NL Industries, Inc. (NL) Income Statement
NL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNL revenue and net income
Where NL's revenue goes
2025Each bar shows an amount and its share of revenue. NL kept −23.9% of revenue as net income.
NL profit margins
NL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.5% | −1.7% | +6.7% | +3.8% |
| Gross profit | +16.5% | −0.4% | +8.0% | +3.7% |
| Operating income | −74.8% | −11.4% | +32.2% | +41.3% |
| Net income | −156.3% | — | — | — |
| EPS (diluted) | −169.4% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NL quarterly EPS vs estimates
NL Industries beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.21).
NL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.3M | $145.9M | $161.3M | $166.6M | $140.8M | $114.5M | $124.2M | $118.2M | $112.0M | $108.9M |
| Cost of revenue | $110.1M | $104.6M | $112.1M | $117.8M | $98.1M | $81.7M | $85.3M | $79.9M | $77.2M | $73.7M |
| Gross profit | $48.2M | $41.4M | $49.2M | $48.8M | $42.7M | $32.8M | $39.0M | $38.3M | $34.8M | $35.2M |
| Research & development | $16.0M | — | $18.0M | $15.0M | $17.0M | $16.0M | $17.0M | $18.0M | $17.0M | $13.0M |
| Sales, general & admin | $26.7M | $25.6M | $25.2M | $24.5M | $22.9M | $31.3M | $35.3M | $38.9M | $34.5M | $36.6M |
| Total operating expenses | $38.6M | $3.5M | $35.1M | $35.1M | $32.3M | $30.5M | $40.6M | $38.3M | $34.3M | $36.6M |
| Operating income | $9.5M | $37.9M | $14.1M | $13.7M | $10.5M | $2.4M | −$1.6M | −$60.7M | $900,000 | −$1.0M |
| Interest income | $7.0M | $11.0M | $8.3M | $26.6M | $51.0M | $2.6M | $6.7M | $5.1M | $3.6M | $1.7M |
| Interest expense | $767,000 | $530,000 | $746,000 | $941,000 | $1.1M | $1.4M | $700,000 | $37,000 | $30,000 | $4,000 |
| Income before taxes | −$51.4M | $83.3M | −$6.4M | $39.2M | $60.8M | $13.6M | $28.6M | −$54.4M | $112.2M | $13.9M |
| Income taxes | −$16.1M | $14.1M | −$7.0M | $2.8M | $7.5M | −$2.5M | $579,000 | −$15.4M | −$5.6M | −$2.8M |
| Net income | −$37.8M | $67.2M | −$2.3M | $33.8M | $51.2M | $14.7M | $25.8M | −$41.0M | $116.1M | $15.3M |
| EBITDA | −$47.0M | $87.5M | −$1.7M | $44.2M | $65.8M | $18.8M | $33.0M | −$50.9M | $8.0M | $17.7M |
| EPS (diluted) | −$0.77 | $1.11 | −$0.02 | $0.69 | $0.67 | $0.60 | $0.60 | $0.69 | $1.61 | $0.31 |
| Gross margin | 30.4% | 28.3% | 30.5% | 29.3% | 30.4% | 28.7% | 31.4% | 32.4% | 31.1% | 32.3% |
| Operating margin | 6.0% | 26.0% | 8.8% | 8.2% | 7.5% | 2.1% | −1.3% | −51.4% | 0.8% | −0.9% |
| Net margin | −23.9% | 46.1% | −1.4% | 20.3% | 36.4% | 12.8% | 20.8% | −34.7% | 103.7% | 14.0% |
| 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 | $43.6M | $40.6M | $37.7M | $40.0M | $40.4M | $40.3M | $38.4M | $33.7M | $35.9M | $38.0M | $43.2M | $40.4M |
| Cost of revenue | $28.1M | $27.3M | $25.6M | $28.9M | $27.5M | $28.1M | $27.4M | $24.2M | $24.7M | $28.3M | $29.5M | $27.7M |
| Gross profit | $15.5M | $13.3M | $12.1M | $11.0M | $12.9M | $12.2M | $11.1M | $9.5M | $11.2M | $9.7M | $13.6M | $12.6M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $18.0M | — |
| Sales, general & admin | $6.6M | $6.2M | $7.6M | $6.3M | $6.9M | $6.3M | $6.4M | $6.4M | $6.4M | $7.6M | $6.4M | $6.5M |
| Total operating expenses | $9.4M | $8.5M | $10.4M | $9.2M | $10.1M | $9.0M | −$22.6M | $7.4M | $10.4M | $7.6M | $8.8M | $8.9M |
| Operating income | $6.1M | $4.7M | $1.7M | $1.9M | $2.8M | $3.1M | $33.7M | $2.0M | $791,000 | $2.1M | $4.8M | $3.7M |
| Interest income | $1.1M | $1.3M | $1.4M | $2.1M | $1.5M | $2.0M | $3.0M | $2.7M | $2.7M | $2.6M | $3.2M | $3.6M |
| Interest expense | $11,000 | $11,000 | $11,000 | $90,000 | $90,000 | $575,000 | $90,000 | $147,000 | $148,000 | $145,000 | $146,000 | $202,000 |
| Income before taxes | $12.4M | $6.6M | −$45.5M | −$8.2M | $1.0M | $1.3M | $20.4M | $44.9M | $9.8M | $8.3M | $8.3M | −$297,000 |
| Income taxes | $2.5M | $1.5M | −$15.1M | −$854,000 | −$43,000 | −$23,000 | $3.3M | $8.5M | $1.3M | $988,000 | −$157,000 | −$965,000 |
| Net income | $9.0M | $4.3M | −$31.0M | −$7.9M | $355,000 | $667,000 | $16.5M | $36.0M | $7.8M | $6.8M | $7.6M | −$69,000 |
| EBITDA | $13.2M | $7.4M | −$44.6M | −$7.2M | $2.0M | $2.8M | $21.4M | $45.9M | $10.8M | $2.7M | $9.4M | $892,000 |
| EPS (diluted) | $0.18 | $0.09 | −$0.63 | −$0.16 | $0.01 | $0.01 | $0.34 | $0.74 | $0.16 | −$0.13 | $0.16 | −$0.00 |
| Gross margin | 35.6% | 32.7% | 32.1% | 27.6% | 31.9% | 30.2% | 28.8% | 28.1% | 31.1% | 25.5% | 31.6% | 31.3% |
| Operating margin | 14.1% | 11.6% | 4.6% | 4.6% | 6.9% | 7.8% | 87.7% | 6.0% | 2.2% | 5.4% | 11.2% | 9.1% |
| Net margin | 20.5% | 10.7% | −82.2% | −19.7% | 0.9% | 1.7% | 43.1% | 107.0% | 21.8% | 18.0% | 17.6% | −0.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NL's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NL financial results
In fiscal year 2025 (ended December 31, 2025), NL Industries reported revenue of $158.3 million, up 8.5% from the year before. It had a net loss of $37.8 million, a net profit margin of −23.9%. Diluted earnings per share came to −$0.77. Over five years revenue grew at an average rate of 6.7% a year.
See the NL stock overview for the latest quote and news, or the NL chart for price history and technical indicators.
NL income statement FAQ
What is NL Industries's annual revenue?
NL Industries reported total revenue of $158.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.5% from $145.9 million the previous year.
Is NL Industries profitable?
No. NL Industries reported a net loss of $37.8 million in fiscal 2025, a net profit margin of −23.9%; its operating margin was 6.0%.
What is NL Industries's gross margin?
NL Industries's gross margin was 30.4% in fiscal 2025: for every $100 of revenue, NL Industries kept $30 after the direct cost of its products and services.
How much does NL Industries spend on research and development?
NL Industries spent $16.0 million on research and development in fiscal 2025, 10.1% of revenue.
How fast is NL Industries growing?
Revenue grew 6.7% a year on average over the last five fiscal years, from $114.5 million to $158.3 million.
What are NL Industries's earnings per share?
NL Industries earned $-0.77 per diluted share in fiscal 2025, compared with $1.11 a year earlier.
When will NL Industries report its next earnings?
NL Industries is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does NL Industries's fiscal year end?
NL Industries's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.