On this page of StockholderLetter.com we present the latest annual shareholder letter from Leslie's, Inc. — ticker symbol LESL. Reading current and past LESL letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2025 WE KNOW POOLS
Mission Statement We enable joy and elevate everyday moments through clean, safe, and beautiful pools. VALUES BE CUSTOMER FOCUSED We create great experiences and lasting relationships with those we serve. We understand our customers needs, consider the impact on them in our decisions, and strive to make every experience easy, connected, and joyful. SHARE EXPERTISE We are the leading experts in our field, no matter our role. We take pride in what we know, share it willingly, and help others understand. As partners in pool care, we act as trusted guides. INVEST IN INNOVATION We see every moment as an opportunity to do better than the last time. We constantly look to take leaps forward by investing in big ideas and new technologies in every aspect of the business. OWN THE OUTCOME We value outcomes over activity, and hold ourselves and each other to the highest standards for how we perform every day. We proactively take ownership of how we spend time, dollars, and energy. WELCOME EVERYONE As champions of diversity, equity, and inclusion, we create an environment where everyone can proudly work together, do their best, and have fun along the way. MEASURE OUR IMPACT We work to align across all stakeholders customers, shareholders, partners, employees, and environment and strive to make a positive difference for people, planet, and the business in every decision.
Our Mission We are commited to providing consumers with the expertise, service, and innovative products necessary to enjoy clean, safe, and beautiful pools and spas.
Our Values Be Customer Focused Own the Outcome We create great experiences and lasting relationships with those we serve. We understand our customers needs, consider the impact on them in our decisions, and strive to make every experience easy, connected, and joyful. We value outcomes over activity, and hold ourselves and each other to the highest standards for how we perform every day. We proactively take ownership of how we spend time, dollars, and energy. Share Expertise Welcome Everyone We are the leading experts in our field, no matter our role. We take pride in what we know, share it willingly, and help others understand. As partners in pool care, we act as trusted guides. As champions of diversity, equity, and inclusion, we create an environment where everyone can proudly work together, do their best, and have fun along the way. Invest in Innovation Measure the Impact We see every moment as an opportunity to do better than the last time. We constantly look to take leaps forward by investing in big ideas and new technologies in every aspect of the business. We work to align across all stakeholders customers, shareholders, partners, employees, and environment and strive to make a positive difference for people, planet, and the business in every decision.
LETTER FROM JASON MCDONELL CHIEF EXECUTIVE OFFICER LESLIE S, INC. Dear Fellow Shareholders, Welcome to the Leslie s, Inc. 2025 Annual Report. On behalf of the entire Leslie s team, thank you for your continued support and trust. Leslie s has long stood for expertise, tailored advice, and unparalleled selection in pool and spa care, and fiscal year 2025 was another year in which we leaned into those strengths while navigating a dynamic operating environment. Despite macroeconomic pressures and shifting consumer behavior, our focus remained on serving our customers with the high-quality products, individualized advice, and customer service they expect from the nationwide leader in pool and spa care. Our teams across the organization demonstrated resilience and discipline, prioritizing execution, operational efficiency, and long-term value creation. A central pillar of our strategy continues to be deepening customer relationships. Through our nationwide store footprint, digital platforms, and loyalty program, we are uniquely positioned to serve pool and spa owners across every stage of ownership. This past year, we made meaningful progress in enhancing customer experience, launching a new Pool Perks rewards program with membership tiers, improved our Never-Outs rate above our expectations, and continued investing in new technology to refine our merchandising and supply chain capabilities, improving assortment, availability and convenience for the Leslie s customer. We also remained focused on prudent cost management and balance sheet discipline. While we are not satisfied with every aspect of our performance, we believe the actions we took during the year better position Leslie s to perform through growth, static, and challenging economic cycles, while preserving our ability to capitalize on new areas of transformation and expansion. Looking ahead, we are confident in the fundamentals of our business and the durability of our model. Leslie s benefits from a large, recurring customer base, non-discretionary demand characteristics, and a team with deep industry expertise. Our priorities remain clear: put the customer at the center of everything we do, continue our focus on convenience through transformation, improve our asset utilization, and balance it with our continued focus on cost optimization. As a result, we aim to deliver consistent execution, strengthening margins over time, thoughtfully investing in growth initiatives, and generating sustainable shareholder value. Of course, none of this would be possible without our dedicated team members, whose commitment to our customers and communities they call home sets Leslie s apart. I especially want to thank our shareholders for your continued engagement and confidence as we execute our strategy. We enter the coming year with focus, optimism, and a clear plan. We appreciate your support and look forward to updating you on our progress. Sincerely, Jason McDonell Chief Executive Officer Leslie s, Inc.
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LESL Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2025
WE KNOW POOLS

Mission Statement
We enable joy and elevate everyday moments through clean, safe, and beautiful pools.
VALUES
BE CUSTOMER
FOCUSED
We create great experiences and lasting relationships with those we serve.
We understand our customers    needs, consider the impact on them in our
decisions, and strive to make every experience easy, connected, and joyful.
SHARE
EXPERTISE
We are the leading experts in our field, no matter our role. We take pride in
what we know, share it willingly, and help others understand. As partners in
pool care, we act as trusted guides.
INVEST IN
INNOVATION
We see every moment as an opportunity to do better than the last time.
We constantly look to take leaps forward by investing in big ideas and new
technologies in every aspect of the business.
OWN THE
OUTCOME
We value outcomes over activity, and hold ourselves and each other to
the highest standards for how we perform every day. We proactively take
ownership of how we spend time, dollars, and energy.
WELCOME
EVERYONE
As champions of diversity, equity, and inclusion, we create an environment
where everyone can proudly work together, do their best, and have fun
along the way.
MEASURE OUR
IMPACT
We work to align across all stakeholders   customers, shareholders,
partners, employees, and environment   and strive to make a positive
difference for people, planet, and the business in every decision.

Our Mission
We are commited to providing consumers with
the expertise, service, and innovative products
necessary to enjoy clean, safe, and beautiful
pools and spas.

Our Values
Be Customer Focused
Own the Outcome
We create great experiences and lasting
relationships with those we serve. We
understand our customers    needs,
consider the impact on them in our
decisions, and strive to make every
experience easy, connected, and joyful.
We value outcomes over activity, and hold
ourselves and each other to the highest
standards for how we perform every day.
We proactively take ownership of how we
spend time, dollars, and energy.
Share Expertise
Welcome Everyone
We are the leading experts in our field, no
matter our role. We take pride in what we
know, share it willingly, and help others
understand. As partners in pool care, we
act as trusted guides.
As champions of diversity, equity, and
inclusion, we create an environment
where everyone can proudly work
together, do their best, and have fun
along the way.
Invest in Innovation
Measure the Impact
We see every moment as an opportunity to
do better than the last time. We constantly
look to take leaps forward by investing in
big ideas and new technologies in every
aspect of the business.
We work to align across all stakeholders   
customers, shareholders, partners,
employees, and environment   and strive
to make a positive difference for people,
planet, and the business in every decision.

LETTER FROM
JASON MCDONELL
CHIEF EXECUTIVE OFFICER
LESLIE   S, INC.
Dear Fellow Shareholders,
Welcome to the Leslie   s, Inc. 2025 Annual Report. On behalf of
the entire Leslie   s team, thank you for your continued support
and trust. Leslie   s has long stood for expertise, tailored advice, and
unparalleled selection in pool and spa care, and fiscal year 2025
was another year in which we leaned into those strengths while
navigating a dynamic operating environment.
Despite macroeconomic pressures and shifting consumer behavior,
our focus remained on serving our customers with the high-quality
products, individualized advice, and customer service they expect
from the nationwide leader in pool and spa care. Our teams across
the organization demonstrated resilience and discipline, prioritizing
execution, operational efficiency, and long-term value creation.
A central pillar of our strategy continues to be deepening customer
relationships. Through our nationwide store footprint, digital
platforms, and loyalty program, we are uniquely positioned to serve
pool and spa owners across every stage of ownership. This past year,
we made meaningful progress in enhancing customer experience,
launching a new Pool Perks   rewards program with membership
tiers, improved our    Never-Outs    rate above our expectations, and
continued investing in new technology to refine our merchandising
and supply chain capabilities, improving assortment, availability and
convenience for the Leslie   s customer.
We also remained focused on prudent cost management and
balance sheet discipline. While we are not satisfied with every
aspect of our performance, we believe the actions we took during
the year better position Leslie   s to perform through growth, static,
and challenging economic cycles, while preserving our ability to
capitalize on new areas of transformation and expansion.
Looking ahead, we are confident in the fundamentals of our
business and the durability of our model. Leslie   s benefits from
a large, recurring customer base, non-discretionary demand
characteristics, and a team with deep industry expertise. Our
priorities remain clear: put the customer at the center of
everything we do, continue our focus on convenience through
transformation, improve our asset utilization, and balance it
with our continued focus on cost optimization. As a result, we
aim to deliver consistent execution, strengthening margins over
time, thoughtfully investing in growth initiatives, and generating
sustainable shareholder value.
Of course, none of this would be possible without our dedicated
team members, whose commitment to our customers and
communities they call home sets Leslie   s apart. I especially want
to thank our shareholders for your continued engagement and
confidence as we execute our strategy.
We enter the coming year with focus, optimism, and a clear plan.
We appreciate your support and look forward to updating you
on our progress.
Sincerely,
Jason McDonell
Chief Executive Officer
Leslie   s, Inc.



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