Detailed financial statements for Ralph Lauren Corporation (RL): 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.
Ralph Lauren Corporation is a prominent international entity primarily involved in the creation, marketing, and distribution of premium lifestyle goods across North America, Europe, Asia, and other global regions. The company's diverse product range includes: Apparel: A comprehensive selection of clothing for men, women, and children.
Analysis Summary
Ralph Lauren Corporation reported revenue of $8.11B in the most recent fiscal year, growing at a 5-year CAGR of 13.0%.
Trailing-twelve-month margins: gross margin 70.3%, operating margin 14.9%, net margin 11.8%. Free cash flow grew at 22.3% CAGR over 5 years.
At $392.87 (closing price, October 30, 2026), RL trades at a P/E of 24.77 and an ROE of 35.64%. Market capitalisation stands at $23.4B, placing it among large-cap names.
Balance sheet quality for RL: current ratio of 2.1, net debt of $923.7M. 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 decent: free cash flow of $746.1M represents 79% 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 | $6.65B | $6.18B | $6.31B | $6.16B | $4.40B | $6.22B | $6.44B | $6.63B | $7.08B | $8.11B |
| Cost of Revenue | $3.00B | $2.43B | $2.43B | $2.51B | $1.54B | $2.07B | $2.28B | $2.20B | $2.23B | $2.45B |
| Gross Profit | $3.65B | $3.75B | $3.89B | $3.65B | $2.86B | $4.15B | $4.17B | $4.43B | $4.85B | $5.67B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $3.20B | $3.12B | $3.20B | $3.27B | $2.65B | $3.31B | $3.41B | $3.60B | $3.86B | $4.37B |
| Operating Expenses | $3.74B | $3.25B | $3.32B | $3.34B | $2.90B | $3.35B | $3.46B | $3.68B | $3.92B | $4.49B |
| Operating Income | -$92.3M | $498.2M | $561.8M | $317.0M | -$43.6M | $798.4M | $704.2M | $756.4M | $932.1M | $1.18B |
| EBITDA | $215.0M | $802.6M | $884.5M | $613.5M | $221.3M | $1.04B | $952.8M | $1.05B | $1.21B | $1.41B |
| Interest Expense | $12.4M | $18.2M | $20.7M | $17.6M | $48.5M | $54.0M | $40.4M | $42.2M | $44.1M | $54.2M |
| Pre-tax Income | -$104.9M | $489.2M | $582.5M | $326.4M | -$74.8M | $754.6M | $691.9M | $777.4M | $950.7M | $1.18B |
| Income Tax | -$5.6M | $326.4M | $151.6M | -$57.9M | $46.3M | $154.5M | $169.2M | $131.1M | $207.8M | $236.6M |
| Net Income | -$99.3M | $162.8M | $430.9M | $384.3M | -$121.1M | $600.1M | $522.7M | $646.3M | $742.9M | $941.1M |
| EPS | $-1.20 | $1.99 | $5.35 | $5.07 | $-1.65 | $8.22 | $7.72 | $9.91 | $11.86 | $15.42 |
| EPS (Diluted) | $-1.20 | $1.97 | $5.27 | $4.98 | $-1.65 | $8.08 | $7.58 | $9.72 | $11.61 | $15.11 |
| Shares Outstanding (Diluted) | 82.7 M | 82.5 M | 81.7 M | 77.2 M | 73.5 M | 74.3 M | 69.0 M | 66.5 M | 64.0 M | 62.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.01B | $2.41B | $1.98B | $1.96B |
| Gross Profit | $1.37B | $1.68B | $1.38B | $1.44B |
| Operating Income | $245.7M | $503.1M | $156.8M | $342.4M |
| EBITDA | $301.1M | $536.8M | $227.8M | $414.1M |
| Net Income | $207.5M | $361.6M | $151.6M | $262.2M |
| EPS | $3.32 | $5.92 | $2.49 | $4.36 |
| EPS (Diluted) | $3.32 | $5.81 | $2.45 | $4.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $668.3M | $1.30B | $584.1M | $1.62B | $2.58B | $1.86B | $1.53B | $1.66B | $1.92B | $1.99B |
| Short-term Investments | $684.7M | $699.4M | $1.40B | $495.9M | $197.5M | $734.6M | $36.4M | $121.0M | $160.5M | $77.0M |
| Receivables | $673.8M | $651.7M | $607.1M | $415.4M | $571.9M | $542.8M | $579.7M | $561.0M | $612.3M | $677.7M |
| Inventory | $791.5M | $761.3M | $817.8M | $736.2M | $759.0M | $977.3M | $1.07B | $902.2M | $949.6M | $1.01B |
| Total Current Assets | $2.95B | $3.55B | $3.59B | $3.38B | $4.21B | $4.22B | $3.32B | $3.36B | $3.79B | $3.89B |
| Property, Plant & Equipment | $1.32B | $1.19B | $1.04B | $2.49B | $2.25B | $2.08B | $2.09B | $1.86B | $1.86B | $1.07B |
| Goodwill | $904.6M | $950.5M | $919.6M | $915.5M | $934.6M | $908.7M | $898.9M | $888.1M | $888.5M | $904.2M |
| Intangible Assets | $219.8M | $188.0M | $163.7M | $141.0M | $121.1M | $102.9M | $88.9M | $75.7M | $62.8M | $93.3M |
| Total Assets | $5.65B | $6.14B | $5.94B | $7.28B | $7.89B | $7.72B | $6.79B | $6.60B | $7.05B | $6.44B |
| Accounts Payable | $147.7M | $165.6M | $202.3M | $246.8M | $355.9M | $448.7M | $371.6M | $332.2M | $436.0M | $431.0M |
| Short-term Debt | 0 | $308.2M | 0 | $774.6M | 0 | $499.8M | $287.0M | $264.7M | $399.7M | $211.7M |
| Total Current Liabilities | $1.16B | $1.59B | $1.20B | $2.09B | $1.58B | $2.26B | $1.49B | $1.47B | $2.13B | $1.85B |
| Long-term Debt | $588.2M | $288.0M | $689.1M | $396.4M | $1.63B | $1.14B | $2.28B | $2.15B | $742.9M | $1.24B |
| Total Liabilities | $2.35B | $2.69B | $2.66B | $4.59B | $5.28B | $5.19B | $4.36B | $4.15B | $4.46B | $3.60B |
| Retained Earnings | $5.75B | $5.75B | $5.98B | $5.99B | $5.87B | $6.27B | $6.60B | $7.05B | $7.59B | $8.31B |
| Total Equity | $3.30B | $3.46B | $3.29B | $2.69B | $2.60B | $2.54B | $2.43B | $2.45B | $2.59B | $2.84B |
| Total Debt | $861.7M | $852.1M | $924.0M | $3.23B | $3.62B | $3.39B | $4.02B | $3.69B | $2.67B | $2.99B |
| Net Debt | -$491.3M | -$1.15B | -$1.06B | $1.11B | $844.0M | $793.5M | $2.46B | $1.91B | $585.1M | $923.7M |
| Working Capital | $1.79B | $1.96B | $2.39B | $1.28B | $2.62B | $1.96B | $1.83B | $1.89B | $1.66B | $2.04B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.44B | $2.03B | $1.99B | $1.72B |
| Total Assets | $7.35B | $7.81B | $6.44B | $7.66B |
| Total Liabilities | $4.77B | $4.93B | $3.60B | $4.94B |
| Total Equity | $2.58B | $2.89B | $2.84B | $2.72B |
| Total Debt | $4.02B | $4.01B | $2.99B | $3.00B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$99.3M | $162.8M | $430.9M | $384.3M | -$121.1M | $600.1M | $522.7M | $646.3M | $742.9M | $941.1M |
| Depreciation & Amortization | $307.5M | $295.2M | $281.3M | $269.5M | $247.6M | $229.7M | $220.5M | $229.0M | $219.6M | $233.0M |
| Stock-based Compensation | $63.6M | $74.5M | $88.6M | $100.6M | $72.7M | $81.7M | $75.5M | $99.5M | $107.9M | $111.0M |
| Change in Working Capital | $233.6M | $289.0M | -$77.0M | $73.9M | $75.9M | -$169.6M | -$424.6M | $115.0M | $201.9M | -$158.3M |
| Operating Cash Flow | $952.3M | $975.1M | $783.8M | $754.6M | $380.9M | $715.9M | $411.0M | $1.07B | $1.24B | $1.15B |
| Capital Expenditure | -$284.0M | -$161.6M | -$197.7M | -$270.3M | -$107.8M | -$166.9M | -$217.5M | -$164.8M | -$216.2M | -$408.1M |
| Acquisitions | -$6.1M | -$4.6M | -$4.5M | $900,000 | $107.8M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$215.2M | -$17.1M | -$502.6M | -$694.8M | -$37.7M | -$492.6M | -$488.6M | -$449.7M | -$480.9M | -$623.8M |
| Dividends Paid | -$164.8M | -$162.4M | -$190.7M | -$203.9M | -$49.8M | -$150.0M | -$198.3M | -$194.6M | -$201.1M | -$216.5M |
| Free Cash Flow | $668.3M | $813.5M | $586.1M | $484.3M | $273.1M | $549.0M | $193.5M | $904.9M | $1.02B | $746.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $53.2M | $779.6M | $145.3M | $339.3M |
| Capital Expenditure | -$93.8M | -$75.6M | -$51.4M | -$53.4M |
| Free Cash Flow | -$40.6M | $704.0M | $93.9M | $285.9M |
| Dividends Paid | -$55.3M | -$55.3M | -$55.2M | -$54.8M |
| Stock-based Compensation | $39.4M | $24.9M | $24.3M | $26.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -7.1% | +2.1% | -2.4% | -28.6% | +41.3% | +3.6% | +2.9% | +6.7% | +14.6% | |
| Net Income Growth (YoY) | +263.9% | +164.7% | -10.8% | -131.5% | +595.5% | -12.9% | +23.6% | +14.9% | +26.7% | |
| EPS Growth (YoY) | +265.8% | +168.8% | -5.2% | -132.5% | +598.2% | -6.1% | +28.4% | +19.7% | +30.0% | |
| Shares Change (YoY) | -0.2% | -1.0% | -5.5% | -4.8% | +1.1% | -7.1% | -3.6% | -3.8% | -2.7% | |
| FCF Growth (YoY) | +21.7% | -28.0% | -17.4% | -43.6% | +101.0% | -64.8% | +367.6% | +12.6% | -26.8% | |
| Gross Margin | 54.9% | 60.7% | 61.6% | 59.3% | 65.0% | 66.7% | 64.7% | 66.8% | 68.6% | 69.9% |
| Operating Margin | -1.4% | 8.1% | 8.9% | 5.1% | -1.0% | 12.8% | 10.9% | 11.4% | 13.2% | 14.5% |
| EBITDA Margin | 3.2% | 13.0% | 14.0% | 10.0% | 5.0% | 16.7% | 14.8% | 15.8% | 17.2% | 17.4% |
| Net Margin | -1.5% | 2.6% | 6.8% | 6.2% | -2.8% | 9.7% | 8.1% | 9.7% | 10.5% | 11.6% |
| FCF Margin | 10.0% | 13.2% | 9.3% | 7.9% | 6.2% | 8.8% | 3.0% | 13.6% | 14.4% | 9.2% |
| Effective Tax Rate | 5.3% | 66.7% | 26.0% | -17.7% | -61.9% | 20.5% | 24.5% | 16.9% | 21.9% | 20.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.08 | $9.86 | $7.17 | $6.27 | $3.72 | $7.39 | $2.80 | $13.61 | $15.92 | $11.98 |
| Dividends Per Share | $1.99 | $1.97 | $2.33 | $2.64 | $0.68 | $2.02 | $2.87 | $2.93 | $3.14 | $3.48 |
| Shares Outstanding (Basic) | 82.7 M | 81.7 M | 80.6 M | 75.8 M | 73.5 M | 73.0 M | 67.7 M | 65.2 M | 62.6 M | 61.0 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 | 35.64% |
| Return on Invested Capital | 16.37% |
| Return on Assets | 12.83% |
| Gross Margin | 70.27% |
| Operating Margin | 14.94% |
| Net Margin | 11.76% |
Financial Health
| Debt / Equity | 1.10 |
| Current Ratio | 2.04 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 7.38 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -68.02 | 56.18 | 24.24 | 13.41 | -74.04 | 13.63 | 15.11 | 18.95 | 18.19 | 21.26 |
| P/B | 2.05 | 2.64 | 3.18 | 1.91 | 3.45 | 3.22 | 3.25 | 5.00 | 5.22 | 7.04 |
| P/S | 1.01 | 1.48 | 1.66 | 0.84 | 2.04 | 1.31 | 1.23 | 1.85 | 1.91 | 2.46 |
| Gross Margin | 54.9% | 60.7% | 61.6% | 59.3% | 65.0% | 66.7% | 64.7% | 66.8% | 68.6% | 69.9% |
| Operating Margin | -1.4% | 8.1% | 8.9% | 5.1% | -1.0% | 12.8% | 10.9% | 11.4% | 13.2% | 14.5% |
| Net Margin | -1.5% | 2.6% | 6.8% | 6.2% | -2.8% | 9.7% | 8.1% | 9.7% | 10.5% | 11.6% |
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Explore sector: Consumer Cyclical · Apparel - Manufacturers
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