EarningsQ2 2026 Earnings Report
MX:LEVI Q2 2026 EPS Results
Actual EPS$4.82
Consensus EPS$4.20
Beat/MissBeat by +$0.62
One Year Ago EPS$3.79
MX:LEVI Q2 2026 Revenue Results
Actual Revenue$26.89B
Expected Revenue$26.19B
Beat/MissBeat by +$705.03M
YoY Revenue Growth+7.88%
Earnings Announcement Details
QuarterQ2 2026
Date07/08/2026
TimeAfter Close
Conference CallWednesday, July 8, 2026
MX:LEVI Upcoming Earnings
Levi Strauss & Co's next earnings date is estimated for October 7, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LEVI Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broad set of positive execution outcomes: solid organic revenue growth (6%), strong DTC and e-commerce expansion, margin expansion (gross margin +10 bps to 62.7%, adjusted EBIT margin +70 bps to 9%), robust free cash flow (+~80% to $231M), and raised full-year revenue and EPS guidance. Management acknowledged and is actively managing near-term headwinds—tariff uncertainty, FX impacts, and some distribution transition timing issues in the U.S. and Europe—but framed these as manageable given operational improvements (inventory down 7%, Europe DC benefits, ERP progress) and strong consumer demand across categories (women’s +11%, Asia +12%). Overall, positive momentum and upgraded guidance outweigh the transitory challenges highlighted.Company Guidance
Top-Line Growth
Reported net revenues increased 8% in Q2 and organic net revenues rose 6% year-over-year; company raised full-year reported revenue guidance to +7.0%–7.5% and organic guidance to +5.5%–6.0%.
Direct-to-Consumer (DTC) Strength
Global DTC revenue grew 8% in Q2, comprised 51% of total company revenue, with comparable store sales up 6% (17th consecutive quarter of comp growth); e-commerce sales grew 17% and e-commerce channel has grown ~60% over the past 3 years while representing ~12% of total revenue.
Margin Expansion and Profitability
Gross margin expanded ~10 basis points to 62.7% in Q2; adjusted EBIT margin expanded 70 basis points to 9%; adjusted EBIT dollars grew 18% year-over-year; adjusted diluted EPS was $0.28, up 27% YoY; full-year adjusted EBIT margin target raised to ~12% and FY EPS guidance increased to $1.46–$1.52 (up $0.04).
Free Cash Flow and Capital Returns
Adjusted free cash flow increased nearly 80% year-over-year to $231 million in Q2; company reaffirmed disciplined capital allocation, returning at least 55%–65% of free cash flow to shareholders and increased the Q3 dividend by $0.02 to $0.16 per share.
Category and Assortment Expansion Driving Units
Two-thirds of Q2 growth was driven by unit growth (expanded TAM); bottoms up 6%, tops up 5% (7% excluding last year's Europe DC transition), shorts up 11%; women's business grew 11% and contributed outsized performance—white denim in women grew 70%.
International Momentum
International revenue grew 6% in Q2, led by Asia (+12%) and Latin America (double-digit); Mexico grew 15% (company's second-largest market); China showing signs of return to growth under new leadership.
Product Portfolio and Premium Traction
BlueTab (premium denim) showing rapid early traction (management cited ~40% growth trends previously and again this period) and is expanding premium presence; expanded assortments beyond denim bottoms contributed roughly one-third of top-line growth.
Inventory and Operational Improvements
Ending Q2 inventory declined 7% with a healthier mix of current product; Europe DC remap to omnichannel completed delivering distribution expense leverage and improving operating margins in Europe (~21.1% operating margin, +~400 bps YoY in Q2 for the region).
Loyalty and Consumer Acquisition
Added ~3 million new members to the loyalty program in Q2, bringing global membership to nearly 50 million and enhancing data-driven personalization and retention opportunities.
Brand and Marketing Highlights
Successful global marketing (e.g., 'Behind Every Original' campaign, World Cup activation) produced large cultural reach (one World Cup social moment generated ~1 billion press impressions), driving brand heat and local activations in key markets.
MX:LEVI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed