PVH Corp. reports second quarter fiscal 2026 results after the close on Wednesday, September 2, 2026, with a conference call the following morning. The quarter is unusual: the company has already told investors that roughly USD 100 million of refunded tariffs will land inside it, worth about 470 basis points of operating margin.
In short
- Date and time: PVH releases second quarter 2026 results after the US market close on Wednesday, September 2, 2026, with the analyst call at 9:00 a.m. Eastern on Thursday, September 3.
- The swing factor is a refund, not trading: guidance embeds roughly USD 100 million of IEEPA tariff refunds recognized in the quarter, contributing about 470 basis points of non-GAAP operating margin.
- Revenue is guided lower: PVH expects second quarter revenue to decrease 3% to 4% on a reported basis and 4% to 5% in constant currency, against USD 2.167 billion a year earlier.
- EPS optics improve anyway: non-GAAP EPS is guided to USD 3.00 to USD 3.10 versus USD 2.52 in the prior year, a gain that the refund more than accounts for.
- Leadership changes mid-quarter: interim CFO Melissa Stone serves as principal financial officer through September 7, 2026, with incoming CFO Alexis Rollier, formerly of Sephora, joining in early September.
What exactly is PVH reporting on September 2?
PVH Corp. (NYSE: PVH), the owner of Calvin Klein and TOMMY HILFIGER, said in an August 17, 2026 announcement that it will publish second quarter fiscal 2026 results after the close of the US market on Wednesday, September 2, 2026. The company will hold its conference call the next morning, Thursday, September 3, at 9:00 a.m. Eastern Time.
The call is scheduled to be hosted by Stefan Larsson, Chief Executive Officer, and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis. The split between release day and call day is PVH’s normal practice and matters for anyone tracking the after-hours reaction: the numbers land on one session, the management commentary on the next.
PVH is one of the largest apparel groups in the world by revenue, operating in more than 40 countries across three reportable geographic segments (EMEA, Americas and APAC) plus a licensing line. That structure is why the company reads as a useful barometer for the wider trade picture: it imports at scale into the United States, sells heavily into Europe, and has a growing Asia Pacific business that moves on entirely different drivers.
Why does a routine earnings date carry a tariff story?
Because PVH has already disclosed, in its first quarter release on June 3, 2026, that the second quarter will contain about USD 100 million of refunds relating to tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and previously paid by the company. That refund is not an operating result. It is the reversal of duties collected under an authority the US Supreme Court held unlawful in late February 2026, in Learning Resources v. United States.
The scale of the reversal across the economy is large. According to a declaration filed with the Court of International Trade on August 4, 2026 by Brandon Lord, Executive Director of US Customs and Border Protection’s Trade Policy and Programs Directorate, more than 75,000 consolidated refund declarations had been submitted as of July 31, 2026, and roughly USD 128.68 billion in potential and certified refunds had been accepted for processing.
CBP is handling these through a consolidated process in its ACE portal rather than entry by entry, and the agency has indicated that a refund can take 60–90 days to issue once a declaration is accepted. That timing is precisely why so many retail refunds are clustering into the quarters ending in July and August 2026 rather than being spread evenly through the year.
What the refunds do not touch is equally important. The IEEPA reversal applies to duties collected under that specific emergency authority. Tariffs imposed under Section 301, Section 232 and the ordinary Harmonized Tariff Schedule rates are unaffected by the February ruling and continue to apply at the border.
For an apparel importer that distinction is the difference between a windfall and a reprieve. Apparel and footwear carry some of the highest ordinary duty rates in the US schedule before any trade action is layered on top, so removing one emergency layer leaves a substantial permanent cost in place.
How the refund changes the shape of the quarter
PVH guided second quarter non-GAAP operating margin to approximately 9.5%, against 8.2% on a non-GAAP basis in the second quarter of 2025. The company stated that the projection includes an estimated positive impact of approximately 470 basis points related to tariff refunds.
Strip that out and the implied underlying non-GAAP operating margin is roughly 4.8%, well below the prior year’s 8.2%. The headline number improves by 130 basis points; the underlying number, on the company’s own arithmetic, deteriorates by more than 300.
The same pattern runs through earnings per share. Non-GAAP EPS is guided to a range of USD 3.00 to USD 3.10, against USD 2.52 a year earlier, and the guidance also carries about USD 0.05 of favorable foreign currency translation. Very little of the year-over-year gain is coming from selling more product at better prices.
Why the GAAP line will look strange in both directions
PVH will also record a pre-tax gain of USD 25 million in the second quarter of 2026 in connection with the sale of its owned warehouse and distribution center in Jonesville, North Carolina. That gain is excluded from the non-GAAP presentation, so it lifts GAAP results without touching the guided range.
Working the other way, the prior-year comparison is distorted. Second quarter 2025 GAAP EPS was USD 4.63 while non-GAAP EPS was USD 2.52, and 2025 GAAP operating margin for the quarter was 6.1% against 8.2% non-GAAP. Anyone comparing GAAP to GAAP across the two years will be comparing two very different sets of one-off items.
How do the second quarter numbers compare with a year ago?
The cleanest way to read September 2 is to put the guidance next to what PVH actually delivered in the same quarter of 2025, and next to what the sell side currently expects.
| Metric | Q2 2025 actual | Q2 2026 guidance | Consensus |
|---|---|---|---|
| Revenue | USD 2.167bn, up 4% | Down 3% to 4% reported | About USD 2.1bn, down 3.2% |
| Revenue, constant currency | Up 1% | Down 4% to 5% | Not separately guided |
| Operating margin, non-GAAP | 8.2% | About 9.5% | In line with guidance |
| Operating margin, GAAP | 6.1% | Not guided | Not guided |
| EPS, non-GAAP | USD 2.52 | USD 3.00 to USD 3.10 | USD 3.08, up 22.2% |
| EPS, GAAP | USD 4.63 | Not guided | Not guided |
| Net interest expense | USD 22m | About USD 18m | Not separately modeled |
| Effective tax rate | Not comparable | About 22% | About 22% |
Consensus figures reflect the Zacks estimate compiled ahead of the release: EPS of USD 3.08, up 22.2% year over year, on revenue of about USD 2.1 billion, down 3.2%. Zacks also notes a recent beat history, with an 11.7% surprise in the most recent quarter and an average surprise of 16.5% over four quarters, while flagging an Earnings ESP of 0.00% and a Rank of 3 (Hold) into this print.
The gap between a 22% EPS increase and a 3% revenue decline is the whole story. It is not operating leverage. It is a one-time customs reversal landing on a shrinking top line.
What did the first quarter tell us about the underlying business?
PVH reported first quarter revenue of USD 2.025 billion on June 3, 2026, up 2% on a reported basis and down 2% in constant currency. Non-GAAP EPS of USD 2.01 beat the company’s guidance range of USD 1.65 to USD 1.80, and GAAP EPS was USD 1.90. Non-GAAP operating margin came in at 6.5%, at the high end of the 6.0% to 6.5% guidance.
Gross margin was 58.6%, flat against the prior year. PVH attributed the composition to increased tariffs on goods entering the US, a more promotional environment and the margin differential from bringing previously licensed women’s categories in house, offset by tariff mitigation actions, a favorable mix shift and lower product costs including a currency benefit.
Inventory fell 5% to USD 1.510 billion, which is the number that gives management room to argue the business is being run tightly even as revenue softens.
The regional split is the real weak spot
EMEA revenue rose 2% on a reported basis in the first quarter but fell 5% in constant currency. PVH attributed the constant currency decline to softer consumer demand tied to what the company describes as the prolonged effects of the conflict in the Middle East and its broader macroeconomic effects, with declines in both direct-to-consumer and wholesale.
Americas revenue fell 1% reported and 2% in constant currency, as growth in direct-to-consumer was more than offset by a wholesale decline. Part of that wholesale weakness is a timing shift of shipments from the first half into the second half of 2026, which should partially reverse in the back half.
APAC was the bright spot, up 10% reported and 6% in constant currency, though PVH flagged roughly 4 points of that constant currency growth as the timing of Lunar New Year falling in the first quarter of 2026 but not 2025. Licensing revenue fell 7% on North American license transitions.
Channels are diverging faster than brands
By brand, the picture was flat to slightly negative underneath currency: TOMMY HILFIGER revenue rose 3% reported but fell 2% in constant currency, and Calvin Klein rose 1% reported but fell 3% in constant currency.
By channel the divergence was much sharper. Direct-to-consumer revenue rose 6% reported and 3% in constant currency, with owned and operated digital commerce up 11% reported and 6% in constant currency, growing in all three regions. Wholesale was flat on a reported basis and down 6% in constant currency, with declines in every region.
That is a familiar 2026 shape across the apparel group: the owned channels hold, the wholesale channel absorbs the retrenchment. It also explains why a wholesale shipment timing shift can move a quarter as much as consumer demand does.
How much tariff exposure does PVH still carry?
The refund does not end the tariff problem, it offsets part of one year of it. PVH’s full year 2026 outlook continues to assume a blended rate of approximately 15% on goods coming into the US, with a gross impact of approximately USD 195 million to full year EBIT, or roughly USD 3.30 per share, before mitigation actions.
Expressed as margin, that is about 215 basis points of gross drag on the full year operating margin, partially offset by planned mitigation. Against that, PVH now books approximately 100 basis points of benefit from tariff refunds, or about USD 1.70 per share, plus about USD 0.40 per share of favorable currency translation.
The refunds are a 2026 event. The 15% blended rate is a run rate. Duty rates on apparel remain a structural cost that has to be absorbed through sourcing, pricing or margin, and the policy layer keeps adding conditions: the USTR textile tariff-rate quota taking effect on September 1 ties preferential apparel duty treatment to US cotton content, which changes the sourcing math for exactly the categories PVH ships in volume.
PVH has not published a country-by-country sourcing breakdown for 2026, so the blended 15% figure is the most precise public measure of its landed cost exposure. A blended rate that high implies meaningful volume from origins carrying stacked trade actions rather than base rates alone.
Mitigation, in the language most apparel groups use, means three levers: shifting production between countries, renegotiating with suppliers on cost sharing, and adjusting retail prices. PVH has quantified the gross cost and the refund but has not put a number on the mitigation offset, which leaves the single largest uncertainty in the full year bridge unquantified.
| Full year 2026 tariff bridge | Impact on EBIT | Impact on EPS |
|---|---|---|
| Gross tariff cost, blended rate about 15% | About USD 195m negative, about 215bps | About USD 3.30 negative |
| Planned mitigation actions | Partial offset, not quantified | Partial offset, not quantified |
| IEEPA tariff refunds | About 100bps positive | About USD 1.70 positive |
| Foreign currency translation | Included in outlook | About USD 0.40 positive |
| Resulting operating margin guidance | About 8.8% non-GAAP | EPS USD 11.80 to USD 12.10 |
Reading down that table, the shape of the year is clear. PVH is holding operating margin flat at approximately 8.8% non-GAAP, unchanged from 2025, by using the refund to pay for the demand shortfall in EMEA. Take the refund away and the margin guidance would not hold at 8.8%.
How does PVH compare with peers on tariff refunds?
PVH is not an outlier. The August 2026 earnings season has been dominated by companies booking IEEPA reversals, and the interesting variable is not who received money but what each company said it would do with it.
| Company | Disclosed tariff item | Stated use or treatment |
|---|---|---|
| PVH Corp. | About USD 100m IEEPA refund in Q2 2026 | Absorbs EMEA demand shortfall, holds full year margin guidance |
| Target | USD 994m IEEPA refunds recognized in Q2, per Coresight Research | Not specified in the research preview |
| Burlington Stores | USD 55m IEEPA refund | Reinvested in price cuts, with a softer Q3 guide |
| Gap Inc. | About USD 80m reserved net tariff impact | Held against guidance rather than released to price |
| Abercrombie & Fitch | About USD 20m tariff bill in the quarter | Absorbed in gross margin |
| Lululemon | About USD 380m gross tariff cost for the year | Mitigation and pricing, reports September 3 |
The divergence matters more than the totals. When Burlington pushed its USD 55 million refund straight into lower prices, it traded reported margin for traffic and guided the following quarter down. PVH is doing close to the opposite: using the refund to defend a margin target while revenue falls.
Neither approach is obviously right. The refund is non-recurring in both cases, so the question is whether the money buys anything durable. Price investment buys share if the customer stays; margin defense buys a cleaner guidance history if demand recovers on its own.
Across the market the sums are substantial. Calcbench has identified roughly USD 18.7 billion of gross tariff refunds disclosed by about 101 public companies, and CBP has processed more than USD 35 billion in refunds since the February ruling, against an eligible pool that industry estimates put as high as USD 166 billion once all claims resolve.
What the smaller apparel comparisons show
The apparel cohort has run a narrower version of the same trade. Abercrombie carried roughly USD 20 million of tariff cost into its August quarter and took it through gross margin rather than price, which is the standard move for a brand that has been holding full price successfully.
Gap Inc. went further and reserved about USD 80 million against the tariff line, which is a more conservative posture: money held back rather than recognized as benefit. Gap’s USD 3.7 billion quarter and its tariff cushion illustrate how a larger revenue base can absorb the same policy shock with less visible distortion to the margin line.
PVH sits between the two. It is recognizing the benefit, but spending it on a demand problem rather than on price.
Why does the CFO handover raise the stakes on this call?
PVH announced on July 14, 2026 that Alexis Rollier will join as Chief Financial Officer in early September 2026. Rollier joins from Sephora, part of the LVMH Group, where he served as Global Chief Operating Officer and Global Chief Financial Officer since 2018, across a 14-year tenure with the beauty retailer.
According to the company’s filings, Rollier previously served as Global Chief Financial Officer at Guerlain and held senior finance roles at Kingfisher and LVMH. His initial base salary is USD 850,000, and he reports to Stefan Larsson.
Melissa Stone, who has been Interim Chief Financial Officer since January 1, 2026, continues as principal financial officer through September 7, 2026 and will then return to leading Global FP&A, reporting to Rollier. That means the September 2 release and the September 3 call are effectively Stone’s last as interim CFO.
What a handover usually means for guidance
Incoming finance chiefs frequently reset assumptions. A quarter that closes with an outgoing interim CFO and a full year outlook still resting on a one-time refund is a natural point for the company to be conservative rather than expansive on the back half.
Nothing PVH has disclosed suggests a guidance reset is planned, and readers should not assume one. But the sequencing is worth noting: the company will set its second half expectations days before a new CFO takes the numbers over.
What else lands on and around September 2?
Two other PVH items sit on the same date. The company declared a quarterly cash dividend of USD 0.0375 per share on August 5, 2026, payable on September 23, 2026 to stockholders of record on September 2, 2026. The record date and the earnings date coincide.
PVH has also said it expects to repurchase at least USD 300 million of its common stock for the full year 2026, and it made no repurchases in the first quarter. That leaves the buyback concentrated in the remaining three quarters, which makes any second quarter repurchase disclosure a live data point rather than a formality.
On restructuring, PVH recorded USD 7 million of pre-tax severance in the first quarter of 2026 under its Growth Driver 5 Actions, the multiyear program announced in 2024 to centralize processes and improve systems. The comparable 2025 total was USD 93 million, of which USD 45 million fell in the second quarter, so the year-over-year restructuring comparison alone flatters the current quarter.
How is the market positioned into the print?
Sentiment is split. JP Morgan downgraded PVH to Underweight on August 4, 2026. At the same time, analyst price target data compiled by market data providers shows an average 12-month target of about USD 97.53 across 15 analysts, with a low of USD 64 and a high of USD 146, implying a wide gap to the recent share price.
A dispersion that large, from USD 64 to USD 146, is itself the signal. It says the analyst community does not agree on what PVH earns once the refund washes out of the numbers, which is exactly the question the September 2 release will start to answer.
Consensus for fiscal 2026 has moved up over the year, with the EPS estimate rising from about USD 7.52 to about USD 8.94 on a revenue forecast of roughly USD 8.87 billion, according to data compiled by Simply Wall St. That estimate sits well below PVH’s own non-GAAP guidance range of USD 11.80 to USD 12.10, which is a reminder of how far the GAAP and non-GAAP frameworks have separated this year.
There is also a structural reason the estimates diverge. PVH excludes restructuring charges, impairments and asset sale gains from its non-GAAP presentation, and 2025 carried an unusually heavy load of all three, including USD 480 million of noncash goodwill and intangible asset impairment recorded in the first quarter of 2025 and USD 93 million of restructuring across the year. Models built off GAAP history and models built off management’s adjusted framework are not describing the same company.
What should readers actually watch in the release?
The refund is already known, so it is not the news. The news will be in five places.
- Constant currency revenue by region. EMEA fell 5% in constant currency in the first quarter. Whether that stabilizes or worsens determines the credibility of the flat full year revenue outlook.
- Wholesale recovery timing. PVH said Americas wholesale shipments shifted from the first half into the second half. If that reversal does not show, the shortfall was demand, not timing.
- Gross margin excluding refunds. The refund flows through the operating line. Gross margin is the cleaner read on how much tariff cost is actually being absorbed versus mitigated.
- Inventory versus revenue. Inventory fell 5% in the first quarter while revenue fell 2% in constant currency. Holding that relationship through a weaker quarter would support the margin story.
- Any change to the USD 195 million gross tariff assumption. The blended 15% rate is an assumption, not a fact, and trade policy has moved repeatedly through 2026.
The peer read-across matters too. Lululemon reports on September 3 against a USD 380 million tariff bill, one day after PVH, which gives the market two apparel data points in 24 hours on the same policy question.
What does this mean for retailers and online sellers?
For merchants importing into the US, PVH’s disclosure is a useful template for how to present a refund without misleading anyone. The company separated the refund from operations in basis points and in dollars per share, at both the quarter and the full year level. That is the standard smaller importers should aim for in their own management reporting.
The second lesson is about timing. Refunds arriving 60–90 days after a consolidated declaration is accepted create a cash event and an accounting event in different periods from the original duty payment. Businesses that recognized the duty as cost of goods in 2025 will see the reversal land as a 2026 benefit, distorting year-over-year gross margin comparisons.
The third is strategic. Every retailer receiving a refund faces the same choice PVH and Burlington answered differently: spend it on price, or bank it against a weak demand line. The refund is one-time in both cases, so whichever route is chosen, the comparison base for 2027 gets harder.
There is a fourth point that applies to smaller importers specifically. The consolidated CBP process refunds duties to the importer of record or its agent, not to whoever ultimately bore the cost. Sellers who imported through a third party, a freight forwarder acting as importer of record, or a supplier operating on delivered duty paid terms may find the refund lands with a counterparty rather than with them, and the contractual right to claim it is not always clear.
Full detail on the release and webcast is available on the company’s investor relations pages at pvh.com.
Frequently asked questions
When exactly does PVH report second quarter 2026 results?
PVH will release second quarter fiscal 2026 results after the close of the US market on Wednesday, September 2, 2026. The conference call with management follows at 9:00 a.m. Eastern Time on Thursday, September 3, 2026.
How large is the tariff refund inside PVH’s second quarter?
PVH has guided to approximately USD 100 million of refunds related to IEEPA tariffs previously paid, expected to be recognized in the second quarter of 2026. The company estimated the refund contributes about 470 basis points to second quarter non-GAAP operating margin.
What is PVH’s second quarter revenue guidance?
PVH projected second quarter 2026 revenue to decrease 3% to 4% compared with the second quarter of 2025, and to decrease 4% to 5% on a constant currency basis. Second quarter 2025 revenue was USD 2.167 billion.
What is the consensus estimate for the quarter?
The Zacks Consensus Estimate ahead of the release is EPS of USD 3.08, up 22.2% year over year, on revenue of about USD 2.1 billion, down 3.2%. PVH’s own non-GAAP EPS guidance is USD 3.00 to USD 3.10.
Why are so many US retailers reporting tariff refunds in 2026?
The US Supreme Court held in late February 2026, in Learning Resources v. United States, that tariffs imposed under the International Emergency Economic Powers Act were unlawful. CBP is refunding those duties through a consolidated process in its ACE portal, and roughly USD 128.68 billion in potential and certified refunds had been accepted for processing as of July 31, 2026.
Does the refund mean PVH’s tariff costs are over?
No. PVH’s full year 2026 outlook still assumes a blended rate of approximately 15% on goods entering the US, with a gross impact of about USD 195 million to EBIT, or roughly USD 3.30 per share, partially offset by mitigation actions. The refund offsets part of one year, not the ongoing rate.
Who is PVH’s chief financial officer?
Melissa Stone has served as Interim Chief Financial Officer since January 1, 2026 and continues as principal financial officer through September 7, 2026. Alexis Rollier, previously Global Chief Operating Officer and Global Chief Financial Officer at Sephora, joins as Chief Financial Officer in early September 2026.
What other PVH events fall on September 2, 2026?
September 2, 2026 is also the record date for PVH’s quarterly cash dividend of USD 0.0375 per share, declared on August 5, 2026 and payable on September 23, 2026.
How does PVH’s refund compare with other retailers?
Target recognized USD 994 million in IEEPA refunds in its second quarter, according to Coresight Research. Burlington Stores disclosed a USD 55 million refund that it reinvested in price cuts. Calcbench has identified roughly USD 18.7 billion of gross tariff refunds disclosed across about 101 public companies.