Burlington vs Ross Stores: Revenue, Profit and Business Model
Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income. Ross Stores reported $22.8B of revenue in FY2025 and $2.1B of net income.
Latest financial snapshot
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
Ross Stores
- Latest revenue
- $22.8B (FY2025)
- Net income
- $2.1B
- Net margin
- 9.4%
- Revenue growth
- +6.5% a year, FY2016–FY2025
Financial summary
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
Ross Stores
Ross grew sales from $12.9 billion in fiscal 2016 to $22.8 billion in fiscal 2025, with a sharp dip to $12.5 billion in pandemic-hit fiscal 2020. Net income reached $2.1 billion in fiscal 2025. Fiscal 2026 accelerated: Q1 sales rose 21% to $6.0 billion on 17% comps, and Q2 sales rose 13% to $6.3 billion on 10% comps. Q2 net income of $851 million included about $253 million in IEEPA tariff refunds, worth roughly $0.60 per share. Ross plans to repurchase $1.275 billion of stock in fiscal 2026 under a two-year $2.55 billion authorization approved in March 2026.
Revenue and profit by year
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
Ross Stores
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $22.8B | $2.1B | 9.4% | +7.7% | Source |
| FY2024 | $21.1B | $2.1B | 9.9% | +3.7% | Source |
| FY2023 | $20.4B | $1.9B | 9.2% | +9.0% | Source |
| FY2022 | $18.7B | $1.5B | 8.1% | -1.2% | Source |
| FY2021 | $18.9B | $1.7B | 9.1% | +50.9% | Source |
| FY2020 | $12.5B | $85.4M | 0.7% | -21.9% | Source |
| FY2019 | $16B | $1.7B | 10.4% | +7.0% | Source |
| FY2018 | $15B | $1.6B | 10.6% | +6.0% | Source |
| FY2017 | $14.1B | $1.4B | 9.6% | +9.9% | Source |
| FY2016 | $12.9B | $1.1B | 8.7% | — | Source |
Where the revenue comes from
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
Ross Stores
- Ross Dress for Less store sales
- dd's DISCOUNTS store sales
- Apparel
- Footwear
- Home fashion
- Accessories and seasonal merchandise
Business model and strategy
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
Ross Stores
How it makes money
Ross earns nearly all revenue from in-store merchandise sales at Ross Dress for Less and dd's DISCOUNTS. More than 800 merchants buy branded apparel, footwear, home goods and accessories from manufacturer overruns, canceled orders and closeouts. Part of that buying is held as packaway inventory for later seasons.
Growth strategy
Growth comes mainly from new stores and comparable store sales. Ross raised its 2026 opening plan to 115 locations after opening 64 in the first half. Under CEO Jim Conroy, the company has added marketing, brand-forward merchandise and in-store experience changes, and management credits traffic from both new and existing customers for the 2026 comp gains.
Competitive advantage
Ross's edge is buying scale plus low operating cost. A large merchant team and long vendor relationships give it access to branded closeout goods, and lean store formats let it price 20% to 60% below department store regular prices while still earning a double-digit operating margin. Staying store-only avoids the shipping and returns cost that weighs on online sellers of low-ticket apparel.
Questions about Burlington vs Ross Stores
Which company has higher revenue — Burlington Stores, Inc. or Ross Stores, Inc.?
Burlington Stores, Inc. reported $11.6B (FY2025), while Ross Stores, Inc. reported $22.8B (FY2025). By last reported revenue, Ross Stores, Inc. is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base.
What is the market cap of Burlington Stores, Inc. vs Ross Stores, Inc.?
Burlington Stores, Inc.'s market capitalisation stands at $16.8B, while Ross Stores, Inc.'s is $73.7B. Ross Stores, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Burlington Stores, Inc. or Ross Stores, Inc.?
Burlington Stores, Inc. generates $139k / employee in revenue per employee, while Ross Stores, Inc. generates $205k / employee. Ross Stores, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Burlington Stores, Inc. and Ross Stores, Inc. make money?
Burlington Stores, Inc. and Ross Stores, Inc. generate revenue in fundamentally different ways. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores. Ross Stores, Inc.: Ross earns nearly all revenue from in-store merchandise sales at Ross Dress for Less and dd's DISCOUNTS.
Which company is valued higher relative to revenue — Burlington Stores, Inc. or Ross Stores, Inc.?
On a price-to-sales (P/S) basis, Burlington Stores, Inc. trades at 1.5x P/S and Ross Stores, Inc. at 3.2x P/S. Ross Stores, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Burlington Stores, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Burlington Stores, Inc. bigger than Ross Stores, Inc.?
By last reported revenue, Ross Stores, Inc. ($22.8B (FY2025)) is the larger company compared to Burlington Stores, Inc. ($11.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Burlington vs Ross Stores overview