Urban Outfitters, Inc. · NASDAQ:URBN
Urban Outfitters — Q3 2026 Earnings Presentation
20 slides from Urban Outfitters's earnings presentation, Nov 25, 2025
Slide 1: FY'26 Q3 Results
Urban Outfitters, Inc. F Y ’ 26 Q3 RESULTS
Slide 2: Introduction
Introduction Urban Outfitters, Inc. “URBN” is providing fiscal 2026 third quarter commentary ahead of our earnings call scheduled for November 25th 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.
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 third quarter increased by 12% to a record $1.53 billion. The increase in sales was due to a 10% increase in Retail segment sales, a 49% increase October 31, 2025 October 31, 2024 in Subscription segment sales and an 8% increase in Whole
Slide 5: Sales by Segment
Sales by Segment Three Months Ended Total Company or URBN sales for the third quarter increased ($ in millions) Variance (unaudited) by 12% to a record $1.53 billion. URBN Retail segment sales October 31, 2025 October 31, 2024 $ % increased 10% to $1.30 billion, with Retail segment comparable sales
Slide 6: Revenue Metrics (Anthropologie)
Revenue Metrics Three Months Ended Total Anthropologie sales increased 8% to $635 million for the ($ in millions) Variance (unaudited) quarter. October 31, 2025 October 31, 2024 $ % Retail segment sales increased by 8%, with comparable sales Total Sales $ 634.8 $ 587.9 $ 46.9 8% also increasing 8%.
Slide 7: Revenue Metrics (Free People)
Revenue Metrics Three Months Ended Total Free People sales increased by 9% to $399 million for ($ in millions) Variance (unaudited) the quarter. The increase was due to an increase in Retail October 31, 2025 October 31, 2024 $ % segment sales of 9% and an 8% increase in Wholesale segment sales. Tota
Slide 8: Revenue Metrics (Urban Outfitters)
Revenue Metrics Three Months Ended Total Urban Outfitters sales increased by 13% to $340 million ($ in millions) Variance (unaudited) for the quarter. October 31, 2025 October 31, 2024 $ % Retail segment sales increased by 13%, with comparable sales Total Sales $ 339.8 $ 300.6 $ 39.2 13% also increa
Slide 9: Revenue and Subscription Metrics
Revenue and Subscription Metrics Three Months Ended ($ in millions) Variance (unaudited) October 31, 2025 October 31, 2024 $ % Total Sales $ 144.6 $ 97.2 $ 47.4 49% Nuuly Subscribers Subscription segment sales for the third quarter increased by 49% to $145 million 400,000 primarily driven by a 42% i
Slide 10: Gross Profit by Segment
Gross Profit by Segment Three Months Ended Gross profit dollars increased by 13% to $563 million for the ($ in millions) Variance (unaudited) quarter, while the gross profit rate increased 31 bps to 36.8%. October 31, 2025 October 31, 2024 $ % The increase in gross profit rate was primarily due to i
Slide 11: SG&A–Total Company
SG&A–Total Company Three Months Ended Selling general & administrative (‘SG&A’) expenses increased by ($ in millions) Variance (unaudited) 14% to $419 million while SG&A expenses as a percentage of net October 31, 2025 October 31, 2024 $ % sales deleveraged by 32 bps to 27.4%. The deleverage in SG&A
Slide 12: Operating Income by Segment
Operating Income by Segment Three Months Ended Operating income dollars increased by 12% to $144 million ($ in millions) Variance (unaudited) while the operating income rate remained constant at October 31, 2025 October 31, 2024 $ % 9.4%. The increase in operating income dollars was driven by the in
Slide 13: Income Statement Summary
Income Statement Summary ($ in millions) Three Months Ended The effective tax rate was 24% in (share count in millions) both the third quarter of fiscal 2026 (unaudited) October 31, 2025 % of Net Sales October 31, 2024 % of Net Sales and the third quarter of fiscal 2025. Net Sales $ 1,529.4 100.0% $
Slide 14: Balance Sheet Summary
Balance Sheet Summary ($ in millions) As of October 31, 2025, cash and (unaudited) October 31, 2025 October 31, 2024 marketable securities totaled $964 million with $0 drawn down on our Assets $350 million asset backed line of Cash and Cash Equivalents $ 307 $ 183 credit facility. Marketable Securit
Slide 15: Cash Flows Summary
Cash Flows Summary ($ in millions) Nine Months Ended (unaudited) October 31, 2025 October 31, 2024 Cash Flows from Operating Activities Net Income $ 369 $ 282 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation & Amortization 94 86 Inventory (215) (242) Paya
Slide 16: Inventory Data
Inventory Data ($ in millions) (unaudited) Cost Variance October 31, 2025 October 31, 2024 $ % URBN Total Inventory $ 839.8 $ 793.3 $ 46.5 6% Retail Segment Total Inventory $ 781.2 $ 734.9 $ 46.3 6% Retail Segment Comparable Inventory by Brand 630.4 587.2 43.2 7% Anthropologie 339.4 306.1 33.3 11% F
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 third quarter, capital expenditures were $84 million while depreciation & amortization wa
Slide 18: Shares Outstanding
Shares Outstanding ($ 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–Q3 FY’26 Q4 FY’26 Projected Open as of Open as of Projected Projected Open as of January 31, 2025 Openings Closings October 31, 2025 Openings Closings January 31, 2026 Anthropologie NA 222 9 – 231 4 2 233 Anthropologie EU 17 – – 17 3 – 20 Total Anthropologie 239 9 – 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