Revenue growth remains tepid at 2.1% year-over-year, while operating margins have compressed significantly to 5.9% from the 14.2% peak observed in 2023Q4.
| Metric | TTM | Feb'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 8.85B | 8.95B | 8.65B | 9.22B | 9.02B | 9.15B | 7.13B | 9.91B | 9.66B | 8.91B | 8.2B | 8.02B | 8.24B | 8.19B | 6.04B | 5.89B | 4.64B | 2.4B | 2.49B | 2.43B | 2.09B | 1.91B | 1.64B | 1.58B | 1.4B | 1.43B | 1.46B | 1.27B | 1.3B | 1.35B | 1.36B |
| Revenue Growth % | 0.82% | 3.44% | -6.13% | 2.14% | -1.43% | 28.35% | -28.02% | 2.61% | 8.32% | 8.68% | 2.28% | -2.68% | 0.67% | 35.47% | 2.59% | 27.04% | 93.3% | -3.74% | 2.75% | 16% | 9.52% | 16.29% | 3.76% | 12.6% | -1.88% | -1.63% | 14.48% | -2.43% | -3.47% | -0.71% | -7.14% |
| Cost of Goods Sold | 3.82B | 3.8B | 3.54B | 3.87B | 3.93B | 3.83B | 3.37B | 4.54B | 4.33B | 4.01B | 3.85B | 3.95B | 3.92B | 3.97B | 2.81B | 2.81B | 2.21B | 1.22B | 1.29B | 1.23B | 1.06B | 1.02B | 890.44M | 924.48M | 873.74M | 925.66M | 930.13M | 801.05M | 830.8M | 912.7M | 887.3M |
| COGS % of Revenue | - | 42.48% | 40.89% | 41.98% | 43.58% | 41.88% | 47.3% | 45.85% | 44.89% | 44.95% | 46.89% | 49.26% | 47.62% | 48.45% | 46.44% | 47.62% | 47.59% | 50.7% | 51.6% | 50.89% | 50.74% | 53.32% | 54.25% | 58.44% | 62.19% | 64.65% | 63.9% | 63% | 63.76% | 67.61% | 65.26% |
| Gross Profit | 5.12B | 5.15B | 5.11B | 5.35B | 5.09B | 5.32B | 3.76B | 5.37B | 5.32B | 4.91B | 4.36B | 4.07B | 4.32B | 4.22B | 3.24B | 3.09B | 2.43B | 1.18B | 1.21B | 1.19B | 1.03B | 891.05M | 750.99M | 657.53M | 531.23M | 506.23M | 525.42M | 470.44M | 472.3M | 437.3M | 472.3M |
| Gross Margin % | 57.89% | 57.53% | 59.11% | 58.02% | 56.42% | 58.12% | 52.7% | 54.15% | 55.11% | 55.05% | 53.11% | 50.74% | 52.38% | 51.55% | 53.56% | 52.38% | 52.41% | 49.3% | 48.4% | 49.11% | 49.26% | 46.68% | 45.75% | 41.56% | 37.81% | 35.35% | 36.1% | 37% | 36.24% | 32.39% | 34.74% |
| Gross Profit Growth % | - | 0.66% | -4.36% | 5.04% | -4.32% | 41.55% | -29.94% | 0.81% | 8.44% | 12.66% | 7.05% | -5.72% | 2.28% | 30.39% | 4.9% | 26.97% | 105.49% | -1.94% | 1.26% | 15.65% | 15.58% | 18.65% | 14.21% | 23.78% | 4.94% | -3.65% | 11.69% | -0.39% | 8% | -7.41% | -5.86% |
| Operating Expenses | 4.55B | 4.49B | 4.43B | 4.4B | 4.19B | 4.35B | 3.81B | 4.81B | 4.37B | 4.24B | 3.62B | 3.29B | 3.53B | 3.49B | 2.53B | 2.41B | 2.02B | 906.79M | 928.97M | 880.89M | 772.44M | 680.99M | 607.82M | 601.75M | 462.19M | 465.09M | 454.89M | 413.63M | 420.3M | 524.5M | 424.6M |
| OpEx % of Revenue | - | 50.19% | 51.19% | 47.74% | 46.44% | 47.55% | 53.39% | 48.53% | 45.25% | 47.57% | 44.15% | 41.04% | 42.84% | 42.68% | 41.85% | 40.84% | 43.57% | 37.8% | 37.28% | 36.32% | 36.95% | 35.68% | 37.03% | 38.04% | 32.9% | 32.48% | 31.25% | 32.53% | 32.25% | 38.85% | 31.23% |
| Selling, General & Admin | 4.55B | 4.49B | 4.43B | 4.4B | 4.19B | 4.35B | 3.81B | 4.81B | 4.37B | 4.24B | 3.62B | 3.29B | 3.53B | 3.49B | 2.53B | 2.41B | 2.02B | 906.79M | 928.97M | 880.89M | 772.44M | 680.99M | 607.82M | 601.75M | 462.19M | 465.09M | 434.83M | 394.22M | 394.9M | 499.2M | 401.3M |
| SG&A % of Revenue | - | 50.19% | 51.19% | 47.74% | 46.44% | 47.55% | 53.39% | 48.53% | 45.25% | 47.57% | 44.15% | 41.04% | 42.84% | 42.68% | 41.85% | 40.84% | 43.57% | 37.8% | 37.28% | 36.32% | 36.95% | 35.68% | 37.03% | 38.04% | 32.9% | 32.48% | 29.87% | 31% | 30.3% | 36.98% | 29.52% |
| 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 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 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 | 20.05M | 19.42M | 25.4M | 25.3M | 23.3M |
| Operating Income | 624.3M | 656.5M | 685.6M | 947.5M | 900.2M | 968.4M | -49.3M | 556.7M | 952.5M | 666.8M | 734.7M | 778M | 785.7M | 726.72M | 707.75M | 680.01M | 409.76M | 275.81M | 277.07M | 310.1M | 257.42M | 210.06M | 143.17M | 55.78M | 69.03M | 41.14M | 70.54M | 56.81M | 52M | -87.2M | 47.7M |
| Operating Margin % | 7.05% | 7.33% | 7.92% | 10.28% | 9.98% | 10.58% | -0.69% | 5.62% | 9.86% | 7.48% | 8.96% | 9.7% | 9.53% | 8.88% | 11.71% | 11.54% | 8.84% | 11.5% | 11.12% | 12.79% | 12.31% | 11% | 8.72% | 3.53% | 4.91% | 2.87% | 4.85% | 4.47% | 3.99% | -6.46% | 3.51% |
| Operating Income Growth % | - | -4.24% | -27.64% | 5.25% | -7.04% | 2064.3% | -108.86% | -41.55% | 42.85% | -9.24% | -5.57% | -0.98% | 8.12% | 2.68% | 4.08% | 65.95% | 48.56% | -0.46% | -10.65% | 20.46% | 22.54% | 46.73% | 156.66% | -19.2% | 67.81% | -41.68% | 24.16% | 9.25% | 159.63% | -282.81% | 0.21% |
| EBITDA | 613.1M | 245.5M | 967.8M | 1.25B | 1.2B | 1.28B | 276.5M | 880.5M | 1.29B | 991.7M | 1.06B | 1.04B | 1.03B | 1.04B | 848.11M | 812.02M | 556.9M | 325.7M | 332.44M | 356.69M | 295.32M | 245.55M | 175.19M | 84.35M | 94.71M | 66.87M | 90.59M | 76.23M | 77.4M | -61.9M | 71M |
| EBITDA Margin % | 6.93% | 2.74% | 11.18% | 13.52% | 13.32% | 14% | 3.88% | 8.89% | 13.33% | 11.12% | 12.88% | 12.91% | 12.5% | 12.71% | 14.03% | 13.79% | 12.01% | 13.58% | 13.34% | 14.71% | 14.13% | 12.86% | 10.67% | 5.33% | 6.74% | 4.67% | 6.22% | 6% | 5.94% | -4.59% | 5.22% |
| EBITDA Growth % | -31.03% | -74.63% | -22.33% | 3.69% | -6.24% | 363.54% | -68.6% | -31.6% | 29.81% | -6.13% | 2.04% | 0.49% | -0.95% | 22.66% | 4.44% | 45.81% | 70.98% | -2.03% | -6.8% | 20.78% | 20.27% | 40.16% | 107.69% | -10.94% | 41.63% | -26.18% | 18.84% | -1.52% | 225.04% | -187.18% | -2.87% |
| D&A (Non-Cash Add-back) | -5.1M | 0 | 282.2M | 298.6M | 301.5M | 313.3M | 325.8M | 323.8M | 334.8M | 324.9M | 321.8M | 257.4M | 244.7M | 313.59M | 140.36M | 132.01M | 147.14M | 49.89M | 55.37M | 46.59M | 37.9M | 35.48M | 32.02M | 28.57M | 25.68M | 25.73M | 20.05M | 19.42M | 25.4M | 25.3M | 23.3M |
| EBIT | 689.6M | 245.5M | 802.5M | 943.5M | 477.8M | 1.08B | -49.3M | 556.7M | 952.5M | 666.8M | 734.7M | 778M | 785.7M | 726.72M | 707.75M | 680.01M | 409.76M | 275.81M | 277.07M | 310.1M | 257.42M | 210.06M | 122.29M | 55.78M | 69.03M | 41.14M | 70.54M | 56.81M | 52M | -87.19M | 47.7M |
| Net Interest Income | -67.9M | -79.3M | -73.6M | -91M | -82.5M | -101.2M | -110.3M | -113.3M | -117.2M | -116M | -102.9M | -109.3M | -132.1M | -178.39M | -112.72M | -124.66M | -126.82M | -32.23M | -27.44M | -17.01M | -16.87M | -28.58M | -33.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.9M | 14.9M | 23.2M | 11.5M | 7.1M | 4.4M | 4.2M | 5.3M | 4.7M | 6.3M | 5.9M | 4M | 5M | 7.5M | 1.5M | 1.27M | 1.74M | 1.29M | 6.2M | 16.74M | 17.4M | 5.81M | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 85.8M | 94.2M | 96.8M | 102.5M | 89.6M | 105.6M | 114.5M | 118.6M | 121.9M | 122.3M | 108.8M | 113.3M | 137.1M | 185.89M | 114.22M | 125.93M | 128.56M | 33.52M | 33.64M | 33.75M | 34.27M | 34.39M | 35.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.7M | -505.2M | 20.1M | -106.5M | -512M | 4.3M | -1.14B | -112.7M | -176.9M | -156.6M | -60.5M | -130.5M | -394.3M | -397.95M | -164.64M | -248.44M | -333.19M | -64.23M | -130.77M | -15.28M | -8.99M | -31.8M | -56.15M | -32.88M | -22.73M | -24.45M | -22.32M | -30.93M | -34.6M | -20.61M | -23.2M |
| Pretax Income | 609.4M | 151.3M | 705.7M | 841M | 388.2M | 972.7M | -1.19B | 444M | 775.6M | 510.2M | 674.2M | 647.5M | 391.4M | 328.77M | 543.11M | 431.56M | 76.57M | 211.58M | 146.3M | 294.82M | 248.43M | 178.27M | 87.02M | 22.91M | 46.31M | 16.69M | 48.22M | 25.88M | 17.4M | -107.8M | 24.5M |
| Pretax Margin % | 6.89% | 1.69% | 8.16% | 9.12% | 4.3% | 10.63% | -16.73% | 4.48% | 8.03% | 5.72% | 8.22% | 8.07% | 4.75% | 4.02% | 8.99% | 7.33% | 1.65% | 8.82% | 5.87% | 12.16% | 11.88% | 9.34% | 5.3% | 1.45% | 3.3% | 1.17% | 3.31% | 2.04% | 1.34% | -7.99% | 1.8% |
| Income Tax | 451.3M | 126M | 107.2M | 177.4M | 187.8M | 20.7M | -55.5M | 28.9M | 31M | -25.9M | 125.5M | 75.1M | -47.5M | 185.28M | 109.27M | 113.68M | 22.77M | 49.67M | 54.53M | 111.5M | 93.2M | 66.58M | 28.41M | 8.2M | 15.87M | 6.01M | 18.11M | 9.01M | 4.5M | -41.2M | 6M |
| Effective Tax Rate % | 74.06% | 83.28% | 15.19% | 21.09% | 48.38% | 2.13% | 4.65% | 6.51% | 4% | -5.08% | 18.61% | 11.6% | -12.14% | 56.36% | 20.12% | 26.34% | 29.73% | 23.48% | 37.27% | 37.82% | 37.52% | 37.35% | 32.64% | 35.8% | 34.27% | 36% | 37.57% | 34.8% | 25.86% | 38.22% | 24.49% |
| Net Income | 21.9M | 25.3M | 598.5M | 663.6M | 200.4M | 952.3M | -1.14B | 417.3M | 746.4M | 537.8M | 549M | 572.4M | 439M | 143.54M | 433.84M | 317.88M | 53.8M | 161.91M | 91.77M | 183.32M | 155.23M | 111.69M | 58.62M | 14.71M | 30.44M | 10.68M | 30.1M | 16.87M | 11.8M | -66.6M | 18.5M |
| Net Margin % | 0.25% | 0.28% | 6.92% | 7.2% | 2.22% | 10.4% | -15.95% | 4.21% | 7.73% | 6.03% | 6.69% | 7.14% | 5.33% | 1.75% | 7.18% | 5.4% | 1.16% | 6.75% | 3.68% | 7.56% | 7.42% | 5.85% | 3.57% | 0.93% | 2.17% | 0.75% | 2.07% | 1.33% | 0.91% | -4.93% | 1.36% |
| Net Income Growth % | -95.33% | -95.77% | -9.81% | 231.14% | -78.96% | 183.72% | -372.59% | -44.09% | 38.79% | -2.04% | -4.09% | 30.39% | 205.84% | -66.91% | 36.48% | 490.8% | -66.77% | 76.43% | -49.94% | 18.1% | 38.98% | 90.55% | 298.58% | -51.68% | 184.99% | -64.52% | 78.39% | 42.99% | 117.72% | -460% | 6066.67% |
| Net Income (Continuing) | 158.1M | 25.3M | 598.5M | 663.6M | 200.4M | 952M | -1.14B | 415.1M | 744.6M | 536.1M | 548.7M | 572.4M | 438.9M | 143.48M | 433.84M | 317.88M | 53.8M | 161.91M | 91.77M | 183.32M | 155.23M | 111.69M | 58.62M | 14.71M | 30.44M | 10.68M | 30.1M | 16.87M | 12.9M | -66.6M | 18.5M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -3.4M | -2M | 200K | 2M | 2M | 0 | 0 | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.47 | 0.53 | 10.56 | 10.76 | 3.03 | 13.24 | -15.98 | 5.59 | 9.66 | 6.71 | 6.79 | 6.89 | 5.27 | 1.74 | 5.87 | 4.36 | 0.80 | 3.08 | 3.08 | 3.21 | 2.64 | 1.85 | 1.14 | -0.18 | 1.08 | 0.38 | 1.10 | 0.62 | 0.43 | -2.46 | 0.68 |
| EPS Growth % | -93.37% | -94.98% | -1.86% | 255.12% | -77.11% | 182.85% | -385.87% | -42.13% | 43.96% | -1.18% | -1.45% | 30.74% | 202.87% | -70.36% | 34.63% | 445% | -74.03% | 0% | -4.05% | 21.59% | 42.7% | 62.28% | 733.33% | -116.67% | 184.21% | -65.45% | 77.42% | 44.19% | 117.48% | -461.76% | 6700% |
| EPS (Basic) | - | 0.53 | 10.69 | 10.88 | 3.05 | 13.45 | -15.98 | 5.62 | 9.76 | 6.71 | 6.85 | 6.95 | 5.33 | 1.77 | 6.16 | 4.73 | 0.80 | 3.14 | 3.14 | 3.29 | 2.71 | 2.15 | 1.20 | -0.18 | 1.10 | 0.39 | 1.10 | 0.62 | 0.43 | -2.46 | 0.69 |
| Diluted Shares Outstanding | 46.4M | 47.9M | 56.7M | 61.7M | 66.2M | 71.9M | 71.2M | 74.6M | 77.3M | 80.9M | 80.9M | 83.1M | 83.3M | 82.62M | 73.88M | 72.92M | 67.38M | 52.51M | 52.51M | 57.08M | 53.48M | 51.7M | 51.64M | 29.56M | 28.18M | 28.11M | 27.33M | 27.31M | 27.44M | 27.07M | 27.21M |
| Basic Shares Outstanding | 45.9M | 47.3M | 56M | 61M | 65.7M | 70.8M | 71.2M | 74.2M | 76.5M | 80.2M | 80.2M | 82.4M | 82.4M | 81.17M | 70.39M | 67.16M | 67.07M | 51.64M | 51.64M | 55.7M | 52.11M | 38.3M | 31.12M | 29.56M | 27.67M | 27.38M | 27.29M | 27.21M | 27.44M | 27.07M | 26.81M |
| Dividend Payout Ratio | - | 29.64% | 1.44% | 1.42% | 5.04% | 0.28% | - | 2.71% | 1.55% | 2.21% | 2.22% | 2.18% | 2.85% | 8.56% | 2.53% | 3.42% | 18.61% | 4.82% | 8.46% | 4.61% | 5.06% | 5.07% | 7.91% | 30.97% | 13.67% | 38.73% | 13.6% | 24.25% | 34.75% | - | 22.16% |
Volatile North American Wholesale
According to recent financial disclosures, PVH's revenue growth has remained tepid, with the most recent quarter showing a modest 2.1% year-over-year increase, suggesting that the company is struggling to achieve consistent top-line momentum amidst a challenging macroeconomic environment for the broader apparel manufacturing sector.
The modest revenue growth figures indicate that PVH is currently unable to leverage its brand portfolio for significant market share expansion. Investors should monitor whether this stagnation reflects a broader cooling of consumer demand for premium apparel or specific execution challenges within the North American wholesale channel.
As reported in quarterly filings, PVH has maintained gross margins near 58%, yet the underlying net profitability remains highly inconsistent, with net margins fluctuating between -6.3% and 10.3% over the last ten quarters, highlighting a disconnect between product-level pricing power and bottom-line operational efficiency.
While the gross margin profile appears resilient, the extreme volatility in net income suggests that the company is frequently absorbing significant non-operating charges or restructuring costs. This pattern warrants further investigation into whether these expenses are truly transitory or indicative of a structural inability to control corporate overhead.
Based on the provided income statement data, PVH's operating income has failed to scale consistently with gross profit, as evidenced by the recent 5.9% operating margin, which sits well below the 14.2% peak observed in the 2023 fourth quarter, suggesting inefficient management of fixed operating expenses.
The inability to maintain operating margin expansion during periods of revenue growth implies that SG&A costs are consuming a disproportionate share of incremental gross profit. This trend suggests that the company's current cost structure may be too rigid to adapt to the cyclical nature of the apparel industry.
Analysis of the company's recent performance reveals that GAAP net income is frequently distorted by non-recurring items, as seen in the 2025 fourth quarter net loss of $158.3 million despite generating $1.5 billion in gross profit, which complicates the assessment of true underlying earnings power.
Short-sellers would likely focus on the persistent gap between gross profitability and bottom-line results as evidence of a business model that is structurally over-leveraged or operationally bloated. Investors should be cautious about relying on headline EPS figures until the company demonstrates a sustained period of clean, operational profitability.
Quick answers to the most common questions about buying PVH stock.
For fiscal year 2025, PVH Corp. (PVH) reported total revenue of $8.95B. This represents a 558.3% increase compared to $1.36B in 1996.
PVH Corp. (PVH) is profitable, generating $25.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.3%.
PVH Corp. (PVH) reported an operating income of $656.5M, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
PVH Corp. (PVH) generated $5.15B in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.