Leslie'S, Inc. Financials
Leslie'S, Inc. (LESL) reported $1.2B in revenue over the twelve months to Jul 4, 2026, down 5.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Compressed-margin economics now leave fixed operating costs and leverage amplifying the effect of weaker sales.
By FY2025, net margin was-19.1% while operating cash flow was only$8.8M , versus profitable FY2022. Because free cash flow was-$16.7M despite positive operating cash flow, capital spending absorbed the remaining cash rather than the loss translating one-for-one into cash outflow.
Gross margin narrowed from
The balance sheet is structurally leveraged: liabilities exceeded assets in FY2025, leaving negative equity, while long-term debt was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Leslie'S, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Leslie'S, Inc. has an operating margin of -13.7%, meaning the company loses $14 on every $100 of revenue. This results in a profitability score of 27/100. This is down from 4.3% the prior year.
Leslie'S, Inc.'s revenue declined 6.6% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 13/100.
Not available for Leslie'S, Inc., and counted as zero in the overall score.
Leslie'S, Inc.'s current ratio of 1.57 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.
While Leslie'S, Inc. generated $8.8M in operating cash flow, capex of $25.5M consumed most of it, leaving -$16.7M in free cash flow. This results in a low score of 29/100, reflecting heavy capital investment rather than weak cash generation.
Leslie'S, Inc. scores 0.13, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Leslie'S, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Leslie'S, Inc. reported a net loss of $237.0M while generating $8.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Leslie'S, Inc. reported an operating loss of $169.9M against $62.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Leslie'S, Inc. generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 6.6% from the prior year.
Leslie'S, Inc.'s EBITDA was -$140.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 262.8% from the prior year.
Leslie'S, Inc. reported -$237.0M in net income in fiscal year 2025. This represents a decrease of 913.6% from the prior year.
Cash & Balance Sheet
Leslie'S, Inc. recorded an outflow of $16.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 127.7% from the prior year.
Leslie'S, Inc. held $64.3M in cash against $752.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Leslie'S, Inc.'s gross margin was 35.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
Leslie'S, Inc.'s operating margin was -13.7% in fiscal year 2025, reflecting core business profitability. This is down 18.0 percentage points from the prior year.
Leslie'S, Inc.'s net profit margin was -19.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Leslie'S, Inc. invested $25.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 46.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
LESL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $458.5M+148.2% | $184.7M+25.6% | $147.1M-62.2% | $389.2M-22.2% | $500.3M+182.5% | $177.1M+1.1% | $175.2M-56.0% | $397.9M |
| Cost of Revenue | $291.4M+121.7% | $131.4M+9.4% | $120.1M-49.8% | $239.1M-20.9% | $302.5M+127.1% | $133.2M+4.5% | $127.5M-49.9% | $254.6M |
| Gross Profit | $167.1M+213.3% | $53.3M+97.1% | $27.1M-82.0% | $150.1M-24.2% | $197.9M+350.3% | $43.9M-7.9% | $47.7M-66.7% | $143.2M |
| SG&A Expenses | $106.4M+15.4% | $92.2M+7.6% | $85.7M-26.4% | $116.4M-10.2% | $129.6M+40.3% | $92.3M+5.6% | $87.4M-25.2% | $116.8M |
| Operating Income | $61.5M+263.1% | -$37.7M+45.2% | -$68.7M+54.2% | -$150.1M-319.7% | $68.3M+241.2% | -$48.4M-21.9% | -$39.7M-250.3% | $26.4M |
| Interest Expense | $14.1M-1.5% | $14.4M+6.1% | $13.5M-12.6% | $15.5M-1.7% | $15.8M-0.8% | $15.9M+0.9% | $15.8M-7.4% | $17.0M |
| Income Tax | -$478K-206.9% | $447K-34.9% | $687K+124.8% | -$2.8M-109.0% | $30.8M+337.9% | -$13.0M-18.9% | -$10.9M-156.4% | $19.3M |
| Net Income | $47.8M+191.0% | -$52.5M+36.7% | -$83.0M+49.0% | -$162.8M-849.3% | $21.7M+142.3% | -$51.3M-15.2% | -$44.6M-349.1% | -$9.9M |
| EPS (Diluted) | $5.01+189.0% | -$5.63+36.9% | -$8.92+64.6% | -$25.17 | $0.12 | -$5.54-14.9% | -$4.82 | -$0.06 |
Not reported in any period shown, so not listed: R&D Expenses.
LESL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $722.2M+0.9% | $715.5M+10.2% | $649.4M-12.4% | $741.5M-25.1% | $989.5M-5.1% | $1.0B+7.9% | $967.0M-7.9% | $1.1B |
| Current Assets | $351.2M+3.3% | $340.1M+27.4% | $267.0M-18.8% | $328.8M-14.6% | $385.1M-7.8% | $417.6M+22.2% | $341.6M-19.1% | $422.4M |
| Cash & Equivalents | $45.9M+171.4% | $16.9M+367.1% | $3.6M-94.4% | $64.3M+50.7% | $42.7M+147.4% | $17.3M+48.5% | $11.6M-89.3% | $108.5M |
| Inventory | $233.4M-11.0% | $262.4M+24.9% | $210.0M+1.0% | $208.0M-23.9% | $273.2M-18.5% | $335.1M+27.7% | $262.4M+12.0% | $234.3M |
| Accounts Receivable | $32.2M+41.2% | $22.8M+43.7% | $15.9M-31.7% | $23.2M-33.3% | $34.8M+8.6% | $32.0M+7.5% | $29.8M-34.5% | $45.5M |
| Goodwill | $0 | $0 | $0 | $0-100.0% | $180.7M0.0% | $180.7M0.0% | $180.7M0.0% | $180.7M |
| Total Liabilities | $1.2B-3.3% | $1.3B+10.3% | $1.1B-0.9% | $1.1B-7.0% | $1.2B-5.8% | $1.3B+10.6% | $1.2B-3.3% | $1.2B |
| Current Liabilities | $260.2M+11.0% | $234.4M+24.6% | $188.0M-10.1% | $209.1M-20.2% | $262.0M-2.1% | $267.6M+38.0% | $194.0M-21.4% | $246.9M |
| Long-Term Debt | $753.4M+0.1% | $752.9M+0.1% | $752.4M0.0% | $752.1M+0.1% | $751.5M+0.1% | $751.1M+0.1% | $750.6M-2.4% | $769.1M |
| Total Equity | -$492.7M+9.0% | -$541.3M-10.5% | -$489.9M-20.1% | -$408.0M-65.7% | -$246.2M+8.6% | -$269.5M-22.5% | -$220.0M-24.2% | -$177.1M |
| Retained Earnings | -$608.8M+7.3% | -$656.6M-8.7% | -$604.1M-15.9% | -$521.2M-45.4% | -$358.4M+5.7% | -$380.1M-15.6% | -$328.8M-15.7% | -$284.2M |
LESL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $99.0M+278.6% | -$55.4M+31.7% | -$81.1M-268.3% | $48.2M-58.0% | $114.9M+333.4% | -$49.2M+53.1% | -$105.1M-323.3% | $47.1M |
| Capital Expenditures | $1.0M-80.6% | $5.2M+20.2% | $4.3M-32.7% | $6.4M-18.2% | $7.9M+20.2% | $6.5M+39.7% | $4.7M-63.8% | $12.9M |
| Free Cash Flow | $97.9M+261.6% | -$60.6M+29.1% | -$85.5M-304.5% | $41.8M-61.0% | $107.1M+292.0% | -$55.8M+49.2% | -$109.8M-421.5% | $34.1M |
| Investing Cash Flow | -$909K+82.4% | -$5.2M-19.6% | -$4.3M+32.4% | -$6.4M+18.1% | -$7.8M-20.8% | -$6.5M-39.4% | -$4.6M+64.0% | -$12.9M |
| Financing Cash Flow | -$69.1M-193.5% | $73.9M+198.6% | $24.7M+222.7% | -$20.2M+75.3% | -$81.7M-233.1% | $61.3M+377.9% | $12.8M+17683.6% | -$73K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LESL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.4%+7.6pp | 28.9%+10.5pp | 18.4%-20.2pp | 38.6%-1.0pp | 39.6%+14.7pp | 24.8%-2.4pp | 27.2%-8.8pp | 36.0% |
| Operating Margin | 13.4%+33.8pp | -20.4%+26.3pp | -46.7%-8.2pp | -38.6%-52.2pp | 13.7%+41.0pp | -27.3%-4.7pp | -22.7%-29.3pp | 6.6% |
| Net Margin | 10.4%+38.8pp | -28.4%+28.0pp | -56.4%-14.6pp | -41.8%-46.2pp | 4.3%+33.3pp | -29.0%-3.5pp | -25.4%-22.9pp | -2.5% |
| Return on Assets | 6.6%+14.0pp | -7.3%+5.4pp | -12.8%+9.2pp | -22.0%-24.2pp | 2.2%+7.1pp | -4.9%-0.3pp | -4.6%-3.7pp | -0.9% |
| Current Ratio | 1.35-0.1x | 1.450.0x | 1.42-0.2x | 1.57+0.1x | 1.47-0.1x | 1.56-0.2x | 1.76+0.1x | 1.71 |
| FCF Margin | 21.4%+54.2pp | -32.8%+25.3pp | -58.1%-68.8pp | 10.7%-10.7pp | 21.4%+52.9pp | -31.5%+31.2pp | -62.6%-71.2pp | 8.6% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$408.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Leslie'S, Inc. Ranks
Frequently Asked Questions
What is Leslie'S, Inc.'s annual revenue?
Leslie'S, Inc. (LESL) reported $1.2B in total revenue for fiscal year 2025. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Leslie'S, Inc.'s revenue growing?
Leslie'S, Inc. (LESL) revenue declined by 6.6% year-over-year, from $1.3B to $1.2B in fiscal year 2025.
Is Leslie'S, Inc. profitable?
No, Leslie'S, Inc. (LESL) reported a net income of -$237.0M in fiscal year 2025, with a net profit margin of -19.1%.
What is Leslie'S, Inc.'s EBITDA?
Leslie'S, Inc. (LESL) had EBITDA of -$140.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Leslie'S, Inc. have?
As of fiscal year 2025, Leslie'S, Inc. (LESL) had $64.3M in cash and equivalents against $752.1M in long-term debt.
What is Leslie'S, Inc.'s gross margin?
Leslie'S, Inc. (LESL) had a gross margin of 35.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Leslie'S, Inc.'s operating margin?
Leslie'S, Inc. (LESL) had an operating margin of -13.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Leslie'S, Inc.'s net profit margin?
Leslie'S, Inc. (LESL) had a net profit margin of -19.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Leslie'S, Inc.'s free cash flow?
Leslie'S, Inc. (LESL) recorded an outflow of $16.7M in free cash flow during fiscal year 2025. This represents a -127.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Leslie'S, Inc.'s operating cash flow?
Leslie'S, Inc. (LESL) generated $8.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Leslie'S, Inc.'s total assets?
Leslie'S, Inc. (LESL) had $741.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Leslie'S, Inc.'s capital expenditures?
Leslie'S, Inc. (LESL) invested $25.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Leslie'S, Inc.'s current ratio?
Leslie'S, Inc. (LESL) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
What is Leslie'S, Inc.'s return on assets (ROA)?
Leslie'S, Inc. (LESL) had a return on assets of -32.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Leslie'S, Inc.'s debt-to-equity ratio negative or not reported?
Leslie'S, Inc. (LESL) has negative shareholder equity of -$408.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Leslie'S, Inc.'s Altman Z-Score?
Leslie'S, Inc. (LESL) has an Altman Z-Score of 0.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Leslie'S, Inc.'s Piotroski F-Score?
Leslie'S, Inc. (LESL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Leslie'S, Inc.'s earnings high quality?
Leslie'S, Inc. (LESL) reported a net loss of $237.0M while generating $8.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Leslie'S, Inc. cover its interest payments?
Leslie'S, Inc. (LESL) reported an operating loss of $169.9M against $62.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Leslie'S, Inc.?
Leslie'S, Inc. (LESL) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.