Birkenstock Holding plc financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Birkenstock Holding plc files with the SEC in its annual reports.

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

Income statement

	FY2023	FY2023	FY2024	FY2025
Revenue	1,243	1,492	1,805	2,097
Cost of revenue	493	566	744	858
Gross profit	750	926	1,061	1,240
Operating income	363	261	421	550
Interest expense	113	107	127	79.6
Pre-tax income	251	154	294	470
Income tax	63.4	78.6	102	122
Net income	187	75	192	348
EBITDA	444	344	522	663
EPS, basic	1.02	0.41	1.02	1.87
EPS, diluted	1.02	0.41	1.02	1.87

Balance sheet

	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	307	344	356	329
Receivables	66.1	91.8	114	160
Inventory	536	595	625	704
Total current assets	960	1,081	1,163	1,275
Property, plant and equipment	205	286	319	357
Lease right-of-use assets	114	123	171	180
Goodwill	1,674	1,594	1,555	1,512
Intangible assets	1,815	1,706	1,639	1,577
Total assets	4,789	4,827	4,885	4,942
Accounts payable	113	123	136	136
Short-term debt	46.6	37.3	24.7	17.1
Total current liabilities	324	379	448	454
Lease liabilities	89.9	103	143	149
Total liabilities	2,431	2,427	2,260	2,219
Total debt		1,841
Paid-in capital	1,894	1,894	2,168	1,992
Retained earnings	151	226	418	766
Total equity	2,358	2,401	2,625	2,723
Total liabilities and equity	4,789	4,827	4,885	4,942

Cash flow statement

	FY2023	FY2023	FY2024	FY2025
Net income	187	75	192	348
Depreciation and amortization	81.3	83.4	101	114
Cash from operations	234	359	429	384
Capital expenditures	-70.8	-102	-65.4	-76.7
Cash from investing	-71.6	-101	-58.8	-79
Debt issued			635
Debt repaid	-9.52	-52.8	-1,296	-50.1
Stock issued			449
Cash from financing	-105	-199	-355	-330
Exchange rate effect	14.6	-21.4	-3.42	-1.96
Free cash flow	163	257	363	308
Income taxes paid	18.4	6.7	15	133

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	59.1%	Gross profit / revenue.
Operating margin	26.2%	Operating income / revenue.
EBITDA margin	31.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.4%	Pre-tax income / revenue.
Net margin	16.6%	Net income / revenue.
FCF margin	14.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.3%	Cash from operations / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.1%	Net income / average total assets.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	16.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	30.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	26.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	81.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	83.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.81x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	44.9%	Total liabilities / total assets.
Interest coverage	6.91x	Operating income / interest expense.
Working capital	€821.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	62.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	6.20x	Revenue / average property, plant and equipment.
Inventory turnover	1.29x	Cost of revenue / average inventory.
Days inventory	283 days	365 x average inventory / cost of revenue.
Receivables turnover	15.3x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	58 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	249 days	Days inventory + days sales outstanding - days payables.
FCF conversion	88.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€1.87	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.
EPS, basic	€1.87	Net income per basic share, as reported (split-adjusted).

What was Birkenstock Holding plc's revenue in fiscal 2025?

Birkenstock Holding plc reported revenue of €2.10B for fiscal 2025, 16.2% higher than the year before.

Was Birkenstock Holding plc profitable in fiscal 2025?

Yes. Net income was €348.3M, a net margin of 16.6%.

How much free cash flow did Birkenstock Holding plc generate in fiscal 2025?

Cash from operations of €384.3M minus capital expenditures of €76.7M left free cash flow of €307.6M.

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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