Gildan Activewear (GIL) Company Report

Analyst Coverage

Research analysts who have asked questions during Gildan Activewear earnings calls.

Brian Morrison

TD Cowen

8 questions for GIL

Also covers: DOOO, MG, MGA +1 more

Martin Landry

Stifel

8 questions for GIL

Also covers: DOOO

Stephen MacLeod

BMO Capital Markets

8 questions for GIL

Also covers: CIGI, FSV

Vishal Shreedhar

National Bank Financial

8 questions for GIL

Jay Sole

UBS

7 questions for GIL

Also covers: , AEO, AS +27 more

Brandon Cheatham

Citigroup

4 questions for GIL

Also covers: COST, HBI, OLLI +1 more

Chris Li

Desjardins Group

4 questions for GIL

Luke Hannan

Canaccord Genuity Group Inc.

4 questions for GIL

Also covers: CRLBF, CWBHF, DOOO +1 more

Mark Petrie

CIBC

4 questions for GIL

Also covers: DOOO

Paul Lejuez

Citigroup

4 questions for GIL

Also covers: , ACI, AEO +37 more

Christopher Li

Desjardins Securities

3 questions for GIL

John Zamparo

CIBC World Markets

3 questions for GIL

Also covers: PRMW, QSR, RSTRF

Paul Kearney

Barclays

3 questions for GIL

Also covers: COLM, CRI, GIII +6 more

Ryland Conrad

RBC

3 questions for GIL

Ian Liu

Scotiabank

2 questions for GIL

Chris Lee

Independent Analyst

1 question for GIL

Also covers: VTOL

Latest news

Recent press releases and 8-K filings for GIL.

Gildan Activewear Inc. Adopts New Shareholder Rights Plan

GIL

Takeover Bid

M&A

Gildan Activewear Inc. has adopted a new Shareholder Rights Plan Agreement, dated February 25, 2026, to ensure fair treatment of shareholders during take-over offers or acquisitions.
The plan defines an "Acquiring Person" as any entity beneficially owning 20% or more of the outstanding Voting Shares.
A "Flip-in Event" occurs when a person becomes an Acquiring Person, at which point each Right allows the holder to purchase shares with a market price equal to twice the Exercise Price for the Exercise Price amount, while the Acquiring Person's rights become null and void.
The plan is scheduled to expire on the date of the annual meeting in 2029, or 2032 if a specific resolution is approved by Independent Shareholders.
The Board of Directors can redeem all outstanding Rights at $0.0001 per Right prior to a Flip-in Event, or waive certain applications of the plan under specific conditions, such as an inadvertent acquisition or a Permitted Bid.

1 day ago

6-K

Gildan Activewear Reports Q4 and Full Year 2025 Results, Raises Synergy Expectations, and Provides 2026 Guidance

GIL

Earnings

Guidance Update

M&A

Gildan Activewear reported record revenues from continuing operations of approximately $3.6 billion and adjusted diluted EPS of $3.51 for the full year 2025, marking a 17% year-over-year growth. For Q4 2025, sales from continuing operations were $1.078 billion, up 31.3% year-over-year, with adjusted diluted EPS of $0.96, up 16%.
The company completed the acquisition of HanesBrands on December 1, 2025, and has classified the HanesBrands Australian business (HAA) as held for sale. Synergy expectations from the acquisition have been raised to approximately $250 million in run rate cost synergies over the next three years, with $100 million expected in 2026 and 2027, and at least $50 million in 2028.
For 2026, Gildan expects revenue of $6 billion-$6.2 billion, an adjusted operating margin of approximately 20%, adjusted diluted EPS in the range of $4.20-$4.40, and free cash flow above $850 million. This outlook reflects a temporary reduction of inventory levels across customer channels due to accelerated integration.

1 day ago

Transcript

Gildan Activewear Reports Record 2025 Results, Raises Synergy Targets, and Provides 2026 Guidance

GIL

Earnings

Guidance Update

M&A

Gildan Activewear reported record revenues of $3.6 billion and adjusted diluted EPS of $3.51 for the full year 2025 from continuing operations, with Q4 sales increasing 31.3% year-over-year to $1.078 billion.
Following the completion of the HanesBrands acquisition on December 1, 2025, the company raised its run rate cost synergy expectations to approximately $250 million over the next three years, with $100 million anticipated in both 2026 and 2027.
For 2026, Gildan initiated guidance projecting net sales between $6 billion and $6.2 billion and adjusted diluted EPS between $4.20 and $4.40, representing 20%-25% growth over 2025.
The HanesBrands Australian business (HAA) has been classified as held for sale and reported as discontinued operations, and Gildan is undertaking a temporary reduction of inventory levels across customer channels due to manufacturing optimization.
The company ended 2025 with leverage at 3 times and expects to generate over $850 million in free cash flow in 2026 to accelerate deleveraging towards its target range of 1.5 to 2.5 times.

1 day ago

Transcript

Gildan Activewear Reports Record FY2025 Results, Raises Synergy Targets, and Provides Strong 2026 Outlook

GIL

Earnings

Guidance Update

M&A

Gildan Activewear concluded fiscal year 2025 with record revenues from continuing operations of $3.6 billion and adjusted diluted EPS of $3.51, reflecting 17% year-over-year growth.
For 2026, the company projects revenue between $6 billion and $6.2 billion and adjusted diluted EPS in the range of $4.20 to $4.40 from continuing operations, alongside an expectation of over $850 million in free cash flow.
Synergy expectations from the HanesBrands acquisition have been increased to approximately $250 million in run rate cost synergies over the next three years, with $100 million anticipated in both 2026 and 2027.
Gildan is pursuing the sale of HanesBrands Australia (HAA) to accelerate debt reduction and is moving forward with phase two of its Bangladesh complex to support future growth.

1 day ago

Transcript

Gildan Reports Record Q4 2025 Results, Raises Synergy Targets, and Initiates Strong 2026 Guidance

GIL

Earnings

Guidance Update

M&A

Gildan reported record fourth quarter net sales from continuing operations of $1,078 million, up 31.3% year-over-year, and record adjusted diluted EPS of $0.96, up 15.7% for Q4 2025. For the full year 2025, net sales from continuing operations were $3,619 million, up 11%, and adjusted diluted EPS growth was 17.0%.
The company completed the acquisition of HanesBrands on December 1, 2025, and has raised its targeted annual run-rate cost synergies to approximately $250 million (from $200 million), with $100 million expected in both 2026 and 2027.
Gildan initiated its 2026 annual guidance, projecting revenues from continuing operations between $6.0 billion and $6.2 billion (up approximately 65% to 70% year-over-year) and adjusted diluted EPS from continuing operations in the range of $4.20-$4.40 (up approximately 20% to 25% year-over-year). The company also expects free cash flow above $850 million for 2026.
The company announced a 10% dividend increase for 2026 and has initiated a formal sale process for the HanesBrands Australian business, with proceeds aimed at debt reduction.

1 day ago

6-K

Gildan Activewear Inc. Announces Acquisition of Hanesbrands Inc. and Pro Forma Financials

GIL

M&A

Earnings

Gildan Activewear Inc. (Gildan) will acquire Hanesbrands Inc. (Hanesbrands) through a series of transactions, with Gildan acquiring all outstanding common stock of Hanesbrands for 0.102 common shares of Gildan and $0.80 in cash for each Hanesbrands share.
The transaction is expected to close in late 2025 or early 2026.
For the nine months ended September 28, 2025, the pro forma net sales for the combined entity were $5,177,774 thousand.
Pro forma net earnings for the nine months ended September 28, 2025, were $756,448 thousand, resulting in pro forma basic and diluted earnings per share of $4.05.
For the year ended December 29, 2024, the pro forma net sales were $6,778,028 thousand, with pro forma net earnings of $167,571 thousand and pro forma basic and diluted earnings per share of $0.84.

Dec 16, 2025, 2:07 AM

6-K

Gildan Activewear Inc. completes acquisition of HanesBrands Inc.

GIL

M&A

Debt Issuance

Delisting/Listing Issues

Gildan Activewear Inc. completed the acquisition of HanesBrands Inc. on December 1, 2025, making HanesBrands a wholly owned subsidiary of Gildan.
The acquisition, pursuant to a Merger Agreement dated August 13, 2025, involved HanesBrands common stockholders receiving 0.102 common shares of Gildan and US$0.80 in cash for each share.
Following the transaction, HanesBrands Common Stock was delisted from the NYSE.
Gildan secured financing for the acquisition, including a US$1.1 billion new term loan facility and a US$1.2 billion private offering of senior unsecured notes that closed on October 7, 2025.

Dec 5, 2025, 9:53 PM

6-K

Gildan Completes Acquisition of HanesBrands

GIL

M&A

New Projects/Investments

Gildan Activewear Inc. completed the acquisition of HanesBrands Inc. on December 1, 2025, an action that creates a global apparel leader and doubles Gildan's scale.
The company expects to achieve at least $200 million in run-rate cost synergies from the acquisition.
This acquisition combines iconic brands and expands Gildan's product offering to include activewear, underwear, socks, and intimates, under a diversified portfolio of company-owned brands such as Gildan®, Hanes®, Comfort Colors®, and American Apparel®.

Dec 1, 2025, 2:23 PM

6-K

Gildan Activewear Inc. Releases Pro Forma Financials for Hanesbrands Acquisition

GIL

M&A

Debt Issuance

Earnings

Gildan Activewear Inc. has released unaudited pro forma financial information for its acquisition of Hanesbrands, with the pro forma financial position as of September 28, 2025, and pro forma statements of earnings for the nine months ended September 28, 2025, and the year ended December 29, 2024.
The total estimated consideration for the acquisition is $2,341,261 thousand, comprising $2,011,535 thousand in share consideration, $283,042 thousand in cash consideration, and $46,684 thousand in equity award consideration. An estimated 36,087,820 Gildan common shares are to be issued.
The acquisition is financed by $1.2 billion in Series 1 and Series 2 U.S. notes and $1.1 billion in term loans, with an aggregate effective interest rate of 5.7% for pro forma earnings calculations.
Pro forma net earnings for the nine months ended September 28, 2025, are $756,448 thousand, resulting in a basic and diluted earnings per share of $4.05. For the year ended December 29, 2024, pro forma net earnings are $167,571 thousand, with a basic and diluted earnings per share of $0.84.
The pro forma consolidated balance sheet as of September 28, 2025, indicates total assets of $9,994,882 thousand and total liabilities of $6,526,480 thousand.

Nov 10, 2025, 9:34 PM

6-K

Gildan Activewear Reports Strong Q3 2025 Results and Updates Full-Year Guidance

GIL

Earnings

Guidance Update

M&A

Gildan Activewear reported net sales of $911 million for Q3 2025, an increase of 2.2% year over year, driven by 5.4% growth in Activewear sales. The company delivered record adjusted diluted EPS of $1.00, representing a 17.6% increase compared to the same period last year.
The company narrowed its full-year 2025 adjusted diluted EPS guidance to a range of $3.45 to $3.51, which is an increase of 15% to 17% year over year. Full-year adjusted operating margin is now expected to increase approximately 70 basis points, and free cash flow is projected to be approximately $400 million.
Gildan is actively planning the integration of the proposed acquisition of HanesBrands, which is expected to close late 2025 or early 2026, and anticipates driving meaningful run-rate synergies of at least $200 million. The company secured $1.2 billion in senior unsecured notes to fund the acquisition.
Despite a market that has been down low single digits year-over-year in Q2 and Q3 and is expected to remain so in Q4, Gildan is achieving mid-single-digit growth for the full year, with 75% of this year's growth coming from new programs and innovation.