Revenue growth remains stagnant at 0.8% in 2027Q1, while operating margins exhibit high sensitivity to fixed costs, swinging from a peak of 18.8% in 2026Q4 to a trough of -6.8% in 2025Q2.
| 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 | 6.83B | 6.81B | 6.7B | 7.17B | 7.84B | 7.83B | 5.23B | 6.14B | 6.25B | 6.25B | 6.41B | 6.55B | 5.74B | 4.21B | 3.98B | 3.75B | 3.44B | 3.27K | 3.34B | 3.67B | 3.72B | 3.12B | 3.04B | 2.95B | 2.65B | 2.23B | 2.03B | 1.84B | 1.63B | 1.52B | 1.44B |
| Revenue Growth % | -10.14% | 1.64% | -6.52% | -8.56% | 0.21% | 49.73% | -14.83% | -1.76% | -0.09% | -2.42% | -2.16% | 14.19% | 36.28% | 5.67% | 6.25% | 9.07% | 99999900% | -100% | -8.76% | -1.46% | 19.22% | 2.64% | 3.01% | 11.43% | 18.84% | 9.87% | 10.5% | 12.49% | 7.68% | 4.95% | 6.59% |
| Cost of Goods Sold | 4.17B | 4.12B | 4.08B | 4.35B | 4.79B | 4.7B | 3.49B | 3.91B | 4.09B | 4.06B | 4.05B | 4.11B | 3.66B | 2.63B | 2.45B | 2.31B | 2.19B | 2.21K | 2.26B | 3.26B | 3.23B | 2.7B | 2.42B | 2.35B | 2.19B | 1.86B | 1.69B | 1.49B | 1.34B | 1.25B | 1.21B |
| COGS % of Revenue | - | 60.41% | 60.83% | 60.6% | 61.08% | 60.08% | 66.85% | 63.77% | 65.41% | 64.98% | 63.16% | 62.74% | 63.84% | 62.45% | 61.4% | 61.66% | 63.84% | 67.45% | 67.7% | 89.07% | 86.88% | 86.53% | 79.74% | 79.8% | 82.81% | 83.54% | 83.54% | 81.35% | 82.31% | 82.75% | 83.87% |
| Gross Profit | 2.66B | 2.7B | 2.63B | 2.83B | 3.05B | 3.12B | 1.73B | 2.22B | 2.16B | 2.19B | 2.36B | 2.44B | 2.07B | 1.58B | 1.54B | 1.44B | 1.24B | 1.07K | 1.08B | 400.5M | 487.83M | 420.2M | 615.9M | 596.16M | 455.23M | 366.86M | 333.92M | 342.38M | 288.6M | 261.3M | 232.9M |
| Gross Margin % | 38.9% | 39.59% | 39.17% | 39.4% | 38.92% | 39.92% | 33.15% | 36.23% | 34.59% | 35.02% | 36.84% | 37.26% | 36.16% | 37.55% | 38.6% | 38.34% | 36.16% | 32.55% | 32.3% | 10.93% | 13.12% | 13.47% | 20.26% | 20.2% | 17.19% | 16.46% | 16.46% | 18.65% | 17.69% | 17.25% | 16.13% |
| Gross Profit Growth % | - | 2.75% | -7.07% | -7.43% | -2.3% | 80.32% | -22.09% | 2.91% | -1.33% | -7.23% | -3.26% | 17.66% | 31.24% | 2.8% | 6.94% | 15.67% | 99999900% | -100% | 169.69% | -17.9% | 16.1% | -31.77% | 3.31% | 30.96% | 24.09% | 9.87% | -2.47% | 18.63% | 10.45% | 12.19% | 12.19% |
| Operating Expenses | 2.13B | 2.17B | 2.51B | 2.2B | 2.45B | 2.22B | 1.58B | 1.95B | 1.96B | 1.61B | 1.6B | 1.74B | 1.5B | 1.01B | 1.14B | 1.06B | 870.4M | 916.1M | 850.7M | 49.2M | 52.85M | 49.5M | 124.08M | 116.79M | 99.15M | 83.46M | 72.66M | 117.73M | 120.2M | 113.1M | 110.4M |
| OpEx % of Revenue | - | 31.89% | 37.51% | 30.73% | 31.21% | 28.4% | 30.32% | 31.74% | 31.36% | 25.77% | 24.93% | 26.51% | 26.11% | 24% | 28.58% | 28.18% | 25.32% | 27984481.92% | 25.44% | 1.34% | 1.42% | 1.59% | 4.08% | 3.96% | 3.74% | 3.74% | 3.58% | 6.41% | 7.37% | 7.46% | 7.65% |
| Selling, General & Admin | -16.4M | 0 | 2.12B | 2.2B | 2.21B | 2.23B | 1.59B | 1.92B | 1.99B | 1.87B | 1.88B | 1.99B | 1.71B | 1.2B | 1.14B | 1.06B | 980.4M | 916.5M | 283M | 158M | 148.53M | 131.94M | 124.08M | 116.79M | 99.15M | 83.45M | 72.66M | 72.84M | 74.7M | 69.3M | 71M |
| SG&A % of Revenue | - | - | 31.66% | 30.65% | 28.24% | 28.51% | 30.37% | 31.26% | 31.78% | 29.94% | 29.34% | 30.34% | 29.86% | 28.43% | 28.58% | 28.18% | 28.52% | 27996700.88% | 8.46% | 4.31% | 3.99% | 4.23% | 4.08% | 3.96% | 3.74% | 3.74% | 3.58% | 3.97% | 4.58% | 4.57% | 4.92% |
| 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 | 2.17B | 392.3M | 6.2M | 232.6M | -8.5M | -2.4M | 29.6M | 1.7M | -260.8M | -282.6M | -250.9M | -215.3M | -186.7M | 1.7M | 1.1M | 0 | 0 | 567.7M | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 1K | 44.9M | 45.5M | 43.8M | 39.4M |
| Operating Income | 521.2M | 524.6M | 110.7M | 621.5M | 865.8M | 903.4M | 147.5M | 393.5M | -764.6M | 579.9M | 763.2M | 703.7M | 576.6M | 570.5M | 560.5M | 507.4M | 372.5M | 265 | -297.3M | 351.3M | 434.99M | 370.7M | 412.17M | 405.65M | 356.08M | 283.41M | 261.26M | 224.65M | 168.4M | 148.2M | 122.5M |
| Operating Margin % | 7.64% | 7.7% | 1.65% | 8.67% | 11.04% | 11.54% | 2.82% | 6.41% | -12.24% | 9.27% | 11.91% | 10.74% | 10.05% | 13.55% | 14.07% | 13.53% | 10.84% | 8.08% | -8.89% | 9.58% | 11.69% | 11.88% | 13.56% | 13.75% | 13.45% | 12.72% | 12.88% | 12.24% | 10.32% | 9.78% | 8.48% |
| Operating Income Growth % | - | 373.89% | -82.19% | 2.74% | -4.16% | 512.47% | -62.52% | 151.46% | -231.85% | -24.02% | 8.46% | 22.04% | 1.07% | 1.78% | 10.47% | 36.21% | 99999900% | 100% | -184.63% | -19.24% | 17.34% | -10.06% | 1.61% | 13.92% | 25.64% | 8.48% | 16.3% | 33.4% | 13.63% | 20.98% | 26.55% |
| EBITDA | 666.4M | 672.1M | 258.9M | 783.4M | 1.03B | 1.07B | 323.5M | 571.5M | -581.9M | 782.3M | 950.7M | 878.3M | 726.3M | 680.7M | 659.9M | 599.8M | 470.3M | 108.9M | -182.8M | 465.4M | 533.81M | 452.96M | 491.81M | 479.38M | 418.34M | 332.41M | 306M | 269.54M | 213.9M | 192M | 161.9M |
| EBITDA Margin % | 9.76% | 9.86% | 3.86% | 10.92% | 13.14% | 13.63% | 6.19% | 9.31% | -9.31% | 12.51% | 14.84% | 13.41% | 12.66% | 16.17% | 16.57% | 16% | 13.68% | 3326620.98% | -5.47% | 12.7% | 14.35% | 14.52% | 16.18% | 16.24% | 15.8% | 14.92% | 15.09% | 14.69% | 13.11% | 12.67% | 11.21% |
| EBITDA Growth % | 30.46% | 159.6% | -66.95% | 1.82% | -3.43% | 229.8% | -43.39% | 198.21% | -174.38% | -17.71% | 8.24% | 20.93% | 6.7% | 3.15% | 10.02% | 27.54% | 331.86% | 159.57% | -139.28% | -12.82% | 17.85% | -7.9% | 2.59% | 14.59% | 25.85% | 8.63% | 13.52% | 26.01% | 11.41% | 18.59% | 17.83% |
| D&A (Non-Cash Add-back) | 145.2M | 147.5M | 148.2M | 161.9M | 164.5M | 163.5M | 176M | 178M | 182.7M | 202.4M | 187.5M | 174.6M | 149.7M | 110.2M | 99.4M | 92.4M | 97.8M | 108.9M | 114.5M | 114.1M | 98.82M | 82.26M | 79.65M | 73.72M | 62.26M | 49M | 44.74M | 44.9M | 45.5M | 43.8M | 39.4M |
| EBIT | 499M | 524.6M | 503M | 627.7M | 865.8M | 901.3M | -57.7M | 165.3M | -761M | 579.6M | 761M | 701M | 576.6M | 570.5M | 560.5M | 507.4M | 373.2M | 264.5M | -293.7M | 358.7M | 416.2M | 374.7M | 493.88M | 479.38M | 356.08M | 283.41M | 261.26M | 224.65M | 168.4M | 148.17M | 122.5M |
| Net Interest Income | 2.8M | 4M | 9.8M | 18.7M | -13.5M | -10.4M | -27.8M | -35.6M | -16.9M | 205.4M | 233.1M | 206.7M | 181.9M | 182.4M | 156.1M | 120.1M | 37.5M | 81M | 85.2M | -22.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.8M | 4M | 9.8M | 18.7M | 0 | 6.5M | 4.2M | 0 | 22.8M | 258.1M | 282.5M | 252.6M | 217.9M | 186.4M | 159.7M | 125.4M | 700K | 115.8M | 118M | 6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 13.5M | 16.9M | 32M | 35.6M | 39.7M | 52.7M | 49.4M | 45.9M | 36M | 4M | 3.6M | 5.3M | 72.8M | 34.8M | 32.8M | 28.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -127.9M | -126.5M | 13.5M | 18.3M | -414.6M | -19M | -32M | -28.6M | -38M | -52.7M | -49.4M | -45.9M | -36M | -4M | -3.6M | 145.8M | 60.2M | -34M | -29.2M | -17.8M | -15.4M | -14M | -37.87M | -18.98M | -27.18M | -25.28M | -23.25M | -18.41M | -21.5M | -35.87M | -92.7M |
| Pretax Income | 393.3M | 398.1M | 124.2M | 639.8M | 451.2M | 884.4M | -89.7M | 129.7M | -802.6M | 527.2M | 713.8M | 657.8M | 540.6M | 566.5M | 556.9M | 502.1M | 300.4M | 231 | -326.5M | 333.5M | 418.87M | 356.81M | 395.97M | 386.68M | 328.91M | 258.13M | 238.01M | 206.24M | 146.9M | 112.3M | 29.8M |
| Pretax Margin % | 5.76% | 5.84% | 1.85% | 8.92% | 5.75% | 11.3% | -1.72% | 2.11% | -12.85% | 8.43% | 11.14% | 10.04% | 9.42% | 13.46% | 13.98% | 13.39% | 8.74% | 7.04% | -9.76% | 9.1% | 11.26% | 11.44% | 13.03% | 13.1% | 12.42% | 11.58% | 11.73% | 11.24% | 9% | 7.41% | 2.06% |
| Income Tax | 100.7M | 103.7M | 63M | -170.6M | 74.5M | 114.5M | -74.5M | 24.2M | -145.2M | 7.9M | 170.6M | 189.9M | 159.3M | 198.5M | 197M | 177.7M | 100M | 0 | 67.2M | 118.3M | 140.87M | 123.92M | 130.11M | 136.31M | 116.61M | 89.1M | 76.17M | 61.85M | 39.5M | 29.2M | 17.9M |
| Effective Tax Rate % | 25.6% | 26.05% | 50.72% | -26.66% | 16.51% | 12.95% | 83.05% | 18.66% | 18.09% | 1.5% | 23.9% | 28.87% | 29.47% | 35.04% | 35.37% | 35.39% | 33.29% | 0% | -20.58% | 35.47% | 33.63% | 34.73% | 32.86% | 35.25% | 35.45% | 34.52% | 32% | 29.99% | 26.89% | 26% | 60.07% |
| Net Income | 292.6M | 294.4M | 61.2M | 810.4M | 376.7M | 769.9M | -15.2M | 105.5M | -657.4M | 519.3M | 543.2M | 467.9M | 381.3M | 368M | 359.9M | 324.4M | 200.4M | 157 | -393.7M | 215.2M | 278M | 232.89M | 265.87M | 250.36M | 212.3M | 169.03M | 161.84M | 144.38M | 107.4M | 83.1M | 11.9M |
| Net Margin % | 4.29% | 4.32% | 0.91% | 11.3% | 4.8% | 9.84% | -0.29% | 1.72% | -10.52% | 8.3% | 8.48% | 7.14% | 6.65% | 8.74% | 9.04% | 8.65% | 5.83% | 4.8% | -11.77% | 5.87% | 7.47% | 7.46% | 8.75% | 8.48% | 8.02% | 7.59% | 7.98% | 7.87% | 6.58% | 5.48% | 0.82% |
| Net Income Growth % | 21.06% | 381.05% | -92.45% | 115.13% | -51.07% | 5165.13% | -114.41% | 116.05% | -226.59% | -4.4% | 16.09% | 22.71% | 3.61% | 2.25% | 10.94% | 61.88% | 99999900% | 100% | -282.95% | -22.59% | 19.37% | -12.4% | 6.19% | 17.93% | 25.6% | 4.44% | 12.09% | 34.43% | 29.24% | 598.32% | 131.99% |
| Net Income (Continuing) | 292.6M | 294.4M | 61.2M | 810.4M | 376.7M | 769.9M | -15.2M | 105.5M | -657.4M | 519.3M | 543.2M | 467.9M | 381.3M | 368M | 359.9M | 324.4M | 200.4M | 157.1M | -393.7M | 215.2M | 266M | 235.4M | 253.81M | 250.36M | 212.3M | 169.03M | 161.84M | 144.38M | 107.4M | 83.1M | 11.9M |
| 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) | 7.24 | 7.08 | -0.81 | 15.01 | 6.64 | 12.22 | -0.29 | 1.40 | -12.02 | 7.44 | 7.08 | 5.87 | 4.75 | 4.56 | 4.35 | 3.73 | 2.32 | 1.83 | -4.62 | 2.56 | 3.07 | 2.71 | 2.93 | 2.83 | 2.47 | 1.47 | 1.91 | 1.70 | 0.36 | 0.65 | 0.08 |
| EPS Growth % | 32.04% | 974.07% | -105.4% | 148.51% | -45.66% | 4313.79% | -120.71% | 111.65% | -261.56% | 5.08% | 20.61% | 23.58% | 4.17% | 4.83% | 16.62% | 60.78% | 26.78% | 139.61% | -280.47% | -16.61% | 13.28% | -7.51% | 3.53% | 14.57% | 68.03% | -23.04% | 12.35% | 372.22% | -44.62% | 713.52% | 131.96% |
| EPS (Basic) | - | 7.13 | -0.81 | 18.05 | 7.34 | 14.01 | -0.29 | 1.40 | -12.02 | 7.72 | 7.13 | 5.89 | 4.77 | 4.59 | 4.37 | 3.76 | 2.34 | 1.84 | -4.62 | 2.56 | 3.08 | 2.71 | 2.93 | 2.83 | 2.47 | 1.47 | 1.93 | 1.70 | 0.36 | 0.65 | 0.08 |
| Diluted Shares Outstanding | 40.4M | 41.6M | 44.1M | 54M | 56.7M | 63M | 52M | 51.8M | 54.7M | 69.8M | 76.7M | 79.7M | 80.2M | 80.7M | 82.8M | 87M | 86.4M | 85.6M | 85.2M | 85.2M | 86.72M | 87M | 86.76M | 86.59M | 86.44M | 85.39M | 84.62M | 84.88M | 300.28M | 515.69M | 148.9M |
| Basic Shares Outstanding | 40M | 41.3M | 44.1M | 44.9M | 46.6M | 52.5M | 52M | 51.7M | 54.7M | 63M | 74.5M | 79.5M | 79.9M | 80.2M | 82.3M | 86.2M | 85.7M | 85.3M | 85.2M | 85.2M | 86.38M | 86.83M | 86.58M | 85.93M | 85.62M | 85.39M | 83.92M | 84.88M | 300.28M | 515.69M | 148.9M |
| Dividend Payout Ratio | - | 17.63% | 79.41% | 4.92% | 9.72% | 2.47% | - | 73.36% | - | 14.73% | 13.92% | 14.34% | 14.5% | 12.5% | 10.67% | 2.68% | - | - | - | 57.57% | 38.6% | 40.92% | 30.38% | 26.75% | 23.89% | 23.14% | 22.4% | 23.38% | - | - | - |
Cyclical bridal demand volatility
According to reported financial data, Signet's revenue growth has remained largely range-bound, with the most recent quarter showing a modest 0.8% increase, highlighting the company's ongoing struggle to achieve consistent top-line expansion in a challenging macroeconomic environment for discretionary retail spending.
The revenue trajectory reflects a business heavily reliant on seasonal holiday peaks, which masks underlying weakness in non-peak quarters. Investors should monitor whether the recent return to positive growth in 2027Q1 signals a durable recovery in bridal demand or merely a temporary stabilization following several quarters of contraction.
As indicated by historical income statements, gross margins have fluctuated between 35.8% and 43.3%, suggesting that Signet faces significant pressure from both commodity cost volatility and the competitive pricing environment inherent in the mid-market jewelry sector.
The compression of gross margins during non-holiday periods suggests that the company lacks the pricing power to fully offset rising procurement costs or the impact of lab-grown diamond price deflation. This volatility warrants further investigation into whether the current margin profile is sustainable or if further structural adjustments are required.
Based on the provided quarterly figures, Signet's operating income exhibits extreme sensitivity to revenue fluctuations, with operating margins swinging from a negative 6.8% in 2025Q2 to a peak of 18.8% in 2026Q4, underscoring the high fixed-cost burden of its physical retail footprint.
The inability to consistently scale operating income faster than gross profit suggests that the company's SG&A structure remains rigid. This operating leverage profile implies that even minor shifts in foot traffic or consumer sentiment can lead to outsized impacts on bottom-line profitability.
Financial statements reveal that net income is frequently impacted by non-operating items and significant quarterly variance, as evidenced by the 2026Q4 net income of $250M compared to the $31.7M reported in 2027Q1, raising questions regarding the underlying quality of earnings.
Short-sellers may focus on the reliance on seasonal spikes to generate the bulk of annual profitability, which may mask underlying operational inefficiencies. Investors should be cautious of interpreting these periodic earnings surges as evidence of a permanent improvement in the company's core competitive position.
Quick answers to the most common questions about buying SIG stock.
For fiscal year 2026, Signet Jewelers Limited (SIG) reported total revenue of $6.81B. This represents a 371.9% increase compared to $1.44B in 1997.
Signet Jewelers Limited (SIG) is profitable, generating $294.4M in net income for the fiscal year ending 2026 with a net profit margin of 4.3%.
Signet Jewelers Limited (SIG) reported an operating income of $524.6M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Signet Jewelers Limited (SIG) generated $2.70B in gross profit for the year, representing a gross profit margin of 39.6%. This demonstrates the company's core pricing power and production efficiency.