MSA Safety Incorporated (MSA) Income Statement
MSA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMSA revenue and net income
Where MSA's revenue goes
2025Each bar shows an amount and its share of revenue. MSA kept 14.9% of revenue as net income.
MSA profit margins
MSA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.7% | +7.1% | +6.8% | +5.2% |
| Gross profit | +1.2% | +8.9% | +7.9% | +5.7% |
| Operating income | +3.3% | +18.9% | +18.5% | +11.3% |
| Net income | −2.1% | +15.8% | +17.6% | +14.7% |
| EPS (diluted) | +3.0% | +12.0% | +12.0% | +12.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MSA quarterly EPS vs estimates
MSA Safety beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.12).
MSA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.87B | $1.81B | $1.79B | $1.53B | $1.40B | $1.35B | $1.40B | $1.36B | $1.20B | $1.15B |
| Cost of revenue | $1.00B | $947.7M | $935.5M | $854.1M | $784.8M | $752.7M | $763.4M | $746.2M | $657.9M | $627.3M |
| Gross profit | $871.1M | $860.4M | $852.1M | $673.8M | $615.3M | $595.5M | $638.6M | $611.9M | $538.9M | $522.2M |
| Research & development | $65.3M | $66.5M | $68.0M | $57.0M | $57.8M | $58.3M | $57.8M | $52.7M | $50.1M | $46.8M |
| Sales, general & admin | $414.3M | $394.7M | $381.1M | $338.9M | $332.9M | $290.3M | $330.5M | $324.8M | $297.8M | $306.1M |
| Total operating expenses | $469.1M | $471.3M | $620.8M | $434.7M | $592.6M | $423.6M | $450.4M | $438.4M | $499.3M | $361.5M |
| Operating income | $402.0M | $389.2M | $231.3M | $239.1M | $22.8M | $171.9M | $188.2M | $173.5M | $39.6M | $160.7M |
| Interest income | $5.9M | $7.0M | $8.2M | $4.2M | $3.3M | $3.5M | $4.4M | $4.6M | $3.6M | $2.8M |
| Interest expense | $31.8M | $36.9M | $46.7M | $21.7M | $10.8M | $9.4M | $13.6M | $18.9M | $15.4M | $16.4M |
| Income before taxes | $366.4M | $375.0M | $206.7M | $238.5M | $23.6M | $168.1M | $185.8M | $162.3M | $29.8M | $151.9M |
| Income taxes | $87.5M | $90.0M | $148.1M | $58.9M | $1.8M | $43.0M | $46.5M | $37.2M | $2.8M | $57.8M |
| Net income | $278.9M | $285.0M | $58.6M | $179.6M | $21.3M | $124.1M | $138.0M | $124.2M | $26.0M | $91.9M |
| EBITDA | $469.8M | $476.2M | $314.2M | $316.5M | $84.7M | $217.3M | $237.4M | $219.1M | $83.0M | $203.6M |
| EPS (diluted) | $7.93 | $7.70 | $7.03 | $5.64 | $4.62 | $4.50 | $4.80 | $4.51 | $3.66 | $2.77 |
| Gross margin | 46.5% | 47.6% | 47.7% | 44.1% | 43.9% | 44.2% | 45.6% | 45.1% | 45.0% | 45.4% |
| Operating margin | 21.4% | 21.5% | 12.9% | 15.7% | 1.6% | 12.7% | 13.4% | 12.8% | 3.3% | 14.0% |
| Net margin | 14.9% | 15.8% | 3.3% | 11.8% | 1.5% | 9.2% | 9.8% | 9.1% | 2.2% | 8.0% |
| 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 | $503.3M | $463.6M | $510.9M | $468.4M | $474.1M | $421.3M | $499.7M | $432.7M | $462.5M | $413.3M | $495.4M | $446.7M |
| Cost of revenue | $254.0M | $244.1M | $271.5M | $250.8M | $253.4M | $227.9M | $265.3M | $225.2M | $239.4M | $217.8M | $257.2M | $228.0M |
| Gross profit | $249.3M | $219.6M | $239.4M | $217.6M | $220.7M | $193.4M | $234.4M | $207.5M | $223.0M | $195.5M | $238.2M | $218.8M |
| Research & development | $19.2M | $16.4M | $16.2M | $16.5M | $17.0M | $15.7M | $16.8M | $16.7M | $17.1M | $15.9M | $19.1M | $17.7M |
| Sales, general & admin | $114.1M | $107.7M | $105.4M | $102.9M | $112.1M | $94.0M | $100.4M | $95.1M | $105.1M | $94.2M | $107.0M | $102.2M |
| Total operating expenses | $131.6M | $121.9M | $95.4M | $123.3M | $134.8M | $115.6M | $116.8M | $116.0M | $123.1M | $115.4M | $135.9M | $124.6M |
| Operating income | $117.7M | $97.7M | $144.1M | $94.3M | $85.9M | $77.8M | $117.6M | $91.5M | $99.9M | $80.1M | $102.2M | $94.1M |
| Interest income | — | — | $8.4M | $8.4M | $8.1M | $6.8M | $7.3M | $9.2M | — | — | — | $12.5M |
| Interest expense | $8.0M | $7.7M | $8.4M | $8.4M | $8.1M | $6.8M | $7.3M | $9.2M | $9.7M | $10.7M | $9.6M | $12.5M |
| Income before taxes | $111.4M | $93.0M | $113.2M | $92.5M | $82.7M | $77.9M | $116.8M | $88.2M | $94.4M | $75.6M | $99.3M | $87.7M |
| Income taxes | $25.2M | $21.7M | $26.3M | $22.8M | $20.0M | $18.3M | $28.9M | $21.5M | $22.2M | $17.5M | $22.9M | $22.4M |
| Net income | $86.2M | $71.3M | $86.9M | $69.6M | $62.8M | $59.6M | $87.9M | $66.6M | $72.2M | $58.1M | $76.4M | $65.3M |
| EBITDA | $137.1M | $119.0M | $144.1M | $119.5M | $109.0M | $101.0M | $140.9M | $113.3M | $120.1M | $101.9M | $124.7M | $115.7M |
| EPS (diluted) | $2.40 | $1.99 | $2.38 | $1.94 | $1.93 | $1.68 | $2.25 | $1.83 | $2.01 | $1.61 | $2.06 | $1.78 |
| Gross margin | 49.5% | 47.4% | 46.9% | 46.5% | 46.6% | 45.9% | 46.9% | 47.9% | 48.2% | 47.3% | 48.1% | 49.0% |
| Operating margin | 23.4% | 21.1% | 28.2% | 20.1% | 18.1% | 18.5% | 23.5% | 21.1% | 21.6% | 19.4% | 20.6% | 21.1% |
| Net margin | 17.1% | 15.4% | 17.0% | 14.9% | 13.2% | 14.1% | 17.6% | 15.4% | 15.6% | 14.1% | 15.4% | 14.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MSA's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MSA financial results
In fiscal year 2025 (ended December 31, 2025), MSA Safety reported revenue of $1.9 billion, up 3.7% from the year before. It had net income of $278.9 million (down 2.1%), a net profit margin of 14.9%. Diluted earnings per share came to $7.93. Over five years revenue grew at an average rate of 6.8% a year.
See the MSA stock overview for the latest quote and news, or the MSA chart for price history and technical indicators.
MSA income statement FAQ
What is MSA Safety's annual revenue?
MSA Safety reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.7% from $1.8 billion the previous year.
Is MSA Safety profitable?
Yes. MSA Safety reported net income of $278.9 million in fiscal 2025, a net profit margin of 14.9%; its operating margin was 21.4%.
What is MSA Safety's gross margin?
MSA Safety's gross margin was 46.5% in fiscal 2025: for every $100 of revenue, MSA Safety kept $46 after the direct cost of its products and services.
How much does MSA Safety spend on research and development?
MSA Safety spent $65.3 million on research and development in fiscal 2025, 3.5% of revenue.
How fast is MSA Safety growing?
Revenue grew 6.8% a year on average over the last five fiscal years, from $1.3 billion to $1.9 billion.
What are MSA Safety's earnings per share?
MSA Safety earned $7.93 per diluted share in fiscal 2025, compared with $7.70 a year earlier.
When will MSA Safety report its next earnings?
MSA Safety is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does MSA Safety's fiscal year end?
MSA Safety's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.