# PVH CORP. (PVH) Q2 2025 Financial Results Summary
Published on August 26, 2025, PVH Corp. [NYSE: PVH] has reported its financial results for the second quarter of 2025, surpassing expectations amidst a challenging global macroenvironment.
### Key Financial Highlights
– **Revenue:**
– **Q2 2025:** $2.167 billion
– **Growth:** Increased by **4%** from $2.074 billion in Q2 2024; a **1%** rise on a constant currency basis.
– **Guidance:** Exceeded expectations of a low single-digit increase.
– **Earnings Per Share (EPS):**
– **GAAP Basis:** $4.63 compared to $2.80 in Q2 2024.
– **Non-GAAP Basis:** $2.52, surpassing guidance of $1.85 to $2.00, down from $3.01 the previous year.
### Segment Performance
– **EMEA Revenue:**
– **Q2 2025:** Increased by **3%** from the prior year (down **3%** on a constant currency basis).
– **Americas Revenue:**
– **Q2 2025:** Grew by **11%**, buoyed by wholesale growth. Direct-to-consumer sales were flat.
– **APAC Revenue:**
– **Q2 2025:** Decreased **1%** (down **3%** on a constant currency basis), with a notable slowdown in wholesale.
– **Licensing Revenue:**
– **Q2 2025:** Declined by **3%** compared to last year.
#### Brand Performance
– **Tommy Hilfiger:**
– **Q2 2025 Revenue:** Increased by **4%**; flat on a constant currency basis.
– **Calvin Klein:**
– **Q2 2025 Revenue:** Increased by **5%**; **3%** rise on a constant currency basis.
### Margins
– **Gross Margin**:
– **Q2 2025:** 57.7% compared to 60.1% in Q2 2024.
– **Operating Margin:**
– Expected to be approximately **8.5%** on a non-GAAP basis for the full year, inclusive of recent tariff increases.
### Balance Sheet and Inventory
– **Inventory Growth:**
– Increased by **13%** year-over-year, an improvement from **19%** growth in Q1 2025. This increase supports anticipated sales growth for Q3.
### Outlook for 2025
– **Revenue Guidance:**
– Revised upwards; now expected to increase slightly to low single-digits.
– **Full Year Non-GAAP EPS Outlook:**
– Estimates maintained between **$10.75 and $11.00**.
– **Effective Tax Rate:**
– Projected at **22%** on a non-GAAP basis.
– **Impact of Tariffs:**
– Anticipates a **$70 million** negative impact to full-year EBIT; unmitigated impact expected to be **$1.15 per share**.
### Stock Repurchase Program
– In Q1 2025, the company committed **$561 million** towards share repurchases. No additional repurchases were made in Q2 2025, and no further repurchase plans are expected for the remainder of 2025.
### Conclusion
PVH Corp. exhibits resilience with revenue and EPS outperforming guidance, despite negative impacts from tariffs and a shifting global economic landscape. The focus on brand strength within Calvin Klein and Tommy Hilfiger, along with strategic execution through the PVH+ Plan, set the stage for continued growth into the latter half of 2025.
### Key Metrics Summary
| Metric | Q2 2025 | Q2 2024 | Growth/Decrease |
|---|---|---|---|
| Revenue | $2.167B | $2.074B | +4% |
| EPS (GAAP) | $4.63 | $2.80 | +65% |
| EPS (Non-GAAP) | $2.52 | $3.01 | -16.3% |
| Gross Margin | 57.7% | 60.1% | -3.4 percentage points |
| Inventory Growth | 13% | N/A | N/A |
This concise summary reflects the essential financial metrics, performance highlights, and strategic outlook of PVH Corp. for the second quarter of fiscal year 2025.
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## CONDENSED CONSOLIDATED STATEMENTS OF INCOME
*Amounts in millions*
| Quarter Ended 8/3/25 | Quarter Ended 8/4/24 | Six Months Ended 8/3/25 | Six Months Ended 8/4/24 | |
|---|---|---|---|---|
| Revenue | $2,167.2 | $2,074.3 | $4,150.8 | $4,026.2 |
| Gross profit | $1,250.8 | $1,245.9 | $2,412.5 | $2,444.6 |
| Selling, general and administrative expenses | $1,128.9 | $1,083.3 | $2,152.8 | $2,100.6 |
| Goodwill and other intangible asset impairments | $— | $— | $479.5 | $— |
| Non-service related pension and postretirement (cost) income | -$0.9 | $0.4 | -$1.9 | $0.9 |
| Other gain | $— | $— | $— | $10.0 |
| Equity in net income of unconsolidated affiliates | $12.2 | $10.9 | $22.7 | $24.1 |
| Earnings (loss) before interest and taxes | $133.2 | $173.9 | -$199.0 | $379.0 |
| Interest expense, net | $22.0 | $19.1 | $39.4 | $36.8 |
| Pre-tax income (loss) | $111.2 | $154.8 | -$238.4 | $342.2 |
| Income tax (benefit) expense | -$113.0 | -$3.2 | -$417.8 | $32.8 |
| Net income | $224.2 | $158.0 | $179.4 | $309.4 |
| Diluted net income per common share(1) | $4.63 | $2.80 | $3.59 | $5.39 |
| Depreciation and amortization expense | $68.7 | $69.8 | $136.4 | $141.9 |
—
## CONDENSED CONSOLIDATED BALANCE SHEETS
*Amounts in millions*
| ASSETS | 8/3/25 | 8/4/24 |
|---|---|---|
| Current Assets: | ||
| Cash and Cash Equivalents | $248.8 | $610.0 |
| Receivables | $919.2 | $906.9 |
| Inventories | $1,791.0 | $1,582.8 |
| Other Assets | $323.6 | $314.7 |
| Assets Held For Sale(1) | $16.7 | $— |
| Total Current Assets | $3,299.3 | $3,414.4 |
| Property, Plant and Equipment | $695.1 | $806.9 |
| Operating Lease Right-of-Use Assets | $1,888.0 | $1,224.0 |
| Goodwill and Other Intangible Assets | $5,056.1 | $5,424.5 |
| Other Assets | $689.1 | $367.9 |
| TOTAL ASSETS | $11,627.6 | $11,237.7 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Accounts Payable and Accrued Expenses | $2,067.9 | $1,938.1 |
| Current Portion of Operating Lease Liabilities | $329.6 | $302.8 |
| Short-Term Borrowings | $— | $8.4 |
| Current Portion of Long-Term Debt | $12.8 | $510.8 |
| Other Liabilities | $407.1 | $548.5 |
| Long-Term Portion of Operating Lease Liabilities | $1,687.6 | $1,069.1 |
| Long-Term Debt | $2,256.0 | $1,668.2 |
| Stockholders’ Equity | $4,866.6 | $5,191.8 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $11,627.6 | $11,237.7 |
Note: Year over year balances are impacted by changes in foreign currency exchange rates.
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