The gun industry remains on a downward trajectory, with declining earnings reflecting the industry’s slide, particularly since the Trump administration took office earlier this year. Even as some companies test the public market or look for strategic acquisitions, the broader environment remains defined by falling demand and tightening margins.
According to the National Shooting Sports Foundation (NSSF), for the first time in nearly six years, estimated monthly gun sales have fallen below 1 million. Furthermore, tariffs on imported components continue to weigh on production costs, while consumer discretionary spending remains sluggish in the face of inflation and broader economic uncertainty. The NSSF has even appeared to suggest that the Trump presidency may have contributed to lower gun sales, citing the “relief of concern that politics would deny some from being able to exercise Second Amendment rights to purchase a firearm of one’s choice” as a contributor to the decline.Altogether, these pressures mark a continuation of the headwinds the industry has been battling over the past several years.
While the vast majority of the gun industry — including gun manufacturers, wholesalers, and dealers — are privately held, a few are publicly traded, providing deeper insights into their size, business practices, and financial health. Here’s a look at their most recent financial quarters.
Editor’s Note: This is the latest installment in a series covering financial updates from the gun industry. Each company’s regulatory reporting time period varies slightly, but generally speaking, this update includes the first and second quarters of 2025. Prior updates are available here. To learn more about the firearm supply chain and how it works, click here.
SMITH & WESSON
On June 18, 2025, Smith & Wesson announced that quarterly net sales fell to $140.8 million, 11.6-percent lower than it was in the corresponding quarter of fiscal year 2024. CEO Mark Smith stated during the company’s quarterly earnings call that the “quarter proved more difficult than we anticipated, largely due to macroeconomic and industry trends.” Shortly after the call, shares of the company fell 19 percent.
On August 5, Smith & Wesson filed its 2025 Annual Report, which indicated that Smith & Wesson’s fiscal year 2025 gross profit decreased $30.9 million, or 19.6 percent, from fiscal year 2024. The company further noted that tariffs may adversely affect the company’s business, both domestically and internationally. Over the past year, the company’s share prices have fallen almost 44 percent.
ruger
On July 30, Ruger reported net sales of $132.5 million and a loss of $1.05 per share. While sales were up slightly from the comparable quarter last year, certain strategic initiatives undertaken by the company adversely impacted the results of operations. New Ruger CEO Todd Seyfert stated, “Specific to the firearms industry, we see softening demand with NICS checks falling below pre-2019 levels and broad impacts being felt across manufacturing, distribution and retail channels.”
A few weeks before the earnings release, Ruger announced that it was purchasing Anderson Manufacturing, one of the country’s largest producers of AR-style weapons and components. Ruger intends to move its AR production into Anderson’s facility in Hebron, Kentucky.
outdoor holding company
The parent company of GunBroker had a busy financial quarter. On April 21, the company completed the sale of its ammunition production business to the Olin Corporation and rebranded from Ammo Inc. to the Outdoor Holding Company. On May 28, GunBroker founder Steve Urvan, the company’s largest shareholder, was appointed CEO and chairman. His appointment was part of a settlement resolving a 2023 lawsuit filed by Urvan against the company.
On June 16, Outdoor Holding reported results from the financial period ending March 31, 2025 — including a net loss of over $65 million compared to a loss of $5.3 million a year ago. On July 31, the company announced it received a delinquency notice in April from Nasdaq for failing to hold an annual shareholder meeting. The company regained Nasdaq compliance by holding its annual shareholder meeting on August 29.
On August 8, the company released its quarterly results from the fiscal quarter ending June 30. Outdoor Holding reported net revenues of $11.9 million, a slight decrease from $12.3 million in the same period last year.
OLIN CORPORATION
The Olin Corporation manufactures Winchester-brand ammunition and a variety of chemical products. (Olin also licenses the “Winchester” name to the FN Browning Group, which owns gun manufacturers FN Herstal and Browning, to manufacture Winchester-branded firearms.)
As noted above, on April 21, Olin completed the purchase of the ammunition business of Outdoor Holding Company, formerly Ammo Inc. On July 29, the company released its quarterly earnings report for the quarter ending June 30, with sales of $447.6 million compared to $406 million in the second quarter 2024. The increase in sales was primarily due to higher military sales and military project revenue, partially offset by lower commercial ammunition sales. Olin CEO Ken Lane stated that “commercial sales continue to face challenges, as consumer discretionary spending is impacted by broad economic factors and customers continue to destock, with no indication of near-term relief.” Lane cited “continued challenging markets” and “uncertainty related to tariffs” as factors affecting future earnings.
GrabAGun Digital Holdings
On July 16, GrabAGun, trading under the stock ticker “PEW,” went public after merging with Colombier Acquisition Corp. II, a special purpose acquisition company funded by conservative financier Omeed Malik. Donald Trump Jr. rang the opening bell at the New York Stock Exchange on behalf of the Texas-based online firearms retailer. Shortly after debuting, the company’s stock price plummeted. By September 3, it had fallen over 75 percent. Some commentators have attributed this sharp decline to the market’s skepticism of GrabAGun’s value beyond the politically charged rhetoric of its promoters.
On August 4, GrabAGun announced that its Board of Directors had unanimously authorized the repurchase of up to $20 million of the company’s common stock over the next 12 months. A few weeks later, the company launched “Shoot & Subscribe,” its version of Amazon’s “subscribe and save” for ammunition. Consumers choose their caliber and delivery frequency, and ammunition is automatically processed and shipped.
On August 14, GrabAGun released financial results from its first quarter as a publicly traded company. While the company reported sales of $21.2 million, up slightly from the prior comparable quarter, it failed to meet market expectations and its stock prices fell almost 20-percent further in the days following its earnings release.