Q4 2025 PVH Corp Earnings Call Transcript

Apr 01, 2026 / 01:00PM GMT

Release Date Price: $76.56 (+9.75%)

Transcript 10-K8-K

Key Points

Positve

PVH Corp (PVH) exceeded its guidance across revenue, operating profit, and EPS for the fourth quarter.
The company achieved a 10% non-GAAP operating margin in Q4, which would have been 11.7% without the gross tariff impact.
PVH Corp (PVH) returned over $560 million of capital to shareholders through share repurchases, representing 15% of shares outstanding.
The company reported positive momentum and higher spring season sell-through trends across both Calvin Klein and Tommy Hilfiger brands in all regions.
PVH Corp (PVH) successfully mitigated over 40% of the increased tariffs in Q4 and plans to mitigate 75% by the end of 2026.

Negative

The macroeconomic environment remains uncertain, impacting consumer behavior and wholesaler caution.
PVH Corp (PVH) faced a negative 170 basis point gross tariff impact in Q4, affecting operating margins.
The company experienced a decline in direct-to-consumer revenue in constant currency, down 3% in Q4.
Wholesale revenue in Asia Pacific was down mid-single digits in constant currency due to cautious approaches by wholesale partners.
PVH Corp (PVH) anticipates absorbing a significant $195 million gross tariff cost in 2026, impacting EBIT and EPS.

Operator

Good morning, everyone, and welcome to today's PVH fourth quarter 2025 and full year earnings conference call. (Operator Instructions) Please note this call may be recorded. (Operator Instructions)

It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations.

Sheryl Freeman

PVH Corp - Senior Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. fourth quarter and full year 2025 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis.

This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast, or otherwise transmitted without PVH's written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call.

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