Tapestry achieved a sharp acceleration in top-line performance with 21.2% year-over-year revenue growth in 2026Q3, supported by a resilient gross margin of 76.9%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 |
|---|
| Sales/Revenue | 7.85B | 7.01B | 6.67B | 6.66B | 6.68B | 5.75B | 4.96B | 6.03B | 5.88B | 4.49B | 4.49B | 4.19B | 4.81B | 5.08B | 4.76B | 4.16B | 3.61B | 3.23B | 3.18B | 2.61B | 2.04B | 1.65B | 1.32B | 953.23M | 719.4M | 616.08M | 548.92M |
| Revenue Growth % | 14.13% | 5.09% | 0.15% | -0.35% | 16.33% | 15.82% | -17.68% | 2.5% | 31.01% | -0.08% | 7.16% | -12.79% | -5.3% | 6.55% | 14.54% | 15.27% | 11.68% | 1.56% | 21.75% | 28.37% | 23.21% | 25.02% | 38.59% | 32.5% | 16.77% | 12.24% | - |
| Cost of Goods Sold | 1.87B | 1.72B | 1.78B | 1.95B | 2.03B | 1.66B | 1.72B | 1.97B | 2.03B | 1.41B | 1.44B | 1.28B | 1.51B | 1.38B | 1.3B | 1.13B | 973.95M | 907.86M | 773.65M | 589.47M | 453.52M | 384.15M | 331.02M | 275.8M | 236.04M | 218.51M | 197.46M |
| COGS % of Revenue | - | 24.56% | 26.71% | 29.22% | 30.43% | 28.96% | 34.71% | 32.74% | 34.55% | 31.35% | 32.07% | 30.61% | 31.4% | 27.14% | 27.23% | 27.29% | 27% | 28.1% | 24.32% | 22.56% | 22.29% | 23.26% | 25.06% | 28.93% | 32.81% | 35.47% | 35.97% |
| Gross Profit | 5.98B | 5.29B | 4.89B | 4.71B | 4.65B | 4.08B | 3.24B | 4.05B | 3.85B | 3.08B | 3.05B | 2.91B | 3.3B | 3.7B | 3.47B | 3.02B | 2.63B | 2.32B | 2.41B | 2.02B | 1.58B | 1.27B | 990.08M | 677.43M | 483.36M | 397.57M | 351.46M |
| Gross Margin % | 76.18% | 75.44% | 73.29% | 70.78% | 69.57% | 71.04% | 65.29% | 67.26% | 65.45% | 68.65% | 67.93% | 69.39% | 68.6% | 72.86% | 72.77% | 72.71% | 73% | 71.9% | 75.68% | 77.44% | 77.72% | 76.74% | 74.94% | 71.07% | 67.19% | 64.53% | 64.03% |
| Gross Profit Growth % | - | 8.17% | 3.7% | 1.39% | 13.93% | 26.01% | -20.09% | 5.33% | 24.91% | 0.98% | 4.91% | -11.78% | -10.85% | 6.69% | 14.64% | 14.8% | 13.39% | -3.51% | 18.99% | 27.91% | 24.77% | 28.02% | 46.15% | 40.15% | 21.58% | 13.12% | - |
| Operating Expenses | 5.09B | 4.87B | 3.75B | 3.54B | 3.47B | 3.11B | 3.79B | 3.23B | 3.18B | 2.29B | 2.4B | 2.29B | 2.18B | 2.17B | 1.95B | 1.72B | 1.48B | 1.35B | 1.26B | 1.03B | 866.86M | 731.89M | 584.78M | 433.67M | 349.73M | 295.88M | 295.44M |
| OpEx % of Revenue | - | 69.52% | 56.2% | 53.18% | 51.98% | 54.19% | 76.39% | 53.66% | 54.02% | 51.1% | 53.38% | 54.65% | 45.29% | 42.83% | 41.02% | 41.33% | 41.12% | 41.81% | 39.61% | 39.41% | 42.6% | 44.31% | 44.26% | 45.49% | 48.61% | 48.03% | 53.82% |
| Selling, General & Admin | 4.24B | 4.02B | 3.75B | 3.54B | 3.47B | 3.11B | 3.31B | 3.23B | 3.18B | 2.29B | 2.4B | 2.29B | 2.18B | 2.17B | 1.95B | 1.72B | 1.48B | 1.35B | 1.26B | 1.03B | 866.86M | 731.89M | 584.78M | 433.67M | 346.35M | 291.31M | 272.82M |
| SG&A % of Revenue | - | 57.33% | 56.2% | 53.18% | 51.98% | 54.19% | 66.76% | 53.66% | 54.02% | 51.1% | 53.38% | 54.65% | 45.29% | 42.83% | 41.02% | 41.33% | 41.12% | 41.81% | 39.61% | 39.41% | 42.6% | 44.31% | 44.26% | 45.49% | 48.14% | 47.29% | 49.7% |
| 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 | 1000K | 854.8M | 0 | 0 | 0 | 0 | 477.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.37M | 4.57M | 22.63M |
| Operating Income | 888.6M | 415M | 1.14B | 1.17B | 1.18B | 968M | -550.8M | 819.7M | 672M | 787.4M | 653.5M | 618M | 1.12B | 1.52B | 1.51B | 1.3B | 1.15B | 971.91M | 1.15B | 993.4M | 714.71M | 535.66M | 405.3M | 243.76M | 133.63M | 101.69M | 56.02M |
| Operating Margin % | 11.32% | 5.92% | 17.09% | 17.6% | 17.59% | 16.85% | -11.1% | 13.6% | 11.43% | 17.54% | 14.55% | 14.74% | 23.31% | 30.04% | 31.74% | 31.38% | 31.88% | 30.09% | 36.06% | 38.03% | 35.12% | 32.43% | 30.68% | 25.57% | 18.58% | 16.51% | 10.21% |
| Operating Income Growth % | - | -63.6% | -2.76% | -0.29% | 21.47% | 275.74% | -167.2% | 21.98% | -14.66% | 20.49% | 5.74% | -44.83% | -26.53% | 0.83% | 15.87% | 13.45% | 18.34% | -15.27% | 15.48% | 38.99% | 33.43% | 32.16% | 66.27% | 82.41% | 31.42% | 81.53% | - |
| EBITDA | 1.04B | 639.9M | 1.37B | 1.4B | 1.38B | 1.19B | -302.5M | 1.09B | 932.3M | 1B | 864.1M | 809.8M | 1.31B | 1.69B | 1.64B | 1.43B | 1.28B | 1.09B | 1.25B | 1.07B | 779.82M | 586.06M | 445.4M | 273.99M | 159.13M | 125.82M | 78.64M |
| EBITDA Margin % | 13.28% | 9.13% | 20.52% | 20.97% | 20.67% | 20.65% | -6.1% | 18.05% | 15.86% | 22.28% | 19.24% | 19.32% | 27.25% | 33.25% | 34.53% | 34.39% | 35.39% | 33.89% | 39.23% | 41.12% | 38.32% | 35.48% | 33.71% | 28.74% | 22.12% | 20.42% | 14.33% |
| EBITDA Growth % | -30.51% | -53.26% | -1.97% | 1.07% | 16.44% | 492.3% | -127.81% | 16.69% | -6.79% | 15.75% | 6.71% | -38.16% | -22.4% | 2.59% | 15.03% | 11.99% | 16.62% | -12.25% | 16.15% | 37.76% | 33.06% | 31.58% | 62.56% | 72.18% | 26.47% | 59.98% | - |
| D&A (Non-Cash Add-back) | 153.8M | 224.9M | 229M | 224.2M | 206M | 218.7M | 248.3M | 268.2M | 260.3M | 212.8M | 210.6M | 191.8M | 189.4M | 163M | 132.91M | 125.11M | 126.74M | 123.01M | 100.7M | 80.89M | 65.11M | 50.4M | 40.1M | 30.23M | 25.49M | 24.13M | 22.63M |
| EBIT | 905M | 301.5M | 1.14B | 1.17B | 1.11B | 968.7M | -564.1M | 819.7M | 993.1M | 787.4M | 653.5M | 618M | 1.12B | 1.52B | 1.51B | 1.3B | 1.15B | 971.91M | 1.15B | 993.4M | 714.71M | 535.66M | 405.3M | 243.76M | 137.01M | 101.69M | 56.02M |
| Net Interest Income | -58.1M | -85.4M | -125M | -27.6M | -58.7M | -71.4M | -60.1M | -47.9M | -74M | -28.4M | -26.9M | -6.4M | 2.2M | 2.4M | 720K | 1.03M | 7.96M | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 5.5M | 2.18M | 2.37M | 720K | 1.03M | 1.76M | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 58.1M | 85.4M | 125M | 27.6M | 58.7M | 71.4M | 60.1M | 47.9M | 74M | 28.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -50.8M | -198.9M | -128.2M | -29.3M | -128.8M | -70.7M | -73.4M | -53.5M | -75.2M | -28.4M | -26.9M | -6.4M | 2.2M | -4M | -6.33M | -3.71M | 7.96M | 5.17M | 47.82M | 41.27M | 32.62M | 15.76M | 3.19M | 1.06M | -299K | -2.26M | -387K |
| Pretax Income | 837.8M | 216.1M | 1.01B | 1.14B | 1.05B | 897.3M | -624.2M | 766.2M | 596.8M | 759M | 626.6M | 611.6M | 1.12B | 1.52B | 1.51B | 1.3B | 1.16B | 977.08M | 1.19B | 1.03B | 747.33M | 551.42M | 408.5M | 244.82M | 133.34M | 99.43M | 55.63M |
| Pretax Margin % | 10.67% | 3.08% | 15.17% | 17.16% | 15.66% | 15.62% | -12.58% | 12.71% | 10.15% | 16.91% | 13.95% | 14.59% | 23.35% | 29.96% | 31.61% | 31.29% | 32.1% | 30.25% | 37.57% | 39.61% | 36.72% | 33.38% | 30.92% | 25.68% | 18.53% | 16.14% | 10.13% |
| Income Tax | 175M | 32.9M | 195.9M | 207.1M | 190.7M | 63.1M | 27.9M | 122.8M | 199.3M | 168M | 166.1M | 209.2M | 341M | 486.1M | 466.75M | 420.42M | 423.19M | 353.71M | 411.91M | 398.14M | 283.49M | 201.13M | 152.5M | 90.58M | 47.33M | 35.4M | 17.03M |
| Effective Tax Rate % | 20.89% | 15.22% | 19.36% | 18.12% | 18.21% | 7.03% | -4.47% | 16.03% | 33.39% | 22.13% | 26.51% | 34.21% | 30.38% | 31.97% | 31% | 32.31% | 36.54% | 36.2% | 34.47% | 38.48% | 37.93% | 36.48% | 37.33% | 37% | 35.49% | 35.6% | 30.61% |
| Net Income | 662.8M | 183.2M | 816M | 936M | 856.3M | 834.2M | -652.1M | 643.4M | 397.5M | 591M | 460.5M | 402.4M | 781.34M | 1.03B | 1.04B | 880.8M | 734.94M | 623.37M | 783.05M | 663.66M | 494.28M | 388.65M | 261.75M | 146.63M | 85.83M | 64.03M | 38.6M |
| Net Margin % | 8.44% | 2.61% | 12.23% | 14.05% | 12.81% | 14.52% | -13.14% | 10.68% | 6.76% | 13.17% | 10.25% | 9.6% | 16.26% | 20.38% | 21.81% | 21.18% | 20.37% | 19.3% | 24.62% | 25.4% | 24.29% | 23.53% | 19.81% | 15.38% | 11.93% | 10.39% | 7.03% |
| Net Income Growth % | -22.89% | -77.55% | -12.82% | 9.31% | 2.65% | 227.93% | -201.35% | 61.86% | -32.74% | 28.34% | 14.44% | -48.5% | -24.47% | -0.43% | 17.95% | 19.85% | 17.9% | -20.39% | 17.99% | 34.27% | 27.18% | 48.48% | 78.51% | 70.84% | 34.04% | 65.87% | - |
| Net Income (Continuing) | 662.8M | 183.2M | 816M | 936M | 856.3M | 834.2M | -652.1M | 643.4M | 397.5M | 591M | 460.5M | 402.4M | 781.3M | 1.03B | 1.04B | 880.8M | 734.94M | 623.37M | 783.04M | 636.53M | 463.84M | 336.65M | 237.95M | 146.63M | 85.83M | 64.03M | 38.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 27.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.2M | 22.16M | 14.55M | 0 | 0 |
| EPS (Diluted) | 3.18 | 0.82 | 3.50 | 3.88 | 3.17 | 2.95 | -2.34 | 2.21 | 1.38 | 2.09 | 1.65 | 1.45 | 2.79 | 3.61 | 3.53 | 2.92 | 2.33 | 1.91 | 2.17 | 1.76 | 1.27 | 0.86 | 0.57 | 0.33 | 0.24 | 0.19 | 0.14 |
| EPS Growth % | -17.89% | -76.57% | -9.79% | 22.4% | 7.46% | 226.07% | -205.88% | 60.14% | -33.97% | 26.67% | 13.79% | -48.03% | -22.71% | 2.27% | 20.89% | 25.32% | 21.99% | -11.98% | 23.3% | 38.58% | 47.67% | 50.88% | 72.73% | 37.5% | 26.32% | 35.71% | - |
| EPS (Basic) | - | 0.85 | 3.56 | 3.96 | 3.24 | 3.00 | -2.34 | 2.22 | 1.39 | 2.11 | 1.66 | 1.46 | 2.81 | 3.66 | 3.60 | 2.99 | 2.36 | 1.93 | 2.20 | 1.80 | 1.30 | 0.89 | 0.59 | 0.34 | 0.24 | 0.20 | 0.14 |
| Diluted Shares Outstanding | 208.3M | 222.5M | 233.2M | 241.3M | 270.1M | 283M | 278.6M | 290.8M | 288.6M | 282.8M | 279.3M | 277.2M | 280.38M | 286.31M | 294.13M | 301.56M | 315.85M | 325.62M | 360.33M | 377.36M | 388.5M | 390.19M | 385.56M | 371.68M | 363.81M | 337.25M | 280.21M |
| Basic Shares Outstanding | 202.5M | 216.8M | 229.2M | 236.4M | 264.3M | 277.9M | 278.6M | 289.4M | 285.4M | 280.6M | 277.6M | 275.7M | 277.79M | 282.49M | 288.28M | 294.88M | 311.41M | 323.71M | 355.73M | 369.66M | 379.63M | 378.67M | 372.12M | 359.12M | 352.19M | 327.44M | 280.21M |
| Dividend Payout Ratio | - | 163.37% | 39.39% | 30.27% | 30.88% | - | - | 60.72% | 96.63% | 63.96% | 81.32% | 92.4% | 48.19% | 32.84% | 25.05% | 20.22% | 12.83% | - | - | - | - | - | - | - | - | - | - |
High leverage and M&A
According to the most recent quarterly filings, Tapestry achieved a 21.2% year-over-year revenue growth rate in 2026Q3, marking a significant acceleration from the low-single-digit growth observed in previous fiscal periods and suggesting a successful execution of brand-level initiatives despite broader macroeconomic headwinds in the luxury sector.
The recent surge in top-line performance indicates that the company's pivot toward direct-to-consumer channels and digital loyalty programs may be gaining traction. Investors should monitor whether this growth is sustainable or if it reflects a temporary pull-forward of demand, particularly given the historical volatility in seasonal holiday quarters.
As reported in financial statements, Tapestry has maintained a robust gross margin profile, peaking at 76.9% in 2026Q3, which underscores the company's ability to preserve pricing power and minimize promotional activity compared to peers like Capri Holdings that struggle with heavy discounting cycles.
This high gross margin suggests that the 'accessible luxury' strategy remains effective at insulating the company from raw material cost inflation. However, the stability of these margins depends heavily on the company's ability to avoid inventory liquidations, which warrants close scrutiny of future inventory turnover metrics.
Based on the provided income statement data, operating margins expanded to 22.3% in 2026Q3, demonstrating that Tapestry is successfully leveraging its fixed cost base as revenue scales, a marked improvement from the negative operating margins recorded during the 2025Q4 period of significant strategic restructuring.
The ability to convert top-line growth into outsized operating income gains suggests that management is maintaining discipline over SG&A expenses. Analysts should investigate whether this efficiency is permanent or if it relies on temporary cost-cutting measures that could impact long-term brand equity and marketing reach.
Data from recent filings reveals that EPS growth reached 73.7% in 2026Q3, though this figure must be interpreted alongside the significant non-operating charges and impairment risks that caused a net loss of $517.1 million in 2025Q4, highlighting the sensitivity of bottom-line results to corporate restructuring activities.
The wide swings in net income suggest that reported EPS may be obscured by one-time items related to acquisition efforts and potential goodwill write-downs. Investors should focus on normalized earnings to determine the true underlying profitability of the core Coach and Kate Spade segments.
As indicated by the company's high debt-to-equity ratio of 4.55, Tapestry faces significant financial pressure that could threaten its net margins, especially if interest expenses continue to rise in a higher-for-longer rate environment, potentially offsetting the gains made in operational efficiency and gross margin management.
Short-sellers may focus on the company's reliance on debt to fund its growth strategy, which limits financial flexibility during cyclical downturns. The market appears to be pricing in a risk premium that reflects concerns over whether the current capital structure is sustainable without further asset impairment or dilution.
Quick answers to the most common questions about buying TPR stock.
For fiscal year 2025, Tapestry, Inc. (TPR) reported total revenue of $7.01B. This represents a 1177.2% increase compared to $548.9M in 2000.
Tapestry, Inc. (TPR) is profitable, generating $183.2M in net income for the fiscal year ending 2025 with a net profit margin of 2.6%.
Tapestry, Inc. (TPR) reported an operating income of $415.0M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tapestry, Inc. (TPR) generated $5.29B in gross profit for the year, representing a gross profit margin of 75.4%. This demonstrates the company's core pricing power and production efficiency.