Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated in Patagonia's own published material (its first "Work in Progress Report", FY2025, released 2025-11-12, its press release, and its FY2025 Climate Risk Report) or quoted from that report by the cited outlet. SECONDARY = a press or analyst outlet summarizing the report. INFERENCE = conclusion drawn by this project. Patagonia is private; no profit, margin, wholesale-vs-direct split or growth rate for FY25 alone was found in the sources reviewed, so none is stated. No estimates are used.
Sell durable, repairable outdoor gear through its own stores, e-commerce and 5,700+ wholesale doors, then pay the profit it does not reinvest to nonprofit owners: FY25 revenue $1.47B (61% US), $180M of dividends to Holdfast Collective since Sept 2022, $14.7M to 1% for the Planet, and only about $13M from Worn Wear resale.
Full-year figure stated with explicit year: FY2025 (May 1, 2024 – Apr 30, 2025) total revenue $1.47B (FACT, Patagonia report/Climate Risk Report). Growth: only a two-year change is published in press — revenue fell a total of 6.3% from FY2023 to FY2025 (SECONDARY, Ventura County Star); the implied FY2023 figure is about $1.57B (INFERENCE). No FY25-vs-FY24 growth figure is stated on the canvas. No profit figure published in sources reviewed.
# Patagonia — research brief (BMC #076 on gallery, queue id 75)
Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated in Patagonia's own published material (its first "Work in Progress Report", FY2025, released 2025-11-12, its press release, and its FY2025 Climate Risk Report) or quoted from that report by the cited outlet. **SECONDARY** = a press or analyst outlet summarizing the report. **INFERENCE** = conclusion drawn by this project. Patagonia is private; **no profit, margin, wholesale-vs-direct split or growth rate for FY25 alone was found in the sources reviewed, so none is stated.** No estimates are used.
## Sources (accessed 2026-10-11)
- Patagonia press release, "Patagonia, a Work in Progress", 2025-11-12: https://www.patagoniaworks.com/press/2025/11/11/patagonia-a-work-in-progress (report link: https://pat.ag/PatagoniaWorkInProgressReport; the PDF host blocked automated download, so report figures are taken from the outlets below that quote it)
- Patagonia FY2025 Climate Risk Report (patagonia.com): https://staging-us2.patagonia.com/on/demandware.static/-/Library-Sites-PatagoniaShared/default/dw9a3a5c3f/slots/RMA/PAT_FY25_ClimateRiskReport-122225-v2.pdf
- Ventura County Star / USA Today, 2025-11-15: https://www.usatoday.com/story/news/local/2025/11/15/patagonia-report-details-efforts-to-save-planet/87233097007/
- SGB Executive, 2025-11-14: https://sgbonline.com/exec-patagonia-publishes-fiscal-2025-sales-figures-spot-checks-business-against-key-goals/
- SGI Europe / SGI News, 2025-11-13: https://www.sginews.com/Content/patagonia-sales-hit-1-47-billion-last-year.aspx
- Source Fashion, 2025-11-19: https://www.source-fashion.com/latest-articles/need-know-patagonias-wip-report
- Sustainable Agency write-up of the report: https://thesustainableagency.com/blog/is-patagonia-greenwashing/
- Here & There newsletter: https://www.hereandthere.club/p/patagonia-is-a-work-in-progress
- Logo: project monogram ("P" on a blue tile), **not** Patagonia's official mark.
## Teaching arc
**Sell durable, repairable outdoor gear through its own stores, e-commerce and 5,700+ wholesale doors, then pay the profit it does not reinvest to nonprofit owners: FY25 revenue $1.47B (61% US), $180M of dividends to Holdfast Collective since Sept 2022, $14.7M to 1% for the Planet, and only about $13M from Worn Wear resale.**
## Revenue standard note
Full-year figure stated with explicit year: **FY2025 (May 1, 2024 – Apr 30, 2025) total revenue $1.47B** (FACT, Patagonia report/Climate Risk Report). Growth: only a two-year change is published in press — revenue fell a total of 6.3% from FY2023 to FY2025 (SECONDARY, Ventura County Star); the implied FY2023 figure is about $1.57B (INFERENCE). No FY25-vs-FY24 growth figure is stated on the canvas. No profit figure published in sources reviewed.
## Key facts
- FACT: Founded 1973 by Yvon Chouinard; HQ Ventura, CA; CEO Ryan Gellert; certified B Corp; purpose "Save our home planet" (Patagonia press release; Climate Risk Report).
- FACT: FY25 revenue $1.47B; 61% US / 39% international (Climate Risk Report; SGB; SGI).
- FACT: Ownership since Sept 2022: Patagonia Purpose Trust holds the 2% voting stock; Holdfast Collective (nonprofit) holds 98% (non-voting). Profit not reinvested is paid out as dividends. $180M paid to Holdfast Sept 2022 – Apr 2025 (Ventura County Star, quoting report). Holdfast has made 2,000+ grants in 22 countries worth $115M and bought $17.3M of land (SECONDARY).
- FACT: Pays 1% of revenue to environmental causes — $14.7M in FY25 (Ventura County Star; Sustainable Agency).
- SECONDARY (SGB/SGI quoting report): sells in 45 countries (25 with owned or partner presence); 160+ stores incl. 106 owned (40 North America, 23 Japan, 14 Chile/Argentina, 13 Europe, 10 Australia/NZ, 6 South Korea); 5,700+ wholesale partner locations; 2,100 store events in FY25; e-commerce will not use flash sales; 3-pillar growth strategy (better products, omnichannel, selective wholesale).
- SECONDARY: 3,716 direct employees (2,167 in US/Canada). Owned DC in Reno, NV; partner-operated DCs in Hanover Township, PA and overseas (Climate Risk Report: partner-operated DCs in Canada, Europe, Japan, South Korea, Australia, NZ, Chile, Argentina).
- SECONDARY: Products are made by independent factories employing ~90,000 people (about 50,000 in Vietnam, 15,000 in Sri Lanka); average factory work week 54 hours; 39% of factories paid a local living wage by 2024, another 29% paid 80%+ (Ventura County Star). Over 95% of products made in Fair Trade Certified factories; ~$37M in premiums to 85,000+ workers (sustainablereports.org summary).
- SECONDARY: FY25 Worn Wear revenue $13M (~1% of total); 174,799 products repaired; 212,000+ products kept in circulation; Reno repair facility is the largest apparel repair facility in the US (Source Fashion; Here & There). United Repair Centre in Europe repaired ~14,000 Patagonia items.
- SECONDARY: 84% of fabric and trims by weight are "preferred materials"; 93% of polyester and 89% of nylon recycled; 85–90% of products have no end-of-life solution; <1% of products ever made returned for recycling (Source Fashion).
- FACT: FY25 market-based emissions 182,646 t CO2e; Scope 3 ≈99%, ~86% of Scope 3 from textile manufacturing; net-zero target 2040 (Climate Risk Report / report overview).
- Not in sources reviewed: profit, margin, wholesale-vs-DTC revenue split, e-commerce share, FY25 growth vs FY24.
- INFERENCE: Because ~99% of emissions and most labor impact sit in independent factories, the business depends on supplier relationships and customer willingness to pay for durability; Worn Wear is a brand and repair-habit asset more than a revenue line.