Revenue growth has accelerated to 22.9% year-over-year in Q2 2026, while gross margin expanded dramatically to 48.5%, signaling strong pricing power and operational leverage.
Five Below, Inc. (FIVE) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 |
|---|
| Sales/Revenue | 5.31B | 4.76B | 3.88B | 3.56B | 3.08B | 2.85B | 1.96B | 1.85B | 1.56B | 1.28B | 1B | 831.95M | 680.22M | 535.4M | 418.82M | 297.11M | 197.19M |
| Revenue Growth % | 25.56% | 22.9% | 8.91% | 15.7% | 8% | 45.17% | 6.25% | 18.41% | 22.01% | 27.77% | 20.25% | 22.31% | 27.05% | 27.83% | 40.96% | 50.67% | - |
| Cost of Goods Sold | 3.27B | 3.24B | 2.52B | 2.29B | 1.98B | 1.82B | 1.31B | 1.17B | 994.48M | 814.79M | 643.37M | 540.02M | 442.43M | 347.39M | 268.99M | 192.25M | 131.05M |
| COGS % of Revenue | - | 68.04% | 65.11% | 64.21% | 64.39% | 63.82% | 66.75% | 63.5% | 63.77% | 63.75% | 64.31% | 64.91% | 65.04% | 64.88% | 64.22% | 64.71% | 66.46% |
| Gross Profit | 2.04B | 1.52B | 1.35B | 1.27B | 1.1B | 1.03B | 652.33M | 673.97M | 565.09M | 463.41M | 357.04M | 291.93M | 237.79M | 188.02M | 149.84M | 104.86M | 66.14M |
| Gross Margin % | 38.38% | 31.96% | 34.89% | 35.79% | 35.61% | 36.18% | 33.25% | 36.5% | 36.23% | 36.25% | 35.69% | 35.09% | 34.96% | 35.12% | 35.78% | 35.29% | 33.54% |
| Gross Profit Growth % | - | 12.56% | 6.19% | 16.28% | 6.31% | 57.96% | -3.21% | 19.27% | 21.94% | 29.79% | 22.3% | 22.77% | 26.47% | 25.48% | 42.89% | 58.54% | - |
| Operating Expenses | 1.26B | 1.07B | 1.03B | 888.25M | 750.45M | 650.56M | 497.53M | 456.68M | 377.9M | 306.02M | 243.07M | 198.99M | 160.78M | 134.28M | 112.18M | 78.64M | 54.34M |
| OpEx % of Revenue | - | 22.36% | 26.54% | 24.96% | 24.39% | 22.84% | 25.36% | 24.73% | 24.23% | 23.94% | 24.3% | 23.92% | 23.64% | 25.08% | 26.78% | 26.47% | 27.56% |
| Selling, General & Admin | 882.22M | 1.07B | 861.4M | 757.51M | 644.83M | 565.73M | 497.53M | 456.68M | 377.9M | 306.02M | 243.07M | 198.99M | 160.78M | 134.28M | 112.18M | 78.64M | 54.34M |
| SG&A % of Revenue | - | 22.36% | 22.22% | 21.28% | 20.96% | 19.86% | 25.36% | 24.73% | 24.23% | 23.94% | 24.3% | 23.92% | 23.64% | 25.08% | 26.78% | 26.47% | 27.56% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 167.45M | 130.75M | 105.62M | 84.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 783.78M | 457.4M | 323.82M | 385.57M | 345.04M | 379.88M | 154.8M | 217.28M | 187.18M | 157.39M | 113.96M | 92.94M | 77.02M | 53.74M | 37.65M | 26.22M | 11.8M |
| Operating Margin % | 14.75% | 9.6% | 8.35% | 10.83% | 11.22% | 13.34% | 7.89% | 11.77% | 12% | 12.31% | 11.39% | 11.17% | 11.32% | 10.04% | 8.99% | 8.83% | 5.99% |
| Operating Income Growth % | - | 41.25% | -16.02% | 11.75% | -9.17% | 145.4% | -28.76% | 16.08% | 18.93% | 38.11% | 22.62% | 20.68% | 43.32% | 42.71% | 43.6% | 122.14% | - |
| EBITDA | 983.98M | 649.52M | 491.26M | 516.32M | 450.66M | 464.71M | 224.15M | 272.26M | 228.63M | 190.63M | 140.59M | 115.17M | 94.22M | 67.21M | 47.25M | 33.29M | 16.61M |
| EBITDA Margin % | 18.52% | 13.63% | 12.67% | 14.51% | 14.65% | 16.32% | 11.42% | 14.74% | 14.66% | 14.91% | 14.05% | 13.84% | 13.85% | 12.55% | 11.28% | 11.21% | 8.42% |
| EBITDA Growth % | 84.81% | 32.21% | -4.85% | 14.57% | -3.02% | 107.32% | -17.67% | 19.08% | 19.94% | 35.59% | 22.08% | 22.24% | 40.19% | 42.23% | 41.94% | 100.45% | - |
| D&A (Non-Cash Add-back) | 200.19M | 192.12M | 167.45M | 130.75M | 105.62M | 84.83M | 69.34M | 54.98M | 41.45M | 33.24M | 26.63M | 22.23M | 17.2M | 13.47M | 9.6M | 7.07M | 4.8M |
| EBIT | 819.24M | 480.37M | 338.67M | 401.1M | 347.53M | 370.18M | 154.8M | 217.28M | 187.18M | 157.39M | 113.96M | 92.94M | 77.02M | 53.74M | 37.65M | 26.22M | 11.8M |
| Net Interest Income | 20.04M | 17M | 0 | 0 | 0 | -3.48M | -1.74M | 4.29M | 4.62M | 1.46M | 299K | 40K | -125K | -1.51M | -2.37M | 0 | -28K |
| Interest Income | 20.04M | 17M | 0 | 0 | 0 | 0 | 0 | 4.29M | 4.62M | 1.46M | 299K | 40K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 3.48M | 1.74M | 0 | 0 | 0 | 0 | 0 | 125K | 1.51M | 2.37M | 0 | 28K |
| Other Income/Expense | 35.46M | 22.97M | 14.85M | 15.53M | 2.49M | -13.18M | -1.74M | 4.29M | 4.62M | 1.46M | 299K | -285K | -357K | -1.78M | -3.56M | 16K | -28K |
| Pretax Income | 819.24M | 480.37M | 338.67M | 401.1M | 347.53M | 366.7M | 153.07M | 221.57M | 191.81M | 158.85M | 114.26M | 92.66M | 76.66M | 51.96M | 34.09M | 26.24M | 11.78M |
| Pretax Margin % | 15.42% | 10.08% | 8.74% | 11.27% | 11.3% | 12.87% | 7.8% | 12% | 12.3% | 12.43% | 11.42% | 11.14% | 11.27% | 9.7% | 8.14% | 8.83% | 5.97% |
| Income Tax | 200.06M | 121.73M | 85.05M | 100M | 86.01M | 87.89M | 29.71M | 46.51M | 42.16M | 56.4M | 42.42M | 34.98M | 28.64M | 19.82M | 14.07M | 10.16M | 4.75M |
| Effective Tax Rate % | 24.42% | 25.34% | 25.11% | 24.93% | 24.75% | 23.97% | 19.41% | 20.99% | 21.98% | 35.5% | 37.13% | 37.75% | 37.35% | 38.14% | 41.27% | 38.72% | 40.36% |
| Net Income | 619.18M | 358.64M | 253.61M | 301.11M | 261.53M | 278.81M | 123.36M | 175.06M | 149.65M | 102.45M | 71.84M | 57.68M | 48.02M | 32.14M | 20.02M | 16.08M | 7.02M |
| Net Margin % | 11.65% | 7.53% | 6.54% | 8.46% | 8.5% | 9.79% | 6.29% | 9.48% | 9.6% | 8.02% | 7.18% | 6.93% | 7.06% | 6% | 4.78% | 5.41% | 3.56% |
| Net Income Growth % | 126.76% | 41.41% | -15.77% | 15.13% | -6.2% | 126.01% | -29.53% | 16.98% | 46.06% | 42.61% | 24.55% | 20.11% | 49.41% | 60.51% | 24.55% | 128.93% | - |
| Net Income (Continuing) | 619.18M | 358.64M | 253.61M | 301.11M | 261.53M | 278.81M | 123.36M | 175.06M | 149.65M | 102.45M | 71.84M | 57.68M | 48.02M | 32.14M | 20.02M | 16.08M | 7.02M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 11.16 | 6.46 | 4.60 | 5.41 | 4.69 | 4.95 | 2.20 | 3.12 | 2.66 | 1.84 | 1.30 | 1.05 | 0.88 | 0.59 | -1.28 | 0.00 | -0.02 |
| EPS Growth % | 125.51% | 40.43% | -14.97% | 15.35% | -5.25% | 125% | -29.49% | 17.29% | 44.57% | 41.54% | 23.81% | 19.32% | 49.15% | 146.09% | - | 106.79% | - |
| EPS (Basic) | - | 6.51 | 4.61 | 5.43 | 4.71 | 4.98 | 2.21 | 3.14 | 2.68 | 1.86 | 1.31 | 1.06 | 0.89 | 0.59 | -1.28 | 0.00 | -0.02 |
| Diluted Shares Outstanding | 55.47M | 55.6M | 55.16M | 55.62M | 55.75M | 56.3M | 56.06M | 56.17M | 56.22M | 55.56M | 55.13M | 54.79M | 54.57M | 53.74M | 35.44M | 50.26M | 50.26M |
| Basic Shares Outstanding | 55.13M | 55.18M | 55.05M | 55.49M | 55.55M | 56M | 55.82M | 55.82M | 55.76M | 55.21M | 54.85M | 54.51M | 54.22M | 53.29M | 35.44M | 50.26M | 50.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 496.63% | - | 2739.81% |
Quick answers to the most common questions about buying FIVE stock.
For fiscal year 2025, Five Below, Inc. (FIVE) reported total revenue of $4.76B. This represents a 2316.0% increase compared to $197.2M in 2010.
Five Below, Inc. (FIVE) is profitable, generating $358.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
Five Below, Inc. (FIVE) reported an operating income of $457.4M, resulting in an operating profit margin of 9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Five Below, Inc. (FIVE) generated $1.52B in gross profit for the year, representing a gross profit margin of 32.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility from trend-driven inventory
Metrics are mathematically derived from official filings.
Robust Growth Driven by Store Expansion
Five Below's revenue growth has accelerated significantly, reaching 22.9% year-over-year in Q2 2026, a sharp acceleration from the 4.0% growth seen in Q4 2024, indicating strong execution on its unit expansion strategy.
The acceleration from low-single-digit growth in late 2024 to consistent double-digit growth in 2025 and 2026 suggests the company's aggressive store opening cadence is successfully driving the top line. This trajectory implies the brand remains highly relevant with its core demographic and that new store productivity is likely strong, supporting the bull case for continued domestic penetration.
Gross Margin Expansion Signals Pricing Power
Gross margin expanded dramatically to 48.5% in Q2 2026, a significant improvement from the 32.7% reported in Q2 2024, suggesting successful execution of the 'Five Beyond' strategy and favorable input cost dynamics.
The substantial margin expansion, well above the peer average of ~30-36%, indicates the company is successfully moving beyond its traditional $5 price ceiling without sacrificing volume. This structural shift in the product mix appears to be a key driver of profitability, though investors should monitor whether this level is sustainable or reflects temporary tailwinds in freight and commodity costs.
Operating Leverage Amplifies Profit Growth
Operating income scaled to $275.4M in Q2 2026, representing a 21.8% operating margin, a massive improvement from the near-breakeven -0.1% margin in Q3 2024, demonstrating powerful fixed-cost absorption.
The dramatic swing from operating losses to strong profitability highlights the high operating leverage inherent in the retail model, where incremental revenue flows through to profit once fixed occupancy costs are covered. This suggests management's expense discipline is effective, but the volatility also underscores the business's sensitivity to sales volume and the critical importance of maintaining comparable store sales momentum.
SG&A Discipline Underpins Margin Expansion
SG&A as a percentage of revenue has improved to 22.0% in Q2 2026 from 22.8% in Q2 2024, indicating that overhead growth is being successfully controlled relative to the rapid top-line expansion.
The modest improvement in SG&A leverage, despite a period of aggressive store openings, suggests management is effectively scaling its corporate infrastructure. However, the primary driver of margin expansion remains the gross margin improvement, implying that cost control is a supporting factor rather than the main engine of profitability growth.
Q2 2026 Marks a Profitability Breakout
The second quarter of 2026 represents a clear operational inflection point, with net income of $221.4M and a 17.6% net margin, dwarfing the $33.0M and 4.0% net margin achieved in the same quarter two years prior.
This inflection appears driven by the simultaneous acceleration of revenue growth and a step-change in gross margin, likely from the maturation of the 'Five Beyond' initiative and improved sourcing. The lasting impact is a fundamentally higher earnings power profile for the company, though it raises the bar for future performance and makes the business more sensitive to any reversal in these favorable trends.
Sustainability of Margin Leap in Question
The leap to a 48.5% gross margin in Q2 2026 is anomalous compared to the company's historical 30-40% range and peer benchmarks, warranting scrutiny on whether it reflects a permanent mix shift or temporary factors.
Short-sellers would focus on the potential for this margin level to be unsustainable, possibly driven by one-time benefits from freight normalization or inventory liquidation that may not recur. Furthermore, if the 'Five Beyond' strategy leads to brand dilution or increased competition from traditional retailers at higher price points, the company could face margin compression while losing its core value proposition.