PVH Corp. Reports 2026 Second Quarter Results and Reaffirms Full Year Outlook
PVH delivered Q2 2026 revenue of $2.097 billion, down 3% year-over-year and in line with guidance, while non-GAAP EPS of $3.70 came in far above the $3.00-$3.10 guidance range and non-GAAP operating margin of 11.1% beat the ~9.5% guide. The beat was flattered by one-time items: $107 million of tariff refunds added ~$1.80 per share (implying ~$1.90 ex-refunds, well below guidance), and GAAP results showed a $(2.23) loss per share due to a $439 million noncash goodwill impairment tied to geopolitical and macroeconomic valuation assumptions.
Key figures
- Eps
- 3.7
- Revenue
- 2097000000
- Guidance
- FY26 reaffirmed: revenue approximately flat on a reported basis (slight decrease constant currency), non-GAAP operating margin ~8.8%, non-GAAP EPS $11.80-$12.10; Q3: revenue down low single digits, non-GAAP operating margin ~7.5%, non-GAAP EPS $2.50-$2.65
- Revenue Yoy
- -3%
- Inventory
- 1738000000
- Gross margin
- 63.0%
- Non gaap ebit
- 232600000
- Ecommerce growth
- 4%
- Goodwill impairment
- 439000000
- Operating margin gaap
- (9.1)%
- Tariff refund benefit
- 107000000
- Expected fy26 buybacks
- at least $300 million
- Non gaap ebit prior year
- 178200000
- Operating margin non gaap
- 11.1%
- Tariff refund eps benefit
- $1.80 per share
AI analysis
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