Boot Barn Holdings, Inc. BOOT
We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. With 539 stores in 49 states as of March 28, 2026, we have more than four times as many stores as
our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 1,200 stores. Our stores, which are typically freestanding or located in strip centers, average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. We target a broad and growing demographic, ranging from passionate western and country enthusiasts to workers seeking dependable, high-quality footwear and apparel. We strive to offer an authentic, one-stop shopping experience that fulfills the everyday lifestyle needs of our customers and, as a result, many of our customers make purchases in both the western and work wear sections of our stores. Our store environment, product offering and marketing materials represent the aesthetics of the true American West, country music and rugged, outdoor work. These threads are woven together in our vision, "To offer everyone a piece of the American spirit – one handshake at a time."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.25B | $1.91B | $1.67B | $1.66B | $1.49B | $893.5M | $845.6M | $776.9M | $677.9M | $629.8M |
| Cost of revenue | $1.40B | $1.19B | $1.05B | $1.05B | $913.2M | $598.6M | $569.1M | $525.4M | $470.0M | $439.9M |
| Gross profit | $858.4M | $717.0M | $614.4M | $610.6M | $575.1M | $294.9M | $276.5M | $251.4M | $207.9M | $189.9M |
| SG&A | $559.2M | $477.7M | $416.2M | $378.8M | $316.7M | $208.6M | $202.8M | $187.1M | $161.7M | $152.1M |
| Total operating expenses | — | — | — | — | — | — | — | — | $161.7M | $152.1M |
| Operating income | $299.1M | $239.4M | $198.2M | $231.8M | $258.3M | $86.3M | $73.7M | $64.3M | $46.3M | $37.8M |
| Interest expense | — | — | — | — | — | — | — | $16.3M | $15.1M | $14.7M |
| Pre-tax income | $300.6M | $240.1M | $197.4M | $225.9M | $252.6M | $77.2M | $60.3M | $48.0M | $31.2M | $23.1M |
| Income tax | $74.7M | $59.2M | $50.4M | $55.3M | $60.1M | $17.9M | $12.4M | $9.0M | $2.3M | $8.9M |
| Net income | $225.9M | $180.9M | $147.0M | $170.6M | $192.4M | $59.4M | $47.9M | $39.0M | $28.9M | $14.2M |
| EPS, basic | 7.40 | 5.93 | 4.87 | 5.72 | 6.51 | 2.05 | 1.68 | 1.39 | 1.08 | 0.54 |
| EPS, diluted | 7.35 | 5.88 | 4.80 | 5.62 | 6.33 | 2.01 | 1.64 | 1.35 | 1.05 | 0.53 |
| Shares, diluted (wtd. avg.) | $30.7M | $30.8M | $30.6M | $30.4M | $30.4M | $29.5M | $29.2M | $28.8M | $27.5M | $26.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $141.0M | $69.8M | $75.8M | $18.2M | $20.7M | $73.1M | $69.6M | $16.6M | $9.0M | $8.0M |
| Receivables | $15.3M | $10.3M | $10.0M | $13.1M | $9.7M | $12.8M | $12.1M | $8.1M | $4.4M | $4.4M |
| Inventory | $844.6M | $747.2M | $599.1M | $589.5M | $474.3M | $275.8M | $288.7M | $240.7M | $211.5M | $189.1M |
| Total current assets | $1.03B | $864.0M | $729.6M | $669.2M | $541.8M | $374.5M | $384.7M | $277.3M | $241.1M | $224.3M |
| Property, plant and equipment | $514.1M | $422.1M | $323.7M | $257.1M | $155.2M | $110.4M | $109.6M | $98.7M | $89.2M | $82.7M |
| Goodwill | $197.5M | $197.5M | $197.5M | $197.5M | $197.5M | $197.5M | $197.5M | $195.9M | $193.1M | $193.1M |
| Other intangibles | $59.0M | $58.7M | $58.7M | $60.8M | $60.8M | $60.9M | $61.0M | $62.8M | $63.4M | $64.5M |
| Total assets | $2.45B | $2.02B | $1.71B | $1.52B | $1.20B | $933.6M | $924.7M | $636.1M | $587.9M | $565.6M |
| Accounts payable | $142.1M | $134.4M | $132.9M | $134.2M | $131.4M | $104.6M | $95.3M | $105.0M | $90.0M | $77.5M |
| Total current liabilities | $391.0M | $353.3M | $312.8M | $374.8M | $336.5M | $221.7M | $312.6M | $151.9M | $151.0M | $147.8M |
| Total liabilities | $1.13B | $887.0M | $761.9M | $740.9M | $600.2M | $538.7M | $603.0M | $371.9M | $373.3M | $385.7M |
| Retained earnings | $1.13B | $904.0M | $723.0M | $576.0M | $405.5M | $213.0M | $153.6M | $105.7M | $66.7M | $37.8M |
| Total equity | $1.32B | $1.13B | $943.6M | $776.5M | $599.7M | $394.9M | $321.7M | $264.2M | $214.6M | $179.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $304.9M | $147.5M | $236.1M | $88.9M | $88.9M | $155.9M | $25.3M | $63.3M | $44.2M | $41.2M |
| Depreciation and amortisation | $78.7M | $62.5M | $49.5M | $35.9M | $27.3M | $24.1M | $21.2M | $18.3M | $16.0M | $14.6M |
| Stock-based compensation | $16.1M | $11.0M | $12.9M | $9.7M | $9.5M | $7.2M | $4.9M | $2.9M | $2.2M | $3.0M |
| Capital expenditure | $178.6M | $148.3M | $118.8M | $124.5M | $60.4M | $28.4M | $37.2M | $27.5M | $24.4M | $22.3M |
| Investing cash flow | -$178.8M | -$148.2M | -$118.8M | -$124.5M | -$60.4M | -$28.4M | -$40.2M | -$31.8M | -$23.6M | -$23.6M |
| Financing cash flow | -$54.8M | -$5.4M | -$59.6M | $33.2M | -$80.9M | -$123.9M | $67.8M | -$23.9M | -$19.7M | -$16.7M |
| Buybacks | $50.0M | — | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-084071.
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