Tapestry, Inc. (TPR) Earnings
Tapestry, Inc. is expected to report next earnings on August 13, 2026 (in NaN days), with a consensus EPS estimate of $1.22. TPR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +15.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.30 | $1.66 | +27.7% | $1.9B | +7.5% |
| Feb 5, 2026 | $2.20 | $2.69 | +22.3% | $2.5B | +41.8% |
| Nov 6, 2025 | $1.26 | $1.38 | +9.5% | $1.7B | +4.0% |
| Aug 14, 2025 | $1.02 | $1.04 | +2.0% | $1.7B | +2.5% |
| May 8, 2025 | $0.88 | $1.03 | +17.2% | $1.6B | +3.8% |
| Feb 6, 2025 | $1.70 | $2.00 | +17.6% | $2.2B | +43.3% |
| Nov 7, 2024 | $0.95 | $1.02 | +7.4% | $1.5B | +2.4% |
| Aug 15, 2024 | $0.88 | $0.92 | +4.5% | $1.6B | +0.8% |
| May 9, 2024 | $0.68 | $0.81 | +18.6% | $1.5B | -1.1% |
| Feb 8, 2024 | $1.46 | $1.63 | +11.6% | $2.1B | +1.5% |
| Nov 9, 2023 | $0.90 | $0.93 | +3.3% | $1.5B | -1.6% |
| Aug 17, 2023 | $0.97 | $0.95 | -2.1% | $1.6B | -2.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Tapestry's Q3 reflects benefits of Amplify strategy with pro forma revenue growing 23% at constant currency, operating margin expanding 490 basis points, earnings per share increasing 62% vs prior year. • Built emotional connections with consumers, acquired over 2.4 million new customers globally in Q3, Gen Z acquisition accelerated. • Delivered fashion innovation and product excellence, led by Coach's core leather goods growth. • Powered global growth through compelling experiences, DTC-led model driving double-digit gains in North America, Greater China, and Europe. • Coach's marketing spend increased ~50% vs prior year, spring campaign and collaboration with Klot in China drove results. • Kate Spade's actions to strengthen brand for long-term growth, Spark Something Beautiful campaign, focused handbag assortment, enhanced omnichannel experiences.
Guidance
• Raised full-year guidance for fiscal 26: Expect revenue in area of $7.95 billion, pro forma growth of 16% at constant currency. • North America expected to increase mid-teens, Europe ~20% growth, Greater China over 30% growth, Japan high single-digit decline, other Asia low double-digit gains. • Coach expected over 20% growth, Kate Spade low double-digit decline. • Operating margin expected ~23%, up ~300 basis points vs last year. • Gross margin expected to increase ~110 basis points. • SG&A expected to have 190 basis points favorable leverage. • EPS expected in area of $6.95, growth over 35% vs last year. • Adjusted free cash flow expected to approach $1.6 billion. • Q4 pro forma revenue growth of low double digits, Coach low teens growth, Kate Spade high single-digit decline, Q4 EPS forecasted ~$1.20
Segment performance
For Coach: Constant currency revenue growth of 29% in Q3, welcomed 2 million new customers, core leather goods unit volumes increased over 20%, AUR grew at low double-digit rate, momentum strong in North America (up 27%), Greater China (up 58%), Europe (up 27%). For footwear: Accelerated growth of ~20% in Q3, fueled by sneakers, success of Soho family. For Kate Spade: Revenue declined 11% in Q3, top-line trends improved sequentially but fell slightly below expectations, gross margin and profitability exceeded plan, welcomed 400,000 new customers, Spark Something Beautiful campaign drove lift in consideration and purchase intent, handbag blockbusters led by duo and Margo outperformed, enhanced omnichannel consumer experiences.
Risks & headwinds
• Disruption in the Middle East, though region represents less than 1% of sales and safety of people and consumers is top priority, no material direct impact anticipated at this time. • Tariff and duty headwinds, which had negative impact on gross margin, though Tapestry has not implemented price increases in direct response to tariffs
Analyst Q&A
Q: Based on guidance, help think about growth trajectory for FY27 and beyond?
A: We're just getting started, transformation into consumer-obsessed organization with agile data-driven operating model, massive global addressable market, strategies working, guidance this year has us delivering investor day targets two years ahead of plan, significant opportunity to continue building on successes with structural advantages.
Q: How should we be thinking about expectations for next year at Coach?
A: Confident in mid-single-digit growth at Tapestry level, underpinned by AUR growth, unit growth, new door expansions in LRP, strategies like consumer insight-driven innovation, expressive luxury positioning, significant marketing spend, investment in stores and experience.
Q: Elaborate on compounding flywheel effect of new customer acquisition at Coach?
A: Focused on maintaining relevance with young consumer, capturing first luxury bag purchase to engender brand love for lifetime, higher retention rates and reverse influence on all generations, driving brand heat, higher gross margins, investing more in marketing and store experiences.
Q: Balance risk-taking with core franchises in innovation?
A: Stability and clarity in design with informed gut, amplifying major families, controlled innovation with fewer skews, intentional drops that sell out fast showing brand heat, Europe seeing growth due to authenticity and consumer response.
Q: Confirm quarter-to-date commentary for Coach and deceleration in China?
A: Coach running low teens in Q4, confident in Coach despite calendar dynamics like Lunar New Year and Easter timing, fundamentals strong with new customer acquisition and existing customer engagement.
Q: Inflation and pricing in gross margin?
A: So far not much impact from inflation except fuel surcharges, watching closely.
Q: Productivity of expressive leathery concept stores?
A: Early days, expressive luxury format creates compelling environments, coffee shops lift linger time and store performance