Abercrombie & Fitch

ANF · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

ANF · Last close · October 26, 2026

$164.73

Abercrombie & Fitch's revenue rose 6.4% to $5.3 billion in fiscal 2025. Its operating margin was 13.3%, down from 15.0% a year earlier. Free cash flow was $378 million, down 28.3%. It paid out $451 million in dividends and buybacks, 119% of free cash flow. The diluted share count fell 8.5%.

Abercrombie & Fitch Co. Latest fiscal year ended January 31, 2026 10-K filed March 26, 2026 · 0001018840-26-000012 Updated October 9, 2026

Revenue

$5.3B

6.4%

Operating margin

13.3%

1.7 pts

Net income

$507M

10.5%

Free cash flow

$378M

28.3%

Return on capital

91.0%

41.8 pts

Market cap

$7.3B

Oct 26 close

P/E

14.2x

On $11.63 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Interest coverage for fiscal 2025 is left blank: Abercrombie & Fitch repaid its notes in 2024, so its fiscal 2025 filing reports no interest expense.

What Abercrombie & Fitch does

Abercrombie & Fitch sells clothing, personal care products such as fragrance, and accessories for men, women and kids. It has two brand families: Abercrombie, which includes Abercrombie & Fitch, abercrombie kids and Your Personal Best, and Hollister, which includes Hollister and Gilly Hicks. It sells mainly through its own stores and websites and apps, and can ship to customers in more than 105 countries.

The company reports three regional segments: the Americas; Europe, the Middle East and Africa; and Asia-Pacific. Most Abercrombie brand sales are made online, while most Hollister sales happen in stores. It also earns money through franchise partners who run stores in places such as the Middle East, Central America, South America and Asia, through wholesale partners, and by licensing its brands for products such as eyewear and fragrance. Abercrombie & Fitch says it competes with specialty clothing chains, department stores, discount, fast-fashion and off-price retailers, social media shopping, and online-only brands.

At January 31, 2026, it ran 829 stores, all in leased spaces, and franchisees ran 60 more. It employed about 43,200 people, about 36,600 of them part-time. Outside vendors make its goods: about 124 vendors in 15 countries in fiscal 2025, with about 37% of merchandise costs from vendors in Vietnam and 26% from Cambodia.

Its biggest risks, as it describes them

Failing to keep customers engaged, keep up with fashion trends and manage inventory to match demand.
Competing in a crowded and fast-changing clothing business.
Tariffs on goods made in, or materials sourced from, the countries it buys from.
Its reliance on outside vendors to make and deliver its goods, and on its distribution centers.
Fewer shoppers at the malls and nearby attractions where many of its stores are located.

From Abercrombie & Fitch's annual report on Form 10-K, filed March 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 77.4% a year and net income 71.3% a year, as buybacks cut the share count by 29%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Abercrombie & Fitch yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Abercrombie & Fitch says to expect

Third quarter 2026: outlookThird quarter outlook of net sales growth of 5% to 6%, net income per diluted share of $2.90 to $3.20, at least $100 million in share repurchases
Full year 2026: outlookUpdates full-year outlook to net sales growth of around 5%, net income per diluted share of $13.10 to $13.60, share repurchases increased to at least $500 million

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Abercrombie & Fitch's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Abercrombie & Fitch's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 1.6 times depreciation, which holds its free cash flow down) of $464M, net cash of $785M at January 31, 2026 and 48 million diluted shares, from its filings. The scenarios are fitted to Abercrombie & Fitch: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 12.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Apparel Retail), plus 1 point as a smaller company, worth $7.3B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Abercrombie & Fitch's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 11% discount rate. Base: growth of 12.5% then 7.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 19% then 11% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $164.73
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Abercrombie & Fitch's earnings per share of $11.63 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.6×, the middle of Abercrombie & Fitch's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: American Eagle Outfitters, Urban Outfitters, Victoria's Secret, Burlington Stores.

Earnings growth in the years ahead (% a year) Starts at Abercrombie & Fitch's revenue growth over the last 3 years, 12.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $164.73
Value at this multiple, against the last close: —
Abercrombie & Fitch's P/E at the last close: 14.2×

Company	Last close	Earnings per share	P/E today
Burlington StoresBURL	$241.26	$11.13	21.7×
Victoria's SecretVSXY	$94.96	$4.49	21.1×
Abercrombie & FitchANF	$164.73	$11.63	14.2×
Urban OutfittersURBN	$90.59	$6.41	14.1×
American Eagle OutfittersAEO	$18.81	$1.96	9.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	823	518	901	889	785
Debt incl. finance leases	304	297	222	0	0
Net debt (negative means net cash)	−520	−221	−679	−889	−785
Net debt to EBITDA	−1.1x	−1.0x	−1.1x	−1.0x	−0.9x
Debt to equity	0.4x	0.4x	0.2x	0.0x	0.0x
Interest coverage	9.0x	3.1x	16.0x	77.8x	—
Current ratio	1.5x	1.4x	1.6x	1.5x	1.5x
Quick ratio	1.0x	0.8x	1.1x	1.0x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Abercrombie & Fitch shares on the open market, and 5 insiders sold $50.3 million, $44.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Scott D. LipeskyEVP and COO	Sold	2,000	$146.82	$293,640	Form 4
Aug 28, 2026	Gregory J HenchelEVP, Chief Legal Off & Secy	Sold	30,000	$146.65	$4.4 million	Form 4
Aug 28, 2026	Scott D. LipeskyEVP and COO	Sold	5,000	$149.00	$745,000	Form 4
Aug 28, 2026	Jay RustEVP, Chief HR Officer	Sold	5,000	$147.50	$737,500	Form 4
Aug 28, 2026	Kenneth B. RobinsonDirector	Sold	800	$149.69	$119,752	Form 4
Aug 10, 2026	Scott D. LipeskyEVP and COO	Sold plan	10,000	$115.00	$1.1 million	Form 4
Aug 4, 2026	Scott D. LipeskyEVP and COO	Sold plan	10,000	$110.00	$1.1 million	Form 4
Jul 28, 2026	Scott D. LipeskyEVP and COO	Sold plan	10,000	$105.00	$1.1 million	Form 4
Jul 16, 2026	Scott D. LipeskyEVP and COO	Sold plan	10,000	$100.00	$1.0 million	Form 4
Feb 6, 2026	Fran HorowitzChief Executive Officer, Director	Sold plan	29,769	$100.00	$3.0 million	Form 4
Feb 5, 2026	Fran HorowitzChief Executive Officer, Director	Sold plan	17,031	$102.00	$1.7 million	Form 4
Feb 4, 2026	Fran HorowitzChief Executive Officer, Director	Sold plan	50,000	$103.66	$5.2 million	Form 4

The latest 12 of 16 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 9	6 of 8	5 of 8
Accruals ratio	−11.4%	−4.6%	−3.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Abercrombie & Fitch side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Abercrombie & Fitch	FY25	6.4%	13.3%	7.2%	91.0%	−0.9x	5
American Eagle Outfitters	FY25	4.1%	4.1%	3.5%	11.5%	−0.4x	4	Compare
Urban Outfitters	FY26	11.1%	9.8%	5.1%	23.7%	−0.9x	8	Compare
Victoria's Secret	FY25	5.2%	4.1%	4.8%	17.7%	0.9x	6	Compare
Burlington Stores	FY25	8.8%	—	1.5%	28.1%	0.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,327	3,493	3,590	3,623	3,125	3,713	3,698	4,281	4,949	5,266
Revenue growth	−5.5%	5.0%	2.8%	0.9%	−13.7%	18.8%	−0.4%	15.8%	15.6%	6.4%
Gross profit	2,029	2,084	2,160	2,151	1,891	2,312	2,104	2,693	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	15	72	127	70	−20	343	93	485	741	699
Net income	4	7	74	39	−114	263	3	328	566	507
Diluted EPS (US$)	0.06	0.10	1.08	0.60	−1.82	4.20	0.05	6.22	10.69	10.46
Diluted shares (millions)	68	69	69	66	63	63	52	53	53	48
Cash flow
Cash from operations	185	288	353	301	405	278	−2	653	710	619
Capital expenditure	141	107	152	203	102	97	165	158	183	241
Free cash flow	44	181	201	98	303	181	−167	496	527	378
Dividends paid	54	54	54	52	13	0	0	0	0	0
Share buybacks	0	0	69	64	15	377	126	0	230	451
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	22	22	22	14	19	29	29	40	39	39
Balance sheet at fiscal year end
Cash and short-term investments	547	676	723	671	1,105	823	518	901	889	785
Debt incl. finance leases	263	250	250	232	344	304	297	222	0	0
Total assets	2,296	2,326	2,386	3,550	3,315	2,940	2,713	2,974	3,300	3,542
Total liabilities	1,044	1,073	1,167	2,478	2,366	2,102	2,006	1,924	1,949	2,122
Shareholders' equity	1,252	1,252	1,209	1,059	937	826	695	1,035	1,336	1,404
Margins and ratios
Gross margin	61.0%	59.7%	60.2%	59.4%	60.5%	62.3%	56.9%	62.9%	—	—
Operating margin	0.5%	2.1%	3.5%	1.9%	−0.7%	9.2%	2.5%	11.3%	15.0%	13.3%
Net margin	0.1%	0.2%	2.1%	1.1%	−3.6%	7.1%	0.1%	7.7%	11.4%	9.6%
Free cash flow margin	1.3%	5.2%	5.6%	2.7%	9.7%	4.9%	−4.5%	11.6%	10.7%	7.2%
Return on capital	1.6%	4.0%	8.1%	5.1%	−3.9%	—	11.5%	78.3%	132.7%	91.0%
Return on equity	0.3%	0.6%	6.1%	3.5%	−11.4%	29.8%	0.4%	37.9%	47.8%	37.0%
Return on assets	0.2%	0.3%	3.2%	1.3%	−3.3%	8.4%	0.1%	11.5%	18.1%	14.8%
Net debt to EBITDA	−1.4x	−1.6x	−1.6x	−1.8x	−5.2x	−1.1x	−1.0x	−1.1x	−1.0x	−0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Abercrombie & Fitch's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Abercrombie & Fitch.