.77M | 58.61M | 55.93M | 54.98M | 58.97M | 66.84M | 55.75M | 55.95M | 54.54M | 53.84M | 53.12M | 53.05M | 53.13M | 55.16M | 59.41M | 61.89M | 65.9M | 66.57M | 67.19M | 69.47M | 70.61M | 74.17M | 80.34M | 87.26M | 85.42M | 70.96M | 78.22M | 70.98M | 156.25M | 156.25M | 62.5M |
| Basic Shares Outstanding | 58.28M | 56.48M | 54.65M | 54.98M | 53.85M | 57.05M | 54.19M | 54.33M | 53.47M | 53.28M | 53.12M | 53.05M | 52.85M | 54.8M | 58.91M | 61.19M | 65.1M | 65.99M | 66.61M | 68.71M | 69.66M | 72.98M | 78.32M | 84.03M | 73.49M | 64.48M | 61.09M | 60.54M | 156.25M | 156.25M | 62.5M |
| Dividend Payout Ratio | - | 119.97% | 66.65% | - | 640.84% | 52.99% | 30.33% | 7.9% | - | 192.56% | - | - | 50.47% | 36.5% | 20.64% | 16.33% | 4.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying UPBD stock.
For fiscal year 2025, Upbound Group, Inc. (UPBD) reported total revenue of $4.70B. This represents a 1872.7% increase compared to $238.0M in 1996.
Upbound Group, Inc. (UPBD) is profitable, generating $73.2M in net income for the fiscal year ending 2025 with a net profit margin of 1.6%.
Upbound Group, Inc. (UPBD) reported an operating income of $223.3M, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Upbound Group, Inc. (UPBD) generated $2.27B in gross profit for the year, representing a gross profit margin of 48.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and SG&A step-changes
Metrics are mathematically derived from official filings.
Revenue Flat Near Recent Highs
Based on reported quarterly figures, UPBD's revenue has hovered around $1.1B to $1.2B across the ten-quarter window, with year-over-year growth swinging from roughly 10.9% in 2025Q4 to a -1.6% contraction in 2026Q3, suggesting top-line momentum has largely plateaued.
The recent deceleration into negative territory in the latest quarter, after a period of high-single-digit growth through 2025, implies the earlier expansion may have been driven by factors that are not repeating. The reported figures do not isolate volume versus pricing contributions, so investors should monitor whether the latest contraction reflects a durable slowdown or a timing effect.
Gross Margin Whipsawing Between Regimes
As reported in the income statement, UPBD's gross margin oscillated between roughly 33.0% in 2026Q1 and 51.1% in 2026Q2, a swing that appears too large to reflect ordinary pricing dynamics alone and warrants further investigation into cost classification.
The dramatic shift in COGS, which jumped to $817.7M in 2026Q1 before reverting to about $566M the following quarter, suggests either a one-time cost event or a change in how costs are allocated. Without disclosure of the underlying drivers, the reported gross margin trend cannot be cleanly interpreted as structural pricing power or cyclicality.
Operating Leverage Obscured by SG&A Jumps
Based on UPBD's reported figures, SG&A rose from about $63.8M in 2025Q1 to $313.2M in 2025Q4 before falling back to roughly $61M, indicating that operating margin trends are heavily influenced by irregular overhead charges rather than steady scaling.
Operating margin ranged from roughly 4.4% to 7.8% over the period, but the spikes in SG&A in 2024Q2 and 2025Q4 mean operating income does not consistently scale with gross profit. The pattern suggests that periodic large overhead items may be masking underlying operating efficiency, and the sustainability of the current lower SG&A base remains an open question.
Net Income Diverges From Operating Trend
According to reported quarterly data, UPBD's net margin reached 3.0% in 2026Q3 while diluted EPS more than doubled year over year, a divergence from operating margin movement that may reflect non-operating or tax-related items.
EPS growth of 163.6% against revenue contraction of 1.6% implies that net income is being influenced by factors below operating income, which the supplied data does not decompose. Stock-based compensation is modest relative to net income, so it does not appear to be the primary explanation, leaving the bridge from operating to net income an area investors should examine closely.
Reported Growth May Not Be Durable
Based on UPBD's reported figures, the bull case rests on a 2026Q3 EPS rebound of 163.6% that coincides with revenue contraction of 1.6%, a pattern that short-sellers would likely argue reflects non-recurring items rather than operating improvement.
If the net income recovery is driven by below-the-line or one-time factors, the reported EPS trajectory could reverse once those items normalize, particularly given operating margin of only about 6.2% in the latest quarter. The volatility in gross margin between roughly 33% and 51% further suggests the earnings base is sensitive to cost classification and timing, which warrants skepticism toward extrapolating recent profitability.