# EDGAR Filing Document

**Accession Number:** 0001610250
**File Stem:** 0001104659-25-103720
**Filing Date:** 2025-10
**Character Count:** 51437
**Document Hash:** b1367e1c4e477090a3d935c5f58a38a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103720.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001104659-25-103720

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251029

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boot Barn Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001610250
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-SHOE STORES [5661]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 900776290
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0328

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36711
- **FILM NUMBER:** 251430019

**BUSINESS ADDRESS:**
- **STREET 1:** 17100 LAGUNA CANYON ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 949-453-4400

**MAIL ADDRESS:**
- **STREET 1:** 17100 LAGUNA CANYON ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

?xml version='1.0' encoding='ASCII'? Boot Barn Holdings, Inc._October 29, 2025

------

**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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): October 29, 2025**

### Boot Barn Holdings, Inc.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36711** | **90-0776290** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **17100 Laguna Canyon Road, Irvine, California** | **92618** |
| (Address of principal executive offices) | (Zip Code) |

---

**(949) 453-4400**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former Address)

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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, $0.0001 par value | &nbsp;&nbsp;BOOT | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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

On October 29, 2025, Boot Barn Holdings, Inc. (the "Company") issued a press release announcing certain financial results for its fiscal second quarter ended September 27, 2025. The press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

The information provided in this Item 2.02, including Exhibit 99.1, is intended to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 7.01**&nbsp;&nbsp;&nbsp;&nbsp; **Regulation FD Disclosure.**

The Company is furnishing this Current Report on Form 8-K in connection with the disclosure of information contained in a supplemental financial presentation (the "Presentation") to be used by the Company at various meetings with institutional investors and analysts. This information may be amended or updated at any time and from time to time through another Current Report on Form 8-K or other means. A copy of the Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.

The information furnished in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.

The Presentation is available on the Company's investor relations website located at investor.bootbarn.com, although the Company reserves the right to discontinue that availability at any time. The website address included herein is an inactive textual reference only. The information contained on such website is not incorporated into this Current Report on Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Exhibit 99.1 | &nbsp;&nbsp;Exhibit 99.1 | &nbsp;&nbsp;[Press release dated October 29, 2025](boot-20251029xex99d1.htm). |
| &nbsp;&nbsp;Exhibit 99.2 | &nbsp;&nbsp;Exhibit 99.2 | &nbsp;&nbsp;[Supplemental Financial Presentation dated October 29, 2025](boot-20251029xex99d2.htm).  |
| &nbsp;&nbsp;Exhibit 104 | &nbsp;&nbsp;Exhibit 104 | &nbsp;&nbsp;The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

**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.

---

| | | |
|:---|:---|:---|
|  | BOOT BARN HOLDINGS, INC. | BOOT BARN HOLDINGS, INC. |
| Date: October 29, 2025 | By: | /s/ James M. Watkins |
|  |  | Name: James M. Watkins |
|  |  | Title: Chief Financial Officer and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](boot-20251029xex99d1001.jpg)

**Boot Barn Holdings, Inc. Announces:**

**Second Quarter Fiscal Year 2026 Financial Results**

**Increased Store Count Potential of 1,200 Stores**

IRVINE, California – October 29, 2025 – Boot Barn Holdings, Inc. (NYSE: BOOT) (the "Company") today announced its financial results for the second fiscal quarter ended September 27, 2025. A Supplemental Financial Presentation is available at investor.bootbarn.com.

For the quarter ended September 27, 2025 compared to the quarter ended September 28, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;● Net sales increased 18.7% over the prior-year period to $505.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;● Same store sales increased 8.4% , with retail store same store sales increasing 7.8% and e-commerce same store sales increasing 14.4%.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income was $42.2 million, or $1.37 per diluted share, compared to $29.4 million, or $0.95 per diluted share, in the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;● The Company opened 16 new stores, bringing its total store count to 489 as of the quarter end.

John Hazen, Chief Executive Officer, commented, "We delivered another strong quarter with high single-digit consolidated same-store sales growth and 19% total sales growth, demonstrating the continued resilience and broad appeal of our brand. This strength was evident across all major merchandise categories and geographies, with both our retail stores and e-commerce channels performing well. Importantly, we expanded our merchandise margin by 80 basis points, while maintaining disciplined expense control, which drove a 41% improvement in operating income and a 180 basis-point increase in operating margin to 11.2%. These results underscore the effectiveness of our strategic initiatives and our team's ability to execute in a dynamic retail environment."

Hazen further commented, "Following collaborative work with a third party, we are excited to announce that our updated market analysis reveals a significantly expanded Total Addressable Market ("TAM") and store count potential. Our TAM is now estimated to be approximately $58 billion, with market growth across all categories. We now also believe we can operate 1,200 stores across the United States, an increase from our prior estimate of 900, which is more than double our current footprint. We are confident in our ability to capitalize on this expanded market opportunity while continuing to deliver strong returns for our stockholders."

**Operating Results for the Second Quarter Ended September 27, 2025 Compared to the Second Quarter Ended September 28, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;● Net sales increased 18.7% to $505.4 million from $425.8 million in the prior-year period. Consolidated same store sales increased 8.4%, with retail store same store sales increasing 7.8% and e-commerce same store sales increasing 14.4%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Gross profit was $184.1 million, or 36.4% of net sales, compared to $152.9 million, or 35.9% of net sales, in the prior-year period. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The 50 basis-point increase in gross profit rate was driven primarily by an 80 basis-point increase in merchandise margin rate, partially offset by 30 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of better buying economies of scale and growth in exclusive brand penetration, partially offset by higher freight

------

expense. The deleverage in buying, occupancy and distribution center costs was primarily driven by the occupancy costs of new stores.

&nbsp;&nbsp;&nbsp;&nbsp;● Selling, general and administrative ("SG&A") expenses were $127.7 million, or 25.3% of net sales, compared to $112.9 million, or 26.5% of net sales, in the prior-year period. The increase in SG&A expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores and marketing expenses in the current-year period. SG&A expenses as a percentage of net sales decreased by 120 basis points primarily as a result of lower corporate general and administrative expenses and legal expenses in the current-year period.

&nbsp;&nbsp;&nbsp;&nbsp;● Income from operations increased $16.4 million to $56.4 million, or 11.2% of net sales, compared to $40.0 million, or 9.4% of net sales, in the prior-year period, primarily due to the factors noted above.

&nbsp;&nbsp;&nbsp;&nbsp;● Income tax expense was $14.7 million, or a 25.8% effective tax rate, compared to $11.1 million, or a 27.4% effective tax rate, in the prior-year period. The decrease in the effective tax rate was primarily due to reductions in nondeductible expenses in the current-year period.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income was $42.2 million, or $1.37 per diluted share, compared to $29.4 million, or $0.95 per diluted share, in the prior-year period. The increase in net income was primarily attributable to the factors noted above.

**Operating Results for the Six Months Ended September 27, 2025 Compared to the Six Months Ended September 28, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;● Net sales increased 18.9% to $1.009 billion from $849.2 million in the prior-year period. Consolidated same store sales increased 8.9%, with retail store same store sales increasing 8.6% and e-commerce same store sales increasing 11.8%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Gross profit was $381.4 million, or 37.8% of net sales, compared to $309.6 million, or 36.5% of net sales, in the prior-year period. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The increase in gross profit rate was driven primarily by a 130 basis-point increase in merchandise margin rate. The increase in merchandise margin rate was primarily the result of better buying economies of scale and growth in exclusive brand penetration.

&nbsp;&nbsp;&nbsp;&nbsp;● SG&A expenses were $254.2 million, or 25.2% of net sales, compared to $219.4 million, or 25.8% of net sales, in the prior-year period. The increase in SG&A expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores, marketing expenses, and corporate general and administrative expenses in the current-year period. SG&A expenses as a percentage of net sales decreased by 70 basis points primarily as a result of lower corporate general and administrative expenses and legal expenses in the current-year period.

&nbsp;&nbsp;&nbsp;&nbsp;● Income from operations increased $36.9 million to $127.1 million, or 12.6% of net sales, compared to $90.2 million, or 10.6% of net sales, in the prior-year period, primarily due to the factors noted above.

&nbsp;&nbsp;&nbsp;&nbsp;● Income tax expense was $32.6 million, or a 25.4% effective tax rate, compared to $22.7 million, or a 24.9% effective tax rate, in the prior-year period. The increase in the effective tax rate was primarily due to a lower income tax benefit from income tax accounting for stock-based compensation in the current-year period.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income was $95.6 million, or $3.11 per diluted share, compared to $68.3 million, or $2.21 per diluted share, in the prior-year period. The increase in net income was primarily attributable to the factors noted above.

------

**Sales by Channel**

The following table includes total net sales growth, same store sales ("SSS") growth and e-commerce as a percentage of net sales for the periods indicated below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks**<br>**Ended**<br>**September 27, 2025** | <br>**Four Weeks**<br>**Fiscal July** | <br>**Four Weeks**<br>**Fiscal August** | <br>**Five Weeks**<br>**Fiscal September** | **Preliminary**<br>**Four Weeks**<br>**Fiscal October** |
| Total Net Sales Growth | 18.7% | 21.2% | 19.3% | 16.4% | 20.2% |
| Retail Stores SSS | 7.8% | 11.2% | 7.9% | 5.1% | 7.6% |
| E-commerce SSS | 14.4% | 12.5% | 16.1% | 14.3% | 24.1% |
| Consolidated SSS | 8.4% | 11.3% | 8.7% | 6.1% | 9.3% |
| E-commerce as a % of Net Sales | 9.3% | 8.6% | 9.3% | 9.8% | 9.9% |

---

**Balance Sheet Highlights as of September 27, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;● Cash of $65 million.

&nbsp;&nbsp;&nbsp;&nbsp;● The Company repurchased 72,794 and 150,753 shares of its common stock during the thirteen and twenty-six weeks ended September 27, 2025, respectively, for an aggregate purchase price of $12.5 million and $25 million, respectively, under its $200 million authorized repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;● Average inventory per store increased approximately 1.0% on a same-store basis compared to the quarter ended September 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;● Zero drawn under the $250 million revolving credit facility.

**Fiscal Year 2026 Outlook**

The Company is providing updated guidance for the fiscal year ending March 28, 2026, which supersedes in its entirety the previous guidance issued in its first quarter earnings report on July 31, 2025. For the fiscal year ending March 28, 2026, the Company now expects:

&nbsp;&nbsp;&nbsp;&nbsp;● To open 70 new stores.

&nbsp;&nbsp;&nbsp;&nbsp;● Total sales of $2.197 billion to $2.235 billion, representing growth of 15% to 17% over fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;● Same store sales growth of 4.0% to 6.0%, with retail store same store sales growth of 3.3% to 5.3% and e-commerce same store sales growth of 11.0% to 13.0%.

&nbsp;&nbsp;&nbsp;&nbsp;● Merchandise margin between $1.106 billion and $1.130 billion, or approximately 50.3% to 50.6% of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Gross profit between $818 million and $842 million, or approximately 37.2% to 37.7% of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● SG&A expenses between $541 million and $548 million, or approximately 24.6 % to 24.5 % of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Income from operations between $277 million and $294 million, or approximately 12.6 % to 13.2 % of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income of $207.2 million to $219.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income per diluted share of $6.75 to $7.15, based on 30.7 million weighted average diluted shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;● Effective tax rate of 26.0% for the remaining six months of the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;● Capital expenditures between $125.0 million and $130.0 million, which is net of estimated landlord tenant allowances of $39.4 million.

For the third fiscal quarter ending December 27, 2025, the Company expects:

&nbsp;&nbsp;&nbsp;&nbsp;● Total sales of $688 million to $700 million, representing growth of 13% to 15% over the prior-year period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● Same store sales growth of 2.5% to 4.5%, with retail store same store sales growth of 1.0% to 3.0% and e-commerce same store sales growth of 13.0% to 15.0%.

&nbsp;&nbsp;&nbsp;&nbsp;● Merchandise margin between $342 million and $348 million, or approximately 49.7% of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Gross profit between $265 million and $272 million, or approximately 38.6% to 38.8% of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Selling, general and administrative expenses between $163 million and $164 million, or approximately 23.8 % to 23.5 % of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Income from operations between $102 million and $107 million, or approximately 14.8% to 15.3% of sales.

&nbsp;&nbsp;&nbsp;&nbsp;● Net income per diluted share of $2.47 to $2.59, based on 30.7 million weighted average diluted shares outstanding.

**Conference Call Information**

A conference call to discuss the financial results for the second fiscal quarter ended September 27, 2025, is scheduled for today, October 29, 2025, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (844) 825-9789. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the "Events and Presentations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company's website. A telephone replay of the call will be available until November 27, 2025, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10204148. Please note participants must enter the conference identification number in order to access the replay.

**About Boot Barn**

Boot Barn is the nation's leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 498 stores in 49 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation's leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.

**Forward Looking Statements**

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to the Company's current expectations and projections relating to, by way of example and without limitation, the Company's financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business, and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "could", "should", "can have", "likely", "outlook", and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company's management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. These risks, uncertainties, and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions, or changes in consumer preferences; the impact that import tariffs and other trade restrictions imposed by the U.S., China, or other countries have had, and may continue to have, on our product costs and changes to U.S. or other countries' trade policies and tariff and import/export regulations, including, without

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limitation, uncertainty with respect to the U.S. – China tariff deal; the Company's ability to effectively execute on its growth strategy; and the Company's failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading "Risk factors" in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.

**Investor Contact:**<br>ICR, Inc.

Brendon Frey, 203-682-8216

BootBarnIR@icrinc.com

or

**Company Contact:**<br>Boot Barn Holdings, Inc.

Mark Dedovesh, 949-453-4489

Senior Vice President, Investor Relations & Financial Planning

BootBarnIRMedia@bootbarn.com

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**Boot Barn Holdings, Inc.**

**Consolidated Balance Sheets**

(In thousands, except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **September 27,**<br>**2025** | **March 29,**<br>**2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $64728 | $69770 |
| Accounts receivable, net | 10098 | 10263 |
| Inventories | 855100 | 747191 |
| Prepaid expenses and other current assets | 37345 | 36736 |
| &nbsp;&nbsp;Total current assets | 967271 | 863960 |
| Property and equipment, net | 466275 | 422079 |
| Right-of-use assets, net | 559595 | 469461 |
| Goodwill | 197502 | 197502 |
| Intangible assets, net | 58981 | 58677 |
| Other assets | 6885 | 6342 |
| &nbsp;&nbsp;Total assets | $2256509 | $2018021 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $175444 | $134450 |
| Accrued expenses and other current liabilities | 160118 | 146038 |
| Short-term lease liabilities | 76856 | 72861 |
| &nbsp;&nbsp;Total current liabilities | 412418 | 353349 |
| Deferred taxes | 42579 | 39317 |
| Long-term lease liabilities | 591094 | 490182 |
| Other liabilities | 5188 | 4116 |
| &nbsp;&nbsp;Total liabilities | 1051279 | 886964 |
| Stockholders' equity: |  |  |
| Common stock, $0.0001 par value; September 27, 2025 - 100,000 shares authorized, 30,984 shares issued; March 29, 2025 - 100,000 shares authorized, 30,892 shares issued | 3 | 3 |
| Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding |  |  |
| Additional paid-in capital | 254791 | 246725 |
| Retained earnings | 999598 | 903968 |
| Less: Common stock held in treasury, at cost, 478 and 298 shares at September 27, 2025 and March 29, 2025, respectively | (49162) | (19639) |
| Total stockholders' equity | 1205230 | 1131057 |
| Total liabilities and stockholders' equity | $2256509 | $2018021 |

---

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**Boot Barn Holdings, Inc.**

**Consolidated Statements of Operations**

(In thousands, except per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
|  | **September 27,**<br>**2025** | **September 28,**<br>**2024** | **September 27,**<br>**2025** | **September 28,**<br>**2024** |
| Net sales | $505396 | $425799 | $1009463 | $849185 |
| Cost of goods sold | 321247 | 272941 | 628093 | 539578 |
| &nbsp;&nbsp;Gross profit | 184149 | 152858 | 381370 | 309607 |
| Selling, general and administrative expenses | 127726 | 112879 | 254227 | 219406 |
| &nbsp;&nbsp;Income from operations | 56423 | 39979 | 127143 | 90201 |
| Interest expense | 403 | 384 | 746 | 735 |
| Other income, net | 906 | 949 | 1817 | 1545 |
| &nbsp;&nbsp;Income before income taxes | 56926 | 40544 | 128214 | 91011 |
| Income tax expense | 14704 | 11116 | 32584 | 22674 |
| &nbsp;&nbsp;Net income | $42222 | $29428 | $95630 | $68337 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $1.38 | $0.96 | $3.13 | $2.24 |
| &nbsp;&nbsp;Diluted | $1.37 | $0.95 | $3.11 | $2.21 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 30540 | 30510 | 30568 | 30471 |
| &nbsp;&nbsp;Diluted | 30750 | 30899 | 30780 | 30859 |

---

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**Boot Barn Holdings, Inc.**

**Consolidated Statements of Cash Flows**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Twenty-Six Weeks Ended** | **Twenty-Six Weeks Ended** |
|  | **September 27,**<br>**2025** | **September 28,**<br>**2024** |
| **Cash flows from operating activities** |  |  |
| Net income | $95630 | $68337 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation | 36972 | 29540 |
| &nbsp;&nbsp;Stock-based compensation | 7979 | 10864 |
| &nbsp;&nbsp;Amortization of intangible assets |  | 20 |
| &nbsp;&nbsp;Noncash lease expense | 36269 | 32229 |
| &nbsp;&nbsp;Amortization of debt issuance fees | 54 | 54 |
| &nbsp;&nbsp;Loss on disposal of assets | 354 | 134 |
| &nbsp;&nbsp;Deferred taxes | 3262 | (766) |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 165 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (107909) | (113871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (663) | (4397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (543) | (608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 40994 | 19722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 6985 | 9897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1072 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | (21036) | (20283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $99585 | $33542 |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (74692) | (65403) |
| Purchases of intangible assets | (304) |  |
| Proceeds from sale of property and equipment | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(74981) | $(65403) |
| **Cash flows from financing activities** |  |  |
| Repayments on finance lease obligations | (460) | (423) |
| Repurchases of common stock | (25004) |  |
| Tax withholding payments for net share settlement | (4269) | (7617) |
| Proceeds from the exercise of stock options | 87 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | $(29646) | $(6609) |
| Net decrease in cash and cash equivalents | (5042) | (38470) |
| Cash and cash equivalents, beginning of period | 69770 | 75847 |
| Cash and cash equivalents, end of period | $64728 | $37377 |
| **Supplemental disclosures of cash flow information:** |  |  |
| Cash paid for income taxes | $29276 | $17770 |
| Cash paid for interest | $624 | $677 |
| **Supplemental disclosure of non-cash activities:** |  |  |
| Unpaid purchases of property and equipment | $34505 | $24061 |

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**Boot Barn Holdings, Inc.**

**Store Count**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended**<br>**September 27,**<br>**2025** | **Quarter Ended**<br>**June 28,**<br>**2025** | **Quarter Ended**<br>**March 29,**<br>**2025** | **Quarter Ended**<br>**December 28,**<br>**2024** | **Quarter Ended**<br>**September 28,**<br>**2024** | **Quarter Ended**<br>**June 29,**<br>**2024** | **Quarter Ended**<br>**March 30,**<br>**2024** | **Quarter Ended**<br>**December 30,**<br>**2023** |
| Store Count (BOP) | 473 | 459 | 438 | 425 | 411 | 400 | 382 | 371 |
| Opened/Acquired | 16 | 14 | 21 | 13 | 15 | 11 | 18 | 11 |
| Closed |  |  |  |  | (1) |  |  |  |
| Store Count (EOP) | 489 | 473 | 459 | 438 | 425 | 411 | 400 | 382 |

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**Boot Barn Holdings, Inc.**

**Selected Store Data**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
|  | **September 27,**<br>**2025** | **June 28,**<br>**2025** | **March 29,**<br>**2025** | **December 28,**<br>**2024** | **September 28,**<br>**2024** | **June 29,**<br>**2024** | **March 30,**<br>**2024** | **December 30,**<br>**2023** |
| **Selected Store Data:** |  |  |  |  |  |  |  |  |
| Same Store Sales growth/(decline) | 8.4% | 9.4% | 6.0% | 8.6% | 4.9% | 1.4% | (5.9)% | (9.7)% |
| Stores operating at end of period | 489 | 473 | 459 | 438 | 425 | 411 | 400 | 382 |
| Comparable stores open during period<sup>(1)</sup> | 411 | 401 | 382 | 374 | 363 | 349 | 335 | 322 |
| Total retail store selling square footage, end of period (in thousands) | 5495 | 5307 | 5133 | 4877 | 4720 | 4547 | 4371 | 4153 |
| Average retail store selling square footage, end of period | 11238 | 11220 | 11183 | 11134 | 11105 | 11063 | 10929 | 10872 |
| Average sales per comparable store (in thousands)<sup>(2)</sup> | $996 | $1031 | $926 | $1301 | $952 | $980 | $917 | $1256 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Comparable stores have been open at least 13 full fiscal months as of the end of the applicable reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Average sales per comparable store is calculated by dividing comparable store trailing three-month sales for the applicable period by the number of comparable stores operating during the period.

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 Supplemental Financial Presentation October 2025 Offering everyone a piece of the American spirit—one handshake at a time. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Important Information Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements refer to the Boot Barn Holdings, Inc.'s (the "Company," "Boot Barn," "BOOT," "we," "us," and "our,") current expectations and projections relating to, by way of example and without limitation, the Company's financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business, and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "could", "should", "can have", "likely", "outlook", and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company's management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. These risks, uncertainties, and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions, or changes in consumer preferences; the impact that import tariffs and other trade restrictions imposed by the U.S., China, or other countries have had, and may continue to have, on our product costs and changes to U.S. or other countries' trade policies and tariff and import/export regulations, including, without limitation, uncertainty with respect to the U.S. – China tariff deal; the Company's ability to effectively execute on its growth strategy; and the Company's failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings . The Company discusses the foregoing risks and other risks in greater detail under the heading "Risk factors" in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this presentation after the date of this presentation. Industry and Market Information Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research and management estimates. Management estimates are derived from publicly available information and the information and data referred to above and are based on assumptions and calculations made by us based upon our interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, please be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted by market research institutes, consultancy firms or independent sources. Recent Developments Our business and opportunities for growth depend on consumer discretionary spending, and as such, our results are particularly sensitive to economic conditions and consumer confidence. Inflation, changes to U.S. or other countries' trade policies and tariff and import/export regulations, and other challenges affecting the global economy could impact our operations and will depend on future developments, which are uncertain. These and other effects make it more challenging for us to estimate the future performance of our business, particularly over the near-to-medium term. For further discussion of the uncertainties and business risks affecting the Company, see the sections captioned "Risk factors" in our periodic reports filed with the Securities and Exchange Commission. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Q2 Fiscal 2026 Results $426 $495 $505 LY High-End Guidance Actual Q2 Total Sales ($M) Q2 Earnings Per Share $0.95 $1.27 $1.37 LY High-End Guidance Actual $40.0 $53.0 $56.4 LY High-End Guidance Actual Q2 Income from Operations ($M) 19% Growth vs. LY 41% Growth vs. LY 44% Growth vs. LY 9.4% of sales 10.7% of sales 11.2% of sales +4.9% SSS% +6.5% SSS% +8.4% SSS% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Q2 Fiscal 2026 Results $185 $313 $352 $374 $426 $505 FY21 FY22 FY23 FY24 FY25 FY26 Q2 Total Sales ($M) -5.1% 61.7% 2.3% -4.8% 4.9% 8.4% FY21 FY22 FY23 FY24 FY25 FY26 Q2 Consolidated SSS% (50)bps +360bps +50bps +50bps +70bps +80bps FY21 FY22 FY23 FY24 FY25 FY26 Q2 Merchandise Margin % $0.20 $1.25 $1.06 $0.90 $0.95 $1.37 FY21 FY22 FY23 FY24 FY25 FY26 Q2 Earnings Per Share Onset of COVID 19% Total Sales Growth vs. LY +560bps over the last six years 44% Growth vs. LY Onset of COVID Onset of COVID Onset of COVID |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Total Addressable Market has Increased Prior TAM Updated TAM Total Addressable Market (TAM) 1Prior estimated TAM calculated by an independent third party in April 2022. 2Updated estimated TAM calculated by an independent third party in August 2025. ~$40 Billion ~$58 Billion 1 2 All categories have increased |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 86 117 152 169 208 219 226 240 259 273 300 345 400 459 529 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Updated Store Count Potential – 1,200 U.S. Stores1 Annual Store Count Store Count More than Double Current Store Count Fiscal 2026 Year End Estimate 529 stores in 49 States2 Future Store Openings 1,200 stores Annual new store growth rate of 12% to 15% 1Represents the Company's revised estimated U.S. store count potential of 1,200 stores, based on internal analysis and a third-party study, as provided on its second quarter earnings call held on October 29, 2025. 2Represents the Company's guidance to open a total of 15% new stores in Fiscal 2026, as provided on its second quarter earnings call held on October 29, 2025. 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Strategic Initiatives Update 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 New Store Economics 86 117 152 169 208 219 226 240 259 273 300 345 400 459 529 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Annual Store Count 1 1Represents the Company's guidance to open a total of 15% new stores in Fiscal 2026, as provided on its second quarter earnings call held on October 29, 2025. 1 Metrics FY26 Guidance Selling Square Feet ~12,000 Year 1 Net Sales ~$3.2M Net Capital Investment ~$0.9M Net Inventory Investment ~$0.8M Total Net Investment ~$1.7M Year 1 Cash on Cash Return ~53% Payback Period ~1.8 years |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.5% 6.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Consolidated SSS% 2 Same Store Sales Growth 1 1Reflects the high end of the Company's guidance range provided on its second quarter earnings call held on October 29, 2025. Fiscal Consolidated SSS% by Quarter Year Q1 Actual Q2 Actual Q3 Q4 Full Year FY26 High-End Guide 9.4 8.4 4.5 3.0 6.0 FY25 1.4 4.9 8.6 6.0 5.5 FY24 (2.9) (4.8) (9.7) (5.9) (6.2) FY25 Two-Year Stack (1.5) 0.1 (1.1) 0.1 (0.7) FY23 10.0 2.3 (3.6) (5.5) (0.1) FY22 78.9 61.7 54.2 33.3 53.7 1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 2 Store SSS% 1Represents preliminary retail store same store sales for October Fiscal 2026. 9.8% 11.0% 8.0% 11.2% 7.9% 5.1% 7.6% Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar FY26 -6.5% -0.7% 3.3% 0.2% 1.6% 0.2% -4.2% -13.9% 7.5% -0.2% -7.2% 5.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Two-Year Stack Thanksgiving Shift 1 -1.5% 1.9% 1.8% -0.9% 5.3% 7.5% 4.6% -2.4% 16.0% 7.0% 0.9% 8.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Thanksgiving Shift FY24 -5.0% -2.6% 1.5% 1.1% -3.7% -7.3% -8.8% -11.5% -8.5% -7.2% -8.1% -2.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 3 Omni-Channel Capabilities Drive Store Traffic • Bring Long Tail to Stores • Ship to Store / BOPIS • Return in Store Deliver Digital Experience in Stores • Mobile App • Range Finder (AI-enabled) • WHIP (endless aisle) • Cassidy (in-store consumer AI solution) Fulfill Online Demand Efficiently • DC Fulfillment • Store Fulfillment • Same Day Delivery Drive Online Profitability • Boot Barn retail price consistent across channels • Infrequent promotions • Profitable ROAS standard • Maximize clearance margin |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 3 E-commerce SSS% 1Represents preliminary e-commerce same store sales for October Fiscal 2026. -0.4% 15.8% 12.3% 12.5% 16.1% 14.3% 24.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26 -14.1% -3.0% 5.2% -6.9% -0.9% 1.6% -3.1% -12.9% 5.1% 5.8% 3.1% -0.9% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Two-Year Stack Thanksgiving Shift 1 5.0% 6.0% 8.7% 5.0% 12.1% 12.2% 13.7% 2.2% 13.5% 17.1% 9.0% 5.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Thanksgiving Shift FY24 -19.1% -9.0% -3.5% -11.9% -13.0% -10.6% -16.8% -15.1% -8.4% -11.3% -5.9% -6.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Margin Drivers • Full-price selling • Buying economies of scale • Supply chain efficiencies • Volume discounts • Exclusive brands sales penetration Exclusive Brands (EB) Penetration Growth 16.2% 38.6% 41.0% FY19 FY25 FY26 E Exclusive Brands (EB) is Only 1/3 of Margin Appreciation EB Expansion 250bps Other Margin Drivers 470bps +90bps +90bps +270bps (70)bps +160bps +130bps +50bps FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Merchandise Margin Growth 4 Estimated 720bps of Total Merchandise Margin Expansion Margin Expansion & Exclusive Brands Growth Exclusive Brands $916M in sales $738M in sales $126M in sales Margin enhancement ~1,000bps vs. 3rd party brands 1Reflects the high end of the Company's guidance range provided on its second quarter earnings call held on October 29, 2025. 1 +240bps vs. LY 1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 FY26 Guidance |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Full Year Fiscal 2026 Financial Guidance Full Year FY26 Financial Guidance Low-End ($M) High-End ($M) Low-End Guidance Comments vs. LY High-End Guidance Comments vs. LY Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % 15% New Store Openings $2,197 4.0% 3.3% 11.0% 15% 70 $2,235 6.0% 5.3% 13.0% 17% 70 Merchandise Margin % $1,106 50.3% $1,130 50.6% +20bps merchandise margin increase +240bps exclusive brands penetration +50bps merchandise margin increase +240bps exclusive brands penetration Gross Profit % $818 37.2% $842 37.7% (30)bps deleverage 20bps leverage SG&A % $541 24.6% $548 24.5% 40bps leverage 50bps leverage Income from Operations % $277 12.6% $294 13.2% 10bps leverage 70bps leverage GAAP Earnings per Diluted Share $6.75 $7.15 26.0% effective tax rate for the remaining 6 months of the fiscal year 15% EPS growth 26.0% effective tax rate for the remaining 6 months of the fiscal year 22% EPS growth 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. 2 Included in SG&A and income from operations in the prior-year period was a net benefit of $6.7 million primarily related to the Company's former Chief Executive Officer's ("CEO") forfeiture of unvested long-term equity incentive compensation and the reversal of cash incentive bonus expense as a result of his resignation. We estimate a 35 basis point benefit in the prior full-year period related to the former CEO's resignation. These expenses were not deductible for income taxes. 3 Included in net income per diluted share in the prior-year period was an estimated $0.22 benefit related to the former CEO's resignation. Prior Guide High End ($M) $2,180 3.5% 3.0% 8.5% 14% 65-70 $1,096 50.3% $812 37.2% $535 24.5% $277 12.7% $6.70 2 2 2 2 3 3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Q3 Fiscal 2026 Financial Guidance Q3 FY26 Financial Guidance Low-End ($M) High-End ($M) High-End Guidance Comments vs. LY Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % $688 2.5% 1.0% 13.0% 13% $700 4.5% 3.0% 15.0% 15% Merchandise Margin % $342 49.7% $348 49.7% +30bps merchandise margin +200bps exclusive brands penetration Gross Profit % $265 38.6% $272 38.8% (40)bps deleverage SG&A % $163 23.8% $164 23.5% Income from Operations % $102 14.8% $107 15.3% GAAP Earnings per Diluted Share $2.47 $2.59 Included in net income per diluted share in the prior third quarter period was an estimated $0.22 benefit related to the former CEO's resignation. 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Included in SG&A and income from operations in the prior year period was a net benefit of $6.7 million primarily related to the Company's former Chief Executive Officer's ("CEO") forfeiture of unvested long-term equity incentive compensation and the reversal of cash incentive bonus expense as a result of his resignation. We estimate a 110 basis point benefit in the prior third quarter period related to the former CEO's resignation. These expenses were not deductible for income taxes. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](boot-20251029xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 investor.bootbarn.com |

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