PVH Corp. (PVH) · Q4 2026 results and valuation

At −0.3% growth a year (3-year revenue growth), the model's fair value is $102.82 a share — the stock trades 10% below it. Today's price assumes −1.5% growth a year.

1. Key theme

   A negative 215 basis point gross impact from tariffs is expected, yet operating margin stays near 8.8% and revenue is guided up slightly.

   Source quote

   “We project operating margin to be approximately 8.8%, in line with 2025, even with a negative 215 basis point gross... ...we are planning full year reported revenue up slightly compared to 2025 and flat to up slightly in constant currency. I will now discuss our 2025 results in more detail and then move to our 2026 outlook.”

2. Guidance

   Direct-to-consumer expansion is expected to drive modest fiscal 2026 revenue growth, though constant-currency sales may be flat.

   Source quote

   “For fiscal 2026, we expect to grow total revenue slightly on a reported basis and be flat to up slightly in constant currency with planned growth in direct-to-consumer...”

3. Guidance

   Gross tariff costs are projected near $195 million, with earnings expected to be roughly $3.30 per share.

   Source quote

   “We expect an approximately $195 million gross tariff cost and EBIT or approximately $3.30 per share based on these assumptions.”

4. Fading

   PVH remains disciplined in its execution of the PVH+ Plan, where it leans into the iconic global power of Calvin…

   Source quote

   “We remain disciplined in our execution of the PVH+ Plan, where we lean into the iconic global power of Calvin... ...brands and execution despite the continued uneven global consumer backdrop and the impact of tariffs in North America, which Zac will share more details about. We continue to expand innovation and newness across our core product franchises and amplify that in both brands with cut-through full funnel marketing that connects with culture and our target consumer.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“SG&A as a percent of revenue improved 20 basis points versus last year to 47.7%, reflecting efficiencies from our Growth Driver 5 cost savings actions, partially offset by our increased...”

“For both Calvin and Tommy, the areas where we have introduced the most product innovation into key categories continue to drive growth, and our focus continues to be on scaling...”

“In digital, we delivered the second consecutive quarter of high single-digit growth as we successfully concluded Double 11 and the holiday period.”