FIVEMEDIUM SIGNALFINANCIAL10-K

Five Below delivered strong financial performance with 23% revenue growth and 41% net income growth, while significantly reducing capital expenditures and improving operational efficiency.

The company demonstrates healthy operational leverage with gross profit growing much faster than revenue (427% vs 23%), indicating improved margins and pricing power. The 46% reduction in capital expenditure alongside strong cash flow growth suggests Five Below is becoming more capital-efficient while maintaining growth momentum.

Comparing 2026-03-19 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

Five Below showed robust growth across key metrics with revenue increasing 23% to $4.8B and net income jumping 41% to $358.6M, while operating cash flow improved 36% to $586.4M. The company significantly reduced capital expenditures by 46% to $174.7M, suggesting more disciplined investment while maintaining expansion. Current assets grew 41% driven by higher inventory levels to support growth, but the overall picture signals a maturing retailer achieving better operational leverage and capital efficiency.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+427.2%
$207.8M→$1.1B

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

Capital Expenditure
Cash Flow
-46.1%
$324.0M→$174.7M

Capex reduced 46.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+41.8%
$1.4B→$1.9B

Current assets grew 41.8% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
+41.4%
$253.6M→$358.6M

Net income grew 41.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+41.3%
$323.8M→$457.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+36.2%
$430.6M→$586.4M

Operating cash flow surged 36.2% — exceptional cash generation, highest quality earnings signal.

Inventory
Balance Sheet
+28.4%
$659.5M→$846.6M

Inventory built 28.4% — monitor whether demand supports this build or if write-downs may follow.

Current Liabilities
Balance Sheet
+26.1%
$756.4M→$954.0M

Current liabilities rose 26.1% — increased short-term obligations, watch current ratio.

SG&A Expense
P&L
+23.7%
$861.4M→$1.1B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Revenue
P&L
+22.9%
$3.9B→$4.8B

Revenue growing 22.9% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-20
ADDED
Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts or present facts or conditions, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the introduction of new merchandise, and the implementation of our marketing and branding strategies.
Forward looking statements frequently are identified by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or the negative of these terms or other comparable terminology.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 36 ITEM 7A.
References to "fiscal year 2026" or "fiscal 2026" refer to the period from February 1, 2026 to January 30, 2027, which consists of a 52-week fiscal year.
References to 2026, 2025, 2024, and 2023 are to our fiscal years unless otherwise specified.
+7 more — sign up free →
REMOVED
Investors can identify these statements by the fact that they use words such as "anticipate," "assume, "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future, "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," and similar terms and phrases, or the negative of these terms or other comparable terminology.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38 ITEM 7A.
References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year.
References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which consists of a 52-week fiscal year.
References to "fiscal year 2020" or "fiscal 2020" refer to the period from February 2, 2020 to January 30, 2021, which consists of a 52-week fiscal year.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →