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AI核心结论
WSM delivered modest FY2025 revenue growth of +1.2% to $7.81B, but net income declined 3.3% to $1.09B as higher costs and SG&A pressures compressed margins, while the company returned over $850M to shareholders via buybacks.
营业收入
$7.81B
同比 ++1.24%
每股收益（基本）
$8.96
同比 ++0.56%
毛利率
46.2%
同比 -0.30%
营业利润
$1.42B
同比 -1.01%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Williams Sonoma (WSM) FY2025 营收 $7.81B，同比增长 1.2%。 净利润 $1.09B，同比下降 3.3%，稀释每股收益 $8.84。 毛利率 46.2%。
Total revenue grew +1.2% year-over-year to $7.81B in FY2025, up from $7.71B in the prior year, indicating a stabilizing top line in a challenging home furnishings environment.
来源: Source: 10-K Income Statement
Gross margin declined slightly to 46.15% from 46.45%, while operating margin fell to 18.13% from 18.55%, driven by cost of revenue rising +1.8% and SG&A increasing +1.6% to $2.19B — both outpacing revenue growth.
来源: Source: 10-K Income Statement & Key Ratios
Net income fell 3.3% to $1.09B, yet diluted EPS held nearly flat at $8.84 vs. $8.79 prior year (+0.6%), reflecting the benefit of ongoing share repurchases reducing the share count.
来源: Source: 10-K Income Statement
WSM repurchased $854M in shares during FY2025, up 5.8% from $807M in the prior year, and total financing cash outflows reached $1.25B, underscoring management's commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement
Operating cash flow remained robust at $1.31B, but cash and equivalents fell 15.9% to $1.02B as the company deployed capital into buybacks and investments, with investing outflows increasing to $261M.
来源: Source: 10-K Cash Flow Statement
Cost of revenue grew 1.8% and SG&A rose 1.6%, both outpacing revenue growth of 1.2%, leading to gross and operating margin compression. If cost pressures persist — particularly in supply chain, labor, or occupancy — profitability could erode further.
来源: Source: 10-K Income Statement
Cash and equivalents dropped 15.9% year-over-year to $1.02B, primarily due to aggressive share buybacks of $854M and increased investing outflows. A continued drawdown of cash could limit financial flexibility in a downturn.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Total liabilities increased 5.4% to $3.33B while stockholders' equity declined 2.8% to $2.08B, pushing the debt-to-equity ratio to 1.60. This rising leverage could increase financial risk if earnings deteriorate.
来源: Source: 10-K Balance Sheet & Key Ratios
WSM's home furnishings and lifestyle products are discretionary purchases, making revenue highly sensitive to consumer confidence, housing market conditions, and macroeconomic cycles. The modest +1.2% revenue growth suggests demand remains under pressure.
来源: Source: 10-K Income Statement
WSM spent $854M on buybacks in FY2025, representing roughly 78% of net income, a pace that may be difficult to sustain if operating cash flows decline. Continued buybacks at this level while cash reserves shrink could constrain future strategic investments.
来源: Source: 10-K Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.81B | $7.71B | +1.24% |
营业成本 | $4.2B | $4.13B | +1.80% |
毛利润 | $3.6B | $3.58B | +0.58% |
营业利润 | $1.42B | $1.43B | -1.01% |
净利润 | $1.09B | $1.13B | -3.25% |
每股收益（基本） | $8.96 | $8.91 | +0.56% |
每股收益（稀释） | $8.84 | $8.79 | +0.57% |
销售及管理费用 | $2.19B | $2.15B | +1.64% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $5.41B | $5.3B | +2.08% |
流动资产 | $2.71B | $2.75B | -1.50% |
总负债 | $3.33B | $3.16B | +5.39% |
流动负债 | $1.95B | $1.91B | +2.20% |
股东权益 | $2.08B | $2.14B | -2.79% |
现金及等价物 | $1.02B | $1.21B | -15.93% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.31B | $1.36B | -3.33% |
投资活动现金流 | $-260.58M | $-221.21M | -17.80% |
筹资活动现金流 | $-1.25B | $-1.18B | -5.75% |
股票回购 | $853.96M | $807.48M | +5.76% |
折旧及摊销 | $231.45M | $229.8M | +0.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 46.2% | 46.5% | -0.30% |
营业利润率 | 18.1% | 18.5% | -0.41% |
净利率 | 13.9% | — | — |
净资产收益率 | 52.3% | — | — |
总资产收益率 | 20.1% | — | — |
流动比率 | $1.388 | — | — |
资产负债率 | $1.599 | — | — |
WSM reported FY2025 revenue of $7.81B, up 1.2% year-over-year, but net income declined 3.3% to $1.09B due to rising costs. Diluted EPS was nearly flat at $8.84 vs. $8.79 in the prior year, supported by $854M in share repurchases.
Margins declined modestly in FY2025: gross margin fell to 46.15% from 46.45%, and operating margin dropped to 18.13% from 18.55%. Both cost of revenue (+1.8%) and SG&A (+1.6%) grew faster than revenue (+1.2%), creating the compression.
WSM repurchased $854M in shares during FY2025, up 5.8% from $807M in the prior year. This aggressive buyback program helped keep diluted EPS nearly flat despite a 3.3% decline in net income.
WSM maintains solid financial health with $1.02B in cash, a current ratio of 1.39, and operating cash flow of $1.31B. However, cash declined 15.9% year-over-year and the debt-to-equity ratio rose to 1.60, reflecting increased leverage from buybacks and rising liabilities.
The key risks include continued margin pressure from costs growing faster than revenue, a 15.9% decline in cash reserves driven by heavy buybacks, and exposure to discretionary consumer spending in a soft housing market. Rising liabilities pushed the debt-to-equity ratio to 1.60, increasing financial leverage risk.