PVH Corp. Reports Q4 and Full-Year 2025 Results

PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, announced its fourth-quarter 2025 revenues reached $2.5 billion, remaining flat year-over-year on a constant currency basis. Full-year revenues increased slightly, rising less than 1% to $9 billion.

Revenue Performance Exceeds Expectations

The Q4 results surpassed expectations of a slight decrease, while full-year revenues aligned with previous forecasts. Stefan Larsson, CEO of PVH Corp., expressed gratitude to the company’s global teams for their performance throughout the year.

CEO Highlights Key Growth Drivers

“I want to thank our teams around the world for delivering a strong fourth quarter and finish to the year, on our multi-year journey to build Calvin Klein and Tommy Hilfiger into their full potential, and make PVH one of the highest-performing brand groups in our sector,” Larsson stated to investors on Wednesday. He noted that new product introductions in key categories drove growth with higher full-price sell-through despite a challenging macroeconomic environment.

'Love Story' Series Drives Calvin Klein Momentum

Larsson specifically highlighted the positive impact of the television series Love Story on the Calvin Klein brand. “We can’t talk about Calvin Klein today without talking about Love Story the TV show,” he said. The show’s launch correlated with increased search traffic, e-commerce activity, and direct-to-consumer engagement for Calvin Klein.

Capitalizing on Cultural Impact

PVH is leveraging this momentum by focusing on ’90s-inspired product assortments, creating curated online edits with high social engagement, dressing talent from the show, and hosting events. A recent event at the SoHo store achieved record-breaking daily sales and visitor numbers.

Brand and Regional Performance

Calvin Klein’s Q4 revenues decreased 1% to $1 billion, while full-year revenues rose less than 1% to $4 billion. Tommy Hilfiger saw a 1% increase in Q4 revenues, reaching $1.4 billion, and a less than 1% increase in full-year revenues to $4.8 billion.

Regional Revenue Breakdown

  • EMEA: Q4 revenues decreased 3% to $1.2 billion; full-year revenues down 1% to $4.3 billion.
  • Americas: Q4 revenues rose 4% to $765 million; full-year revenues increased 6% to $2.7 billion.
  • Asia-Pacific: Q4 revenues decreased 2% to $437 million; full-year revenues fell 4% to $1.5 billion.

The decline in Asia-Pacific was partially attributed to the timing of the Lunar New Year and reduced wholesale and direct-to-consumer business.

Looking Ahead to 2026

PVH anticipates 2026 revenues to remain flat or increase slightly compared to 2025. Melissa Stone, interim CFO, explained that this outlook incorporates a 15% tariff rate on goods entering the US, effective February 24th.

Macroeconomic Considerations

The guidance does not include potential refunds from tariffs or account for any escalation of conflict in the Middle East. Despite macroeconomic uncertainties, Larsson expressed optimism, noting positive momentum and higher spring sell-through trends across all regions.

“Looking ahead, while the macroeconomic environment remains uncertain, we have started 2026 with positive momentum and higher spring sell-through trends across both brands and all three regions,” Larsson said. The company plans to increase marketing spend and invest in enhancing the shopping experience both online and in stores. Order books for Fall 2026 in Europe are currently positive.