Short answer
Leslie's Inc (LESL) filed its fiscal 2025 10-K annual report with the SEC on Dec 18, 2025. It reported revenue of $1.2B (−6.6% year over year) and net income of −$237M.
- Top risk flagged: U.S.-China tariff escalation: supply-chain disruption and higher product costs threatening discretionary demand
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- −6.6% YoY
- Net income
- −$237M
- −913.6% YoY
- Operating margin
- -13.7%
- −18.0 pp YoY
- Gross margin
- 35.4%
- −0.4 pp YoY
- EPS (diluted)
- −$25.57
- −19569.2% YoY
- ROE
- 58.1%
- +44.9 pp YoY
- Operating cash flow
- $9M
- −91.8% YoY
Source: XBRL data from the Leslie's Inc (LESL) FY2025 10-K on SEC EDGAR. USD.
Leslie's Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Direct-to-consumer pool and spa aftermarket leader, combining 1,000+ stores, digital commerce, services, proprietary brands, and vertical integration
- Fiscal 2025 emphasis: same-day delivery trial and redesigned Pool Perks loyalty program with three tiers
- Strategic shift toward speed and convenience: Phoenix fulfillment reduced Ship-to-Home times from days to hours or minutes
- Network includes 3,700+ associates and locations within 20 miles of 80% of U.S. pools
- Distinctive ecosystem: 12 million consumers, 25,000+ products, and AccuBlue Home connected water testing linked to treatment purchases
Management Discussion & Analysis
- Revenue $1,241.9M, down $88.2M or 6.6% YoY, with comparable sales down 6.8%
- Gross margin 35.4% vs 35.8%; operating margin (13.7%) vs 4.3%, including $183.8M impairment
- Adjusted EBITDA $61.4M vs $108.7M; net loss $237.0M vs $23.4M
- Key risks: tariffs, supply-chain disruption, inflation, interest rates, and consumer cost-consciousness
Risk Factors
- U.S.-China tariff escalation: supply-chain disruption and higher product costs threatening discretionary demand
- Seasonal April-September revenue concentration: adverse weather or disruptions during peak months disproportionately affecting results
- Chemical packaging and storage: accidents creating liability exposure and increased operating costs
- Amazon, Home Depot, Lowe’s, Walmart and Costco: greater scale and convenience intensifying pool-product price competition
- Substantial indebtedness: higher interest rates increasing borrowing and refinancing costs
Generated from the filing text; verify against the original. How to read a 10-K
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