Designer Brands Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Designer Brands 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	2,718	2,806	3,178	3,493	2,235	3,197	3,315	3,075	3,009	2,893
Cost of revenue	1,940	2,010
Gross profit	780	799	939	1,000	311	1,069	1,455	1,324	1,286	1,260
Selling, general and administrative	605	617	820	875	753	871	1,272	1,256	1,246	1,219
Operating income	200	125	59	127	-586	205	187	72.4	34.9	47.8
Interest expense	0.24	0.49	2.43	8.91	24	32.2	15.1	33	46.4
Interest income	2.38	3.28	3.72	1.56	0.34	0.07	0.23	0.82	1.15
Other non-operating income	0.34	-1.89	-49.6	-0.17	1.36	-0.07	-0.13	-0.03	-0.37	-0.19
Pre-tax income	202	126	10.7	120	-609	173	160	40.2	-10.7	2.23
Income tax	78.8	59.6	29.8	25.3	-120	18.5	-3.14	11	-0.76	6.96
Net income to minority interests					0	0	-0.01	0.15	0.57	2.8
Net income	124	67.5	-20.5	94.5	-489	154	163	29.1	-10.5	-8.37
EBITDA	283	206	138	214	-498	283	269	139	98.8	107
EPS, basic	1.53	0.84	-0.26	1.28	-6.77	2.12	2.41	0.47	-0.20	-0.17
EPS, diluted	1.51	0.84	-0.26	1.27	-6.77	2.00	2.26	0.46	-0.20	-0.17
Shares, basic (weighted)	81.5	80.2	80	73.6	72.2	73	67.6	61.3	53.7	49.1
Shares, diluted (weighted)	82.1	80.7	80	74.6	72.2	77.3	72.1	63.4	53.7	49.1
Dividend per share	0.20	0.25	0.25	1.00	0.10		0.20	0.20	0.20	0.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	111	176	99.4	86.6	59.6	72.7	58.8	49.2	44.8	50.9
Short-term investments	98.5	125	69.7	25	0
Receivables	18.5	19.2	68.9	89.2	196	200	77.8	83.6	50.4	61.7
Inventory	500	502	645	633	473	586	606	571	600	564
Other current assets	31.1	49.2	71.9	67.5	51.8	55.3	47.8	73.3	40	34.3
Total current assets	759	871	955	901	781	914	790	777	735	710
Property, plant and equipment	375	355	410	395	296	257	235	220	208	213
Lease right-of-use assets			0	919	700	647	700	721	702	676
Goodwill	79.7	25.9	89.5	114	93.7	93.7	97.1	124	130	131
Intangible assets	35.1	0.14	46.1	22.8	15.6	15.5	31.9	82.8	84.6	81.2
Long-term investments	77.9	0
Other non-current assets	17.4	19.7	31.7	24.3	31.2	31.3	42.8	49	49.5	46.3
Total assets	1,428	1,422	1,621	2,465	1,977	2,015	2,010	2,076	2,009	1,950
Accounts payable	185	179	262	299	245	341	255	289	272	236
Accrued liabilities	130	148	202	194	200	216	191	160	152	178
Short-term debt				0	62.5	0	0	6.75	6.75	6.75
Total current liabilities	317	328	463	680	753	759	636	622	590	597
Long-term debt					272	226
Lease liabilities			0	847	678	593	631	646	635	597
Other non-current liabilities	141	139	165	27.5	30.8	24.4	25	24.9	17.7	46.6
Total liabilities	491	466	788	1,744	1,734	1,602	1,574	1,714	1,727	1,668
Total debt		0	160	190	272	226	281	420	484	428
Retained earnings	347	355	255	267	-229	-74.3	82	98.9	74.8	57.4
Treasury stock	-317	-326	-373	-515	-515	-515	-663	-765	-833	-833
Other comprehensive income	-13.9	-10.1	-2.71	-2.5	-3.29	-3.62	-5.35	-5.64	-11.1	-5.99
Shareholders' equity	-13.9	-10.1	-2.71	-2.5	-3.29
Total equity	942	955	832	721	243	412	433	359	275	280
Total liabilities and equity	1,428	1,422	1,621	2,465	1,977	2,015	2,010	2,076	2,009	1,950

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	124	67.5	-20.5	94.5	-489	154	163	29.2	-9.98	-5.57
Depreciation and amortization	82.8	80.9	79	86.6	88	77.9	81.3	66.1	63.8	59.1
Stock-based compensation	12.7	14.7	17.4	17.1	20.2	23.9	28.5	29.4	18.7	19
Deferred income tax	7.13	-12.8	-11.7	-2.72	34.4	-0.99	-51.7	9.12	-4.31	8.1
Change in payables	-30.6	-8.86	-38.1	37	-47	92.9	-92.7	36.1	-20.9	-34.5
Cash from operations	213	191	175	197	-154	171	201	162	82.2	110
Capital expenditures	-87.6	-56.3	-65.4	-77.8	-31.1	-33	-55	-55	-50.9	-31.6
Acquisitions	-59.8	0	-199	0	0	0	-19.1	-127	-16.1	0
Purchases of investments				-21	0	0
Cash from investing	-27.3	-59	-282	-27.4	2.63	-35	-88.1	-182	-62.7	-33.5
Debt issued			0	0	250	0	0	135	0	0
Debt repaid			0	0	-6.26	-12.5	0	-1.88	-6.75	-6.75
Stock issued	6.28	1.3
Share buybacks	-50	-9.38	-47.5	-142	0	0	-148	-102	-68.6	0
Dividends paid	-65.1	-63.8	-79.8	-72.6	-7.16	0	-13.5	-12.2	-10.5	-9.65
Cash from financing	-110	-71.4	30	-183	123	-121	-128	10.5	-22.1	-72.5
Exchange rate effect	0	0	1.35	0.08	1.23	-0.03
Net change in cash	75.1	60.6	-75.4	-14	-27	14.9	-15.7	-9.59	-4.42	6.12
Free cash flow	125	135	110	119	-185	138	146	107	31.3	78.3
Interest paid	0	0	0.86	8.32	19.5	23.3	14.8	29.6	40.4	39.1
Income taxes paid	56.5	77.2	41.7	39.5	-11.8	28.4	-76.1	17.1	-61.9	-0.42

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 $6.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.8%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	5.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.4%	Cash from operations / revenue.
Effective tax rate	44.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.9%	Net income / average total assets.
SG&A / revenue	42.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.7%	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	32.3%	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	36.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-36.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-26.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.3%	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	149.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 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	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	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	-0.3%	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	-8.4%	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	-12.0%	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	-7.4%	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	1.22x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	20.7%	Total debt / total assets.
Liabilities / assets	84.7%	Total liabilities / total assets.
Net debt	$364.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$135.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.44x	Revenue / average total assets.
Fixed asset turnover	13.8x	Revenue / average property, plant and equipment.
Receivables turnover	36.0x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
FCF conversion	680.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.31	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	$51.68	Revenue / diluted weighted shares.
FCF per share	$2.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.81	Cash from operations / diluted weighted shares.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	55.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$311.3M	Share price x shares outstanding.
Enterprise value	$676.0M	Market cap + total debt - cash - short-term investments.
P/E	17.7x	Market cap / net income. Only when net income is positive.
P/S	0.11x	Market cap / revenue.
P/FCF	2.60x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.98x	Market cap / cash from operations, when positive.
EV/Sales	0.23x	Enterprise value / revenue.
EV/EBIT	6.56x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.20x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.64x	Enterprise value / free cash flow, when both are positive.
FCF yield	38.5%	Free cash flow / market cap.
Earnings yield	5.7%	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 Designer Brands Inc.'s revenue in fiscal 2025?

Designer Brands Inc. reported revenue of $2.89B for fiscal 2025, 3.9% lower than the year before.

Was Designer Brands Inc. profitable in fiscal 2025?

No. It reported a net loss of $8.4M.

How much free cash flow did Designer Brands Inc. generate in fiscal 2025?

Cash from operations of $109.9M minus capital expenditures of $31.6M left free cash flow of $78.3M.

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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