# Abercrombie & Fitch Co. (ANF)

> Source: Nexqual · https://nexqual.com/ANF · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Abercrombie & Fitch Co. (ANF), nexqual.com/ANF" · informational, not investment advice.

**Price:** USD 161.49 (+1.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 159.64 · day 158.61–162.58 · 52w 65.45–163.82 · market cap $6.85B · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $5.34B, net income $536M (10.0% margin), free cash flow $566M (SEC filings).
- Valuation: P/E 12.8x (avg 13.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $10.6M; 5 not under a Rule 10b5-1 plan ($6.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (15 analysts), mean target USD 165.82 (range 134–185).
- Total return with dividends: 1Y +132.0% vs S&P 500 +14.9%; 5Y +322.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-25, EPS estimate USD 3.19, revenue estimate $1.37B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.71B | $3.70B | $4.28B | $4.95B | $5.27B | $5.34B |
| Gross profit | $2.31B | $2.10B | $2.69B | — | — | — |
| Operating income | $343M | $92.6M | $485M | $741M | $699M | $732M |
| Net income | $263M | $2.8M | $328M | $566M | $507M | $536M |
| EPS (diluted) | $4.20 | $0.05 | $6.22 | $10.69 | $10.46 | — |
| Free cash flow | $181M | -$167M | $496M | $527M | $378M | $566M |
| Gross margin | 62.3% | 56.9% | 62.9% | — | — | — |
| Operating margin | 9.2% | 2.5% | 11.3% | 15.0% | 13.3% | 13.7% |
| Net margin | 7.1% | 0.1% | 7.7% | 11.4% | 9.6% | 10.0% |
| Revenue growth | +18.8% | -0.4% | +15.8% | +15.6% | +6.4% | — |
| Cash + short-term investments | $823M | $518M | $901M | $889M | $785M | — |
| Total debt | $304M | $297M | $222M | $0K | — | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 12.8x · P/S 1.3x · P/FCF 12.1x · P/B 5.1x · FCF yield 8.27% · Earnings yield 7.82% · Buyback yield (TTM) 7.10%
P/E at fiscal year-ends: Jan 2026 9.3x, Feb 2025 9.6x, Feb 2024 20.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Lipesky Scott D. | EVP and COO | 2,000 | $294K | 1.4% | No | Too little history (no open-market trades in 2025) |
| 2026-08-28 | Rust Jay | EVP, Chief HR Officer | 5,000 | $738K | 24.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-28 | Robinson Kenneth B. | Director | 800 | $120K | 10% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-28 | Lipesky Scott D. | EVP and COO | 5,000 | $745K | 3.3% | No | Too little history (no open-market trades in 2025) |
| 2026-08-28 | Henchel Gregory J | EVP, Chief Legal Off & Secy | 30,000 | $4.4M | 47.1% | No | Too little history (no open-market trades in 2025) |
| 2026-08-10 | Lipesky Scott D. | EVP and COO | 10,000 | $1.1M | 6.2% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-04 | Lipesky Scott D. | EVP and COO | 10,000 | $1.1M | 5.8% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2025) |
| 2026-07-28 | Lipesky Scott D. | EVP and COO | 10,000 | $1.1M | 5.5% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2025) |
| 2026-07-16 | Lipesky Scott D. | EVP and COO | 10,000 | $1.0M | 5.2% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 15 analysts; mean target USD 165.82 (low 134, high 185).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Wolfe Research | Initiated | Outperform | $181 |
| 2026-10-07 | BTIG | Reiterated | Buy | $175 |
| 2026-09-09 | BMO Capital | Initiated | Outperform | $170 |
| 2026-08-31 | Argus Research | Upgrade | Hold → Buy | $162 |
| 2026-08-27 | Citigroup | Downgrade | Buy → Neutral | $135 → $156 |
| 2026-08-27 | Barclays | Target raised | Equal-Weight | $114 → $155 |
| 2026-08-27 | UBS | Target raised | Buy | $153 → $185 |
| 2026-08-27 | Morgan Stanley | Target raised | Equal-Weight | $87 → $134 |
| 2026-08-26 | Needham | Target raised | Buy | $108 → $165 |
| 2026-08-26 | BTIG | Target raised | Buy | $120 → $175 |
| 2026-08-19 | Telsey Advisory Group | Target raised | Outperform | $115 → $118 |
| 2026-08-18 | JP Morgan | Target raised | Neutral | $110 → $126 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +132.0% | +322.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +132.7% | +33.3% |
| Volatility (annualized) | 66.7% | 57.8% |
| Max drawdown | -45.6% (Jan 2026→May 2026) | -67.2% (Nov 2021→Oct 2022) |

## Peers (Apparel Retail)
VSXY (Victorias Secret & Co.) USD 88.42 -0.82% · URBN (Urban Outfitters, Inc.) USD 88.29 +1.53% · GAP (Gap, Inc. (The)) USD 22.91 +0.97% · LULU (lululemon athletica inc.) USD 104.06 +7.80% · BOOT (Boot Barn Holdings, Inc.) USD 119.76 +3.16% · AEO (American Eagle Outfitters, Inc.) USD 17.89 +2.93%

## More
Full page: https://nexqual.com/ANF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hollister | $669.9M | 52.9% | +2.0% |
| Abercrombie | $596.8M | 47.1% | +8.1% |
| Gift Card | $27.4M | 2.2% | -4.6% |
| Royalty | $17.5M | 1.4% | +2.8% |
| Total revenue | $1.27B | 100% | — |
The lines above cover 103.5% of total revenue.

## Revenue by region (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.02B | 80.6% | +4.8% |
| United States | $1.00B | 78.9% | +11.1% |
| EMEA | $202.0M | 15.9% | +2.4% |
| Asia Pacific | $44.2M | 3.5% | +18.9% |
| Total revenue | $1.27B | 100% | — |
The lines above cover 178.9% of total revenue.

## Company outlook (8-K filed 2026-08-26)

- "Outlook (1) Reported Impact of IEEPA tariff refunds (2) Operating income (in Millions) $253 $100 benefit Operating margin Around 10% 19.9 % 790 bps benefit Net Income per diluted share In The Range of $1.80 to $2.00 $4.17 $1.75 benefit (1) Released May 27, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.19 | $2.89 | +10.4% | $1.37B | 5 |
| Next quarter (ends 2027-01-31) | $4.92 | $4.54 | +8.4% | $1.78B | 5 |
| Current fiscal year (ends 2027-01-31) | $13.45 | $10.71 | +25.6% | $5.53B | 7 |
| Next fiscal year (ends 2028-01-31) | $13.37 | $11.87 | +12.6% | $5.77B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-25): ±17.3%; earnings reaction alone ±12.3%; last 8 reports averaged ±10%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 45.2% | ±5.4% |
| 2026-11-06 | 14 | 50.2% | ±8.2% |
| 2026-11-13 | 21 | 48.5% | ±9.5% |
| 2026-11-20 | 28 | 49.3% | ±11.1% |
| 2026-11-27 | 35 | 69.1% | ±17.3% |
| 2026-12-04 | 42 | 65.3% | ±17.9% |
| 2026-12-18 | 56 | 61.7% | ±19.3% |
| 2027-01-15 | 84 | 57.9% | ±22.1% |