Five Below (FIVE) Q4 2025 earnings summary

Executive summary

• Fiscal 2024 net sales rose 10.4% to $3.88 billion (ex-53rd week), with comparable sales down 2.7% and adjusted EPS of $5.04; 228 new stores were opened, totaling 1,771 locations across 44 states.

• Q4 net sales increased 7.8% year-over-year to $1.39 billion (ex-53rd week), with comparable sales down 3.0%.

• The business reset mid-year improved product, value, and store experience, driving stronger second-half results and exceeding Q4 guidance for sales and adjusted EPS.

• Management is focusing on core customers, trend-right products at $5 and below, and enhancing omnichannel and marketing capabilities.

Financial highlights

• Q4 adjusted operating income was $253.3 million (down 1.5% ex-53rd week), with adjusted net income at $192.4 million and adjusted EPS at $3.48.

• Fiscal 2024 adjusted operating income was $356.1 million (down 4.8% ex-53rd week), adjusted net income $277.8 million (down 5.1% ex-53rd week), and adjusted operating margin at 9.2%.

• Ended the year with $529 million in cash and no debt, with cash and cash equivalents up year-over-year.

• Repurchased 267,000 shares for $40 million in fiscal 2024.

Outlook and guidance

• Fiscal 2025 sales expected between $4.21–$4.33 billion (up 10.1% at midpoint), with comparable sales flat to +3%.

• Adjusted operating margin expected to decline to ~7.3% (down 180 bps), mainly due to tariffs and labor investments.

• Adjusted EPS guidance for 2025 is $4.10–$4.72.

• Q1 2025 sales expected at $905–$925 million, with 50 new stores and comps flat to +2%.

• CapEx for 2025 projected at $210–$230 million, with 150 new store openings.