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Investor Relations14 Oct 2025
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Walgreens Boots Alliance (WBA) investor relations material
Walgreens Boots Alliance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Jun, 2025
Executive summary
Sales rose 7.2% year-over-year to $39.0 billion for the quarter and 6.3% to $117.0 billion for the nine months ended May 31, 2025, driven by pharmacy growth but offset by retail declines.
Net loss attributable to shareholders was $175 million for the quarter and $3.3 billion for the nine months, reflecting significant non-cash impairment charges, lower retail sales, and higher tax expense.
Adjusted net earnings were $334 million for the quarter and $1.3 billion for the nine months, both down 39% year-over-year.
Adjusted EPS was $0.38 for the quarter and $1.52 for the nine months, both down from the prior year.
A merger agreement was signed in March 2025 to take the company private, with shareholders to receive $11.45 per share in cash and a contingent value right up to $3.00 per share; guidance was withdrawn due to the pending acquisition.
Financial highlights
Gross margin declined to 16.7% from 17.8% year-over-year for the quarter, and to 17.3% from 18.4% for the nine months.
Operating income was $53 million for the quarter, down from $111 million year-over-year; operating loss for the nine months was $5.8 billion, improved from a $13.1 billion loss in the prior year.
Adjusted operating income was $558 million for the quarter and $1.9 billion for the nine months, both down from the prior year.
Significant non-cash impairment charges totaled $3.7 billion for the quarter and $5.8 billion for the nine months, mainly related to goodwill and long-lived assets in U.S. Retail Pharmacy and VillageMD.
Cash, cash equivalents, and restricted cash were $766 million–$939 million at quarter-end, down from $1.3–$3.2 billion at the prior fiscal year-end.
Outlook and guidance
The merger is expected to close in the third or fourth quarter of calendar 2025, pending shareholder and regulatory approvals.
Fiscal 2025 guidance was withdrawn due to the pending acquisition; management anticipates continued challenging retail conditions and is focused on cost control, store closures, and capital discipline.
Store closures under the Footprint Optimization Program are expected to total 1,200–1,300 by fiscal 2027, with cumulative pre-tax charges of $2.2–$2.4 billion.
Why did U.S. retail sales decrease?
Assess Boots UK's retail performance.
Explain VillageMD goodwill impairment.
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Next Walgreens Boots Alliance earnings date
Q4 202524 Oct, 2025
Next Walgreens Boots Alliance earnings date
Q4 202524 Oct, 2025
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Frequently asked questions
An Alliance of Pharmacies
Walgreens Boots Alliance, popularly known as Walgreens or Boots depending on the country. The company has an expansive array of offerings that range from prescriptions and over-the-counter medications to beauty products and health services. The company owns a multitude of brands, with Walgreens and Boots being the most prominent in its portfolio. Walgreens, a staple in the American pharmacy landscape, operates thousands of stores across the U.S. On the other hand, Boots, with its deep-rooted British heritage, dominates the UK and Ireland while also having a presence in other parts of the world.
Historical Foundations
Walgreens was founded by Charles R. Walgreen, who opened the first Walgreens drugstore in Chicago during the early 1900s. What began as a small neighborhood pharmacy gradually expanded into a network of stores across the USA. Simultaneously, on the other side of the Atlantic, the Boots brand was evolving in the UK, founded by John Boot. The merging of these two resulted in the formation of the Walgreens Boots Alliance in 2014. Today, the company has a sprawling presence, with over 18,000 stores in 11 countries. Boots is by far the largest pharmacy chain in the UK, while Walgreens together with CVS dominates the American market.
Pharmacy Services
Central to Walgreens Boots Alliance's appeal is its comprehensive portfolio of health and beauty services. Customers can not only fulfill their prescriptions but also access services like health tests, vaccinations, and specialized advice on medications and general well-being. Moreover, with an extensive range of beauty and personal care products, the stores offer an amalgamation of health and beauty, making them a preferred choice for consumers. The company has also moved with the times by utilizing technology. From online prescription refills to telehealth services and a user-friendly mobile app, the brand has ensured convenient and accessible services and shopping.
No7 Beauty
No7 Beauty is a skincare and cosmetics brand owned by the company. It was founded in 1935 by Boots and was a pioneer in offering affordable products without cutting down on quality. Today, this is a global brand sold across the world and not only in its parent companies' retail locations.
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