Tapestry's strong FY2026 results and achievement of three-year targets two years early validate the Amplify strategy. The company guides for mid-single-digit revenue growth, continued margin expansion, and double-digit EPS growth in FY2027, with another ~$1.7B in capital return expected. The 90% say-on-pay approval and board's no-recommendation stance on the written consent proposal suggest limited governance friction. Monitor Q1 FY2027 results for sustained momentum and any tariff-related headwinds.
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Executive Summary
Tapestry's FY2026 DEF 14A proxy statement reports record financial results: revenue of $8.0 billion (+14% YoY), non-GAAP EPS of $7.05 (+38% YoY), and $1.7 billion returned to shareholders. CEO Joanne Crevoiserat received total compensation of $33.99 million, including a $15 million one-time special equity award. The company achieved its three-year financial targets two years early under its Amplify strategy. The board recommends voting FOR all director nominees, auditor ratification, and say-on-pay, with no recommendation on a shareholder proposal for less-than-unanimous written consent.
Key Facts
- FY2026 revenue of $8.0 billion, up 14% YoY (non-GAAP pro forma constant currency growth of 16.7%)
- Non-GAAP diluted EPS of $7.05, up 38.3% YoY
- Operating margin expanded to 23.4% (non-GAAP), with 120 bps gross margin expansion and 210 bps SG&A leverage
- Generated $1.9 billion in free cash flow; returned $1.7 billion to shareholders via dividends and buybacks
- One-year TSR of 69.78%; three-year TSR of 266.94%
- CEO total compensation of $33,986,485, including a $15 million one-time special equity award
- All AIP metrics paid at maximum 200% of target; FY24-26 PRSUs paid at 173.8% of target
- Last year's say-on-pay approval rate was approximately 90%
- 10 of 11 director nominees are independent; average director tenure of 5.2 years
- Shareholder proposal seeks to permit stockholder action by less-than-unanimous written consent
Financial Impact
FY2026 revenue $8.0B, non-GAAP EPS $7.05, operating margin 23.4%, free cash flow $1.9B, TSR 69.78% one-year
Risk Factors
- Tariff and trade policy uncertainty could pressure gross margins and operating income
- Consumer spending shifts in a potentially recessionary environment
- Execution risk on Kate Spade turnaround and international expansion
- CEO compensation, including the $15M special award, may attract shareholder scrutiny despite strong performance
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEF 14A Filing (Primary) | 0001116132-26-000024 |
| Document: 0001116132-26-000024-index-headers.html | 0001116132-26-000024 |
| Document: 0001116132-26-000024-index.html | 0001116132-26-000024 |
| Document: 0001116132-26-000024.txt | 0001116132-26-000024 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $110.37 | awaiting T+20 | — | $111.39 (+0.92%) |
Sep 25, 2026 4w ago | DEFA14A | $113.45 $110.90 | ▼ −2.25% | ▼ −2.22% | $111.39 (−1.82%) |
Sep 25, 2026 4w ago | DEF 14A | $113.45 $110.90 | ▼ −2.25% | ▼ −2.22% | $111.39 (−1.82%) |
Feb 28, 2026 34w ago | Institutional Cluster | $156.07 $136.92 | ▲ +12.27% | ▲ +4.33% | $111.39 (+28.63%) |
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