LEVI earnings analysis
What we found in LEVI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Levi Strauss reported a solid performance for Q2 2026, with revenue increasing 8.0% to $1.56 billion, outpacing expectations. Diluted EPS rose to $0.24, reflecting stronger gross profit despite elevated SG&A costs. Both Americas and Asia segments showed robust growth, although Europe experienced a mixed performance. Management maintains a positive outlook amid macroeconomic headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q2 2026 revenue increased 8.0% to $1.56 billion, surpassing last year's revenue of $1.45 billion.
- Improved EPS Performance
- Diluted EPS rose to $0.24 in Q2 2026, up from $0.20 in Q2 2025.
- Segment Performance
- Americas segment revenue grew 9.0% to $815.5 million; Asia increased 10.1% to $283.7 million.
- Adjusted EBIT Growth
- Adjusted EBIT rose 18.4% to $141.2 million, reflecting improved operational efficiencies.
- Increase in Adjusted Free Cash Flow
- Adjusted free cash flow for the first half of 2026 was $383 million, up from $132 million in H1 2025.
- Healthy Liquidity Position
- Total liquidity position reached approximately $1.8 billion, with $849.3 million in cash.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising SG&A Expenses
- SG&A expenses increased 6.6% to $843.4 million, potentially impacting future profitability.
- Uncertain Trade Environment
- Ongoing tariff uncertainties may lead to increased costs and affect margins in future periods.
- Leaning on DTC Sales
- Reliance on DTC channel growth may pose risks in adverse market conditions, affecting scalability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
- Gross margin
- 62.7%
- Operating margin
- 7.8%
- Segment
- Americas: $815.5M, Europe: $420.2M, Asia: $283.7M, Beyond Yoga: $42.6M
What they said about what is next.
Management highlighted continued focus on DTC growth, assessing impacts from global economic conditions.
The filing reads better than the one before it.
What came before.
- 10-Q · April 7, 2026
- Levi Strauss reported a strong Q1 with net revenues of $1,742.5 million (up $215.7 million vs $1,526.8 million a year ago) and diluted net income per share of $0.45 (vs $0.34 prior year). Operating income was $198.7…
- 10-Q · June 26, 2024
- Levi Strauss reported Q2 net revenues of $1,441.2 million (up from $1,336.8 million a year ago) and delivered a return to profitability with net income of $18.0 million and diluted EPS of $0.04 for the quarter. Gross…
- 10-Q · April 3, 2024
- Levi Strauss reported Q1 net revenues of $1,557.6 million and a net loss of $10.6 million, driven by $116.2 million of restructuring charges tied to a new multi‑year productivity program. Gross profit was $906.5 million…
- 10-Q · July 6, 2023
- Levi Strauss reported Q2 net revenues of $1,336.8 million (down from $1,471.1 million in the prior-year quarter) and a small GAAP net loss of $1.6 million (diluted EPS $(0.00)). Operating income fell to $9.9 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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