Filing Flows › Patrick Industries (PATK) › Q3 2025
Patrick Industries (PATK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Patrick Industries (PATK) reported revenue of $976M for the third quarter 2025 (Q3 2025), +6% from a year earlier and -7% from the quarter before. Operating margin was 6.8%, net earnings $35.3M (3.6% of revenue).
Patrick Industries, Q3 2025: revenue $976M (+6% year over year), operating margin 6.8%, net earnings $35.3M, operating cash flow $9.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $976M | -7% | +6% |
| Gross profit | $221M | -12% | +4% |
| Operating profit | $66.3M | -24% | -11% |
| Net earnings | $35.3M | +9% | -14% |
| Operating cash flow | $9.1M | -94% | -82% |
What changed
Revenue was $975.6M in Q3 2025, up 6% year over year and down 7% from the previous quarter. Recreational Vehicle was the largest line at 44% of revenue. Recreational Vehicle added $29.0M year over year (up 7%), 52% of the total change. Manufactured Housing declined 2%.
Gross margin was 22.6%, down 0.5 points from a year earlier. Operating profit was $66.3M, a 6.8% margin (down 1.3 points year over year). Operating profit fell $8.1M even though revenue rose $56.2M versus a year earlier, so costs grew faster than sales. Operating expenses grew 12% against revenue growth of 6%. The fastest-growing cost line was SG&A (+14%). Net earnings were $35.3M, down 14% year over year. The effective tax rate was 26.2%.
Operating cash flow was $9.1M (down 82% year over year), 26% of net earnings. Non-cash charges added back $42.0M of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items used $72.0M. Capital expenditures of $26.3M exceeded it, leaving free cash flow of −$17.2M.
Questions
What was Patrick Industries' revenue in the third quarter 2025?
Patrick Industries (PATK) reported revenue of $976M for the third quarter 2025 (Q3 2025), +6% from a year earlier and -7% from the quarter before.
Was Patrick Industries profitable in the third quarter 2025?
Operating profit was $66.3M (6.8% of revenue) and net earnings $35.3M.
Source: Patrick Industries 10-Q on SEC EDGAR.