Ross Stores (ROST) financials

NASDAQ · Consumer Cyclical · Apparel - Retail · 111,000 employees · CEO James G. Conroy

Price: $228.28 -1.73%
Market cap: $73.2B
Enterprise value: $73.7B
Last report: Q2 '26 filed 2026-09-01
Next report: 2026-11-19 EPS est. $1.84

Revenue (TTM)$24.5B+14.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)13.7%+1.7 pp vs a year agoOperating income $3.37B

Net income (TTM)$2.66B+28.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.79B+66.2% vs a year agoCapex $870M

Diluted EPS (TTM)$8.26+31.1% vs a year agoSum of the last 4 quarters

Net cash-$451M+63.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $73.2B
Revenue: $24.5B
Revenue growth: +13%
Profit margin: 10.8%
P/E: 27.4×
P/S: 3.0×
EV / EBITDA: 18.6×
Free cash flow: $2.79B
Net income: $2.66B
Revenue estimate: $25.7B
Earnings: 2026-11-19
Dividend: $1.74

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-20): revenue beat by 1.7%, EPS beat by 36.4%Revenue $6.26B vs $6.16B expected (+1.7%); EPS $2.66 vs $1.95 (+36.4%).
Revenue growth accelerating: 13.3% year on yearQ2 '26 revenue $6.26B, against an average of 12.0% over the four quarters before.
Operating margin 13.7% (TTM), +1.7 pp on a year agoOperating income grew 30.6% while revenue grew 14.0%.
Capex 3.6% of revenue (a year ago 3.7%)$870M invested in the last 4 quarters (+9.4% on a year earlier). Free cash flow $2.79B = 104.9% of net income.
Returned $1.78B to shareholders = 63.9% of free cash flowBuybacks $1.23B (a year earlier $1.13B), dividends $549M, stock-based pay $198M (TTM).
Diluted share count down 1.7% in a year320M diluted shares in Q2 '26, 326M a year earlier.
Net debt $451MCash + short-term investments $4.29B, debt incl. leases $4.74B; a year ago net debt $1.22B.
Reportable Segment: revenue +13.3%, margin 17.6% (was 11.5%)Fastest-growing reported segment in Q2 '26: operating income $1.1B on revenue $6.26B (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-08-01. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$6.26B	$5.53B	+13.3%
Gross margin	33.8%	27.6%	+6.2 pp
Operating income	$1.1B	$638M	+72.9%
Operating margin	17.6%	11.5%	+6.1 pp
Net income	$851M	$508M	+67.6%
Diluted EPS	$2.66	$1.56	+70.5%
Operating cash flow	$876M	$668M	+31.0%
Capex	$251M	$202M	+24.6%
Free cash flow	$624M	$467M	+33.8%
R&D	$0	$0	–
Stock-based compensation	$47.3M	$43.9M	+7.5%

Reported vs consensus

2026-08-20

	Actual	Consensus	vs consensus
Revenue	$6.26B	$6.16B	+1.7%
EPS (as estimated)	$2.66	$1.95	+36.4%

From the report of 2026-08-20 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Home Accents and Bed and Bath	$1.5B	+18.2%	20.9%	–	–
Childrens	$1.5B	+202.2%	20.9%	–	–
Ladies	$1.44B	+13.3%	20.0%	–	–
Mens	$1B	+6.6%	13.9%	–	–
Shoes	$814M	+13.3%	11.3%	–	–
Accessories, Lingerie, Fine Jewelry, And Cosmetics	$940M	+13.3%	13.0%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$6.26B	+13.3%	$1.1B	+72.9%	17.6%	11.5%	$3.37B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.66B
Capex: -$870M
Buybacks: -$1.23B
Dividends: -$549M
Acquisitions: $0
Net debt issued: -$500M
Stock-based compensation: $198M
Free cash flow: $2.79B
Returned to shareholders / FCF: 63.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	27.4×	24.8×	19.9× – 28.3×
EV / EBITDA	18.6×	15.9×	13.0× – 18.0×
EV / Sales	3.0×	2.3×	1.9× – 2.7×
Price / FCF	26.2×	30.5×	26.8× – 39.2×
Price / Book	10.8×	9.3×	8.5× – 9.7×
FCF yield	3.8%	3.3%	2.6% – 3.7%
Return on invested capital	21.2%	16.4%	14.5% – 17.7%
Return on equity	42.3%	37.8%	34.7% – 42.4%

Analysts

Consensus target $278.79 (+22.1%)
range $234.00 – $315.00 · rating Buy

Strong buy0

Buy31

Hold12

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$25.7B	+13.0%	$8.45	+27.8%	27.0×	8
FY2028	$27.5B	+7.1%	$9.01	+6.7%	25.3×	10
FY2029	$29.4B	+6.7%	$10.09	+11.9%	22.6×	5
FY2030	$27.9B	-5.0%	$9.31	-7.7%	24.5×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 179 figures Ross Stores, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$2.62B	$2.21B	+18.9%	$2.39B	$2.13B	+12.2%
Accrued Income Taxes, Current	$84.9M	$0	–	$61.8M	$43.7M	+41.5%
Accrued Liabilities, Current	$744M	$655M	+13.6%	$667M	$626M	+6.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$5.35B	$4.92B	+8.7%	$5.14B	$4.73B	+8.7%
Additional Paid in Capital, Common Stock	$2.36B	$2.17B	+8.7%	$2.26B	$2.1B	+7.6%
Advertising Expense	–	–	–	$82M	$70.2M	+16.8%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	28K	-100.0%	15.3K	49.6K	-69.2%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$47.3M	$43.9M	+7.5%	$175M	$156M	+12.2%
Assets	$16B	$14.5B	+10.3%	$15.5B	$14.9B	+4.3%
Assets, Current	$7.88B	$6.93B	+13.7%	$7.64B	$7.54B	+1.3%
Cash and Cash Equivalents, at Carrying Value	$4.29B	$3.85B	+11.5%	$4.59B	$4.73B	-2.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.36B	$3.91B	+11.3%	$4.66B	$4.8B	-2.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$158M	$64.3M	+145.3%	-$134M	-$139M	+3.2%
Common Stock, Dividends, Per Share, Declared	$0.45	$0.41	+9.9%	$1.62	$1.47	+10.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Issued	320M	326M	-1.8%	322M	329M	-2.0%
Common Stock, Shares, Outstanding	320M	326M	-1.8%	322M	329M	-2.0%
Common Stock, Value, Issued	$3.2M	$3.26M	-1.8%	$3.22M	$3.29M	-2.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$851M	$508M	+67.6%	$2.15B	$2.09B	+2.6%
Construction in Progress, Gross	$559M	$394M	+41.7%	$477M	$807M	-40.9%
Contract with Customer, Asset, after Allowance for Credit Loss	$12.8M2026-01-31	$12.4M	+3.2%	$12.8M	$12.4M	+3.2%
Contract with Customer, Refund Liability	$25.2M2026-01-31	$24.1M	+4.6%	$25.2M	$24.1M	+4.6%
Cost of Goods and Services Sold	$4.15B	$4B	+3.6%	$16.4B	$15.3B	+7.8%
Current Federal Tax Expense (Benefit)	–	–	–	$509M	$580M	-12.3%
Current Income Tax Expense (Benefit)	–	–	–	$623M	$676M	-7.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$114M	$95.4M	+19.3%
Debt Instrument, Interest Rate, Stated Percentage	–	–	–	4.6%2025-04-30	–	–
Deferred Compensation Liability, Classified, Noncurrent	$219M2026-01-31	$197M	+11.1%	$219M	$197M	+11.1%
Deferred Compensation Plan Assets	$220M	$204M	+7.7%	$219M	$197M	+11.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$68.9M	-$7.02M	+1,082.1%
Deferred Income Tax Expense (Benefit)	$17.1M	$29.7M	-42.6%	$74.4M	-$9.2M	+908.7%
Deferred Income Tax Liabilities, Net	$313M	$239M	+30.8%	$261M	$187M	+39.8%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$5.49M	-$2.18M	+351.4%
Deferred Tax Assets, Gross	$1.12B2026-01-31	$1.06B	+5.5%	$1.12B	$1.06B	+5.5%
Deferred Tax Assets, Net	$1.12B2026-01-31	$1.06B	+5.5%	$1.12B	$1.06B	+5.5%
Deferred Tax Assets, Other	$9.06M2026-01-31	$9.63M	-6.0%	$9.06M	$9.63M	-6.0%
Deferred Tax Assets, State Taxes	$20.6M2026-01-31	$20.5M	+0.4%	$20.6M	$20.5M	+0.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$34.2M2026-01-31	$29.5M	+15.6%	$34.2M	$29.5M	+15.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	$48.8M2026-01-31	$45.7M	+6.8%	$48.8M	$45.7M	+6.8%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$51.8M2026-01-31	$54M	-4.0%	$51.8M	$54M	-4.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$33.4M2026-01-31	$32.8M	+1.8%	$33.4M	$32.8M	+1.8%
Deferred Tax Assets, Valuation Allowance	$116K2026-01-31	$583K	-80.1%	$116K	$583K	-80.1%
Deferred Tax Liabilities, Deferred Expense	$15.9M2026-01-31	$14.9M	+6.7%	$15.9M	$14.9M	+6.7%
Deferred Tax Liabilities, Gross	$1.38B2026-01-31	$1.25B	+10.6%	$1.38B	$1.25B	+10.6%
Deferred Tax Liabilities, Inventory	$25M2026-01-31	$26M	-3.9%	$25M	$26M	-3.9%
Deferred Tax Liabilities, Leasing Arrangements	$878M2026-01-31	$826M	+6.3%	$878M	$826M	+6.3%
Deferred Tax Liabilities, Net	$261M2026-01-31	$187M	+39.8%	$261M	$187M	+39.8%
Deferred Tax Liabilities, Other	$21.9M2026-01-31	$17.6M	+24.3%	$21.9M	$17.6M	+24.3%
Deferred Tax Liabilities, Property, Plant and Equipment	$441M2026-01-31	$364M	+21.1%	$441M	$364M	+21.1%
Defined Contribution Plan, Employer Discretionary Contribution Amount	–	–	–	$30.7M	$28.6M	+7.3%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	–	–	–	4.0%	4.0%	0.0%
Depreciation, Depletion and Amortization	$140M	$126M	+10.9%	$509M	$447M	+14.0%
Dividends, Common Stock, Cash	$143M	$132M	+7.8%	$528M	$489M	+8.1%
Earnings Per Share, Basic	$2.68	$1.57	+70.7%	$6.66	$6.36	+4.7%
Earnings Per Share, Diluted	$2.66	$1.56	+70.5%	$6.61	$6.32	+4.6%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$597M	–	–
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	–	–	–	$6.02M	–	–
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	–	–	–	0.2%	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-K 2026-01-31, 10-Q 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-K 2025-02-01, 10-Q 2024-11-02, 10-Q 2024-08-03

Data as of 2026-11-01