Birkenstock Lifts FY26 Outlook After 15% Constant-Currency Revenue Growth in Q3
BIRK sits 28% above its 52-week low of $31.12.
Summary
Birkenstock reported 15% constant-currency revenue growth in Q3 FY2026 and raised full-year guidance for revenue growth to 15% and adjusted EBITDA to at least EUR 710 million. The company also completed a EUR 230 million share repurchase and refinanced its senior notes.
Key Events · Earnings and Guidance · BIRK
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Q3 Revenue Growth of 15% Constant Currency
Revenue of EUR 720 million, up 13% reported and 15% constant currency, at the high end of the company's 13-15% target for fiscal 2026.
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Full-Year Guidance Raised
Revenue growth guidance raised to 15% constant currency; adjusted EBITDA guidance raised to at least EUR 710 million, implying a margin of 30.2-30.5%.
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EUR 230M Share Repurchase Completed
Completed accelerated share repurchase on June 30, 2026, reducing outstanding shares by 6 million; net leverage increased to 1.8x from 1.5x.
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Senior Notes Refinanced
Issued EUR 900 million of 4.50% senior notes on June 16, 2026, and repaid EUR 428.5 million of 5.25% senior notes, adding cash for future buybacks.
Analysis · BIRK · Manufacturing
Birkenstock delivered 15% constant-currency revenue growth in Q3 FY2026, hitting the high end of its target, and raised full-year guidance for revenue growth to 15% and adjusted EBITDA to at least EUR 710 million. The company also completed a EUR 230 million accelerated share repurchase and refinanced its senior notes, reducing share count by 6 million. While net profit fell 15% due to non-cash refinancing and ASR expenses, adjusted net profit rose 15% and adjusted EPS rose 19%, showing underlying operational strength. The raised guidance and strong DTC growth signal continued momentum, though higher net leverage and a higher tax rate reflect the cost of the buyback and refinancing.
At the time of this filing, BIRK was trading at $39.76 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.8B. The 52-week trading range was $31.12 to $53.53. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.