Loading financials from SEC filings…
Apparel & textiles · Consumer Cyclical · Fiscal year ends Nov 29
LEVI Strauss reported revenue of $6.3B in the fiscal year ended Nov 2025, up 4.1% from the year before. Operating income was $678M, an operating margin of 10.8%, and net income was $578M. Operating cash flow of $530M less capital expenditure of $221M left free cash flow of $308M. Net debt was $281M.
Ranks among the 15 apparel & textiles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Dec 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | 5,764 | 6,169 | 5,842 | 6,032 | 6,282 |
| Cost of revenue | 2,417 | 2,620 | 2,481 | 2,375 | 2,404 |
| Gross profit | 3,347 | 3,549 | 3,361 | 3,657 | 3,878 |
| Selling, general & admin | 2,661 | 2,882 | 2,896 | 3,092 | 3,173 |
| Operating income | 686 | 647 | 354 | 263 | 678 |
| Interest expense | 72.9 | 25.7 | 45.9 | 41.8 | 48.6 |
| Pre-tax income | 580 | 650 | 266 | 218 | 634 |
| Income tax | 26.7 | 80.5 | 15.7 | 7.2 | 132 |
| Net income | 554 | 569 | 250 | 211 | 578 |
| Diluted EPS | 1.35 | 1.41 | 0.62 | 0.52 | 1.45 |
| Diluted shares | 410 | 404 | 402 | 402 | 400 |
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Dec 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 810 | 430 | 399 | 690 | 758 |
| Receivables | 708 | 697 | 753 | 710 | 775 |
| Inventory | 898 | 1,417 | 1,290 | 1,131 | 1,238 |
| Current assets | 2,710 | 2,828 | 2,638 | 2,851 | 3,154 |
| Net PP&E | 503 | 623 | 681 | 687 | 682 |
| Goodwill | 387 | 366 | 304 | 278 | 281 |
| Total assets | 5,900 | 6,038 | 6,054 | 6,376 | 6,849 |
| Payables | 525 | 657 | 568 | 663 | 598 |
| Current liabilities | 1,870 | 1,982 | 1,788 | 2,011 | 2,033 |
| Short-term debt | 5.9 | 11.7 | 12.5 | 5.5 | 0.0 |
| Long-term debt | 1,021 | 985 | 1,009 | 994 | 1,039 |
| Total liabilities | 4,234 | 4,134 | 4,007 | 4,405 | 4,570 |
| Shareholders' equity | 1,666 | 1,904 | 2,046 | 1,971 | 2,279 |
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Dec 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 737 | 228 | 436 | 898 | 530 |
| Capital expenditure | 167 | 267 | 314 | 228 | 221 |
| Free cash flow | 570 | −39.0 | 122 | 671 | 308 |
| Depreciation & amortisation | 143 | 159 | 165 | 193 | 206 |
| Stock-based compensation | 60.1 | 60.8 | 74.4 | 62.8 | 81.6 |
| Acquisitions | 391 | 0.0 | 12.1 | 34.4 | 0.0 |
| Share buybacks | 85.9 | 176 | 8.1 | 90.1 | 30.5 |
| Dividends paid | 104 | 174 | 191 | 199 | 213 |
| Dividend per share | 0.26 | 0.44 | 0.48 | 0.50 | 0.54 |
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Dec 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.0% | −5.3% | 3.3% | 4.1% |
| Operating income growth (YoY) | – | −5.8% | −45.2% | −25.9% | 157.9% |
| EPS growth (YoY) | – | 4.4% | −56.0% | −16.1% | 178.8% |
| Gross margin | 58.1% | 57.5% | 57.5% | 60.6% | 61.7% |
| Operating margin | 11.9% | 10.5% | 6.1% | 4.4% | 10.8% |
| Net margin | 9.6% | 9.2% | 4.3% | 3.5% | 9.2% |
| Return on equityBlank when equity is negative | 33.2% | 29.9% | 12.2% | 10.7% | 25.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.0% | 15.9% | 8.3% | 6.0% | 14.1% |
| Free cash flow margin | 9.9% | −0.6% | 2.1% | 11.1% | 4.9% |
| Cash conversion (CFO ÷ net income) | 1.33x | 0.40x | 1.74x | 4.27x | 0.92x |
| Receivable days | 45 | 41 | 47 | 43 | 45 |
| Inventory days | 136 | 197 | 190 | 174 | 188 |
| Payable days | 79 | 92 | 84 | 102 | 91 |
| Interest cover | 9.41x | 25.2x | 7.72x | 6.28x | 13.9x |
| Debt ÷ equity | 0.62x | 0.52x | 0.50x | 0.51x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 216 | 567 | 623 | 310 | 281 |
| Current ratio | 1.45x | 1.43x | 1.48x | 1.42x | 1.55x |
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.