Q2 26 EPS
$2.69
BEAT +20.67%
Est. $2.23
Q2 26 Revenue
$2.50B
BEAT +7.68%
Est. $2.32B
vs S&P Since Q2 26
+2.1%
BEATING MARKET
TPR +10.3% vs S&P +8.2%
Market Reaction
Did TPR Beat Earnings? Q2 2026 Results
Tapestry delivered a blowout fiscal second quarter for 2026, posting non-GAAP EPS of $2.69 against a consensus estimate of $2.29, a beat of more than 20%, while revenue of $2.50 billion topped expectations by 7.68% and grew 14% year-over-year. The st… Read more Tapestry delivered a blowout fiscal second quarter for 2026, posting non-GAAP EPS of $2.69 against a consensus estimate of $2.29, a beat of more than 20%, while revenue of $2.50 billion topped expectations by 7.68% and grew 14% year-over-year. The standout driver was an electrifying performance at Coach, where revenue surged 25% to $2.14 billion on the back of mid-teens gains in both handbag average unit retail and units sold, more than offsetting continued softness at Kate Spade, which saw revenue fall 14% to $360 million. Profitability expanded sharply alongside top-line growth, with non-GAAP operating margin reaching 28.8%, up 390 basis points versus the prior year, and non-GAAP EPS rising 34% year-over-year. The results were strong enough to prompt a sweeping upgrade to full-year guidance, with Tapestry now targeting revenue above $7.75 billion, non-GAAP EPS of $6.40 to $6.45, representing over 25% growth, and adjusted free cash flow of approximately $1.50 billion, reflecting management's confidence that Coach's momentum is durable heading into the back half of the fiscal year.
Key Takeaways
- • Coach brand revenue surged 25%, led by strong handbag revenue gains with mid-teens percentage increases in both AUR and units
- • Acquired over 3.7 million new customers globally, with Gen Z representing approximately one-third of new customers
- • Gross margin expanded 110 basis points driven by approximately 250 basis points of operational improvements
- • Direct-to-consumer revenue increased 17% on a pro forma basis, led by ~20% digital growth and mid-teens brick and mortar growth
- • SG&A leverage contributed to 390 basis points of non-GAAP operating margin expansion
- • Broad-based regional growth led by Greater China (+34% constant currency), Europe (+22% constant currency), and North America (+17% constant currency)
TPR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
TPR Revenue by Segment
With YoY comparisons, source: SEC Filings
TPR Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our second quarter outperformance reflects the compounding impact of our Amplify strategy, driving deeper consumer engagement, accelerated growth, and record results. This holiday season, our talented teams brought creativity, craftsmanship, and value to consumers around the world, building new and lasting connections that fuel enduring brand desire and demand. As we move forward, we do so with momentum and confidence. By harnessing our proven strategies and structural advantages, we are raising our outlook for the fiscal year, reinforcing our commitment to driving durable growth and long-term value creation.”
— Joanne Crevoiserat, Q2 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% |