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1. AEO is like a Gap Inc. for a younger, more casual demographic.

2. AEO is like Abercrombie & Fitch, but with a hugely popular intimates and activewear brand (Aerie).

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• Apparel: A wide range of clothing for men and women, including jeans, specialty apparel, graphic tees, activewear, and swim collections, offered across its various brands.
• Intimates: Undergarments and related apparel primarily for women, a key offering of the Aerie brand.
• Accessories: Items like jewelry, bags, and other additions that complement clothing, available under the American Eagle brand.
• Personal Care Products: A selection of beauty and self-care items, available under both American Eagle and Aerie brands.

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American Eagle Outfitters (AEO) primarily sells its products to individuals (consumers) rather than to other companies. The company operates as a specialty retailer, distributing its merchandise through its own network of stores (American Eagle, Aerie, Todd Snyder), company websites (ae.com, aerie.com, toddsnyder.com), and locations operated by licensees.

Based on its brand portfolio and product offerings, American Eagle Outfitters serves the following categories of customers:

1. Young Adults and Teens: This is the core demographic for the American Eagle and Aerie brands, seeking casual apparel, jeans, accessories, and intimates. The products are designed for both young men and women looking for trendy and comfortable everyday wear.
2. Women Seeking Intimates, Activewear, and Swimwear: Specifically targeted by the Aerie brand, this category of customers values comfort, body positivity, and style in their intimate apparel, activewear, and swimwear collections.
3. Men Seeking Premium or Branded Casual Wear: The Todd Snyder New York brand caters to men looking for more sophisticated, designer-quality menswear. Additionally, the Tailgate brand targets men interested in graphic tees and casual apparel, often with a collegiate or sports-inspired theme.

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Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer

Jay Schottenstein has served as the Executive Chairman of the Board of American Eagle Outfitters since 1992 and as Chief Executive Officer from 1992 to 2002, and again from 2014 to present. He, along with his father, Jerome Schottenstein, played a pivotal role in transforming AEO into a multi-brand global retailer. Jay is also the Chairman, President, and CEO of Schottenstein Stores Corp., Chairman and CEO of American Signature Inc., Executive Chairman of Designer Brands, Inc., and Chairman and CEO of SB360 Capital Partners, demonstrating a long history of leading diverse retail brands. Under his leadership, AEO launched its first denim line in 1997 and instrumental in the launch of Aerie.

Michael Mathias, Executive Vice President – Chief Financial Officer

Michael Mathias was appointed Executive Vice President and Chief Financial Officer of American Eagle Outfitters in April 2020. He first joined the company over 20 years ago, starting as a manager of finance for stores and operations. He gained progressive leadership experience across various finance and operational areas, including e-commerce, store finance, Aerie planning, strategy, and business development. From 2016 to 2017, Mathias briefly served as VP, Financial Planning and Analysis at General Nutrition Centers, Inc. before returning to AEO as Senior Vice President of Financial Planning & Analysis.

Jennifer Foyle, President, Executive Creative Director – AE & Aerie

Jennifer Foyle joined AEO in August 2010 to lead the Aerie brand and expanded her scope in 2020 to oversee the strategic vision of American Eagle, rising to her current position. She has been a crucial force in Aerie's rapid expansion and its growth to a nearly $2 billion brand. Foyle revolutionized the intimate apparel industry in 2014 by introducing body positivity and inclusivity through the #AerieREAL campaign. Prior to Aerie, she served as President of the global lifestyle brand Calypso St. Barth and held positions of increasing responsibility at Gap Inc. and J. Crew, having nearly 30 years of experience in the apparel retail industry.

Todd Snyder, Executive Vice President

Todd Snyder has been an Executive Vice President of American Eagle Outfitters since November 2015. He is the founder of his eponymous menswear label, launched in 2011, and also the Tailgate brand, founded in 1997. American Eagle Outfitters acquired both the Todd Snyder label and Tailgate Clothing Company in November 2015. Prior to founding his brands, Snyder spent over two decades in retail apparel, including roles as Designer for Polo Ralph Lauren, Director of Menswear for the Gap, and Senior Vice President of Menswear at J. Crew.

Sarah, Executive Vice President – Chief Supply Chain and Technology Officer

Sarah joined AEO in October 2023 as Executive Vice President – Chief Supply Chain Officer, with her role expanding to Chief Supply Chain and Technology Officer in October 2024. In this position, she directs all facets of the company's global supply chain operations, including product development, sourcing, production, and distribution for AEO's brands, as well as Quiet Logistics, a subsidiary. Additionally, she assumed leadership of the International business in November 2025. Sarah has over two decades of extensive experience in supply chain management across several large-scale, multi-brand retail organizations, having previously served as Chief Supply Chain Officer at PVH Corporation.

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Here are the key risks to American Eagle Outfitters (AEO):

1. Evolving Consumer Preferences, Intense Competition, and Economic Sensitivity: American Eagle Outfitters operates in a highly dynamic and competitive retail apparel market. The company is significantly susceptible to shifts in fashion trends, changing consumer preferences (particularly among its young adult demographic), and the growing influence of online-only retailers and social commerce platforms. Macroeconomic uncertainties, such as inflation and higher living costs, directly impact consumer discretionary spending, leading to more cautious purchasing behavior. The performance of its American Eagle brand has shown a slowdown, with comparable sales declining, highlighting the risk that the growth of its successful Aerie brand may not fully offset challenges in the larger American Eagle segment.
2. Supply Chain Disruptions and Rising Costs: As a global retailer, American Eagle Outfitters is exposed to significant supply chain vulnerabilities. Risks include disruptions caused by extreme weather events, geopolitical conflicts, labor disputes, and regulatory changes in key manufacturing countries. Tariffs and the strength of the U.S. dollar also create challenges, leading to increased costs for imported goods and impacting profitability. Managing complex global production networks and ensuring resilient supply chains against material shortages, labor gaps, and delivery delays remains a top industry concern, directly affecting AEO's operational efficiency and margins.
3. Inventory Management and Operational Inefficiencies: American Eagle Outfitters has faced challenges related to merchandising strategies and inventory management. Issues with excess stock have led to higher promotions, inventory write-downs, and decreased gross profit margins, directly impacting the company's profitability. Operational inefficiencies, where cost of sales and selling, general, and administrative expenses outpace revenue growth, also reflect challenges in merchandise planning and the ability to respond swiftly to market trends.

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The rise of ultra-fast fashion e-commerce retailers such as Shein and Temu presents a clear emerging threat. These companies leverage agile supply chains, data-driven trend identification, and direct-to-consumer online models to offer trendy apparel at extremely low price points with rapid turnover, directly competing with American Eagle Outfitters' core business in specialty apparel and accessories, particularly among younger, trend-conscious consumers.

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American Eagle Outfitters (AEO) operates in several addressable markets, including the broad apparel market, intimate apparel, personal care products, denim, and activewear. Below are the estimated market sizes for these key product categories:

• Apparel Market:
  • Globally, the apparel market was valued at approximately USD 1.84 trillion in 2025.
  • In the U.S., the apparel market is projected to reach USD 399.77 billion by 2026.
• Intimate Lingerie Market:
  • The global intimate lingerie market size was valued at USD 48.59 billion in 2025.
  • The U.S. intimate lingerie market was valued at USD 23.20 billion in 2024 and is projected to reach USD 34.64 billion by 2030.
• Personal Care Products Market:
  • The global beauty and personal care products market size was valued at USD 561.4 billion in 2024.
  • The United States personal care product market size was estimated at USD 136.03 billion in 2024.
• Denim Market (including jeans):
  • The global denim market size was valued at USD 78.90 billion in 2025.
  • The USA jeans market size was valued at USD 130 billion in 2023.
• Activewear Market:
  • The global activewear market size is estimated to have a value of USD 451.0 billion in 2025.
  • The U.S. activewear market is projected to be valued at USD 147.9 billion in 2025.

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American Eagle Outfitters (AEO) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives focusing on brand amplification, operational optimization, and targeted expansion.

Here are 4 expected drivers of future revenue growth:

1. Continued Expansion and Strength of Aerie and OFFL/NE Brands: Aerie continues to be a primary growth engine for American Eagle Outfitters, consistently demonstrating strong comparable sales growth. The company is focused on building brand awareness and expanding into new categories for Aerie, particularly within activewear through its OFFL/NE by Aerie brand. There are plans to open dozens of new Aerie and OFFL/NE stores annually through 2025-2026, primarily in Tier-1/2 U.S. trade areas and select Canadian markets, with Aerie positioned to reach a $2 billion revenue trajectory in the medium term.
2. Reinvigoration and Category Expansion of the American Eagle Brand: AEO's strategy includes amplifying the American Eagle brand, with a focus on its market leadership in denim. The company aims to elevate key businesses and expand into "right-to-win adjacencies" within the American Eagle brand. Positive results have been noted in men's apparel, women's tops, and signature AE jeans, with a focus on improving the men's business.
3. Strategic Store Fleet Optimization and Digital Investments: American Eagle Outfitters is actively optimizing its store footprint to enhance profitability and customer experience. This involves opening approximately 35-40 new Aerie and OFFL/NE stores, remodeling around 60 American Eagle stores, and strategically closing 25-30 lower-productivity American Eagle stores in 2026. Concurrently, AEO is investing in its digital platform to grow its e-commerce business, focusing on foundational improvements to the shopping experience, localized assortments, payments, and faster delivery.
4. Growth of the Todd Snyder Brand: The Todd Snyder New York menswear brand, part of the American Eagle Outfitters portfolio, is identified as a growth vehicle. The brand has been expanding its retail footprint, averaging approximately five new store openings per year since 2020. Todd Snyder aims to operate 40-50 stores and reach $500 million in annual sales within five years, building on its strong direct-to-consumer business.

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Share Repurchases

• On February 1, 2024, American Eagle Outfitters' Board of Directors authorized 30 million shares of common stock for repurchase through February 3, 2029.
• An additional 50 million shares were authorized for repurchase on March 11, 2025, increasing the total shares available for repurchase to 68.5 million through February 3, 2029.
• In fiscal year 2025, American Eagle Outfitters repurchased 21 million shares for $256 million.

Share Issuance

• American Eagle Outfitters reissued approximately 2,798 shares from treasury stock in Fiscal 2021, 1,643 shares in Fiscal 2022, and 2,539 shares in Fiscal 2023, primarily for share-based payments.

Capital Expenditures

• Capital expenditures for fiscal year 2025 totaled $261 million.
• The company anticipates capital expenditures for fiscal year 2026 to be in the range of $250 million to $260 million.
• These expected expenditures are focused on technology upgrades, general corporate maintenance, and the opening of 35 new Aerie and OFFLINE stores, alongside approximately 60 store remodels.