Duluth Holdings reported Q2 2026 revenue of $131.716 million with a gross profit of $72.019 million, delivering a gross margin of 54.68%. Operating income was $3.252 million and EBITDA rose to $8.865 million, yielding an EBITDA margin of 6.73% and an operating margin of 2.47%. Net income reached $1.261 million, or $0.0366 per share, supported by a tax benefit of roughly $0.442 million. The quarter featured strong operating cash flow of $32.027 million and free cash flow of $29.787 million, underscoring robust cash generation even as leverage remains elevated. Balance sheet highlights include total assets of $433.8 million, total debt of $165.128 million, and total stockholders’ equity of $169.994 million, with cash and cash equivalents of $5.739 million at quarter-end. Net debt stands around $183.211 million, implying a substantial leverage footprint, and CFO-to-debt dynamics suggest meaningful near-term liquidity provided by operational results. Management commentary (where available) and year-over-year (YoY) and quarterly (QoQ) momentum show modest topline improvement in mix-driven margins and continued focus on cost discipline. Overall, the quarter reinforces a positive cash-flow trajectory and margin resilience, albeit with balance-sheet leverage that requires prudent capital allocation and debt-management considerations going forward.