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Tapestry (TPR) FY2026 results: revenue $8.0 billion, up 14.2% on the year

Tapestry, Inc. (TPR) reported revenue of $8.0 billion for fiscal 2026, the year ended 27 June 2026, up 14.2% on the year before. Net income was $1.5 billion, up 733.9%, and diluted earnings per share $7.27. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2026.

Revenue
$8.0 billion
+14.2% on the year
FY2019FY2026
Operating margin
23.9%
5.9% a year earlier
FY2019FY2026
Net income
$1.5 billion
+733.9% on the year
FY2019FY2026
Diluted EPS
$7.27
+786.6% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 1 narrowed, 13 new.

  • Fourth-quarter revenue rose 9%: Net sales were $1.88 billion, up 9% reported and 8% in constant currency. Excluding Stuart Weitzman, pro forma sales grew 12% reported and 11% constant currency.
  • Full-year EPS above prior guidance: Full-year non-GAAP diluted EPS was $7.05, up 38%, and GAAP diluted EPS was $7.27. The company described full-year results as outperforming guidance.
  • Coach growth led the quarter: Coach revenue grew 14% in constant currency in the fourth quarter and 23% for the year, with double-digit growth in every quarter of fiscal 2026.
  • Fourth-quarter gross margin up 180 basis points: Non-GAAP gross margin was 78.1%, up 180 basis points, from about 170 points of operational improvement and 60 points from the Stuart Weitzman divestiture, less 60 points of tariff impact.
  • Full-year operating income up 33%: Non-GAAP operating income reached $1.87 billion, up 33%, with operating margin of 23.4%, up about 340 basis points.
Read the Q4 FY2026 earnings call summary

From this 10-K

Tapestry describes itself as a global house of accessories and lifestyle brands, uniting Coach and kate spade new york. It reports two segments: Coach, at 86.4% of total net sales in fiscal 2026, and Kate Spade, at 13.4%. The sale of the Stuart Weitzman business completed on 4 August 2025, which is why the segment count came down to two; Stuart Weitzman was 0.2% of total net sales in fiscal 2026. Across the group, handbags were 57.6% of net sales in fiscal 2026 and accessories 27.9%.

Tapestry, Inc., the 10-K for 2026

Tapestry describes itself as a global house of accessories and lifestyle brands, uniting Coach and kate spade new york. It reports two segments: Coach, at 86.4% of total net sales in fiscal 2026, and Kate Spade, at 13.4%. The sale of the Stuart Weitzman business completed on 4 August 2025, which is why the segment count came down to two; Stuart Weitzman was 0.2% of total net sales in fiscal 2026. Across the group, handbags were 57.6% of net sales in fiscal 2026 and accessories 27.9%.

Coach

Coach is a fashion house of accessories and lifestyle collections founded in New York City in 1941, and the filing describes it as built on a legacy of craftsmanship under a vision the company calls Expressive Luxury. The segment covers global sales of primarily Coach brand products through direct-to-consumer, wholesale and licensing. Within it, handbags were 58.1% of segment net sales in fiscal 2026, accessories 28.8%, footwear 5.9% and other products 7.2%. The store estate reached 973 at the fiscal 2026 year end, 336 in North America and 637 international, against 931 a year earlier.

Kate Spade

The Kate Spade brand launched in 1993 with a collection of six essential handbags and now delivers seasonal collections of handbags, ready-to-wear, jewelry, footwear, gifts, home décor and more. This segment likewise covers global direct-to-consumer, wholesale and licensing sales of the brand. Handbags were 55.3% of its segment net sales in fiscal 2026, accessories 22.4%, footwear 4.5% and other products 17.8%. Its store count fell to 326 from 360, made up of 178 in North America and 148 international.

Three channels

Direct to consumer, which the company defines as the channels that give it immediate, controlled access to consumers, was approximately 87% of total net sales in fiscal 2026 and covers freestanding retail stores, outlet stores, brand e-commerce sites and concession shop-in-shops, located in regional shopping centers, metropolitan areas and established outlet centers. Wholesale, at approximately 12%, runs through major department stores, specialty stores and third-party digital partners, with assortments custom tailored by wholesale product planning and allocation to the consumers of each local market, and proprietary brand fixtures used inside selected department store locations. At 27 June 2026 no customer individually accounted for more than 10% of either segment's total net sales.

Licensing

The brands take an active role in the design process and keep control of marketing and distribution in the worldwide licensing relationships. The named arrangements are Coach eyewear with Luxottica, Coach watches with Movado to fiscal 2028 and Coach fragrance with Interparfums to 2031; for Kate Spade, tech accessories with Case-Mate to 2027, sleepwear with Komar and fashion bedding with Live Comfortably to 2028, stationery and gift with Lifeguard Press and fragrance with Interparfums to 2030, and eyewear with Safilo to 2031.

Making, seasons and people

Manufacturing sits with a limited number of outside partners the filing calls better brand partners, chosen for integrity, quality and reliable delivery, and a new finished-goods vendor is put through a quality, business practice standards and social compliance review before it is approved. Imported products face tariffs, indirect taxes, quotas and non-tariff trade barriers, and the company runs its supply chains through foreign trade zones, bonded logistic parks and free trade agreements, with an internal global trade, customs and product compliance organisation to manage the paperwork. Results are seasonal: inventory is built for the winter and holiday season in the first fiscal quarter, and working capital requirements fall substantially in the second as sales rise. At 27 June 2026 the company employed approximately 20,600 people globally, approximately 16,800 of them in retail locations and 8,000 of those part-time, a total that excludes the seasonal and temporary staff taken on for the holidays.

From Tapestry's annual report on Form 10-K for the year ended 27 June 2026. The filing

Written from the 10-K filed 13 August 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue8,0047,0116,671+14.2%
Cost of revenue1,7751,7221,782+3.1%
Gross profit6,2295,2894,890+17.8%
Gross margin77.8%75.4%73.3%
Selling, general and administrative4,3154,0193,749+7.4%
Operating income1,9144151,140+361.3%
Operating margin23.9%5.9%17.1%
Interest expense119271370-56.0%
Pre-tax income1,8612161,012+761.0%
Income tax33332.9196+911.9%
Effective tax rate17.9%15.2%19.4%
Net income1,528183816+733.9%
Net margin19.1%2.6%12.2%
Diluted EPS$7.27$0.82$3.50+786.6%
$ million except per share.
Read moreFree 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow1,9781,2171,256+62.6%
Capital expenditure166123109+35.3%
Free cash flow1,8121,0941,147+65.7%
Free cash flow margin22.6%15.6%17.2%
Cash from investing-218914-1,042
Cash from financing-1,861-7,1755,214
Depreciation and amortisation161163174-1.3%
Share-based compensation10487.385.9+19.7%
Buybacks1,5551,7190.0-9.5%
Dividends paid326299321+9.0%
Dividend per share$1.60$1.40$1.40+14.3%
Diluted shares, weighted210m222m233m-5.5%
Shares outstanding at period end200m208m230m-3.7%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity6928582,897-19.3%
Debt2,3792,3957,241-0.7%
Operating lease liabilities1,2661,2061,224+5.0%
Finance lease liabilitiesn/a0.00.0
Other liabilities2,3542,1222,035+10.9%
Total liabilities and equity6,6926,58013,396+1.7%
Goodwill9589831,204-2.6%
Intangible assets7167201,354-0.4%
Investments17721.01,063+744.3%
Cash and equivalents9751,1006,142-11.4%
Receivables237239228-0.9%
Inventory826861825-4.0%
Other assets2,8022,6572,580+5.5%
Total assets6,6926,58013,396+1.7%

10-K for the year ended 27 June 2026, filed 13 August 2026: the filing.