BKE

MKT CAP:$3B

The Buckle, Inc.

Market Cap

$3B

Consumer Cyclical·Apparel - Retail·🇺🇸 United States·NYSE

Consumer Cyc.·Apparel - Retail·🇺🇸·NYSE

Stock Price

$56.40+$2.54 (+4.72%)

Apr 23, 2026

Company Details

The Buckle, Inc. operates as a retailer of casual apparel, footwear, and accessories for young men and women in the United States. It markets a selection of brand name casual apparel, including denims, other casual bottoms, tops, sportswear...

CEO

Dennis H. Nelson

IPO Date

May 8, 1992

Website

www.buckle.com

Key Metrics TTM

Revenue

$1.3B

+6.6% YoY

Net Income

$210M

EPS (Diluted)

$4.14

Free Cash Flow

$215M

Revenue / Share

$25.49

Gross Margin

49.0%

Operating Margin

20.1%

Net Margin

16.2%

FCF Margin

16.6%

P/S

2.2x

P/E

13.8x

Earnings Reports

FY 2025

Mar 13, 2026

$1.3B+6.6%EPS $4.14

Q4 2025

Mar 13, 2026

$399M+5.3%EPS $1.59

Q3 2025

Dec 11, 2025

$321M+9.3%EPS $0.96

Q2 2025

Sep 11, 2025

$306M+8.3%EPS $0.89

Q1 2025

Jun 12, 2025

$272M+3.7%EPS $0.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$309M	$152M	$73M
Q2 22	$302M	$145M	$66M
Q3 22	$332M	$165M	$79M
Q4 22	$402M	$213M	$110M
Q1 23	$283M	$133M	$54M
Q2 23	$292M	$138M	$57M
Q3 23	$303M	$147M	$64M
Q4 23	$382M	$200M	$97M
Q1 24	$262M	$121M	$42M
Q2 24	$282M	$133M	$48M
Q3 24	$294M	$140M	$54M
Q4 24	$379M	$199M	$96M
Q1 25	$272M	$127M	$44M
Q2 25	$306M	$145M	$56M
Q3 25	$321M	$154M	$61M
Q4 25	$399M	$210M	$101M

Valuation

Quarter	P/S	P/E
Q1 22	1.2x	6.3x
Q2 22	1.1x	6.0x
Q3 22	1.5x	7.8x
Q4 22	1.6x	8.4x
Q1 23	1.2x	6.8x
Q2 23	1.4x	7.6x
Q3 23	1.3x	7.3x
Q4 23	1.5x	8.6x
Q1 24	1.6x	9.1x
Q2 24	1.6x	9.4x
Q3 24	1.8x	10.9x
Q4 24	1.9x	12.0x
Q1 25	1.5x	9.1x
Q2 25	2.1x	12.7x
Q3 25	2.2x	13.4x
Q4 25	1.9x	11.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$91M	$84M
Q1 22	$22M	$14M
Q2 22	$48M	$40M
Q3 22	$66M	$58M
Q4 22	$107M	$99M
Q1 23	$33M	$24M
Q2 23	$48M	$40M
Q3 23	$64M	$54M
Q4 23	$109M	$100M
Q1 24	$30M	$19M
Q2 24	$48M	$36M
Q3 24	$44M	$34M
Q4 24	$121M	$111M
Q1 25	$31M	$20M
Q2 25	$58M	$46M
Q3 25	$49M	$38M

Capital Expenditures

Quarter	CapEx
Q4 21	$7M
Q1 22	$7M
Q2 22	$8M
Q3 22	$7M
Q4 22	$8M
Q1 23	$9M
Q2 23	$9M
Q3 23	$10M
Q4 23	$9M
Q1 24	$11M
Q2 24	$11M
Q3 24	$10M
Q4 24	$10M
Q1 25	$11M
Q2 25	$12M
Q3 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.3%	+5.7%
Q2 22	+2.3%	+4.0%
Q3 22	+4.0%	+6.6%
Q4 22	+5.5%	+7.6%
Q1 23	-8.5%	-2.9%
Q2 23	-3.2%	-0.3%
Q3 23	-8.7%	-5.3%
Q4 23	-4.8%	-2.1%
Q1 24	-7.2%	-3.9%
Q2 24	-3.4%	-0.7%
Q3 24	-3.2%	-0.1%
Q4 24	-0.8%	-1.0%
Q1 25	+3.7%	+3.9%
Q2 25	+8.3%	+6.5%
Q3 25	+9.3%	+8.7%
Q4 25	+5.3%	+5.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	0.5%
Q1 22	$3M	1.0%
Q2 22	$3M	0.9%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$3M	1.2%
Q3 23	$3M	1.1%
Q4 23	$3M	0.9%
Q1 24	-$36M	-13.7%
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%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$12M	$67M
Q2 22	$12M	$68M
Q3 22	$12M	$74M
Q4 22	$19M	$85M
Q1 23	$13M	$66M
Q2 23	$13M	$69M
Q3 23	$13M	$70M
Q4 23	$18M	$86M
Q1 24	$15M	$64M
Q2 24	$14M	$71M
Q3 24	$14M	$72M
Q4 24	$17M	$87M
Q1 25	$16M	$67M
Q2 25	$15M	$74M
Q3 25	$15M	$78M
Q4 25	$19M	$90M

Revenue Segments

Quarter	Reportable Segment
Q2 25	$306M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$250M	$13M	$263M
Q2 22	$267M	$17M	$284M
Q3 22	$302M	$23M	$325M
Q4 22	$252M	$21M	$273M
Q1 23	$254M	$23M	$277M
Q2 23	$276M	$24M	$299M
Q3 23	$312M	$23M	$335M
Q4 23	$268M	$22M	$290M
Q1 24	$267M	$23M	$290M
Q2 24	$287M	$22M	$309M
Q3 24	$302M	$23M	$325M
Q4 24	$267M	$24M	$291M
Q1 25	$269M	$23M	$292M
Q2 25	$298M	$22M	$320M
Q3 25	$316M	$24M	$340M
Q4 25	$249M	$25M	$274M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	50M	0.0%	+0.4%
Q2 22	50M	+0.0%	+0.4%
Q3 22	50M	+0.1%	+0.5%
Q4 22	50M	+0.5%	+0.7%
Q1 23	50M	+0.0%	+0.7%
Q2 23	50M	+0.0%	+0.7%
Q3 23	50M	+0.1%	+0.7%
Q4 23	50M	+0.4%	+0.6%
Q1 24	50M	+0.0%	+0.6%
Q2 24	50M	+0.1%	+0.7%
Q3 24	50M	+0.2%	+0.7%
Q4 24	51M	+0.5%	+0.8%
Q1 25	51M	-0.0%	+0.7%
Q2 25	51M	+0.2%	+0.8%
Q3 25	51M	+0.2%	+0.8%
Q4 25	51M	+0.4%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$44.2K	7K
Q2 22	$43.1K	7K
Q3 22	$47.5K	7K
Q4 22	$57.4K	7K
Q1 23	$40.4K	7K
Q2 23	$41.8K	7K
Q3 23	$43.4K	7K
Q4 23	$54.6K	7K
Q1 24	$37.5K	7K
Q2 24	$40.3K	7K
Q3 24	$41.9K	7K
Q4 24	$54.2K	7K
Q1 25	$38.9K	7K
Q2 25	$43.7K	7K
Q3 25	$45.8K	7K
Q4 25	$57.0K	7K

Revenue / Employee