Revenue growth accelerated to 20.6% in 2026Q1, while gross margins reached a ten-quarter peak of 29.6%, suggesting effective procurement cost management.
| 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 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 23.78B | 22.75B | 21.13B | 20.38B | 18.7B | 18.92B | 12.53B | 16.04B | 14.98B | 14.13B | 12.87B | 11.94B | 11.04B | 10.23B | 9.72B | 8.61B | 7.87B | 7.18B | 6.49B | 5.98B | 5.57B | 4.94B | 4.24B | 3.92B | 3.53B | 2.99B | 2.71B | 2.47B | 2.18B | 1.99B | 1.69B |
| Revenue Growth % | 11.86% | 7.67% | 3.69% | 8.99% | -1.17% | 50.95% | -21.87% | 7.04% | 6.01% | 9.85% | 7.76% | 8.14% | 7.93% | 5.24% | 12.93% | 9.44% | 9.49% | 10.76% | 8.55% | 7.27% | 12.66% | 16.61% | 8.15% | 11.02% | 18.24% | 10.25% | 9.74% | 13.12% | 9.74% | 17.69% | 18.47% |
| Cost of Goods Sold | 17.04B | 16.39B | 15.26B | 14.8B | 13.95B | 13.71B | 9.84B | 11.54B | 10.73B | 10.04B | 9.17B | 8.58B | 7.94B | 7.36B | 7.01B | 6.24B | 5.73B | 5.33B | 4.96B | 4.62B | 4.32B | 3.83B | 3.28B | 2.92B | 2.63B | 2.07B | 1.86B | 1.69B | 1.5B | 1.38B | 1.19B |
| COGS % of Revenue | - | 72.05% | 72.22% | 72.64% | 74.6% | 72.47% | 78.51% | 71.93% | 71.59% | 71.05% | 71.3% | 71.83% | 71.89% | 71.95% | 72.13% | 72.5% | 72.84% | 74.15% | 76.42% | 77.29% | 77.51% | 77.51% | 77.36% | 74.43% | 74.43% | 69.33% | 68.75% | 68.56% | 68.92% | 69.37% | 70.27% |
| Gross Profit | 6.73B | 6.36B | 5.87B | 5.58B | 4.75B | 5.21B | 2.69B | 4.5B | 4.26B | 4.09B | 3.69B | 3.36B | 3.1B | 2.87B | 2.71B | 2.37B | 2.14B | 1.86B | 1.53B | 1.36B | 1.25B | 1.11B | 960.11M | 1B | 902.94M | 916.14M | 846.44M | 776.17M | 678.2M | 609.1M | 502.3M |
| Gross Margin % | 28.32% | 27.95% | 27.78% | 27.36% | 25.4% | 27.53% | 21.49% | 28.07% | 28.41% | 28.95% | 28.7% | 28.17% | 28.11% | 28.05% | 27.87% | 27.5% | 27.16% | 25.85% | 23.58% | 22.71% | 22.49% | 22.49% | 22.64% | 25.57% | 25.57% | 30.68% | 31.25% | 31.44% | 31.08% | 30.63% | 29.73% |
| Gross Profit Growth % | - | 8.34% | 5.26% | 17.39% | -8.79% | 93.37% | -40.19% | 5.77% | 4.04% | 10.81% | 9.81% | 8.36% | 8.17% | 5.9% | 14.45% | 10.82% | 15.05% | 21.4% | 12.72% | 8.33% | 12.66% | 15.81% | -4.24% | 11.04% | -1.44% | 8.23% | 9.05% | 14.45% | 11.34% | 21.26% | 25.61% |
| Operating Expenses | 3.83B | 3.65B | 3.28B | 3.27B | 2.76B | 2.87B | 2.26B | 2.36B | 2.22B | 2.04B | 1.89B | 1.74B | 1.62B | 1.53B | 1.44B | 1.3B | 1.23B | 1.13B | 1.03B | 935.9M | 863.03M | 786.44M | 664.39M | 628.36M | 572.32M | 658.38M | 593.79M | 521.01M | 458.5M | 413.6M | 367.8M |
| OpEx % of Revenue | - | 16.05% | 15.54% | 16.04% | 14.76% | 15.2% | 18.06% | 14.69% | 14.79% | 14.46% | 14.69% | 14.56% | 14.63% | 14.92% | 14.79% | 15.15% | 15.63% | 15.74% | 15.95% | 15.66% | 15.49% | 15.91% | 15.67% | 16.03% | 16.21% | 22.04% | 21.92% | 21.11% | 21.01% | 20.8% | 21.77% |
| Selling, General & Admin | 3.83B | 3.65B | 3.28B | 3.27B | 2.76B | 2.87B | 2.26B | 2.36B | 2.22B | 2.04B | 1.89B | 1.74B | 1.62B | 1.53B | 1.44B | 1.3B | 1.23B | 1.13B | 1.03B | 935.9M | 863.03M | 786.44M | 664.39M | 628.36M | 572.32M | 608.48M | 538.73M | 472.82M | 415.3M | 374.1M | 332.4M |
| SG&A % of Revenue | - | 16.05% | 15.54% | 16.04% | 14.76% | 15.2% | 18.06% | 14.69% | 14.79% | 14.46% | 14.69% | 14.56% | 14.63% | 14.92% | 14.79% | 15.15% | 15.63% | 15.74% | 15.95% | 15.66% | 15.49% | 15.91% | 15.67% | 16.03% | 16.21% | 20.37% | 19.89% | 19.15% | 19.03% | 18.81% | 19.67% |
| 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 | 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 | 49.9M | 55.06M | 48.19M | 43.2M | 39.5M | 35.4M |
| Operating Income | 2.9B | 2.71B | 2.59B | 2.31B | 1.99B | 2.33B | 429.66M | 2.15B | 2.04B | 2.05B | 1.8B | 1.62B | 1.49B | 1.34B | 1.27B | 1.06B | 906.59M | 726.12M | 495.21M | 421.09M | 389.65M | 325.44M | 295.72M | 374.29M | 330.62M | 257.76M | 252.65M | 255.16M | 219.4M | 195.8M | 134.8M |
| Operating Margin % | 12.22% | 11.9% | 12.24% | 11.32% | 10.65% | 12.33% | 3.43% | 13.38% | 13.62% | 14.49% | 14.01% | 13.6% | 13.48% | 13.13% | 13.08% | 12.35% | 11.53% | 10.11% | 7.63% | 7.05% | 7% | 6.58% | 6.97% | 9.55% | 9.36% | 8.63% | 9.33% | 10.34% | 10.05% | 9.85% | 7.98% |
| Operating Income Growth % | - | 4.71% | 12.04% | 15.94% | -14.68% | 442.95% | -79.98% | 5.17% | -0.38% | 13.63% | 10.97% | 9.14% | 10.82% | 5.61% | 19.59% | 17.3% | 24.85% | 46.63% | 17.6% | 8.07% | 19.73% | 10.05% | -20.99% | 13.21% | 28.27% | 2.02% | -0.98% | 16.3% | 12.05% | 45.25% | 80.21% |
| EBITDA | 3.73B | 3.58B | 3.03B | 2.73B | 2.38B | 2.69B | 793.91M | 2.5B | 2.37B | 2.36B | 2.11B | 1.9B | 1.72B | 1.55B | 1.46B | 1.22B | 1.07B | 885.16M | 637.01M | 543.89M | 497.79M | 436.29M | 390.31M | 456.07M | 396.8M | 320.38M | 307.71M | 303.34M | 262.6M | 235.3M | 170.2M |
| EBITDA Margin % | 15.7% | 15.75% | 14.35% | 13.38% | 12.76% | 14.24% | 6.34% | 15.57% | 15.82% | 16.71% | 16.36% | 15.91% | 15.59% | 15.14% | 14.99% | 14.21% | 13.57% | 12.32% | 9.82% | 9.1% | 8.94% | 8.82% | 9.21% | 11.63% | 11.24% | 10.73% | 11.36% | 12.29% | 12.03% | 11.83% | 10.07% |
| EBITDA Growth % | 22.2% | 18.2% | 11.19% | 14.34% | -11.46% | 239.28% | -68.21% | 5.31% | 0.4% | 12.18% | 10.84% | 10.33% | 11.11% | 6.31% | 19.12% | 14.62% | 20.57% | 38.96% | 17.12% | 9.26% | 14.09% | 11.78% | -14.42% | 14.94% | 23.85% | 4.12% | 1.44% | 15.52% | 11.6% | 38.25% | 59.36% |
| D&A (Non-Cash Add-back) | 760.83M | 876.77M | 446.79M | 419.43M | 394.65M | 360.66M | 364.25M | 350.89M | 330.36M | 313.16M | 302.51M | 274.83M | 232.96M | 206.11M | 185.49M | 159.89M | 160.69M | 159.04M | 141.8M | 122.8M | 108.14M | 110.85M | 94.59M | 81.78M | 66.18M | 62.62M | 55.06M | 48.19M | 43.2M | 39.5M | 35.4M |
| EBIT | 2.92B | 2.71B | 2.82B | 2.55B | 2.07B | 2.33B | 194.36M | 2.17B | 2.07B | 2.06B | 1.81B | 1.63B | 1.49B | 1.34B | 1.27B | 1.06B | 907.69M | 727.92M | 503.71M | 434.89M | 401.15M | 328.34M | 282M | 373.42M | 328.81M | 257.76M | 252.65M | 255.16M | 219.67M | 195.52M | 134.5M |
| Net Interest Income | 99.8M | 167.65M | 171.57M | 164.12M | -2.84M | -74.33M | -83.41M | 18.11M | 10.16M | -7.68M | -16.49M | -12.61M | -2.98M | 247K | -6.91M | -10.3M | -9.6M | -7.59M | 157K | 4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 153.68M | 200.55M | 234.96M | 238.21M | 77.71M | 833K | 4.65M | 27.85M | 26.57M | 11.17M | 3.08M | 678K | 411K | 547K | 600K | 700K | 1.1M | 1.8M | 8.5M | 13.8M | 11.5M | 2.9M | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 53.89M | 32.9M | 63.39M | 74.09M | 80.55M | 75.16M | 88.06M | 9.74M | 16.41M | 18.85M | 19.57M | 13.29M | 3.4M | 300K | 7.51M | 11.02M | 10.67M | 9.39M | 8.34M | 9.77M | 2.87M | 0 | 3.02M | 0 | 279K | 3.17M | 3.47M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 133.84M | 134.8M | 171.57M | 164.12M | -2.84M | -74.33M | -323.37M | 18.11M | 10.16M | -7.68M | -16.49M | -12.61M | -2.98M | 247K | -6.91M | -10.32M | -9.57M | -7.59M | 157K | 4.03M | 8.63M | 2.9M | -16.73M | 262K | -279K | -3.17M | -3.47M | -8.68M | -259K | 265K | 300K |
| Pretax Income | 3.04B | 2.84B | 2.76B | 2.47B | 1.99B | 2.26B | 106.3M | 2.16B | 2.05B | 2.04B | 1.79B | 1.61B | 1.49B | 1.34B | 1.26B | 1.05B | 897.02M | 718.53M | 495.36M | 425.12M | 398.28M | 328.34M | 278.99M | 374.55M | 330.34M | 254.59M | 249.19M | 246.48M | 219.4M | 195.8M | 134.8M |
| Pretax Margin % | 12.78% | 12.49% | 13.05% | 12.13% | 10.63% | 11.94% | 0.85% | 13.49% | 13.69% | 14.44% | 13.88% | 13.5% | 13.45% | 13.13% | 13.01% | 12.23% | 11.4% | 10% | 7.64% | 7.11% | 7.15% | 6.64% | 6.58% | 9.55% | 9.35% | 8.52% | 9.2% | 9.98% | 10.05% | 9.85% | 7.98% |
| Income Tax | 722.99M | 697.11M | 666.42M | 597.26M | 475.45M | 535.95M | 20.91M | 503.36M | 463.42M | 677.97M | 668.5M | 591.1M | 560.64M | 506.01M | 478.08M | 395.97M | 342.22M | 275.77M | 189.92M | 164.07M | 156.64M | 128.71M | 109.08M | 146.45M | 129.16M | 99.54M | 97.43M | 96.37M | 85.6M | 78.3M | 53.9M |
| Effective Tax Rate % | 23.79% | 24.53% | 24.17% | 24.16% | 23.92% | 23.73% | 19.68% | 23.26% | 22.6% | 33.22% | 37.43% | 36.67% | 37.74% | 37.67% | 37.8% | 37.6% | 38.15% | 38.38% | 38.34% | 38.59% | 39.33% | 39.2% | 39.1% | 39.1% | 39.1% | 39.1% | 39.1% | 39.1% | 39.02% | 39.99% | 39.99% |
| Net Income | 2.32B | 2.15B | 2.09B | 1.87B | 1.51B | 1.72B | 85.38M | 1.66B | 1.59B | 1.36B | 1.12B | 1.02B | 924.72M | 837.3M | 786.76M | 657.17M | 554.8M | 442.76M | 305.44M | 261.05M | 241.63M | 199.63M | 169.9M | 228.1M | 201.18M | 155.04M | 151.75M | 150.11M | 133.8M | 117.5M | 80.9M |
| Net Margin % | 9.74% | 9.43% | 9.89% | 9.2% | 8.09% | 9.11% | 0.68% | 10.36% | 10.59% | 9.64% | 8.69% | 8.55% | 8.37% | 8.18% | 8.09% | 7.63% | 7.05% | 6.16% | 4.71% | 4.37% | 4.34% | 4.04% | 4.01% | 5.82% | 5.7% | 5.19% | 5.6% | 6.08% | 6.13% | 5.91% | 4.79% |
| Net Income Growth % | 11.23% | 2.6% | 11.53% | 23.97% | -12.22% | 1917.51% | -94.86% | 4.63% | 16.49% | 21.93% | 9.5% | 10.37% | 10.44% | 6.42% | 19.72% | 18.45% | 25.31% | 44.96% | 17% | 8.04% | 21.04% | 17.5% | -25.51% | 13.38% | 29.75% | 2.17% | 1.1% | 12.19% | 13.87% | 45.24% | 86.84% |
| Net Income (Continuing) | 2.32B | 2.15B | 2.09B | 1.87B | 1.51B | 1.72B | 85.38M | 1.66B | 1.59B | 1.36B | 1.12B | 1.02B | 924.72M | 837.3M | 786.76M | 657.17M | 554.8M | 442.76M | 305.44M | 261.05M | 241.63M | 199.63M | 169.9M | 227.57M | 200.08M | 155.04M | 151.75M | 150.11M | 133.84M | 117.47M | 80.9M |
| Discontinued Operations | 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 |
| 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) | 7.21 | 6.61 | 6.32 | 5.56 | 4.38 | 4.87 | 0.24 | 4.60 | 4.26 | 3.55 | 2.83 | 2.51 | 2.21 | 1.94 | 1.77 | 1.43 | 1.16 | 0.89 | 0.58 | 0.48 | 0.43 | 0.34 | 0.28 | 0.37 | 0.31 | 0.24 | 0.23 | 0.21 | 0.18 | 0.15 | 0.10 |
| EPS Growth % | 13.11% | 4.59% | 13.67% | 26.94% | -10.06% | 1929.17% | -94.78% | 7.98% | 20% | 25.44% | 12.75% | 13.57% | 13.92% | 9.6% | 23.78% | 23.28% | 30.34% | 53.45% | 20.83% | 11.63% | 26.47% | 21.43% | -24.32% | 19.35% | 29.17% | 4.35% | 9.52% | 16.67% | 20% | 51.82% | 79.64% |
| EPS (Basic) | - | 6.66 | 6.36 | 5.59 | 4.40 | 4.90 | 0.24 | 4.63 | 4.30 | 3.58 | 2.85 | 2.53 | 2.24 | 1.97 | 1.80 | 1.46 | 1.18 | 0.90 | 0.59 | 0.48 | 0.43 | 0.35 | 0.29 | 0.38 | 0.32 | 0.24 | 0.23 | 0.21 | 0.18 | 0.15 | 0.10 |
| Diluted Shares Outstanding | 321.23M | 322.93M | 330.98M | 337.43M | 345.22M | 353.73M | 354.62M | 361.18M | 372.68M | 384.33M | 394.96M | 406.4M | 418.08M | 431.61M | 445.57M | 459.96M | 479.61M | 500.06M | 525.26M | 548.57M | 567.53M | 586.13M | 601.42M | 620.6M | 640.24M | 649.68M | 666.7M | 733.37M | 765.6M | 800.03M | 819.24M |
| Basic Shares Outstanding | 318.96M | 319.74M | 328.59M | 335.19M | 343.45M | 351.5M | 352.39M | 358.46M | 369.53M | 381.17M | 392.12M | 403.03M | 413.55M | 425.76M | 438.26M | 451.83M | 471.28M | 491.55M | 516.94M | 540.37M | 557.95M | 577.3M | 590.96M | 608.66M | 625.24M | 639.09M | 660.95M | 723.33M | 752.57M | 782.85M | 799.01M |
| Dividend Payout Ratio | - | 24.62% | 23.38% | 24.26% | 28.52% | 23.52% | 118.77% | 22.26% | 21.24% | 18.16% | 19.2% | 18.84% | 18.22% | 17.67% | 15.98% | 15.53% | 13.94% | 12.47% | 16.32% | 15.57% | 13.92% | 15.39% | 14.87% | 7.7% | 7.38% | 8.77% | 8.18% | 7.84% | 7.74% | 7.5% | 8.65% |
Geographic concentration and shrinkage
As reported in recent financial statements, Ross Stores achieved a notable 20.6% revenue growth in 2026Q1, marking a significant acceleration from the 2.6% growth observed in 2025Q1 and suggesting that the company's value-oriented model is successfully capturing increased consumer wallet share in a challenging macroeconomic environment.
The recent surge in top-line performance indicates that the company's off-price value proposition is resonating with a broader demographic, potentially benefiting from trade-down behavior. Investors should monitor whether this growth trajectory is sustainable or if it reflects temporary inventory availability advantages that may normalize in subsequent quarters.
Based on the provided income statement data, gross margins have remained relatively stable, hovering near 28% over the last ten quarters, with a recent peak of 29.6% in 2026Q1, suggesting that the company maintains effective control over its procurement costs despite broader retail industry headwinds.
The ability to maintain these margins while scaling revenue implies strong pricing power and effective inventory management within the off-price model. However, persistent inflationary pressures on logistics and potential inventory shrinkage warrant close investigation as they could threaten the structural integrity of these margins.
According to the quarterly income statement data, operating income reached $804.0 million in 2026Q1, demonstrating that the company is successfully scaling its operating leverage as SG&A expenses grow at a slower pace relative to the significant expansion in gross profit observed over the same period.
This efficiency suggests that the company's no-frills operational model is effectively absorbing higher volume without requiring proportional increases in overhead. Continued monitoring of SG&A as a percentage of revenue is essential to confirm that this operating leverage remains a durable feature of the business model.
As indicated by the reported figures, net income has shown consistent growth, reaching $650.0 million in 2026Q1, while stock-based compensation remains a relatively small portion of the cost structure, suggesting that the reported earnings are not significantly distorted by non-cash equity-based expenses or unusual non-operating items.
The quality of these earnings appears high, reflecting core operational performance rather than financial engineering or tax anomalies. Investors should remain cautious, however, as the reliance on physical foot traffic and inventory turnover makes the bottom line sensitive to regional economic shifts and potential inventory valuation adjustments.
While the company shows strong growth, the 2026Q1 data reveals that SG&A expenses rose to $975.9 million, which may indicate that the cost of maintaining the physical store footprint is increasing, potentially challenging the long-term sustainability of the current operating margin profile in a competitive retail landscape.
Short-term observers might argue that the recent revenue acceleration masks underlying risks related to geographic saturation in key markets like California. Furthermore, the potential for rising inventory shrinkage and wage inflation could compress margins, suggesting that the current valuation may not fully account for these persistent operational headwinds.
Quick answers to the most common questions about buying ROST stock.
For fiscal year 2025, Ross Stores, Inc. (ROST) reported total revenue of $22.75B. This represents a 1246.3% increase compared to $1.69B in 1996.
Ross Stores, Inc. (ROST) is profitable, generating $2.15B in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
Ross Stores, Inc. (ROST) reported an operating income of $2.71B, resulting in an operating profit margin of 11.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ross Stores, Inc. (ROST) generated $6.36B in gross profit for the year, representing a gross profit margin of 27.9%. This demonstrates the company's core pricing power and production efficiency.