Urban Outfitters, Inc. · NASDAQ:URBN
Urban Outfitters — Q2 FY2026 Earnings Presentation
20 slides from Urban Outfitters's earnings presentation, August 2025
Slide 1: FY'26 Q2 Results
Urban Outfitters, Inc. F Y ’ 26 Q2 RESULTS
Slide 2: Introduction
Introduction Urban Outfitters, Inc. “URBN” is providing fiscal 2026 second quarter commentary ahead of our earnings call scheduled for August 27th at 5:00pm. We remind you that any forward-looking statements made in this commentary are subject to our safe harbor statement found in our SEC filings. O
Slide 3: Table of Contents
Table of Contents Key Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Sales by Segment. . . . . . . . . . . . . . . . .
Slide 4: Key Financial Highlights
Key Financial Highlights Three Months Ended URBN sales for the second quarter increased by 11% to a record $1.50 billion. The increase in sales was due to an 8% increase in Retail segment sales, a 53% increase in July 31, 2025 July 31, 2024 Subscription segment sales and an 18% increase in Wholesale
Slide 5: Sales by Segment
Sales by Segment Three Months Ended Total Company or URBN sales for the second quarter ($ in millions) Variance (unaudited) increased by 11% to a record $1.50 billion. URBN Retail July 31, 2025 July 31, 2024 $ % segment sales increased 8% to $1.29 billion, with Retail segment comparable sales increa
Slide 6: Revenue Metrics
Revenue Metrics Three Months Ended Total Anthropologie sales increased 7% to $607 million for the ($ in millions) Variance (unaudited) quarter. July 31, 2025 July 31, 2024 $ % Retail segment sales increased 7%, with comparable sales Total Sales $ 607.0 $ 569.1 $ 37.9 7% increasing 6%. The increase i
Slide 7: Revenue Metrics
Revenue Metrics Three Months Ended Total Free People sales increased by 14% to $415 million for ($ in millions) Variance (unaudited) the quarter. This increase was due to an increase in Retail July 31, 2025 July 31, 2024 $ % segment sales of 13% and a 19% increase in Wholesale segment sales. Total F
Slide 8: Revenue Metrics
Revenue Metrics Three Months Ended Total Urban Outfitters sales increased by 5% to $333 million ($ in millions) Variance (unaudited) for the quarter. July 31, 2025 July 31, 2024 $ % Retail segment sales increased 5%, with comparable sales Total Sales $ 333.2 $ 316.7 $ 16.5 5% increasing 4%. The incr
Slide 9: Revenue and Subscription Metrics
Revenue and Subscription Metrics Three Months Ended ($ in millions) Variance (unaudited) July 31, 2025 July 31, 2024 $ % Total Sales $ 138.9 $ 90.7 $ 48.2 53% Nuuly Subscribers Subscription segment sales for the second quarter increased by 53% to $139 million primarily driven by a 48% 350,000 increa
Slide 10: Gross Profit by Segment
Gross Profit by Segment Three Months Ended Gross profit dollars increased by 15% to $566 million for the ($ in millions) Variance (unaudited) quarter, while the gross profit rate increased 113 bps to 37.6%. July 31, 2025 July 31, 2024 $ % The increase in gross profit rate was primarily due to improv
Slide 11: SG&A–Total Company
SG&A–Total Company Three Months Ended SG&A expenses increased by 13% to $392 million while SG&A ($ in millions) Variance (unaudited) expenses as a percentage of net sales deleveraged by 28 bps to July 31, 2025 July 31, 2024 $ % 26.0%. The deleverage in SG&A expenses as a percentage of net sales was
Slide 12: Operating Income by Segment
Operating Income by Segment Three Months Ended Operating income dollars increased by 20% to $174 ($ in millions) Variance (unaudited) million while the operating income rate increased by 85 July 31, 2025 July 31, 2024 $ % bps to 11.6%. The increase in operating income dollars was driven by the incre
Slide 13: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended The effective tax rate was 22% in (share count in millions) the second quarter of fiscal 2026, (unaudited) July 31, 2025 % of Net Sales July 31, 2024 % of Net Sales compared to 23% in the second quarter of fiscal 2025. The decrease Net Sale
Slide 14: Balance Sheet Summary
Balance Sheet Summary ($ in millions) As of July 31, 2025, cash and (unaudited) July 31, 2025 July 31, 2024 marketable securities totaled $989 million with $0 drawn down on our Assets $350 million asset backed line of Cash and Cash Equivalents $ 332 $ 209 credit facility. Marketable Securities 291 3
Slide 15: Cash Flows Summary
Cash Flows Summary ($ in millions) Six Months Ended (unaudited) July 31, 2025 July 31, 2024 Cash Flows from Operating Activities Net Income $ 252 $ 179 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation & Amortization 61 57 Inventory (71) (54) Payables, Acc
Slide 16: Inventory Data
Inventory Data ($ in millions) (unaudited) Cost Variance July 31, 2025 July 31, 2024 $ % URBN Total Inventory $ 696.2 $ 604.7 $ 91.5 15% Retail Segment Total Inventory $ 635.3 $ 552.4 $ 82.9 15% Retail Segment Comparable Inventory by Brand 480.3 431.7 48.6 11% Anthropologie 253.8 218.7 35.1 16% Free
Slide 17: Capital Spending
Capital Spending ($ in millions) (unaudited) Net Capex % of Net Sales $ 300 $ 250 Home Office 4.2% 3.9% $ 200 Fulfillment 3.3% $ 150 Technology $ 100 Stores $ 50 FY’ 23 FY’ 24 FY’ 25 Projected FY’ 26 During the second quarter, capital expenditures were $61 million while depreciation & amortization w
Slide 18: Shares Outstanding
Shares Outstanding ($ in millions) (share count in millions) (unaudited) 130 120 110 100 90 80 FY ’21 FY ’22 FY ’23 FY ’24 FY ’25 FY ’26 Shares Repurchased Number of Shares 0.5 2.0 4.7 – 1.2 3.3 Total Cost $7 $ 56 $ 112 – $ 52 $ 152 The Company did not repurchase any shares during the quarter. The C
Slide 19: Global Retail Stores Summary
Global Retail Stores Summary Q1–Q2 FY’26 Q3–Q4 FY’26 Projected Open as of Open as of Projected Projected Open as of January 31, 2025 Openings Closings July 31, 2025 Openings Closings January 31, 2026 Anthropologie NA 222 4 – 226 9 2 233 Anthropologie EU 17 – – 17 3 1 19 Total Anthropologie 239 4 – 2
Slide 20: Global Store Count & Square Footage
Global Store Count & Square Footage (all data is as of the respective period ended) (Selling SF in thousands) AN FP * UO M&V URBN ** FY‘25 Q1 Store Count 238 199 264 9 710 Selling SF 1,808 413 2,260 n/a 4,481 Q2 Store Count 239 205 263 9 716 Selling SF 1,812 428 2,249 n/a 4,489 Q3 Store Count 242 21