PVH CORP. (PVH) Q2 2026 Financial Results Summary
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PVH Corp. (PVH) Q2 2026: Revenue Decline, Profitability Exceeds Expectations — Cautiously Optimistic
PVH Corp. reported its second quarter results for 2026, revealing a revenue decline but exceeding profitability expectations. The company delivered revenue of $2.097 billion, a decrease of 3% compared to $2.167 billion in the prior year period. This performance was in line with guidance, which anticipated a 3% to 4% decrease, and exceeded the guidance of a 4% to 5% decline on a constant currency basis.
Despite the revenue drop, the non-GAAP operating margin was 11.1%, surpassing guidance of approximately 9.5%. This reflects a significant improvement from the 8.2% margin in the prior year. The company also reported a non-GAAP earnings per share (EPS) of $3.70, exceeding the guidance range of $3.00 to $3.10 and up from $2.52 in the previous year.
Analyst View
This quarter can be viewed as a cautiously optimistic outcome for shareholders. While the revenue decline is concerning, the stronger-than-expected profitability indicates effective cost management and operational discipline. The company’s focus on direct-to-consumer (DTC) growth, particularly in the Americas and APAC regions, is a positive sign for future performance. The reaffirmation of full-year guidance for revenue, operating margin, and EPS on a non-GAAP basis suggests management's confidence in the ongoing execution of their strategic initiatives.
Key Metrics
- Revenue:
- Q2 2026: $2.097 billion
- Q2 2025: $2.167 billion
- Year-over-year change: -3%
- Operating Margin:
- Non-GAAP: 11.1% (Q2 2026) vs. 8.2% (Q2 2025)
- EPS:
- Non-GAAP: $3.70 (Q2 2026) vs. $2.52 (Q2 2025)
- Inventory:
- Decreased 3% to $1.738 billion compared to the prior year period.
Dividend and Share Buyback
PVH did not repurchase any common stock under its stock repurchase program during the first half of 2026. However, the company expects to repurchase at least $300 million of shares for the full year 2026, which could provide support for the stock price moving forward.
Full Year Outlook
PVH reaffirmed its full-year outlook, projecting revenue to be approximately flat on a reported basis, with a slight decrease on a constant currency basis. The operating margin is expected to be around 8.8% on a non-GAAP basis, consistent with the previous year. The EPS guidance remains in the range of $11.80 to $12.10 on a non-GAAP basis, compared to $11.40 in the prior year.
Forward Catalysts
Investors should watch for the upcoming third quarter results, where revenue is projected to decrease in the low single digits compared to the prior year. The company anticipates an operating margin of approximately 7.5% on a non-GAAP basis and an EPS range of $2.50 to $2.65. Additionally, the impact of new marketing campaigns and product launches in the fall season will be crucial in determining the trajectory of revenue growth and consumer engagement.
In summary, while PVH's revenue decline raises concerns, the strong profitability metrics and reaffirmed guidance suggest a resilient business model. The focus on DTC growth and strategic marketing initiatives could position the company for recovery in the upcoming quarters.
Note: All amounts are in millions.
Income Statement Table: Consolidated GAAP Statements of Operations
| (In millions, except per share data) | Six Months Ended 8/2/26 | Six Months Ended 8/3/25 |
|---|---|---|
| Revenues | $2,097 | $2,167 |
| Gross profit | 1,321 | 1,250 |
| Selling, general and administrative expenses | 1,112 | 1,128 |
| Goodwill and other intangible asset impairment | 439.0 | — |
| Other gain | 25.4 | — |
| Earnings (loss) before interest and taxes | (190.9) | 133.2 |
| Interest expense | 11.7 | 22.0 |
| Net income (loss) | $-102.9 | $224.2 |
| Diluted net income (loss) per common share | $-2.23 | $4.63 |
Balance Sheet Table: Consolidated Balance Sheets
| (In millions) | 8/2/26 | 8/3/25 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and Cash Equivalents | $965.9 | $248.8 |
| Receivables | 941.6 | 919.2 |
| Inventories | 1,738.2 | 1,791.0 |
| Other Assets | 337.0 | 323.6 |
| Assets Held For Sale | — | 16.7 |
| Total Current Assets | 3,982.7 | 3,299.3 |
| Property, Plant and Equipment | 620.2 | 695.1 |
| Operating Lease Right-of-Use | 1,784.4 | 1,888.0 |
| Goodwill and Other Intangible Assets | 4,615.3 | 5,056.1 |
| Other Assets | 414.1 | 689.1 |
| TOTAL ASSETS | $11,416.7 | $11,627.6 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Accounts Payable and Accrued Expenses | $2,055.2 | $2,067.9 |
| Current Portion of Operating Lease Liabilities | 349.3 | 329.6 |
| Current Portion of Long-Term Debt | 11.5 | 12.8 |
| Other Liabilities | 406.8 | 407.1 |
| Long-Term Portion of Operating Lease Liabilities | 1,565.4 | 1,687.6 |
| Long-Term Debt | 2,236.5 | 2,256.0 |
| Stockholders’ Equity | 4,792.0 | 4,866.6 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $11,416.7 | $11,627.6 |
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