Burlington Stores, Inc. BURL
We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices. We opened our first store in Burlington, New Jersey in 1972, selling primarily coats and outerwear. Since then, we have expanded our store base to 1,212 stores as of January 31, 2026, in 46 states, Washington D.C. and Puerto Rico. We have diversified our product categories by offering an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers' prices, including: women's ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats.
We continue to focus on several ongoing strategic initiatives aimed at operating with flexibility, responsiveness, and efficiency in everything we do, while delivering great value to our customers through continued improvement in the execution of our off-price model. These initiatives include, but are not limited to, those discussed under "Ongoing Initiatives for Fiscal 2026" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
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 | $11.55B | $10.62B | $9.71B | $8.68B | $9.31B | $5.75B | $7.26B | $6.64B | $6.08B | $5.57B |
| Cost of revenue | $6.49B | $6.03B | $5.58B | $5.17B | $5.44B | $3.56B | $4.23B | $3.87B | $3.56B | $3.30B |
| Gross profit | $5.06B | $4.59B | $4.12B | $3.51B | $3.87B | $2.20B | $3.03B | $2.77B | $2.53B | $2.27B |
| SG&A | $3.82B | $3.55B | $3.29B | $2.88B | $2.87B | $2.33B | $2.23B | $2.02B | $1.86B | $1.72B |
| Total operating expenses | $10.75B | $9.96B | $9.26B | $8.40B | $8.78B | $6.20B | $6.71B | $6.16B | $5.68B | $5.26B |
| Interest expense | $71.0M | $69.5M | $78.4M | — | — | — | — | — | — | — |
| Pre-tax income | $816.1M | $674.8M | $465.8M | $307.5M | $545.3M | -$437.6M | $580.5M | $507.6M | $429.0M | $333.2M |
| Income tax | $206.0M | $171.2M | $126.1M | $77.4M | $136.5M | $221.1M | $115.4M | $92.8M | $44.1M | $117.3M |
| Net income | $610.2M | $503.6M | $339.6M | $230.1M | $230.1M | -$216.5M | $465.1M | $414.7M | $384.9M | $215.9M |
| EPS, basic | 9.69 | 7.91 | 5.25 | 3.51 | 6.14 | -3.28 | 7.05 | 6.21 | 5.64 | 3.06 |
| EPS, diluted | 9.51 | 7.80 | 5.23 | 3.49 | 6.00 | -3.28 | 6.91 | 6.04 | 5.48 | 3.01 |
| Shares, diluted (wtd. avg.) | $64.1M | $64.6M | $64.9M | $65.9M | $68.1M | $66.0M | $67.3M | $68.7M | $70.3M | $71.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.23B | $994.7M | $925.4M | $872.6M | $1.09B | $1.38B | $403.1M | $112.3M | $133.3M | $81.6M |
| Receivables | $105.3M | $88.1M | $74.4M | $71.1M | $54.1M | $62.2M | $91.5M | $58.8M | $71.6M | $43.3M |
| Inventory | $1.31B | $1.25B | $1.09B | $1.18B | $1.02B | $740.8M | $777.2M | $954.2M | $752.6M | $701.9M |
| Total current assets | $2.77B | $2.63B | $2.33B | $2.28B | $2.55B | $2.51B | $1.42B | $1.27B | $1.10B | $928.3M |
| Property, plant and equipment | $3.16B | $2.37B | $1.88B | $1.67B | $1.55B | $1.44B | $1.40B | $1.25B | $1.13B | $1.05B |
| Goodwill | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M |
| Other intangibles | — | — | — | — | — | — | $731.0K | $164.3M | $188.9M | $213.2M |
| Total assets | $9.92B | $8.77B | $7.71B | $7.27B | $7.09B | $6.78B | $5.59B | $3.08B | $2.81B | $2.57B |
| Accounts payable | $1.02B | $1.04B | $956.4M | $955.8M | $1.08B | $862.6M | $759.1M | $848.6M | $736.3M | $640.3M |
| Short-term debt | $50.6M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $2.25B | $2.27B | $2.03B | $1.91B | $1.95B | $1.68B | $1.46B | $1.25B | $1.12B | $996.8M |
| Long-term debt | $2.03B | $1.70B | $1.39B | $1.49B | $1.53B | $2.07B | $961.4M | — | — | — |
| Retained earnings | $2.10B | $1.49B | $984.1M | $644.4M | $414.3M | -$11.7M | $204.8M | -$260.9M | -$675.7M | -$1.06B |
| Total equity | $1.81B | $1.37B | $996.9M | $794.9M | $760.4M | $464.8M | $528.1M | $322.7M | $86.8M | -$49.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.23B | $863.4M | $868.7M | $596.4M | $833.2M | $219.2M | $891.7M | $639.7M | $607.2M | $615.9M |
| Depreciation and amortisation | $417.9M | $347.6M | $307.1M | $270.4M | $249.2M | $220.4M | $210.7M | $217.9M | $201.1M | $183.6M |
| Stock-based compensation | $106.7M | $87.6M | $83.9M | $67.5M | $58.5M | $55.8M | $43.9M | $35.5M | $27.0M | $16.0M |
| Capital expenditure | $1.06B | $880.4M | $492.6M | $447.4M | $352.5M | $273.3M | $328.4M | $295.8M | $268.2M | $187.5M |
| Investing cash flow | -$1.06B | -$882.3M | -$503.7M | -$423.1M | -$344.4M | -$274.1M | -$324.6M | -$298.5M | -$262.2M | -$180.4M |
| Financing cash flow | $61.5M | $88.2M | -$318.8M | -$391.7M | -$778.0M | $1.03B | -$291.6M | -$368.1M | -$293.4M | -$374.9M |
| Buybacks | $278.4M | $256.3M | $243.2M | $316.9M | $266.6M | $65.5M | $323.1M | $228.9M | $289.8M | $202.4M |
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 0001193125-26-116001.
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