STURM RUGER & CO INC Segments Disclosure
| 17. | Operating Segment Information |
The Company has reportable operating segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a number of federally-licensed, independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.
Corporate segment income relates to interest income, the sale of non-operating assets, and other non-operating activities. Corporate segment assets consist of cash and other non-operating assets.
The Company evaluates performance and allocates resources, in part, based on income (loss) before taxes. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (see Note 1). Intersegment sales are recorded at the Company’s cost plus a fixed profit percentage.
This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting. The Company’s reportable segments are not aggregated.
The Company’s method for measuring performance of a reportable segment is primarily gross profit. The CODM does not review disaggregated assets by segment. The Company adopted ASU 2023-07 in January 2025. The most significant provision was the required disclosure of significant segment expenses that are regularly provided to the CODM. The Company’s CODM periodically reviews cost of goods sold by segment and treats it as a significant segment expense.
| Year ended December 31, | 2025 | 2024 | 2023 | |||||||||
| Net Sales | ||||||||||||
| Firearms | $ | 543,474 | $ | 532,608 | $ | 540,746 | ||||||
| Castings | ||||||||||||
| Unaffiliated | 2,583 | 3,035 | 3,021 | |||||||||
| Intersegment | 23,570 | 31,528 | 33,086 | |||||||||
| 26,153 | 34,563 | 36,107 | ||||||||||
| Eliminations | (23,570 | ) | (31,528 | ) | (33,086 | ) | ||||||
| $ | 546,057 | $ | 535,643 | $ | 543,767 | |||||||
| Costs of Goods Sold | ||||||||||||
| Firearms | $ | 461,416 | $ | 417,222 | $ | 407,068 | ||||||
| Castings | ||||||||||||
| Unaffiliated | 3,490 | 4,006 | 3,080 | |||||||||
| Intersegment | 23,570 | 31,528 | 33,086 | |||||||||
| 27,060 | 35,534 | 36,166 | ||||||||||
| Eliminations | (23,570 | ) | (31,528 | ) | (33,086 | ) | ||||||
| $ | 464,906 | $ | 421,228 | $ | 410,148 | |||||||
| Gross (Loss) Profit | ||||||||||||
| Firearms | $ | 82,058 | $ | 115,386 | $ | 133,678 | ||||||
| Castings | (907 | ) | (971 | ) | (59 | ) | ||||||
| $ | 81,151 | $ | 114,415 | $ | 133,619 | |||||||
| Operating (Loss) Income | ||||||||||||
| Firearms | $ | (10,722 | ) | $ | 33,273 | $ | 52,887 | |||||
| Castings | (1,577 | ) | (1,619 | ) | (803 | ) | ||||||
| $ | (12,299 | ) | $ | 31,654 | $ | 52,084 | ||||||
| (Loss) Income Before Income Taxes | ||||||||||||
| Firearms | $ | (9,965 | ) | $ | 34,051 | $ | 53,723 | |||||
| Castings | (1,535 | ) | (1,616 | ) | (799 | ) | ||||||
| Corporate | 4,339 | 5,340 | 5,900 | |||||||||
| $ | (7,161 | ) | $ | 37,775 | $ | 58,824 | ||||||
| Year ended December 31, | 2025 | 2024 | 2023 | |||||||||
| Identifiable Assets | ||||||||||||
| Firearms | $ | 205,061 | $ | 230,024 | $ | 228,699 | ||||||
| Castings | 7,659 | 9,303 | 11,144 | |||||||||
| Corporate | 129,277 | 144,707 | 158,974 | |||||||||
| $ | 341,997 | $ | 384,034 | $ | 398,817 | |||||||
| Goodwill | ||||||||||||
| Firearms | $ | 3,445 | $ | 3,055 | $ | 3,055 | ||||||
| Castings | 209 | 209 | 209 | |||||||||
| $ | 3,654 | $ | 3,264 | $ | 3,264 | |||||||
| Depreciation | ||||||||||||
| Firearms | $ | 20,853 | $ | 19,952 | $ | 19,301 | ||||||
| Castings | 1,153 | 1,154 | 1,814 | |||||||||
| $ | 22,006 | $ | 21,106 | $ | 21,115 | |||||||
| Capital Expenditures | ||||||||||||
| Firearms | $ | 30,509 | $ | 20,488 | $ | 15,395 | ||||||
| Castings | 347 | 333 | 401 | |||||||||
| $ | 30,856 | $ | 20,821 | $ | 15,796 | |||||||
In 2025, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 27%; Sports South - 22%; and Davidson’s - 18%.
In 2024, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 28%; Sports South - 18%; and Davidson’s - 16%.
In 2023, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 24%; Davidson’s - 19%; and Sports South -15%.
The Company’s assets are located entirely in the United States and domestic sales represented at least 94% of total sales in 2025, 2024, and 2023.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.