Short answer
Boot Barn Holdings, Inc. (BOOT) filed its fiscal 2025 10-K annual report with the SEC on May 15, 2025. It reported revenue of $1.9B (+14.6% year over year) and net income of $181M.
- Top risk flagged: U.S. tariffs on China, Mexico, Canada imports risk cost increases; May 2025 tariff reductions temporary, ongoing trade disputes threaten supply and margins
FY2025 key financial metrics · XBRL
- Revenue
- $1.9B
- +14.6% YoY
- Net income
- $181M
- +23.1% YoY
- Operating margin
- 12.5%
- +0.6 pp YoY
- Gross margin
- 37.5%
- +0.7 pp YoY
- EPS (diluted)
- $5.88
- +22.5% YoY
- ROE
- 16.0%
- +0.4 pp YoY
- Operating cash flow
- $148M
- −37.5% YoY
Source: XBRL data from the Boot Barn Holdings, Inc. (BOOT) FY2025 10-K on SEC EDGAR. USD.
Boot Barn Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Largest U.S. western and work lifestyle retailer with 459 stores in 49 states and complementary e-commerce platforms
- New emphasis: Omni-channel enhancements including in-store touch screens, same-day delivery, curbside pickup, and integrated online-offline shopping
- Strategic shift: Accelerated store expansion with 60 new stores opened in fiscal 2025 aiming to grow footprint to ~900 stores organically
- Quantitative highlight: 114 million e-commerce visits in fiscal 2025, up 33% from 86 million in fiscal 2024; loyalty program with 9.6 million members
- Noteworthy fact: No acquisitions in last three years despite historic growth via acquisition; solid focus on organic growth and infrastructure investments
Management Discussion & Analysis
- Revenue $1.911B, up 14.6% YoY from $1.667B; same store sales growth 5.5% (excluding e-commerce 5.0%)
- Gross profit $717.0M (+16.7%), margin 37.5% vs 36.9%; operating income $239.4M (+20.8%), margin 12.5% vs 11.9%
- Best segment: new stores and same store sales drove growth; store count 459 vs 400; no explicit worst segment noted
- Cash flow: operating cash $147.5M vs $236.1M prior year; capex $148.2M for store/distro center/tech; financing cash used $5.4M; $69.8M cash on hand
- Outlook: FY26 capex guidance $115-120M net; focus on omni-channel, same store sales, margin expansion, store base growth; no material debt outstanding, $250M revolver available
Risk Factors
- U.S. tariffs on China, Mexico, Canada imports risk cost increases; May 2025 tariff reductions temporary, ongoing trade disputes threaten supply and margins
- Exposure to Russia-Ukraine conflict sanctions may disrupt supply chain; potential broader geopolitical impact on global operations
- 25% of sales from top three suppliers; no long-term contracts risks abrupt supply cutoffs or price hikes amid inflation pressures
- Competitors with superior AI capabilities may outpace Boot Barn's e-commerce growth and customer engagement; AI implementation risks errors and brand damage
- Store expansion requires average $1.7M net cash investment; rapid openings risk cash flow strain and potential unprofitable store conversions
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