BURLMEDIUM SIGNALOPPORTUNITY10-K

Burlington delivered strong operational and financial performance with significant store expansion (104 new stores) and robust profit growth across all key metrics.

The company demonstrated excellent execution of its growth strategy, expanding its store footprint by 9.4% while maintaining strong unit economics and cash generation. The strategic language shift from focusing primarily on comparable store sales growth to emphasizing operational flexibility and efficiency suggests management confidence in their ability to scale effectively while adapting to market conditions.

Comparing 2026-03-19 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

Burlington showed strong across-the-board financial performance with operating cash flow surging 42.6% to $1.2B and net income growing 21.1% to $610.2M, demonstrating improved operational efficiency. The company maintained a healthy balance sheet with stockholders' equity increasing 31.9% to $1.8B and cash position strengthening 23.9% to $1.2B, while debt increased modestly at 19.3% to support growth investments. The substantial increase in capital expenditures (+20.4%) aligns with aggressive store expansion, and the strong cash flow growth relative to capex spending indicates the investments are generating positive returns.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+42.6%
$863.4M→$1.2B

Operating cash flow surged 42.6% — exceptional cash generation, highest quality earnings signal.

Stockholders Equity
Balance Sheet
+31.9%
$1.4B→$1.8B

Equity base grew 31.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+29.5%
$748.9M→$969.5M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+23.9%
$994.7M→$1.2B

Cash grew 23.9% — improving liquidity position supports investment and shareholder returns.

Net Income
P&L
+21.1%
$503.6M→$610.2M

Net income grew 21.1% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+20.4%
$880.4M→$1.1B

Capex increased 20.4% — ongoing investment in capacity or infrastructure for future growth.

Accounts Receivable
Balance Sheet
+19.5%
$88.1M→$105.3M

Receivables grew 19.5% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
+19.3%
$1.7B→$2.0B

Debt rose 19.3% — additional borrowing for investment or operations; monitor coverage ratios.

Total Assets
Balance Sheet
+13.1%
$8.8B→$9.9B

Asset base grew 13.1% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-17
ADDED
As of February 28, 2026 , there were 62,687,426 shares of common stock of t he registrant outstanding.
INDEX TO REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED JANUARY 31, 2026 PAGE PART I.
Since then, we have expanded our store base to 1,212 stores as of January 31, 2026, in 46 states, Washington D.C.
We continue to focus on several ongoing strategic initiatives aimed at operating with flexibility, responsiveness, and efficiency in everything we do, while delivering great value to our customers through continued improvement in the execution of our off-price model.
This Annual Report covers the 52-week fiscal year ended January 31, 2026 (Fiscal 2025), the 52-week fiscal year ended February 1, 2025 (Fiscal 2024), and the 53-week fiscal year ended February 3, 2024 (Fiscal 2023).
Burlington Stores offer customers a complete line of merchandise.
It also provides us with the flexibility to shift purchases between suppliers and categories and to react to changes in the marketplace in real time.
and Puerto Rico as set forth below: State Number of Stores State Number of Stores State Number of Stores AK 2 KY 9 NY 74 AL 12 LA 12 OH 32 AR 8 MA 28 OK 16 AZ 30 MD 25 OR 7 CA 123 ME 2 PA 43 CO 16 MI 36 PR 28 CT 19 MN 14 RI 6 DC 1 MO 13 SC 14 DE 3 MS 4 SD 2 FL 126 NC 39 TN 19 GA 43 ND 1 TX 147 IA 5 NE 5 UT 9 ID 3 NH 6 VA 33 IL 51 NJ 55 WA 19 IN 20 NM 6 WI 17 KS 10 NV 18 WV 1 Store Expansion and Real Estate Strategy We continue to explore expansion opportunities both within our current market areas and in other regions.
Our store base has grown from 13 stores in 1980 to 1,212 stores as of January 31, 2026.
Fiscal 2025 Fiscal 2024 Fiscal 2023 Stores (beginning of period) 1,108 1,007 927 Stores opened(a)(b) 113 116 91 Stores closed(a) (9 ) (15 ) (11 ) Stores (end of period) 1,212 1,108 1,007 (a) Exclusive of relocations during Fiscal 2025, Fiscal 2024 and Fiscal 2023 of 18, 31 and 13 stores, respectively.
REMOVED
As of March 1, 2025, there were 63,204,621 shares of common stock of the registrant outstanding.
INDEX TO REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2025 PAGE PART I.
Since then, we have expanded our store base to 1,108 stores as of February 1, 2025, in 46 states, Washington D.C.
We continue to focus on a number of ongoing initiatives aimed at increasing our overall profitability by driving comparable store sales growth, expanding and enhancing our retail store base, and enhancing operating margins.
This Annual Report covers the 52-week fiscal year ended February 1, 2025 (Fiscal 2024), the 53-week fiscal year ended February 3, 2024 (Fiscal 2023), and the 52-week fiscal year ended January 28, 2023 (Fiscal 2022).
Burlington Stores offer customers a complete line of merchandise, including: women s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats.
It also provides us with the flexibility to shift purchases between suppliers and categories.
and Puerto Rico as set forth below: State Number of Stores State Number of Stores State Number of Stores AK 2 KY 9 NY 70 AL 12 LA 11 OH 31 AR 8 MA 25 OK 16 AZ 25 MD 24 OR 7 CA 112 ME 2 PA 42 CO 16 MI 30 PR 22 CT 16 MN 14 RI 6 DC 1 MO 12 SC 13 DE 3 MS 4 SD 2 FL 119 NC 36 TN 17 GA 37 ND 1 TX 123 IA 5 NE 5 UT 9 ID 3 NH 6 VA 33 IL 45 NJ 53 WA 18 IN 19 NM 5 WI 16 KS 9 NV 13 WV 1 Store Expansion and Real Estate Strategy We continue to explore expansion opportunities both within our current market areas and in other regions.
Our store base has grown from 13 stores in 1980 to 1,108 stores as of February 1, 2025.
Fiscal 2024 Fiscal 2023 Fiscal 2022 Stores (beginning of period) 1,007 927 840 Stores opened(a)(b) 116 91 91 Stores closed(a) (15 ) (11 ) (4 ) Stores (end of period) 1,108 1,007 927 (a) Exclusive of relocations during Fiscal 2024, Fiscal 2023 and Fiscal 2022 of 31, 13 and 22 stores, respectively.
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