Ross Stores, Inc.
Explore Ross Stores, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
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Ross Stores, Inc.
Explore Ross Stores, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$22.8B
▲ 5.8% vs FY2024 ($21.5B)
Source: Annual report / company filing
Ross Stores, Inc. reported $22.8B in revenue for fiscal year 2025. This represents a growth of 5.8% compared to the 2024 figure of $21.5B.
Ross Stores' FY2025 net sales reached $22.8B — up from $20.4 billion in 2023 and $18.7 billion in 2022 — through a combination of new store openings and comparable-store sales growth that required no acquisition, no digital infrastructure investment, and no brand licensing deal. The entire revenue growth came from the same model in operation since 1982: buy distressed branded inventory cheaply and sell it quickly. Gross margin of approximately 28.5 percent in FY2024 — driven by favorable branded apparel product mix and aggressive direct factory sourcing — produces the economics that sustain $1.9 billion in net income. The gross margin is not fixed: it moves with the availability of branded closeout merchandise, which varies with broader retail health. A period of strong full-price retail sell-through reduces the supply of distressed inventory and tightens Ross's buying opportunities; a period of retail distress (pandemic-era cancelations, for instance) floods the market with exactly the branded inventory Ross's buying organization was built to absorb. The $48 billion market capitalization against $21.5 billion in annual revenue implies a price-to-sales multiple of roughly 2.2x — modest by technology company standards, reflective of the physical retail discount the market applies, but arguably underpriced for a business generating $1.9 billion in annual net income from a model with no technology disruption risk and significant competitive moat from the buying organization itself. Ross has grown entirely organically since founding — the one acquisition listed in the data is labeled "None (Organic Growth)" — which means every store, every buyer relationship, and every operational process was built from scratch rather than acquired. That organic growth history is unusual for a $48 billion company and suggests the model does not require external acquisition capital to sustain its competitive position.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $22.8B | — | +5.8% |
| FY2024 | $21.5B | $1.9B | +5.4% |
| FY2023 | $20.4B | — | +9.1% |
| FY2022 | $18.7B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.