Fashion conglomerate PVH (NYSE: PVH) reported Q4 CY2025 results topping the market’s revenue expectations, with sales up 5.6% year on year to $2.51 billion. Its GAAP loss of $3.46 per share was significantly below analysts’ consensus estimates.
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PVH (PVH) Q4 CY2025 Highlights:
- Revenue: $2.51 billion vs analyst estimates of $2.43 billion (5.6% year-on-year growth, 2.9% beat)
- EPS (GAAP): -$3.46 vs analyst estimates of $3.26 (significant miss)
- Adjusted EBITDA: $315.3 million vs analyst estimates of $289.6 million (12.6% margin, 8.9% beat)
- EPS (GAAP) guidance for the upcoming financial year 2026 is $11.95 at the midpoint, beating analyst estimates by 1.8%
- Operating Margin: 9.9%, up from 8.9% in the same quarter last year
- Constant Currency Revenue was flat year on year (-2.3% in the same quarter last year)
- Market Capitalization: $3.05 billion
Company Overview
Founded in 1881 by a husband and wife duo, PVH (NYSE: PVH) is a global fashion conglomerate with iconic brands like Calvin Klein and Tommy Hilfiger.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Regrettably, PVH’s sales grew at a weak 4.6% compounded annual growth rate over the last five years. This fell short of our benchmark for the consumer discretionary sector and is a poor baseline for our analysis.
Long-term growth is the most important, but within consumer discretionary, product cycles are short and revenue can be hit-driven due to rapidly changing trends and consumer preferences. PVH’s performance shows it grew in the past but relinquished its gains over the last two years, as its revenue fell by 1.5% annually. 
We can better understand the company’s sales dynamics by analyzing its constant currency revenue, which excludes currency movements that are outside their control and not indicative of demand. Over the last two years, its constant currency sales averaged 2.4% year-on-year declines. Because this number aligns with its reported revenue growth, we can see that foreign exchange has not had a meaningful impact on topline. 
This quarter, PVH reported year-on-year revenue growth of 5.6%, and its $2.51 billion of revenue exceeded Wall Street’s estimates by 2.9%.
Looking ahead, sell-side analysts expect revenue to remain flat over the next 12 months. Although this projection indicates its newer products and services will catalyze better top-line performance, it is still below the sector average.
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Operating Margin
Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals.
PVH’s operating margin has shrunk over the last 12 months and averaged 5.7% over the last two years. The company’s profitability was mediocre for a consumer discretionary business and shows it couldn’t pass its higher operating expenses onto its customers.
In Q4, PVH generated an operating margin profit margin of 9.9%, up 1.1 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
PVH’s full-year EPS flipped from negative to positive over the last five years. This is encouraging and shows it’s at a critical moment in its life.
In Q4, PVH reported EPS of negative $3.46, down from $2.83 in the same quarter last year. This print missed analysts’ estimates. Over the next 12 months, Wall Street expects PVH’s full-year EPS of $0.37 to grow 2,946%.
Key Takeaways from PVH’s Q4 Results
It was encouraging to see PVH beat analysts’ revenue expectations this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. On the other hand, its EPS missed. Overall, this was a weaker quarter. The stock traded up 3.4% to $71.50 immediately after reporting.
Is PVH an attractive investment opportunity right now? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
