Q1 26 EPS
$1.38
BEAT +9.45%
Est. $1.26
Q1 26 Revenue
$1.70B
BEAT +4.09%
Est. $1.64B
vs S&P Since Q1 26
+45.1%
BEATING MARKET
TPR +54.5% vs S&P +9.4%
Market Reaction
Did TPR Beat Earnings? Q1 2026 Results
Tapestry kicked off fiscal 2026 with a record first quarter, posting non-GAAP EPS of $1.38, a 9.45% beat against the $1.26 consensus, as revenue of $1.70 billion topped estimates by 4.09% and climbed 13.1% year-over-year. The driving force behind the… Read more Tapestry kicked off fiscal 2026 with a record first quarter, posting non-GAAP EPS of $1.38, a 9.45% beat against the $1.26 consensus, as revenue of $1.70 billion topped estimates by 4.09% and climbed 13.1% year-over-year. The driving force behind the outperformance was unmistakably Coach, which generated $1.43 billion in revenue, a 22% reported increase fueled by a mid-teens rise in handbag average unit retail and broad customer acquisition momentum, including over 2.2 million new customers globally with Gen Z comprising roughly 35% of that cohort. Non-GAAP operating margin expanded 200 basis points to 20.9% despite a 70 basis point tariff headwind, reflecting strong gross margin discipline and SG&A leverage that more than absorbed external pressures. Management responded to the quarter's strength by raising its full-year revenue outlook to approximately $7.30 billion and lifting non-GAAP EPS guidance to $5.45–$5.60, while expanding its share repurchase target to roughly $1.00 billion, underscoring confidence that the brand's underlying momentum remains durable heading into the balance of the fiscal year.
Key Takeaways
- • Coach brand revenue growth of 22% (21% constant currency) led by mid-teens handbag AUR increase
- • Acquired over 2.2 million new customers globally with Gen Z representing approximately 35% of new customers
- • Non-GAAP gross margin expansion of 120 basis points driven by 170 bps of operational improvements
- • Strong direct-to-consumer revenue growth of 16% pro forma constant currency with mid-teens growth in both digital and brick-and-mortar
- • Pro forma constant currency growth in Europe (+32%), Greater China (+19%), and North America (+18%)
- • SG&A leverage with non-GAAP SG&A ratio declining from 56.4% to 55.6%
TPR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TPR Revenue by Segment
With YoY comparisons, source: SEC Filings
TPR Revenue by Geography
With YoY comparisons, source: SEC Filings
“At our investor day in September, we introduced our Amplify plan – a bold vision to bring Tapestry's iconic brands to new generations of consumers and drive durable growth. Our first quarter outperformance marked a powerful start to this next chapter. Through focused execution of our strategies, we brought creativity and craftsmanship to our customers around the world, achieving revenue and earnings increases ahead of expectations. From this position of strength, we are raising our full year outlook, reinforcing that our advantages are structural and sustainable. We remain confident in our bright future, with a proven track record and an unwavering commitment to deliver compounding growth and long-term shareholder value.”
— Joanne Crevoiserat, Q1 2026 Earnings Press Release
TPR Earnings Trends
TPR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TPR EPS Trend
Earnings per share: estimate vs actual
TPR Revenue Trend
Quarterly revenue: estimate vs actual
TPR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $1.30 | $1.66 | +27.77% | $1.92B | +7.59% |
| Q2 26 BEAT | $2.23 | $2.69 | +20.67% | $2.50B | +7.68% |
| Q1 26 BEAT | $1.26 | $1.38 | +9.45% | $1.70B | +4.09% |
| Q4 25 MISS FY | $1.24 | $1.04 | -16.25% | $1.72B | +5.91% |
| FY Full Year | $5.46 | $5.10 | -6.55% | $7.01B | +0.79% |
| Q3 25 BEAT | $0.88 | $1.03 | +17.06% | $1.58B | +3.71% |