MATTHEWS INTERNATIONAL CORPMATW

MATTHEWS INTERNATIONAL CORP Revenue Disclosure

10-KFiled Nov 21, 20252 min read
REVENUE RECOGNITION:
The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the years ended September 30, 2025, 2024 and 2023 were as follows:

 North America
Central and South America (1)
EuropeAustraliaAsiaConsolidated
Memorialization:     
2025$774,246 $— $23,135 $12,133 $— $809,514 
2024788,918 — 30,446 10,367 — 829,731 
2023799,153 — 32,745 11,099 — 842,997 
Industrial Technologies:
2025$136,662 $— $199,254 $— $6,313 $342,229 
2024141,395 — 284,987 — 6,774 433,156 
2023164,334 — 333,759 — 7,658 505,751 
Brand Solutions:
2025$159,176 $3,089 $134,688 $5,318 $43,675 $345,946 
2024252,210 5,456 206,763 9,147 59,274 532,850 
2023255,751 5,260 206,232 8,814 56,091 532,148 
Consolidated:     
2025$1,070,084 $3,089 $357,077 $17,451 $49,988 $1,497,689 
20241,182,523 5,456 522,196 19,514 66,048 1,795,737 
20231,219,238 5,260 572,736 19,913 63,749 1,880,896 
(1) Following the contribution of the SGK Business to Propelis in the third quarter of fiscal 2025, the Company no longer had operations in South America.
Revenue recognized using the over time method accounted for approximately 14%, 18%, and 15% of revenue for the years ended September 30, 2025, 2024, and 2023, respectively. As of September 30, 2025 and 2024, the Company had net contract assets for projects recognized using the over time method totaling $99,700 and $64,246, respectively, which primarily represent unbilled revenues, net of deferred revenues related to customer deposits and progress billings. Net contract assets at September 30, 2025 and 2024 predominantly related to ongoing projects with the Company's largest energy storage customer. Unbilled revenues are generally expected to be invoiced upon the attainment of certain contractual conditions and milestones. The Company continues to perform according to the general terms and conditions of its contractual arrangements with Tesla, Inc. ("Tesla"). Customer delays within the energy storage business have impacted the timing of projects, and consequently, have resulted in invoicing delays for this business.

Historical Timeline

Fiscal YearFiled
2025Nov 21, 2025Showing above
2024Nov 22, 2024
2023Nov 17, 2023
2022Nov 18, 2022
2021Nov 19, 2021
2020Nov 20, 2020
2019Nov 22, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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