# EDGAR Filing Document

**Accession Number:** 0001177609
**File Stem:** 0001177609-26-000006
**Filing Date:** 2026-3
**Character Count:** 35474
**Document Hash:** d623af08d8543710ef1675969267efc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001177609-26-000006.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001177609-26-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260318

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIVE BELOW, INC
- **CENTRAL INDEX KEY:** 0001177609
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 753000378
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35600
- **FILM NUMBER:** 26769344

**BUSINESS ADDRESS:**
- **STREET 1:** 701 MARKET STREET
- **STREET 2:** SUITE 300
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106
- **BUSINESS PHONE:** 215 546 7909

**MAIL ADDRESS:**
- **STREET 1:** 701 MARKET STREET
- **STREET 2:** SUITE 300
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIVE BELOW INC
- **DATE OF NAME CHANGE:** 20030305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEAP HOLDINGS INC
- **DATE OF NAME CHANGE:** 20020717

?xml version='1.0' encoding='ASCII'? five-20260318

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 18, 2026** 

**FIVE BELOW, INC.** 

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Pennsylvania** | **001-35600** | **75-3000378** |
| **(State or Other Jurisdiction of<br>Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**701 Market Street** 

**Suite 300** 

**Philadelphia, PA 19106** 

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's telephone number, including area code: (215) 546-7909** 

**Not applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>Common stock</u> <u>FIVE</u> <u>The Nasdaq Stock Market LLC</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 18, 2026, Five Below, Inc. (the "Company") issued a press release regarding its sales and earnings results for the fourth quarter and full year of fiscal 2025 (the "Press Release"). A copy of the Press Release is attached hereto as Exhibit 99.1, and is being furnished, not filed, under item 2.02 of this Current Report on Form 8-K. As previously announced, the Company has scheduled a conference call for 4:30 p.m. Eastern Time on March 18, 2026 to discuss the Company's financial results.

**Item 9.01 Financial Statements and Exhibits.**

(d) <u>Exhibits</u>

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Press Release dated March 18, 2026 announcing the Company's financial results for the fourth quarter and full year of fiscal 2025.](q42025fivebelowexhibit991.htm)</u> |
| 104\* | Coverage Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | Five Below, Inc. | Five Below, Inc. |
| Date: March 18, 2026 | By: | /s/ Daniel J. Sullivan | /s/ Daniel J. Sullivan |
|  |  | Name: | Daniel J. Sullivan |
|  |  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

![fivebelowlogo08a.jpg](fivebelowlogo08a.jpg)

**NEWS RELEASE**

**Five Below, Inc. Announces Fourth Quarter and Fiscal 2025 Financial Results**

*Q4 Net Sales Increase of 24.3% to $1.73 Billion; Q4 Comparable Sales Increase of 15.4%*

*FY 2025 Net Sales Increase of 22.9% to $4.76 Billion; FY 2025 Comparable Sales Increase of 12.8%* 

*Q4 GAAP Diluted EPS Increase of 26.3% to $4.28, Q4 Adjusted Diluted EPS Increase of 23.9% to $4.31*

*FY 2025 GAAP Diluted EPS Increase of 40.7% to $6.47, FY 2025 Adjusted Diluted EPS Increase of 32.3% to $6.67*

*Provides First Quarter and Fiscal 2026 Outlook*

**PHILADELPHIA**, **PA – (March 18, 2026)** – Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the fourth quarter and full year of fiscal 2025 ended January 31, 2026.

**For the fourth quarter ended January 31, 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased by 24.3% to $1.73 billion from $1.39 billion in the fourth quarter of fiscal 2024; comparable sales increased by 15.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company opened 14 net new stores and ended the quarter with 1,921 stores in 46 states. This represents an increase in stores of 8.5% from the end of the fourth quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income was $310.9 million compared to $246.8 million in the fourth quarter of fiscal 2024. Adjusted operating income<sup>(1)</sup> was $312.7 million compared to $253.3 million in the fourth quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate was 24.8% compared to 25.2% in the fourth quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $238.2 million compared to $187.5 million in the fourth quarter of fiscal 2024. Adjusted net income<sup>(1)</sup> was $239.6 million compared to $192.4 million in the fourth quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted income per common share was $4.28 compared to $3.39 in the fourth quarter of fiscal 2024. Adjusted diluted income per common share<sup>(1)</sup> was $4.31 compared to $3.48 in the fourth quarter of fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> *A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with generally accepted accounting principles in the United States ("GAAP") is set forth in the schedule accompanying this release. See also "Non-GAAP Information."*

Winnie Park, CEO of Five Below, said, "Our outstanding fourth quarter results capped off a transformational year that firmly established Five Below as THE destination for the Kid and the Kid in all of us. These exceptional, broad-based results reflect our Crew's amazing execution of our customer-centric strategy and demonstrate the progress we've made building a stronger, more agile brand."

Ms. Park continued, "Looking ahead, we are focused on delivering trend-right merchandise at exceptional value, deepening our connectivity with our customers, and providing amazing shopping experiences that delight our customers. With a growing store base, strong new store performance, and a differentiated customer value proposition, we believe we are well positioned to drive sustainable sales growth, margin expansion, and long-term shareholder value."

------

**For the fiscal year ended January 31, 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased by 22.9% to $4.76 billion from $3.88 billion in fiscal 2024; comparable sales increased by 12.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company opened 150 net new stores compared to 227 net new stores in fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income was $457.4 million compared to $323.8 million in fiscal 2024. Adjusted operating income<sup>(2)</sup> was $472.4 million compared to $356.1 million in fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate was 25.3% compared to 25.1% in fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $358.6 million compared to $253.6 million in fiscal 2024. Adjusted net income<sup>(2)</sup> was $369.9 million compared to $277.8 million in fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted income per common share was $6.47 compared to $4.60 in fiscal 2024. Adjusted diluted income per common share<sup>(2)</sup> was $6.67 compared to $5.04 in fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> *A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with generally accepted accounting principles in the United States ("GAAP") is set forth in the schedule accompanying this release. See also "Non-GAAP Information."*

**First Quarter and Fiscal 2026 Outlook:**

The Company expects the following results for the first quarter and full year of fiscal 2026. This outlook includes the expected impact of tariffs in place as we began the fiscal year and does not include the impact of share repurchases, if any.

**For the first quarter of Fiscal 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales are expected to be in the range of $1.18 billion to $1.20 billion based on opening approximately 45 net new stores and assumes an approximate 14% to 16% increase in comparable sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income is expected to be in the range of $86 million to $93 million. Adjusted net income<sup>(3)</sup> is expected to be in the range of $88 million to $94 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted income per common share is expected to be in the range of $1.55 to $1.67 on approximately 55.6 million diluted weighted average shares outstanding. Adjusted diluted income per common share<sup>(3)</sup> is expected to be in the range of $1.57 to $1.69.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> *Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes retention awards, net of income tax impact.* 

**For the full year of Fiscal 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales are expected to be in the range of $5.20 billion to $5.30 billion based on opening approximately 150 net new stores and assumes an approximate 3% to 5% increase in comparable sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income is expected to be in the range of $429 million to $457 million. Adjusted net income<sup>(4)</sup> is expected to be in the range of $431 million to $459 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted income per common share is expected to be in the range of $7.69 to $8.20 on approximately 55.7 million diluted weighted average shares outstanding. Adjusted diluted income per common share<sup>(4)</sup> is expected to be in the range of $7.74 to $8.25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross capital expenditures are expected to be approximately $230 million to $250 million in fiscal 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> *Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes retention awards, net of income tax impact.*

**Conference Call Information:**

A conference call to discuss the financial results for the fourth quarter and full year of fiscal 2025 is scheduled for today, March 18, 2026, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call.

**Non-GAAP Information:**

This press release includes the following non-GAAP financial measures: gross profit, adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share. The Company has reconciled these non-GAAP financial measures, with respect to the fourth quarter and fiscal year ended January 31, 2026, with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures provide its management with comparable financial data for internal financial analysis and provide meaningful supplemental information to investors. Non-GAAP financial measures have limitations as analytical tools. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP.

------

**Forward-Looking Statements:**<br> This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be protected by the "safe harbor" provisions therein. Such statements reflect management's current views and estimates regarding the Company's industry, business strategy, goals, expectations and outlook concerning its market position, operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future" and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Although we believe there is a reasonable basis for such forward-looking statements, our actual results may differ materially from these expectations due to risks that include, but are not limited to, risks related to disruption to the global supply chain, increased cost of freight, constraints on shipping capacity to transport inventory or the timely receipt of inventory, risks related to the Company's strategy and expansion plans, risks related to our ability to attract, retain, and motivate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to our ability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, such as the failure to secure customers' confidential or credit card information, or other private data relating to our crew or the Company, including the costs associated with protection against or remediation of such incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use, risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, including risks related to direct and indirect impact of current and potential tariffs imposed, threatened, or proposed by the United States on foreign imports, including, without limitation, the tariffs themselves, any counter-measures thereto (in addition to any applicable foreign trade restrictions, generally) and any indirect effects on consumer discretionary spending, risks related to the availability of suitable new store locations and the dependence on the volume of traffic to our stores and website, risks related to our dependence on our executive officers, senior management and other key personnel or our ability to hire additional qualified personnel, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, risks related to inflation and increasing commodity prices and related effects, such as a reduction in our unit sales (including an inability to increase sales), damage to our reputation with our customers, our becoming less competitive in the marketplace or exposure to fraud or theft due to customer payment-related risks, risks related to potential recessions and systematic failure of the banking system in the United States or globally, risks related to natural disasters, adverse weather conditions, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any negative effects to our business and result of operations), risks related to building, operating or expanding shipcenters or network capacity, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company's merchandise (including the impact of product and food safety claims and legislation), increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers' payment methods, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards, risks related to our insurance programs and their effect on our financial performance and risks associated with leasing substantial amounts of space and owning real property. For further details and a discussion of these risks and uncertainties, see the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements, despite the Company's reasonable basis for such statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

------

**About Five Below:**

Five Below is a leading growth retailer offering trend-right, extreme value, high-quality products loved by the kid and the kid in all of us. We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. With most items priced between $1 and $5 and some extreme value items priced beyond $5, Five Below makes it easy to say YES! to the newest, coolest stuff across awesome Five Below worlds: Candy, Style, Party, Room, Create, Tech, Sports and New & Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,900 stores in 46 states. For more information, please visit www.fivebelow.com or follow @fivebelow on TikTok, Instagram and Facebook.

**Investor Contact:**

Five Below, Inc.

Christiane Pelz

Vice President, Investor Relations

InvestorRelations@fivebelow.com

------

**FIVE BELOW, INC.**

Consolidated Balance Sheets

(Unaudited)

(in thousands)

---

| | | |
|:---|:---|:---|
| | **January 31, 2026** | **February 1, 2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $723699 | $331718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investment securities | 208508 | 197073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 846609 | 659500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income taxes and tax receivable | 5210 | 4649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 132697 | 158427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1916723 | 1351367 |
| Property and equipment, net | 1234331 | 1261728 |
| Operating lease assets | 1765704 | 1706542 |
| Other assets | 20261 | 19937 |
|  | $4937019 | $4339574 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Line of credit | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 368381 | 260343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 56644 | 51998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and wages | 67505 | 19743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 160328 | 149495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 301148 | 274863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 954006 | 756442 |
| Other long-term liabilities | 8667 | 8210 |
| Deferred income taxes | 50015 | 59891 |
| Long-term operating lease liabilities | 1731041 | 1706704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2743729 | 2531247 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 551 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 178791 | 152471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2013948 | 1655307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2193290 | 1808327 |
|  | $4937019 | $4339574 |

---

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**FIVE BELOW, INC.**

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** | **January 31, 2026** | **February 1, 2025** |
| Net sales | $1728480 | $1390885 | $4764147 | $3876527 |
| Cost of goods sold (exclusive of items shown separately below) | 1031496 | 831571 | 3049461 | 2523865 |
| Selling, general and administrative expenses | 337110 | 267036 | 1065164 | 861398 |
| Depreciation and amortization | 48992 | 45514 | 192123 | 167447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 310882 | 246764 | 457399 | 323817 |
| Interest income and other income, net | 5972 | 3996 | 22972 | 14848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 316854 | 250760 | 480371 | 338665 |
| Income tax expense | 78628 | 63303 | 121730 | 85054 |
| Net income | $238226 | $187457 | $358641 | $253611 |
| Basic income per common share | $4.32 | $3.41 | $6.51 | $4.61 |
| Diluted income per common share | $4.28 | $3.39 | $6.47 | $4.60 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic shares | 55179228 | 55017992 | 55112281 | 55055064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted shares | 55597007 | 55217618 | 55436972 | 55156342 |

---

------

**FIVE BELOW, INC.**

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

---

| | | |
|:---|:---|:---|
| | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $358641 | $253611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 192123 | 167447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 34680 | 15589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (9876) | (6852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash expenses | 2985 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (187109) | (74873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income taxes and tax receivable | (561) | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 25262 | (7539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 105516 | 9464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 4646 | 10226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and wages | 47762 | (10285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (8540) | 45891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 20899 | 26472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 586428 | 430648 |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities and other investments | (352385) | (192918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, maturities, and redemptions of investment securities | 340950 | 283974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (174741) | (323994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (186176) | (232938) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 941 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock |  | (40213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units | 2 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares withheld for taxes | (9214) | (6947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (8271) | (45741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 391981 | 151969 |
| Cash and cash equivalents at beginning of year | 331718 | 179749 |
| Cash and cash equivalents at end of year | $723699 | $331718 |

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**FIVE BELOW, INC.**

GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

**Reconciliation of gross profit to adjusted gross profit**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** | **January 31, 2026** | **February 1, 2025** |
| Gross profit<sup>(5)</sup> | $696984 | $559314 | $1714686 | $1352662 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention awards<sup>(6)</sup> | 366 | 390 | 1512 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-optimization initiatives<sup>(7)</sup>  |  | 3500 | 4100 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring lease acquisition costs<sup>(8)</sup>  |  |  | 495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring inventory write-off |  | 40 |  | 21248 |
| Adjusted gross profit<sup>(9)</sup> | $697350 | $563244 | $1720793 | $1378776 |

---

**Reconciliation of operating income, as reported, to adjusted operating income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** | **January 31, 2026** | **February 1, 2025** |
| Operating income, as reported | $310882 | $246764 | $457399 | $323817 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention awards<sup>(6)</sup> | 1770 | 4996 | 8737 | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-optimization initiatives<sup>(7)</sup>  |  | 4430 | 4960 | 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring lease acquisition costs<sup>(8)</sup>  |  |  | 495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring inventory write-off |  | 267 | 830 | 21475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring stock compensation benefit |  | (3126) |  | (9243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring employment-related litigation |  |  |  | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring asset disposal |  |  |  | 513 |
| Adjusted operating income<sup>(9)</sup> | $312652 | $253330 | $472421 | $356086 |

---

**Reconciliation of net income, as reported, to adjusted net income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** | **January 31, 2026** | **February 1, 2025** |
| Net income, as reported | $238226 | $187457 | $358641 | $253611 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention awards, net of tax<sup>(6)</sup> | 1331 | 3735 | 6523 | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-optimization initiatives, net of tax<sup>(7)</sup> |  | 3312 | 3703 | 4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring lease acquisition costs, net of tax<sup>(8)</sup>  |  |  | 369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring inventory write-off, net of tax |  | 199 | 620 | 16083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring stock compensation benefit, net of tax |  | (2337) |  | (6922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring employment-related litigation, net of tax |  |  |  | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring asset disposal, net of tax |  |  |  | 384 |
| Adjusted net income<sup>(9)</sup> | $239557 | $192366 | $369856 | $277776 |

---

------

**Reconciliation of diluted income per common share, as reported, to adjusted diluted income per common share**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Fifty-Two Weeks Ended** | **Fifty-Two Weeks Ended** |
| | **January 31, 2026** | **February 1, 2025** | **January 31, 2026** | **February 1, 2025** |
| Diluted income per common share, as reported | $4.28 | $3.39 | $6.47 | $4.60 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention awards per share<sup>(6)</sup> | 0.02 | 0.07 | 0.12 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost-optimization initiatives per share<sup>(7)</sup> |  | 0.06 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring lease acquisition costs per share<sup>(8)</sup> |  |  | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring inventory write-off per share |  |  | 0.01 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring stock compensation benefit per share |  | (0.04) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring employment-related litigation per share |  |  |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring asset disposal per share |  |  |  | 0.01 |
| Adjusted diluted income per common share<sup>(9)</sup> | $4.31 | $3.48 | $6.67 | $5.04 |

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<sup>(5)</sup> *Gross profit, a non-GAAP financial measure, is equal to our net sales less our cost of goods sold.*

<sup>(6)</sup> *Retention awards relate to the on-going expense recognition of cash and equity granted to certain individuals in fiscal 2024 during the CEO transition that will be earned and will vest through fiscal 2026.*

<sup>(7)</sup> *Represents charges related to the cost-optimization of certain functions.*

<sup>(8)</sup> *Represents non-recurring costs incurred with the strategic acquisition of certain leases.*

<sup>(9)</sup> *Components may not add to total due to rounding.*

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