PVH Revenue & Financials

PVH reported FY2025 revenue of $8.950B, up 3% from FY2024, and GAAP net income of $25.3M. The GAAP result was sharply below FY2024 because of noncash goodwill and intangible-asset impairment charges and other restructuring-related items. On a non-GAAP basis, PVH reported FY2025 net income of $553.2M and diluted EPS of $11.40. Q1 2026 revenue was $2.025B, up 2% on a reported basis but down 2% in constant currency. Direct-to-consumer revenue increased 6%, owned and operated digital commerce revenue increased 11%, and APAC revenue increased 10% on a reported basis. Management updated full-year 2026 revenue guidance to approximately flat and reaffirmed about 8.8% non-GAAP operating margin guidance. PVH is therefore a brand execution story rather than a simple revenue-growth story. Investors need to watch DTC momentum, wholesale timing, Calvin Klein and Tommy Hilfiger product cycles, EMEA demand, tariffs, inventory, and whether reported profit recovers after impairment-heavy FY2025 results.