0001177609-26-000010
SEC filingFive Below, Inc. delivered robust financial results for fiscal 2025, ending January 31, 2026, with net sales of $4.76 billion, fueled by a 12.8% comparable sales increase and net addition of 150 stores, bringing the total to 1,921 locations across 46 states. This marked expansion from 1,544 stores at fiscal 2023 end, achieving a compounded annual growth rate of 11.5% in store count. Cost of goods sold was $3.05 billion, yielding gross profit of $1.71 billion. Operating income rose to $457.4 million from $385.6 million in fiscal 2023, reflecting a compounded annual growth rate of 8.9%. Net income reached $358.6 million, with diluted EPS of $6 and basic EPS of $7. Operating cash flow strengthened to $586.4 million, enabling $174.7 million in capital expenditures and a $392.0 million net increase in cash. The balance sheet is solid, featuring $723.7 million in cash and cash equivalents, $208.5 million in short-term investment securities, zero line of credit balance, and shareholders' equity of $2.19 billion. Looking ahead, the company plans approximately 150 net new stores in fiscal 2026, with 73 leases executed as of January 31, 2026, and aims for over 3,500 locations long-term, supported by dynamic merchandising and e-commerce growth.
Five Below, Inc. reported net sales of $4.76 billion for fiscal 2025 ending January 31, 2026, reflecting strong growth driven by 12.8% comparable sales increase and expansion to 1,921 stores from 1,771 at fiscal 2024 end (net +150 stores). This continues from 1,544 stores at fiscal 2023 end. Operating income was $457.4 million, up from $385.6 million in fiscal 2023 on a compounded annual basis. Net income totaled $358.6 million, with basic EPS of $7 and diluted EPS of $6 on 55.1 million basic and 55.4 million diluted shares. Cost of goods sold stood at $3.05 billion, SG&A expenses at $1.07 billion, and depreciation and amortization at $192.1 million. The company's store base grew at a 11.5% CAGR from fiscal 2023 to 2025, supporting net sales rise from $3.6 billion in fiscal 2023 to $4.76 billion.
Revenue growth stemmed from comparable sales up 12.8% in fiscal 2025, following -2.7% in fiscal 2024 and +2.8% in fiscal 2023. Store expansion added 150 net new stores in fiscal 2025 (157 opened, 7 closed), after 227 in fiscal 2024. As of January 31, 2026, 1,921 stores operated in 46 states, primarily in power, community, and lifestyle centers with ~9,500 sq ft average size. Product mix included Leisure at 44.5% of net sales, Fashion and home 30.9%, Snack and seasonal 24.6% in fiscal 2025. E-commerce sales, including shipping, are in net sales and comparable sales. No geographic breakdown beyond U.S. disclosed.
Gross profit derived from $4.76 billion sales less $3.05 billion COGS totaled $1.71 billion, implying ~35.9% gross margin. Operating income of $457.4 million after $1.07 billion SG&A and $192.1 million depreciation reflects disciplined cost control. Pre-tax income was $480.4 million after $23.0 million interest income, with $121.7 million tax expense yielding net income of $358.6 million (~7.5% net margin). Share-based compensation was $34.7 million in cash flow adjustments. No explicit margin trends vs. prior years stated beyond operating income growth.
Net cash from operating activities was $586.4 million, starting from $358.6 million net income, plus $192.1 million depreciation, $34.7 million share-based comp, and working capital changes like +$187.1 million inventories improvement and +$105.5 million accounts payable. Investing used $186.2 million net, including $174.7 million capex, $352.4 million investment purchases offset by $340.9 million sales/maturities. Financing used $8.3 million net, mainly $9.2 million shares withheld for taxes. Net cash increase $392.0 million; ending cash equivalents $331.7 million (balance sheet cash $723.7M plus $208.5M short-term investments). Total assets $4.94 billion, current assets $1.92 billion, inventories $846.6 million. No debt (line of credit $0), current liabilities $954.0 million, total liabilities $2.74 billion, equity $2.19 billion.
Management plans ~150 net new stores in fiscal 2026, with 73 leases executed as of January 31, 2026, targeting >3,500 locations long-term via densification and new markets. New store model: ~9,500 sq ft, ~$2 million first-year sales, ~$0.4 million investment, ~1-year payback. Focus on comparable sales via merchandising, brand awareness, e-commerce, and margin leverage from scale. Risks include inflation, tariffs, competition, supply chain, cyber threats, and seasonality (40% sales in Q4). No numerical guidance beyond store plans.