American Eagle Outfitters (NYSE: AEO) posts Q1 2026 growth and reaffirms profit guidance
Rhea-AI Filing Summary
American Eagle Outfitters reported a strong turnaround in first-quarter fiscal 2026. Total net revenue reached $1.2 billion, up 10% year over year, with comparable sales up 8%. Aerie drove growth, posting 25% comparable sales growth and surpassing $2 billion in trailing 12‑month revenue.
Profitability improved sharply as gross profit rose 41% to $456 million and gross margin expanded to 38.2%, helped by lapping a prior $75 million inventory write-down. The company generated operating income of $28 million versus a loss last year, and diluted EPS was $0.14 compared with a $0.36 loss. Management reiterated full-year 2026 operating income guidance of $390 to $410 million, while returning $74 million to shareholders through buybacks and dividends.
Positive
- Sharp return to profitability: Q1 2026 operating income was $28 million versus an operating loss of $85 million last year, with diluted EPS improving to $0.14 from a $0.36 loss.
- Strong top-line and margin expansion: Total net revenue grew 10% to $1.2 billion, comparable sales rose 8%, and gross margin expanded 860 basis points to 38.2%.
- Aerie brand outperformance: Aerie comparable sales increased 25% and the brand exceeded $2 billion in trailing 12‑month revenue, highlighting its role as the key growth engine.
- Reaffirmed full-year guidance: Management reiterated fiscal 2026 operating income guidance of $390 to $410 million, supporting confidence in the earnings outlook.
Negative
- Inventory build: Ending inventory increased 27% in cost to $817 million, with units up 5%, which could add risk if demand slows.
- Core banner softness and near-term margin outlook: American Eagle comparable sales decreased 2%, and guidance calls for second-quarter gross margin to be down year over year.
Insights
AEO delivered strong Q1 growth, a margin rebound, and reaffirmed full-year profit guidance.
American Eagle Outfitters posted first-quarter fiscal 2026 net revenue of $1.2 billion, up 10%. Comparable sales rose 8%, driven by Aerie with 25% comparable growth and trailing 12‑month revenue above $2 billion, while the American Eagle brand comps dipped 2%.
Profitability recovered meaningfully. Gross profit increased to $456 million with a 38.2% margin, up 860 basis points, aided by cycling a prior $75 million inventory writedown and lower BOW expense rates. Operating income improved to $28 million from a loss, and diluted EPS reached $0.14.
Management reiterated fiscal 2026 operating income guidance of $390–$410 million and guided second-quarter operating income to $45–$50 million. Inventory rose 27% in cost to $817 million with units up 5%, and guidance calls for second-quarter gross margin down year over year, suggesting some near-term pressure even as the full-year outlook points to margin improvement.
8-K Event Classification
Key Figures
Key Terms
comparable sales financial
gross margin financial
Operating income guidance financial
inventory writedown financial
non-GAAP financial measures financial
International Emergency Economic Powers Act (IEEPA) tariff refunds regulatory
Earnings Snapshot
Second-quarter 2026 operating income expected at $45–$50M; fiscal 2026 operating income reiterated at $390–$410M, with comparable sales up mid single digits and gross margin up year over year.
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): |
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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:
Securities registered pursuant to Section 12(b) of the Act:
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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 May 28, 2026, American Eagle Outfitters, Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the first quarter ended May 2, 2026. A copy of this press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including the accompanying Exhibits, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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 January 31, 2026, 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 |
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Description |
99.1 |
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Press release dated May 28, 2026 |
104 |
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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.
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AMERICAN EAGLE OUTFITTERS, INC. |
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(Registrant) |
Date: |
May 28, 2026 |
By: |
/s/ Michael A. Mathias |
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Michael A. Mathias |
Exhibit 99.1
AEO Inc. Reports First Quarter Fiscal 2026 Results
May 28, 2026 – PITTSBURGH – (BUSINESS WIRE) – American Eagle Outfitters, Inc. (NYSE: AEO) today announced financial results for the first quarter ended May 2, 2026.
“We entered 2026 with strong momentum, delivering double-digit top-line growth and operating income ahead of guidance. This quarter reflected the strength of our portfolio and the power of Aerie. Driven by compelling product assortments and a deep emotional connection with customers, the brand achieved exceptional multi-channel growth and profitability, further amplified by the continued relevance of the '100% Aerie REAL' campaign. While results at American Eagle were mixed, our teams are moving decisively to reignite the women’s business and strengthen product execution and brand positioning,” commented Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer - AEO Inc.
“Looking ahead, our priorities are clear. Despite continued consumer and macroeconomic uncertainty, we remain confident in our ability to navigate near-term headwinds. We are focused on operational excellence and disciplined execution to drive long-term value for AEO and our shareholders,” he concluded.
First Quarter 2026 Results:
Inventory
Total ending inventory increased 27% to $817 million with units up 5%. The increase in cost reflects the impact of tariffs this year and the comparison to last year’s inventory write-down.
Shareholder Returns
During the first quarter, the company repurchased 3 million shares for $53 million. Additionally, the company returned $21 million to shareholders via its quarterly cash dividend of $0.125 per share.
Capital Expenditures
Capital expenditures totaled $61 million in the first quarter. 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 a tariff rate of 10% for second quarter receipts and 15% for the back-half of the fiscal year. Guidance excludes any impact from International Emergency Economic Powers Act (IEEPA) tariff refunds.
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Second Quarter 2026 Outlook |
Fiscal Year 2026 Outlook |
Comparable Sales |
+Mid-to-High Single Digit |
+Mid Single Digit |
Gross Margin |
Down YoY |
Up YoY |
SG&A |
+Mid Teens |
+HSD |
Depreciation and Amortization |
Mid $50 millions |
Approximately $220M |
Operating Income |
$45 to $50 million |
$390 to $410 million |
Weighted Average Share Count |
Low 170 millions |
Low 170 millions |
Webcast and Supplemental Financial Information
Management will host a conference call today at 4:30 p.m. Eastern Time. To access the live webcast and audio replay, please click here. Additionally, a financial results presentation is posted in the Investor Relations section on AEO’s website, www.aeo-inc.com.
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 May 3, 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 second 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 January 31, 2026 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 and gain market share in the face of declining shopping center traffic or attract customers to our stores; our inability to react to raw material cost, labor and energy cost increases; 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 foreign trade issues, including 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, the potential for a trade war, 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. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited; Dollars and shares in thousands, except per share amounts) |
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13 weeks ended |
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May 2, 2026 |
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May 3, 2025 |
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(In thousands) |
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(Percentage of revenue) |
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(In thousands) |
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(Percentage of revenue) |
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Total net revenue |
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$ |
1,195,285 |
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100.0 |
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% |
$ |
1,089,599 |
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100.0 |
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% |
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Cost of sales, including certain buying, occupancy and warehouse expenses |
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739,113 |
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61.8 |
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767,178 |
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70.4 |
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Gross profit |
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456,172 |
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38.2 |
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322,421 |
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29.6 |
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Selling, general and administrative expenses |
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376,492 |
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31.5 |
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338,786 |
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31.1 |
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Impairment and restructuring charges |
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- |
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- |
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17,119 |
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1.6 |
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Depreciation and amortization expense |
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51,454 |
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4.3 |
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51,697 |
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4.7 |
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Operating income (loss) |
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28,226 |
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2.4 |
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(85,181 |
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(7.8 |
) |
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Interest expense (income), net |
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7,853 |
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0.7 |
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(219 |
) |
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0.0 |
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Other (income) expense, net |
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(7,222 |
) |
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(0.6 |
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168 |
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0.0 |
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Income (loss) before income taxes |
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$ |
27,595 |
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2.3 |
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$ |
(85,130 |
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(7.8 |
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Provision (Benefit) for income taxes |
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4,658 |
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0.4 |
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(19,712 |
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(1.8 |
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Net income (loss) |
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$ |
22,937 |
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1.9 |
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$ |
(65,418 |
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(6.0 |
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Net loss attributable to non-controlling interests |
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588 |
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0.1 |
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519 |
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0.0 |
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Net income (loss) attributable to AEO |
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$ |
23,525 |
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2.0 |
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% |
$ |
(64,899 |
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(6.0 |
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% |
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Basic net income (loss) per common share attributable to AEO |
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$ |
0.14 |
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$ |
(0.36 |
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Diluted net income (loss) per common share attributable to AEO |
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$ |
0.14 |
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$ |
(0.36 |
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Weighted average common shares outstanding - basic |
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167,835 |
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179,548 |
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Weighted average common shares outstanding - diluted |
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172,342 |
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179,548 |
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AMERICAN EAGLE OUTFITTERS, INC. |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(In thousands) |
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May 2, 2026 |
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May 3, 2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
103,286 |
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$ |
87,853 |
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Merchandise inventory |
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816,666 |
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645,062 |
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Accounts receivable, net |
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200,781 |
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228,561 |
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Prepaid expenses |
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94,383 |
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103,466 |
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Other current assets |
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23,477 |
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23,082 |
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Total current assets |
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1,238,593 |
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1,088,024 |
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Operating lease right-of-use assets |
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1,580,670 |
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1,471,705 |
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Property and equipment, at cost, net of accumulated depreciation |
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794,943 |
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765,594 |
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Goodwill, net |
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225,275 |
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225,225 |
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Non-current deferred income taxes |
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88,068 |
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78,483 |
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Intangible assets, net |
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36,855 |
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41,549 |
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Other assets |
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116,466 |
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96,774 |
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Total assets |
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$ |
4,080,870 |
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$ |
3,767,354 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
203,813 |
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$ |
247,994 |
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Current portion of operating lease liabilities |
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310,586 |
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319,626 |
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Accrued compensation and payroll taxes |
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67,810 |
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58,380 |
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Unredeemed gift cards and gift certificates |
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67,408 |
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63,282 |
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Accrued income and other taxes |
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44,089 |
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23,114 |
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Other current liabilities and accrued expenses |
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107,920 |
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75,261 |
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Total current liabilities |
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801,626 |
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787,657 |
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Non-current liabilities: |
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Non-current operating lease liabilities |
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1,479,103 |
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1,337,489 |
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Long-term debt, net |
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85,000 |
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110,000 |
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Other non-current liabilities |
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71,597 |
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57,992 |
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Total non-current liabilities |
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1,635,700 |
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1,505,481 |
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Stockholders’ equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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2,496 |
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2,496 |
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Contributed capital |
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354,723 |
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362,342 |
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Accumulated other comprehensive loss |
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(15,221 |
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(42,105 |
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Retained earnings |
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2,565,906 |
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2,361,273 |
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Treasury stock |
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(1,263,237 |
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(1,212,774 |
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Total AEO stockholders' equity |
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1,644,667 |
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1,471,232 |
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Non-controlling interests |
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(1,123 |
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2,984 |
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Total stockholders’ equity |
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1,643,544 |
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1,474,216 |
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Total liabilities and stockholders’ equity |
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$ |
4,080,870 |
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$ |
3,767,354 |
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Current Ratio |
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1.55 |
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1.38 |
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AMERICAN EAGLE OUTFITTERS, INC. |
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GAAP to Non-GAAP Reconciliation |
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(Dollars in thousands, except per share amounts) |
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(Unaudited) |
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13 Weeks Ended |
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May 3, 2025 |
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Operating Loss |
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Income Tax Benefit |
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Effective Tax Rate |
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Net Loss Attributable to AEO |
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Earnings per Diluted Share |
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GAAP Basis |
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$ |
(85,181 |
) |
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$ |
(19,712 |
) |
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23.2 |
% |
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$ |
(64,899 |
) |
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$ |
(0.36 |
) |
% of Revenue |
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(7.8 |
%) |
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(6.0%) |
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Add: Impairment and restructuring charges (1) |
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$ |
17,119 |
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$ |
13,131 |
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|
0.07 |
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Tax effect of the above (2) |
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$ |
3,988 |
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Non-GAAP Basis |
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$ |
(68,062 |
) |
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$ |
(15,724 |
) |
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23.1 |
% |
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$ |
(51,768 |
) |
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$ |
(0.29 |
) |
% of Revenue |
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(6.2 |
%) |
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(4.8%) |
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The following footnotes relate to impairment and restructuring charges recorded in the 13 weeks ended May 3, 2025:
AMERICAN EAGLE OUTFITTERS, INC. |
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NET REVENUE BY SEGMENT |
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(Unaudited; Dollars in thousands) |
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13 weeks ended |
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May 2, 2026 |
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May 3, 2025 |
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Net Revenue: |
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American Eagle |
$ |
678,476 |
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$ |
693,865 |
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Aerie |
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480,826 |
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359,788 |
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Other |
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35,983 |
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|
43,970 |
|
Intersegment Elimination |
|
- |
|
|
|
(8,024 |
) |
Total Net Revenue |
$ |
1,195,285 |
|
|
$ |
1,089,599 |
|
AMERICAN EAGLE OUTFITTERS, INC. |
|
||
STORE INFORMATION |
|
||
(Unaudited) |
|
||
|
13 weeks ended |
|
|
|
May 2, 2026 |
|
|
Consolidated stores at beginning of period |
|
1,168 |
|
Consolidated stores opened during the period |
|
|
|
AE Brand (1) |
|
3 |
|
Aerie (incl. OFFL/NE) (2) |
|
3 |
|
Consolidated stores closed during the period |
|
|
|
AE Brand (1) |
|
(4 |
) |
Total consolidated stores at end of period |
|
1,170 |
|
|
|
|
|
Stores by Brand |
|
|
|
AE Brand (1) |
|
804 |
|
Aerie (incl. OFFL/NE) (2) |
|
335 |
|
Todd Snyder |
|
23 |
|
Unsubscribed |
|
8 |
|
Total consolidated stores at end of period |
|
1,170 |
|
|
|
|
|
Total gross square footage at end of period (in '000) |
|
7,220 |
|
|
|
|
|
International license locations at end of period (3) |
|
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.