Tapestry (TPR) Q3 FY2026 earnings: revenue $1.9 billion, up 21.2% on the year

Tapestry, Inc. (TPR) reported revenue of $1.9 billion for Q3 FY2026, the quarter ended 28 March 2026, up 21.2% on the same quarter a year earlier. Net income was $344 million, up 69.1% on the year, and diluted earnings per share $1.65. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2026.

Revenue

$1.9 billion

+21.2% on the year · -23.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

22.3%

16.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

$344 million

+69.1% on the year · -38.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.65

+73.7% on the year · -38.4% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 9 raised, 3 lowered, 1 kept.

Revenue rose 21% in quarter: Net sales reached $1.92 billion, up 21% on a nominal basis and 19% in constant currency. Foreign exchange added 220 basis points on a reported basis.
Operating income up 69%: GAAP operating income rose to $428 million from $254 million, with operating margin of 22.3% against 16.0%. Non-GAAP operating margin was 22.4%, up 490 basis points.
Coach led the quarter's growth: Coach revenue rose 31% to $1.70 billion, or 29% in constant currency, from $1.29 billion a year earlier. The company reported the quarter was led by the Coach brand.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,921	2,502	1,585	-23.2%	+21.2%
Cost of revenue	444	614	379	-27.7%	+17.2%
Gross profit	1,476	1,888	1,206	-21.8%	+22.4%
Gross margin	76.9%	75.5%	76.1%
Selling, general and administrative	1,049	1,172	952	-10.5%	+10.2%
Operating income	428	716	254	-40.3%	+68.5%
Operating margin	22.3%	28.6%	16.0%
Interest expense	29.3	30.9	32.8	-5.2%	-10.7%
Pre-tax income	416	697	239	-40.3%	+74.0%
Income tax	72.2	136	35.8	-46.8%	+101.7%
Effective tax rate	17.4%	19.5%	15.0%
Net income	344	561	203	-38.7%	+69.1%
Net margin	17.9%	22.4%	12.8%
Diluted EPS	$1.65	$2.68	$0.95	-38.4%	+73.7%

$ 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	263	1,081	144	-75.7%	+82.0%
Capital expenditure	36.8	43.6	30.9	-15.6%	+19.1%
Free cash flow	226	1,038	113	-78.2%	+99.1%
Free cash flow margin	11.8%	41.5%	7.2%
Cash from investing	-36.3	-43.4	-31.2
Cash from financing	-229	-706	-32.6
Depreciation and amortisation	41.5	41.0	41.4	+1.2%	+0.2%
Share-based compensation	27.9	29.6	25.2	-5.7%	+10.7%
Buybacks	150	404	52.3	-62.8%	+187.2%
Dividends paid	81.0	81.3	72.7	-0.4%	+11.4%
Dividend per share	$0.40	$0.40	$0.35	0.0%	+14.3%
Diluted shares, weighted	208m	210m	214m	-0.7%	-2.6%
Shares outstanding at period end	202m	203m	208m	-0.2%	-2.6%

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	682	551	1,494	+23.8%	-54.3%
Debt	2,377	2,396	2,697	-0.8%	-11.9%
Operating lease liabilities	1,236	1,233	1,130	+0.2%	+9.4%
Other liabilities	2,171	2,350	1,985	-7.6%	+9.4%
Total liabilities and equity	6,467	6,531	7,306	-1.0%	-11.5%
Goodwill	960	967	1,216	-0.7%	-21.0%
Intangible assets	717	718	1,331	-0.1%	-46.1%
Investments	22.1	24.4	20.6	-9.4%	+7.3%
Cash and equivalents	1,046	1,053	1,038	-0.6%	+0.8%
Receivables	305	338	256	-9.8%	+19.2%
Inventory	844	896	874	-5.9%	-3.4%
Other assets	2,572	2,534	2,572	+1.5%	-0.0%
Total assets	6,467	6,531	7,306	-1.0%	-11.5%

Questions

What was Tapestry's revenue in Q3 FY2026?

Tapestry (TPR) reported revenue of $1.9 billion for Q3 FY2026, the quarter ended 28 March 2026, up 21.2% on the same quarter a year earlier.

How much did Tapestry earn in Q3 FY2026?

Net income for Q3 FY2026 was $344 million, up 69.1% on the year, and diluted earnings per share $1.65.

When did Tapestry report Q3 FY2026 results?

Tapestry filed its 10-Q for the quarter ended 28 March 2026 with the SEC on 7 May 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	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
Revenue	2,141	1,438	1,625	1,506	2,025	1,510	1,620	1,513	2,084	1,482	1,591	1,508	2,195	1,585	1,723	1,705	2,502	1,921	1,877	1,894
Cost of revenue	684	432	506	452	636	411	447	416	591	375	400	373	562	379	408	404	614	444	313	406
Gross profit	1,457	1,005	1,119	1,055	1,389	1,098	1,173	1,098	1,493	1,107	1,191	1,135	1,633	1,206	1,315	1,300	1,888	1,476	1,564	1,488
Gross margin	68%	70%	69%	70%	69%	73%	72%	73%	72%	75%	75%	75%	74%	76%	76%	76%	75%	77%	83%	79%
SG&A	995	836	871	800	971	872	899	844	1,046	903	956	883	1,140	952	1,044	972	1,172	1,049	1,121	1,064
Operating income	463	170	248	254	418	226	274	253	448	204	235	252	493	254	-584	328	716	428	442	424
Operating margin	22%	12%	15%	17%	21%	15%	17%	17%	21%	14%	15%	17%	22%	16%	-34%	19%	29%	22%	24%	22%
Interest expense	16.3	15.3	20.4	16.3	18.1	19.0	19.4	22.3	88.6	130	129	123	85.8	32.8	29.4	30.0	30.9	29.3	29.0	29.0
Pre-tax income	390	152	228	236	417	223	267	238	403	170	201	226	345	239	-594	319	697	416	429	411
Tax rate	19%	19%	17%	17%	21%	16%	16%	18%	20%	18%	21%	17%	10%	15%	n/a	14%	19%	17%	19%	12%
Net income	318	123	189	195	330	187	224	195	322	139	159	187	310	203	-517	275	561	344	348	360
Net margin	15%	9%	12%	13%	16%	12%	14%	13%	15%	9%	10%	12%	14%	13%	-30%	16%	22%	18%	19%	19%
Diluted EPS	$1.15	$0.46	$0.76	$0.79	$1.36	$0.78	$0.95	$0.84	$1.39	$0.60	$0.68	$0.79	$1.38	$0.95	-$2.49	$1.28	$2.68	$1.65	$1.68	$1.76
Operating cash flow	646	-51.7	237	-170	633	112	400	75.3	826	97.8	256	120	506	144	447	113	1,081	263	522	197
Capital expenditure	38.3	3.4	18.8	27.3	81.5	40.8	34.6	20.9	22.8	19.0	46.2	25.6	30.9	30.9	35.3	32.0	43.6	36.8	53.2	48.0
Free cash flow	608	-55.1	218	-198	551	71.6	366	54.4	804	78.8	210	93.9	475	113	412	81.0	1,038	226	469	149
Buybacks	500	500	350	94.9	205	202	202	0.0	0.0	0.0	0.0	0.0	1,613	52.3	53.4	698	404	150	303	603
Dividends paid	67.9	65.3	61.6	72.7	71.5	70.0	69.1	80.2	80.2	80.5	80.5	81.4	72.4	72.7	72.8	83.0	81.3	81.0	80.5	92.0
Shares outstanding	264m	252m	241m	241m	236m	232m	227m	229m	229m	230m	230m	233m	207m	208m	208m	206m	203m	202m	200m	198m
Filing	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	10-Q	10-K	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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 28 March 2026, filed 7 May 2026: the filing.