CALERES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CALERES 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,579	2,786	2,835	2,922	2,117	2,778	2,968	2,817	2,723	2,758
Cost of revenue	1,517	1,617	1,679	1,737	1,330	1,550	1,683	1,554	1,501	1,573
Gross profit	1,062	1,169	1,156	1,184	787	1,227	1,285	1,263	1,222	1,185
Selling, general and administrative	943	1,036	1,042	1,066	889	1,008	1,068	1,062	1,065	1,158
Selling and marketing	78.8	83.6	84.8	101	77.9	118	138	146	150	165
Operating income	96	128	0.4	104	-486	206	214	194	150	6.37
Interest expense	13.7	17.3	18.3
Interest income	15	12.3	12.3
Other non-operating income		12.3	12.3	7.9	16.8	15.4	13	6.21	-0.74	-0.13
Pre-tax income	97.3	123	-5.75	78.6	-517	189	213	181	135	-12.2
Income tax	31.2	35.5	-0.27	16.5	-78.1	51.1	33.3	9.49	29.1	-2.35
Net income to minority interests	0.43	0.03	-0.04	-0.74	0.12	1.14	-2.05	0.44	-1.16	-3.19
Net income	65.7	87.2	-5.44	62.8	-439	137	182	171	107	-6.69
EBITDA	152	192	63.1	169	-425	258	263	248	190	54.7
EPS, basic	1.52	2.03	-0.13	1.53	-11.80	3.59	4.98	4.80	3.10	-0.21
EPS, diluted	1.52	2.02	-0.13	1.53	-11.80	3.56	4.92	4.80	3.09	-0.21
Shares, basic (weighted)	42	0.04	41.8	39.8	37.2	36.7	34.9	34.1	33.4	32.5
Shares, diluted (weighted)	42.2	0.04	41.8	39.9	37.2	37.1	35.4	34.2	33.5	32.5
Dividend per share	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	55.3	64	30.2	45.2	88.3	30.1	33.7	21.4	29.6	29.8
Receivables	153	153	192	162	127	122	133	140	156	147
Inventory	586	569	683	618	488	597	580	541	565	610
Other current assets			66.5	50.3	45.4	48.8	50.4	55.5	55.3	69.9
Total current assets	844	847	976	882	783	836	831	789	837	863
Property, plant and equipment	219	213	231	225	172	150	161	168	175	203
Lease right-of-use assets		0	0	696	554	503	518	528	564	562
Goodwill	127	127	243	245	4.96	4.96	4.96	4.96	4.96	15.4
Intangible assets	217	212	307	294	235	223	210	198	187	189
Other non-current assets	33.6	25.8	23.8	29	28.9	27.1	27.2	37.6	43.1	42.7
Total assets	1,475	1,489	1,839	2,432	1,867	1,844	1,836	1,805	1,895	1,966
Accounts payable	266	273	316	267	281	331	230	252	237	191
Accrued liabilities	103	104	137	119	129	165	143	115	111	223
Short-term debt					0	0
Total current liabilities	528	430	853	851	906	1,026	911	743	758	846
Long-term debt	197	197	198
Lease liabilities			0	629	519	453	444	453	480	468
Other non-current liabilities	32.4	27.2	39.2	41.4	26.6	24.8	28.3	27.1	17.1	15.8
Total liabilities	861	770	1,203	1,783	1,663	1,521	1,410	1,237	1,289	1,357
Total debt			198	198	199	0
Paid-in capital	122	136	146	153	160	169	181	184	190	199
Retained earnings	522	596	519	524	48.6	158	266	410	442	421
Other comprehensive income	-30.4	-15.2	-31.6	-31.8	-9.14	-8.61	-26.8	-34.5	-34	-18.6
Shareholders' equity	613	717	634	646	200	319	421	561	599	602
Minority interests	1.37	1.47	1.38	3.18	3.61	4.82	5.43	6.94	6.93	7.11
Total equity	614	719	635	649	204	323	426	568	606	609
Total liabilities and equity	1,475	1,489	1,839	2,432	1,867	1,844	1,836	1,805	1,895	1,966
Shares outstanding	43	43	41.9	40.4	38	37.6	35.7	35.5	33.6	33.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	66.1	87.2	-5.48	62.1	-439	138	180	172	106	-9.88
Depreciation and amortization	56.1	64.1	62.7	65.6	60.5	52.3	49	53.3	40.2	48.3
Stock-based compensation	7.73	11.3	13.8	10.2	8.1	12.3	17.3	14.8	15.1	12.4
Deferred income tax	-5.3	-1.42	-6.92	9.8	-37	6.49	4.27	-11.9	19.8	-4.64
Change in receivables	5.43	-0.83	-2.64	28.8	22.5	7	-10.3	-8.49	-15.6	16.3
Change in inventory	13.8	18.1	-51.7	63.4	131	-109	16.2	39.5	-23.3	37.8
Cash from operations	184	191	130	171	126	168	126	200	105	103
Capital expenditures	-50.5	-44.7	-62.5	-44.5	-16.8	-18.4	-55.9	-44.6	-49.1	-63.7
Acquisitions	260	0						0	0	-109
Cash from investing	-319	-51.2	-436	-49.5	-22.1	-24.1	-64	-49.6	-51.7	-161
Debt issued	0	0
Stock issued		-3.82	-4.37	-2.64	-1.14	-3.91	-5.39	-11.1	-9.28	-3.86
Share buybacks	-23.1	-5.99	-43.8	-33.4	-23.3	-17	-63.2	-17.4	-65	-5.04
Dividends paid	-12.1	-12	-12	-11.4	-10.8	-10.6	-10.2	-9.95	-9.69	-9.45
Cash from financing	72.8	-132	273	-106	-61.3	-202	-58.2	-163	-44.5	58.4
Exchange rate effect	0.23	0.35	-0.25	0.08
Net change in cash	-62.8	8.72	-33.8	15	43.1	-58.2	3.59	-12.3	8.28	0.13
Free cash flow	133	147	67.1	126	110	150	70	156	55.4	39.4
Interest paid	15.2	16.5	17.4	26.8	23.6	20.4	12.5	19.7	13	17.7
Income taxes paid	16.9	18.7	21.3	10.2	0.6	29.3	17.4	19.8	15.8	-2.62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $12.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.2%	Gross profit / revenue.
Operating margin	3.1%	Operating income / revenue.
EBITDA margin	4.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.5%	Pre-tax income / revenue.
Net margin	1.8%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.1%	Cash from operations / revenue.
Effective tax rate	29.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	9.8%	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	42.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.7%	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	8.5%	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	-95.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-69.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-71.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-40.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-106.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-106.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-1.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.4%	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	-4.0%	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	-28.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.4%	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	-18.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	24.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	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	1.0%	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	-3.0%	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	-2.8%	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	-2.7%	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	1.11x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	68.1%	Total liabilities / total assets.
Working capital	$105.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$474.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.33x	Revenue / average total assets.
Fixed asset turnover	14.4x	Revenue / average property, plant and equipment.
Inventory turnover	2.03x	Cost of revenue / average inventory.
Days inventory	180 days	365 x average inventory / cost of revenue.
Receivables turnover	18.6x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	132 days	Days inventory + days sales outstanding - days payables.
FCF conversion	128.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.60	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	$86.73	Revenue / diluted weighted shares.
FCF per share	$2.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.57	Cash from operations / diluted weighted shares.
Book value per share	$20.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.46	Tangible book value / shares outstanding.
Cash per share	$1.55	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$420.5M	Share price x shares outstanding.
Enterprise value	$369.6M	Market cap + total debt - cash - short-term investments.
P/E	8.00x	Market cap / net income. Only when net income is positive.
P/S	0.15x	Market cap / revenue.
P/B	0.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.89x	Market cap / tangible book value, when positive.
P/FCF	6.25x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.58x	Market cap / cash from operations, when positive.
EV/Sales	0.13x	Enterprise value / revenue.
EV/EBIT	4.25x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.70x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.49x	Enterprise value / free cash flow, when both are positive.
FCF yield	16.0%	Free cash flow / market cap.
Earnings yield	12.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was CALERES INC's revenue in fiscal 2025?

CALERES INC reported revenue of $2.76B for fiscal 2025, 1.3% higher than the year before.

Was CALERES INC profitable in fiscal 2025?

No. It reported a net loss of $6.7M.

How much free cash flow did CALERES INC generate in fiscal 2025?

Cash from operations of $103.2M minus capital expenditures of $63.7M left free cash flow of $39.4M.

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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