Short answer
Tapestry, Inc. (TPR) filed its fiscal 2026 10-K annual report with the SEC on Aug 13, 2026. It reported revenue of $8.0B (+14.2% year over year) and net income of $1.5B.
- Top risk flagged: Regulatory risk: U.S. Supreme Court invalidated IEEPA tariffs, with $117M paid and $114.7M probable refund receivable, but timing depends on CBP and Treasury process
FY2026 key financial metrics · XBRL
- Revenue
- $8.0B
- +14.2% YoY
- Net income
- $1.5B
- +733.9% YoY
- Operating margin
- 23.9%
- +18.0 pp YoY
- Gross margin
- 77.8%
- +2.4 pp YoY
- EPS (diluted)
- $7.27
- +786.6% YoY
- ROE
- 220.7%
- +199.4 pp YoY
- Operating cash flow
- $2.0B
- +62.6% YoY
Source: XBRL data from the Tapestry, Inc. (TPR) FY2026 10-K on SEC EDGAR. USD.
Tapestry, Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global house of iconic lifestyle brands Coach and kate spade new york focused on accessories and fashion through DTC, wholesale, licensing
- Divestiture: Sold Stuart Weitzman business on Aug 4, 2025, eliminating third reportable segment; Stuart Weitzman sales $14.6M in FY26, 0.2% of total
- Strategic shift: Launched 2028 growth strategy "Amplify" targeting Gen Z customers, fashion innovation in handbags, footwear expansion, and global growth emphasis on Greater China and Europe
- Quantitative highlight: Employee count ~20,600 globally, with 16,800 in retail including 8,000 part-time; marketing spend rose to $962.5M or 12% of net sales in FY26 vs $744.5M (11%) prior year
- Noteworthy fact: Transitioning Ohio fulfillment center to third-party Pennsylvania facility in early FY27 as part of distribution network optimization
Management Discussion & Analysis
- Revenue $8.00B, up 14.2% YoY (+$993.5M); Coach best performer: $6.91B (+23.5%), Kate Spade declined 10.2% to $1.07B
- Operating margin 23.9% vs 5.9%; Coach margin 36.8% vs 33.5%, Kate Spade loss (0.9%) vs loss (64.3%)
- Gross margin 77.8% vs 75.4%, Coach 79.7% vs 78.1%, Kate Spade 66.0% vs 66.7%
- Net income $1.53B vs $183.2M; EPS $7.27 vs $0.82
- Operating cash flow $1.98B, Capex $217M, stock repurchases $1.55B, dividends not detailed
- Management highlights 2028 Amplify growth strategy focused on Gen Z, fashion innovation, and geographic expansion
- Key risks: macroeconomic volatility, tariff impacts (~130bps margin hit), geopolitical uncertainty, foreign currency fluctuations
Risk Factors
- Regulatory risk: U.S. Supreme Court invalidated IEEPA tariffs, with $117M paid and $114.7M probable refund receivable, but timing depends on CBP and Treasury process
- Geopolitical threat: Supply chain exposure in Vietnam, Cambodia, Philippines, India, Bangladesh with new 10-12.5% Section 301 tariffs effective post-July 24, 2026
- Operational risk: Fulfillment center transition from Ohio to third-party Pennsylvania facility risks disruptions, increased costs, dependence on new operator
- Competitive risk: Growing AI shopping assistant tools risk transforming commerce and affecting Tapestry’s ability to attract and retain customers online
- Financial risk: Consolidated debt $2.38B with leverage ratio covenant max 4.00:1.00 under Amended Revolving Credit Facility through 2030
Generated from the filing text; verify against the original. How to read a 10-K
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