PVH (PVH) Q2 2026 earnings summary

Executive summary

• Q2 revenue increased 4% year-over-year to $2.17B, surpassing guidance, with strong performance in Calvin Klein and Tommy Hilfiger and positive foreign currency impact.

• Net income for Q2 2025 was $224M, up 42% year-over-year; non-GAAP EPS was $2.52, exceeding guidance, while GAAP EPS was $4.63, including $45M in restructuring costs.

• Gross margin declined to 57.7% from 60.1% due to tariffs, channel mix, and increased promotions, but margins still exceeded internal expectations.

• Strategic marketing investments, product innovation, and operational improvements drove brand momentum and sequential improvement in direct-to-consumer revenue.

• The company reaffirmed full-year non-GAAP EPS guidance at $10.75–$11.00 and raised reported revenue guidance despite macroeconomic and tariff headwinds.

Financial highlights

• Q2 2025 revenue: $2.17B (+4% YoY, 1% constant currency); YTD revenue: $4.15B (+3% YoY); Americas up 11%, EMEA up 3%, APAC down 1%.

• Q2 2025 net income: $224M ($4.63 GAAP EPS, $2.52 non-GAAP EPS); YTD net income: $179M.

• Gross margin: 57.7% (down 240 bps YoY); EBIT margin: 8.2%; inventory up 13% YoY.

• SG&A Q2 2025: $1.13B (52.1% of revenue); YTD: $2.15B (51.9% of revenue); cost savings from restructuring offset by higher restructuring costs.

• Interest expense was $22M in Q2 2025, projected at $80M for 2025.

Outlook and guidance

• Full-year revenue now expected to increase slightly to low single digits, up from previous flat to slight increase guidance, with positive FX impact.

• Operating margin outlook reaffirmed at approximately 8.5% (non-GAAP); gross margin for 2025 expected to decrease by ~250 bps due to tariffs and promotions.

• Non-GAAP EPS guidance remains $10.75–$11.00, including a $1.15/share negative tariff impact and $0.45/share positive FX impact.

• Q3 revenue projected flat to slightly up; non-GAAP EPS expected at $2.35–$2.50.

• SG&A as a percent of revenue to decrease 100–200 bps for the year, with cost savings from Growth Driver 5 actions.