Financial Analysis

15. Commitments and Contingencies Purchase Commitments As of January 31, 2026, the Company has commitments for unfulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are primarily satisfied within 12 months, as well as commitments for products and services including information technology contracts, of $ 1,091,191 . The majority of the Companys merchandise commitments are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. As of January 31, 2026, the Company had outstanding trade letters of credit of $ 50,536 . As of January 31, 2026, the Company also has commitments related to construction and distribution equipment contracts that are fully satisfied upon the completion of construction or installation of $ 3,364 , all of which is due within one year. Benefit Plans Effective March 3, 2025, full and part-time U.S. based employees who are at least 18 years of age are eligible after 30 days of employment to participate in the Urban Outfitters 401(k) Savings Plan (the Plan). Prior to March 3, 2025, full and part-time U.S. based employees who were at least 18 years of age were eligible to participate in the Plan after 90 days of employment. Under the Plan, employees can defer 1 % to 25 % of compensation as defined. The Company makes matching contributions in cash of $ 0.50 per employee contribution dollar on the first 6 % of the employee contribution. The employees contribution i …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"8. Debt On February 10, 2023, the Company and certain of its subsidiaries entered into the fourth amendment (the ""Fourth Amendment"") to the Company's amended and restated credit agreement (the ""Amended Credit Agreement""), amending the Company's asset-based revolving credit facility with its lenders, including JPMorgan Chase Bank, N.A., as administrative agent, joint lead arranger and co-book managers along with Wells Fargo Bank, National Association (the ""Amended Credit Facility""). The Fourth Amendment permits the Company to purchase an equity membership interest in a federal low-income housing tax credit entity. See Note 10, ""Income Taxes,"" for further discussion of the investment. The Amended Credit Facility provides for loans and letters of credit up to $ 350,000 , subject to a borrowing base that is comprised of the Companys eligible accounts receivable and inventory and includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $ 150,000 . Borrowings under the Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended Credit Facility matures in June 2027. The Amended Credit Facility provides for interest on borrowings, at the Companys option, at either (i) adjusted SOFR, CDOR, SONIA or EURIBOR plus an applicable margin ranging from 1.125 % to 1.375 %, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125 % to 0.375 %, each such applicable margin dep …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

11. Share-Based Compensation The Companys 2017 Stock Incentive Plan (the 2017 Plan) authorized up to 10,000,000 common shares, which can be granted as restricted stock, RSUs, PSUs, incentive stock options, nonqualified stock options, SARs and stock grant awards. As of January 31, 2026, there were 3,585,413 common shares available to grant under the 2017 Plan. The Companys 2008 Stock Incentive Plan (the 2008 Plan) authorized up to 10,000,000 common shares, which can be granted as RSUs, unrestricted shares, incentive stock options, nonqualified stock options, PSUs or SARs. As of January 31, 2026, there were 5,594,830 common shares available to grant under the 2008 Plan. Pursuant to the terms of the 2008 Plan, certain awards may not be granted after February 25, 2018. Awards under the 2017 Plan and the 2008 Plan generally expire seven or ten years from the date of grant, thirty days after termination of employment or six months after the date of death or termination due to disability of the grantee. The Company elects to account for forfeitures as they occur rather than estimate the expected forfeitures. Share-based compensation expense, included in Selling, general and administrative expenses in the Consolidated Statements of Income, for the fiscal years ended January 31, 2026, 2025 and 2024 was as follows: Fiscal Year Ended January 31, 2026 2025 2024 Performance Stock Units 4,649 4,796 5,013 Restricted Stock Units 25,759 26,243 25,495 Total $ 30,408 $ 31,039 $ 30,508 The total …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"5. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Companys own assumptions. Managements assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Companys financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of January 31, 2026 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ $ 563,773 $ $ 563,773 US Treasury securities 119,832 119,832 Federal government agencies 41,162 41,162 Municipal and pre-refunded municipal bonds 31,396 31,396 Mutual funds, held in rabbi trust 22,595 22,595 Commercial paper 8,824 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"10. Income Taxes The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2026 2025 2024 Domestic $ 549,787 $ 489,723 $ 378,265 Foreign 47,110 10,449 3,342 $ 596,897 $ 500,172 $ 381,607 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2026 2025 2024 Current: Federal $ 89,207 $ 76,959 $ 46,714 State 22,325 21,568 19,422 Foreign 7,550 2,149 3,086 $ 119,082 $ 100,676 $ 69,222 Deferred: Federal $ 12,028 $ ( 6,461 ) $ 24,141 State 514 1,619 ( 1,152 ) Foreign 354 1,876 1,722 12,896 ( 2,966 ) 24,711 $ 131,978 $ 97,710 $ 93,933 The following table reconciles the U.S. statutory tax rate to the Company's effective tax rate for the fiscal year ended January 31, 2026, in accordance with the prospective adoption of the accounting standard update related to enhanced income tax disclosures: Fiscal Year Ended January 31, 2026 Tax at U.S. statutory rate $ 125,348 21.0 % State and local income taxes (1) 18,043 3.0 Foreign taxes ( 8,741 ) ( 1.5 ) Effects of cross-border tax laws 3,120 0.5 Tax credits Low-income housing tax credits ( 5,769 ) ( 1.0 ) Other ( 727 ) ( 0.1 ) Nontaxable and nondeductible items 3,653 0.6 Changes in unrecognized tax benefits 721 0.1 Other ( 3,670 ) ( 0.5 ) Effective tax rate $ 131,978 22.1 % (1) The state and local jurisdictions that contribute to the majority (greater than 50 %) of the tax effect in this category include California, Illinois, New York and New York City. Th …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

9. Leases The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. Total operating lease costs were $ 285,893 , $ 271,284 and $ 264,091 during fiscal 2026, 2025 and 2024, respectively. Total variable lease costs were $ 154,266 , $ 147,104 and $ 139,275 during fiscal 2026, 2025 and 2024, respectively. Short-term lease costs and sublease income were not material during fiscal 2026, 2025 and 2024. Other information related to leases was as follows: Other information Fiscal Year Ended January 31, Cash paid for amounts included in the measurement of lease liabilities: 2026 2025 2024 Operating cash flows from operating leases $ 314,194 $ 297,938 $ 299,351 Right-of-use assets obtained in exchange for new operating lease liabilities $ 348,613 $ 281,803 $ 206,397 Weighted-average remaining lease term - operating leases 6.9 years 6.5 years 6.4 years Weighted-average discount rate - operating leases 6.1 % 6.1 % 6.0 % The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2026: Fiscal Year Operating Leases 2027 $ 299,029 2028 258,391 2029 221,926 2030 176,044 2031 132,430 Thereafter 445,880 Total undiscounted future minimum lease payments 1,533,700 Less imputed interest ( 308,134 ) Total discounted future minimum lease payments $ 1,225,566 In March 2026, the Company purchased the Nu …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Recently Adopted In December 2023, the Financial Accounting Standards Board (""FASB"") issued an accounting standards update which includes amendments that further enhance income tax disclosures. The update requires disaggregated information about an entity's effective tax rate reconciliation and income taxes paid by jurisdiction, among other changes. The Company adopted this update in this Annual Report on Form 10-K for the fiscal year ended January 31, 2026, on a prospective basis. The adoption of this update resulted in additional disclosures in Note 10, ""Income Taxes."" Recently Issued In November 2024, the FASB issued an accounting standards update which requires disaggregated disclosure of certain costs and expenses including purchases of inventory, employee compensation, depreciation, amortization and other costs within relevant income statement captions. The update will be effective for the Company in its annual consolidated financial statements for the fiscal year ending January 31, 2028, and interim periods thereafter. The Company is currently assessing this update and the additional disclosures that will be required within the notes to its consolidated financial statements."

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16. Related Party Transactions Todd R. Morgenfeld, a director of the Company, was Chief Financial Officer and Head of Business Operations of Pinterest, Inc. until July 1, 2023. Pinterest, Inc. provided digital marketing services to the Company in fiscal 2024. The amount paid to Pinterest, Inc. for such digital marketing services was financially immaterial to Pinterest, Inc. and was unrelated to Mr. Morgenfelds compensation from Pinterest, Inc. Mr. Morgenfeld did not provide and was not involved in the provision of digital marketing services by Pinterest, Inc. to the Company. The Board of Directors considered these matters in determining Mr. Morgenfelds independence. John C. Mulliken, a director of the Company, serves on the board of Bombas, which supplied apparel to the Company in fiscal 2026, 2025 and 2024 and is expected to do so in the future. The amount paid to Bombas was financially immaterial to Bombas and is unrelated to Mr. Mulliken's compensation as director of Bombas. Mr. Mulliken was not involved in the sourcing of Bombas as a supplier to the Company, and he does not intend to be involved in the Company's procurement of its products in the future. The Board of Directors considered these matters in determining Mr. Mulliken's independence. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

3. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card and other electronic payment transactions and sales to the Companys Wholesale segment customers and franchisees. For the year ended January 31, 2026, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $ 74,014 and $ 95,668 , respectively. For the year ended January 31, 2025, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $ 67,008 and $ 74,014 , respectively. Contract receivables are included in Accounts receivable, net of allowance for doubtful accounts in the Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Companys contract liabilities result from the issuance of gift cards, deferred subscription fee revenue, customer deposits and customer loyalty programs. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the year ended January 31, 2026, the opening and closing balance of contract liabiliti …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"17. Segment Reporting The Company offers lifestyle-oriented general merchandise and products and services through a portfolio of global consumer brands. The Company operates three reportable segmentsRetail, Subscription and Wholesale. The Companys Retail segment includes Anthropologie (which includes the Anthropologie, Terrain and Maeve brands), Free People (which includes the Free People and FP Movement brands), Urban Outfitters and Menus & Venues. As of January 31, 2026, there were 254 Anthropologie stores, 180 Free People stores, 88 FP Movement stores, 253 Urban Outfitters stores, 9 Menus & Venues locations, 7 Urban Outfitters franchisee-owned stores and 2 Anthropologie franchisee-owned stores. Each of Anthropologie, Free People and Urban Outfitters, including their Company-owned and franchisee-owned store and digital channels, and Menus & Venues locations, are considered an operating segment. Net sales from the Retail segment accounted for approximately 85.7 %, 88.2 % and 90.8 % of total consolidated net sales for fiscal 2026, 2025 and 2024, respectively. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Companys Retail segment omni-channel strategy enhances its customers brand experience by providing a seamless app …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. Summary of Significant Accounting Policies Fiscal Year-End The Company operates on a fiscal year ending January 31 of each year. All references to fiscal years of the Company refer to the fiscal years ended on January 31 in those years. For example, the Companys fiscal 2026 ended on January 31, 2026. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (GAAP), requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are defined as cash and short-term highly liquid investments with maturities of less than three months at the time of purchase. These short-term highly liquid investments are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. As of January 31, 2026 and 2025, cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. Marketable …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

12. Shareholders Equity Share repurchase activity under the Companys share repurchase programs is as follows: Fiscal Year Ended January 31, 2026 2025 Number of common shares repurchased and subsequently retired 3,307,781 1,200,000 Total cost (1) $ 153,946 $ 52,262 Average cost per share, including commissions $ 46.54 $ 43.55 (1) Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1 % excise tax. The total cost of share repurchases during the year ended January 31, 2026, excludes excise tax incurred of $ 1,130 . On June 4, 2019, the Companys Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. As of January 31, 2026, 14,648,609 common shares were remaining under the program. Subsequent to January 31, 2026, the Company repurchased and subsequently retired a total of 4,639,208 common shares for approximately $ 299,996 , at an average price of $ 64.67 per share, including commissions. In addition to the common shares repurchased under the share repurchase programs, during fiscal 2026 and 2025, the Company acquired and subsequently retired 403,691 and 366,136 common shares at a total cost of $ 21,954 and $ 15,402 , respectively, from employees to meet payroll tax withholding requirements on vested share-based awards. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

11. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Companys financial position, results of operations or cash flows. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"5. Debt On February 10, 2023, the Company and certain of its subsidiaries entered into the fourth amendment (the Fourth Amendment) to the Companys amended and restated credit agreement (the Amended Credit Agreement), amending the Companys asset-based revolving credit facility with its lenders, including JPMorgan Chase Bank, N.A., as administrative agent, joint lead arranger and co-book managers along with Wells Fargo Bank, National Association (the ""Amended Credit Facility""). The Fourth Amendment permits the Company to purchase an equity membership interest in a federal low-income housing tax credit entity. See Note 6, ""Tax Credit Investment,"" for further discussion of the investment. The Amended Credit Facility provides for loans and letters of credit up to $ 350,000 , subject to a borrowing base that is comprised of the Companys eligible accounts receivable and inventory and includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $ 150,000 . Borrowings under the Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended Credit Facility matures in June 2027. The Amended Credit Facility provides for interest on borrowings, at the Companys option, at either (i) adjusted SOFR, CDOR, SONIA or EURIBOR plus an applicable margin ranging from 1.125 % to 1.375 %, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125 % to 0.375 %, each such applicable margin depen …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

7. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (RSUs), performance stock units (PSUs) or stock appreciation rights. The fair value of PSUs and RSUs is equal to the stock price on the date of the grant. Share-based compensation expense included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income, for the three months ended April 30, 2026 and 2025, was as follows: Three Months Ended April 30, 2026 2025 Performance Stock Units $ 1,164 $ 1,205 Restricted Stock Units 6,973 6,558 Total $ 8,137 $ 7,763 Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2026 was as follows: Three Months Ended April 30, 2026 Weighted- Awards Average Fair Granted Value Performance Stock Units 74,634 $ 65.85 Restricted Stock Units 485,096 $ 65.85 Total 559,730 During the three months ended April 30, 2026, 145,244 PSUs vested and 727,839 RSUs vested. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of April 30, 2026 was as follows: April 30, 2026 Unrecognized Weighted- Compensation Average Cost Years Performance Stock Units $ 8,847 2.3 Restricted Stock Units 55,386 2.4 Total $ 64,233 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

4. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Companys own assumptions. Managements assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Companys financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of April 30, 2026 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ $ 207,800 $ $ 207,800 US Treasury securities 66,554 66,554 Mutual funds, held in rabbi trust 24,936 24,936 Municipal and pre-refunded municipal bonds 23,415 23,415 Federal government agencies 18,685 18,685 Commercial paper 7,810 7,810 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

2. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card and other electronic payment transactions and sales to the Company's wholesale segment customers and franchisees. For the three month period ended April 30, 2026, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 95,668 and $ 115,903 , respectively. For the three month period ended April 30, 2025, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 74,014 and $ 93,248 , respectively. Contract receivables are included in Accounts receivable, net of allowance for doubtful accounts in the Condensed Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Companys contract liabilities result from the issuance of gift cards, deferred subscription fee revenue, customer deposits and customer loyalty programs. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the three month period ended April 30, 2026, t …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"12. Segment Reporting The Company offers lifestyle-oriented general merchandise and products and services through a portfolio of global consumer brands. The Company operates three reportable segments Retail, Subscription and Wholesale. The Companys Retail segment includes Anthropologie (which includes the Anthropologie, Terrain and Maeve brands), FP Group (which includes the Free People and FP Movement brands), Urban Outfitters and Menus & Venues. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Companys Retail segment omni-channel strategy enhances its customers brand experience by providing a seamless approach to the customer shopping experience. All Company-owned Retail segment shopping channels are closely integrated, including retail locations, websites, mobile applications and customer contact centers. The Company's Subscription segment includes the Nuuly brand which offers customers a more sustainable way to explore fashion primarily through a monthly womens apparel subscription rental service. The Companys Wholesale segment includes the FP Group and Urban Outfitters brand. The Wholesale segment sells through department and specialty stores worldwide, third-party digital businesses and the Company's Retail segment. The …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

8 . Shareholders Equity Share repurchase activity under the Company's share repurchase program was as follows: Three Months Ended April 30, 2026 2025 Number of common shares repurchased and subsequently retired 4,639,208 3,274,260 Total cost (1) $ 299,996 $ 151,935 Average cost per share, including commissions $ 64.67 $ 46.40 (1) Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1 % excise tax. The total cost of share repurchases during the three months ended April 30, 2026 and April 30, 2025, excludes excise tax incurred of $ 2,647 and $ 1,193 , respectively. On June 4, 2019, the Companys Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. As of April 30, 2026, 10,009,401 common shares were remaining under the program. During the three months ended April 30, 2026, the Company acquired and subsequently retired 330,817 common shares at a total cost of $ 21,513 from employees to meet payroll tax withholding requirements on vested share-based awards. During the three months ended April 30, 2025, the Company acquired and subsequently retired 379,283 common shares at a total cost of $ 20,241 from employees to meet payroll tax withholding requirements on vested share-based awards. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing