Revenue growth has contracted by -30.5% in 2026Q1, while gross margins have deteriorated to 21.7%, reflecting significant challenges in maintaining premium pricing power.
| Sales/Revenue | 142.67M | 152.47M | 189.76M | 254.06M | 297.77M | 277.47M | 219.3M | 193.67M |
| Revenue Growth % | -21.84% | -19.65% | -25.31% | -14.68% | 7.31% | 26.53% | 13.23% | - |
| Cost of Goods Sold | 89.69M | 97.92M | 108.69M | 149.83M | 168.14M | 130.81M | 106.56M | 94.84M |
| COGS % of Revenue | - | 64.22% | 57.28% | 58.97% | 56.47% | 47.14% | 48.59% | 48.97% |
| Gross Profit | 52.98M | 54.55M | 81.06M | 104.23M | 129.63M | 146.66M | 112.74M | 98.83M |
| Gross Margin % | 37.14% | 35.78% | 42.72% | 41.03% | 43.53% | 52.86% | 51.41% | 51.03% |
| Gross Profit Growth % | - | -32.71% | -22.23% | -19.59% | -11.61% | 30.09% | 14.07% | - |
| Operating Expenses | 125.77M | 129.73M | 178.62M | 257.24M | 229.91M | 179.54M | 141.97M | 107.85M |
| OpEx % of Revenue | - | 85.09% | 94.13% | 101.25% | 77.21% | 64.7% | 64.74% | 55.69% |
| Selling, General & Admin | 126.42M | 137.73M | 175.02M | 223.09M | 225.84M | 179.54M | 141.97M | 107.85M |
| SG&A % of Revenue | - | 90.33% | 92.23% | 87.81% | 75.85% | 64.7% | 64.74% | 55.69% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -271K | -8M | 3.6M | 34.15M | 4.07M | 0 | 0 | 0 |
| Operating Income | -72.79M | -75.17M | -97.55M | -153M | -100.28M | -32.88M | -29.22M | -9.01M |
| Operating Margin % | -51.02% | -49.31% | -51.41% | -60.22% | -33.68% | -11.85% | -13.33% | -4.65% |
| Operating Income Growth % | - | 22.94% | 36.24% | -52.57% | -205.04% | -12.5% | -224.24% | - |
| EBITDA | -65.3M | -67.16M | -85.16M | -132M | -85.61M | -22.68M | -22.14M | -5.63M |
| EBITDA Margin % | -45.77% | -44.05% | -44.88% | -51.95% | -28.75% | -8.17% | -10.09% | -2.91% |
| EBITDA Growth % | 19.51% | 21.14% | 35.49% | -54.19% | -277.52% | -2.44% | -292.83% | - |
| D&A (Non-Cash Add-back) | 7.49M | 8.02M | 12.4M | 21M | 14.68M | 10.2M | 7.09M | 3.38M |
| EBIT | -73.43M | -75.82M | -93.95M | -118.85M | -96.22M | -44.56M | -29.68M | -10.76M |
| Net Interest Income | -2.2M | -1.07M | 3.49M | 4.08M | 19K | -178K | -297K | -96K |
| Interest Income | 86K | 0 | 3.49M | 4.08M | 19K | 0 | 0 | 0 |
| Interest Expense | 2.29M | 1.07M | 0 | 0 | 0 | 178K | 297K | 96K |
| Other Income/Expense | -2.94M | -1.72M | 6.11M | 879K | 158K | -11.68M | -749K | -1.84M |
| Pretax Income | -75.73M | -76.89M | -91.45M | -152.12M | -100.13M | -44.56M | -29.97M | -10.85M |
| Pretax Margin % | -53.08% | -50.43% | -48.19% | -59.88% | -33.63% | -16.06% | -13.67% | -5.6% |
| Income Tax | 406K | 393K | 1.87M | 334K | 1.23M | 810K | -4.11M | 3.67M |
| Effective Tax Rate % | -0.54% | -0.51% | -2.05% | -0.22% | -1.23% | -1.82% | 13.72% | -33.86% |
| Net Income | -76.13M | -77.28M | -93.32M | -152.46M | -101.35M | -45.37M | -25.86M | -14.53M |
| Net Margin % | -53.36% | -50.69% | -49.18% | -60.01% | -34.04% | -16.35% | -11.79% | -7.5% |
| Net Income Growth % | 13.35% | 17.18% | 38.79% | -50.42% | -123.39% | -75.44% | -78.01% | - |
| Net Income (Continuing) | -76.13M | -77.28M | -93.32M | -152.46M | -101.35M | -45.37M | -25.86M | -14.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.27 | -9.47 | -11.87 | -20.10 | -13.63 | -13.09 | -4.07 | -2.29 |
| EPS Growth % | 17.49% | 20.22% | 40.95% | -47.47% | -4.13% | -221.62% | -77.73% | - |
| EPS (Basic) | - | -9.47 | -11.87 | -20.10 | -13.63 | -13.09 | -4.07 | -2.29 |
| Diluted Shares Outstanding | 8.21M | 8.16M | 7.86M | 7.58M | 7.44M | 3.47M | 6.35M | 6.35M |
| Basic Shares Outstanding | 8.21M | 8.16M | 7.86M | 7.58M | 7.44M | 3.47M | 6.35M | 6.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and solvency risk
As reported in recent financial filings, Allbirds experienced a significant -30.5% year-over-year revenue decline in 2026Q1, signaling that the company's direct-to-consumer model is struggling to maintain relevance in a competitive footwear market that increasingly favors established performance brands over niche sustainable lifestyle offerings.
The consistent double-digit revenue declines across the last ten quarters suggest that the brand is failing to capture new customer cohorts while simultaneously losing existing loyalty. This trajectory implies that the pivot toward wholesale channels may be a reactive measure to address falling demand rather than a proactive growth strategy.
Based on the provided income statement data, gross margins have deteriorated to 21.7% in 2026Q1, a sharp decline from historical peaks, which suggests that heavy promotional activity and inventory liquidation are severely undermining the brand's ability to command premium pricing in the current retail environment.
The volatility in gross margins indicates a lack of pricing power and an inability to effectively manage input costs against a shrinking top line. Investors should monitor whether this margin compression is a permanent feature of the new wholesale-heavy model or a temporary byproduct of clearing legacy inventory.
According to the company's historical income statements, operating expenses continue to dwarf gross profit, resulting in an operating margin of -88.3% in 2026Q1, which highlights a fundamental inability to scale the business model efficiently despite ongoing efforts to rationalize the corporate and retail cost structure.
The failure of operating income to scale alongside revenue suggests that the company's fixed-cost base, particularly regarding retail occupancy and corporate overhead, remains misaligned with current demand levels. This persistent de-leveraging indicates that the business model may require a more drastic reduction in scale to reach operational break-even.
As indicated by the reported financial figures, the company's cash position of $26.7M appears insufficient to cover ongoing quarterly operating losses, raising significant concerns regarding the firm's ability to fund its operations without further dilutive financing or a potential strategic sale of its remaining assets.
Short-sellers would likely focus on the widening gap between cash reserves and the burn rate, which suggests that the company is rapidly approaching a liquidity inflection point. The lack of a clear path to profitability implies that the current valuation may not fully account for the risk of insolvency.
Quick answers to the most common questions about buying BIRD stock.
For fiscal year 2025, Allbirds, Inc. (BIRD) reported total revenue of $152.5M. This represents a 21.3% decline compared to $193.7M in 2019.
Allbirds, Inc. (BIRD) reported a net loss of $77.3M for the fiscal year ending 2025.
Allbirds, Inc. (BIRD) reported an operating income of $-75.2M, resulting in an operating profit margin of -49.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Allbirds, Inc. (BIRD) generated $54.6M in gross profit for the year, representing a gross profit margin of 35.8%. This demonstrates the company's core pricing power and production efficiency.