10-K · May 14, 2026
Boot Barn Holdings, Inc. reported strong financial growth in fiscal 2026, with revenues increasing by 17.9% to $2.25 billion and net income rising by 24.8% to $225.9 million. The company continues to expand its store…
Earnings analysis · 10-Q
BOOT earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Boot Barn modestly exceeded consensus with $581.8 million of revenue and $1.73 diluted EPS, while reporting 37.2% gross margin and 12.1% operating margin. Results benefited from a $0.05-per-share tariff-refund…
Read full summary
Boot Barn modestly exceeded consensus with $581.8 million of revenue and $1.73 diluted EPS, while reporting 37.2% gross margin and 12.1% operating margin. Results benefited from a $0.05-per-share tariff-refund contribution, which tempers underlying earnings quality. Liquidity was supported by $0 outstanding on the Wells Fargo Revolver, but repurchases and the additional $400 million authorization represent potential cash uses. Fiscal 2027 and Q3 quantitative outlook was provided, but the filing does not disclose the prior outlook needed to determine whether guidance was raised or lowered.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.73
What stood out
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Revenue and EPS exceeded consensus
Revenue was $581.8 million, modestly above the $580.6 million consensus estimate, while diluted EPS was $1.73 versus the $1.63 estimate, a $0.10 beat.
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Margins remained solid
Gross margin was 37.2% and operating margin was 12.1% for the quarter. Merchandise margin expanded, although the filing materials indicate tariff refunds contributed $0.05 to EPS.
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No revolver borrowings outstanding
The company had no borrowings outstanding under the Wells Fargo Revolver as of September 26, 2026, limiting near-term variable-rate debt exposure.
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Share-repurchase authorization expanded
The Board authorized an additional $400 million of share repurchases on October 21, 2026, expanding the capital-return authorization.
What to watch
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Tariff refunds boosted EPS
Tariff refunds contributed $0.05 to reported EPS of $1.73, creating a favorable one-time contribution to quarterly earnings quality.
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Repurchases may pressure liquidity
Only $89.989 million remained available under the repurchase program at September 26, 2026, after 240,937 shares were repurchased during the quarter at an average price of $145.26; subsequent authorization of $400 million could increase cash usage.
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No material risk-factor changes
The company states that no material changes occurred to the risks in its Fiscal 2026 10-K as of September 26, 2026. Interest-rate exposure remains relevant because the credit facility bears variable rates, despite $0 outstanding on the revolver.
Management's outlook
The filing excerpt does not provide prior numerical guidance, so the direction of change cannot be determined. Fiscal 2027 guidance was updated to revenue of $2.56 billion-$2.59 billion and diluted EPS of $8.72-$9.00; Q3 guidance was $785 million-$802 million of sales and $3.03-$3.19 of diluted EPS.
Earlier filings 4
10-Q · February 5, 2026
Boot Barn reported a strong quarter with net sales of $705,643,000 (up $97,473,000 vs. $608,170,000 year-ago) and diluted EPS of $2.79 (vs. $2.43 year-ago). Gross margin expanded modestly to ~39.9% and operating income…
10-K · May 15, 2025
Boot Barn emphasizes an omni-channel growth strategy anchored in a powerful lifestyle brand, rapid store expansion and higher-margin exclusive brands. The company reported 459 stores as of March 29, 2025, opened 60 new…
10-Q · January 31, 2025
Boot Barn reported a strong quarter with net sales of $608,170 (thousands) and diluted EPS of $2.43, up versus the prior-year quarter. Gross margin expanded to 39.3% and operating margin to 16.4%, while cash and cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.