Sleep Number Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sleep Number Corp 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	1,311	1,444	1,532	1,698	1,857	2,185	2,114	1,887	1,682	1,411
Cost of revenue	501	547	604	646	701	866	912	799	680	578
Gross profit	810	897	928	1,052	1,156	1,319	1,202	1,089	1,003	833
Research and development	28	27.8	28.8	35	40.9	58.5	61.5	55.8	45.3	33.9
Selling and marketing	596	650	687	767	771	905	920	847	767	664
General and administrative	110	127	119	138	159	161	153	147	150	131
Operating expenses	734	805	836	940	971	1,125	1,134	1,066	980	880
Operating income	76.7	91.9	92.4	112	185	194	67.9	22.9	22.9	-46.6
Interest expense	0.81	0.98	5.91	11.6			19	42.7	48.4	49.4
Interest income		0.1	0	0
Other non-operating income	-0.72	-0.88	-5.91
Pre-tax income	75.9	91	86.5	101	176	187	48.9	-19.8	-25.5	-96
Income tax	24.5	26	17	18.7	36.8	33.5	12.3	-4.47	-5.16	36
Net income	51.4	65.1	69.5	81.8	139	154	36.6	-15.3	-20.3	-132
EBITDA	134	153	154	174	246	254	135	97	89.2	9.02
EPS, basic	1.11	1.58	1.97	2.78	5.03	6.40	1.63	-0.68	-0.90	-5.77
EPS, diluted	1.10	1.55	1.92	2.70	4.90	6.16	1.60	-0.68	-0.90	-5.77
Shares, basic (weighted)	46.2	41.2	35.3	29.5	27.7	24	22.4	22.4	22.6	22.9
Shares, diluted (weighted)	46.9	42.1	36.2	30.4	28.4	24.9	22.9	22.4	22.6	22.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.6	3.65	1.61	1.59	4.24	2.39	1.79	2.54	1.95	1.69
Short-term investments	0
Receivables	19.7	19.3	24.8	20	31.9	25.7	26	26.9	17.5	15.5
Inventory	75	84.3	84.9	87.1	81.4	106	114	115	103	82.2
Other current assets	23.3	27.7	31.6	36.4	43.5	54.9	39.9	44.6	44.1	36.9
Total current assets	138	152	151	160	182	208	198	206	181	150
Property, plant and equipment	208	209	206	197	175	195	201	180	130	86.5
Lease right-of-use assets			0	327	314	371	398	395	357	312
Goodwill	64	64	64	64	64	64	64	64	64	64
Intangible assets			9.97	7.78	7.43	5.03	2.62	1.19	0.97	0.74
Long-term investments	0
Other non-current assets	25	30.5	38.2	48	56	75.2	81.8	83	93.3	65.3
Total assets	457	472	470	806	800	920	954	951	861	680
Accounts payable	105	129	145	135	91.9	163	176	136	108	118
Accrued liabilities	19.5	34.6	27.7	40.3	76.8	51.2	31.3	28.3	31	15
Short-term debt				231	244	383	460	540	547	588
Total current liabilities	225	306	489	595	656	907	930	936	908	913
Lease liabilities			0	298	283	336	357	351	307	273
Other non-current liabilities	71.5	76.3	86.2	68.8	84.8	101	105	105	97.2	72.9
Total liabilities	297	383	580	965	1,024	1,344	1,392	1,393	1,312	1,259
Paid-in capital	0	0	0	0	0	3.97	5.18	16.7	27.4	32.5
Retained earnings	160	88.8	-110	-160	-224	-429	-444	-459	-479	-611
Shareholders' equity	160	89.2	-110	-159	-224	-425	-438	-442	-452	-578
Total equity	160	89.2	-110	-159	-224	-425	-438	-442	-452	-578
Total liabilities and equity	457	472	470	806	800	920	954	951	861	680
Shares outstanding	43.6	38.8	30.9	28	25.4	22.7	22	22.2	22.4	22.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	51.4	65.1	69.5	81.8	139	154	36.6	-15.3	-20.3	-132
Depreciation and amortization	57.2	61.3	62	61.9	61.6	60.4	67.4	74	66.4	55.6
Stock-based compensation	12	15.8	11.4	16.7	21.8	23.2	13.2	14.9	11.4	6.28
Deferred income tax	-1.64	2.04	7.45	-1.01	-3.57	0.45	-8.65	-12.3	-13.3	33.2
Change in receivables	9.3	0.39	-5.48	4.82	-11.9	6.15	-0.29	-0.85	9.34	2.01
Change in inventory	11.6	-9.27	-0.58	-2.18	5.7	-24.3	-11.6	-1.4	12.3	11.4
Change in payables	-4.97	21.8	-9.89	10.7	-16.8	54.4	-4.74	-28.9	-15.9	22.7
Cash from operations	152	173	132	189	280	300	36.1	-9.03	27.1	-3.28
Capital expenditures	-57.9	-59.8	-45.5	-59.2	-37.1	-66.9	-69.5	-57.1	-23.5	-14.4
Acquisitions	0	0
Purchases of investments	-5.97	0	0
Cash from investing	-42.7	-59.8	-45.2	-56.6	-39	-66.6	-70.6	-58.4	-26.3	-17.7
Stock issued	2.3	3.24	2.79	7.19	9.6	4.44	1.13	0.43	0	0
Share buybacks	-127	-155	-272	-165	-236	-382	-64.2	-3.75	-0.77	-1.21
Cash from financing	-118	-124	-88.3	-133	-238	-235	33.9	68.1	-1.44	20.7
Net change in cash	-9.39	-11.1	-2.04	-0.02	2.65	-1.85	-0.6	0.75	-0.59	-0.26
Free cash flow	93.8	113	86	130	243	233	-33.3	-66.1	3.64	-17.7
Interest paid	0.61	0.75	5.09	10.7	9.05	5.44	16.9	40.6	45.1	50.6
Income taxes paid	-0.65	22.8	15	17.2	38.7	36.3	19.8	13.7	4.01	8.62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to April 4, 2026; growth uses fiscal years. Valuation uses the share price of $0.02 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.1%	Gross profit / revenue.
Operating margin	-6.4%	Operating income / revenue.
EBITDA margin	-2.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.2%	Pre-tax income / revenue.
Net margin	-13.0%	Net income / revenue.
FCF margin	-1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.6%	Cash from operations / revenue.
Return on assets (ROA)	-27.1%	Net income / average total assets.
R&D / revenue	2.1%	Research and development expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-16.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-12.6%	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	-16.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.5%	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	-6.3%	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	-303.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-89.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-59.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-48.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-112.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-586.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-21.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.7%	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	-3.2%	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	1.2%	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	0.0%	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	-4.2%	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	0.15x	Current assets / current liabilities.
Quick ratio	0.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	197.7%	Total liabilities / total assets.
Interest coverage	-1.66x	Operating income / interest expense.
Working capital	-$788.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$691.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.09x	Revenue / average total assets.
Fixed asset turnover	18.1x	Revenue / average property, plant and equipment.
Inventory turnover	7.16x	Cost of revenue / average inventory.
Days inventory	51 days	365 x average inventory / cost of revenue.
Receivables turnover	100x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-21 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.55	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	$58.16	Revenue / diluted weighted shares.
FCF per share	-$1.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.37	Cash from operations / diluted weighted shares.
Book value per share	-$27.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$29.98	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$414.9K	Share price x shares outstanding.
Enterprise value	-$1.1M	Market cap + total debt - cash - short-term investments.
P/S	0.00x	Market cap / revenue.
FCF yield	-5,702.0%	Free cash flow / market cap.
Earnings yield	-41,845.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	246.6%	(Dividends paid + share buybacks) / market cap.

What was Sleep Number Corp's revenue in fiscal 2025?

Sleep Number Corp reported revenue of $1.41B for fiscal 2025, 16.1% lower than the year before.

Was Sleep Number Corp profitable in fiscal 2025?

No. It reported a net loss of $132.0M.

How much free cash flow did Sleep Number Corp generate in fiscal 2025?

Cash from operations of $3.3M minus capital expenditures of $14.4M left free cash flow of -$17.7M.

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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