Revenue performance remains highly inconsistent due to the Brazilian academic calendar, with gross margins fluctuating significantly between 55.6% and 69.6% across the last ten quarters.
| Sales/Revenue | 1.74B | 1.67B | 1.49B | 1.26B | 947.42M | 997.63M | 989.68M | 985.44M |
| Revenue Growth % | 13.6% | 12.64% | 17.56% | 33.44% | -5.03% | 0.8% | 0.43% | - |
| Cost of Goods Sold | 679.03M | 653.45M | 570.91M | 473.13M | 396.83M | 378M | 447.05M | 279.61M |
| COGS % of Revenue | - | 39.03% | 38.41% | 37.42% | 41.89% | 37.89% | 45.17% | 28.37% |
| Gross Profit | 1.06B | 1.02B | 915.37M | 791.14M | 550.59M | 619.63M | 542.63M | 705.83M |
| Gross Margin % | 60.92% | 60.97% | 61.59% | 62.58% | 58.11% | 62.11% | 54.83% | 71.63% |
| Gross Profit Growth % | - | 11.51% | 15.7% | 43.69% | -11.14% | 14.19% | -23.12% | - |
| Operating Expenses | 705.45M | 655.02M | 726M | 664.65M | 589.16M | 567.24M | 460.18M | 568.6M |
| OpEx % of Revenue | - | 39.12% | 48.85% | 52.57% | 62.19% | 56.86% | 46.5% | 57.7% |
| Selling, General & Admin | 697.83M | 647.44M | 711.62M | 665.67M | 594.72M | 571.52M | 461.02M | 553.33M |
| SG&A % of Revenue | - | 38.67% | 47.88% | 52.65% | 62.77% | 57.29% | 46.58% | 56.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -405K | 7.58M | 14.38M | -1.02M | -5.55M | -4.28M | -839K | 0 |
| Operating Income | 352.94M | 365.72M | 189.36M | 126.5M | -38.57M | 52.39M | 82.45M | 163.98M |
| Operating Margin % | 20.31% | 21.84% | 12.74% | 10.01% | -4.07% | 5.25% | 8.33% | 16.64% |
| Operating Income Growth % | - | 93.13% | 49.7% | 427.93% | -173.63% | -36.47% | -49.72% | - |
| EBITDA | 643.99M | 659.81M | 477.14M | 395.21M | 172.58M | 226.47M | 247.39M | 248.66M |
| EBITDA Margin % | 37.07% | 39.41% | 32.1% | 31.26% | 18.22% | 22.7% | 25% | 25.23% |
| EBITDA Growth % | 22.17% | 38.28% | 20.73% | 129% | -23.8% | -8.45% | -0.51% | - |
| D&A (Non-Cash Add-back) | 291.05M | 294.08M | 287.78M | 268.71M | 211.16M | 174.09M | 164.93M | 84.69M |
| EBIT | 553.84M | 312.72M | 172.21M | 154.78M | -48.09M | 27.45M | 84.62M | 163.98M |
| Net Interest Income | 23.59M | 6.67M | -274.8M | -257.94M | -105.65M | -17.29M | -34.24M | 0 |
| Interest Income | 21.68M | 13.64M | 17.12M | 2.53M | 2.1M | 3.28M | 431.71K | 122.47M |
| Interest Expense | -1.91M | 6.97M | 291.91M | 260.46M | 107.76M | 20.57M | 34.67M | 0 |
| Other Income/Expense | -40.52M | -58.63M | -309.07M | -232.18M | -117.27M | -123.44M | -172.77M | -149.22M |
| Pretax Income | 312.42M | 307.09M | -119.7M | -105.69M | -155.84M | -71.05M | -90.31M | 14.76M |
| Pretax Margin % | 17.98% | 18.34% | -8.05% | -8.36% | -16.45% | -7.12% | -9.13% | 1.5% |
| Income Tax | -176.11M | -179.26M | -36.73M | -51.11M | -37.09M | -25.4M | -29.61M | 18.92M |
| Effective Tax Rate % | -56.37% | -58.37% | 30.68% | 48.36% | 23.8% | 35.75% | 32.78% | 128.18% |
| Net Income | 488.28M | 486.49M | -83.77M | -54.57M | -118.75M | -45.65M | -60.71M | -4.16M |
| Net Margin % | 28.1% | 29.06% | -5.64% | -4.32% | -12.53% | -4.58% | -6.13% | -0.42% |
| Net Income Growth % | 902.19% | 680.73% | -53.5% | 54.05% | -160.15% | 24.81% | -1359.33% | - |
| Net Income (Continuing) | 488.53M | 486.35M | -82.98M | -54.57M | -118.75M | -45.65M | -60.71M | -4.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.31M | 1.3M | 1.43M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.08 | 6.07 | -1.02 | -0.65 | -1.44 | -0.55 | -0.73 | -0.05 |
| EPS Growth % | 1196.86% | 695.1% | -56.92% | 54.86% | -161.82% | 24.66% | -1357.09% | - |
| EPS (Basic) | - | 6.07 | -1.02 | -0.65 | -1.44 | -0.55 | -0.73 | -0.05 |
| Diluted Shares Outstanding | 80.31M | 80.15M | 82.35M | 83.65M | 82.25M | 83.01M | 83.01M | 83.01M |
| Basic Shares Outstanding | 80.31M | 80.15M | 82.13M | 83.65M | 82.25M | 83.01M | 83.01M | 83.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Seasonal Revenue Volatility
According to reported financial data, Vasta's revenue exhibits extreme quarterly fluctuations, with a 13.4% year-over-year increase in 2025Q3 contrasting sharply with a 6.6% decline in 2025Q1, reflecting the inherent seasonality of the Brazilian academic calendar rather than a consistent underlying growth trajectory for the platform.
The reliance on Q4 and Q1 for the bulk of revenue recognition makes sequential analysis misleading for investors. While the 13.4% growth in 2025Q3 suggests some resilience, the volatility in quarterly figures warrants caution regarding the sustainability of long-term expansion without clearer organic growth metrics.
As evidenced by the income statement, Vasta's gross margins fluctuate significantly between 55.6% and 69.6%, suggesting that the company's profitability is highly sensitive to the timing of physical material deliveries and the associated logistics costs inherent in its B2B education model.
The variance in gross margins appears to be a function of the product mix and the timing of fulfillment cycles. Investors should monitor whether the company can successfully shift toward higher-margin digital delivery to stabilize these margins against the rising costs of physical distribution.
Based on the provided income statement, Vasta's operating income remains highly inconsistent, swinging from a $334.7M profit in 2024Q4 to a $31.3M loss in 2025Q3, indicating that the company has yet to achieve the consistent operating leverage required to scale its fixed-cost base effectively.
The high SG&A burden relative to gross profit in off-peak quarters suggests that the company maintains a significant fixed cost structure that is not yet fully optimized. This lack of consistent operating leverage may continue to pressure net margins until the company can better align its overhead with seasonal revenue cycles.
As reported in financial filings, the company's net income is subject to extreme volatility, including a $607.5M profit in 2024Q4 followed by significant losses in subsequent quarters, which raises questions about the quality of earnings and the impact of non-operating items on the bottom line.
The dramatic swings in net income suggest that investors should look past headline figures and focus on normalized operating performance. The potential for intercompany transactions with the parent entity, Cogna, further complicates the assessment of true standalone profitability and warrants deeper scrutiny.
Quick answers to the most common questions about buying VSTA stock.
For fiscal year 2024, Vasta Platform Limited (VSTA) reported total revenue of $1.67B. This represents a 69.9% increase compared to $985.4M in 2018.
Vasta Platform Limited (VSTA) is profitable, generating $486.5M in net income for the fiscal year ending 2024 with a net profit margin of 29.1%.
Vasta Platform Limited (VSTA) reported an operating income of $365.7M, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Vasta Platform Limited (VSTA) generated $1.02B in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.