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Abercrombie & Fitch (ANF) investor relations material
Abercrombie & Fitch Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record net sales of $5.27B in FY 2025, up 6% year-over-year, with 13 consecutive quarters of net sales growth and double-digit operating margins for the third consecutive year.
Both Abercrombie and Hollister brands delivered record Q4 net sales; Hollister achieved 15% full-year growth and its eleventh consecutive quarter of growth, while Abercrombie declined 1% for the year but returned to growth in Q4.
EPS exceeded $10 per share, with $9.86 adjusted and $10.46 GAAP.
Continued investments in marketing, stores, people, and digital capabilities to strengthen the business.
Operating model and disciplined capital allocation enabled strong shareholder returns, including $450 million in share repurchases (11% of shares outstanding).
Financial highlights
Q4 net sales grew 5% year-over-year to $1.67B; comparable sales up 1%.
Q4 operating margin was 14.1%, with EPS of $3.68, up 3% from last year.
Full-year operating income was $699M (13.3% margin), adjusted operating income $661M (12.5% margin), and adjusted EBITDA margin was 15.5% on $816M Adjusted EBITDA.
Operating cash flow was $619M; free cash flow $378M; year-end cash and equivalents $760M; total liquidity $1.2B.
Inventory at cost up 5% year-over-year to $601M.
Outlook and guidance
FY 2026 net sales expected to grow 3%-5% year-over-year, with growth across brands and regions.
Full-year operating margin guidance of 12%-12.5%, reflecting 70 basis points of incremental tariff expense.
EPS expected in the range of $10.20-$11.00; share repurchases targeted at $450M.
Q1 2026 net sales growth expected at 1%-3%, with operating margin around 7% due to ERP implementation and tariffs.
Capital expenditures planned at $200-$225M for 2026, with ~30 net store openings and 125 new store experiences (55 new stores, 70 remodels/right sizes).
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Frequently asked questions
Apparel for the Youth
Abercrombie & Fitch (A&F) is an American retailer specializing in upscale casual wear. The company is headquartered in New Albany, Ohio, and trades on the NYSE. Abercrombie & Fitch has tailored its marketing and product designs towards teenagers and young adults, establishing itself as a popular brand for the high school and college demographic. Over the years, the brand has also made efforts to resonate with a slightly older age group, extending its appeal to young professionals in their 20s and 30s. A&F operates both under the Abercrombie & Fitch brand, as well as through the subsidiaries Hollister and Holly Glicks.
Starting out as an outdoor outfitter
Founded in 1892 by David T. Abercrombie and later joined by Ezra Fitch, a wealthy and avid outdoorsman, the company began as an elite outfitter of camping, fishing, and hunting gear in downtown Manhattan. However, Abercrombie & Fitch evolved and changed into a youth-oriented fashion brand as the years went by, becoming synonymous with trendy casual wear and American prep school chic. Abercrombie & Fitch has numerous publicly traded competitors, but some of its most notable peers include The Gap, American Eagle, and Urban Outfitters.
The Products
A&F's offerings primarily comprise premium-quality apparel that includes everything from classic jeans, tees, and sweaters to dresses, jackets, and intimate wear. Apart from clothing, their stores also feature a range of accessories, perfumes, and personal care items, all designed to capture the feeling of laid-back sophistication and a youthful lifestyle.
Global Reach
Abercrombie & Fitch's global footprint is substantial. While its origins and design language are undeniably American, the brand's reach extends far beyond the U.S. With hundreds of stores sprawled across North America, Europe, Asia, and the Middle East, A&F has cultivated a robust international presence. Their strategic approach to global expansion entails adapting to regional styles while maintaining the brand's core identity, ensuring that no matter where in the world a consumer steps into one of its stores, the essence of the brand remains unmistakably Abercrombie & Fitch.
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