Leslie's, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Leslie's, 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	928	1,112	1,343	1,562	1,451	1,330	1,242
Cost of revenue	548	652	748	888	903	853	802
Gross profit	380	461	595	674	548	477	440
Selling, general and administrative	258	314	386	435	446	420	426
Operating income	122	146	209	239	102	57.1	-170
Interest expense	98.6	84.1	34.4	30.2	65.4	70.4	62.9
Other non-operating income	-7.45	-1.09	-2.38	-0.4	0	0
Pre-tax income	15.6	61.2	163	208	36.7	-13.3	-233
Income tax	14.9	2.63	36.5	49.1	9.5	10.1	4.2
Net income	0.7	58.6	127	159	27.2	-23.4	-237
EBITDA	149	175	236	267	132	86.3	-141
EPS, basic	0.00	7.28	13.37	16.91	2.96	-2.53	-25.57
EPS, diluted	0.00	7.28	13.18	16.72	2.95	-2.53	-25.57
Shares, basic (weighted)	7.96	7.96	9.43	9.37	9.19	9.23	9.27
Shares, diluted (weighted)	7.96	7.96	9.66	9.47	9.23	9.23	9.27

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		157	343	112	55.4	109	64.3
Receivables		31.5	38.9	45.3	29.4	45.5	23.2
Inventory		149	199	362	312	234	208
Other current assets		4.06	8.88	12.4	5.92	9.44	10.9
Total current assets		360	602	542	420	422	329
Property, plant and equipment		66.4	70.3	78.1	90.3	98.4	92.5
Lease right-of-use assets		178	212	236	251	270	253
Goodwill	89.7	93.3	101	174	181	181	0
Intangible assets		27.9	27.9	40.2	38.2	34.4	30.7
Other non-current assets		14.4	25.1	37.7	46	39.7	36.4
Total assets		746	1,042	1,110	1,034	1,050	741
Accounts payable		92.4	101	156	58.6	67.6	51.9
Accrued liabilities		101			90.6	107	82.4
Short-term debt		8.34	8.1	8.1	8.1	8.1	0
Total current liabilities		258	310	348	226	247	209
Long-term debt		1,180	786	780	773	769	752
Lease liabilities		130	160	180	193	209	185
Other non-current liabilities		5.46	3.92	0.07	3.47	2.42	2.99
Total liabilities		1,573	1,260	1,308	1,196	1,227	1,149
Total debt		1,201	806	798	790	784	757
Paid-in capital		-278	205	89.9	99.3	107	113
Retained earnings		-549	-422	-288	-261	-284	-521
Shareholders' equity	-887	-827	-218	-198	-161	-177	-408
Total equity	-887	-827	-218	-198	-161	-177	-408
Total liabilities and equity		746	1,042	1,110	1,034	1,050	741
Shares outstanding		7.96	9.65	9.33	184	9.25	9.29

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.7	58.6	127	159	27.2	-23.4	-237
Depreciation and amortization	27.9	28.9	26.6	27.8	29.8	29.2	29.3
Stock-based compensation	2.13	1.79	24.2	11.3	11.7	8.59	6.2
Deferred income tax	-0.75	-7.82	2.85	2.47	-6.33	3.43	4.46
Change in inventory	-3.8	1.76	-47.8	-143	54.3	85.9	26.3
Change in payables	23.8	38.1	35.8	55.5	-97.9	1.89	-15.7
Cash from operations	57.8	102	169	66.6	6.47	107	8.82
Capital expenditures	-27.4	-20.6	-28.9	-31.7	-38.6	-47.2	-25.5
Acquisitions	-9.62	-6.19	-8.87	-108	-15.5	0	0
Cash from investing	-37	-26.8	-35.4	-139	-52.5	-47.2	-25.4
Debt issued		0	0.91	0	0
Debt repaid	-6.26	-10.4	-396	-8.1	-8.1	-6.08	-27
Share buybacks		0	0	-152	0	0
Dividends paid	-1.24
Cash from financing	-7.5	-10.4	53.8	-159	-10.8	-7.22	-27.6
Net change in cash	13.3	64.9	188	-231	-56.9	53.1	-44.2
Free cash flow	30.4	81.5	140	34.9	-32.1	60.2	-16.7
Interest paid	90.5	88.7	36.4	32.6	63.1	63.2	65.4
Income taxes paid	12.9	15.3	28.6	41.1	22.6	10.9	3.39

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 $0.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.7%	Gross profit / revenue.
Operating margin	-16.5%	Operating income / revenue.
EBITDA margin	-13.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-21.4%	Pre-tax income / revenue.
Net margin	-21.2%	Net income / revenue.
FCF margin	-0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.9%	Cash from operations / revenue.
Return on assets (ROA)	-34.7%	Net income / average total assets.
Return on invested capital (ROIC)	-62.1%	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	34.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-13.3%	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	-0.9%	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	-397.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-262.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-91.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-49.0%	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	-38.7%	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	-127.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-29.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.6%	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	-0.1%	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	0.4%	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	-0.7%	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	3.1%	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	1.35x	Current assets / current liabilities.
Quick ratio	0.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / assets	108.9%	Total debt / total assets.
Liabilities / assets	168.2%	Total liabilities / total assets.
Net debt	$740.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.39x	Operating income / interest expense.
Working capital	$91.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$520.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.63x	Revenue / average total assets.
Fixed asset turnover	15.6x	Revenue / average property, plant and equipment.
Inventory turnover	3.35x	Cost of revenue / average inventory.
Days inventory	109 days	365 x average inventory / cost of revenue.
Receivables turnover	36.7x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	67 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	159.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$26.25	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	$123.62	Revenue / diluted weighted shares.
FCF per share	-$0.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.11	Cash from operations / diluted weighted shares.
Book value per share	-$52.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$55.62	Tangible book value / shares outstanding.
Cash per share	$4.90	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.7M	Share price x shares outstanding.
Enterprise value	$743.5M	Market cap + total debt - cash - short-term investments.
P/S	0.00x	Market cap / revenue.
P/OCF	0.26x	Market cap / cash from operations, when positive.
EV/Sales	0.63x	Enterprise value / revenue.
FCF yield	-232.0%	Free cash flow / market cap.
Earnings yield	-9,160.0%	Net income / market cap (the inverse of P/E).

What was Leslie's, Inc.'s revenue in fiscal 2025?

Leslie's, Inc. reported revenue of $1.24B for fiscal 2025, 6.6% lower than the year before.

Was Leslie's, Inc. profitable in fiscal 2025?

No. It reported a net loss of $237.0M.

How much free cash flow did Leslie's, Inc. generate in fiscal 2025?

Cash from operations of $8.8M minus capital expenditures of $25.5M left free cash flow of -$16.7M.

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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