Filing Flows › Tandy Leather Factory (TLF) › Q4 2025
Tandy Leather Factory (TLF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Tandy Leather Factory (TLF) reported revenue of $22.3M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +29% from the quarter before. Operating margin was -2.8%, net loss $930K (4.2% of revenue).
Tandy Leather Factory, Q4 2025: revenue $22.3M (+9% year over year), operating margin -2.8%, net loss $930K, operating cash flow $5.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.3M | +29% | +9% |
| Operating profit | −$612K | — | -434% |
| Net earnings | −$930K | — | -380% |
| Operating cash flow | $5.0M | — | +10% |
| Free cash flow | $4.0M | — | +5% |
What changed
Revenue was $22.3M in Q4 2025, up 9% year over year and up 29% from the previous quarter.
Gross margin was 54.3%, up 1.3 points from Q4 2024. Operating costs exceeded revenue by $612K, an operating margin of -2.8%. Operating expenses grew 19% against revenue growth of 9%. The quarter ended with a net loss of $930K, narrower than the previous quarter's $1.4M loss. Net interest and other expense of $477K was the main reason.
Operating cash flow was $5.0M (up 10% year over year). Non-cash charges added back $146K of share-based compensation. Working capital and other items added $5.8M. Capital expenditures of $947K left free cash flow of $4.0M.
Questions
What was Tandy Leather Factory's revenue in the fourth quarter 2025?
Tandy Leather Factory (TLF) reported revenue of $22.3M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +29% from the quarter before.
Was Tandy Leather Factory profitable in the fourth quarter 2025?
Operating loss was $612K (-2.8% of revenue) and net loss $930K.