Art's-Way Manufacturing Co., Inc. (ARTW) Income Statement
ARTW FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsARTW revenue and net income
Where ARTW's revenue goes
FY2025Each bar shows an amount and its share of revenue. ARTW kept 4.5% of revenue as net income.
ARTW profit margins
ARTW growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.2% | −3.6% | +0.5% | −1.4% |
| Gross profit | −19.0% | −5.1% | +19.8% | −1.5% |
| Operating income | −37.3% | −21.8% | — | — |
| Net income | +236.7% | +119.6% | — | — |
| EPS (diluted) | +185.7% | +115.4% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARTW quarterly EPS vs estimates
ARTW income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.0M | $24.5M | $30.3M | $25.6M | $25.0M | $22.4M | $22.9M | $19.7M | $20.7M | $21.6M |
| Cost of revenue | $17.1M | $17.2M | $21.7M | $18.7M | $18.4M | $20.0M | $19.0M | $16.2M | $16.6M | $16.2M |
| Gross profit | $5.9M | $7.3M | $8.6M | $6.9M | $6.6M | $2.4M | $3.9M | $3.5M | $4.1M | $5.3M |
| Research & development | $228,000 | $432,587 | $598,065 | $580,537 | $505,085 | $476,721 | $479,345 | $640,430 | $501,182 | $429,910 |
| Sales, general & admin | $4.2M | $6.4M | $6.5M | $5.8M | $5.6M | $5.8M | $4.9M | $5.4M | $5.2M | $5.3M |
| Total operating expenses | $5.6M | $6.8M | $7.1M | $6.3M | $6.1M | $6.3M | $5.4M | $6.0M | $5.7M | $5.8M |
| Operating income | $289,000 | $460,697 | $1.5M | $604,718 | $523,408 | −$3.9M | −$1.5M | −$3.1M | −$1.7M | −$431,447 |
| Interest income | — | — | — | — | — | — | $358,170 | $304,570 | $319,620 | $248,580 |
| Interest expense | $366,683 | $599,396 | $590,005 | $404,188 | $313,485 | $304,611 | $358,174 | $304,566 | $319,622 | $248,580 |
| Income before taxes | $1.4M | −$135,491 | $1.1M | $440,944 | $266,890 | −$3.0M | −$1.8M | −$3.8M | −$1.8M | −$522,783 |
| Income taxes | $402,178 | −$41,025 | $325,959 | $66,823 | $54,259 | −$856,470 | −$349,234 | −$510,416 | −$423,798 | −$96,601 |
| Net income | $1.0M | $307,375 | $266,969 | $97,797 | $212,631 | −$2.1M | −$1.4M | −$3.3M | −$1.4M | −$426,182 |
| EBITDA | $2.6M | $1.5M | $2.5M | $1.5M | $1.2M | −$1.8M | −$407,100 | −$2.6M | −$771,183 | $397,760 |
| EPS (diluted) | $0.20 | $0.07 | $0.05 | $0.02 | $0.04 | −$0.48 | −$0.26 | −$0.72 | −$0.30 | −$0.21 |
| Gross margin | 25.8% | 29.8% | 28.3% | 27.1% | 26.4% | 10.7% | 17.2% | 17.8% | 19.7% | 24.7% |
| Operating margin | 1.3% | 1.9% | 5.1% | 2.4% | 2.1% | −17.4% | −6.5% | −15.7% | −8.3% | −2.0% |
| Net margin | 4.5% | 1.3% | 0.9% | 0.4% | 0.9% | −9.4% | −6.2% | −16.9% | −6.6% | −2.0% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6M | $7.9M | $6.6M | $5.1M | $6.4M | $6.3M | $5.1M | $6.2M | $5.9M | $6.7M | $5.7M | $6.9M |
| Cost of revenue | $4.0M | $5.8M | $4.7M | $4.2M | $4.7M | $4.3M | $3.6M | $3.9M | $4.2M | $4.8M | $4.2M | $4.9M |
| Gross profit | $1.7M | $2.0M | $1.9M | $856,970 | $1.8M | $2.1M | $1.5M | $2.2M | $1.7M | $1.9M | $1.5M | $1.9M |
| Research & development | $99,092 | $94,062 | $106,548 | $87,280 | $87,339 | $84,115 | $85,230 | $86,214 | $78,949 | $107,072 | $160,353 | $158,678 |
| Sales, general & admin | $1.6M | $1.7M | $1.5M | $1.1M | $1.3M | $1.5M | $1.4M | $1.6M | $1.5M | $1.6M | $1.7M | $1.7M |
| Total operating expenses | $1.7M | $1.7M | $1.6M | $1.4M | $1.4M | $1.5M | $1.5M | $1.7M | $1.5M | $1.7M | $1.9M | $1.8M |
| Operating income | −$70,000 | $286,582 | $330,000 | −$568,413 | $345,000 | $510,000 | $2,485 | $518,315 | $153,694 | $168,770 | −$380,080 | $86,570 |
| Interest expense | $113,734 | $113,047 | $110,777 | $107,661 | $83,668 | $99,666 | $75,688 | $127,612 | $150,012 | $159,768 | $165,639 | $170,203 |
| Income before taxes | −$179,995 | $225,885 | $255,448 | −$689,650 | $321,257 | $1.9M | −$70,409 | $407,297 | −$483 | −$5,270 | −$537,036 | −$77,200 |
| Income taxes | −$40,275 | $52,406 | $59,006 | −$44,126 | $67,147 | $393,811 | −$14,652 | $75,106 | −$2,713 | −$613 | −$112,777 | $80,940 |
| Net income | −$139,720 | $173,479 | $196,000 | −$645,423 | $254,110 | $1.5M | −$55,757 | $831,927 | −$26,200 | −$33,340 | −$465,040 | −$307,876 |
| EBITDA | $149,078 | $544,061 | $570,816 | −$383,831 | $600,942 | $2.2M | $243,806 | $769,540 | $409,512 | $411,136 | −$163,286 | $298,642 |
| EPS (diluted) | −$0.03 | $0.03 | $0.04 | −$0.13 | $0.05 | $0.29 | −$0.01 | $0.16 | −$0.01 | −$0.00 | −$0.08 | −$0.06 |
| Gross margin | 29.6% | 25.9% | 28.8% | 16.9% | 27.5% | 32.5% | 29.1% | 36.1% | 28.9% | 28.3% | 25.7% | 27.9% |
| Operating margin | −1.2% | 3.6% | 5.0% | −11.2% | 5.4% | 8.0% | 0.0% | 8.4% | 2.6% | 2.5% | −6.6% | 1.3% |
| Net margin | −2.5% | 2.2% | 3.0% | −12.7% | 4.0% | 23.4% | −1.1% | 13.5% | −0.4% | −0.5% | −8.1% | −4.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARTW's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARTW financial results
In fiscal year 2025 (ended November 30, 2025), Art's-Way Manufacturing reported revenue of $23.0 million, down 6.2% from the year before. It had net income of $1.0 million (up 236.7%), a net profit margin of 4.5%. Diluted earnings per share came to $0.20. Over five years revenue grew at an average rate of 0.5% a year.
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ARTW income statement FAQ
What is Art's-Way Manufacturing's annual revenue?
Art's-Way Manufacturing reported total revenue of $23.0 million for fiscal year 2025, which ended on November 30, 2025. That was down 6.2% from $24.5 million the previous year.
Is Art's-Way Manufacturing profitable?
Yes. Art's-Way Manufacturing reported net income of $1.0 million in fiscal 2025, a net profit margin of 4.5%; its operating margin was 1.3%.
What is Art's-Way Manufacturing's gross margin?
Art's-Way Manufacturing's gross margin was 25.8% in fiscal 2025: for every $100 of revenue, Art's-Way Manufacturing kept $26 after the direct cost of its products and services.
How much does Art's-Way Manufacturing spend on research and development?
Art's-Way Manufacturing spent $0.2 million on research and development in fiscal 2025, 1.0% of revenue.
How fast is Art's-Way Manufacturing growing?
Revenue grew 0.5% a year on average over the last five fiscal years, from $22.4 million to $23.0 million.
What are Art's-Way Manufacturing's earnings per share?
Art's-Way Manufacturing earned $0.20 per diluted share in fiscal 2025, compared with $0.07 a year earlier.
When does Art's-Way Manufacturing's fiscal year end?
Art's-Way Manufacturing's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on February 12, 2026.