Executive Summary

Q3 2026 results are not yet published; PVH will release on Dec 3, 2025 and host its call Dec 4. Management reaffirmed Q3 and full‑year 2025 guidance during the CFO transition announcement, with Melissa Stone named Interim CFO while Zac Coughlin departs year-end .
Street expects Q3 2026 revenue of ~$2.28B and EPS of ~$2.53, implying modest top-line growth vs last year but EPS down vs Q3 2024’s $3.03 non‑GAAP; margin pressure stems from higher promotions and tariffs, per prior quarters’ commentary (see below). Values retrieved from S&P Global.*
Trend heading into Q3: Q2 2026 beat guidance on revenue (+4% to $2.167B) and non‑GAAP EPS ($2.52, above $1.85–$2.00 guidance), but gross margin fell 240 bps YoY amid promotions, licensing transitions, CK product delays, and initial tariff impact .
Near-term catalysts: Q3 print and guidance update; tariff mitigation progress; visibility on Calvin Klein operational fixes; CFO transition (guidance reaffirmation reduced transition risk) .

What Went Well and What Went Wrong

What Went Well

“Beat our guidance on both the top and bottom line” in Q2; revenue +4% reported (+1% cc), better‑than‑expected gross margin and EBIT margin; DTC sequential improvement; wholesale growth aided by CK women’s in‑house transition .
Brand execution: Calvin Klein momentum in underwear and fashion denim (Bad Bunny campaign; 14% growth in cotton stretch styles; 19% growth in fashion denim), and Tommy amplified brand through F1 movie and SailGP tie‑ins, driving strong sell‑throughs .
EMEA order books strengthened: Spring ’26 wholesale order books up low‑single digits (second consecutive season), with DTC growth and fourth straight quarter of store revenue growth .

What Went Wrong

Gross margin compression: Q2 gross margin 57.7% vs 60.1% last year (‑240 bps) due to promotions, mix shift, licensing transitions, tariff onset (~20 bps), CK delivery delays; interest expense up; inventory +13% YoY as PVH prepared for Q3 sales .
Tariffs materially weighing on 2H: FY 2025 unmitigated tariff EBIT hit raised to ~~$70mm (~~$1.15/share), with heavier impact in Q4; Q3 gross margin expected down ~175 bps YoY (guidance given on Q2 call) .
China/APAC softness: APAC down 1% reported (‑3% cc) in Q2; DTC flat cc and wholesale down amid a choppy consumer, particularly in China .

Financial Results

Note: Q3 2026 actuals are not yet released. We show prior periods and Q3 2026 Street consensus.*

Metric	Q3 2024 (actual)	Q1 2026 (actual)	Q2 2026 (actual)	Q3 2026 (consensus)
Revenue ($USD Billions)	$2.255	$1.984	$2.167	$2.280*
Non‑GAAP EPS ($)	$3.03	$2.30	$2.52	$2.53*
GAAP EPS ($)	$2.34	$(0.88)	$4.63	—
Gross Margin (%)	58.4%	58.6%	57.7%	—
EBIT (non‑GAAP, $MM)	$236.5	$160.5	$178.2	—

Segment/brand mix – last reported quarter (Q2 2026):

Revenue by Region ($MM): EMEA $1,048.5; Americas $684.0; APAC $335.2; Licensing $99.5 .
Revenue by Brand ($MM): Tommy Hilfiger $1,135.9; Calvin Klein $980.0; Heritage Brands $51.3 .
Channel KPIs – Q2 2026 ($MM): Owned & Operated Stores $868.0; Owned & Operated Digital Commerce $186.6; Total DTC $1,054.6; Wholesale $1,013.1 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue (reported)	FY 2025	Flat to slight increase (Q1)	Increase slightly to low‑single digits (Q2), cc still flat to slight ↑	Raised (reported)
Operating Margin (non‑GAAP)	FY 2025	≈8.5% (Q1)	≈8.5% (Q2)	Maintained
EPS (non‑GAAP)	FY 2025	$10.75–$11.00 (Q1)	$10.75–$11.00 (Q2)	Maintained
Tariff headwind	FY 2025	~$65mm EBIT / ~$1.05 per share (Q1)	~$70mm EBIT / ~$1.15 per share; heavier in Q4 (Q2)	Raised headwind
Interest Expense	FY 2025	≈$85mm (Q1)	≈$80mm (Q2)	Lower
Q3 EPS (non‑GAAP)	Q3 2025	n/a (Q1)	$2.35–$2.50 (Q2)	New quarterly guide
Guidance status	Q3/FY 2025	—	Reaffirmed Nov 18 (CFO transition)	Reaffirmed

Note: PVH fiscal nomenclature in filings presents “FY 2025” for the year underlying Q1–Q3 2026 quarters.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2026)	Previous Mentions (Q2 2026)	Current Period (Q3 2026)	Trend
Tariffs/macro	Unmitigated ~$65mm EBIT headwind; more promotions; China softness; plan to mitigate over time	Unmitigated ~$70mm EBIT; Q3 GM down ~175 bps; heavier Q4 impact; mitigation ongoing	Guidance reaffirmed; results pending	Headwind ↑, mitigation in progress
Calvin Klein operations	First season centralization caused delays/margin headwinds; fixes underway; spring ’26 on time	Sequential improvement for fall ’25; spring ’26 go‑in margins locked; on‑time deliveries	TBD on call	Improving execution
Marketing/brand investments	Elevate product + cut‑through campaigns; Q2/Q3 ramp	Increase 2H marketing to drive traffic; F1 and talent amplification	Call scheduled	Investment ↑
Supply chain/inventory	Built NOOS (core) inventory; inventory up to support Q2/Q3; aligning buys	Inventory +13% YoY in Q2; availability improved	TBD	Stabilizing
Regional trends	EMEA DTC/store growth; Americas wholesale strong; APAC choppy	EMEA DTC growth; Americas +11%; APAC slightly down	TBD	Mixed: EMEA solid; APAC weak
Wholesale timing	Balanced 1H/2H vs prior year	Q3 expects Americas wholesale growth but normalized shipments	TBD	Normalized seasonality

Management Commentary

“We beat our guidance on both the top and bottom line… drove better than expected gross margin performance and EBIT margins.” — Stefan Larsson, Q2 call .
“EPS… was better than expected… reaffirming our full year guidance… in spite of new tariff rates… effectively doubled since our last call.” — Zac Coughlin, Q2 call .
“Calvin… underwear… 14% globally… fashion denim… 19% growth… hero product amplified by mega talent.” — Stefan Larsson, Q2 call .
“Third quarter gross margin to decline ~175 bps… includes ~80 bps unmitigated tariff impact… heavier in Q4.” — Zac Coughlin, Q2 call .
“Company is reaffirming its third quarter and full year 2025 guidance…” — CFO transition release .

Q&A Highlights

Tariffs: 2025 mitigation ~50% initially; rates ~2x prior in Q4; plan to expand mitigation through 2026; pricing to be targeted where pricing power exists .
SG&A/marketing: Growth Driver 5 on track for 200–300 bps OM expansion over time; ~200 bps realized exiting FY 2025; Q3 SG&A deleverage from higher marketing, re‑leverage in Q4 .
DTC traffic/promotions: U.S. traffic weaker; promotions elevated and assumed to persist through 2025; sequential store traffic improvement noted in Q2 .
Wholesale timing: Normalized first‑half vs last year; 2H shipments lower YoY due to normalization .

Estimates Context

Q3 2026 vs last year: Revenue est. ~$2.28B vs Q3 2024 actual $2.255B; EPS est. ~$2.53 vs Q3 2024 non‑GAAP $3.03 — implies modest sales growth but EPS down YoY amid promotional/tariff pressures. Values retrieved from S&P Global.*
Q4 2026 preview (Street): EPS ~$3.61; revenue ~$2.46B; EBITDA ~$311MM. Values retrieved from S&P Global.*

Key Takeaways for Investors

Setup into Q3: Consensus implies small top‑line growth but EPS contraction vs prior year; watch gross margin line (tariff burden heavier in Q4) and CK operations update. Values retrieved from S&P Global.* .
Execution lens: EMEA order books and DTC growth, Americas wholesale normalization, APAC weakness remain the regional pattern; continued investment in brand/marketing could support traffic despite promotions .
Tariff path: FY 2025 unmitigated impact raised to ~$70mm; management expects fuller mitigation over time — trajectory in 2026 is pivotal for margin recovery .
Cost actions: Growth Driver 5 should re‑leverage SG&A exiting FY 2025; combined with CK operational fixes, sets 2026 for stronger go‑in margins and on‑time deliveries .
Governance/continuity: CFO transition mitigated by guidance reaffirmation and experienced interim; minimal guidance risk flagged in the transition release .
Trading implications: Near-term—print risk centered on GM and promotional cadence; Medium-term—margin recovery hinges on tariff mitigation plus PVH+ cost/brand execution scaling .

Other Relevant Press Releases for Q3 2026

CFO transition; guidance reaffirmed (Nov 18, 2025) .
Q3 earnings release/call timing (Nov 17, 2025) .
Dividend declared $0.0375 per share (Oct 29, 2025) .

Footnote: *Estimates marked with an asterisk are values retrieved from S&P Global (Capital IQ).

PVH CORP. /DE/ (PVH)·Q3 2026 Earnings Summary