American Eagle Outfitters, Inc.

ae.com

What Do They Do?

Sells casual apparel under American Eagle and intimates under Aerie to consumers.

How Do They Make Money?

revenue

Segment	Share	Revenue
American Eagle	61% FY2022: 65%
Aerie	35% FY2022: 30%

Who Are Their Customers?

Consumers buy directly through stores and online; international licensees source merchandise from AEO and sell through stores, wholesale markets, concessions and online marketplaces.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −47% vs FY2024 ($427.3M, 8%)

Net income, FY2025

3% of revenue

▼ −42% vs FY2024 ($329.4M, 6%)

Free cash flow, FY2025

4% of revenue

▼ −23% vs FY2024 ($254.3M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +8%; vs $1.3B in Q2 FY2025
Net income: ▲ +73%; vs $77.6M in Q2 FY2025

American Eagle share of revenue vs 62.4% in Q2 FY2025

Sep 9, 2026 Sets operating income guidance at $540 to $550 million The outlook includes a net tariff refund benefit.
Jul 1, 2026 Ravi Thanawala succeeds Michael Mathias as CFO Mathias moves to a strategic-advisor role effective August 3, 2026.

Growing. Revenue grew 11% in 4 years, from $5B in FY2021 to $5.5B in FY2025, about 3% a year.

Exit from third-party logistics The older report described Quiet Platforms as a logistics service for retailers and brands; the latest says AEO closed the business and ended services for third-party customers.

Revenue over time

American Eagle Aerie

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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