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Leslie's

LESL Q4 2025 Earnings

Reported Dec 2, 2025 at 4:30 PM ET · SEC Source

Q4 25 EPS

$0.09

MISS 93.14%

Est. $1.31

Q4 25 Revenue

$389.2M

BEAT +4.70%

Est. $371.7M

vs S&P Since Q4 25

+164.8%

BEATING MARKET

LESL +172.0% vs S&P +7.2%

Full Year 2025 Results

FY 25 EPS

$-4.70

MISS 7.98%

Est. $-4.35

FY 25 Revenue

$1.24B

BEAT +1.45%

Est. $1.22B

Market Reaction

Did LESL Beat Earnings? Q4 2025 Results

Leslie's delivered a stronger-than-expected finish to fiscal 2025, with Q4 adjusted diluted EPS of $0.09 clearing the $0.07 consensus estimate by 37.83% and revenue of $389.21 million topping forecasts by 4.77%, even as total sales slipped 2.2% year … Read more Leslie's delivered a stronger-than-expected finish to fiscal 2025, with Q4 adjusted diluted EPS of $0.09 clearing the $0.07 consensus estimate by 37.83% and revenue of $389.21 million topping forecasts by 4.77%, even as total sales slipped 2.2% year over year amid a 6.5% comparable sales decline. The headline beat was undercut by a $183.83 million impairment charge, dominated by a $180.70 million goodwill write-down reflecting sustained operating pressure and a stock that has shed roughly 94% of its value year-to-date, pushing the GAAP net loss to $162.81 million for the quarter. On the brighter side, gross margin expanded to 38.6% from 36.0% a year ago, and adjusted EBITDA improved to $45.16 million, supporting CEO Jason McDonell's case that structural changes are beginning to take hold. The company's plan to close 80 to 90 underperforming stores anchors fiscal 2026 guidance for sales of $1.10 billion to $1.25 billion and adjusted EBITDA of $55 million to $75 million, with management counting on the store rationalization to deliver immediate earnings improvement in the year ahead.

Key Takeaways

  • • Gross margin improvement to 38.6% from 36.0% in the prior year quarter
  • • Inventory reduction of approximately 11.2% year over year
  • • Comparable sales declined 6.5% in Q4 and 8.1% for the full year
  • • SG&A expenses essentially flat year over year in Q4
24/7 Wall St

LESL YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“We delivered fourth quarter sales and adjusted EBITDA above the high end of our previously established guidance range and are today announcing the closure of 80-90 underperforming stores and one distribution center as we work with speed and urgency to improve Leslie's operations and establish a clear path to financial recovery.”

— Jason McDonell, Q4 2025 Earnings Press Release

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