Detailed financial statements for Burlington Stores, Inc. (BURL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Burlington Stores, Inc. operates as a prominent retail chain across the United States, offering a diverse selection of branded apparel and other consumer products. Its merchandise is heavily focused on current fashion trends, providing items such as women's ready-to-wear, men's clothing, youth apparel, footwear, accessories, and outerwear. Additionally, the company stocks toys, gifts, and various products for the home, baby, and beauty categories.
Analysis Summary
Burlington Stores, Inc. reported revenue of $11.57B in the most recent fiscal year, growing at a 5-year CAGR of 14.9%.
Trailing-twelve-month margins: gross margin 44.6%, operating margin 8.1%, net margin 5.8%.
At $234.02 (closing price, October 28, 2026), BURL trades at a P/E of 21.01 and an ROE of 39.82%. Market capitalisation stands at $14.7B, placing it among large-cap names.
Balance sheet quality for BURL: current ratio of 1.2, net debt of $4.77B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $171.6M represents 28% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.59B | $6.11B | $6.67B | $7.29B | $5.76B | $9.32B | $8.70B | $9.73B | $10.63B | $11.57B |
| Cost of Revenue | $3.30B | $3.56B | $3.87B | $4.23B | $3.56B | $5.44B | $5.17B | $5.58B | $6.03B | $6.49B |
| Gross Profit | $2.29B | $2.55B | $2.80B | $3.06B | $2.21B | $3.89B | $3.53B | $4.14B | $4.61B | $5.08B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.72B | $1.86B | $2.02B | $2.23B | $2.33B | $2.87B | $2.88B | $3.29B | $3.55B | $3.82B |
| Operating Expenses | $1.91B | $2.06B | $2.24B | $2.44B | $2.21B | $3.12B | $3.15B | $3.60B | $3.89B | $4.24B |
| Operating Income | $386.7M | $486.3M | $563.7M | $618.8M | 0 | $768.4M | $383.1M | $548.0M | $715.0M | $844.9M |
| EBITDA | $573.0M | $688.9M | $781.5M | $842.1M | -$119.5M | $862.0M | $644.4M | $851.2M | $1.09B | $1.31B |
| Interest Expense | $56.2M | $58.8M | $56.0M | $50.8M | $97.8M | $67.5M | $66.5M | $78.4M | $69.5M | $71.0M |
| Pre-tax Income | $333.2M | $429.0M | $507.6M | $580.5M | -$437.6M | $545.3M | $307.5M | $465.8M | $674.8M | $816.1M |
| Income Tax | $117.3M | $44.1M | $92.8M | $115.4M | -$221.1M | $136.5M | $77.4M | $126.1M | $171.2M | $206.0M |
| Net Income | $215.9M | $384.9M | $414.7M | $465.1M | -$216.5M | $408.8M | $230.1M | $339.6M | $503.6M | $610.2M |
| EPS | $3.06 | $5.64 | $6.21 | $7.05 | $-3.28 | $6.14 | $3.51 | $5.25 | $7.91 | $9.51 |
| EPS (Diluted) | $3.01 | $5.48 | $6.04 | $6.91 | $-3.28 | $6.00 | $3.49 | $5.23 | $7.80 | $9.51 |
| Shares Outstanding (Diluted) | 71.7 M | 70.3 M | 68.7 M | 67.3 M | 66.0 M | 68.1 M | 65.9 M | 64.9 M | 64.6 M | 64.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.71B | $3.65B | $2.86B | $3.00B |
| Gross Profit | $1.20B | $1.60B | $1.26B | $1.39B |
| Operating Income | $153.8M | $411.4M | $167.7M | $251.5M |
| EBITDA | $256.5M | $568.5M | $263.8M | $375.8M |
| Net Income | $104.8M | $310.4M | $114.7M | $184.3M |
| EPS | $1.63 | $4.84 | $1.79 | $2.88 |
| EPS (Diluted) | $1.63 | $4.84 | $1.79 | $2.88 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $81.6M | $133.3M | $112.3M | $403.1M | $1.38B | $1.09B | $872.6M | $925.4M | $994.7M | $1.23B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $43.3M | $71.6M | $58.8M | $91.5M | $62.2M | $54.1M | $71.1M | $74.4M | $88.1M | $105.3M |
| Inventory | $701.9M | $752.6M | $954.2M | $777.2M | $740.8M | $1.02B | $1.18B | $1.09B | $1.25B | $1.31B |
| Total Current Assets | $928.3M | $1.10B | $1.27B | $1.42B | $2.51B | $2.55B | $2.28B | $2.33B | $2.63B | $2.77B |
| Property, Plant & Equipment | $1.05B | $1.13B | $1.25B | $3.80B | $3.91B | $4.19B | $4.61B | $5.01B | $5.76B | $6.79B |
| Goodwill | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M | $47.1M |
| Intangible Assets | $451.2M | $426.9M | $402.3M | $238.7M | $238.0M | $238.0M | $238.0M | $238.0M | $238.0M | $238.0M |
| Total Assets | $2.57B | $2.81B | $3.08B | $5.59B | $6.78B | $7.09B | $7.27B | $7.71B | $8.77B | $9.92B |
| Accounts Payable | $640.3M | $736.3M | $848.6M | $759.1M | $862.6M | $1.08B | $955.8M | $956.4M | $1.04B | $1.02B |
| Short-term Debt | $1.6M | $13.2M | $2.9M | $3.6M | $3.9M | $14.4M | $13.6M | $13.7M | $170.9M | $70.6M |
| Total Current Liabilities | $996.8M | $1.12B | $1.25B | $1.46B | $1.68B | $1.95B | $1.91B | $2.03B | $2.27B | $2.25B |
| Long-term Debt | $1.13B | $1.11B | $983.6M | $1.00B | $1.93B | $1.54B | $1.46B | $1.39B | $1.54B | $2.01B |
| Total Liabilities | $2.62B | $2.73B | $2.76B | $5.07B | $6.32B | $6.33B | $6.47B | $6.71B | $7.40B | $8.11B |
| Retained Earnings | -$1.06B | -$675.7M | -$260.9M | $204.8M | -$11.7M | $414.3M | $644.4M | $984.1M | $1.49B | $2.10B |
| Total Equity | -$49.8M | $86.8M | $322.7M | $528.1M | $464.8M | $760.4M | $794.9M | $996.9M | $1.37B | $1.81B |
| Total Debt | $1.13B | $1.13B | $986.6M | $3.63B | $4.64B | $4.45B | $4.70B | $4.80B | $5.37B | $6.01B |
| Net Debt | $1.05B | $993.7M | $874.3M | $3.23B | $3.26B | $3.36B | $3.83B | $3.88B | $4.38B | $4.77B |
| Working Capital | -$68.5M | -$19.2M | $24.2M | -$44.5M | $826.6M | $600.0M | $371.8M | $298.2M | $356.3M | $522.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $584.1M | $1.23B | $747.4M | $703.7M |
| Total Assets | $9.60B | $9.92B | $9.78B | $10.04B |
| Total Liabilities | $8.07B | $8.11B | $7.94B | $8.04B |
| Total Equity | $1.53B | $1.81B | $1.84B | $2.00B |
| Total Debt | $5.94B | $6.01B | $5.87B | $5.91B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $215.9M | $384.9M | $414.7M | $465.1M | -$216.5M | $408.8M | $230.1M | $339.6M | $503.6M | $610.2M |
| Depreciation & Amortization | $183.6M | $201.1M | $217.9M | $210.7M | $220.4M | $249.2M | $270.4M | $307.1M | $347.6M | $417.9M |
| Stock-based Compensation | $16.0M | $27.0M | $35.5M | $43.9M | $55.8M | $58.5M | $67.5M | $83.9M | $87.6M | $106.7M |
| Change in Working Capital | $186.4M | -$16.1M | -$72.1M | $91.5M | $94.9M | -$147.5M | -$9.7M | $61.8M | -$126.1M | $15.0M |
| Operating Cash Flow | $602.4M | $607.2M | $639.7M | $891.7M | $219.2M | $833.2M | $596.4M | $868.7M | $863.4M | $1.23B |
| Capital Expenditure | -$187.5M | -$268.2M | -$304.3M | -$330.3M | -$273.3M | -$353.0M | -$451.1M | -$517.3M | -$892.0M | -$1.06B |
| Acquisitions | $7.3M | $6.0M | $8.8M | $5.1M | 0 | $8.7M | $28.0M | 0 | $9.7M | 0 |
| Stock Repurchased | -$202.4M | -$289.8M | -$228.9M | -$323.1M | -$65.5M | -$266.6M | -$316.9M | -$243.2M | -$256.3M | -$278.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $414.9M | $339.1M | $335.3M | $561.4M | -$54.1M | $480.1M | $145.3M | $351.5M | -$28.6M | $171.6M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $143.3M | $937.5M | $61.5M | $273.2M |
| Capital Expenditure | $595.4M | -$999.6M | -$289.7M | $289.7M |
| Free Cash Flow | $738.7M | -$62.1M | -$228.2M | $562.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $27.4M | $25.0M | $36.3M | $32.1M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.3% | +9.1% | +9.3% | -20.9% | +61.7% | -6.6% | +11.8% | +9.3% | +8.8% | |
| Net Income Growth (YoY) | +78.3% | +7.8% | +12.1% | -146.5% | +288.8% | -43.7% | +47.6% | +48.3% | +21.1% | |
| EPS Growth (YoY) | +84.3% | +10.1% | +13.5% | -146.5% | +287.2% | -42.8% | +49.6% | +50.7% | +20.2% | |
| Shares Change (YoY) | -2.0% | -2.3% | -2.0% | -2.0% | +3.3% | -3.3% | -1.5% | -0.5% | -0.7% | |
| FCF Growth (YoY) | -18.3% | -1.1% | +67.4% | -109.6% | +987.4% | -69.7% | +141.9% | -108.1% | +699.8% | |
| Gross Margin | 41.0% | 41.7% | 42.0% | 42.0% | 38.3% | 41.7% | 40.6% | 42.6% | 43.3% | 43.9% |
| Operating Margin | 6.9% | 8.0% | 8.5% | 8.5% | 0.0% | 8.2% | 4.4% | 5.6% | 6.7% | 7.3% |
| EBITDA Margin | 10.2% | 11.3% | 11.7% | 11.6% | -2.1% | 9.2% | 7.4% | 8.8% | 10.3% | 11.3% |
| Net Margin | 3.9% | 6.3% | 6.2% | 6.4% | -3.8% | 4.4% | 2.6% | 3.5% | 4.7% | 5.3% |
| FCF Margin | 7.4% | 5.5% | 5.0% | 7.7% | -0.9% | 5.2% | 1.7% | 3.6% | -0.3% | 1.5% |
| Effective Tax Rate | 35.2% | 10.3% | 18.3% | 19.9% | 50.5% | 25.0% | 25.2% | 27.1% | 25.4% | 25.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.79 | $4.82 | $4.88 | $8.34 | $-0.82 | $7.05 | $2.20 | $5.41 | $-0.44 | $2.68 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 70.5 M | 68.3 M | 66.8 M | 65.9 M | 66.0 M | 66.6 M | 65.6 M | 64.7 M | 63.6 M | 64.1 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 39.82% |
| Return on Invested Capital | 9.00% |
| Return on Assets | 7.11% |
| Gross Margin | 44.58% |
| Operating Margin | 8.06% |
| Net Margin | 5.85% |
Financial Health
| Debt / Equity | 2.95 |
| Current Ratio | 1.17 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.21 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.35 | 21.58 | 27.65 | 30.85 | -75.71 | 37.51 | 64.50 | 37.47 | 35.90 | 31.11 |
| P/B | -118.43 | 95.78 | 35.55 | 27.15 | 35.25 | 20.17 | 18.69 | 12.76 | 13.18 | 10.50 |
| P/S | 1.06 | 1.36 | 1.72 | 1.97 | 2.84 | 1.64 | 1.71 | 1.31 | 1.70 | 1.64 |
| Gross Margin | 41.0% | 41.7% | 42.0% | 42.0% | 38.3% | 41.7% | 40.6% | 42.6% | 43.3% | 43.9% |
| Operating Margin | 6.9% | 8.0% | 8.5% | 8.5% | 0.0% | 8.2% | 4.4% | 5.6% | 6.7% | 7.3% |
| Net Margin | 3.9% | 6.3% | 6.2% | 6.4% | -3.8% | 4.4% | 2.6% | 3.5% | 4.7% | 5.3% |
Related companies: WMT · ROST · FIVE · OLLI · TJX · DG
Explore sector: Consumer Cyclical · Apparel - Retail
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