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PVH Corp. Reports 2025 Fourth Quarter Revenue and Earnings Above Guidance; Provides 2026 Outlook

PVH
  • PVH Corp. reported Q4 2025 revenue of $2.505 billion, a 6% increase on a reported basis (flat in constant currency), exceeding guidance.
  • Full year 2025 revenue reached $8.950 billion, a 3% increase on a reported basis (up slightly in constant currency), aligning with guidance.
  • Q4 2025 non-GAAP operating margin was 10.0%, exceeding guidance despite a ~170 basis point negative impact from gross tariffs.
  • Full year 2025 non-GAAP operating margin was 8.8%, exceeding guidance despite an ~80 basis point negative impact from gross tariffs.
  • Q4 2025 non-GAAP EPS was $3.82, beating guidance of $3.20 to $3.35.
  • Full year 2025 non-GAAP EPS was $11.40, exceeding guidance of $10.85 to $11.00.
  • The company leaned into growth in Calvin Klein & Tommy Hilfiger through innovation, newness, & cut-through marketing campaigns.
  • 2026 full year outlook projects revenue to increase slightly vs. 2025 with non-GAAP operating margins stable at ~8.8%.
  • The 2026 outlook includes an estimated ~215 basis point negative impact from gross tariffs, partially offset by mitigation actions.
  • PVH expects DTC growth for both brands across all regions in 2026.
  • The company completed $560 million in stock repurchases in 2025 & targets at least $300 million in 2026.
  • Q4 2025 EMEA revenue increased 8% (down 3% constant currency) while Americas revenue rose 4% & APAC was flat (down 2% constant currency).
  • Tommy Hilfiger revenue grew 7% in Q4 2025, while Calvin Klein revenue increased 3%.
  • Full year 2026 EPS is projected between $11.80 & $12.10 on a non-GAAP basis.
  • First quarter 2026 non-GAAP operating margin is projected at 6.0% to 6.5%, & EPS is projected at $1.65 to $1.80.
  • The 2026 outlook assumes a 15% tariff rate on goods entering the U.S. effective February 24, 2026.