ASOS Plc (ASC) has reported final results for the 52 weeks to 30 August 2026, delivering a statutory profit before tax of £24.4m against a loss of £281.6m in the prior year. The online fashion retailer achieved GMV growth in Q4 for the first time since FY22, while adjusted EBITDA rose 29% to £170.3m, reaching the upper end of the company's guidance range. Net debt was reduced by more than 40% to £109.3m, and the Board has issued guidance for FY27 targeting low-single-digit GMV growth and adjusted EBITDA of £180–200m.

Key Points

  • ASOS Plc (ASC) — UK-listed online fashion retailer operating globally across womenswear, menswear and beauty
  • GMV returned to year-on-year growth in Q4 FY26 for the first time since FY22, with full-year GMV down 5% but H2 improving to -1%
  • Adjusted gross margin expanded 340 basis points to 50.5%, surpassing ASOS's own medium-term target; net debt fell to £109.3m from £184.7m
  • Investors will be watching FY27 trading updates for confirmation that the cyber incident impact — estimated at c.2–4% of Group GMV since 6 October — remains temporary

ASOS Q4 GMV Growth Marks First Return to Expansion Since FY22

The headline milestone in ASOS's FY26 results is the return to GMV growth in Q4, the first such quarter since FY22. Full-year GMV declined 5% to £2,349.0m, but the trajectory improved every quarter, reaching -1% in H2 before turning positive in Q4. The customer database also returned to quarter-on-quarter growth in Q4 for the first time since Q2 FY22, supported by new customer acquisition improving from -5% in H1 to +4% in H2. UK active customers grew for four consecutive months, and Germany returned to active customer growth versus H1, with womenswear GMV up 8% in H2.

Adjusted Gross Margin Surpasses Medium-Term Target After 340 Basis Point Expansion

ASOS reported an adjusted gross margin of 50.5% for FY26, an improvement of 340 basis points year-on-year and ahead of its own medium-term target. The company attributed this to better buying and sourcing, disciplined inventory management, and the expansion of flexible fulfilment models, with Partner Fulfils and ASOS Fulfilment Services reaching 21% of Partner Brand GMV. Adjusted EBITDA rose to £170.3m from £131.6m, while the adjusted loss before tax narrowed to £46.4m from £98.2m. Statutory operating profit reached £93.5m, reversing a loss of £212.3m in FY25. Supply chain cost-to-serve reduced by 130 basis points year-on-year.

October Cyber Incident Causes Estimated c.2–4% GMV Disruption but Investigation Now Concluded

ASOS disclosed that a cyber incident on 6 October led to an unauthorised party accessing some basic customer data, though no payment information or account passwords were compromised. The company temporarily paused certain marketing and CRM activity, returning to planned activity within two days. The estimated short-term impact since 6 October has been c.2–4% of Group GMV, most notably in the UK. The company states that its website and app remained operational throughout and that additional security measures have since been implemented. ASOS has described the trading impact as temporary, noting that Group GMV growth has remained broadly flat and the customer base has continued to grow.

FY27 Guidance Targets £180–200m Adjusted EBITDA and First Full Year of Positive GMV Growth

For FY27, ASOS has guided for low-single-digit GMV growth, adjusted EBITDA of £180–200m, capital expenditure of approximately 4% of revenue, and positive free cash flow generation. The Board stated it will host a Capital Markets Event during FY27 to outline an updated medium-term financial framework and the company's longer-term 'The Stylist' AI-powered personalisation strategy. Free cash flow in FY26 was negative £16.4m, primarily reflecting working capital and financing payment timing. The disposal of two non-core assets generated £115.5m in proceeds, contributing to the reduction in net debt.