PVH Corp

Latest Results (14.05.2026):

PVH Corp — fourth quarter 2025: PVH reported a strong Q4 and finished 2025 roughly in line with guidance. Q4 revenue was $2.505 billion (up 6% reported, flat on a constant‑currency basis) and the company delivered better‑than‑expected non‑GAAP results despite tariff headwinds and one‑time items that weighed on GAAP results.

Revenue — Q4 2025 & FY 2025

Q4 revenue $2.505B (+6% reported, flat constant currency). Full‑year 2025 revenue $8.950B (+3% reported, ~flat constant currency).

Operating margin

Q4 operating margin: 9.9% GAAP and 10.0% non‑GAAP (includes ~170 bps gross tariff headwind). Full‑year operating margin: 2.6% GAAP and 8.8% non‑GAAP (includes ~80 bps gross tariff headwind).

EPS — Q4 2025 & FY 2025

Q4 non‑GAAP diluted EPS $3.82 (beat guidance of $3.20–$3.35). Q4 GAAP EPS $(3.46) (impacted by non‑GAAP exclusions and tax effects). FY non‑GAAP EPS $11.40; FY GAAP EPS $0.52 (Q1 2025 $480M noncash goodwill/intangible impairment materially affected GAAP results and tax rate).

Tariff and FX impacts

Tariffs materially compressed margins: Q4 ~170 bps gross impact (~$0.70 per share net negative in Q4); full year gross impact ~80 bps (~$1.10 per share). 2026 outlook assumes a 15% tariff and projects ~215 bps gross margin headwind and ~$3.30 per‑share gross impact (partially mitigated by actions). FX provided a modest benefit (e.g., +$0.33 per share in Q4; +$0.56 for FY 2025).

Profitability and EBIT

Q4 EBIT (GAAP) $249M and EBIT (non‑GAAP) $250M. FY EBIT (non‑GAAP) $791M versus $865M prior year; FY GAAP EBIT $231M (affected by restructuring/impairment items). Non‑GAAP operating discipline offset some gross margin pressure.

Gross margin, inventory and channel performance

Q4 gross margin 57.6% (vs. 58.2% prior year); FY gross margin 57.5% (vs. 59.4%). Inventory up 5% to $1.584B (≈4% increase due to tariffs). Wholesale grew faster than DTC in Q4 (wholesale +11% reported, DTC +1% reported; on constant currency DTC declined modestly).

Brand and regional trends

Tommy Hilfiger revenue +7% Q4 (1% constant currency); Calvin Klein +3% Q4 (‑1% constant currency). Regional Q4: EMEA +8% reported (‑3% cc), Americas +4% (driven by wholesale), APAC flat (‑2% cc, impacted by Lunar New Year timing).

Capital allocation

Completed over $560M of share repurchases in 2025 (largely via ASR). Targeting at least $300M of additional buybacks in 2026.

2026 outlook (company guidance)

Full‑year 2026 projected to have revenue slightly up vs. 2025 and non‑GAAP operating margin ~8.8% (flat vs. 2025 non‑GAAP), with non‑GAAP EPS guidance $11.80–$12.10 (includes estimated tariff and FX effects). Q1 2026: revenue slight increase, non‑GAAP EPS $1.65–$1.80 and non‑GAAP margin 6.0%–6.5%.

Key caveats

GAAP comparability is affected by 2025 non‑GAAP exclusions (notably the $480M intangible impairment and restructuring/Growth Driver 5 costs). Effective GAAP tax rates were unusually high in 2025 because impairment charges aren’t tax deductible; non‑GAAP tax rate (~22%) is the basis for the 2026 outlook.