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Leslie's (LESL) investor relations material
Leslie's Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Dec, 2025
Executive summary
Completed a smooth CFO transition, welcoming Jeff White to lead financial transformation and cost optimization.
Implemented immediate actions to improve operations and accelerate profitability, focusing on price-value, cost structure, and customer-centricity.
Strategic transformation includes closing 80–90 underperforming stores and one distribution center to improve EBITDA in FY26, with targeted marketing to retain affected customers.
Launched restructuring of field teams and integrated market leadership model to drive multi-channel growth.
Inventory efficiency improved with a 10% year-over-year reduction and expanded same-day delivery and pool maintenance services, with strong double-digit growth in new markets.
Financial highlights
Q4 net sales: $389.2M, down 2.2% year-over-year; 53rd week added $18.3M in sales but negatively impacted EPS and EBITDA.
Q4 gross margin rose to 38.6% from 36% prior year, driven by vendor rebates and lower freight costs; Q4 gross profit: $150.1M, up 4.8%.
Q4 net loss: $162.8M (including $184M impairment), vs. $9.9M prior year; adjusted net income: $0.8M.
Full-year sales: $1.24B, down 6.6%; adjusted net loss: $4.70/share; inventory reduced by $26M to $208M.
Q4 adjusted EBITDA: $45.2M, up from $43M prior year; full-year adjusted EBITDA: $61.4M (down from $108.7M).
Outlook and guidance
FY26 sales expected at $1.1B–$1.25B, Adjusted EBITDA $55M–$75M; includes store closures and pricing initiatives.
CapEx for FY26 guided at $20M–$25M, with focus on maintenance and productivity.
Free cash flow expected to be positive at midpoint of guidance.
Majority of sales and earnings anticipated in the second half due to seasonality.
No increase in marketing spend; redeployment for higher efficiency.
Quantify FY26 EBITDA impact from store closures?
Operational issues driving goodwill impairment?
Detail customer price value proposition investment.
Leslie's long-term pricing strategy
Reacquiring 160k lost Pool Perks customers
Criteria for future store network adjustments
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Q1 20265 Feb, 2026
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Frequently asked questions
Swimming Pool Supplies and Services
Leslie's, Inc. is an American retail company specializing in swimming pool supplies, services, and equipment. Headquartered in Phoenix, Arizona, Leslie's offers a comprehensive range of products including pool chemicals, cleaning devices, equipment, and parts, as well as recreational and safety products for swimming pools. The company operates an extensive network of retail stores across the United States and also serves customers through its online platform. The company is headquartered in Phoenix, Arizona, and its shares are listed on the Nasdaq.
Early Days as a Pool Supply Store
The company was established in 1963 by Phil Leslie and began as a small, family-run pool supply store in North Hollywood, California. Its growth was marked by an emphasis on customer service and comprehensive product offerings, catering to both residential and commercial pool owners. Leslie's expanded through a combination of organic growth and strategic acquisitions, establishing a particularly strong presence in the state it was founded, as well as Arizona, Florida, Texas, and Georgia. Over the years, Leslie's has evolved into a trusted name in the pool supply industry, and is today one of the leaders in the sector, together with names such as Hayward and Pool Corporation.
The Products
Leslie's Pool Supplies has a portfolio containing just about everything within swimming pool maintenance and care. Its inventory includes various types of pool chemicals, such as chlorine, algaecides, and balancers, essential for maintaining water quality and hygiene. The company also sells pool equipment, including pumps, filters, heaters, and automatic pool cleaners, catering to diverse pool types and sizes. Additionally, Leslie's provides pool accessories like covers, liners, and floats, as well as safety equipment. The company also sells various decorative and leisure items designed to be used together with customer pools.
Swimming Pool Services
In addition to selling pool supplies, Leslie's Pool Supplies offers a variety of services to support pool owners. One of its key services is free in-store water testing, where customers can bring a sample of their pool water for analysis. Based on the results, Leslie's staff provides recommendations for balancing water chemistry. The company also offers professional pool cleaning and maintenance services, tailored to the specific needs of each pool. This includes regular cleaning, equipment checks, and seasonal opening and closing services. For those needing technical support, Leslie's provides equipment installation, repair, and replacement services, ensuring that pool equipment functions optimally.
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