Filing Flows › Patrick Industries (PATK) › Q1 2025
Patrick Industries (PATK) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Patrick Industries (PATK) reported revenue of $1.0B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +19% from the quarter before. Operating margin was 6.5%, net earnings $38.2M (3.8% of revenue).
Patrick Industries, Q1 2025: revenue $1.0B (+8% year over year), operating margin 6.5%, net earnings $38.2M, operating cash flow $40.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +19% | +7% |
| Gross profit | $229M | +22% | +12% |
| Operating profit | $65.6M | +66% | +10% |
| Net earnings | $38.2M | +163% | +9% |
| Operating cash flow | $40.1M | -61% | +14% |
| Free cash flow | $19.9M | -74% | +1% |
What changed
Revenue was $1.0B in Q1 2025, up 7% year over year and up 19% from the previous quarter. Recreational Vehicle was the largest line at 48% of revenue. Recreational Vehicle added $0.06B year over year (up 14%), 83% of the total change. Marine declined 4%.
Gross margin was 22.8%, up 0.8 points from a year earlier. Operating profit was $0.07B, a 6.5% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 6% margin then. Operating expenses grew 12% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.04B, up 9% year over year. The effective tax rate was 17.7%.
Operating cash flow was $0.04B (up 14% year over year), 105% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.02B left free cash flow of $0.02B.
Questions
What was Patrick Industries' revenue in the first quarter 2025?
Patrick Industries (PATK) reported revenue of $1.0B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +19% from the quarter before.
Was Patrick Industries profitable in the first quarter 2025?
Operating profit was $65.6M (6.5% of revenue) and net earnings $38.2M.
Source: Patrick Industries 10-Q on SEC EDGAR.