A month has gone by since the last earnings report for PVH (PVH Quick QuotePVH - Free Report) . Shares have added about 18.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is PVH due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for PVH Corp. before we dive into how investors and analysts have reacted as of late.

PVH Corp Q4 Earnings Beat Estimates, DTC Revenues Rise 1%

PVH Corporation posted fourth-quarter fiscal 2025 results, wherein both revenues and earnings topped the Zacks Consensus Estimate. Both metrics also increased year over year. PVH ended 2025 on a strong note, beating expectations in Q4 and delivering growth, buoyed by strength in Calvin Klein and Tommy Hilfiger, and solid execution of its PVH+ Plan.

For fiscal 2026, the company is focused on expanding direct-to-consumer sales, strengthening digital channels, boosting brand relevance through impactful marketing and maintaining cost discipline to support steady margins and long-term growth.

Delving Deeper Into PVH’s Q4 Performance

PVH Corp. reported adjusted earnings of $3.82 per share, up 16.8% from the year-ago quarter's $3.27. The bottom line also surpassed the Zacks Consensus Estimate of earnings of $3.30 per share and the company’s guidance of $3.20-$3.35.

The EPS figure included a net negative impact with respect to the higher tariffs for goods coming into the US, with a gross impact of roughly 70 cents per share and a partly offsetting impact of the mitigation efforts and the positive effect of 33 cents per share associated with the foreign currency translations.

Revenues jumped 6% year over year (flat at constant currency) to $2.505 billion and beat the consensus mark of $2.419 billion.

Direct-to-consumer revenues inched up 1% compared with the prior-year period’s figure (down 3% on a constant-currency basis). Revenues in PVH Corp.’s owned and operated stores were flat, though revenues declined 4% in constant currency, as revenues fell across all the regions. Meanwhile, owned and operated digital commerce grew 5%, and was flat in constant currency, with increases in the Americas and APAC offset by declines in EMEA.

Wholesale revenues climbed 11% from the prior-year period (up 4% on a constant-currency basis), buoyed by growth in the Americas, partly offset by decreases in EMEA and APAC.

PVH Corp.’s Costs & Margin Details

The company’s gross profit of $1.44 billion grew 4.3% year over year. However, the gross margin contracted 60 basis points to 57.6% due to the higher U.S. tariffs, elevated promotional backdrop and margin differential owing to the transition of earlier-licensed women’s product categories to an in-house wholesale business. Decline was partly offset by tariff-mitigation efforts and lower product costs, comprising foreign exchange gains.

Adjusted selling, general and administrative expenses were $1.20 billion, up 4.7% year over year. The company’s adjusted earnings before interest and taxes totaled $249.5 million, up 2.1% from the prior-year quarter. It reported adjusted operating margin of 10%, including roughly 170 basis point negative effect of gross tariffs, surpassing guidance of 9%.

PVH’s Segmental Analysis

EMEA revenues increased 8% year over year to $1.18 billion. However, on a constant-currency basis, revenues declined 3% due to softness in both the direct-to-consumer and wholesale businesses. The consensus estimate for EMEA revenues was pegged at $1.12 billion.

Americas revenues rose 4% year over year to $764.7 million, buoyed by growth in the wholesale business, somewhat offset by a decline in the direct-to-consumer business. Higher wholesale revenues included the transition of earlier-licensed women’s product categories in-house. The consensus estimate for Americas revenues was pegged at $764 million.

APAC revenues were flat year over year at $436.7 million (dipped 2% on a constant-currency basis). In constant currency, revenues included a nearly 4% drop stemming from the timing of the Lunar New Year, which occurred in the fourth quarter of 2024 but did not happen in the reported quarter. Also, softness in the direct-to-consumer and wholesale businesses contributed to the decline. The consensus estimate for APAC revenues was pegged at $430 million.

Licensing revenues jumped 10% year over year to $120.2 million, mainly owing to the impact of non-recurring contractual royalties.

PVH Corp.’s Brand Performance

Revenues for the Calvin Klein segment increased 3% year over year (down 1% on a constant-currency basis).

Revenues for the Tommy Hilfiger brand rose 7% year over year (up 1% on a constant-currency basis).

Closer Look at PVH's Financial Performance

PVH Corp. ended the fiscal year with cash and cash equivalents of $701.5 million, long-term debt of $2.29 billion and stockholders’ equity of $4.79 billion. Inventories were up 5% year over year to $1.58 billion, consisting of a 4% impact from higher tariffs.

As part of its plan to return extra cash to shareholders, the company has bought back 7.7 million shares of its common stock for $561 million in fiscal 2025, principally via accelerated share repurchase agreements entered into in the first quarter and, to a lesser extent, open market purchases. Management plans to make at least $300 million in stock repurchases this year.

What to Expect From PVH Corp. in Q1 and FY26?

For fiscal 2026, revenues are expected to rise slightly year over year, and be flat to slightly up on a constant-currency basis. It projects growth in the direct-to-consumer channel across both brands and all regions in 2026. PVH projected adjusted operating margin to be roughly 8.8%, remaining flat year over year. The operating margin expectation comprises an estimated net negative impact with respect to the tariffs on goods coming into the US, including a gross impact of nearly 215 basis points and a partly offsetting impact of mitigation efforts.

The company envisions adjusted EPS in the range of $11.80-$12.10, up from adjusted EPS of $11.40 seen in fiscal 2025. This includes an expected net negative impact in relation to the tariffs for goods coming into the US, with a gross impact of roughly $3.30 per share and a partial offsetting impact of mitigation actions, and the positive gains of 30 cents a share from foreign currency translations. Net interest expense is likely to be nearly flat compared with $79 million in fiscal 2025. Management expects an effective tax rate in the band of 22-23%.

For the first quarter of fiscal 2026, revenues are likely to grow slightly year over year while declining low single-digits on a constant-currency basis. PVH forecast adjusted operating margin in the range of 6-6.5%, lower than 8.1% recorded in the first quarter of fiscal 2025. PVH Corp. envisions adjusted EPS in the range of $1.65-$1.80 for the first quarter of fiscal 2026 compared with $2.30 earned in the first quarter of fiscal 2025. The EPS projection includes negative tariff impacts, including a gross impact of 80 cents a share and a partially offsetting impact of planned mitigation efforts.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

The consensus estimate has shifted -24.63% due to these changes.

VGM Scores

At this time, PVH has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, PVH has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

PVH belongs to the Zacks Textile - Apparel industry. Another stock from the same industry, Cintas (CTAS Quick QuoteCTAS - Free Report) , has gained 1.1% over the past month. More than a month has passed since the company reported results for the quarter ended February 2026.

Cintas reported revenues of $2.84 billion in the last reported quarter, representing a year-over-year change of +8.9%. EPS of $1.24 for the same period compares with $1.13 a year ago.

Cintas is expected to post earnings of $1.24 per share for the current quarter, representing a year-over-year change of +13.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.3%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Cintas. Also, the stock has a VGM Score of D.