Revenue growth in constant currency met guidance, but the sharp 22% net profit decline and 270 bps margin compression from FX/tariffs signal underlying earnings pressure. The confirmed FY guidance provides a floor, but watch for further tariff escalation and currency moves that could erode margins further. The APAC segment's 30% constant currency growth is a bright spot, but the Americas reported growth of only 4% highlights the FX drag. Monitor the earnings call for commentary on tariff mitigation and pricing power.
Price Chart
Executive Summary
Birkenstock reported fiscal Q2 2026 revenue of EUR 618M (+8% reported, +14% constant currency), within its 13-15% constant currency guidance. However, net profit fell 22% to EUR 82M, EPS dropped 20% to EUR 0.45, and adjusted EBITDA margin contracted 270 bps to 32.1% due to FX headwinds and U.S. tariffs. The company confirmed its full-year guidance for 13-15% constant currency revenue growth and 30.0-30.5% adjusted EBITDA margin.
Key Facts
- Q2 FY2026 revenue EUR 618M, +8% reported / +14% constant currency YoY
- Net profit EUR 82M, down 22% YoY; EPS EUR 0.45, down 20% YoY
- Adjusted EBITDA EUR 198M, down 1% YoY; margin 32.1% vs 34.8% prior year
- Gross profit margin 53.9%, down 380 bps YoY from 57.7%
- Full-year FY2026 guidance confirmed: 13-15% constant currency revenue growth, 30.0-30.5% adjusted EBITDA margin, adjusted EPS EUR 1.90-2.05
- APAC segment revenue grew 22% reported / 30% constant currency; Americas +4% reported / +14% constant currency; EMEA +10% reported / +11% constant currency
- Cash and cash equivalents EUR 201M; net leverage 1.7x vs 1.5x at Sep 30, 2025
Financial Impact
Revenue EUR 618M (+8% reported), net profit EUR 82M (-22%), EPS EUR 0.45 (-20%), adjusted EBITDA margin 32.1% (-270 bps)
Risk Factors
- U.S. tariff escalation and unfavorable FX translation continue to pressure margins
- Middle East conflict impacting EMEA revenue by ~EUR 6M and 300 bps growth headwind
- Gross margin down 380 bps YoY; further compression possible if tariffs increase
- Net profit down 22% YoY despite revenue growth; cost pressures not fully offset
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-220435 |
| Document: birk_earnings_release_6-.htm | 0001193125-26-220435 |
| Document: 0001193125-26-220435-index-headers.html | 0001193125-26-220435 |
| Document: 0001193125-26-220435-index.html | 0001193125-26-220435 |
| Document: 0001193125-26-220435.txt | 0001193125-26-220435 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | 6-K | $41.00 | awaiting T+60 | — | $32.26 (−21.32%) |
Jul 15, 2026 14w ago | 6-K | $42.86 $33.12 | ▼ −22.73% | ▼ −25.26% | $32.26 (−24.73%) |
Jun 22, 2026 18w ago | 6-K | $43.30 $30.01 | ▼ −30.69% | ▼ −32.44% | $32.26 (−25.50%) |
Jun 16, 2026 19w ago | 6-K | $46.95 $31.13 | ▼ −33.70% | ▼ −36.84% | $32.26 (−31.29%) |
Jun 16, 2026 19w ago | 6-K | $48.97 $30.69 | ▼ −37.33% | ▼ −38.33% | $32.26 (−34.12%) |
Jun 15, 2026 19w ago | 6-K | $47.93 $31.56 | ▼ −34.15% | ▼ −35.16% | $32.26 (−32.69%) |
May 13, 2026 23w ago | 6-K | $33.07 $38.45 | ▲ +16.27% | ▲ +11.83% | $32.26 (−2.45%) |
Apr 13, 2026 28w ago | 6-K | $38.91 $44.24 | ▲ +13.70% | ▲ +4.78% | $32.26 (−17.09%) |
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