Revenue growth remains inconsistent with gross margins tightly range-bound between 19.3% and 24.6%, reflecting the heavy burden of pass-through interchange fees.
| 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 |
|---|
| Sales/Revenue | 88.85M | 85.39M | 82.93M | 82.59M | 69.43M | 61.94M | 32.25M | 28.2M | 25.02M | 14.57M | 12.08M | 14.38M | 13.4M | 5.18M | 7.35M | 4.81M | 2.62M | 3.22M | 3M | 3.04M | 2.52M | 1.18M | 357.57K | 119.3K | 4.21M | 2.97M | 612.34K | 55.44K |
| Revenue Growth % | 5.81% | 2.97% | 0.41% | 18.96% | 12.09% | 92.06% | 14.37% | 12.69% | 71.74% | 20.66% | -16.02% | 7.36% | 158.58% | -29.48% | 52.62% | 83.79% | -18.64% | 7.24% | -1.15% | 20.38% | 113.64% | 230.22% | 199.73% | -97.16% | 41.7% | 384.81% | 1004.55% | - |
| Cost of Goods Sold | 69.52M | 65.7M | 63.32M | 63.99M | 54.84M | 46.31M | 24.88M | 22.25M | 19.45M | 10.8M | 8.29M | 9.42M | 9.22M | 4.21M | 4.19M | 3.09M | 2.02M | 2.43M | 2.42M | 2.48M | 2.02M | 1.04M | 327.47K | 138.01K | 4.69M | 5M | 3.65M | 127.34K |
| COGS % of Revenue | - | 76.94% | 76.35% | 77.48% | 78.98% | 74.76% | 77.13% | 78.9% | 77.74% | 74.14% | 68.67% | 65.49% | 68.81% | 81.18% | 57% | 64.28% | 77.12% | 75.49% | 80.71% | 81.71% | 80.12% | 87.94% | 91.58% | 115.69% | 111.5% | 168.26% | 596.6% | 229.71% |
| Gross Profit | 19.33M | 19.69M | 19.61M | 18.6M | 14.59M | 15.63M | 7.38M | 5.95M | 5.57M | 3.77M | 3.78M | 4.96M | 4.18M | 974.9K | 3.16M | 1.72M | 599.26K | 789.04K | 579.12K | 555.43K | 501.52K | 142.41K | 30.09K | -18.71K | -483.79K | -2.03M | -3.04M | -71.91K |
| Gross Margin % | 21.76% | 23.06% | 23.65% | 22.52% | 21.02% | 25.24% | 22.87% | 21.1% | 22.26% | 25.86% | 31.33% | 34.51% | 31.19% | 18.82% | 43% | 35.72% | 22.88% | 24.51% | 19.29% | 18.29% | 19.88% | 12.06% | 8.42% | -15.69% | -11.5% | -68.26% | -496.6% | -129.71% |
| Gross Profit Growth % | - | 0.4% | 5.46% | 27.45% | -6.65% | 111.94% | 23.98% | 6.82% | 47.8% | -0.39% | -23.78% | 18.79% | 328.58% | -69.14% | 83.73% | 186.91% | -24.05% | 36.25% | 4.27% | 10.75% | 252.17% | 373.24% | 260.82% | 96.13% | 76.13% | 33.36% | -4128.88% | - |
| Operating Expenses | 21.22M | 22.05M | 21.08M | 20.52M | 19.81M | 15.79M | 11.13M | 11.01M | 9.34M | 6.61M | 5.4M | 4.18M | 1.93M | 1.73M | 1.77M | 1.35M | 1.21M | 1.73M | 2.27M | 2.1M | 1.75M | 1.78M | 1.47M | 1.86M | 7.8M | 8.74M | 17.46M | 5.27M |
| OpEx % of Revenue | - | 25.82% | 25.42% | 24.85% | 28.53% | 25.49% | 34.52% | 39.05% | 37.34% | 45.33% | 44.76% | 29.07% | 14.43% | 33.4% | 24.07% | 27.97% | 46.16% | 53.77% | 75.61% | 69.25% | 69.5% | 150.95% | 411.1% | 1556.37% | 185.37% | 294.37% | 2851.58% | 9509.62% |
| Selling, General & Admin | 20.24M | 20.11M | 2.09M | 18.44M | 17.07M | 1.49M | 9.61M | 8.99M | 7.47M | 5.35M | 4.5M | 3.68M | 1.89M | 1.7M | 1.76M | 1.34M | 1.19M | 1.69M | 2.21M | 2.03M | 1.67M | 1.7M | 1.37M | 1.73M | 4.82M | 6.42M | 15.75M | 4.09M |
| SG&A % of Revenue | - | 23.55% | 2.52% | 22.33% | 24.59% | 2.41% | 29.81% | 31.88% | 29.84% | 36.7% | 37.29% | 25.62% | 14.13% | 32.79% | 23.97% | 27.89% | 45.27% | 52.64% | 73.67% | 66.77% | 66.32% | 143.64% | 384.48% | 1446.83% | 114.64% | 216.37% | 2572.53% | 7385.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 461.06K | 760.08K | 767.75K | 906.53K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10.96% | 25.6% | 125.38% | 1635.22% |
| Other Operating Expenses | 985.86K | 1.95M | 18.99M | 2.08M | 2.74M | 14.3M | 1.52M | 2.02M | -77 | 1.58K | 99.28K | 65.49K | 111.06K | -1.35K | 0 | 3.72K | 23.51K | 36.52K | 58.22K | 75.53K | 80.16K | 86.37K | 95.19K | 130.67K | 2.51M | 1.56M | 940.96K | 270.91K |
| Operating Income | -1.89M | -2.36M | -1.47M | -1.92M | -5.21M | -155.38K | -3.76M | -5.06M | -3.77M | -2.84M | -1.36M | 946.88K | 2.25M | -755.43K | 1.39M | 373K | -609.73K | -941.67K | -1.69M | -1.55M | -1.25M | -1.64M | -1.44M | -1.88M | -8.28M | -10.77M | -20.5M | -5.34M |
| Operating Margin % | -2.13% | -2.76% | -1.77% | -2.33% | -7.51% | -0.25% | -11.65% | -17.95% | -15.08% | -19.47% | -11.27% | 6.58% | 16.76% | -14.58% | 18.94% | 7.75% | -23.28% | -29.26% | -56.32% | -50.96% | -49.62% | -138.89% | -402.69% | -1572.05% | -196.87% | -362.64% | -3348.18% | -9639.33% |
| Operating Income Growth % | - | -60.48% | 23.52% | 63.13% | -3255.9% | 95.86% | 25.8% | -34.14% | -33.05% | -108.52% | -243.69% | -57.82% | 397.18% | -154.31% | 272.92% | 161.17% | 35.25% | 44.29% | -9.23% | -23.63% | 23.67% | -13.9% | 23.22% | 77.35% | 23.08% | 47.49% | -283.66% | - |
| EBITDA | -218.11K | -413.38K | 792.96K | 159.03K | -2.48M | 2.49M | -2.24M | -3.04M | -1.9M | -1.58M | -458.97K | 1.44M | 2.29M | -723.78K | 1.4M | 376.72K | -586.22K | -905.15K | -1.63M | -1.41M | -1.1M | -1.41M | -1.32M | -1.74M | -6.38M | -9.21M | -19.56M | -5.07M |
| EBITDA Margin % | -0.25% | -0.48% | 0.96% | 0.19% | -3.57% | 4.02% | -6.94% | -10.78% | -7.59% | -10.84% | -3.8% | 10.04% | 17.07% | -13.97% | 19.03% | 7.83% | -22.38% | -28.12% | -54.38% | -46.58% | -43.76% | -119.73% | -368.19% | -1462.52% | -151.78% | -310.24% | -3194.51% | -9150.66% |
| EBITDA Growth % | -128.89% | -152.13% | 398.61% | 106.41% | -199.64% | 211.15% | 26.37% | -60.12% | -20.27% | -244% | -131.8% | -36.86% | 415.84% | -151.78% | 271.06% | 164.26% | 35.24% | 44.54% | -15.38% | -28.13% | 21.91% | -7.39% | 24.54% | 72.67% | 30.67% | 52.92% | -285.6% | - |
| D&A (Non-Cash Add-back) | 1.68M | 1.95M | 2.26M | 2.08M | 2.74M | 2.64M | 1.52M | 2.02M | 1.88M | 1.26M | 901.6K | 496.37K | 40.95K | 31.65K | 6.86K | 3.72K | 23.51K | 36.52K | 58.22K | 132.92K | 147.77K | 226.21K | 123.36K | 130.67K | 1.9M | 1.56M | 940.96K | 270.91K |
| EBIT | -1.56M | -1.95M | 732.09K | -177.38K | -5.2M | -147.46K | -3.76M | -5.06M | -3.77M | -2.84M | -1.62M | 782.94K | 2.25M | -755.43K | 1.35M | 373K | -609.73K | -941.67K | -932.37K | -1.55M | -1.25M | -1.64M | -1.44M | -1.88M | -2.6M | -3.27M | -20.5M | -5.34M |
| Net Interest Income | 356.57K | 355.08K | 410.94K | 1.69M | 11.19K | 3.33K | 60.29K | 81.79K | 76.55K | 100.96K | 97.32K | 79K | 66.79K | 0 | 0 | 0 | 0 | 0 | 8.67K | -79.16K | -91.13K | -170.38K | -45.4K | -56.31K | -1.03M | 315.18K | 546.17K | 0 |
| Interest Income | 419.64K | 407.16K | 464.75K | 1.7M | 15.24K | 7.64K | 60.29K | 81.79K | 76.55K | 100.96K | 97.32K | 79K | 66.79K | 0 | 0 | 0 | 0 | 0 | 9.09K | 623 | 275 | 950 | 712 | 5.12K | 81.8K | 355.26K | 686.82K | 0 |
| Interest Expense | 63.07K | 52.08K | 53.8K | 5.2K | 4.05K | 4.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 423 | 79.78K | 91.41K | 171.33K | 46.11K | 61.43K | 1.11M | 40.08K | 140.65K | 0 |
| Other Income/Expense | 361.57K | 360.08K | 2.15M | 1.74M | 11.19K | 3.61K | 873.79K | 49.14K | 76.47K | 102.55K | 196.6K | 144.5K | 111.06K | -1.35K | -39.76K | -2.78K | 160K | 150K | 757.51K | -174.15K | -144.61K | 444.29K | -74.65K | 101.11K | -2.67M | 352.12K | 0 | -15.39K |
| Pretax Income | -1.53M | -2M | 678.28K | -182.58K | -5.2M | -151.77K | -2.88M | -5.01M | -3.7M | -2.73M | -1.16M | 1.09M | 2.36M | -756.78K | 1.35M | 370.22K | -449.73K | -791.67K | -932.79K | -1.72M | -1.4M | -1.2M | -1.51M | -1.77M | -10.95M | -10.41M | 0 | -5.36M |
| Pretax Margin % | -1.73% | -2.34% | 0.82% | -0.22% | -7.49% | -0.24% | -8.94% | -17.78% | -14.78% | -18.77% | -9.64% | 7.59% | 17.59% | -14.61% | 18.39% | 7.69% | -17.17% | -24.6% | -31.08% | -56.7% | -55.35% | -101.27% | -423.57% | -1487.3% | -260.42% | -350.52% | - | -9667.09% |
| Income Tax | 622.13K | 512.81K | -2.63M | 292.52K | 280K | 169.86K | 23.11K | 101.89K | 77.78K | 274.32K | 32.67K | 75.28K | -1.48M | 32.26K | 76.01K | 18.37K | 14.44K | 11.86K | 11.82K | 0 | 0 | 0 | 0 | 0 | 2.67M | -352.12K | -493.9K | 129.1K |
| Effective Tax Rate % | -40.59% | -25.65% | -387.33% | -160.22% | -5.38% | -111.92% | -0.8% | -2.03% | -2.1% | -10.03% | -2.81% | 6.9% | -62.91% | -4.26% | 5.63% | 4.96% | -3.21% | -1.5% | -1.27% | 0% | 0% | 0% | 0% | 0% | -24.33% | 3.38% | - | -2.41% |
| Net Income | -2.15M | -2.51M | 3.31M | -475.1K | -5.48M | -321.63K | -2.91M | -5.12M | -3.78M | -3.01M | -1.2M | 1.02M | 3.84M | -789.04K | 1.28M | 351.85K | -464.17K | -803.53K | -944.62K | -1.72M | -1.4M | -1.2M | -1.51M | 484.9K | -10.95M | -10.41M | -20.01M | -5.47M |
| Net Margin % | -2.43% | -2.94% | 3.99% | -0.58% | -7.9% | -0.52% | -9.01% | -18.14% | -15.09% | -20.65% | -9.91% | 7.07% | 28.65% | -15.23% | 17.36% | 7.31% | -17.72% | -24.96% | -31.47% | -56.7% | -55.35% | -101.27% | -423.57% | 406.46% | -260.42% | -350.52% | -3267.52% | -9872.2% |
| Net Income Growth % | -164.89% | -176% | 795.74% | 91.34% | -1604.81% | 88.93% | 43.19% | -35.49% | -25.49% | -151.44% | -217.77% | -73.53% | 586.45% | -161.87% | 262.43% | 175.8% | 42.23% | 14.94% | 45.13% | -23.29% | -16.78% | 21.05% | -412.34% | 104.43% | -5.28% | 47.99% | -265.59% | - |
| Net Income (Continuing) | -2.15M | -2.51M | 3.31M | -475.1K | -5.48M | -321.63K | -2.91M | -5.12M | -3.78M | -3.01M | -1.2M | 1.02M | 3.84M | -789.04K | 1.28M | 351.85K | -464.17K | -803.53K | -944.62K | -1.72M | -1.4M | -1.2M | -1.51M | -1.77M | -5.26M | -2.92M | -19.96M | -5.47M |
| 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 |
| 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 |
| EPS (Diluted) | -0.08 | -0.09 | 0.12 | -0.02 | -0.27 | -0.02 | -0.19 | -0.39 | -0.31 | -0.33 | -0.15 | 0.08 | 0.41 | -0.12 | 0.15 | 0.04 | -0.06 | -0.11 | -0.15 | -0.37 | -0.50 | -0.61 | -1.04 | 0.30 | -7.98 | -8.66 | -20.29 | -7.55 |
| EPS Growth % | -168.36% | -177.75% | 608.47% | 91.26% | -1577.02% | 91.53% | 51.28% | -25.81% | 6.06% | -120% | -287.5% | -80.49% | 441.67% | -180% | 286.6% | 167.71% | 47.91% | 26.67% | 59.46% | 26% | 18.03% | 41.35% | -446.67% | 103.76% | 7.85% | 57.32% | -168.74% | - |
| EPS (Basic) | - | -0.09 | 0.12 | -0.02 | -0.27 | -0.02 | -0.19 | -0.39 | -0.31 | -0.33 | -0.15 | 0.14 | 0.59 | -0.12 | 0.15 | 0.04 | -0.06 | -0.11 | -0.15 | -0.37 | -0.50 | -0.61 | -1.04 | 0.30 | -7.98 | -8.66 | -20.29 | -7.55 |
| Diluted Shares Outstanding | 27.75M | 26.93M | 26.85M | 20.11M | 20.38M | 20.03M | 15.43M | 12.96M | 12.13M | 9M | 7.84M | 11.99M | 9.26M | 6.46M | 9.13M | 9.06M | 8.1M | 7.44M | 6.4M | 4.6M | 2.77M | 1.95M | 1.45M | 1.39M | 1.37M | 1.2M | 986.25K | 725.08K |
| Basic Shares Outstanding | 27.75M | 26.93M | 26.85M | 20.11M | 20.38M | 20.03M | 15.43M | 12.96M | 12.13M | 9M | 7.84M | 7.39M | 6.47M | 6.46M | 8.87M | 8.8M | 8.1M | 7.44M | 6.4M | 4.6M | 2.77M | 1.95M | 1.45M | 1.39M | 1.37M | 1.2M | 986.25K | 725.08K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in recent financial filings, USIO's quarterly revenue growth has fluctuated significantly, reaching 15.7% in 2026Q1 after periods of stagnation, suggesting that the company's integrated payment and document output strategy has yet to establish a reliable, compounding top-line trajectory across its diverse service segments.
The volatility in quarterly revenue suggests that the company's reliance on project-based output solutions may be creating lumpy performance that masks the underlying health of its core payment processing business. Investors should monitor whether the recent growth spike represents a sustainable shift in market share or merely the timing of specific high-volume client contracts.
Based on the provided income statement data, USIO's gross margin has remained tightly range-bound between 19.3% and 24.6%, reflecting the heavy burden of pass-through interchange fees and the physical overhead costs inherent in the company's hybrid document and payment processing business model.
The inability to consistently push gross margins above the mid-20% level indicates that the company lacks the pricing power or scale necessary to offset the variable costs associated with its payment rails. This structural ceiling suggests that profitability will remain elusive until the revenue mix shifts decisively toward higher-margin, proprietary software-based services.
According to historical income statements, USIO has struggled to achieve positive operating income, with the company reporting negative operating margins in eight of the last ten quarters, which implies that fixed corporate overhead continues to outpace the incremental gross profit generated by transaction volume growth.
The persistent failure to scale operating income suggests that the company's current cost structure is too heavy for its existing revenue base. Without a significant increase in transaction throughput, the company may continue to face challenges in achieving the operating leverage required to transition from a loss-making entity to a self-sustaining business.
As evidenced by the quarterly data, USIO's net income figures have been frequently decoupled from operating performance, with significant swings in profitability often driven by non-operating items rather than core business execution, complicating the assessment of the company's true underlying earnings power for potential investors.
The presence of erratic net income results, contrasted against consistent operating losses, warrants caution regarding the quality of reported earnings. Analysts should focus on operating income as the primary metric, as the current net income volatility appears to be a byproduct of accounting adjustments rather than a reflection of operational success.
Based on reported figures, USIO's sub-scale operations leave it uniquely vulnerable to competitive pricing pressures and rising input costs, as the company lacks the diversified revenue streams and massive transaction volumes that allow larger industry peers to absorb inflationary shocks without sacrificing their bottom line.
Short-sellers may focus on the company's inability to achieve GAAP profitability despite years of operational investment, arguing that the business model is fundamentally flawed by its reliance on low-margin legacy services. The risk remains that any further increase in postage or network fees could lead to immediate and severe margin compression.
Quick answers to the most common questions about buying USIO stock.
For fiscal year 2025, Usio, Inc. (USIO) reported total revenue of $85.4M. This represents a 153934.5% increase compared to $0.1M in 1999.
Usio, Inc. (USIO) reported a net loss of $2.5M for the fiscal year ending 2025.
Usio, Inc. (USIO) reported an operating income of $-2.4M, resulting in an operating profit margin of -2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Usio, Inc. (USIO) generated $19.7M in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.