The core business is performing well with 15% constant-currency revenue growth, but reported earnings are depressed by non-recurring financing charges. Watch for the Q4 FY2026 print to see if tariff/FX headwinds moderate as guided (70bps for FY2026) and whether the company deploys the remaining ~$500M authorized for buybacks. The refinancing reduces interest cost over time, but near-term EPS will be noisy.
Price Chart
Executive Summary
Birkenstock reported strong Q3 FY2026 results with revenue of €719.5M, up 13% YoY (15% constant currency), driven by double-digit growth across all segments. However, reported net profit fell 15% to €109.6M (EPS €0.60 vs €0.69) due to €22.3M in non-recurring non-cash charges from the ASR and refinancing, plus ongoing headwinds from U.S. tariffs and FX. Adjusted EBITDA rose 11% to €242.5M, but margin contracted 70bps to 33.7%. The company completed a €230M ASR, reducing shares by 6M, and issued €900M of 4.5% senior notes to refinance higher-cost debt and add balance sheet flexibility for future capital returns.
Key Facts
- Revenue of €719.5M, +13% YoY (+15% constant currency)
- Net profit of €109.6M, -15% YoY; EPS €0.60 vs €0.69
- Adjusted EBITDA of €242.5M, +11% YoY; margin 33.7% vs 34.4%
- Gross margin contracted 140bps to 59.1% due to tariffs (70bps), FX (60bps), and product mix
- Completed €230M accelerated share repurchase, retiring 6.0M shares
- Issued €900M of 4.5% senior notes due 2033, redeeming €428.5M of 5.25% notes
- Finance costs surged 135% to €43.0M, including €10.6M ASR fair value loss and €11.7M debt refinancing loss
- Adjusted net profit of €133.6M, +15% YoY; adjusted EPS €0.74 vs €0.62
- DTC penetration 39%, up 20bps; added 13 new retail stores (total 124)
- APAC revenue grew 18% (+23% constant currency), fastest segment
Financial Impact
Revenue +13% to €719.5M; net profit -15% to €109.6M; adjusted EBITDA +11% to €242.5M; gross margin -140bps to 59.1%
Risk Factors
- U.S. tariff costs expected to impact FY2026 margins by ~70bps; IEEPA tariff recovery uncertain
- Middle East conflict negatively impacted EMEA revenue (~€6M in Q2 FY2026); continued risk
- FX translation headwind of ~120bps expected for full FY2026
- Non-recurring finance costs (€22.3M) distort reported earnings; adjusted metrics more reflective
- French distributor litigation with €41.6M claim on appeal; decision not expected before FY2026 end
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-347699 |
| Document: 0001193125-26-347699-index-headers.html | 0001193125-26-347699 |
| Document: 0001193125-26-347699-index.html | 0001193125-26-347699 |
| Document: 0001193125-26-347699.txt | 0001193125-26-347699 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | 6-K | $41.00 | awaiting T+60 | — | $32.19 (−21.49%) |
Jul 15, 2026 14w ago | 6-K | $42.86 $33.12 | ▼ −22.73% | ▼ −25.26% | $32.19 (−24.90%) |
Jun 22, 2026 18w ago | 6-K | $43.30 $30.01 | ▼ −30.69% | ▼ −32.44% | $32.19 (−25.66%) |
Jun 16, 2026 18w ago | 6-K | $46.95 $31.13 | ▼ −33.70% | ▼ −36.84% | $32.19 (−31.44%) |
Jun 16, 2026 18w ago | 6-K | $48.97 $30.69 | ▼ −37.33% | ▼ −38.33% | $32.19 (−34.27%) |
Jun 15, 2026 19w ago | 6-K | $47.93 $31.56 | ▼ −34.15% | ▼ −35.16% | $32.19 (−32.84%) |
May 13, 2026 23w ago | 6-K | $33.07 $38.45 | ▲ +16.27% | ▲ +11.83% | $32.19 (−2.66%) |
Apr 13, 2026 28w ago | 6-K | $38.91 $44.24 | ▲ +13.70% | ▲ +4.78% | $32.19 (−17.27%) |
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