Aritzia (ATZ) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue grew 31.3% to $895.1M, with comparable sales up 26% year-over-year and U.S. net revenue up 48.5% to $548M, now 61.2% of total revenue; Canadian revenue rose 10.9%.

• Full-year Fiscal 2025 net revenue increased 17.4% to $2.74B, with U.S. growth at 29% and Canadian growth at 4.6%.

• Net income for Q4 2025 was $99.6M, up 311.6% year-over-year; full-year net income reached $207.8M, up 163.8%.

• Adjusted EBITDA margin improved by 740 bps in Q4 to 18.0%; full-year Adjusted EBITDA margin was 14.8%.

• Opened a record 12 new and 3 repositioned boutiques in the last 12 months, including flagship locations.

Financial highlights

• Q4 2025 gross profit margin rose 420 bps to 42.5%; full-year margin was 43.1%, up 460 bps.

• Q4 2025 Adjusted Net Income per diluted share was $0.83 (up from $0.34); full-year: $1.98 (up from $0.92).

• Q4 eCommerce revenue grew 42.4% to $378.1M; retail revenue increased 24.2% to $517.1M.

• Inventory at quarter-end was $379.3M, up 12% year-over-year.

• Free cash flow in Q4 was $66M; year-end cash and equivalents stood at $285.6M with no debt.

Outlook and guidance

• Q1 Fiscal 2026 net revenue expected at $620M–$640M, up 24–28% year-over-year.

• Full-year Fiscal 2026 net revenue forecasted at $3.05B–$3.25B, up 11–19%.

• Gross profit margin in Q1 expected to expand by ~200 bps; SG&A leverage of ~100 bps.

• Adjusted EBITDA margin for Fiscal 2026 expected at 14–15%, similar to 14.8% in Fiscal 2025, despite tariff headwinds.

• Plan to open at least 12 new boutiques and reposition 5, with CapEx for Fiscal 2026 expected at ~$180M.