Despite a revenue acceleration to 13.8% in 2026Q1, operating margins remain constrained at 4.8%, suggesting that SG&A expenses are rising in tandem with volume.
| 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 | 24.25B | 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 % | 11.16% | 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 | 19.33B | 18.77B | 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 | - | 79.82% | 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 | 4.91B | 4.74B | 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 % | 20.26% | 20.18% | 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 % | - | 0.67% | -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 | 3.61B | 3.51B | 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 | - | 14.93% | 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 | 3.61B | 3.51B | 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 | - | 14.93% | 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 | 0 | 0 | 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 | 1.31B | 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 % | 5.39% | 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 | 1.53B | 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 % | 6.31% | 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 % | 10.34% | 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) | 224.8M | 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 | 1.31B | 1.23B | 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 | -397.2M | -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 | 397.2M | 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 | -407.1M | -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 | 898.7M | 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 % | 3.71% | 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 | 220.3M | 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 % | 24.51% | 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 | 675.7M | 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 % | 2.79% | 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 % | -6.18% | -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) | 678.4M | 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 | -4.9M | -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) | 13.65 | 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 % | 6.43% | 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 | 49.5M | 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 | 49.5M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price volatility exposure
According to recent financial disclosures, WCC achieved a notable revenue acceleration to 13.8% in 2026Q1, marking a significant departure from the negative growth trends observed throughout 2024, suggesting that the company's strategic focus on infrastructure-heavy segments is finally translating into top-line momentum despite broader industrial headwinds.
The shift from negative growth in 2024 to double-digit expansion in early 2026 indicates that the company's exposure to secular infrastructure trends is beginning to outweigh cyclical construction weakness. Investors should monitor whether this acceleration is sustainable or if it reflects temporary project-based lumpiness inherent in the UBS segment.
As reported in quarterly filings, WCC's gross margin has trended downward from a peak of 22.1% in 2024Q3 to 20.4% in 2026Q1, highlighting the inherent difficulty in maintaining pricing power within a high-volume distribution model that remains sensitive to fluctuating commodity costs and competitive bidding environments.
The erosion of gross margins suggests that the company may be struggling to pass through input cost volatility or is facing increased competitive pressure in its core electrical solutions business. This trend warrants further investigation into whether digital procurement initiatives can eventually provide the structural margin uplift management has previously suggested.
Based on the provided income statement data, WCC's operating margin of 4.8% in 2026Q1 fails to scale proportionally with the 13.8% revenue growth, indicating that SG&A expenses are rising in tandem with volume, which limits the potential for significant bottom-line expansion in the current operating environment.
The lack of meaningful operating leverage suggests that the company's cost structure is heavily variable, requiring consistent volume to maintain profitability. Investors should be cautious, as this model leaves little room for margin expansion if revenue growth were to decelerate unexpectedly.
Analysis of the reported figures reveals that EPS growth has been highly erratic, swinging from a 44% decline in 2024Q1 to a 48.1% increase in 2026Q1, which suggests that bottom-line performance is heavily influenced by non-operating items and accounting adjustments rather than pure operational efficiency.
The volatility in EPS, coupled with the inconsistent impact of stock-based compensation, raises questions regarding the underlying quality of earnings. Short-term fluctuations in net income appear to be driven by factors that may not reflect the long-term cash-generating capability of the business.
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 $4.74B in gross profit for the year, representing a gross profit margin of 20.2%. This demonstrates the company's core pricing power and production efficiency.