Tapestry, Inc.

TPR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$29,499	$17,809	$9,832	$9,921	$7,685	$11,963	$3,654	$8,730	$12,852	$13,284	$11,309	$9,542	$9,498	$16,108	$16,859	$18,851	$11,382	$8,701	$10,274	$17,518	$11,351	$12,712	–	$4,467	$2,321	$1,559	$712	$712	$712
Enterprise value	$32,300	$20,589	$11,393	$12,471	$9,993	$13,383	$6,707	$9,099	$13,203	$11,780	$10,866	$8,907	$8,770	$14,974	$15,965	$18,174	$10,711	$7,934	$9,577	$16,336	$10,817	$12,345	–	$4,290	$2,279	$1,566	$720	$716	$716
P/E (TTM) at period end	19.31×	97.21×	12.05×	10.60×	8.97×	14.34×	–	13.57×	32.33×	22.48×	24.56×	23.71×	12.16×	15.57×	16.23×	21.40×	15.49×	13.96×	13.12×	26.40×	22.97×	32.71×	–	30.47×	27.04×	24.34×	18.44×	42.58×	34.44×
P/S (TTM) at period end	3.69×	2.54×	1.47×	1.49×	1.15×	2.08×	0.74×	1.45×	2.19×	2.96×	2.52×	2.28×	1.98×	3.17×	3.54×	4.53×	3.16×	2.69×	3.23×	6.71×	5.58×	7.70×	–	4.69×	3.23×	2.53×	1.30×	1.42×	1.38×
P/B at period end	42.62×	20.76×	3.39×	4.36×	3.36×	3.67×	1.61×	2.48×	3.96×	4.43×	4.22×	3.83×	3.92×	6.69×	8.46×	11.69×	7.56×	5.13×	6.89×	9.17×	9.55×	12.31×	–	10.46×	8.91×	10.51×	3.34×	3.50×	3.81×
EV / EBITDA (TTM)	15.56×	35.63×	8.67×	9.21×	7.29×	11.26×	24.09×	8.35×	14.00×	11.71×	12.45×	10.37×	6.70×	8.87×	9.71×	12.71×	8.39×	7.25×	7.68×	15.21×	13.87×	21.06×	–	15.66×	14.32×	12.45×	9.16×	–	–
EV / Sales (TTM)	4.04×	2.94×	1.71×	1.87×	1.49×	2.33×	1.35×	1.51×	2.25×	2.62×	2.42×	2.12×	1.82×	2.95×	3.35×	4.37×	2.97×	2.46×	3.01×	6.25×	5.32×	7.47×	–	4.50×	3.17×	2.54×	1.31×	1.43×	1.39×
Returns
Return on equity	220.7%	21.4%	28.2%	41.1%	37.5%	25.6%	(28.6%)	18.3%	12.3%	19.7%	17.2%	16.2%	32.3%	42.9%	52.1%	54.6%	48.8%	36.8%	52.5%	34.7%	41.6%	37.6%	33.5%	34.3%	33.0%	43.2%	18.1%	8.2%	11.1%
Return on invested capital	42.8%	9.6%	16.7%	19.8%	20.2%	19.2%	(10.3%)	16.6%	12.4%	32.1%	17.8%	21.7%	39.6%	77.0%	94.9%	94.3%	78.2%	66.4%	94.6%	45.8%	42.3%	38.1%	45.0%	61.4%	39.4%	42.0%	17.6%	9.4%	13.1%
Dividend yield	1.1%	1.7%	3.3%	2.9%	3.4%	–	10.4%	4.5%	3.0%	2.8%	3.3%	3.9%	4.0%	2.1%	1.5%	0.9%	0.8%	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.75×	1.87×	5.14×	1.84×	1.75×	2.37×	1.47×	2.79×	2.59×	5.24×	2.63×	3.00×	2.28×	2.87×	2.51×	2.45×	2.46×	3.04×	3.07×	4.27×	2.85×	2.67×	3.88×	2.78×	1.80×	1.45×	1.68×	–	–
Debt / equity	3.44×	2.79×	2.50×	0.73×	0.74×	0.49×	1.01×	0.45×	0.49×	0.53×	0.33×	0.36×	0.06×	0.00×	0.01×	0.01×	0.02×	0.02×	0.00×	0.00×	0.00×	0.02×	0.01×	0.07×	0.15×	0.08×	0.04×	0.02×	0.02×
Effective tax rate	17.9%	15.2%	19.4%	18.1%	18.2%	7.0%	(4.5%)	16.0%	33.4%	22.1%	26.5%	26.5%	30.4%	32.0%	31.0%	32.3%	36.5%	36.6%	34.5%	38.5%	37.9%	36.5%	37.3%	37.0%	35.5%	35.6%	30.6%	–	–
Share count
Diluted shares outstanding	210	222	233	241	270	283	279	291	289	283	279	277	280	286	294	302	316	326	360	377	388	390	386	372	364	337	280	280	280

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$8,004	$8,004	$7,011	$6,671	$6,661	$6,684	$5,746	$4,961	$6,027	$5,880	$4,488	$4,492	$4,192	$4,806	$5,075	$4,763	$4,159	$3,608	$3,230	$3,181	$2,612	$2,035	$1,652	$1,321	$953	$719	$616	$549	$501	$514
Cost of revenue	($1,775)	($1,775)	($1,722)	($1,782)	($1,946)	($2,034)	($1,664)	($1,722)	($1,973)	($2,032)	($1,407)	($1,440)	($1,283)	($1,509)	($1,377)	($1,297)	($1,135)	($974)	($908)	($774)	($589)	($454)	($384)	($331)	($276)	($236)	($219)	($197)	($226)	($236)
Gross profit	$6,229	$6,229	$5,289	$4,890	$4,715	$4,650	$4,082	$3,239	$4,054	$3,848	$3,081	$3,051	$2,909	$3,297	$3,698	$3,466	$3,024	$2,634	$2,323	$2,407	$2,023	$1,582	$1,268	$990	$677	$483	$398	$351	$275	$278
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,315)	($4,315)	($4,019)	($3,749)	($3,542)	($3,475)	($3,114)	($3,312)	($3,234)	($3,178)	($2,294)	($2,398)	($2,291)	($2,177)	($2,174)	($1,954)	($1,719)	($1,484)	($1,351)	($1,260)	($1,030)	($867)	($732)	($585)	($434)	($346)	($291)	($273)	($248)	($253)
Total operating expenses	($4,315)	($4,315)	($4,874)	($3,749)	($3,542)	($3,475)	($3,114)	($3,790)	($3,234)	($3,176)	($2,294)	($2,398)	($2,291)	($2,177)	($2,174)	($1,954)	($1,719)	($1,484)	($1,351)	($1,260)	($1,030)	($867)	($732)	($585)	($434)	($350)	($296)	($295)	($255)	($253)
Total costs and expenses	($6,090)	($6,090)	($6,596)	($5,531)	($5,488)	($5,509)	($4,778)	($5,512)	($5,207)	($5,208)	($3,701)	($3,838)	($3,574)	($3,686)	($3,551)	($3,251)	($2,854)	($2,457)	($2,259)	($2,034)	($1,619)	($1,320)	($1,116)	($916)	($709)	($586)	($514)	($493)	($481)	($489)
Operating income	$1,914	$1,914	$415	$1,140	$1,172	$1,176	$968	($551)	$820	$672	$787	$654	$618	$1,120	$1,524	$1,512	$1,305	$1,150	$972	$1,147	$993	$715	$536	$405	$244	$134	$102	$56	$19	$25
Earnings
EBITDA	$2,075	$2,075	$578	$1,314	$1,355	$1,371	$1,188	$278	$1,090	$943	$1,006	$873	$859	$1,310	$1,688	$1,645	$1,430	$1,277	$1,095	$1,248	$1,074	$780	$586	$450	$274	$159	$126	$79	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	$6	$6	$2	$2	$1	$1	$2	$5	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($119)	($119)	($271)	($370)	($73)	($69)	($74)	($72)	($67)	($86)	($27)	($33)	($12)	($2)	($1)	$1	$1	$8	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,861	$1,861	$216	$1,012	$1,143	$1,047	$897	($624)	$766	$597	$759	$627	$627	$1,122	$1,520	$1,506	$1,301	$1,158	$983	$1,195	$1,035	$747	$551	$408	$245	$133	$99	$56	$19	$25
Income tax expense	($333)	($333)	($33)	($196)	($207)	($191)	($63)	($28)	($123)	($199)	($168)	($166)	($166)	($341)	($486)	($467)	($420)	($423)	($359)	($412)	($398)	($283)	($201)	($153)	($91)	($47)	($35)	($17)	–	–
Net income	$1,528	$1,528	$183	$816	$936	$856	$834	($652)	$643	$398	$591	$460	$402	$781	$1,034	$1,039	$881	$735	$623	$783	$664	$494	$389	$262	$147	$86	$64	$39	$17	$21
Per share
Diluted EPS (GAAP)	$7.27	$7.27	$0.82	$3.50	$3.88	$3.17	$2.95	($2.34)	$2.21	$1.38	$2.09	$1.65	$1.45	$2.79	$3.61	$3.53	$2.92	$2.33	$1.91	$2.17	$1.76	$1.27	$0.86	$0.57	$0.33	$0.24	$0.19	$0.14	$0.06	$0.0725
Basic EPS (GAAP)	$7.49	$7.49	$0.84	$3.56	$3.96	$3.24	$3.00	($2.34)	$2.22	$1.39	$2.11	$1.66	$1.46	$2.81	$3.66	$3.60	$2.99	$2.36	$1.93	$2.20	$1.80	$1.30	$0.89	$0.59	$0.34	$0.24	$0.20	$0.14	$0.06	$0.0725
Basic shares outstanding	204	204	217	229	236	264	278	279	289	285	281	278	276	278	282	288	295	311	324	356	370	380	379	372	359	352	327	280	280	280
Margins
Gross margin	77.8%	77.8%	75.4%	73.3%	70.8%	69.6%	71.0%	65.3%	67.3%	65.5%	68.6%	67.9%	69.4%	68.6%	72.9%	72.8%	72.7%	73.0%	71.9%	75.7%	77.4%	77.7%	76.7%	74.9%	71.1%	67.2%	64.5%	64.0%	54.8%	54.2%
Operating margin	23.9%	23.9%	5.9%	17.1%	17.6%	17.6%	16.8%	(11.1%)	13.6%	11.4%	17.5%	14.5%	14.7%	23.3%	30.0%	31.7%	31.4%	31.9%	30.1%	36.1%	38.0%	35.1%	32.4%	30.7%	25.6%	18.6%	16.5%	10.2%	3.9%	4.9%
Net margin	19.1%	19.1%	2.6%	12.2%	14.1%	12.8%	14.5%	(13.1%)	10.7%	6.8%	13.2%	10.3%	9.6%	16.3%	20.4%	21.8%	21.2%	20.4%	19.3%	24.6%	25.4%	24.3%	23.5%	19.8%	15.4%	11.9%	10.4%	7.0%	3.3%	4.0%

Analyst consensus

Buy41 analysts

Bearish · 0 · Hold · 11 · Bullish · 30

Earnings history

	EPS	Estimate
Q1 2025	$1.02	$0.95	Beat
Q2 2025	$2.00	$1.70	Beat
Q3 2025	$1.03	$0.88	Beat
Q4 2025	$1.04	$1.02	Beat
Q1 2026	$1.38	$1.26	Beat
Q2 2026	$2.69	$2.22	Beat
Q3 2026	$1.66	$1.30	Beat
Q4 2026	$1.32	$1.28	Beat

Peers

Company overview

IPO dateOct 6, 2000

CEOJoanne C. Crevoiserat

Employees19,000

SectorConsumer Cyclical

IndustryLuxury Goods

CountryUS

ExchangeNew York Stock Exchange

Websitewww.tapestry.com

Tapestry, Inc. is a prominent global fashion house specializing in premium accessories and distinct lifestyle brands. It operates internationally, serving customers across the United States, Japan, Greater China, and other markets worldwide. The company's diverse portfolio is structured around three well-known brands: Coach, Kate Spade, and Stuart Weitzman. Tapestry offers an extensive product range catering to women, men, and even includes items for children and home goods. For women, this encompasses a vast selection of luxury accessories, including various handbag styles such as wallets, wristlets, and cosmetic cases, alongside unique novelty items like travel accessories, sketchbooks, and keychains. The collection further features footwear, eyewear, fine jewelry (bracelets, necklaces, rings, and earrings), fragrances, watches, and seasonal apparel, which covers outerwear, ready-to-wear collections, and cold-weather essentials like gloves, scarves, and hats. Men's offerings include a wide array of bags, from business cases and messenger bags to backpacks and totes. Additionally, they can find small leather goods like wallets, card cases, and belts, as well as footwear, timepieces, scents, sunglasses, novelty items, and ready-to-wear clothing. Beyond personal fashion, the company extends its reach to children's footwear, and home goods such as stylish bedding and tableware, alongside stationery and gift items. Tapestry also expands its market presence through licensing agreements. Under the Coach brand, it permits the marketing and distribution of tech and soft accessories, jewelry, watches, eyewear, and fragrances. The Kate Spade brand licenses include tableware, housewares, fashion bedding, tech accessories, watches, sleepwear, eyewear, stationery, gifts, and fragrances. As of July 2, 2022, Tapestry managed a substantial retail footprint, operating 945 Coach stores, 398 Kate Spade stores, and 100 Stuart Weitzman stores. Its products are distributed through various channels, including the company's e-commerce platforms, dedicated concession spaces within other retailers, wholesale partnerships, and a network of independent third-party distributors. Originally established in 1941 as Coach, Inc., the corporation rebranded as Tapestry, Inc. in October 2017. Its corporate headquarters are situated in New York, New York.

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