PVH Corp reported Q4 2025 revenue of $2.505 billion, above guidance, with non GAAP EPS of $3.82 versus guidance of $3.20 to $3.35, while GAAP EPS was a loss of $3.46 due to earlier impairment charges. After hours movement was not disclosed, but external coverage flags a positive reaction around this earnings release.
About PVH Corp
PVH Corp (NYSE PVH) is a global apparel company best known for its Calvin Klein and Tommy Hilfiger brands. Founded in 1881 and headquartered in New York City, PVH designs, markets, and sells branded apparel through wholesale, retail, and digital channels across the Americas, Europe, and Asia. As of early 2026 the company’s market capitalization is in the range of about $3 billion, reflecting recent share price volatility.
PVH employs roughly 28,000 people worldwide, based on its latest filings. The company does not currently emphasize a dividend, focusing instead on reinvestment and share repurchases. PVH trades at a modest earnings multiple on a non GAAP basis given 2025 EPS of $11.40, while GAAP EPS was $0.52 due to large noncash impairment charges. Management positions PVH as a consumer centric fashion group leaning into direct to consumer and digital growth.
Top Financial Highlights
- Q4 2025 revenue increased 6% to $2.505 billion, exceeding guidance for low single digit growth.
- Full year 2025 revenue rose 3% to $8.950 billion, in line with guidance.
- Q4 2025 GAAP EPS was a loss of $3.46 per share, impacted by earlier noncash impairment charges and higher tariffs.
- Q4 2025 non GAAP EPS was $3.82, above guidance of $3.20 to $3.35.
- Full year 2025 GAAP E5PS was $0.52, while non GAAP EPS reached $11.40, beating the $10.85 to $11.00 range.
- Q4 gross margin was 57.6%, down from 58.2% a year earlier, reflecting higher tariffs and a more promotional environment.
- Full year 2025 gross margin was 57.5%, down from 59.4% in 2024.
- Q4 GAAP operating margin was 9.9%, with non GAAP operating margin at 10.0%, both including a roughly 170 basis point negative tariff impact.
- Full year 2025 non GAAP operating margin was 8.8 percent, above guidance of about 8.5 percent.
- Q4 EBIT on a non GAAP basis was approximately $250 million, up from $244 million, supported by favorable foreign currency.
- Q4 revenue by brand segment showed Tommy Hilfiger up 7 percent and Calvin Klein up 3 percent on a reported basis.
- Regional Q4 revenue trends included EMEA up 8 percent, Americas up 4 percent, and APAC flat on a reported basis.
- Operating cash flow for Q4 turned negative at about $44.5 million, while cash and cash equivalents at quarter end were $701.5 million.
- Inventory rose 5 percent year over year to $1.583 billion, including a 4 percent impact from increased tariffs.
- 2026 outlook calls for revenue to increase slightly and non GAAP operating margin to remain around 8.8 percent, with non GAAP EPS forecast in the $11.80 to $12.10 range.
Beat or Miss?
| Metric | Reported | Difference/Analysis |
| Q4 2025 Revenue | $2.505 billion | Above company guidance for low single digit growth and ahead of external $2.4B view. |
| Q4 2025 GAAP EPS | −$3.46 | Miss versus typical positive EPS expectations, driven by earlier noncash impairments. |
| Q4 2025 non GAAP EPS | $3.82 | Beat vs company guidance range of $3.20 to $3.35 and above prior consensus ~$3.30. |
| Full year 2025 Revenue | $8.950 billion | In line with guidance of low single digit growth. |
| Full year 2025 non GAAP EPS | $11.40 | Above guidance of $10.85 to $11.00, showing resilient underlying profitability. |
What Leadership Is Saying?
“We delivered a strong fourth quarter and finish to the year, driven by the strength of our two iconic global brands, Calvin Klein and TOMMY HILFIGER, and the continued disciplined execution of our PVH+ Plan. In the fourth quarter, we beat our guidance across revenue, operating margin and EPS on a non‑GAAP basis. For the full year, in the context of a challenging global macro‑economic environment, we returned to modest revenue growth, in line with guidance, and delivered non‑GAAP operating margins above guidance. Building on our performance in 2025, we have started 2026 and the important Spring season with positive momentum, and we expect DTC growth in both brands and across all regions for the full year.” – Stefan Larsson, CEO
“We are pleased with our fourth quarter and full year 2025 results, delivering or exceeding expectations across key financial metrics. For the fourth quarter, we drove significant sequential improvement in our operating margins to 10.0% on a non‑GAAP basis. For the full year, we achieved sequential quarter to quarter improvements in our gross margin comparisons through 2025 despite the negative impact of increased tariffs, as we set out to do, and are exiting the year with over 200 basis points of annualized cost savings realized in connection with our Growth Driver 5 Actions. Reflecting our conviction in our long‑term growth potential and our strong balance sheet, we repurchased over $560 million in stock during 2025.” – Melissa Stone, Interim CFO
istorical Performance
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $2.505 billion | $2.372 billion | ≈ 5.6 percent increase. |
| Net income (GAAP) | −$158.3 million | Positive net income prior year (GAAP EPS $2.83) | Swing to loss, heavily impacted by 2025 impairment charges. |
| Operating expenses proxy (EBIT vs sales) | EBIT $249–250 million non GAAP | EBIT $244 million non GAAP | Low single digit EBIT growth despite margin pressure. |
| Category | Q4 2025 PVH Corp | Q4 2024 PVH Corp | Change (%) |
| Revenue | $2.505 billion | $2.372 billion | ≈ 5.6 percent increase. |
| Net income (GAAP) | −$158.3 million | Positive net income (GAAP EPS $2.83) | Significant deterioration due to noncash impairments feeding into 2025 tax and EPS. |
| Operating expenses proxy (Operating margin) | 9.9 percent GAAP margin | 8.9 percent GAAP margin | Margin up about 100 basis points despite tariff headwinds. |
How the Market Reacted?
External market commentary around this period indicates that investors viewed the revenue beat and stronger non GAAP EPS positively, even as GAAP results showed a loss tied to earlier impairments. With 2026 guidance calling for stable operating margins and slightly higher revenue despite tariff headwinds, sentiment around the update appears cautiously bullish. PVH’s ongoing share repurchase program of at least $300 million planned for 2026 further reinforces a supportive backdrop for the stock.
