Financial Analysis

COMMITMENTS AND CONTINGENCIES Litigation - From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. As of the date of these consolidated financial statements, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material effect on the Company's consolidated results of operations and financial position.

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EMPLOYEE BENEFITS The Company has a 401(k) profit sharing plan covering all eligible employees who elect to participate. Contributions to the plan are based upon the amount of the employees deferrals and the employers discretionary matching formula. The Company may contribute to the plan at its discretion. The total expense under the profit sharing plan was $2,407, $2,125, and $1,918 for fiscal years 2025, 2024, and 2023, respectively. The Buckle, Inc. Deferred Compensation Plan covers the Companys officers. The plan is funded by participant contributions and a specified annual Company matching contribution not to exceed 6% of the participants compensation. The Companys contributions were $467, $479, and $630 for fiscal years 2025, 2024, and 2023, respectively. …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

FINANCING ARRANGEMENTS The Company has available an unsecured line of credit of $25,000 with Wells Fargo Bank, N.A. for operating needs and letters of credit. The line of credit agreement has an expiration date of July 31, 2028 and provides that $10,000 of the $25,000 line is available for letters of credit. Borrowings under the line of credit provide for interest to be paid at a rate based on SOFR. The Company has, from time to time, borrowed against these lines of credit. There were no bank borrowings as of January 31, 2026 or February 1, 2025. The Company had outstanding letters of credit totaling $1,678 and $2,167 as of January 31, 2026 and February 1, 2025, respectively.

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"STOCK-BASED COMPENSATION The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has restricted stock plans that allow for the granting of non-vested shares of common stock to employees and executives and restricted stock plans that allow for the granting of non-vested shares of common stock to non-employee directors. As of January 31, 2026, 2,574,780 shares were available for grant under the Companys various restricted stock plans, of which 2,301,780 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2025, 2024, and 2023 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Fiscal Years Ended January 31, 2026 February 1, 2025 February 3, 2024 Stock-based compensation expense, before tax $ 16,185 $ 13,135 $ 13,725 Stock-based compensation expense, after tax $ 12,300 $ 9,956 $ 10,431 Non-vested shares of common stock granted during fiscal 2025 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2024 Director Restricted Stock Plan. Non-ves …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. Level 2 Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. Level 3 Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. As of January 31, 2026 and February 1, 2025, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. The Companys financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs January 31, 2026 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The provision for income taxes consists of: Fiscal Years Ended January 31, 2026 February 1, 2025 February 3, 2024 Current income tax expense: Federal $ 55,775 $ 52,846 $ 59,652 State 9,147 8,826 10,733 Deferred income tax expense (benefit) 1,453 637 (1,089) Total $ 66,375 $ 62,309 $ 69,296 The components of the provision for income taxes and a reconciliation of the Company's effective tax rate to the statutory income tax rate are as follows: Fiscal Years Ended January 31, 2026 February 1, 2025 February 3, 2024 U.S. federal statutory rate $ 57,985 21.0 % $ 54,133 21.0 % $ 60,735 21.0 % State and local income taxes, net of federal income tax effect (a) 7,206 2.6 6,966 2.7 8,450 2.9 Tax credits (224) (0.1) (192) (0.1) (226) (0.1) Nontaxable or nondeductible items 2,336 0.8 1,391 0.5 1,466 0.5 Other adjustments (928) (0.3) 11 0.1 (1,129) (0.3) Effective tax rate $ 66,375 24.0 % $ 62,309 24.2 % $ 69,296 24.0 % (a) State taxes in California, Colorado, Illinois, Kansas, Michigan, Minnesota, Nebraska, Oregon, Texas, and Wisconsin make up the majority (greater than 50%) of the tax effect in this category. Deferred income tax assets and liabilities are comprised of the following: January 31, 2026 February 1, 2025 Deferred income tax assets (liabilities): Inventory $ 6,085 $ 5,641 Stock-based compensation 6,290 5,657 Accrued compensation 7,942 7,002 Accrued store operating costs 2,850 2,880 Unrealized (gain)/loss on securities (935) (624) Gift certificates redeemable 1,156 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires business entities to expand their annual disclosures of income taxes paid and the effective rate reconciliation. The ASU is effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 for the fiscal year ended January 31, 2026 and applied it retrospectively to all prior periods presented. See Footnote G, ""Income Taxes"", for further information In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, which requires the disaggregated disclosure of certain costs and expenses on an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified that ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact that this guidance will have on its disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targete …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Included in other assets is a note receivable of $1,515 as of January 31, 2026 and $1,485 as of February 1, 2025, respectively, from a life insurance trust fund controlled by the Companys Chairman. The note was created over three years, beginning in July 1994, when the Company paid life insurance premiums of $200 each year for the Chairman on a personal policy. The note accrues interest at 5% of the principal balance per year and is to be paid from the life insurance proceeds. The note is secured by a life insurance policy on the Chairman. …

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"SEGMENT REPORTING The Company's operations are managed at a consolidated level and function as a single operating and reporting segment. The segment generates revenue from the sale of merchandise through its retail stores and e-Commerce platform, all of which are located in the United States. The Company's President and Chief Executive Officer is its Chief Operating Decision Maker (""CODM""). The CODM evaluates the financial performance of the segment to allocate resources, reinvest profits into the business, and make capital allocation decisions based on income from operations and net income, as reported in the consolidated statements of income. The table below presents the Company's significant segment expenses and results of operations which are regularly reviewed by the CODM: Fiscal Years Ended Income Statement January 31, 2026 February 1, 2025 February 3, 2024 Net Sales $ 1,297,835 $ 1,217,689 $ 1,261,102 Merchandise COGS (a) 447,395 422,432 444,256 Other COGS (b) 214,582 202,470 197,781 Personnel Costs (c) 288,453 264,991 263,728 Other Operating Expenses 85,961 86,432 84,278 Income From Operations 261,444 241,364 271,059 Other Income, Net 14,675 16,413 18,156 Income Tax Expense 66,375 62,309 69,296 Net Income $ 209,744 195,468 $ 219,919 (a) Merchandise COGS represents expenses related to the sale of merchandise, including product costs, inbound freight, and shrinkage. (b) Other COGS consists of buying, distribution, warehousing, and occupancy expenses. (c) Personnel co …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

On February 4, 2026, subsequent to the close of fiscal 2025, the Company entered into a final settlement agreement resolving interchange fee litigation. In March 2026, the Company received cash proceeds of $19,100, net of legal fees. During fiscal 2025, U.S. tariffs were imposed under the International Emergency Economic Powers Act (IEEPA) that applied to some of the Company's direct import products. On February 20, 2026, the U.S. Supreme Court ruled that the tariffs were unauthorized. The ruling did not address potential refunds. In light of the ruling, there is uncertainty regarding the likelihood and timing of collection pending further direction from the courts and/or U.S. Customs. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

"Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has restricted stock plans that allow for the granting of non-vested shares of common stock to employees and executives and restricted stock plans that allow for the granting of non-vested shares of common stock to non-employee directors. As of May 2, 2026, 2,213,200 shares were available for grant under the Companys various restricted stock plans, of which 1,967,200 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2026 and fiscal 2025 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended May 2, 2026 May 3, 2025 Stock-based compensation expense, before tax $ 5,377 $ 4,182 Stock-based compensation expense, after tax $ 4,060 $ 3,157 Non-vested shares of common stock granted during the thirteen week periods ended May 2, 2026 and May 3, 2025 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2024 Director Restricted Stock Plan. Shares gra …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. Level 2 Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. Level 3 Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. As of May 2, 2026 and January 31, 2026, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. The Companys financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs May 2, 2026 (Level 1) …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Segment Reporting The Company's operations are managed at a consolidated level and function as a single operating and reporting segment. The segment generates revenue from the sale of merchandise through its retail stores and e-Commerce platform, all of which are located in the United States. The Company's President and Chief Executive Officer is its Chief Operating Decision Maker (""CODM""). The CODM evaluates the financial performance of the segment to allocate resources, reinvest profits into the business, and make capital allocation decisions based on income from operations and net income, as reported in the consolidated statements of income. The table below presents the Company's significant segment expenses and results of operations which are regularly reviewed by the CODM: Thirteen Weeks Ended Income Statement May 2, 2026 May 3, 2025 Net Sales $ 288,735 $ 272,121 Merchandise COGS (a) 101,174 95,102 Other COGS (b) 54,085 50,043 Personnel Costs (c) 72,643 64,902 Other Operating Expenses 1,380 18,528 Income From Operations 59,453 43,546 Other Income, Net 2,643 3,067 Income Tax Expense 15,214 11,420 Net Income $ 46,882 $ 35,193 (a) Merchandise COGS represents expenses related to the sale of merchandise, including product costs, inbound freight, and shrinkage. (b) Other COGS consists of buying, distribution, warehousing, and occupancy expenses. (c) Personnel costs include wages, incentive compensation, benefits, and insurance costs related to store and non-buying related h …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing