Revenue returned to growth at +4.2% in 2026Q4 with operating losses narrowing to -$4.4M from -$41.9M in 2024Q4, though this improvement is partly attributable to stock-based compensation falling from $18.9M to effectively $0 and gross margin stabilizing at a compressed 43.6%.
Stitch Fix, Inc. (SFIX) annual income statement — 11-year revenue, gross profit & net income history
| Metric | Aug'26 | Aug'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 |
|---|
| Sales/Revenue | 1.35B | 1.27B | 1.34B | 1.59B | 2.02B | 2.1B | 1.71B | 1.58B | 1.23B | 977.14M | 730.31M |
| Revenue Growth % | 6.39% | -5.26% | -16.02% | -21.08% | -3.97% | 22.76% | 8.51% | 28.62% | 25.52% | 33.8% | - |
| Cost of Goods Sold | 759.63M | 704.23M | 745.43M | 916.91M | 1.13B | 1.15B | 957.52M | 874.43M | 690.48M | 542.72M | 407.06M |
| COGS % of Revenue | 56.35% | 55.58% | 55.73% | 57.58% | 56.06% | 54.9% | 55.94% | 55.43% | 56.3% | 55.54% | 55.74% |
| Gross Profit | 588.49M | 562.94M | 592.04M | 675.61M | 886.67M | 947.64M | 754.21M | 703.13M | 536.02M | 434.42M | 323.25M |
| Gross Margin % | 43.65% | 44.42% | 44.27% | 42.42% | 43.94% | 45.1% | 44.06% | 44.57% | 43.7% | 44.46% | 44.26% |
| Gross Profit Growth % | 4.54% | -4.92% | -12.37% | -23.8% | -6.43% | 25.65% | 7.26% | 31.18% | 23.39% | 34.39% | - |
| Operating Expenses | 610.19M | 601.84M | 725.47M | 830.89M | 1.07B | 1.01B | 805.87M | 679.63M | 493M | 402.78M | 259.02M |
| OpEx % of Revenue | 45.26% | 47.5% | 54.24% | 52.17% | 53.08% | 48.11% | 47.08% | 43.08% | 40.2% | 41.22% | 35.47% |
| Selling, General & Admin | 610.19M | 598.62M | 725.47M | 830.89M | 1.07B | 1.01B | 805.87M | 679.63M | 493M | 402.78M | 259.02M |
| SG&A % of Revenue | 45.26% | 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 | 0 | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -21.7M | -44.72M | -133.43M | -155.28M | -184.47M | -63.36M | -51.66M | 23.5M | 43.02M | 31.64M | 64.23M |
| Operating Margin % | -1.61% | -3.53% | -9.98% | -9.75% | -9.14% | -3.02% | -3.02% | 1.49% | 3.51% | 3.24% | 8.79% |
| Operating Income Growth % | 51.49% | 66.48% | 14.07% | 15.82% | -191.14% | -22.64% | -319.89% | -45.39% | 35.98% | -50.74% | - |
| EBITDA | 932K | -18.6M | -88.94M | -113.16M | -148.76M | -33.43M | -29.05M | 37.83M | 53.57M | 39.3M | 67.77M |
| EBITDA Margin % | 0.07% | -1.47% | -6.65% | -7.11% | -7.37% | -1.59% | -1.7% | 2.4% | 4.37% | 4.02% | 9.28% |
| EBITDA Growth % | 105.01% | 79.09% | 21.4% | 23.93% | -344.97% | -15.1% | -176.79% | -29.38% | 36.32% | -42.02% | - |
| D&A (Non-Cash Add-back) | 22.63M | 26.12M | 44.49M | 42.12M | 35.71M | 29.93M | 22.62M | 14.33M | 10.54M | 7.66M | 3.54M |
| EBIT | -21.7M | -28.02M | -133.43M | -155.28M | -184.47M | -63.36M | -51.66M | 23.5M | 43.02M | 31.64M | 64.23M |
| Net Interest Income | 8.66M | 10.71M | 11.25M | 5.84M | 924K | 2.61M | 5.54M | 5.79M | 904K | 42K | 0 |
| Interest Income | 8.66M | 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 | 9.43M | 10.88M | 12.88M | 5.82M | 530K | 2.24M | 3.94M | 7.33M | 11.69M | -18.84M | -3.01M |
| Pretax Income | -12.27M | -28.02M | -120.55M | -149.47M | -183.94M | -61.12M | -47.72M | 30.82M | 54.71M | 12.8M | 61.22M |
| Pretax Margin % | -0.91% | -2.21% | -9.01% | -9.39% | -9.12% | -2.91% | -2.79% | 1.95% | 4.46% | 1.31% | 8.38% |
| Income Tax | 338K | 821K | -1.66M | 871K | -2.33M | -52.24M | 19.39M | -6.06M | 9.81M | 13.39M | 28.04M |
| Effective Tax Rate % | -2.76% | -2.93% | 1.38% | -0.58% | 1.27% | 85.48% | -40.64% | -19.66% | 17.94% | 104.64% | 45.8% |
| Net Income | -12.61M | -28.74M | -128.84M | -171.97M | -207.12M | -8.88M | -67.12M | 36.88M | 44.9M | -594K | 33.18M |
| Net Margin % | -0.94% | -2.27% | -9.63% | -10.8% | -10.26% | -0.42% | -3.92% | 2.34% | 3.66% | -0.06% | 4.54% |
| Net Income Growth % | 56.14% | 77.69% | 25.08% | 16.97% | -2233.49% | 86.78% | -281.98% | -17.86% | 7658.92% | -101.79% | - |
| Net Income (Continuing) | -12.61M | -28.84M | -118.89M | -150.34M | -181.6M | -8.88M | -67.12M | 36.88M | 44.9M | -594K | 33.18M |
| Discontinued Operations | 0 | 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) | -0.09 | -0.22 | -1.07 | -1.50 | -1.90 | -0.08 | -0.66 | 0.36 | 0.34 | -0.01 | 0.10 |
| EPS Growth % | 57.32% | 79.44% | 28.67% | 21.05% | -2167.3% | 87.3% | -283.33% | 5.88% | - | -106.46% | - |
| EPS (Basic) | -0.09 | -0.22 | -1.07 | -1.50 | -1.90 | -0.08 | -0.66 | 0.37 | 0.47 | -0.01 | 0.10 |
| Diluted Shares Outstanding | 134.25M | 128.78M | 120.21M | 114.69M | 108.76M | 105.97M | 102.38M | 103.65M | 81.29M | 96.41M | 96.61M |
| Basic Shares Outstanding | 134.25M | 128.78M | 120.21M | 114.69M | 108.76M | 105.97M | 102.38M | 100.01M | 75.95M | 96.41M | 97.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SFIX stock.
For fiscal year 2026, Stitch Fix, Inc. (SFIX) reported total revenue of $1.35B. This represents a 84.6% increase compared to $730.3M in 2016.
Stitch Fix, Inc. (SFIX) reported a net loss of $12.6M for the fiscal year ending 2026.
Stitch Fix, Inc. (SFIX) reported an operating income of $-21.7M, resulting in an operating profit margin of -1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Stitch Fix, Inc. (SFIX) generated $588.5M in gross profit for the year, representing a gross profit margin of 43.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin structural erosion
Metrics are mathematically derived from official filings.
Revenue Reversal Evident but Decelerating
Stitch Fix returned to positive year-over-year revenue growth in FY26, reaching +9.4% in Q2 before decelerating to +4.2% by Q4, reversing a FY25 stretch where every quarter posted negative growth as large as -12.6% in 2025Q1, per the reported income statements.
The turnaround is real, but its durability looks questionable. Sequentially, revenue actually slid from $342.1M in 2026Q1 to $324.4M in 2026Q4, with the sequential decline accelerating from 0.2% in Q2 to 4.7% in Q4 — a pattern consistent with the demand recovery losing steam rather than compounding. The YoY growth prints look strong largely because they are measured against a deeply depressed FY25 base, so investors should be cautious about extrapolating the trendline.
Gross Margin Steady at Compressed Levels
Gross margin has stabilized at 43.6% across all four FY26 quarters, but this represents roughly 190 basis points of structural compression versus the 45.5% recorded in 2024Q3, indicating a reset in unit economics rather than a temporary cyclical trough.
A flat-but-lower margin profile suggests the company likely absorbed markdowns or promotional activity to drive the FY26 revenue rebound — a trade-off that would explain why growth resumed only after margins gave up nearly two points of share. Compared with peers like Rent the Runway (59.4%) and The RealReal (69.8%), Stitch Fix's 43.6% gross margin points to materially weaker pricing power, and the durability of this margin floor warrants monitoring as input cost and freight volatility persists.
SG&A Discipline Narrowing Operating Losses
Operating losses contracted from -$41.9M in 2024Q4 to -$4.4M in 2026Q4 as SG&A was cut by approximately 21% from $184.4M to $145.7M, but overhead still consumes roughly 45% of revenue, implying the cost base remains oversized relative to the top line.
The magnitude of the SG&A reduction suggests meaningful restructuring or headcount action, which has clearly driven most of the operating leverage visible in the P&L. However, sequential SG&A actually ticked up in 2026Q1 ($157.9M) before declining again, which hints at volatility rather than a disciplined glide path. Importantly, R&D is reported at $0 across all periods; this likely reflects a reclassification into SG&A rather than an absence of the spend, so true operating leverage should be interpreted with caution.
SBC Roll-Off Artificially Flatters Bottom Line
Stock-based compensation fell from $18.9M in 2024Q3 to effectively $0 by 2026Q4, contributing to a net loss narrowing from -$36.5M to -$2.1M and a swing in diluted EPS from -$0.30 to -$0.02, per Stitch Fix's reported financials.
The near-elimination of SBC has materially improved reported net income, but this appears to be a one-time tailwind tied to compensation restructuring rather than a sustainable operating improvement — the underlying pre-SBC economics would have shown far less improvement. Additionally, 2025Q4 reveals a striking disconnect: an operating loss of only -$1.1M translated into a net loss of -$8.6M, implying roughly $7.5M of non-operating drag (likely tax or restructuring charges) that merits investor scrutiny.
Recovery Built on Fragile Foundations
The optimistic read on Stitch Fix's FY26 recovery rests on three vulnerable pillars: a depressed base effect, a permanently compressed 43.6% gross margin, and an SBC roll-off that may not repeat, suggesting the path to sustained profitability remains unproven by the reported figures.
A short-seller would argue that revenue growth of 4.2% in 2026Q4, achieved at a gross margin 190 basis points below 2024 levels, indicates the company is effectively buying growth at the expense of unit economics — a pattern rarely consistent with durable operating leverage. With SG&A still at 45% of revenue and peers like Capri Holdings demonstrating that mid-single-digit operating margins are achievable in apparel, the structural gap to breakeven appears significant, and further margin compression or a stall in the demand recovery could quickly re-open the gap between an improving narrative and deteriorating economics.