Revenue grew 5.6% year-over-year in 2026Q2 to $695.5 million, with gross margin surging to 54.8% from 41.8% in 2025Q4, indicating a notable improvement in cost management and profitability.
Caleres, Inc. (CAL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Feb'03 | Feb'02 | Feb'01 | Jan'00 | Jan'99 | Jan'98 | Feb'97 |
|---|
| Sales/Revenue | 2.85B | 2.76B | 2.72B | 2.82B | 2.97B | 2.78B | 2.12B | 2.92B | 2.83B | 2.79B | 2.58B | 2.58B | 2.57B | 2.51B | 2.6B | 2.58B | 2.5B | 2.24B | 2.28B | 2.36B | 2.47B | 2.29B | 1.94B | 1.83B | 1.84B | 1.76B | 1.68B | 1.59B | 1.54B | 1.57B | 1.53B |
| Revenue Growth % | 7.32% | 1.29% | -3.36% | -5.08% | 6.86% | 31.2% | -27.54% | 3.06% | 1.77% | 7.99% | 0.08% | 0.22% | 2.33% | -3.27% | 0.59% | 3.14% | 11.69% | -1.51% | -3.54% | -4.49% | 7.8% | 18.04% | 5.99% | -0.51% | 4.87% | 4.21% | 5.8% | 3.51% | -1.83% | 2.76% | 4.75% |
| Cost of Goods Sold | 1.53B | 1.57B | 1.5B | 1.55B | 1.68B | 1.55B | 1.33B | 1.74B | 1.68B | 1.62B | 1.52B | 1.53B | 1.53B | 1.5B | 1.59B | 1.59B | 1.5B | 1.34B | 1.39B | 1.42B | 1.5B | 1.39B | 1.16B | 1.07B | 1.1B | 1.09B | 978.77M | 941.61M | 898.2M | 961.8M | 932.4M |
| COGS % of Revenue | - | 57.04% | 55.12% | 55.17% | 56.71% | 55.81% | 62.82% | 59.46% | 59.21% | 58.05% | 58.83% | 59.35% | 59.56% | 59.64% | 61.11% | 61.41% | 59.92% | 59.72% | 61.24% | 60.02% | 60.71% | 60.81% | 59.61% | 58.59% | 59.77% | 62.05% | 58.09% | 59.13% | 58.38% | 61.37% | 61.14% |
| Gross Profit | 1.32B | 1.18B | 1.22B | 1.26B | 1.28B | 1.23B | 787.05M | 1.18B | 1.16B | 1.17B | 1.06B | 1.05B | 1.04B | 1.01B | 1.01B | 996.64M | 1B | 903.14M | 882.24M | 943.4M | 970.89M | 898.3M | 784.37M | 758.67M | 740.79M | 666.3M | 706.09M | 650.92M | 640.3M | 605.4M | 592.7M |
| Gross Margin % | 46.25% | 42.96% | 44.88% | 44.83% | 43.29% | 44.19% | 37.18% | 40.54% | 40.79% | 41.95% | 41.17% | 40.65% | 40.44% | 40.36% | 38.89% | 38.59% | 40.08% | 40.28% | 38.76% | 39.98% | 39.29% | 39.19% | 40.39% | 41.41% | 40.23% | 37.95% | 41.91% | 40.87% | 41.62% | 38.63% | 38.86% |
| Gross Profit Growth % | - | -3.05% | -3.24% | -1.71% | 4.69% | 55.94% | -33.55% | 2.42% | -1.05% | 10.04% | 1.35% | 0.74% | 2.54% | 0.39% | 1.38% | -0.69% | 11.12% | 2.37% | -6.48% | -2.83% | 8.08% | 14.53% | 3.39% | 2.41% | 11.18% | -5.63% | 8.48% | 1.66% | 5.76% | 2.14% | 11.66% |
| Operating Expenses | 1.22B | 1.16B | 1.07B | 1.06B | 1.07B | 1.02B | 889.49M | 1.07B | 1.04B | 1.02B | 927.6M | 912.7M | 910.68M | 909.75M | 918.96M | 937.42M | 922.98M | 859.69M | 1.15B | 847.72M | 862.77M | 809.67M | 720.6M | 681.59M | 660.57M | 650.25M | 634.74M | 583.98M | 578.8M | 586.2M | 547.5M |
| OpEx % of Revenue | - | 41.97% | 39.38% | 37.71% | 35.97% | 36.78% | 42.02% | 36.48% | 36.75% | 36.75% | 35.96% | 35.41% | 35.41% | 36.2% | 35.37% | 36.29% | 36.86% | 38.35% | 50.54% | 35.92% | 34.92% | 35.33% | 37.11% | 37.2% | 35.87% | 37.03% | 37.67% | 36.67% | 37.62% | 37.4% | 35.9% |
| Selling, General & Admin | 1.22B | 1.16B | 1.07B | 1.06B | 1.07B | 1.01B | 889.49M | 1.07B | 1.04B | 1.02B | 927.6M | 912.7M | 910.68M | 909.75M | 918.96M | 937.42M | 922.98M | 859.69M | 851.89M | 847.28M | 862.77M | 809.67M | 720.01M | 681.59M | 660.57M | 650.25M | 610.79M | 558.44M | 551.9M | 559.5M | 521.6M |
| SG&A % of Revenue | - | 41.97% | 39.12% | 37.46% | 35.97% | 36.29% | 42.02% | 36.48% | 36.75% | 36.75% | 35.96% | 35.41% | 35.41% | 36.2% | 35.37% | 36.29% | 36.86% | 38.35% | 37.42% | 35.9% | 34.92% | 35.33% | 37.08% | 37.2% | 35.87% | 37.03% | 36.25% | 35.07% | 35.87% | 35.7% | 34.2% |
| 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 | 7.17M | 6.85M | 0 | 13.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216K | 439K | 0 | 0 | 586K | 0 | 0 | 0 | 23.95M | 25.55M | 26.9M | 26.7M | 25.9M |
| Operating Income | 98.36M | 28.98M | 149.86M | 201.31M | 214.33M | 205.81M | -102.44M | 60.94M | 401K | 140.03M | 110.98M | 135.11M | 125.93M | 98.62M | 61.61M | 35.55M | 72.66M | 31.52M | -173.3M | 95.68M | 108.13M | 88.63M | 63.77M | 77.08M | 80.22M | 16.05M | 71.34M | 66.94M | 61.5M | 19.2M | 45.2M |
| Operating Margin % | 3.45% | 1.05% | 5.5% | 7.15% | 7.22% | 7.41% | -4.84% | 2.09% | 0.01% | 5.03% | 4.3% | 5.24% | 4.9% | 3.92% | 2.37% | 1.38% | 2.9% | 1.41% | -7.61% | 4.05% | 4.38% | 3.87% | 3.28% | 4.21% | 4.36% | 0.91% | 4.23% | 4.2% | 4% | 1.23% | 2.96% |
| Operating Income Growth % | - | -80.66% | -25.56% | -6.07% | 4.14% | 300.9% | -268.1% | 15097.26% | -99.71% | 26.17% | -17.85% | 7.28% | 27.7% | 60.07% | 73.3% | -51.08% | 130.51% | 118.19% | -281.12% | -11.51% | 22% | 38.99% | -17.27% | -3.91% | 399.71% | -77.5% | 6.59% | 8.84% | 220.31% | -57.52% | 250.39% |
| EBITDA | 148.97M | 93.56M | 206.28M | 254.59M | 263.34M | 258.14M | -41.9M | 126.5M | 63.1M | 204.1M | 167.12M | 186.55M | 177.55M | 153.95M | 116.39M | 94.66M | 122.99M | 82.62M | -118.43M | 147.95M | 149.94M | 128.97M | 95.68M | 102.55M | 105.11M | 42.76M | 95.3M | 92.48M | 88.4M | 45.9M | 71.1M |
| EBITDA Margin % | 5.23% | 3.39% | 7.58% | 9.04% | 8.87% | 9.29% | -1.98% | 4.33% | 2.23% | 7.33% | 6.48% | 7.24% | 6.9% | 6.13% | 4.48% | 3.67% | 4.91% | 3.69% | -5.2% | 6.27% | 6.07% | 5.63% | 4.93% | 5.6% | 5.71% | 2.44% | 5.66% | 5.81% | 5.75% | 2.93% | 4.66% |
| EBITDA Growth % | 2.95% | -54.65% | -18.97% | -3.32% | 2.01% | 716.06% | -133.12% | 100.49% | -69.08% | 22.13% | -10.42% | 5.07% | 15.33% | 32.27% | 22.95% | -23.03% | 48.85% | 169.77% | -180.05% | -1.32% | 16.26% | 34.79% | -6.7% | -2.43% | 145.81% | -55.13% | 3.04% | 4.62% | 92.59% | -35.44% | 93.73% |
| D&A (Non-Cash Add-back) | 50.61M | 64.58M | 56.43M | 53.28M | 49.01M | 52.33M | 60.54M | 65.56M | 62.7M | 64.07M | 56.13M | 51.44M | 51.62M | 55.33M | 54.78M | 59.11M | 50.32M | 51.1M | 54.87M | 52.27M | 41.81M | 40.33M | 31.91M | 25.47M | 24.89M | 26.71M | 23.95M | 25.55M | 26.9M | 26.7M | 25.9M |
| EBIT | 86.34M | 28.98M | 149.12M | 200.66M | 227.3M | 204.75M | -468.82M | 106.32M | 12.52M | 140.03M | 110.98M | 125.36M | 130.57M | 98.99M | 74.8M | 30.1M | 72.87M | 31.9M | -171.5M | 99.12M | 108.13M | 88.63M | 63.77M | 72.89M | 71.66M | 16.05M | 71.34M | 68.53M | 62.84M | 19.2M | 45.2M |
| Net Interest Income | -19.24M | -18.46M | -13.96M | -19.34M | -14.26M | -30.93M | -48.29M | -48.29M | -18.28M | -17.32M | -13.73M | -15.69M | -20.07M | -20.88M | -22.65M | -24.86M | -19.44M | -19.82M | -15.3M | -12.8M | -17.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.12M | 0 | 764K | 1.38M | 899K | 379K | 377K | 322K | 644K | 203K | 374K | 0 | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.24M | 18.46M | 13.96M | 19.34M | 14.26M | 30.93M | 48.29M | 33.12M | 18.28M | 18.09M | 15.11M | 16.59M | 20.45M | 21.25M | 22.97M | 26.14M | 19.65M | 20.2M | 15.3M | 11.77M | 17.31M | 17.48M | 8.07M | 15.53M | 25.2M | 28.13M | 19.15M | 12.99M | 28.4M | 20.9M | 16.7M |
| Other Income/Expense | -26.76M | 0 | -14.7M | -19.98M | -1.29M | -16.56M | -414.67M | 17.65M | -137.84M | -17.32M | -41.52M | -26.34M | -21.27M | -28.43M | -22.65M | -21.48M | -27.62M | -19.82M | -218.95M | -11.87M | -14.7M | -17.48M | -7.48M | -9.32M | -11.83M | -21.73M | -18.99M | -16.77M | -25.24M | -21.4M | -18M |
| Pretax Income | 71.6M | -12.22M | 135.16M | 181.32M | 213.03M | 189.24M | -517.11M | 78.59M | -5.75M | 122.71M | 97.25M | 108.77M | 110.13M | 77.74M | 38.55M | 9.05M | 53.22M | 11.7M | -188.61M | 83.81M | 93.43M | 71.15M | 56.29M | 64.66M | 61.5M | -5.67M | 52.36M | 51.77M | 37.6M | -2.2M | 27.2M |
| Pretax Margin % | 2.51% | -0.44% | 4.96% | 6.44% | 7.18% | 6.81% | -24.43% | 2.69% | -0.2% | 4.41% | 3.77% | 4.22% | 4.28% | 3.09% | 1.48% | 0.35% | 2.13% | 0.52% | -8.29% | 3.55% | 3.78% | 3.1% | 2.9% | 3.53% | 3.34% | -0.32% | 3.11% | 3.25% | 2.44% | -0.14% | 1.78% |
| Income Tax | 21.31M | -2.35M | 29.06M | 9.49M | 33.34M | 51.08M | -78.12M | 16.51M | -273K | 35.48M | 31.17M | 26.94M | 27.18M | 23.76M | 11.34M | 326K | 16.16M | 1.26M | -53.79M | 23.48M | 27.72M | 30.15M | 12.98M | 17.76M | 16.33M | -6.62M | 15.99M | 16.26M | 13.9M | 18.7M | 6.9M |
| Effective Tax Rate % | 29.77% | 19.19% | 21.5% | 5.23% | 15.65% | 26.99% | 15.11% | 21.01% | 4.74% | 28.91% | 32.05% | 24.77% | 24.68% | 30.56% | 29.43% | 3.6% | 30.36% | 10.76% | 28.52% | 28.02% | 29.67% | 42.37% | 23.06% | 27.47% | 26.55% | 116.72% | 30.54% | 31.42% | 36.97% | -850% | 25.37% |
| Net Income | 52.47M | -7.05M | 107.25M | 163.87M | 181.74M | 137.02M | -438.99M | 62.08M | -5.44M | 87.2M | 65.66M | 81.48M | 82.85M | 38.07M | 27.49M | 24.59M | 37.23M | 9.5M | -133.24M | 60.43M | 65.71M | 41M | 43.3M | 46.89M | 45.17M | -3.96M | 36.37M | 35.5M | 23.7M | -20.9M | 20.3M |
| Net Margin % | 1.84% | -0.26% | 3.94% | 5.82% | 6.12% | 4.93% | -20.74% | 2.13% | -0.19% | 3.13% | 2.55% | 3.16% | 3.22% | 1.52% | 1.06% | 0.95% | 1.49% | 0.42% | -5.85% | 2.56% | 2.66% | 1.79% | 2.23% | 2.56% | 2.45% | -0.23% | 2.16% | 2.23% | 1.54% | -1.33% | 1.33% |
| Net Income Growth % | -12.18% | -106.58% | -34.55% | -9.83% | 32.64% | 131.21% | -807.12% | 1241% | -106.24% | 32.81% | -19.42% | -1.65% | 117.61% | 38.49% | 11.8% | -33.96% | 291.93% | 107.13% | -320.49% | -8.04% | 60.26% | -5.32% | -7.65% | 3.81% | 1240.13% | -110.9% | 2.43% | 49.79% | 213.4% | -202.96% | 515.15% |
| Net Income (Continuing) | 50.29M | -9.88M | 106.1M | 171.83M | 179.69M | 138.16M | -438.99M | 62.08M | -5.48M | 87.23M | 66.09M | 81.82M | 82.94M | 53.98M | 35.17M | 8.72M | 37.06M | 10.44M | -134.81M | 60.33M | 65.71M | 41M | 43.3M | 46.24M | 44.16M | 949K | 36.37M | 35.5M | 23.67M | -20.9M | 20.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.26M | 7.11M | 6.92M | 6.94M | 5.43M | 4.82M | 3.61M | 3.18M | 1.38M | 1.47M | 1.37M | 988K | 712K | 663K | 772K | 1.05M | 829K | 9.06M | 8.11M | 2.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.61 | -0.22 | 3.09 | 4.80 | 4.92 | 3.56 | -11.79 | 1.58 | -0.13 | 2.02 | 1.52 | 1.85 | 1.89 | 0.88 | 0.64 | 0.56 | 0.85 | 0.22 | -3.21 | 1.37 | 1.51 | 0.96 | 1.02 | 1.10 | 1.09 | -0.10 | 0.91 | 0.87 | 0.59 | -0.53 | 0.51 |
| EPS Growth % | -8% | -107.12% | -35.63% | -2.44% | 38.2% | 130.2% | -846.2% | 1315.38% | -106.44% | 32.89% | -17.84% | -2.12% | 114.77% | 37.5% | 14.29% | -34.12% | 286.36% | 106.85% | -334.31% | -9.27% | 57.29% | -5.88% | -7.27% | 0.92% | 1190% | -110.99% | 4.6% | 47.46% | 211.32% | -203.92% | 503.55% |
| EPS (Basic) | - | -0.22 | 3.10 | 4.80 | 4.98 | 3.59 | -11.79 | 1.58 | -0.13 | 2.03 | 1.52 | 1.86 | 1.90 | 0.88 | 0.64 | 0.57 | 0.85 | 0.22 | -3.21 | 1.40 | 1.56 | 1.00 | 1.07 | 1.16 | 1.13 | -0.10 | 0.92 | 0.88 | 0.60 | -0.53 | 0.52 |
| Diluted Shares Outstanding | 32.64M | 32.64M | 33.51M | 34.15M | 35.41M | 37.09M | 37.22M | 39.85M | 41.76M | 41.98M | 42.18M | 42.66M | 42.27M | 41.65M | 40.79M | 41.67M | 42.49M | 41.65M | 41.52M | 44.14M | 43.64M | 42.71M | 42.46M | 42.03M | 40.36M | 39.42M | 40.11M | 40.75M | 40.34M | 39.48M | 39.68M |
| Basic Shares Outstanding | 32.52M | 32.52M | 33.4M | 34.14M | 34.93M | 36.74M | 37.22M | 39.8M | 41.76M | 41.8M | 42.03M | 42.45M | 42.07M | 41.36M | 40.66M | 41.13M | 42.16M | 41.59M | 41.52M | 43.22M | 42.23M | 41M | 40.47M | 39.86M | 39.08M | 38.63M | 39.72M | 40.14M | 39.74M | 39.48M | 39.34M |
| Dividend Payout Ratio | - | - | 9.04% | 6.07% | 5.6% | 7.77% | - | 18.4% | - | 13.79% | 18.43% | 15.04% | 14.77% | 31.79% | 43.69% | 49.11% | 32.91% | 126.41% | - | 20.38% | 13.92% | 17.93% | 16.78% | 15.27% | 15.59% | - | 19.8% | 20.55% | 30.38% | - | 88.67% |
Quick answers to the most common questions about buying CAL stock.
For fiscal year 2025, Caleres, Inc. (CAL) reported total revenue of $2.76B. This represents a 80.8% increase compared to $1.53B in 1996.
Caleres, Inc. (CAL) reported a net loss of $7.1M for the fiscal year ending 2025.
Caleres, Inc. (CAL) reported an operating income of $29.0M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Caleres, Inc. (CAL) generated $1.18B in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings Volatility
Metrics are mathematically derived from official filings.
Mixed Growth with Recent Momentum
According to recent financial statements, Caleres' revenue growth has been inconsistent, with a 5.6% year-over-year increase in 2026Q2 following an 8.5% rise in 2026Q1, yet earlier quarters showed declines such as -6.8% in 2025Q1, highlighting the mixed trajectory.
The mixed trajectory suggests that Caleres has experienced periods of contraction and expansion, possibly reflecting brand-specific challenges or market conditions. The recent acceleration in the last two quarters may indicate a turnaround, but durability remains uncertain given the historical volatility.
Gross Margin Expansion Outpacing Peers
As reported in the income statement, Caleres achieved a 54.8% gross margin in 2026Q2, a significant improvement from the 41.8% seen in 2025Q4, and well above the peer average of around 39%, signaling a notable shift in profitability.
The expansion in gross margin suggests improved pricing power or favorable product mix, potentially driven by brand portfolio management. However, sustainability is questionable given the rapid swing from lower levels, warranting monitoring of input costs and competitive dynamics.
Positive Operating Leverage Emerging
Based on the latest quarterly data, operating income surged to $77.6M on a $695.5M revenue base, up from a loss of $19.7M in 2025Q4, indicating that incremental revenue is flowing through to profitability.
The improvement in operating margin from -2.8% to 11.2% over two quarters implies that the company has managed to control fixed costs while boosting sales. This leverage may reflect operational efficiencies or a recovery in higher-margin segments.
Pivot to Profitability in 2026
The most notable inflection occurred in 2026Q2 when Caleres reported $77.6M in operating income and $58.6M in net income, marking a stark reversal from the losses in 2025Q4, driven by improved operational execution.
This inflection appears driven by a combination of revenue growth and gross margin expansion, suggesting that strategic adjustments may be gaining traction. The lasting impact will depend on whether these gains can be sustained through subsequent quarters.
Sustainability of Margin Recovery in Question
A skeptical view would highlight that Caleres' gross margin of 54.8% in 2026Q2 is an outlier compared to its own history and significantly above peers, raising questions about its durability and potential reversion to historical norms.
The rapid margin expansion from 41.8% to 54.8% in two quarters is unusual for a footwear company and may reflect one-time factors such as promotional shifts or inventory adjustments. Investors should monitor whether this margin level persists or reverts to the historical average, which could pressure earnings.