EarningsQ2 2026 Earnings Report
MX:PVH Q2 2026 EPS Results
Actual EPS$66.87
Consensus EPS$55.59
Beat/MissBeat by +$11.28
One Year Ago EPS$45.54
MX:PVH Q2 2026 Revenue Results
Actual Revenue$37.90B
Expected Revenue$37.84B
Beat/MissBeat by +$60.04M
YoY Revenue Growth-3.24%
Earnings Announcement Details
QuarterQ2 2026
Date09/02/2026
TimeAfter Close
Conference CallWednesday, September 2, 2026
MX:PVH Upcoming Earnings
PVH's next earnings date is estimated for December 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PVH 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 was predominantly positive: PVH met or exceeded second-quarter guidance, delivered better-than-expected profitability, expanded underlying gross margin, controlled inventory, generated strong e-commerce and DTC trends, and reaffirmed full-year guidance. However, revenue declined 3%, underlying operating margin was below last year excluding tariff refunds, EMEA and wholesale remained pressured, and the company recorded a $439 million noncash goodwill impairment charge amid ongoing macroeconomic, geopolitical and tariff uncertainty.Company Guidance
Second-Quarter Results Met or Beat Guidance
Revenue was in line with guidance, while the company beat guidance across all key profitability metrics. Operating margin was 11.1% and EPS was $3.70, ahead of guidance.
Gross Margin Expanded Excluding Tariff Refunds
Gross margin was 63%, up 35 basis points year over year. Excluding the $107 million tariff refund benefit, gross margin increased approximately 20 basis points, supported by lower product costs, favorable foreign exchange and channel mix, partially offset by a more promotional EMEA environment, higher tariff costs net of mitigation and North America license transitions.
Tariff Refunds Benefited Quarterly Profitability
Tariff refunds contributed approximately 510 basis points to operating margin and approximately $1.80 to EPS, resulting in a $107 million benefit during the quarter.
Inventory Was Well Controlled
Quarter-end inventory was down 3% versus last year and lower in all regions. Management said inventory levels were healthy, with improved stock freshness and strong core-product availability.
Americas Business Remained Resilient
Americas revenue declined 1%, while DTC revenue was up slightly. E-commerce grew high-single digits, supported by strong execution, higher AURs and consumer demand in key categories.
APAC Delivered Revenue Growth
APAC revenue increased 3% on a reported basis and 1% in constant currency. DTC revenue grew low-single-digits in constant currency, led by stores, and China delivered strong mid-single-digit e-commerce growth in constant currency.
EMEA DTC and E-Commerce Trends Improved
Although EMEA revenue declined 6% in both reported and constant currency, DTC revenue declined low-single digits in constant currency, improving from a mid-single-digit decline in the first quarter. E-commerce grew mid-single digits across both brands.
E-Commerce Continued to Be a Source of Strength
Company-wide e-commerce revenue increased 4% on a reported basis and 3% in constant currency, with growth in both Calvin Klein and Tommy Hilfiger. Online traffic increased double digits for Calvin Klein and high-single digits for Tommy Hilfiger.
DTC Pricing Power and Consumer Engagement Improved
Management reported DTC growth in the Americas and APAC with higher AURs, stronger conversion and improved promotional discipline. The company also saw significantly higher online-consumer acquisition and a growing number of returning consumers at both brands.
Calvin Klein Denim Posted Strong Growth
Global Calvin Klein denim sales rose double digits across men's and women's categories. Women's jeans were a particular standout, while denim AURs increased double digits and gross margins were described as very strong.
Calvin Klein Underwear Grew
Calvin Klein underwear delivered low-single-digit global growth for the total category, with mid-single-digit AUR improvement.
Tommy Hilfiger Key Categories Performed Well
Tommy Hilfiger DTC growth was driven by sweaters, which increased double digits, and shirts and polos, which both increased mid-single digits. Linen rose over 30% across all regions.
Jung Kook Collaboration Generated Significant Engagement
The Jung Kook collaboration was described as Calvin Klein's most successful global product collaboration in brand history. It generated 5 billion in social media reach, triple-digit e-commerce traffic growth versus the spring brand campaign and more than 90% global sell-through.
New Calvin Klein Campaigns Reached Gen Z Consumers
The Tate McRae denim campaign generated 28 million Instagram and TikTok views in its first week. The Sadie Sink campaign delivered a 14% social engagement rate, 60% higher consumer mentions versus spring, more than 20 million Instagram views in its first week and 96% of views from non-followers in the 18-to-34 demographic.
Tommy Hilfiger Marketing Campaigns Supported Category Growth
The Travis Kelce campaign generated a 10% social engagement rate, 1 billion social impressions in the first 24 hours and Instagram views up 500% versus the same period last fall. The Always Denim campaign featuring Romeo Beckham drove approximately a 30% increase in North America and Europe DTC jean sales in the first month after its July launch.
Brand and Store Expansion Continued
The company completed or initiated 120 refurbishments and relocations and more than 130 new store openings year to date. Calvin Klein upgraded the underwear shopping experience in approximately 100 stores and plans to introduce a new in-store denim concept beginning in the fall.
Licensing Portfolio Continued to Grow
PVH's licensing business generates over $350 million in annual revenue and supports more than $3 billion in global license net sales. Licensing revenue declined 13% due to the North America license transitions, but the ongoing licensing business grew low-single digits and the go-forward portfolio continued to grow.
North America Women's Wholesale License Transition Remained on Plan
Management said the transition of the women's North America wholesale business remained on plan and was expected to be substantially complete by the end of 2020, after which the company expects to grow its overall licensing business.
Sustainable Cost Savings Identified
PVH confirmed approximately $45 million of annualized run-rate savings across nearly a dozen categories, with a portion of the savings in 2026 and full realization expected in 2027. The company also globalized and centralized indirect procurement and established enterprise-wide cost management by spend category.
Full-Year Guidance Reaffirmed
PVH reaffirmed full-year reported revenue of approximately flat, with a slight decline on a constant-currency basis, operating margin of 8.8% and EPS of $11.80 to $12.10. The company continues to expect growth in the Americas and APAC and e-commerce growth in all three regions.
Third-Quarter Gross Margin Outlook Improved
Third-quarter gross margin is expected to increase approximately 100 basis points year over year, with expansion in all three regions, supported by lower product costs, favorable foreign exchange, higher AURs and favorable channel mix.
Capital Investment and Share Repurchases Planned
PVH remains on track for approximately $250 million of capital spending, or approximately 3% of sales, focused on e-commerce, stores and shop-in-shop renovations. The company also expects to repurchase at least $300 million of its shares.
New CFO Joined the Company
Alexei Rossignol joined PVH as incoming CFO after serving as global CFO and COO at Sephora. Management highlighted his experience in consumer-facing improvements, disciplined growth, profit expansion and financial steering.
MX:PVH 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