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Tapestry 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
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 February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Tapestry, Inc. (NYSE: TPR) reported fiscal 2026 second-quarter results for the quarter ended December 27, 2025, with net sales of $2.50 billiona, up 14% from the prior year on both a nominal and constant currency basis.

Excluding Stuart Weitzman, which was divested on August 4, 2025, pro forma net sales rose 18%, led by a 25% gain at Coach, while Kate Spade declined 14%. GAAP operating margin was 28.6%, up 620 basis points, and GAAP diluted EPS was $2.68b versus $1.38 a year earlier, an increase of 94%. Non-GAAP diluted EPS was $2.69, up 34%.

Management cited a 110 basis point gross margin improvement, which absorbed a negative tariff and duty impact of 190 basis points. The company raised its fiscal 2026 outlook. Revenue is now expected to be over $7.75 billionc, versus prior guidance of about $7.3 billion.

Non-GAAP EPS guidance is $6.40 to $6.45d, up from $5.45 to $5.60, and adjusted free cash flow is now expected to be about $1.5 billion, up from $1.3 billion. Operating margin expansion is now expected to be about 180 basis points, compared with prior guidance of about 50 basis points. The company also increased planned shareholder returns to $1.5 billion for fiscal 2026, including about $1.2 billion of share repurchases, up from $1.0 billion previously.

Balance sheet metrics remained solid. Cash, cash equivalents and short-term investments totaled $1.08 billion, total borrowings were $2.40 billion, and the leverage ratio was 1.2x.

Operating cash flow for the quarter was $1.08 billion, compared with $506 million a year earlier. The company also declared a quarterly dividend of $0.40 per share, payable March 23, 2026.

02—Key points

Key Highlights

  1. Net sales of $2.50 billion grew 14% year over year (18% pro forma, excluding Stuart Weitzman), with Coach up 25% and Kate Spade down 14%.
  2. GAAP operating margin of 28.6% expanded 620 basis points; non-GAAP operating margin of 28.8% expanded 390 basis points, including a 90 basis point benefit from the Stuart Weitzman divestiture.
  3. GAAP diluted EPS of $2.68 rose 94% from $1.38; non-GAAP diluted EPS of $2.69 rose 34% from $2.00.
  4. Fiscal 2026 outlook raised: revenue over $7.75 billion, non-GAAP EPS of $6.40 to $6.45 (prior $5.45 to $5.60), and adjusted free cash flow of about $1.5 billion (prior $1.3 billion).
  5. Shareholder returns for fiscal 2026 increased to $1.5 billion, including about $1.2 billion of share repurchases (prior $1.0 billion); the quarterly dividend is $0.40 per share.
  6. Quarter-end cash and short-term investments of $1.08 billion, total borrowings of $2.40 billion, and a leverage ratio of 1.2x.
  7. Management expects a tariff and duty headwind of nearly 200 basis points for fiscal 2026, which it expects to more than offset.

03—Questions

Frequently Asked Questions

  1. How did Tapestry perform in the fiscal 2026 second quarter?

    Net sales were $2.50 billion, up 14% reported and 18% on a pro forma basis excluding Stuart Weitzman. GAAP diluted EPS was $2.68, up 94%, and non-GAAP diluted EPS was $2.69, up 34%. The filing describes these as record quarterly revenue, operating profit and EPS.

  2. What drove the revenue growth by brand?

    Coach pro forma net sales rose 25% to $2.14 billion, with handbag average unit retail and units each increasing at a mid-teens percentage rate. Kate Spade net sales declined 14% to $360.0 million. By region, Greater China rose 35% reported and Europe rose 27%, while Japan declined 9%.

  3. Did Tapestry change its fiscal 2026 guidance?

    Yes. The company raised its revenue outlook to over $7.75 billion from about $7.3 billion, its non-GAAP EPS outlook to $6.40 to $6.45 from $5.45 to $5.60, and its adjusted free cash flow outlook to about $1.5 billion from $1.3 billion. It also expects operating margin to expand about 180 basis points, versus prior guidance of about 50 basis points.

  4. How much is Tapestry returning to shareholders?

    The company expects to return $1.5 billion to shareholders in fiscal 2026 through dividends and share repurchases, up from $1.3 billion. This includes about $1.2 billion of buybacks, up from $1.0 billion, and an annual dividend rate of $1.60 per share. During the second quarter, it repurchased about 3.6 million shares for $400 million at an average cost of about $112 per share.

  5. What is the company's balance sheet and cash flow position?

    Cash, cash equivalents and short-term investments totaled $1.08 billion, and total borrowings were $2.40 billion, giving a leverage ratio of 1.2x. Operating cash flow was $1.08 billion for the quarter, compared with $506 million a year earlier. Quarter-end inventory was $896 million, versus $937 million in the prior-year period.

04—Continue

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