Brilliant Earth (BRLT) financial statements
Brilliant Earth reported revenue of $437M in fiscal 2025, up 13.8% a year over 6 years.
Net income was -$4M and the operating margin -1.2%, against -2.7% in 2019.
Free cash flow was $6M, and the company returned $4M in dividends and $456,000 in net buybacks.
The diluted share count fell 85% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Brilliant Earth's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $201M | $252M | $380M | $440M | $446M | $422M | $437M |
| Cost of revenue | $116M | $140M | $193M | $206M | $189M | $168M | $186M |
| Gross profit | $85M | $112M | $187M | $234M | $257M | $254M | $252M |
| Selling, general and admin | $90M | $86M | $147M | $211M | $253M | $143M | $151M |
| Operating income | -$5M | $27M | $40M | $23M | $4M | $3M | -$5M |
| Interest expense | $2M | $5M | $8M | $5M | $5M | $5M | $2M |
| Pre-tax income | -$8M | $22M | $26M | $19M | $4M | $4M | $3M |
| Income tax | $0 | $0 | -$316,000 | -$168,000 | -$431,000 | $160,000 | $10M |
| Net income | -$8M | $22M | $2M | $2M | $584,000 | $541,000 | -$4M |
| EPS (diluted) | — | — | — | $0.15 | $0.04 | $0.03 | -$0.25 |
| Diluted shares | — | — | — | 97M | 97M | 98M | 15M |
| Gross margin | 42.2% | 44.6% | 49.3% | 53.3% | 57.6% | 60.3% | 57.5% |
| Operating margin | -2.7% | 10.6% | 10.6% | 5.3% | 1.0% | 0.8% | -1.2% |
| Net margin | -3.9% | 8.6% | 0.4% | 0.5% | 0.1% | 0.1% | -0.8% |
Balance sheet
Fiscal years, from Brilliant Earth's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $40M | $66M | $173M | $155M | $156M | $162M | $79M |
| Inventory | — | $14M | $25M | $39M | $38M | $38M | $53M |
| Total current assets | — | $83M | $206M | $206M | $205M | $211M | $145M |
| Property, plant and equipment | — | $2M | $7M | $17M | $22M | $22M | $20M |
| Total assets | — | $85M | $218M | $263M | $274M | $281M | $201M |
| Total current liabilities | — | $39M | $93M | $75M | $77M | $78M | $90M |
| Long-term debt | — | $62M | $33M | $59M | $56M | $50M | $0 |
| Total liabilities | — | $104M | $135M | $169M | $176M | $172M | $121M |
| Shareholders' equity | — | $0 | $8M | $11M | $13M | $15M | $12M |
| Net debt | -$40M | -$4M | -$109M | -$92M | -$96M | -$106M | -$79M |
Cash flow
Fiscal years, from Brilliant Earth's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $567,000 | $27M | $46M | $15M | $26M | $18M | $10M |
| Capital spending | $678,000 | $584,000 | $6M | $9M | $12M | $5M | $4M |
| Free cash flow | -$111,000 | $26M | $40M | $5M | $14M | $13M | $6M |
| Stock-based compensation | $43,000 | $46,000 | $3M | $9M | $10M | $10M | $9M |
| Dividends paid | — | — | — | — | — | $0 | $4M |
| Share buybacks (net) | — | — | — | — | $0 | -$638,000 | -$456,000 |
| Net borrowing | — | — | — | $65M | $0 | — | — |
| Free cash flow margin | -0.1% | 10.4% | 10.6% | 1.2% | 3.2% | 3.0% | 1.3% |
| Dividends per share | — | — | — | — | — | — | $0.26 |
Questions
What was Brilliant Earth's revenue in 2025?
$437M in fiscal 2025, from its 10-K filing.
How much free cash flow does Brilliant Earth generate?
$6M in fiscal 2025 (operating cash flow minus capital spending).
From Brilliant Earth's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.