KVH Industries, Inc. (KVHI) Income Statement
KVHI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKVHI revenue and net income
Where KVHI's revenue goes
2025Each bar shows an amount and its share of revenue. KVHI kept −6.7% of revenue as net income.
KVHI profit margins
KVHI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.5% | −7.2% | −6.9% | −5.0% |
| Gross profit | −21.9% | −19.4% | −13.7% | −10.4% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KVHI quarterly EPS vs estimates
KVH Industries beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.03).
KVHI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $111.0M | $113.8M | $132.4M | $138.8M | $133.9M | $158.7M | $157.9M | $170.8M | $160.1M | $176.1M |
| Cost of revenue | $83.5M | $78.6M | $94.5M | $86.3M | $88.1M | $101.1M | $104.1M | $100.1M | $90.2M | $99.3M |
| Gross profit | $27.5M | $35.2M | $37.9M | $52.5M | $45.8M | $57.6M | $53.8M | $70.7M | $69.9M | $76.8M |
| Research & development | $3.5M | $8.4M | $9.4M | $10.4M | $11.1M | $15.8M | $15.9M | $15.0M | $15.9M | $16.0M |
| Sales, general & admin | $35.7M | $37.5M | $39.8M | $47.9M | $54.3M | $54.3M | $58.9M | $62.9M | $62.8M | $62.1M |
| Total operating expenses | $38.7M | $47.1M | $55.2M | $58.2M | $65.4M | $80.5M | $74.8M | $77.8M | $78.7M | $78.1M |
| Operating income | −$11.2M | −$11.9M | −$17.3M | −$5.7M | −$19.6M | −$22.9M | −$21.1M | −$7.2M | −$8.8M | −$1.3M |
| Interest income | $2.6M | $3.0M | $3.4M | $1.5M | $886,000 | $996,000 | $2.0M | $635,000 | $659,000 | $513,000 |
| Interest expense | $0 | $2,000 | $1,000 | $3,000 | $56,000 | $18,000 | $1.0M | $1.8M | $1.5M | $1.4M |
| Income before taxes | −$7.5M | −$10.6M | −$15.1M | −$3.4M | −$11.7M | −$21.8M | −$20.0M | −$7.7M | −$9.9M | −$2.0M |
| Income taxes | −$131,000 | $421,000 | $318,000 | $546,000 | −$108,000 | $174,000 | −$4.0M | $565,000 | $1.1M | $5.5M |
| Net income | −$7.4M | −$11.0M | −$15.4M | $24.0M | −$9.8M | −$21.9M | $33.3M | −$8.2M | −$11.0M | −$7.5M |
| EBITDA | $3.2M | $2.7M | −$1.7M | $10.0M | $3.0M | −$10.1M | −$7.5M | $3.5M | $2.6M | $12.0M |
| EPS (diluted) | −$0.42 | −$0.56 | −$0.43 | $0.08 | −$0.32 | −$0.21 | −$0.42 | $0.02 | $0.08 | $0.44 |
| Gross margin | 24.8% | 30.9% | 28.6% | 37.8% | 34.2% | 36.3% | 34.0% | 41.4% | 43.7% | 43.6% |
| Operating margin | −10.1% | −10.4% | −13.1% | −4.1% | −14.6% | −14.5% | −13.4% | −4.2% | −5.5% | −0.8% |
| Net margin | −6.7% | −9.7% | −11.6% | 17.3% | −7.3% | −13.8% | 21.1% | −4.8% | −6.9% | −4.3% |
| 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 | $33.7M | $32.3M | $30.5M | $28.5M | $26.6M | $25.4M | $26.9M | $29.0M | $28.7M | $29.3M | $31.0M | $33.2M |
| Cost of revenue | $23.6M | $22.8M | $21.5M | $26.5M | $17.5M | $18.0M | $19.8M | $19.7M | $19.8M | $19.4M | $30.1M | $20.7M |
| Gross profit | $10.1M | $9.6M | $9.0M | $1.9M | $9.1M | $7.4M | $7.1M | $9.3M | $8.9M | $9.9M | $903,000 | $12.4M |
| Research & development | $805,000 | $726,000 | $385,000 | $969,000 | $916,000 | $1.2M | $1.7M | $1.4M | $2.3M | $3.0M | $2.0M | $2.4M |
| Sales, general & admin | $4.4M | $9.0M | $4.5M | $8.6M | $8.6M | $8.5M | $8.7M | $8.7M | $9.5M | $10.7M | $11.0M | $9.2M |
| Total operating expenses | $10.2M | $9.7M | $9.9M | $9.5M | $9.5M | $9.7M | $10.3M | $11.3M | $11.8M | $13.7M | $13.0M | $17.6M |
| Operating income | −$76,000 | −$118,000 | −$927,000 | −$7.6M | −$370,000 | −$2.2M | −$3.2M | −$2.0M | −$2.9M | −$3.8M | −$12.1M | −$5.2M |
| Interest income | $546,000 | $601,000 | $741,000 | $681,000 | $579,000 | $567,000 | $623,000 | $629,000 | $876,000 | $911,000 | $986,000 | $997,000 |
| Interest expense | $0 | $6,000 | $0 | $0 | $0 | $0 | $0 | $2,000 | — | — | $1,000 | $0 |
| Income before taxes | $366,000 | $713,000 | $54,000 | −$6.9M | $1.0M | −$1.7M | −$4.0M | −$1.1M | −$2.4M | −$3.1M | −$11.9M | −$4.3M |
| Income taxes | $203,000 | $125,000 | −$277,000 | $16,000 | $105,000 | $25,000 | $295,000 | $51,000 | −$3,000 | $78,000 | $159,000 | $95,000 |
| Net income | $163,000 | $588,000 | $331,000 | −$6.9M | $930,000 | −$1.7M | −$4.3M | −$1.2M | −$2.4M | −$3.2M | −$12.1M | −$4.4M |
| EBITDA | $2.2M | $2.3M | $2.6M | −$4.3M | $3.6M | $1.2M | −$967,000 | $2.1M | $1.4M | $162,000 | −$8.6M | −$1.1M |
| EPS (diluted) | $0.01 | $0.03 | $0.02 | −$0.36 | $0.01 | −$0.09 | −$0.22 | −$0.06 | −$0.12 | −$0.16 | −$0.63 | $0.12 |
| Gross margin | 30.0% | 29.6% | 29.5% | 6.7% | 34.3% | 29.3% | 26.5% | 32.0% | 31.1% | 33.9% | 2.9% | 37.5% |
| Operating margin | −0.2% | −0.4% | −3.0% | −26.8% | −1.4% | −8.8% | −11.9% | −6.9% | −10.1% | −13.0% | −39.1% | −15.5% |
| Net margin | 0.5% | 1.8% | 1.1% | −24.4% | 3.5% | −6.7% | −16.0% | −4.1% | −8.3% | −10.8% | −39.0% | −13.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KVHI's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KVHI financial results
In fiscal year 2025 (ended December 31, 2025), KVH Industries reported revenue of $111.0 million, down 2.5% from the year before. It had a net loss of $7.4 million, a net profit margin of −6.7%. Diluted earnings per share came to −$0.42. Over five years revenue grew at an average rate of −6.9% a year.
See the KVHI stock overview for the latest quote and news, or the KVHI chart for price history and technical indicators.
KVHI income statement FAQ
What is KVH Industries's annual revenue?
KVH Industries reported total revenue of $111.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 2.5% from $113.8 million the previous year.
Is KVH Industries profitable?
No. KVH Industries reported a net loss of $7.4 million in fiscal 2025, a net profit margin of −6.7%; its operating margin was −10.1%.
What is KVH Industries's gross margin?
KVH Industries's gross margin was 24.8% in fiscal 2025: for every $100 of revenue, KVH Industries kept $25 after the direct cost of its products and services.
How much does KVH Industries spend on research and development?
KVH Industries spent $3.5 million on research and development in fiscal 2025, 3.1% of revenue.
How fast is KVH Industries growing?
Revenue grew −6.9% a year on average over the last five fiscal years, from $158.7 million to $111.0 million.
What are KVH Industries's earnings per share?
KVH Industries earned $-0.42 per diluted share in fiscal 2025, compared with $-0.56 a year earlier.
When will KVH Industries report its next earnings?
KVH Industries is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does KVH Industries's fiscal year end?
KVH Industries's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.