Leslie's Inc (NASDAQ: LESL) is a pool and spa care retail company that sells chemicals, equipment, parts, and maintenance products directly to residential consumers and pool professionals across the United States. Revenue comes from transactional sales of more than 25,000 products through over 1,000 retail locations, e-commerce websites under the Leslie's and In the Swim brands, a mobile app, and online marketplace operations. Founded in 1963 by Phil Leslie Jr. in Southern California, it operates the largest physical network in U.S. aftermarket pool and spa care, with stores positioned within 20 miles of 80% of the country's installed pool base, according to 2024 industry analyst reports. The company reported sales of $1.24 billion in fiscal year ended October 4, 2025, down from $1.33 billion in fiscal year ended September 28, 2024. The business carries meaningful debt, generated only $8.8 million in operating cash flow in fiscal 2025, and recorded a net loss of $236.97 million in fiscal 2025, including a $183.83 million impairment charge.

Revenue model

Transactional retail sales of pool and spa care products and services, including chemicals, equipment, parts, cleaning and maintenance supplies, and safety and recreational products. The company also provides manufacturer-certified installation and repair services and, in select markets, weekly pool maintenance services. Approximately 85% of the product assortment is classified as essential and non-discretionary, per the FY2025 10-K. Sales are highly seasonal, concentrated in the peak summer pool season.

Products and services

More than 25,000 SKUs spanning pool and spa chemicals, equipment and parts, cleaning and maintenance equipment, and safety, recreational, and fitness products. The majority of the assortment is described as exclusive to Leslie's. Service offerings include manufacturer-certified installation and repair services and weekly pool maintenance in certain markets. Brands include Leslie's and In the Swim. A loyalty program database includes over 12 million consumers, per the FY2025 10-K.

Customers and end markets

Two primary customer segments: residential pool and spa owners (do-it-yourself consumers) and pool service professionals including maintenance technicians and pool operators. Professional pool operators manage approximately 300,000 pools across hotels, motels, apartment complexes, and water parks. The total professional aftermarket sales opportunity is cited at approximately $4.9 billion in the FY2025 10-K. Demand is driven by the size of the installed U.S. pool base and is sensitive to weather conditions during the peak selling season.

Value-chain role

Direct-to-consumer retailer and service provider in the U.S. pool and spa aftermarket. The company holds inventory ahead of the peak season, negotiating extended payment terms with suppliers from December through March. It operates as a one-stop destination rather than a distributor or manufacturer, sourcing products and reselling them through its own retail, digital, and service channels.

Geographic exposure

United States only, based on filing excerpts. Store network is concentrated in the Sunbelt, where nearly 90% of pools are within 15 miles of a Leslie's location, per 2024 industry analyst reports cited in the FY2025 10-K.

Competitors

Mass merchant stores (unnamed in filing), Local independent pool and spa care operators

Source: SEC 10-K, filed 2025-12-18

Industry: Retail-Retail Stores, NEC Peers: Academy Sports and Outdoors Inc Bath & Body Works Inc Five Below Inc DICK'S Sporting Goods Inc Warby Parker Inc National Vision Holdings Inc ODP Corp Petco Health and Wellness Company Inc Tractor Supply Co