Revenue has been essentially flat year-over-year, but profitability is characterized by extreme volatility, with gross margins swinging from 52.5% to 73.8% and operating margins ranging from -27.7% to 15.6% in recent quarters, suggesting unstable cost control and promotional dynamics.
Oxford Industries, Inc. (OXM) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jun'07 | Jun'06 | Jun'05 | May'04 | May'03 | May'02 | Jun'01 | Jun'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 1.47B | 1.48B | 1.52B | 1.57B | 1.41B | 1.14B | 748.83M | 1.12B | 1.11B | 1.09B | 1.02B | 969.29M | 997.81M | 917.1M | 855.54M | 758.91M | 603.95M | 800.66M | 947.52M | 695.8M | 1.13B | 1.11B | 1.31B | 1.12B | 764.6M | 677.26M | 812.5M | 839.53M | 862.4M | 774.5M | 703.2M |
| Revenue Growth % | -1.8% | -2.56% | -3.49% | 11.33% | 23.59% | 52.51% | -33.31% | 1.38% | 1.96% | 6.22% | 5.5% | -2.86% | 8.8% | 7.19% | 12.73% | 25.66% | -24.57% | -15.5% | 36.18% | -38.37% | 1.78% | -15.57% | 17.65% | 46.03% | 12.9% | -16.64% | -3.22% | -2.65% | 11.35% | 10.14% | 5.84% |
| Cost of Goods Sold | 567.02M | 646M | 562.03M | 575.89M | 522.67M | 435.86M | 333.63M | 477.82M | 470.34M | 473.58M | 439.81M | 411.19M | 443.13M | 403.52M | 385.99M | 345.94M | 276.54M | 466.98M | 551.04M | 420.04M | 681.15M | 677.43M | 875.36M | 776.11M | 604.89M | 544.02M | 663.48M | 676.45M | 689.3M | 611.6M | 557.1M |
| COGS % of Revenue | - | 43.71% | 37.06% | 36.65% | 37.03% | 38.16% | 44.55% | 42.56% | 42.47% | 43.6% | 43.01% | 42.42% | 44.41% | 44% | 45.12% | 45.58% | 45.79% | 58.32% | 58.16% | 60.37% | 60.34% | 61.08% | 66.64% | 69.51% | 79.11% | 80.33% | 81.66% | 80.57% | 79.93% | 78.97% | 79.22% |
| Gross Profit | 900.58M | 831.84M | 954.57M | 995.59M | 888.86M | 706.22M | 415.21M | 644.97M | 637.12M | 612.63M | 582.77M | 558.11M | 554.68M | 513.57M | 469.56M | 412.97M | 327.41M | 333.68M | 396.47M | 275.76M | 447.76M | 431.69M | 438.25M | 340.44M | 159.71M | 133.25M | 149.01M | 163.09M | 173.1M | 162.9M | 146.1M |
| Gross Margin % | 61.36% | 56.29% | 62.94% | 63.35% | 62.97% | 61.84% | 55.45% | 57.44% | 57.53% | 56.4% | 56.99% | 57.58% | 55.59% | 56% | 54.88% | 54.42% | 54.21% | 41.68% | 41.84% | 39.63% | 39.66% | 38.92% | 33.36% | 30.49% | 20.89% | 19.67% | 18.34% | 19.43% | 20.07% | 21.03% | 20.78% |
| Gross Profit Growth % | - | -12.86% | -4.12% | 12.01% | 25.86% | 70.09% | -35.62% | 1.23% | 4% | 5.12% | 4.42% | 0.62% | 8% | 9.37% | 13.7% | 26.13% | -1.88% | -15.84% | 43.77% | -38.41% | 3.72% | -1.5% | 28.73% | 113.16% | 19.86% | -10.58% | -8.63% | -5.79% | 6.26% | 11.5% | 17.16% |
| Operating Expenses | 917.83M | 817.92M | 835.53M | 914.6M | 670.08M | 540.72M | 478.6M | 551.29M | 546.53M | 526.63M | 492.89M | 460.59M | 470.8M | 428.63M | 394.3M | 360.98M | 302.18M | 305.59M | 360.97M | 234.77M | 347.27M | 333.57M | 333.53M | 253.43M | 124.36M | 115.73M | 119.39M | 121.45M | 125.2M | 119.1M | 109.8M |
| OpEx % of Revenue | - | 55.35% | 55.09% | 58.2% | 47.47% | 47.34% | 63.91% | 49.1% | 49.35% | 48.48% | 48.2% | 47.52% | 47.18% | 46.74% | 46.09% | 47.57% | 50.03% | 38.17% | 38.1% | 33.74% | 30.76% | 30.08% | 25.39% | 22.7% | 16.26% | 17.09% | 14.69% | 14.47% | 14.52% | 15.38% | 15.61% |
| Selling, General & Admin | 630.54M | 817.92M | 854.85M | 820.71M | 692M | 573.64M | 492.63M | 566.15M | 560.51M | 540.52M | 507.07M | 475.03M | 488.92M | 447.64M | 410.74M | 358.58M | 301M | 304.33M | 358.07M | 244.03M | 356.97M | 339.07M | 336.61M | 251.84M | 124.36M | 115.73M | 119.39M | 112.06M | 116.3M | 111M | 100.7M |
| SG&A % of Revenue | - | 55.35% | 56.37% | 52.23% | 49.03% | 50.23% | 65.79% | 50.42% | 50.61% | 49.76% | 49.59% | 49.01% | 49% | 48.81% | 48.01% | 47.25% | 49.84% | 38.01% | 37.79% | 35.07% | 31.62% | 30.57% | 25.62% | 22.55% | 16.26% | 17.09% | 14.69% | 13.35% | 13.49% | 14.33% | 14.32% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | -19.31M | 93.9M | -21.92M | -32.92M | -14.02M | -14.86M | -13.98M | -13.88M | -14.18M | -14.44M | -18.12M | -19.02M | -16.44M | 2.4M | 1.17M | 1.26M | 2.9M | -9.27M | 0 | -5.5M | -3.08M | 1.59M | 0 | 0 | 0 | 9.39M | 8.9M | 8.1M | 9.1M |
| Operating Income | -17.24M | 13.92M | 119.04M | 80.98M | 218.77M | 165.5M | -63.4M | 93.67M | 90.59M | 86M | 89.88M | 97.51M | 83.6M | 84.67M | 68.97M | 68.81M | 40.66M | 41.15M | -262.02M | 40.99M | 100.49M | 98.12M | 104.73M | 87.01M | 35.35M | 17.52M | 29.62M | 41.64M | 47.9M | 43.8M | 36.3M |
| Operating Margin % | -1.18% | 0.94% | 7.85% | 5.15% | 15.5% | 14.49% | -8.47% | 8.34% | 8.18% | 7.92% | 8.79% | 10.06% | 8.38% | 9.23% | 8.06% | 9.07% | 6.73% | 5.14% | -27.65% | 5.89% | 8.9% | 8.85% | 7.97% | 7.79% | 4.62% | 2.59% | 3.65% | 4.96% | 5.55% | 5.66% | 5.16% |
| Operating Income Growth % | - | -88.31% | 46.99% | -62.98% | 32.19% | 361.06% | -167.68% | 3.4% | 5.34% | -4.32% | -7.82% | 16.64% | -1.26% | 22.76% | 0.24% | 69.22% | -1.2% | 115.71% | -739.17% | -59.2% | 2.42% | -6.31% | 20.36% | 146.15% | 101.78% | -40.86% | -28.86% | -13.08% | 9.36% | 20.66% | 274.23% |
| EBITDA | 48.4M | 79.82M | 186.91M | 145.05M | 266.38M | 205.44M | -23.31M | 133.96M | 133.08M | 128.4M | 132.1M | 133.94M | 121.25M | 118.57M | 95.31M | 95.96M | 59.48M | 61.89M | -237.17M | 58.73M | 126.08M | 123.31M | 131.64M | 108.08M | 41.34M | 26.41M | 38.87M | 51.03M | 56.8M | 51.9M | 45.4M |
| EBITDA Margin % | 3.3% | 5.4% | 12.32% | 9.23% | 18.87% | 17.99% | -3.11% | 11.93% | 12.02% | 11.82% | 12.92% | 13.82% | 12.15% | 12.93% | 11.14% | 12.64% | 9.85% | 7.73% | -25.03% | 8.44% | 11.17% | 11.12% | 10.02% | 9.68% | 5.41% | 3.9% | 4.78% | 6.08% | 6.59% | 6.7% | 6.46% |
| EBITDA Growth % | -66.39% | -57.3% | 28.86% | -45.55% | 29.66% | 981.32% | -117.4% | 0.66% | 3.64% | -2.8% | -1.37% | 10.47% | 2.26% | 24.41% | -0.68% | 61.35% | -3.9% | 126.1% | -503.84% | -53.42% | 2.24% | -6.33% | 21.8% | 161.46% | 56.53% | -32.06% | -23.83% | -10.16% | 9.44% | 14.32% | 144.09% |
| D&A (Non-Cash Add-back) | 65.65M | 65.9M | 67.87M | 64.07M | 47.6M | 39.94M | 40.09M | 40.29M | 42.49M | 42.4M | 42.22M | 36.43M | 37.65M | 33.9M | 26.34M | 27.15M | 18.81M | 20.74M | 24.86M | 17.73M | 25.59M | 25.2M | 26.92M | 21.07M | 5.99M | 8.89M | 9.25M | 9.39M | 8.9M | 8.1M | 9.1M |
| EBIT | -17.24M | 13.92M | 119.04M | 80.98M | 218.77M | 165.5M | -123.85M | 93.67M | 90.59M | 86M | 89.88M | 97.51M | 92.82M | 96.31M | 59.83M | 59.79M | 40.66M | 41.15M | -263.52M | 40.99M | 100.49M | 98.12M | 104.73M | 87.01M | 35.35M | 17.52M | 29.62M | 41.64M | 47.9M | 43.8M | 36.3M |
| Net Interest Income | -7.37M | -6.87M | -2.47M | -6.04M | -3.05M | -944K | -2.03M | -1.25M | -2.28M | -3.11M | -3.42M | -2.46M | -3.24M | -3.94M | -8.94M | -16.27M | -19.89M | -20.47M | -23.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 247K | 229K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.37M | 6.87M | 2.47M | 6.04M | 3.05M | 944K | 2.03M | 1.25M | 2.28M | 3.11M | 3.42M | 2.46M | 3.48M | 4.17M | 8.94M | 16.27M | 19.89M | 21.36M | 23.7M | 2.85M | 0 | 0 | 17.09M | 18.8M | 1.94M | 243K | 4.87M | 3.83M | 4.6M | 3.5M | 4.1M |
| Other Income/Expense | 8.15M | -52.07M | -2.47M | -6.04M | -3.05M | -944K | -63.07M | -1.25M | -2.28M | -3.11M | -3.42M | -2.46M | 5.98M | -3.94M | -24.37M | -14.31M | -6.88M | -21.36M | -297.72M | -15.3M | -21.85M | -23.97M | -16.69M | -10.26M | -1.94M | -243K | -4.87M | -3.83M | -4.6M | -3.5M | -4.1M |
| Pretax Income | -9.09M | -38.15M | 116.57M | 74.95M | 215.72M | 164.56M | -125.88M | 92.43M | 88.31M | 82.89M | 86.46M | 95.06M | 80.12M | 80.5M | 50.89M | 43.52M | 20.77M | 19.79M | -277.96M | 25.69M | 78.63M | 74.14M | 75.58M | 63.1M | 33.41M | 17.28M | 24.75M | 37.81M | 43.3M | 40.3M | 32.2M |
| Pretax Margin % | -0.62% | -2.58% | 7.69% | 4.77% | 15.28% | 14.41% | -16.81% | 8.23% | 7.97% | 7.63% | 8.46% | 9.81% | 8.03% | 8.78% | 5.95% | 5.73% | 3.44% | 2.47% | -29.34% | 3.69% | 6.97% | 6.69% | 5.75% | 5.65% | 4.37% | 2.55% | 3.05% | 4.5% | 5.02% | 5.2% | 4.58% |
| Income Tax | -2.28M | -10.27M | 23.59M | 14.24M | 49.99M | 33.24M | -30.18M | 23.94M | 22.02M | 18.19M | 31.96M | 36.52M | 34.36M | 35.21M | 19.57M | 14.28M | 4.54M | 5.17M | -12.14M | 6.48M | 26.31M | 22.94M | 25.75M | 23.38M | 13.09M | 6.7M | 9.4M | 14.37M | 16.9M | 15.7M | 12.6M |
| Effective Tax Rate % | 25.11% | 26.9% | 20.24% | 19% | 23.17% | 20.2% | 23.98% | 25.9% | 24.93% | 21.94% | 36.97% | 38.42% | 42.89% | 43.74% | 38.46% | 32.81% | 21.85% | 26.12% | 4.37% | 25.21% | 33.46% | 30.94% | 34.07% | 37.06% | 39.17% | 38.81% | 38% | 38% | 39.03% | 38.96% | 39.13% |
| Net Income | -6.81M | -27.89M | 92.97M | 60.7M | 165.74M | 131.32M | -95.69M | 68.49M | 66.29M | 65.09M | 52.46M | 30.56M | 45.76M | 45.29M | 31.32M | 29.38M | 78.66M | 14.62M | -265.81M | 19.21M | 52.14M | 70.47M | 49.83M | 39.72M | 20.33M | 10.57M | 15.35M | 23.44M | 26.4M | 24.6M | 19.6M |
| Net Margin % | -0.46% | -1.89% | 6.13% | 3.86% | 11.74% | 11.5% | -12.78% | 6.1% | 5.99% | 5.99% | 5.13% | 3.15% | 4.59% | 4.94% | 3.66% | 3.87% | 13.02% | 1.83% | -28.05% | 2.76% | 4.62% | 6.35% | 3.79% | 3.56% | 2.66% | 1.56% | 1.89% | 2.79% | 3.06% | 3.18% | 2.79% |
| Net Income Growth % | -111.98% | -130% | 53.16% | -63.37% | 26.21% | 237.23% | -239.71% | 3.32% | 1.85% | 24.07% | 71.65% | -33.21% | 1.03% | 44.62% | 6.59% | -62.65% | 437.87% | 105.5% | -1483.36% | -63.15% | -26.02% | 41.43% | 25.46% | 95.39% | 92.27% | -31.11% | -34.53% | -11.21% | 7.32% | 25.51% | 790.91% |
| Net Income (Continuing) | -6.81M | -27.89M | 92.97M | 60.7M | 165.74M | 131.32M | -95.69M | 68.49M | 66.29M | 64.7M | 54.5M | 58.54M | 53.8M | 55.43M | 31.32M | 29.24M | 16.23M | 14.62M | -265.81M | 19.21M | 52.32M | 51.2M | 49.83M | 39.72M | 20.33M | 10.57M | 15.35M | 23.44M | 26.4M | 24.6M | 19.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 389K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | -1.86 | 5.87 | 3.82 | 10.19 | 7.78 | -5.77 | 4.05 | 3.94 | 3.89 | 3.15 | 1.85 | 2.78 | 2.75 | 1.89 | 1.78 | 4.75 | 0.90 | -16.65 | 1.11 | 2.92 | 3.96 | 2.87 | 2.38 | 1.34 | 0.70 | 1.02 | 1.51 | 1.56 | 1.38 | 1.12 |
| EPS Growth % | -113.78% | -131.69% | 53.66% | -62.51% | 30.98% | 234.84% | -242.47% | 2.79% | 1.29% | 23.49% | 70.27% | -33.45% | 1.09% | 45.5% | 6.18% | -62.53% | 427.78% | 105.41% | -1600% | -61.99% | -26.26% | 37.98% | 20.59% | 77.61% | 91.43% | -31.37% | -32.45% | -3.21% | 13.04% | 23.21% | 761.54% |
| EPS (Basic) | - | -1.86 | 5.94 | 3.89 | 10.42 | 7.90 | -5.77 | 4.09 | 3.97 | 3.92 | 3.18 | 1.86 | 2.79 | 2.75 | 1.89 | 1.78 | 4.77 | 0.90 | -16.65 | 1.12 | 2.95 | 4.03 | 2.97 | 2.45 | 1.35 | 0.71 | 1.03 | 1.52 | 1.58 | 1.40 | 1.13 |
| Diluted Shares Outstanding | 15.08M | 14.96M | 15.83M | 15.91M | 16.26M | 16.87M | 16.58M | 16.91M | 16.84M | 16.73M | 16.65M | 16.56M | 16.47M | 16.48M | 16.59M | 16.53M | 16.55M | 16.3M | 15.97M | 17.36M | 17.88M | 17.78M | 17.35M | 16.7M | 15.14M | 15.1M | 14.97M | 15.3M | 16.98M | 17.89M | 17.58M |
| Basic Shares Outstanding | 14.94M | 14.96M | 15.66M | 15.59M | 15.9M | 16.63M | 16.58M | 16.76M | 16.68M | 16.6M | 16.52M | 16.46M | 16.43M | 16.45M | 16.56M | 16.51M | 16.5M | 16.3M | 15.97M | 17.23M | 17.67M | 17.49M | 16.79M | 16.06M | 15.03M | 15M | 14.93M | 15.3M | 16.76M | 17.63M | 17.42M |
| Dividend Payout Ratio | - | - | 46.5% | 68.74% | 21.29% | 20.97% | - | 36.81% | 34.78% | 27.94% | 34.54% | 54.45% | 30.32% | 26.31% | 31.69% | 29.16% | 9.25% | 40.27% | - | 33.59% | 27.59% | 13.52% | 16.42% | 17.42% | 31.06% | 59.35% | 41.11% | 27.87% | 26.14% | 28.86% | 35.71% |
Quick answers to the most common questions about buying OXM stock.
For fiscal year 2025, Oxford Industries, Inc. (OXM) reported total revenue of $1.48B. This represents a 110.2% increase compared to $703.2M in 1996.
Oxford Industries, Inc. (OXM) reported a net loss of $27.9M for the fiscal year ending 2025.
Oxford Industries, Inc. (OXM) reported an operating income of $13.9M, resulting in an operating profit margin of 0.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Oxford Industries, Inc. (OXM) generated $831.8M in gross profit for the year, representing a gross profit margin of 56.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Erratic operating margin volatility
Metrics are mathematically derived from official filings.
Top-Line Growth Stagnation Persists
Oxford Industries' revenue has been largely flat to declining for two years, with recent quarters showing minimal movement, suggesting a mature portfolio facing market saturation or execution challenges.
Year-over-year revenue growth has been negative in eight of the last ten quarters, with only two quarters showing any meaningful positive movement. This persistent trend indicates that brand performance or market demand is not generating organic growth, forcing the company to rely on margin management for earnings. The lack of a growth catalyst is a significant concern for a company in the consumer discretionary space.
Gross Margin Volatility Masks Underlying Weakness
OXM's gross margin exhibits extreme quarterly swings, from 52.5% to 73.8% in recent periods, indicating highly unpredictable cost of goods sold or promotional activity that obscures the true profitability of the core business.
The dramatic quarter-to-quarter variation in gross margin, such as the 2130 basis point jump from Q4 2025 to Q2 2026, is highly unusual for an apparel manufacturer and suggests significant issues with inventory management, cost allocation, or seasonal business mix. This level of volatility makes it difficult for investors to model sustainable profitability and raises questions about operational control over product costs and pricing power.
Operating Leverage is Negative and Destructive
Operating income remains deeply negative despite a relatively high gross margin profile, with operating expenses appearing poorly controlled relative to the company's shrinking revenue base.
In Q3 2025, the company posted a 60.3% gross margin yet still generated a -27.7% operating margin, demonstrating a severe lack of operating leverage where high overhead costs overwhelm even healthy gross profits. The SG&A line consistently consumes the vast majority of gross profit, leaving minimal cushion for bottom-line earnings and indicating that the cost structure is not appropriately sized for the current revenue trajectory.
SG&A Burden Overwhelms Gross Profit Generation
Selling, general and administrative expenses have remained stubbornly high, averaging over $215 million per quarter for the past eight quarters despite stagnant revenue, suggesting an inflexible and bloated cost structure.
The SG&A line item has shown little to no downward flexibility, with recent quarters recording figures of $210.9M, $207.1M, and $212.6M, all while revenue has failed to grow. This suggests that management has not been able to right-size corporate overhead, brand investments, or store support costs in line with the top-line reality, directly compressing operating profitability.
Margin Recovery Appears Unsustainable and Operationally Risky
The sudden surge in gross margin to 73.8% in Q2 2026, coupled with zero reported SG&A and R&D, appears to be an accounting anomaly rather than a fundamental business improvement, warranting deep skepticism.
The reported figures for Q2 2026 show a gross margin of 73.8% with $0 listed for both R&D and SG&A, which is highly irregular for an operational company and may indicate a significant one-time adjustment, a change in reporting methodology, or a data error. Investors should be highly cautious about interpreting this quarter as a genuine operational inflection point until a clear, sustainable explanation for the sudden cost structure collapse is provided by management.
Q3 2025 Represents a Severe Operational Deterioration
The third quarter of 2025 marked a dramatic loss of profitability, with operating income swinging to -$85.1 million, signaling a major breakdown in cost control or a significant brand impairment event.
The move from a -2.8% operating margin in Q4 2025 to a -27.7% margin in Q3 2025, on similar revenue levels, indicates a severe and non-cyclical deterioration in operational efficiency. This inflection point suggests potential issues with inventory writedowns, store closures, or restructuring charges that have fundamentally altered the company's profitability profile compared to prior years.