Filing Flows › Distribution Solutions Group (DSGR) › Q3 2026 › vs Q3 2025
Distribution Solutions Group (DSGR) Q3 2026 vs Q3 2025 (year over year)
Distribution Solutions Group's revenue rose $55.7M (+11%) from $518M in Q3 2025 to $574M in Q3 2026. The biggest changes: TestEquity +$35.8M (+17%); Gexpro Services +$9.1M (+7%); Lawson +$8.7M (+7%). Gross margin 32.0% against 32.9% (-0.8 pts).
Distribution Solutions Group, Q3 2026: revenue $574M (+11% year over year), operating margin 4.4%, net earnings $8.9M, operating cash flow $18.7M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 32.0% | 32.9% | -0.8 pts |
| Operating margin | 4.4% | 4.6% | -0.2 pts |
| Net margin | 1.6% | 1.2% | +0.3 pts |
| Free cash flow margin | 2.9% | 6.3% | -3.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| TestEquity | $242M | $206M | $35.8M | +17% |
| Gexpro Services | $139M | $130M | $9.1M | +7% |
| Lawson | $130M | $122M | $8.7M | +7% |
| Canada Branch Division | $62.0M | $59.9M | $2.1M | +4% |
| Revenue | $574M | $518M | $55.7M | +11% |
| Gross profit | $184M | $170M | $13.5M | +8% |
| Cost of revenue | $390M | $348M | $42.2M | +12% |
| Operating profit | $25.2M | $23.6M | $1.6M | +7% |
| Operating expenses | $159M | $147M | $11.8M | +8% |
| Pre-tax earnings | $11.3M | $8.4M | $2.9M | +34% |
| Other expense, net | $14.0M | $15.2M | −$1.2M | -8% |
| Net earnings | $8.9M | $6.5M | $2.4M | +38% |
| Income tax | $2.4M | $1.9M | $437K | +23% |
| Operating cash sources | $31.4M | $28.9M | $2.5M | +9% |
| Depreciation & amortization | $20.2M | $20.0M | $139K | +0.7% |
| Share-based compensation | $2.3M | $2.4M | −$100K | -4% |
| Working capital & other | $12.6M | −$9.5M | $22.1M | — |
| Operating cash flow | $18.7M | $38.4M | −$19.6M | -51% |
| Free cash flow (OCF − capex) | $16.4M | $32.9M | −$16.4M | -50% |
| Capital expenditures | $2.3M | $5.5M | −$3.2M | -58% |
Questions
How much did Distribution Solutions Group's revenue grow year over year in Q3 2026?
Distribution Solutions Group's revenue rose $55.7M (+11%) from $518M in Q3 2025 to $574M in Q3 2026.
What drove Distribution Solutions Group's revenue change in Q3 2026?
TestEquity +$35.8M (+17%); Gexpro Services +$9.1M (+7%); Lawson +$8.7M (+7%).