bke-20260801

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended August 1, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ____________ to ____________

Commission File Number: 001-12951

THE BUCKLE, INC.

(Exact name of Registrant as specified in its charter)


Nebraska			47-0366193
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2407 West 24th Street, Kearney, Nebraska 68845-4915

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (308) 236-8491

____________________________________________________________________

(Former name, former address, and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	BKE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for a shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ; Accelerated filer o;

Non-accelerated filer o; Smaller reporting company o;

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

The number of shares outstanding of the Registrant's Common Stock, $0.01 par value, as of September 4, 2026, was 51,512,434.

THE BUCKLE, INC.

FORM 10-Q

INDEX


		Pages
Part I. Financial Information (unaudited)

Item 1.	Financial Statements	3

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	23


Part II. Other Information

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	25

Signatures		26

Exhibit Index		27

THE BUCKLE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)



ASSETS	August 1, 2026		January 31, 2026

CURRENT ASSETS:
Cash and cash equivalents	$	264,778	$	249,461
Short-term investments	22,402		24,698
Receivables	9,936		10,980
Inventory	161,403		139,504
Prepaid expenses and other assets	23,727		23,235
Total current assets	482,246		447,878

PROPERTY AND EQUIPMENT	558,982		523,002
Less accumulated depreciation and amortization	(367,241)		(360,556)
	191,741		162,446

OPERATING LEASE RIGHT-OF-USE ASSETS	373,937		339,687
LONG-TERM INVESTMENTS	35,729		32,393
OTHER ASSETS	11,054		8,875

Total assets	$	1,094,707	$	991,279

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	73,198	$	47,749
Accrued employee compensation	33,010		54,960
Accrued store operating expenses	29,957		20,072
Gift certificates redeemable	13,512		17,237
Current portion of operating lease liabilities	81,814		85,877
Income taxes payable	—		10,810
Total current liabilities	231,491		236,705

DEFERRED COMPENSATION	34,697		31,994
NON-CURRENT OPERATING LEASE LIABILITIES	339,567		297,937
Total liabilities	605,755		566,636

COMMITMENTS

STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $0.01 par value; 51,515,996 and 51,156,626 shares issued and outstanding at August 1, 2026 and January 31, 2026 respectively	515		512
Additional paid-in capital	231,074		221,998
Retained earnings	257,363		202,133
Total stockholders’ equity	488,952		424,643

Total liabilities and stockholders’ equity	$	1,094,707	$	991,279

See notes to unaudited condensed consolidated financial statements.

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

SALES, Net of returns and allowances	$	319,816	$	305,737	$	608,551	$	577,858

COST OF SALES (Including buying, distribution, and occupancy costs)	166,795		160,728		322,054		305,873

Gross profit	153,021		145,009		286,497		271,985

OPERATING EXPENSES:
Selling	81,231		73,900		136,447		141,099
General and administrative	15,988		14,768		34,795		30,999
	97,219		88,668		171,242		172,098

INCOME FROM OPERATIONS	55,802		56,341		115,255		99,887

OTHER INCOME, Net	3,019		3,270		5,662		6,337

INCOME BEFORE INCOME TAXES	58,821		59,611		120,917		106,224

INCOME TAX EXPENSE	14,411		14,605		$	29,625	26,025

NET INCOME	$	44,410	$	45,006	$	91,292	$	80,199


EARNINGS PER SHARE:
Basic	$	0.88	$	0.90	$	1.80	$	1.60

Diluted	$	0.87	$	0.89	$	1.79	$	1.59

Basic weighted average shares	50,619		50,199		50,619		50,199
Diluted weighted average shares	51,007		50,627		51,001		50,584

See notes to unaudited condensed consolidated financial statements.

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)



	Number of Shares	Common Stock		Additional Paid-in Capital		Retained Earnings		Total

FISCAL 2026

BALANCE, May 3, 2026	51,518,086	$	515	$	227,372	$	230,984	$	458,871
Net income	—	—		—		44,410		44,410
Dividends paid on common stock, ($0.35 per share)	—	—		—		(18,031)		(18,031)
Issuance of non-vested stock, net of forfeitures	(2,090)	—		—		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		3,702		—		3,702
BALANCE, August 1, 2026	51,515,996	$	515	$	231,074	$	257,363	$	488,952

BALANCE, February 1, 2026	51,156,626	$	512	$	221,998	$	202,133	$	424,643
Net income	—	—		—		91,292		91,292
Dividends paid on common stock, ($0.70 per share)	—	—		—		(36,062)		(36,062)
Issuance of non-vested stock, net of forfeitures	359,370	3		(3)		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		9,079		—		9,079
BALANCE, August 1, 2026	51,515,996	$	515	$	231,074	$	257,363	$	488,952


FISCAL 2025

BALANCE, May 4, 2025	51,157,306	$	512	$	209,995	$	234,766	$	445,273
Net income	—	—		—		45,006		45,006
Dividends paid on common stock, ($0.35 per share)	—	—		—		(17,904)		(17,904)
Issuance of non-vested stock, net of forfeitures	(680)	—		—		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		3,780		—		3,780
BALANCE, August 2, 2025	51,156,626	$	512	$	213,775	$	261,868	$	476,155

BALANCE, February 2, 2025	50,773,556	$	508	$	205,817	$	217,479	$	423,804
Net income	—	—		—		80,199		80,199
Dividends paid on common stock, ($0.70 per share)	—	—		—		(35,810)		(35,810)
Issuance of non-vested stock, net of forfeitures	383,070	4		(4)		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		7,962		—		7,962
BALANCE, August 2, 2025	51,156,626	$	512	$	213,775	$	261,868	$	476,155

See notes to unaudited condensed consolidated financial statements.

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Thousands)

(Unaudited)



	Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	91,292	$	80,199
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	13,440		11,991
Amortization of non-vested stock grants, net of forfeitures	9,079		7,962
Deferred income taxes	(2,179)		(1,911)
Other	251		290
Changes in operating assets and liabilities:
Receivables	3,253		(1,035)
Inventory	(21,899)		(21,697)
Prepaid expenses and other assets	(492)		(2,251)
Accounts payable	26,983		24,775
Accrued employee compensation	(21,950)		(16,687)
Accrued store operating expenses	9,885		8,821
Gift certificates redeemable	(3,725)		(3,425)
Income taxes payable	(13,019)		(3,193)
Other assets and liabilities	5,118		5,573

Net cash flows from operating activities	96,037		89,412

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(44,520)		(23,439)
Purchases of investments	(23,913)		(16,551)
Proceeds from sales/maturities of investments	23,775		17,270

Net cash flows from investing activities	(44,658)		(22,720)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(36,062)		(35,810)

Net cash flows from financing activities	(36,062)		(35,810)

NET INCREASE IN CASH AND CASH EQUIVALENTS	15,317		30,882

CASH AND CASH EQUIVALENTS, Beginning of period	249,461		266,929

CASH AND CASH EQUIVALENTS, End of period	$	264,778	$	297,811

See notes to unaudited condensed consolidated financial statements.

THE BUCKLE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THIRTEEN AND TWENTY-SIX WEEKS ENDED AUGUST 1, 2026 AND AUGUST 2, 2025

(Dollar Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

1.Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 31, 2026, included in The Buckle, Inc.'s 2025 Form 10-K. The condensed consolidated balance sheet as of January 31, 2026 is derived from audited financial statements.

For purposes of this report, unless the context otherwise requires, all references herein to the “Company,” “Buckle,” “we,” “us,” or similar terms refer to The Buckle, Inc. and its subsidiary.

The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification (“ASC”).

2.Revenues

The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious men, women, and kids. The Company operates its business as one reportable segment and sells its merchandise through its retail stores and e-Commerce platform. The Company had 446 stores located in 42 states throughout the United States as of August 1, 2026 and 440 stores in 42 states as of August 2, 2025. During the twenty-six week period ended August 1, 2026, the Company opened 8 new stores, substantially remodeled 10 stores, and closed 2 stores, which includes 5 new stores, 5 substantially remodeled stores, and 1 closed store for the second quarter. During the twenty-six week period ended August 2, 2025, the Company opened 2 new stores, substantially remodeled 9 stores, and closed 3 stores, which includes 2 new stores, 4 substantially remodeled stores, and 1 closed store for the second quarter.

For the thirteen week periods ended August 1, 2026 and August 2, 2025, online revenues accounted for 13.9% and 14.3%, respectively, of the Company's net sales. For the twenty-six week periods ended August 1, 2026 and August 2, 2025, online revenues accounted for 15.2% and 15.6%, respectively. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales.

The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
Merchandise Group	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

Denims	35.7	%	36.1	%	38.8	%	39.7	%
Tops (including sweaters)	30.3		29.5		29.2		28.4
Accessories	11.5		11.8		11.2		11.3
Sportswear/Fashions	10.5		11.0		9.3		9.6
Footwear	4.8		5.0		4.9		5.1
Casual bottoms	2.2		1.7		2.1		1.6
Outerwear	0.2		0.4		0.5		0.6
Kids	4.8		4.5		4.0		3.7
Total	100.0	%	100.0	%	100.0	%	100.0	%

3.Earnings Per Share

Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.


	Thirteen Weeks Ended					Thirteen Weeks Ended
	August 1, 2026					August 2, 2025
	Net Income		Weighted Average Shares (a)	Per Share Amount		Net Income		Weighted Average Shares (a)	Per Share Amount

Basic EPS	$	44,410	50,619	$	0.88	$	45,006	50,199	$	0.90
Effect of Dilutive Securities:
Non-vested shares	—		388	(0.01)		—		428	(0.01)
Diluted EPS	$	44,410	51,007	$	0.87	$	45,006	50,627	$	0.89

	Twenty-Six Weeks Ended					Twenty-Six Weeks Ended
	August 1, 2026					August 2, 2025
	Net Income		Weighted Average Shares (a)	Per Share Amount		Net Income		Weighted Average Shares (a)	Per Share Amount

Basic EPS	$	91,292	50,619	$	1.80	$	80,199	50,199	$	1.60
Effect of Dilutive Securities:
Non-vested shares	—		382	(0.01)		—		385	(0.01)
Diluted EPS	$	91,292	51,001	$	1.79	$	80,199	50,584	$	1.59

(a) Shares in thousands.

4.Investments

The following is a summary of investments as of August 1, 2026:


	Amortized Cost or Par Value		Gross Unrealized Gains		Gross Unrealized Losses		Other-than- Temporary Impairment		Estimated Fair Value
Held-to-Maturity Securities:
State and municipal bonds	$	23,434	$	3	$	(24)	$	—	$	23,413

Trading Securities:
Mutual funds	$	29,900	$	4,797	$	—	$	—	$	34,697

The following is a summary of investments as of January 31, 2026:


	Amortized Cost or Par Value		Gross Unrealized Gains		Gross Unrealized Losses		Other-than- Temporary Impairment		Estimated Fair Value
Held-to-Maturity Securities:
State and municipal bonds	$	25,097	$	33	$	(1)	$	—	$	25,129

Trading Securities:
Mutual funds	$	28,098	$	3,896	$	—	$	—	$	31,994

The amortized cost and fair value of debt securities by contractual maturity as of August 1, 2026 is as follows:


	Amortized Cost		Fair Value
Held-to-Maturity Securities
Less than 1 year	$	22,402	$	22,382
1 - 5 years	1,032		1,031
Total	$	23,434	$	23,413

As of August 1, 2026, $1,032 of the Company's investments in held-to-maturity securities are classified in long-term investments, with the remainder being classified in short-term investments. As of January 31, 2026, $399 of the Company's investments in held-to-maturity securities are classified in long-term investments, with the remainder being classified in short-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments.

5.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 August 1, 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 Company’s 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
August 1, 2026	(Level 1)		(Level 2)		(Level 3)		Total

Trading securities (including mutual funds)	$	34,697	$	—	$	—	$	34,697


	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
January 31, 2026	(Level 1)		(Level 2)		(Level 3)		Total

Trading securities (including mutual funds)	$	31,994	$	—	$	—	$	31,994

Securities included in Level 1 represent securities which have publicly traded quoted prices.

The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of August 1, 2026, the fair value of held-to-maturity securities was $23,413 compared to the carrying amount of $23,434. As of January 31, 2026, the fair value of held-to-maturity securities was $25,129 compared to the carrying amount of $25,097.

The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial for all periods presented.

6.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. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements.

Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

Operating lease cost	$	28,350	$	26,585	$	56,001	$	52,428
Variable lease cost (a)	5,732		4,117		10,003		10,133
Total lease cost	$	34,082	$	30,702	$	66,004	$	62,561

(a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases which are not material in any periods presented.

Supplemental cash flow information related to leases is as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (a)	$	28,434	$	26,741	$	56,444	$	53,006

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	40,389	$	45,555	$	95,937	$	117,450

(a) Operating cash flows from operating leases are included within the change in other assets and liabilities in the condensed consolidated statement of cash flows offset by non-cash right-of-use asset amortization and liability accretion.

The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of August 1, 2026, the weighted-average remaining lease term was 6.6 years and the weighted-average discount rate was 6.6%.

The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of August 1, 2026:


Fiscal Year	Operating Leases (a)
2026 (remaining)	$	58,435
2027	95,532
2028	75,591
2029	64,738
2030	55,691
Thereafter	173,980
Total lease payments	523,967
Less: Imputed interest	102,586
Total operating lease liability	$	421,381

(a) Operating lease payments exclude $6,116 of legally binding minimum lease payments for leases signed, but not yet commenced.

7.Supplemental Cash Flow Information

The Company had non-cash investing activities during the twenty-six week periods ended August 1, 2026 and August 2, 2025 of $1,534 and ($1,873), respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $2,581 and $4,115 as of August 1, 2026 and January 31, 2026, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid.

Additional cash flow information for the Company includes cash paid for income taxes during the twenty-six week periods ended August 1, 2026 and August 2, 2025 of $44,823 and $31,129, respectively.

8.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 August 1, 2026, 2,215,080 shares were available for grant under the Company’s various restricted stock plans, of which 1,969,080 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				Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

Stock-based compensation expense, before tax	$	3,702	$	3,780	$	9,079	$	7,962

Stock-based compensation expense, after tax	$	2,795	$	2,854	$	6,855	$	6,011

Non-vested shares of common stock granted during the twenty-six week periods ended August 1, 2026 and August 2, 2025 were granted pursuant to the Company's 2023 Employee Restricted Stock Plan and the Company's 2024 Director Restricted Stock Plan. Shares granted under the 2023 Employee Restricted Stock Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2023 Employee Restricted Stock Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2024 Director Restricted Stock Plan vest one-third on the date of the grant and then in equal portions on each of the first two anniversaries of the date of grant.

A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended August 1, 2026 is as follows:


	Shares	Weighted Average Grant Date Fair Value

Non-Vested - beginning of year	679,735	$	43.96
Granted	362,200	47.30
Forfeited	(2,830)	44.77
Vested	(142,367)	45.57
Non-Vested - end of quarter	896,738	$	45.05

As of August 1, 2026, there was $19,867 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 2.0 years. The total fair value of shares vested during the twenty-six week periods ended August 1, 2026 and August 2, 2025 was $7,203 and $3,026, respectively.

9.Recently Issued Accounting Pronouncements

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): Targeted Improvements to the Accounting for Internal-Use Software, which requires removal of all references to software development stages and amends the recognition and disclosure of software costs. The ASU is effective for fiscal years beginning after December 15, 2027, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This guidance may be applied on a prospective or a retrospective basis. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements, which provides clarification of current interim disclosure requirements. The ASU is effective for interim periods within fiscal years beginning after December 15, 2027. This guidance may be applied on a prospective or a retrospective basis. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

10.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				Twenty-Six Weeks Ended
Income Statement	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025

Net Sales	$	319,816	$	305,737	$	608,551	$	577,858
Merchandise COGS (a)	109,379		108,016		210,553		203,118
Other COGS (b)	57,416		52,712		111,501		102,755
Personnel Costs (c)	74,244		69,311		146,887		134,213
Other Operating Expenses	22,975		19,357		24,355		37,885
Income From Operations	55,802		56,341		115,255		99,887
Other Income, Net	3,019		3,270		5,662		6,337
Income Tax Expense	14,411		14,605		29,625		26,025
Net Income	$	44,410	$	45,006	$	91,292	$	80,199

(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 home office teammates.

As the Company operates as a single reportable segment, the additional disclosures required by ASC 280, Segment Reporting, are included in the consolidated financial statements and accompanying notes.

THE BUCKLE, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto of the Company included in this Form 10-Q. All references herein to the “Company,” “Buckle,” “we,” “us,” or similar terms refer to The Buckle, Inc. and its subsidiary. The following is management’s discussion and analysis of certain significant factors which have affected the Company’s financial condition and results of operations during the periods included in the accompanying condensed consolidated financial statements.

EXECUTIVE OVERVIEW

Company management considers the following items to be key performance indicators in evaluating Company performance.

Comparable Store Sales – Stores are deemed to be comparable stores if they were open in the prior year on the first day of the fiscal period being presented. Stores which have been remodeled, expanded, and/or relocated, but would otherwise be included as comparable stores, are not excluded from the comparable store sales calculation. Online sales are included in comparable store sales. Management considers comparable store sales to be an important indicator of current Company performance, helping leverage certain fixed costs when results are positive. Negative comparable store sales results could reduce net sales and have a negative impact on operating leverage, thus reducing net earnings.

Merchandise Margin – Management evaluates the components of merchandise margin including initial markup and the amount of markdowns during a period. Any inability to obtain acceptable levels of initial markups or any significant increase in the Company’s use of markdowns could have an adverse effect on the Company’s gross margin and results of operations. Merchandise margin is net sales less merchandise cost of goods sold (COGS), as further described in Footnote 10, "Segment Reporting".

Operating Margin – Operating margin is a good indicator for management of the Company’s success. Operating margin can be positively or negatively affected by comparable store sales, merchandise margins, occupancy costs, and the Company’s ability to control operating costs.

Cash Flow and Liquidity (working capital) – Management reviews current cash and short-term investments along with cash flow from operating, investing, and financing activities to determine the Company’s short-term cash needs for operations and expansion. The Company believes that existing cash, short-term investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years.

RESULTS OF OPERATIONS

The following table sets forth certain financial data expressed as a percentage of net sales and the percentage change in the dollar amount of such items compared to the prior period:


	Percentage of Net Sales						Percentage of Net Sales
	For Thirteen Weeks Ended				Percentage		For Twenty-Six Weeks Ended				Percentage
	August 1, 2026		August 2, 2025		Increase/(Decrease)		August 1, 2026		August 2, 2025		Increase/(Decrease)

Net sales	100.0	%	100.0	%	4.6	%	100.0	%	100.0	%	5.3	%
Cost of sales (including buying, distribution, and occupancy costs)	52.2	%	52.6	%	3.8	%	52.9	%	52.9	%	5.3	%
Gross profit	47.8	%	47.4	%	5.5	%	47.1	%	47.1	%	5.3	%
Selling expenses	25.4	%	24.2	%	9.9	%	22.4	%	24.4	%	(3.3)	%
General and administrative expenses	5.0	%	4.8	%	8.3	%	5.7	%	5.4	%	12.2	%
Income from operations	17.4	%	18.4	%	(1.0)	%	19.0	%	17.3	%	15.4	%
Other income, net	1.0	%	1.1	%	(7.7)	%	0.9	%	1.1	%	(10.6)	%
Income before income taxes	18.4	%	19.5	%	(1.3)	%	19.9	%	18.4	%	13.8	%
Income tax expense	4.5	%	4.8	%	(1.3)	%	4.9	%	4.5	%	13.8	%
Net income	13.9	%	14.7	%	(1.3)	%	15.0	%	13.9	%	13.8	%

Net sales increased from $305.7 million in the second quarter of fiscal 2025 to $319.8 million in the second quarter of fiscal 2026, a 4.6% increase. Comparable store net sales for the thirteen week quarter ended August 1, 2026 increased 2.1% from comparable store net sales for the prior year thirteen week period ended August 2, 2025. Total sales growth for the period was the result of a 1.0% increase in the number of transactions and a 4.3% increase in the average unit retail, partially offset by a 0.7% reduction in the average number of units sold per transaction. Online sales for the quarter increased 2.3% to $44.6 million for the thirteen week period ended August 1, 2026, compared to $43.6 million for the thirteen week period ended August 2, 2025.

Net sales increased from $577.9 million for the first two quarters of fiscal 2025 to $608.6 million for the first two quarters of fiscal 2026, a 5.3% increase. Comparable store net sales for the twenty-six week period ended August 1, 2026 increased 3.5% from comparable store net sales for the prior year twenty-six week period ended August 2, 2025. Total sales growth for the year-to-date period was the result of a 1.7% increase in the number of transactions and a 4.3% increase in the average unit retail, partially offset by a 0.8% reduction in the average number of units sold per transaction. Online sales for the year-to-date period increased 2.5% to $92.2 million for the twenty-six week period ended August 1, 2026 compared to $90.0 million for the twenty-six week period ended August 2, 2025.

The Company's average retail price per piece of merchandise sold increased $2.04, or 4.3%, during the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. This $2.04 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.8% increase in average denim price points ($0.66), a 4.8% increase in average knit shirt price points ($0.56), a 7.4% increase in average shorts price points ($0.33), a 5.2% increase in average accessories price points ($0.28), a 9.8% increase in average footwear price points ($0.22), and increased average price points across several other merchandise categories ($0.20); which were partially offset by a shift in the merchandise mix (-$0.21). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.

For the year-to-date period, the Company's average retail price per piece of merchandise sold increased $2.12, or 4.3%, compared to the same period in fiscal 2025. This $2.12 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 3.8% increase in average denim price points ($0.74), a 5.0% increase in average knit shirt price points ($0.55), a 5.1% increase in average accessories price points ($0.28), a 6.7% increase in average shorts price points ($0.27), a 9.5% increase in average footwear price points ($0.22), and increased average price points across several other merchandise categories ($0.24); which were partially offset by a shift in the merchandise mix (-$0.18). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.

Gross profit after buying, distribution, and occupancy expenses was $153.0 million in the second quarter of fiscal 2026, compared to $145.0 million in the second quarter of fiscal 2025. As a percentage of net sales, gross profit was 47.8% in the second quarter of fiscal 2026, compared to 47.4% in the second quarter of fiscal 2025. The current quarter gross margin increase was driven by an improvement in merchandise margins (1.10%, as a percentage of net sales), which benefited from tariff refunds received during the quarter (0.65%, as a percentage of net sales), partially offset by an increase in buying, distribution, and occupancy expenses (0.70%, as a percentage of net sales).

Year-to-date, gross profit was $286.5 million for the twenty-six week period ended August 1, 2026, compared to $272.0 million for the twenty-six week period ended August 2, 2025. As a percentage of net sales, gross profit was 47.1% for both the first two quarters of fiscal 2026 and the first two quarters fiscal 2025. For the year-to-date period, gross margin reflected an increase in merchandise margins (0.55%, as a percentage of net sales), which benefited from tariff refunds received during the second quarter (0.35%, as a percentage of net sales), offset by an increase in buying, distribution, and occupancy expenses (0.55%, as a percentage of net sales).

Selling, general, and administrative expenses were 30.4% of net sales for the second quarter of fiscal 2026, compared to 29.0% for the second quarter of fiscal 2025. The increase was due to increased investment in certain marketing activities (0.45%, as a percentage of net sales) as well as increased expense attributable to store labor-related expenses (0.35%, as a percentage of net sales), health insurance benefits costs (0.30%, as a percentage of net sales), store supplies (0.20%, as a percentage of net sales), and certain other selling, general, and administrative expense categories (0.45%, as a percentage of net sales); which were partially offset by a reduction in expense related to incentive and equity compensation accruals (0.35%, as a percentage of net sales).

For the 26-week year-to-date period, selling, general, and administrative expenses were 28.1% of net sales for fiscal 2026, compared to 29.8% for the same period in fiscal 2025. The decrease was due to a 315 basis point impact from the recognition of a $19.1 million interchange fee litigation settlement during the first quarter of 2026, as disclosed in our 2025 Form 10-K. The proceeds from this settlement were recorded as a reduction to selling expenses in the first quarter. Absent the impact of this settlement, selling, general, and administrative expenses were up 145 basis points for the year-to-date period driven by increases in store labor-related expenses (0.35%, as a percentage of net sales), marketing expenses (0.30%, as a percentage of net sales), expense related to incentive and equity compensation accruals (0.30%, as a percentage of net sales), store supplies (0.15%, as a percentage of net sales), and certain other selling, general, and administrative expense categories (0.35%, as a percentage of net sales).

As a result of the above changes, the Company's income from operations was $55.8 million, or 17.4% of net sales, for the second quarter of fiscal 2026, compared to income from operations of $56.3 million, or 18.4% of net sales, for the second quarter of fiscal 2025. Income tax expense as a percentage of pre-tax income was 24.5% for the second quarter of both fiscal 2026 and fiscal 2025, bringing the Company's net income to $44.4 million in the second quarter of fiscal 2026, compared to $45.0 million in the second quarter of fiscal 2025.

Year-to-date, income from operations was $115.3 million for the twenty-six week period ended August 1, 2026 compared to $99.9 million for the twenty-six week period ended August 2, 2025. Income from operations was 19.0% of net sales for the first two quarters of fiscal 2026 compared to 17.3% of net sales for the first two quarters of fiscal 2025. Income tax expense as a percentage of pre-tax income was 24.5% for both the first two quarters of fiscal 2026 and the first two quarters of fiscal 2025, bringing year-to-date net income to $91.3 million for fiscal 2026 compared to $80.2 million for fiscal 2025.

LIQUIDITY AND CAPITAL RESOURCES

As of August 1, 2026, the Company had working capital of $250.8 million, including $264.8 million of cash and cash equivalents and $22.4 million of short-term investments. The Company's cash receipts are generated from retail sales and from investment income, and the Company's primary ongoing cash requirements are for inventory, payroll, occupancy costs, dividend payments, new store expansion, remodeling, and other capital expenditures. Historically, the Company's primary source of working capital has been cash flow from operations. During the first two quarters of fiscal 2026 and fiscal 2025, the Company's cash flow from operations was $96.0 million and $89.4 million, respectively. Changes in operating cash flow between periods is primarily a function of changes in net income, along with changes in inventory and accounts payable based on the timing and amount of merchandise purchased in each respective period. Operating cash flow is also impacted by the timing of certain other payments, including rent, income taxes, and annual incentive bonuses.

The uses of cash for both twenty-six week periods primarily include payment of annual bonuses accrued at fiscal year end, inventory purchases, dividend payments, construction costs for new and remodeled stores, other capital expenditures, and purchases of investment securities.

During the first two quarters of fiscal 2026 and 2025, the Company invested $24.4 million and $20.2 million, respectively, in new store construction, store renovation, and store technology upgrades. The Company also spent $20.1 million and $3.2 million in the first two quarters of fiscal 2026 and 2025, respectively, in capital expenditures for the corporate headquarters and distribution facility. The fiscal 2026 corporate headquarters amount includes the purchase of a new corporate aircraft, which replaced the plane that was sold during fiscal 2025.

During the remainder of fiscal 2026, the Company anticipates opening 6 new stores and completing an additional 4 full store remodels. Management estimates that total capital expenditures during fiscal 2026 will be approximately $60.0 to $65.0 million, which includes primarily planned store projects and technology investments. The Company believes that existing cash and cash equivalents, investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years. The Company has a consistent record of generating positive cash flow from operations each year and, as of August 1, 2026, had total cash and investments of $322.9 million, including $35.7 million of long-term investments.

Future conditions, however, may reduce the availability of funds based upon factors such as a decrease in demand for the Company's product, change in product mix, competitive factors, and general economic conditions as well as other risks and uncertainties which would reduce the Company's sales, net profitability, and cash flows. Also, the Company's acceleration in store openings and/or remodels or the Company entering into a merger, acquisition, or other financial related transaction could reduce the amount of cash available for further capital expenditures and working capital requirements.

The Company has available an unsecured line of credit of $25.0 million 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 $10.0 million of the $25.0 million 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 during the first two quarters of fiscal 2026 or 2025. The Company had no bank borrowings as of August 1, 2026 and was in compliance with the terms and conditions of the line of credit agreement.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s Discussion and Analysis of Financial Condition and Results of Operations are based upon The Buckle, Inc.’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires that management make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the financial statement date, and the reported amounts of sales and expenses during the reporting period. The Company regularly evaluates its estimates, including those related to inventory, investments, incentive bonuses, and income taxes. Management bases its estimates on past experience and on various other factors that are thought to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes that the estimates and judgments used in preparing these consolidated financial statements were the most appropriate at that time. Presented below are those critical accounting policies that management believes require subjective and/or complex judgments that could potentially affect reported results of operations. The critical accounting policies and estimates utilized by the Company in the preparation of its condensed consolidated financial statements for the period ended August 1, 2026 have not changed materially from those utilized for the fiscal year ended January 31, 2026, included in The Buckle Inc.’s 2025 Annual Report on Form 10-K.

1.Revenue Recognition. Retail store sales are recorded, net of expected returns, upon the purchase of merchandise by customers. Online sales are recorded, net of expected returns, when merchandise is tendered for delivery to the common carrier. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. Revenue is not recorded when gift cards and gift certificates are sold, but rather when a card or certificate is redeemed for merchandise. A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased. The liability recorded for unredeemed gift cards and gift certificates was $13.5 million and $17.2 million as of August 1, 2026 and January 31, 2026, respectively. Gift card and gift certificate breakage is recognized as revenue in proportion to the redemption pattern of customers by applying an estimated breakage rate. The estimated breakage rate is based on historical issuance and redemption patterns and is re-assessed by the Company on a regular basis. Sales tax collected from customers is excluded from revenue and is included as part of accrued store operating expenses on the Company's condensed consolidated balance sheets.

The Company establishes a liability for estimated merchandise returns, based upon the historical average sales return percentage, that is recognized at the transaction value. The Company also recognizes a return asset and a corresponding adjustment to cost of sales for the Company's right to recover returned merchandise, which is measured at the estimated carrying value, less any expected recovery costs. Customer returns could potentially exceed the historical average, thus reducing future net sales results and potentially reducing future net earnings. The accrued liability for reserve for sales returns was $4.9 million as of August 1, 2026 and $2.6 million as of January 31, 2026.

The Company's Buckle Rewards program allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase. In addition, through partnership with Bread Financial and Comenity Bank (collectively the "Bank"), the Company offers a private label credit card ("PLCC") program. Buckle Rewards members with a PLCC earn additional points under the Buckle Rewards program for every qualifying purchase on their PLCC card. Reported revenue is net of both current period reward redemptions and accruals for estimated future rewards earned under the Buckle Rewards program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration. As of both August 1, 2026 and January 31, 2026, $10.3 million was included in accrued store operating expenses as a liability for estimated future rewards.

2.Inventory. Inventory is valued at the lower of cost or net realizable value. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. Management makes adjustments to inventory and cost of goods sold, based upon estimates, to account for merchandise obsolescence and markdowns that could affect net realizable value, based on assumptions using calculations applied to current inventory levels within each different markdown level. Management also reviews the levels of inventory in each markdown group and the overall aging of the inventory versus the estimated future demand for such product and the current market conditions. Such judgments could vary significantly from actual results, either favorably or unfavorably, due to fluctuations in future economic conditions, industry trends, consumer demand, and the competitive retail environment. Such changes in market conditions could negatively impact the sale of markdown inventory, causing further markdowns or inventory obsolescence, resulting in increased cost of goods sold from write-offs and reducing the Company’s net earnings. The adjustment to inventory for markdowns and/or obsolescence was $9.2 million as of August 1, 2026 and $8.6 million as of January 31, 2026.

3.Income Taxes. The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the Company determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. Estimating the value of these assets is based upon the Company’s judgment. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased. Adjustment would be made to increase net income in the period such determination was made.

4.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.

5.Investments. Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold. Held-to-maturity securities are reported at amortized cost. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method.

OFF-BALANCE SHEET ARRANGEMENTS, CONTRACTUAL OBLIGATIONS, AND COMMERCIAL COMMITMENTS

As referenced in the table below, the Company has contractual obligations and commercial commitments that may affect the financial condition of the Company. Based on management’s review of the terms and conditions of its contractual obligations and commercial commitments, there is no known trend, demand, commitment, event, or uncertainty that is reasonably likely to occur which would have a material effect on the Company’s financial condition, results of operations, or cash flows. In addition, the commercial obligations and commitments made by the Company are customary transactions which are similar to those of other comparable retail companies.

The following table identifies the material obligations and commitments as of August 1, 2026:


	Payments Due by Fiscal Year
Contractual obligations (dollar amounts in thousands):	Total		2026 (remaining)		2027-2028		2029-2030		Thereafter

Purchase obligations	$	18,091	$	10,800	$	7,013	$	278	$	—
Deferred compensation	34,697		—		—		—		34,697
Operating lease payments (a)	523,967		58,435		171,123		120,429		173,980
Total contractual obligations	$	576,755	$	69,235	$	178,136	$	120,707	$	208,677

(a) See Footnote 6 to the condensed consolidated financial statements.

The Company has available an unsecured line of credit of $25.0 million, which is excluded from the preceding table. The line of credit agreement has an expiration date of July 31, 2028 and provides that $10.0 million of the $25.0 million line is available for letters of credit. Certain merchandise purchase orders require that the Company open letters of credit. When the Company takes possession of the merchandise, it releases payment on the letters of credit. The amounts of outstanding letters of credit reported reflect the open letters of credit on merchandise ordered, but not yet received or funded. The Company believes it has sufficient credit available to open letters of credit for merchandise purchases. There were no bank borrowings during the first two quarters of fiscal 2026 or the first two quarters of fiscal 2025. The Company had outstanding letters of credit totaling $1.6 million and $1.7 million as of August 1, 2026 and January 31, 2026, respectively. The Company has no other off-balance sheet arrangements.

SEASONALITY

The Company's business is seasonal, with the holiday season (from approximately November 15 to December 30) and the back-to-school season (from approximately July 15 to September 1) historically contributing the greatest volume of net sales. For fiscal years 2025, 2024, and 2023, the holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales. Quarterly results may vary significantly depending on a variety of factors including the timing and amount of sales and costs associated with the opening of new stores, the timing and level of markdowns, the timing of store closings, the remodeling of existing stores, competitive factors, and general economic conditions.

FORWARD LOOKING STATEMENTS

Information in this report, other than historical information, may be considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). Such statements are made in good faith by the Company pursuant to the safe-harbor provisions of the 1995 Act. In connection with these safe-harbor provisions, this management’s discussion and analysis contains certain forward-looking statements, which reflect management’s current views and estimates of future economic conditions, Company performance, and financial results. The statements are based on many assumptions and factors that could cause future results to differ materially. Such factors include, but are not limited to, changes in product mix, changes in fashion trends, competitive factors, and general economic conditions, economic conditions in the retail apparel industry, as well as other risks and uncertainties inherent in the Company’s business and the retail industry in general. Any changes in these factors could result in significantly different results for the Company. The Company further cautions that the forward-looking information contained herein is not exhaustive or exclusive. The Company does not undertake to update any forward-looking statements, which may be made from time to time by or on behalf of the Company.

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk - The Company is exposed to market risk related to interest rate risk on the cash and investments in interest-bearing securities. These investments have carrying values that are subject to interest rate changes that could impact earnings to the extent that the Company did not hold the investments to maturity. If there are changes in interest rates, those changes would also affect the investment income the Company earns on its cash and investments. For each one-quarter percent decline in the interest/dividend rate earned on cash and investments, the Company’s net income would decrease approximately $0.5 million, or less than $0.01 per share. This amount could vary based upon the number of shares of the Company’s stock outstanding and the level of cash and investments held by the Company.

ITEM 4 – CONTROLS AND PROCEDURES

The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that material information, which is required to be timely disclosed, is accumulated and communicated to management in a timely manner. An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) was performed as of the end of the period covered by this report. This evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in the Company’s reports that it files or submits under the Exchange Act is accumulated and communicated to management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms.

Change in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

THE BUCKLE, INC.

PART II -- OTHER INFORMATION

Item 1. Legal Proceedings: None

Item 1A. Risk Factors:

There have been no material changes from the risk factors disclosed under “Item 1A - Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds:

The following table sets forth information concerning purchases made by the Company of its common stock for each of the months in the fiscal quarter ended August 1, 2026:


	Total Number of Shares Purchased	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans

May 3, 2026 to May 30, 2026	-	-	-	410,655
May 31, 2026 to July 4, 2026	-	-	-	410,655
July 5, 2026 to Aug 1, 2026	-	-	-	410,655
	-	-	-

The Board of Directors authorized a 1,000,000 share repurchase plan on November 20, 2008. The Company has 410,655 shares remaining to complete this authorization.

Item 3. Defaults Upon Senior Securities: None

Item 4. Mine Safety Disclosures: None

Item 5. Other Information:

During the fiscal quarter ended August 1, 2026, none of the Company's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as such terms are defined under Item 408 of Regulation S-K.

Item 6. Exhibits:


Exhibit 31.1			Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002)
Exhibit 31.2			Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002)
Exhibit 32.1			Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2			Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101			The following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2026, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail.
Exhibit 104			Cover page formatted as Inline XBRL and contained in Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			THE BUCKLE, INC.

Date:	September 10, 2026	By:	/s/ DENNIS H. NELSON
			DENNIS H. NELSON,
			President and CEO
			(principal executive officer)

Date:	September 10, 2026	By:	/s/ THOMAS B. HEACOCK
			THOMAS B. HEACOCK,
			Senior Vice President of Finance, Treasurer, and CFO
			(principal accounting officer)

EXHIBIT INDEX


Exhibit 31.1			Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002)
Exhibit 31.2			Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002)
Exhibit 32.1			Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2			Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101			The following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2026, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail.
Exhibit 104			Cover page formatted as Inline XBRL and contained in Exhibit 101