Filing Flows › Tandy Leather Factory (TLF) › Q1 2026 › vs Q4 2025
Tandy Leather Factory (TLF) Q1 2026 vs Q4 2025 (quarter over quarter)
Tandy Leather Factory's revenue fell $2.6M (-12%) from $22.3M in Q4 2025 to $19.7M in Q1 2026. Gross margin 61.0% against 54.3% (+6.7 pts).
Tandy Leather Factory, Q1 2026: revenue $19.7M (+3% year over year), operating margin 1.9%, net earnings $222K, operating cash flow $906K. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 61.0% | 54.3% | +6.7 pts |
| Operating margin | 1.9% | -2.8% | +4.6 pts |
| Net margin | 1.1% | -4.2% | +5.3 pts |
| Free cash flow margin | 1.6% | 18.1% | -16.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $19.7M | $22.3M | −$2.6M | -12% |
| Gross profit | $12.0M | $12.1M | −$86K | -0.7% |
| Cost of revenue | $7.7M | $10.2M | −$2.5M | -25% |
| Operating profit | $365K | −$612K | $977K | — |
| Operating expenses | $11.6M | $12.7M | −$1.1M | -8% |
| Pre-tax earnings | $368K | −$1.1M | $1.5M | — |
| Net earnings | $222K | −$930K | $1.2M | — |
| Income tax | $146K | −$159K | $305K | — |
| Share-based compensation | $93K | $146K | −$53K | -36% |
| Working capital & other | $591K | $5.8M | −$5.2M | -90% |
| Operating cash flow | $906K | $5.0M | −$4.1M | -82% |
| Free cash flow (OCF − capex) | $319K | $4.0M | −$3.7M | -92% |
| Capital expenditures | $587K | $947K | −$360K | -38% |
Questions
How much did Tandy Leather Factory's revenue grow quarter over quarter in Q1 2026?
Tandy Leather Factory's revenue fell $2.6M (-12%) from $22.3M in Q4 2025 to $19.7M in Q1 2026. Gross margin 61.0% against 54.3% (+6.7 pts).