Revenue growth accelerated to 18.2% in Q4 2026, but operating margin remained flat at 14.3%, while TTM net margin fell to 1.5%, indicating that SG&A costs are absorbing pricing power.
Canada Goose Holdings Inc. (GOOS) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 |
|---|
| Sales/Revenue | 1.54B | 1.53B | 1.35B | 1.33B | 1.22B | 1.1B | 903.7M | 958.1M | 830.5M | 591.18M | 403.78M | 290.83M | 218.41M |
| Revenue Growth % | 12.31% | 13.63% | 1.09% | 9.6% | 10.8% | 21.54% | -5.68% | 15.36% | 40.48% | 46.41% | 38.84% | 33.16% | - |
| Cost of Goods Sold | 523.28M | 595.74M | 405.3M | 416.4M | 401.8M | 364.8M | 358.9M | 364.8M | 313.7M | 243.57M | 191.71M | 145.21M | 129.81M |
| COGS % of Revenue | - | 38.88% | 30.06% | 31.22% | 33.02% | 33.21% | 39.71% | 38.08% | 37.77% | 41.2% | 47.48% | 49.93% | 59.43% |
| Gross Profit | 1.02B | 936.41M | 943.1M | 917.4M | 815.2M | 733.6M | 544.8M | 593.3M | 516.8M | 347.61M | 212.07M | 145.62M | 88.61M |
| Gross Margin % | 66.06% | 61.12% | 69.94% | 68.78% | 66.98% | 66.79% | 60.29% | 61.92% | 62.23% | 58.8% | 52.52% | 50.07% | 40.57% |
| Gross Profit Growth % | - | -0.71% | 2.8% | 12.54% | 11.12% | 34.65% | -8.17% | 14.8% | 48.67% | 63.92% | 45.63% | 64.34% | - |
| Operating Expenses | 880.42M | 847.38M | 779M | 792.9M | 667.6M | 574.1M | 427.8M | 406.2M | 320.1M | 209.48M | 171.57M | 104.67M | 61.94M |
| OpEx % of Revenue | - | 55.31% | 57.77% | 59.45% | 54.86% | 52.27% | 47.34% | 42.4% | 38.54% | 35.43% | 42.49% | 35.99% | 28.36% |
| Selling, General & Admin | 880.42M | 847.38M | 0 | 0 | 0 | 0 | 450.6M | 406.2M | 302.1M | 200.11M | 164.97M | 100.1M | 59.32M |
| SG&A % of Revenue | - | 55.31% | - | - | - | - | 49.86% | 42.4% | 36.38% | 33.85% | 40.86% | 34.42% | 27.16% |
| Research & Development | 0 | 0 | 200K | 500K | 0 | 0 | 5.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.01% | 0.04% | - | - | 0.59% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 778.8M | 792.4M | 667.6M | 574.1M | -28.1M | 0 | 18M | 9.37M | 6.6M | 4.57M | 2.62M |
| Operating Income | 138.22M | 89.03M | 164.1M | 124.5M | 147.6M | 159.5M | 117M | 187.1M | 196.7M | 138.13M | 40.5M | 40.95M | 26.67M |
| Operating Margin % | 8.96% | 5.81% | 12.17% | 9.33% | 12.13% | 14.52% | 12.95% | 19.53% | 23.68% | 23.36% | 10.03% | 14.08% | 12.21% |
| Operating Income Growth % | - | -45.75% | 31.81% | -15.65% | -7.46% | 36.32% | -37.47% | -4.88% | 42.4% | 241.04% | -1.1% | 53.56% | - |
| EBITDA | 281.74M | 220.87M | 294.8M | 250.5M | 256.7M | 255.3M | 198.94M | 244.2M | 219.4M | 152.35M | 49.02M | 46.87M | 30.06M |
| EBITDA Margin % | 18.27% | 14.42% | 21.86% | 18.78% | 21.09% | 23.24% | 22.01% | 25.49% | 26.42% | 25.77% | 12.14% | 16.12% | 13.76% |
| EBITDA Growth % | 33.02% | -25.08% | 17.68% | -2.42% | 0.55% | 28.33% | -18.53% | 11.3% | 44.01% | 210.77% | 4.59% | 55.91% | - |
| D&A (Non-Cash Add-back) | 143.52M | 131.84M | 130.7M | 126M | 109.1M | 95.8M | 81.94M | 57.1M | 22.7M | 14.22M | 8.52M | 5.92M | 3.39M |
| EBIT | 138.62M | 89.03M | 161.2M | 164.9M | 148.6M | 167.9M | 94.2M | 179.7M | 196.6M | 137.9M | 42M | 40.81M | 26.19M |
| Net Interest Income | -49.4M | -35.2M | -38.2M | -42.3M | -31.2M | -28.3M | -22.2M | -15.03M | -10.63M | -12.9M | -10M | -7.54M | -7.54M |
| Interest Income | 4.4M | 4.2M | 2.8M | 300K | 900K | 400K | 556.95K | 281.03K | 374.26K | 173K | 2K | 5K | 9K |
| Interest Expense | 53.8M | 39.4M | 41M | 42.6M | 32.1M | 28.7M | 22.76M | 15.32M | 11M | 12.89M | 9.96M | 7.85M | 7.06M |
| Other Income/Expense | -47.93M | -35.09M | -36M | -48.8M | -54.1M | -41.8M | -30.9M | -28.4M | -14.2M | -12.86M | -9.96M | -8M | -7.54M |
| Pretax Income | 90.3M | 53.94M | 128.1M | 75.7M | 93.5M | 117.7M | 86.1M | 158.7M | 182.5M | 125.24M | 30.54M | 32.96M | 19.13M |
| Pretax Margin % | 5.86% | 3.52% | 9.5% | 5.68% | 7.68% | 10.72% | 9.53% | 16.56% | 21.97% | 21.18% | 7.56% | 11.33% | 8.76% |
| Income Tax | 31.05M | 26.07M | 24.5M | 17.6M | 24.6M | 23.1M | 15.8M | 10.7M | 38.9M | 29.18M | 8.9M | 6.47M | 4.71M |
| Effective Tax Rate % | 34.39% | 48.33% | 19.13% | 23.25% | 26.31% | 19.63% | 18.35% | 6.74% | 21.32% | 23.3% | 29.14% | 19.64% | 24.6% |
| Net Income | 45.53M | 22.56M | 94.8M | 58.4M | 72.7M | 94.6M | 70.3M | 148M | 143.6M | 96.06M | 21.64M | 26.48M | 14.43M |
| Net Margin % | 2.95% | 1.47% | 7.03% | 4.38% | 5.97% | 8.61% | 7.78% | 15.45% | 17.29% | 16.25% | 5.36% | 9.11% | 6.6% |
| Net Income Growth % | 72.47% | -76.2% | 62.33% | -19.67% | -23.15% | 34.57% | -52.5% | 3.06% | 49.5% | 343.88% | -18.29% | 83.6% | - |
| Net Income (Continuing) | 59.24M | 27.87M | 103.6M | 58.1M | 68.9M | 94.6M | 70.3M | 148M | 143.6M | 96.1M | 21.6M | 26.48M | 14.43M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 18.2M | 19.45M | 15.4M | 6.5M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.47 | 0.22 | 0.97 | 0.57 | 0.69 | 0.87 | 0.64 | 1.36 | 1.28 | 0.86 | 0.21 | 0.25 | 0.13 |
| EPS Growth % | 65.38% | -77.32% | 70.18% | -17.39% | -20.69% | 35.94% | -52.94% | 6.25% | 48.84% | 309.52% | -16% | 92.31% | - |
| EPS (Basic) | - | 0.24 | 0.98 | 0.58 | 0.69 | 0.87 | 0.64 | 1.38 | 1.31 | 0.90 | 0.22 | 0.25 | 0.14 |
| Diluted Shares Outstanding | 97.03M | 99M | 98.06M | 101.82M | 105.62M | 109.15M | 111.11M | 111.17M | 111.77M | 111.52M | 102.02M | 108.06M | 108.06M |
| Basic Shares Outstanding | 97.03M | 97.05M | 97.73M | 100.82M | 105.06M | 108.3M | 110.26M | 109.89M | 109.42M | 107.25M | 100.26M | 106.31M | 106.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 1173.92% | - | - |
Quick answers to the most common questions about buying GOOS stock.
For fiscal year 2026, Canada Goose Holdings Inc. (GOOS) reported total revenue of $1.53B. This represents a 601.5% increase compared to $218.4M in 2015.
Canada Goose Holdings Inc. (GOOS) is profitable, generating $22.6M in net income for the fiscal year ending 2026 with a net profit margin of 1.5%.
Canada Goose Holdings Inc. (GOOS) reported an operating income of $89.0M, resulting in an operating profit margin of 5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Canada Goose Holdings Inc. (GOOS) generated $936.4M in gross profit for the year, representing a gross profit margin of 61.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and seasonal dependence
Revenue Rebound Accelerates
According to the latest financial statements, GOOS's TTM revenue grew 13.6% year-over-year, with Q4 2026 up 18.2%, indicating a strong recovery in demand for premium outerwear.
The acceleration is broad-based, with the DTC channel likely driving the uptick as the company continues its pivot away from wholesale. However, the sustainability of this growth is questionable given the seasonal nature of the business and the reliance on discretionary spending. Investors should monitor whether this pace can be maintained outside the peak winter quarters.
Gross Margin Resilience Amidst Cost Pressures
Gross margin held at 61.1% on a TTM basis, but operating margin compressed to 5.8%, as reported in the income statement, suggesting that SG&A and other costs are absorbing the benefits of premium pricing.
The gap between gross and operating margin is wide, indicating a heavy fixed-cost base from retail expansion and marketing. While the brand retains pricing power, the inability to convert gross profit into operating income suggests that the cost structure is not yet optimized. If the company can leverage its DTC mix, there is potential for margin expansion, but current trends show strain.
Operating Leverage Elusive
Despite revenue growth, operating income has not scaled proportionally; Q4 2026 operating margin was 14.3%, flat versus the prior year, indicating that SG&A expenses are growing in line with sales, as per the latest quarterly data.
The company appears to be reinvesting heavily in its DTC network and brand building, which is limiting operating leverage. The high fixed costs of flagship stores and marketing are not yet being offset by incremental sales. This suggests that the business model may require a higher revenue base to achieve meaningful profitability, or that cost discipline needs to improve.
Earnings Quality Questioned
Net margin fell to 1.5% on a TTM basis, with ROE at 3.8%, as reported in the financials, indicating that reported earnings are thin and may be influenced by non-operating items or tax effects.
The low net margin relative to gross margin suggests that operating expenses and interest costs are consuming a significant portion of revenue. Stock-based compensation, though modest, adds to the dilution. The quality of earnings is further clouded by the seasonal timing of wholesale shipments, which can inflate revenue without corresponding cash flows. Investors should scrutinize the sustainability of these earnings.
SG&A Overhead Weighs on Profit
SG&A expenses in Q4 2026 were $215.7M, up from $79.9M in Q4 2024, as per the income statement, reflecting the cost of DTC expansion and marketing, which is outpacing revenue growth.
The significant increase in SG&A is a primary driver of margin compression. While some of this is due to the shift to DTC, which carries higher operating costs, the company must demonstrate that these investments will yield higher returns. The lack of R&D spending is typical for apparel, but the focus on brand building is essential to maintain pricing power. However, if sales soften, these fixed costs could become a burden.
2026 Q3 Peak Performance
The most striking inflection is Q3 2026, where revenue hit $694.5M and operating margin reached 28.8%, as reported, showcasing the company's peak seasonal profitability.
This quarter underscores the extreme seasonality of the business, with the winter holiday period driving the majority of profits. The 74% gross margin in that quarter indicates strong pricing power and a favorable product mix. However, the subsequent quarters show a sharp decline, highlighting the challenges of managing a highly seasonal operation. The company's ability to smooth this volatility through non-winter products remains unproven.
Short Thesis: Margin Trap
Despite revenue growth, the TTM net margin of 1.5% and operating margin of 5.8% suggest that the company is not converting sales into profits, as per the latest financials, which could lead to a de-rating.
A short-seller might argue that the company's expansion into new categories and regions is diluting its brand focus and increasing costs without commensurate returns. The high fixed-cost base and seasonal inventory risk could lead to markdowns, eroding the premium pricing. Furthermore, the reliance on the Chinese consumer adds geopolitical risk. If the company fails to achieve Moncler-like margins, the valuation could compress toward broader apparel peers.