Build-A-Bear Workshop (BBW) Q4 2025 earnings summary

Executive summary

• Achieved record results in fiscal 2024, exceeding guidance for both revenue and pre-tax income, marking the fourth consecutive year of record performance.

• Returned $42 million to shareholders through dividends and share repurchases, including a 10% increase in the quarterly dividend to $0.22 per share.

• Expanded global retail footprint with 64 net new retail units, mostly asset-light partner-operated, now present in over 25 countries.

Financial highlights

• Fiscal 2024 revenue rose 3.6% to $496.4 million; pre-tax income grew 5.1% to $67.1 million.

• Fourth quarter revenue was $150.4 million, up 5.7% year-over-year; pre-tax income for the quarter was $27.5 million, up 15.8%.

• Adjusted EPS for the year was $3.77, up 10.2%; Q4 adjusted EPS was $1.59, up 18.7%.

• Gross margin for Q4 was 56.6%, up 20 basis points; fiscal 2024 gross margin was 54.9%.

• Cash and equivalents at year-end were $27.8 million after significant capital returns; no borrowings under revolving credit facility.

Outlook and guidance

• Expecting a fifth consecutive year of record revenue in fiscal 2025, with mid-single-digit revenue growth.

• Pre-tax income guidance ranges from a low single-digit decline to low single-digit growth due to inflationary pressures, especially tariffs and labor costs.

• Planning to open at least 50 net new experience locations, mostly international partner-operated.

• Commercial segment revenue expected to grow at least 20%, heavily weighted to the back half of the year.

• Capital expenditures projected at $20M–$25M; depreciation/amortization ~$16M; tax rate ~24%.