Heritage Global Inc. (HGBL) Income Statement
HGBL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHGBL revenue and net income
Where HGBL's revenue goes
2025Each bar shows an amount and its share of revenue. HGBL kept 7.0% of revenue as net income.
HGBL profit margins
HGBL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.4% | +2.8% | +14.3% | +11.3% |
| Gross profit | −2.9% | +9.9% | +6.0% | +7.8% |
| Operating income | −38.4% | −20.5% | −1.6% | — |
| Net income | −30.8% | −38.6% | −18.0% | — |
| EPS (diluted) | −21.4% | −21.8% | −17.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HGBL quarterly EPS vs estimates
Heritage Global beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.03).
HGBL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.0M | $45.4M | $60.5M | $46.9M | $25.8M | $26.2M | $26.2M | $23.7M | $20.1M | $23.8M |
| Cost of revenue | $37.2M | $31.1M | $39.2M | $36.5M | $14.8M | $15.8M | $16.7M | $9.0M | $9.0M | $15.6M |
| Gross profit | $13.8M | $14.2M | $21.4M | $10.4M | $11.0M | $10.3M | $9.5M | $14.7M | $11.2M | $8.3M |
| Sales, general & admin | $7.8M | $6.9M | $7.1M | $5.3M | $8.1M | $7.3M | $6.3M | $10.3M | $9.3M | $7.8M |
| Total operating expenses | $8.2M | $5.1M | $7.1M | −$728,000 | $8.0M | $4.3M | $6.4M | $10.6M | $10.8M | $8.1M |
| Operating income | $5.6M | $9.1M | $14.3M | $11.1M | $3.0M | $6.1M | $3.0M | $4.1M | $364,000 | $190,000 |
| Interest expense | $134,000 | $93,000 | $324,000 | $113,000 | $22,000 | $45,000 | $64,000 | $214,000 | $95,000 | $63,000 |
| Income before taxes | $5.8M | $9.0M | $14.0M | $11.0M | $3.0M | $6.0M | $3.0M | $4.0M | −$669,000 | $35,000 |
| Income taxes | $2.3M | $3.8M | $1.5M | −$4.5M | −$61,000 | −$3.6M | −$913,000 | $270,000 | −$420,000 | $21,000 |
| Net income | $3.6M | $5.2M | $12.5M | $15.5M | $3.1M | $9.7M | $3.9M | $3.8M | −$249,000 | $14,000 |
| EBITDA | $6.8M | $10.3M | $14.8M | $11.7M | $3.5M | $6.4M | $3.4M | $4.6M | −$261,000 | $414,000 |
| EPS (diluted) | $0.11 | $0.14 | $0.35 | $0.23 | $0.09 | $0.28 | $0.13 | $0.13 | −$0.01 | −$1.16 |
| Gross margin | 27.1% | 31.3% | 35.3% | 22.2% | 42.7% | 39.5% | 36.2% | 62.1% | 55.4% | 34.7% |
| Operating margin | 11.0% | 20.0% | 23.7% | 23.7% | 11.7% | 23.1% | 11.7% | 17.2% | 1.8% | 0.8% |
| Net margin | 7.0% | 11.4% | 20.6% | 33.0% | 11.8% | 36.9% | 14.9% | 15.9% | −1.2% | 0.1% |
| 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 | $12.3M | $12.7M | $11.9M | $11.4M | $14.3M | $13.5M | $10.8M | $10.4M | $12.0M | $12.2M | $15.3M | $15.6M |
| Cost of revenue | $3.9M | $1.1M | $12.7M | $6.9M | $10.2M | $10.1M | $11.3M | $5.9M | $8.3M | $8.4M | $14.0M | $9.1M |
| Gross profit | $8.3M | $11.7M | −$806,000 | $4.4M | $4.1M | $3.4M | −$505,000 | $4.5M | $3.7M | $3.8M | $1.3M | $6.5M |
| Sales, general & admin | $10.8M | $3.2M | $2.0M | $3.1M | $1.8M | $1.9M | $2.2M | $3.0M | $1.8M | $1.7M | $3.1M | $3.0M |
| Total operating expenses | $10.8M | $11.2M | −$1.7M | $3.1M | $1.8M | $2.0M | −$2.0M | $3.0M | $130,000 | $1.2M | −$3.2M | $3.7M |
| Operating income | −$2.5M | $505,000 | $864,000 | $1.3M | $2.2M | $1.4M | $1.5M | $1.5M | $3.5M | $2.6M | $4.6M | $2.8M |
| Interest expense | $65,000 | $20,000 | $134,000 | $34,000 | $18,000 | $56,000 | $124,000 | $17,000 | $108,000 | $92,000 | $99,000 | $56,000 |
| Income before taxes | −$21.0M | $988,000 | $801,000 | $1.3M | $2.2M | $1.5M | $1.6M | $1.5M | $3.4M | $2.5M | $4.5M | $2.7M |
| Income taxes | −$5.1M | $271,000 | $500,000 | $750,000 | $613,000 | $395,000 | $1.8M | $407,000 | $939,000 | $667,000 | −$434,000 | $736,000 |
| Net income | −$15.9M | $717,000 | $301,000 | $585,000 | $1.6M | $1.1M | −$203,000 | $1.1M | $2.5M | $1.8M | $4.9M | $2.0M |
| EBITDA | −$20.4M | $858,000 | $1.2M | $1.5M | $2.6M | $1.5M | $4.9M | $1.5M | $2.3M | $1.9M | $4.7M | $2.9M |
| EPS (diluted) | $0.06 | $0.02 | $0.01 | $0.02 | $0.05 | $0.03 | −$0.01 | $0.03 | $0.07 | $0.05 | $0.13 | $0.06 |
| Gross margin | 68.0% | 91.7% | −6.8% | 39.0% | 28.4% | 25.1% | −4.7% | 43.2% | 30.6% | 31.2% | 8.6% | 41.5% |
| Operating margin | −20.4% | 4.0% | 7.3% | 11.5% | 15.6% | 10.4% | 13.8% | 14.2% | 29.5% | 21.0% | 29.8% | 17.8% |
| Net margin | −129.5% | 5.6% | 2.5% | 5.1% | 11.4% | 7.9% | −1.9% | 10.5% | 20.8% | 14.8% | 32.0% | 12.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HGBL's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HGBL financial results
In fiscal year 2025 (ended December 31, 2025), Heritage Global reported revenue of $51.0 million, up 12.4% from the year before. It had net income of $3.6 million (down 30.8%), a net profit margin of 7.0%. Diluted earnings per share came to $0.11. Over five years revenue grew at an average rate of 14.3% a year.
See the HGBL stock overview for the latest quote and news, or the HGBL chart for price history and technical indicators.
HGBL income statement FAQ
What is Heritage Global's annual revenue?
Heritage Global reported total revenue of $51.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.4% from $45.4 million the previous year.
Is Heritage Global profitable?
Yes. Heritage Global reported net income of $3.6 million in fiscal 2025, a net profit margin of 7.0%; its operating margin was 11.0%.
What is Heritage Global's gross margin?
Heritage Global's gross margin was 27.1% in fiscal 2025: for every $100 of revenue, Heritage Global kept $27 after the direct cost of its products and services.
How fast is Heritage Global growing?
Revenue grew 14.3% a year on average over the last five fiscal years, from $26.2 million to $51.0 million.
What are Heritage Global's earnings per share?
Heritage Global earned $0.11 per diluted share in fiscal 2025, compared with $0.14 a year earlier.
When will Heritage Global report its next earnings?
Heritage Global is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Heritage Global's fiscal year end?
Heritage Global's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.