PVH (PVH) Q4 2026 earnings summary

Executive summary

• Delivered strong Q4 and full year 2025 results, exceeding guidance on revenue, operating profit, and EPS, with positive momentum entering 2026.

• Fourth quarter revenue rose 6% year-over-year to $2.51B, full-year revenue up 3% to $8.95B, both exceeding or in line with guidance despite macroeconomic headwinds.

• Non-GAAP operating margin reached 10.0% in Q4 and 8.8% for the year, both above guidance, even after negative tariff impacts.

• Returned over $560 million to shareholders via share repurchases, representing 15% of shares outstanding.

• Focused on building Calvin Klein and Tommy Hilfiger, driving brand relevance, and executing the PVH+ Plan for operational efficiency and growth.

Financial highlights

• Q4 2025 revenue up 6% reported (flat in constant currency) to $2.51B; full year revenue up 3% reported (slightly up in constant currency) to $8.95B.

• Q4 non-GAAP EBIT: $250M (vs. $244M prior year); full-year non-GAAP EBIT: $791M (vs. $865M prior year).

• Q4 operating margin reached 10% (would be 11.7% excluding gross tariff impact); full year operating margin 8.8% (9.6% ex-tariffs).

• Q4 EPS up 17% year-over-year; full year EPS $11.40, down from $11.74 last year due to tariffs.

• Gross margin for Q4 at 57.6%, with sequential improvement across all regions.

Outlook and guidance

• 2026 revenue expected up slightly reported, flat to up slightly in constant currency.

• Operating margin projected at 8.8% for 2026, including a 215 bps gross tariff headwind.

• EPS guidance for 2026 in the range of $11.80–$12.10, including a $3.30/share negative tariff impact and $0.30/share positive FX impact.

• At least $300 million in share repurchases planned for 2026.

• Capital spending projected at $250 million, focused on store refreshes and digital investments.