Revenue growth has rebounded sharply to 16.6% in 2026Q3, yet operating margin of 6.2% and net margin of 3.7% remain narrow and have not expanded in step with top-line recovery.
WESCO International, Inc. (WCC) annual income statement — 28-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 |
|---|
| Sales/Revenue | 26.04B | 23.51B | 21.82B | 22.39B | 21.42B | 18.22B | 12.33B | 8.36B | 8.18B | 7.68B | 7.34B | 7.52B | 7.89B | 7.51B | 6.58B | 6.13B | 5.06B | 4.62B | 6.11B | 6B | 5.32B | 4.42B | 3.74B | 3.29B | 3.33B | 3.66B | 3.88B | 3.42B | 3.03B |
| Revenue Growth % | 13.5% | 7.76% | -2.53% | 4.51% | 17.58% | 47.8% | 47.46% | 2.23% | 6.48% | 4.68% | -2.43% | -4.7% | 5.01% | 14.2% | 7.4% | 20.97% | 9.51% | -24.33% | 1.79% | 12.83% | 20.35% | 18.17% | 13.83% | -1.17% | -9.08% | -5.75% | 13.35% | 13.17% | - |
| Cost of Goods Sold | 20.44B | 18.54B | 17.11B | 17.54B | 16.76B | 14.43B | 10B | 6.78B | 6.61B | 6.19B | 5.89B | 6.02B | 6.28B | 5.97B | 5.25B | 4.89B | 4.07B | 3.72B | 4.9B | 4.78B | 4.23B | 3.58B | 3.03B | 2.68B | 2.74B | 3.01B | 3.2B | 2.81B | 2.49B |
| COGS % of Revenue | - | 78.85% | 78.4% | 78.36% | 78.24% | 79.18% | 81.12% | 81.08% | 80.83% | 80.67% | 80.26% | 80.13% | 79.58% | 79.43% | 79.76% | 79.81% | 80.28% | 80.54% | 80.25% | 79.64% | 79.58% | 80.98% | 80.97% | 81.44% | 82.24% | 82.41% | 82.36% | 81.96% | 82.19% |
| Gross Profit | 5.6B | 4.97B | 4.71B | 4.84B | 4.66B | 3.79B | 2.33B | 1.58B | 1.57B | 1.48B | 1.45B | 1.49B | 1.61B | 1.55B | 1.33B | 1.24B | 998.44M | 899.89M | 1.21B | 1.22B | 1.09B | 840.71M | 712.12M | 610.07M | 590.77M | 643.51M | 684.75M | 617.77M | 538.9M |
| Gross Margin % | 21.5% | 21.15% | 21.6% | 21.64% | 21.76% | 20.82% | 18.88% | 18.92% | 19.17% | 19.33% | 19.74% | 19.87% | 20.42% | 20.57% | 20.24% | 20.19% | 19.72% | 19.46% | 19.75% | 20.36% | 20.42% | 19.02% | 19.03% | 18.56% | 17.76% | 17.59% | 17.64% | 18.04% | 17.81% |
| Gross Profit Growth % | - | 5.5% | -2.71% | 3.91% | 22.92% | 62.91% | 47.18% | 0.9% | 5.57% | 2.52% | -3.04% | -7.29% | 4.24% | 16.07% | 7.67% | 23.85% | 10.95% | -25.42% | -1.26% | 12.48% | 29.24% | 18.06% | 16.73% | 3.27% | -8.2% | -6.02% | 10.84% | 14.64% | - |
| Operating Expenses | 4.15B | 3.74B | 3.49B | 3.44B | 3.22B | 2.99B | 1.98B | 1.24B | 1.21B | 1.17B | 1.12B | 1.12B | 1.14B | 1.06B | 998.58M | 903.59M | 787.52M | 719.94M | 861.01M | 827.89M | 721.54M | 631.42M | 562.67M | -24.98M | 514.15M | 548.13M | 549.91M | 492.78M | 431.1M |
| OpEx % of Revenue | - | 15.9% | 15.99% | 15.36% | 15.05% | 16.41% | 16.07% | 14.78% | 14.86% | 15.18% | 15.24% | 14.9% | 14.51% | 14.17% | 15.18% | 14.75% | 15.55% | 15.57% | 14.09% | 13.79% | 13.56% | 14.28% | 15.04% | -0.76% | 15.46% | 14.98% | 14.17% | 14.39% | 14.25% |
| Selling, General & Admin | 3.94B | 3.54B | 3.31B | 3.26B | 3.04B | 2.79B | 1.86B | 1.17B | 1.15B | 1.1B | 1.05B | 1.05B | 1.08B | 996.81M | 961.01M | 871.98M | 763.58M | 693.9M | 834.28M | 791.13M | 692.88M | 612.78M | 544.53M | 501.46M | 494.38M | 517.16M | 524.31M | 471.27M | 415M |
| SG&A % of Revenue | - | 15.06% | 15.15% | 14.55% | 14.21% | 15.32% | 15.08% | 14.03% | 14.09% | 14.35% | 14.32% | 14.03% | 13.65% | 13.27% | 14.61% | 14.23% | 15.08% | 15.01% | 13.65% | 13.18% | 13.02% | 13.86% | 14.55% | 15.26% | 14.87% | 14.14% | 13.51% | 13.76% | 13.72% |
| 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 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 197.6M | 183.2M | 181.3M | 179M | 198.6M | 121.6M | 62.11M | 63M | 64.02M | 66.86M | 64.97M | 68.02M | 67.64M | 37.56M | 31.61M | 23.93M | 26.05M | 26.73M | 36.76M | 28.66M | 18.64M | 18.14M | -526.44M | 19.77M | 30.97M | 25.6M | 21.5M | 16.1M |
| Operating Income | 1.45B | 1.23B | 1.22B | 1.41B | 1.44B | 801.9M | 347.04M | 346.22M | 352.44M | 319.04M | 330.55M | 373.74M | 466.22M | 481M | 332.87M | 332.98M | 210.92M | 179.95M | 345.67M | 394.22M | 364.98M | 209.29M | 149.45M | 86.05M | 76.63M | 95.39M | 134.84M | 124.99M | 107.8M |
| Operating Margin % | 5.57% | 5.24% | 5.61% | 6.28% | 6.71% | 4.4% | 2.82% | 4.14% | 4.31% | 4.15% | 4.51% | 4.97% | 5.91% | 6.4% | 5.06% | 5.44% | 4.17% | 3.89% | 5.66% | 6.57% | 6.86% | 4.73% | 3.99% | 2.62% | 2.3% | 2.61% | 3.47% | 3.65% | 3.56% |
| Operating Income Growth % | - | 0.8% | -13.03% | -2.2% | 79.34% | 131.07% | 0.24% | -1.77% | 10.47% | -3.48% | -11.56% | -19.84% | -3.07% | 44.5% | -0.03% | 57.87% | 17.21% | -47.94% | -12.32% | 8.01% | 74.39% | 40.04% | 73.68% | 12.29% | -19.67% | -29.26% | 7.88% | 15.95% | - |
| EBITDA | 1.69B | 1.46B | 1.41B | 1.59B | 1.62B | 1B | 468.64M | 408.32M | 415.44M | 383.06M | 397.4M | 438.71M | 534.23M | 548.64M | 370.43M | 364.59M | 234.85M | 206M | 372.4M | 435.18M | 396.16M | 227.29M | 170.82M | 109.32M | 97.34M | 127.53M | 160.44M | 146.5M | 123.9M |
| EBITDA Margin % | 6.48% | 6.21% | 6.45% | 7.09% | 7.55% | 5.49% | 3.8% | 4.88% | 5.08% | 4.99% | 5.42% | 5.84% | 6.77% | 7.3% | 5.63% | 5.95% | 4.64% | 4.46% | 6.09% | 7.25% | 7.45% | 5.14% | 4.57% | 3.33% | 2.93% | 3.49% | 4.13% | 4.28% | 4.1% |
| EBITDA Growth % | 20.35% | 3.87% | -11.42% | -1.82% | 61.63% | 113.49% | 14.77% | -1.71% | 8.45% | -3.61% | -9.42% | -17.88% | -2.63% | 48.11% | 1.6% | 55.24% | 14.01% | -44.68% | -14.43% | 9.85% | 74.3% | 33.06% | 56.26% | 12.31% | -23.67% | -20.52% | 9.52% | 18.24% | - |
| D&A (Non-Cash Add-back) | 236.4M | 227.8M | 183.2M | 181.3M | 179M | 198.6M | 121.6M | 62.11M | 63M | 64.02M | 66.86M | 64.97M | 68.02M | 67.64M | 37.56M | 31.61M | 23.93M | 26.05M | 26.73M | 40.95M | 31.18M | 18M | 21.37M | 23.27M | 20.71M | 32.14M | 25.6M | 21.5M | 16.1M |
| EBIT | 1.45B | 1.24B | 1.32B | 1.38B | 1.43B | 850M | 347.04M | 346.22M | 352.44M | 319.04M | 330.55M | 373.74M | 466.22M | 481M | 332.87M | 332.98M | 210.92M | 190.91M | 355.02M | 394.22M | 364.98M | 209.29M | 149.45M | 635.04M | 76.63M | 95.39M | 134.84M | 124.99M | 107.8M |
| Net Interest Income | -409.2M | -386.7M | -364.9M | -389.3M | -294.4M | -268.1M | -226.59M | -65.71M | -68.66M | 0 | -75.06M | -69.83M | -82.06M | -85.61M | -47.76M | -53.6M | -57.56M | -53.75M | -64.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 409.2M | 386.7M | 364.9M | 389.3M | 294.4M | 268.1M | 226.59M | 65.71M | 68.66M | 0 | 76.58M | 69.83M | 82.06M | 85.61M | 47.76M | 53.6M | 57.6M | 53.8M | 50.08M | 63.2K | 24.6K | 30.2K | 40.8K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -407.9M | -377.1M | -272.2M | -414.4M | -301.4M | -220M | -224.2M | -64.16M | -71.42M | -66.6M | -199M | -69.83M | -82.06M | -101.15M | -51.23M | -53.6M | -53.28M | -42.8M | -54.8M | -63.2M | -47.42M | -58.4M | -49.95M | -46.95M | -50.66M | -62.02M | -78.13M | -66.52M | -107M |
| Pretax Income | 1.04B | 855.9M | 951M | 992M | 1.14B | 581.91M | 122.84M | 282.06M | 281.1M | 252.5M | 131.5M | 303.9M | 384.1M | 379.9M | 317.8M | 279.4M | 157.7M | 137.2M | 304.9M | 331.03M | 317.57M | 150.88M | 99.5M | 39.09M | 25.97M | 33.37M | 56.71M | 58.4M | 800K |
| Pretax Margin % | 4.01% | 3.64% | 4.36% | 4.43% | 5.31% | 3.19% | 1% | 3.37% | 3.44% | 3.29% | 1.79% | 4.04% | 4.87% | 5.06% | 4.83% | 4.56% | 3.11% | 2.97% | 4.99% | 5.51% | 5.97% | 3.41% | 2.66% | 1.19% | 0.78% | 0.91% | 1.46% | 1.71% | 0.03% |
| Income Tax | 250M | 213.4M | 231.6M | 225.9M | 274.53M | 115.51M | 22.8M | 59.86M | 55.7M | 89.3M | 30.4M | 95.5M | 108.7M | 103.4M | 93.9M | 83.1M | 42.2M | 32.1M | 92.2M | 90.4M | 100.25M | 47.36M | 34.57M | 9.09M | 2.85M | 13.14M | 23.27M | 23.3M | 8.5M |
| Effective Tax Rate % | 23.97% | 24.93% | 24.35% | 22.77% | 24.15% | 19.85% | 18.56% | 21.22% | 19.82% | 35.37% | 23.12% | 31.42% | 28.3% | 27.22% | 29.55% | 29.74% | 26.76% | 23.4% | 30.24% | 27.31% | 31.57% | 31.39% | 34.74% | 23.24% | 10.96% | 39.39% | 41.04% | 39.9% | 1062.5% |
| Net Income | 790.5M | 640.2M | 717.6M | 765.5M | 860.5M | 465.4M | 100.56M | 223.43M | 227.34M | 163.46M | 101.59M | 210.69M | 275.91M | 276.43M | 201.78M | 196.25M | 115.48M | 105.09M | 204.13M | 240.63M | 217.32M | 103.53M | 64.93M | 30.01M | 23.12M | 20.23M | 33.44M | 24.64M | -7.7M |
| Net Margin % | 3.04% | 2.72% | 3.29% | 3.42% | 4.02% | 2.55% | 0.82% | 2.67% | 2.78% | 2.13% | 1.38% | 2.8% | 3.5% | 3.68% | 3.07% | 3.2% | 2.28% | 2.27% | 3.34% | 4.01% | 4.08% | 2.34% | 1.74% | 0.91% | 0.7% | 0.55% | 0.86% | 0.72% | -0.25% |
| Net Income Growth % | 22.41% | -10.79% | -6.26% | -11.04% | 84.89% | 362.81% | -54.99% | -1.72% | 39.08% | 60.9% | -51.78% | -23.64% | -0.19% | 37% | 2.82% | 69.95% | 9.89% | -48.52% | -15.17% | 10.73% | 109.92% | 59.44% | 116.4% | 29.77% | 14.33% | -39.51% | 35.72% | 419.97% | - |
| Net Income (Continuing) | 793.1M | 642.5M | 719.4M | 766.1M | 862.2M | 466.4M | 100.04M | 222.2M | 225.35M | 163.13M | 101.12M | 208.37M | 275.44M | 276.52M | 201.76M | 196.24M | 115.48M | 105.09M | 204.13M | 240.63M | 217.32M | 103.53M | 64.93M | 30.01M | 23.12M | 20.23M | 33.44M | 35.15M | -7.7M |
| 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 |
| Minority Interest | -6.5M | -5.2M | -5.2M | -5.2M | -4.7M | -6.31M | -7.33M | -6.81M | -5.58M | -3.6M | -3.27M | -2.8M | -487K | -18K | -106K | -88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.03 | 13.05 | 13.05 | 13.54 | 15.33 | 7.84 | 1.51 | 5.14 | 4.82 | 3.38 | 2.09 | 4.18 | 5.18 | 5.25 | 4.38 | 3.96 | 2.50 | 2.46 | 4.91 | 4.99 | 4.14 | 2.10 | 1.47 | 0.65 | 0.49 | 0.43 | 0.70 | 0.53 | -0.17 |
| EPS Growth % | 26.35% | 0% | -3.62% | -11.68% | 95.54% | 419.21% | -70.62% | 6.64% | 42.6% | 61.72% | -50% | -19.3% | -1.33% | 19.86% | 10.61% | 58.4% | 1.63% | -49.9% | -1.6% | 20.53% | 97.14% | 42.86% | 126.15% | 32.65% | 13.95% | -38.57% | 32.08% | 411.76% | - |
| EPS (Basic) | - | 13.26 | 13.26 | 13.86 | 15.83 | 8.11 | 1.53 | 5.18 | 5.04 | 3.48 | 2.09 | 5.00 | 6.20 | 6.24 | 5.08 | 3.96 | 2.69 | 2.48 | 5.04 | 5.27 | 4.46 | 2.20 | 1.55 | 0.67 | 0.51 | 0.45 | 0.74 | 0.57 | -0.17 |
| Diluted Shares Outstanding | 49.3M | 49.5M | 50.6M | 52.3M | 52.4M | 52.03M | 46.63M | 43.49M | 47.2M | 48.4M | 48.61M | 50.4M | 53.3M | 52.7M | 51.1M | 49.6M | 46.1M | 42.7M | 43.32M | 48.22M | 52.49M | 49.24M | 44.11M | 46.16M | 47.19M | 47.03M | 47.77M | 46.49M | 45.29M |
| Basic Shares Outstanding | 49.3M | 48.7M | 49.8M | 51.1M | 50.73M | 50.3M | 46.17M | 43.1M | 45.11M | 47.01M | 48.38M | 42.17M | 44.49M | 44.27M | 44.06M | 49.6M | 43.01M | 42.26M | 42.47M | 45.66M | 48.73M | 47.09M | 41.84M | 44.79M | 45.34M | 44.94M | 45.19M | 43.22M | 45.29M |
| Dividend Payout Ratio | - | 13.81% | 11.36% | 10.01% | 6.67% | 12.33% | 29.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WCC stock.
For fiscal year 2025, WESCO International, Inc. (WCC) reported total revenue of $23.51B. This represents a 677.1% increase compared to $3.03B in 1998.
WESCO International, Inc. (WCC) is profitable, generating $640.2M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
WESCO International, Inc. (WCC) reported an operating income of $1.23B, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
WESCO International, Inc. (WCC) generated $4.97B in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and cyclical demand
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating After Mid-2024 Trough
As reported in the quarterly income statements, WCC's revenue growth swung from a -4.6% decline in 2024Q2 to 16.6% in 2026Q3, indicating a sharp recovery from a soft demand period that warrants investigation into its durability.
The sequence of negative year-over-year readings through 2025Q1 followed by double-digit growth in 2025Q2 through 2026Q3 suggests a cyclical rebound rather than a structural shift. Whether the recent 16.6% pace persists depends on whether volume or pricing is driving it, a split the supplied data does not disclose. Investors should monitor subsequent quarters to see if growth normalizes toward the single-digit range shown in the 2025 periods.
Gross Margin Stable Despite Volatile Quarters
Based on reported figures, WCC's gross margin held in a fairly tight 20.1% to 22.1% band across most quarters, though the 2026Q2 reading of -18.6% appears to be a data anomaly rather than an operating event.
Outside the 2026Q2 figure, which conflicts with the positive gross profit implied by revenue and COGS, the margin range suggests reasonable pricing discipline in a distribution business. The 20-22% band sits well below the 39-45% gross margins at GWW and FAST, consistent with WCC's electrical and industrial distribution model carrying lower gross economics. The anomaly warrants further investigation before any margin trend conclusion is drawn.
Operating Income Lagging Revenue Recovery
As reported in the income statements, WCC's operating margin compressed from 6.1% in 2024Q3 to 4.8% in 2026Q1, suggesting SG&A growth has outpaced gross profit expansion over the period.
SG&A rose from roughly $828M in 2024Q2 to $1.1B in 2026Q3, a faster pace than gross profit, which points to negative operating leverage despite higher revenue. The 2026Q3 operating margin rebound to 6.2% suggests some recovery in cost absorption, but a single quarter is insufficient to confirm a turn. Investors should watch whether SG&A growth moderates as revenue scales.
EPS Swings Outpace Net Margin Movement
Based on EDBL-style reporting as presented here, WCC's diluted EPS moved from $2.10 in 2025Q1 to $5.43 in 2026Q3, a range that appears larger than the net margin shift from 2.2% to 3.7% would alone explain.
Net margin improved roughly 1.5 percentage points while EPS more than doubled over the period, which suggests share count changes or below-the-line items may be contributing. The supplied data does not include share count or tax detail, so the source of this divergence cannot be confirmed. Stock-based compensation figures are small and inconsistent, so they do not appear to explain the gap.
Thin Margins Leave Little Cushion
Peer data suggests WCC's 3.7% net margin and 6.2% operating margin trail GWW's 9.5% and 15.0%, leaving limited room to absorb a cyclical demand slowdown or input cost pressure.
A bear case would focus on the fact that WCC's margin structure is thin relative to distribution peers, so modest revenue softness could compress profit quickly. The recent rapid growth may also prove difficult to sustain against the 2025 trend of single-digit and negative readings. Investors should weigh whether the recovery reflects durable demand or a temporary catch-up.