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AI核心结论
Ross Stores delivered solid FY2025 results with revenue growing 7.7% to $22.75B and operating cash flow surging 28.4% to $3.03B, though operating margin compressed slightly to 11.9% as SG&A costs rose faster than revenue.
营业收入
$22.75B
同比 ++7.67%
每股收益（基本）
$6.66
同比 ++4.72%
营业利润
$2.71B
同比 ++4.71%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Ross Stores (ROST) FY2025 营收 $22.75B，同比增长 7.7%。 净利润 $2.15B，同比增长 2.6%，稀释每股收益 $6.61。
Total revenues increased 7.7% year-over-year to $22.75B in FY2025, up from $21.13B in FY2024, reflecting continued consumer demand for off-price retail and likely contributions from new store openings alongside comparable store sales gains.
来源: Source: 10-K Income Statement
SG&A expenses rose 9.5% to $3.60B, outpacing revenue growth of 7.7%, which contributed to a modest operating margin compression of approximately 34 basis points to 11.9% from 12.2% in the prior year.
来源: Source: 10-K Income Statement
Operating cash flow surged 28.4% to $3.03B from $2.36B in the prior year, demonstrating robust cash conversion and working capital efficiency, providing ample liquidity to fund capital expenditures and shareholder returns.
来源: Source: 10-K Cash Flow Statement
Long-term debt declined 31.5% to $1.52B from $2.21B, while stockholders' equity grew 12.3% to $6.19B, reflecting a materially stronger balance sheet and reduced financial leverage heading into FY2026.
来源: Source: 10-K Balance Sheet
Ross Stores repurchased approximately $1.05B in shares during FY2025, nearly identical to the $1.05B repurchased in FY2024, underscoring management's commitment to returning capital to shareholders on a disciplined and consistent basis.
来源: Source: 10-K Cash Flow Statement
SG&A expenses grew 9.5% in FY2025 versus revenue growth of 7.7%, creating margin headwinds. If wage inflation, store operating costs, or distribution expenses continue to rise faster than top-line growth, operating margins could face further compression beyond the 34 bps decline already observed.
来源: Source: 10-K Income Statement
Cost of revenue grew 7.8% to $16.45B, slightly outpacing revenue growth, indicating modest pressure on merchandise margins. As an off-price retailer, Ross depends on opportunistic buying; any disruption to the availability of closeout or excess inventory from vendors could impair its value proposition and gross margins.
来源: Source: 10-K Income Statement
Cash and equivalents fell 2.9% to $4.59B despite strong operating cash flow, as financing outflows of $2.34B (including $1.05B in buybacks and debt repayment) and investing outflows of $819M consumed liquidity. Continued aggressive capital deployment could reduce financial flexibility in a downturn.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
While Ross benefits from trade-down behavior during economic stress, a prolonged consumer spending slowdown or shift in discretionary spending patterns could reduce store traffic and comparable sales growth. The company's performance is closely tied to the health of the low-to-middle income consumer segment.
来源: Source: 10-K Income Statement
Ross's off-price model requires efficient inventory sourcing and rapid merchandise turnover. Disruptions in global supply chains, port congestion, or changes in vendor excess inventory availability could limit the company's ability to offer compelling value to customers and sustain comparable sales momentum.
来源: Source: 10-K Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $22.75B | $21.13B | +7.67% |
营业成本 | $16.45B | $15.26B | +7.78% |
营业利润 | $2.71B | $2.59B | +4.71% |
净利润 | $2.15B | $2.09B | +2.60% |
每股收益（基本） | $6.66 | $6.36 | +4.72% |
每股收益（稀释） | $6.61 | $6.32 | +4.59% |
销售及管理费用 | $3.6B | $3.28B | +9.53% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $15.55B | $14.91B | +4.32% |
流动资产 | $7.64B | $7.54B | +1.35% |
流动负债 | $4.83B | $4.66B | +3.55% |
股东权益 | $6.19B | $5.51B | +12.31% |
现金及等价物 | $4.59B | $4.73B | -2.88% |
长期债务 | $1.52B | $2.21B | -31.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.03B | $2.36B | +28.42% |
投资活动现金流 | $-819.27M | $-637.46M | -28.52% |
筹资活动现金流 | $-2.34B | $-1.86B | -26.02% |
股票回购 | $1.05B | $1.05B | +0.00% |
折旧及摊销 | $509.39M | $446.79M | +14.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 11.9% | 12.2% | -0.34% |
净利率 | 9.4% | — | — |
净资产收益率 | 34.7% | — | — |
总资产收益率 | 13.8% | — | — |
流动比率 | $1.583 | — | — |
Ross Stores reported FY2025 revenue of $22.75B, up 7.7% year-over-year, with net income growing 2.6% to $2.15B and diluted EPS rising 4.6% to $6.61. Operating cash flow was a standout, surging 28.4% to $3.03B, though operating margin compressed slightly to 11.9% from 12.2%.
Ross Stores' 7.7% revenue increase to $22.75B in FY2025 was driven by continued consumer demand for off-price retail, likely a combination of new store openings and comparable store sales growth. The off-price model continues to attract value-conscious shoppers, particularly in an environment of elevated consumer prices.
Yes, Ross Stores significantly strengthened its balance sheet in FY2025 by reducing long-term debt by 31.5% to $1.52B while growing stockholders' equity 12.3% to $6.19B. The current ratio stood at a healthy 1.58x and the company maintained $4.59B in cash and equivalents.
Key risks include SG&A cost inflation outpacing revenue growth (SG&A rose 9.5% vs. revenue growth of 7.7%), sensitivity to consumer spending among low-to-middle income shoppers, and potential supply chain disruptions affecting the availability of off-price merchandise. Margin compression is the most visible near-term financial risk.
Ross Stores repurchased approximately $1.05B in shares during FY2025, consistent with the $1.05B buyback in FY2024, reflecting a disciplined and steady capital return program. The strong free cash flow of approximately $2.21B provided ample coverage for both buybacks and the significant $697M reduction in long-term debt.