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Michael J. Bender, Kohl’s Chief Executive Officer, said, “We are ending 2025 in a stronger position than we started, with important work still ahead of us. Over the past year, our efforts have been focused on resetting our foundation. This focus is intended to stabilize the business and strengthen our operational ability to build for a stronger future. In 2025, we made meaningful progress, despite our Q4 topline coming in softer than our expectations. We were able to manage the business with discipline, deliver improved earnings, and generate meaningful cash flow, all of which helped us strengthen our balance sheet.”
“In 2026, we are committed to further strengthening our foundation by addressing operational opportunities, building on our strengths, and modernizing our processes. We are confident that the work we are investing in now is essential for Kohl’s long-term benefit,” Bender continued.
Fourth Quarter 2025 Results
Comparisons refer to the 13-week period ended January 31, 2026 versus the 13-week period ended February 1, 2025
Fiscal Year 2025 Results
Comparisons refer to the 52-week period ended January 31, 2026 versus the 52-week period ended February 1, 2025
| (a) | Non-GAAP financial measures: Please see the “RECONCILIATION OF NON-GAAP FINANCIAL MEASURES” for a reconciliation of adjusted operating income to operating income, adjusted net income to net income, and adjusted diluted earnings per share to diluted earnings per share. |
2026 Financial and Capital Allocation Outlook
For the full year 2026, the Company currently expects the following:
| (b) | Non-GAAP financial measures: The Company provides adjusted operating margin and adjusted diluted earnings per share on a non-GAAP basis and does not provide a reconciliation of the Company’s forward looking guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. |
Fourth Quarter 2025 Earnings Conference Call
Kohl’s will host its quarterly earnings conference call at 9:00 am ET on March 10, 2026. A webcast of the conference call and the related presentation materials will be available via the Company's web site at investors.kohls.com, both live and after the call.
Cautionary Statement Regarding Forward-Looking Information and Non-GAAP Measures
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressionsto identify forward-looking statements. Forward-looking statements include, but are not limited to, the information under “2026 Financial and Capital Allocation Outlook.” Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company’s Annual Report on Form 10-K and Item 1A of Part II of the Company’s Quarterly Report on Form 10-Q for the first quarter of fiscal 2025, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC. Forward-looking statements relate to the date initially made, and the Company undertakes no obligation to update them.
This press release contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP), including adjusted operating income, adjusted net income and adjusted diluted earnings per share. These non-GAAP financial measures are provided as additional insight into our operational performance and do not purport to be substitutes for, or superior to, operating income, net income, or diluted earnings per share as a measure of operating performance. We believe these adjusted measures are useful, as they are more representative of our core business, enhance comparability across reporting periods and to industry peers, and align with the measures used by management to evaluate the Company’s performance. We caution investors that non-GAAP measures should not be viewed in isolation and should be evaluated in addition to, and not as an alternative for, our results reported in accordance with GAAP. Because companies may use different calculation methods, these measures may not be comparable to other similarly titled measures reported by other companies. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is included in this release.
About Kohl's
Kohl’s (NYSE: KSS) is a leading omnichannel retailer built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl’s is uniquely positioned to deliver against its long-term strategy and its purpose to take care of families’ realest moments. Kohl's serves millions of families in its more than 1,100 stores in 49 states, online at Kohls.com, and through the Kohl's App. With a large national footprint, Kohl’s is committed to making a positive impact in the communities it serves. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com.
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
| Three Months Ended | Twelve Months Ended | ||||||||||
| (Dollars in Millions, Except per Share Data) | January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||
| Net sales | $ | 4,972 |
| 5,175 |
| $ | 14,775 |
| 15,385 |
| ||
| Other revenue |
| 201 |
|
| 222 |
|
| 752 |
|
| 836 |
|
| Total revenue |
| 5,173 |
|
| 5,397 |
|
| 15,527 |
|
| 16,221 |
|
| Cost of merchandise sold |
| 3,324 |
|
| 3,473 |
|
| 9,228 |
|
| 9,661 |
|
| Gross margin rate |
| 33.1 | % |
| 32.9 | % |
| 37.5 | % |
| 37.2 | % |
| Operating expenses: |
|
|
|
| ||||||||
| Selling, general, and administrative |
| 1,463 |
|
| 1,539 |
|
| 5,089 |
|
| 5,308 |
|
| As a percent of total revenue |
| 28.3 | % |
| 28.5 | % |
| 32.8 | % |
| 32.7 | % |
| Depreciation and amortization |
| 174 |
|
| 183 |
|
| 700 |
|
| 743 |
|
| Impairments, store closing, and other costs |
| — |
|
| 76 |
|
| 15 |
|
| 76 |
|
| (Gain) on legal settlement |
| — |
|
| — |
|
| (129 | ) |
| — |
|
| Operating income |
| 212 |
|
| 126 |
|
| 624 |
|
| 433 |
|
| Interest expense, net |
| 59 |
|
| 74 |
|
| 288 |
|
| 319 |
|
| Income before income taxes |
| 153 |
|
| 52 |
|
| 336 |
|
| 114 |
|
| Provision for income taxes |
| 28 |
|
| 4 |
|
| 64 |
|
| 5 |
|
| Net income | $ | 125 |
| 48 |
| $ | 272 |
| 109 |
| ||
| Average number of shares: |
|
|
|
| ||||||||
| Basic |
| 112 |
|
| 111 |
|
| 112 |
|
| 111 |
|
| Diluted |
| 117 |
|
| 112 |
|
| 114 |
|
| 112 |
|
| Earnings per share: |
|
|
|
| ||||||||
| Basic | $ | 1.11 |
| 0.43 |
| $ | 2.43 |
| 0.98 |
| ||
| Diluted | $ | 1.07 | 0.43 | $ | 2.38 | 0.98 | ||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
|
| Operating Income | Net Income | Diluted Earnings | ||||||
| (Dollars in Millions, Except per Share Data) | |||||||||
| Three Months Ended January 31, 2026 |
|
|
| ||||||
| GAAP | $ | 212 |
| $ | 125 |
| $ | 1.07 |
|
| Impairments, store closing, and other costs |
| — |
|
| — |
|
| — |
|
| (Gain) on legal settlement |
| — |
|
| — |
|
| — |
|
| Income tax impact of items noted above |
| — |
|
| — |
|
| — |
|
| Adjusted (non-GAAP) | $ | 212 |
| $ | 125 |
| $ | 1.07 |
|
|
|
|
|
| ||||||
| Three Months Ended February 1, 2025 |
|
|
| ||||||
| GAAP | $ | 126 |
| $ | 48 |
| $ | 0.43 |
|
| Impairments, store closing, and other costs |
| 76 |
|
| 76 |
|
| 0.69 |
|
| (Gain) on legal settlement |
| — |
|
| — |
|
| — |
|
| Income tax impact of items noted above |
| — |
|
| (18 |
| (0.17 | ||
| Adjusted (non-GAAP) | $ | 202 |
| $ | 106 |
| $ | 0.95 |
|
|
|
|
|
| ||||||
| Twelve Months Ended January 31, 2026 |
|
|
| ||||||
| GAAP | $ | 624 |
| $ | 272 |
| $ | 2.38 |
|
| Impairments, store closing, and other costs |
| 15 |
|
| 15 |
|
| 0.13 |
|
| (Gain) on legal settlement |
| (129 |
| (129 |
| (1.13 | |||
| Income tax impact of items noted above |
| — |
|
| 28 |
|
| 0.24 |
|
| Adjusted (non-GAAP) | $ | 510 |
| $ | 186 |
| $ | 1.62 |
|
|
|
|
|
| ||||||
| Twelve Months Ended February 1, 2025 |
|
|
| ||||||
| GAAP | $ | 433 |
| $ | 109 |
| $ | 0.98 |
|
| Impairments, store closing, and other costs |
| 76 |
|
| 76 |
|
| 0.69 |
|
| (Gain) on legal settlement |
| — |
|
| — |
|
| — |
|
| Income tax impact of items noted above |
| — |
|
| (18 |
| (0.17 | ||
| Adjusted (non-GAAP) | $ | 509 |
| $ | 167 |
| $ | 1.50 |
|
KOHL’S CORPORATION
CONSOLIDATED BALANCE SHEETS
| (Dollars in Millions) | January 31, 2026 | February 1, 2025 | ||
| Assets | (Unaudited) | (Audited) | ||
| Current assets: |
|
| ||
| Cash and cash equivalents | $ | 674 | 134 | |
| Merchandise inventories |
| 2,745 |
| 2,945 |
| Other |
| 272 |
| 309 |
| Total current assets |
| 3,691 |
| 3,388 |
| Property and equipment, net |
| 6,914 |
| 7,297 |
| Operating leases |
| 2,338 |
| 2,394 |
| Other assets |
| 419 |
| 480 |
| Total assets | $ | 13,362 | 13,559 | |
| Liabilities and Shareholders’ Equity |
|
| ||
| Current liabilities: |
|
| ||
| Accounts payable | $ | 1,171 | 1,042 | |
| Accrued liabilities |
| 1,181 |
| 1,263 |
| Borrowings under revolving credit facility |
| — |
| 290 |
| Current portion of: |
|
| ||
| Long-term debt |
| — |
| 353 |
| Finance leases and financing obligations |
| 85 |
| 81 |
| Operating leases |
| 94 |
| 102 |
| Total current liabilities |
| 2,531 |
| 3,131 |
| Long-term debt |
| 1,436 |
| 1,174 |
| Finance leases and financing obligations |
| 2,365 |
| 2,456 |
| Operating leases |
| 2,650 |
| 2,703 |
| Deferred income taxes |
| 91 |
| 28 |
| Other long-term liabilities |
| 241 |
| 265 |
| Shareholders’ equity: |
| 4,048 |
| 3,802 |
| Total liabilities and shareholders’ equity | $ | 13,362 | 13,559 | |
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
| Twelve Months Ended | |||||
| (Dollars in Millions) | January 31, 2026 | February 1, 2025 | ||||
| Operating activities |
|
| ||||
| Net income | $ | 272 |
| 109 |
| |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
| ||||
| Depreciation and amortization |
| 700 |
|
| 743 |
|
| Share-based compensation |
| 34 |
|
| 30 |
|
| Deferred income taxes |
| 69 |
|
| (85 | |
| Impairments, store closing, and other costs |
| 11 |
|
| 36 |
|
| Non-cash lease expense |
| 87 |
|
| 89 |
|
| Other non-cash items |
| (18 | ) |
| 1 |
|
| Changes in operating assets and liabilities: |
|
| ||||
| Merchandise inventories |
| 203 |
|
| (60 | |
| Other current and long-term assets |
| 91 |
|
| (50 | |
| Accounts payable |
| 130 |
|
| (92 | |
| Accrued and other long-term liabilities |
| (103 | ) |
| 20 |
|
| Operating lease liabilities |
| (96 | ) |
| (93 | |
| Net cash provided by operating activities |
| 1,380 |
|
| 648 |
|
| Investing activities |
|
| ||||
| Acquisition of property and equipment |
| (372 | ) |
| (466 | |
| Proceeds from sale of property and equipment |
| 54 |
|
| 6 |
|
| Other |
| (15 | ) |
| (7 | |
| Net cash used in investing activities |
| (333 | ) |
| (467 | |
| Financing activities |
|
| ||||
| Proceeds from issuance of debt, net of discount |
| 357 |
|
| — |
|
| Deferred financing costs |
| (11 | ) |
| — |
|
| Net (repayments) borrowings under revolving credit facility |
| (290 | ) |
| 198 |
|
| Shares withheld for taxes on vested restricted shares |
| (5 | ) |
| (10 | |
| Dividends paid |
| (56 | ) |
| (222 | |
| Repayment of long-term borrowings |
| (440 | ) |
| (113 | |
| Discount (premium paid) on redemption of debt |
| 11 |
|
| (5 | |
| Finance lease and financing obligation payments |
| (83 | ) |
| (79 | |
| Proceeds from financing obligations |
| 10 |
|
| 1 |
|
| Net cash used in financing activities |
| (507 | ) |
| (230 | |
| Net increase (decrease) in cash and cash equivalents |
| 540 |
|
| (49 | |
| Cash and cash equivalents at beginning of period |
| 134 |
|
| 183 |
|
| Cash and cash equivalents at end of period | $ | 674 |
| 134 |
| |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260310006820/en/
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