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Internet retail · Consumer Cyclical · Fiscal year ends Dec 31
Pattern reported revenue of $2.5B in the fiscal year ended Dec 2025, up 39.3% from the year before. Operating income was $25M, an operating margin of 1.0%, and net income was $16M. Operating cash flow of $99M less capital expenditure of $20M left free cash flow of $79M.
Ranks among the 14 internet retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,366 | 1,796 | 2,501 |
| Cost of revenue | 765 | 1,015 | 1,411 |
| Gross profit | 601 | 781 | 1,090 |
| Research & development | 14.6 | 18.0 | 46.3 |
| Selling, general & admin | 534 | 676 | 1,019 |
| Operating income | 52.8 | 87.2 | 25.4 |
| Interest expense | 0.0 | 0.1 | 0.2 |
| Pre-tax income | 56.3 | 91.2 | −0.8 |
| Income tax | 15.1 | 23.4 | −17.0 |
| Net income | 41.3 | 67.9 | 16.2 |
| Diluted EPS | 0.22 | 0.47 | −1.36 |
| Diluted shares | 90.8 | 90.8 | 115 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 127 | 176 | 289 |
| Receivables | – | 107 | 177 |
| Inventory | – | 264 | 295 |
| Current assets | – | 558 | 793 |
| Net PP&E | – | 35.0 | 41.1 |
| Goodwill | 25.9 | 25.9 | 37.8 |
| Total assets | – | 664 | 948 |
| Payables | – | 212 | 275 |
| Current liabilities | – | 258 | 339 |
| Total liabilities | – | 285 | 367 |
| Shareholders' equity | 42.4 | 109 | 581 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 41.5 | 70.3 | 99.4 |
| Capital expenditure | 14.5 | 20.5 | 20.5 |
| Free cash flow | 27.0 | 49.9 | 78.9 |
| Depreciation & amortisation | 12.1 | 14.8 | 16.8 |
| Stock-based compensation | −0.2 | 0.0 | 97.3 |
| Acquisitions | 0.0 | 0.0 | 19.3 |
| Share buybacks | 0.0 | 2.9 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 31.5% | 39.3% |
| Operating income growth (YoY) | – | 65.2% | −70.9% |
| EPS growth (YoY) | – | 113.6% | −389.4% |
| Gross margin | 44.0% | 43.5% | 43.6% |
| Operating margin | 3.9% | 4.9% | 1.0% |
| Net margin | 3.0% | 3.8% | 0.6% |
| Return on equityBlank when equity is negative | 97.3% | 62.4% | 2.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 21.4% | 4.2% |
| Free cash flow margin | 2.0% | 2.8% | 3.2% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.04x | 6.12x |
| Receivable days | – | 22 | 26 |
| Inventory days | – | 95 | 76 |
| Payable days | – | 76 | 71 |
| Interest cover | 1600x | 890x | 110x |
| Current ratio | – | 2.17x | 2.34x |
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.