BIRK NYSE Russell 1000 Earnings call
Birkenstock (BIRK) · Q2 2026 results and valuation
Share price: $36.61 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q3 2026 · published 13 Aug 2026 and 13 May 2026
Net income up 33.8% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+33.8%
Net income vs Q1 2026
Guidance raised
Net income 109.6M vs 81.9M
Revenue +16.4%
Against the same quarter last year (Q2 2025) it is −15.2%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Upbeat
More upbeat than 84% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance ↑
The company raised its fiscal 2026 guidance for revenue growth to 15% in constant currency and adjusted EBITDA of at least EUR 710 million due to…
Valuation
Is Birkenstock undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-09-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $33.90 a share — the stock trades 8% above it. Today's price assumes 10.3% growth a year.
Current price
$36.61
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+10.3% for 10 yrs
Fair value / share
$33.90
Buy below
$25.42
Price vs fair value
Overvalued 8%
Price vs buy-below price
Overvalued 44%
Management expects
Revenue +15% · from the Q2 2026 report: “The company increased its revenue growth target to 15% in constant currency because results show demand for the brand remains strong.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
The company increased its revenue growth target to 15% in constant currency because results show demand for the brand remains strong.
Source quote
“We are super happy increasing our revenue growth target to 15% in constant currency and adjusted EBITDA to at least EUR... Our third quarter results once again prove that demand for our beloved brand remains strong.”
-
Guidance
The company expects fourth-quarter revenue growth in constant currency to be within its annual guidance range of 13% to 15%.
Source quote
“In the fourth quarter, we expect revenue growth in constant currency within our annual guidance range of 13% to 15%.”
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Figure
Own retail revenue grew 50% in constant currency.
Source quote
“Importantly, own retail revenue grew 50% in constant currency.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“D2C accelerated strongly to 16% in constant currency, up 400 basis points from 12% growth in Q2 and outpaced B2B in the quarter.”
“EMEA was up 15% in both reported and constant currency, a strong acceleration from Q2, driven by particularly strong D2C in Europe in both online and retail.”
“Importantly, we had over 50% growth in China, the country with the highest ASP, a testament to our high-quality premium brand positioning in the region.”
Full figures
EUR · ROIC.AI fundamentals (NYSE:BIRK, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 719.5M | 618.3M | +16.4% | 635.0M | +13.3% |
| Gross profit | 424.9M | 333.6M | +27.4% | 384.1M | +10.6% |
| Operating income | 206.6M | 162.4M | +27.2% | 198.0M | +4.3% |
| Net income | 109.6M | 81.9M | +33.8% | 129.2M | −15.2% |
| EPS | 0.60 | 0.45 | +35.6% | 0.69 | −12.5% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- New Closed-toe penetration was up 500 basis points, consistent with recent trends and in line with Birkenstock's goal to expand usage...
- Birkenstock saw strong growth across all segments in the quarter.
- This has been offset by strong domestic demand in markets such as Saudi Arabia.
- APAC quarterly growth rates are skewed due to the changed revenue pattern from the Australia business.
- Lifetime connections with Birkenstock's consumers across regions and channels, drive innovation and create newness in both its closed-toe…
Faded since Q1 2026
- Fading The beauty of its business model is that Birkenstock can lean into stronger markets, stronger channels and...
- Fading The Americas segment was up 14% in constant currencies, reflecting continuing strength in Birkenstock's most developed market.
- Fading Birkenstock sees it in the fast-growing APAC market in its expanding owned retail fleet and in its developing closed-toe business.
- Fading Keep in mind, Birkenstock owns most parts of its supply chain, which shields us and protects us other than most...