Levi Strauss & (LEVI) financial statements
Levi Strauss & reported revenue of $6.3B in fiscal 2025, up 3.6% a year over 9 years.
Net income was $578M and the operating margin 10.8%, against 10.2% in 2016.
Free cash flow was $308M, and the company returned $213M in dividends and $30M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Levi Strauss &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6B | $4.9B | $5.6B | $5.8B | $4.5B | $5.8B | $6.2B | $5.8B | $6.0B | $6.3B |
| Cost of revenue | $2.2B | $2.3B | $2.6B | $2.7B | $2.1B | $2.4B | $2.6B | $2.5B | $2.4B | $2.4B |
| Gross profit | $2.3B | $2.6B | $3.0B | $3.1B | $2.4B | $3.3B | $3.5B | $3.4B | $3.7B | $3.9B |
| Selling, general and admin | $1.9B | $2.1B | $2.5B | $2.5B | $2.3B | $2.7B | $2.9B | $2.9B | $3.1B | $3.2B |
| Operating income | $462M | $480M | $540M | $567M | -$85M | $686M | $646M | $354M | $263M | $678M |
| Interest expense | $73M | $69M | $55M | $66M | $82M | $73M | $26M | $46M | $42M | $49M |
| Pre-tax income | $407M | $349M | $500M | $478M | -$190M | $580M | $650M | $266M | $218M | $634M |
| Income tax | $116M | $64M | $215M | $83M | -$63M | $27M | $80M | $16M | $7M | $132M |
| Net income | $291M | $281M | $283M | $395M | -$127M | $554M | $569M | $250M | $211M | $578M |
| EPS (diluted) | — | $0.73 | $0.73 | $0.97 | -$0.32 | $1.35 | $1.41 | $0.62 | $0.52 | $1.45 |
| Diluted shares | — | 384M | 389M | 408M | 397M | 410M | 404M | 402M | 402M | 400M |
| Gross margin | 51.2% | 52.3% | 53.8% | 53.8% | 52.8% | 58.1% | 57.5% | 57.5% | 60.6% | 61.7% |
| Operating margin | 10.2% | 9.8% | 9.7% | 9.8% | -1.9% | 11.9% | 10.5% | 6.1% | 4.4% | 10.8% |
| Net margin | 6.4% | 5.7% | 5.1% | 6.8% | -2.9% | 9.6% | 9.2% | 4.3% | 3.5% | 9.2% |
Balance sheet
Fiscal years, from Levi Strauss &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $376M | $634M | $713M | $1.0B | $1.6B | $902M | $500M | $399M | $690M | $849M |
| Receivables | $479M | $485M | $534M | $783M | $540M | $708M | $697M | $753M | $710M | $775M |
| Inventory | $716M | $759M | $884M | $884M | $818M | $898M | $1.4B | $1.3B | $1.1B | $1.2B |
| Total current assets | $1.7B | $2.0B | $2.3B | $2.9B | $3.1B | $2.7B | $2.8B | $2.6B | $2.9B | $3.2B |
| Property, plant and equipment | $394M | $424M | $461M | $530M | $455M | $503M | $623M | $681M | $687M | $682M |
| Goodwill | $234M | $237M | $236M | $236M | $265M | $387M | $366M | $304M | $278M | $281M |
| Total assets | $3.0B | $3.4B | $3.5B | $4.2B | $5.6B | $5.9B | $6.0B | $6.1B | $6.4B | $6.8B |
| Total current liabilities | $762M | $879M | $1.1B | $1.2B | $1.5B | $1.9B | $2.0B | $1.8B | $2.0B | $2.0B |
| Long-term debt | $1.0B | $1.0B | $1.0B | $1.0B | $1.5B | $1.0B | $984M | $1.0B | $994M | $1.0B |
| Total liabilities | $2.4B | $2.5B | $2.6B | $2.7B | $4.3B | $4.2B | $4.1B | $4.0B | $4.4B | $4.6B |
| Shareholders' equity | $510M | $697M | $660M | $1.6B | $1.3B | $1.7B | $1.9B | $2.0B | $2.0B | $2.3B |
| Net debt | $631M | $405M | $307M | $73M | $50M | $210M | $555M | $611M | $304M | $281M |
Cash flow
Fiscal years, from Levi Strauss &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $307M | $526M | $420M | $412M | $470M | $737M | $228M | $436M | $898M | $530M |
| Capital spending | $103M | $119M | $159M | $175M | $130M | $167M | $267M | $314M | $228M | $221M |
| Free cash flow | $204M | $407M | $261M | $237M | $339M | $570M | -$39M | $122M | $671M | $308M |
| Stock-based compensation | $9M | $26M | $18M | $55M | $51M | $60M | $61M | $74M | $63M | $82M |
| Dividends paid | $60M | $70M | $90M | $114M | $64M | $104M | $174M | $190M | $198M | $213M |
| Share buybacks (net) | -$3M | -$25M | -$27M | -$3M | -$56M | -$86M | -$176M | -$8M | -$90M | -$30M |
| Net borrowing | $13M | $497M | -$1M | -$23M | $512M | -$12M | $7M | — | — | — |
| Free cash flow margin | 4.5% | 8.3% | 4.7% | 4.1% | 7.6% | 9.9% | -0.6% | 2.1% | 11.1% | 4.9% |
| Dividends per share | — | $0.18 | $0.23 | $0.28 | $0.16 | $0.25 | $0.43 | $0.47 | $0.49 | $0.53 |
Questions
What was Levi Strauss &'s revenue in 2025?
$6.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Levi Strauss & generate?
$308M in fiscal 2025 (operating cash flow minus capital spending).
From Levi Strauss &'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.