PVH CORP. /DE/ Q4 FY26 Results

We delivered a strong fourth quarter and finish to the year, driven by the strength of our two iconic global brands, Calvin Klein and TOMMY HILFIGER, and the continued disciplined execution of our PVH+ Plan. In the fourth quarter, we beat our guidance across revenue, operating margin and EPS on a non-GAAP basis. For the full year, in the context of a challenging global macro-economic environment, we returned to modest revenue growth, in line with guidance, and delivered non-GAAP operating margins above guidance. Building on our performance in 2025, we have started 2026 and the important Spring season with positive momentum, and we expect DTC growth in both brands and across all regions for the full year. In Europe, our wholesale order books are positive for Fall 2026; in the Americas, we expect continued growth in e-commerce as we continue to further strengthen our digital position; and in Asia we expect to return to growth for the full year, driven by DTC. Looking ahead, while the current macro-economic environment remains uncertain, we are continuing to focus on leveraging our increased relevance with the consumer, scaling the impact of our stronger product, and activating cut-through global brand campaigns –– including with mega-talent Jung Kook, Raphinha and Dakota Johnson for Calvin, and major partners Cadillac Formula 1®, Liverpool Football Club and Travis Kelce for TOMMY –– with stepped-up marketplace execution. And the timeless power of Calvin Klein is reflected in the cultural resonance of Love Story, demonstrating the brand’s ability to connect with the zeitgeist across generations of consumers. I want to thank our teams globally for the positive strides we are making on our multi-year journey to build Calvin Klein and TOMMY HILFIGER into their full potential.

We are pleased with our fourth quarter and full year 2025 results, delivering or exceeding expectations across key financial metrics. For the fourth quarter, we drove significant sequential improvement in our operating margins to 10.0% on a non-GAAP basis. For the full year, we achieved sequential quarter to quarter improvements in our gross margin comparisons through 2025 despite the negative impact of increased tariffs, as we set out to do, and are exiting the year with over 200 basis points of annualized cost savings realized in connection with 1 our Growth Driver 5 Actions. Reflecting our conviction in our long-term growth potential and our strong balance sheet, we repurchased over $560 million in stock during 2025. As we look towards 2026, we expect to deliver operating margins consistent with 2025, including modest gross margin expansion, despite the inclusion of a full year of tariffs, and strong expansion on an underlying basis –– underscoring our next level PVH+ Plan execution and the strength of our global iconic brands.”