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Apparel & textiles · Consumer Cyclical · Fiscal year ends Jan 31
PVH reported revenue of $9B in the fiscal year ended Feb 2026, up 3.4% from the year before. Operating income was $231M, an operating margin of 2.6%, and net income was $25M. Operating cash flow of $680M less capital expenditure of $142M left free cash flow of $538M. Net debt was $1.6B.
Ranks among the 15 apparel & textiles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 9,155 | 9,024 | 9,218 | 8,653 | 8,950 |
| Cost of revenue | 3,831 | 3,901 | 3,855 | 3,510 | 3,802 |
| Gross profit | 5,324 | 5,123 | 5,363 | 5,143 | 5,149 |
| Selling, general & admin | 4,454 | 4,377 | 4,543 | 4,411 | 4,492 |
| Operating incomederived: pre-tax income + interest | 1,077 | 471 | 929 | 772 | 231 |
| Interest expense | 109 | 89.6 | 99.3 | 89.8 | 94.2 |
| Pre-tax income | 973 | 388 | 841 | 706 | 151 |
| Income tax | 20.7 | 188 | 177 | 107 | 126 |
| Net income | 952 | 200 | 664 | 599 | 25.3 |
| Diluted EPS | 13.25 | 3.03 | 10.76 | 10.56 | 0.52 |
| Diluted shares | 71.9 | 66.2 | 61.7 | 56.7 | 48.5 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,243 | 551 | 708 | 748 | 702 |
| Receivables | 745 | 924 | 793 | 851 | 995 |
| Inventory | 1,349 | 1,803 | 1,420 | 1,509 | 1,584 |
| Current assets | 3,654 | 3,580 | 3,260 | 3,488 | 3,605 |
| Net PP&E | 906 | 904 | 863 | 741 | 673 |
| Goodwill | 2,829 | 2,359 | 2,322 | 2,260 | 2,022 |
| Total assets | 12,397 | 11,768 | 11,173 | 11,033 | 11,681 |
| Payables | 1,221 | 1,327 | 1,073 | 1,151 | 1,147 |
| Deferred revenue | 44.9 | 54.3 | 55.5 | 55.3 | 49.0 |
| Current liabilities | 2,788 | 2,768 | 2,772 | 2,742 | 2,376 |
| Short-term debt | 34.8 | 112 | 578 | 511 | 13.1 |
| Long-term debt | 2,318 | 2,177 | 1,592 | 1,580 | 2,291 |
| Total liabilities | 7,108 | 6,756 | 6,054 | 5,893 | 6,889 |
| Shareholders' equity | 5,289 | 5,013 | 5,119 | 5,141 | 4,792 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 1,071 | 39.2 | 969 | 741 | 680 |
| Capital expenditure | 268 | 290 | 245 | 159 | 142 |
| Free cash flow | 803 | −251 | 725 | 582 | 538 |
| Depreciation & amortisation | 313 | 302 | 299 | 282 | 272 |
| Stock-based compensation | 46.8 | 46.6 | 51.9 | 54.0 | 44.1 |
| Acquisitions | 0.0 | – | – | – | – |
| Share buybacks | 361 | 419 | 570 | 525 | 578 |
| Dividend per share | 0.04 | 0.15 | 0.15 | 0.15 | 0.15 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.4% | 2.1% | −6.1% | 3.4% |
| Operating income growth (YoY) | – | −56.3% | 97.3% | −16.8% | −70.1% |
| EPS growth (YoY) | – | −77.1% | 255.1% | −1.9% | −95.1% |
| Gross margin | 58.2% | 56.8% | 58.2% | 59.4% | 57.5% |
| Operating margin | 11.8% | 5.2% | 10.1% | 8.9% | 2.6% |
| Net margin | 10.4% | 2.2% | 7.2% | 6.9% | 0.3% |
| Return on equityBlank when equity is negative | 18.0% | 4.0% | 13.0% | 11.6% | 0.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.2% | 5.2% | 11.1% | 9.3% | 2.5% |
| Free cash flow margin | 8.8% | −2.8% | 7.9% | 6.7% | 6.0% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.20x | 1.46x | 1.24x | 26.9x |
| Receivable days | 30 | 37 | 31 | 36 | 41 |
| Inventory days | 128 | 169 | 134 | 157 | 152 |
| Payable days | 116 | 124 | 102 | 120 | 110 |
| Interest cover | 9.92x | 5.25x | 9.35x | 8.60x | 2.45x |
| Debt ÷ equity | 0.44x | 0.46x | 0.42x | 0.41x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,110 | 1,738 | 1,462 | 1,343 | 1,603 |
| Current ratio | 1.31x | 1.29x | 1.18x | 1.27x | 1.52x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.