BIRK

MKT CAP:$7B

Birkenstock Holding plc

Market Cap

$7B

Consumer Cyclical·Apparel - Footwear & Accessories·🇬🇧 United Kingdom·NYSE

Consumer Cyc.·Apparel·🇬🇧·NYSE

Stock Price

$40.66-$1.11 (-2.66%)

Apr 23, 2026

Company Details

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned reta...

CEO

Oliver Christian Joachim Reichert

IPO Date

Oct 11, 2023

Website

www.birkenstock-holding.com

Key Metrics TTM

Revenue

$2.5B

+14.7% YoY

Net Income

$443M

EPS (Diluted)

$2.37

Free Cash Flow

$329M

Revenue / Share

$13.35

Gross Margin

58.3%

Operating Margin

26.4%

Net Margin

17.7%

FCF Margin

13.2%

P/S

2.9x

P/E

16.5x

Earnings Reports

Q1 2026

Feb 12, 2026

$470M+11.1%EPS $0.32

FY 2025

Dec 18, 2025

$2.5B+16.2%EPS $2.19

Q4 2025

Dec 18, 2025

$615M+15.5%EPS $0.60

Q3 2025

Aug 14, 2025

$742M+12.4%EPS $0.81

Q2 2025

May 15, 2025

$671M+19.3%EPS $0.65

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$317M	$193M	$91M
Q3 22	$443M	$278M	$143M
Q4 22	$376M	$241M	$100M
Q1 23	$291M	$179M	$17M
Q2 23	$463M	$275M	$121M
Q3 23	$553M	$341M	$138M
Q4 23	$438M	$286M	$29M
Q1 24	$354M	$216M	$42M
Q2 24	$563M	$317M	$155M
Q3 24	$660M	$393M	$182M
Q4 24	$533M	$314M	$114M
Q1 25	$423M	$255M	$75M
Q2 25	$671M	$388M	$205M
Q3 25	$742M	$449M	$231M
Q4 25	$615M	$358M	$131M
Q1 26	$470M	$262M	$92M

Valuation

Quarter	P/S	P/E
Q2 22	—	—
Q3 22	—	—
Q4 22	4.9x	32.7x
Q1 23	5.0x	43.3x
Q2 23	4.5x	39.7x
Q3 23	4.2x	37.9x
Q4 23	4.1x	81.5x
Q1 24	4.9x	98.9x
Q2 24	4.6x	75.4x
Q3 24	5.2x	80.2x
Q4 24	4.4x	41.3x
Q1 25	5.0x	42.3x
Q2 25	3.8x	29.2x
Q3 25	3.9x	25.7x
Q4 25	3.4x	20.5x
Q1 26	3.0x	17.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$15M	-$22M
Q3 22	$157M	$128M
Q4 22	$147M	$106M
Q1 23	-$62M	-$92M
Q2 23	$67M	$38M
Q3 23	$277M	$242M
Q4 23	$138M	$112M
Q1 24	-$53M	-$75M
Q2 24	$58M	$39M
Q3 24	$329M	$308M
Q4 24	$167M	$145M
Q1 25	-$14M	-$36M
Q2 25	-$21M	-$43M
Q3 25	$305M	$279M
Q4 25	$202M	$170M
Q1 26	-$33M	-$76M

Capital Expenditures

Quarter	CapEx
Q2 22	$6M
Q3 22	$28M
Q4 22	$42M
Q1 23	$30M
Q2 23	$29M
Q3 23	$35M
Q4 23	$26M
Q1 24	$22M
Q2 24	$20M
Q3 24	$22M
Q4 24	$21M
Q1 25	$22M
Q2 25	$22M
Q3 25	$26M
Q4 25	$31M
Q1 26	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-8.4%	+20.9%
Q2 23	+45.9%	+50.9%
Q3 23	+25.0%	+38.6%
Q4 23	+16.5%	+48.1%
Q1 24	+21.9%	+14.1%
Q2 24	+21.6%	+19.3%
Q3 24	+19.3%	+15.2%
Q4 24	+21.7%	+2.5%
Q1 25	+19.4%	+11.3%
Q2 25	+19.3%	+14.4%
Q3 25	+12.4%	+6.8%
Q4 25	+15.5%	+15.6%
Q1 26	+11.1%	+8.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$2M	0.7%
Q2 23	$4M	0.8%
Q3 23	$17M	3.1%
Q4 23	$55M	12.6%
Q1 24	$4M	1.2%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$25M	$73M
Q3 22	$18M	$132M
Q4 22	$34M	$128M
Q1 23	$26M	$101M
Q2 23	$55M	$65M
Q3 23	$63M	$114M
Q4 23	$153M	$96M
Q1 24	$61M	$79M
Q2 24	$23M	$132M
Q3 24	$58M	$127M
Q4 24	$76M	$101M
Q1 25	$28M	$138M
Q2 25	$38M	$148M
Q3 25	$39M	$190M
Q4 25	$163M	—
Q1 26	$34M	$147M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$201M	$0	$201M
Q3 23	$339M	$0	$339M
Q4 23	$403M	$11M	$414M
Q1 24	$198M	$0	$198M
Q2 24	$205M	$0	$205M
Q3 24	$473M	$0	$473M
Q4 24	$416M	$15M	$431M
Q1 25	$349M	$0	$349M
Q2 25	$275M	$0	$275M
Q3 25	$306M	$0	$306M
Q4 25	$385M	$14M	$398M
Q1 26	$268M	$0	$268M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	183M	0.0%	—
Q3 22	183M	0.0%	—
Q4 22	183M	0.0%	—
Q1 23	183M	0.0%	0.0%
Q2 23	183M	0.0%	0.0%
Q3 23	183M	0.0%	0.0%
Q4 23	183M	0.0%	0.0%
Q1 24	188M	+2.8%	+2.8%
Q2 24	188M	0.0%	+2.8%
Q3 24	188M	+0.0%	+2.8%
Q4 24	188M	+0.0%	+2.8%
Q1 25	188M	0.0%	+0.0%
Q2 25	188M	0.0%	+0.0%
Q3 25	186M	-0.7%	-0.7%
Q4 25	184M	-1.4%	-2.1%
Q1 26	187M	+1.8%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$69.5K	6K
Q1 24	$56.2K	6K
Q2 24	$89.3K	6K
Q3 24	$104.8K	6K
Q4 24	$72.0K	7K
Q1 25	$57.2K	7K
Q2 25	$90.7K	7K
Q3 25	$100.3K	7K
Q4 25	$73.3K	8K
Q1 26	$55.9K	8K

Revenue / Employee