Filing Flows › Industrials › Distribution Solutions Group (DSGR)
Distribution Solutions Group (DSGR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Distribution Solutions Group (DSGR) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $574M · 2¢ of every $1 of revenue kept as net profit · operating margin 4.4%
Distribution Solutions Group made $574M in Q3 2026 (+11% Y/Y): TestEquity $242M, Gexpro Services $139M, Lawson $130M. Operating margin 4.4%, net earnings $8.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $573.6M in Q3 2026, up 11% year over year and up 3% from the previous quarter. TestEquity was the largest line at 42% of revenue. TestEquity added $35.8M year over year (up 17%), 64% of the total change.
Gross margin was 32.0%, down 0.8 points from Q3 2025. Operating profit was $25.2M, a 4.4% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 5% margin then. Operating expenses grew 8% against revenue growth of 11%. Net earnings were $8.9M, up 38% year over year. The effective tax rate was 21.0%.
Operating cash flow was $18.7M (down 51% year over year), 211% of net earnings. Non-cash charges added back $20.2M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $12.6M. Capital expenditures of $2.3M left free cash flow of $16.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $574M | +11% | 4.4% | $8.9M | $18.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $558M | +11% | 5.0% | $8.5M | $22.0M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $496M | +4% | 2.7% | $382K | −$20.4M |
| Q4 2025 | 10-K | Mar 5, 2026 | $482M | +0.2% | 1.6% | −$6.4M | $16.9M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $518M | +11% | 4.6% | $6.5M | $38.4M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $502M | +14% | 5.3% | $5.0M | $33.3M |
| Q1 2025 | 10-Q | May 1, 2025 | $478M | +15% | 4.2% | $3.3M | −$4.8M |
Charts
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About Distribution Solutions Group
Distribution Solutions Group, Inc. (“DSG”), a Delaware corporation, is a global specialty distribution company providing value-added distribution solutions to the maintenance, repair and operations (“MRO”), original equipment manufacturer (“OEM”) and industrial technology markets. Through the strategic Mergers (as defined below) completed in 2022, the complementary distribution businesses of Lawson Products, Inc. (“Lawson”), a leader in MRO distribution of C-parts, TestEquity Acquisition, LLC (“TestEquity”), a leader in electronic test and measurement solutions, and 301 HW Opus Holdings, Inc., which conducts business as Gexpro Services (“Gexpro Services”), a leading global supply chain services provider to manufacturing customers were combined under the DSG holding company.
In its own words, from its 10-K, filed Mar 5, 2026.
Distribution Solutions Group against its Wholesale-Machinery, Equipment & Supplies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: 4.4% against the peers' median 4.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DSGR Distribution Solutions Group | Q3 2026 | $574M | +11% | 4.4% |
| AIT Applied Industrial Technologies | Q1 FY27 | $1.3B | +8% | 11.1% |
| WLFC Willis Lease Finance | Q3 2026 | $246M | +34% | 4.7% |
| ASLE AerSale | Q3 2026 | $91.6M | +29% | -12.7% |
| HDSN Hudson Technologies | Q3 2026 | $59.4M | -20% | 5.5% |
Source: Distribution Solutions Group 10-Q on SEC EDGAR · CIK 703604 · Wholesale-Machinery, Equipment & Supplies
Guidance and outlook
13F: who owns DSGR and who is buying
More on DSGR
- How Distribution Solutions Group makes money: revenue by segment
- Distribution Solutions Group next earnings date and what analysts expect
- Distribution Solutions Group stock forecast, price target and fair value
- Who owns Distribution Solutions Group stock: holders, funds and Congress trades
- Distribution Solutions Group guidance and outlook
- Is Distribution Solutions Group a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Distribution Solutions Group gross margin by quarter
- Distribution Solutions Group operating margin by quarter
- Distribution Solutions Group net income by quarter
- Distribution Solutions Group free cash flow by quarter
- Distribution Solutions Group capital expenditures by quarter
- Distribution Solutions Group TestEquity revenue by quarter
- Distribution Solutions Group Gexpro Services revenue by quarter
- Distribution Solutions Group Lawson revenue by quarter