Revenue continues to face structural headwinds, evidenced by a 3.7% year-over-year contraction in 2026Q1, while high fixed costs prevent consistent profitability despite gross margins reaching 59.9%.
| Metric | TTM | Jan'26 | 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 | Dec'96 |
|---|
| Sales/Revenue | 995.85M | 1B | 1.14B | 1.41B | 1.68B | 1.87B | 1.61B | 2.22B | 2.54B | 2.79B | 3.04B | 3.23B | 3.51B | 3.26B | 2.86B | 2.57B | 2.03B | 1.55B | 1.58B | 1.43B | 1.21B | 1.04B | 957.31M | 781.17M | 663.34M | 545.54M | 504.29M | 418.8M | 304.7M | 244.8M | 205.9M |
| Revenue Growth % | -11.35% | -12.28% | -18.93% | -16.05% | -10.03% | 15.91% | -27.25% | -12.74% | -8.85% | -8.36% | -5.78% | -8% | 7.66% | 14.08% | 11.3% | 26.43% | 31.17% | -2.22% | 10.49% | 18.04% | 16.38% | 8.96% | 22.55% | 17.76% | 21.59% | 8.18% | 20.41% | 37.45% | 24.47% | 18.89% | 13.69% |
| Cost of Goods Sold | 440.99M | 441.26M | 547.84M | 727.27M | 851.76M | 903.66M | 842.99M | 1.12B | 1.2B | 1.43B | 1.46B | 1.48B | 1.51B | 1.4B | 1.25B | 1.13B | 875.53M | 703.24M | 732.09M | 690.95M | 605.05M | 507.98M | 454.7M | 382.15M | 330.33M | 273.69M | 242.1M | 200M | 149.8M | 124.3M | 104.7M |
| COGS % of Revenue | - | 43.93% | 47.85% | 51.49% | 50.63% | 48.32% | 52.25% | 50.42% | 47.27% | 51.26% | 48.13% | 45.69% | 42.98% | 42.89% | 43.78% | 43.94% | 43.11% | 45.43% | 46.24% | 48.22% | 49.84% | 48.7% | 47.5% | 48.92% | 49.8% | 50.17% | 48.01% | 47.76% | 49.16% | 50.78% | 50.85% |
| Gross Profit | 554.86M | 563.15M | 597.15M | 685.12M | 830.68M | 966.37M | 770.36M | 1.1B | 1.34B | 1.36B | 1.58B | 1.75B | 2B | 1.86B | 1.61B | 1.44B | 1.16B | 844.85M | 851.15M | 742.03M | 608.92M | 535.14M | 502.61M | 399.02M | 333M | 271.85M | 262.18M | 218.8M | 154.9M | 120.5M | 101.2M |
| Gross Margin % | 55.72% | 56.07% | 52.15% | 48.51% | 49.37% | 51.68% | 47.75% | 49.58% | 52.73% | 48.74% | 51.87% | 54.31% | 57.02% | 57.11% | 56.22% | 56.06% | 56.89% | 54.57% | 53.76% | 51.78% | 50.16% | 51.3% | 52.5% | 51.08% | 50.2% | 49.83% | 51.99% | 52.24% | 50.84% | 49.22% | 49.15% |
| Gross Profit Growth % | - | -5.69% | -12.84% | -17.52% | -14.04% | 25.45% | -29.93% | -17.96% | -1.38% | -13.9% | -10% | -12.38% | 7.49% | 15.88% | 11.63% | 24.59% | 36.73% | -0.74% | 14.71% | 21.86% | 13.79% | 6.47% | 25.96% | 19.83% | 22.5% | 3.69% | 19.83% | 41.25% | 28.55% | 19.07% | 18.5% |
| Operating Expenses | 534.03M | 540.09M | 701.1M | 828.14M | 832.15M | 873.74M | 905.67M | 1.13B | 1.28B | 1.78B | 1.45B | 1.46B | 1.43B | 1.3B | 1.12B | 967.2M | 778.75M | 633.22M | 645.38M | 555.55M | 485.59M | 426.15M | 371.87M | 290.21M | 237.07M | 195M | 168.36M | 131.3M | 99.5M | 86M | 76.8M |
| OpEx % of Revenue | - | 53.77% | 61.23% | 58.63% | 49.46% | 46.72% | 56.14% | 50.86% | 50.26% | 63.95% | 47.69% | 45.29% | 40.88% | 39.88% | 39.11% | 37.67% | 38.35% | 40.9% | 40.76% | 38.77% | 40% | 40.85% | 38.84% | 37.15% | 35.74% | 35.74% | 33.39% | 31.35% | 32.66% | 35.13% | 37.3% |
| Selling, General & Admin | 526.74M | 540.09M | 638.78M | 757.77M | 823.69M | 842.63M | 835.12M | 1.07B | 1.22B | 1.33B | 1.42B | 1.43B | 1.43B | 1.3B | 1.12B | 967.2M | 778.75M | 633.22M | 645.38M | 555.55M | 485.59M | 426.15M | 371.87M | 290.21M | 237.07M | 195M | 161.93M | 125.4M | 95.1M | 83M | 73.7M |
| SG&A % of Revenue | - | 53.77% | 55.79% | 53.65% | 48.96% | 45.06% | 51.76% | 48.38% | 48.18% | 47.62% | 46.78% | 44.25% | 40.88% | 39.88% | 39.11% | 37.67% | 38.35% | 40.9% | 40.76% | 38.77% | 40% | 40.85% | 38.84% | 37.15% | 35.74% | 35.74% | 32.11% | 29.94% | 31.21% | 33.91% | 35.79% |
| Research & Development | 0 | 0 | 0 | 19.4M | 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 | - | - | - | 1.37% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 62.32M | 50.98M | 8.46M | 31.11M | 70.56M | 54.91M | 52.84M | 455.3M | 27.78M | 33.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.44M | 5.9M | 4.4M | 3M | 3.1M |
| Operating Income | 20.83M | 23.05M | -103.95M | -143.02M | -1.47M | 92.64M | -135.32M | -28.38M | 62.71M | -424.28M | 127.15M | 291.23M | 566.54M | 561.6M | 488.84M | 471.99M | 376.41M | 211.63M | 205.77M | 186.49M | 123.33M | 108.99M | 130.74M | 108.81M | 95.93M | 76.85M | 93.82M | 87.5M | 55.4M | 34.5M | 24.4M |
| Operating Margin % | 2.09% | 2.3% | -9.08% | -10.13% | -0.09% | 4.95% | -8.39% | -1.28% | 2.47% | -15.22% | 4.18% | 9.02% | 16.14% | 17.23% | 17.11% | 18.38% | 18.54% | 13.67% | 13% | 13.01% | 10.16% | 10.45% | 13.66% | 13.93% | 14.46% | 14.09% | 18.6% | 20.89% | 18.18% | 14.09% | 11.85% |
| Operating Income Growth % | - | 122.18% | 27.32% | -9609.71% | -101.59% | 168.46% | -376.76% | -145.26% | 114.78% | -433.69% | -56.34% | -48.59% | 0.88% | 14.88% | 3.57% | 25.39% | 77.87% | 2.85% | 10.34% | 51.21% | 13.15% | -16.64% | 20.16% | 13.42% | 24.82% | -18.08% | 7.22% | 57.94% | 60.58% | 41.39% | 19.02% |
| EBITDA | 32.2M | 36.11M | -87.95M | -123.92M | 21.86M | 122.24M | -92.19M | 26.41M | 130.29M | -343.3M | 221.74M | 378.9M | 662.47M | 643.53M | 554.38M | 523.92M | 416.97M | 252.96M | 243.41M | 219.28M | 155.37M | 135.5M | 154.08M | 128.66M | 110.44M | 86.48M | 100.26M | 93.4M | 59.8M | 37.5M | 27.5M |
| EBITDA Margin % | 3.23% | 3.6% | -7.68% | -8.77% | 1.3% | 6.54% | -5.71% | 1.19% | 5.13% | -12.31% | 7.29% | 11.73% | 18.88% | 19.74% | 19.4% | 20.41% | 20.53% | 16.34% | 15.37% | 15.3% | 12.8% | 12.99% | 16.1% | 16.47% | 16.65% | 15.85% | 19.88% | 22.3% | 19.63% | 15.32% | 13.36% |
| EBITDA Growth % | 148.41% | 141.06% | 29.03% | -666.9% | -82.12% | 232.61% | -449.07% | -79.73% | 137.95% | -254.82% | -41.48% | -42.81% | 2.94% | 16.08% | 5.81% | 25.65% | 64.84% | 3.92% | 11% | 41.13% | 14.67% | -12.06% | 19.76% | 16.5% | 27.71% | -13.74% | 7.34% | 56.19% | 59.47% | 36.36% | 19.57% |
| D&A (Non-Cash Add-back) | 11.37M | 13.05M | 16M | 19.1M | 23.33M | 29.61M | 43.13M | 54.79M | 67.58M | 80.97M | 94.59M | 87.66M | 95.93M | 81.94M | 65.54M | 51.92M | 40.56M | 41.33M | 37.64M | 32.8M | 32.05M | 26.51M | 23.34M | 19.85M | 14.51M | 9.63M | 6.44M | 5.9M | 4.4M | 3M | 3.1M |
| EBIT | 20.79M | 23.05M | -99.07M | -92.05M | -2.89M | 78.14M | -140.15M | -1.4M | 62.67M | -410.54M | 141.2M | 331.68M | 573.98M | 571.01M | 497.38M | 453.95M | 385.33M | 220.13M | 194.76M | 186.49M | 123.33M | 108.99M | 130.74M | 108.81M | 95.93M | 76.85M | 93.82M | 87.5M | 55.4M | 34.5M | 24.4M |
| Net Interest Income | -24.24M | -18.55M | -14.6M | -18.59M | -18.46M | -24.68M | -31.26M | -27.86M | -39.9M | -38.23M | -23.66M | -17.4M | -13.34M | -8.74M | -4.27M | -2.04M | 384K | 1.07M | 3.65M | 4.47M | -2.44M | 1.27M | 1.25M | -62K | -107K | -319K | -128K | 0 | -200K | 0 | -1.2M |
| Interest Income | 0 | 1.68M | 4.39M | 3.18M | 772K | 407K | 573K | 2.08M | 2.6M | 4.73M | 2.16M | 1.03M | 799K | 809K | 889K | 350K | 1.5M | 1.31M | 4.21M | 5.36M | 1.11M | 1.59M | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.24M | 20.23M | 18.99M | 21.78M | 19.24M | 25.09M | 31.84M | 29.93M | 42.5M | 42.95M | 25.81M | 18.42M | 14.13M | 9.55M | 5.16M | 2.39M | 1.12M | 235K | 555K | 890K | 3.55M | 321K | 30K | 62K | 107K | 319K | 128K | 0 | 200K | 0 | 1.2M |
| Other Income/Expense | -51.33M | -72.81M | -14.12M | -13.11M | -20.65M | -39.59M | -36.66M | -2.95M | -42.54M | -29.48M | -12.84M | 20.43M | -8.46M | -129K | 3.38M | -20.43M | 7.8M | 8.27M | -11.57M | 1.04M | -4.53M | -6.04M | 5.46M | 663K | 49K | -4.05M | 896K | 300K | -600K | -2.4M | -1.4M |
| Pretax Income | -30.5M | -49.75M | -118.06M | -156.14M | -22.13M | 53.05M | -171.98M | -31.33M | 20.17M | -453.75M | 114.31M | 311.66M | 558.08M | 561.47M | 492.22M | 451.56M | 384.21M | 219.9M | 194.2M | 187.53M | 118.8M | 102.95M | 136.21M | 109.47M | 95.98M | 72.8M | 94.72M | 87.8M | 54.8M | 32.1M | 23M |
| Pretax Margin % | -3.06% | -4.95% | -10.31% | -11.05% | -1.32% | 2.84% | -10.66% | -1.41% | 0.79% | -16.27% | 3.76% | 9.65% | 15.9% | 17.22% | 17.23% | 17.59% | 18.92% | 14.2% | 12.27% | 13.09% | 9.79% | 9.87% | 14.23% | 14.01% | 14.47% | 13.35% | 18.78% | 20.96% | 17.98% | 13.11% | 11.17% |
| Income Tax | 30.22M | 28.08M | -11.79M | 522K | 21.4M | 26.43M | -76.04M | 18.68M | 21.11M | 19.8M | 28.7M | 81.76M | 171.47M | 173.42M | 137.96M | 144.16M | 119.32M | 75.6M | 52.35M | 64.27M | 41.21M | 27.28M | 46.66M | 41.14M | 37.07M | 29.12M | 38.83M | 36M | 22.6M | 13.2M | 9.4M |
| Effective Tax Rate % | -99.08% | -56.44% | 9.98% | -0.33% | -96.72% | 49.81% | 44.22% | -59.62% | 104.65% | -4.36% | 25.11% | 26.23% | 30.72% | 30.89% | 28.03% | 31.92% | 31.06% | 34.38% | 26.96% | 34.27% | 34.69% | 26.5% | 34.26% | 37.58% | 38.63% | 40% | 41% | 41% | 41.24% | 41.12% | 40.87% |
| Net Income | -61.57M | -78.3M | -102.67M | -157.09M | -44.16M | 25.43M | -96.09M | -52.37M | -3.48M | -478.17M | 78.87M | 220.64M | 376.71M | 378.15M | 343.4M | 294.7M | 255.21M | 139.19M | 138.1M | 123.26M | 77.58M | 75.67M | 89.55M | 68.33M | 58.91M | 43.68M | 55.88M | 51.8M | 32.2M | 18.9M | 13.6M |
| Net Margin % | -6.18% | -7.8% | -8.97% | -11.12% | -2.62% | 1.36% | -5.96% | -2.36% | -0.14% | -17.15% | 2.59% | 6.83% | 10.73% | 11.6% | 12.02% | 11.48% | 12.57% | 8.99% | 8.72% | 8.6% | 6.39% | 7.25% | 9.35% | 8.75% | 8.88% | 8.01% | 11.08% | 12.37% | 10.57% | 7.72% | 6.61% |
| Net Income Growth % | 35.83% | 23.74% | 34.64% | -255.75% | -273.61% | 126.47% | -83.51% | -1405.61% | 99.27% | -706.29% | -64.25% | -41.43% | -0.38% | 10.12% | 16.52% | 15.48% | 83.35% | 0.79% | 12.04% | 58.88% | 2.53% | -15.5% | 31.04% | 16% | 34.85% | -21.83% | 7.88% | 60.87% | 70.37% | 38.97% | 12.4% |
| Net Income (Continuing) | -60.72M | -77.84M | -106.28M | -156.66M | -43.53M | 26.62M | -95.94M | -50.01M | -938K | -473.56M | 85.6M | 229.9M | 386.61M | 388.05M | 354.26M | 307.4M | 264.89M | 144.29M | 141.85M | 123.26M | 77.58M | 75.67M | 89.55M | 68.33M | 58.91M | 43.68M | 55.88M | 51.8M | 32.2M | 18.9M | 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 | -15.93M | -16.06M | -11.98M | -2.49M | -2.92M | 2.13M | 942K | 787K | 3.09M | 4.81M | 9.2M | 11.15M | 5.94M | 6.69M | 6.93M | 10.92M | 7.59M | 5.63M | 3.22M | 6.13M | 4.1M | 2.53M | 6.18M | 5.5M | 3.92M | 3.29M | 3.85M | 2.6M | 1.8M | 1.3M | 2.3M |
| EPS (Diluted) | -1.05 | -1.45 | -1.94 | -3.00 | -0.85 | 0.48 | -1.88 | -1.00 | -0.07 | -9.87 | 1.63 | 4.51 | 7.10 | 6.56 | 5.59 | 4.61 | 3.77 | 2.07 | 2.02 | 1.75 | 1.13 | 1.04 | 1.23 | 0.92 | 0.81 | 0.62 | 0.76 | 0.69 | 0.44 | 0.27 | 0.20 |
| EPS Growth % | 36.29% | 25.26% | 35.33% | -252.94% | -277.08% | 125.53% | -88% | -1306.47% | 99.28% | -705.52% | -63.86% | -36.48% | 8.23% | 17.35% | 21.26% | 22.28% | 82.13% | 2.48% | 15.43% | 54.87% | 8.65% | -15.45% | 33.7% | 13.58% | 30.65% | -18.42% | 10.14% | 56.82% | 62.96% | 35% | 66.67% |
| EPS (Basic) | - | -1.45 | -1.94 | -3.00 | -0.85 | 0.49 | -1.88 | -1.00 | -0.07 | -9.87 | 1.64 | 4.52 | 7.12 | 6.59 | 5.63 | 4.66 | 3.83 | 2.09 | 2.05 | 1.81 | 1.15 | 1.07 | 1.27 | 0.95 | 0.84 | 0.64 | 0.78 | 0.72 | 0.46 | 0.19 | 0.20 |
| Diluted Shares Outstanding | 58.4M | 54.1M | 52.96M | 52.28M | 51.84M | 52.78M | 51.12M | 50.23M | 49.2M | 48.47M | 48.32M | 48.92M | 53.08M | 57.7M | 61.4M | 63.97M | 67.69M | 67.15M | 68.32M | 70.33M | 68.82M | 72.42M | 73M | 71.94M | 71.32M | 70.29M | 73.52M | 75.21M | 73.32M | 70.96M | 68.21M |
| Basic Shares Outstanding | 58.4M | 54.1M | 52.96M | 52.28M | 51.84M | 51.96M | 51.12M | 50.23M | 49.2M | 48.45M | 48.14M | 48.8M | 52.88M | 57.4M | 61M | 63.3M | 66.7M | 66.68M | 67.53M | 68.21M | 67.18M | 70.48M | 70.37M | 69.59M | 68.99M | 67.88M | 71.3M | 71.78M | 69.87M | 69.43M | 67.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.97% | 1.93% | - | - | - | 10.58% | 3.8% | 2.41% | 2.24% | - | - | - | - | - | - |
Secular wholesale channel decline
As reported in recent financial statements, FOSL has experienced a consistent revenue decline, with the most recent quarterly figures showing a 3.7% year-over-year contraction, following a period of double-digit drops that suggest a fundamental erosion of the company's core wholesale distribution and brand relevance.
The persistent negative growth trajectory indicates that the company is struggling to maintain its market position within the fashion accessory space. This trend suggests that the brand portfolio may be losing cultural resonance, making it increasingly difficult to offset the secular decline in traditional department store traffic.
Based on reported figures, Fossil's gross margins have fluctuated significantly, ranging from a low of 47.3% to a peak of 61.3%, reflecting the inherent difficulty in managing inventory costs and promotional activity within a highly seasonal and discretionary consumer goods environment.
The wide variance in gross margins suggests that the company is frequently forced to rely on discounting to clear aging inventory, which undermines long-term pricing power. Investors should monitor whether these margin swings are a result of strategic shifts or merely a reactive response to weakening consumer demand.
According to the provided income statement data, Fossil's operating income has frequently dipped into negative territory, demonstrating that the company's high fixed-cost structure prevents it from achieving meaningful operating leverage even during periods of relative revenue stability or minor seasonal upticks in sales volume.
The inability to scale operating income faster than gross profit suggests that the company's overhead, including retail footprint and licensing obligations, is too heavy for its current revenue base. This structural imbalance appears to be a primary driver of the company's persistent net losses.
Analysis of the income statement reveals that despite maintaining gross margins near 56%, the company's net margin remains consistently negative, which may indicate that the underlying business model is fundamentally misaligned with current market realities and the high costs of maintaining a global licensing platform.
Short-sellers would likely focus on the fact that the company has failed to achieve consistent profitability over the last ten quarters, suggesting that the current turnaround efforts may be insufficient. The reliance on licensing agreements that require minimum guarantees creates a rigid cost floor that exacerbates losses during downturns.
Quick answers to the most common questions about buying FOSL stock.
For fiscal year 2025, Fossil Group, Inc. (FOSL) reported total revenue of $1.00B. This represents a 387.8% increase compared to $205.9M in 1996.
Fossil Group, Inc. (FOSL) reported a net loss of $78.3M for the fiscal year ending 2025.
Fossil Group, Inc. (FOSL) reported an operating income of $23.1M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Fossil Group, Inc. (FOSL) generated $563.1M in gross profit for the year, representing a gross profit margin of 56.1%. This demonstrates the company's core pricing power and production efficiency.