National Research Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	137.39	143.06	148.58	151.57	147.95
Revenue Growth (YoY)	-3.96%	-3.72%	-1.97%	2.44%	11.01%
Cost of Revenue	52.37	56.93	56.02	57.05	52.35
Gross Profit	85.02	86.13	92.57	94.52	95.6
Selling, General & Admin	54.81	44.85	46.58	42.69	38.81
Operating Expenses	62.43	50.88	52.48	47.96	44.86
Operating Income	22.59	35.25	40.09	46.56	50.74
Interest Expense	-4.76	-2.6	-0.86	-1.21	-1.67
Interest & Investment Income	0.11	0.13	0.82	0.17	0.01
Other Non Operating Income (Expenses)	-0.1	-0.03	-0.04	-2.69	0
EBT Excluding Unusual Items	17.84	32.75	40	42.83	49.1
Merger & Restructuring Charges	-	-	-	-	-0.12
Asset Writedown	-	-0.06	-0.04	-0.01	-0.36
Pretax Income	17.84	32.69	39.96	42.82	48.62
Income Tax Expense	6.24	7.91	8.99	11.02	11.16
Net Income	11.6	24.78	30.97	31.8	37.47
Preferred Dividends & Other Adjustments	-	0	0.01	0.02	0.02
Net Income to Common	11.6	24.78	30.96	31.78	37.45
Net Income Growth	-53.19%	-19.98%	-2.61%	-15.12%	0.55%
Shares Outstanding (Basic)	22	24	25	25	25
Shares Outstanding (Diluted)	22	24	25	25	26
Shares Change (YoY)	-5.67%	-3.77%	-1.51%	-2.29%	-0.22%
EPS (Basic)	0.52	1.05	1.26	1.28	1.47
EPS (Diluted)	0.50	1.04	1.25	1.27	1.46
EPS Growth	-51.92%	-16.80%	-1.57%	-13.01%	0.69%
Free Cash Flow	15.74	19.18	22.33	26.43	40.83
Free Cash Flow Per Share	0.70	0.81	0.91	1.05	1.59
Dividend Per Share	0.520	0.480	0.480	0.840	0.480
Dividend Growth	8.33%	-	-42.86%	75.00%	128.57%
Gross Margin	61.88%	60.20%	62.30%	62.36%	64.62%
Operating Margin	16.44%	24.64%	26.98%	30.72%	34.30%
Profit Margin	8.44%	17.32%	20.84%	20.97%	25.31%
Free Cash Flow Margin	11.46%	13.41%	15.03%	17.44%	27.60%
EBITDA	30.21	41.27	45.99	51.83	56.79
EBITDA Margin	21.99%	28.85%	30.95%	34.20%	38.39%
D&A For EBITDA	7.62	6.02	5.9	5.28	6.05
EBIT	22.59	35.25	40.09	46.56	50.74
EBIT Margin	16.44%	24.64%	26.98%	30.72%	34.30%
Effective Tax Rate	34.99%	24.19%	22.50%	25.73%	22.94%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.