Revenue surged 33.2% year-over-year to $231.0M in 2026Q2, with gross margin expanding to 37.9% from 32.0% in 2024Q2, though net income was boosted by $4.6M in non-operating gains.
Willdan Group, Inc. (WLDN) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jan'10 | Jan'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Sales/Revenue | 741.84M | 681.55M | 565.8M | 510.1M | 429.14M | 353.75M | 390.98M | 443.1M | 272.25M | 273.35M | 208.94M | 135.1M | 108.08M | 85.51M | 93.44M | 107.17M | 77.9M | 61.6M | 73.19M | 78.8M | 78.34M | 67.26M | 58.26M | 0 |
| Revenue Growth % | 18.09% | 20.46% | 10.92% | 18.87% | 21.31% | -9.52% | -11.76% | 62.75% | -0.4% | 30.83% | 54.65% | 25% | 26.39% | -8.49% | -12.8% | 37.57% | 26.44% | -15.83% | -7.12% | 0.59% | 16.47% | 15.45% | - | - |
| Cost of Goods Sold | 461.53M | 425.87M | 363.02M | 330.33M | 285.56M | 217.88M | 261.59M | 308.13M | 179.28M | 196.66M | 143.26M | 82.08M | 63.82M | 48.93M | 58.96M | 64.73M | 42.02M | 28.84M | 32.71M | 31.94M | 30.27M | 27.19M | 23.21M | 20.31M |
| COGS % of Revenue | - | 62.49% | 64.16% | 64.76% | 66.54% | 61.59% | 66.91% | 69.54% | 65.85% | 71.94% | 68.56% | 60.75% | 59.05% | 57.22% | 63.1% | 60.4% | 53.95% | 46.82% | 44.7% | 40.53% | 38.63% | 40.43% | 39.83% | - |
| Gross Profit | 280.31M | 255.68M | 202.78M | 179.77M | 143.58M | 135.87M | 129.39M | 134.97M | 92.97M | 76.69M | 65.68M | 53.02M | 44.26M | 36.58M | 34.48M | 42.44M | 35.87M | 32.76M | 40.48M | 46.86M | 48.07M | 40.07M | 35.05M | -20.31M |
| Gross Margin % | 37.79% | 37.51% | 35.84% | 35.24% | 33.46% | 38.41% | 33.09% | 30.46% | 34.15% | 28.06% | 31.44% | 39.25% | 40.95% | 42.78% | 36.9% | 39.6% | 46.05% | 53.18% | 55.3% | 59.47% | 61.37% | 59.57% | 60.17% | - |
| Gross Profit Growth % | - | 26.09% | 12.8% | 25.2% | 5.67% | 5.01% | -4.13% | 45.18% | 21.23% | 16.76% | 23.87% | 19.79% | 21% | 6.08% | -18.74% | 18.3% | 9.5% | -19.06% | -13.63% | -2.52% | 19.97% | 14.31% | 272.59% | - |
| Operating Expenses | 227.99M | 211.53M | 171.43M | 157.69M | 150.64M | 144.56M | 145.62M | 125.61M | 80.2M | 62.99M | 54.14M | 45.49M | 35.95M | 33.97M | 28.19M | 39.04M | 32.8M | 37.49M | 43.13M | 44.34M | 41.03M | 40.82M | 30.96M | 26.08M |
| OpEx % of Revenue | - | 31.04% | 30.3% | 30.91% | 35.1% | 40.87% | 37.24% | 28.35% | 29.46% | 23.04% | 25.91% | 33.67% | 33.27% | 39.73% | 30.17% | 36.43% | 42.11% | 60.86% | 58.93% | 56.27% | 52.37% | 60.68% | 53.13% | - |
| Selling, General & Admin | 227.99M | 211.53M | 171.43M | 141.26M | 133.15M | 127.42M | 97.82M | 86.98M | 57.11M | 43.93M | 36.41M | 30.76M | 26.03M | 25.39M | 27.52M | 27.67M | 31.83M | 35.68M | 41.15M | 41.54M | 40.49M | 36.87M | 29.9M | 26.08M |
| SG&A % of Revenue | - | 31.04% | 30.3% | 27.69% | 31.03% | 36.02% | 25.02% | 19.63% | 20.98% | 16.07% | 17.42% | 22.77% | 24.09% | 29.69% | 29.45% | 25.82% | 40.86% | 57.92% | 56.22% | 52.72% | 51.69% | 54.82% | 51.32% | - |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 16.43M | 17.49M | 17.15M | 47.8M | 38.63M | 90K | 98K | 2K | 18K | 125K | 238K | 671K | 11.37M | 974K | 1.81M | 1.98M | 2.8M | 535K | 3.94M | 1.06M | 0 |
| Operating Income | 52.32M | 44.15M | 31.35M | 22.07M | -7.06M | -8.69M | -16.23M | 9.36M | 12.77M | 13.7M | 11.54M | 7.53M | 8.31M | 2.61M | -19.25M | 3.4M | 3.07M | -7.49M | -2.8M | 2.52M | 7.04M | -745K | 4.1M | 2.04M |
| Operating Margin % | 7.05% | 6.48% | 5.54% | 4.33% | -1.65% | -2.46% | -4.15% | 2.11% | 4.69% | 5.01% | 5.53% | 5.57% | 7.69% | 3.05% | -20.61% | 3.17% | 3.95% | -12.16% | -3.83% | 3.2% | 8.99% | -1.11% | 7.03% | - |
| Operating Income Growth % | - | 40.81% | 42.04% | 412.53% | 18.73% | 46.44% | -273.31% | -26.69% | -6.81% | 18.71% | 53.31% | -9.38% | 218.6% | 113.54% | -666.16% | 10.64% | 141.03% | -167.61% | -211.02% | -64.2% | 1045.5% | -118.18% | 101.23% | - |
| EBITDA | 78.93M | 62.83M | 46.1M | 38.51M | 10.43M | 8.46M | 2.52M | 24.84M | 18.98M | 17.79M | 14.76M | 9.6M | 8.77M | 3.19M | -18.52M | 4.34M | 4.13M | -5.68M | -822K | 4.28M | 8.63M | 529K | 5.15M | 2.88M |
| EBITDA Margin % | 10.64% | 9.22% | 8.15% | 7.55% | 2.43% | 2.39% | 0.64% | 5.6% | 6.97% | 6.51% | 7.07% | 7.11% | 8.11% | 3.73% | -19.82% | 4.05% | 5.3% | -9.22% | -1.12% | 5.43% | 11.01% | 0.79% | 8.84% | - |
| EBITDA Growth % | 41.28% | 36.3% | 19.72% | 269.32% | 23.31% | 236.05% | -89.87% | 30.83% | 6.72% | 20.47% | 53.76% | 9.5% | 174.63% | 117.24% | -526.19% | 5.28% | 172.67% | -590.88% | -119.22% | -50.43% | 1531% | -89.73% | 78.92% | - |
| D&A (Non-Cash Add-back) | 26.61M | 18.69M | 14.74M | 16.43M | 17.49M | 17.15M | 18.74M | 15.47M | 6.21M | 4.08M | 3.22M | 2.07M | 460K | 585K | 737K | 944K | 1.05M | 1.81M | 1.98M | 1.75M | 1.58M | 1.27M | 1.06M | 844K |
| EBIT | 52.97M | 45.74M | 34.48M | 24M | -6.12M | -8.54M | -14.6M | 9.56M | 12.77M | 13.8M | 11.55M | 7.55M | 8.44M | 2.86M | -19.28M | 3.41M | 3.12M | -7.47M | -2.5M | 4.19M | 7.04M | -745K | 4.1M | 0 |
| Net Interest Income | -2.01M | -5.75M | -7.8M | -9.41M | -5.33M | -3.87M | -5.07M | -4.9M | -700K | -111K | -179K | -207K | -8K | -84K | -100K | -72K | -42K | -8K | 280K | 194K | -773K | -630K | -272K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 10K | 6K | 5K | 12K | 30K | 313K | 499K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.01M | 5.75M | 7.8M | 9.41M | 5.33M | 3.87M | 5.07M | 4.9M | 700K | 111K | 179K | 207K | 16K | 94K | 106K | 77K | 54K | 38K | 33K | 499K | 773K | 630K | 272K | 0 |
| Other Income/Expense | -1.36M | -4.15M | -4.67M | -7.48M | -4.39M | -3.71M | -3.44M | -4.71M | -610K | -13K | -177K | -189K | 117K | 154K | -15.36M | -71K | -10K | -2.36M | 265K | 1.17M | 1.7M | -619K | -278K | -496K |
| Pretax Income | 50.96M | 39.99M | 26.68M | 14.59M | -11.45M | -12.4M | -19.67M | 4.66M | 12.16M | 13.69M | 11.37M | 7.34M | 8.43M | 2.76M | -19.38M | 3.33M | 3.06M | -7.51M | -2.54M | 3.69M | 8.74M | -1.36M | 3.82M | 1.54M |
| Pretax Margin % | 6.87% | 5.87% | 4.72% | 2.86% | -2.67% | -3.51% | -5.03% | 1.05% | 4.47% | 5.01% | 5.44% | 5.43% | 7.8% | 3.23% | -20.74% | 3.11% | 3.93% | -12.18% | -3.46% | 4.68% | 11.16% | -2.03% | 6.55% | - |
| Income Tax | -14.35M | -12.56M | 4.11M | 3.67M | -3M | -3.99M | -5.17M | -185K | 2.13M | 1.56M | 3.07M | 3.08M | -990K | 132K | -2.08M | 1.5M | 344K | -1.93M | -930K | 1.54M | 2.45M | 17K | 47K | 34K |
| Effective Tax Rate % | -28.16% | -31.41% | 15.4% | 25.12% | 26.23% | 32.14% | 26.3% | -3.97% | 17.52% | 11.41% | 26.99% | 41.98% | -11.75% | 4.78% | 10.75% | 45.05% | 11.23% | 25.73% | 36.69% | 41.85% | 28.05% | -1.25% | 1.23% | 2.21% |
| Net Income | 65.31M | 52.56M | 22.57M | 10.93M | -8.45M | -8.42M | -14.5M | 4.84M | 10.03M | 12.13M | 8.3M | 4.26M | 9.42M | 2.63M | -17.3M | 1.83M | 2.72M | -5.58M | -1.6M | 2.14M | 6.29M | -1.38M | 3.77M | 1.51M |
| Net Margin % | 8.8% | 7.71% | 3.99% | 2.14% | -1.97% | -2.38% | -3.71% | 1.09% | 3.68% | 4.44% | 3.97% | 3.15% | 8.71% | 3.08% | -18.51% | 1.71% | 3.49% | -9.05% | -2.19% | 2.72% | 8.03% | -2.05% | 6.47% | - |
| Net Income Growth % | 85.76% | 132.86% | 106.57% | 229.33% | -0.37% | 41.94% | -399.44% | -51.73% | -17.31% | 46.15% | 94.86% | -54.77% | 258.02% | 115.2% | -1045.36% | -32.72% | 148.79% | -247.35% | -174.86% | -65.91% | 555.39% | -136.61% | 150.46% | - |
| Net Income (Continuing) | 65.31M | 52.56M | 22.57M | 10.93M | -8.45M | -8.42M | -14.5M | 4.84M | 10.03M | 12.13M | 8.3M | 4.26M | 9.42M | 2.63M | -17.3M | 1.83M | 2.72M | -5.58M | -1.6M | 2.14M | 6.29M | -1.38M | 3.77M | 1.51M |
| 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 |
| 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 |
| EPS (Diluted) | 4.23 | 3.49 | 1.58 | 0.80 | -0.65 | -0.68 | -1.23 | 0.41 | 1.03 | 1.32 | 0.97 | 0.52 | 1.22 | 0.35 | -2.37 | 0.24 | 0.37 | -0.78 | -0.22 | 0.30 | 1.28 | -0.35 | 1.03 | 0.42 |
| EPS Growth % | 78.24% | 120.89% | 97.5% | 223.08% | 4.41% | 44.72% | -400% | -60.19% | -21.97% | 36.08% | 86.54% | -57.38% | 248.57% | 114.77% | -1087.5% | -35.14% | 147.44% | -254.55% | -173.33% | -76.56% | 465.71% | -133.98% | 145.24% | - |
| EPS (Basic) | - | 3.63 | 1.63 | 0.82 | -0.65 | -0.68 | -1.23 | 0.43 | 1.03 | 1.42 | 1.01 | 0.54 | 1.26 | 0.36 | -2.37 | 0.25 | 0.38 | -0.78 | -0.22 | 0.30 | 1.28 | -0.35 | 1.03 | 0.42 |
| Diluted Shares Outstanding | 15.42M | 15.07M | 14.24M | 13.61M | 13.01M | 12.46M | 11.79M | 11.77M | 9.76M | 9.15M | 8.56M | 8.11M | 7.74M | 7.5M | 7.31M | 7.49M | 7.31M | 7.19M | 7.16M | 7.15M | 4.9M | 3.99M | 3.65M | 3.57M |
| Basic Shares Outstanding | 15.04M | 14.46M | 13.82M | 13.39M | 13.01M | 12.46M | 11.79M | 11.16M | 9.74M | 8.54M | 8.22M | 7.83M | 7.49M | 7.36M | 7.3M | 7.26M | 7.23M | 7.19M | 7.16M | 7.15M | 4.9M | 3.99M | 3.65M | 3.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 146.92% | 87.2% | - | 28.76% | - |
Quick answers to the most common questions about buying WLDN stock.
For fiscal year 2025, Willdan Group, Inc. (WLDN) reported total revenue of $681.6M.
Willdan Group, Inc. (WLDN) is profitable, generating $52.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.7%.
Willdan Group, Inc. (WLDN) reported an operating income of $44.1M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Willdan Group, Inc. (WLDN) generated $255.7M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration and integration risks
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Revenue surged 33.2% year-over-year in 2026Q2 to $231.0M, accelerating from 1.8% growth in 2026Q1, according to the latest quarterly report, suggesting a robust demand environment.
The sequential acceleration from 1.8% to 33.2% growth in just one quarter is striking, implying a major contract win or project ramp-up. This is not a linear trend; the 2026Q2 revenue is $75.9M above the prior quarter, a 49% sequential jump, which may indicate a one-time event or a new large-scale engagement. Investors should monitor whether this pace is sustainable or if it reflects a non-recurring surge.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 37.9% in 2026Q2 from 32.0% in 2024Q2, as reported in financial statements, indicating better project mix or cost controls, though it dipped from 40.7% in 2026Q1.
The gross margin trend shows a clear upward trajectory from 32.0% in 2024Q2 to 37.9% in 2026Q2, a 590 basis point improvement, which suggests enhanced pricing power or a shift toward higher-margin services. However, the sequential decline from 40.7% in 2026Q1 to 37.9% in 2026Q2 could indicate that the revenue surge came with lower-margin work, possibly from a large contract with different economics. This warrants monitoring to see if margin compression is a trade-off for volume growth.
Operating Leverage Amplifies Profitability
Operating income grew 67% sequentially to $19.7M in 2026Q2, while SG&A rose only 21%, as per the income statement, demonstrating strong operating leverage from the revenue surge.
The 49% sequential revenue increase translated into a 170% sequential jump in operating income, from $7.3M to $19.7M, while SG&A grew only 21%. This indicates that the company's cost structure is not scaling proportionally with revenue, likely due to fixed overhead and project-based labor. The operating margin expanded to 8.5% from 4.7% in the prior quarter, suggesting that incremental revenue is highly profitable. However, this leverage may be temporary if the revenue spike is not sustained.
Net Income Boosted by Non-Operating Items
Net income of $24.3M in 2026Q2 exceeded operating income by $4.6M, per the income statement, implying a significant non-operating gain, which may inflate EPS quality.
The gap between net income ($24.3M) and operating income ($19.7M) suggests a non-operating gain, possibly from tax benefits or other income, which is not typical for an engineering firm. This inflates EPS to $1.58, but investors should adjust for this one-time item to assess underlying profitability. The effective tax rate appears unusually low, as net income is 123% of operating income, which may not be sustainable. Stock-based compensation of $8.5M in the quarter is also notable, representing 43% of operating income, which could dilute future EPS.
SG&A Efficiency Improves Despite Revenue Spike
SG&A as a percentage of revenue fell to 29.3% in 2026Q2 from 36.0% in 2026Q1, as reported in the income statement, indicating better overhead absorption during the revenue surge.
The SG&A ratio dropped by 670 basis points sequentially, from 36.0% to 29.3%, which is a significant improvement in cost discipline. This suggests that the company is leveraging its existing infrastructure to support higher revenue without proportional increases in selling, general, and administrative expenses. However, the absolute SG&A of $67.7M is the highest in the period, so the efficiency gain is relative to the revenue base. If revenue normalizes, SG&A may revert to a higher percentage, pressuring margins.
Sustainability of Revenue Spike Questioned
The 33.2% revenue growth in 2026Q2 may be a one-off, as prior quarters grew 1.8% to 24.4%, and the sequential jump of 49% is unprecedented, raising concerns about durability.
Short-sellers would argue that the revenue surge is not organic but likely stems from a single large project or acquisition, which may not recur. The gross margin decline from 40.7% to 37.9% sequentially suggests that the new revenue may be lower quality, possibly from a low-margin contract. Additionally, the net income boost from non-operating items masks underlying operating performance, which, while improving, is still only 8.5% operating margin, below peers like Tetra Tech's 11.1%. If the revenue spike fades, operating leverage could reverse, and the stock may be overvalued based on a temporary earnings peak.