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Specialty retail · Consumer Cyclical · Fiscal year ends Dec 31
Arhaus reported revenue of $1.4B in the fiscal year ended Dec 2025, up 8.5% from the year before. Operating income was $89M, an operating margin of 6.4%, and net income was $67M. Operating cash flow of $137M less capital expenditure of $78M left free cash flow of $59M.
Ranks among the 14 specialty retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 797 | 1,229 | 1,288 | 1,271 | 1,379 |
| Cost of revenue | 467 | 704 | 747 | 770 | 843 |
| Gross profit | 330 | 525 | 540 | 501 | 536 |
| Selling, general & admin | 296 | 340 | 376 | 415 | 447 |
| Operating income | 33.4 | 185 | 164 | 87.0 | 88.9 |
| Net interest incomeBanks | −5.4 | −3.4 | 3.4 | – | – |
| Interest expense | 5.4 | 3.4 | – | – | – |
| Pre-tax income | 26.8 | 183 | 169 | 90.9 | 92.0 |
| Income tax | −10.1 | 45.9 | 43.5 | 22.4 | 24.7 |
| Net income | 21.1 | 137 | 125 | 68.6 | 67.3 |
| Diluted EPS | 0.18 | 0.98 | 0.89 | 0.49 | 0.48 |
| Diluted shares | 120 | 140 | 140 | 141 | 141 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 124 | 145 | 223 | 198 | 253 |
| Receivables | 0.2 | 1.7 | 2.4 | 1.3 | 0.7 |
| Inventory | 208 | 286 | 254 | 297 | 339 |
| Current assets | 368 | 461 | 509 | 531 | 621 |
| Net PP&E | 180 | 152 | 220 | 283 | 316 |
| Goodwill | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| Total assets | 587 | 939 | 1,105 | 1,206 | 1,395 |
| Payables | 51.4 | 62.6 | 63.7 | 68.6 | 78.4 |
| Deferred revenue | 265 | 203 | 174 | 221 | 236 |
| Current liabilities | 401 | 376 | 342 | 402 | 453 |
| Total liabilities | 517 | 730 | 765 | 863 | 977 |
| Shareholders' equity | 69.8 | 210 | 340 | 344 | 418 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 140 | 77.5 | 169 | 147 | 137 |
| Capital expenditure | 41.5 | 55.7 | 93.4 | 107 | 77.9 |
| Free cash flow | 98.4 | 21.8 | 75.2 | 39.7 | 59.0 |
| Depreciation & amortisation | 23.9 | 24.9 | 29.4 | 39.1 | 46.8 |
| Stock-based compensation | 6.4 | 4.3 | 7.9 | 7.6 | 9.2 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Dividends paid | – | 0.0 | 0.0 | 70.3 | 0.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 54.2% | 4.8% | −1.3% | 8.5% |
| Operating income growth (YoY) | – | 453.7% | −11.0% | −47.0% | 2.2% |
| EPS growth (YoY) | – | 444.4% | −9.2% | −44.9% | −2.0% |
| Gross margin | 41.4% | 42.7% | 42.0% | 39.4% | 38.9% |
| Operating margin | 4.2% | 15.0% | 12.8% | 6.8% | 6.4% |
| Net margin | 2.6% | 11.1% | 9.7% | 5.4% | 4.9% |
| Return on equityBlank when equity is negative | 30.3% | 65.2% | 36.8% | 19.9% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.0% | 32.8% | 21.5% | 10.8% | 9.4% |
| Free cash flow margin | 12.3% | 1.8% | 5.8% | 3.1% | 4.3% |
| Cash conversion (CFO ÷ net income) | 6.62x | 0.57x | 1.35x | 2.15x | 2.03x |
| Receivable days | 0 | 1 | 1 | 0 | 0 |
| Inventory days | 163 | 149 | 124 | 141 | 147 |
| Payable days | 40 | 32 | 31 | 33 | 34 |
| Interest cover | 6.14x | 54.5x | – | – | – |
| Current ratio | 0.92x | 1.23x | 1.49x | 1.32x | 1.37x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.