Arhaus, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Arhaus, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	495	507	797	1,229	1,288	1,271	1,379
Cost of revenue	319	308	467	704	747	770	843
Gross profit	176	200	330	525	540	501	536
Selling, general and administrative	146	169	296	340	376	415	447
Operating income	29.7	30.9	33.4	185	164	87	88.9
Interest expense	13.4	13.1	5.43	3.39
Other non-operating income	0	0	0.32	1.29	1.03	0.75	0.06
Pre-tax income	16.2	17.8	26.8	183	169	90.9	92
Income tax	0.37	0.78	-10.1	45.9	43.5	22.4	24.7
Net income to minority interests	8.32	11	15.8	0	0
Net income	7.53	6.08	21.1	137	125	68.6	67.3
EBITDA	45.6	47.8	57.3	210	194	126	136
EPS, basic	0.04	0.03	0.18	0.99	0.90	0.49	0.48
EPS, diluted	0.04	0.03	0.18	0.98	0.89	0.49	0.48
Shares, basic (weighted)	112	112	116	138	139	140	141
Shares, diluted (weighted)	112	112	120	140	140	141	141

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.1	57.1	124	145	223	198	253
Receivables		0.6	0.23	1.73	2.39	1.25	0.66
Inventory		108	208	286	254	297	339
Other current assets		20	28.5	4.49	4.75	2.79	2.99
Total current assets		193	368	461	509	531	621
Property, plant and equipment		118	180	152	220	283	316
Lease right-of-use assets			0	257	302	322	391
Goodwill		11	11	11	11	11	11
Other non-current assets		1.28	0.28	2.25	4.53	2.29	2.1
Total assets		323	587	939	1,105	1,206	1,395
Accounts payable		29.1	51.4	62.6	63.7	68.6	78.4
Deferred revenue		154	265	203	174	221	236
Total current liabilities		213	401	376	342	402	453
Lease liabilities			0	296	363	403	467
Other non-current liabilities		25	1.99	4.34	4.14	3.89	3.66
Total liabilities		357	517	730	765	863	977
Paid-in capital		1.67	186	190	195	201	208
Retained earnings		-28.4	-117	20.1	145	143	210
Shareholders' equity	-33.4	-34.4	69.8	210	340	344	418
Minority interests		-7.69	0
Total equity	-38	-34.4	69.8	210	340	344	418
Total liabilities and equity		323	587	939	1,105	1,206	1,395

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	15.8	17	36.9	137	125	68.6	67.3
Depreciation and amortization	16	17	23.9	24.9	29.4	39.1	46.8
Stock-based compensation	0.27	0.4	6.38	4.29	7.91	7.64	9.18
Deferred income tax		0	-10.5	9.77	-2.29	-1.96	1.55
Change in receivables	-0.18	-0.16	0.37	-1.51	-0.66	1.14	0.59
Change in inventory	-7.82	2.05	-100	-78.1	32.1	-42.7	-41.8
Change in payables	2.13	1.61	14.5	10.3	1.22	5.62	9.86
Cash from operations	20	148	140	77.5	169	147	137
Capital expenditures	-9.88	-13	-41.5	-55.7	-93.4	-107	-77.9
Cash from investing	-9.87	-13	-41.5	-55.7	-93.1	-99.5	-77.8
Share buybacks	0	-0.1	0	0
Dividends paid				0	0	-70.3	-0.36
Cash from financing	-14.3	-91.3	-31.5	-0.18	-1.8	-73	-3.48
Net change in cash	-4.15	43.9	66.9	21.6	73.8	-25.4	55.6
Free cash flow	10.2	135	98.4	21.8	75.2	39.7	59
Interest paid	11.3	9.3	5.12	5.16	5.3	4.67	5.03
Income taxes paid	0.54	1.3	1.4	34.9	47.1	23.8	24.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.7%	Gross profit / revenue.
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	10.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Effective tax rate	28.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	35.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	33.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-21.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	61.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-2.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-21.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	74.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	48.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	39.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	34.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	71.4%	Total liabilities / total assets.
Working capital	$158.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$404.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	4.26x	Revenue / average property, plant and equipment.
Inventory turnover	2.40x	Cost of revenue / average inventory.
Days inventory	152 days	365 x average inventory / cost of revenue.
Receivables turnover	5,969x	Revenue / average receivables.
Days sales outstanding	0 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	121 days	Days inventory + days sales outstanding - days payables.
FCF conversion	59.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	64.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.93	Revenue / diluted weighted shares.
FCF per share	$0.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.81	Cash from operations / diluted weighted shares.
Book value per share	$2.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.85	Tangible book value / shares outstanding.
Cash per share	$1.60	(Cash + short-term investments) / shares outstanding.
Payout ratio	71.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	121.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.38B	Share price x shares outstanding.
Enterprise value	$1.15B	Market cap + total debt - cash - short-term investments.
P/E	19.9x	Market cap / net income. Only when net income is positive.
P/S	0.98x	Market cap / revenue.
P/B	3.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.41x	Market cap / tangible book value, when positive.
P/FCF	33.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.9x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/EBIT	12.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.10x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.6%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was Arhaus, Inc.'s revenue in fiscal 2025?

Arhaus, Inc. reported revenue of $1.38B for fiscal 2025, 8.5% higher than the year before.

Was Arhaus, Inc. profitable in fiscal 2025?

Yes. Net income was $67.3M, a net margin of 4.9%.

How much free cash flow did Arhaus, Inc. generate in fiscal 2025?

Cash from operations of $136.8M minus capital expenditures of $77.9M left free cash flow of $59.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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