Revenue growth remains highly cyclical, fluctuating between -7.1% and 8.0% over the last ten quarters, while gross margins have consistently hovered near 46% due to disciplined pricing.
| Metric | TTM | Feb'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 7.88B | 7.81B | 7.71B | 7.75B | 8.67B | 8.25B | 6.78B | 5.9B | 5.67B | 5.29B | 5.08B | 4.98B | 4.7B | 4.39B | 4.04B | 3.72B | 3.5B | 3.1B | 3.36B | 3.94B | 3.73B | 3.54B | 3.14B | 2.75B | 2.36B | 2.09B | 1.83B | 1.38B | 1.1B | 933.3M | 811.8M |
| Revenue Growth % | 1.3% | 1.24% | -0.5% | -10.65% | 5.2% | 21.56% | 15.01% | 3.99% | 7.17% | 4.1% | 2.16% | 5.9% | 7.08% | 8.53% | 8.65% | 6.19% | 12.94% | -7.7% | -14.79% | 5.83% | 5.33% | 12.82% | 13.89% | 16.67% | 13.14% | 14.06% | 32.19% | 25.36% | 18.29% | 14.97% | 25.92% |
| Cost of Goods Sold | 4.25B | 4.2B | 4.13B | 4.45B | 5B | 4.61B | 4.15B | 3.76B | 3.57B | 3.36B | 3.2B | 3.13B | 2.9B | 2.68B | 2.45B | 2.26B | 2.13B | 2B | 2.23B | 2.41B | 2.24B | 2.1B | 1.87B | 1.64B | 1.41B | 1.29B | 1.08B | 856.46M | 684.3M | 532.8M | 472.3M |
| COGS % of Revenue | - | 53.85% | 53.55% | 57.38% | 57.6% | 55.95% | 61.14% | 63.73% | 62.96% | 63.5% | 62.95% | 62.94% | 61.68% | 61.16% | 60.61% | 60.77% | 60.79% | 64.44% | 66.23% | 61.06% | 60.1% | 59.44% | 59.48% | 59.68% | 59.69% | 61.95% | 59.27% | 61.88% | 61.98% | 57.09% | 58.18% |
| Gross Profit | 3.63B | 3.6B | 3.58B | 3.3B | 3.68B | 3.63B | 2.64B | 2.14B | 2.1B | 1.93B | 1.88B | 1.84B | 1.8B | 1.7B | 1.59B | 1.46B | 1.37B | 1.1B | 1.14B | 1.54B | 1.49B | 1.44B | 1.27B | 1.11B | 951.6M | 793.99M | 745.16M | 603.54M | 476.6M | 400.5M | 339.5M |
| Gross Margin % | 46.06% | 46.15% | 46.45% | 42.62% | 42.4% | 44.05% | 38.86% | 36.27% | 37.04% | 36.5% | 37.05% | 37.06% | 38.32% | 38.84% | 39.39% | 39.23% | 39.21% | 35.56% | 33.77% | 38.94% | 39.9% | 40.56% | 40.52% | 40.32% | 40.31% | 38.05% | 40.73% | 43.61% | 43.17% | 42.91% | 41.82% |
| Gross Profit Growth % | - | 0.58% | 8.44% | -10.17% | 1.26% | 37.77% | 23.24% | 1.81% | 8.76% | 2.57% | 2.12% | 2.43% | 5.65% | 7.02% | 9.08% | 6.26% | 24.53% | -2.81% | -26.09% | 3.27% | 3.61% | 12.93% | 14.46% | 16.71% | 19.85% | 6.55% | 23.46% | 26.63% | 19% | 17.97% | 36.4% |
| Operating Expenses | 2.21B | 2.19B | 2.15B | 2.06B | 2.18B | 2.18B | 1.73B | 1.67B | 1.67B | 1.48B | 1.41B | 1.36B | 1.3B | 1.25B | 1.18B | 1.08B | 1.05B | 981.79M | 1.14B | 1.54B | 1.49B | 1.44B | 1.27B | 1.11B | 951.6M | 793.99M | 745.16M | 603.54M | 476.6M | 400.5M | 339.5M |
| OpEx % of Revenue | - | 28.02% | 27.91% | 26.57% | 25.12% | 26.42% | 25.44% | 28.37% | 29.36% | 27.93% | 27.75% | 27.24% | 27.63% | 28.54% | 29.27% | 28.97% | 29.98% | 31.64% | 33.77% | 38.94% | 39.9% | 40.56% | 40.52% | 40.32% | 40.31% | 38.05% | 40.73% | 43.61% | 43.17% | 42.91% | 41.82% |
| Selling, General & Admin | 2.21B | 2.19B | 2.15B | 2.06B | 2.18B | 2.18B | 1.73B | 1.67B | 1.67B | 1.48B | 1.41B | 1.36B | 1.3B | 1.25B | 1.18B | 1.08B | 1.05B | 981.79M | 1.09B | 1.22B | 1.16B | 1.09B | 961.18M | 855.79M | 749.3M | 666.01M | 594.11M | 457.82M | 358.1M | 302.7M | 274.4M |
| SG&A % of Revenue | - | 28.02% | 27.91% | 26.57% | 25.12% | 26.42% | 25.44% | 28.37% | 29.36% | 27.93% | 27.75% | 27.24% | 27.63% | 28.54% | 29.27% | 28.97% | 29.98% | 31.64% | 32.52% | 30.99% | 31.11% | 30.81% | 30.64% | 31.07% | 31.74% | 31.92% | 32.47% | 33.08% | 32.44% | 32.43% | 33.8% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.15M | 313.4M | 327.5M | 345.09M | 309.97M | 254.79M | 202.3M | 127.97M | 151.05M | 145.72M | 118.5M | 97.8M | 65.1M |
| Operating Income | 1.42B | 1.42B | 1.43B | 1.24B | 1.5B | 1.45B | 910.7M | 465.87M | 435.95M | 453.81M | 472.6M | 488.63M | 502.26M | 452.1M | 409.16M | 381.73M | 323.41M | 121.44M | 42.15M | 313.4M | 327.5M | 345.09M | 309.97M | 254.79M | 202.3M | 127.97M | 99.52M | 109.2M | 92.1M | 73.8M | 44.2M |
| Operating Margin % | 17.97% | 18.13% | 18.55% | 16.05% | 17.27% | 17.62% | 13.43% | 7.9% | 7.69% | 8.57% | 9.3% | 9.82% | 10.69% | 10.3% | 10.12% | 10.26% | 9.23% | 3.91% | 1.25% | 7.94% | 8.79% | 9.75% | 9.88% | 9.25% | 8.57% | 6.13% | 5.44% | 7.89% | 8.34% | 7.91% | 5.44% |
| Operating Income Growth % | - | -1.01% | 14.95% | -16.97% | 3.12% | 59.56% | 95.48% | 6.86% | -3.94% | -3.98% | -3.28% | -2.71% | 11.1% | 10.49% | 7.19% | 18.03% | 166.31% | 188.1% | -86.55% | -4.31% | -5.1% | 11.33% | 21.66% | 25.94% | 58.08% | 28.6% | -8.87% | 18.57% | 24.8% | 66.97% | 391.11% |
| EBITDA | 1.48B | 1.65B | 1.66B | 1.48B | 1.71B | 1.65B | 1.1B | 653.63M | 624.76M | 636.89M | 645.79M | 656.39M | 664.54M | 601.89M | 543.62M | 512.28M | 468.04M | 273.24M | 190.24M | 454.1M | 433.85M | 443.38M | 399.06M | 335.06M | 285.01M | 199.84M | 151.05M | 145.72M | 118.5M | 97.8M | 65.1M |
| EBITDA Margin % | 18.82% | 21.1% | 21.53% | 19.05% | 19.74% | 20% | 16.21% | 11.08% | 11.02% | 12.03% | 12.7% | 13.19% | 14.14% | 13.72% | 13.45% | 13.77% | 13.36% | 8.81% | 5.66% | 11.51% | 11.64% | 12.53% | 12.72% | 12.16% | 12.07% | 9.58% | 8.26% | 10.53% | 10.73% | 10.48% | 8.02% |
| EBITDA Growth % | -8.8% | -0.77% | 12.41% | -13.77% | 3.84% | 50.02% | 68.19% | 4.62% | -1.9% | -1.38% | -1.61% | -1.23% | 10.41% | 10.72% | 6.12% | 9.45% | 71.3% | 43.63% | -58.11% | 4.67% | -2.15% | 11.11% | 19.1% | 17.56% | 42.62% | 32.31% | 3.66% | 22.97% | 21.17% | 50.23% | 177.02% |
| D&A (Non-Cash Add-back) | 56.76M | 231.45M | 229.8M | 232.59M | 214.15M | 196.09M | 188.66M | 187.76M | 188.81M | 183.08M | 173.19M | 167.76M | 162.27M | 149.79M | 134.45M | 130.55M | 144.63M | 151.8M | 148.08M | 140.7M | 106.35M | 98.29M | 89.09M | 80.27M | 82.71M | 71.87M | 51.53M | 36.51M | 26.4M | 24M | 20.9M |
| EBIT | 1.44B | 1.42B | 1.43B | 1.24B | 1.5B | 1.45B | 910.7M | 465.87M | 435.95M | 453.81M | 472.6M | 488.63M | 502.26M | 452.1M | 409.16M | 381.73M | 323.41M | 121.44M | 43.43M | 318.44M | 327.5M | 345.09M | 309.97M | 254.79M | 202.3M | 127.97M | 99.52M | 109.2M | 92.1M | 73.8M | 44.2M |
| Net Interest Income | 27.3M | 36.84M | 55.55M | 29.16M | 2.26M | -1.86M | -16.23M | -8.85M | -6.71M | -1.37M | -688K | -627K | -62K | 584K | 793K | 98K | -354K | -1.15M | -200K | 2.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 27.3M | 36.84M | 55.55M | 29.16M | 2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 584K | 793K | 98K | 0 | 235K | 1.28M | 5.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.86M | 16.23M | 8.85M | 6.71M | 1.37M | 688K | 627K | 62K | 0 | 0 | 0 | 354K | 1.39M | 1.48M | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 34.21M | 36.84M | 55.55M | 29.16M | 2.26M | -1.86M | -16.23M | -8.85M | -6.71M | -1.37M | -688K | -627K | -62K | 584K | 793K | 98K | -354K | -1.15M | -200K | 2.94M | 9.69M | 3.71M | 236K | 851K | -20K | -5.87M | -7.19M | 1.52M | -1.4M | -3.8M | -5M |
| Pretax Income | 1.45B | 1.45B | 1.49B | 1.27B | 1.5B | 1.45B | 894.47M | 457.02M | 429.25M | 452.44M | 471.91M | 488.01M | 502.2M | 452.68M | 409.96M | 381.83M | 323.06M | 120.29M | 41.95M | 316.34M | 337.19M | 348.8M | 310.2M | 255.64M | 202.28M | 122.11M | 92.33M | 110.72M | 90.7M | 70M | 39.2M |
| Pretax Margin % | 18.41% | 18.61% | 19.27% | 16.43% | 17.3% | 17.6% | 13.19% | 7.75% | 7.57% | 8.55% | 9.28% | 9.81% | 10.69% | 10.32% | 10.14% | 10.26% | 9.22% | 3.88% | 1.25% | 8.02% | 9.05% | 9.86% | 9.89% | 9.28% | 8.57% | 5.85% | 5.05% | 8% | 8.22% | 7.5% | 4.83% |
| Income Tax | 362.37M | 364.12M | 360.48M | 323.59M | 372.78M | 324.91M | 213.75M | 100.96M | 95.56M | 192.89M | 166.52M | 177.94M | 193.35M | 173.78M | 153.23M | 144.9M | 122.83M | 42.85M | 11.93M | 120.58M | 128.32M | 133.93M | 118.97M | 98.43M | 77.88M | 47.01M | 35.55M | 42.62M | 35.8M | 28.7M | 16.5M |
| Effective Tax Rate % | 24.98% | 25.07% | 24.26% | 25.41% | 24.84% | 22.39% | 23.9% | 22.09% | 22.26% | 42.63% | 35.29% | 36.46% | 38.5% | 38.39% | 37.38% | 37.95% | 38.02% | 35.62% | 28.43% | 38.12% | 38.06% | 38.4% | 38.35% | 38.5% | 38.5% | 38.5% | 38.5% | 38.49% | 39.47% | 41% | 42.09% |
| Net Income | 1.09B | 1.09B | 1.13B | 949.76M | 1.13B | 1.13B | 680.71M | 356.06M | 333.68M | 259.55M | 305.39M | 310.07M | 308.85M | 278.9M | 256.73M | 236.93M | 200.23M | 77.44M | 30.02M | 195.76M | 208.87M | 214.87M | 191.23M | 157.21M | 124.4M | 75.1M | 56.78M | 68.1M | 54.9M | 41.3M | 22.7M |
| Net Margin % | 13.81% | 13.94% | 14.59% | 12.25% | 13% | 13.66% | 10.04% | 6.04% | 5.88% | 4.9% | 6.01% | 6.23% | 6.57% | 6.36% | 6.35% | 6.37% | 5.71% | 2.5% | 0.89% | 4.96% | 5.6% | 6.07% | 6.1% | 5.71% | 5.27% | 3.6% | 3.1% | 4.92% | 4.97% | 4.43% | 2.8% |
| Net Income Growth % | -0.21% | -3.27% | 18.48% | -15.79% | 0.14% | 65.46% | 91.18% | 6.71% | 28.57% | -15.01% | -1.51% | 0.39% | 10.74% | 8.64% | 8.36% | 18.33% | 158.55% | 157.93% | -84.66% | -6.28% | -2.79% | 12.36% | 21.64% | 26.37% | 65.66% | 32.25% | -16.62% | 24.04% | 32.93% | 81.94% | 808% |
| Net Income (Continuing) | 1.09B | 1.09B | 1.13B | 949.76M | 1.13B | 1.13B | 680.71M | 356.06M | 333.68M | 259.55M | 305.39M | 310.07M | 308.85M | 278.9M | 256.73M | 236.93M | 200.23M | 77.44M | 30.02M | 195.76M | 208.87M | 214.87M | 191.23M | 157.21M | 124.4M | 75.1M | 56.78M | 68.1M | 54.9M | 41.3M | 22.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.08 | 8.84 | 8.79 | 7.28 | 8.16 | 7.38 | 4.31 | 2.25 | 2.03 | 1.55 | 1.71 | 1.68 | 1.62 | 1.41 | 1.27 | 1.11 | 0.91 | 0.36 | 0.14 | 0.88 | 0.89 | 0.91 | 0.80 | 0.66 | 0.52 | 0.33 | 0.25 | 0.29 | 0.24 | 0.19 | 0.11 |
| EPS Growth % | 3.56% | 0.57% | 20.74% | -10.8% | 10.65% | 71.32% | 91.59% | 10.9% | 30.73% | -9.19% | 1.4% | 3.77% | 14.89% | 11.15% | 14.29% | 21.6% | 153.48% | 156.75% | -84.01% | -1.8% | -1.41% | 13.23% | 21.3% | 26.94% | 59.96% | 31.66% | -14.38% | 21.22% | 26.96% | 74.42% | 760% |
| EPS (Basic) | - | 8.96 | 8.91 | 7.35 | 8.29 | 7.58 | 4.41 | 2.28 | 2.05 | 1.55 | 1.72 | 1.71 | 1.65 | 1.44 | 1.29 | 1.14 | 0.94 | 0.37 | 0.14 | 0.90 | 0.92 | 0.93 | 0.82 | 0.68 | 0.54 | 0.33 | 0.25 | 0.30 | 0.25 | 0.20 | 0.11 |
| Diluted Shares Outstanding | 119.89M | 123.15M | 128.04M | 130.54M | 138.2M | 152.71M | 158.11M | 158.45M | 164.68M | 167.45M | 178.92M | 184.2M | 190.4M | 197.53M | 202.1M | 213.16M | 219.04M | 214.75M | 213.76M | 222.89M | 233.55M | 236.85M | 238.69M | 238.03M | 239.1M | 230.88M | 229.84M | 236M | 230.62M | 220.27M | 211.16M |
| Basic Shares Outstanding | 118.39M | 121.45M | 126.24M | 129.15M | 136.04M | 148.54M | 154.52M | 156.22M | 162.84M | 167.45M | 177.19M | 181.57M | 187.27M | 193.34M | 198.53M | 208.7M | 213.91M | 211.53M | 211.06M | 218.55M | 228.04M | 231.23M | 232.32M | 231.17M | 230.2M | 224.99M | 223.6M | 224M | 217.07M | 203.95M | 201.78M |
| Dividend Payout Ratio | - | 29.08% | 24.89% | 24.48% | 19.27% | 16.65% | 23.16% | 42.31% | 42.05% | 52.02% | 43.73% | 41.16% | 40.72% | 40.01% | 34.22% | 29.07% | 29.55% | 66.03% | 168.26% | 24.96% | 16.49% | - | - | - | - | - | - | - | - | - | - |
Housing market cyclicality
According to recent financial disclosures, Williams-Sonoma's revenue growth has fluctuated between -7.1% and 8.0% over the last ten quarters, reflecting a persistent sensitivity to housing turnover and discretionary spending patterns that complicates the company's ability to maintain a consistent, long-term top-line expansion trajectory.
The revenue volatility observed suggests that the company remains tethered to the broader residential real estate cycle, despite strategic efforts to diversify into B2B channels. Investors should monitor whether the recent 4.4% growth in 2026Q1 represents a sustainable recovery or merely a seasonal fluctuation in a high-interest-rate environment.
As reported in quarterly income statements, WSM has maintained a robust gross margin profile, consistently hovering near 46%, which suggests that the company's private-label strategy and disciplined pricing power provide a significant buffer against the inflationary pressures that often erode profitability in the specialty retail sector.
The ability to sustain these margins despite revenue fluctuations indicates a successful transition away from heavy promotional activity. This structural advantage appears to differentiate WSM from peers who are forced to rely on discounting to clear inventory during periods of soft consumer demand.
Based on the provided income statement data, WSM demonstrates effective operating leverage, as evidenced by the company's ability to maintain operating margins between 16% and 20% even during periods of revenue contraction, suggesting a highly disciplined approach to managing fixed occupancy and SG&A costs.
The company's ability to protect operating income during revenue dips implies that its digital-first model and store rationalization efforts have successfully lowered the break-even point. This operational flexibility warrants further investigation into how much additional margin expansion could occur if top-line growth accelerates in a more favorable housing market.
While WSM's recent performance suggests a successful shift to a no-promotion model, historical data indicates that gross margins have occasionally dipped toward 44%, raising concerns that the current profitability levels may be vulnerable if consumer spending power weakens or if competitive pressures force a return to discounting.
Short-term observers may argue that the current margin stability is a temporary byproduct of post-pandemic pricing power rather than a permanent structural shift. If inventory turnover slows, the company may find it difficult to maintain these premium price points without sacrificing volume, which could lead to significant margin compression.
Quick answers to the most common questions about buying WSM stock.
For fiscal year 2025, Williams-Sonoma, Inc. (WSM) reported total revenue of $7.81B. This represents a 861.7% increase compared to $811.8M in 1996.
Williams-Sonoma, Inc. (WSM) is profitable, generating $1.09B in net income for the fiscal year ending 2025 with a net profit margin of 13.9%.
Williams-Sonoma, Inc. (WSM) reported an operating income of $1.42B, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Williams-Sonoma, Inc. (WSM) generated $3.60B in gross profit for the year, representing a gross profit margin of 46.2%. This demonstrates the company's core pricing power and production efficiency.