CARTERS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CARTERS 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	3,199	3,401	3,462	3,519	3,024	3,486	3,213	2,946	2,844	2,898
Cost of revenue	1,820	1,917	1,965	2,011
Gross profit	1,379	1,483	1,497	1,509	1,313	1,662	1,472	1,396	1,365	1,315
Selling, general and administrative	995	1,107	1,145	1,141	1,106	1,194	1,110	1,094	1,100	1,189
Operating income	426	420	391	372	190	497	379	323	255	144
Interest expense	27	30	34.6	37.6	56.1	60.3	42.8	34	31.3	34.2
Interest income	0.56	0.35	0.53	1.3	1.52	1.1	1.26	4.78	11	13.5
Other non-operating income	-4.01	1.16	-1.42	0.22	-0.34	0.41	-0.98	8.03	-2.68	1.09
Pre-tax income	395	391	356	328	135	438	317	302	231	114
Income tax	138	88.2	73.9	64.2	25.3	98.5	66.7	69.7	45.3	22
Net income	258	303	282	264	110	340	250	233	186	91.8
EBITDA	497	501	477	464	280	587	441	384	309	195
EPS, basic	5.12	6.31	6.06	5.89	2.51	7.83	6.34	6.24	5.12	2.53
EPS, diluted	5.08	6.24	6.00	5.85	2.50	7.81	6.34	6.24	5.12	2.53
Shares, basic (weighted)	49.9	47.6	46.2	44.4	43.2	42.9	38.8	36.6	35.5	35.4
Shares, diluted (weighted)	50.4	48.1	46.6	44.7	43.4	43	38.9	36.6	35.5	35.4
Dividend per share	1.32	1.48	1.80	2.00	0.60	1.40	3.00	3.00	3.20	1.55

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	299	178	170	214	1,102	984	212	351	413	487
Receivables	202	241	258	251	187	231	199	184	195	179
Inventory		549	574	594	599	648	745	537	502	545
Other current assets	32.2	52.9	40.4	48.5	57.9	16.5	17.9	15.1	13.2	13.6
Total current assets	1,057	1,021	1,043	1,108	1,946	1,900	1,189	1,101	1,143	1,271
Property, plant and equipment	386	378	350	320	262	216	190	183	181	186
Lease right-of-use assets			0	687	593	488	492	528	577	592
Goodwill	176	230	227	229	212	212	209	211	207	209
Intangible assets	309	366	366	335	308	308	298	298	268	269
Other non-current assets	18.7	28.4	28.2	33.4	34	30.9	30.5	29.9	34	18.8
Total assets	1,947	2,071	2,059	2,753	3,393	3,188	2,440	2,379	2,433	2,565
Accounts payable	158	182	199	184	472	407	264	242	248	236
Deferred revenue		19.3	22.9	23.9	24.3	28	29.3	29.2	28.3	28.4
Short-term debt						0	0
Total current liabilities	278	331	327	476	793	717	529	512	509	506
Long-term debt	580	617	593	595	990	991	617	497	498	567
Lease liabilities			0	664	554	442	422	449	502	508
Other non-current liabilities	170	180	181	64.1	65.2	46.4	34.8	33.9	31.9	19.4
Total liabilities	1,158	1,214	1,189	1,873	2,455	2,238	1,643	1,533	1,579	1,640
Total debt	580	617	593	595	990	991	617	497	498	567
Paid-in capital	0	0		0	17.8	0	0	0	3.86	19.6
Retained earnings	822	886	910	915	953	979	830	869	894	929
Other comprehensive income	-34.7	-29.1	-40.8	-35.6	-32.8	-28.9	-34.3	-23.9	-43.7	-24.4
Shareholders' equity	788	857	869	880	938	950	796	845	855	925
Total equity	788	857	869	880	938	950	796	845	855	925
Total liabilities and equity	1,947	2,071	2,059	2,753	3,393	3,188	2,440	2,379	2,433	2,565
Shares outstanding	48.9	47.2	45.6	44	43.8	41.1	37.7	36.6	36	36.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	258	303	282	264	110	340	250	233	186	91.8
Depreciation and amortization	71.5	81.8	85.9	92.2	90.3	90.4	61.5	60.4	54.2	51.5
Stock-based compensation	16.8	17.5	14.7	16.5	12.8	21	21.9	19.5	17.8	20.2
Deferred income tax	1.06	-54.9	-1.02	-13.3	-23.3	-13.5	-0.74	-0.6	-6.42	-0.16
Change in receivables	4.48	-22.7	-34.4	8.12	58.3	-46.5	32.7	15.5	-13.7	15.2
Change in inventory	-17.5	-20.9	-23.7	-10.9	-8.06	-52.9	-107	223	26.1	-37.1
Change in payables	33.6	41.6	4.98	6.82	268	-101	-229	-16.9	2.16	-27.2
Cash from operations	369	330	356	387	588	268	88.4	529	299	122
Capital expenditures	-88.6	-69.5	-63.8	-61.4	-32.9	-37.4	-40.4	-59.9	-56.2	-53.7
Cash from investing	-88.3	-228	-63.3	-60.7	-31.5	-32.4	-40.4	-59.9	-56.2	-53.7
Debt issued		0	0	0	500	0	0	0	0	575
Debt repaid		0	0	-400	0	0	-500	0	0	-500
Stock issued	7.17	8.44	10.6	14.5	9.01	11	4.46	4.42	0.37	0
Share buybacks	-300	-189	-193	-197	-45.3	-299	-300	-100	-50.5	0
Dividends paid	-66.4	-70.9	-83.7	-89.6	-26.3	-60.1	-118	-112	-116	-56.4
Cash from financing	-364	-223	-299	-283	325	-353	-819	-333	-175	2.04
Exchange rate effect	0.77	0.51	-2.36	1.07	6.15	-1.14	-1.27	2.84	-6.09	3.48
Net change in cash	-81.9	-121	-8.42	44.2	888	-118	-773	139	61.7	74.1
Free cash flow	281	260	292	326	556	231	48	469	243	68.6
Interest paid	25.4	28.3	33.6	36.5	55.1	59	41.2	32.3	29.5	35.3
Income taxes paid	121	133	55.9	67.6	54.7	115	64	76.5	51.3	37.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $31.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.6%	Gross profit / revenue.
Operating margin	9.5%	Operating income / revenue.
EBITDA margin	11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.3%	Pre-tax income / revenue.
Net margin	6.5%	Net income / revenue.
FCF margin	9.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	21.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	23.6%	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	39.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.7%	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	0.0%	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	-43.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.6%	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	-5.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-36.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-23.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-6.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-50.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-28.4%	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	-3.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-50.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-26.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.2%	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	-59.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.5%	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	-27.0%	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	-71.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.7%	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	-34.2%	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	-51.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-19.8%	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	20.9%	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	8.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.1%	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	-0.3%	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	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.7%	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	-5.4%	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	-0.3%	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	-3.0%	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	-4.0%	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	2.47x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.8%	Total debt / total assets.
Liabilities / assets	62.4%	Total liabilities / total assets.
Net debt	-$85.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$876.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$551.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.09x	Revenue / average total assets.
Fixed asset turnover	16.7x	Revenue / average property, plant and equipment.
Receivables turnover	17.8x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.
FCF conversion	150.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.48	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	$83.70	Revenue / diluted weighted shares.
FCF per share	$8.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.35	Cash from operations / diluted weighted shares.
Book value per share	$27.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.01	Tangible book value / shares outstanding.
Cash per share	$17.80	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.15B	Share price x shares outstanding.
Enterprise value	$1.06B	Market cap + total debt - cash - short-term investments.
P/E	5.89x	Market cap / net income. Only when net income is positive.
P/S	0.39x	Market cap / revenue.
P/B	1.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.09x	Market cap / tangible book value, when positive.
P/FCF	3.92x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.45x	Market cap / cash from operations, when positive.
EV/Sales	0.36x	Enterprise value / revenue.
EV/EBIT	3.77x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.17x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.63x	Enterprise value / free cash flow, when both are positive.
FCF yield	25.5%	Free cash flow / market cap.
Earnings yield	17.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was CARTERS INC's revenue in fiscal 2025?

CARTERS INC reported revenue of $2.90B for fiscal 2025, 1.9% higher than the year before.

Was CARTERS INC profitable in fiscal 2025?

Yes. Net income was $91.8M, a net margin of 3.2%.

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

Cash from operations of $122.3M minus capital expenditures of $53.7M left free cash flow of $68.6M.

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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