Filing Flows › Latham Group (SWIM) › Q4 2025
Latham Group (SWIM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
Latham Group (SWIM) reported revenue of $100M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -38% from the quarter before. Operating margin was -10.7%, net loss $7.0M (7.0% of revenue).
Latham Group, Q4 2025: revenue $100M (+14% year over year), operating margin -10.7%, net loss $7.0M, operating cash flow $23.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $100M | -38% | +15% |
| Operating profit | −$10.7M | -150% | — |
| Net earnings | −$7.0M | -186% | — |
| Operating cash flow | $23.3M | -54% | +279% |
| Free cash flow | $14.1M | -69% | — |
What changed
Revenue was $100.0M in Q4 2025, up 15% year over year and down 38% from the previous quarter. In-ground Swimming Pools was the largest line at 50% of revenue.
Gross margin was 28.0%, up 3.4 points from a year earlier. Operating costs exceeded revenue by $10.7M, an operating margin of -10.7%. Operating expenses grew 12% against revenue growth of 15%. The fastest-growing cost line was SG&A (+16%). The quarter ended with a net loss of $7.0M, after a profit of $8.1M the previous quarter.
Operating cash flow was $23.3M (up 279% year over year). Non-cash charges added back $13.4M of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items added $13.0M. Capital expenditures of $9.2M left free cash flow of $14.1M.
Questions
What was Latham Group's revenue in the fourth quarter 2025?
Latham Group (SWIM) reported revenue of $100M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -38% from the quarter before.
Was Latham Group profitable in the fourth quarter 2025?
Operating loss was $10.7M (-10.7% of revenue) and net loss $7.0M.
Source: Latham Group 10-K on SEC EDGAR.