Revenue growth remains highly volatile, fluctuating from a 17.5% contraction in 2024Q2 to a modest 4.7% expansion by 2026Q3, while operating margins remain negative at -1.2%.
| Sales/Revenue | 1.33B | 1.27B | 1.34B | 1.59B | 2.02B | 2.1B | 1.71B | 1.58B | 1.23B | 977.14M | 730.31M |
| Revenue Growth % | 4.66% | -5.26% | -16.02% | -21.08% | -3.97% | 22.76% | 8.51% | 28.62% | 25.52% | 33.8% | - |
| Cost of Goods Sold | 752.11M | 704.23M | 745.43M | 916.91M | 1.13B | 1.15B | 957.52M | 874.43M | 690.48M | 542.72M | 407.06M |
| COGS % of Revenue | - | 55.58% | 55.73% | 57.58% | 56.06% | 54.9% | 55.94% | 55.43% | 56.3% | 55.54% | 55.74% |
| Gross Profit | 582.82M | 562.94M | 592.04M | 675.61M | 886.67M | 947.64M | 754.21M | 703.13M | 536.02M | 434.42M | 323.25M |
| Gross Margin % | 43.66% | 44.42% | 44.27% | 42.42% | 43.94% | 45.1% | 44.06% | 44.57% | 43.7% | 44.46% | 44.26% |
| Gross Profit Growth % | - | -4.92% | -12.37% | -23.8% | -6.43% | 25.65% | 7.26% | 31.18% | 23.39% | 34.39% | - |
| Operating Expenses | 601.3M | 591.78M | 725.47M | 830.89M | 1.07B | 1.01B | 805.87M | 679.63M | 493M | 402.78M | 259.02M |
| OpEx % of Revenue | - | 46.7% | 54.24% | 52.17% | 53.08% | 48.11% | 47.08% | 43.08% | 40.2% | 41.22% | 35.47% |
| Selling, General & Admin | 611.36M | 598.62M | 725.47M | 830.89M | 1.07B | 1.01B | 805.87M | 679.63M | 493M | 402.78M | 259.02M |
| SG&A % of Revenue | - | 47.24% | 54.24% | 52.17% | 53.08% | 48.11% | 47.08% | 43.08% | 40.2% | 41.22% | 35.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -6.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -18.48M | -44.72M | -133.43M | -155.28M | -184.47M | -63.36M | -51.66M | 23.5M | 43.02M | 31.64M | 64.23M |
| Operating Margin % | -1.38% | -3.53% | -9.98% | -9.75% | -9.14% | -3.02% | -3.02% | 1.49% | 3.51% | 3.24% | 8.79% |
| Operating Income Growth % | - | 66.48% | 14.07% | 15.82% | -191.14% | -22.64% | -319.89% | -45.39% | 35.98% | -50.74% | - |
| EBITDA | 6.35M | -18.6M | -88.94M | -113.16M | -148.76M | -33.43M | -29.05M | 37.83M | 53.57M | 39.3M | 67.77M |
| EBITDA Margin % | 0.48% | -1.47% | -6.65% | -7.11% | -7.37% | -1.59% | -1.7% | 2.4% | 4.37% | 4.02% | 9.28% |
| EBITDA Growth % | 115.27% | 79.09% | 21.4% | 23.93% | -344.97% | -15.1% | -176.79% | -29.38% | 36.32% | -42.02% | - |
| D&A (Non-Cash Add-back) | 24.83M | 26.12M | 44.49M | 42.12M | 35.71M | 29.93M | 22.62M | 14.33M | 10.54M | 7.66M | 3.54M |
| EBIT | -15.38M | -28.02M | -133.43M | -155.28M | -184.47M | -63.36M | -51.66M | 23.5M | 43.02M | 31.64M | 64.23M |
| Net Interest Income | 9.15M | 10.71M | 11.25M | 5.84M | 924K | 2.61M | 5.54M | 5.79M | 904K | 42K | 0 |
| Interest Income | 9.15M | 10.71M | 11.25M | 5.84M | 924K | 2.61M | 5.54M | 5.79M | 904K | 42K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.85M | 10.88M | 12.88M | 5.82M | 530K | 2.24M | 3.94M | 7.33M | 11.69M | -18.84M | -3.01M |
| Pretax Income | -18.68M | -28.02M | -120.55M | -149.47M | -183.94M | -61.12M | -47.72M | 30.82M | 54.71M | 12.8M | 61.22M |
| Pretax Margin % | -1.4% | -2.21% | -9.01% | -9.39% | -9.12% | -2.91% | -2.79% | 1.95% | 4.46% | 1.31% | 8.38% |
| Income Tax | 435K | 821K | -1.66M | 871K | -2.33M | -52.24M | 19.39M | -6.06M | 9.81M | 13.39M | 28.04M |
| Effective Tax Rate % | -2.33% | -2.93% | 1.38% | -0.58% | 1.27% | 85.48% | -40.64% | -19.66% | 17.94% | 104.64% | 45.8% |
| Net Income | -19.12M | -28.74M | -128.84M | -171.97M | -207.12M | -8.88M | -67.12M | 36.88M | 44.9M | -594K | 33.18M |
| Net Margin % | -1.43% | -2.27% | -9.63% | -10.8% | -10.26% | -0.42% | -3.92% | 2.34% | 3.66% | -0.06% | 4.54% |
| Net Income Growth % | 66.26% | 77.69% | 25.08% | 16.97% | -2233.49% | 86.78% | -281.98% | -17.86% | 7658.92% | -101.79% | - |
| Net Income (Continuing) | -19.12M | -28.84M | -118.89M | -150.34M | -181.6M | -8.88M | -67.12M | 36.88M | 44.9M | -594K | 33.18M |
| Discontinued Operations | 1K | 105K | -9.96M | -21.64M | -25.52M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.22 | -1.07 | -1.50 | -1.90 | -0.08 | -0.66 | 0.36 | 0.34 | -0.01 | 0.10 |
| EPS Growth % | 68.5% | 79.44% | 28.67% | 21.05% | -2167.3% | 87.3% | -283.33% | 5.88% | - | -106.46% | - |
| EPS (Basic) | - | -0.22 | -1.07 | -1.50 | -1.90 | -0.08 | -0.66 | 0.37 | 0.47 | -0.01 | 0.10 |
| Diluted Shares Outstanding | 134.68M | 128.78M | 120.21M | 114.69M | 108.76M | 105.97M | 102.38M | 103.65M | 81.29M | 96.41M | 96.61M |
| Basic Shares Outstanding | 134.68M | 128.78M | 120.21M | 114.69M | 108.76M | 105.97M | 102.38M | 100.01M | 75.95M | 96.41M | 97.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Persistent active client churn
According to recent quarterly filings, SFIX revenue growth has fluctuated significantly, moving from a 17.5% contraction in 2024Q2 to a modest 4.7% expansion by 2026Q3, suggesting that the company's efforts to stabilize its top line through strategic pivots have yet to yield consistent, durable growth.
The transition from double-digit revenue declines to low-single-digit growth indicates that the business may have reached a temporary floor, though it lacks the momentum of a scaling enterprise. Investors should monitor whether this modest recovery is driven by pricing adjustments or a genuine stabilization in the active client base, as the current trajectory remains fragile.
As reported in financial statements, SFIX has struggled to achieve meaningful operating leverage, with operating margins hovering in negative territory despite recent revenue stabilization, as SG&A expenses continue to consume nearly the entirety of the company's gross profit, leaving little room for bottom-line profitability.
The persistent gap between gross profit and operating expenses suggests that the company's current cost structure is not yet optimized for its existing revenue scale. Without a significant reduction in overhead or a substantial increase in the keep rate, the company may continue to face challenges in achieving sustainable operating income.
Based on SFIX's reported figures, stock-based compensation remains a material component of the expense structure, consistently exceeding $11 million per quarter, which effectively obscures the true extent of the company's operational cash burn and complicates the assessment of underlying profitability for equity holders.
The reliance on equity-based incentives in a period of negative net income warrants further investigation into the company's long-term compensation strategy and its impact on shareholder dilution. Analysts should adjust for these non-cash charges to better understand the actual cash-generating capacity of the core styling business.
Data from the income statement shows that gross margins have remained relatively stagnant between 43% and 45%, reflecting the inherent difficulty of managing a high-variable-cost logistics model where shipping and styling labor costs act as a persistent drag on the company's overall unit economics.
The inability to expand gross margins beyond this range suggests that the company's proprietary data advantage has not yet translated into sufficient pricing power or operational efficiency. Investors should monitor whether rising logistics costs or shifts in product mix continue to pressure these margins, as they are central to the company's path toward break-even.
While recent quarters show a return to positive revenue growth, a critical challenge remains regarding the sustainability of this trend, as the company's reliance on a shrinking active client base may indicate that the current revenue recovery is merely a function of higher spend per user.
Short-sellers may focus on the potential for further client attrition, which could quickly reverse the recent top-line gains if the company fails to attract new cohorts. The lack of a clear, scalable growth engine beyond the core styling service suggests that the current revenue trajectory may be more vulnerable than the headline numbers imply.
Quick answers to the most common questions about buying SFIX stock.
For fiscal year 2025, Stitch Fix, Inc. (SFIX) reported total revenue of $1.27B. This represents a 73.5% increase compared to $730.3M in 2016.
Stitch Fix, Inc. (SFIX) reported a net loss of $28.7M for the fiscal year ending 2025.
Stitch Fix, Inc. (SFIX) reported an operating income of $-44.7M, resulting in an operating profit margin of -3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Stitch Fix, Inc. (SFIX) generated $562.9M in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.