REI (REI) financial statements
REI reported revenue of $307M in fiscal 2025, up 29.1% a year over 9 years.
Net income was -$35M and the operating margin -11.2%, against -184.9% in 2016.
The diluted share count rose 430% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from REI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31M | $67M | $120M | $196M | $113M | $196M | $347M | $361M | $366M | $307M |
| Cost of revenue | $10M | $16M | $28M | $3M | $4M | $4M | $2M | $457,573 | — | — |
| Gross profit | $21M | $51M | $92M | $193M | $109M | $192M | $345M | $361M | — | — |
| Selling, general and admin | $8M | $11M | $13M | $20M | $17M | $16M | $27M | $29M | $30M | $32M |
| Operating income | -$57M | $16M | $20M | $60M | -$269M | $96M | $192M | $146M | $133M | -$34M |
| Interest expense | $649,009 | $0 | $427,898 | $14M | $18M | $14M | $23M | $44M | $43M | $40M |
| Pre-tax income | -$58M | $12M | $12M | $43M | -$259M | $3M | $147M | $105M | $88M | -$42M |
| Income tax | -$20M | $10M | $3M | $14M | -$6M | $90,342 | $8M | $125,242 | $20M | -$7M |
| Net income | -$38M | $2M | $9M | $29M | -$253M | $3M | $139M | $105M | $67M | -$35M |
| EPS (diluted) | -$0.97 | $0.03 | $0.15 | $0.44 | -$3.48 | $0.03 | $0.98 | $0.54 | $0.34 | -$0.17 |
| Diluted shares | 39M | 53M | 61M | 67M | 73M | 121M | 142M | 195M | 200M | 205M |
| Gross margin | 68.0% | 76.0% | 76.8% | 98.5% | 96.4% | 97.8% | 99.5% | 99.9% | — | — |
| Operating margin | -184.9% | 23.9% | 16.6% | 30.7% | -237.7% | 48.8% | 55.2% | 40.4% | 36.3% | -11.2% |
| Net margin | -122.0% | 2.6% | 7.5% | 15.1% | -224.2% | 1.7% | 39.9% | 29.0% | 18.4% | -11.3% |
Balance sheet
Fiscal years, from REI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $71M | $15M | $3M | $10M | $4M | $2M | $4M | $296,384 | $2M | $902,913 |
| Receivables | $3M | $13M | $13M | $23M | $15M | $24M | $42M | $39M | $36M | $31M |
| Inventory | — | — | — | — | — | $0 | $9M | $6M | $4M | $5M |
| Total current assets | $75M | $29M | $17M | $39M | $21M | $30M | $63M | $56M | $50M | $62M |
| Property, plant and equipment | $212M | $374M | $542M | $929M | $639M | $651M | $1.2B | $1.3B | $1.3B | $1.3B |
| Total assets | $308M | $414M | $567M | $973M | $663M | $684M | $1.3B | $1.4B | $1.4B | $1.4B |
| Total current liabilities | $9M | $48M | $52M | $59M | $37M | $77M | $142M | $114M | $105M | $94M |
| Total liabilities | $17M | $57M | $104M | $449M | $369M | $384M | $608M | $590M | $549M | $570M |
| Shareholders' equity | $291M | $357M | $463M | $524M | $295M | $301M | $661M | $787M | $864M | $842M |
| Net debt | -$71M | -$15M | -$3M | -$10M | -$4M | -$2M | -$4M | -$296,384 | -$2M | -$902,913 |
Cash flow
Fiscal years, from REI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11M | $43M | $70M | $107M | $72M | $73M | $197M | $198M | $194M | $151M |
| Stock-based compensation | $2M | $4M | $4M | $3M | $5M | $2M | $7M | $9M | $6M | $6M |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for REI.
Open REI in InvestinglyQuestions
What was REI's revenue in 2025?
$307M in fiscal 2025, from its 10-K filing.
From REI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.