PVH Corp (PVH) Q1 2026 Earnings Report

PVH reported Q1 2026 revenue of $2.025 billion (up 2% reported, down 2% constant currency), gross margin 58.6% and operating income of $118.7 million. Results were driven by continued direct-to-consumer (D2C) strength—particularly e-commerce—offset by softer wholesale and regionally concentrated weakness in EMEA related to the prolonged Middle East conflict. Inventory improved (down ~5% year-over-year) and management reiterated an active capital allocation program including ~ $300 million of share repurchases and ~$250 million of expected 2026 capex. Management updated full‑year guidance: reported revenue roughly flat, constant-currency revenue down slightly, operating margin target maintained at ~8.8%, and EPS guidance of $11.80–$12.10. Key near-term driver is recognition of tariff refunds (expected to benefit Q2 gross margin materially) while EMEA headwinds and wholesale timing are the primary offset.