PVH Q2 GAAP Loss Driven by $439M Goodwill Impairment; Non-GAAP EPS Beats, FY26 Outlook Reaffirmed
PVH sits 17% above its 52-week low of $59.6.
Summary
PVH posted a Q2 GAAP loss of $2.23 per share on a $439M goodwill impairment, while non-GAAP EPS of $3.70 beat guidance. Full-year outlook was reaffirmed.
Key Events · Earnings and Guidance · PVH
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Q2 GAAP Loss on Goodwill Impairment
GAAP EPS was $(2.23), including a $439 million pre-tax noncash goodwill impairment charge primarily due to changes in valuation assumptions associated with geopolitical and macroeconomic factors.
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Non-GAAP EPS Beats Guidance
Non-GAAP EPS of $3.70 exceeded guidance of $3.00 to $3.10, including an approximately $1.80 per share benefit from $107 million of tariff refunds.
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Full Year Outlook Reaffirmed
Management reaffirmed FY26 non-GAAP EPS guidance of $11.80 to $12.10, revenue approximately flat, and non-GAAP operating margin of approximately 8.8%.
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Q3 Guidance Below Prior Year
Q3 2026 non-GAAP EPS is projected at $2.50 to $2.65, down from $2.83 in the prior year period, with revenue expected to decrease low single-digits.
Analysis · PVH · Manufacturing
A $439 million non-cash goodwill impairment charge, tied to geopolitical and macroeconomic factors, pushed PVH to a GAAP loss of $2.23 per share for Q2 2026. Excluding that charge and other items, non-GAAP EPS of $3.70 beat guidance of $3.00 to $3.10, boosted by a $107 million tariff refund. Management reaffirmed full-year non-GAAP EPS guidance of $11.80 to $12.10 and expects to repurchase at least $300 million of stock in 2026. The impairment signals pressure on brand valuations, but the underlying business performed ahead of expectations.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 35.8% of the 1864 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PVH was trading at $70.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $59.60 to $100.75. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.