Gildan Activewear (GIL) Company Report

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.

21 hours ago

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®.

5 days ago

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.

Oct 29, 2025, 12:30 PM

Transcript

Gildan Activewear Reports Q3 2025 Results and Updates Full Year Guidance

GIL

Earnings

Guidance Update

M&A

Gildan Activewear reported Q3 2025 net sales of $911 million, an increase of 2.2% year-over-year, with Activewear sales up 5.4%. The company achieved record adjusted diluted EPS of $1.00, an 17.6% increase from the prior year, and adjusted operating margins of 23.2%.
For full year 2025, Gildan narrowed its adjusted diluted EPS guidance to $3.45-$3.51, representing an increase of 15%-17% year-over-year.
The company updated its full year 2025 guidance, now expecting adjusted operating margins to increase approximately 70 basis points (compared to previous 50 basis points), CapEx at approximately 4% of sales (compared to previous 5%), and free cash flow of approximately $400 million (compared to previous above $450 million).
The proposed acquisition of Hanesbrands is anticipated to close late 2025 or early 2026, with expected run-rate synergies of at least $200 million. Gildan secured $1.2 billion through a private placement offering of senior unsecured notes to fund the acquisition.

Oct 29, 2025, 12:30 PM

Transcript

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

GIL

Earnings

Guidance Update

M&A

Gildan reported record adjusted diluted EPS of $1.00 for Q3 2025, an increase of 17.6% year over year, on net sales of $911 million, up 2.2%. Activewear sales grew 5.4%.
The company narrowed its full-year 2025 adjusted diluted EPS guidance to a range of $3.45 to $3.51 and updated its full-year adjusted operating margin to increase approximately 70 basis points.
Full-year 2025 free cash flow guidance was updated to approximately $400 million, and CapEx is now expected to be approximately 4% of sales.
The proposed acquisition of HanesBrands is expected to close late this year or early 2026, with anticipated run-rate synergies of at least $200 million.

Oct 29, 2025, 12:30 PM

Transcript

Gildan Activewear Inc. Announces Q3 2025 Results and HanesBrands Acquisition Update

GIL

M&A

Debt Issuance

Earnings

Gildan Activewear Inc. announced a definitive merger agreement on August 13, 2025, to acquire HanesBrands Inc. for an estimated $2.4 billion, with the transaction expected to close in late 2025 or early 2026.
For the third quarter ended September 28, 2025, the company reported net sales of $910.6 million and diluted EPS of $0.80.
The Board declared a cash dividend of $0.226 per share on October 28, 2025. Share repurchases have been paused since the HanesBrands acquisition announcement, and the Normal Course Issuer Bid (NCIB) program was not renewed after expiring on August 8, 2025. The company also completed a $1.2 billion offering of senior unsecured notes in Q4 2025 to fund the cash portion of the acquisition.
As of September 28, 2025, the net debt leverage ratio was 2.0, which is within the target range of 1.5 to 2.5 times pro-forma adjusted EBITDA, though it is expected to exceed this range upon the acquisition's closing.

Oct 29, 2025, 11:55 AM

6-K

Gildan Reports Record Q3 2025 Results and Updates Full Year Guidance

GIL

Earnings

Guidance Update

M&A

Gildan reported record third quarter net sales of $911 million and record adjusted diluted EPS of $1.00 for the quarter ended September 28, 2025.
For the first nine months of 2025, net sales were $2,541 million and adjusted diluted EPS was $2.55.
The company narrowed its adjusted diluted EPS guidance range and updated full year adjusted operating margin, capex, and free cash flow guidance for 2025. The proposed combination with HanesBrands is expected to close later this year or early in 2026.
As of September 28, 2025, Gildan's net debt was $1,741.0 million with a net debt leverage ratio of 2.0.

Oct 29, 2025, 11:51 AM

6-K

Gildan Activewear Reports Q3 Results, Narrows 2025 Guidance, and Updates HanesBrands Acquisition

GIL

Earnings

Guidance Update

M&A

Gildan Activewear reported third-quarter revenue of US$910.6 million, a 2.2% increase, and adjusted diluted earnings per share of US$1.00, surpassing analyst expectations.
The company narrowed its full-year 2025 adjusted EPS guidance to US$3.45–US$3.51 and reduced free cash flow expectations to US$400 million from US$450 million, citing weaker demand and tariff-related costs.
The US$2.2 billion acquisition of HanesBrands is projected to finalize in late 2025 or early 2026.
Activewear sales grew 5.4% to US$831 million, driven by favorable product mix and higher net prices, while hosiery and underwear sales decreased approximately 22% to US$80 million.

Oct 28, 2025, 11:37 PM

WSJ

Gildan Activewear Inc. Issues New Senior Notes

GIL

Debt Issuance

Gildan Activewear Inc. (GIL) has issued two new series of senior notes totaling U.S.$1.2 billion under a First Supplemental Indenture dated October 7, 2025.
The 4.700% Senior Notes due 2030 have an initial aggregate principal amount of U.S.$600,000,000 and mature on October 7, 2030.
The 5.400% Notes due 2035 have an initial aggregate principal amount of U.S.$600,000,000 and mature on October 7, 2035.
Both series of notes bear interest from October 7, 2025, payable semi-annually on April 7 and October 7, commencing April 7, 2026.
The notes are guaranteed by the Guarantors party to the indenture and include provisions for redemption and additional amounts for certain taxes.