Filing Flows › Leatt (LEAT) › Q4 2025
Leatt (LEAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 24, 2026
Leatt (LEAT) reported revenue of $16.0M for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +12% from the quarter before. Operating margin was 3.4%, net earnings $465K (2.9% of revenue).
Leatt, Q4 2025: revenue $16.0M (+43% year over year), operating margin 3.4%, net earnings $465K, operating cash flow $361K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.0M | +12% | +43% |
| Gross profit | $7.3M | +16% | +58% |
| Operating profit | $550K | -13% | — |
| Net earnings | $465K | -14% | — |
| Operating cash flow | $361K | — | — |
| Free cash flow | $51K | — | — |
What changed
Revenue was $16.0M in Q4 2025, up 43% year over year and up 12% from the previous quarter.
Gross margin was 45.5%, up 4.3 points from Q4 2024. Operating profit was $550K, a 3.4% margin (up 13.1 points year over year). Operating expenses grew 18% against revenue growth of 43%. The fastest-growing cost line was General & admin (+27%). Net earnings were $465K. The effective tax rate was 28.0%.
Operating cash flow was $361K, 78% of net earnings. Non-cash charges added back $324K of depreciation and amortization and $124K of share-based compensation. Working capital and other items used $551K. Capital expenditures of $310K left free cash flow of $51K.
Questions
What was Leatt's revenue in the fourth quarter 2025?
Leatt (LEAT) reported revenue of $16.0M for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +12% from the quarter before.
Was Leatt profitable in the fourth quarter 2025?
Operating profit was $550K (3.4% of revenue) and net earnings $465K.
Source: Leatt 10-K on SEC EDGAR.