Revenue growth has reaccelerated to 8.9% year-over-year, supported by a structural expansion in gross margin to 83.3%, indicating successful brand elevation and pricing discipline.
Tapestry, Inc. (TPR) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | 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 | 8.19B | 8B | 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 % | 13.68% | 14.17% | 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 | 1.78B | 1.78B | 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 | - | 22.18% | 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 | 6.42B | 6.23B | 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 % | 78.31% | 77.82% | 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 % | - | 17.77% | 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 | 4.41B | 4.31B | 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 | - | 53.9% | 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 | 4.41B | 4.31B | 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 | - | 53.9% | 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 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 | 2.01B | 1.91B | 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 % | 24.53% | 23.92% | 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 % | - | 361.3% | -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 | 2.22B | 2.13B | 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 % | 27.04% | 26.63% | 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 % | 210.86% | 233.11% | -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) | 205.6M | 217.2M | 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 | 2.01B | 1.92B | 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 | -55.4M | -55.2M | -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 | 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 | 55.4M | 55.2M | 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 | -57.3M | -53.8M | -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 | 1.95B | 1.86B | 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 % | 23.83% | 23.25% | 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 | 340M | 332.9M | 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 % | 17.41% | 17.89% | 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 | 1.61B | 1.53B | 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 % | 19.68% | 19.09% | 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 % | 494.29% | 733.9% | -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) | 1.61B | 1.53B | 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 | 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 | 0 | 40.2M | 22.16M | 14.55M | 0 | 0 |
| EPS (Diluted) | 7.89 | 7.27 | 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 % | 591.96% | 786.59% | -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) | - | 7.49 | 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 | 204.5M | 210.2M | 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 | 199.3M | 204M | 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 | - | 21.35% | 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% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TPR stock.
For fiscal year 2026, Tapestry, Inc. (TPR) reported total revenue of $8.00B. This represents a 1358.2% increase compared to $548.9M in 2000.
Tapestry, Inc. (TPR) is profitable, generating $1.53B in net income for the fiscal year ending 2026 with a net profit margin of 19.1%.
Tapestry, Inc. (TPR) reported an operating income of $1.91B, resulting in an operating profit margin of 23.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Tapestry, Inc. (TPR) generated $6.23B in gross profit for the year, representing a gross profit margin of 77.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage constraining flexibility
Metrics are mathematically derived from official filings.
Growth Reacceleration Driven by Coach
Tapestry's revenue growth has reaccelerated sharply, with the most recent quarter showing 8.9% year-over-year growth following a 21.2% surge in the prior period, suggesting the Coach brand's elevation strategy is gaining traction.
The growth trajectory shows a clear inflection from the negative growth seen in early 2024 to a sustained double-digit pace in recent quarters. This acceleration appears to be driven by the core Coach brand, which is likely benefiting from improved full-price sell-through and reduced promotional activity. The durability of this trend will depend on the company's ability to maintain brand heat while navigating a volatile macroeconomic environment, particularly in Greater China.
Structural Margin Expansion in Gross Profit
Gross margin has expanded significantly to 83.3% in the latest quarter, a substantial improvement from the 74.7% level seen in 2024Q3, indicating a powerful shift in product mix and pricing discipline.
This gross margin expansion is a critical positive development, suggesting the brand elevation strategy is successfully reducing reliance on margin-dilutive outlet sales. The 83.3% level is exceptionally high for the accessible luxury segment and compares favorably to peers like Ralph Lauren (69.9%). However, investors should monitor whether this level is sustainable or reflects temporary benefits from favorable input costs or currency translation, as a reversion would significantly impact profitability.
Operating Leverage Amplifying Profit Growth
Operating income grew 80.5% year-over-year in the latest quarter, far outpacing revenue growth of 8.9%, demonstrating powerful operating leverage as SG&A costs were held relatively flat.
The company is exhibiting strong operating leverage, with operating margin expanding from 14.8% in 2024Q4 to 23.6% in 2026Q4. This suggests that the high fixed-cost base of its retail network is being leveraged effectively as revenue scales. The primary driver appears to be disciplined control of SG&A expenses, which grew only modestly relative to the top line. This leverage is a key component of the earnings recovery and warrants monitoring to ensure it is not achieved through underinvestment in brand-building or store maintenance.
Net Income Recovery Masked by One-Time Charges
The swing from a net loss of $517.1M in 2025Q4 to net income of $347.8M in 2026Q4 suggests the prior period included significant non-recurring charges, likely related to the Capri Holdings acquisition attempt.
The dramatic year-over-year improvement in net income and EPS (from -$2.49 to $1.66) indicates that the 2025Q4 results were heavily distorted by one-time items, most plausibly deal-related costs and financing commitments for the proposed Capri acquisition. Excluding these items, the underlying earnings power of the core business appears strong, as evidenced by the consistent growth in operating income. Analysts should focus on adjusted operating income to assess the true trajectory of the business.
SG&A Discipline Underpinning Margin Expansion
SG&A expenses as a percentage of revenue have declined from 63.7% in 2024Q4 to 57.9% in 2026Q4, indicating improved cost control and operating efficiency.
The reduction in SG&A intensity is a primary driver of the operating margin expansion. This suggests management has successfully controlled store occupancy and labor costs while potentially benefiting from operating leverage in corporate overhead. The challenge will be to maintain this discipline while continuing to invest in digital capabilities and marketing required to sustain brand momentum. Any re-acceleration in SG&A growth without a corresponding revenue increase would quickly erode the newly achieved profitability.
Leverage and China Exposure Create Fragility
The company's debt-to-equity ratio of 5.71, combined with its significant exposure to the volatile Chinese consumer, presents a material risk that could undermine the current operational momentum.
While the income statement shows strong improvement, the balance sheet remains highly leveraged, which constrains financial flexibility and increases interest expense risk in a higher-rate environment. Furthermore, the growth acceleration may be partially reliant on the Chinese market, which faces macroeconomic headwinds. A sharper-than-expected slowdown in China or a rise in input costs could quickly compress margins and strain the company's ability to service its debt, potentially forcing a return to promotional activity that would reverse the brand elevation gains.