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Tapestry 8-K Report, Financial Results (Nov 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 6, 2025
Period End
November 6, 2025
Security
TPR
In the record · 2016–202610-K1110-Q328-K145

TPR filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 145 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’18Aug ’18
  2. Restructuring8-K · Aug ’20Aug ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Material agreement8-K · Dec ’24Dec ’24

01—Abstract

Summary

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

Tapestry, Inc. (NYSE: TPR) reported fiscal 2026 first quarter results for the period ended September 27, 2025, with net sales of $1.70 billiona, up 13% versus the prior year (12% on a constant currency basis).

Excluding Stuart Weitzman, which was sold on August 4, 2025, pro forma net sales rose 16% to $1.69 billionb. Coach was the primary driver, with net sales of $1.43 billion, up 22% reported (21% constant currency), while Kate Spade declined 8% to $260.2 million. GAAP diluted EPS was $1.28, up from $0.79, and non-GAAP diluted EPS was $1.38, up 35% from $1.02.

GAAP operating margin was 19.3% and non-GAAP operating margin was 20.9%, a 200 basis point improvement that included a 110 basis point favorable impact from the Stuart Weitzman divestiture. Management raised its fiscal 2026 outlook. Revenue is now expected to be in the area of $7.3 billionc, representing 4% to 5% reported growth, and non-GAAP EPS is now guided to $5.45 to $5.60, up from prior guidance of $5.30 to $5.45.

Adjusted free cash flow is expected to be $1.3 billiond. The company expects to return $1.3 billion to shareholders in fiscal 2026 through dividends and share repurchases, with planned buybacks increased to approximately $1.0 billion from an original $800 million. During the quarter, Tapestry repurchased over 4.7 million shares for $500 million at an average cost of about $106 per share.

Balance sheet metrics included cash, cash equivalents and short-term investments of $743 million, total borrowings of $2.64 billion (including $240 million of commercial paper, a newly established program), and a leverage ratio of 1.5x. Inventory was $1.02 billion, and operating cash flow was $113 million, compared with $120 million a year earlier.

02—Key points

Key Highlights

  1. Net sales of $1.70 billion rose 13% reported and 12% constant currency; pro forma net sales (excluding Stuart Weitzman) rose 16% to $1.69 billion.
  2. Coach net sales grew 22% to $1.43 billion, while Kate Spade net sales declined 8% to $260.2 million.
  3. GAAP diluted EPS was $1.28, up 61% from $0.79; non-GAAP diluted EPS was $1.38, up 35% from $1.02.
  4. Non-GAAP operating margin expanded 200 basis points to 20.9%, including a 110 basis point favorable impact from the Stuart Weitzman divestiture.
  5. Fiscal 2026 outlook raised: revenue of about $7.3 billion and non-GAAP EPS of $5.45 to $5.60 (previously $5.30 to $5.45).
  6. Share repurchase expectation increased to approximately $1.0 billion from $800 million; total shareholder returns expected to reach $1.3 billion, including a $0.40 quarterly dividend.
  7. Leverage ratio of 1.5x, with cash and short-term investments of $743 million and total borrowings of $2.64 billion, including $240 million of commercial paper.

03—Questions

Frequently Asked Questions

  1. How did Tapestry perform in its fiscal 2026 first quarter?

    Net sales were $1.70 billion, up 13% reported and 12% in constant currency. Pro forma net sales, which exclude the Stuart Weitzman business sold on August 4, 2025, grew 16%. GAAP diluted EPS was $1.28 and non-GAAP diluted EPS was $1.38.

  2. What drove the growth in the quarter?

    Coach was the main driver, with net sales up 22% to $1.43 billion (21% in constant currency). Greater China grew 20% and North America grew 18% on a reported basis. Europe grew 39% reported. Kate Spade declined 8%.

  3. Did Tapestry change its fiscal 2026 guidance?

    Yes, it raised its outlook. Revenue is now expected to be about $7.3 billion, up 4% to 5% reported, compared with prior guidance to approach $7.2 billion. Non-GAAP EPS is now expected at $5.45 to $5.60, compared with $5.30 to $5.45 previously. Operating margin is still expected to expand about 50 basis points.

  4. How much is Tapestry returning to shareholders?

    The company expects to return $1.3 billion in fiscal 2026 through dividends and share repurchases. Share repurchases are now expected to be about $1.0 billion, up from $800 million. The company declared a quarterly dividend of $0.40 per share, payable December 22, 2025, and continues to anticipate an annual dividend of $1.60 per share.

  5. What is the status of Tapestry's balance sheet and cash flow?

    Cash, cash equivalents and short-term investments totaled $743 million, and total borrowings were $2.64 billion. The leverage ratio was 1.5x. Operating cash flow was $113 million, and adjusted free cash flow was $103 million. Inventory was $1.02 billion.

04—Continue

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