Revenue growth remains under pressure with a 4.8% decline in 2025Q3, while operating margins exhibit extreme volatility, swinging from a loss of 6.3% in 2024Q2 to a profit of 15.6% in 2025Q2.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Jan'22 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Dec'13 | Dec'12 | Dec'11 | Jan'11 | Jan'10 | Jan'09 | Dec'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Sales/Revenue | 3.44B | 3.51B | 3.64B | 3.86B | 6.8B | 6.13B | 6.43B | 6.8B | 6.47B | 6.03B | 5.73B | 5.32B | 4.63B | 4.53B | 4.64B | 4.33B | 3.89B | 4.25B | 4.47B | 4.47B | 4.68B | 4.63B | 4.67B |
| Revenue Growth % | -13.44% | -3.63% | -5.78% | -43.2% | 11% | -4.65% | -5.56% | 5.14% | 7.35% | 5.18% | 7.64% | 15.06% | 2.26% | -2.4% | 7.17% | 11.19% | -8.41% | -5.05% | 0.04% | -4.5% | 1.1% | -0.79% | - |
| Cost of Goods Sold | 2B | 2.15B | 2.35B | 2.52B | 4.15B | 4.52B | 4B | 4.15B | 3.98B | 3.75B | 3.6B | 3.42B | 3.02B | 3.11B | 3.1B | 2.91B | 2.63B | 2.87B | 3.03B | 2.99B | 3.22B | 3.09B | 3.01B |
| COGS % of Revenue | - | 61.24% | 64.5% | 65.13% | 61.01% | 73.84% | 62.2% | 60.96% | 61.51% | 62.24% | 62.73% | 64.23% | 65.17% | 68.62% | 66.78% | 67.3% | 67.48% | 67.58% | 67.8% | 66.79% | 68.83% | 66.74% | 64.47% |
| Gross Profit | 1.44B | 1.36B | 1.29B | 1.35B | 2.65B | 1.6B | 2.43B | 2.66B | 2.54B | 2.32B | 2.14B | 1.9B | 1.61B | 1.42B | 1.54B | 1.41B | 1.27B | 1.38B | 1.44B | 1.49B | 1.46B | 1.46B | 1.54B |
| Gross Margin % | 42% | 38.76% | 35.5% | 34.87% | 38.99% | 26.16% | 37.8% | 39.04% | 39.32% | 38.41% | 37.27% | 35.77% | 34.83% | 31.38% | 33.22% | 32.7% | 32.52% | 32.42% | 32.2% | 33.21% | 31.17% | 31.52% | 32.99% |
| Gross Profit Growth % | - | 5.24% | -4.09% | -49.2% | 65.45% | -34.01% | -8.58% | 4.41% | 9.89% | 8.38% | 12.18% | 18.16% | 13.5% | -7.81% | 8.88% | 11.82% | -8.14% | -4.41% | -2.99% | 1.73% | 0% | -5.23% | - |
| Operating Expenses | 995.71M | 1.17B | 1.03B | 1.08B | 1.85B | 1.56B | 1.58B | 1.79B | 1.74B | 1.5B | 1.54B | 1.34B | 1.1B | 979.93M | 1.06B | 1.01B | 940.53M | 1.01B | 1.01B | 1.05B | 1.1B | 1.12B | 1.11B |
| OpEx % of Revenue | - | 33.46% | 28.18% | 27.95% | 27.26% | 25.46% | 24.56% | 26.29% | 26.88% | 24.89% | 26.89% | 25.17% | 23.69% | 21.65% | 22.9% | 23.36% | 24.17% | 23.76% | 22.54% | 23.52% | 23.5% | 24.08% | 23.81% |
| Selling, General & Admin | 995.71M | 1.17B | 1.03B | 1.08B | 1.85B | 1.56B | 1.58B | 1.79B | 1.74B | 1.5B | 1.54B | 1.34B | 1.1B | 979.93M | 1.06B | 1.01B | 940.53M | 1.01B | 1.04B | 1.05B | 1.05B | 1.09B | 1.13B |
| SG&A % of Revenue | - | 33.46% | 28.18% | 27.95% | 27.26% | 25.46% | 24.56% | 26.29% | 26.88% | 24.89% | 26.89% | 25.17% | 23.69% | 21.65% | 22.9% | 23.36% | 24.17% | 23.76% | 23.26% | 23.52% | 22.5% | 23.48% | 24.11% |
| Research & Development | 15.99M | 0 | 18.36M | 20.08M | 39.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.5% | 0.52% | 0.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -18.36M | -20.08M | -39.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32.14M | 0 | 46.98M | 27.47M | -14.4M |
| Operating Income | 449.06M | 185.95M | 266.28M | 267.37M | 797.73M | 42.67M | 850.68M | 867.95M | 736.17M | 790.05M | 595.12M | 563.95M | 515.19M | 440.12M | 447.13M | 380.87M | 270.86M | 317.48M | 388.57M | 388.17M | 433.6M | 359.48M | 425.29M |
| Operating Margin % | 13.05% | 5.3% | 7.32% | 6.92% | 11.73% | 0.7% | 13.24% | 12.76% | 11.38% | 13.11% | 10.38% | 10.59% | 11.13% | 9.72% | 9.64% | 8.8% | 6.96% | 7.47% | 8.68% | 8.68% | 9.26% | 7.76% | 9.11% |
| Operating Income Growth % | - | -30.17% | -0.41% | -66.48% | 1769.7% | -94.98% | -1.99% | 17.9% | -6.82% | 32.76% | 5.53% | 9.47% | 17.06% | -1.57% | 17.4% | 40.62% | -14.69% | -18.3% | 0.1% | -10.48% | 20.62% | -15.47% | - |
| EBITDA | 496.11M | 278M | 371.31M | 373.64M | 910.47M | 175.11M | 981.65M | 999.75M | 858.66M | 893.23M | 699.02M | 662.16M | 606.08M | 533.15M | 537.85M | 467.48M | 367.61M | 432.63M | 526.72M | 534.99M | 547.8M | 477.37M | 539.51M |
| EBITDA Margin % | 14.42% | 7.93% | 10.2% | 9.67% | 13.39% | 2.86% | 15.28% | 14.69% | 13.27% | 14.82% | 12.2% | 12.44% | 13.1% | 11.78% | 11.6% | 10.8% | 9.45% | 10.18% | 11.77% | 11.96% | 11.7% | 10.3% | 11.55% |
| EBITDA Growth % | 80.62% | -25.13% | -0.62% | -58.96% | 419.93% | -82.16% | -1.81% | 16.43% | -3.87% | 27.78% | 5.57% | 9.25% | 13.68% | -0.87% | 15.05% | 27.17% | -15.03% | -17.86% | -1.55% | -2.34% | 14.75% | -11.52% | - |
| D&A (Non-Cash Add-back) | 47.04M | 92.06M | 105.04M | 106.27M | 112.74M | 132.45M | 130.97M | 131.8M | 122.49M | 103.17M | 103.9M | 98.2M | 90.89M | 93.04M | 90.72M | 86.61M | 96.75M | 115.14M | 138.15M | 146.82M | 114.2M | 117.89M | 114.23M |
| EBIT | 396.8M | 138.51M | 228.52M | 259.08M | 747.98M | 22.01M | 820.48M | 924.43M | 703.53M | 723.89M | 591.91M | 561.36M | 497.69M | 399.8M | 440.75M | 360.64M | 324.74M | 367.74M | 432.3M | 365.35M | 433.5M | 406.46M | 425.29M |
| Net Interest Income | -184.36M | -195.9M | -214.19M | -131.73M | -163.07M | -164.24M | -176.92M | -194.68M | -174.44M | -152.69M | -118.03M | -96.39M | -101.88M | -136.85M | -156.2M | -150.14M | 163.28M | -155.08M | 0 | -25.87M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 163.28M | 0 | 0 | -8.79M | 0 | 0 | 0 |
| Interest Expense | 184.36M | 195.9M | 214.19M | 131.73M | 163.07M | 164.24M | 176.92M | 194.68M | 174.44M | 152.69M | 118.03M | 96.39M | 101.88M | 136.85M | 156.3M | 150.24M | 0 | 254.34M | 265M | 17.08M | 0 | 24.41M | 0 |
| Other Income/Expense | -236.63M | -243.34M | -251.95M | -140.03M | -216.65M | -184.89M | -207.13M | -221.07M | 0 | -218.85M | -121.25M | -98.99M | -119.39M | -177.17M | -131.52M | -174.25M | 0 | 0 | 0 | -164.33M | -17.28M | -79.77M | -146.74M |
| Pretax Income | 212.43M | -57.39M | 14.33M | 127.34M | 581.08M | -142.23M | 643.56M | 643.58M | 529.1M | 571.2M | 473.87M | 464.97M | 395.8M | 262.94M | 284.55M | 210.5M | 58.28M | 163.04M | 184.13M | 416.32M | 345.52M | 345.52M | 400.87M |
| Pretax Margin % | 6.18% | -1.64% | 0.39% | 3.3% | 8.54% | -2.32% | 10.02% | 9.46% | 8.18% | 9.48% | 8.27% | 8.73% | 8.55% | 5.81% | 6.14% | 4.87% | 1.5% | 3.84% | 4.12% | 9.31% | 7.38% | 7.46% | 8.58% |
| Income Tax | -195.89M | 40.6M | -14.82M | 447.89M | 60.11M | -109.94M | 70.24M | 103.92M | 453.12M | 34.27M | 45.02M | 60.45M | 65.31M | 30.5M | 48.92M | 22.44M | 6.99M | 35.87M | 58M | 93.83M | 93.83M | 127.01M | -48.68M |
| Effective Tax Rate % | -92.21% | -70.74% | -103.41% | 351.72% | 10.34% | 77.3% | 10.91% | 16.15% | 85.64% | 6% | 9.5% | 13% | 16.5% | 11.6% | 17.19% | 10.66% | 12% | 22% | 31.5% | 22.54% | 27.16% | 36.76% | -12.14% |
| Net Income | 330.01M | -320.43M | -17.73M | -127.2M | 77.22M | -75.58M | 600.72M | 539.67M | 73.88M | 539.38M | 428.86M | 404.52M | 330.49M | 164.68M | 266.69M | 211.29M | 51.28M | 127.17M | 126.13M | 322.49M | 218.51M | 449.55M | 428.44M |
| Net Margin % | 9.59% | -9.14% | -0.49% | -3.29% | 1.14% | -1.23% | 9.35% | 7.93% | 1.14% | 8.95% | 7.48% | 7.6% | 7.14% | 3.64% | 5.75% | 4.88% | 1.32% | 2.99% | 2.82% | 7.21% | 4.67% | 9.7% | 9.18% |
| Net Income Growth % | 243.73% | -1707.69% | 86.06% | -264.72% | 202.18% | -112.58% | 11.31% | 630.45% | -86.3% | 25.77% | 6.02% | 22.4% | 100.69% | -38.25% | 26.22% | 312.01% | -59.67% | 0.83% | -60.89% | 47.59% | -51.39% | 4.93% | - |
| Net Income (Continuing) | 408.33M | -98M | 29.15M | -320.55M | 520.97M | -32.29M | 573.32M | 539.67M | 75.98M | 536.93M | 428.86M | 404.52M | 330.49M | 232.44M | 266.69M | 211.29M | 51.28M | 127.17M | 126.13M | 148.28M | 322.49M | 218.51M | 449.55M |
| Discontinued Operations | -4M | -222.44M | -46.87M | 193.34M | -443.74M | -43.29M | 27.4M | 0 | -2.1M | 2.46M | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.92 | -0.91 | -0.05 | -0.36 | 0.22 | -0.21 | 1.64 | 1.52 | 0.17 | 1.40 | 1.06 | 0.99 | 0.81 | 0.41 | 0.67 | 0.54 | 0.14 | 0.34 | 0.33 | 0.84 | 0.57 | 1.17 | 1.11 |
| EPS Growth % | 243.49% | -1698.42% | 85.94% | -263.64% | 204.76% | -112.8% | 7.89% | 794.12% | -87.86% | 32.08% | 7.07% | 22.22% | 97.56% | -38.81% | 24.07% | 285.71% | -58.82% | 3.03% | -60.71% | 47.37% | -51.28% | 5.41% | - |
| EPS (Basic) | - | -0.91 | -0.05 | -0.36 | 0.22 | -0.21 | 1.65 | 1.52 | 0.17 | 1.41 | 1.07 | 1.00 | 0.83 | 0.42 | 0.68 | 0.55 | 0.14 | 0.34 | 0.33 | 0.84 | 0.57 | 1.17 | 1.11 |
| Diluted Shares Outstanding | 357.08M | 352.14M | 350.59M | 349.97M | 352.08M | 352.77M | 365.52M | 364.5M | 369.43M | 384.57M | 403.66M | 408.04M | 407.29M | 401.08M | 397M | 391.1M | 382.67M | 380.66M | 386.96M | 385.22M | 385.22M | 385.22M | 385.22M |
| Basic Shares Outstanding | 354.18M | 352.14M | 350.59M | 349.97M | 351.03M | 352.77M | 364.71M | 363.51M | 367.68M | 381.78M | 399.89M | 402.3M | 399.44M | 394.84M | 390.84M | 386M | 380.63M | 376.68M | 383.74M | 385.22M | 385.22M | 385.22M | 385.22M |
| Dividend Payout Ratio | - | - | - | - | 271.27% | - | 36.12% | 40.08% | 297.64% | 31.03% | 37.62% | 29.57% | 17.99% | - | - | - | - | - | - | - | - | - | - |
High leverage and volume decline
As indicated by the quarterly financial data, HBI has experienced consistent top-line pressure, with revenue growth rates frequently dipping into negative territory, including a 4.8% decline in 2025Q3, reflecting a broader struggle to maintain volume in a competitive and shifting mass-market apparel retail environment.
The persistent negative growth trajectory suggests that the company is losing relevance or market share within its core segments. Investors should monitor whether this decline is a result of intentional portfolio pruning or a structural erosion of the brand's replenishment-driven demand base.
Based on reported figures, HBI's gross margin has fluctuated significantly, ranging from a low of 30.8% in 2024Q2 to a recent high of 41.7% in 2025Q1, highlighting the sensitivity of the company's vertically integrated manufacturing model to input cost volatility and factory utilization levels.
The wide variance in gross margins implies that the company lacks the pricing power to fully offset commodity cost spikes or the operational flexibility to adjust its fixed-cost base during demand downturns. This structural rigidity warrants further investigation into the sustainability of current margin recovery efforts.
According to the income statement, operating income has shown extreme volatility, swinging from a loss of $63.1 million in 2024Q2 to a profit of $154.7 million in 2025Q2, which suggests that the company's high fixed-cost structure creates significant operating leverage risk during periods of revenue instability.
The inability to consistently scale operating income relative to gross profit indicates that SG&A expenses remain stubbornly high, potentially due to ongoing restructuring or distribution inefficiencies. This lack of operating leverage may continue to suppress bottom-line performance until the company achieves a more sustainable revenue floor.
As reported in financial statements, HBI's net income has been highly erratic, featuring a notable $270.7 million profit in 2025Q3 contrasted against significant losses in prior quarters, suggesting that non-operating items or one-time charges are heavily distorting the underlying quality of reported earnings.
The disconnect between operating income and net income suggests that investors should focus on core operational metrics rather than headline EPS, which appears susceptible to accounting noise. The absence of stock-based compensation in recent quarters may also indicate a shift in management's incentive structure during this period of financial distress.
Data from recent filings suggests that HBI's reliance on a high-fixed-cost manufacturing model may be a liability rather than an asset, as evidenced by the sharp margin compression observed when revenue growth turns negative, potentially signaling a long-term decline in the company's competitive moat.
Short-sellers may focus on the company's inability to maintain consistent profitability despite its vertical integration, which was historically touted as a cost advantage. If the company cannot stabilize its revenue base, the fixed-cost burden may continue to act as a drag on margins, regardless of any potential improvements in input costs.
Quick answers to the most common questions about buying HBI stock.
For fiscal year 2024, Hanesbrands Inc. (HBI) reported total revenue of $3.51B. This represents a 24.9% decline compared to $4.67B in 2003.
Hanesbrands Inc. (HBI) reported a net loss of $320.4M for the fiscal year ending 2024.
Hanesbrands Inc. (HBI) reported an operating income of $185.9M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Hanesbrands Inc. (HBI) generated $1.36B in gross profit for the year, representing a gross profit margin of 38.8%. This demonstrates the company's core pricing power and production efficiency.