The Buckle, Inc. (BKE) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has reaccelerated to 4.6% year-over-year in 2026Q2, while a disciplined cost structure has enabled operating income to grow 15.6% on that modest top-line expansion, demonstrating strong operating leverage.

Annual statement

BKE Income Statement

The Buckle, Inc. (BKE) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jan'26	Feb'25	Feb'24	Jan'23	Jan'22	Jan'21	Feb'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	1.33B	1.3B	1.22B	1.26B	1.35B	1.29B	901.28M	900.25M	885.5M	913.38M	974.87M	1.12B	1.15B	1.13B	1.12B	1.06B	949.84M	898.29M	792.05M	619.89M	530.07M	501.1M	470.94M	422.82M	401.06M	387.64M	393.25M	375.53M	337.9M	267.9M	206.4M
Revenue Growth %	6.22%	6.58%	-3.44%	-6.25%	3.91%	43.64%	0.11%	1.67%	-3.05%	-6.31%	-12.93%	-2.91%	2.23%	0.36%	5.74%	11.91%	5.74%	13.41%	27.77%	16.94%	5.78%	6.41%	11.38%	5.43%	3.46%	-1.43%	4.72%	11.14%	26.13%	29.8%	19.79%
Cost of Goods Sold	678.16M	661.98M	624.9M	642.04M	669.18M	641.6M	500.61M	522.78M	519.42M	533.36M	577.71M	638.22M	645.81M	628.86M	624.69M	594.29M	530.71M	497.67M	448.56M	365.35M	322.76M	307.06M	299.96M	279.9M	269.53M	259.64M	250.45M	233.63M	209.5M	169.1M	135.1M
COGS % of Revenue	-	51.01%	51.32%	50.91%	49.75%	49.56%	55.54%	58.07%	58.66%	58.39%	59.26%	57%	56%	55.75%	55.58%	55.91%	55.87%	55.4%	56.63%	58.94%	60.89%	61.28%	63.69%	66.2%	67.21%	66.98%	63.69%	62.21%	62%	63.12%	65.46%
Gross Profit	650.37M	635.86M	592.79M	619.07M	676M	653.01M	400.67M	377.47M	366.07M	380.02M	397.17M	481.4M	507.33M	499.14M	499.31M	468.65M	419.13M	400.62M	343.49M	254.54M	207.31M	194.04M	170.98M	142.92M	131.53M	127.99M	142.8M	141.9M	128.4M	98.8M	71.3M
Gross Margin %	48.95%	48.99%	48.68%	49.09%	50.25%	50.44%	44.46%	41.93%	41.34%	41.61%	40.74%	43%	44%	44.25%	44.42%	44.09%	44.13%	44.6%	43.37%	41.06%	39.11%	38.72%	36.31%	33.8%	32.79%	33.02%	36.31%	37.79%	38%	36.88%	34.54%
Gross Profit Growth %	-	7.27%	-4.24%	-8.42%	3.52%	62.98%	6.14%	3.11%	-3.67%	-4.32%	-17.5%	-5.11%	1.64%	-0.03%	6.54%	11.82%	4.62%	16.63%	34.95%	22.78%	6.84%	13.49%	19.63%	8.66%	2.76%	-10.37%	0.63%	10.51%	29.96%	38.57%	20.03%
Operating Expenses	373.56M	374.41M	351.42M	348.01M	347.87M	317.51M	232.65M	245.98M	245.15M	245.94M	244.41M	251.81M	250.36M	242.15M	241.14M	232.34M	208.36M	201.16M	181.29M	144.91M	128.29M	117.72M	107.61M	94.71M	85.73M	80.72M	80M	84.86M	76.6M	63.1M	50.8M
OpEx % of Revenue	-	28.85%	28.86%	27.6%	25.86%	24.53%	25.81%	27.32%	27.68%	26.93%	25.07%	22.49%	21.71%	21.47%	21.45%	21.86%	21.94%	22.39%	22.89%	23.38%	24.2%	23.49%	22.85%	22.4%	21.38%	20.82%	20.34%	22.6%	22.67%	23.55%	24.61%
Selling, General & Admin	373.56M	374.41M	351.42M	348.01M	347.87M	317.51M	232.65M	245.98M	245.15M	245.94M	244.41M	251.81M	250.36M	242.15M	241.14M	232.34M	208.36M	201.16M	181.29M	144.91M	128.29M	117.72M	107.61M	94.71M	85.73M	80.72M	80M	74.98M	69.4M	57.8M	45.5M
SG&A % of Revenue	-	28.85%	28.86%	27.6%	25.86%	24.53%	25.81%	27.32%	27.68%	26.93%	25.07%	22.49%	21.71%	21.47%	21.45%	21.86%	21.94%	22.39%	22.89%	23.38%	24.2%	23.49%	22.85%	22.4%	21.38%	20.82%	20.34%	19.97%	20.54%	21.58%	22.04%
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	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	11.7M	9.89M	7.2M	5.3M	5.3M
Operating Income	276.81M	261.44M	241.36M	271.06M	328.13M	335.5M	168.02M	131.5M	94.08M	134.08M	152.76M	229.59M	256.97M	256.99M	258.18M	236.32M	210.77M	199.46M	162.2M	109.63M	79.02M	76.32M	63.37M	48.21M	45.79M	47.27M	51.1M	57.03M	51.8M	35.7M	20.5M
Operating Margin %	20.84%	20.14%	19.82%	21.49%	24.39%	25.92%	18.64%	14.61%	10.62%	14.68%	15.67%	20.51%	22.28%	22.78%	22.97%	22.23%	22.19%	22.2%	20.48%	17.69%	14.91%	15.23%	13.46%	11.4%	11.42%	12.19%	12.99%	15.19%	15.33%	13.33%	9.93%
Operating Income Growth %	-	8.32%	-10.96%	-17.39%	-2.2%	99.68%	27.78%	39.77%	-29.83%	-12.23%	-33.46%	-10.66%	-0.01%	-0.46%	9.25%	12.12%	5.67%	22.98%	47.95%	38.73%	3.54%	20.43%	31.46%	5.27%	-3.12%	-7.5%	-10.4%	10.1%	45.1%	74.15%	39.46%
EBITDA	296.7M	286.86M	264.36M	291.89M	346.99M	354.19M	188.88M	155.29M	120.93M	164.82M	185.55M	261.73M	288.65M	289.63M	292.01M	269.09M	240.55M	224.6M	183.97M	133.9M	101.1M	94.6M	82.45M	62.82M	58.24M	59.4M	62.97M	66.92M	59M	41M	25.8M
EBITDA Margin %	22.33%	22.1%	21.71%	23.15%	25.79%	27.36%	20.96%	17.25%	13.66%	18.05%	19.03%	23.38%	25.03%	25.68%	25.98%	25.32%	25.33%	25%	23.23%	21.6%	19.07%	18.88%	17.51%	14.86%	14.52%	15.32%	16.01%	17.82%	17.46%	15.3%	12.5%
EBITDA Growth %	8.09%	8.51%	-9.43%	-15.88%	-2.03%	87.52%	21.64%	28.41%	-26.63%	-11.17%	-29.11%	-9.33%	-0.34%	-0.82%	8.52%	11.87%	7.1%	22.08%	37.4%	32.44%	6.87%	14.74%	31.25%	7.85%	-1.95%	-5.66%	-5.91%	13.42%	43.9%	58.91%	28.36%
D&A (Non-Cash Add-back)	19.89M	25.42M	22.99M	20.83M	18.86M	18.69M	20.86M	23.79M	26.85M	30.75M	32.79M	32.14M	31.68M	32.63M	33.83M	32.77M	29.78M	25.14M	21.78M	24.27M	22.08M	18.28M	19.08M	14.61M	12.45M	12.13M	11.87M	9.89M	7.2M	5.3M	5.3M
EBIT	287.79M	276.12M	257.78M	289.21M	335.06M	337.75M	168.02M	131.5M	120.93M	134.08M	152.76M	229.59M	256.97M	256.99M	261.7M	236.32M	210.77M	199.46M	162.2M	109.63M	88.05M	82.44M	63.37M	48.1M	45.81M	47.27M	62.8M	57.03M	51.8M	35.7M	20.5M
Net Interest Income	0	0	0	0	6.92M	2.26M	2.92M	6.21M	0	0	0	0	0	3.31M	3.52M	4.16M	3.91M	3.67M	7.83M	8.91M	7.62M	5.19M	3.74M	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	6.92M	2.26M	2.92M	6.21M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	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
Other Income/Expense	14M	14.68M	16.41M	18.16M	6.92M	2.26M	2.92M	6.21M	5.72M	5.41M	3.51M	5.24M	2.72M	3.46M	3.52M	4.16M	3.91M	4.67M	2.67M	9.18M	9.03M	6.12M	4.47M	4.69M	4.7M	4.82M	3.86M	2.46M	2.3M	1.7M	1.1M
Pretax Income	290.81M	276.12M	257.78M	289.21M	335.06M	337.75M	170.95M	137.71M	126.64M	139.49M	156.27M	234.82M	259.7M	260.46M	261.7M	240.48M	214.68M	204.13M	164.87M	118.81M	88.05M	82.44M	67.84M	52.89M	50.49M	52.09M	54.96M	59.5M	54.1M	37.4M	21.6M
Pretax Margin %	21.89%	21.28%	21.17%	22.93%	24.91%	26.09%	18.97%	15.3%	14.3%	15.27%	16.03%	20.97%	22.52%	23.09%	23.28%	22.62%	22.6%	22.72%	20.82%	19.17%	16.61%	16.45%	14.41%	12.51%	12.59%	13.44%	13.98%	15.84%	16.01%	13.96%	10.47%
Income Tax	69.97M	66.38M	62.31M	69.3M	80.43M	82.94M	40.81M	33.28M	31.04M	49.78M	58.31M	87.54M	97.13M	97.87M	97.39M	89.03M	80M	76.82M	60.46M	43.56M	32.33M	30.54M	24.61M	19.15M	18.43M	19.23M	20.16M	22.11M	20.1M	14.1M	8M
Effective Tax Rate %	24.06%	24.04%	24.17%	23.96%	24%	24.55%	23.87%	24.17%	24.51%	35.69%	37.31%	37.28%	37.4%	37.58%	37.22%	37.02%	37.26%	37.64%	36.67%	36.67%	36.71%	37.04%	36.28%	36.2%	36.5%	36.91%	36.69%	37.16%	37.15%	37.7%	37.04%
Net Income	220.84M	209.74M	195.47M	219.92M	254.63M	254.82M	130.14M	104.43M	95.61M	89.71M	97.96M	147.28M	162.56M	162.58M	164.31M	151.46M	134.68M	127.3M	104.41M	75.25M	55.73M	51.91M	43.23M	33.74M	32.06M	32.86M	34.53M	37.39M	34M	23.3M	13.6M
Net Margin %	16.62%	16.16%	16.05%	17.44%	18.93%	19.68%	14.44%	11.6%	10.8%	9.82%	10.05%	13.15%	14.1%	14.41%	14.62%	14.25%	14.18%	14.17%	13.18%	12.14%	10.51%	10.36%	9.18%	7.98%	7.99%	8.48%	8.78%	9.96%	10.06%	8.7%	6.59%
Net Income Growth %	9.56%	7.3%	-11.12%	-13.63%	-0.08%	95.81%	24.62%	9.23%	6.58%	-8.43%	-33.49%	-9.4%	-0.01%	-1.05%	8.48%	12.45%	5.8%	21.93%	38.76%	35.03%	7.36%	20.07%	28.1%	5.24%	-2.43%	-4.82%	-7.65%	9.96%	45.92%	71.32%	38.78%
Net Income (Continuing)	220.84M	209.74M	195.47M	219.92M	254.63M	254.82M	130.14M	104.43M	95.61M	89.71M	97.96M	147.28M	162.56M	162.58M	164.31M	151.46M	134.68M	127.3M	104.41M	75.25M	55.73M	51.91M	43.23M	33.68M	32.08M	32.86M	34.8M	37.39M	34M	23.3M	13.6M
Discontinued Operations	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
Minority Interest	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
EPS (Diluted)	4.33	4.14	3.89	4.40	5.13	5.16	2.66	2.14	1.97	1.85	2.03	3.06	3.38	3.39	3.44	3.20	2.86	2.73	2.24	1.63	1.24	1.13	0.86	0.69	0.65	0.68	0.72	0.73	0.65	0.47	0.28
EPS Growth %	8.5%	6.43%	-11.59%	-14.23%	-0.58%	93.98%	24.3%	8.63%	6.49%	-8.87%	-33.66%	-9.47%	-0.29%	-1.45%	7.5%	11.89%	4.76%	21.88%	37.42%	31.45%	9.73%	31.4%	24.64%	6.15%	-4.41%	-5.56%	-1.37%	12.31%	38.3%	67.86%	33.33%
EPS (Basic)	-	4.17	3.92	4.44	5.17	5.20	2.67	2.15	1.97	1.86	2.04	3.06	3.39	3.41	3.47	3.23	2.92	2.79	2.30	1.69	1.29	1.17	0.90	0.71	0.68	0.71	0.75	0.77	0.69	0.49	0.29
Diluted Shares Outstanding	51.01M	50.7M	50.31M	49.95M	49.63M	49.38M	49.01M	48.81M	48.61M	48.37M	48.26M	48.2M	48.09M	47.98M	47.71M	47.36M	47.02M	46.69M	46.57M	46.25M	45M	45.98M	50.03M	48.58M	49.03M	48.37M	46.21M	46.59M	51.99M	49.93M	48.52M
Basic Shares Outstanding	50.62M	50.27M	49.92M	49.58M	49.27M	48.99M	48.76M	48.59M	48.41M	48.25M	48.13M	48.08M	47.93M	47.74M	47.38M	46.86M	46.18M	45.7M	45.37M	44.55M	43.33M	44.2M	48.18M	47.21M	47.47M	48.37M	46.21M	46.59M	49.31M	47.66M	47.03M
Dividend Payout Ratio	-	107.32%	101.31%	89.46%	79.68%	136.49%	98.71%	108.07%	102.23%	149.23%	86.62%	63.67%	108.64%	59.75%	154.98%	95.45%	114.56%	94.53%	121.32%	35.88%	134.36%	22.75%	21.98%	12.69%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Consumer Discretionary Sensitivity

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Growth Reacceleration After Contraction

After four consecutive quarters of negative year-over-year revenue growth through 2024Q3, BKE has posted four straight quarters of positive growth, culminating in a 4.6% increase in 2026Q2, suggesting a sustained recovery in consumer demand for its merchandise.

The shift from a -7.2% decline in 2024Q1 to consistent positive growth indicates a successful navigation of the post-pandemic normalization cycle. This reacceleration appears driven by both volume and pricing, as the company's focus on private label and service likely supports Average Unit Retail (AUR) stability. The durability of this trend will be key, as the 6.1% growth in 2026Q1 shows momentum, but the sequential deceleration to 4.6% in 2026Q2 warrants monitoring for potential market saturation or competitive pressures.

Structural Margin Advantage Evident

BKE's gross margin consistently operates in the 46-53% range, significantly above peers like AEO (33.0%) and ZUMZ (35.8%), indicating a structural advantage likely driven by its high private label mix and service-oriented model that commands premium pricing.

The gross margin expansion from 46.0% in 2024Q1 to 47.8% in 2026Q2, despite inflationary pressures, suggests effective inventory management and pricing power. The peak margin of 52.6% in the holiday quarters (2024Q4, 2025Q4) highlights the strong seasonal leverage of the business model. This margin profile provides a significant buffer against input cost volatility and supports the company's ability to invest in its service moat without sacrificing profitability.

Operating Leverage Amplifies Profit Growth

Operating income grew 15.6% year-over-year in 2026Q2 on just 4.6% revenue growth, demonstrating strong operating leverage as SG&A expenses appear well-controlled relative to the top-line expansion.

The operating margin improved to 17.4% in 2026Q2 from 18.4% in 2025Q2, but the absolute dollar growth in operating income outpaced revenue growth, indicating effective cost discipline. SG&A as a percentage of revenue has remained relatively stable, suggesting that the company's fixed cost base is being efficiently leveraged. This dynamic implies that incremental revenue flows through to the bottom line at a high rate, which is a positive indicator for future earnings growth if the top-line momentum continues.

High-Quality Earnings with Minimal Noise

Net income growth has closely tracked operating income growth, with no material non-operating items or stock-based compensation impacting the bottom line, as evidenced by the consistent 13.9% net margin in 2026Q2.

The absence of significant SBC charges (only one quarter with a -$36.6M charge in 2026Q1) and a stable tax environment suggest that reported earnings are a clean reflection of core operational performance. The net margin of 13.9% in 2026Q2, while slightly below the 16.2% in 2026Q1, remains robust and indicates that the company is converting revenue to profit efficiently. This earnings quality is a key differentiator from peers who may rely more on financial engineering or one-time items to meet targets.

Disciplined Cost Structure Supports Margins

SG&A expenses have been managed effectively, growing at a slower rate than gross profit in recent quarters, which has allowed operating margins to expand despite investments in the company's service model.

The SG&A line item as a percentage of revenue has fluctuated between 24.5% and 30.5% over the last ten quarters, with a recent trend toward the lower end of this range. This discipline is critical given the labor-intensive nature of BKE's styling and alteration services. The company appears to be balancing the need for adequate staffing to maintain its service moat with the imperative to control costs, a balance that is essential for sustaining its margin advantage in a competitive retail landscape.

Margin Compression Risk in a Weakening Consumer

The recent Q2 EPS miss of $0.88 versus the $0.95 estimate, coupled with a sequential decline in operating margin from 20.6% to 17.4%, may signal the beginning of margin pressure as the consumer environment softens.

While the year-over-year growth story remains intact, the sequential deterioration in profitability metrics is a red flag. If consumer spending on discretionary apparel weakens further, BKE could be forced to increase promotional activity, which would directly pressure its high gross margin. Furthermore, the company's reliance on a young, denim-focused demographic makes it vulnerable to fashion cycle shifts, as evidenced by the recent risk flag regarding a move toward wider fits. A sustained downturn could test the resilience of its service-based model if customers trade down or reduce purchase frequency.

BKE — Frequently Asked Questions

Quick answers to the most common questions about buying BKE stock.

What was The Buckle, Inc.'s (BKE) revenue in 2025?

For fiscal year 2025, The Buckle, Inc. (BKE) reported total revenue of $1.30B. This represents a 528.8% increase compared to $206.4M in 1996.

Is The Buckle, Inc. (BKE) profitable?

The Buckle, Inc. (BKE) is profitable, generating $209.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.2%.

What is The Buckle, Inc.'s operating profit margin?

The Buckle, Inc. (BKE) reported an operating income of $261.4M, resulting in an operating profit margin of 20.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is The Buckle, Inc.'s gross profit and gross margin?

The Buckle, Inc. (BKE) generated $635.9M in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.