01—Abstract
Summary
Summary of the 10-K filed May 21, 2026. Cited figures are marked; the original filing is the authoritative source.
Ralph Lauren Corporation reported Fiscal 2026 (52 weeks ended March 28, 2026) net revenues of $8.115 billiona, up 14.6% on a reported basis and 11.8% on a constant currency basis, with growth across all reportable segments.
Net income rose to $941.1 millionb from $742.9 million, and diluted EPS was $15.11 versus $11.61 a year earlier. Gross profit as a percentage of net revenues increased to 69.9% from 68.6%, and SG&A as a percentage of net revenues fell to 53.9% from 54.6%, while restructuring and other charges rose to $118.1 million from $57.8 million, largely tied to the Next Generation Transformation project. The balance sheet remained solid, with cash, cash equivalents and short-term investments of $2.065 billion against total debt of $1.239 billion, leaving a net cash and short-term investments position of $826.1 million (down from $940.4 million).
Operating cash flow was $1.154 billionc, while capital expenditures were $408.1 million, including strategic real estate purchases. The company returned $623.8 million through Class A share repurchases and withholdings and paid $216.5 million in dividends. In May 2026 the Board approved a quarterly dividend increase from $0.9125 to $1.00 per share, and $1.352 billion remained available under the repurchase program at fiscal year-end.
The filing also highlights risks including tariff changes following the Supreme Court's February 2026 invalidation of IEEPA tariffs, with potential refunds that are not assured, as well as macroeconomic pressures, promotional retail conditions, and customer concentration: the three largest wholesale customers accounted for approximately 11%d of net revenues. The Lauren family controls approximately 85% of voting power, and the company reported an effective tax rate of 20.1%.
02—Key points
Key Highlights
- Net revenues of $8.115 billion, up 14.6% reported (11.8% constant currency), with growth in North America, Europe and Asia
- Net income of $941.1 million and diluted EPS of $15.11, up from $742.9 million and $11.61 in Fiscal 2025
- Gross profit margin rose to 69.9% from 68.6%; operating income reached $1.179 billion, a 14.5% operating margin
- Restructuring and other charges increased to $118.1 million from $57.8 million, including $83.9 million tied to the Next Generation Transformation project
- Operating cash flow of $1.154 billion funded $408.1 million of capital expenditures, $623.8 million of share repurchases and withholdings, and $216.5 million of dividends
- Net cash and short-term investments of $826.1 million; total debt of $1.239 billion after issuing $500 million of 5.000% Senior Notes due 2032
- Quarterly dividend raised to $1.00 per share from $0.9125, approved May 14, 2026
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Ralph Lauren kept $0.12.
- Revenue$8.11B100.0%
- Cost of revenue−$2.45B30.1%
- Gross profit$5.67B69.9%
- Operating costs−$4.49B55.3%
- Operating income$1.18B14.5%
- Interest, other & tax−$238.1M2.9%
- Net income$941.1M11.6%
Where FY2026 revenue went
$8.11B- SG&A: $4.37B, 54% of revenue
- Cost of revenue: $2.45B, 30% of revenue
- Net income: $941.1M, 12% of revenue
- Other operating costs: $118.1M, 1.5% of revenue
- Interest, other & tax: $238.1M, 2.9% of revenue
Kept 12% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed May 21, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $8.11B$7.08B | +14.6% |
| Cost of Revenue | $2.45B$2.23B | +9.8% |
| Gross Profit | $5.67B$4.85B | +16.8% |
| SG&A Expenses | $4.37B$3.86B | +13.2% |
| Operating Expenses | $4.49B$3.92B | +14.5% |
| Operating Income | $1.18B$932.10M | +26.5% |
| Interest Expense | $54.20M$44.10M | +22.9% |
| Net Income | $941.10M$742.90M | +26.7% |
| EPS (Basic) | $15.42$11.86 | +30.0% |
| EPS (Diluted) | $15.11$11.61 | +30.1% |
| Shares Outstanding (Basic) | 61.00M62.60M | −2.6% |
| Shares Outstanding (Diluted) | 62.30M64.00M | −2.7% |
05—Questions
Frequently Asked Questions
How did Ralph Lauren perform in Fiscal 2026?
Net revenues rose 14.6% to $8.115 billion, and net income increased 26.7% to $941.1 million. Diluted EPS was $15.11, compared with $11.61 in Fiscal 2025. Growth was reported in all three reportable segments, and gross margin expanded to 69.9%.
What are the main risks flagged in the filing?
Key risks include tariff and trade policy changes, including the refund process for IEEPA tariffs that the company cannot assure it will receive, persistent inflation and high interest rates, promotional retail conditions, and dependence on a limited number of large wholesale customers, whose three largest accounted for about 11% of revenue. The filing also cites military conflicts, supply chain disruptions, and cybersecurity threats.
How much debt does the company carry and how is it structured?
Total debt was $1.239 billion at fiscal year-end, consisting of $750 million of 2.950% Senior Notes due 2030 and $500 million of 5.000% Senior Notes due 2032. The $400 million 3.750% Senior Notes were repaid in September 2025. The $750 million Global Credit Facility had no borrowings outstanding, and about $805 million of total credit availability remained.
What is the capital return policy?
The company paid $216.5 million in dividends in Fiscal 2026 and raised its quarterly dividend to $1.00 per share. It repurchased $500.2 million of Class A stock under its program and had approximately $1.352 billion of remaining repurchase authorization as of March 28, 2026.
Who controls the company?
Mr. Ralph Lauren and entities controlled by the Lauren family held approximately 85% of the voting power of the outstanding common stock as of March 28, 2026, through Class B shares that carry ten votes each. This gives them significant influence over matters requiring stockholder approval.
06—Continue