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Tapestry
Tapestry (TPR) investor relations material
Tapestry Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Achieved record quarterly revenue of $2.5 billion, up 14% year-over-year, with pro forma revenue growth of 18% led by a 25% gain at Coach and strong global sales momentum.
Operating margin expanded by 620 basis points (GAAP) and 390 basis points (non-GAAP), with EPS up 34% non-GAAP and 94% GAAP year-over-year, surpassing expectations.
Raised full-year outlook for revenue, margin, EPS, and free cash flow, citing sustainable advantages, strong brand momentum, and disciplined execution.
Completed the sale of Stuart Weitzman in August 2025, focusing the portfolio on core brands and resulting in one-time charges in the prior year.
Customer acquisition, especially among Gen Z, and increased marketing investments were key growth drivers.
Financial highlights
Q2 FY26 net sales reached $2.50 billion, up 14% year-over-year; pro forma net sales (excluding Stuart Weitzman) up 18%.
Gross profit was $1.89 billion with a gross margin of 75.5%, up 110 basis points year-over-year.
Operating income was $716 million (GAAP) and $720 million (non-GAAP); operating margin expanded to 28.6% (GAAP) and 28.8% (non-GAAP).
EPS was $2.68 (GAAP) and $2.69 (non-GAAP), up 34% non-GAAP and 94% GAAP year-over-year.
Adjusted free cash flow for the quarter was $1.04 billion, up from $772 million a year ago; CapEx and cloud computing costs were $54 million.
Outlook and guidance
Fiscal 2026 revenue expected to exceed $7.75 billion, up 15% pro forma and 11% reported year-over-year.
Raised EPS guidance to $6.40–$6.45, representing over 25% growth year-over-year.
Operating margin expansion of ~180 basis points and gross margin increase of ~20 basis points forecasted.
Adjusted free cash flow for the year expected at $1.5 billion; CapEx and cloud computing costs projected at $200 million.
Guidance assumes stable macroeconomic conditions and excludes one-time costs from the Stuart Weitzman sale.
How will 200 bps tariff headwind be offset?
Explain Kate Spade's revenue decline
Impact of Gen Z customer growth on strategy
How will Coach maintain unit growth post-pandemic?
Kate Spade turnaround: What are early success signs?
How will Tapestry allocate $1.5B cash flow in FY26?
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Next Tapestry earnings date
Q3 20267 May, 2026
Tapestry
Next Tapestry earnings date
Q3 20267 May, 2026
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Frequently asked questions
Luxury Fashion
Tapestry Inc. is an American multinational luxury fashion holding company. Tapestry's portfolio includes several high-profile brands, notably Coach, Kate Spade New York, and Stuart Weitzman. These brands are focused on quality, craftsmanship, and unique designs in luxury handbags, accessories, footwear, and ready-to-wear fashion. Tapestry operates in several international markets, emphasizing a balance between heritage and innovation in fashion design. The company is headquartered in NYC, and its shares are listed on the NYSE.
From Coach to Tapestry
Tapestry was established in 1941 as a family-run workshop in Manhattan under the name Coach, and initially focused on producing quality leather goods. Coach gained a stellar reputation for its craftsmanship and style in the handbag and accessories sector, and over the years grew into a massive company. Coach acquired Stuart Weitzman in 2015 and Kate Spade & Company in 2017, and subsequently also rebranded itself as Tapestry. In 2023 the company also acquired Capri Holdings, further expanding its portfolio of brands.
High-end Products
Tapestry operates as a house of modern luxury lifestyle brands, producing a diverse range of products. The company's portfolio encompasses a variety of high-end items, primarily focusing on fashion accessories, handbags, and leather goods. Additionally, Tapestry's product lines extend to footwear, ready-to-wear apparel, jewelry, fragrances and lifestyle accessories. The company has a similar view on craftsmanship and heritage as other similar companies in the industry do, with some examples being LVMH and Kering, and is evident across its product range where it aims to blend classic aesthetics with contemporary designs. Tapestry's products are known for their high-quality materials, attention to detail, and distinctive styling.
The Brands
Tapestry, Inc. owns and operates several prominent brands in the luxury fashion sector. These include Coach, a renowned brand specializing in handbags, leather goods, and accessories. Stuart Weitzman focuses on high-end shoes, while Kate Spade offers handbags, clothing, accessories, and home goods. As previously mentioned, the company has purchased Capri Holdings and through it, Tapestry owns Versace, Michael Kors, and Jimmy Choo.
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