Revenue growth remains highly erratic, ranging from a 12.4% contraction in 2024Q1 to a 14.1% expansion in 2026Q1, even as gross margins maintain a robust profile above 60%.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 |
|---|
| Sales/Revenue | 6.5B | 6.28B | 6.36B | 6.18B | 6.17B | 5.76B | 4.45B | 5.76B | 5.58B | 4.9B | 4.55B | 4.49B | 4.75B | 4.68B | 4.61B | 4.76B | 4.41B | 4.11B | 4.4B | 4.36B | 4.19B | 4.13B | 4.07B | 4.09B | 4.14B | 4.26B | 4.65B |
| Revenue Growth % | 4.09% | -1.15% | 2.85% | 0.17% | 7.02% | 29.45% | -22.74% | 3.37% | 13.69% | 7.72% | 1.3% | -5.46% | 1.54% | 1.55% | -3.18% | 7.96% | 7.42% | -6.71% | 0.92% | 4% | 1.64% | 1.29% | -0.44% | -1.11% | -2.87% | -8.32% | - |
| Cost of Goods Sold | 2.49B | 2.4B | 2.54B | 2.66B | 2.62B | 2.42B | 2.1B | 2.66B | 2.58B | 2.34B | 2.22B | 2.23B | 2.41B | 2.33B | 2.41B | 2.47B | 2.19B | 2.13B | 2.26B | 2.32B | 2.22B | 2.24B | 2.29B | 2.52B | 2.45B | 2.46B | 2.69B |
| COGS % of Revenue | - | 38.27% | 39.96% | 43.1% | 42.47% | 41.94% | 47.16% | 46.19% | 46.23% | 47.74% | 48.84% | 49.52% | 50.6% | 49.79% | 52.29% | 51.86% | 49.6% | 51.94% | 51.38% | 53.17% | 52.86% | 54.23% | 56.19% | 61.52% | 59.27% | 57.79% | 57.91% |
| Gross Profit | 4.01B | 3.88B | 3.82B | 3.52B | 3.55B | 3.35B | 2.35B | 3.1B | 3B | 2.56B | 2.33B | 2.27B | 2.35B | 2.35B | 2.2B | 2.29B | 2.22B | 1.97B | 2.14B | 2.04B | 1.98B | 1.89B | 1.78B | 1.57B | 1.68B | 1.8B | 1.95B |
| Gross Margin % | 61.69% | 61.73% | 60.04% | 56.9% | 57.53% | 58.06% | 52.84% | 53.81% | 53.77% | 52.26% | 51.16% | 50.48% | 49.4% | 50.21% | 47.71% | 48.14% | 50.4% | 48.06% | 48.62% | 46.83% | 47.14% | 45.77% | 43.81% | 38.48% | 40.73% | 42.21% | 42.09% |
| Gross Profit Growth % | - | 1.62% | 8.54% | -0.93% | 6.04% | 42.24% | -24.13% | 3.45% | 16.98% | 10.04% | 2.65% | -3.38% | -0.09% | 6.87% | -4.05% | 3.12% | 12.64% | -7.78% | 4.79% | 3.32% | 4.67% | 5.83% | 13.33% | -6.56% | -6.27% | -8.05% | - |
| Operating Expenses | 3.32B | 3.2B | 3.55B | 3.16B | 2.9B | 2.66B | 2.44B | 2.53B | 2.46B | 2.08B | 1.87B | 1.84B | 2.03B | 1.9B | 1.87B | 1.96B | 1.86B | 1.6B | 1.62B | 1.46B | 1.4B | 1.36B | 1.42B | 1.26B | 1.42B | 1.32B | 1.42B |
| OpEx % of Revenue | - | 50.94% | 55.89% | 51.18% | 47.05% | 46.16% | 54.76% | 43.98% | 44.08% | 42.47% | 41% | 40.89% | 42.8% | 40.66% | 40.58% | 41.08% | 42.13% | 38.85% | 36.72% | 33.59% | 33.46% | 33.09% | 34.94% | 30.89% | 34.4% | 30.95% | 30.49% |
| Selling, General & Admin | 3.3B | 3.17B | 3.25B | 3.05B | 2.88B | 2.66B | 2.27B | 2.53B | 2.46B | 2.08B | 1.87B | 1.82B | 1.91B | 1.89B | 1.85B | 1.96B | 1.84B | 1.59B | 1.61B | 1.39B | 1.35B | 1.36B | 1.34B | 1.21B | 1.33B | 1.36B | 1.48B |
| SG&A % of Revenue | - | 50.51% | 51.08% | 49.39% | 46.71% | 46.16% | 51.03% | 43.98% | 44.08% | 42.47% | 41% | 40.58% | 40.1% | 40.26% | 40.05% | 41.08% | 41.75% | 38.73% | 36.5% | 31.79% | 32.16% | 32.94% | 33.02% | 29.69% | 32.22% | 31.84% | 31.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 27M | 305.6M | 110.5M | 20.7M | 0 | 166.01M | -2K | 0 | 0 | 0 | 14.07M | 128.43M | 700K | 8.1M | 300K | 16.6M | 5.2M | 9.7M | 78.3M | 54.4M | 6.2M | 78.1M | 49.1M | 90.1M | -37.7M | -65.5M |
| Operating Income | 684.7M | 677.6M | 264.1M | 353.3M | 646.5M | 686.2M | -85.12M | 566.67M | 540.41M | 480.07M | 462.21M | 431.05M | 313.85M | 465.51M | 352.78M | 337.76M | 378.48M | 339.83M | 214.1M | 792.91M | 94.52M | 18.9M | -164.59M | -357.82M | -136.5M | 8.9M | 109.6M |
| Operating Margin % | 10.54% | 10.79% | 4.16% | 5.72% | 10.48% | 11.91% | -1.91% | 9.83% | 9.69% | 9.79% | 10.15% | 9.59% | 6.6% | 9.94% | 7.65% | 7.09% | 8.58% | 8.28% | 4.86% | 18.18% | 2.25% | 0.46% | -4.04% | -8.75% | -3.3% | 0.21% | 2.36% |
| Operating Income Growth % | - | 156.57% | -25.25% | -45.35% | -5.79% | 906.17% | -115.02% | 4.86% | 12.57% | 3.86% | 7.23% | 37.34% | -32.58% | 31.95% | 4.45% | -10.76% | 11.37% | 58.73% | -73% | 738.87% | 400.01% | 111.49% | 54% | -162.14% | -1633.71% | -91.88% | - |
| EBITDA | 897.4M | 883.9M | 457.3M | 518.6M | 805.4M | 829.4M | 56.68M | 690.62M | 660.62M | 597.45M | 566.09M | 533.09M | 423.32M | 581.23M | 475.39M | 455.56M | 483.38M | 424.43M | 292.1M | 860.41M | 156.72M | 78.3M | -101.99M | -293.62M | -65.4M | 89.5M | 200.6M |
| EBITDA Margin % | 13.81% | 14.07% | 7.2% | 8.39% | 13.06% | 14.39% | 1.27% | 11.98% | 11.85% | 12.18% | 12.43% | 11.86% | 8.9% | 12.41% | 10.31% | 9.57% | 10.96% | 10.34% | 6.64% | 19.73% | 3.74% | 1.9% | -2.5% | -7.18% | -1.58% | 2.1% | 4.32% |
| EBITDA Growth % | 37.45% | 93.29% | -11.82% | -35.61% | -2.89% | 1363.41% | -91.79% | 4.54% | 10.57% | 5.54% | 6.19% | 25.93% | -27.17% | 22.26% | 4.35% | -5.75% | 13.89% | 45.3% | -66.05% | 449.01% | 100.15% | 176.78% | 65.27% | -348.96% | -173.07% | -55.38% | - |
| D&A (Non-Cash Add-back) | 212.7M | 206.3M | 193.2M | 165.3M | 158.9M | 143.2M | 141.79M | 123.94M | 120.2M | 117.39M | 103.88M | 102.04M | 109.47M | 115.72M | 122.61M | 117.8M | 104.9M | 84.6M | 78M | 67.5M | 62.2M | 59.4M | 62.6M | 64.2M | 71.1M | 80.6M | 91M |
| EBIT | 736.4M | 682.6M | 260.8M | 311.1M | 675.3M | 653.1M | -107.59M | 543.83M | 555.32M | 417.38M | 480.43M | 391.61M | 271.45M | 465.51M | 330.57M | 334.87M | 371.42M | 338.64M | 523.35M | 592.25M | 597.52M | 549.41M | 355.65M | 238.56M | -136.5M | 8.9M | 109.6M |
| Net Interest Income | -50.8M | -48.6M | -41.8M | -45.9M | -25.7M | -70.36M | -73.8M | -49.06M | -45.9M | -65.22M | -71.79M | -79.96M | -115.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 2.54M | 8.39M | 17.19M | 9.4M | 3.38M | 1.38M | 1.25M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 50.8M | 48.6M | 41.8M | 45.9M | 25.7M | 72.9M | 82.19M | 66.25M | 55.3M | 68.6M | 73.17M | 81.21M | 117.6M | 129.02M | 134.69M | 132.04M | 135.82M | 148.72M | -154.09M | -215.72M | -250.64M | -263.65M | -260.12M | -48.02M | -186.5M | -230.8M | -234.1M |
| Other Income/Expense | 900K | -43.6M | -45.1M | -88.1M | 3.1M | -106M | -104.66M | -89.09M | -40.39M | -131.29M | -54.95M | -120.65M | -160M | -142.89M | -156.9M | -133.57M | -135.78M | -188.16M | -155.81M | -264.51M | 346.27M | 356.49M | 147.56M | 8.64M | 84.45M | 230.8M | 234.1M |
| Pretax Income | 685.6M | 634M | 219M | 265.2M | 649.6M | 580.2M | -189.78M | 477.58M | 500.02M | 348.78M | 407.26M | 310.4M | 153.85M | 322.61M | 195.88M | 202.8M | 242.7M | 191.1M | 368.2M | 375.6M | 345.2M | 282.6M | 95.5M | -31.3M | 50M | 239.7M | 343.7M |
| Pretax Margin % | 10.55% | 10.09% | 3.45% | 4.29% | 10.53% | 10.07% | -4.26% | 8.29% | 8.97% | 7.11% | 8.95% | 6.91% | 3.24% | 6.89% | 4.25% | 4.26% | 5.5% | 4.65% | 8.37% | 8.61% | 8.23% | 6.85% | 2.34% | -0.77% | 1.21% | 5.63% | 7.4% |
| Income Tax | 146.7M | 132M | 8.4M | 15.6M | 80.5M | 26.7M | -62.64M | 82.6M | 214.78M | 64.22M | 116.05M | 100.51M | 49.55M | 94.48M | 54.92M | 67.72M | 86.15M | 39.21M | 138.88M | -84.76M | 106.16M | 126.65M | 65.14M | 39.5M | 25M | 88.7M | 120.3M |
| Effective Tax Rate % | 21.4% | 20.82% | 3.84% | 5.88% | 12.39% | 4.6% | 33.01% | 17.3% | 42.95% | 18.41% | 28.5% | 32.38% | 32.2% | 29.28% | 28.04% | 33.39% | 35.5% | 20.52% | 37.72% | -22.57% | 30.75% | 44.82% | 68.2% | -126.2% | 50% | 37% | 35% |
| Net Income | 618.9M | 578.1M | 210.6M | 249.6M | 569.1M | 553.54M | -127.14M | 394.61M | 283.14M | 281.4M | 291.05M | 209.44M | 106.08M | 229.19M | 143.85M | 135.09M | 156.55M | 151.89M | 229.32M | 460.36M | 239.04M | 155.95M | 30.36M | -70.8M | 25M | 151M | 223.4M |
| Net Margin % | 9.52% | 9.2% | 3.31% | 4.04% | 9.23% | 9.6% | -2.86% | 6.85% | 5.08% | 5.74% | 6.39% | 4.66% | 2.23% | 4.9% | 3.12% | 2.84% | 3.55% | 3.7% | 5.21% | 10.56% | 5.7% | 3.78% | 0.75% | -1.73% | 0.6% | 3.55% | 4.81% |
| Net Income Growth % | 73.7% | 174.5% | -15.63% | -56.14% | 2.81% | 535.38% | -132.22% | 39.37% | 0.62% | -3.32% | 38.97% | 97.44% | -53.72% | 59.33% | 6.49% | -13.71% | 3.07% | -33.77% | -50.19% | 92.59% | 53.28% | 413.57% | 142.89% | -383.2% | -83.44% | -32.41% | - |
| Net Income (Continuing) | 538.9M | 502M | 210.6M | 249.6M | 569.1M | 553.54M | -127.14M | 394.98M | 285.24M | 284.56M | 291.21M | 209.89M | 104.31M | 228.14M | 140.96M | 135.11M | 149.45M | 150.71M | 230.38M | 461.29M | 240.72M | 159.1M | 30.39M | -70.8M | 25M | 151M | 223.4M |
| Discontinued Operations | -2M | 76.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.03M | 7.35M | 5.48M | 2.22M | 1.59M | 1.21M | 3.31M | 5.41M | 8.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.57 | 1.45 | 0.52 | 0.62 | 1.41 | 1.35 | -0.32 | 0.97 | 0.72 | 0.72 | 0.76 | 0.53 | 0.27 | 0.61 | 0.38 | 3.62 | 4.20 | 4.07 | 6.15 | 12.34 | 6.41 | 4.18 | 0.81 | -1.90 | 0.67 | 4.05 | 5.99 |
| EPS Growth % | 75.2% | 178.85% | -16.13% | -56.03% | 4.44% | 521.88% | -132.99% | 34.72% | 0% | -5.26% | 43.4% | 96.3% | -55.74% | 60.53% | -89.5% | -13.81% | 3.19% | -33.82% | -50.16% | 92.51% | 53.35% | 416.05% | 142.63% | -383.58% | -83.46% | -32.39% | - |
| EPS (Basic) | - | 1.46 | 0.53 | 0.63 | 1.43 | 1.38 | -0.32 | 1.01 | 0.75 | 0.75 | 0.76 | 0.56 | 0.28 | 0.61 | 0.38 | 3.62 | 4.20 | 4.07 | 6.15 | 12.34 | 6.41 | 4.18 | 0.81 | -1.90 | 0.67 | 4.05 | 5.99 |
| Diluted Shares Outstanding | 394.2M | 399.75M | 402.37M | 401.72M | 403.84M | 409.78M | 397.32M | 408.37M | 393.23M | 393.23M | 385.49M | 393.23M | 374.3M | 374.46M | 373.92M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M |
| Basic Shares Outstanding | 389.91M | 395.52M | 398.23M | 397.21M | 397.34M | 401.63M | 397.32M | 389.08M | 377.08M | 377.08M | 374.7M | 377.08M | 374.3M | 374.46M | 373.92M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M | 37.3M |
| Dividend Payout Ratio | - | 36.83% | 94.25% | 76.32% | 30.63% | 18.86% | - | 28.87% | 31.79% | 24.88% | 20.61% | 23.87% | 28.28% | 10.94% | 13.93% | 14.82% | 12.78% | 0.73% | 0.49% | 0.68% | - | - | - | - | - | - | - |
DTC fixed cost exposure
According to the provided quarterly income statements, LEVI's revenue growth has fluctuated significantly, ranging from a 12.4% contraction in 2024Q1 to a 14.1% expansion in 2026Q1, suggesting that top-line durability remains sensitive to broader consumer spending cycles and the timing of wholesale shipments.
The inconsistent revenue trajectory indicates that the company struggles to maintain steady organic growth amidst shifting denim trends and channel transitions. Investors should monitor whether the recent 14.1% growth in 2026Q1 represents a sustainable recovery or merely a seasonal anomaly in the company's wholesale-to-DTC pivot.
As reported in financial statements, LEVI has maintained a robust gross margin profile, consistently hovering above 60% in recent periods, which suggests that the brand's premium positioning and the strategic shift toward direct-to-consumer channels are effectively insulating the company from commodity-driven cost volatility.
The ability to sustain gross margins near 61.7% despite fluctuating revenue highlights significant pricing power inherent in the 501 franchise. This margin stability appears to be a key differentiator against peers like Hanesbrands, though it remains vulnerable to potential markdowns if inventory management fails to align with silhouette shifts.
Based on LEVI's reported figures, operating margins have shown extreme volatility, dropping as low as 0% in 2024Q1 before recovering to 11.4% in 2026Q1, which implies that the company's high fixed-cost base in retail operations significantly amplifies the impact of revenue fluctuations on bottom-line profitability.
The lack of consistent operating leverage suggests that SG&A expenses are not scaling efficiently with revenue growth, likely due to the heavy investment required for the DTC transition. Analysts should investigate whether the recent improvement in operating margin is a result of disciplined expense management or temporary cost-cutting measures.
Data from the income statement indicates that net income has experienced wild swings, moving from a $10.6 million loss in 2024Q1 to a $218.1 million profit in 2025Q3, suggesting that reported earnings are heavily influenced by non-operating items and periodic restructuring charges.
The wide variance in net income relative to gross profit suggests that investors should look past headline EPS to understand the underlying operational health. The consistent presence of stock-based compensation, averaging over $15 million per quarter, further warrants scrutiny regarding its dilutive impact on long-term shareholder value.
Quick answers to the most common questions about buying LEVI stock.
For fiscal year 2025, Levi Strauss & Co. (LEVI) reported total revenue of $6.28B. This represents a 35.2% increase compared to $4.65B in 2000.
Levi Strauss & Co. (LEVI) is profitable, generating $578.1M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Levi Strauss & Co. (LEVI) reported an operating income of $677.6M, resulting in an operating profit margin of 10.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Levi Strauss & Co. (LEVI) generated $3.88B in gross profit for the year, representing a gross profit margin of 61.7%. This demonstrates the company's core pricing power and production efficiency.