Ralph Lauren (RL) Q3 FY2026 earnings: revenue $2.4 billion, up 12.2% on the year

Ralph Lauren Corp. (RL) reported revenue of $2.4 billion for Q3 FY2026, the quarter ended 27 December 2025, up 12.2% on the same quarter a year earlier. Net income was $362 million, up 21.6% on the year, and diluted earnings per share $5.82. The figures are the company's own, from the 10-Q it filed with the SEC on 5 February 2026.

Revenue

$2.4 billion

+12.2% on the year · +19.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

19.6%

18.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$362 million

+21.6% on the year · +74.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$5.82

+24.9% on the year · +75.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 new, 3 kept.

Revenue rose 12% reported: Revenue reached $2.4 billion, up 12% on a reported basis and 10% in constant currency; foreign currency added about 220 basis points to growth.
Diluted EPS rose 25% reported: Diluted EPS was $5.82 reported, up 25%, and $6.22 adjusted, up 29%, against $4.66 and $4.82 in the prior-year quarter.
Asia revenue up 22%, China above 30%: Asia revenue rose 22% to $620 million, with China revenues up more than 30%; Asia operating margin was 31.8%, up 490 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	2,406	2,011	2,144	+19.7%	+12.2%
Cost of revenue	724	644	677	+12.4%	+6.9%
Gross profit	1,682	1,366	1,466	+23.1%	+14.7%
Gross margin	69.9%	68.0%	68.4%
Selling, general and administrative	1,179	1,083	1,064	+8.8%	+10.7%
Operating income	471	246	390	+91.8%	+20.9%
Operating margin	19.6%	12.2%	18.2%
Interest expense	13.3	15.9	11.6	-16.4%	+14.7%
Pre-tax income	464	243	384	+91.0%	+20.9%
Income tax	102	35.3	86.3	+189.5%	+18.4%
Effective tax rate	22.0%	14.5%	22.5%
Net income	362	208	297	+74.3%	+21.6%
Net margin	15.0%	10.3%	13.9%
Diluted EPS	$5.82	$3.32	$4.66	+75.3%	+24.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	780	53.2	738	+1,365.4%	+5.6%
Capital expenditure	75.6	93.8	61.2	-19.4%	+23.5%
Free cash flow	704	-40.6	677		+4.0%
Free cash flow margin	29.3%	-2.0%	31.6%
Cash from investing	-92.5	-112	55.4
Cash from financing	-99.3	-573	-131
Depreciation and amortisation	59.7	57.0	54.3	+4.7%	+9.9%
Share-based compensation	24.9	39.4	24.7	-36.8%	+0.8%
Buybacks	37.5	113	74.4	-66.7%	-49.6%
Dividends paid	55.3	55.3	51.2	0.0%	+8.0%
Dividend per share	$0.91	$0.91	$0.82	0.0%	+10.6%
Diluted shares, weighted	62m	62m	64m	-0.3%	-2.5%
Shares outstanding at period end	61m	61m	62m	-0.2%	-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,888	2,582	2,539	+11.9%	+13.8%
Debt	1,238	1,238	1,142	+0.0%	+8.4%
Operating lease liabilities	1,155	1,151	1,057	+0.4%	+9.3%
Finance lease liabilities	218	224	239	-2.7%	-8.7%
Other liabilities	2,313	2,152	2,104	+7.5%	+10.0%
Total liabilities and equity	7,814	7,348	7,081	+6.3%	+10.4%
Fixed assets	1,071	1,055	825	+1.5%	+29.8%
Goodwill	912	911	876	+0.1%	+4.1%
Intangible assets	54.6	57.1	66.0	-4.4%	-17.3%
Investments	219	202	203	+8.1%	+7.8%
Cash and equivalents	2,032	1,443	1,940	+40.8%	+4.7%
Receivables	461	525	435	-12.2%	+5.9%
Inventory	1,149	1,261	999	-8.9%	+15.1%
Other assets	1,915	1,892	1,736	+1.2%	+10.3%
Total assets	7,814	7,348	7,081	+6.3%	+10.4%

Questions

What was Ralph Lauren's revenue in Q3 FY2026?

Ralph Lauren (RL) reported revenue of $2.4 billion for Q3 FY2026, the quarter ended 27 December 2025, up 12.2% on the same quarter a year earlier.

How much did Ralph Lauren earn in Q3 FY2026?

Net income for Q3 FY2026 was $362 million, up 21.6% on the year, and diluted earnings per share $5.82.

When did Ralph Lauren report Q3 FY2026 results?

Ralph Lauren filed its 10-Q for the quarter ended 27 December 2025 with the SEC on 5 February 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	1,815	1,523	1,491	1,580	1,832	1,541	1,496	1,633	1,934	1,568	1,512	1,726	2,144	1,697	1,719	2,011	2,406	1,979	1,960	2,193
Cost of revenue	617	557	489	557	642	590	464	563	648	524	446	570	677	532	477	644	724	600	516	565
Gross profit	1,198	966	1,001	1,023	1,191	951	1,032	1,070	1,286	1,044	1,066	1,156	1,466	1,165	1,242	1,366	1,682	1,379	1,444	1,628
Gross margin	66%	63%	67%	65%	65%	62%	69%	66%	66%	67%	70%	67%	68%	69%	72%	68%	70%	70%	74%	74%
SG&A	909	914	821	809	901	878	830	896	968	907	850	958	1,064	990	949	1,083	1,179	1,160	1,077	1,201
Operating income	289	36.8	175	207	282	40.2	166	164	318	108	208	179	390	155	274	246	471	189	342	364
Operating margin	16%	2%	12%	13%	15%	3%	11%	10%	16%	7%	14%	10%	18%	9%	16%	12%	20%	10%	17%	17%
Interest expense	13.4	13.7	11.8	9.5	12.0	7.1	10.0	10.0	10.6	11.6	10.9	11.4	11.6	10.2	11.5	15.9	13.3	13.5	13.0	12.8
Pre-tax income	277	29.3	162	200	280	49.2	171	166	330	112	217	188	384	162	278	243	464	193	342	369
Tax rate	21%	17%	24%	25%	23%	34%	23%	11%	16%	19%	22%	21%	22%	21%	21%	15%	22%	21%	23%	20%
Net income	218	24.4	123	150	216	32.3	132	147	277	90.7	169	148	297	129	220	208	362	152	262	297
Net margin	12%	2%	8%	10%	12%	2%	9%	9%	14%	6%	11%	9%	14%	8%	13%	10%	15%	8%	13%	14%
Diluted EPS	$2.93	$0.39	$1.73	$2.18	$3.20	$0.48	$1.96	$2.19	$4.19	$1.38	$2.61	$2.31	$4.66	$2.03	$3.52	$3.32	$5.82	$2.45	$4.28	$4.87
Operating cash flow	358	-106	45.3	-43.4	395	14.0	271	72.9	605	121	277	97.2	738	122	176	53.2	780	145	339	279
Capital expenditure	50.2	53.3	39.4	44.5	72.0	61.6	39.6	42.8	42.5	39.9	33.4	41.7	61.2	79.9	187	93.8	75.6	n/a	53.4	60.8
Free cash flow	307	-159	5.9	-87.9	323	-47.6	231	30.1	563	81.1	244	55.5	677	42.3	-11.2	-40.6	704	n/a	286	218
Buybacks	300	152	235	183	28.5	42.8	56.8	169	103	121	201	129	74.4	76.3	323	113	37.5	150	325	302
Dividends paid	50.6	48.9	48.1	51.0	49.7	49.5	49.2	49.0	48.5	47.9	47.5	51.4	51.2	51.0	50.7	55.3	55.3	55.2	54.8	59.6
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	62m	60m	61m	61m	61m	60m	60m	59m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 December 2025, filed 5 February 2026: the filing.