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 via dividends and share repurchases; quarterly dividend increased by 10% to $0.22 per share.

• Expanded global retail footprint by over 100 locations in two years, with 64 net new retail units in 2024, now present in over 25 countries.

• Strategic focus on experiential retail, digital transformation, and leveraging brand strength to drive long-term growth.

Financial highlights

• Fiscal 2024 revenue increased 3.6% to $496.4 million year-over-year, with pre-tax income up 5.1% to $67.1 million.

• Fourth quarter revenue was $150.4 million, up 5.7% year-over-year (adjusted); pre-tax income grew 15.8% (adjusted) to $27.5 million.

• 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 54.9%.

• Returned over $130 million to shareholders over four years.

Outlook and guidance

• Fiscal 2025 guidance: mid-single-digit revenue growth; pre-tax income to range from low-single-digit decline to low-single-digit growth due to $10M+ in additional costs (mainly tariffs, medical, and labor).

• Expecting at least 50 net new experience locations globally in 2025, mostly international.

• Commercial segment revenue projected 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%.

• Continued focus on global expansion, digital transformation, and capital returns.