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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
PVH (PVH) investor relations material
PVH Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Dec, 2025
Executive summary
Third quarter revenue rose 2% year-over-year to $2.294 billion, surpassing guidance, with non-GAAP EPS of $2.83 exceeding the $2.35–$2.50 guidance range.
Net income for the quarter was $4 million, down from $132 million in the prior year, mainly due to higher tax expense and earlier noncash impairment charges.
Growth was driven by strong performance in Calvin Klein underwear and fashion denim, and Tommy Hilfiger core lifestyle categories, with digital channels in the Americas and APAC outperforming.
Over 200 basis points in SG&A efficiencies were achieved over 18 months, and inventory levels remained healthy.
The Growth Driver 5 Actions initiative is expected to generate $200–$300 million in annual cost savings by 2026, with $80 million in restructuring costs incurred year-to-date.
Financial highlights
Revenue: $2.294 billion, up 2% year-over-year; constant currency revenue decreased less than 1%.
Gross margin: 56.3%, down from 58.4% last year, mainly due to tariffs, promotions, and channel mix.
SG&A as a percent of revenue improved by 40 basis points to 47.5% (non-GAAP), and 48.9% (GAAP), reflecting cost savings.
Non-GAAP EBIT was $202 million, operating margin 8.8%, and non-GAAP EPS $2.83, with a $0.37 negative impact from tariffs.
Inventory up 3% year-over-year, including a 2% increase from tariffs.
Outlook and guidance
Full-year revenue outlook narrowed to up low single digits; constant currency revenue expected flat to up slightly.
Non-GAAP operating margin reaffirmed at approximately 8.5%; non-GAAP EPS guidance narrowed to $10.85–$11.00, including $1.05/share negative tariff impact and $0.45/share positive FX impact.
Q4 revenue projected to increase slightly to up low single digits; non-GAAP EPS guidance $3.20–$3.35.
Gross margin for 2025 is projected to decrease by approximately 200–250 basis points, mainly from tariffs and channel mix.
Effective tax rate for 2025 will be significantly elevated due to non-deductible impairment charges; excluding these, the rate is expected to be about 22%.
What is the expected net tariff impact for Q4?
Which factors most impacted Q3 gross margin decline?
What drove Americas wholesale growth in Q3?
Calvin product capability: Spring '26 margin impact?
Tariff mitigation strategy beyond 2025
Europe: Accelerate transitional outerwear shift?
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Frequently asked questions
Calvin Klein, Tommy Hilfiger, and More
PVH Corp, formerly known as Phillips-Van Heusen Corporation, is an American global apparel company headquartered in New York City. The company owns and operates a portfolio of different clothing brands, including Calvin Klein and Tommy Hilfiger. The company's business model encompasses designing, manufacturing, and marketing apparel and related products, along with licensing agreements for various product lines. The company is headquartered in NYC, and its shares are listed on the NYSE.
An Eventful History
The origins of Phillips-Van Heusen trace back to the mid-19th century with Dramin Jones, a Prussian immigrant who established D. Jones & Sons, a shirt manufacturing firm, around 1865. Concurrently, in 1881, Moses Phillips and his wife Endel started hand-sewing shirts, selling them to coal miners in Pottsville, Pennsylvania, before expanding into a New York City-based shirt business. In 1907, following Dramin Jones's death in 1903, D. Jones & Sons merged with M. Phillips & Sons, forming Phillips-Jones. A key development occurred when Isaac Phillips collaborated with John Van Heusen, leading to their well-received Van Heusen shirt line. This partnership eventually resulted in Phillips-Jones acquiring Van Heusen and rebranding to Phillips-Van Heusen in 1957. The company adopted its current name, PVH, in 2011.
The Brands
The company's brand portfolio is a strategic mix of high-end designer labels and mainstream, accessible fashion, catering to a broad spectrum of consumers. Some of the most notable brands under the company’s ownership include the previously aforementioned Calvin Klein and Tommy Hilfiger, as well as Van Heusen, Warners, and True & Co. The company competes in a highly competitive environment together with companies such as Ralph Lauren and Hanesbrands.
Licensing Neckties
The licensing business plays a key role in its operations, particularly in the necktie segment. This aspect of the company involves partnerships with renowned fashion brands, under which PVH produces and markets neckties. These licensing agreements enable PVH to use its expertise in textile production and distribution while incorporating the distinctive design elements of its partner brands. Some notable partnerships include Michael Kors (now owned by Tapestry), Arrow, DKNY, and several others.
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