Filing Flows › Latham Group (SWIM) › Q2 2025
Latham Group (SWIM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Latham Group (SWIM) reported revenue of $173M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +55% from the quarter before. Operating margin was 14.3%, net earnings $16.0M (9.3% of revenue).
Latham Group, Q2 2025: revenue $173M (+8% year over year), operating margin 14.3%, net earnings $16.0M, operating cash flow $36.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $173M | +55% | +8% |
| Gross profit | $64.0M | +95% | +21% |
| Operating profit | $24.7M | — | +24% |
| Net earnings | $16.0M | — | +20% |
| Operating cash flow | $36.0M | — | -31% |
| Free cash flow | $29.1M | — | -39% |
What changed
Revenue was $172.6M in Q2 2025, up 8% year over year and up 55% from the previous quarter. In-ground Swimming Pools was the largest line at 46% of revenue. Covers added $11.7M year over year (up 46%), 94% of the total change. In-ground Swimming Pools declined 3%.
Gross margin was 37.1%, up 3.9 points from a year earlier. Operating profit was $24.7M, a 14.3% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 12% margin then. Operating expenses grew 19% against revenue growth of 8%. The fastest-growing cost line was SG&A (+20%). Net earnings were $16.0M, up 20% year over year. The effective tax rate was 24.3%.
Operating cash flow was $36.0M (down 31% year over year), 225% of net earnings. Non-cash charges added back $12.7M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $5.9M. Capital expenditures of $6.9M left free cash flow of $29.1M.
Questions
What was Latham Group's revenue in the second quarter 2025?
Latham Group (SWIM) reported revenue of $173M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +55% from the quarter before.
Was Latham Group profitable in the second quarter 2025?
Operating profit was $24.7M (14.3% of revenue) and net earnings $16.0M.
Source: Latham Group 10-Q on SEC EDGAR.