The lowered full-year revenue guide (flat vs slight increase) reflects real EMEA headwinds, but the maintained EPS and margin outlook, supported by tariff refunds, suggests management sees a path to protect profitability. Watch Q2 for the $100M tariff refund recognition and whether EMEA trends stabilize. The lack of Q1 buybacks is a minor negative given the $300M+ full-year target.
Price Chart
Executive Summary
PVH reported Q1 2026 non-GAAP EPS of $2.01, above guidance of $1.65-$1.80, on revenue of $2.025B (+2% YoY). Full-year revenue guidance was lowered to approximately flat (from slight increase) due to prolonged Middle East conflict pressure on EMEA, but operating margin guidance of ~8.8% and EPS guidance of $11.80-$12.10 were reaffirmed, supported by ~$100M in expected tariff refunds. The beat on EPS and maintained full-year earnings outlook provide a positive counterweight to the lowered top-line view.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $2.025B, +2% YoY (constant currency -2%), above guidance of slight increase
- Non-GAAP EPS $2.01, above guidance of $1.65-$1.80; GAAP EPS $1.90 vs $(0.88) YoY
- Non-GAAP operating margin 6.5%, at high end of 6.0%-6.5% guidance, vs 8.1% YoY
- Direct-to-consumer revenue +6% (+3% cc), with digital commerce +11% (+6% cc)
- Full-year 2026 revenue guidance lowered to approximately flat (from slight increase); constant currency now decrease slightly
- Full-year operating margin guidance reaffirmed at ~8.8% non-GAAP; EPS reaffirmed at $11.80-$12.10
- Full-year outlook includes ~$100M in expected IEEPA tariff refunds, offsetting prolonged Middle East conflict impact on EMEA
- No share repurchases in Q1; still targeting at least $300M in buybacks for full year 2026
- Inventory decreased 5% to $1.510B
- EMEA revenue -5% constant currency due to Middle East conflict; APAC +6% cc; Americas -2% cc
Financial Impact
Q1 non-GAAP EPS of $2.01 beat guidance midpoint ($1.725) by ~16.5%; full-year EPS guidance reaffirmed at $11.80-$12.10 vs $11.40 in 2025, implying ~4-6% YoY growth at midpoint
Risk Factors
- Prolonged Middle East conflict further pressuring EMEA consumer demand beyond current expectations
- Tariff refund timing or magnitude could differ from the ~$100M expected in Q2
- Constant currency revenue declining 2% in Q1 and guided down for full year signals underlying volume weakness
- No share repurchases in Q1 despite $300M+ full-year target; execution risk on buyback
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000078239-26-000034 |
| Document: pvh-20260603.htm | 0000078239-26-000034 |
| Document: 0000078239-26-000034-index-headers.html | 0000078239-26-000034 |
| Document: 0000078239-26-000034-index.html | 0000078239-26-000034 |
| Document: 0000078239-26-000034.txt | 0000078239-26-000034 |
| 8-K Data (Synthetic) | 0000078239-26-000034 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | Insider Buy | $73.01 $73.40 | ▲ +0.53% | ▲ +0.43% | $75.53 (+3.45%) |
Jun 29, 2026 13w ago | 8-K | $73.29 $76.83 | ▲ +4.83% | ▲ +3.44% | $75.53 (+3.06%) |
Jun 3, 2026 17w ago | 8-K | $77.41 $81.81 | ▲ +5.68% | ▲ +8.23% | $75.53 (−2.43%) |
May 8, 2026 21w ago | DEFA14A | $89.15 $80.72 | ▼ −9.46% | ▼ −10.92% | $75.53 (−15.28%) |
Apr 29, 2026 22w ago | 8-K | $90.60 $91.83 | ▲ +1.36% | ▼ −1.75% | $75.53 (−16.64%) |
Mar 31, 2026 26w ago | 8-K | $76.08 $90.67 | ▲ +19.18% | ▲ +15.41% | $75.53 (−0.73%) |
US Market Status
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