BBW

MKT CAP $287.8MP/E 5.8DIV YIELD —FCF YIELD 8.53%REV TTM $517.8M −0.9%NET INCOME $51.6M −12.9%NET CASH —52W 23.36 – 71.03SEC XBRL · TTM TO Invalid Date

How BBW rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

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166

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+852

words, now 17,774

New in FY2026

Based on the foregoing evaluation, our management, including the President and Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of January 31, 2026 , the end of the period covered by this Annual Report.
Under the supervision and with the participation of our management, including the President and Chief Executive Officer and the Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of January 31, 2026 .
The Company’s independent registered public accounting firm, Ernst & Young LLP, has audited the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K and the effectiveness of the Company’s internal control over financial reporting as of January 31, 2026 and has issued an attestation report expressing an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting, as stated in their report located below.
Based upon this evaluation, our management has concluded that our internal control over financial reporting as of January 31, 2026 is effective.
During fiscal 2025, there were no changes that materially affected the Company's internal control over financial reporting.
Opinion on Internal Control Over Financial Reporting We have audited Build-A-Bear Workshop, Inc. and subsidiaries’ internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
In our opinion, Build-A-Bear Workshop, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of January 31, 2026, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of January 31, 2026 and February 1, 2025, the related consolidated statements of operations and comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended January 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated April 16, 2026 expressed an unqualified opinion thereon.
OTHER INFORMATION Security Trading Plans of Directors and Executive Officers None of the Company’s directors or executive officers adopted or terminated a Rule 10b5 - 1 trading arrangement or a non-Rule 10b5 - 1 trading arrangement during the Company’s fiscal quarter ended January 31, 2026 , as such terms are defined under Item 408 (a) or Regulations S-K.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Information concerning directors, appearing in the sections titled “Directors,” “The Board of Directors and its Committees,” and “Committee Charters, Corporate Governance Guidelines, Business Conduct Policy and Code of Ethics” in our Proxy Statement (the “Proxy Statement”) to be filed with the SEC pursuant to Regulation 14A in connection with our Annual Meeting of Stockholders scheduled to be held on June 11, 2026, is incorporated by reference in response to this Item 10.
Executive Officers and Key Employees Sharon Price John , 62 , was appointed to the Board of Directors on June 3, 2013, in connection with her employment as Chief Executive Officer and Chief President Bear of the Company.
John served on the Board of Directors of Jack in the Box Inc., a publicly traded restaurant company.
On March 12, 2026, the Board of Directors of the Company announced that as part of a multi-year planned succession process, Sharon Price John intends to retire from her role effective June 11, 2026, the date of the Company’s Annual Shareholders’ Meeting upon which she will be succeeded by Chris Hurt, the Company’s tenured Chief Operations and Experience Officer.
David Henderson , 54 , joined Build-A-Bear Workshop in September 2024 as Chief Revenue Officer.
Prior to that, he was at Hasbro, a multinational toy manufacturing and entertainment holding company, for over 19 years, ultimately holding the office of Senior Vice President Consumer Products/Licensing North America Yevgeny Fundler , 56 , joined Build-A-Bear Workshop as Chief Legal Officer and Secretary in August 2025.
Fundler led the law departments of publicly traded companies Benson Hill, Inc. and American Railcar Industries, Inc.
He also served as General Counsel of WestPoint Home LLC, a company in the business of manufacturing, licensing, and distributing various home textile products and brands with an international manufacturing base in Bahrain and a multinational sourcing operation.
Prior to WestPoint Home’s engagement, Mr.
Fundler served as Assistant General Counsel of Icahn Enterprises L.P., a diversified holding company engaged in investment, energy, automotive, food packing, metals, real estate, and home fashion.
Fundler earned his Bachelor of Arts in International Business from San Diego State University and his Juris Doctor from University of California College of the Law, San Francisco.
Christopher Hurt , 60 , is anticipated to become a Class II Director effective as of the date of the 2026 Annual meeting following an appointment to our Board of Directors on March 10, 2026 in connection with his employment as Chief Executive Officer of the Company.
Hurt joined the Company in 2015 as Chief Operations Officer, and, from June 2020 until June 11, 2026, served as Chief Operations and Experience Officer.
Much of his tenure with the Company has focused on restructuring the organization’s largest business unit, the global retail management and operations team, including guest experience, real estate, build-out, and logistics.
Hurt has shifted his operational and consumer-insight expertise to redefine the brand, merchandising, marketing and licensing areas of the Company’s business where he has further expanded consumer segments and categories through product expansion and engaging brand initiatives.
Hurt was at American Eagle Outfitters, Inc. from 2002 to 2015 in various senior leadership roles of increasing responsibility, including Senior Vice President of North America, Vice President/General Manager of the Factory stores, Zone Vice President and Regional Director.
Hurt held positions of increasing responsibility at Polo Ralph Lauren after starting his career at The Procter & Gamble Company.
Voin Todorovic , 51 , joined Build-A-Bear Workshop in September 2014 as Chief Financial Officer.
Page Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) Consolidated Balance Sheets as of January 31, 2026 and February 1, 2025 Consolidated Statements of Operations and Comprehensive Income for the fiscal years ended January 31, 2026 , February 1, 2025. and February 3, 2024 Consolidated Statements of Stockholders’ Equity for the fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024 Consolidated Statements of Cash Flows for the fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024 Notes to Consolidated Financial Statements Schedule II - Valuation and Qualifying Accounts Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Build-A-Bear Workshop, Inc.
Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Build-A-Bear Workshop, Inc. and subsidiaries (the Company) as of January 31, 2026 and February 1, 2025, the related consolidated statements of operations and comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended January 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 31, 2026 and February 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2026, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 16, 2026 expressed an unqualified opinion thereon.
The breakage revenue related to unredeemed gift cards is recorded in proportion to the customer’s redemption pattern using an estimated breakage rate based on historical experience.
For the year ended January 31, 2026, net retail sales included gift card breakage revenue of $6.2 million.
Louis, Missouri April 16, 2026 BUILD-A-BEAR WORKSHOP, INC.
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) January 31, February 1, 2026 2025 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 26,755 $ 27,758 Inventories, net 82,203 69,775 Receivables, net 21,459 16,096 Prepaid expenses and other current assets 9,603 12,669 Total current assets 140,020 126,298 Operating lease right-of-use asset 121,129 90,200 Property and equipment, net 70,926 59,761 Deferred tax assets 7,370 7,596 Other assets, net 6,008 6,101 Total Assets $ 345,453 $ 289,956 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,318 $ 16,538 Accrued expenses 26,104 16,209 Operating lease liability short term 28,651 26,841 Gift cards and customer deposits 15,289 15,791 Deferred revenue and other 5,264 4,015 Total current liabilities 90,626 79,394 Operating lease liability long term 98,647 70,155 Other long-term liabilities 1,152 1,325 Stockholders' equity: Preferred stock, par value $ 0.01 , Shares authorized: 15,000,000 ; No shares issued or outstanding at January 31, 2026 and February 1, 2025 - - Common stock, par value $ 0.01 , Shares authorized: 50,000,000 ; Issued and outstanding: 12,808,954 and 13,257,131 shares, respectively 128 133 Additional paid-in capital 60,821 61,987 Accumulated other comprehensive loss ( 10,760 ) ( 12,554 ) Retained earnings 104,839 89,516 Total stockholders' equity 155,028 139,082 Total Liabilities and Stockholders' Equity $ 345,453 $ 289,956 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Dollars in thousands, except share and per share data) Fiscal year ended January 31, February 1, February 3, 2026 2025 2024 Revenues: Net retail sales $ 485,956 $ 460,325 $ 456,163 Commercial revenue 38,750 31,387 25,413 International franchising 5,126 4,692 4,538 Total revenues 529,832 496,404 486,114 Costs and expenses: Cost of merchandise sold - retail 213,229 207,200 206,815 Cost of merchandise sold - commercial 17,199 13,439 12,091 Cost of merchandise sold - international franchising 3,775 3,247 2,816 Total cost of merchandise sold 234,203 223,886 221,722 Consolidated gross profit 295,629 272,518 264,392 Selling, general and administrative expense 229,203 206,238 198,992 Interest income, net ( 801 ) ( 861 ) ( 929 ) Income before income taxes 67,227 67,141 66,329 Income tax expense 15,024 15,356 13,524 Net income $ 52,203 $ 51,785 $ 52,805 Foreign currency translation adjustment 1,794 ( 472 ) 192 Comprehensive income $ 53,997 $ 51,313 $ 52,997 Income per common share: Basic $ 4.00 $ 3.81 $ 3.68 Diluted $ 3.99 $ 3.80 $ 3.65 Shares used in computing common per share amounts: Basic 13,045,394 13,578,587 14,342,931 Diluted 13,083,436 13,621,075 14,471,875 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Dollars in thousands) Accumulated Additional other Common paid-in comprehensive Retained stock capital income (loss) earnings Total Balance, January 28, 2023 $ 148 $ 69,868 $ ( 12,274 ) $ 60,590 $ 118,332 Stock-based compensation expense - 1,385 - - 1,385 Shares issued under employee stock plans 5 2,894 - - 2,899 Shares withheld in lieu of tax withholdings ( 2 ) ( 3,638 ) - ( 3,640 ) Share repurchase ( 9 ) ( 4,179 ) - ( 16,312 ) ( 20,500 ) Cash dividend - - - ( 22,014 ) ( 22,014 ) Other - - - 203 203 Other comprehensive income - - 192 192 Net income - - 52,805 52,805 - - - Balance, February 3, 2024 $ 142 $ 66,330 $ ( 12,082 ) $ 75,272 $ 129,662 Stock-based compensation expense 1,364 1,364 Shares issued under employee stock plans 2 1,094 1,096 Shares withheld in lieu of tax withholdings ( 1 ) ( 2,089 ) ( 2,090 ) Share repurchase ( 10 ) ( 4,712 ) ( 26,544 ) ( 31,266 ) Cash dividend ( 10,957 ) ( 10,957 ) Other ( 40 ) ( 40 ) Other comprehensive income ( 472 ) ( 472 ) Net income 51,785 51,785 Balance, February 1, 2025 $ 133 $ 61,987 $ ( 12,554 ) $ 89,516 $ 139,082 Stock-based compensation expense - 1,474 1,474 Shares issued under employee stock plans 1 1,103 1,104 Forfeiture of shares issued under employee stock plan - ( 94 ) ( 94 ) Shares withheld in lieu of tax withholdings ( 1 ) ( 1,266 ) ( 1,267 ) Share repurchase ( 5 ) ( 2,383 ) ( 25,347 ) ( 27,735 ) Cash dividend - ( 11,533 ) ( 11,533 ) Other comprehensive income - 1,794 1,794 Net income - 52,203 52,203 Balance, January 31, 2026 $ 128 $ 60,821 $ ( 10,760 ) $ 104,839 $ 155,028 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Fiscal year ended January 31, February 1, February 3, 2026 2025 2024 Cash flows provided by operating activities: Net income $ 52,203 $ 51,785 $ 52,805 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 14,952 14,772 13,657 Share-based and performance-based stock compensation 2,930 2,175 2,089 Deferred taxes 339 1,060 ( 1,893 ) Provision/(adjustments) for doubtful accounts 427 187 251 Loss/(Gain) on disposal of property and equipment ( 1 ) 290 121 Net change in film costs and advances ( 272 ) 513 ( 1,913 ) Change in assets and liabilities: Inventories, net ( 11,317 ) ( 6,550 ) 7,102 Receivables, net ( 5,433 ) ( 7,742 ) 5,870 Prepaid expenses and other assets 3,340 ( 750 ) 6,776 Accounts payable and accrued expenses 8,021 ( 3,480 ) ( 11,083 ) Operating leases ( 698 ) ( 3,302 ) ( 5,175 ) Gift cards and customer deposits ( 586 ) ( 2,298 ) ( 1,310 ) Deferred revenue 1,147 427 ( 2,987 ) Net cash provided by operating activities 65,052 47,087 64,310 Cash flows used in investing activities: Capital expenditures ( 25,545 ) ( 19,317 ) ( 18,295 ) Net cash used in investing activities ( 25,545 ) ( 19,317 ) ( 18,295 ) Cash flows used in financing activities: Line of credit amendment fee ( 80 ) - - Purchases of common stock for employee equity awards, net of tax ( 1,361 ) ( 1,869 ) ( 1,339 ) Purchases of Company's common stock ( 27,735 ) ( 31,266 ) ( 20,500 ) Cash dividends paid on vested participating securities ( 11,533 ) ( 11,024 ) ( 22,062 ) Net cash used in financing activities ( 40,709 ) ( 44,159 ) ( 43,901 ) Effect of exchange rates on cash 199 ( 180 ) 15 Increase (decrease) in cash, cash equivalents and restricted cash ( 1,003 ) ( 16,569 ) 2,129 Cash, cash equivalents and restricted cash, beginning of period 27,758 44,327 42,198 Cash, cash equivalents and restricted cash, end of period $ 26,755 $ 27,758 $ 44,327 Reconciliation of cash, cash equivalents and restricted cash (1) Cash and cash equivalents $ 26,349 $ 27,368 $ 43,934 Restricted cash from long-term deposits 406 390 393 Total cash, cash equivalents and restricted cash $ 26,755 $ 27,758 $ 44,327 Net cash paid during the period for income taxes $ 9,891 $ 16,693 $ 17,364 (1) See cash, cash equivalents and restricted cash in Note 2 - "Summary of Significant Accounting Policies" for further discussion.
Notes to Consolidated Financial Statements ( 1 ) Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the “Company”) was formed in 1997 as a mall-based, experiential specialty retailer for children.
The Company has evolved to become a leading global "retailtainment" brand on a mission to add a little more heart to life.

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Gone since FY2025

Based on the foregoing evaluation, our management, including the President and Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of February 1, 2025 , the end of the period covered by this Annual Report.
Under the supervision and with the participation of our management, including the President and Chief Executive Officer and the Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of February 1, 2025 .
The Company’s independent registered public accounting firm, Ernst & Young LLP, has audited the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K and the effectiveness of the Company’s internal control over financial reporting as of February 1, 2025 and has issued an attestation report expressing an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting, as stated in their report located below.
Based upon this evaluation, our management has concluded that our internal control over financial reporting as of February 1, 2025 is effective.
During fiscal 2024, there were no changes that materially affected the Company's internal control over financial reporting.
Opinion on Internal Control Over Financial Reporting We have audited Build-A-Bear Workshop, Inc. and subsidiaries’ internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
In our opinion, Build-A-Bear Workshop, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of February 1, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of February 1, 2025 and February 3, 2024, the related consolidated statements of operations and comprehensive income , stockholders’ equity and cash flows for each of the three years in the period ended February 1, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated April 17, 2025 expressed an unqualified opinion thereon.
OTHER INFORMATION Security Trading Plans of Directors and Executive Officers None of the Company’s directors or executive officers adopted or terminated a Rule 10b5 - 1 trading arrangement or a non-Rule 10b5 - 1 trading arrangement during the Company’s fiscal quarter ended February 1, 2025 , as such terms are defined under Item 408 (a) or Regulations S-K.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Information concerning directors, appearing in the sections titled “Directors,” “The Board of Directors and its Committees,” and “Committee Charters, Corporate Governance Guidelines, Business Conduct Policy and Code of Ethics” in our Proxy Statement (the “Proxy Statement”) to be filed with the SEC pursuant to Regulation 14A in connection with our Annual Meeting of Stockholders scheduled to be held on June 12, 2025, is incorporated by reference in response to this Item 10.
Executive Officers and Key Employees Sharon Price John , 61, was appointed to the Board of Directors on June 3, 2013, in connection with her employment as Chief Executive Officer and Chief President Bear of the Company.
John serves on the Board of Directors of Jack in the Box Inc., a publicly traded restaurant company.
David Henderson , 53, joined Build-A-Bear Workshop in September 2024 as Chief Revenue Officer.
Prior to that, he was at Hasbro, a multinational toy manufacturing and entertainment holding company, for over 19 years, ultimately holding the office of Senior Vice President Consumer Products/Licensing North America Eric Fencl , 63 , joined Build-A-Bear Workshop in July 2008 as Chief Bearrister - General Counsel.
Fencl now holds the title of Chief Administrative Officer, General Counsel and Secretary.
Fencl was Executive Vice President, General Counsel and Secretary for Outsourcing Solutions Inc., a national accounts receivable management firm from August 1998 to June 2008.
Fencl held legal positions at Monsanto Company, McDonnell Douglas Corporation and Bryan Cave Leighton Paisner LLP (formerly known as Bryan Cave LLP).
Fencl began his career as an auditor with Arthur Young & Company.
Christopher Hurt , 59 , joined Build-A-Bear Workshop in April 2015 as Chief Operations Officer.
Effective June 2020, he now holds the title of Chief Operations and Experience Officer.
Hurt was at American Eagle Outfitters, Inc. from 2002 to April 2015 in various senior leadership roles of increasing responsibility, including Senior Vice President, North America and Vice President/General Manager—Factory, Canada, Mexico Retail from 2011 to April 2015, and East Zone Vice President and Regional Director from 2002 to 2011.
Before joining American Eagle Outfitters, Mr.
Hurt held positions of increasing responsibility at companies including Polo Ralph Lauren and The Procter & Gamble Company.
Voin Todorovic , 50, joined Build-A-Bear Workshop in September 2014 as Chief Financial Officer.
Page Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) Consolidated Balance Sheets as of February 1, 2025 and February 3, 2024 Consolidated Statements of Operations and Comprehensive Income (Loss) for the fiscal years ended February 1, 2025 and February 3, 2024 Consolidated Statements of Stockholders’ Equity for the fiscal years ended February 1, 2025 and February 3, 2024 Consolidated Statements of Cash Flows for the fiscal years ended February 1, 2025 and February 3, 2024 Notes to Consolidated Financial Statements Schedule II - Valuation and Qualifying Accounts Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Build-A-Bear Workshop, Inc.
Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Build-A-Bear Workshop, Inc. and subsidiaries (the Company) as of February 1, 2025 and February 3, 2024, the related consolidated statements of operations and comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended February 1, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at February 1, 2025 and February 3, 2024, and the results of its operations and its cash flows for each of the three years in the period ended February 1, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 17, 2025 expressed an unqualified opinion thereon.
The unredeemed gift cards or breakage revenue is recorded in proportion to the customer’s redemption pattern using an estimated breakage rate based on historical experience.
For the year ended February 3, 2024 , net retail sales included gift card breakage revenue of $6.5 million.
Louis, Missouri April 17, 2025 BUILD-A-BEAR WORKSHOP, INC.
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) February 1, February 3, 2025 2024 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 27,758 $ 44,327 Inventories, net 69,775 63,499 Receivables, net 16,096 8,569 Prepaid expenses and other current assets 12,669 11,377 Total current assets 126,298 127,772 Operating lease right-of-use asset 90,200 73,443 Property and equipment, net 59,761 55,262 Deferred tax assets 7,596 8,682 Other assets, net 6,101 7,166 Total Assets $ 289,956 $ 272,325 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 16,538 $ 16,170 Accrued expenses 16,209 19,954 Operating lease liability short term 26,841 25,961 Gift cards and customer deposits 15,791 18,134 Deferred revenue and other 4,015 3,514 Total current liabilities 79,394 83,733 Operating lease liability long term 70,155 57,609 Other long-term liabilities 1,325 1,321 Stockholders' equity: Preferred stock, par value $ 0.01 , Shares authorized: 15,000,000 ; No shares issued or outstanding at February 1, 2025 and February 3, 2024 - - Common stock, par value $ 0.01 , Shares authorized: 50,000,000 ; Issued and outstanding: 13,257,131 and 14,172,362 shares, respectively 133 142 Additional paid-in capital 61,987 66,330 Accumulated other comprehensive loss ( 12,554 ) ( 12,082 ) Retained earnings 89,516 75,272 Total stockholders' equity 139,082 129,662 Total Liabilities and Stockholders' Equity $ 289,956 $ 272,325 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Dollars in thousands, except share and per share data) Fiscal year ended February 1, February 3, January 28, 2025 2024 2023 Revenues: Net retail sales $ 460,325 $ 456,163 $ 446,181 Commercial revenue 31,387 25,413 18,523 International franchising 4,692 4,538 3,233 Total revenues 496,404 486,114 467,937 Costs and expenses: Cost of merchandise sold - retail 207,200 206,815 211,489 Cost of merchandise sold - commercial 13,439 12,091 8,591 Cost of merchandise sold - international franchising 3,247 2,816 1,985 Total cost of merchandise sold 223,886 221,722 222,065 Consolidated gross profit 272,518 264,392 245,872 Selling, general and administrative expense 206,238 198,992 183,929 Interest expense (income), net ( 861 ) ( 929 ) 19 Income before income taxes 67,141 66,329 61,924 Income tax expense 15,356 13,524 13,939 Net income $ 51,785 $ 52,805 $ 47,985 Foreign currency translation adjustment ( 472 ) 192 196 Comprehensive income $ 51,313 $ 52,997 $ 48,181 Income per common share: Basic $ 3.81 $ 3.68 $ 3.21 Diluted $ 3.80 $ 3.65 $ 3.15 Shares used in computing common per share amounts: Basic 13,578,587 14,342,931 14,940,770 Diluted 13,621,075 14,471,875 15,249,819 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Dollars in thousands) Accumulated Additional other Common paid-in comprehensive Retained stock capital income (loss) earnings Total Balance, January 29, 2022 $ 162 $ 75,490 $ ( 12,470 ) $ 30,501 $ 93,683 Stock-based compensation expense - 1,547 - - 1,547 Shares issued under employee stock plans 3 2,082 - - 2,085 Shares withheld in lieu of tax withholdings ( 1 ) ( 2,178 ) - - ( 2,179 ) Share Repurchase ( 16 ) ( 7,073 ) - ( 17,083 ) ( 24,172 ) Other - - - ( 28 ) ( 28 ) Other comprehensive income - - 196 - 196 Net income - - - $ 47,985 47,985 Balance, January 28, 2023 $ 148 $ 69,868 $ ( 12,274 ) $ 61,375 $ 119,117 Adoption of new ASU - ASC 326 - - - ( 785 ) ( 785 ) Balance, January 28, 2023 $ 148 $ 69,868 $ ( 12,274 ) $ 60,590 $ 118,332 Stock-based compensation expense - 1,385 - - 1,385 Shares issued under employee stock plans 5 2,894 - - 2,899 Shares withheld in lieu of tax withholdings ( 2 ) ( 3,638 ) - - ( 3,640 ) Share Repurchase ( 9 ) ( 4,179 ) - ( 16,312 ) ( 20,500 ) Cash Dividend - - - ( 22,014 ) ( 22,014 ) Other - - 203 203 Other comprehensive income - - 192 - 192 Net income - - - 52,805 52,805 Balance, February 3, 2024 $ 142 $ 66,330 $ ( 12,082 ) $ 75,272 $ 129,662 Stock-based compensation expense 1,364 1,364 Shares issued under employee stock plans 2 1,094 1,096 Shares withheld in lieu of tax withholdings ( 1 ) ( 2,089 ) ( 2,090 ) Share Repurchase ( 10 ) ( 4,712 ) ( 26,544 ) ( 31,266 ) Cash Dividend ( 10,957 ) ( 10,957 ) Other ( 40 ) ( 40 ) Other comprehensive income ( 472 ) ( 472 ) Net income 51,785 51,785 Balance, February 1, 2025 $ 133 $ 61,987 $ ( 12,554 ) $ 89,516 $ 139,082 See accompanying notes to consolidated financial statements.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Fiscal year ended February 1, February 3, January 28, 2025 2024 2023 Cash flows provided by operating activities: Net income $ 51,785 $ 52,805 $ 47,985 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 14,772 13,657 12,482 Share-based and performance-based stock compensation 2,175 2,089 2,559 Deferred taxes 1,060 ( 1,893 ) 992 Provision/(adjustments) for doubtful accounts 187 251 ( 820 ) Loss on disposal of property and equipment 290 121 110 Net change in film costs and advances 513 ( 1,913 ) ( 2,453 ) Change in assets and liabilities: Inventories, net ( 6,550 ) 7,102 357 Receivables, net ( 7,742 ) 5,870 ( 3,045 ) Prepaid expenses and other assets ( 750 ) 6,776 ( 6,067 ) Accounts payable and accrued expenses ( 3,480 ) ( 11,083 ) ( 335 ) Operating leases ( 3,302 ) ( 5,175 ) ( 5,899 ) Gift cards and customer deposits ( 2,298 ) ( 1,310 ) ( 1,485 ) Deferred revenue 427 ( 2,987 ) 2,895 Net cash provided by operating activities 47,087 64,310 47,276 Cash flows used in investing activities: Capital expenditures ( 19,317 ) ( 18,295 ) ( 13,634 ) Net cash used in investing activities ( 19,317 ) ( 18,295 ) ( 13,634 ) Cash flows used in financing activities: Proceeds from exercise of employee equity awards, net of tax ( 1,869 ) ( 1,339 ) ( 592 ) Purchases of Company's common stock ( 31,266 ) ( 20,500 ) ( 24,172 ) Cash dividends paid on vested participating securities ( 11,024 ) ( 22,062 ) ( 292 ) Net cash used in financing activities ( 44,159 ) ( 43,901 ) ( 25,056 ) Effect of exchange rates on cash ( 180 ) 15 767 Increase (decrease) in cash, cash equivalents and restricted cash ( 16,569 ) 2,129 9,353 Cash, cash equivalents and restricted cash, beginning of period 44,327 42,198 32,845 Cash, cash equivalents and restricted cash, end of period $ 27,758 $ 44,327 $ 42,198 Reconciliation of cash, cash equivalents and restricted cash (1) Cash and cash equivalents $ 27,368 $ 43,934 $ 41,748 Restricted cash from long-term deposits 390 393 450 Total cash, cash equivalents and restricted cash $ 27,758 $ 44,327 $ 42,198 Net cash paid during the period for income taxes $ 16,693 $ 17,364 $ 10,327 (1) See cash, cash equivalents and restricted cash in Note 2 - "Summary of Significant Accounting Policies" for further discussion.
Notes to Consolidated Financial Statements ( 1 ) Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the “Company”) is a multi-channel retailer of plush animals and related products.
The Company began operations in October 1997.
The Company sells its products through its 368 corporately-managed locations operated primarily in leased mall locations in the U.S., Canada, the Republic of Ireland, and the U.K. along with its e-commerce sites.
The Company also sold product through its partner-operated "third-party retail" model at 138 stores in which it sells its products on a wholesale basis to other companies that then in turn execute the Company's retail experience.
Certain amounts in prior fiscal periods have been reclassified to conform to current year presentation with no impact to the consolidated statement of operations and comprehensive income.

and 103 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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