LEVI STRAUSS & CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LEVI STRAUSS & CO 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	4,553	4,904	5,575	5,763	4,453	5,764	6,169	5,842	6,032	6,282
Cost of revenue	2,224	2,341	2,577	2,662	2,100	2,417	2,620	2,481	2,375	2,404
Gross profit	2,329	2,563	2,998	3,101	2,353	3,347	3,549	3,361	3,657	3,878
Selling, general and administrative	1,867	2,083	2,458	2,535	2,348	2,661	2,882	2,896	3,092	3,173
Operating expenses				398	497	408
Operating income	462	480	540	567	-85.1	686	647	354	263	678
Interest expense	73.2	68.6	55.3	66.2	82.2	72.9	25.7	45.9	41.8	48.6
Interest income	0.98	0.63	0.73	1.51
Other non-operating income	18.2	-39.9	14.9	2.02	-22.4	3.4	28.8	-42.2	-3.3	5
Pre-tax income	407	349	500	478	-190	580	650	266	218	634
Income tax	116	64.2	215	82.6	-62.6	26.7	80.5	15.7	7.2	132
Net income to minority interests	0.16	3.15	-2.1	-0.37	0	0
Net income	291	281	283	395	-127	554	569	250	211	578
EBITDA	566	597	661	691	56.7	829	805	520	456	884
EPS, basic		0.75	0.75	1.01	-0.32	1.38	1.43	0.63	0.53	1.46
EPS, diluted		0.73	0.73	0.97	-0.32	1.35	1.41	0.62	0.52	1.45
Shares, basic (weighted)		376	377	389	397	402	397	397	398	396
Shares, diluted (weighted)		384	389	408	397	410	404	402	402	400
Dividend per share				0.30	0.16	0.26	0.44	0.48	0.50	0.54

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	376	634	713	934	1,497	810	430	399	690	758
Short-term investments			0	80.7	96.5	91.5	70.6	0	0	90.9
Receivables	479	485	534	783	540	708	697	753	710	775
Inventory	716	759	884	884	818	898	1,417	1,290	1,131	1,238
Other current assets	115	119	157	188	175	203	214	196	212	239
Total current assets	1,686	1,997	2,288	2,870	3,126	2,710	2,828	2,638	2,851	3,154
Property, plant and equipment	394	424	461	530	455	503	623	681	687	682
Lease right-of-use assets				0	989	1,104	970	1,034	1,066	1,148
Goodwill	234	237	236	236	265	387	366	304	278	281
Intangible assets	42.9	42.9	42.8	42.8	47.4	291	287	268	197	194
Other non-current assets	107	118	117	146	262	333	340	401	464	539
Total assets	2,987	3,358	3,543	4,232	5,641	5,900	6,038	6,054	6,376	6,849
Accounts payable	270	290	351	360	375	525	657	568	663	598
Accrued liabilities	181	227	299	223	179	275	247	215	234	245
Short-term debt	0	38.5	31.9	7.62	0	5.9	11.7	12.5	5.5	0
Total current liabilities	762	879	1,052	1,167	1,549	1,870	1,982	1,788	2,011	2,033
Long-term debt	1,006	1,039	1,020	1,007	1,547	1,021	985	1,009	994	1,039
Lease liabilities					858	969	859	913	943	1,006
Other non-current liabilities	63.8	95.3	116	145	64.3	59.4	54.6	50.3	204	240
Total liabilities	2,396	2,528	2,576	2,661	4,342	4,234	4,134	4,007	4,405	4,570
Total debt	1,006	1,039	1,020	1,007	1,547	1,021	985	1,009	994	1,039
Paid-in capital	1.45	0	0	658	626	585	626	687	733	788
Retained earnings	935	1,101	1,084	1,310	1,114	1,475	1,699	1,750	1,672	1,897
Other comprehensive income	-418	-395	-415
Shareholders' equity	510	697	660	1,564	1,299		1,904	2,046	1,971	2,279
Minority interests	2.22	5.48	7.35	8.03	0
Total equity	512	702	667	1,572	1,300	1,666	1,904	2,046	1,971	2,279
Total liabilities and equity	2,987	3,358	3,543	4,232	5,641	5,900	6,038	6,054	6,376	6,849
Shares outstanding	37.5	37.5	376

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	291	285	285	395	-127	554	569	250	211	578
Depreciation and amortization	104	117	120	124	142	143	159	165	193	206
Stock-based compensation	9.33	25.8	18.4	55.2	50.9	60.1	60.8	74.4	62.8	81.6
Deferred income tax	66.1	-0.49	134	-15	-95.2	-87.9	-59.8	-104	-91.1	-20.6
Change in receivables	6.15	3.98	-60.5	-82.3	234	-182	-6.7	-49.9	14.8	-48.9
Change in inventory	-121	-14.4	-147	-22.4	93.1	-84.7	-543	143	14.9	-51.6
Change in payables	43	35.7	151	8.89	12.5	151	135	-95.7	105	-69.3
Cash from operations	307	526	420	412	470	737	228	436	898	530
Capital expenditures	-103	-119	-159	-175	-130	-167	-267	-314	-228	-221
Acquisitions	0		0	0	-54.6	-391	0	-12.1	-34.4	0
Purchases of investments		0	0	-114	-110	-123	-72.8	0	0	-135
Cash from investing	-68.3	-124	-179	-243	-189	-572	-236	-241	-281	-68.7
Debt issued	0	503	0	0	503
Debt repaid								0	0	-550
Stock issued		0	0	256	8.05	7.67
Share buybacks	-2.56	-25.1	-27.1	-3.09	-56.2	-85.9	-176	-8.1	-90.1	-30.5
Dividends paid	-60	-70	-90	-114	-63.6	-104	-174	-191	-199	-213
Cash from financing	-174	-152	-149	55	286	-841	-365	-214	-319	-400
Exchange rate effect	-7.66	8.42	-13.3	-2.81	-4.2	-11.6	-7.7	-11.5	-6.8	7.2
Net change in cash	57	258	79	221	563	-687	-381	-30.8	291	67.9
Free cash flow	204	407	261	237	339	570	-39	122	671	308
Interest paid	67.1	52.1	51.2	54	73.7	54.4	37.5	42.8	38.2	37
Income taxes paid	57.1	54.6	96.3	96.5	50.1	110	129	89.3	102	160

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 30, 2026; growth uses fiscal years. Valuation uses the share price of $24.39 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.8%	Gross profit / revenue.
Operating margin	11.3%	Operating income / revenue.
EBITDA margin	14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.5%	Pre-tax income / revenue.
Net margin	8.8%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.8%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.5%	Net income / average total assets.
SG&A / revenue	51.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.0%	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	10.5%	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	157.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	93.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	73.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	174.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	178.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.9%	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	-41.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.4%	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	2.4%	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	-54.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-1.9%	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	8.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.1%	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	27.5%	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	15.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.2%	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	11.9%	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	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	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	4.0%	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	-0.7%	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	-0.3%	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	0.1%	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	1.63x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / assets	15.1%	Total debt / total assets.
Liabilities / assets	65.1%	Total liabilities / total assets.
Net debt	$264.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.4x	Operating income / interest expense.
Working capital	$1.25B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	10.2x	Revenue / average property, plant and equipment.
Inventory turnover	1.98x	Cost of revenue / average inventory.
Days inventory	184 days	365 x average inventory / cost of revenue.
Receivables turnover	8.96x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	101 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	109.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.51	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	$17.10	Revenue / diluted weighted shares.
FCF per share	$1.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.18	Cash from operations / diluted weighted shares.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	38.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.39B	Share price x shares outstanding.
Enterprise value	$9.65B	Market cap + total debt - cash - short-term investments.
P/E	15.9x	Market cap / net income. Only when net income is positive.
P/S	1.41x	Market cap / revenue.
P/FCF	14.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.0x	Market cap / cash from operations, when positive.
EV/Sales	1.44x	Enterprise value / revenue.
EV/EBIT	12.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.89x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	17.0x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LEVI STRAUSS & CO's revenue in fiscal 2025?

LEVI STRAUSS & CO reported revenue of $6.28B for fiscal 2025, 4.1% higher than the year before.

Was LEVI STRAUSS & CO profitable in fiscal 2025?

Yes. Net income was $578.1M, a net margin of 9.2%.

How much free cash flow did LEVI STRAUSS & CO generate in fiscal 2025?

Cash from operations of $529.6M minus capital expenditures of $221.4M left free cash flow of $308.2M.

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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