How did Ralph Lauren perform in the fiscal second quarter of 2026?

Revenue increased 17% on a reported basis to $2.0 billion, or 14% in constant currency. Reported diluted EPS was $3.32, and adjusted diluted EPS was $3.79, excluding restructuring-related and other net charges.

What changed in the company's full-year fiscal 2026 outlook?

The company now expects constant currency revenue to increase 5% to 7% and operating margin to expand approximately 60 to 80 basis points in constant currency, which it describes as up from its prior outlook. The full-year tax rate is expected to be 19% to 21%, and capital expenditures are expected to be 4% to 5% of revenue.

How did each geographic segment perform?

North America revenue rose 13% to $832 million with a 19.4% operating margin. Europe revenue rose 22% to $688 million, with a 29.4% operating margin. Asia revenue rose 17% to $446 million, with a 25.0% operating margin.

What did the company do with its capital during the quarter?

It retired $400 million of senior notes due September 2025, repurchased approximately $63 million of Class A common stock in the quarter ($313 million fiscal year-to-date), and completed the purchase of its Newbury Street store in Boston. Cash and short-term investments were $1.6 billion at quarter end.

What factors does management cite as risks to the outlook?

Management pointed to a continued cautious global operating environment for the second half of the fiscal year. The outlook also reflects inflationary pressures, tariffs, other consumer spending headwinds, supply chain disruptions, and foreign currency volatility.

RL 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Ralph Lauren Corporation reported results for the fiscal second quarter ended September 27, 2025, in a press release furnished as Exhibit 99.1 under Item 2.02.

Revenue rose 17% on a reported basis to $2.0 billion^a (14% in constant currency), with double-digit growth in all geographies. Reported diluted EPS was $3.32, up 44% from $2.31, and adjusted diluted EPS was $3.79, up 49% from $2.54. Reported operating income was $246 million, with an adjusted operating margin of 14.1%, up 270 basis points.

Global direct-to-consumer comparable store sales grew 13%^b. The company raised its full-year fiscal 2026 outlook. It now expects constant currency revenue growth of 5% to 7% and an operating margin expansion of approximately 60 to 80 basis points in constant currency, up from its prior outlook.

For the third quarter, it expects mid-single-digit constant currency revenue growth and 60 to 80 basis points of operating margin expansion. Management cited strength in full-price selling, average unit retail growth of 12%, and expense leverage, while noting continued caution about the global operating environment in the second half. The balance sheet at quarter end showed $1.6 billion^c in cash and short-term investments and $1.2 billion in total debt.

During the period the company retired $400 million^d of senior notes and repurchased about $63 million of Class A common stock, bringing fiscal year-to-date repurchases to $313 million. Fiscal year-to-date dividends and repurchases totaled approximately $420 million.

02—Key points

Key Highlights

Revenue increased 17% to $2.0 billion on a reported basis and 14% in constant currency, with double-digit growth in every region.
Diluted EPS was $3.32 reported and $3.79 adjusted, up 44% and 49% respectively from the prior year quarter.
Adjusted operating margin was 14.1%, up 270 basis points; gross margin was 68.0%, up 100 basis points.
Global direct-to-consumer comparable store sales grew 13%; Asia comparable store sales rose 16% and China revenue increased more than 30%.
Full-year fiscal 2026 constant currency revenue growth outlook raised to 5% to 7%; operating margin expansion outlook raised to approximately 60 to 80 basis points.
Third-quarter outlook calls for mid-single-digit constant currency revenue growth and approximately 60 to 80 basis points of constant currency operating margin expansion.
Ended the quarter with $1.6 billion in cash and short-term investments and $1.2 billion in total debt after retiring $400 million of senior notes.

03—Questions

Frequently Asked Questions

How did Ralph Lauren perform in the fiscal second quarter of 2026?
Revenue increased 17% on a reported basis to $2.0 billion, or 14% in constant currency. Reported diluted EPS was $3.32, and adjusted diluted EPS was $3.79, excluding restructuring-related and other net charges.
What changed in the company's full-year fiscal 2026 outlook?
The company now expects constant currency revenue to increase 5% to 7% and operating margin to expand approximately 60 to 80 basis points in constant currency, which it describes as up from its prior outlook. The full-year tax rate is expected to be 19% to 21%, and capital expenditures are expected to be 4% to 5% of revenue.
How did each geographic segment perform?
North America revenue rose 13% to $832 million with a 19.4% operating margin. Europe revenue rose 22% to $688 million, with a 29.4% operating margin. Asia revenue rose 17% to $446 million, with a 25.0% operating margin.
What did the company do with its capital during the quarter?
It retired $400 million of senior notes due September 2025, repurchased approximately $63 million of Class A common stock in the quarter ($313 million fiscal year-to-date), and completed the purchase of its Newbury Street store in Boston. Cash and short-term investments were $1.6 billion at quarter end.
What factors does management cite as risks to the outlook?
Management pointed to a continued cautious global operating environment for the second half of the fiscal year. The outlook also reflects inflationary pressures, tariffs, other consumer spending headwinds, supply chain disruptions, and foreign currency volatility.

04—Continue

← View all 8-K filings