BrainsWay Ltd. (BWAY) Income Statement
BWAY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBWAY revenue and net income
Where BWAY's revenue goes
2025Each bar shows an amount and its share of revenue. BWAY kept 14.6% of revenue as net income.
BWAY profit margins
BWAY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +27.3% | +24.3% | +18.8% | +22.6% |
| Gross profit | +28.8% | +25.2% | +18.3% | +22.1% |
| Operating income | +210.8% | — | — | — |
| Net income | +161.3% | — | — | — |
| EPS (diluted) | +71.4% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BWAY quarterly EPS vs estimates
BrainsWay beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 10, 2026 (estimate $0.12).
BWAY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.2M | $41.0M | $31.8M | $27.2M | $29.7M | $22.1M | $23.1M | $16.4M | $11.1M | $11.5M |
| Cost of revenue | $12.8M | $10.4M | $8.3M | $7.1M | $6.6M | $5.1M | $5.1M | $3.6M | $2.6M | $2.4M |
| Gross profit | $39.4M | $30.6M | $23.5M | $20.0M | $23.1M | $17.0M | $18.0M | $12.8M | $8.6M | $9.1M |
| Research & development | $9.6M | $7.2M | $6.7M | $7.7M | $6.4M | $5.8M | $7.9M | $6.2M | $5.3M | $3.8M |
| Sales, general & admin | $25.5M | $22.0M | $21.6M | $25.1M | $21.7M | $16.0M | $17.7M | $11.3M | $9.3M | $6.9M |
| Total operating expenses | $35.1M | $29.2M | $28.4M | $32.7M | $28.1M | $21.8M | $26.4M | $17.9M | $15.2M | $11.2M |
| Operating income | $4.3M | $1.4M | −$5.0M | −$12.7M | −$5.0M | −$4.8M | −$8.5M | −$5.1M | −$6.6M | −$2.1M |
| Interest income | $5.6M | $2.5M | $2.2M | $1.1M | $225,000 | $61,000 | $175,000 | $44,000 | $22,000 | $12,000 |
| Interest expense | $2.2M | $1.4M | $298,000 | $68,000 | $141,000 | $319,000 | $506,000 | $395,000 | $134,000 | $61,000 |
| Income before taxes | $7.7M | $3.5M | −$3.9M | −$13.0M | −$6.4M | −$5.1M | −$9.9M | −$6.3M | −$6.9M | −$2.4M |
| Income taxes | $77,000 | $538,000 | $251,000 | $315,000 | $43,000 | $237,000 | $422,000 | $209,000 | $169,000 | $404,000 |
| Net income | $7.6M | $2.9M | −$4.2M | −$13.3M | −$6.5M | −$5.4M | −$10.3M | −$6.5M | −$7.1M | −$2.4M |
| EBITDA | $11.5M | $5.4M | −$2.6M | −$11.5M | −$4.7M | −$2.1M | −$7.9M | −$4.4M | −$5.6M | −$1.3M |
| EPS (diluted) | $0.12 | $0.07 | −$0.07 | −$0.38 | −$0.14 | −$0.37 | −$0.62 | −$0.12 | −$0.42 | −$0.16 |
| Gross margin | 75.4% | 74.6% | 73.9% | 73.8% | 77.7% | 77.1% | 77.8% | 78.1% | 76.7% | 78.9% |
| Operating margin | 8.3% | 3.4% | −15.6% | −46.7% | −16.9% | −21.9% | −36.7% | −31.2% | −59.3% | −18.0% |
| Net margin | 14.6% | 7.1% | −13.2% | −49.1% | −21.8% | −24.4% | −44.7% | −39.5% | −63.3% | −20.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M | $15.5M | $14.5M | $13.5M | $12.6M | $11.5M | $11.4M | $10.5M | $10.0M | $9.1M | $9.0M | $8.3M |
| Cost of revenue | $4.4M | $3.9M | $3.4M | $3.4M | $3.1M | $2.9M | $2.9M | $2.8M | $2.5M | $2.3M | $2.3M | $2.1M |
| Gross profit | $13.0M | $11.7M | $11.1M | $10.2M | $9.5M | $8.6M | $8.5M | $7.7M | $7.5M | $6.8M | $6.7M | $6.2M |
| Research & development | $3.3M | $2.9M | $2.5M | $2.4M | $2.3M | $2.3M | $2.0M | $1.8M | $1.7M | $1.6M | $1.4M | $1.5M |
| Sales, general & admin | $7.2M | $6.8M | $6.7M | $6.5M | $6.6M | $5.7M | $6.0M | $5.6M | $5.2M | $5.1M | $11.6M | $4.8M |
| Total operating expenses | $10.6M | $9.7M | $9.2M | $8.9M | $8.9M | $8.0M | $8.1M | $7.4M | $7.0M | $6.7M | −$3.4M | $6.3M |
| Operating income | $2.4M | $2.0M | $1.9M | $1.3M | $578,000 | $576,000 | $431,000 | $281,000 | $586,000 | $93,000 | $10.1M | −$133,000 |
| Interest income | $1.4M | $724,000 | $1.1M | $1.1M | $2.3M | $1.3M | $532,000 | $830,000 | $518,000 | $618,000 | — | $175,000 |
| Interest expense | $894,093 | $319,000 | $433,692 | $571,000 | $784,000 | $586,000 | $1.1M | $374,000 | $401,000 | $428,000 | $160,000 | $213,000 |
| Income before taxes | $3.0M | $2.4M | $2.5M | $1.8M | $2.1M | $1.3M | $1.7M | $737,000 | $703,000 | $283,000 | −$37,000 | −$171,000 |
| Income taxes | $211,571 | $120,000 | −$392,000 | $242,000 | $70,000 | $157,000 | $188,000 | $75,000 | $103,000 | $172,000 | −$164,000 | $59,000 |
| Net income | $2.8M | $2.3M | $2.9M | $1.6M | $2.0M | $1.1M | $1.5M | $662,000 | $600,000 | $111,000 | $127,000 | −$230,000 |
| EBITDA | $2.9M | $3.2M | $3.3M | $2.8M | $3.3M | $2.2M | $1.1M | $1.6M | $1.4M | $1.0M | $1.6M | $374,000 |
| EPS (diluted) | $0.14 | $0.06 | $0.06 | $0.02 | $0.03 | $0.01 | $0.04 | $0.01 | $0.01 | $0.01 | $0.01 | −$0.02 |
| Gross margin | 74.6% | 75.2% | 76.4% | 75.2% | 75.2% | 74.6% | 74.6% | 73.5% | 75.3% | 74.9% | 74.6% | 74.3% |
| Operating margin | 14.0% | 12.9% | 13.2% | 9.3% | 4.6% | 5.0% | 3.8% | 2.7% | 5.9% | 1.0% | 111.9% | −1.6% |
| Net margin | 15.8% | 14.7% | 20.2% | 11.6% | 16.0% | 9.6% | 13.6% | 6.3% | 6.0% | 1.2% | 1.4% | −2.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BWAY's financial statements (latest annual report filed April 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BWAY financial results
In fiscal year 2025 (ended December 31, 2025), BrainsWay reported revenue of $52.2 million, up 27.3% from the year before. It had net income of $7.6 million (up 161.3%), a net profit margin of 14.6%. Diluted earnings per share came to $0.12. Over five years revenue grew at an average rate of 18.8% a year.
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BWAY income statement FAQ
What is BrainsWay's annual revenue?
BrainsWay reported total revenue of $52.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 27.3% from $41.0 million the previous year.
Is BrainsWay profitable?
Yes. BrainsWay reported net income of $7.6 million in fiscal 2025, a net profit margin of 14.6%; its operating margin was 8.3%.
What is BrainsWay's gross margin?
BrainsWay's gross margin was 75.4% in fiscal 2025: for every $100 of revenue, BrainsWay kept $75 after the direct cost of its products and services.
How much does BrainsWay spend on research and development?
BrainsWay spent $9.6 million on research and development in fiscal 2025, 18.4% of revenue.
How fast is BrainsWay growing?
Revenue grew 18.8% a year on average over the last five fiscal years, from $22.1 million to $52.2 million.
What are BrainsWay's earnings per share?
BrainsWay earned $0.12 per diluted share in fiscal 2025, compared with $0.07 a year earlier.
When will BrainsWay report its next earnings?
BrainsWay is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 before the market opens.
When does BrainsWay's fiscal year end?
BrainsWay's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 20, 2026.