PVH Q2 GAAP Loss Driven by $439M Goodwill Impairment; Non-GAAP EPS Beats, FY26 Outlook Reaffirmed
PVH sits 24% above its 52-week low of $59.6.
Summary
PVH posted a Q2 GAAP loss of $2.23/share on a $439M non-cash EMEA goodwill impairment, but non-GAAP EPS of $3.70 beat guidance and FY26 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 non-cash goodwill impairment charge in the EMEA segment, driven by the Middle East conflict 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 recorded in cost of goods sold.
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FY26 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.
Analysis · PVH · Manufacturing
The second quarter swung to a GAAP loss of $2.23 per share, entirely due to a $439 million non-cash goodwill impairment in the EMEA segment tied to the Middle East conflict and macroeconomic pressures. Excluding that charge, non-GAAP EPS of $3.70 beat guidance by roughly $0.60, boosted by a $107 million tariff refund benefit. Management reaffirmed full-year non-GAAP EPS of $11.80 to $12.10, signaling the underlying business is holding up despite geopolitical headwinds. The balance sheet remains solid with $966 million in cash and $1.7 billion in borrowing capacity, and the company has $1.2 billion left on its buyback authorization.
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 $74.20 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 neutral market sentiment and an importance score of 8 out of 10.