Revenue growth has decelerated to 1.8% in 2026Q1, while operating margins remain highly sensitive to seasonal SG&A spikes, compressing from 25.3% in 2025Q3 to 7.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.49B | 1.49B | 1.45B | 1.32B | 1.09B | 879.52M | 539.01M | 713.51M | 675.57M | 591.25M | 521.07M | 468.54M | 499.26M | 563.58M | 654.12M | 615.22M | 460.41M | 409.46M | 446.12M | 389.56M | 321.05M | 273.53M | 236.05M | 185.59M | 130.35M | 112.23M | 101.58M | 87.1M | 89.4M | 91.5M | 93.3M |
| Revenue Growth % | 1.87% | 2.49% | 10.22% | 21.26% | 23.55% | 63.17% | -24.46% | 5.62% | 14.26% | 13.47% | 11.21% | -6.15% | -11.41% | -13.84% | 6.32% | 33.62% | 12.44% | -8.22% | 14.52% | 21.34% | 17.37% | 15.88% | 27.19% | 42.38% | 16.14% | 10.49% | 16.63% | -2.57% | -2.3% | -1.93% | -0.43% |
| Cost of Goods Sold | 538.69M | 541.29M | 524.98M | 478.6M | 392.23M | 322.61M | 208.28M | 267.58M | 248.01M | 214.97M | 194.6M | 179.07M | 212.22M | 234.8M | 246.93M | 231.75M | 187.5M | 175.3M | 191.91M | 160.14M | 143.85M | 115.83M | 113.99M | 93.02M | 69.76M | 57.89M | 49.51M | 42.9M | 46M | 48.2M | 49.8M |
| COGS % of Revenue | - | 36.36% | 36.15% | 36.32% | 36.1% | 36.68% | 38.64% | 37.5% | 36.71% | 36.36% | 37.35% | 38.22% | 42.51% | 41.66% | 37.75% | 37.67% | 40.72% | 42.81% | 43.02% | 41.11% | 44.81% | 42.34% | 48.29% | 50.12% | 53.52% | 51.58% | 48.74% | 49.25% | 51.45% | 52.68% | 53.38% |
| Gross Profit | 955.88M | 947.22M | 927.34M | 839.08M | 694.42M | 556.9M | 330.73M | 445.94M | 427.56M | 376.29M | 326.47M | 289.47M | 287.04M | 328.78M | 407.19M | 383.47M | 272.91M | 234.17M | 254.21M | 229.42M | 177.2M | 157.71M | 122.06M | 92.56M | 60.59M | 54.35M | 52.07M | 44.2M | 43.4M | 43.3M | 43.5M |
| Gross Margin % | 63.96% | 63.64% | 63.85% | 63.68% | 63.9% | 63.32% | 61.36% | 62.5% | 63.29% | 63.64% | 62.65% | 61.78% | 57.49% | 58.34% | 62.25% | 62.33% | 59.28% | 57.19% | 56.98% | 58.89% | 55.19% | 57.66% | 51.71% | 49.88% | 46.48% | 48.42% | 51.26% | 50.75% | 48.55% | 47.32% | 46.62% |
| Gross Profit Growth % | - | 2.14% | 10.52% | 20.83% | 24.69% | 68.39% | -25.83% | 4.3% | 13.63% | 15.26% | 12.78% | 0.85% | -12.7% | -19.26% | 6.18% | 40.51% | 16.54% | -7.88% | 10.8% | 29.47% | 12.36% | 29.2% | 31.86% | 52.77% | 11.49% | 4.37% | 17.81% | 1.84% | 0.23% | -0.46% | -6.05% |
| Operating Expenses | 686.51M | 676.9M | 652.54M | 587.7M | 500.12M | 408.85M | 260.65M | 341.21M | 332.83M | 297.66M | 259.79M | 228.27M | 233.63M | 250.03M | 128.77M | 316.54M | 216.47M | 189.37M | 203.2M | 182.09M | 141.07M | 126.35M | 89.52M | 66.57M | 43.07M | 39.62M | 39.87M | 34.4M | 34.3M | 33.5M | 34M |
| OpEx % of Revenue | - | 45.48% | 44.93% | 44.6% | 46.02% | 46.49% | 48.36% | 47.82% | 49.27% | 50.34% | 49.86% | 48.72% | 46.8% | 44.36% | 19.69% | 51.45% | 47.02% | 46.25% | 45.55% | 46.74% | 43.94% | 46.19% | 37.92% | 35.87% | 33.04% | 35.31% | 39.25% | 39.49% | 38.37% | 36.61% | 36.44% |
| Selling, General & Admin | 686.51M | 676.9M | 648.54M | 587.7M | 492.37M | 406.46M | 260.65M | 341.21M | 332.83M | 295.54M | 258.79M | 228.27M | 233.63M | 250.03M | 325.8M | 315.7M | 216.47M | 187.69M | 202.26M | 181.22M | 141.07M | 126.35M | 89.52M | 66.57M | 43.07M | 39.62M | 37.51M | 32M | 32.9M | 32.3M | 32.4M |
| SG&A % of Revenue | - | 45.48% | 44.66% | 44.6% | 45.31% | 46.21% | 48.36% | 47.82% | 49.27% | 49.99% | 49.66% | 48.72% | 46.8% | 44.36% | 49.81% | 51.31% | 47.02% | 45.84% | 45.34% | 46.52% | 43.94% | 46.19% | 37.92% | 35.87% | 33.04% | 35.31% | 36.92% | 36.74% | 36.8% | 35.3% | 34.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 4M | 0 | 7.75M | 2.39M | 0 | 0 | 0 | 2.12M | 1.01M | 0 | 0 | 0 | -197.03M | 837K | 0 | 1.68M | 936K | 868K | 0 | 0 | 0 | 0 | 0 | 0 | 2.36M | 2.4M | 1.4M | 1.2M | 1.6M |
| Operating Income | 269.37M | 270.32M | 274.8M | 251.38M | 194.3M | 148.05M | 70.08M | 104.73M | 94.73M | 78.62M | 66.68M | 61.2M | 53.4M | 78.75M | 278.41M | 66.94M | 56.44M | 44.8M | 51.01M | 47.33M | 36.13M | 31.35M | 32.54M | 25.99M | 17.52M | 14.72M | 12.2M | 9.8M | 9.1M | 9.8M | 9.5M |
| Operating Margin % | 18.02% | 18.16% | 18.92% | 19.08% | 17.88% | 16.83% | 13% | 14.68% | 14.02% | 13.3% | 12.8% | 13.06% | 10.7% | 13.97% | 42.56% | 10.88% | 12.26% | 10.94% | 11.43% | 12.15% | 11.25% | 11.46% | 13.79% | 14.01% | 13.44% | 13.12% | 12.01% | 11.25% | 10.18% | 10.71% | 10.18% |
| Operating Income Growth % | - | -1.63% | 9.31% | 29.38% | 31.24% | 111.25% | -33.08% | 10.55% | 20.49% | 17.91% | 8.95% | 14.61% | -32.19% | -71.71% | 315.92% | 18.61% | 25.97% | -12.17% | 7.77% | 31.02% | 15.22% | -3.66% | 25.2% | 48.36% | 19.01% | 20.67% | 24.49% | 7.69% | -7.14% | 3.16% | -20.83% |
| EBITDA | 291.46M | 271.33M | 303.15M | 268.71M | 216.84M | 160.75M | 79.15M | 113.46M | 105.76M | 90.54M | 82.02M | 70.28M | 63.57M | 89.86M | 293.97M | 80.01M | 65.62M | 55.76M | 60.93M | 55.36M | 41.47M | 35.87M | 36.53M | 29.34M | 19.74M | 16.86M | 14.56M | 12.2M | 10.5M | 11M | 11.1M |
| EBITDA Margin % | 19.5% | 18.23% | 20.87% | 20.39% | 19.96% | 18.28% | 14.68% | 15.9% | 15.66% | 15.31% | 15.74% | 15% | 12.73% | 15.95% | 44.94% | 13.01% | 14.25% | 13.62% | 13.66% | 14.21% | 12.92% | 13.11% | 15.48% | 15.81% | 15.14% | 15.02% | 14.34% | 14.01% | 11.74% | 12.02% | 11.9% |
| EBITDA Growth % | -6.03% | -10.5% | 12.82% | 23.92% | 34.9% | 103.09% | -30.24% | 7.27% | 16.82% | 10.39% | 16.7% | 10.56% | -29.26% | -69.43% | 267.4% | 21.92% | 17.68% | -8.48% | 10.06% | 33.49% | 15.63% | -1.82% | 24.52% | 48.62% | 17.11% | 15.75% | 19.36% | 16.19% | -4.55% | -0.9% | -16.54% |
| D&A (Non-Cash Add-back) | 12.91M | 0 | 28.36M | 17.33M | 22.54M | 12.7M | 9.07M | 8.73M | 11.03M | 11.91M | 15.34M | 9.08M | 10.17M | 11.11M | 15.55M | 13.07M | 9.19M | 10.96M | 9.93M | 8.03M | 5.35M | 4.51M | 3.99M | 3.34M | 2.22M | 2.13M | 2.36M | 2.4M | 1.4M | 1.2M | 1.6M |
| EBIT | 278.52M | 271.33M | 276.22M | 260.85M | 197.82M | 153.84M | 71.32M | 107.29M | 98.44M | 80.06M | 69.41M | 63.32M | 58.19M | 82.03M | 276.42M | 69.59M | 55.96M | 48.99M | 51.37M | 47.33M | 36.13M | 31.35M | 32.54M | 25.99M | 17.52M | 14.72M | 12.2M | 9.8M | 9.1M | 9.8M | 9.5M |
| Net Interest Income | 1.69M | 3.88M | -5.61M | -524K | 1.89M | 578K | 895K | 1.55M | 1.38M | 991K | 991K | 169K | 2.41M | 3.06M | -521K | -1.09M | -464K | -1.67M | -3.19M | -501K | 506K | 224K | -16K | 675K | 234K | 768K | 702K | 0 | -500K | 0 | -900K |
| Interest Income | 3.46M | 3.88M | 2.22M | 10.73M | 5.49M | 3.4M | 2.87M | 3.69M | 3.96M | 2.98M | 3.33M | 3M | 3.89M | 4.44M | 1.13M | 1.1M | 1.65M | 982K | 1.75M | 3.17M | 2.3M | 1.19M | 782K | 946K | 628K | 1.11M | 1.06M | 0 | 0 | 0 | 0 |
| Interest Expense | 5.53M | 0 | 7.83M | 11.25M | 3.6M | 2.83M | 1.97M | 2.15M | 2.58M | 1.99M | 2.34M | 2.83M | 1.48M | 1.38M | 1.65M | 2.2M | 2.12M | 2.65M | 4.94M | 3.67M | 1.8M | 970K | 798K | 271K | 394K | 347K | 363K | 0 | 500K | 0 | 900K |
| Other Income/Expense | 4.2M | 1.01M | -6.41M | -1.79M | -84K | 2.97M | -734K | 419K | 1.13M | -558K | 396K | -707K | 3.31M | 1.89M | -3.65M | 454K | -2.6M | 1.55M | -4.58M | -55K | 1.01M | 371K | -905K | 639K | 61K | 734K | 20K | -1M | -900K | -2.4M | -1M |
| Pretax Income | 273.57M | 271.33M | 268.39M | 249.59M | 194.22M | 151.02M | 69.35M | 105.15M | 95.86M | 78.06M | 67.07M | 60.5M | 56.72M | 80.65M | 274.76M | 67.39M | 53.84M | 46.35M | 46.43M | 47.28M | 37.13M | 31.72M | 31.64M | 26.63M | 17.58M | 15.46M | 12.22M | 8.8M | 8.2M | 7.4M | 8.5M |
| Pretax Margin % | 18.3% | 18.23% | 18.48% | 18.94% | 17.87% | 17.17% | 12.87% | 14.74% | 14.19% | 13.2% | 12.87% | 12.91% | 11.36% | 14.31% | 42.01% | 10.95% | 11.69% | 11.32% | 10.41% | 12.14% | 11.57% | 11.6% | 13.4% | 14.35% | 13.49% | 13.77% | 12.03% | 10.1% | 9.17% | 8.09% | 9.11% |
| Income Tax | 45.18M | 63.19M | 64.96M | 61.82M | 43.18M | 40.99M | 19.38M | 29.08M | 26.14M | 22.81M | 23.83M | 21.53M | 19.37M | 29.68M | 97.88M | 24.44M | 18.16M | 16.19M | 16.31M | 16.68M | 13.2M | 11.13M | 11.54M | 9.4M | 6.28M | 5.66M | 5.63M | 4M | 3.6M | 2.9M | 2.8M |
| Effective Tax Rate % | 16.51% | 23.29% | 24.2% | 24.77% | 22.23% | 27.14% | 27.95% | 27.65% | 27.27% | 29.22% | 35.52% | 35.58% | 34.15% | 36.8% | 35.62% | 36.27% | 33.74% | 34.93% | 35.13% | 35.27% | 35.55% | 35.09% | 36.48% | 35.31% | 35.73% | 36.61% | 46.08% | 45.45% | 43.9% | 39.19% | 32.94% |
| Net Income | 201.1M | 168.39M | 164.36M | 152.65M | 120.94M | 87.41M | 38.22M | 60.25M | 53.79M | 41.59M | 33.33M | 30.44M | 29.44M | 39.21M | 131.14M | 32.3M | 26.59M | 22.37M | 23.77M | 23.82M | 17.74M | 15.26M | 15.7M | 13.84M | 9.4M | 8.12M | 6.59M | 4.8M | 4.6M | 4.5M | 5.7M |
| Net Margin % | 13.46% | 11.31% | 11.32% | 11.59% | 11.13% | 9.94% | 7.09% | 8.44% | 7.96% | 7.03% | 6.4% | 6.5% | 5.9% | 6.96% | 20.05% | 5.25% | 5.78% | 5.46% | 5.33% | 6.11% | 5.53% | 5.58% | 6.65% | 7.46% | 7.22% | 7.23% | 6.49% | 5.51% | 5.15% | 4.92% | 6.11% |
| Net Income Growth % | 21.29% | 2.45% | 7.67% | 26.22% | 38.36% | 128.71% | -36.56% | 12% | 29.33% | 24.79% | 9.51% | 3.4% | -24.93% | -70.1% | 305.96% | 21.47% | 18.89% | -5.88% | -0.22% | 34.24% | 16.24% | -2.8% | 13.49% | 47.12% | 15.84% | 23.22% | 37.27% | 4.35% | 2.22% | -21.05% | -36.67% |
| Net Income (Continuing) | 228.39M | 208.15M | 203.43M | 187.78M | 151.04M | 110.03M | 49.97M | 76.07M | 69.72M | 55.25M | 43.25M | 38.97M | 37.34M | 50.97M | 176.89M | 42.95M | 35.67M | 30.16M | 30.12M | 23.82M | 17.74M | 15.26M | 15.7M | 13.84M | 9.4M | 8.12M | 6.59M | 4.8M | 4.6M | 4.5M | 5.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 230.91M | 223.31M | 197.77M | 192.78M | 171.36M | 166.41M | 166.62M | 140.99M | 138.14M | 137.34M | 113.27M | 110.8M | 116.66M | 128.15M | 118.5M | 71.68M | 64.97M | 58.69M | 51.31M | 53.92M | 44.08M | 32.46M | 30.7M | 21.2M | 13.47M | 9.82M | 8.57M | 8M | 7.3M | 5.6M | 5.6M |
| EPS (Diluted) | 6.28 | 5.24 | 5.12 | 4.75 | 3.78 | 2.75 | 1.21 | 1.90 | 1.71 | 1.33 | 1.07 | 0.98 | 0.95 | 1.27 | 4.26 | 1.05 | 0.87 | 0.74 | 0.77 | 0.76 | 0.57 | 0.50 | 0.51 | 0.46 | 0.31 | 0.27 | 0.23 | 0.18 | 0.15 | 0.14 | 0.17 |
| EPS Growth % | -16.46% | 2.34% | 7.79% | 25.66% | 37.45% | 127.27% | -36.32% | 11.11% | 28.57% | 24.3% | 9.18% | 3.16% | -25.2% | -70.19% | 305.71% | 20.69% | 17.57% | -3.9% | 1.32% | 33.33% | 14% | -1.96% | 10.87% | 48.39% | 14.81% | 17.39% | 27.78% | 20% | 7.14% | -17.65% | -34.62% |
| EPS (Basic) | - | 5.25 | 5.13 | 4.77 | 3.80 | 2.76 | 1.21 | 1.92 | 1.72 | 1.33 | 1.07 | 0.98 | 0.95 | 1.27 | 4.29 | 1.06 | 0.88 | 0.74 | 0.78 | 0.78 | 0.58 | 0.51 | 0.55 | 0.49 | 0.33 | 0.31 | 0.25 | 0.19 | 0.16 | 0.14 | 0.17 |
| Diluted Shares Outstanding | 32.03M | 32.14M | 32.12M | 32.14M | 31.99M | 31.84M | 31.65M | 31.69M | 31.52M | 31.31M | 31.18M | 31.1M | 31.06M | 30.95M | 30.72M | 30.68M | 30.48M | 30.12M | 30.78M | 31M | 30.85M | 30.73M | 30.74M | 30.17M | 29.92M | 29.9M | 29.25M | 27.35M | 30.03M | 31.61M | 33.7M |
| Basic Shares Outstanding | 32.03M | 32.1M | 32.04M | 31.99M | 31.86M | 31.68M | 31.54M | 31.45M | 31.31M | 31.17M | 31.07M | 31M | 30.93M | 30.76M | 30.57M | 30.51M | 30.36M | 30.1M | 30.62M | 30.67M | 30.49M | 30.12M | 28.81M | 28.55M | 28.17M | 26.75M | 26.39M | 25.62M | 29.39M | 31.61M | 33.7M |
| Dividend Payout Ratio | - | 61% | 58.42% | 52.44% | 52.71% | 36.25% | 54.44% | 57.39% | 48.87% | 50.95% | 54.05% | 51.93% | 50.42% | 72.25% | 7.46% | 28.8% | 26.01% | 17.77% | 17.12% | 16.29% | 18.32% | 19.69% | 13.43% | 13.28% | 11.88% | 2.43% | 2.05% | 2.08% | - | - | - |
License concentration and seasonality
As reported in recent financial filings, IPAR's revenue growth has exhibited significant volatility, fluctuating from a 15.4% year-over-year increase in 2024Q3 to a modest 1.8% growth in 2026Q1, reflecting the inherent seasonality of the prestige fragrance market and the timing of major product launches.
The deceleration in top-line growth suggests that the company is highly dependent on the cyclical nature of holiday-driven retail demand. Investors should monitor whether the recent onboarding of new licenses like Lacoste can provide a more consistent growth floor to offset the inherent lumpiness of the existing portfolio.
Based on the provided income statement data, IPAR has maintained a robust gross margin profile, consistently hovering around the 63% to 66% range, which suggests strong pricing power and effective cost management within its premium fragrance licensing model despite broader inflationary pressures in the beauty sector.
This margin stability appears to be a direct result of the company's ability to leverage high-value brand equity against relatively stable production costs. The consistency in these figures implies that the company has successfully avoided the deep discounting cycles that have plagued larger, more diversified beauty conglomerates.
According to the quarterly income statements, IPAR's operating margins demonstrate extreme sensitivity to seasonal SG&A spikes, with operating income margins compressing from 25.3% in 2025Q3 to 7.1% in 2025Q4, indicating that marketing and promotional investments are heavily front-loaded to capture holiday-season consumer spending.
The sharp contraction in operating margins during the fourth quarter suggests that management prioritizes market share and brand visibility during peak periods over short-term profitability. This strategy warrants further investigation into whether the return on these heavy A&P investments is sufficient to drive long-term brand loyalty.
As indicated by the reported financial figures, net income volatility is pronounced, with EPS swinging from $3.11 in 2024Q3 to $0.32 in 2023Q4, a trend that appears largely driven by the timing of seasonal marketing expenditures rather than underlying structural changes in the business model.
The disparity between quarterly earnings suggests that investors should focus on trailing twelve-month performance rather than individual quarterly results to gauge true profitability. Furthermore, the presence of non-controlling interests in the European subsidiary necessitates careful adjustment to ensure that reported EPS accurately reflects value attributable to shareholders.
Based on an analysis of the company's business drivers, the heavy reliance on a small number of anchor licenses creates a significant risk profile, as any potential loss or underperformance of these key brands could lead to material revenue contraction that current diversification efforts may not mitigate.
While management has successfully navigated license transitions in the past, the current concentration in the 'Big Three' brands remains a potential vulnerability. Investors should monitor the integration of newer licenses to determine if they can truly replace the revenue contribution of the core portfolio without diluting overall margins.
Quick answers to the most common questions about buying IPAR stock.
For fiscal year 2025, Inter Parfums, Inc. (IPAR) reported total revenue of $1.49B. This represents a 1495.4% increase compared to $93.3M in 1996.
Inter Parfums, Inc. (IPAR) is profitable, generating $168.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.3%.
Inter Parfums, Inc. (IPAR) reported an operating income of $270.3M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Inter Parfums, Inc. (IPAR) generated $947.2M in gross profit for the year, representing a gross profit margin of 63.6%. This demonstrates the company's core pricing power and production efficiency.