EarningsQ4 2026 Earnings Report
MX:TPR Q4 2026 EPS Results
Actual EPS$23.89
Consensus EPS$23.11
Beat/MissBeat by +$0.78
One Year Ago EPS$18.82
MX:TPR Q4 2026 Revenue Results
Actual Revenue$33.96B
Expected Revenue$33.90B
Beat/MissBeat by +$62.12M
YoY Revenue Growth+8.90%
Earnings Announcement Details
QuarterQ4 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:TPR Upcoming Earnings
Tapestry's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:TPR Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted materially strong financial and operational performance—record revenue, margin expansion, robust free cash flow, large-scale new customer acquisition led by Gen Z, and clear momentum at Coach and in international markets—while acknowledging discrete near-term headwinds: Kate Spade's slower top-line recovery and operating loss, tariff/duty impacts (especially at Kate Spade), some regional softness in Japan, inventory timing shifts, and lumpy quarterly profitability driven by tariff timing and marketing cadence. Management provided constructive FY27 guidance that maintains margin expansion and low double-digit EPS growth while investing in brand building, stores and technology. On balance, the positives (scaleable growth, margin expansion, strong cash generation, and confident capital returns) materially outweigh the lowlights.Company Guidance
Record Fiscal 2026 Financial Performance
Revenue of $8.0 billion, up 17% on a pro forma constant currency basis; operating margin expanded 340 basis points to over 23%; diluted EPS increased 38% to $7.05; adjusted free cash flow $1.86 billion; gross debt to adjusted EBITDA 1.1x.
Strong Q4 and Brand Momentum (Coach)
Coach delivered Q4 constant currency revenue growth of 14% and increasing profitability; Q4 regional performance included North America +10%, Greater China +30% and Europe +25%; handbag AUR rose mid-teens in Q4 (mid-teens for the year) while handbag units were roughly flat in Q4 and up low-double digits for the year; footwear grew high-teens in the quarter.
Customer Acquisition and Demographic Wins
Welcomed 11 million new customers across Tapestry in fiscal 2026 (nearly 9 million to Coach and ~2 million to Kate Spade); growth led by Gen Z customers who transact at higher AURs, have stronger retention and influence purchasing across generations.
Direct-to-Consumer Model and Channel Profitability
D2C-led model drove results with direct-to-consumer revenue increasing 11%; digital sales grew mid-single digits and global brick-and-mortar sales increased mid-teens; all channels delivered strong and increasing profitability.
Gross Margin Expansion and Operational Leverage
Q4 gross margin of 78.1%, up 180 basis points year-over-year (170 bps operational improvement plus a 60 bps benefit from Stuart Weitzman divestiture that more than offset ~60 bps tariff/duty headwind); SG&A increased 8% while leveraging 80 basis points overall; operating margin expanded 250 basis points in Q4.
Robust Capital Return and Financial Discipline
Returned $1.7 billion to shareholders in fiscal 2026 (dividends $326 million; share repurchases $1.35 billion, ~11.5 million shares at average $118); Board approved a 16% dividend increase to an annualized $1.85 and expects ~ $1.35 billion in repurchases in fiscal 2027; maintain long-term gross leverage target below 2.5x and investment-grade rating commitment.
Technology and AI Investment
Continued investment in proprietary technology and AI capabilities; secured first AI patent during the year, building on prior patented data fabric technology to support data-driven decision-making and competitive differentiation.
FY27 Guidance and Multi-Year Outlook
Full-year fiscal 2027 revenue guidance $8.4B–$8.5B (mid-single-digit growth); EPS guidance $7.80–$7.90 (low double-digit growth vs. prior year); operating margin expansion of ~50 bps to nearly 24%; Coach expected to deliver high single-digit growth with a near 36% operating margin; adjusted free cash flow expected to approach $1.7 billion.
Marketing and Brand-Building Investment
Marketing spend increased ~20% year-over-year in the year (12% of sales in FY26 overall), with a continued shift to top-of-funnel brand building to support sustained customer acquisition; Q4 marketing represented 14% of sales and supported increased Gen Z awareness and creator-led campaigns.
Store Experience and Fleet Investment
Rolling out expressive luxury store concept and Coach Play locations to increase traffic and dwell time (goal to impact ~80% of traffic by FY30); fiscal 2027 CapEx and cloud costs expected ~$300 million with ~70% spent to grow and enhance the store fleet and ~40–50 net new Coach doors expected (75% international, 25% domestic).
MX:TPR 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