PVH Corp. Beats Q4 Expectations, Projects Stable Margins For 2026
PVH Corp. reported stronger-than-expected performance for the fourth quarter of 2025, with revenue and earnings exceeding guidance, while outlining a cautious but stable outlook for 2026 amid ongoing global uncertainties.
Fourth-quarter revenue rose 6% year-on-year to $2.5 billion, surpassing expectations, while non-GAAP earnings per share came in at $3.82, ahead of the company’s guidance range. The company delivered an operating margin of around 10% on a non-GAAP basis, also exceeding projections despite the impact of higher tariffs.
For the full year, PVH posted revenue of $8.95 billion, up 3%, with non-GAAP operating margins reaching 8.8%, slightly above guidance. Performance was driven by continued momentum in its core brands, Calvin Klein and Tommy Hilfiger, supported by product innovation and targeted marketing initiatives.
Stefan Larsson, CEO, said the company delivered a strong finish to the year despite a challenging macroeconomic environment, with growth driven by disciplined execution of its PVH+ strategy and brand strength across global markets.
Looking ahead, PVH expects revenue in 2026 to grow slightly, with operating margins projected to remain stable at around 8.8% on a non-GAAP basis. However, the outlook factors in a significant negative impact from tariffs on goods entering the U.S.
The company anticipates continued growth in its direct-to-consumer (DTC) business across regions and both key brands. It also plans to repurchase at least $300 million in shares in 2026, following $560 million in buybacks completed in 2025.
