Revenue growth persists at 7.2% year-over-year in 2026Q3, but operating margin has compressed to 1.5% from 13.6% in 2025Q1, with SG&A up 15% year-over-year and SBC surging to $9.4M.
Universal Technical Institute, Inc. (UTI) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 |
|---|
| Sales/Revenue | 883.6M | 835.62M | 732.69M | 607.41M | 418.76M | 335.08M | 300.76M | 331.5M | 316.96M | 324.26M | 347.15M | 362.67M | 378.39M | 380.27M | 413.55M | 451.9M | 435.92M | 366.63M | 343.46M | 353.37M | 347.07M | 310.8M | 255.15M | 196.5M | 144.37M | 109.49M | 92.08M |
| Revenue Growth % | 9.15% | 14.05% | 20.63% | 45.05% | 24.97% | 11.41% | -9.27% | 4.59% | -2.25% | -6.59% | -4.28% | -4.15% | -0.49% | -8.05% | -8.49% | 3.67% | 18.9% | 6.75% | -2.8% | 1.82% | 11.67% | 21.81% | 29.85% | 36.1% | 31.86% | 18.91% | - |
| Cost of Goods Sold | 448.67M | 420.49M | 384.53M | 329.87M | 207.23M | 166.82M | 155.93M | 178.32M | 182.59M | 181.03M | 194.4M | 194.42M | 200.05M | 199.54M | 211.98M | 223.47M | 212.58M | 193.49M | 186.64M | 186.25M | 173.23M | 145.03M | 116.73M | 92.44M | 70.81M | 59.55M | 48.52M |
| COGS % of Revenue | - | 50.32% | 52.48% | 54.31% | 49.49% | 49.78% | 51.85% | 53.79% | 57.61% | 55.83% | 56% | 53.61% | 52.87% | 52.47% | 51.26% | 49.45% | 48.77% | 52.77% | 54.34% | 52.71% | 49.91% | 46.66% | 45.75% | 47.05% | 49.05% | 54.39% | 52.7% |
| Gross Profit | 434.93M | 415.13M | 348.16M | 277.54M | 211.53M | 168.26M | 144.83M | 153.19M | 134.38M | 143.24M | 152.75M | 168.26M | 178.34M | 180.73M | 201.57M | 228.43M | 223.34M | 173.15M | 156.82M | 167.13M | 173.84M | 165.77M | 138.42M | 104.05M | 73.56M | 49.94M | 43.56M |
| Gross Margin % | 49.22% | 49.68% | 47.52% | 45.69% | 50.51% | 50.22% | 48.15% | 46.21% | 42.39% | 44.17% | 44% | 46.39% | 47.13% | 47.53% | 48.74% | 50.55% | 51.23% | 47.23% | 45.66% | 47.29% | 50.09% | 53.34% | 54.25% | 52.95% | 50.95% | 45.61% | 47.3% |
| Gross Profit Growth % | - | 19.23% | 25.45% | 31.2% | 25.71% | 16.18% | -5.46% | 14% | -6.19% | -6.23% | -9.22% | -5.65% | -1.32% | -10.34% | -11.76% | 2.28% | 28.99% | 10.41% | -6.17% | -3.86% | 4.86% | 19.76% | 33.03% | 41.45% | 47.3% | 14.65% | - |
| Operating Expenses | 390.67M | 331.66M | 289.27M | 256.14M | 189.16M | 153.32M | 148.7M | 160.99M | 169.65M | 145.06M | 171.37M | 165.12M | 172M | 174.8M | 187.46M | 183.33M | 176.79M | 154.5M | 146.12M | 143.38M | 133.1M | 110M | 88.3M | 67.9M | 51.54M | 38.33M | 33.89M |
| OpEx % of Revenue | - | 39.69% | 39.48% | 42.17% | 45.17% | 45.76% | 49.44% | 48.56% | 53.52% | 44.74% | 49.37% | 45.53% | 45.46% | 45.97% | 45.33% | 40.57% | 40.56% | 42.14% | 42.54% | 40.57% | 38.35% | 35.39% | 34.61% | 34.55% | 35.7% | 35.01% | 36.81% |
| Selling, General & Admin | 380.87M | 331.66M | 289.27M | 256.14M | 183.26M | 152.52M | 148.7M | 160.99M | 169.65M | 141.54M | 167.68M | 201.25M | 164.81M | 165.39M | 176.49M | 183.33M | 176.79M | 154.5M | 146.12M | 143.38M | 133.1M | 110M | 88.3M | 67.9M | 51.54M | 38.33M | 33.89M |
| SG&A % of Revenue | - | 39.69% | 39.48% | 42.17% | 43.76% | 45.52% | 49.44% | 48.56% | 53.52% | 43.65% | 48.3% | 55.49% | 43.56% | 43.49% | 42.68% | 40.57% | 40.56% | 42.14% | 42.54% | 40.57% | 38.35% | 35.39% | 34.61% | 34.55% | 35.7% | 35.01% | 36.81% |
| 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.02M | 0 | 0 | 0 | 5.9M | 800K | 0 | 0 | 0 | 3.52M | 3.7M | 140K | 563K | 655K | 10.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 44.26M | 83.47M | 58.89M | 21.4M | 22.37M | 14.95M | -3.87M | -7.8M | -35.27M | -1.82M | -18.62M | -9.22M | 6.34M | 5.93M | 14.12M | 45.1M | 46.55M | 18.64M | 10.7M | 23.75M | 40.74M | 55.78M | 50.12M | 36.16M | 22.02M | 11.61M | 9.66M |
| Operating Margin % | 5.01% | 9.99% | 8.04% | 3.52% | 5.34% | 4.46% | -1.29% | -2.35% | -11.13% | -0.56% | -5.36% | -2.54% | 1.67% | 1.56% | 3.41% | 9.98% | 10.68% | 5.08% | 3.11% | 6.72% | 11.74% | 17.95% | 19.64% | 18.4% | 15.25% | 10.6% | 10.49% |
| Operating Income Growth % | - | 41.73% | 175.2% | -4.36% | 49.69% | 486.13% | 50.38% | 77.88% | -1833.94% | 90.21% | -101.92% | -245.54% | 6.88% | -57.99% | -68.71% | -3.1% | 149.72% | 74.26% | -54.96% | -41.7% | -26.96% | 11.28% | 38.63% | 64.21% | 89.7% | 20.12% | - |
| EBITDA | 100.42M | 140.25M | 110.08M | 67.22M | 55.15M | 44.58M | 32.21M | 8.1M | -19.59M | 15.06M | -874K | 9.93M | 26.81M | 28.09M | 37.93M | 69.95M | 66.44M | 36.21M | 28.3M | 42.5M | 54.95M | 65.56M | 58.93M | 42.54M | 26.97M | 16.14M | 13.55M |
| EBITDA Margin % | 11.36% | 16.78% | 15.02% | 11.07% | 13.17% | 13.3% | 10.71% | 2.44% | -6.18% | 4.64% | -0.25% | 2.74% | 7.09% | 7.39% | 9.17% | 15.48% | 15.24% | 9.88% | 8.24% | 12.03% | 15.83% | 21.09% | 23.1% | 21.65% | 18.68% | 14.74% | 14.72% |
| EBITDA Growth % | -28.07% | 27.42% | 63.76% | 21.88% | 23.72% | 38.42% | 297.51% | 141.36% | -230.04% | 1823.34% | -108.8% | -62.96% | -4.54% | -25.96% | -45.77% | 5.28% | 83.48% | 27.94% | -33.41% | -22.65% | -16.18% | 11.23% | 38.54% | 57.75% | 67.09% | 19.11% | - |
| D&A (Non-Cash Add-back) | 56.16M | 56.78M | 51.19M | 45.82M | 32.78M | 29.63M | 36.08M | 15.9M | 15.69M | 16.89M | 17.75M | 19.16M | 20.47M | 22.16M | 23.82M | 24.84M | 19.89M | 17.57M | 17.61M | 18.75M | 14.21M | 9.78M | 8.81M | 6.38M | 4.95M | 4.53M | 3.89M |
| EBIT | 48.1M | 89.91M | 65.7M | 27.74M | 22.25M | 15.46M | -2.58M | -4.45M | -32.39M | 650K | -15.42M | -8.34M | 6.34M | 6.03M | 15.1M | 45.65M | 47.29M | 19.35M | 10.7M | 23.75M | 40.74M | 55.78M | 50.12M | 36.16M | 22.02M | 11.61M | 9.66M |
| Net Interest Income | 704K | 540K | -3.16M | -3.79M | -1.5M | -282K | 1.14M | -1.73M | -1.89M | -2.48M | -3.2M | -2.13M | -1.62M | 234K | 302K | 252K | 250K | 198K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.71M | 6.17M | 6.31M | 5.86M | 507K | 83K | 1.15M | 1.49M | 1.43M | 900K | 243K | 215K | 223K | 234K | 306K | 258K | 259K | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.01M | 5.63M | 9.47M | 9.66M | 2M | 365K | 10K | 3.22M | 3.31M | 3.38M | 3.44M | 2.34M | 1.85M | 0 | 4K | 6K | 9K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 996K | 805K | -2.66M | -3.31M | -1.93M | 236K | 1.28M | 137K | -422K | -907K | -2.9M | -1.46M | -590K | 889K | 847K | 543K | 729K | 664K | 3.32M | 2.62M | 2.97M | 1.46M | -2.17M | -3.42M | -7.1M | -10.67M | -11.88M |
| Pretax Income | 45.25M | 84.27M | 56.23M | 18.09M | 20.44M | 15.18M | -2.59M | -7.67M | -35.7M | -2.73M | -21.53M | -10.68M | 5.75M | 6.82M | 14.96M | 45.65M | 47.28M | 19.3M | 14.02M | 26.37M | 43.71M | 57.24M | 47.96M | 32.73M | 14.92M | 933K | -2.21M |
| Pretax Margin % | 5.12% | 10.09% | 7.67% | 2.98% | 4.88% | 4.53% | -0.86% | -2.31% | -11.26% | -0.84% | -6.2% | -2.95% | 1.52% | 1.79% | 3.62% | 10.1% | 10.85% | 5.27% | 4.08% | 7.46% | 12.59% | 18.42% | 18.8% | 16.66% | 10.33% | 0.85% | -2.4% |
| Income Tax | 10.96M | 21.26M | 14.23M | 5.76M | -5.41M | 602K | -10.6M | 203K | -3.02M | 5.4M | 26.17M | -1.53M | 3.71M | 3.01M | 5.93M | 18.41M | 18.45M | 7.57M | 5.8M | 10.81M | 16.32M | 21.42M | 19.14M | 12.35M | 5.23M | 10.67M | 34.01M |
| Effective Tax Rate % | 24.21% | 25.22% | 25.3% | 31.87% | -26.45% | 3.96% | 408.71% | -2.65% | 8.45% | -197.62% | -121.57% | 14.34% | 64.56% | 44.12% | 39.63% | 40.33% | 39.03% | 39.22% | 41.4% | 40.98% | 37.35% | 37.42% | 39.9% | 37.74% | 35.05% | 1143.84% | -1535.95% |
| Net Income | 34.3M | 63.02M | 42M | 12.32M | 25.85M | 14.58M | 8.01M | -7.87M | -32.68M | -8.13M | -47.7M | -9.15M | 2.04M | 3.81M | 9.03M | 27.24M | 28.83M | 11.73M | 8.22M | 15.56M | 27.39M | 35.82M | 28.82M | 20.38M | 9.69M | -9.74M | -36.22M |
| Net Margin % | 3.88% | 7.54% | 5.73% | 2.03% | 6.17% | 4.35% | 2.66% | -2.37% | -10.31% | -2.51% | -13.74% | -2.52% | 0.54% | 1% | 2.18% | 6.03% | 6.61% | 3.2% | 2.39% | 4.4% | 7.89% | 11.52% | 11.3% | 10.37% | 6.71% | -8.89% | -39.34% |
| Net Income Growth % | -45.65% | 50.04% | 240.86% | -52.33% | 77.27% | 82.08% | 201.78% | 75.93% | -302.09% | 82.96% | -421.32% | -549.14% | -46.54% | -57.82% | -66.84% | -5.52% | 145.7% | 42.81% | -47.21% | -43.17% | -23.54% | 24.29% | 41.42% | 110.33% | 199.49% | 73.11% | - |
| Net Income (Continuing) | 34.3M | 63.02M | 42M | 12.32M | 25.85M | 14.58M | 8.01M | -7.87M | -32.68M | -8.13M | -47.7M | -9.15M | 2.04M | 3.81M | 9.03M | 26.9M | 28.83M | 11.73M | 8.22M | 15.56M | 27.39M | 35.82M | 28.82M | 20.38M | 9.69M | -9.74M | -36.22M |
| 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 |
| 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 |
| EPS (Diluted) | 0.61 | 1.13 | 0.75 | 0.13 | 0.38 | 0.17 | 0.05 | -0.52 | -1.51 | -0.54 | -2.02 | -0.38 | 0.08 | 0.15 | 0.36 | 1.10 | 1.18 | 0.48 | 0.32 | 0.57 | 0.97 | 1.26 | 1.04 | 0.79 | 0.44 | -0.73 | -2.70 |
| EPS Growth % | -45.81% | 50.67% | 476.92% | -65.79% | 123.53% | 218.35% | 110.27% | 65.56% | -179.63% | 73.27% | -431.58% | -575% | -46.67% | -58.33% | -67.27% | -6.78% | 145.83% | 50% | -43.86% | -41.24% | -23.02% | 21.15% | 31.65% | 79.55% | 160.27% | 72.96% | - |
| EPS (Basic) | - | 1.16 | 0.77 | 0.13 | 0.39 | 0.17 | 0.05 | -0.52 | -1.51 | -0.54 | -2.02 | -0.38 | 0.08 | 0.16 | 0.37 | 1.12 | 1.20 | 0.48 | 0.32 | 0.58 | 0.99 | 1.28 | 1.14 | 1.03 | 0.51 | -0.73 | -2.70 |
| Diluted Shares Outstanding | 55.94M | 55.62M | 50.85M | 34.48M | 33.74M | 33.12M | 30.11M | 25.44M | 25.11M | 24.71M | 24.31M | 24.39M | 24.92M | 24.7M | 24.94M | 24.74M | 24.51M | 24.63M | 25.81M | 27.42M | 28.25M | 28.54M | 27.59M | 25.05M | 20.24M | 13.4M | 13.43M |
| Basic Shares Outstanding | 55.08M | 54.3M | 49.43M | 33.98M | 33.22M | 32.77M | 29.81M | 25.44M | 25.11M | 24.71M | 24.31M | 24.08M | 24.64M | 24.52M | 24.71M | 24.43M | 24.04M | 24.25M | 25.57M | 26.77M | 27.8M | 27.9M | 24.66M | 13.54M | 13.4M | 13.4M | 13.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | 1.24% | - | - | - | - | - | 484.78% | 257.74% | 82.21% | 133.39% | 126.03% | - | - | - | - | - | 43.57% | 24.54% | - | - | - |
Quick answers to the most common questions about buying UTI stock.
For fiscal year 2025, Universal Technical Institute, Inc. (UTI) reported total revenue of $835.6M. This represents a 807.5% increase compared to $92.1M in 2000.
Universal Technical Institute, Inc. (UTI) is profitable, generating $63.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
Universal Technical Institute, Inc. (UTI) reported an operating income of $83.5M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Universal Technical Institute, Inc. (UTI) generated $415.1M in gross profit for the year, representing a gross profit margin of 49.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and margin compression
Metrics are mathematically derived from official filings.
Revenue Momentum Persists
UTI's revenue grew 7.2% year-over-year in 2026Q3 to $218.9M, continuing a streak of double-digit growth through 2025, according to the latest quarterly report.
The company has sustained revenue growth above 12% for the past five quarters, with the most recent quarter showing a slight deceleration from the 13.3% in 2025Q4. This suggests demand for technical education remains robust, but the pace may be moderating. Investors should monitor whether growth can be maintained as the base becomes larger.
Gross Margin Volatility Raises Questions
Gross margin swung from 50.6% in 2025Q2 to 46.7% in 2026Q2, then jumped to 100% in 2026Q3 due to a data anomaly, as per financial statements.
The reported 100% gross margin in 2026Q3 appears to be a data artifact, as COGS is missing. Excluding that, gross margins have ranged between 46% and 51% over the past year, indicating some instability. This could reflect changes in program mix or cost structure, warranting further investigation into the underlying drivers.
Operating Leverage Fades
Operating income fell to $3.2M in 2026Q3 from $25.0M in 2025Q4, despite revenue growth, as SG&A expenses rose to $97.3M, per reported figures.
The operating margin contracted from 11.2% in 2025Q4 to 1.5% in 2026Q3, indicating that SG&A costs are growing faster than revenue. This suggests the company is investing heavily in sales and marketing or administrative infrastructure, which may be necessary for growth but is currently pressuring profitability. The trend may reverse if revenue growth accelerates.
SBC Dilutes Earnings
Stock-based compensation surged to $9.4M in 2026Q3, up from $2.7M a year earlier, while net income dropped to $2.3M, as disclosed in the income statement.
The significant increase in SBC, which is now nearly four times net income, suggests that reported earnings are being substantially diluted. This may indicate that a large portion of employee compensation is equity-based, which could be a concern for shareholders as it reduces EPS. The quality of earnings appears lower when SBC is excluded, and investors should adjust for this non-cash expense.
SG&A Escalation Pressures Margins
SG&A expenses climbed to $97.3M in 2026Q3, up from $84.5M in 2025Q3, representing a 15% increase, according to the latest quarterly data.
The rise in SG&A is outpacing revenue growth, which grew only 7.2% in the same period. This suggests that the company is increasing spending on marketing, admissions, or administrative support to drive enrollment, but the return on that investment is not yet evident in operating income. If this trend continues, margins could remain under pressure.
Margin Compression and Dilution Risks
Despite revenue growth, operating margin has compressed from 13.6% in 2025Q1 to 1.5% in 2026Q3, and SBC has risen sharply, per reported financials.
Short-sellers might argue that UTI's growth is not translating into profitability, as operating income has declined significantly despite higher revenue. The spike in SBC could be masking true earnings, and if the company cannot control costs, the stock may be overvalued. Additionally, the volatile gross margins suggest potential operational inefficiencies that could persist.