PVH 2026 Q3 Earnings Beats Revenue Estimates Despite 96.3% EPS Drop

PVH Corp. (PVH) delivered mixed results in its fiscal 2026 Q3 earnings, surpassing revenue expectations while reporting a sharp decline in earnings per share (EPS). The company narrowed full-year guidance to the high end of prior ranges, reflecting disciplined cost management and brand strength amid a challenging consumer environment.

Revenue

PVH’s total revenue rose 1.7% to $2.29 billion, outpacing the $2.28 billion consensus estimate. The Tommy Hilfiger brand led with $1.22 billion in revenue, followed by Calvin Klein’s $1.02 billion. Heritage Brands contributed $58.40 million, while the Americas, Asia-Pacific (APAC), and Europe, the Middle East, and Africa (EMEA) regions drove regional performance. Licensing revenue added $105.7 million, though Heritage Brands underperformed estimates by $12.9 million.

Earnings/Net Income

PVH’s EPS plummeted 96.3% to $0.09, compared to $2.37 in the prior year, while net income dropped to $4.20 million from $131.90 million. Adjusted (non-GAAP) EPS, however, reached $2.83, exceeding the $2.56 consensus. The stark contrast between GAAP and non-GAAP metrics underscores significant one-time charges and currency impacts.

Post-Earnings Price Action Review

The stock edged up 2.10% during the latest trading day and gained 11.77% month-to-date, yet a historical strategy of buying shares on earnings dates yielded no return over three years. This approach, with a 0.00% CAGR and -39.44% excess return, underperformed benchmarks significantly. The strategy’s risk-free profile, indicated by a 0.00% maximum drawdown and Sharpe ratio, highlights its low-risk, low-reward nature.

CEO Commentary

Stefan Larsson, CEO, emphasized exceeding revenue and non-GAAP EPS guidance, driven by Calvin Klein’s growth in underwear and fashion denim and Tommy Hilfiger’s lifestyle categories. He noted APAC’s China rebound and disciplined execution of the PVH+ Plan, reaffirming full-year guidance despite a “uneven global consumer environment.”

Guidance

PVH narrowed 2025 full-year reported revenue guidance to “up low single-digits” and non-GAAP EPS to $10.85–$11.00. Fourth-quarter revenue growth is projected at “slightly to up low single-digits,” with non-GAAP EPS of $3.20–$3.35. The company cited $1.05/share net negative impact from U.S. tariffs and $0.45/share positive foreign currency effects.

Additional News

PVH announced the departure of CFO Zac Coughlin to pursue opportunities outside the apparel industry, with a successor expected to join in early 2026. The company also reaffirmed its focus on SG&A efficiencies, which have freed over 200 bps in operating margin improvements over 18 months. Analysts from Telsey Advisory Group and BTIG maintained positive ratings, citing brand strength and strategic execution.

Key Takeaways

• Revenue Beat: PVH’s $2.29 billion revenue exceeded estimates by $10 million.

• Earnings Disparity: GAAP net income fell sharply, while non-GAAP EPS beat by $0.29.

• Guidance Confidence: Full-year revenue guidance remains at low single-digit growth.

• Leadership Transition: CFO change signals potential strategic shifts in 2026.

PVH’s ability to navigate cost pressures and brand investments will be critical in sustaining its performance amid global economic uncertainties.