Short answer
Williams-Sonoma, Inc. (WSM) filed its fiscal 2025 10-K annual report with the SEC on Mar 27, 2025. It reported revenue of $7.7B (−0.5% year over year) and net income of $1.1B.
- Top risk flagged: Tax risk: $32.4M gross unrecognized tax benefits, $26.3M impacting effective tax rate, potential $0-$3.4M decrease next 12 months
FY2025 key financial metrics · XBRL
- Revenue
- $7.7B
- −0.5% YoY
- Net income
- $1.1B
- +18.5% YoY
- Operating margin
- 18.5%
- +2.5 pp YoY
- Gross margin
- 46.5%
- +3.8 pp YoY
- EPS (diluted)
- $8.79
- −39.6% YoY
- ROE
- 52.5%
- +7.9 pp YoY
- Operating cash flow
- $1.4B
- −19.0% YoY
Source: XBRL data from the Williams-Sonoma, Inc. (WSM) FY2025 10-K on SEC EDGAR. USD.
Williams-Sonoma, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core omni-channel specialty retailer of high-quality home products with nine distinct brands sold via e-commerce, retail stores, and catalogs
- Introduced and emphasized GreenRow brand in 2023, focusing on sustainable materials and low-impact manufacturing processes
- Strategic priority on returning to growth via supply chain improvements, full-price selling, and margin enhancement through cost negotiations
- Operates 512 stores globally including 477 in North America and 35 across Australia and UK; supports 126 franchise locations in emerging international markets
- Approximately 82% of merchandise sourced internationally with significant foreign suppliers from China (23%), India (16%), and Vietnam (14%) in fiscal 2024
Management Discussion & Analysis
- Revenue $7.8B, down $39.1M or 0.5% YoY; company comp revenue declined 1.6% driven by 2.5% e-commerce comp drop
- Operating margin record high; diluted EPS $8.79 vs $7.28, up 20.8% driven by supply chain efficiencies and cost control
- Best segment: Emerging brands with double-digit comp growth; worst: Pottery Barn down 6.2% comp from reduced furniture demand
- Operating cash flow $1.4B; capital expenditures $221.6M; returned $1.1B via stock repurchases and dividends; cash balance $1.2B, no debt
- 2025 focus: organic growth via new products and collaborations, customer service improvements, disciplined SG&A, risks from weak housing, inflation, geopolitics
Risk Factors
- Tax risk: $32.4M gross unrecognized tax benefits, $26.3M impacting effective tax rate, potential $0-$3.4M decrease next 12 months
- Macroeconomic risk: impairment charges $3.9M in fiscal 2024 due to uncertain future profitability and economic conditions in retail sector
- Operational risk: inventory obsolescence reserves decreased from $23.6M to $19.6M, reflecting exposure to product demand shifts and market conditions
- Financial risk: income tax effective rate variability, 24.3% in 2024 vs 25.4% in 2023, influenced by geographic earnings mix and tax law changes
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