Here are the 10-K annual reports from Tandy Leather Factory, Inc. (TLF) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow TLF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TLF filings page.
Tandy Leather Factory, Inc. filed an amended annual report for the year ended December 31, 2025. The amendment is solely to add its Executive Compensation Recovery Policy (clawback policy) as Exhibit 97.1, as required by Rule 10D-1 and Nasdaq listing standards.
The amendment does not change any financial statements or other disclosures in the original annual report and should be read together with that filing. Non‑affiliate common stock had an aggregate market value of $15,907,771 at December 31, 2025, and 8,072,875 shares were outstanding as of February 19, 2026.
Tandy Leather Factory reported 2025 net sales of $76.3 million, up 2.6% from 2024, with gross margin improving to 57.0% from 56.2%. Despite a small operating loss of $1.0 million, the company earned net income of $9.1 million, driven by a $16.2 million gain on the sale of its corporate headquarters.
The company paid a $1.50 per share special cash dividend totaling $12.7 million and repurchased 430,897 shares from its former CEO at $3.00 per share, while ending the year with $16.1 million in cash and no borrowings on its JPMorgan credit facility. Tandy continues to operate 101 stores across the U.S., Canada and Spain, emphasizing its brand strength, specialty positioning in leathercraft, and ongoing multi‑year transformation amid inflation, geopolitical tensions, and rising competition, including from online retailers.