Operating income remains pressured by fixed costs, evidenced by a 5.4% operating margin in 2026Q1 despite a gross margin of 50.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 3.4B | 3.4B | 3.37B | 3.49B | 3.46B | 3.13B | 2.5B | 3.04B | 2.8B | 2.47B | 2.38B | 2.33B | 2.1B | 1.68B | 1.67B | 1.69B | 1.48B | 1.24B | 1.32B | 1.36B | 1.29B | 1.16B | 1.1B | 951.79M | 816.32M | 779.58M | 614.83M | 470.5M | 427.3M | 353.5M |
| Revenue Growth % | 0.58% | 0.84% | -3.4% | 0.67% | 10.8% | 24.98% | -17.78% | 8.57% | 13.63% | 3.75% | 2.19% | 10.74% | 24.66% | 0.92% | -1.44% | 14.19% | 19.25% | -5.6% | -2.82% | 5.31% | 11.41% | 5.52% | 15.08% | 16.59% | 4.71% | 26.8% | 30.67% | 10.11% | 20.88% | - |
| Cost of Goods Sold | 1.69B | 1.69B | 1.68B | 1.76B | 1.75B | 1.51B | 1.28B | 1.53B | 1.42B | 1.31B | 1.27B | 1.25B | 1.15B | 941.34M | 953.17M | 958.68M | 854.12M | 719.95M | 750.02M | 776.29M | 746.62M | 652.04M | 597.37M | 511.1M | 437.78M | 422.43M | 321.04M | 247M | 232.9M | 191.4M |
| COGS % of Revenue | - | 49.76% | 49.8% | 50.39% | 50.61% | 48.42% | 51.07% | 50.18% | 50.53% | 52.96% | 53.29% | 53.85% | 54.54% | 55.87% | 57.09% | 56.59% | 57.57% | 57.87% | 56.91% | 57.25% | 57.98% | 56.41% | 54.54% | 53.7% | 53.63% | 54.19% | 52.22% | 52.5% | 54.51% | 54.14% |
| Gross Profit | 1.71B | 1.71B | 1.69B | 1.73B | 1.71B | 1.61B | 1.22B | 1.52B | 1.39B | 1.16B | 1.11B | 1.07B | 954.95M | 743.65M | 716.39M | 735.31M | 629.4M | 524.08M | 567.81M | 579.75M | 541.05M | 503.75M | 497.93M | 440.69M | 378.54M | 357.15M | 293.78M | 223.5M | 194.4M | 162.1M |
| Gross Margin % | 50.28% | 50.24% | 50.2% | 49.61% | 49.39% | 51.58% | 48.93% | 49.82% | 49.47% | 47.04% | 46.71% | 46.15% | 45.46% | 44.13% | 42.91% | 43.41% | 42.43% | 42.13% | 43.09% | 42.75% | 42.02% | 43.59% | 45.46% | 46.3% | 46.37% | 45.81% | 47.78% | 47.5% | 45.5% | 45.86% |
| Gross Profit Growth % | - | 0.92% | -2.25% | 1.1% | 6.12% | 31.75% | -19.25% | 9.33% | 19.52% | 4.47% | 3.43% | 12.41% | 28.41% | 3.81% | -2.57% | 16.83% | 20.1% | -7.7% | -2.06% | 7.15% | 7.4% | 1.17% | 12.99% | 16.42% | 5.99% | 21.57% | 31.45% | 14.97% | 19.93% | - |
| Operating Expenses | 1.51B | 1.5B | 1.42B | 1.42B | 1.32B | 1.16B | 1.09B | 1.12B | 1.04B | 896.99M | 853.84M | 823.78M | 756.11M | 611.86M | 582.87M | 598.9M | 526.08M | 436.32M | 436.34M | 380.61M | 361.28M | 317.79M | 286.51M | 250.5M | 214.86M | 208.97M | 197.39M | 163.4M | 138.6M | 117.7M |
| OpEx % of Revenue | - | 44.23% | 42.16% | 40.71% | 38.05% | 37.17% | 43.45% | 36.84% | 36.95% | 36.37% | 35.92% | 35.41% | 35.99% | 36.31% | 34.91% | 35.35% | 35.46% | 35.07% | 33.11% | 28.07% | 28.06% | 27.5% | 26.16% | 26.32% | 26.32% | 26.81% | 32.11% | 34.73% | 32.44% | 33.3% |
| Selling, General & Admin | 1.51B | 1.5B | 1.39B | 1.42B | 1.3B | 1.12B | 989.53M | 1.14B | 1.05B | 910.89M | 864.08M | 772.3M | 762.99M | 577.06M | 596.63M | 614.66M | 534.07M | 444.71M | 430.35M | 385.77M | 366.77M | 322.2M | 286.51M | 250.5M | 214.86M | 208.97M | 183.74M | 150.8M | 131M | 110.2M |
| SG&A % of Revenue | - | 44.23% | 41.2% | 40.61% | 37.65% | 35.95% | 39.56% | 37.34% | 37.44% | 36.94% | 36.35% | 33.2% | 36.32% | 34.25% | 35.74% | 36.28% | 36% | 35.75% | 32.66% | 28.45% | 28.48% | 27.88% | 26.16% | 26.32% | 26.32% | 26.81% | 29.89% | 32.05% | 30.66% | 31.17% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 32.38M | 3.33M | 13.58M | 38.05M | 97.31M | -15.49M | -141K | -321K | -572K | -2.83M | -274K | -871K | -13.77M | -15.76M | 0 | -8.4M | 5.99M | -5.16M | -5.49M | -4.41M | 0 | 0 | 0 | 0 | 13.65M | 12.6M | 7.6M | 7.5M |
| Operating Income | 207.2M | 204.1M | 270.74M | 310.28M | 393.1M | 450.5M | 137.05M | 394.97M | 350.98M | 262.97M | 256.51M | 249.72M | 198.84M | 131.79M | 133.53M | 136.41M | 103.33M | 87.76M | 118.71M | 199.14M | 179.77M | 185.97M | 211.43M | 190.19M | 163.68M | 148.18M | 96.39M | 60.1M | 55.8M | 44.4M |
| Operating Margin % | 6.1% | 6.01% | 8.04% | 8.9% | 11.35% | 14.41% | 5.48% | 12.98% | 12.52% | 10.66% | 10.79% | 10.74% | 9.47% | 7.82% | 8% | 8.05% | 6.97% | 7.05% | 9.01% | 14.69% | 13.96% | 16.09% | 19.3% | 19.98% | 20.05% | 19.01% | 15.68% | 12.77% | 13.06% | 12.56% |
| Operating Income Growth % | - | -24.61% | -12.74% | -21.07% | -12.74% | 228.72% | -65.3% | 12.53% | 33.47% | 2.52% | 2.72% | 25.59% | 50.87% | -1.3% | -2.11% | 32.01% | 17.74% | -26.07% | -40.39% | 10.77% | -3.33% | -12.04% | 11.17% | 16.2% | 10.46% | 53.73% | 60.39% | 7.71% | 25.68% | - |
| EBITDA | 250.57M | 260.94M | 326.69M | 368.35M | 510.5M | 566.08M | 283.65M | 516.7M | 409.21M | 322.91M | 431.02M | 306.24M | 252.86M | 172.66M | 174.42M | 179.97M | 141.76M | 124.02M | 149.86M | 229.48M | 203.32M | 209.51M | 230.06M | 213.25M | 183.04M | 165.6M | 110.04M | 72.7M | 63.4M | 51.9M |
| EBITDA Margin % | 7.38% | 7.68% | 9.7% | 10.56% | 14.74% | 18.11% | 11.34% | 16.98% | 14.6% | 13.09% | 18.13% | 13.16% | 12.04% | 10.25% | 10.45% | 10.62% | 9.56% | 9.97% | 11.37% | 16.92% | 15.79% | 18.13% | 21% | 22.41% | 22.42% | 21.24% | 17.9% | 15.45% | 14.84% | 14.68% |
| EBITDA Growth % | -21.52% | -20.12% | -11.31% | -27.85% | -9.82% | 99.57% | -45.1% | 26.27% | 26.72% | -25.08% | 40.75% | 21.11% | 46.45% | -1.01% | -3.08% | 26.95% | 14.31% | -17.25% | -34.69% | 12.86% | -2.96% | -8.93% | 7.88% | 16.51% | 10.53% | 50.49% | 51.36% | 14.67% | 22.16% | - |
| D&A (Non-Cash Add-back) | 43.37M | 56.84M | 55.94M | 58.06M | 117.4M | 115.57M | 146.6M | 121.72M | 58.23M | 59.95M | 174.52M | 56.52M | 54.02M | 40.87M | 40.89M | 43.56M | 38.43M | 36.25M | 31.16M | 30.34M | 23.55M | 23.55M | 18.63M | 23.07M | 19.37M | 17.42M | 13.65M | 12.6M | 7.6M | 7.5M |
| EBIT | 165.21M | 204.1M | 270.74M | 335.28M | 428.7M | 450.5M | 183.05M | 394.97M | 350.98M | 262.97M | 257.94M | 248.42M | 199.57M | 131.79M | 133.91M | 136.41M | 103.33M | 79.36M | 143.45M | 208.14M | 179.77M | 185.97M | 211.43M | 190.19M | 163.68M | 148.18M | 96.39M | 60.1M | 55.8M | 44.4M |
| Net Interest Income | 11.05M | 17.87M | 27.7M | 13.69M | 2.71M | 1.38M | 435K | 8.3M | 9.88M | 4.09M | 962K | 432K | -49K | 503K | 379K | 1.27M | 1.56M | 2.09M | 7.54M | 8.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.05M | 17.87M | 27.7M | 13.69M | 2.71M | 1.38M | 435K | 8.3M | 9.88M | 4.51M | 2M | 1.53M | 1M | 503K | 379K | 1.27M | 1.56M | 2.09M | 7.54M | 9.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 429K | 1.04M | 1.1M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 152K | 0 | 0 | 0 | 0 | 0 | 2.57M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 14.82M | 25.52M | 27.45M | 15.91M | 4.31M | 1.01M | 2.47M | 10.46M | 9.73M | 3.77M | 390K | -2.4M | -323K | -368K | 379K | 1.27M | 1.56M | 2.09M | 7.54M | 8.89M | 5.56M | 4.89M | 3.49M | 480K | 354K | -2.57M | -4.24M | -4.9M | -4.1M | -3.7M |
| Pretax Income | 222.02M | 229.62M | 298.19M | 326.19M | 397.41M | 451.51M | 139.52M | 405.43M | 360.72M | 266.73M | 256.9M | 247.32M | 198.52M | 131.43M | 133.91M | 137.68M | 104.89M | 89.85M | 126.24M | 208.03M | 185.34M | 190.85M | 214.92M | 190.67M | 164.03M | 145.61M | 92.16M | 55.2M | 51.7M | 40.7M |
| Pretax Margin % | 6.54% | 6.76% | 8.85% | 9.35% | 11.47% | 14.44% | 5.58% | 13.33% | 12.87% | 10.82% | 10.81% | 10.63% | 9.45% | 7.8% | 8.02% | 8.13% | 7.07% | 7.22% | 9.58% | 15.34% | 14.39% | 16.51% | 19.62% | 20.03% | 20.09% | 18.68% | 14.99% | 11.73% | 12.1% | 11.51% |
| Income Tax | 52.74M | 52.4M | 74.91M | 74.79M | 85.97M | 97.4M | 31.51M | 74.94M | 85.77M | 154.42M | 58.46M | 67.47M | 56.66M | 37.82M | 34.05M | 34.2M | 27.85M | 22.83M | 31.2M | 63.58M | 62.32M | 60.12M | 76.3M | 70.55M | 61.51M | 56.79M | 33.54M | 22.2M | 19M | 1.4M |
| Effective Tax Rate % | 23.75% | 22.82% | 25.12% | 22.93% | 21.63% | 21.57% | 22.58% | 18.48% | 23.78% | 57.89% | 22.76% | 27.28% | 28.54% | 28.78% | 25.43% | 24.84% | 26.56% | 25.41% | 24.71% | 30.56% | 33.62% | 31.5% | 35.5% | 37% | 37.5% | 39% | 36.4% | 40.22% | 36.75% | 3.44% |
| Net Income | 169.28M | 177.22M | 223.27M | 251.4M | 311.44M | 354.11M | 108.01M | 330.49M | 268.26M | 105.12M | 191.9M | 174.34M | 137.17M | 94.34M | 99.86M | 103.48M | 77.04M | 67.02M | 95.05M | 144.45M | 123.02M | 130.74M | 138.62M | 120.12M | 102.52M | 88.82M | 58.61M | 33M | 32.7M | 39.3M |
| Net Margin % | 4.98% | 5.22% | 6.63% | 7.21% | 8.99% | 11.33% | 4.32% | 10.86% | 9.57% | 4.26% | 8.07% | 7.49% | 6.53% | 5.6% | 5.98% | 6.11% | 5.19% | 5.39% | 7.21% | 10.65% | 9.55% | 11.31% | 12.66% | 12.62% | 12.56% | 11.39% | 9.53% | 7.01% | 7.65% | 11.12% |
| Net Income Growth % | -24.16% | -20.62% | -11.19% | -19.28% | -12.05% | 227.84% | -67.32% | 23.2% | 155.18% | -45.22% | 10.07% | 27.09% | 45.4% | -5.53% | -3.5% | 34.32% | 14.94% | -29.49% | -34.2% | 17.42% | -5.9% | -5.69% | 15.4% | 17.17% | 15.42% | 51.55% | 77.61% | 0.92% | -16.79% | - |
| Net Income (Continuing) | 169.28M | 177.22M | 223.27M | 251.4M | 311.44M | 354.11M | 108.01M | 330.49M | 274.95M | 112.31M | 198.44M | 179.85M | 141.86M | 93.6M | 99.86M | 103.48M | 77.04M | 67.02M | 95.05M | 144.45M | 123.02M | 130.74M | 138.62M | 120.12M | 102.52M | 88.82M | 58.61M | 33M | 32.7M | 39.3M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.46M | 30.31M | 20.69M | 16.01M | 11.63M | 7.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.21 | 3.24 | 3.82 | 4.09 | 4.95 | 5.33 | 1.62 | 4.83 | 3.81 | 1.49 | 2.72 | 2.45 | 1.94 | 1.36 | 1.46 | 1.51 | 1.13 | 0.99 | 1.37 | 1.98 | 1.68 | 1.68 | 1.70 | 1.48 | 1.28 | 1.11 | 0.74 | 0.43 | 0.45 | 0.69 |
| EPS Growth % | -19.69% | -15.18% | -6.6% | -17.37% | -7.13% | 229.01% | -66.46% | 26.77% | 155.7% | -45.22% | 11.02% | 26.29% | 42.65% | -6.85% | -3.31% | 33.63% | 14.14% | -27.74% | -30.81% | 17.86% | 0% | -1.18% | 14.86% | 15.63% | 15.32% | 50% | 72.09% | -4.44% | -34.78% | - |
| EPS (Basic) | - | 3.24 | 3.83 | 4.11 | 4.96 | 5.37 | 1.63 | 4.87 | 3.85 | 1.51 | 2.75 | 2.48 | 1.97 | 1.37 | 1.48 | 1.53 | 1.14 | 0.99 | 1.37 | 2.00 | 1.70 | 1.70 | 1.72 | 1.50 | 1.30 | 1.14 | 0.76 | 0.43 | 0.46 | 0.70 |
| Diluted Shares Outstanding | 52.7M | 54.76M | 58.5M | 61.42M | 62.97M | 66.42M | 66.77M | 68.49M | 70.4M | 70.45M | 70.63M | 71.06M | 70.68M | 69.43M | 68.26M | 68.41M | 68.18M | 67.96M | 69.42M | 72.87M | 73.29M | 77.89M | 81.62M | 81.18M | 80.13M | 79.68M | 79.22M | 76.82M | 72.17M | 57.2M |
| Basic Shares Outstanding | 52.63M | 54.68M | 58.33M | 61.23M | 62.75M | 65.94M | 66.38M | 67.84M | 69.61M | 69.76M | 69.68M | 70.16M | 69.81M | 68.76M | 67.68M | 67.62M | 67.45M | 67.69M | 69.22M | 72.21M | 72.49M | 77.1M | 80.53M | 79.91M | 78.9M | 78.1M | 77.08M | 75.99M | 71.19M | 56.38M |
| Dividend Payout Ratio | - | 36.98% | 31.23% | 29.21% | 24.11% | 19.38% | 15.92% | 19.71% | 23.36% | 48.43% | 25.08% | 24.98% | 29.04% | 33.18% | 29.82% | 28.1% | 97.93% | 33.32% | 23.25% | 14.48% | 4.09% | - | - | - | - | - | - | - | 313.15% | 32.57% |
Seasonal Revenue Concentration Risk
According to the most recent quarterly filings, Columbia Sportswear's revenue growth has stalled at 0.0% year-over-year, reflecting a challenging environment where the company struggles to generate meaningful top-line expansion beyond its historical seasonal baseline, as evidenced by the flat performance observed in the 2026Q1 period.
The lack of revenue momentum suggests that the company's core outdoor technical apparel is facing significant saturation in its primary domestic markets. Investors should monitor whether this stagnation is a temporary byproduct of inventory management or a more permanent shift in consumer demand for the brand's mid-tier positioning.
As reported in financial statements, Columbia Sportswear has maintained a relatively stable gross margin profile near 50%, yet the underlying data reveals periodic fluctuations, such as the 47.9% low in 2024Q2, which highlight the company's sensitivity to channel mix and promotional discounting requirements.
While the 50.7% gross margin in 2026Q1 appears resilient, the inability to expand this figure suggests limited pricing power in a competitive landscape. The reliance on wholesale channels likely prevents the company from capturing the higher margins enjoyed by direct-to-consumer peers, keeping profitability structurally constrained.
Based on COLM's reported figures, operating income has failed to scale efficiently with gross profit, as evidenced by the 2026Q1 operating margin of 5.4% despite a gross margin exceeding 50%, indicating that fixed SG&A costs are disproportionately consuming the company's available operating leverage.
The persistent high level of SG&A relative to revenue suggests that the company's cost structure is not sufficiently flexible to handle periods of low growth. This lack of operating leverage may indicate that marketing and retail overhead are currently misaligned with the company's actual sales volume.
Analysis of the income statement reveals that stock-based compensation, which reached $6.7 million in 2026Q1, continues to act as a recurring drag on net income, potentially masking the true operational profitability of the business during periods of stagnant top-line growth and seasonal earnings volatility.
The consistent presence of stock-based compensation expenses warrants further investigation into the company's long-term incentive alignment. Investors should consider whether these non-cash charges are appropriately reflecting the value delivered to shareholders given the recent lack of EPS growth.
A critical review of the income statement suggests that short-sellers may focus on the company's inability to maintain positive operating margins during off-peak quarters, such as the negative 5.1% operating margin reported in 2025Q2, which underscores the inherent risks of a highly seasonal business model.
The reliance on a strong fourth quarter to offset losses in the first half of the year creates a binary outcome for annual performance. If wholesale partners continue to reduce inventory commitments, the company may face significant margin compression as it attempts to clear excess stock through its own channels.
Quick answers to the most common questions about buying COLM stock.
For fiscal year 2025, Columbia Sportswear Company (COLM) reported total revenue of $3.40B. This represents a 861.0% increase compared to $353.5M in 1997.
Columbia Sportswear Company (COLM) is profitable, generating $177.2M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Columbia Sportswear Company (COLM) reported an operating income of $204.1M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Columbia Sportswear Company (COLM) generated $1.71B in gross profit for the year, representing a gross profit margin of 50.2%. This demonstrates the company's core pricing power and production efficiency.