BOOT earnings analysis
What we found in BOOT's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Boot Barn Holdings, Inc. reported strong financial growth in fiscal 2026, with revenues increasing by 17.9% to $2.25 billion and net income rising by 24.8% to $225.9 million. The company continues to expand its store footprint, having opened 80 new locations in FY 2026, while maintaining strong margins and a commitment to capital allocation through stock repurchases. Enhanced omni-channel capabilities and a focus on brand expansion are key components of the company's growth strategy.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Net sales increased by 17.9% to $2.25 billion in fiscal 2026.
- Improved EPS
- Diluted EPS reached $7.35, up from $5.88, a 25.0% increase.
- Strong Same-Store Sales
- Same-store sales grew by 7.2%, with e-commerce same-store sales increasing by 15.3%.
- Capital Expenditures
- Capex for FY 2027 is projected between $125M - $130M, net of lease incentives.
- Stock Buyback Program
- $50 million worth of shares were repurchased during fiscal 2026.
- Store Expansion
- 80 new stores opened in FY 2026, compared to 60 in FY 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geographic Concentration Risk
- 195 of 539 stores are in Arizona, California, and Texas, exposing the company to regional economic downturns.
- Cybersecurity Threats
- Ongoing risks include potential data breaches; failure to secure customer data may lead to significant reputational damage.
- Supplier Dependence
- 25% of sales depend on three suppliers; a disruption from any could severely affect inventory.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $7.35
- Gross margin
- 38.1%
- Operating margin
- 13.3%
What they said about what is next.
Capital expenditures estimated between $125M - $130M; annual outlook for revenue growth of 14% to 16% in FY 2027 deferred to earnings call.
The filing reads better than the one before it.
What came before.
- 10-Q · February 5, 2026
- Boot Barn reported a strong quarter with net sales of $705,643,000 (up $97,473,000 vs. $608,170,000 year-ago) and diluted EPS of $2.79 (vs. $2.43 year-ago). Gross margin expanded modestly to ~39.9% and operating income…
- 10-K · May 15, 2025
- Boot Barn emphasizes an omni-channel growth strategy anchored in a powerful lifestyle brand, rapid store expansion and higher-margin exclusive brands. The company reported 459 stores as of March 29, 2025, opened 60 new…
- 10-Q · January 31, 2025
- Boot Barn reported a strong quarter with net sales of $608,170 (thousands) and diluted EPS of $2.43, up versus the prior-year quarter. Gross margin expanded to 39.3% and operating margin to 16.4%, while cash and cash…
- 10-Q · August 8, 2024
- Boot Barn reported fiscal Q1 net sales of $423,386,000 and diluted EPS of $1.26 for the thirteen weeks ended June 29, 2024, versus $383,695,000 and $1.13 in the prior-year quarter. Operating income was $50,222,000 and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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