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	44.91	46.62	42.7	38.96
Depreciation & Amortization Expenses	7.62	6.02	5.9	5.28	6.37
Total Operating Expenses	62.43	50.93	52.52	47.98	45.33
Operating Income	22.59	35.19	40.05	46.54	50.27
Interest Income	0.11	0.13	0.82	0.17	0.01
Interest Expense	-4.76	-2.6	-0.86	-1.21	-1.67
Other Non-Operating Income (Expense)	-0.1	-0.03	-0.04	-2.69	0
Total Non-Operating Income (Expense)	-4.75	-2.5	-0.08	-3.73	-1.65
Pretax Income	17.85	32.69	39.96	42.82	48.62
Provision for Income Taxes	6.25	7.91	8.99	11.02	11.16
Net Income	11.6	24.78	30.97	31.8	37.47
Net Income to Common	11.6	24.78	30.97	31.8	37.47
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)	0.50	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 Growth	-17.90%	-14.13%	-15.50%	-35.27%	11.40%
Free Cash Flow Per Share	0.70	0.81	0.91	1.06	1.59
Dividends 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%	24.60%	26.95%	30.71%	33.98%
Profit Margin	8.44%	17.32%	20.84%	20.98%	25.32%
FCF Margin	11.46%	13.40%	15.03%	17.44%	27.60%
EBITDA	30.21	41.22	45.94	51.82	56.64
EBITDA Margin	21.99%	28.81%	30.92%	34.19%	38.28%
EBIT	22.59	35.19	40.05	46.54	50.27
EBIT Margin	16.44%	24.60%	26.95%	30.71%	33.98%
Effective Tax Rate	35.00%	24.19%	22.50%	25.73%	22.94%

Updated Feb 3, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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