American Eagle Outfitters (NYSE: AEO) ends 2025 with record Q4 and higher 2026 guidance

Rhea-AI Filing Summary

American Eagle Outfitters reported a record fourth quarter but a weaker full year, while setting higher profit goals for 2026. Fourth quarter 2025 net revenue rose 10% to $1.8 billion, with comparable sales up 8%. Aerie comps jumped 23% and American Eagle comps grew 2%, driving adjusted operating income up 27% to $180 million and adjusted diluted EPS to $0.84 from $0.54.

Despite the strong finish, fiscal 2025 net revenue grew a modest 3% to $5.5 billion and adjusted operating income declined to $328 million from $445 million, with adjusted diluted EPS down to $1.50 from $1.74. The company returned $341 million to shareholders through $256 million of share repurchases and $85 million in dividends, and guided fiscal 2026 operating income to $390–$410 million with mid-single-digit comparable sales growth.

Positive

• Record Q4 performance and accelerating comps: Fourth quarter 2025 net revenue grew 10% to $1.8 billion, with comparable sales up 8% and Aerie comps surging 23%, driving adjusted operating income up 27% to $180 million and margin expansion to 10.2%.
• Stronger 2026 profitability outlook: Management guided fiscal 2026 operating income to $390–$410 million, meaningfully above 2025 adjusted operating income of $328 million, alongside expectations for mid-single-digit comparable sales growth.
• Robust capital returns: The company returned $341 million to shareholders in 2025, including $256 million of share repurchases and $85 million in cash dividends, while still funding $261 million of capital expenditures.

Negative

• Full-year profit and margin compression: Despite higher revenue, fiscal 2025 adjusted operating income declined to $328 million from $445 million and adjusted diluted EPS fell to $1.50 from $1.74, reflecting lower gross margins, inventory write-downs, and restructuring-related impacts.
• Higher inventory and lease liabilities: Ending inventory increased 10% to $702 million and non-current operating lease liabilities rose to $1.42 billion from $1.13 billion, which could add risk if demand softens or store performance lags expectations.

Insights

Retail equity analyst

Record Q4 growth and 2026 guidance signal a rebound after a weaker year.

American Eagle Outfitters delivered a strong holiday quarter, with Q4 2025 net revenue rising 10% to $1.8 billion and comparable sales up 8%. Aerie’s 23% comp growth and higher-margin efficiency lifted adjusted operating income 27% to $180 million and expanded adjusted margin to 10.2%.

Full-year 2025 tells a different story: revenue grew 3% to $5.5 billion, but adjusted operating income fell to $328 million from $445 million, and adjusted EPS declined to $1.50 from $1.74, reflecting earlier inventory write-downs, higher markdowns and restructuring costs.

Management is signaling improvement ahead with fiscal 2026 operating income guidance of $390–$410 million and mid-single-digit comparable sales growth, alongside high-single-digit comp growth and $20–$25 million operating income targeted for Q1 2026. Returning $341 million to shareholders in 2025 through buybacks and dividends also underlines continued capital return alongside planned investments and restructuring.

0000919012false00009190122026-03-042026-03-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 04, 2026

AMERICAN EAGLE OUTFITTERS INC

(Exact name of Registrant as Specified in Its Charter)

Delaware			1-33338	13-2721761
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
77 Hot Metal Street
Pittsburgh, Pennsylvania				15203-2329
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (412) 432-3300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		AEO		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 4, 2026, American Eagle Outfitters, Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the fourth quarter ended January 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended February 1, 2025, and in any subsequently-filed quarterly reports on Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on our website and on the Securities and Exchange Commission’s website (www.sec.gov). The Company does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press release dated March 4, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			AMERICAN EAGLE OUTFITTERS, INC.
			(Registrant)
Date:	March 4, 2026	By:	/s/ Michael A. Mathias
			Michael A. Mathias Executive Vice President, Chief Financial Officer

Exhibit 99.1

AEO Inc. Reports Strong Fourth Quarter Fiscal 2025 Results; Provides Fiscal 2026 Outlook

•Total revenue increased 10% to a record $1.8 billion, driven by total comparable sales increase of 8% with positive results across brands

•Aerie comps +23%, American Eagle comps +2%

•Returned $341 million to shareholders in 2025 from $256 million in shares repurchases and $85 million in dividends

•Fiscal 2026 operating income guidance of $390 to $410 million

PITTSBURGH--(BUSINESS WIRE)--American Eagle Outfitters, Inc. (NYSE: AEO) today announced financial results for the fourth quarter and fiscal year ended January 31, 2026, and provided its outlook for fiscal year 2026.

Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer, AEO Inc., commented, “I am extremely pleased with the strong execution in the back half of the year, which reignited growth across our brands and channels. Building on the improved trends beginning last summer, we achieved a record fourth quarter and holiday period, with double digit growth at Aerie and OFFLINE and solid, positive performance at American Eagle. Compelling new product collections, supported by fresh marketing campaigns, led to higher demand trends in the quarter. I want to thank our associates for their resilience and outstanding execution to deliver a strong finish to 2025.”

“We enter 2026 from a position of strength with the goal of building on this year’s successes. The first quarter is off to a positive start and we remain focused on investing in our brands and driving additional corporate savings and efficiency across the business. I’m confident that our strategic actions will lead to long-term profitable growth and shareholder value creation,” he concluded.

Fourth Quarter 2025 Results:

•Total net revenue of $1.8 billion increased 10% to last year. Total comparable sales increased 8%, on top of 3% comp growth last year.

•Aerie comparable sales increased 23% on a 6% increase last year. American Eagle comparable sales grew 2% following 1% growth last year.

•Gross profit of $651 million rose 9% from $599 million last year. The gross margin of 37.0% declined 30 basis points to last year.

oThe net tariff impact was $50 million or 280 basis points to gross margin. Increased markdowns were largely offset by leverage on positive sales combined with lower costs, favorable currency and operational efficiencies.

oBuying, Occupancy and Warehousing (BOW) expenses leveraged 50 basis points due to positive sales.

•Selling, general and administrative (SG&A) expenses increased 4% to $418 million, leveraging 120 basis points to a rate of 23.8% to revenue. Overall cost efficiencies and lower incentives were offset by planned investments in advertising.

•GAAP operating profit was $96 million, which includes $84 million of impairment and restructuring charges related to the company’s exit from the Quiet Platform third party logistics business, store impairments and general corporate restructuring.

•Adjusted operating profit of $180 million increased 27% from $142 million last year. The adjusted operating margin of 10.2% expanded 130 basis points from 8.9% last year.

•Other income of $15 million reflected unrealized gains on investments previously disclosed.

•GAAP Diluted earnings per share of $0.50 compared to $0.54 last year.

•Adjusted diluted earnings per share of $0.84 compared to $0.54 last year. Average diluted shares outstanding were 176 million.

Fiscal Year 2025 Results:

•Total net revenue of $5.5 billion increased 3% versus last year. Total comparable sales increased 3%, on top of 4% comp growth last year.

•Aerie comparable sales increased 9% on 5% growth last year. American Eagle comparable sales were flat following 3% growth last year.

•Gross profit of $2.0 billion decreased 3%. Gross margin of 36.9% decreased 230 basis points largely reflecting an inventory write-down taken in the first quarter, higher markdowns and the impact of tariffs, partially offset by business improvement and cost efficiencies in the second half of the year.

•Selling, general and administrative expense of $1.5 billion increased 4%, up 10 basis points as a rate to revenue. Lower incentive costs and general cost savings were offset by planned investments in advertising.

•GAAP Operating income of $226 million, which includes $102 million of impairment and restructuring charges related to the company’s exit from the Quiet Platform third party logistics business, store impairments and general corporate restructuring. GAAP operating income was $427 million last year.

•Adjusted operating income of $328 million compared to adjusted operating income of $445 million last year.

•GAAP diluted earnings per share was $1.09 compared to $1.68 last year.

•Adjusted diluted earnings per share was $1.50 compared to adjusted diluted earnings per share of $1.74 last year. Average diluted shares outstanding were 176 million.

Inventory

Total ending inventory increased 10% to $702 million with units up 3%. Ending cost inventory includes the impact of tariffs.

Shareholder Returns

In the fourth quarter the company repurchased one million shares for $25 million, bringing full year repurchases to 21 million shares for $256 million. The company also returned $21 million to shareholders via its quarterly cash dividend of $0.125 per share, bringing year-to-date cash dividends to $85 million.

Capital Expenditures

Capital expenditures totaled $59 million in the fourth quarter, bringing full year spend to $261 million. The company expects 2026 capital expenditures to be in the range of $250 to $260 million.

Outlook

*All guidance is based on estimates and includes tariffs reflecting 2025 IEEPA guidelines.

	First Quarter 2026 Outlook	Fiscal Year 2026 Outlook
Comparable Sales	+ High-Single Digit	+ Mid-Single Digit
Gross Margin	Up YoY	Up YoY
SG&A	+10%	+MSD
Depreciation and Amortization	$54 M	$225 M
Operating Income	$20 to $25 M	$390 to $410 M
Weighted Average Share Count	176 M	177 M
Capital Expenditures	-	$250 to $260 M

About American Eagle Outfitters, Inc.

American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer with a portfolio of beloved apparel brands including American Eagle, Aerie, OFFL/NE by Aerie, Todd Snyder and Unsubscribed. Rooted in optimism, inclusivity and authenticity, AEO’s brands empower every customer to celebrate their unique personal style by offering casual, comfortable, timeless outfitting and high-quality products that are made to last.

AEO Inc. operates stores in the United States, Canada and Mexico, with merchandise available in more than 30 countries through a global network of license partners. Additionally, the company operates a robust e-commerce business across its brands. For more information, visit aeo-inc.com.

Non-GAAP Measures

This press release includes operating income and diluted earnings per share presented on an “adjusted” or “non-GAAP” basis, which are non-GAAP financial measures. Non-GAAP financial

measures are not based on any standardized methodology prescribed by U.S. generally accepted accounting principles (GAAP) and are not necessarily comparable to similar measures presented by other companies. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. We believe that this non-GAAP information is useful as an additional means for investors to evaluate our operating performance when reviewed in conjunction with our GAAP Consolidated Financial Statements and provides a higher degree of transparency. These amounts are not determined in accordance with GAAP and, therefore, should not be used exclusively in evaluating our business and operations. The tables included in this release reconcile the GAAP financial measures to the non-GAAP financial measures discussed above for the 13 weeks ended January 31, 2026 and both the 52 weeks ended January 31, 2026 and February 1, 2025.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This release and related statements by management contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which represent management’s expectations or beliefs concerning future events, including, without limitation, expected results for the first quarter and full-year Fiscal 2026. Words such as “outlook,” "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," “may,” “potential,” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements made by the company are inherently uncertain because they are based on assumptions and expectations concerning future events and are subject to change based on many important factors, some of which may be beyond the company’s control. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise and even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. The following factors, in addition to the risks disclosed in Item 1A., Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended February 1, 2025 and in any other filings that we may make with the Securities and Exchange Commission, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results to differ materially from those expressed or implied in any of the forward-looking statements included in this release or otherwise made by management: the risk that the company’s operating, financial and capital plans may not be achieved; our inability to anticipate fluctuations in customer demand and respond to changing consumer preferences and fashion trends and to manage our inventory commensurately; the seasonality of our business; our inability to achieve planned store financial performance; our inability to react to raw material cost, labor and energy cost increases; our inability to gain market share in the face of declining shopping center traffic or attract customers to our stores; our inability to respond to changes in e-commerce and leverage omni-channel capabilities; our inability to execute on our key business priorities; our inability to expand internationally; difficulty with our international merchandise sourcing strategies; the impact that import tariffs and other trade restrictions imposed by the U.S., China or other countries have had, and may continue to have, on our product costs, as well as continued uncertainty with respect to tariffs and other trade restrictions; the possibility that product costs may be affected by other foreign trade issues, such as currency exchange rate fluctuations, increasing prices for raw materials, supply chain issues, political instability or other reasons; challenges with information technology systems, including safeguarding against security breaches; changes to U.S. or other countries' trade policies and tariff and import/export regulations, and global economic, public health, social, political and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in

consumer discretionary spending habits, which could have a material adverse effect on our business, results of operations and liquidity.

The use of the “company,” “AEO,” “we,” "us," and “our” in this release refers to American Eagle Outfitters, Inc.

CONTACT:

Corporate Communications & Investor Relations

412-432-3300

LineMedia@ae.com

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
		Fiscal Years Ending
		January 31, 2026				February 1, 2025
Assets
Current assets:
Cash and cash equivalents		$	238,923			$	308,962
Short-term investments			—				50,000
Merchandise inventory			701,966				636,655
Accounts receivable, net			258,624				262,365
Prepaid expenses			93,231				76,088
Other current assets			21,429				20,161
Total current assets			1,314,173				1,354,231
Operating lease right-of-use assets			1,483,393				1,295,400
Property and equipment, at cost, net of accumulated depreciation			785,622				751,264
Goodwill, net			225,269				225,079
Non-current deferred income taxes			85,532				68,158
Intangible assets, net			37,468				42,449
Other assets			111,024				94,194
Total assets		$	4,042,481			$	3,830,775
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	251,761			$	280,712
Current portion of operating lease liabilities			318,078				313,034
Accrued compensation and payroll taxes			82,354				113,388
Unredeemed gift cards and gift certificates			75,278				70,094
Accrued income and other taxes			41,290				30,677
Other current liabilities and accrued expenses			96,875				74,751
Total current liabilities			865,636				882,656
Non-current liabilities:
Non-current operating lease liabilities			1,415,046				1,133,296
Other non-current liabilities			70,365				47,963
Total non-current liabilities			1,485,411				1,181,259
Commitments and contingencies			—				—
Stockholders’ equity:
Preferred stock			—				—
Common stock			2,496				2,496
Contributed capital			382,676				362,616
Accumulated other comprehensive loss			(15,586	)			(56,390	)
Retained earnings			2,552,721				2,456,063
Treasury stock			(1,229,154	)			(1,001,154	)
Total AEO stockholders' equity			1,693,153				1,763,631
Noncontrolling interests			(1,719	)			3,229
Total stockholders’ equity			1,691,434				1,766,860
Total liabilities and stockholders’ equity		$	4,042,481			$	3,830,775
Current Ratio			1.52				1.53

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars and shares in thousands, except per share amounts)
		GAAP Basis
		Fourth Quarter Ended
		January 31, 2026									February 1, 2025
		(In thousands)				(Percentage of revenue)					(In thousands)				(Percentage of revenue)
Total net revenue		$	1,760,834			100.0			%		$	1,604,633			100.0			%
Cost of sales, including certain buying, occupancy and warehouse expenses			1,109,773				63.0					1,005,458				62.7
Gross profit			651,061				37.0					599,175				37.3
Selling, general and administrative expenses			418,198				23.8					401,628				25.0
Impairment, restructuring and other charges			84,483				4.8					—				0.0
Depreciation and amortization expense			52,635				3.0					55,277				3.4
Operating income			95,745				5.4					142,270				8.9
Interest expense (income), net			268				0.0					(2,355	)			(0.1	)
Other (income), net			(14,781	)			(0.8	)				(2,375	)			(0.2	)
Income before income taxes		$	110,258				6.2				$	147,000				9.2
Provision for income taxes			26,636				1.5					43,434				2.7
Net income		$	83,622				4.7				$	103,566				6.5
Net loss attributable to noncontrolling interests			4,283				0.3					779				0.0
Net income attributable to AEO		$	87,905				5.0		%		$	104,345				6.5		%
Net income per common share
Basic net income per common share attributable to AEO		$	0.52								$	0.55
Diluted net income per common share attributable to AEO		$	0.50								$	0.54
Weighted average common shares outstanding - basic			169,188									190,497
Weighted average common shares outstanding - diluted			175,701									193,496

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; Dollars and shares in thousands, except per share amounts)
		GAAP Basis
		Fiscal Year Ended
		January 31, 2026									February 1, 2025
		(In thousands)				(Percentage of revenue)					(In thousands)				(Percentage of revenue)
Total net revenue		$	5,496,810			100.0			%		$	5,328,652			100.0			%
Cost of sales, including certain buying, occupancy and warehouse expenses			3,471,489				63.1					3,239,719				60.8
Gross profit			2,025,321				36.9					2,088,933				39.2
Selling, general and administrative expenses			1,485,535				27.0					1,431,814				26.9
Impairment, restructuring, and other charges			101,603				1.9					17,561				0.3
Depreciation and amortization expense			211,961				3.9					212,255				4.0
Operating income			226,222				4.1					427,303				8.0
Interest expense (income), net			4,112				0.1					(7,769	)			(0.1	)
Other (income), net			(27,278	)			(0.5	)				(4,685	)			(0.1	)
Income before income taxes		$	249,388				4.5				$	439,757				8.2
Provision for income taxes			63,866				1.1					112,854				2.1
Net income		$	185,522				3.4				$	326,903				6.1
Net loss attributable to noncontrolling interests			6,461				0.1					2,477				0.1
Net income attributable to AEO		$	191,983				3.5		%		$	329,380				6.2		%
Net income per common share
Basic net income per common share attributable to AEO		$	1.12								$	1.71
Diluted net income per common share attributable to AEO		$	1.09								$	1.68
Weighted average common shares outstanding - basic			172,165									193,056
Weighted average common shares outstanding - diluted			176,141									196,412

AMERICAN EAGLE OUTFITTERS, INC.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands, except per share amounts)
(Unaudited)
		13 Weeks Ended
		January 31, 2026
		Operating Income				Income Tax Expense				Effective Tax Rate				Net Income Attributable to AEO				Earnings per Diluted Share
GAAP Basis		$	95,745			$	26,636				24.2	%		$	87,905			$	0.50
% of Revenue			5.4	%											5.0	%
Add: Impairment and restructuring charges (1)		$	84,483											$	63,992				0.36
Tax effect of the above (2)						$	20,491
Net loss attributable to non-controlling interests														$	(3,707	)			(0.02	)
Non-GAAP Basis		$	180,228			$	47,127				24.2	%		$	148,190			$	0.84
% of Revenue			10.2	%											8.4	%

(1) The adjustments relate to the Company's exit from the Quiet Platforms third party logistics business, store impairments, and corporate restructuring.

(2) The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and on a non-GAAP basis.

AMERICAN EAGLE OUTFITTERS, INC.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands, except per share amounts)
(Unaudited)
		Fiscal Year Ended
		January 31, 2026
		Operating Income				Income Tax Expense				Effective Tax Rate				Net Income Attributable to AEO				Earnings per Diluted Share
GAAP Basis		$	226,222			$	63,866				25.6	%		$	191,983			$	1.09
% of Revenue			4.1	%											3.5	%
Add: Impairment and restructuring charges (1)		$	101,603											$	76,794			$	0.43
Tax effect of the above (2)						$	24,809
Net loss attributable to non-controlling interests														$	(3,707	)		$	(0.02	)
Non-GAAP Basis		$	327,825			$	88,675				25.3	%		$	265,070			$	1.50
% of Revenue			6.0	%											4.8	%

(1) The adjustments relate to the Company's exit from the Quiet Platforms third party logistics business, store impairments, and corporate restructuring.

(2) The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and on a non-GAAP basis.

AMERICAN EAGLE OUTFITTERS, INC.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands, except per share amounts)
(Unaudited)
		Fiscal Year Ended
		February 1, 2025
		Operating Income				Income Tax Expense				Effective Tax Rate				Net Income Attributable to AEO				Earnings per Diluted Share
GAAP Basis		$	427,303			$	112,854				25.7	%		$	329,380			$	1.68
% of Revenue			8.0	%											6.2	%
Add: Impairment, restructuring and other charges (1)		$	17,561											$	12,983			$	0.06
Tax effect of the above						$	4,577
Non-GAAP Basis		$	444,864			$	117,431				25.7	%		$	342,363			$	1.74
% of Revenue			8.3	%											6.4	%

(1) The adjustments relate to restructuring costs related to employee severance, as well as impairment and restructuring costs related to the sale of the Company's Hong Kong retail operations to a third party buyer. Please refer to Note 14. “Impairment, Restructuring and Other Charges,” to the Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 12, 2024 for further information on the nature of these amounts.

(2) The tax effect of excluded items is the difference between the tax provision calculated on a GAAP basis and on a non-GAAP basis.

AMERICAN EAGLE OUTFITTERS, INC.
NET REVENUE BY SEGMENT
(Unaudited; Dollars in thousands)
	Fourth Quarter Ended								Fiscal Year Ended
	January 31, 2026				February 1, 2025				January 31, 2026				February 1, 2025
Net Revenue:
American Eagle	$	1,019,033			$	1,000,935			$	3,367,033			$	3,385,231
Aerie		683,841				539,673				1,934,702				1,738,414
Other		65,910				74,906				226,027				243,907
Intersegment Elimination		(7,950	)			(10,881	)			(30,952	)			(38,900	)
Total Net Revenue	$	1,760,834			$	1,604,633			$	5,496,810			$	5,328,652

AMERICAN EAGLE OUTFITTERS, INC.
STORE INFORMATION
(Unaudited)
	Fourth Quarter Ended				Fiscal Year Ended
	January 31, 2026				January 31, 2026
Consolidated stores at beginning of period		1,190				1,172
Consolidated stores opened during the period
AE Brand (1)		6				12
Aerie (incl. OFFL/NE) (2)		8				22
Todd Snyder		—				4
Unsubscribed		—				2
Consolidated stores closed during the period
AE Brand (1)		(33	)			(36	)
Aerie (incl. OFFL/NE) (2)		(3	)			(8	)
Total consolidated stores at end of period		1,168				1,168
Stores by Brand
AE Brand (1)		805
Aerie (incl. OFFL/NE) (2)		332
Todd Snyder		23
Unsubscribed		8
Total consolidated stores at end of period		1,168
Total gross square footage at end of period (in '000)		7,198				7,198
International license locations at end of period (3)		357				357

(1) AE Brand includes AE stand alone locations, AE/Aerie side-by side locations, AE/OFFL/NE side-by-side locations, and AE/Aerie/OFFL/NE side-by-side locations.

(2) Aerie (incl. OFFL/NE) includes Aerie stand alone locations, OFFL/NE stand alone locations, and Aerie/OFFL/NE side-by-side locations.

(3) International license locations (retail stores and concessions) are not included in the consolidated store data or the total gross square footage calculation.

FAQ

How did American Eagle Outfitters (AEO) perform in the fourth quarter of fiscal 2025?

AEO delivered a record fourth quarter in fiscal 2025. Net revenue rose 10% to $1.8 billion, with comparable sales up 8%. Aerie comps surged 23% and American Eagle comps grew 2%, lifting adjusted operating income 27% to $180 million and adjusted diluted EPS to $0.84.

What were American Eagle Outfitters’ full-year 2025 financial results?

For fiscal 2025, AEO grew sales but saw lower profits. Total net revenue increased 3% to $5.5 billion, yet adjusted operating income fell to $328 million from $445 million. Adjusted diluted EPS declined to $1.50 from $1.74 as margins compressed earlier in the year.

What guidance did American Eagle Outfitters provide for fiscal 2026?

AEO expects higher sales and profits in fiscal 2026. The company forecasts mid-single-digit comparable sales growth and operating income between $390 million and $410 million. First quarter 2026 guidance calls for high-single-digit comp growth and operating income of $20 million to $25 million.

How is Aerie performing compared with the American Eagle brand for AEO?

Aerie is growing significantly faster than the core American Eagle brand. In Q4 2025, Aerie comparable sales increased 23%, while American Eagle comps grew 2%. For fiscal 2025, Aerie revenue rose to $1.93 billion, compared with $3.37 billion for American Eagle.

How much capital did American Eagle Outfitters return to shareholders in 2025?

AEO returned a substantial amount of cash to shareholders in 2025. The company repurchased 21 million shares for $256 million and paid $85 million in dividends, totaling $341 million in capital returns, while also funding $261 million in capital expenditures during the year.

What is driving margin and earnings pressure at American Eagle Outfitters?

Margin pressure stems from tariffs, markdowns, and restructuring. Fiscal 2025 gross margin fell to 36.9% from 39.2% due to inventory write-downs, higher markdowns, and tariff impacts. Impairment and restructuring charges also weighed on GAAP operating income and diluted EPS versus the prior year.

What does American Eagle Outfitters’ balance sheet look like after fiscal 2025?

AEO ended fiscal 2025 with solid liquidity but higher obligations. Cash and cash equivalents were $239 million, merchandise inventory was $702 million, and total assets reached $4.04 billion. Total stockholders’ equity was $1.69 billion, while operating lease liabilities and other obligations increased year over year.

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