Balchem Corp income statement
In fiscal 2025, Balchem Corp reported revenue of $1.04bn, up 8.8% on the year before, operating income of $209m (a 20.2% margin) and net income of $155m, or $4.75 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 219 | 255 | 292 | 310 | 337 | 541 | 552 | 553 | 595 | 644 | 644 | 704 | 799 | 942 | 922 | 954 | 1,037 | 1,109 |
| Cost of revenue | 152 | 177 | 206 | 221 | 240 | 397 | 384 | 372 | 406 | 439 | 432 | 480 | 556 | 662 | 620 | 617 | 667 | 705 |
| Gross profit | 67 | 78 | 86 | 90 | 97 | 144 | 168 | 181 | 189 | 204 | 211 | 224 | 243 | 280 | 302 | 336 | 371 | 404 |
| Research and development | 3 | 3 | 3 | 3 | 4 | 5 | 6 | 7 | 9 | 12 | 11 | 10 | 14 | 12 | 15 | 17 | 19 | 21 |
| Selling, general and administrative | — | — | — | — | — | 3 | 3 | — | — | — | — | — | — | — | — | — | — | — |
| General and administrative | 9 | 9 | 11 | 10 | 12 | — | — | 28 | 28 | 28 | 37 | 44 | 42 | 56 | 53 | 68 | 67 | 71 |
| Operating income | 41 | 50 | 56 | 60 | 66 | 82 | 94 | 91 | 97 | 107 | 103 | 111 | 128 | 145 | 159 | 183 | 209 | 230 |
| Interest expense | 0 | 0 | 0 | 0 | 0 | 5 | 7 | 7 | 8 | — | — | — | — | — | — | — | — | — |
| Net interest income | — | — | — | — | — | — | — | −7 | −8 | −8 | −6 | −4 | −2 | −10 | −23 | — | — | — |
| Income before tax | 41 | 50 | 57 | 60 | 66 | 77 | 87 | 83 | 88 | 99 | 96 | 106 | 125 | 134 | 137 | 166 | 199 | 220 |
| Income tax | 14 | 17 | 18 | 20 | 21 | 24 | 27 | 27 | −2 | 20 | 17 | 22 | 29 | 28 | 29 | 38 | 44 | 50 |
| Net income | 27 | 33 | 39 | 40 | 45 | 53 | 60 | 56 | 90 | 79 | 80 | 85 | 96 | 105 | 109 | 128 | 155 | 171 |
| Diluted EPS | $0.93 | $1.12 | $1.28 | $1.32 | $1.45 | $1.69 | $1.89 | $1.75 | $2.79 | $2.42 | $2.45 | $2.60 | $2.94 | $3.25 | $3.35 | $3.93 | $4.75 | $5.30 |
| Diluted shares (average) | 29m | 30m | 30m | 30m | 31m | 31m | 32m | 32m | 32m | 32m | 33m | 33m | 33m | 32m | 32m | 33m | 33m | 32m |
| EBITDA | 49 | 58 | 66 | 69 | 76 | 113 | 134 | 137 | 141 | 152 | 148 | 162 | 176 | 197 | 214 | 231 | 255 | 278 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 240 | 251 | 255 | 268 | 264 | 271 | 284 | 291 |
| Cost of revenue | 154 | 162 | 162 | 172 | 170 | 170 | 180 | 185 |
| Gross profit | 86 | 88 | 93 | 95 | 94 | 101 | 104 | 106 |
| Research and development | 5 | 5 | 4 | 4 | 5 | 6 | 5 | 5 |
| General and administrative | 17 | 16 | 18 | 17 | 17 | 18 | 19 | 17 |
| Operating income | 47 | 51 | 51 | 55 | 52 | 56 | 59 | 62 |
| Income before tax | 44 | 48 | 49 | 52 | 50 | 53 | 58 | 60 |
| Income tax | 11 | 11 | 11 | 12 | 11 | 12 | 13 | 13 |
| Net income | 34 | 37 | 38 | 40 | 39 | 40 | 45 | 47 |
| Diluted EPS | $1.03 | $1.13 | $1.17 | $1.24 | $1.21 | $1.25 | $1.39 | $1.46 |
| EBITDA | 58 | 62 | 63 | 66 | 64 | 68 | 71 | 75 |
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