PVH Corp. (PVH) Earnings
PVH Corp. is expected to report next earnings on September 3, 2026 (in NaN days), with a consensus EPS estimate of $3.08. PVH has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +14.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 3, 2026 | $3.08 | $3.70 | +20.1% | $2.1B | +0.2% |
| Jun 4, 2026 | $1.81 | $2.01 | +11.3% | $2.0B | +1.4% |
| Mar 31, 2026 | $3.30 | $3.82 | +15.8% | $2.5B | +2.9% |
| Dec 3, 2025 | $2.54 | $2.83 | +11.4% | $2.3B | +0.6% |
| Aug 26, 2025 | $1.97 | $2.52 | +27.9% | $2.2B | -4.9% |
| Jun 4, 2025 | $2.26 | $2.30 | +1.8% | $2.0B | +2.5% |
| Mar 31, 2025 | $3.19 | $3.27 | +2.5% | $2.4B | +24.3% |
| Dec 4, 2024 | $2.58 | $3.03 | +17.4% | $2.3B | +1.4% |
| Jun 4, 2024 | $2.16 | $2.45 | +13.4% | $2.0B | +0.9% |
| Nov 29, 2023 | $2.74 | $2.90 | +5.8% | $2.4B | -1.9% |
| Aug 29, 2023 | $1.75 | $1.98 | +13.1% | $2.2B | -8.6% |
| May 31, 2023 | $1.94 | $2.14 | +10.3% | $2.2B | +1.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · September 3, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
* **New CFO Appointment:** Stefan Larsson welcomed Alexey Rollier as the incoming Chief Financial Officer, highlighting his experience at Sephora in driving disciplined growth and profit expansion. * **PVH Plus Plan Execution:** The company continues to execute its multi-year 'PVH Plus' plan, focusing on consumer connection, product strength, and marketplace upgrades. Key metrics include inventory down 3% YoY and improved stock freshness. * **Marketing & Brand Activations:** Significant investment in high-profile talent collaborations is yielding strong ROI. Calvin Klein’s collaboration with John Cook generated $5 billion in social reach and 90% global sell-through. New campaigns featuring Sadie Sink (Calvin) and Travis Kelce (Tommy) have driven triple-digit e-commerce traffic increases and high social engagement rates among target demographics (Gen Z/Millennials). * **Product Strategy:** Focus remains on core 'hero' categories where PVH has a right to win. Calvin Klein saw double-digit growth in denim and underwear AURs. Tommy Hilfiger drove growth through sweaters, linen, and transitional outerwear. The strategy combines iconic brand heritage with fresh, fashionable relevance. * **Cost Discipline:** PVH has embedded systematic cost management beyond one-time actions. Globalization of indirect procurement and enterprise-wide spend optimization have confirmed annualized run-rate savings of approximately $45 million, with full realization expected in 2027. * **Channel Dynamics:** Direct-to-Consumer (DTC) e-commerce grew 4% globally. While wholesale faced pressure in Europe, PVH is strengthening relationships with key accounts through granular planning and increased in-season replenishment capabilities.
Guidance
* **Full-Year 2026 Reaffirmation:** Management reaffirmed previous guidance for full-year reported revenue to be approximately flat (slight decline in constant currency), operating margin of approximately 8.8%, and EPS in the range of $11.80 to $12.10. * **Third Quarter 2026 Outlook:** * Revenue is projected to decline low single digits in both reported and constant currency. * Gross margin is expected to increase approximately 100 basis points YoY, driven by lower product costs, favorable FX, higher Average Unit Retail (AUR), and channel mix. * SG&A as a percent of revenue is expected to increase over 200 basis points YoY due to strategic marketing investments (approx. 100 bps increase) and deleverage on lower revenue. * EPS is expected to be between $2.50 and $2.65. * **Regional Outlook:** Growth is expected in the Americas (mid-single digits) and APAC (flat), offset by continued pressure in EMEA (mid-single digit decline). * **Capital Allocation:** Capital spending is expected at approximately $250 million (3% of sales), with share repurchases of at least $300 million. * **Tariffs:** While new tariff rates are fluid, management is actively managing mitigation efforts. The current full-year guidance includes the benefit of Q2 tariff refunds; Q4 margins may face compression due to channel mix, potential promotional activity, and tariff uncertainty.
Segment performance
PVH reported total revenue of approximately $3.1 billion, a decrease of 3% in both reported and constant currency terms. The performance was driven by the following segments: * **Calvin Klein:** Revenue decreased 7% year-over-year (YoY). Excluding the impact of wholesale shipment timing shifts in the Americas, revenue declined approximately 3%. Performance was supported by double-digit growth in global denim sales and low single-digit growth in underwear. * **Tommy Hilfiger:** Revenue was flat YoY. This included an approximate 3 percentage point increase from the wholesale sell-in of previously licensed women’s categories in the Americas. Excluding this transition impact, revenue declined approximately 3%, driven by double-digit growth in sweaters and mid-single-digit growth in shirts and polos. * **Licensing:** Revenue decreased 13% YoY, primarily due to the transition of North America women's wholesale licenses. Excluding this transition, the ongoing licensing portfolio grew low single digits. * **Regional Breakdown:** * **Americas:** Revenue decreased 1% YoY, with DTC remaining resilient and e-commerce growing high single digits. * **EMEA:** Revenue decreased 6% YoY, impacted by macro pressures and the Middle East conflict. Wholesale declined high single digits, while DTC improved sequentially. * **APAC:** Revenue remained relatively flat, driven by strong DTC growth in China which offset broader macro headwinds. Gross margin was 63%, up 530 basis points YoY, largely due to $107 million in tariff refunds. Excluding these refunds, gross margin improved approximately 20 basis points.
Risks & headwinds
* **Geopolitical Instability:** The conflict in the Middle East continues to negatively impact consumer demand and wholesale caution in the EMEA region, leading to a mid-single-digit decline in Spring 27 order books. * **Macroeconomic Headwinds:** Tough consumer environments in Europe and macro pressures in other regions are weighing on wholesale channels and overall retail spending. * **Tariff Volatility:** Uncertainty surrounding new tariff rates poses a risk to future gross margins, requiring active mitigation strategies and potentially impacting Q4 profitability. * **Wholesale Channel Caution:** European wholesalers remain cautious due to difficult spring seasons, necessitating closer partnership and reliance on in-season replenishment rather than forward orders.
Analyst Q&A
Q: Analyst asked about marketing ROI and specific campaign impacts. /
A: CEO highlighted that recent talent-led campaigns (Sadie Sink, Travis Kelce) are driving exceptional ROI by targeting non-followers in key demographics (Status Shoppers). For example, the Sadie Sink campaign achieved a 14% social engagement rate with 96% of views from non-followers aged 18-34. This targeted approach is directly translating into commercial results, such as double-digit revenue growth in Calvin’s denim and Tommy’s sweaters, proving the effectiveness of connecting brand relevance with core product franchises.
Q: Analyst inquired about underlying demand trends in Europe and how PVH plans to drive growth despite wholesale caution. /
A: CEO explained that while forward-looking wholesale orders are down due to market caution, PVH is shifting strategy toward deeper integration with key accounts. They are focusing on granular planning for key growth categories (denim, underwear, outerwear) and increasing in-season replenishment capabilities, which now account for over 50% of wholesale sales. Additionally, DTC remains strong in Europe, with e-commerce growth continuing despite geopolitical disruptions, allowing PVH to capture share where consumer love for the brands remains high.
Q: Analyst asked about the progress of the North America women's license transition and the future growth strategy for licensing. /
A: CEO stated the transition is on track to be substantially complete by end of 2026. Moving forward, the strategy involves maintaining control over core brand expression while leveraging strategic partners for expertise in non-core categories. This hybrid model aims to drive overall licensing growth starting in 2027, combining PVH’s strength in building consumer flywheels in core categories with partners’ specialized knowledge elsewhere.
Q: Analyst questioned the priorities for the new CFO and pricing elasticity in the US amid macro pressures. /
A: CEO emphasized that the new CFO brings critical experience in balancing consumer-facing improvements with financial efficiency, similar to his tenure at Sephora. Regarding pricing, he noted that PVH is seeing positive pricing power (higher AURs) in key categories like denim and underwear because they deliver great value through relevant products and iconic status. This allows them to maintain elasticity even in a dynamic macro environment, as consumers respond positively to the combination of brand relevance and fit.
Q: Analyst sought clarity on Q4 gross margin expectations and medium-term margin trends for 2027. /
A: CFO indicated that Q4 gross margin is expected to be lower than Q3 due to channel mix effects from delayed wholesale shipments, potential promotional support for the holiday season, and tariff volatility. However, she reaffirmed the full-year operating margin guidance. Looking ahead, CEO stated that significant cost efficiencies are being leaned into as a driver for EBIT margin expansion, expecting tangible effects in 2027, though specific 2027 guidance will be provided later.