Revenue growth accelerated to 9.1% year-over-year in Q2 2026, while gross margin expanded significantly to 41.9%, indicating strong procurement discipline and favorable freight economics that are driving operating leverage.
Ollie's Bargain Outlet Holdings, Inc. (OLLI) annual income statement — 13-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 |
|---|
| Sales/Revenue | 2.79B | 2.65B | 2.27B | 2.1B | 1.83B | 1.75B | 1.81B | 1.41B | 1.24B | 1.08B | 890.32M | 762.37M | 637.98M | 540.72M |
| Revenue Growth % | 14.43% | 16.62% | 8.04% | 15.09% | 4.22% | -3.09% | 28.45% | 13.44% | 15.26% | 20.97% | 16.78% | 19.5% | 17.99% | - |
| Cost of Goods Sold | 1.68B | 1.62B | 1.36B | 1.27B | 1.17B | 1.07B | 1.09B | 852.61M | 743.73M | 645.38M | 529.9M | 459.51M | 384.46M | 323.91M |
| COGS % of Revenue | - | 61.05% | 59.75% | 60.41% | 64.09% | 61.14% | 60.01% | 60.55% | 59.91% | 59.92% | 59.52% | 60.27% | 60.26% | 59.9% |
| Gross Profit | 1.11B | 1.03B | 914.45M | 832.37M | 656.09M | 681.25M | 723.37M | 555.59M | 497.65M | 431.65M | 360.41M | 302.86M | 253.51M | 216.81M |
| Gross Margin % | 39.76% | 38.95% | 40.25% | 39.59% | 35.91% | 38.86% | 39.99% | 39.45% | 40.09% | 40.08% | 40.48% | 39.73% | 39.74% | 40.1% |
| Gross Profit Growth % | - | 12.85% | 9.86% | 26.87% | -3.69% | -5.82% | 30.2% | 11.64% | 15.29% | 19.77% | 19% | 19.47% | 16.93% | - |
| Operating Expenses | 765.87M | 709M | 664.95M | 604.57M | 525.18M | 476.65M | 445.87M | 383.73M | 335.6M | 295.89M | 258.22M | 223.29M | 190.73M | 166.65M |
| OpEx % of Revenue | - | 26.76% | 29.27% | 28.75% | 28.75% | 27.19% | 24.65% | 27.25% | 27.03% | 27.47% | 29% | 29.29% | 29.9% | 30.82% |
| Selling, General & Admin | 754.59M | 709M | 612.41M | 562.67M | 490.57M | 447.62M | 418.89M | 356.06M | 312.79M | 278.17M | 242.89M | 209.78M | 178.83M | 153.81M |
| SG&A % of Revenue | - | 26.76% | 26.96% | 26.76% | 26.85% | 25.53% | 23.16% | 25.28% | 25.2% | 25.83% | 27.28% | 27.52% | 28.03% | 28.44% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 52.54M | 41.89M | 34.61M | 29.04M | 26.98M | 27.67M | 22.81M | 17.72M | 15.33M | 13.51M | 11.9M | 12.84M |
| Operating Income | 363.83M | 322.95M | 249.5M | 227.8M | 130.92M | 204.59M | 277.5M | 171.85M | 162.05M | 135.76M | 102.19M | 79.57M | 62.78M | 50.16M |
| Operating Margin % | 13.03% | 12.19% | 10.98% | 10.83% | 7.17% | 11.67% | 15.34% | 12.2% | 13.05% | 12.6% | 11.48% | 10.44% | 9.84% | 9.28% |
| Operating Income Growth % | - | 29.44% | 9.53% | 74% | -36.01% | -26.27% | 61.47% | 6.05% | 19.37% | 32.84% | 28.43% | 26.75% | 25.16% | - |
| EBITDA | 422.64M | 378.18M | 293.46M | 262.74M | 159.61M | 229.49M | 299.96M | 189.4M | 176.4M | 148.02M | 112.86M | 86.74M | 71.57M | 59.65M |
| EBITDA Margin % | 15.13% | 14.28% | 12.92% | 12.5% | 8.74% | 13.09% | 16.58% | 13.45% | 14.21% | 13.74% | 12.68% | 11.38% | 11.22% | 11.03% |
| EBITDA Growth % | 35.32% | 28.87% | 11.69% | 64.61% | -30.45% | -23.5% | 58.38% | 7.37% | 19.17% | 31.15% | 30.11% | 21.21% | 19.98% | - |
| D&A (Non-Cash Add-back) | 58.8M | 55.24M | 43.96M | 34.94M | 28.69M | 24.89M | 22.46M | 17.54M | 14.34M | 12.26M | 10.67M | 7.17M | 8.79M | 9.49M |
| EBIT | 363.83M | 322.95M | 249.5M | 241.87M | 142.62M | 214.27M | 287.77M | 184.95M | 173.2M | 143.66M | 109.08M | 85.91M | 67.69M | 54.99M |
| Net Interest Income | 20.5M | 18.72M | 16.31M | 14.69M | 2.96M | -209K | 278K | 878K | -1.26M | -4.47M | -5.93M | -15.42M | -18.43M | -17.49M |
| Interest Income | 20.5M | 18.72M | 16.31M | 14.69M | 2.96M | 0 | 278K | 878K | 0 | 0 | 0 | 0 | 671K | 1.85M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 209K | 0 | 0 | 1.26M | 4.47M | 5.93M | 15.42M | 19.1M | 19.34M |
| Other Income/Expense | -793K | -6.56M | 16.31M | 14.69M | 2.96M | -209K | 278K | 878K | -1.41M | -5.27M | -5.93M | -22.13M | -19.1M | -19.34M |
| Pretax Income | 363.04M | 316.38M | 265.81M | 242.49M | 133.88M | 204.38M | 277.78M | 172.73M | 160.64M | 130.49M | 96.26M | 57.45M | 43.68M | 30.82M |
| Pretax Margin % | 13% | 11.94% | 11.7% | 11.53% | 7.33% | 11.66% | 15.36% | 12.27% | 12.94% | 12.12% | 10.81% | 7.54% | 6.85% | 5.7% |
| Income Tax | 89.46M | 75.79M | 66.05M | 61.05M | 31.09M | 46.93M | 35.08M | 31.6M | 25.63M | 2.89M | 36.49M | 21.61M | 16.76M | 11.28M |
| Effective Tax Rate % | 24.64% | 23.95% | 24.85% | 25.18% | 23.22% | 22.96% | 12.63% | 18.3% | 15.95% | 2.22% | 37.91% | 37.61% | 38.38% | 36.59% |
| Net Income | 273.58M | 240.6M | 199.76M | 181.44M | 102.79M | 157.46M | 242.7M | 141.13M | 135.01M | 127.59M | 59.76M | 35.84M | 26.91M | 19.54M |
| Net Margin % | 9.79% | 9.08% | 8.79% | 8.63% | 5.63% | 8.98% | 13.42% | 10.02% | 10.88% | 11.85% | 6.71% | 4.7% | 4.22% | 3.61% |
| Net Income Growth % | 28.26% | 20.44% | 10.1% | 76.51% | -34.72% | -35.12% | 71.97% | 4.53% | 5.81% | 113.5% | 66.76% | 33.16% | 37.74% | - |
| Net Income (Continuing) | 273.58M | 240.6M | 199.76M | 181.44M | 102.79M | 157.46M | 242.7M | 141.13M | 135.01M | 127.59M | 59.76M | 35.84M | 26.91M | 19.54M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 4.54 | 3.89 | 3.23 | 2.92 | 1.64 | 2.43 | 3.68 | 2.14 | 2.05 | 1.96 | 0.96 | 0.64 | 0.49 | 0.36 |
| EPS Growth % | 29.86% | 20.43% | 10.62% | 78.05% | -32.51% | -33.97% | 71.96% | 4.39% | 4.59% | 104.17% | 50% | 30.61% | 36.11% | - |
| EPS (Basic) | - | 3.92 | 3.26 | 2.94 | 1.64 | 2.44 | 3.75 | 2.23 | 2.05 | 2.08 | 0.99 | 0.67 | 0.51 | 0.37 |
| Diluted Shares Outstanding | 60.24M | 61.77M | 61.77M | 62.07M | 62.7M | 64.88M | 65.87M | 65.87M | 65.91M | 64.95M | 62.41M | 55.8M | 54.57M | 54.57M |
| Basic Shares Outstanding | 60.1M | 61.32M | 61.34M | 61.74M | 62.49M | 64.45M | 64.75M | 63.21M | 65.86M | 61.35M | 60.16M | 53.84M | 53.22M | 53.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 136.3% | 215.31% | - |
Quick answers to the most common questions about buying OLLI stock.
For fiscal year 2025, Ollie's Bargain Outlet Holdings, Inc. (OLLI) reported total revenue of $2.65B. This represents a 389.9% increase compared to $540.7M in 2013.
Ollie's Bargain Outlet Holdings, Inc. (OLLI) is profitable, generating $240.6M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
Ollie's Bargain Outlet Holdings, Inc. (OLLI) reported an operating income of $322.9M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ollie's Bargain Outlet Holdings, Inc. (OLLI) generated $1.03B in gross profit for the year, representing a gross profit margin of 39.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Closeout supply chain dependency
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Strong Comp
Ollie's revenue growth has accelerated markedly, with Q2 2026 sales up 9.1% year-over-year to $741.3 million, following a 14.2% increase in Q1, suggesting the company is successfully capturing trade-down demand and benefiting from a robust closeout supply environment.
The acceleration from a 2.8% growth rate in Q4 2024 to the high-teens and now high-single-digit growth indicates a durable demand shift rather than a one-time event. This trajectory appears supported by the company's expansion into new geographies like Texas and the continued strength of its 'Ollie's Army' loyalty program, which drives repeat visits. However, the sequential deceleration from Q1 to Q2 2026 may warrant monitoring to assess if growth is normalizing to a sustainable, albeit still strong, pace.
Gross Margin Expansion Drives Profitability
Gross margin expanded to 41.9% in Q2 2026, a significant improvement from 37.9% a year prior, indicating exceptional procurement discipline and favorable freight economics that have more than offset any inflationary pressures.
The 400-basis-point year-over-year improvement in gross margin is the primary driver of Ollie's earnings power, suggesting management is successfully navigating the closeout market to secure high-quality inventory at advantageous costs. This margin level is notably superior to peers like Five Below (32.0%) and Grocery Outlet (30.3%), reinforcing Ollie's unique positioning as a 'supply chain scavenger.' The sustainability of this margin depends on the continued availability of distressed inventory and stable freight rates, both of which are subject to macroeconomic shifts.
Operating Leverage Amplifies Earnings Growth
Operating income grew 47.7% year-over-year in Q2 2026 to $113.7 million, demonstrating significant operating leverage as SG&A expenses grew at a slower 12.5% rate, allowing incremental revenue to flow through to the bottom line.
The company's lean cost structure, with minimal R&D and a focus on low-cost store formats, is generating powerful operating leverage. SG&A as a percentage of revenue has improved from 25.2% in Q2 2024 to 26.6% in Q2 2026, but the absolute growth in operating income far outpaces the growth in overhead. This suggests that the distribution center network and corporate infrastructure are scaling efficiently to support the expanding store base, a critical factor for maintaining profitability during geographic expansion.
High-Quality Earnings with Minimal Non-Operating Noise
Net income of $85.5 million in Q2 2026 represents a 74.5% increase year-over-year, with EPS of $1.42 beating estimates by 95%, indicating high-quality earnings driven by core operations rather than financial engineering or one-time items.
The absence of material stock-based compensation (SBC) in recent quarters and a consistent effective tax rate suggest the reported earnings are a clean reflection of operational performance. The significant EPS beat versus consensus ($1.42 vs. $0.73) highlights strong execution and cost control, but the subsequent lowering of full-year guidance implies management is being prudent about potential headwinds. Investors should focus on the core operating metrics, as the earnings quality appears robust and not inflated by non-recurring gains.
Disciplined Cost Control Amid Expansion
SG&A expenses grew 12.5% year-over-year to $197.2 million in Q2 2026, a controlled increase that reflects investment in new stores while maintaining operational efficiency, as evidenced by the stable operating margin expansion.
The primary cost driver remains COGS, which is inherently variable and tied to inventory procurement. Management's discipline is evident in the SG&A line, where growth is being carefully managed to support expansion without eroding margins. The lack of R&D spending is consistent with the retail model, but the company's investment in distribution capacity is a key cost to monitor. The ability to keep SG&A growth below revenue growth is a hallmark of a well-run retailer and is essential for funding the new store pipeline.
Margin Sustainability Faces Supply Chain Headwinds
The exceptional 41.9% gross margin may be difficult to sustain as global supply chains normalize post-pandemic, potentially reducing the volume of distressed inventory available and increasing competition for fewer closeout deals.
A key risk is that the very conditions fueling Ollie's success—manufacturer overstock and retail cancellations—may diminish as inventory management improves across the industry. Furthermore, the company's expansion into Western states introduces new logistics complexities and potentially higher freight costs that could pressure margins. While the current profitability is strong, investors should scrutinize future gross margin trends for signs of normalization, as the business model is fundamentally dependent on the inefficiency of others.