Birkenstock (BIRK) Q3 2026 earnings summary

Executive summary

• Q3 revenue grew 13% reported and 15% in constant currency to EUR 720 million, at the high end of guidance, with double-digit growth across all regions and channels.

• DTC revenue growth outpaced B2B for the first time in two years, up 14% reported and 16% in constant currency, with penetration rising to 39%.

• Adjusted net profit rose 15% to EUR 134 million, and adjusted EPS increased 19% to EUR 0.74, supported by share repurchases; net profit declined 15% to EUR 110 million due to non-recurring, non-cash expenses.

• Completed EUR 230 million accelerated share repurchase, reducing outstanding shares by 6 million, and issued EUR 900 million in new senior notes to refinance debt and add cash for future repurchases.

• Expanded retail footprint with new stores and accelerated digital growth, especially in EMEA and APAC.

Financial highlights

• Revenue: EUR 720 million for Q3 2026 (+13% YoY reported, +15% constant currency); adjusted EBITDA: EUR 242 million (+11% YoY), margin at 33.7%, down 70 bps due to FX and tariffs.

• Adjusted gross profit margin: 59.2%, down 130 bps year-over-year, mainly from FX and tariffs.

• Adjusted net profit: EUR 134 million (+15% YoY); adjusted EPS: EUR 0.74 (+19% YoY); net profit: EUR 110 million (-15% YoY); EPS: EUR 0.60 (-13% YoY).

• Operating cash flow: EUR 246–247 million for the quarter; cash and equivalents at quarter-end: EUR 694 million.

• Net leverage increased to 1.8x from 1.5x due to share repurchase.

Outlook and guidance

• FY26 revenue growth guidance raised to 15% in constant currency, at the high end of EUR 2,300–2,350 million.

• Adjusted EBITDA guidance increased to at least EUR 710 million; margin expected at 30.2–30.5%.

• Adjusted gross profit margin expected at 57.0–57.5%; tax rate guidance increased to 30–31% due to non-deductible, non-cash expenses.

• CapEx for the year projected at EUR 110–130 million; net leverage target 1.6x–1.7x by year-end.

• Management expects to finance operations and working capital needs for the next 12 months from operating cash flow.