Revenue growth remains robust at 18.7% year-over-year as of 2026Q4, though operating margins remain sensitive to seasonal shifts, fluctuating between 9.4% and 16.4% over the last ten quarters.
| Metric | Mar'26 | Mar'25 | Mar'24 | Apr'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Sales/Revenue | 2.25B | 1.91B | 1.67B | 1.66B | 1.49B | 893.49M | 845.58M | 776.85M | 677.95M | 629.82M | 569.02M | 402.68M | 345.87M | 233.2M |
| Revenue Growth % | 17.93% | 14.64% | 0.57% | 11.38% | 66.57% | 5.67% | 8.85% | 14.59% | 7.64% | 10.68% | 41.31% | 16.43% | 48.31% | - |
| Cost of Goods Sold | 1.4B | 1.19B | 1.05B | 1.05B | 913.18M | 598.61M | 569.08M | 525.42M | 470.03M | 439.93M | 395.82M | 267.91M | 232.66M | 160.56M |
| COGS % of Revenue | 61.92% | 62.48% | 63.14% | 63.17% | 61.36% | 67% | 67.3% | 67.63% | 69.33% | 69.85% | 69.56% | 66.53% | 67.27% | 68.85% |
| Gross Profit | 858.36M | 717.04M | 614.42M | 610.57M | 575.07M | 294.88M | 276.49M | 251.43M | 207.91M | 189.89M | 173.2M | 134.78M | 113.2M | 72.65M |
| Gross Margin % | 38.08% | 37.52% | 36.86% | 36.83% | 38.64% | 33% | 32.7% | 32.37% | 30.67% | 30.15% | 30.44% | 33.47% | 32.73% | 31.15% |
| Gross Profit Growth % | 19.71% | 16.7% | 0.63% | 6.17% | 95.02% | 6.65% | 9.97% | 20.93% | 9.49% | 9.63% | 28.51% | 19.06% | 55.83% | - |
| Operating Expenses | 559.21M | 477.69M | 416.16M | 378.79M | 316.74M | 208.55M | 202.82M | 187.11M | 161.66M | 152.07M | 142.08M | 99.34M | 92M | 62.61M |
| OpEx % of Revenue | 24.81% | 25% | 24.96% | 22.85% | 21.28% | 23.34% | 23.99% | 24.09% | 23.85% | 24.14% | 24.97% | 24.67% | 26.6% | 26.85% |
| Selling, General & Admin | 559.21M | 477.69M | 416.21M | 378.79M | 316.74M | 208.55M | 202.82M | 187.11M | 161.66M | 152.07M | 142.08M | 99.34M | 92M | 62.61M |
| SG&A % of Revenue | 24.81% | 25% | 24.97% | 22.85% | 21.28% | 23.34% | 23.99% | 24.09% | 23.85% | 24.14% | 24.97% | 24.67% | 26.6% | 26.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -54K | 0 | 0 | 0 | 0 | 5K | 0 | 0 | 891K | 51K | 39K | 21K |
| Operating Income | 299.14M | 239.35M | 198.21M | 231.79M | 258.34M | 86.33M | 73.67M | 64.32M | 46.26M | 37.82M | 30.23M | 35.44M | 20.54M | 8.9M |
| Operating Margin % | 13.27% | 12.52% | 11.89% | 13.98% | 17.36% | 9.66% | 8.71% | 8.28% | 6.82% | 6% | 5.31% | 8.8% | 5.94% | 3.82% |
| Operating Income Growth % | 24.98% | 20.75% | -14.48% | -10.28% | 199.26% | 17.18% | 14.53% | 39.06% | 22.31% | 25.08% | -14.68% | 72.56% | 130.74% | - |
| EBITDA | 377.8M | 301.83M | 247.8M | 315.6M | 324.98M | 144.71M | 126.14M | 83.22M | 63.38M | 54.53M | 44.25M | 44.64M | 28.66M | 14.49M |
| EBITDA Margin % | 16.76% | 15.79% | 14.86% | 19.04% | 21.84% | 16.2% | 14.92% | 10.71% | 9.35% | 8.66% | 7.78% | 11.09% | 8.29% | 6.21% |
| EBITDA Growth % | 25.17% | 21.81% | -21.48% | -2.88% | 124.58% | 14.72% | 51.57% | 31.3% | 16.24% | 23.23% | -0.88% | 55.74% | 97.85% | - |
| D&A (Non-Cash Add-back) | 78.65M | 62.48M | 49.59M | 83.81M | 66.64M | 58.38M | 52.47M | 18.9M | 17.13M | 16.71M | 14.02M | 9.21M | 8.13M | 5.59M |
| EBIT | 299.14M | 241.61M | 199.61M | 231.76M | 258.37M | 86.69M | 73.62M | 64.33M | 46.26M | 37.82M | 30.23M | 35.49M | 20.57M | 8.92M |
| Net Interest Income | -1.53M | -1.5M | -2.24M | -5.88M | -5.78M | -9.44M | -13.31M | -16.33M | -15.08M | -14.7M | -12.92M | -13.29M | -11.59M | -7.42M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.53M | 1.5M | 2.24M | 5.88M | 5.78M | 9.44M | 13.31M | 16.33M | 15.08M | 14.7M | 12.92M | 13.29M | 11.59M | 7.42M |
| Other Income/Expense | 1.44M | 765K | -842K | -5.91M | -5.75M | -9.08M | -13.36M | -16.33M | -15.08M | -14.7M | -12.92M | -13.24M | -12.23M | -8.53M |
| Pretax Income | 300.59M | 240.12M | 197.37M | 225.88M | 252.59M | 77.25M | 60.31M | 48M | 31.18M | 23.12M | 17.31M | 22.2M | 8.98M | 1.51M |
| Pretax Margin % | 13.34% | 12.56% | 11.84% | 13.63% | 16.97% | 8.65% | 7.13% | 6.18% | 4.6% | 3.67% | 3.04% | 5.51% | 2.6% | 0.65% |
| Income Tax | 74.71M | 59.17M | 50.38M | 55.33M | 60.14M | 17.86M | 12.36M | 8.97M | 2.3M | 8.92M | 7.44M | 8.47M | 3.32M | 826K |
| Effective Tax Rate % | 24.85% | 24.64% | 25.52% | 24.49% | 23.81% | 23.12% | 20.5% | 18.7% | 7.38% | 38.59% | 43% | 38.14% | 36.98% | 54.85% |
| Net Income | 225.88M | 180.94M | 147M | 170.55M | 192.45M | 59.39M | 47.95M | 39.02M | 28.88M | 14.2M | 9.87M | 13.73M | 5.38M | 646K |
| Net Margin % | 10.02% | 9.47% | 8.82% | 10.29% | 12.93% | 6.65% | 5.67% | 5.02% | 4.26% | 2.25% | 1.73% | 3.41% | 1.55% | 0.28% |
| Net Income Growth % | 24.84% | 23.09% | -13.81% | -11.38% | 224.07% | 23.85% | 22.88% | 35.12% | 103.42% | 43.87% | -28.11% | 155.27% | 732.35% | - |
| Net Income (Continuing) | 225.88M | 180.94M | 147M | 170.55M | 192.45M | 59.39M | 47.95M | 39.02M | 28.88M | 14.2M | 9.87M | 13.73M | 5.66M | 680K |
| Discontinued Operations | 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 | 4.09M | 3.8M |
| EPS (Diluted) | 7.35 | 5.88 | 4.80 | 5.62 | 6.33 | 2.01 | 1.64 | 1.35 | 1.05 | 0.53 | 0.37 | 0.54 | 0.23 | 0.03 |
| EPS Growth % | 25% | 22.5% | -14.59% | -11.22% | 214.93% | 22.56% | 21.48% | 28.57% | 98.11% | 43.24% | -31.48% | 134.78% | 788.03% | - |
| EPS (Basic) | 7.40 | 5.93 | 4.87 | 5.72 | 6.51 | 2.05 | 1.68 | 1.39 | 1.08 | 0.54 | 0.38 | 0.56 | 0.23 | 0.03 |
| Diluted Shares Outstanding | 30.73M | 30.77M | 30.61M | 30.37M | 30.39M | 29.48M | 29.22M | 28.81M | 27.53M | 26.94M | 26.95M | 22.89M | 24.93M | 24.93M |
| Basic Shares Outstanding | 30.5M | 30.52M | 30.17M | 29.8M | 29.56M | 28.93M | 28.58M | 28.09M | 26.74M | 26.46M | 26.17M | 22.13M | 24.93M | 24.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 300.89% | - | - |
Leadership transition and execution
According to the provided quarterly income statements, Boot Barn has maintained consistent top-line growth, with revenue reaching $538.8 million in 2026Q4, representing an 18.7% year-over-year increase, suggesting that the company's aggressive store expansion strategy continues to effectively capture market share despite broader retail headwinds.
The company's ability to sustain double-digit revenue growth indicates that its physical footprint expansion is successfully offsetting potential saturation in core markets. Investors should monitor whether this growth trajectory remains durable as the company pushes into non-traditional geographic regions where brand resonance may require higher marketing investment.
As reported in financial statements, the company's gross margin has fluctuated between 35.9% and 39.9% over the last ten quarters, reflecting a structural reliance on seasonal product mix shifts that appear to be well-managed through the strategic integration of higher-margin private label offerings.
The periodic margin expansion observed in third quarters suggests a successful capture of premium pricing during peak holiday and rodeo seasons. However, the variability in gross margins warrants further investigation into whether the company can maintain these levels if the consumer environment shifts toward more price-sensitive, lower-margin workwear.
Based on the reported figures, operating income has demonstrated significant scalability, rising from $38.2 million in 2024Q4 to $57.2 million in 2026Q4, which suggests that the company is successfully achieving economies of scale as its retail footprint matures and administrative costs are spread over a larger base.
The ability to grow operating income faster than revenue during peak periods implies effective management of fixed occupancy costs. Analysts should remain cautious, however, as the recent leadership transition may introduce volatility in SG&A discipline if new management prioritizes aggressive expansion over current operational efficiency.
Data from the income statement indicates that while revenue growth remains robust, the recent volatility in quarterly EPS, which swung from $2.79 in 2026Q3 to $1.45 in 2026Q4, highlights potential sensitivity to seasonal demand and the inherent risks of a high-growth retail model.
Short-term fluctuations in profitability may suggest that the company's reliance on new store openings to drive growth could mask underlying same-store sales deceleration. Investors should monitor whether the company's expansion into the Northeast and Midwest can replicate the high returns on invested capital seen in its core Southern markets.
Quick answers to the most common questions about buying BOOT stock.
For fiscal year 2026, Boot Barn Holdings, Inc. (BOOT) reported total revenue of $2.25B. This represents a 866.5% increase compared to $233.2M in 2013.
Boot Barn Holdings, Inc. (BOOT) is profitable, generating $225.9M in net income for the fiscal year ending 2026 with a net profit margin of 10.0%.
Boot Barn Holdings, Inc. (BOOT) reported an operating income of $299.1M, resulting in an operating profit margin of 13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Boot Barn Holdings, Inc. (BOOT) generated $858.4M in gross profit for the year, representing a gross profit margin of 38.1%. This demonstrates the company's core pricing power and production efficiency.