# EDGAR Filing Document

**Accession Number:** 0000912615
**File Stem:** 0001193125-26-074606
**Filing Date:** 2026-2
**Character Count:** 39416
**Document Hash:** 21f1e848d01df0b70ea075348b9dbbaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-074606.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-074606

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** URBAN OUTFITTERS INC
- **CENTRAL INDEX KEY:** 0000912615
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-FAMILY CLOTHING STORES [5651]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 232003332
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22754
- **FILM NUMBER:** 26683392

**BUSINESS ADDRESS:**
- **STREET 1:** 5000 SOUTH BROAD STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 2154545500

**MAIL ADDRESS:**
- **STREET 1:** 5000 SOUTH BROAD STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549** 

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**FORM** 8-K

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**CURRENT REPORT**

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

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported)** February 25, 2026

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URBAN OUTFITTERS, INC.

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

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| | | |
|:---|:---|:---|
| Pennsylvania | 000-22754 | 23-2003332 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |
| 5000 South Broad Street**,** Philadelphia**,** PA | 5000 South Broad Street**,** Philadelphia**,** PA | 19112 |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code (**215**)** 454-5500

**N/A**

**(Former name or former address, if changed since last report)** 

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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 (see General Instruction A.2. below):

☐ 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 (17CFR 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:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares, par value $.0001 per share | URBN | NASDAQ Global Select Market |

---

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 l2b-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 8.01.** | **Other Events** |

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On February 25, 2026, Urban Outfitters, Inc. (the "Company") issued an earnings release, which is attached hereto as Exhibit 99.1 and incorporated herein by reference. The earnings release disclosed material non-public information regarding the Company's earnings for the three and twelve months ended January 31, 2026.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | [<u>Earnings Release dated February 25, 2026 – Operating results for the three and twelve months ended January 31, 2026</u>](urbn-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

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.

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| | | |
|:---|:---|:---|
|  | **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** |
| Date: February 26, 2026 | By: | /s/ Melanie Marein-Efron |
|  |  | Melanie Marein-Efron |
|  |  | Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

**URBAN OUTFITTERS, INC.**

**Fourth Quarter Results**

**Philadelphia, PA – February 25, 2026**

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| | | |
|:---|:---|:---|
| **<u>For Immediate Release</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contact: | Oona McCullough |
|  |  | Executive Director of Investor Relations |
|  |  | (215) 454-4806 |

---

**URBN Reports Record FY26 Q4 Sales and Operating Results**

PHILADELPHIA, PA, February 25, 2026 – Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands, today announced net income of $96.3 million and earnings per diluted share of $1.05 for the three months ended January 31, 2026. For the three months ended January 31, 2026 and 2025, adjusted net income was $130.5 million and $98.1 million, respectively, and adjusted earnings per diluted share were $1.43 and $1.04, respectively. For the year ended January 31, 2026, net income was $464.9 million and earnings per diluted share were $5.06. For the years ended January 31, 2026 and 2025, adjusted net income was $499.2 million and $380.3 million, respectively, and adjusted earnings per diluted share were $5.44 and $4.03, respectively.

Adjusted net income and earnings per diluted share for the three months and year ended January 31, 2026, excludes a charitable contribution to a donor-advised fund. Adjusted net income and earnings per diluted share for the three months and year ended January 31, 2025, excludes a release of income tax reserves. See "Reconciliation of Non-GAAP Financial Measures" included at the end of this release.

Total Company net sales for the three months ended January 31, 2026, increased 10.1% to a record $1.80 billion. Total Retail segment net sales increased 7.7%, with comparable Retail segment net sales increasing 5.5%. The increase in Retail segment comparable net sales was driven by mid single-digit positive growth in both digital channel sales and retail store sales. Comparable Retail segment net sales increased 9.6% at Urban Outfitters, 5.2% at Free People and 3.7% at Anthropologie. Subscription segment net sales increased 42.6% primarily driven by a 40.3% increase in average active subscribers in the current quarter versus the prior year quarter. Wholesale segment net sales increased 9.1% driven by a 10.2% increase in Free People wholesale sales due to an increase in sales to specialty customers.

For the year ended January 31, 2026, total Company net sales increased 11.1% to a record $6.17 billion. Total Retail segment net sales increased 7.9%, with comparable Retail segment net sales increasing 6.0%. The increase in Retail segment comparable net sales was driven by mid single-digit positive growth in both digital channel sales and retail store sales. Comparable Retail segment net sales increased 7.3% at Urban Outfitters, 5.9% at Anthropologie and 4.8% at Free People. Subscription segment net sales increased 50.2% primarily driven by a 45.3% increase in average active subscribers in the current year versus the prior year period. Wholesale segment net sales increased 14.0% driven by a 15.2% increase in Free People wholesale sales due to an increase in sales to specialty customers.

"We are pleased to report record sales and operating profits for the quarter, driven by strong results across all three segments – Retail, Subscription, and Wholesale," said Richard A. Hayne, Chief Executive Officer. "Our Nuuly apparel rental business continues to enjoy exceptional momentum with double-digit subscriber and revenue growth," finished Mr. Hayne.

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Net sales by brand and segment for the three and twelve-month periods were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 31,** | **January 31,** | **January 31,** | **January 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Net sales by brand** |  |  |  |  |
| Anthropologie | $774898 | $743030 | $2586611 | $2426438 |
| Free People | 451023 | 410618 | 1618421 | 1460295 |
| Urban Outfitters | 405105 | 360192 | 1351629 | 1247742 |
| Nuuly | 160503 | 112524 | 568418 | 378394 |
| Menus & Venues | 10241 | 9756 | 40297 | 37797 |
| Total Company | $1801770 | $1636120 | $6165376 | $5550666 |
| **Net sales by segment** |  |  |  |  |
| Retail Segment | $1566443 | $1454996 | $5282676 | $4896694 |
| Subscription Segment | 160503 | 112524 | 568418 | 378394 |
| Wholesale Segment | 74824 | 68600 | 314282 | 275578 |
| Total Company | $1801770 | $1636120 | $6165376 | $5550666 |

---

For the three months ended January 31, 2026, the gross profit rate increased by 101 basis points compared to the three months ended January 31, 2025, and gross profit dollars increased 13.6% to a record $599.2 million from $527.7 million. For the year ended January 31, 2026, the gross profit rate increased by 126 basis points compared to the year ended January 31, 2025, and gross profit dollars increased 15.1% to a record $2.22 billion from $1.93 billion. The increase in gross profit rate for both periods was primarily due to improved Retail segment markdowns driven by lower markdowns at Urban Outfitters and Free People, a leverage in store occupancy costs due to the increase in comparable Retail segment net sales and leverage in delivery expense due to a reduction in packages per order, partially offset by deleverage in initial merchandise costs. The increase in gross profit dollars for both periods was due to higher net sales and the improved gross profit rate. Additionally, during the year ended January 31, 2026, the Company recorded store impairment charges of $2.0 million and during the year ended January 31, 2025, the Company recorded store impairment and lease abandonment charges of $4.6 million.

As of January 31, 2026, total inventory increased by $79.8 million, or 12.8%, compared to total inventory as of January 31, 2025. Total Retail segment inventory increased 13.4% and comparable Retail segment inventory increased 5.3%. Wholesale segment inventory increased 8.5%. The increase in inventory for both segments was due to the increase in sales and timing of inventory receipts.

For the three months ended January 31, 2026, selling, general and administrative expenses increased by $38.1 million, or 9.5%, compared to the three months ended January 31, 2025. Selling, general and administrative expenses leveraged 14 basis points as a percentage of net sales compared to the three months ended January 31, 2025. For the year ended January 31, 2026, selling, general and administrative expenses increased by $159.2 million, or 11.0%, compared to the year ended January 31, 2025. Selling, general and administrative expenses leveraged 2 basis points as a percentage of net sales compared to the year ended January 31, 2025. The leverage in selling, general and administrative expenses as a percentage of net sales for both periods was primarily related to a leverage in store payroll expenses due to the Retail segment stores net sales growth. The dollar growth in selling, general and administrative expenses for both periods was primarily related to increased marketing expenses to support customer growth and increased sales in the Retail and Subscription segments, as well as increased store payroll expenses to support the Retail segment stores net sales growth.

During the three months and year ended January 31, 2026, the Company made a $46.0 million charitable contribution to a donor-advised fund, which is included in "Other (expense) income, net."

The Company's effective tax rate for the three months ended January 31, 2026, was 21.9%, compared to 8.1% in the three months ended January 31, 2025. The Company's effective tax rate for the year ended January 31, 2026, was 22.1%, compared to 19.5% in the year ended January 31, 2025. The increase in the effective tax rate for the three months and year ended January 31, 2026, was primarily due to the non-recurrence of a significant tax reserve release recorded in the prior year. The adjusted effective tax rate for the three months ended January 31, 2026, was 22.9%, compared to 25.0% for the three months ended January 31, 2025. The Company's adjusted effective tax rate for the year ended January 31, 2026, was 22.4%, compared to 24.0% in the year ended January 31, 2025.

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Net income for the three months ended January 31, 2026, was $96.3 million and earnings per diluted share were $1.05. Adjusted net income for the three months ended January 31, 2026, was $130.5 million and adjusted earnings per diluted share were $1.43. Net income for the year ended January 31, 2026, was $464.9 million and earnings per diluted share were $5.06. Adjusted net income for the year ended January 31, 2026, was $499.2 million and adjusted earnings per diluted share were $5.44.

On June 4, 2019, the Company's Board of Directors authorized the repurchase of 20 million common shares under a share repurchase program. During the year ended January 31, 2026, the Company repurchased and subsequently retired 3.3 million shares for approximately $154 million. During the year ended January 31, 2025, the Company repurchased and subsequently retired 1.2 million shares for approximately $52 million. As of January 31, 2026, 14.6 million common shares were remaining under the program.

Store data for the year ended January 31, 2026, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31,** |  |  | **January 31,** |
|  | **2025** | **Openings** | **Closings** | **2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;Anthropologie NA | 222 | 13 | 1 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anthropologie EU | 17 | 3 |  | 20 |
| **Total Anthropologie** | **239** | **16** | **1** | **254** |
| &nbsp;&nbsp;&nbsp;&nbsp;Free People NA | 156 | 15 | 4 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;FP Movement NA | 63 | 25 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Free People EU | 11 | 3 | 1 | 13 |
| **Total Free People** | **230** | **43** | **5** | **268** |
| &nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters NA | 187 | 1 | 11 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters EU | 68 | 9 | 1 | 76 |
| **Total Urban Outfitters** | **255** | **10** | **12** | **253** |
| **Menus & Venues** | **9** | **—** | **—** | **9** |
| **Total Company-Owned Stores** | **733** | **69** | **18** | **784** |
| **Franchisee-Owned Stores**<sup>(1)</sup> | **9** | **—** | **—** | **9** |
| **Total URBN** | **742** | **69** | **18** | **793** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes 7 Urban Outfitters franchisee-owned stores and 2 Anthropologie franchisee-owned stores

Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of Anthropologie stores in the United States, Canada and Europe, catalogs and websites; Free People stores (including FP Movement stores) in the United States, Canada and Europe, catalogs and websites; Urban Outfitters stores in the United States, Canada and Europe and websites; Menus & Venues restaurants; and Urban Outfitters franchisee-owned stores and Anthropologie franchisee-owned stores in the Middle East. Free People, FP Movement and Urban Outfitters wholesale sell their products through department and specialty stores worldwide, digital businesses and the Company's Retail segment. Nuuly is primarily a women's apparel subscription rental service which offers a wide selection of rental product from the Company's own brands, third-party brands and one-of-a-kind vintage pieces.

A conference call will be held today to discuss fourth quarter results and will be webcast at 5:00 pm. ET at: https://edge.media-server.com/mmc/p/w33kc9av/.

As used in this document, unless otherwise defined, "Anthropologie" refers to the Company's Anthropologie, Terrain and Maeve brands and "Free People" refers to the Company's Free People and FP Movement brands.

**This news release is being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.** *Certain matters contained in this release may contain forward-looking statements. When used in this release, the words "project," "believe," "plan," "will," "anticipate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: overall economic and market conditions (including current levels of inflation) and worldwide political events and the resultant impact on consumer spending patterns and our pricing power, the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, the effects of the implementation of the United Kingdom's withdrawal from membership in the European Union (commonly referred to as "Brexit"), including currency fluctuations, economic conditions and legal or* 

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*regulatory changes, any effects of war, including geopolitical instability, impacts of the conflict in the Middle East and impacts of the war between Russia and Ukraine and from related sanctions imposed by the United States, European Union, United Kingdom and others, terrorism and civil unrest, natural disasters, severe or unseasonable weather conditions (including as a result of climate change) or public health crises, labor shortages and increases in labor costs, raw material costs and transportation costs, availability of suitable retail space for expansion, timing of store openings, risks associated with international expansion, seasonal fluctuations in gross sales, response to new concepts, our ability to integrate acquisitions, risks associated with digital sales, our ability to maintain and expand our digital sales channels, any material disruptions or security breaches with respect to our technology systems, the departure of one or more key senior executives, import risks (including any shortage of transportation capacities or delays at ports), changes to U.S. and foreign trade policies (including the enactment of tariffs, border adjustment taxes or increases in duties or quotas), the unexpected closing or disruption of, or any damage to, any of our distribution centers, our ability to protect our intellectual property rights, failure of our manufacturers and third-party vendors to comply with our social compliance program, risks related to environmental, social and governance activities, changes in our effective income tax rate, changes in accounting standards and subjective assumptions, regulatory changes and legal matters and other risks identified in our filings with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update forward-looking statements even if experience or future changes make it clear that actual results may differ materially from any projected results expressed or implied therein.*

*###*

(Tables follow)

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**URBAN OUTFITTERS, INC.**

**Condensed Consolidated Statements of Income**

*(amounts in thousands, except share and per share data)*

*(unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 31,** | **January 31,** | **January 31,** | **January 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Net sales | $1801770 | $1636120 | $6165376 | $5550666 |
| Cost of sales (excluding store impairment and lease abandonment charges) | 1202569 | 1108439 | 3945634 | 3619395 |
| Store impairment and lease abandonment charges |  |  | 1989 | 4601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 599201 | 527681 | 2217753 | 1926670 |
| Selling, general and administrative expenses | 440500 | 402367 | 1612119 | 1452906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from operations | 158701 | 125314 | 605634 | 473764 |
| Other (expense) income, net | (35395) | 5592 | (8737) | 26408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 123306 | 130906 | 596897 | 500172 |
| Income tax expense | 27039 | 10605 | 131978 | 97710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $96267 | $120301 | $464919 | $402462 |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.07 | $1.30 | $5.15 | $4.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.05 | $1.28 | $5.06 | $4.26 |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 89691297 | 92279466 | 90191801 | 92684127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 91352364 | 94259134 | 91808357 | 94448046 |
| AS A PERCENTAGE OF NET SALES |  |  |  |  |
| Net sales | 100.0% | 100.0% | 100.0% | 100.0% |
| Cost of sales (excluding store impairment and lease abandonment charges) | 66.7% | 67.7% | 64.0% | 65.2% |
| Store impairment and lease abandonment charges |  |  | 0.0% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 33.3% | 32.3% | 36.0% | 34.7% |
| Selling, general and administrative expenses | 24.5% | 24.6% | 26.2% | 26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from operations | 8.8% | 7.7% | 9.8% | 8.5% |
| Other (expense) income, net | (2.0%) | 0.3% | (0.1%) | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 6.8% | 8.0% | 9.7% | 9.0% |
| Income tax expense | 1.5% | 0.6% | 2.2% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 5.3% | 7.4% | 7.5% | 7.3% |

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**URBAN OUTFITTERS, INC.**

**Condensed Consolidated Balance Sheets**

*(amounts in thousands, except share data)*

*(unaudited)*

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| | | |
|:---|:---|:---|
|  | **January 31,** | **January 31,** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $369206 | $290481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 326724 | 319949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $1,209 and $1,384, respectively | 95668 | 74014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 700945 | 621146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 193561 | 187206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1686104 | 1492796 |
| Property and equipment, net | 1466236 | 1331077 |
| Operating lease right-of-use assets | 1051109 | 942666 |
| Marketable securities | 461858 | 410208 |
| Other assets | 342306 | 342733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $5007613 | $4519480 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $327903 | $295767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 225478 | 227149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses, accrued compensation and other<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; current liabilities | 564713 | 552763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 1118094 | 1075679 |
| Non-current portion of operating lease liabilities | 1000088 | 871209 |
| Other non-current liabilities | 74144 | 101088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2192326 | 2047976 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred shares; $.0001 par value, 10,000,000 shares<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized, none issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares; $.0001 par value, 200,000,000 shares <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized, 89,698,222 and 92,281,748 shares issued and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding, respectively | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | 19912 | 15067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2817448 | 2503068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (22082) | (46640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders' Equity | 2815287 | 2471504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Shareholders' Equity | $5007613 | $4519480 |

---

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**URBAN OUTFITTERS, INC.**

**Condensed Consolidated Statements of Cash Flows**

*(amounts in thousands)*

 *(unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 31,** | **January 31,** |
|  | **2026** | **2025** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $464919 | $402462 |
| &nbsp;&nbsp;&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;Depreciation and amortization | 128529 | 115425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 216348 | 214605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 12896 | (2966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 30408 | 31039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of tax credit investment | 17029 | 17224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Store impairment and lease abandonment charges | 1989 | 4601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposition of property and equipment, net | 555 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (19506) | (7319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (72755) | (72945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2667) | (17471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables, accrued expenses and other liabilities | 42999 | 59690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (245554) | (243152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 575190 | 502834 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for property and equipment | (260168) | (182581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for marketable securities | (565365) | (542944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of marketable securities | 513881 | 416756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (311652) | (308769) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the exercise of stock options | 928 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share repurchases related to share repurchase program | (153946) | (52262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share repurchases related to taxes for share-based awards | (21954) | (15402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credit investment liability payments | (16397) | (10301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (191369) | (77114) |
| Effect of exchange rate changes on cash and cash equivalents | 6556 | (4791) |
| Increase in cash and cash equivalents | 78725 | 112160 |
| Cash and cash equivalents at beginning of period | 290481 | 178321 |
| Cash and cash equivalents at end of period | $369206 | $290481 |

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**Important Information Regarding Non-GAAP Financial Measures**

In addition to evaluating the financial condition and results of our operations in accordance with U.S. generally accepted accounting principles ("GAAP"), from time to time our management evaluates and analyzes results and any impact on the Company of certain events outside of normal, or "core," business and operations, by considering adjusted financial measures not prepared in accordance with GAAP. Examples of items that we consider non-core include a charitable contribution to a donor-advised fund and a release of income tax reserves. In order to improve the transparency of our disclosures, provide a meaningful presentation of results from our core business operations and improve period-over-period comparability, we have included certain adjusted financial measures for fiscal 2026 and 2025 that exclude the impact of these non-core business items.

We believe these adjusted financial measures are important indicators of our recurring results of operations because they exclude items that may not be indicative of, or are unrelated to, our underlying results of operations and provide a useful baseline for analyzing trends in our underlying business. Management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance.

Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company's financial position, results of operations or cash flows and should therefore be considered in assessing the Company's actual and future financial condition and performance. These adjusted financial measures are not consistent with GAAP and may not be calculated the same as similarly titled measures used by other companies.

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| | | |
|:---|:---|:---|
| **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** |
| *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* |
| *(unaudited)* | *(unaudited)* | *(unaudited)* |
| **Reconciliation of Total Company Adjusted Income Tax Expense and Adjusted Effective Tax Rate:** | **Reconciliation of Total Company Adjusted Income Tax Expense and Adjusted Effective Tax Rate:** | **Reconciliation of Total Company Adjusted Income Tax Expense and Adjusted Effective Tax Rate:** |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **January 31,** | **January 31,** |
|  | **2026** | **2025** |
|  | **$'s** | **$'s** |
| Income before income taxes (GAAP) | $123306 | $130906 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charitable contribution (a) | 46000 |  |
| Adjusted income before income taxes (Non-GAAP) | $169306 | $130906 |
| Income tax expense (GAAP) | $27039 | $10605 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes on adjustments (b) | 11750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of income tax reserves (c) |  | 22172 |
| Adjusted income tax expense (Non-GAAP) | $38789 | $32777 |
| Effective income tax rate (GAAP) | 21.9% | 8.1% |
| Adjustments | 1.0 | 16.9 |
| Adjusted effective income tax rate (Non-GAAP) | 22.9% | 25.0% |
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 31,** | **January 31,** |
|  | **2026** | **2025** |
|  | **$'s** | **$'s** |
| Income before income taxes (GAAP) | $596897 | $500172 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charitable contribution (a) | 46000 |  |
| Adjusted income before income taxes (Non-GAAP) | $642897 | $500172 |
| Income tax expense (GAAP) | $131978 | $97710 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes on adjustments (b) | 11750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of income tax reserves (c) |  | 22172 |
| Adjusted income tax expense (Non-GAAP) | $143728 | $119882 |
| Effective income tax rate (GAAP) | 22.1% | 19.5% |
| Adjustments | 0.3 | 4.5 |
| Adjusted effective income tax rate (Non-GAAP) | 22.4% | 24.0% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** | **URBAN OUTFITTERS, INC.** |
| **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** | **Reconciliation of Non-GAAP Financial Measures** |
| *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* | *(amounts in thousands, except per share data)* |
| *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* |
| **Reconciliation of Total Company Adjusted Net Income and Adjusted Diluted EPS:** | **Reconciliation of Total Company Adjusted Net Income and Adjusted Diluted EPS:** | **Reconciliation of Total Company Adjusted Net Income and Adjusted Diluted EPS:** | **Reconciliation of Total Company Adjusted Net Income and Adjusted Diluted EPS:** | **Reconciliation of Total Company Adjusted Net Income and Adjusted Diluted EPS:** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **January 31,** | **January 31,** | **January 31,** | **January 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **$'s** | **% of Net Sales** | **$'s** | **% of Net Sales** |
| Net income (GAAP) | $96267 | 5.3% | $120301 | 7.4% |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charitable contribution (a) | 46000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes on adjustments (b) | (11750) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of income tax reserves (c) |  |  | (22172) |  |
| Adjusted net income (Non-GAAP) | $130517 | 7.2% | $98129 | 6.0% |
| Diluted EPS (GAAP) | $1.05 |  | $1.28 |  |
| Adjustments, net of tax | 0.38 |  | (0.24) |  |
| Adjusted diluted EPS (Non-GAAP) | $1.43 |  | $1.04 |  |
|  | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 31,** | **January 31,** | **January 31,** | **January 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **$'s** | **% of Net Sales** | **$'s** | **% of Net Sales** |
| Net income (GAAP) | $464919 | 7.5% | $402462 | 7.3% |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charitable contribution (a) | 46000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes on adjustments (b) | (11750) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of income tax reserves (c) |  |  | (22172) |  |
| Adjusted net income (Non-GAAP) | $499169 | 8.1% | $380290 | 6.9% |
| Diluted EPS (GAAP) | $5.06 |  | $4.26 |  |
| Adjustments, net of tax | 0.38 |  | (0.23) |  |
| Adjusted diluted EPS (Non-GAAP) | $5.44 |  | $4.03 |  |
| (a) During the three months and year ended January 31, 2026, the Company made a charitable contribution to a donor-advised fund. | (a) During the three months and year ended January 31, 2026, the Company made a charitable contribution to a donor-advised fund. | (a) During the three months and year ended January 31, 2026, the Company made a charitable contribution to a donor-advised fund. | (a) During the three months and year ended January 31, 2026, the Company made a charitable contribution to a donor-advised fund. | (a) During the three months and year ended January 31, 2026, the Company made a charitable contribution to a donor-advised fund. |
| (b) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustment. | (b) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustment. | (b) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustment. | (b) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustment. | (b) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustment. |
| (c) During the three months and year ended January 31, 2025, the Company recorded a one-time tax benefit for the release of a portion of our income tax reserves as a result of a lapse of the statute of limitations for federal tax purposes. | (c) During the three months and year ended January 31, 2025, the Company recorded a one-time tax benefit for the release of a portion of our income tax reserves as a result of a lapse of the statute of limitations for federal tax purposes. | (c) During the three months and year ended January 31, 2025, the Company recorded a one-time tax benefit for the release of a portion of our income tax reserves as a result of a lapse of the statute of limitations for federal tax purposes. | (c) During the three months and year ended January 31, 2025, the Company recorded a one-time tax benefit for the release of a portion of our income tax reserves as a result of a lapse of the statute of limitations for federal tax purposes. | (c) During the three months and year ended January 31, 2025, the Company recorded a one-time tax benefit for the release of a portion of our income tax reserves as a result of a lapse of the statute of limitations for federal tax purposes. |

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