Fox Factory Holding (FOXF) FY2024 results: revenue $1.4 billion, down 4.8% on the year

Fox Factory Holding Corp. (FOXF) reported revenue of $1.4 billion for fiscal 2024, the year ended 3 January 2025, down 4.8% on the year before. Net income was $7 million, down 94.6%, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$1.4 billion

-4.8% on the year

FY2017FY2024

Operating margin

4.1%

10.9% a year earlier

FY2017FY2024

Net income

$7 million

-94.6% on the year

FY2017FY2024

Diluted EPS

$0.16

-94.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,394	1,464	1,602	-4.8%
Cost of revenue	970	999	1,071	-2.9%
Gross profit	424	465	531	-8.9%
Gross margin	30.4%	31.7%	33.2%
Research and development	60.3	53.2	56.2	+13.4%
Operating income	57.7	160	247	-64.0%
Operating margin	4.1%	10.9%	15.4%
Interest expense	54.9	19.3	8.9	+184.4%
Pre-tax income	1.0	139	234	-99.3%
Income tax	-5.5	17.8	28.5
Effective tax rate	-543.5%	12.8%	12.2%
Net income	6.5	121	205	-94.6%
Net margin	0.5%	8.3%	12.8%
Diluted EPS	$0.16	$2.85	$4.84	-94.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	132	179	187	-26.2%
Capital expenditure	44.0	46.9	43.7	-6.0%
Free cash flow	87.8	132	143	-33.4%
Free cash flow margin	6.3%	9.0%	8.9%
Cash from investing	-76.3	-750	-44.7
Cash from financing	-67.3	509	-179
Depreciation and amortisation	83.9	60.1	49.2	+39.6%
Share-based compensation	9.6	16.5	16.4	-41.7%
Buybacks	25.0	25.0	0.0	0.0%
Diluted shares, weighted	42m	42m	42m	-1.7%
Shares outstanding at period end	42m	42m	42m	-0.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,201	1,222	1,121	-1.7%
Redeemable equity	-0.0	0.0	0.0
Debt	705	744	200	-5.2%
Operating lease liabilities	88.2	69.2	37.1	+27.3%
Other liabilities	238	208	260	+14.5%
Total liabilities and equity	2,232	2,242	1,618	-0.4%
Fixed assets	246	237	202	+3.9%
Goodwill	640	637	324	+0.5%
Intangible assets	449	483	179	-7.1%
Cash and equivalents	71.7	83.6	145	-14.3%
Receivables	166	171	200	-3.1%
Inventory	405	372	351	+8.8%
Other assets	255	259	217	-1.3%
Total assets	2,232	2,242	1,618	-0.4%

10-K for the year ended 3 January 2025, filed 28 February 2025: the filing.