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Levi Strauss & Co (LEVI) investor relations material
Levi Strauss & Co Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues increased 7% year-over-year for the quarter, driven by growth across all regions and both DTC and wholesale channels.
Diluted EPS from continuing operations was $0.31, and adjusted diluted EPS was $0.34, both above guidance.
The Dockers® U.S. and Canada business was sold for $194.7 million, with the remainder expected to close in early 2026; Dockers® is now reported as discontinued operations.
Strategic focus on DTC-first, head-to-toe denim positioning and international expansion is yielding robust growth, especially in women's, tops, and e-commerce.
Project Fuel, a multi-year productivity initiative, continued to drive restructuring and related charges, with the first phase completed and further charges expected.
Financial highlights
Gross margin reached a record 61.7% for the quarter, up 110 basis points year-over-year, with gross profit up 8.9%.
Adjusted EBIT margin was 11.8% for the quarter, and adjusted EBIT was $182 million, up 2.5% year-over-year.
Net income from continuing operations was $122 million for the quarter, up sharply from the prior year.
DTC sales up 9% organic and 11% reported globally; e-commerce up 16% organic and 18% reported; wholesale net revenues up 5% organic and 3% reported.
Inventory dollars up 12% year-over-year, with 70% of holiday product already in the U.S.
Outlook and guidance
Full-year reported net revenue growth guidance raised to ~3%, organic growth to ~6%, and gross margin expansion to 100 basis points.
Adjusted diluted EPS guidance raised to $1.27–$1.32.
Q4 organic net revenue growth expected at ~1% (9% on a two-year stack); reported net revenues to be down ~3% due to non-comparable items.
Q4 gross margin expected to contract ~100 basis points, mainly from tariffs and the absence of a 53rd week.
Guidance assumes no significant worsening of macroeconomic or tariff conditions.
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Frequently asked questions
The King of Jeans
As the world's largest maker of pants, especially known for their iconic blue denim jeans, Levi Strauss has over 500 stores worldwide and products in more than 100 countries. Not only do customers like what Levi’s offers, but insiders own around 55 percent of the more than 7 billion dollar company.
Originating from the Bavarian immigrant Levi Strauss
The company originates from the Bavarian immigrant Levi Strauss, who arrived in San Francisco in 1850 during the Gold Rush. Strauss overheard the miners’ need for durable work pants, so he hired a tailor to make garments out of tent canvas. Denim soon substituted the tent canvas, adding copper riveting to the seams - the first Levi’s denim jeans were made.
Besides their flagship jeans, Levi’s, the company offers tailored slacks, jackets, hats, shirts, skirts, and belts.
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