This study investigated the relationship between cost efficiency and financial performance of industrial goods firms listed on the Nigeria Exchange Group (NGX). Using a descriptive and correlational research approach, the study focused on two dimensions of cost efficiency—operating expense ratio (OPR) and cost of goods sold ratio (CGSR)—while financial performance was measured by earnings per share (EPS). Data were obtained from the annual financial reports of 9 industrial goods companies, selected from a population of 11 based on regulatory compliance criteria. The ex post facto research design facilitated the analysis of past data without manipulating independent variables. Descriptive and inferential statistical tools, including regression and correlation analyses, were used to evaluate the relationships between cost efficiency metrics and financial performance indicators. The paper found a substantial positive interplay between OPR and EPS, emphasizing the importance of managing operational costs to enhance financial performance. Conversely, CGSR exhibited a significant negative relationship with EPS, highlighting the adverse impact of high production and procurement costs. While the aggregate cost efficiency (CE) measure showed a weak and statistically insignificant relationship with EPS, interdependencies among cost components underscored the need for integrated cost management strategies. These findings had practical implications for firms aiming to enhance profitability through cost control and policy implications for regulators advocating for transparency and efficiency in the industrial sector. The study concluded with recommendations to optimize operational and production costs to improve financial outcomes and ensure sustainable growth.