Ermenegildo Zegna NV (ZGN) financial statements

Consumer Cyclical · Apparel Manufacturing · Market cap $3.5B

Ermenegildo Zegna NV reported revenue of 1.9B EUR in fiscal 2025, up 6.4% a year over 6 years.

Net income was 99M EUR and the operating margin 7.3%, against 6.7% in 2019.

Free cash flow was 233M EUR, and the company returned 30M EUR in dividends.

The diluted share count rose 30% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

00.511.522019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in EUR, from Ermenegildo Zegna NV's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue1.3B EUR1.0B EUR1.3B EUR1.5B EUR1.9B EUR1.9B EUR1.9B EUR
Cost of revenue——496M EUR565M EUR680M EUR650M EUR623M EUR
Gross profit——797M EUR928M EUR1.2B EUR1.3B EUR1.3B EUR
Selling, general and admin——823M EUR695M EUR901M EUR1.0B EUR1.0B EUR
Operating income89M EUR-23M EUR-94M EUR148M EUR208M EUR167M EUR139M EUR
Interest expense37M EUR48M EUR44M EUR54M EUR68M EUR52M EUR50M EUR
Pre-tax income69M EUR-32M EUR-97M EUR101M EUR169M EUR131M EUR140M EUR
Income tax44M EUR15M EUR31M EUR36M EUR33M EUR40M EUR31M EUR
Net income22M EUR-51M EUR-136M EUR51M EUR122M EUR77M EUR99M EUR
EPS (diluted)0.11 EUR-0.25 EUR-0.67 EUR0.21 EUR0.48 EUR0.30 EUR0.38 EUR
Diluted shares202M201M203M241M252M254M261M
Gross margin——61.6%62.2%64.3%66.6%67.5%
Operating margin6.7%-2.2%-7.3%9.9%10.9%8.6%7.3%
Net margin1.6%-5.0%-10.5%3.4%6.4%4.0%5.1%

Balance sheet

Fiscal years, in EUR, from Ermenegildo Zegna NV's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments211M EUR317M EUR460M EUR254M EUR296M EUR219M EUR220M EUR
Receivables—139M EUR160M EUR177M EUR240M EUR249M EUR227M EUR
Inventory—321M EUR338M EUR411M EUR523M EUR521M EUR507M EUR
Total current assets—1.2B EUR1.4B EUR1.3B EUR1.3B EUR1.2B EUR1.2B EUR
Property, plant and equipment—244M EUR111M EUR126M EUR160M EUR205M EUR211M EUR
Goodwill420M EUR388M EUR425M EUR456M EUR572M EUR614M EUR554M EUR
Total assets—2.4B EUR2.5B EUR2.4B EUR2.8B EUR2.8B EUR2.8B EUR
Total current liabilities—535M EUR702M EUR867M EUR1.0B EUR853M EUR750M EUR
Long-term debt—559M EUR472M EUR185M EUR113M EUR196M EUR162M EUR
Total liabilities—1.8B EUR1.8B EUR1.7B EUR1.9B EUR1.9B EUR1.7B EUR
Shareholders' equity730M EUR602M EUR601M EUR679M EUR840M EUR916M EUR1.0B EUR
Net debt-211M EUR347M EUR169M EUR217M EUR106M EUR154M EUR26M EUR

Cash flow

Fiscal years, in EUR, from Ermenegildo Zegna NV's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow174M EUR71M EUR281M EUR146M EUR275M EUR279M EUR336M EUR
Capital spending60M EUR39M EUR94M EUR73M EUR78M EUR126M EUR103M EUR
Free cash flow115M EUR32M EUR187M EUR73M EUR198M EUR154M EUR233M EUR
Dividends paid15M EUR2M EUR650,000 EUR26M EUR25M EUR30M EUR30M EUR
Share buybacks (net)0 EUR0 EUR-455M EUR0 EUR0 EUR——
Net borrowing-142M EUR44M EUR-37M EUR-160M EUR-102M EUR-31M EUR-129M EUR
Free cash flow margin8.7%3.1%14.5%4.9%10.4%7.9%12.1%
Dividends per share0.07 EUR0.01 EUR0.00 EUR0.11 EUR0.10 EUR0.12 EUR0.12 EUR
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Questions

What was Ermenegildo Zegna NV's revenue in 2025?

1.9B EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does Ermenegildo Zegna NV generate?

233M EUR in fiscal 2025 (operating cash flow minus capital spending).

From Ermenegildo Zegna NV's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.