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Home improvement retail · Consumer Cyclical · Fiscal year ends Dec 31
Floor & Decor reported revenue of $4.7B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was $270M, an operating margin of 5.8%, and net income was $209M. Operating cash flow of $382M less capital expenditure of $318M left free cash flow of $64M. It held more cash than debt (net cash $53M).
Ranks among the 7 home improvement 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 | 3,434 | 4,264 | 4,414 | 4,456 | 4,684 |
| Cost of revenue | 2,011 | 2,537 | 2,556 | 2,528 | 2,640 |
| Gross profit | 1,422 | 1,728 | 1,858 | 1,928 | 2,044 |
| Selling, general & admin | 1,049 | 1,292 | 1,537 | 1,672 | 1,774 |
| Operating income | 339 | 397 | 321 | 256 | 270 |
| Interest expense | 4.9 | 11.1 | 9.9 | 2.8 | 3.4 |
| Pre-tax income | 334 | 386 | 312 | 253 | 267 |
| Income tax | 50.8 | 87.4 | 65.6 | 47.5 | 58.0 |
| Net income | 283 | 298 | 246 | 206 | 209 |
| Diluted EPS | 2.64 | 2.78 | 2.28 | 1.90 | 1.92 |
| Diluted shares | 107 | 107 | 108 | 108 | 108 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 139 | 9.8 | 34.4 | 188 | 249 |
| Receivables | 7.4 | – | – | – | – |
| Inventory | 1,008 | 1,292 | 1,106 | 1,133 | 1,133 |
| Current assets | 1,273 | 1,457 | 1,317 | 1,492 | 1,528 |
| Net PP&E | 929 | 1,258 | 1,630 | 1,787 | 1,856 |
| Goodwill | 255 | 255 | 258 | 258 | 258 |
| Total assets | 3,731 | 4,351 | 4,663 | 5,050 | 5,469 |
| Payables | 662 | 591 | 679 | 795 | 684 |
| Deferred revenue | 14.5 | 10.1 | 11.3 | 13.2 | 10.7 |
| Current liabilities | 1,032 | 1,007 | 1,152 | 1,244 | 1,151 |
| Short-term debt | 2.1 | 2.1 | 2.1 | 2.1 | 2.6 |
| Long-term debt | 196 | 406 | 195 | 195 | 194 |
| Total liabilities | 2,407 | 2,694 | 2,732 | 2,880 | 3,061 |
| Shareholders' equity | 1,323 | 1,657 | 1,931 | 2,170 | 2,409 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 301 | 112 | 804 | 603 | 382 |
| Capital expenditure | 408 | 457 | 548 | 447 | 318 |
| Free cash flow | −106 | −344 | 256 | 156 | 64.1 |
| Depreciation & amortisation | 118 | 155 | 202 | 232 | 241 |
| Stock-based compensation | 20.5 | 22.2 | 27.2 | 33.7 | 29.5 |
| Acquisitions | 63.6 | 3.8 | 17.4 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.2% | 3.5% | 0.9% | 5.1% |
| Operating income growth (YoY) | – | 17.0% | −19.0% | −20.3% | 5.4% |
| EPS growth (YoY) | – | 5.3% | −18.0% | −16.7% | 1.1% |
| Gross margin | 41.4% | 40.5% | 42.1% | 43.3% | 43.6% |
| Operating margin | 9.9% | 9.3% | 7.3% | 5.7% | 5.8% |
| Net margin | 8.2% | 7.0% | 5.6% | 4.6% | 4.5% |
| Return on equityBlank when equity is negative | 21.4% | 18.0% | 12.7% | 9.5% | 8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.6% | 11.9% | 9.2% | 6.7% | 6.3% |
| Free cash flow margin | −3.1% | −8.1% | 5.8% | 3.5% | 1.4% |
| Cash conversion (CFO ÷ net income) | 1.06x | 0.38x | 3.27x | 2.93x | 1.83x |
| Receivable days | 1 | – | – | – | – |
| Inventory days | 183 | 186 | 158 | 164 | 157 |
| Payable days | 120 | 85 | 97 | 115 | 95 |
| Interest cover | 68.8x | 35.6x | 32.5x | 92.4x | 79.2x |
| Debt ÷ equity | 0.15x | 0.25x | 0.10x | 0.09x | 0.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 58.4 | 398 | 163 | 9.0 | −53.1 |
| Current ratio | 1.23x | 1.45x | 1.14x | 1.20x | 1.33x |
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.