Reinvest everything, Long-term growth
One of the most iconic, authentic, credible and respected brands to have ever come out of the UK
Gymshark started online and has grown its sales every year for thirteen years, to £646 million in the year to July 2025. Its profit before tax has fallen over the same time, to £7 million, and its founder says that is on purpose. The money is going into its first stores, its first US retail partner, and a return to founder control.
The first permanent US store opened at Roosevelt Field Mall, New York, in October 2025.
The Manhattan flagship at 11 Bond Street followed.
Gymshark’s profit before tax has fallen every year since the year to July 2022. Its founder says the fall is deliberate, and that it funds the foundations of future growth.,,
Each plate’s area is that year’s pre-tax profit.,
In the year to July 2025 Gymshark’s EBITDA grew by a double-digit percentage to £53.3 million, while its profit before tax fell to £7 million. The founder says the lower profit is intentional, and that the money is going into stores and the long-term future of the brand.,
62.3%
gross margin, held.
£37m+
of cash at the end of July 2025, with no dividends declared.
£117m
of inventory, just over, with stronger inventory management since.
£0.0mEBITDA
£46.3m on depreciation,
amortisation, and interest, worked out
£7mProfit before tax
Gymshark now has five stores of its own, space in two German department stores, and a corner in 12 Dick’s House of Sport stores in the US.,,
Ben Francis owns about 70% of the company and is in talks to buy some or all of General Atlantic’s 21%.
Manchester, Amsterdam, Dubai, Long Island, Manhattan.,
Breuninger, Stuttgart, Engelhorn, Mannheim.
12 US stores.
Ben Francis owns about 70% of Gymshark, and General Atlantic has held 21% since 2020. The company invests all of its profit back into the business and again declared no dividends.,
Gymshark’s pre-tax profit fell from £27.8 million in the year to July 2022 to £7 million in the year to July 2025, while sales grew every year. Its founder calls it laying the foundations for future growth. We recommend naming a deliberate dip, saying what it pays for, and saying when the return should show.
In Germany Gymshark is starting with permanent spaces inside two department stores, and in the US with a wholesale partner after one store of its own. We recommend choosing the cheapest way to be present in a new market that you can undo, before committing to a large one.
Alongside the falling profit, Gymshark reported cash of more than £37 million, a gross margin of 62.3%, and inventory of just over £117 million, and its founder called the balance sheet healthy. We recommend publishing the few figures that show a planned dip is not a problem, next to the dip.
Headwater is not connected with Gymshark Limited. Gymshark, Dick’s House of Sport, Breuninger, and Engelhorn are trade marks of their owners. Updated 28 September 2026.