American Eagle Outfitters
AEO NYSE Apparel Retail Financials FY2016–FY2025
American Eagle Outfitters' revenue rose 4.1% to $5.5 billion in fiscal 2025. Its operating margin was 4.1%, down from 8.0% a year earlier. Free cash flow was $195 million, down 23.1%. It paid out $142 million in dividends and buybacks, 73% of free cash flow. The diluted share count fell 10.3%.
About these figures. American Eagle had no borrowings before its 2020 convertible notes, so its debt for earlier years counts as zero.
What American Eagle Outfitters does
American Eagle Outfitters is a clothing retailer. Its main brands are American Eagle, which sells casual clothing and is known for jeans, and Aerie, which sells intimates, apparel, activewear and swimwear, including the OFFLINE by Aerie line. It also owns Todd Snyder, a menswear brand, and Unsubscribed, a brand of what it calls slow fashion. It sells online and through stores in the U.S., Canada and Mexico.
At the end of fiscal 2025 it had 1,168 company-owned stores and 357 licensed store locations. Third parties run American Eagle and Aerie stores and online marketplace businesses under license in Asia, Europe, Latin America and the Middle East. The company reports two segments, the American Eagle brand and the Aerie brand. Todd Snyder and Unsubscribed are small enough to be shown together as Other. Revenue comes from selling clothing to customers in its stores, online and in shops within other stores.
As of January 31, 2026, it operated 805 American Eagle stores, 332 stand-alone Aerie stores, 23 Todd Snyder stores and eight Unsubscribed stores. In fiscal 2025 it decided to close Quiet Platforms, a business that ran its fulfillment centers and also served outside customers, as part of a supply chain project. AEO says it operates in a highly competitive industry and faces strong pricing pressure from existing and new competitors.
- Legal name
- American Eagle Outfitters, Inc.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 30, 2026
- Accession · CIK
- 0001193125-26-132097
0000919012
Revenue and margins
American Eagle Outfitters had $5.5B of revenue in fiscal 2025, up 4.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −0.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $195M in fiscal 2025, 3.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
American Eagle Outfitters returned $142M to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count fell 10.3%.
Value American Eagle Outfitters yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $197M and divides by 176.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 9.1x · peers 16.9x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably American Eagle Outfitters can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $435M | $170M | $454M | $359M | $239M |
| Debt incl. finance leases | $341M | $0.0M | $0.0M | $34.5M | $41.8M |
| Net debt / EBITDA | −0.1x | −0.4x | −1.0x | −0.5x | −0.4x |
| Debt / equity | 0.2x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 67.7x | 16.0x | 89.3x | 268.4x | 31.1x |
| Current ratio | 1.7x | 1.4x | 1.6x | 1.5x | 1.5x |
| Quick ratio | 1.0x | 0.7x | 0.9x | 0.8x | 0.7x |
| Total assets | $3.8B | $3.4B | $3.6B | $3.8B | $4.0B |
| Total liabilities | $2.4B | $1.8B | $1.8B | $2.1B | $2.3B |
| Shareholders' equity | $1.4B | $1.6B | $1.7B | $1.8B | $1.7B |
| Net debt (− = net cash) | −$93.8M | −$170M | −$454M | −$325M | −$197M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$34.6M
7 insiders
Of sales under plans
0%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 17, 2026 | David M. SableDirector | Sold plan | 5,779 | $17.23 | $0.1M | Form 4 |
| Jul 7, 2026 | Noel Joseph SpiegelDirector | Sold | 2,892 | $16.78 | $0.0M | Form 4 |
| Apr 6, 2026 | Cary D McMillanDirector | Sold | 2,887 | $17.23 | $0.0M | Form 4 |
| Apr 6, 2026 | Noel Joseph SpiegelDirector | Sold | 2,887 | $17.32 | $0.1M | Form 4 |
| Jan 22, 2026 | Jay L SchottensteinExec Chairman & CEO, Director | Sold | 21,236 | $26.23 | $0.6M | Form 4 |
| Jan 21, 2026 | Jay L SchottensteinExec Chairman & CEO, Director | Sold | 527,343 | $25.83 | $13.6M | Form 4 |
| Jan 21, 2026 | Noel Joseph SpiegelDirector | Sold | 1,896 | $25.67 | $0.0M | Form 4 |
| Jan 20, 2026 | Jay L SchottensteinExec Chairman & CEO, Director | Sold | 500,000 | $25.27 | $12.6M | Form 4 |
| Jan 14, 2026 | Cary D McMillanDirector | Sold | 1,896 | $26.22 | $0.0M | Form 4 |
| Dec 9, 2025 | James H Keefer JRSVP, Controller & CAO | Sold | 5,742 | $23.49 | $0.1M | Form 4 |
| Dec 8, 2025 | Marisa BaldwinEVP - CHRO | Sold | 61,319 | $22.41 | $1.4M | Form 4 |
| Dec 5, 2025 | Jennifer M. FoyleGlobal Brand President-aerie | Sold | 243,047 | $24.30 | $5.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 8 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −11.8% | −4.0% | −6.7% |
| Altman Z'' | 4.45 | 4.55 | 3.95 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| American Eagle Outfitters AEO | $3.0B | 4.1% | 4.1% | 3.5% | 11.5% | 9.1x | 4 | |
| Abercrombie & Fitch ANF | $6.9B | 6.4% | 13.3% | 7.2% | 91.0% | 13.4x | 5 | Compare → |
| Urban Outfitters URBN | $7.5B | 11.1% | 9.8% | 5.1% | 23.7% | 13.5x | 8 | Compare → |
| Victoria's Secret VSXY | $7.6B | 5.2% | 4.1% | 4.8% | 17.7% | 20.2x | 6 | Compare → |
| Burlington Stores BURL | $15.8B | 8.8% | — | 1.5% | 28.1% | 22.3x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.6B | $3.8B | $4.0B | $4.3B | $3.8B | $5.0B | $5.0B | $5.3B | $5.3B | $5.5B |
| Gross profit | $1.4B | $1.4B | $1.5B | $1.5B | $1.1B | $2.0B | $1.7B | $2.0B | $2.1B | $2.0B |
| Operating income | $332M | $303M | $337M | $233M | −$271M | $591M | $247M | $223M | $427M | $226M |
| Interest expense | $1.2M | $1.1M | $1.2M | $0.8M | $10.3M | $8.7M | $15.4M | $2.5M | $1.6M | $7.3M |
| Pretax income | $335M | $287M | $345M | $245M | −$292M | $559M | $179M | $239M | $440M | $249M |
| Income tax | $123M | $83.0M | $83.2M | $54.0M | −$83.0M | $139M | $53.4M | $69.8M | $113M | $63.9M |
| Net income | $212M | $204M | $262M | $191M | −$209M | $420M | $125M | $170M | $329M | $192M |
| Diluted EPS | $1.16 | $1.13 | $1.47 | $1.12 | −$1.26 | $2.03 | $0.64 | $0.86 | $1.68 | $1.09 |
| Diluted shares | 0.18B | 0.18B | 0.18B | 0.17B | 0.17B | 0.21B | 0.21B | 0.20B | 0.20B | 0.18B |
| Cash flow | ||||||||||
| Cash from operations | $366M | $394M | $457M | $415M | $203M | $304M | $406M | $581M | $477M | $456M |
| Capital expenditure | $162M | $170M | $189M | $210M | $128M | $234M | $260M | $174M | $223M | $261M |
| Free cash flow | $204M | $225M | $268M | $205M | $74.5M | $69.8M | $146M | $406M | $254M | $195M |
| Depreciation and amortization | $158M | $170M | $171M | $181M | $166M | $171M | $213M | $235M | $221M | $222M |
| Stock-based compensation | $29.1M | $16.9M | $27.5M | $23.0M | $32.8M | $38.2M | $39.0M | $51.1M | $39.6M | $39.4M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $358M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $87.7M | $144M | $112M | $20.0M | $0.0M | $9.8M | $10.7M | $191M | $56.9M |
| Dividends paid | $90.7M | $88.5M | $97.1M | $92.8M | $22.9M | $114M | $64.8M | $83.8M | $96.5M | $85.3M |
| Dividends and buybacks | $90.7M | $176M | $242M | $205M | $42.9M | $114M | $74.6M | $94.5M | $287M | $142M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $379M | $414M | $426M | $417M | $851M | $435M | $170M | $454M | $359M | $239M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $325M | $341M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $34.5M | $41.8M |
| Current assets | $901M | $969M | $1.0B | $1.0B | $1.5B | $1.4B | $1.1B | $1.4B | $1.4B | $1.3B |
| Current liabilities | $494M | $485M | $543M | $752M | $859M | $843M | $769M | $891M | $883M | $868M |
| Inventory | $358M | $398M | $424M | $446M | $405M | $554M | $585M | $641M | $637M | $702M |
| Property and equipment, net | $708M | $724M | $742M | $735M | $624M | $728M | $782M | $713M | $751M | $786M |
| Total assets | $1.8B | $1.8B | $1.9B | $3.3B | $3.4B | $3.8B | $3.4B | $3.6B | $3.8B | $4.0B |
| Total liabilities | $578M | $570M | $616M | $2.1B | $2.3B | $2.4B | $1.8B | $1.8B | $2.1B | $2.3B |
| Shareholders' equity | $1.2B | $1.2B | $1.3B | $1.2B | $1.1B | $1.4B | $1.6B | $1.7B | $1.8B | $1.7B |
| Margins | ||||||||||
| Gross margin | 37.9% | 36.1% | 36.9% | 35.3% | 30.5% | 39.8% | 35.0% | 38.5% | 39.2% | 36.5% |
| Operating margin | 9.2% | 8.0% | 8.4% | 5.4% | −7.2% | 11.8% | 5.0% | 4.2% | 8.0% | 4.1% |
| EBITDA margin | 13.6% | 12.4% | 12.6% | 9.6% | −2.8% | 15.2% | 9.2% | 8.7% | 12.2% | 8.1% |
| Net margin | 5.9% | 5.4% | 6.5% | 4.4% | −5.6% | 8.4% | 2.5% | 3.2% | 6.2% | 3.5% |
| FCF margin | 5.7% | 5.9% | 6.6% | 4.8% | 2.0% | 1.4% | 2.9% | 7.7% | 4.8% | 3.5% |
| Returns | ||||||||||
| Return on capital | 26.0% | 26.0% | 30.2% | 21.5% | −30.8% | 46.9% | 12.6% | 11.6% | 23.3% | 11.5% |
| Return on capital employed | 27.2% | 23.1% | 25.1% | 11.9% | −10.5% | 21.4% | 8.8% | 8.4% | 15.2% | 7.4% |
| Return on equity | 18.8% | 16.7% | 20.7% | 15.1% | −17.9% | 33.4% | 8.3% | 10.2% | 18.8% | 11.1% |
| Return on assets | 12.5% | 11.4% | 14.1% | 7.3% | −6.2% | 11.6% | 3.5% | 4.9% | 8.9% | 4.9% |
| Growth | ||||||||||
| Revenue growth | 2.5% | 5.1% | 6.3% | 6.8% | −12.8% | 33.3% | −0.4% | 5.5% | 1.3% | 4.1% |
| Net income growth | −2.6% | −3.9% | 28.3% | −27.0% | −209.4% | — | −70.2% | 35.9% | 93.7% | −41.7% |
| EPS growth | 4.5% | −2.6% | 30.1% | −23.8% | −212.5% | — | −68.5% | 34.4% | 95.4% | −35.1% |
| FCF growth | 8.2% | 10.2% | 19.0% | −23.4% | −63.7% | −6.3% | 109.0% | 178.4% | −37.4% | −23.2% |
| Share count change | −6.3% | −2.0% | −1.2% | −4.0% | −2.6% | 24.1% | −0.6% | −4.1% | −0.2% | −10.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.8x | −0.9x | −0.8x | −1.0x | — | −0.1x | −0.4x | −1.0x | −0.5x | −0.4x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.3x | 0.2x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 287.0x | 275.8x | 279.3x | 281.8x | −26.3x | 67.7x | 16.0x | 89.3x | 268.4x | 31.1x |
| Current ratio | 1.8x | 2.0x | 1.9x | 1.4x | 1.8x | 1.7x | 1.4x | 1.6x | 1.5x | 1.5x |
| Quick ratio | 1.1x | 1.2x | 1.2x | 0.8x | 1.3x | 1.0x | 0.7x | 0.9x | 0.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.5% | 4.5% | 4.7% | 4.9% | 3.4% | 4.7% | 5.2% | 3.3% | 4.2% | 4.7% |
| Stock comp / revenue | 0.8% | 0.4% | 0.7% | 0.5% | 0.9% | 0.8% | 0.8% | 1.0% | 0.7% | 0.7% |
| Payouts / FCF | 44.4% | 78.3% | 90.3% | 100.1% | 57.5% | 163.2% | 51.1% | 23.3% | 113.0% | 72.8% |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 5.0 | 7.0 | 5.0 | 4.0 | 6.0 | 5.0 | 8.0 | 6.0 | 4.0 |
| Altman Z'' | 8.2 | 8.6 | 8.6 | 3.8 | 3.0 | 4.5 | 4.1 | 4.5 | 4.6 | 4.0 |
| Accruals ratio | −9.0% | −10.6% | −10.5% | −8.6% | −12.2% | 3.2% | −7.8% | −11.8% | −4.0% | −6.7% |
Source: SEC EDGAR XBRL filings (CIK 0000919012). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.