Many of the publicly traded American gun companies entered 2026 in financial difficulty. While conditions have improved in recent months, this strain has produced a wave of consolidation. Ruger, which purchased AR-15 maker Anderson Manufacturing just last year, settled a proxy contest with Beretta in May, affording Beretta a path to a quarter of Ruger’s shares and two board seats. Olin Corporation, whose ammunition income had declined 72 percent in 2025, announced a merger in June that would place its Winchester ammunition brand inside a substantially larger chemical enterprise. Other members of the industry looked to cost-cutting measures and increased prices to restore profitability, with several citing pressure on consumer spending.
The vast majority of gun manufacturers, wholesalers, and dealers are privately held, but a few are publicly traded, providing deeper insights into their business practices and financial health. Here’s a look at how the spring and summer of 2026 unfolded for the gun industry.
Editor’s Note: Prior financial updates are available here. To learn more about the firearm supply chain and how it works, click here.
GrabAGun
GrabAGun reported financial results on May 13 and August 13, posting identical net losses of $1.8 million in each quarter. While the company saw quarterly net sales of $23 to $25 million, operating expenses ballooned on stock compensation, the costs of being a public company, and new hires. Through six months, the company has reported losses of $3.6 million despite generating $49.1 million in sales.
On the May 13 quarterly earnings call, GrabAGun CEO Marc Nemati addressed the ATF’s proposed rule permitting customers to skip the sales counter and buy guns completely online and have them shipped to their doors, calling it potentially “the most significant change to firearms retail distribution in decades” and arguing that few competitors could handle the compliance demands at the scale GrabAGun could. Nemati was more measured on the company’s August call and refused to speculate on the ATF proposal, perhaps due to reports of its widespread unpopularity among retail gun dealers.
GrabAGun also held its annual shareholder meeting in June. Shareholders reelected eight incumbent directors, including Donald Trump Jr., guntuber Colion Noir, and former chief NRA lobbyist Chris Cox. The board contracted from nine seats to eight after Dusty Wunderlich, who helped establish “shoot now, pay later” financing for online gun sales, declined to stand for reelection.
Ruger
On May 6, Ruger released quarterly results, reporting an operating loss of $1.9 million against net income of $8.5 million in the prior-year period. The loss was attributed by management to rising operating expenses, including $3.2 million in legal and advisory fees related to the Beretta negotiations, $2.5 million in severance associated with a round of layoffs in February, and $1.7 million in one-time retention awards. Additionally, CEO Todd Seyfert stated that pressure on “discretionary income continues to impact consumer behavior.”
After months of contentious boardroom drama between Ruger and Italian gun maker Beretta, the gun makers resolved their looming proxy fight before Ruger’s annual meeting in late May. Beretta and Ruger signed a cooperation agreement, under which Beretta withdrew its board nominees and was permitted to raise its stake in Ruger from roughly 10 percent to as much as 25 percent. Beretta also gained the right to name two independent directors to Ruger’s board and agreed to a three-year standstill barring further proxy contests. This arrangement has given the European gun maker a substantial stake in a major American manufacturer.
On July 29, Ruger released its second-quarter financials, reporting net income of $7 million and net sales up approximately 19 percent to $158.1 million over the same period last year. The company raised prices by an average of 10 percent to achieve some of this profitability. Seyfert also cited continued expansion into the accessory market for the improved results.
Smith & Wesson
On June 17, Smith & Wesson reported results for the full 2026 fiscal year, with $523.8 million in net sales, an increase of 10.4 percent from the previous fiscal year, and $18.5 million in net income compared with last fiscal year’s $13.4 million. The company implemented a 2- to 3-percent price increase across select products on January 1, and management stated that it encountered no customer resistance. Smith & Wesson also credited lower promotional spending and the favorable resolution of a federal excise tax audit, but disclosed that higher duties on imported materials and components reduced its gross margin by approximately one full percentage point for the fiscal year.
Outdoor Holding Company
GunBroker’s parent company, Outdoor Holding Company, released its quarterly earnings on June 22. The company reported a loss of $2.7 million for the quarter as it continues its recovery from 2024’s accounting scandal and 2025’s restructuring. In an August 10 quarterly financial release, the company said that it had returned to profitability with net income of $3.6 million. It had also reduced its operating expenses and those related to employee salaries.
Olin Corporation
Olin Corporation, which manufactures Winchester-brand ammunition, reported second-quarter results on July 30, with ammunition sales of $500.3 million, an increase of 11.8 percent over a year earlier. The results represent a recovery from 2025, when segment income declined 72 percent from $237.9 million in 2024 to $67.7 million. Olin attributed the improvement to higher commercial ammunition pricing, volume and military project revenue. Improvements were partially offset by rising commodity metal costs.
On June 16, Olin and Huntsman Corporation announced an all-stock merger of equals to form OlinHuntsman, a transaction that would place the Winchester brand within a substantially larger chemical enterprise.
Looking Ahead
The industry’s restored profitability rests on a narrow foundation. Severance costs, settled lawsuits, and reduced payrolls are non-recurring by nature, and price increases can be sustained only so long as consumers absorb them. It remains to be seen whether a favorable federal regulatory environment will translate into continued momentum for the industry.