Duluth (DLTH) financial statements
Duluth reported revenue of $565M in fiscal 2026, up 4.6% a year over 9 years.
Net income was -$16M and the operating margin -1.8%, against 9.3% in 2017.
Free cash flow was $17M.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Duluth's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $376M | $471M | $568M | $616M | $639M | $699M | $653M | $647M | $627M | $565M |
| Cost of revenue | $162M | $210M | $258M | $287M | $307M | $321M | $310M | $322M | $318M | $264M |
| Gross profit | $214M | $261M | $310M | $328M | $332M | $377M | $343M | $325M | $309M | $302M |
| Selling, general and admin | $179M | $224M | $273M | $300M | $307M | $333M | $337M | $335M | $338M | $311M |
| Operating income | $35M | $37M | $37M | $28M | $24M | $44M | $6M | -$10M | -$37M | -$10M |
| Interest expense | $194,000 | $2M | $6M | $4M | $6M | $5M | $4M | $4M | $5M | $5M |
| Pre-tax income | $35M | $36M | $32M | $24M | $18M | $39M | $3M | -$13M | -$41M | -$15M |
| Income tax | $14M | $12M | $8M | $5M | $5M | $10M | $708,000 | -$3M | $2M | $1M |
| Net income | $21M | $23M | $23M | $19M | $14M | $30M | $2M | -$10M | -$44M | -$16M |
| EPS (diluted) | — | — | — | $0.58 | $0.42 | $0.90 | $0.07 | -$0.30 | -$1.31 | -$0.47 |
| Diluted shares | — | — | — | 32M | 33M | 33M | 33M | 33M | 33M | 35M |
| Gross margin | 56.9% | 55.4% | 54.6% | 53.3% | 51.9% | 54.0% | 52.6% | 50.3% | 49.2% | 53.4% |
| Operating margin | 9.3% | 7.9% | 6.5% | 4.6% | 3.8% | 6.3% | 1.0% | -1.5% | -5.9% | -1.8% |
| Net margin | 5.7% | 5.0% | 4.1% | 3.1% | 2.1% | 4.3% | 0.4% | -1.5% | -7.0% | -2.9% |
Balance sheet
Fiscal years, from Duluth's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $24M | $3M | $731,000 | $2M | $47M | $77M | $46M | $32M | $3M | $16M |
| Receivables | $45,000 | $52,000 | $5M | $1M | $3M | $5M | $6M | $6M | $4M | $3M |
| Inventory | $70M | $90M | $98M | $148M | $149M | $123M | $155M | $126M | $167M | $131M |
| Total current assets | $101M | $102M | $118M | $162M | $210M | $223M | $222M | $181M | $192M | $172M |
| Property, plant and equipment | $52M | $110M | $167M | $137M | $124M | $110M | $117M | $133M | $112M | $97M |
| Goodwill | $402,000 | $402,000 | $402,000 | $402,000 | $402,000 | $402,000 | $402,000 | $402,000 | — | — |
| Total assets | $156M | $223M | $295M | $474M | $515M | $516M | $527M | $491M | $452M | $403M |
| Total current liabilities | $35M | $50M | $53M | $80M | $96M | $116M | $118M | $106M | $129M | $108M |
| Long-term debt | $35,000 | $1M | $28M | $28M | — | — | — | — | — | — |
| Total liabilities | $42M | $84M | $135M | $298M | $324M | $293M | $300M | $271M | $273M | $236M |
| Shareholders' equity | $111M | $136M | $160M | $178M | $193M | $226M | $230M | $223M | $183M | $169M |
| Net debt | -$23M | -$1M | $28M | $26M | -$47M | -$77M | -$46M | -$32M | -$3M | -$16M |
Cash flow
Fiscal years, from Duluth's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20M | $30M | $31M | $8M | $51M | $92M | -$1M | $39M | -$17M | $24M |
| Capital spending | $29M | $46M | $53M | $24M | $12M | $10M | $27M | $49M | $8M | $8M |
| Free cash flow | -$8M | -$17M | -$22M | -$16M | $39M | $82M | -$28M | -$10M | -$25M | $17M |
| Stock-based compensation | $1M | $2M | $2M | $647,000 | $2M | $2M | $3M | $4M | $4M | $3M |
| Net borrowing | -$4M | $746,000 | -$416,000 | -$495,000 | -$483,000 | -$623,000 | -$692,000 | -$767,000 | -$846,000 | -$930,000 |
| Free cash flow margin | -2.2% | -3.5% | -3.9% | -2.6% | 6.1% | 11.7% | -4.4% | -1.6% | -4.0% | 2.9% |
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Open DLTH in InvestinglyQuestions
What was Duluth's revenue in 2026?
$565M in fiscal 2026, from its 10-K filing.
How much free cash flow does Duluth generate?
$17M in fiscal 2026 (operating cash flow minus capital spending).
From Duluth's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.