Carter’s (CRI) financial statements
Carter’s reported revenue of $2.9B in fiscal 2025, down 1.1% a year over 9 years.
Net income was $92M and the operating margin 5.0%, against 13.3% in 2016.
Free cash flow was $69M, and the company returned $56M in dividends.
The diluted share count fell 30% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carter’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.4B | $3.5B | $3.5B | $3.0B | $3.5B | $3.2B | $2.9B | $2.8B | $2.9B |
| Cost of revenue | $1.8B | $1.9B | $2.0B | $2.0B | $1.7B | $1.8B | $1.7B | $1.5B | $1.5B | $1.6B |
| Gross profit | $1.4B | $1.5B | $1.5B | $1.5B | $1.3B | $1.7B | $1.5B | $1.4B | $1.4B | $1.3B |
| Selling, general and admin | $995M | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.1B | $1.1B | $1.1B | $1.2B |
| Operating income | $426M | $420M | $391M | $372M | $190M | $497M | $379M | $323M | $255M | $144M |
| Interest expense | $27M | $30M | $35M | $38M | $56M | $60M | $43M | $34M | $31M | $34M |
| Pre-tax income | $395M | $391M | $356M | $328M | $135M | $438M | $317M | $302M | $231M | $114M |
| Income tax | $138M | $88M | $74M | $64M | $25M | $99M | $67M | $70M | $45M | $22M |
| Net income | $258M | $303M | $282M | $264M | $110M | $340M | $250M | $232M | $186M | $92M |
| EPS (diluted) | $5.08 | $6.24 | $6.00 | $5.85 | $2.50 | $7.81 | $6.34 | $6.24 | $5.12 | $2.53 |
| Diluted shares | 50M | 48M | 47M | 45M | 43M | 43M | 39M | 37M | 36M | 35M |
| Gross margin | 43.1% | 43.6% | 43.3% | 42.9% | 43.4% | 47.7% | 45.8% | 47.4% | 48.0% | 45.4% |
| Operating margin | 13.3% | 12.3% | 11.3% | 10.6% | 6.3% | 14.3% | 11.8% | 11.0% | 9.0% | 5.0% |
| Net margin | 8.1% | 8.9% | 8.1% | 7.5% | 3.6% | 9.7% | 7.8% | 7.9% | 6.5% | 3.2% |
Balance sheet
Fiscal years, from Carter’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $299M | $178M | $170M | $214M | $1.1B | $984M | $212M | $351M | $413M | $487M |
| Receivables | $202M | $241M | $258M | $251M | $187M | $231M | $199M | $184M | $195M | $179M |
| Inventory | — | $549M | $574M | $594M | $599M | $648M | $745M | $537M | $502M | $545M |
| Total current assets | $1.1B | $1.0B | $1.0B | $1.1B | $1.9B | $1.9B | $1.2B | $1.1B | $1.1B | $1.3B |
| Property, plant and equipment | $386M | $378M | $350M | $320M | $262M | $216M | $190M | $183M | $181M | $186M |
| Goodwill | $176M | $230M | $227M | $229M | $212M | $212M | $209M | $211M | $207M | $209M |
| Total assets | $1.9B | $2.1B | $2.1B | $2.8B | $3.4B | $3.2B | $2.4B | $2.4B | $2.4B | $2.6B |
| Total current liabilities | $278M | $331M | $327M | $476M | $793M | $717M | $529M | $512M | $509M | $506M |
| Long-term debt | $580M | $617M | $593M | $595M | $990M | $991M | $617M | $497M | $498M | $567M |
| Total liabilities | $1.2B | $1.2B | $1.2B | $1.9B | $2.5B | $2.2B | $1.6B | $1.5B | $1.6B | $1.6B |
| Shareholders' equity | $788M | $857M | $869M | $880M | $938M | $950M | $796M | $845M | $855M | $925M |
| Net debt | $281M | $439M | $423M | $380M | -$113M | $7M | $405M | $146M | $85M | $80M |
Cash flow
Fiscal years, from Carter’s's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $369M | $330M | $356M | $387M | $588M | $268M | $88M | $529M | $299M | $122M |
| Capital spending | $89M | $69M | $64M | $61M | $33M | $37M | $40M | $60M | $56M | $54M |
| Free cash flow | $281M | $260M | $292M | $326M | $556M | $231M | $48M | $469M | $243M | $69M |
| Stock-based compensation | $17M | $18M | $15M | $17M | $13M | $21M | $22M | $19M | $18M | $20M |
| Dividends paid | $66M | $71M | $84M | $90M | $26M | $60M | $118M | $112M | $116M | $56M |
| Share buybacks (net) | -$300M | -$189M | -$193M | -$197M | -$45M | -$299M | -$300M | -$100M | -$51M | $0 |
| Net borrowing | — | — | $0 | $0 | $500M | $0 | $0 | — | — | — |
| Free cash flow margin | 8.8% | 7.7% | 8.4% | 9.3% | 18.4% | 6.6% | 1.5% | 15.9% | 8.5% | 2.4% |
| Dividends per share | $1.32 | $1.47 | $1.79 | $2.00 | $0.60 | $1.40 | $3.04 | $3.06 | $3.27 | $1.59 |
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Open CRI in InvestinglyQuestions
What was Carter’s's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Carter’s generate?
$69M in fiscal 2025 (operating cash flow minus capital spending).
From Carter’s's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.