Gildan Activewear Inc. financial statements

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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	2,585	2,751	2,909	2,824	1,981	2,923	3,240	3,196	3,271	3,619
Cost of revenue	1,865	1,950	2,103	2,119	1,732	1,982	2,248	2,316	2,267	2,489
Gross profit	720	801	806	704	249	940	992	880	1,004	1,130
Selling, general and administrative	336	377	365	340	272	314	326	330	391	389
Selling and marketing	113	119	108	99.4	76.3	68.6	78.5	68.5	55.5	74.7
General and administrative	122	141	132	121	101	147	147	152	219	180
Operating income	372	401	403	289	-181	652	603	644	618	620
Pre-tax income	352	377	372	250	-229	625	566	564	514	471
Income tax	5.2	14.5	21.4	-9.98	-4.09	17.4	24.9	30.6	113	77.3
Income from continuing operations									401	394
Net income	347	362	351	260	-225	607	542	534	401	399
EBITDA	512	563	561	446	-33.7	787	728	765	756	768
EPS, basic	1.47	1.62	1.66	1.27	-1.14	3.08	2.94	3.03	2.46	2.61
EPS, diluted	1.47	1.61	1.66	1.27	-1.14	3.07	2.93	3.03	2.46	2.61

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	38.2	52.8	46.7	64.1	505	179	150	89.6	98.8	284
Inventory	955	946	940	1,052	728	774	1,226	1,089	1,111	2,370
Total current assets	1,341	1,308	1,383	1,514	1,544	1,447	1,727	1,688	1,859	4,710
Property, plant and equipment	1,077	1,036	990	995	897	985	1,115	1,175	1,173	1,468
Lease right-of-use assets			0	73.5	59.4	92.4	78	81.4	95.6	235
Goodwill	202	227	227	228	207	284	272	272	272	869
Intangible assets	402	394	384	290	307	230	261	253	253	3,021
Total assets	2,990	2,981	3,005	3,211	3,021	3,137	3,440	3,515	3,715	10,465
Accounts payable	234	258	347	407	344	440	471	408	490	1,264
Total current liabilities	236	258	347	422	360	464	642	724	837	2,236
Lease liabilities				67	66.6	93.8	80.2	83.9	99.7	255
Total liabilities	870	929	1,069	1,377	1,462	1,217	1,558	1,557	2,258	6,903
Total debt						600	930	985	1,536	4,314
Paid-in capital	23.2	25.2	32.5	32.8	24.9	58.1	79.5	61.4	69.9	113
Retained earnings	1,904	1,853	1,740	1,628	1,359	1,605	1,590	1,611	1,118	1,170
Shareholders' equity	2,120	2,051	1,936	1,834	1,559	1,919	1,882	1,957	1,457	3,562
Total equity	2,120	2,051	1,936	1,834	1,559	1,919	1,882	1,957	1,457	3,562
Total liabilities and equity	2,990	2,981	3,005	3,211	3,021	3,137	3,440	3,515	3,715	10,465

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	347	362	351	260	-225	607	542	534	401	399
Depreciation and amortization	141	162	158	157	147	135	125	122	138	148
Cash from operations	538	613	539	361	415	618	413	547	501	606
Capital expenditures	-129	-92	-108	-129	-50.7	-127	-239	-203	-145	-106
Cash from investing	-303	-210	-111	-136	-57.5	-188	-182	-155	-112	-236
Stock issued	2.21	4.9	3.24	10.3	2.85	9.43	15	55.1	6.87	10.1
Dividends paid	-74.4	-84.8	-94.6	-110	-30.6	-90.5	-124	-132	-133	-135
Cash from financing	-246	-389	-433	-208	83.5	-755	-258	-453	-379	-177
Exchange rate effect	-0.7	0.61	-0.59	-0.01	0.08	-0.94	-1.64	0.26	-0.76	2.91
Net change in cash	-12.5	14.6	-6.14	17.5	441	-326	-28.8	-60.8	9.16	196
Free cash flow	408	521	431	232	364	490	174	343	356	500
Interest paid	10.7	16.7	25.5	33.1	35.6	22.2	30	66.4	78.2	108
Income taxes paid	9.35	15.2	9.69	10.8	9.32	5.74	26.5	24.3	47.9	29.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $40.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.2%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	21.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.0%	Pre-tax income / revenue.
Net margin	11.0%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.8%	Cash from operations / revenue.
Effective tax rate	16.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	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	10.8%	Selling, general and administrative expense / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.4%	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	35.3%	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	0.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	1.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-0.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	6.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.8%	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	20.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.6%	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	7.9%	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	40.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	42.1%	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	6.5%	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	144.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.7%	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	18.0%	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	181.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	44.9%	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	28.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.11x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.2%	Total debt / total assets.
Liabilities / assets	66.0%	Total liabilities / total assets.
Net debt	$4.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.47B	Current assets - current liabilities.
Goodwill and intangibles / assets	37.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$328.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	2.74x	Revenue / average property, plant and equipment.
Inventory turnover	1.43x	Cost of revenue / average inventory.
Days inventory	255 days	365 x average inventory / cost of revenue.
Days payables	129 days	365 x average accounts payable / cost of revenue.
FCF conversion	125.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.61	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	$2.61	Net income per basic share, as reported (split-adjusted).
Payout ratio	33.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	27.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.59B	Share price x shares outstanding.
Enterprise value	$11.62B	Market cap + total debt - cash - short-term investments.
P/E	19.0x	Market cap / net income. Only when net income is positive.
P/S	2.10x	Market cap / revenue.
P/B	2.13x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	3.21x	Enterprise value / revenue.
EV/EBIT	18.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.6%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was Gildan Activewear Inc.'s revenue in fiscal 2025?

Gildan Activewear Inc. reported revenue of $3.62B for fiscal 2025, 10.7% higher than the year before.

Was Gildan Activewear Inc. profitable in fiscal 2025?

Yes. Net income was $398.9M, a net margin of 11%.

How much free cash flow did Gildan Activewear Inc. generate in fiscal 2025?

Cash from operations of $606.3M minus capital expenditures of $106.4M left free cash flow of $499.9M.

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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