PVH Corp Surpasses Q4 Earnings Forecasts and Sets Resilient 2026 Outlook
New York, Wednesday, 1 April 2026.
Despite reporting a $158.3 million net loss, PVH Corp crushed Wall Street expectations with an adjusted $3.82 per share, proving the resilience of its iconic brands heading into 2026.
Breaking Down the Fourth-Quarter Metrics
On Tuesday, March 31, 2026, PVH Corp. (NYSE: PVH) released its highly anticipated fourth-quarter financial results, revealing a complex but ultimately resilient performance [1][3]. The apparel powerhouse reported Q4 revenue of $2,505.1 million, representing a 5.629% increase from the $2,371.6 million generated in the prior year period [1]. This top-line expansion outpaced Wall Street estimates, which had modeled revenue closer to $2.43 billion [4]. However, the bottom line required a deeper look. On a Generally Accepted Accounting Principles (GAAP) basis, PVH posted a net loss of $158.3 million, translating to a loss of $3.46 per diluted share [1][3][5].
Brand Strength Amidst Tariff Headwinds
The company’s revenue momentum was anchored by the enduring appeal of its two flagship brands. During the fourth quarter of 2025, Tommy Hilfiger’s revenue expanded by 6.8% to reach $1,369.2 million, while Calvin Klein experienced a 3.3% revenue bump, bringing in $1,079.7 million [1]. Examining the sales channels reveals that wholesale operations were a primary growth engine, surging by 11.0% to $1,064.8 million [1]. By contrast, direct-to-consumer revenue saw a more modest increase of 1.3%, totaling $1,320.1 million [1]. On a regional level, the Europe, Middle East, and Africa (EMEA) market led the charge with an impressive 8.2% revenue increase, followed by the Americas, which grew by 4.3% [1].
Looking Ahead to a Resilient 2026
Looking to the fiscal year ahead, PVH Corp. provided a cautious yet structurally optimistic outlook. The company projects a slight increase in revenue compared to 2025’s full-year total of $8.950 billion, with operating margins expected to remain stable at approximately 8.8% on a non-GAAP basis [1][2]. Non-GAAP EPS is projected to land in the range of $11.80 to $12.10 [1][2][3]. Crucially, this guidance factors in significant ongoing trade headwinds. The outlook assumes a 15% tariff rate on goods entering the U.S. effective February 24, 2026, which management estimates will result in a net negative impact of approximately $195 million to full-year 2026 EBIT, translating to roughly $3.30 per share [1].