Revenue growth has significantly moderated from 22.1% in 2024Q1 to 1.5% in 2026Q1, while operating margins have compressed to 7.7% from a 17.1% peak in 2025Q2.
| Metric | TTM | Jan'26 | Feb'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 5.28B | 5.27B | 4.95B | 4.28B | 3.7B | 3.71B | 3.13B | 3.62B | 3.59B | 3.49B | 3.33B | 3.52B | 3.74B | 4.12B | 4.51B | 4.16B | 3.47B | 2.93B | 3.48B | 3.7B | 3.32B | 2.78B | 2.02B | 1.71B | 1.6B | 1.36B | 1.24B | 1.03B | 805.18M | 521.62M | 335.37M |
| Revenue Growth % | 5.13% | 6.42% | 15.6% | 15.76% | -0.4% | 18.79% | -13.74% | 0.92% | 2.79% | 4.99% | -5.45% | -6.02% | -9.06% | -8.73% | 8.48% | 19.87% | 18.44% | -15.94% | -5.83% | 11.5% | 19.16% | 37.77% | 18.35% | 7.02% | 16.92% | 10.28% | 20.06% | 28.03% | 54.36% | 55.53% | - |
| Cost of Goods Sold | 2.07B | 2.03B | 1.77B | 1.59B | 1.59B | 1.4B | 1.23B | 1.47B | 1.43B | 1.41B | 1.3B | 1.36B | 1.43B | 1.54B | 1.69B | 1.61B | 1.25B | 1.05B | 1.15B | 1.21B | 1.11B | 933.29M | 680.03M | 624.64M | 940.01M | 806.82M | 697.5M | 552.75M | 452.88M | 320.54M | 211.61M |
| COGS % of Revenue | - | 38.53% | 35.85% | 37.08% | 43.09% | 37.73% | 39.49% | 40.63% | 39.84% | 40.34% | 39.02% | 38.68% | 38.21% | 37.44% | 37.56% | 38.67% | 36.07% | 35.68% | 33.09% | 32.75% | 33.43% | 33.52% | 33.64% | 36.58% | 58.91% | 59.11% | 56.36% | 53.62% | 56.25% | 61.45% | 63.1% |
| Gross Profit | 3.21B | 3.24B | 3.17B | 2.69B | 2.1B | 2.31B | 1.89B | 2.15B | 2.16B | 2.08B | 2.03B | 2.16B | 2.31B | 2.58B | 2.82B | 2.55B | 2.22B | 1.88B | 2.33B | 2.49B | 2.21B | 1.85B | 1.34B | 1.08B | 655.75M | 558.03M | 540.11M | 478.1M | 352.3M | 201.08M | 123.77M |
| Gross Margin % | 60.86% | 61.47% | 64.15% | 62.92% | 56.91% | 62.27% | 60.51% | 59.37% | 60.16% | 59.66% | 60.98% | 61.32% | 61.79% | 62.56% | 62.44% | 61.33% | 63.93% | 64.32% | 66.91% | 67.25% | 66.57% | 66.48% | 66.36% | 63.42% | 41.09% | 40.89% | 43.64% | 46.38% | 43.75% | 38.55% | 36.9% |
| Gross Profit Growth % | - | 1.98% | 17.87% | 27.98% | -8.97% | 22.25% | -12.07% | -0.42% | 3.65% | 2.72% | -5.98% | -6.74% | -10.17% | -8.57% | 10.45% | 15.01% | 17.72% | -19.2% | -6.31% | 12.64% | 19.31% | 38.04% | 23.82% | 65.18% | 17.51% | 3.32% | 12.97% | 35.71% | 75.2% | 62.47% | - |
| Operating Expenses | 2.53B | 2.54B | 2.43B | 2.21B | 2.01B | 1.97B | 1.91B | 2.08B | 2.03B | 2.01B | 2.01B | 2.08B | 2.2B | 2.49B | 2.44B | 2.33B | 1.98B | 1.77B | 1.83B | 1.71B | 1.55B | 1.31B | 993.59M | 751.99M | 343.43M | 286.58M | 286.45M | 236.04M | 185.34M | 116.95M | 77.77M |
| OpEx % of Revenue | - | 48.2% | 49.18% | 51.6% | 54.41% | 53.03% | 61.17% | 57.43% | 56.62% | 57.6% | 60.52% | 59.25% | 58.76% | 60.59% | 54.15% | 56.01% | 57.09% | 60.29% | 52.61% | 46.2% | 46.74% | 47% | 49.16% | 44.03% | 21.52% | 21% | 23.15% | 22.9% | 23.02% | 22.42% | 23.19% |
| Selling, General & Admin | 2.57B | 2.54B | 2.44B | 2.21B | 2.01B | 1.98B | 1.84B | 2.02B | 2.02B | 2.01B | 2.03B | 2.07B | 2.16B | 2.39B | 2.45B | 2.26B | 1.99B | 1.78B | 1.84B | 1.72B | 1.56B | 1.31B | 998.08M | 752.97M | 343.43M | 286.58M | 255.72M | 208.32M | 164.4M | 116.95M | 77.77M |
| SG&A % of Revenue | - | 48.14% | 49.32% | 51.74% | 54.48% | 53.26% | 58.99% | 55.64% | 56.3% | 57.6% | 61.07% | 58.96% | 57.74% | 58.04% | 54.41% | 54.29% | 57.38% | 60.75% | 52.86% | 46.52% | 47.04% | 47.19% | 49.38% | 44.09% | 21.52% | 21% | 20.66% | 20.21% | 20.42% | 22.42% | 23.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.6M | 3.16M | -6.63M | -5.87M | -2.67M | -8.33M | 67.88M | 64.99M | 11.47M | -154K | -18.28M | 10.17M | 38.18M | 105.14M | -11.93M | 71.49M | -10.06M | -13.53M | -8.78M | -11.7M | -9.98M | -5.53M | -4.49M | -979K | 0 | 0 | 30.73M | 27.72M | 20.95M | 0 | 0 |
| Operating Income | 683.64M | 699.14M | 740.82M | 484.67M | 92.65M | 343.08M | -20.47M | 70.07M | 127.37M | 72.05M | 15.19M | 72.84M | 113.52M | 80.82M | 374.23M | 221.38M | 237.18M | 117.91M | 498.26M | 778.91M | 658.09M | 542.74M | 347.63M | 331.18M | 312.31M | 271.46M | 253.65M | 242.06M | 166.96M | 84.13M | 45.99M |
| Operating Margin % | 12.94% | 13.28% | 14.97% | 11.32% | 2.51% | 9.24% | -0.65% | 1.93% | 3.55% | 2.06% | 0.46% | 2.07% | 3.03% | 1.96% | 8.3% | 5.32% | 6.84% | 4.03% | 14.3% | 21.05% | 19.83% | 19.49% | 17.2% | 19.39% | 19.57% | 19.89% | 20.5% | 23.48% | 20.74% | 16.13% | 13.71% |
| Operating Income Growth % | - | -5.63% | 52.85% | 423.13% | -73% | 1776.12% | -129.21% | -44.99% | 76.77% | 374.39% | -79.15% | -35.84% | 40.45% | -78.4% | 69.04% | -6.66% | 101.15% | -76.34% | -36.03% | 18.36% | 21.25% | 56.12% | 4.97% | 6.04% | 15.05% | 7.02% | 4.79% | 44.98% | 98.46% | 82.91% | - |
| EBITDA | 842.39M | 854.16M | 894.59M | 625.77M | 224.89M | 487.12M | 145.81M | 243.69M | 305.4M | 266.6M | 210.6M | 286.52M | 339.94M | 316.06M | 598.48M | 454.34M | 466.33M | 356.66M | 723.6M | 962.63M | 769.76M | 634.42M | 420.65M | 395.94M | 367.2M | 312.61M | 284.38M | 269.79M | 187.9M | 100.47M | 57.75M |
| EBITDA Margin % | 15.95% | 16.22% | 18.08% | 14.62% | 6.08% | 13.12% | 4.67% | 6.73% | 8.51% | 7.63% | 6.33% | 8.14% | 9.08% | 7.68% | 13.27% | 10.93% | 13.44% | 12.18% | 20.77% | 26.02% | 23.2% | 22.78% | 20.81% | 23.18% | 23.01% | 22.9% | 22.98% | 26.17% | 23.34% | 19.26% | 17.22% |
| EBITDA Growth % | -2.86% | -4.52% | 42.96% | 178.26% | -53.83% | 234.07% | -40.17% | -20.2% | 14.55% | 26.59% | -26.5% | -15.72% | 7.55% | -47.19% | 31.72% | -2.57% | 30.75% | -50.71% | -24.83% | 25.05% | 21.33% | 50.82% | 6.24% | 7.83% | 17.46% | 9.93% | 5.41% | 43.58% | 87.03% | 73.96% | - |
| D&A (Non-Cash Add-back) | 158.75M | 155.02M | 153.77M | 141.1M | 132.24M | 144.03M | 166.28M | 173.63M | 178.03M | 194.55M | 195.41M | 213.68M | 226.42M | 235.24M | 224.25M | 232.96M | 229.15M | 238.75M | 225.33M | 183.72M | 111.67M | 91.68M | 73.02M | 64.77M | 54.89M | 41.16M | 30.73M | 27.72M | 20.95M | 16.34M | 11.76M |
| EBIT | 700.2M | 723.15M | 780.75M | 514.65M | 97.25M | 346.93M | -17.02M | 70.07M | 139.16M | 78.13M | 19.6M | 77.19M | 166.94M | 209.04M | 381.64M | 289.41M | 237.18M | 126.11M | 498.26M | 778.91M | 658.09M | 542.74M | 347.63M | 331.18M | 312.31M | 271.46M | 253.65M | 242.06M | 166.96M | 84.13M | 45.99M |
| Net Interest Income | 20.13M | 21.63M | 27.86M | -372K | -25.63M | -34.11M | -28.27M | -10.91M | -11M | -16.89M | -18.67M | -18.25M | -14.37M | -7.55M | -7.29M | -3.58M | -3.36M | 1.6M | 11.38M | 18.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22.3M | 24M | 39.93M | 29.98M | 4.6M | 3.85M | 3.45M | 12.17M | 11.79M | 6.08M | 4.41M | 4.35M | 0 | 0 | 0 | 0 | 0 | 1.6M | 14.78M | 19.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 2.38M | 12.08M | 30.35M | 30.24M | 37.96M | 31.73M | 23.08M | 22.79M | 22.97M | 23.08M | 22.6M | 14.37M | 7.55M | 7.29M | 3.58M | 3.36M | 0 | 3.4M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 22.9M | 21.63M | 27.86M | -372K | -25.63M | -34.11M | -28.27M | -7.74M | -11M | -16.89M | -18.67M | -18.25M | -14.37M | -7.55M | -7.29M | -3.58M | -3.36M | 1.6M | 11.38M | 18.83M | 13.9M | 6.67M | 5.22M | 3.71M | 3.77M | 5.06M | 7.8M | 7.27M | 3.14M | -3.58M | -4.92M |
| Pretax Income | 706.54M | 720.77M | 768.68M | 484.3M | 67.02M | 308.97M | -48.74M | 62.33M | 116.37M | 55.16M | -3.48M | 54.59M | 99.15M | 73.28M | 366.94M | 217.81M | 233.82M | 119.51M | 509.64M | 797.74M | 671.99M | 549.41M | 352.85M | 334.89M | 316.08M | 276.52M | 261.45M | 249.33M | 170.1M | 80.54M | 41.07M |
| Pretax Margin % | 13.37% | 13.69% | 15.53% | 11.31% | 1.81% | 8.32% | -1.56% | 1.72% | 3.24% | 1.58% | -0.1% | 1.55% | 2.65% | 1.78% | 8.13% | 5.24% | 6.74% | 4.08% | 14.63% | 21.56% | 20.25% | 19.73% | 17.46% | 19.61% | 19.81% | 20.26% | 21.13% | 24.19% | 21.13% | 15.44% | 12.25% |
| Income Tax | 205.16M | 205.78M | 194.66M | 148.89M | 56.63M | 38.91M | 60.21M | 17.37M | 37.56M | 44.64M | -11.2M | 16.03M | 47.33M | 18.65M | 129.93M | 74.67M | 78.11M | 40.56M | 201.47M | 298.61M | 249.8M | 215.43M | 136.48M | 130.06M | 121.33M | 107.85M | 103.32M | 99.73M | 68.04M | 32.22M | 16.4M |
| Effective Tax Rate % | 29.04% | 28.55% | 25.32% | 30.74% | 84.5% | 12.59% | -123.53% | 27.87% | 32.28% | 80.92% | 321.91% | 29.37% | 47.74% | 25.45% | 35.41% | 34.28% | 33.41% | 33.94% | 39.53% | 37.43% | 37.17% | 39.21% | 38.68% | 38.84% | 38.39% | 39% | 39.52% | 40% | 40% | 40% | 39.93% |
| Net Income | 493.64M | 506.92M | 566.22M | 328.12M | 2.82M | 263.01M | -114.02M | 39.36M | 74.54M | 7.09M | 3.96M | 35.58M | 51.82M | 54.63M | 237.01M | 143.93M | 155.71M | 254K | 272.25M | 475.7M | 422.19M | 333.98M | 216.38M | 204.83M | 194.75M | 168.67M | 158.13M | 149.6M | 102.06M | 48.32M | 24.67M |
| Net Margin % | 9.34% | 9.63% | 11.44% | 7.67% | 0.08% | 7.08% | -3.65% | 1.09% | 2.08% | 0.2% | 0.12% | 1.01% | 1.38% | 1.33% | 5.25% | 3.46% | 4.49% | 0.01% | 7.81% | 12.86% | 12.72% | 11.99% | 10.71% | 11.99% | 12.2% | 12.36% | 12.78% | 14.51% | 12.68% | 9.26% | 7.36% |
| Net Income Growth % | -7.35% | -10.47% | 72.56% | 11552.1% | -98.93% | 330.67% | -389.7% | -47.2% | 950.76% | 79.32% | -88.88% | -31.35% | -5.14% | -76.95% | 64.67% | -7.56% | 61202.76% | -99.91% | -42.77% | 12.67% | 26.41% | 54.35% | 5.64% | 5.17% | 15.46% | 6.66% | 5.7% | 46.58% | 111.21% | 95.84% | - |
| Net Income (Continuing) | 501.38M | 515M | 574.02M | 335.41M | 10.38M | 270.07M | -108.95M | 44.96M | 78.81M | 10.53M | 7.72M | 38.56M | 51.82M | 54.63M | 237.01M | 143.14M | 155.71M | 78.95M | 308.17M | 499.13M | 422.19M | 333.98M | 216.38M | 204.83M | 194.75M | 168.67M | 158.13M | 149.6M | 102.06M | 48.32M | 24.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 796K | 0 | -78.7M | -35.91M | -23.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.81M | 16.52M | 15.7M | 14.83M | 11.73M | 11.23M | 12.68M | 12.37M | 9.72M | 10.09M | 8.6M | 4.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.81 | 10.46 | 10.69 | 6.22 | 0.05 | 4.20 | -1.82 | 0.60 | 1.08 | 0.10 | 0.06 | 0.51 | 0.71 | 0.69 | 2.85 | 1.61 | 1.73 | 0.00 | 3.05 | 5.20 | 4.59 | 3.66 | 2.28 | 2.06 | 1.98 | 1.65 | 1.55 | 1.39 | 0.96 | 0.47 | 0.27 |
| EPS Growth % | 2.56% | -2.15% | 71.86% | 12340% | -98.81% | 330.77% | -403.33% | -44.44% | 980% | 66.67% | -88.24% | -28.17% | 2.9% | -75.79% | 77.02% | -6.94% | - | -99.9% | -41.35% | 13.29% | 25.41% | 60.53% | 10.68% | 4.04% | 20% | 6.45% | 11.51% | 44.79% | 104.26% | 74.07% | - |
| EPS (Basic) | - | 10.71 | 11.14 | 6.53 | 0.06 | 4.41 | -1.82 | 0.61 | 1.11 | 0.10 | 0.06 | 0.52 | 0.72 | 0.71 | 2.89 | 1.66 | 1.77 | 0.00 | 3.14 | 5.45 | 4.79 | 3.83 | 2.33 | 2.12 | 1.98 | 1.70 | 1.58 | 1.45 | 0.99 | 0.48 | 0.27 |
| Diluted Shares Outstanding | 45.68M | 48.48M | 52.97M | 52.73M | 52.33M | 62.64M | 62.55M | 65.78M | 69.14M | 69.4M | 68.28M | 69.42M | 72.94M | 78.67M | 83.17M | 89.54M | 89.85M | 88.61M | 89.29M | 91.52M | 92.01M | 91.22M | 95.11M | 99.58M | 100.63M | 102.52M | 99.08M | 102.03M | 106.31M | 102.81M | 99.47M |
| Basic Shares Outstanding | 44.97M | 47.32M | 50.84M | 50.25M | 50.31M | 59.6M | 62.55M | 64.43M | 67.35M | 68.39M | 67.88M | 68.88M | 71.78M | 77.16M | 81.94M | 86.85M | 88.06M | 87.87M | 86.82M | 87.25M | 88.05M | 87.16M | 92.87M | 96.62M | 98.17M | 99.1M | 99.08M | 102.03M | 103.09M | 101.73M | 99.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 130.88% | 72.06% | 766.73% | 1366.68% | 155.01% | 110.69% | 113.35% | 24.32% | 42.35% | 39.6% | 24212.6% | 22.32% | 12.89% | 14.6% | 15.63% | 21.46% | - | - | - | - | - | - | - | 109.43% |
Consumer discretionary spending sensitivity
As reported in recent financial statements, the company's year-over-year revenue growth has decelerated significantly from 22.1% in 2024Q1 to 1.5% in 2026Q1, indicating that the initial post-turnaround surge in demand is normalizing as the brand matures within its target demographic.
The sharp decline in top-line expansion suggests that the company is struggling to maintain the high-growth trajectory that characterized its recent brand repositioning. Investors should monitor whether this deceleration reflects a saturation of the core 25-to-35-year-old market or a broader cyclical softening in consumer discretionary spending.
Based on reported figures, the company maintained a gross margin of 59.0% in 2026Q1, which, while down from the 66.4% peak observed in 2024Q1, continues to demonstrate a structural improvement over historical levels driven by a shift toward full-price selling and reduced promotional intensity.
The ability to sustain margins near the 60% threshold suggests that the brand's pivot toward an aspirational lifestyle aesthetic has successfully reduced reliance on clearance-driven volume. However, the recent compression warrants further investigation into whether inflationary pressures on raw materials or freight are beginning to erode pricing power.
According to income statement data, operating margins contracted to 7.7% in 2026Q1 from a high of 17.1% in 2025Q2, suggesting that the company's fixed-cost base is becoming less efficient as revenue growth slows and SG&A expenses remain relatively sticky.
The lack of operating leverage in recent periods indicates that management may be facing difficulty in scaling profitability alongside top-line growth. This trend suggests that the company's current cost structure may require further optimization if revenue growth remains in the low single digits.
As indicated by the provided financial data, EPS fell to $1.47 in 2026Q1 from $3.68 in 2025Q4, reflecting both seasonal volatility and a broader cooling of net income margins which dropped to 6.0% from the 11.8% peak seen in 2024Q4.
The volatility in EPS appears to be driven by the inherent seasonality of the apparel retail cycle, yet the downward trend in net margins suggests that the bottom line is increasingly sensitive to operational inefficiencies. Analysts should scrutinize whether the recent decline in net income is a temporary seasonal dip or a sign of structural margin degradation.
While the company has successfully expanded margins through brand repositioning, the recent trend of decelerating revenue growth and contracting operating margins suggests that the market may be overestimating the durability of these gains in a potentially weakening consumer environment.
Short-term performance metrics indicate that the company's reliance on full-price selling may be reaching a ceiling, leaving it vulnerable to inventory build-ups if demand continues to soften. Investors should consider the risk that a return to promotional activity could rapidly reverse the margin gains achieved over the last two years.
Quick answers to the most common questions about buying ANF stock.
For fiscal year 2025, Abercrombie & Fitch Co. (ANF) reported total revenue of $5.27B. This represents a 1470.3% increase compared to $335.4M in 1996.
Abercrombie & Fitch Co. (ANF) is profitable, generating $506.9M in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
Abercrombie & Fitch Co. (ANF) reported an operating income of $699.1M, resulting in an operating profit margin of 13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Abercrombie & Fitch Co. (ANF) generated $3.24B in gross profit for the year, representing a gross profit margin of 61.5%. This demonstrates the company's core pricing power and production efficiency.