PVH · PVH Corp.

PVH Corp. delivered a strong finish to fiscal 2025, with fourth quarter results exceeding guidance across revenue, operating margin, and EPS. Revenue grew 6% to $2.505 billion, primarily driven by an 11% increase in wholesale revenue and a 7% increase in the Tommy Hilfiger brand. The company demonstrated operational discipline, achieving a non-GAAP operating margin of 10.0% in the quarter, which represents a significant sequential improvement and exceeded guidance despite approximately 170 basis points of negative impact from gross tariffs. Management highlighted the success of the PVH+ Plan, citing strength in hero product franchises and effective marketing campaigns for Calvin Klein and Tommy Hilfiger. For the full year, revenue increased 3% to $8.950 billion with non-GAAP EPS of $11.40, both meeting or exceeding prior expectations. The company returned significant capital to shareholders, completing over $560 million in stock repurchases during 2025. Looking ahead to 2026, management provided an outlook that projects slight revenue growth and stable non-GAAP operating margins of approximately 8.8%. This guidance is notable as it includes an anticipated 215 basis point negative impact from gross tariffs, which management expects to offset through mitigation actions and underlying business progress. The company also targets at least $300 million in stock repurchases for 2026, reflecting confidence in the balance sheet and long-term strategy despite a challenging macroeconomic environment.