Revenue of $71.6M in 2027Q2 and a 59.8% gross margin appear to reflect a partial recovery, yet operating margin of 5.8% remains thin and volatile against a backdrop of quarterly losses as deep as -34.6% in 2026Q1.
Vera Bradley, Inc. (VRA) annual income statement — 18-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 274.49M | 269.65M | 371.97M | 470.79M | 499.96M | 540.45M | 468.27M | 495.21M | 416.1M | 454.65M | 485.94M | 502.6M | 508.99M | 530.9M | 535.67M | 460.84M | 366.06M | 288.94M | 238.58M |
| Revenue Growth % | -6.3% | -27.51% | -20.99% | -5.84% | -7.49% | 15.41% | -5.44% | 19.01% | -8.48% | -6.44% | -3.31% | -1.26% | -4.13% | -0.89% | 16.24% | 25.89% | 26.69% | 21.11% | - |
| Cost of Goods Sold | 136.07M | 144.61M | 185.13M | 214.37M | 261.02M | 252.51M | 202.75M | 223.41M | 177.51M | 200.64M | 209.89M | 221.41M | 239.98M | 238.68M | 231.13M | 203.22M | 156.91M | 137.8M | 115.47M |
| COGS % of Revenue | - | 53.63% | 49.77% | 45.54% | 52.21% | 46.72% | 43.3% | 45.11% | 42.66% | 44.13% | 43.19% | 44.05% | 47.15% | 44.96% | 43.15% | 44.1% | 42.86% | 47.69% | 48.4% |
| Gross Profit | 138.42M | 125.04M | 186.84M | 256.41M | 238.94M | 287.94M | 265.52M | 271.8M | 238.59M | 254.01M | 276.05M | 281.19M | 269.01M | 292.21M | 304.53M | 257.62M | 209.15M | 151.14M | 123.1M |
| Gross Margin % | 50.43% | 46.37% | 50.23% | 54.46% | 47.79% | 53.28% | 56.7% | 54.89% | 57.34% | 55.87% | 56.81% | 55.95% | 52.85% | 55.04% | 56.85% | 55.9% | 57.14% | 52.31% | 51.6% |
| Gross Profit Growth % | - | -33.08% | -27.13% | 7.31% | -17.02% | 8.45% | -2.31% | 13.92% | -6.07% | -7.98% | -1.83% | 4.53% | -7.94% | -4.05% | 18.21% | 23.18% | 38.38% | 22.77% | - |
| Operating Expenses | 146.99M | 152.61M | 229.19M | 245.97M | 333.81M | 261.03M | 252.45M | 252.33M | 211.49M | 239.03M | 247.83M | 234.47M | 204.94M | 196.46M | 190.86M | 161.45M | 155.83M | 105.42M | 95.91M |
| OpEx % of Revenue | - | 56.6% | 61.62% | 52.25% | 66.77% | 48.3% | 53.91% | 50.95% | 50.83% | 52.57% | 51% | 46.65% | 40.26% | 37% | 35.63% | 35.03% | 42.57% | 36.49% | 40.2% |
| Selling, General & Admin | 148.77M | 157.14M | 221.21M | 241.46M | 263.62M | 261.99M | 252.59M | 253.43M | 211.98M | 239.81M | 249.16M | 236.84M | 208.68M | 201.23M | 197.14M | 169.43M | 163.05M | 116.17M | 109.19M |
| SG&A % of Revenue | - | 58.28% | 59.47% | 51.29% | 52.73% | 48.48% | 53.94% | 51.18% | 50.95% | 52.75% | 51.27% | 47.12% | 41% | 37.9% | 36.8% | 36.76% | 44.54% | 40.2% | 45.77% |
| Research & Development | 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 | -1.66M | -4.53M | 7.99M | 4.51M | 70.2M | -961K | -135K | -1.1M | -498K | -782K | -1.33M | -2.37M | -3.74M | -4.78M | -6.28M | -7.97M | -7.22M | -10.74M | -13.28M |
| Operating Income | -8.46M | -27.58M | -42.36M | 10.44M | -94.87M | 26.91M | 13.06M | 19.47M | 27.1M | 14.98M | 28.22M | 46.72M | 64.07M | 95.76M | 113.67M | 96.17M | 53.32M | 45.71M | 27.19M |
| Operating Margin % | -3.08% | -10.23% | -11.39% | 2.22% | -18.98% | 4.98% | 2.79% | 3.93% | 6.51% | 3.3% | 5.81% | 9.3% | 12.59% | 18.04% | 21.22% | 20.87% | 14.57% | 15.82% | 11.4% |
| Operating Income Growth % | - | 34.89% | -505.63% | 111.01% | -452.54% | 105.98% | -32.91% | -28.14% | 80.9% | -46.91% | -39.6% | -27.08% | -33.09% | -15.76% | 18.2% | 80.37% | 16.64% | 68.11% | - |
| EBITDA | 18.65M | 416K | -12.06M | 42.35M | -61.17M | 59.82M | 56.69M | 65.25M | 43.64M | 34.55M | 47.74M | 66.14M | 78.87M | 110.86M | 124.5M | 105.63M | 61.73M | 56.38M | 34.54M |
| EBITDA Margin % | 6.79% | 0.15% | -3.24% | 9% | -12.24% | 11.07% | 12.11% | 13.18% | 10.49% | 7.6% | 9.82% | 13.16% | 15.5% | 20.88% | 23.24% | 22.92% | 16.86% | 19.51% | 14.48% |
| EBITDA Growth % | 178.28% | 103.45% | -128.48% | 169.23% | -202.26% | 5.53% | -13.13% | 49.51% | 26.31% | -27.62% | -27.83% | -16.14% | -28.86% | -10.96% | 17.87% | 71.11% | 9.49% | 63.23% | - |
| D&A (Non-Cash Add-back) | 27.11M | 27.99M | 30.3M | 31.91M | 33.7M | 32.91M | 43.62M | 45.77M | 16.54M | 19.57M | 19.52M | 19.42M | 14.8M | 15.1M | 10.83M | 9.46M | 8.41M | 10.67M | 7.35M |
| EBIT | -9.46M | -27.58M | -33.52M | 15.87M | -24.21M | 26.91M | 13.06M | 19.47M | 27.1M | 14.98M | 28.22M | 46.72M | 64.07M | 95.76M | 113.67M | 96.17M | 53.32M | 45.71M | 27.19M |
| Net Interest Income | 27K | -462K | 1.12M | 890K | -153K | -263K | -1.2M | 1.08M | 1.13M | 413K | -178K | -263K | -407K | -382K | -679K | -1.15M | -1.63M | -1.6M | -2.51M |
| Interest Income | 227K | 0 | 1.12M | 890K | 0 | 0 | 0 | 1.19M | 1.13M | 413K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 200K | 462K | 0 | 0 | 153K | 263K | 1.2M | 100K | 0 | 0 | 378K | 263K | 407K | 382K | 679K | 1.15M | 1.63M | 1.6M | 2.51M |
| Other Income/Expense | -1.64M | -4.8M | 1.12M | 890K | -153K | -263K | -1.2M | 1.08M | 1.13M | 413K | -178K | -263K | -407K | -571K | -679K | -1.15M | -1.63M | -1.6M | -2.51M |
| Pretax Income | -10.1M | -32.37M | -41.24M | 11.33M | -95.02M | 26.65M | 11.86M | 20.56M | 28.23M | 15.39M | 28.04M | 46.46M | 63.66M | 95.19M | 112.99M | 95.02M | 51.69M | 44.11M | 24.68M |
| Pretax Margin % | -3.68% | -12.01% | -11.09% | 2.41% | -19.01% | 4.93% | 2.53% | 4.15% | 6.78% | 3.39% | 5.77% | 9.24% | 12.51% | 17.93% | 21.09% | 20.62% | 14.12% | 15.27% | 10.34% |
| Income Tax | -68K | 303K | 20.95M | 3.49M | -15.64M | 6.43M | 1.17M | 5.32M | 7.47M | 8.38M | 8.28M | 18.9M | 22.83M | 35.06M | 40.6M | 37.1M | 5.5M | 889K | 1.01M |
| Effective Tax Rate % | 0.67% | -0.94% | -50.8% | 30.83% | 16.46% | 24.13% | 9.89% | 25.85% | 26.46% | 54.42% | 29.54% | 40.68% | 35.86% | 36.83% | 35.93% | 39.05% | 10.63% | 2.02% | 4.09% |
| Net Income | -10.03M | -47.84M | -62.19M | 7.84M | -59.73M | 17.84M | 8.68M | 16.05M | 20.76M | 7.02M | 19.76M | 27.56M | 38.45M | 58.81M | 68.87M | 57.92M | 46.2M | 43.22M | 23.67M |
| Net Margin % | -3.66% | -17.74% | -16.72% | 1.66% | -11.95% | 3.3% | 1.85% | 3.24% | 4.99% | 1.54% | 4.07% | 5.48% | 7.55% | 11.08% | 12.86% | 12.57% | 12.62% | 14.96% | 9.92% |
| Net Income Growth % | 89.75% | 23.07% | -893.42% | 113.12% | -434.88% | 105.48% | -45.9% | -22.69% | 195.85% | -64.49% | -28.3% | -28.33% | -34.62% | -14.6% | 18.9% | 25.38% | 6.89% | 82.58% | - |
| Net Income (Continuing) | -10.03M | -32.68M | -62.19M | 7.84M | -79.38M | 20.22M | 10.69M | 15.24M | 20.76M | 7.02M | 19.76M | 27.56M | 40.84M | 60.13M | 72.39M | 57.92M | 46.2M | 43.22M | 23.67M |
| Discontinued Operations | 0 | -15.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.39M | -1.32M | -3.52M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 10.71M | 30.97M | 29.81M | 30.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -1.71 | -2.15 | 0.25 | -2.52 | 0.52 | 0.26 | 0.47 | 0.59 | 0.19 | 0.53 | 0.71 | 0.95 | 1.45 | 1.70 | 1.43 | 1.25 | 1.22 | 0.67 |
| EPS Growth % | 89.56% | 20.47% | -960% | 109.92% | -584.62% | 100% | -44.68% | -20.34% | 210.53% | -64.15% | -25.35% | -25.26% | -34.48% | -14.71% | 18.88% | 14.4% | 2.46% | 82.09% | - |
| EPS (Basic) | - | -1.71 | -2.15 | 0.25 | -2.52 | 0.53 | 0.26 | 0.47 | 0.59 | 0.20 | 0.54 | 0.71 | 0.95 | 1.45 | 1.70 | 1.43 | 1.25 | 1.22 | 0.67 |
| Diluted Shares Outstanding | 30M | 28.76M | 28.93M | 31.31M | 31.5M | 34.44M | 33.91M | 34.29M | 35.47M | 36.03M | 36.97M | 38.86M | 40.63M | 40.65M | 40.57M | 40.54M | 36.85M | 35.44M | 35.44M |
| Basic Shares Outstanding | 28.55M | 27.96M | 28.93M | 30.83M | 31.5M | 33.78M | 33.39M | 33.98M | 35.22M | 35.92M | 36.84M | 38.8M | 40.57M | 40.6M | 40.54M | 40.51M | 36.81M | 35.44M | 35.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 287.42% | 59.24% | 101.89% |
Quick answers to the most common questions about buying VRA stock.
For fiscal year 2026, Vera Bradley, Inc. (VRA) reported total revenue of $269.7M. This represents a 13.0% increase compared to $238.6M in 2009.
Vera Bradley, Inc. (VRA) reported a net loss of $47.8M for the fiscal year ending 2026.
Vera Bradley, Inc. (VRA) reported an operating income of $-27.6M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Vera Bradley, Inc. (VRA) generated $125.0M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and volatile margins
Metrics are mathematically derived from official filings.
Revenue Recovery Remains Uneven and Fragile
Based on reported quarterly figures, VRA's revenue of $71.6M in 2027Q2 grew only 1.1% year over year, following a sharp 24-28% contraction across most of 2025 and 2026 quarters.
The reported revenue series shows a pattern of intermittent rebounds that have not yet established a durable upward trend. Quarters such as 2026Q4 at $84.9M and 2027Q2 at $71.6M suggest seasonal peaks that are not consistently exceeded year over year. The data appears to indicate a business still searching for stabilization, and investors should monitor whether the near-flat growth in the latest quarter represents the beginning of recovery or a temporary pause.
Gross Margin Volatility Signals Weak Pricing Control
As reported in the income statement, VRA's gross margin swung between 42.1% and 59.8% over the last ten quarters, a range that appears wide relative to the stable margins typically associated with branded accessory makers.
The swings in gross margin may reflect promotional intensity, inventory liquidation, or shifts in product mix, though the filings alone do not isolate these drivers. Peer data shows Tapestry at 77.8% and Capri at 58.9%, suggesting VRA lacks the pricing power enjoyed by stronger brand owners. Investors should treat the latest 59.8% reading cautiously, since it may not hold if discounting resumes.
Fixed Overhead Absorbs Any Revenue Gains
Based on VRA's reported figures, SG&A has remained between $34.1M and $59.6M per quarter, leaving operating margin negative in most recent periods despite gross profit of $42.8M in 2027Q2.
SG&A appears largely fixed in dollar terms, so revenue fluctuations flow through to operating income with heavy amplification in both directions. The 2027Q2 operating profit of $4.2M was achieved only because gross profit recovered sharply, not because overhead declined. This suggests limited operating leverage on the upside and a high break-even revenue level that warrants further investigation.
Net Income Diverges Sharply From Operating Results
As reported in financial statements, VRA's 2026Q1 net loss of $33.5M was nearly double its operating loss of $17.9M, a gap that may reflect non-operating or tax-related items not separately disclosed in the supplied data.
The divergence between operating and net results in several quarters suggests material non-operating charges or tax effects that the provided data does not itemize. Quarterly EPS swings from -1.69 to 0.19 reinforce the view that reported earnings may be noisy. Investors should avoid extrapolating any single quarter and should examine the reconciliation between operating and net income before relying on EPS trends.
Bear Case Centers on Sustained Losses
Based on reported quarterly results, VRA recorded operating losses in seven of the last ten quarters, with net losses in six, which challenges any narrative of imminent earnings recovery.
A skeptical analyst would argue that the modest profitable quarters in 2025Q2, 2027Q2, and 2026Q4 are exceptions rather than evidence of a turnaround. With peer FOSL showing negative net margin and CPRI at a 2.6% net margin, VRA's sector context does not offer a clear benchmark for recovery. The bear case rests on whether fixed overhead can be reduced fast enough to make profitability sustainable at current revenue levels.