10-Q · June 5, 2026
PVH Corp. reported Q1 2026 results with revenue of $2.025 billion and EPS of $2.01, exceeding estimates. The gross margin was up slightly to 58.6%, but the operating margin was negatively impacted, reflecting ongoing…
Earnings analysis · 10-Q
PVH earnings analysis
Filed September 2, 2026 · Our reading of the company's report
The latest report
PVH delivered a strong adjusted earnings result, with non-GAAP EPS of $3.70 versus the $2.62 consensus and an 11.1% operating margin, but revenue of $2.097 billion missed the $2.151 billion estimate. Profitability was…
Read full summary
PVH delivered a strong adjusted earnings result, with non-GAAP EPS of $3.70 versus the $2.62 consensus and an 11.1% operating margin, but revenue of $2.097 billion missed the $2.151 billion estimate. Profitability was aided by $107 million of tariff refunds, while a $439 million goodwill impairment materially reduced GAAP results. Full-year revenue, margin, and EPS guidance was reaffirmed, with net interest expense guidance lowered to approximately $70 million from $75 million.
Reported figures
- Earnings per share
- $3.7
- Operating margin
- 11.1%
What stood out
-
EPS Beat Offset Revenue Miss
Second-quarter revenue was $2.097 billion, $54 million below the $2.151 billion consensus estimate, while non-GAAP EPS of $3.70 exceeded the $2.62 estimate by $1.08.
-
Margin Benefited From Tariff Refunds
Non-GAAP operating margin was 11.1%, above the company’s guidance, with profitability benefiting from $107 million of tariff refunds.
-
Full-Year Outlook Reaffirmed
Full-year non-GAAP EPS guidance of $11.80-$12.10, approximately flat revenue growth, and approximately 8.8% non-GAAP operating margin were reaffirmed.
-
Substantial Repurchase Capacity
The company had $1,211,808,469 remaining under its share repurchase authorization through July 30, 2028, although only 22,472 shares were withheld for employee tax obligations during the quarter.
-
Lower Interest Expense Outlook
Full-year net interest expense guidance was reduced to approximately $70 million from $75 million previously, a $5 million improvement to the outlook.
What to watch
-
Goodwill Impairment Weighs on GAAP Results
GAAP results included a $439 million goodwill impairment, creating a substantial gap between GAAP and adjusted profitability despite non-GAAP EPS of $3.70.
-
Profitability Benefited From One-Time Refund
The $107 million tariff refund was a material contributor to quarterly profitability; absent similar refunds, the 11.1% non-GAAP operating margin may be difficult to repeat.
-
Expected Margin Moderation
The company stated that there had been no material changes to its risk factors as of August 2, 2026; however, the full-year non-GAAP operating margin outlook of approximately 8.8% is below the 11.1% achieved in the quarter.
Management's outlook
Management reaffirmed full-year revenue growth of approximately flat, non-GAAP operating margin of approximately 8.8%, and non-GAAP EPS of $11.80-$12.10. Full-year net interest expense guidance was lowered to approximately $70 million from $75 million previously.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.