Revenue remains range-bound with minimal growth, yet the company has maintained resilient gross margins of 46.1% as of 2026Q4 despite broader furniture sector volatility.
| Metric | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 2.13B | 2.11B | 2.05B | 2.35B | 2.36B | 1.73B | 1.7B | 1.75B | 1.58B | 1.52B | 1.53B | 1.43B | 1.36B | 1.33B | 1.23B | 1.19B | 1.18B | 1.23B | 1.45B | 1.62B | 1.92B | 2.05B | 2B | 2.11B | 2.15B | 2.26B | 1.72B | 1.29B | 1.11B | 1.01B |
| Revenue Growth % | 0.83% | 3.04% | -12.87% | -0.31% | 35.9% | 1.78% | -2.37% | 10.19% | 4.2% | -0.35% | 7.02% | 5.02% | 1.86% | 8.19% | 3.75% | 0.67% | -3.87% | -15.46% | -10.29% | -15.62% | -6.42% | 2.48% | -5.35% | -1.96% | -4.53% | 31.37% | 33.38% | 16.21% | 10.16% | 6.18% |
| Cost of Goods Sold | 1.19B | 1.18B | 1.17B | 1.34B | 1.48B | 993.98M | 982.54M | 1.04B | 961.2M | 913.52M | 943.36M | 920.9M | 892.86M | 907.59M | 851.82M | 832.8M | 804.49M | 887.91M | 1.06B | 1.19B | 1.46B | 1.57B | 1.56B | 1.62B | 1.65B | 1.71B | 1.25B | 924.7M | 804.3M | 724.3M |
| COGS % of Revenue | 55.96% | 56.08% | 56.93% | 57.07% | 62.67% | 57.32% | 57.66% | 59.75% | 60.68% | 60.1% | 61.84% | 64.61% | 65.78% | 68.11% | 69.16% | 70.15% | 68.22% | 72.38% | 72.83% | 73.66% | 76.06% | 76.78% | 77.84% | 76.58% | 76.48% | 75.67% | 73.01% | 71.82% | 72.59% | 72.01% |
| Gross Profit | 936.6M | 926.42M | 881.67M | 1.01B | 879.79M | 740.26M | 721.45M | 702.57M | 622.75M | 606.54M | 582.04M | 504.49M | 464.45M | 424.94M | 379.86M | 354.34M | 374.73M | 338.77M | 394.23M | 426.06M | 458.81M | 475.54M | 443.04M | 494.57M | 506.62M | 548.89M | 463.6M | 362.9M | 303.7M | 281.5M |
| Gross Margin % | 44.04% | 43.92% | 43.07% | 42.93% | 37.33% | 42.68% | 42.34% | 40.25% | 39.32% | 39.9% | 38.16% | 35.39% | 34.22% | 31.89% | 30.84% | 29.85% | 31.78% | 27.62% | 27.17% | 26.34% | 23.94% | 23.22% | 22.16% | 23.42% | 23.52% | 24.33% | 26.99% | 28.18% | 27.41% | 27.99% |
| Gross Profit Growth % | 1.1% | 5.08% | -12.59% | 14.65% | 18.85% | 2.61% | 2.69% | 12.82% | 2.67% | 4.21% | 15.37% | 8.62% | 9.3% | 11.87% | 7.2% | -5.44% | 10.62% | -14.07% | -7.47% | -7.14% | -3.52% | 7.34% | -10.42% | -2.38% | -7.7% | 18.4% | 27.75% | 19.49% | 7.89% | 7.44% |
| Operating Expenses | 807.39M | 790.58M | 730.87M | 797.26M | 673.04M | 603.52M | 602.68M | 572.9M | 493.38M | 475.96M | 459.14M | 401.46M | 375.16M | 357.31M | 330.23M | 323.31M | 331.49M | 375.01M | 407.9M | 386.44M | 426.4M | 391.3M | 413.9M | 331.69M | 409.92M | 382.4M | 319.3M | 256.2M | 226.5M | 207.6M |
| OpEx % of Revenue | 37.97% | 37.48% | 35.7% | 33.93% | 28.56% | 34.8% | 35.37% | 32.82% | 31.15% | 31.31% | 30.1% | 28.16% | 27.64% | 26.81% | 26.81% | 27.23% | 28.11% | 30.57% | 28.11% | 23.89% | 22.25% | 19.1% | 20.71% | 15.71% | 19.03% | 16.95% | 18.59% | 19.9% | 20.44% | 20.64% |
| Selling, General & Admin | 787.43M | 770M | 718.25M | 797.26M | 664.34M | 596.27M | 565.24M | 572.9M | 493.38M | 475.96M | 459.14M | 401.46M | 375.16M | 357.31M | 330.23M | 323.31M | 331.49M | 375.01M | 399.47M | 386.44M | 410.35M | 401.59M | 341.96M | 331.69M | 398.23M | 382.4M | 288.96M | 234.1M | 205.5M | 187.2M |
| SG&A % of Revenue | 37.03% | 36.51% | 35.09% | 33.93% | 28.19% | 34.38% | 33.17% | 32.82% | 31.15% | 31.31% | 30.1% | 28.16% | 27.64% | 26.81% | 26.81% | 27.23% | 28.11% | 30.57% | 27.53% | 23.89% | 21.41% | 19.61% | 17.11% | 15.71% | 18.49% | 16.95% | 16.83% | 18.18% | 18.55% | 18.61% |
| Research & Development | 0 | 9.9M | 9.6M | 9.1M | 9M | 7.6M | 10.8M | 9.1M | 7.9M | 8M | 8.4M | 6.1M | 7.9M | 7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.47% | 0.47% | 0.39% | 0.38% | 0.44% | 0.63% | 0.52% | 0.5% | 0.53% | 0.55% | 0.43% | 0.58% | 0.54% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 19.97M | 10.68M | 3.02M | -9.1M | -306K | -347K | 26.64M | -2.24M | -1.65M | 251K | 2.31M | 1.96M | 2.05M | 3.21M | 0 | 0 | 0 | 0 | 8.43M | 0 | 16.05M | -10.29M | 71.94M | 0 | 11.69M | 0 | 30.34M | 22.1M | 21M | 20.4M |
| Operating Income | 129.21M | 135.84M | 150.8M | 211.44M | 206.76M | 136.74M | 118.76M | 129.67M | 129.37M | 130.58M | 122.39M | 103.17M | 89.3M | 67.63M | 49.63M | 25.91M | 41.94M | -94.07M | -16.75M | 31.95M | 19.13M | 63.65M | 29.14M | 162.87M | 96.7M | 120.79M | 144.3M | 106.7M | 77.2M | 73.9M |
| Operating Margin % | 6.08% | 6.44% | 7.37% | 9% | 8.77% | 7.88% | 6.97% | 7.43% | 8.17% | 8.59% | 8.02% | 7.24% | 6.58% | 5.08% | 4.03% | 2.18% | 3.56% | -7.67% | -1.15% | 1.98% | 1% | 3.11% | 1.46% | 7.71% | 4.49% | 5.35% | 8.4% | 8.29% | 6.97% | 7.35% |
| Operating Income Growth % | -4.88% | -9.92% | -28.68% | 2.27% | 51.21% | 15.13% | -8.41% | 0.24% | -0.93% | 6.69% | 18.63% | 15.53% | 32.04% | 36.26% | 91.56% | -38.23% | 144.59% | -461.72% | -152.4% | 67.08% | -69.95% | 118.46% | -82.11% | 68.43% | -19.95% | -16.29% | 35.24% | 38.21% | 4.47% | 9.48% |
| EBITDA | 139.39M | 259.47M | 275.48M | 327.96M | 246.53M | 169.76M | 149.95M | 160.82M | 161.14M | 159.71M | 148.91M | 125.45M | 112.48M | 90.77M | 73.12M | 50.21M | 67.19M | -22.91M | 7.95M | 59.16M | 48.36M | 91.98M | 58.25M | 193.57M | 140.69M | 166.49M | 174.64M | 128.8M | 98.2M | 94.3M |
| EBITDA Margin % | 6.55% | 12.3% | 13.46% | 13.96% | 10.46% | 9.79% | 8.8% | 9.21% | 10.17% | 10.51% | 9.76% | 8.8% | 8.29% | 6.81% | 5.94% | 4.23% | 5.7% | -1.87% | 0.55% | 3.66% | 2.52% | 4.49% | 2.91% | 9.17% | 6.53% | 7.38% | 10.17% | 10% | 8.86% | 9.38% |
| EBITDA Growth % | -46.28% | -5.81% | -16% | 33.03% | 45.22% | 13.21% | -6.76% | -0.2% | 0.89% | 7.26% | 18.7% | 11.53% | 23.92% | 24.14% | 45.62% | -25.27% | 393.27% | -388.18% | -86.56% | 22.33% | -47.42% | 57.91% | -69.91% | 37.59% | -15.5% | -4.67% | 35.59% | 31.16% | 4.14% | 7.65% |
| D&A (Non-Cash Add-back) | 0 | 123.63M | 124.69M | 116.52M | 39.77M | 33.02M | 31.19M | 31.15M | 31.77M | 29.13M | 26.52M | 22.28M | 23.18M | 23.14M | 23.49M | 24.3M | 25.25M | 71.16M | 24.7M | 27.2M | 29.23M | 28.33M | 29.11M | 30.7M | 43.99M | 45.7M | 30.34M | 22.1M | 21M | 20.4M |
| EBIT | 139.39M | 147.68M | 166.21M | 206.32M | 206.45M | 147.3M | 145.41M | 127.2M | 129.43M | 131.81M | 127.89M | 103.17M | 92.11M | 71.43M | 60.33M | 28.31M | 46.07M | -90.32M | -13.67M | 39.62M | 14.54M | 78.06M | 49.01M | 165.54M | 96.7M | 120.79M | 144.3M | 106.7M | 77.2M | 73.9M |
| Net Interest Income | 11.36M | 14.33M | 15.03M | 6.13M | 443K | -289K | 1.49M | 561K | 1.17M | -92K | 341K | 507K | 213K | -126K | -775K | -1.4M | -2.25M | -3.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11.88M | 14.88M | 15.48M | 6.67M | 1.34M | 1.1M | 2.79M | 2.1M | 1.71M | 981K | 827K | 1.03M | 761K | 621K | 611K | 944K | 724K | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 524K | 545K | 455K | 536K | 895K | 1.39M | 1.29M | 1.54M | 538K | 1.07M | 486K | 523K | 548K | 746K | 1.38M | 2.35M | 2.97M | 5.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.6M | 11.3M | 14.96M | -5.65M | -1.26M | 9.18M | -3.59M | -34.35M | -479K | -2.6M | -288K | 2.46M | 2.26M | 3.08M | 9.32M | 57K | 2.78M | -2.95M | 2.25M | -2.1M | -9.37M | -10.27M | -6.89M | -7.89M | -7.76M | -8.75M | -3.99M | 500K | 2.1M | -100K |
| Pretax Income | 138.81M | 147.13M | 165.75M | 205.79M | 205.49M | 145.91M | 115.17M | 95.33M | 128.89M | 130.74M | 125.04M | 105.63M | 91.56M | 70.71M | 66.86M | 25.97M | 44.72M | -97.02M | -14.49M | 29.86M | 9.43M | 53.38M | 22.29M | 155M | 88.94M | 112.04M | 140.31M | 107.2M | 79.3M | 73.8M |
| Pretax Margin % | 6.53% | 6.98% | 8.1% | 8.76% | 8.72% | 8.41% | 6.76% | 5.46% | 8.14% | 8.6% | 8.2% | 7.41% | 6.75% | 5.31% | 5.43% | 2.19% | 3.79% | -7.91% | -1% | 1.85% | 0.49% | 2.61% | 1.11% | 7.34% | 4.13% | 4.97% | 8.17% | 8.33% | 7.16% | 7.34% |
| Income Tax | 35.89M | 46.18M | 41.12M | 53.85M | 53.16M | 38.38M | 36.19M | 25.19M | 47.3M | 43.76M | 44.08M | 36.95M | 31.38M | 23.53M | -22.05M | 8.59M | 12.67M | 24.33M | -6.95M | 10.09M | 12.47M | 20.28M | 19.76M | 58.9M | 27.18M | 43.71M | 52.7M | 41.1M | 29.4M | 28.5M |
| Effective Tax Rate % | 25.86% | 31.39% | 24.81% | 26.17% | 25.87% | 26.31% | 31.42% | 26.42% | 36.69% | 33.47% | 35.25% | 34.99% | 34.28% | 33.27% | -32.98% | 33.09% | 28.33% | -25.08% | 47.99% | 33.79% | 132.24% | 38% | 88.66% | 38% | 30.57% | 39.01% | 37.56% | 38.34% | 37.07% | 38.62% |
| Net Income | 101.98M | 99.56M | 122.63M | 150.66M | 150.02M | 106.46M | 77.47M | 68.57M | 80.87M | 85.92M | 79.25M | 70.77M | 55.06M | 46.39M | 87.97M | 24.05M | 32.54M | -121.35M | -13.54M | 4.14M | -3.04M | 37.19M | -5.8M | 36.32M | 61.75M | 68.34M | 87.61M | 66.1M | 49.9M | 45.3M |
| Net Margin % | 4.8% | 4.72% | 5.99% | 6.41% | 6.37% | 6.14% | 4.55% | 3.93% | 5.11% | 5.65% | 5.2% | 4.97% | 4.06% | 3.48% | 7.14% | 2.03% | 2.76% | -9.89% | -0.93% | 0.26% | -0.16% | 1.82% | -0.29% | 1.72% | 2.87% | 3.03% | 5.1% | 5.13% | 4.5% | 4.5% |
| Net Income Growth % | 2.44% | -18.81% | -18.61% | 0.43% | 40.91% | 37.42% | 12.97% | -15.2% | -5.88% | 8.42% | 11.98% | 28.55% | 18.68% | -47.26% | 265.81% | -26.1% | 126.81% | -796.41% | -427.06% | 236.11% | -108.18% | 741.56% | -115.96% | -41.19% | -9.64% | -22% | 32.55% | 32.46% | 10.15% | 15.27% |
| Net Income (Continuing) | 102.91M | 100.95M | 124.64M | 151.94M | 152.33M | 107.53M | 78.98M | 70.14M | 81.59M | 86.98M | 80.96M | 68.67M | 60.18M | 47.18M | 84M | 17.37M | 32.05M | -121.35M | -7.54M | 19.77M | -5.59M | 42.43M | 1.88M | 96.41M | 61.75M | 68.34M | 87.61M | 66.1M | 49.9M | 45.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.68M | 11.35M | 10.3M | 10.26M | 8.9M | 8.65M | 15.55M | 14.47M | 13.04M | 11.19M | 10.07M | 8.95M | 7.83M | 7.14M | 5.91M | 2.82M | 4.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.47 | 2.35 | 2.83 | 3.48 | 3.39 | 2.30 | 1.66 | 1.45 | 1.68 | 1.73 | 1.55 | 1.34 | 1.02 | 0.85 | 1.64 | 0.45 | 0.62 | -2.36 | -0.26 | 0.08 | -0.06 | 0.71 | -0.11 | 0.63 | 1.01 | 1.13 | 1.60 | 1.24 | 0.93 | 0.83 |
| EPS Growth % | 5.11% | -16.96% | -18.68% | 2.65% | 47.39% | 38.55% | 14.48% | -13.69% | -2.89% | 11.61% | 15.67% | 31.37% | 20% | -48.17% | 264.44% | -27.42% | 126.27% | -807.69% | -425% | 236.29% | -108.27% | 745.45% | -117.46% | -37.62% | -10.62% | -29.38% | 29.03% | 33.33% | 12.05% | 16.9% |
| EPS (Basic) | 2.49 | 2.39 | 2.86 | 3.49 | 3.41 | 2.31 | 1.67 | 1.46 | 1.70 | 1.75 | 1.57 | 1.36 | 1.04 | 0.87 | 1.66 | 0.46 | 0.63 | -2.36 | -0.26 | 0.08 | -0.06 | 0.71 | -0.11 | 0.66 | 1.03 | 1.13 | 1.61 | 1.25 | 0.93 | 0.83 |
| Diluted Shares Outstanding | 41.34M | 42.34M | 43.28M | 43.24M | 44.29M | 46.37M | 46.74M | 47.33M | 48.13M | 49.47M | 50.77M | 52.35M | 53.83M | 53.69M | 52.48M | 52.28M | 51.73M | 51.46M | 51.41M | 51.61M | 51.8M | 52.14M | 53.68M | 57.44M | 61.13M | 60.69M | 54.86M | 53.15M | 53.85M | 55M |
| Basic Shares Outstanding | 40.98M | 41.6M | 42.88M | 43.15M | 44.02M | 45.98M | 46.4M | 46.83M | 47.62M | 48.47M | 50.19M | 50.75M | 51.98M | 52.35M | 51.94M | 51.85M | 51.53M | 51.46M | 51.41M | 51.48M | 51.8M | 52.08M | 53.51M | 57.12M | 60.74M | 60.55M | 54.49M | 52.89M | 53.66M | 54.32M |
| Dividend Payout Ratio | 37.21% | 35.11% | 26.64% | 19.82% | 18.48% | 15.54% | 32.39% | 34.28% | 27.22% | 24.04% | 22.89% | 20.51% | 19.1% | 9.13% | - | - | - | - | - | 601.26% | - | 61.5% | - | 63.17% | 35.44% | 31.01% | 19.91% | 24.81% | 30.06% | 31.13% |
Cyclical housing market sensitivity
As reported in recent financial filings, La-Z-Boy's revenue growth remains largely range-bound, fluctuating between a 0.1% decline and a 4.3% increase over the last ten quarters, reflecting the persistent challenges of a high-interest-rate environment that continues to suppress discretionary spending on large-ticket home furnishings.
The lack of meaningful top-line momentum suggests that the company is struggling to overcome the broader industry downturn in residential turnover. While the company maintains a stable revenue base, the absence of consistent growth indicates that its vertical integration strategy has yet to catalyze a breakout in market share.
Based on the company's reported figures, gross margins have demonstrated notable resilience, reaching 46.1% in 2026Q4, which suggests that La-Z-Boy's premium positioning and manufacturing efficiencies are effectively insulating the firm from the commodity price fluctuations that typically plague the broader furniture manufacturing sector.
The ability to sustain gross margins above 44% in most recent periods implies a degree of pricing power that is uncommon for traditional furniture manufacturers. This margin profile warrants further investigation into whether the shift toward company-owned retail is successfully capturing a larger portion of the value chain.
According to the income statement data, operating margins have struggled to scale, peaking at 9.1% in 2024Q4 before compressing to 7.2% in 2026Q4, which indicates that the company's high fixed-cost retail footprint creates significant operating leverage risk during periods of stagnant top-line performance.
The persistent level of SG&A expenses relative to gross profit suggests that the company is carrying a heavy overhead burden to support its retail network. Investors should monitor whether management can optimize these costs to prevent further margin erosion if revenue growth remains elusive.
As indicated by the quarterly income statements, net income has experienced significant swings, such as the 125% EPS growth in 2026Q4, which appears partially influenced by non-operating items and the recent introduction of stock-based compensation expenses totaling $3.9 million in the most recent quarter.
The sudden appearance of stock-based compensation after several quarters of zero reported expense warrants scrutiny regarding potential changes in management incentive structures. This volatility suggests that reported net income may not always reflect the underlying cash-generating capability of the core furniture business.
While management emphasizes the Century Vision strategy, the income statement data suggests that the company's reliance on a high-fixed-cost retail model may be a liability, as evidenced by the 2026Q3 operating margin dip to 5.5% despite relatively stable revenue levels during that same period.
Short-term observers might argue that the retail pivot exposes the company to higher operational risk than a pure-play wholesale model. If the housing market remains depressed, the fixed costs associated with these company-owned galleries could lead to more pronounced earnings volatility than the market currently anticipates.
Quick answers to the most common questions about buying LZB stock.
For fiscal year 2026, La-Z-Boy Incorporated (LZB) reported total revenue of $2.13B. This represents a 111.4% increase compared to $1.01B in 1997.
La-Z-Boy Incorporated (LZB) is profitable, generating $102.0M in net income for the fiscal year ending 2026 with a net profit margin of 4.8%.
La-Z-Boy Incorporated (LZB) reported an operating income of $129.2M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
La-Z-Boy Incorporated (LZB) generated $936.6M in gross profit for the year, representing a gross profit margin of 44.0%. This demonstrates the company's core pricing power and production efficiency.