Sturm, Ruger & Company, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSturm, Ruger & Co. is a U.S. firearms manufacturer selling rifles, pistols, revolvers and shotguns, almost entirely to domestic customers, with a small castings operation.
What they do
Ruger designs and manufactures firearms under the Ruger, Marlin and Glenfield brands and sells them through independent wholesale distributors to the commercial sporting market. It also produces investment castings and MIM parts for internal use and limited third-party sales. Manufacturing is domestic, with plants in Newport NH, Prescott AZ, Mayodan NC and Hebron KY.
Revenue drivers
- Rifles — Largest product line, with net sales of $338.2M in 2025, up from $310.2M in 2024 and $306.8M in 2023. Includes bolt-action, autoloading, single-shot, modern sporting and Marlin lever-action rifles.
- Pistols — Second-largest category, with net sales of $141.9M in 2025, up from $135.3M in 2024 and $131.4M in 2023. Includes rimfire and centerfire autoloading pistols and the new RXM.
- Revolvers — Net sales fell to $39.2M in 2025 from $54.8M in 2024 and $72.5M in 2023, the weakest of the major firearm categories.
- Accessories and castings — Accessories and replacement parts contributed $27.4M in 2025; external castings sales were $2.6M, less than 1% of total net sales, with the rest used internally.
Recent performance
Second quarter 2026 net sales were $158.1M, up 19% from $132.5M in Q2 2025, with diluted EPS of $0.43 versus a $1.05 loss per share a year earlier. Adjusted EPS was $0.52 versus $0.41. First-half 2026 net sales rose 12% to $299.4M and diluted EPS was $0.44 versus a $0.57 loss. Estimated sell-through from distributors to retailers rose 19% in Q2 2026 while adjusted NICS rose 5%; full-year 2025 revenue was $546.1M but net income was a loss of $4.4M.
Strategy
The company is executing a 'Ruger 2030' framework and a 2026 Plan, including the new Ruger Business System operating framework. It resolved a potential proxy fight with Beretta Holding in a May 2026 agreement, appointed a new CFO in April 2026 and completed a February 2026 reduction-in-force. It has invested in new products such as the RXM pistol, Marlin 1894, Glenfield and Harrier rifles, Ruger Red Label III shotgun and American Centerfire Rifle Generation II, which produced $80.9M, or 29%, of firearm sales in the first half of 2026. It also acquired the Hebron, Kentucky facility in July 2025, which is now operating at target capacity.
Risks
- Firearms regulation — Thousands of federal, state and local rules govern firearms; expansion of the National Firearms Act or state laws circumventing the PLCAA could raise consumer costs and cut demand.
- Demand and NICS trends — Adjusted NICS background checks fell 4% in 2025 even as Ruger's sell-through rose 5%, and demand depends on new product introductions to offset competitor promotions and discounts.
- Margin and pricing pressure — Average sales price fell to $364 in 2025 from $377 in 2024 and $395 in 2023, while competitor promotions, discounts and extended payment terms pressured the business.
- Governance and transition costs — The Beretta agreement and leadership realignment produced $4.4M of proxy-related and $3.2M of severance costs in the first half of 2026, with some additional near-term expense expected.
Outlook
Management highlights improved operating performance, strong core product demand and the new Ruger Business System as the basis for long-term execution. It expects Beretta-related costs to be limited in duration, though some additional expenses may occur near term. The company declared a quarterly dividend of $0.21 per share, about 40% of adjusted Q2 2026 EPS.