Tandy Leather Factory
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Tandy Leather Factory (TLF) investor relations material

Tandy Leather Factory Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Revenues grew 2.6% year-over-year to $76.3 million for 2025, with fourth quarter sales up to $22.2 million from $20.5 million.

  • Net income surged to $9.1 million from $0.8 million in 2024, aided by the sale of the corporate headquarters.

  • Gross margin improved to 57.0% for the year, up from 56.2% in 2024.

Financial highlights

  • Operating loss of $1.0 million in 2025, compared to operating income of $0.6 million in 2024.

  • Adjusted EBITDA from operations was $0.6 million for 2025.

  • Operating expenses rose 8.1% to $44.5 million, reflecting increased costs from renting new facilities and employee bonuses.

  • Inventory decreased to $33.2 million from $35.6 million year-over-year.

  • Cash and cash equivalents increased to $16.1 million, up from $13.3 million, after the HQ sale and special dividend payment.

Outlook and guidance

  • Management expects to focus on continued sales growth and a return to operating profitability in 2026.

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Frequently asked questions

Tandy Leather Factory Inc., also known as TLF, operates as a specialty retailer and wholesaler of leather and leathercraft related items in the United States, Canada, and Spain. The company's extensive product lineup includes leather, hand tools, hardware, kits, liquids, teaching materials, machinery, and related accessories and supplies. TLF also manufactures leather laces, cut leather pieces, do-it-yourself kits, thread laces, belt strips and straps, and Craftaids. Additionally, it provides cutting, splitting, and assembly services to business customers. The company markets its products under several brand names, including Tandy Leather, Eco-Flo, Craftool, CraftoolPro, Dr. Jackson's, and TandyPro. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NASDAQ.

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