Abercrombie & Fitch
ANF NYSE Apparel Retail Financials FY2016–FY2025
Abercrombie & Fitch's revenue rose 6.4% to $5.3 billion in fiscal 2025. Its operating margin was 13.3%, down from 15.0% a year earlier. Free cash flow was $378 million, down 28.3%. It paid out $451 million in dividends and buybacks, 119% of free cash flow. The diluted share count fell 8.5%.
About these figures. Interest coverage for fiscal 2025 is left blank: Abercrombie & Fitch repaid its notes in 2024, so its fiscal 2025 filing reports no interest expense.
What Abercrombie & Fitch does
Abercrombie & Fitch sells clothing, personal care products such as fragrance, and accessories for men, women and kids. It has two brand families: Abercrombie, which includes Abercrombie & Fitch, abercrombie kids and Your Personal Best, and Hollister, which includes Hollister and Gilly Hicks. It sells mainly through its own stores and websites and apps, and can ship to customers in more than 105 countries.
The company reports three regional segments: the Americas; Europe, the Middle East and Africa; and Asia-Pacific. Most Abercrombie brand sales are made online, while most Hollister sales happen in stores. It also earns money through franchise partners who run stores in places such as the Middle East, Central America, South America and Asia, through wholesale partners, and by licensing its brands for products such as eyewear and fragrance. Abercrombie & Fitch says it competes with specialty clothing chains, department stores, discount, fast-fashion and off-price retailers, social media shopping, and online-only brands.
At January 31, 2026, it ran 829 stores, all in leased spaces, and franchisees ran 60 more. It employed about 43,200 people, about 36,600 of them part-time. Outside vendors make its goods: about 124 vendors in 15 countries in fiscal 2025, with about 37% of merchandise costs from vendors in Vietnam and 26% from Cambodia.
- Legal name
- Abercrombie & Fitch Co.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 26, 2026
- Accession · CIK
- 0001018840-26-000012
0001018840
Revenue and margins
Abercrombie & Fitch had $5.3B of revenue in fiscal 2025, up 6.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 77.4% 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 $378M in fiscal 2025, 7.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Abercrombie & Fitch returned $451M to shareholders in fiscal 2025, 119% of free cash flow. The diluted share count fell 8.5%.
Value Abercrombie & Fitch 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 $785M and divides by 48.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 13.4x · peers 16.9x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Abercrombie & Fitch can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $823M | $518M | $901M | $889M | $785M |
| Debt incl. finance leases | $304M | $297M | $222M | $0.0M | $0.0M |
| Net debt / EBITDA | −1.1x | −1.0x | −1.1x | −1.0x | −0.9x |
| Debt / equity | 0.4x | 0.4x | 0.2x | 0.0x | 0.0x |
| Interest coverage | 9.0x | 3.1x | 16.0x | 77.8x | — |
| Current ratio | 1.5x | 1.4x | 1.6x | 1.5x | 1.5x |
| Quick ratio | 1.0x | 0.8x | 1.1x | 1.0x | 1.0x |
| Total assets | $2.9B | $2.7B | $3.0B | $3.3B | $3.5B |
| Total liabilities | $2.1B | $2.0B | $1.9B | $1.9B | $2.1B |
| Shareholders' equity | $826M | $695M | $1.0B | $1.3B | $1.4B |
| Net debt (− = net cash) | −$520M | −$221M | −$679M | −$889M | −$785M |
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
$20.5M
5 insiders
Of sales under plans
69%
$14.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Scott D. LipeskyEVP and COO | Sold | 2,000 | $146.82 | $0.3M | Form 4 |
| Aug 28, 2026 | Gregory J HenchelEVP, Chief Legal Off & Secy | Sold | 30,000 | $146.65 | $4.4M | Form 4 |
| Aug 28, 2026 | Jay RustEVP, Chief HR Officer | Sold | 5,000 | $147.50 | $0.7M | Form 4 |
| Aug 28, 2026 | Kenneth B. RobinsonDirector | Sold | 800 | $149.69 | $0.1M | Form 4 |
| Aug 28, 2026 | Scott D. LipeskyEVP and COO | Sold | 5,000 | $149.00 | $0.7M | Form 4 |
| Aug 10, 2026 | Scott D. LipeskyEVP and COO | Sold plan | 10,000 | $115.00 | $1.2M | Form 4 |
| Aug 4, 2026 | Scott D. LipeskyEVP and COO | Sold plan | 10,000 | $110.00 | $1.1M | Form 4 |
| Jul 28, 2026 | Scott D. LipeskyEVP and COO | Sold plan | 10,000 | $105.00 | $1.1M | Form 4 |
| Jul 16, 2026 | Scott D. LipeskyEVP and COO | Sold plan | 10,000 | $100.00 | $1.0M | Form 4 |
| Feb 6, 2026 | Fran HorowitzChief Executive Officer, Director | Sold plan | 29,769 | $100.00 | $3.0M | Form 4 |
| Feb 5, 2026 | Fran HorowitzChief Executive Officer, Director | Sold plan | 17,031 | $102.00 | $1.7M | Form 4 |
| Feb 4, 2026 | Fran HorowitzChief Executive Officer, Director | Sold plan | 50,000 | $103.66 | $5.2M | 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 / 8 | 5 / 8 |
| Accruals ratio | −11.4% | −4.6% | −3.3% |
| Altman Z'' | 5.82 | 6.48 | 6.44 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Abercrombie & Fitch ANF | $6.9B | 6.4% | 13.3% | 7.2% | 91.0% | 13.4x | 5 | |
| American Eagle Outfitters AEO | $3.0B | 4.1% | 4.1% | 3.5% | 11.5% | 9.1x | 4 | 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 | $3.3B | $3.5B | $3.6B | $3.6B | $3.1B | $3.7B | $3.7B | $4.3B | $4.9B | $5.3B |
| Gross profit | $2.0B | $2.1B | $2.2B | $2.2B | $1.9B | $2.3B | $2.1B | $2.7B | — | — |
| Operating income | $15.2M | $72.0M | $127M | $70.1M | −$20.5M | $343M | $92.6M | $485M | $741M | $699M |
| Interest expense | $23.1M | $23.0M | $22.8M | $19.9M | $31.7M | $38.0M | $30.2M | $30.4M | $9.5M | $0.0M |
| Pretax income | $3.8M | $3.4M | $4.3M | $4.3M | −$48.7M | $309M | $67.0M | $484M | $769M | $721M |
| Income tax | −$11.2M | $44.6M | $37.6M | $17.4M | $60.2M | $38.9M | $56.6M | $149M | $195M | $206M |
| Net income | $4.0M | $7.1M | $74.5M | $39.4M | −$114M | $263M | $2.8M | $328M | $566M | $507M |
| Diluted EPS | $0.06 | $0.10 | $1.08 | $0.60 | −$1.82 | $4.20 | $0.05 | $6.22 | $10.69 | $10.46 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.06B | 0.06B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $185M | $288M | $353M | $301M | $405M | $278M | −$2.3M | $653M | $710M | $619M |
| Capital expenditure | $141M | $107M | $152M | $203M | $102M | $97.0M | $165M | $158M | $183M | $241M |
| Free cash flow | $44.3M | $181M | $201M | $97.9M | $303M | $181M | −$167M | $496M | $527M | $378M |
| Depreciation and amortization | $195M | $195M | $178M | $174M | $166M | $144M | $132M | $141M | $154M | $155M |
| Stock-based compensation | $22.1M | $22.1M | $21.8M | $14.0M | $18.7M | $29.3M | $29.0M | $40.1M | $38.7M | $39.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $68.7M | $63.5M | $15.2M | $377M | $126M | $0.0M | $230M | $451M |
| Dividends paid | $54.1M | $54.4M | $53.7M | $51.5M | $12.6M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $54.1M | $54.4M | $122M | $115M | $27.7M | $377M | $126M | $0.0M | $230M | $451M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $547M | $676M | $723M | $671M | $1.1B | $823M | $518M | $901M | $889M | $785M |
| Total debt | $263M | $250M | $250M | $232M | $344M | $304M | $297M | $222M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.1B | $1.3B | $1.3B | $1.3B | $1.7B | $1.5B | $1.2B | $1.5B | $1.7B | $1.7B |
| Current liabilities | $486M | $508M | $559M | $815M | $959M | $1.0B | $902M | $967M | $1.1B | $1.1B |
| Inventory | $400M | $424M | $438M | $434M | $404M | $526M | $506M | $470M | $575M | $601M |
| Property and equipment, net | $825M | $738M | $695M | $665M | $551M | $508M | $552M | $538M | $576M | $674M |
| Total assets | $2.3B | $2.3B | $2.4B | $3.5B | $3.3B | $2.9B | $2.7B | $3.0B | $3.3B | $3.5B |
| Total liabilities | $1.0B | $1.1B | $1.2B | $2.5B | $2.4B | $2.1B | $2.0B | $1.9B | $1.9B | $2.1B |
| Shareholders' equity | $1.3B | $1.3B | $1.2B | $1.1B | $937M | $826M | $695M | $1.0B | $1.3B | $1.4B |
| Margins | ||||||||||
| Gross margin | 61.0% | 59.7% | 60.2% | 59.4% | 60.5% | 62.3% | 56.9% | 62.9% | — | — |
| Operating margin | 0.5% | 2.1% | 3.6% | 1.9% | −0.7% | 9.2% | 2.5% | 11.3% | 15.0% | 13.3% |
| EBITDA margin | 6.3% | 7.6% | 8.5% | 6.7% | 4.7% | 13.1% | 6.1% | 14.6% | 18.1% | 16.2% |
| Net margin | 0.1% | 0.2% | 2.1% | 1.1% | −3.7% | 7.1% | 0.1% | 7.7% | 11.4% | 9.6% |
| FCF margin | 1.3% | 5.2% | 5.6% | 2.7% | 9.7% | 4.9% | −4.5% | 11.6% | 10.7% | 7.2% |
| Returns | ||||||||||
| Return on capital | 1.6% | 4.0% | 8.1% | 5.1% | −3.9% | — | 11.5% | 78.3% | 132.7% | 91.0% |
| Return on capital employed | 0.8% | 4.0% | 7.0% | 3.1% | −0.8% | 16.0% | 5.0% | 25.4% | 35.4% | 30.3% |
| Return on equity | 0.3% | 0.6% | 6.1% | 3.5% | −11.4% | 29.8% | 0.4% | 37.9% | 47.8% | 37.0% |
| Return on assets | 0.2% | 0.3% | 3.2% | 1.3% | −3.3% | 8.4% | 0.1% | 11.5% | 18.1% | 14.8% |
| Growth | ||||||||||
| Revenue growth | −5.5% | 5.0% | 2.8% | 0.9% | −13.7% | 18.8% | −0.4% | 15.8% | 15.6% | 6.4% |
| Net income growth | −88.9% | 79.3% | 950.8% | −47.2% | −389.7% | — | −98.9% | 11,552.1% | 72.6% | −10.5% |
| EPS growth | −88.2% | 66.7% | 980.0% | −44.4% | −403.3% | — | −98.8% | 12,340.0% | 71.9% | −2.2% |
| FCF growth | −73.4% | 307.6% | 11.0% | −51.2% | 209.5% | −40.3% | −192.3% | — | 6.4% | −28.3% |
| Share count change | −1.6% | 1.6% | −0.4% | −4.9% | −4.9% | 0.1% | −16.5% | 0.8% | 0.5% | −8.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | −1.4x | −1.6x | −1.6x | −1.8x | −5.2x | −1.1x | −1.0x | −1.1x | −1.0x | −0.9x |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.2x | 0.4x | 0.4x | 0.4x | 0.2x | 0.0x | 0.0x |
| Interest coverage | 0.7x | 3.1x | 5.6x | 3.5x | −0.7x | 9.0x | 3.1x | 16.0x | 77.8x | — |
| Current ratio | 2.3x | 2.5x | 2.4x | 1.6x | 1.7x | 1.5x | 1.4x | 1.6x | 1.5x | 1.5x |
| Quick ratio | 1.5x | 1.7x | 1.6x | 1.0x | 1.3x | 1.0x | 0.8x | 1.1x | 1.0x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.2% | 3.1% | 4.2% | 5.6% | 3.3% | 2.6% | 4.5% | 3.7% | 3.7% | 4.6% |
| Stock comp / revenue | 0.7% | 0.6% | 0.6% | 0.4% | 0.6% | 0.8% | 0.8% | 0.9% | 0.8% | 0.7% |
| Payouts / FCF | 122.0% | 30.1% | 61.0% | 117.5% | 9.2% | 208.7% | — | 0.0% | 43.6% | 119.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 7.0 | 8.0 | 5.0 | 5.0 | 7.0 | 3.0 | 8.0 | 6.0 | 5.0 |
| Altman Z'' | 6.7 | 7.0 | 6.9 | 3.5 | 3.9 | 5.0 | 4.2 | 5.8 | 6.5 | 6.4 |
| Accruals ratio | −7.7% | −12.1% | −11.8% | −8.8% | −15.1% | −0.5% | 0.2% | −11.4% | −4.6% | −3.3% |
Source: SEC EDGAR XBRL filings (CIK 0001018840). Data updated October 9, 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.