UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended						~~November~~May 23, ~~2025~~2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number 001-07572


PVH CORP.
(Exact name of registrant as specified in its charter)

Delaware

13-1166910

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

285 Madison Avenue,

New York,

New York

10017

(Address of principal executive offices)

(Zip Code)

(212) 381-3500

__________________________________________________________________________________________________________________________________________________________________________

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.00 par value	PVH	New York Stock Exchange
4.125% Senior Notes due 2029	PVH29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of common stock of the registrant as of ~~December~~June 1, ~~2025~~2026 was 4546,~~802~~108,~~696~~092.

PVH CORP.

INDEX

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this Quarterly Report on Form 10-Q, including, without limitation, statements relating to our future revenue, earnings and cash flows, plans, strategies, objectives, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, (i) our plans, strategies, objectives, expectations and intentions are subject to change at any time at our discretion; (ii) our ability to realize anticipated benefits and savings from divestitures, restructurings and similar plans, such as the actions taken in recent years to focus on our Calvin Klein and Tommy Hilfiger businesses and our current multiyear initiative to simplify our operating model and achieve cost savings; (iii) the ability to realize the intended benefits from ~~the~~increasing ~~acquisition~~our direct management and oversight of ~~licensees~~our orCalvin ~~the~~Klein ~~reversion~~and ofTOMMY ~~licensed~~HILFIGER ~~rights~~brands (such as the in-process plan to directly operate a significant portion of the businesses for the product categories that are or had been licensed to G-III Apparel Group, Ltd., with the remainder to be re-licensed to other third parties, upon the expirations ~~over time~~ of the underlying license agreements) and avoid any disruptions in the businesses; (iv) we have significant levels of outstanding debt, as well as significant additional borrowing capacity, and we use a significant portion of our cash flows to service our indebtedness, as a result of which we might not have sufficient funds to operate our businesses in the manner we intend or have operated in the past; (v) the levels of sales of our apparel, footwear and related products, both to our wholesale customers and in our direct-to-consumer retail store and digital commerce operations, the levels of sales of our licensees at wholesale and retail, and the extent of discounts and promotional pricing in which we and our licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy (including inflationary pressures like those currently being experienced globally), fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, consumer sentiment and other factors; (vi) our ability to manage our growth and inventory; (vii) restrictions, including quotas and the imposition of new or increased duties or tariffs on goods from the countries where we or our licensees produce goods under our trademarks, ~~any of~~ which, among other things, could limit the ability to produce products in cost-effective countries, or in countries that have the labor and technical expertise needed, or require us to absorb costs or try to pass costs onto consumers, which could materially impact our revenue and profitability, and uncertainties regarding trade regulation, including as a result of the U.S. Supreme Court’s recent ruling that many of the tariffs imposed by the U.S. federal government were unconstitutional which led to the issuance of an executive order imposing tariffs at different rates pursuant to Section 122 of the Trade Act of 1974 (which are currently being challenged in court) and launching investigations under Section 301 of the Trade Act, which could lead to the imposition of new tariffs; (viii) the availability and cost of raw materials; (ix) our ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where our products can best be produced); (x) the regulation or prohibition of the transaction of business with specific individuals or entities and their affiliates or goods manufactured in (or containing raw materials or components from) certain regions, such as the listing of a person or entity as a Specially Designated National or Blocked Person by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the issuance of Withhold Release Orders by the U.S. Customs and Border Protection; (xi) changes in available factory and shipping capacity, wage and shipping cost escalation, and store closures in any of the countries where our or our licensees’ or wholesale customers’ or other business partners’ stores are located or products are sold or produced or are planned to be sold or produced, as a result of civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability, such as the current war in Ukraine that led to our exit from our retail business in Russia and the cessation of our wholesale operations in Russia and Belarus, and the temporary cessation of business by many of our business partners in Ukraine, and the current conflict in the Middle East that has resulted in the closure of some of our licensees’, wholesale customers’ and other business partners’ stores, as well as increased fuel and oil costs and has impacted inventory availability; (xii) disease epidemics and health-related concerns, such as the recent COVID-19 pandemic, which could result in (and, in the case of the COVID-19 pandemic, did result in some of the following) supply-chain disruptions due to closed factories, reduced workforces and production capacity, shipping delays, container and trucker shortages, port congestion and other logistics problems, closed stores, and reduced consumer traffic and purchasing, or governments implement mandatory business closures, travel restrictions or the like, and market or other changes that could result in shortages of inventory available to be delivered to our stores and customers, order cancellations and lost sales, as well as in noncash impairments of our goodwill and other intangible assets, operating lease right-of-use assets, and property, plant and equipment; (xiii) actions taken towards sustainability and social and environmental responsibility as part of our sustainability and social and environmental strategy may not be achieved or may be perceived to be falsely claimed, which could diminish consumer trust in our brands and our brands’ values, as well as the potential for adverse consumer response to any sustainability, social or environmental actions taken by us; (xiv) the failure of our licensees to market successfully licensed products or to preserve the value of our brands, or their misuse of our brands; (xv) significant fluctuations of the U.S. dollar against foreign currencies in which we transact significant levels of business; (xvi) our retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xvii) the impact of new and revised tax legislation and regulations; (xviii) the impacts of the decision by China’s Ministry of Commerce to place us on the List of Unreliable Entities, including the impact of any fines imposed, or restrictions or prohibitions on us that have the effect of limiting or prohibiting our ability to do business in China; and (xix) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue, earnings or cash flows, whether as a result of the receipt of new information, future events or otherwise.

PART I -- FINANCIAL INFORMATION

Item 1 - Financial Statements
Consolidated Statements of Operations for the Thirteen and Thirty-Nine Weeks Ended November 2, 2025 and November 3, 2024			1
Consolidated Statements of Operations for the Thirteen Weeks Ended May 3, 2026 and May 4, 2025			1
Consolidated Statements of Comprehensive Income for the Thirteen and Thirty-Nine Weeks Ended November 2, 2025 and November 3, 2024			2
Consolidated Statements of Comprehensive Income for the Thirteen Weeks Ended May 3, 2026 and May 4, 2025			2
Consolidated Balance Sheets as of November 2, 2025, February 2, 2025 and November 3, 2024			3
Consolidated Balance Sheets as of May 3, 2026, February 1, 2026 and May 4, 2025			3
Consolidated Statements of Cash Flows for the Thirty-Nine Weeks Ended November 2, 2025 and November 3, 2024			4
Consolidated Statements of Cash Flows for the Thirteen Weeks Ended May 3, 2026 and May 4, 2025			4
Consolidated Statements of Changes in Stockholders’ Equity for the Thirty-Nine Weeks Ended November 2, 2025 and November 3, 2024			5
Consolidated Statements of Changes in Stockholders’ Equity for the Thirteen Weeks Ended May 3, 2026 and May 4, 2025			5
Notes to Consolidated Financial Statements			76
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations			3428
Item 3 - Quantitative and Qualitative Disclosures About Market Risk			5040
Item 4 - Controls and Procedures			5242

PART II -- OTHER INFORMATION

Item 1 - Legal Proceedings			5343
Item 1A - Risk Factors			5343
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds			5444
Item 5 - Other Information			5545
Item 6 - Exhibits			5646
Signatures			5848

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

PVH Corp.

Consolidated Statements of Operations

Unaudited

(In millions, except per share data)

	Thirteen Weeks Ended				~~Thirty-Nine Weeks Ended~~
	November 2,		November 3,		November 2,		November 3,
	May 3,		May 4,
	2025		2024		2025		2024
	2026		2025
Revenue	$	2,~~294~~025.31	$	21,~~255~~983.16	$	~~6,445.1~~	$	~~6,281.3~~
Cost of goods sold (exclusive of depreciation and amortization)	~~1,001~~838.59		~~938~~821.59		~~2,739.8~~		~~2,520.1~~
Gross profit	1,~~292~~186.82		1,~~316~~161.67		~~3,705.3~~		~~3,761.2~~
Selling, general and administrative expenses	1,~~121~~074.04		1,~~154~~023.09		~~3,273.8~~		~~3,254.6~~
Goodwill and other intangible asset impairments	—		—479.5		~~479.5~~		—
Non-service related pension and postretirement (cost) income	(1.0)		0.4		(2.9)		1.3
Non-service related pension and postretirement cost	(0.8)		(1.0)
Other gain	—		9.5		—		19.5
Equity in net income of unconsolidated affiliates	13.3		10.5
Equity in net income of unconsolidated affiliates	10.0		10.6		32.7		34.7
Income (loss) before interest and taxes	124.3		(332.2)
Income (loss) before interest and taxes	180.8		183.1		(18.2)		562.1
Interest expense	22.7		22.4
Interest expense	23.2		23.0		71.4		69.1
Interest income	6.9		5.0
Interest income	2.7		6.9		11.5		16.2
Income (loss) before taxes	108.5		(349.6)
Income (loss) before taxes	160.3		167.0		(78.1)		509.2
Income tax expense (benefit)	20.5		(304.8)
Income tax expense (benefit)	156.1		35.1		(261.7)		67.9
Net income (loss)	$	88.0	$	(44.8)
Net income	$	4.2	$	131.9	$	183.6	$	441.3
Basic net income (loss) per common share	$	1.92	$	(0.88)
Basic net income per common share	$	0.09	$	2.37	$	3.76	$	7.83
Diluted net income (loss) per common share	$	1.90	$	(0.88)
Diluted net income per common share	$	0.09	$	2.34	$	3.72	$	7.74

See accompanying notes.

PVH Corp.

Consolidated Statements of Comprehensive Income

Unaudited

(In millions)

	Thirteen Weeks Ended				~~Thirty-Nine Weeks Ended~~
	November 2,		November 3,		November 2,		November 3,
	May 3,		May 4,
	2025		2024		2025		2024
	2026		2025
Net income	$	4.2	$	131.9	$	183.6	$	441.3
Net income (loss)	$	88.0	$	(44.8)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(413.43)		~~(22~~233.5)6		~~293.7~~		~~(24.6)~~
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $0.7, $0.2, $(18.8), and $(2.1)	2.0		1.2		(54.0)		(4.6)
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $6.0 and $(12.9)	17.5		(36.9)
Net gain (loss) on net investment hedges, net of tax expense (benefit) of $1.8, $2.8, $(45.4), and $(1.6)	5.3		8.5		(136.7)		(4.8)
Net gain (loss) on net investment hedges, net of tax expense (benefit) of $5.4 and $(36.7)	16.6		(110.3)
Total other comprehensive income (loss)	2.9		(12.8)		103.0		(34.0)
Total other comprehensive income	20.8		86.4
Comprehensive income	$	7108.18	$	~~119~~41.16	$	~~286.6~~	$	~~407.3~~

See accompanying notes.

PVH Corp.

Consolidated Balance Sheets

(In millions, except share and per share data)

November 2,

February 2,

November 3,

May 3,

February 1,

May 4,

2025

2024

2026

2025

UNAUDITED

AUDITED

UNAUDITED

ASSETS

Current Assets:

Cash and cash equivalents

~~158~~592.25

~~748~~701.05

~~559~~191.60

Trade receivables, net of allowances for credit losses of $29.2, $22.4 and $46.6

1,098.2

851.2

979.7

Trade receivables, net of allowances for credit losses of $22.8, $23.7 and $27.0

896.8

994.6

860.7

Other receivables

2221.09

2523.13

1912.31

Inventories, net

1,~~664~~510.02

1,~~508~~583.75

1,~~608~~596.20

Prepaid expenses

~~238~~268.12

~~210~~219.50

~~221~~260.94

Other

7873.4

~~144~~71.10

8996.57

Assets held for sale

1612.73

—12.3

—16.7

Total Current Assets

3,~~275~~375.63

3,~~487~~605.62

3,~~478~~033.26

Property, Plant and Equipment, net

~~668~~639.70

~~741~~673.03

~~787~~720.02

Operating Lease Right-of-Use Assets

1,~~864~~822.91

1,~~157~~861.59

1,~~199~~243.50

Goodwill

12,~~981~~008.98

2,~~260~~021.19

21,~~327~~950.03

Tradenames

2,~~659~~673.07

2,~~565~~684.01

2,~~602~~639.8

Other Intangibles, net

~~404~~415.38

~~455~~412.91

~~476~~407.50

Other Assets, including deferred taxes of $257.4, $37.0 and $36.2

566.8

366.1

370.3

Other Assets, including deferred taxes of $96.7, $99.0 and $367.5

406.9

422.5

678.5

Total Assets

11,~~421~~341.26

11,~~033~~681.20

1110,~~241~~672.34

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

~~1,041~~906.57

1,~~151~~146.09

~~1,137~~991.40

Accrued expenses

~~798~~704.2

~~735~~820.6

~~706~~764.12

Deferred revenue

4249.6

5549.30

4654.71

Current portion of operating lease liabilities

~~340~~339.16

~~289~~346.16

~~293~~294.40

Short-term borrowings

—

—115.0

Current portion of long-term debt

12.79

~~510~~13.81

~~511~~512.12

Total Current Liabilities

2,~~235~~013.10

2,~~741~~376.82

2,~~694~~730.75

Long-Term Portion of Operating Lease Liabilities

1,~~658~~602.1

1,~~011~~647.38

1,~~051~~088.62

Long-Term Debt

2,~~246~~269.14

12,~~579~~291.94

1,~~654~~720.21

Other Liabilities, including deferred taxes of $145.0, $333.5 and $332.6

402.9

559.7

552.6

Other Liabilities, including deferred taxes of $306.0, $307.3 and $289.8

562.4

573.3

515.4

Stockholders’ Equity:

Preferred stock, par value $100 per share; 150,000 total shares authorized

—

Common stock, par value $1 per share; 240,000,000 shares authorized; 89,580,024; 89,112,404 and 89,085,951 shares issued

89.6

89.1

Common stock, par value $1 per share; 240,000,000 shares authorized; 90,037,408; 89,593,986 and 89,381,362 shares issued

90.0

89.6

89.4

Additional paid-in capital - common stock

3,~~456~~475.96

3,~~374~~464.10

3,~~359~~236.20

Retained earnings

6,~~173~~099.35

56,~~997~~015.20

5,~~840~~948.05

Accumulated other comprehensive loss

(~~753~~668.80)

(~~856~~688.8)

(~~787~~770.64)

Less: 43,780,477; 35,863,271 and 33,462,509 shares of common stock held in treasury, at cost

(4,087.0)

(3,463.1)

(3,212.5)

Less: 43,960,456; 43,786,773 and 41,387,386 shares of common stock held in treasury, at cost

(4,102.4)

(4,087.5)

(3,885.3)

Total Stockholders’ Equity

4,~~879~~894.07

54,~~140~~792.53

54,~~288~~618.2

Total Liabilities and Stockholders’ Equity

11,~~421~~341.26

11,~~033~~681.20

1110,~~241~~672.34

See accompanying notes.

PVH Corp.

Consolidated Statements of Cash Flows

Unaudited

(In millions)

	Thirty-Nine Weeks Ended
	Thirteen Weeks Ended
	November 2,		November 3,
	May 3,		May 4,
	2025		2024
	2026		2025
OPERATING ACTIVITIES
Net income	$	183.6	$	441.3
Net income (loss)	$	88.0	$	(44.8)
Adjustments to reconcile to net cash provided by operating activities:
Adjustments to reconcile to net cash used by operating activities:
Depreciation and amortization	~~205~~62.86		~~211~~67.67
Equity in net income of unconsolidated affiliates	(3213.73)		(3410.75)
Deferred taxes	(~~369~~10.53)		(11342.93)
Stock-based compensation expense	3712.0		3912.1
Impairment of goodwill and other intangible assets	~~479.5~~—		—479.5
Other gain	—		(19.5)
Changes in operating assets and liabilities:
Trade receivables, net	~~(210~~92.4)6		~~(186~~21.6)8
Other receivables	4.1.7		(113.2)6
Inventories, net	~~(80~~69.7)2		(~~188~~24.23)
Accounts payable, accrued expenses and deferred revenue	(~~169~~333.78)		(0217.91)
Prepaid expenses	(1850.74)		16(42.2)
Other, net	6835.92		~~(10~~15.8)1
Net cash provided by operating activities	97.2		254.4
Net cash used by operating activities	(46.5)		(71.4)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(9839.5)		(~~115~~26.47)
Proceeds from sale of Warner’s, Olga and True&Co. women’s intimates businesses	~~2.5~~—		52.05
Purchases of investments held in rabbi trust	(93.57)		(4.13)
Proceeds from investments held in rabbi trust	50.29		0.95
Proceeds from cross-currency swap contracts (net investment hedges)	—		3.5
Net cash used by investing activities	(42.3)		(28.0)
Proceeds from sale of warehouse and distribution center	—		9.5
Net cash used by investing activities	(100.3)		(100.6)
FINANCING ACTIVITIES
Repayment of 2022 facilities	(9.4)		(9.0)
Net proceeds from short-term borrowings	—		115.0
Net proceeds from settlement of awards under stock plans	1.4		7.3
Repayment of 2022 facilities	(3.2)		(3.0)
Proceeds from senior notes, net of related fees	494.0		553.1
Net proceeds from settlement of awards under stock plans	—		0.1
Repayment/redemption of senior notes	(500.0)		(561.7)
Cash dividends	(1.8)		(1.9)
Cash dividends	(5.7)		(6.4)
Acquisition of treasury shares	(14.9)		(572.2)
Acquisition of treasury shares	(577.2)		(280.2)
Payments of finance lease liabilities	(0.7)		(0.9)
Payments of finance lease liabilities	(2.3)		(3.1)
Net cash used by financing activities	(20.6)		(462.9)
Net cash used by financing activities	(599.2)		(300.0)
Effect of exchange rate changes on cash and cash equivalents	0.4		5.3
Effect of exchange rate changes on cash and cash equivalents	12.5		(1.8)
Decrease in cash and cash equivalents	(109.0)		(557.0)
Decrease in cash and cash equivalents	(589.8)		(148.0)
Cash and cash equivalents at beginning of period	701.5		748.0
Cash and cash equivalents at beginning of period	748.0		707.6
Cash and cash equivalents at end of period	$	592.5	$	191.0
Cash and cash equivalents at end of period	$	158.2	$	559.6

See accompanying notes.

PVH Corp.

Consolidated Statements of Changes in Stockholders’ Equity

Unaudited

(In millions, except share and per share data)

	Thirty-Nine Weeks Ended November 3, 2024
	Thirteen Weeks Ended May 4, 2025
			Common Stock			AdditionalPaid-InCapital-CommonStock				AccumulatedOtherComprehensive Loss				Total Stockholders’ Equity
	PreferredStock		Shares	$1 parValue				RetainedEarnings				TreasuryStock
February 4, 2024	$	—	88,567,275	$	88.6	$	3,313.3	$	5,407.3	$	(753.6)	$	(2,936.7)	$	5,118.9
February 2, 2025	$	—	89,112,404	$	89.1	$	3,374.1	$	5,997.2	$	(856.8)	$	(3,463.1)	$	5,140.5
Net income								151.4						151.4
Net loss								(44.8)						(44.8)
Foreign currency translation adjustments										~~(14~~233.8)6				~~(14~~233.8)6
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.3										1.4				1.4
Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $12.9										(36.9)				(36.9)
Net gain on net investment hedges, net of tax expense of $0.9										2.8				2.8
Net loss on net investment hedges, net of tax benefit of $36.7										(110.3)				(110.3)
Comprehensive income														~~140~~41.86
Settlement of awards under stock plans			~~337~~268,~~076~~958	0.3		6(0.72)								7.0.1
Stock-based compensation expense						1012.51								1012.51
Dividends declared ($0.075 per common share)								(4.3.9)						(4.3.9)
Acquisition of 1,942,724 treasury shares, including excise taxes of $1.7												(213.7)		(213.7)
Acquisition of 5,524,115 treasury shares, including excise taxes of $4.0						(150.0)						(422.2)		(572.2)
May 5, 2024	$	—	88,904,351	$	88.9	$	3,330.5	$	5,554.4	$	(764.2)	$	(3,150.4)	$	5,059.2
May 4, 2025	$	—	89,381,362	$	89.4	$	3,236.0	$	5,948.5	$	(770.4)	$	(3,885.3)	$	4,618.2
Net income								158.0						158.0
Foreign currency translation adjustments										12.7				12.7
Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $2.6										(7.2)				(7.2)
Net loss on net investment hedges, net of tax benefit of $5.3										(16.1)				(16.1)
Comprehensive income														147.4
Settlement of awards under stock plans			141,247	0.1		0.2								0.3
Stock-based compensation expense						16.4								16.4
Acquisition of 273,268 treasury shares, including excise taxes of $0.2												(31.5)		(31.5)
August 4, 2024	$	—	89,045,598	$	89.0	$	3,347.1	$	5,712.4	$	(774.8)	$	(3,181.9)	$	5,191.8
Net income								131.9						131.9
Foreign currency translation adjustments										(22.5)				(22.5)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.2										1.2				1.2
Net gain on net investment hedges, net of tax expense of $2.8										8.5				8.5
Comprehensive income														119.1
Settlement of awards under stock plans			40,353	0.1		(0.1)								—
Stock-based compensation expense						12.2								12.2
Dividends declared ($0.075 per common share)								(4.3)						(4.3)
Acquisition of 311,930 treasury shares, including excise taxes of $0.3												(30.6)		(30.6)
November 3, 2024	$	—	89,085,951	$	89.1	$	3,359.2	$	5,840.0	$	(787.6)	$	(3,212.5)	$	5,288.2


	Thirteen Weeks Ended May 3, 2026

			Common Stock			Additional Paid-In Capital- Common Stock				Accumulated Other Comprehensive Loss				Total Stockholders’ Equity
	Preferred Stock		Shares	$1 par Value				Retained Earnings				Treasury Stock
February 1, 2026	$	—	89,593,986	$	89.6	$	3,464.0	$	6,015.0	$	(688.8)	$	(4,087.5)	$	4,792.3
Net income								88.0						88.0
Foreign currency translation adjustments										(13.3)				(13.3)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $6.0										17.5				17.5
Net gain on net investment hedges, net of tax expense of $5.4										16.6				16.6
Comprehensive income														108.8
Settlement of awards under stock plans			443,422	0.4		(0.4)								—
Stock-based compensation expense						12.0								12.0
Dividends declared ($0.075 per common share)								(3.5)						(3.5)
Acquisition of 173,683 treasury shares												(14.9)		(14.9)
May 3, 2026	$	—	90,037,408	$	90.0	$	3,475.6	$	6,099.5	$	(668.0)	$	(4,102.4)	$	4,894.7

PVH Corp.

Consolidated Statements of Changes in Stockholders’ Equity (continued)

Unaudited

(In millions, except share and per share data)

	Thirty-Nine Weeks Ended November 2, 2025
			Common Stock			AdditionalPaid-InCapital-CommonStock				AccumulatedOtherComprehensive Loss				Total Stockholders’ Equity
	PreferredStock		Shares	$1 parValue				RetainedEarnings				TreasuryStock
February 2, 2025	$	—	89,112,404	$	89.1	$	3,374.1	$	5,997.2	$	(856.8)	$	(3,463.1)	$	5,140.5
Net loss								(44.8)						(44.8)
Foreign currency translation adjustments										233.6				233.6
Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $12.9										(36.9)				(36.9)
Net loss on net investment hedges, net of tax benefit of $36.7										(110.3)				(110.3)
Comprehensive income														41.6
Settlement of awards under stock plans			268,958	0.3		(0.2)								0.1
Stock-based compensation expense						12.1								12.1
Dividends declared ($0.075 per common share)								(3.9)						(3.9)
Acquisition of 5,524,115 treasury shares, including excise taxes of $4.0						(150.0)						(422.2)		(572.2)
May 4, 2025	$	—	89,381,362	$	89.4	$	3,236.0	$	5,948.5	$	(770.4)	$	(3,885.3)	$	4,618.2
Net income								224.2						224.2
Foreign currency translation adjustments										64.5				64.5
Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $6.6										(19.1)				(19.1)
Net loss on net investment hedges, net of tax benefit of $10.5										(31.7)				(31.7)
Comprehensive income														237.9
Settlement of awards under stock plans			191,504	0.2		1.1								1.3
Stock-based compensation expense						13.9								13.9
Acquisition of 68,105 treasury shares, including a reduction to excise taxes of $0.1												(4.7)		(4.7)
August 3, 2025	$	—	89,572,866	$	89.6	$	3,251.0	$	6,172.7	$	(756.7)	$	(3,890.0)	$	4,866.6
Net income								4.2						4.2
Foreign currency translation adjustments										(4.4)				(4.4)
Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.7										2.0				2.0
Net gain on net investment hedges, net of tax expense of $1.8										5.3				5.3
Comprehensive income														7.1
Settlement of awards under stock plans			7,158	—		—								—
Stock-based compensation expense						11.0								11.0
Dividends declared ($0.075 per common share)								(3.6)						(3.6)
Acquisition of 2,324,986 treasury shares, including excise taxes of $2.0						194.9						(197.0)		(2.1)
November 2, 2025	$	—	89,580,024	$	89.6	$	3,456.9	$	6,173.3	$	(753.8)	$	(4,087.0)	$	4,879.0

See accompanying notes.

PVH CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL

PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio that includes TOMMY HILFIGER and Calvin Klein, which are owned, and Van Heusen, Nike and other brands, which the Company licenses for certain product categories. The Company designs and markets branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, handbags, accessories, footwear and other related products and licenses its owned brands globally over a broad array of product categories and for use in certain territories. The business conducted under the Van Heusen, Nike and other licensed brand names is referred to as the “Heritage Brands business.”

The consolidated financial statements include all of the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. The Company’s Consolidated Statements of Operations include its proportionate share of the net income or loss of these entities.

The Company’s fiscal years are based on the 52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to the Company’s fiscal year, unless the context requires otherwise.

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not contain all disclosures required by U.S. GAAP for complete financial statements. Reference is made to the Company’s audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026.

The preparation of the interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.

The results of operations for the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025 are not necessarily indicative of those for a full fiscal year due, in part, to seasonal factors. Furthermore, the data contained in these consolidated financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments have been made to present fairly the consolidated operating results for the unaudited periods.

Effective February 3, 2025, the first day of 2025, the Company changed its reportable segments to be region-focused to align with changes in its business and organizational structure. These changes included the reorganization of the executive leadership structure directly reporting to the Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”). The Company’s new reportable segments are: (i) EMEA, (ii) Americas, (iii) APAC, and (iv) Licensing. Please see Note 17, “Segment Data,” for further discussion of the change in reportable segments and segment definitions.

Certain reclassifications have been made in the notes to the consolidated financial statements for the prior year periods to present that information on a basis consistent with the Company’s new organizational structure.

Macroeconomic Environment

Inflation and other macroeconomic pressures, such as ~~recently enacted~~ tariffs onand ~~goods~~the ~~imported~~Middle ~~into~~East ~~the~~conflict ~~United~~(discussed ~~States~~further below), elevated interest rates and the risk of recession, continue to create a complex and challenging retail environment globally~~, particularly in North America~~. Macroeconomic factors ~~have~~are ~~had~~having, and may continue to have, a negative impact on consumer demand for apparel and related products globally.

7Beginning in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the United States primarily under the International Emergency Economic Powers Act (“IEEPA”), with incremental tariffs on products imported from most countries and economic unions, and the potential for further increases and revisions or terminations to existing trade agreements. In response, some countries and economic unions announced retaliatory tariffs on United States exports and other trade restrictions. In February 2026, the U.S. Supreme Court ruled that the IEEPA tariffs

the United States are having a negative impact on the Company’s results of operations that the Company has been partially offsetting through planned mitigation actions which began in the third quarter and will more significantly take effect in the fourth quarter.6

~~There~~imposed iswere ~~significant~~unconstitutional. ~~uncertainty~~In ~~with~~response ~~respect~~ to ~~global~~that ~~trade~~decision, ~~policies~~an ~~and~~executive ~~the~~order ~~related~~was ~~impact~~issued onimposing ~~the~~tariffs ~~broader~~pursuant ~~macroeconomic~~to ~~environment,~~Section as122 ~~well~~of as the ~~impact~~Trade Act of ~~inflation~~1974 ~~and~~for ~~other~~150 ~~macroeconomic factors~~days, ~~and~~effective ~~foreign~~on ~~currency~~February ~~volatility. If economic conditions were to worsen~~24, ~~the Company’s results of operations, financial condition and cash flows from operations may be materially and adversely impacted~~2026.

In March 2026, the U.S. Court of International Trade directed U.S. Customs and Border Protection (“CBP”) to refund IEEPA tariffs that were previously collected, including applicable interest. CBP launched a tariff refund program in April 2026 to facilitate the refunds, and the Company submitted claims for IEEPA tariffs that have been previously paid. The Company elected to apply a gain contingency model in accordance with ASC 450-30, “Gain Contingencies” to account for potential recoveries of previously paid tariffs under which a gain will not be recognized until realized or realizable. As of May 3, 2026, the Company did not record a receivable related to potential tariff refunds as the amount and timing of any recoveries was uncertain. As of the date of this report, the Company has received $27 million in cash payments, plus interest, subsequent to the end of the quarter.

Further trade policy actions are unclear, including whether additional tariffs or other actions may be imposed, modified, or suspended. The Office of the U.S. Trade Representative has conducted and is conducting investigations under Section 301 of the Trade Act of 1974 that are expected to result in new tariffs being implemented in the second or third quarter of 2026. These factors have led to significant volatility and uncertainty in global markets. The Company continues to analyze the impact of incremental tariffs on its business and is taking steps to mitigate its tariff exposure to the extent possible. Mitigation strategies have included, and may continue to more significantly include, further sourcing optimization, negotiations with the Company’s vendors, internal efficiencies to drive cost savings, optimizing discount strategies and pricing actions.

There is significant uncertainty with respect to the conflict in the Middle East, global trade policies (including tariffs) and the related impacts of each on the broader global macroeconomic environment, as well as the impact of inflation and other macroeconomic factors, and foreign currency volatility. If economic conditions were to worsen due to any of these factors, the Company’s results of operations, financial condition and cash flows from operations may be materially and adversely impacted.

2. REVENUE

The Company generates revenue primarily from sales of finished products under its owned trademarks through its wholesale and retail operations and from licensing rights to its trademarks to third parties. Revenue is recognized upon the transfer of control of products or services to the Company’s customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those products or services.

Performance Obligations Under License Agreements

As of ~~November~~May 23, ~~2025~~2026, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $~~763~~1.51 ~~million~~billion, of which the Company expects to recognize $49200.14 million as revenue during the remainder of ~~2025~~2026, $~~205~~222.53 million in ~~2026~~2027 and $~~508~~695.92 million thereafter. The Company elected not to disclose the remaining performance obligations for license agreements that have an original expected term of one year or less and expected sales-based percentage fees for the portion of all license agreements not yet satisfied.

Deferred Revenue

Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the thirteen weeks ended May 3, 2026 and May 4, 2025 were as follows:

	Thirty-Nine Weeks Ended
	Thirteen Weeks Ended
(In millions)	115/23/2526		115/34/2425
Deferred revenue balance at beginning of period	$	5549.30	$	55.53
Net additions to deferred revenue during the period	3637.80		4037.69
Reductions in deferred revenue for revenue recognized during the period (1)	(4936.54)		(4939.41)
Deferred revenue balance at end of period	$	4249.6	$	4654.71

(1) Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period and does not contemplate revenue recognized from amounts deferred during the period. ~~The amounts include $3.4 million and $2.6 million of revenue recognized during the thirteen weeks ended November 2, 2025 and November 3, 2024, respectively.~~

The Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $54.13 million, $64.87 million and $76.41 million as of ~~November~~May 23, ~~2025~~2026, February 21, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively.

~~Please see Note 17, “Segment Data,” for information on the disaggregation of revenue by segment, distribution channel and brand.~~7

Please see Note 16, “Segment Data,” for information on the disaggregation of revenue by segment, distribution channel and brand.

3. INVENTORIES

Inventories are comprised principally of finished goods and are stated at the lower of cost or net realizable value, except for certain retail inventories in North America that are stated at the lower of cost or market using the retail inventory method. Cost for all wholesale inventories in North America and certain wholesale and retail inventories in Asia is determined using the first-in, first-out method. Cost for all other inventories is determined using the weighted average cost method. The Company reviews current business trends and forecasts, inventory aging and discontinued merchandise categories to determine adjustments that it estimates will be needed to liquidate existing clearance inventories and record inventories at either the lower of cost or net realizable value or the lower of cost or market using the retail inventory method, as applicable.

4. ASSETS HELD FOR SALE

In line with the fifth growth driver of the PVH+ Plan, the Company’s multiyear strategic plan, the Company ~~has~~ committed to a plan to ~~close~~sell its owned warehouse and distribution center located in Jonesville, NC. The Company concluded the criteria had been met to classify the building and related assets ~~had~~as aheld for sale during the first quarter of 2025 and ceased recording depreciation at that time. The carrying value of $16.7 million, aswhich ofwas ~~November 2~~determined to be lower than its fair value, less costs to sell, was reclassified from property, plant and equipment, net to assets held for sale in the Company’s Consolidated Balance Sheet during the first quarter of 2025. ~~The~~During the fourth quarter of 2025, the Company ~~intends~~made the determination to ~~sell~~redeploy certain equipment from the ~~building~~Jonesville warehouse and ~~related~~distribution ~~assets~~center ~~within~~that was originally classified as held for sale for use in other Company warehouses and distribution centers and as a result, reduced the ~~next~~assets held for sale to a carrying value of $12.3 ~~months~~million. There were no further adjustments to the carrying value of the assets held for sale.

The Company ~~concluded~~completed the ~~criteria~~sale ~~had~~of ~~been met to classify~~ the building and related assets ason ~~held~~May ~~for~~11, ~~sale~~2026 ~~during~~for ~~the~~net ~~first~~proceeds ~~quarter~~ of ~~2025~~$37.7 million and ~~ceased~~will ~~recording~~record ~~depreciation~~a atpre-tax ~~that~~gain ~~time. The carrying value~~ of $1625.74 million, ~~which~~during ~~was~~the ~~determined~~second toquarter beof ~~lower than its fair value~~2026, ~~less~~which ~~costs~~represents tothe ~~sell,~~excess ~~was~~of ~~reclassified~~the ~~from property, plant and equipment,~~ net toproceeds ~~assets~~over ~~held~~the ~~for~~carrying ~~sale~~value inof the ~~Company’s~~assets ~~Consolidated~~on ~~Balance Sheet during~~ the ~~first~~date ~~quarter~~ of ~~2025.~~the sale.

5. ~~DIVESTITURES~~GOODWILL AND OTHER INTANGIBLE ASSETS

~~Sale~~The changes in the carrying amount of ~~Warner’s~~goodwill for the thirteen weeks ended May 3, ~~Olga~~2026, ~~and~~by ~~True&Co.~~segment ~~Women~~(please see Note 16, “Segment Data,” for further discussion of the Company’s ~~Intimates~~reportable ~~Businesses~~segments and segment definitions), were as follows:

The Company completed the sale of its women’s intimates businesses conducted under the Warner’s, Olga and True&Co. trademarks to Basic Resources on November 27, 2023 (the “Heritage Brands intimates transaction”) for net proceeds of $155.6 million, after transaction costs. The final carrying value of the net assets sold on the closing date was $140.3 million, which consisted of $44.5 million of inventory and $95.8 million of tradenames.


(In millions)	EMEA		Americas		APAC		Licensing		Total



Goodwill, net as of February 1, 2026	$	1,607.4	$	—	$	—	$	414.5	$	2,021.9

Currency translation	(12.9)		—		—		(0.2)		(13.1)



Goodwill, net as of May 3, 2026	$	1,594.5	$	—	$	—	$	414.3	$	2,008.8

InThe ~~connection~~Company ~~with~~assesses the ~~closing~~recoverability of ~~the~~goodwill ~~Heritage~~and ~~Brands~~other ~~intimates~~indefinite-lived ~~transaction~~intangible assets annually, at the ~~Company~~beginning ~~recorded~~of athe ~~gain~~third quarter of ~~$15.3~~each ~~million~~fiscal inyear, ~~the~~and ~~fourth~~between ~~quarter~~annual oftests ~~2023,~~if ~~which~~an ~~represented~~event ~~the~~occurs ~~excess~~or ofcircumstances ~~the~~change ~~amount~~that ofwould ~~consideration~~indicate ~~received~~that ~~over~~it ~~the~~is ~~carrying~~more ~~value~~likely ofthan ~~the~~not ~~net~~that ~~assets,~~the ~~less~~carrying ~~costs~~amount tomay ~~sell~~be impaired. AnIntangible ~~incremental~~assets ~~gain~~with offinite ~~$10.0~~lives ~~million~~are ~~was~~amortized ~~recorded~~over intheir ~~the~~estimated ~~first~~useful ~~quarter~~lives ofand ~~2024~~are ~~due~~tested tofor ~~the~~impairment ~~accelerated~~along ~~realization~~with ofother ~~the~~long-lived ~~earnout~~assets ~~provided~~when ~~for~~events inand ~~the~~circumstances ~~agreement~~indicate ~~with~~that ~~Basic~~the ~~Resources,~~assets ~~which~~might ~~was~~be ~~paid~~impaired. inPlease ~~equal~~see ~~quarterly~~Note ~~installments~~1, to“Summary ~~the~~of ~~Company~~Significant ~~through~~Accounting ~~the~~Policies,” ~~first~~in ~~quarter~~the ofNotes ~~2025.~~to ~~These~~Consolidated ~~gains~~Financial ~~were~~Statements ~~recorded~~included in ~~other~~Item ~~gain~~8 inof the Company’s ~~Consolidated~~Annual ~~Statements~~Report ofon ~~Operations~~Form 10-K for the ~~respective~~fiscal ~~periods~~year ~~and~~ended ~~are~~February 1, ~~included~~2026 infor ~~restructuring~~discussion of the Company’s goodwill and other ~~items~~intangible ~~for~~assets ~~segment~~impairment ~~data~~testing ~~reporting purposes~~process.

~~6. GOODWILL~~2025 ~~AND~~Interim ~~OTHER~~Goodwill ~~INTANGIBLE~~Impairment ~~ASSETS~~ Test

~~The~~Macroeconomic ~~changes~~and ingeopolitical factors that occurred during the ~~carrying~~first ~~amount~~quarter of ~~goodwill~~2025 ~~for~~resulted in significant market volatility and a decrease in the ~~thirty-nine~~Company’s ~~weeks~~stock ~~ended~~price. ~~November 2~~As a result, the Company determined there was a triggering event that required the Company to perform a quantitative interim goodwill impairment test as of the end of the first quarter of 2025,. byAs ~~segment~~a ~~(please~~result ~~see~~of ~~Note~~this ~~17,~~interim ~~“Segment~~impairment ~~Data~~test,” ~~for~~the ~~further~~Company ~~discussion~~recorded $426.0 million of noncash impairment charges during the first quarter of 2025, which were included in goodwill and other intangible asset impairments in the Company’s ~~reportable~~Consolidated ~~segments),~~Statement of Operations and included in restructuring and other items for segment data reporting purposes. The impairments were asprimarily ~~follows:~~due to a significant increase in discount rates, which incorporated elevated risk premiums, in particular for the Americas and

(In millions)	EMEA		Americas		APAC		Licensing		Total
Goodwill, net as of February 2, 2025	$	1,426.4	$	7.6	$	414.0	$	412.1	$	2,260.1
Impairment	—		(7.6)		(418.4)		—		(426.0)
Currency translation	141.5		—		4.4		1.9		147.8
Goodwill, net as of November 2, 2025	$	1,567.9	$	—	$	—	$	414.0	$	1,981.9

AsAPAC ~~described~~reporting inunits. ~~Note~~Impairment 1,charges ~~“General,” effective February 3, 2025, the first day~~ of ~~2025,~~$7.6 ~~the~~million ~~Company changed its reportable segments to be region-focused to align with changes in its business~~ and ~~organizational structure~~$418.4 ~~The~~million ~~information~~fully inimpaired the ~~table above reflects the impact of this segment change whereby~~ goodwill ~~was~~balances ~~reallocated to the respective reporting units on the first day of 2025 using a relative fair value approach. As a result of the change~~ in ~~reportable segments,~~ the ~~Company~~Americas ~~performed an impairment assessment immediately before~~ and ~~immediately~~APAC ~~after the segment change became effective~~segments, ~~and no impairment of goodwill was identified~~respectively.

The ~~Company~~fair ~~assesses~~value ~~the recoverability~~ of ~~goodwill and other indefinite-lived intangible assets annually, at~~ the ~~beginning~~reporting ofunits ~~the~~for ~~third~~goodwill ~~quarter~~impairment oftesting ~~each~~was ~~fiscal~~determined ~~year,~~using ~~and between annual tests if~~ an ~~event~~income ~~occurs~~approach. orThe ~~circumstances~~income ~~change~~approach ~~that~~was ~~would~~based ~~indicate~~on ~~that~~discounted itprojected isfuture ~~more~~(debt-free) ~~likely~~cash ~~than~~flows ~~not~~for ~~that~~each ~~the~~reporting ~~carrying~~unit. ~~amount~~The ~~may~~discount berates ~~impaired.~~applied ~~Intangible~~to ~~assets~~these ~~with~~cash ~~finite~~flows ~~lives~~were ~~are~~based ~~amortized~~on ~~over~~the ~~their~~weighted ~~estimated~~average ~~useful~~cost ~~life~~of ~~and~~capital ~~are tested~~ for ~~impairment,~~each ~~along~~reporting ~~with other long-lived assets~~unit, ~~when~~which ~~events~~takes ~~and~~market ~~circumstances~~participant ~~indicate~~assumptions ~~that~~into ~~the assets might be impaired. Please see Note 1~~consideration, ~~“Summary~~inclusive of ~~Significant~~a ~~Accounting~~risk ~~Policies,”~~premium infor ~~the~~each ~~Notes~~reporting unit to ~~Consolidated~~account ~~Financial~~for ~~Statements included in Item 8 of~~ the ~~Company’s~~additional ~~Annual~~risk ~~Report~~and onuncertainty ~~Form~~perceived ~~10-K~~by ~~for~~market ~~the~~participants ~~year~~related ~~ended~~to ~~February 2,~~each ~~2025~~reporting ~~for discussion of the Company~~unit’s ~~goodwill~~cash ~~and~~flows ~~other~~due ~~intangible~~to ~~assets~~macroeconomic ~~impairment~~and ~~testing~~geopolitical ~~process~~factors.

92025 Interim Indefinite-Lived Intangible Assets Impairment Test

~~Goodwill~~The Company also determined the macroeconomic and geopolitical conditions that occurred during the first quarter of 2025 and resulting impacts to the Company discussed above were also a triggering event that prompted the need to perform interim impairment testing of its indefinite-lived intangible assets as of the end of the first quarter of 2025. For the TOMMY HILFIGER and Calvin Klein tradenames and the reacquired perpetual license rights for TOMMY HILFIGER in India, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. For these assets, no impairment was identified as a result of the Company’s annual indefinite-lived intangible asset impairment test for 2024 and the fair values of these indefinite-lived intangible assets substantially exceeded their carrying amounts. The asset with the least excess fair value had an estimated fair value that exceeded its carrying amount by approximately 93% as of the date of the Company’s 2024 annual test. Considering this and other factors, the Company determined qualitatively that it was not more likely than not that the fair values of these indefinite-lived intangible assets were less than their carrying amounts and concluded that a quantitative impairment test was not required.

~~Interim~~For ~~Impairment~~the ~~Test~~reacquired perpetual license rights in Australia, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test. As a result of this quantitative interim impairment testing, the Company recorded $53.5 million of noncash impairment charges during the first quarter of 2025 to write down the license rights, which had a carrying amount of $190.8 million, to a fair value of $137.3 million. The $53.5 million of impairment charges was included in goodwill and other intangible asset impairments in the Company’s Consolidated Statement of Operations and included in restructuring and other items for segment data reporting purposes. The impairment was primarily due to a significant increase in discount rates.

Macroeconomic and geopolitical factors that occurred during the first quarter of 2025 resulted in significant market volatility and a decrease in the Company’s stock price. As a result, the Company determined there was a triggering event that required the Company to perform a quantitative interim goodwill impairment test as of the end of the first quarter of 2025.

As a result of this interim impairment test, the Company recorded $426.0 million of noncash impairment charges during the first quarter of 2025, which were included in goodwill and other intangible asset impairments in the Company’s Consolidated Statement of Operations and included in restructuring and other items for segment data reporting purposes. The impairments were primarily due to a significant increase in discount rates, which incorporated elevated risk premiums, in particular for the Americas and APAC reporting units. Impairment charges of $7.6 million and $418.4 million fully impaired the goodwill balances in the Americas and APAC segments, respectively.

The fair value of the reporting units for goodwill impairment testing was determined using an income approach and validated using a market approach. The income approach was based on discounted projected future (debt-free) cash flows for each reporting unit. The discount rates applied to these cash flows were based on the weighted average cost of capital for each reporting unit, which takes market participant assumptions into consideration, inclusive of a risk premium for each reporting unit to account for the additional risk and uncertainty perceived by market participants related to each reporting unit’s cash flows due to macroeconomic and geopolitical factors. For the market approach, used to validate the results of the income approach method, the Company used the guideline company method, which analyzes market multiples of adjusted earnings before interest, taxes, depreciation and amortization for a group of comparable public companies. The market multiples used in the valuation are based on the relative strengths and weaknesses of each reporting unit compared to the selected guideline companies.

Annual Impairment Test

The Company performed its annual impairment test for goodwill as of the beginning of the third quarter of 2025. For the 2025 annual goodwill impairment test, the Company elected to assess qualitative factors first to determine whether it was more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount.

The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and reporting unit-specific factors. In performing this assessment, the Company considered the results of its quantitative interim goodwill impairment test performed in the first quarter of 2025 and the impact of changes in the weighted average cost of capital and updated financial forecasts since the date of the interim impairment test.

After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount and concluded that the quantitative goodwill impairment test was not required. No impairment of goodwill resulted from the Company’s annual impairment test.

There have been no significant events or changes in circumstances during the thirteen weeks ended November 2, 2025 that would indicate the remaining carrying amount of the Company’s goodwill may be impaired as of November 2, 2025. If economic conditions or market factors utilized in the impairment analysis deteriorate, or if the Company’s reporting units with allocated goodwill do not perform as projected, the Company could incur additional goodwill impairment charges in the future.

Indefinite-Lived Intangible Assets

Interim Impairment Test

The Company also determined the macroeconomic and geopolitical conditions that occurred during the first quarter of 2025 and resulting impacts to the Company discussed above were also a triggering event that prompted the need to perform interim impairment testing of its indefinite-lived intangible assets as of the end of the first quarter of 2025. For the TOMMY HILFIGER and Calvin Klein tradenames and the reacquired perpetual license rights for TOMMY HILFIGER in India, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. For these assets, no impairment was identified as a result of the Company’s annual indefinite-lived intangible asset impairment test for 2024 and the fair values of these indefinite-lived intangible assets substantially exceeded their carrying amounts. The asset with the least excess fair value had an estimated fair value that exceeded its carrying amount

by approximately 93% as of the date of the Company’s 2024 annual test. Considering this and other factors, the Company determined qualitatively that it was not more likely than not that the fair values of these indefinite-lived intangible assets were less than their carrying amounts and concluded that a quantitative impairment test was not required.

For the reacquired perpetual license rights in Australia, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test. As a result of this quantitative interim impairment testing, the Company recorded $53.5 million of noncash impairment charges during the first quarter of 2025 to write down the license rights, which had a carrying amount of $190.8 million, to a fair value of $137.3 million. The $53.5 million of impairment charges was included in goodwill and other intangible asset impairments in the Company’s Consolidated Statement of Operations and included in restructuring and other items for segment data reporting purposes. The impairment was primarily due to a significant increase in discount rates. Holding all other assumptions constant, a 100 basis point change in the annual revenue growth rate of the Australia business would result in a change to the estimated fair value of the license rights of approximately $22 million. Likewise, a 100 basis point change in the weighted average cost of capital would result in a change to the estimated fair value of the license rights of approximately $25 million.

The fair value of the Company’s reacquired perpetual license rights in Australia was determined using an income approach which estimates the net cash flows directly attributable to the subject intangible asset. These cash flows were discounted to present value using a discount rate of approximately 17% that factors in the relative risk of the intangible asset.

~~Annual~~Additional ~~Impairment Test~~Considerations

~~The~~There ~~Company~~have ~~performed~~been ~~its~~no ~~annual~~significant ~~impairment~~events ~~test~~or ~~for~~changes in circumstances during the thirteen weeks ended May 3, 2026 that would indicate that it is more likely than not that the remaining carrying amount of the Company’s goodwill and indefinite-lived intangible assets asmay ofbe ~~the~~impaired ~~beginning~~as of ~~the~~May 3, ~~third~~2026. ~~quarter~~If ofdifferent ~~2025.~~assumptions ~~For~~for the ~~2025~~Company’s ~~annual~~goodwill and other indefinite-lived intangible assets impairment ~~test~~tests had been applied, ~~the~~significantly ~~Company~~different ~~elected~~outcomes could have resulted. There continues to ~~assess~~be ~~qualitative~~significant ~~factors~~uncertainty ~~first~~with respect to ~~determine~~the ~~whether~~conflict itin ~~was~~the ~~more~~Middle ~~likely~~East, ~~than~~global ~~not~~trade ~~that~~policies (including tariffs) and the ~~fair~~related ~~value~~impacts of ~~any~~each ~~asset~~on ~~was~~the ~~less~~broader ~~than~~global ~~its~~macroeconomic ~~carrying~~environment, ~~amount~~as well as the impact of inflation and other macroeconomic factors, and foreign currency volatility. If economic conditions or market factors utilized in the impairment analysis deteriorate or otherwise vary from current assumptions (including those resulting in changes in the weighted average cost of capital), industry conditions deteriorate, or business conditions or strategies for a specific reporting unit change from current assumptions, the Company’s businesses do not perform as projected, or there is an extended period of a significant decline in its stock price, the Company could incur additional goodwill and other indefinite-lived intangible asset impairment charges in the future.

~~The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and asset-specific factors~~6. RETIREMENT InAND ~~performing~~BENEFIT this assessment, the Company considered the results of its interim impairment testing performed in the first quarter of 2025 and the impact of changes in the weighted average cost of capital and updated financial forecasts since the date of the interim impairment test. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of its indefinite-lived intangible assets were less than their carrying amounts and concluded that a quantitative impairment test was not required. No impairment of indefinite-lived intangible assets resulted from the Company’s annual impairment test. Except for the reacquired perpetual license rights in Australia, for which the most recent quantitative impairment test was performed in the first quarter of 2025, the results of which are described above, all indefinite-lived intangibles had significant excess fair value in the most recent quantitative impairment test performed in 2024. If economic conditions or market factors utilized in the most recent quantitative impairment analyses deteriorate, or if the cash flows supporting the Company’s indefinite-lived intangible assets do not perform as projected, the Company could incur additional indefinite-lived intangible asset impairment charges in the future. PLANS

~~There~~The ~~have~~Company ~~been~~has notwo ~~significant~~noncontributory ~~events~~qualified ordefined ~~changes~~benefit inpension ~~circumstances~~plans ~~during~~covering substantially all employees resident in the ~~thirteen~~United ~~weeks~~States ~~ended~~hired ~~November 2~~prior to January 1, ~~2025~~2022, ~~that~~who ~~would~~meet ~~indicate~~certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation, subject to the ~~remaining~~plan ~~carrying~~freeze ~~amount~~as discussed below, and years of credited service. The plans also provide participants with the ~~Company’s~~option ~~indefinite-lived~~to ~~intangible~~receive ~~assets~~their ~~may~~benefits bein ~~impaired~~the asform of ~~November 2,~~lump ~~2025~~sum payments. Vesting in benefits generally occurs after five years of service. The company refers to these two plans as its “Pension Plans.”

~~7. RETIREMENT AND BENEFIT PLANS~~9

The Company, asalso ~~of November 2, 2025,~~ has ~~two~~three noncontributory unfunded non-qualified supplemental defined benefit pension plans, ~~(the~~one ~~“Pension~~of ~~Plans”)~~which ~~covering~~is ~~substantially~~a ~~all~~supplemental pension plan for certain employees resident in the United States hired prior to January 1, 2022, who meet certain age and service requirements. ~~The~~that ~~Pension~~provides ~~Plans provide monthly~~ benefits ~~upon~~for ~~retirement~~compensation ~~generally~~in ~~based~~excess onof ~~career~~Internal ~~average~~Revenue ~~compensation,~~Service ~~subject~~earnings tolimits ~~the~~and ~~plan~~requires ~~freeze~~payments ~~discussed~~to ~~below,~~vested ~~and~~employees ~~years~~upon ofor ~~credited~~after ~~service.~~employment ~~They~~termination ~~also~~or ~~provide~~retirement, ~~participants~~according ~~with~~to ~~the~~their ~~option~~distribution toelection, ~~receive~~and ~~their~~two ~~benefits~~other inplans ~~the~~for ~~form~~select offormer ~~lump~~senior ~~sum payments~~management. ~~Vesting~~The inCompany ~~benefits~~refers ~~generally~~to ~~occurs~~these ~~after~~three ~~five~~plans ~~years~~as ofits ~~service.~~“SERP Plans.”

~~The~~In ~~Company~~the ~~also~~fourth ~~has~~quarter ~~three~~of ~~noncontributory~~2023, ~~unfunded~~the ~~non-qualified~~Company’s ~~supplemental~~Board ~~defined~~of ~~benefit~~Directors ~~pension~~approved ~~plans~~changes ~~(the~~to ~~“SERP~~its Pension Plans~~”),~~ ~~one~~and ofits ~~which is a~~ supplemental pension plan ~~for~~to ~~certain~~freeze ~~employees~~the ~~resident~~pensionable incompensation ~~the~~and ~~United~~credited ~~States~~service ~~hired~~amounts ~~prior~~used to ~~January~~calculate 1,participants’ ~~2022~~benefits ~~who~~which ~~meet~~became ~~certain~~effective ~~age~~June ~~and~~30, ~~service~~2024, ~~requirements~~except ~~that provides benefits~~ for ~~compensation~~employees innear ~~excess~~retirement ofage ~~Internal~~that ~~Revenue~~meet ~~Service~~a ~~earnings~~specified ~~limits~~service ~~and~~requirement, ~~requires~~who ~~payments~~will continue to ~~vested~~accrue ~~employees~~benefits ~~upon~~under orthe ~~after~~Pension ~~employment~~Plans ~~termination~~and orsupplemental ~~retirement~~pension plan, ~~according~~as toapplicable, ~~their~~through ~~distribution~~June ~~election~~30, ~~and~~2026 (two ~~other~~years ~~plans~~after ~~for~~the ~~select~~effective ~~former~~date ~~senior~~of ~~management~~the freeze).

In the fourth quarter of 2023, the Company’s Board of Directors approved changes to the Pension Plans and the associated SERP Plan to freeze the pensionable compensation and credited service amounts used to calculate participants’ benefits which became effective June 30, 2024, except for employees near retirement age that met a specified service requirement, who continue to accrue benefits under the Pension Plans and the associated SERP Plan, as applicable, through June 30, 2026 (two years after the effective date of the freeze).

The components of net benefit cost recognized were as follows:

	Pension Plans				~~Pension~~SERP Plans
	Thirteen Weeks Ended				~~Thirty-Nine~~Thirteen Weeks Ended
(In millions)	115/23/2526		115/34/2425		115/23/2526		115/34/2425
Service cost	$	10.18	$	1.92	$	30.21	$	80.82
Interest cost	6.51		76.27		190.65		210.5
Expected return on plan assets	(65.18)		(86.2)		~~(18.4)~~—		~~(24.6)~~—
Total	$	1.51	$	01.97	$	40.46	$	50.7

	SERP Plans				SERP Plans
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(In millions)	11/2/25		11/3/24		11/2/25		11/3/24
Service cost	$	0.1	$	0.1	$	0.3	$	0.6
Interest cost	0.6		0.6		1.7		1.8
Total	$	0.7	$	0.7	$	2.0	$	2.4

The Company also provides certain other postretirement benefits to certain retirees resident in the United States under two plans. Retirees contribute to the cost of the applicable plan, which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen weeks ended May 3, 2026 and May 4, 2025.

The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States under two plans. Retirees contribute to the cost of the applicable plan, which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen and thirty-nine weeks ended November 2, 2025 and November 3, 2024.

The components of net benefit cost are recorded in the Company’s Consolidated Statements of Operations as follows: (i) the service cost component is recorded in selling, general and administrative (“SG&A”) expenses and (ii) the other components are recorded in non-service related pension and postretirement (cost) income.

Currently, the Company does not expect to make material contributions to the Pension Plans in ~~2025~~2026. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates.

87. DEBT

Short-Term Borrowings

The Company has the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2022 Senior Unsecured Credit Facilities.” The Company had no revolving borrowings outstanding under these facilities as of ~~November~~May 23, ~~2025~~2026.

Additionally, the Company has the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for ~~borrowings~~borrowing capacity of up to $~~224~~236.32 million based on exchange rates in effect on ~~November~~May 23, ~~2025~~2026 and are utilized primarily to fund working capital needs. The Company had no borrowings outstanding under these facilities as of ~~November~~May 23, ~~2025~~2026.

Commercial Paper

The Company has the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. The Company had no borrowings outstanding under the commercial paper note program as of ~~November~~May 23, ~~2025~~2026.

~~2025 Unsecured Delayed Draw Term Loan Facilities~~10

On April 4, 2025, the Company entered into a credit agreement that provides for a delayed draw term loan facility with aggregate lending commitments of $250.0 million for United States dollar-denominated senior unsecured term loans (the “April 4 facility”). On April 25, 2025, the Company entered into an additional credit agreement that provided for a delayed draw term loan facility with aggregate lending commitments of $450.0 million for United States dollar-denominated senior unsecured term loans (the “April 25 facility”).

The April 25 facility terminated by its terms during the second quarter of 2025 as a result of the Company’s issuance of the $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030 discussed below. The Company had not drawn on the April 25 facility prior to its termination.

The April 4 facility will mature on April 3, 2026. The term loans under the April 4 facility may be funded in up to four borrowings prior to February 4, 2026, subject to a minimum borrowing requirement of $50.0 million. If drawn upon, the borrowings under the April 4 facility will primarily be used for working capital or other general corporate purposes of the Company. The Company has not drawn on the April 4 facility and the entire $250.0 million remained available for borrowing as of November 2, 2025. Any outstanding borrowings under the April 4 facility would be prepayable at any time without penalty (other than customary breakage costs).

Term loans borrowed under the April 4 facility, if any, will bear interest at a rate per annum equal to, at the Company’s option, either a base rate or a term secured overnight financing rate (“SOFR”) rate, calculated in a manner set forth in the April 4 facility, plus an applicable margin. The applicable margin with respect to the April 4 facility as of November 2, 2025 was 1.125% for loans bearing interest at the term SOFR rate and 0.125% for loans bearing interest at the base rate. The applicable margin is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s.

The April 4 facility requires the Company to comply with customary affirmative and negative covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the facility.

The facility also contains customary events of default, including but not limited to, nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and change of control (as defined in the facility).

Long-Term Debt

The carrying amounts of the Company’s long-term debt were as follows:

(In millions)

115/23/2526

2/21/2526

115/34/2425

Senior unsecured Term Loan A facility due 2027 (1)

~~472~~473.79

~~432~~482.74

~~455~~468.28

4 5/8% senior unsecured notes due 2025

—

~~499.4~~—

499.17

3 1/8% senior unsecured euro notes due 2027 (1)

~~690~~701.16

~~619~~709.1

~~647~~675.13

4 1/8% senior unsecured euro notes due 2029 (1)

~~601~~611.57

~~539~~618.52

~~563~~588.95

5 1/2% senior unsecured notes due 2030

~~494~~495.51

—494.8

—

Total

2,~~258~~282.83

2,~~090~~304.75

2,~~165~~232.3

Less: Current portion of long-term debt

12.79

~~510~~13.81

~~511~~512.12

Long-term debt

2,~~246~~269.14

12,~~579~~291.94

1,~~654~~720.21

(1) The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro.

Please see Note 1110, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of ~~November~~May 23, ~~2025~~2026, February 21, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025.

The Company’s mandatory long-term debt repayments for the remainder of ~~2025~~2026 through ~~2030~~2031 were as follows as of ~~November~~May 23, ~~2025~~2026:

(In millions)
Fiscal Year	Amount (1)
Remainder of 2025	$	3.2
Remainder of 2026	$	9.7
2026	12.7
2027	1,168.1
2027	1,149.7
2028	—
2029	~~605~~615.74
2030	500.0
2031	—

(1) A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro.

Total debt repayments for the remainder of ~~2025~~2026 through ~~2030~~2031 exceed the total carrying amount of the Company’s debt as of ~~November~~May 23, ~~2025~~2026 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts.

As of ~~November~~May 23, ~~2025~~2026, approximately 80% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates.

2022 Senior Unsecured Credit Facilities

On December 9, 2022, the Company entered into senior unsecured credit facilities (the “2022 facilities”). The 2022 facilities consist of (a) a €440.6 million euro-denominated Term Loan A facility (the “Euro TLA facility”), (b) a $1,150.0 million United States dollar-denominated multicurrency revolving credit facility (the “multicurrency revolving credit facility”), which is available in (i) United States dollars, (ii) Australian dollars (limited to A$50.0 million), (iii) Canadian dollars (limited to C$70.0 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250.0 million), and (c) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars (together with the multicurrency revolving credit facility, the “revolving credit facilities”). The 2022 facilities are due on December 9, 2027.

The Company made payments ~~totaling~~of $93.42 million and $93.0 million on its term loan under the 2022 facilities during the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively.

1411

The applicable margin with respect to the Euro TLA facility as of ~~November~~May 23, ~~2025~~2026 was 1.250%. The applicable margin with respect to the revolving credit facilities as of ~~November~~May 23, ~~2025~~2026 was 0.125% for loans bearing interest at the base rate, Canadian prime rate or daily simple euro short term rate and 1.125% for loans bearing interest at the euro interbank offered rate ~~(“EURIBOR”)~~ or any other rate specified in the 2022 facilities. The applicable margin for borrowings under the Euro TLA facility and each revolving credit facility is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s.

The 2022 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the 2022 facilities. Please see Note 78, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 for further discussion of the 2022 facilities.

3 5/8% Euro Senior Notes Due 2024

The Company had outstanding €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024. The Company redeemed these notes on April 25, 2024 utilizing the net proceeds from the issuance of the €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029 together with other available funds, as discussed below.

4 5/8% Senior Notes Due 2025

The Company had outstanding $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The Company repaid these notes upon maturity utilizing the net proceeds from the issuance of the $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030 together with other available funds, as discussed below.

3 1/8% Euro Senior Notes Due 2027

The Company has outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on September 15, 2027 at their principal amount plus any accrued and unpaid interest.

4 1/8% Euro Senior Notes Due 2029

The Company ~~issued~~has onoutstanding ~~April 15, 2024,~~ €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029. The Company ~~paid~~may ~~€5.4~~redeem ~~million~~some ~~($5.7~~or ~~million~~all ~~based~~of onthese ~~exchange~~notes ~~rates~~at inany ~~effect~~time onprior ~~the~~to ~~payment~~April ~~date)~~16, of2029 ~~fees~~by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in ~~connection~~advance ~~with~~of maturity, the ~~issuance~~Company ofmay redeem the remaining outstanding notes beginning on April 16, ~~which~~2029, ~~are~~or ~~being~~all ~~amortized~~of ~~over~~these notes at any time in the ~~term~~event of ~~the~~certain ~~notes~~developments affecting taxation, at their principal amount plus any accrued and unpaid interest.

During the first quarter of 2025, the Company completed the allocation of an amount equal to 100% of the net proceeds of the offering to sustainable materials, which qualify as environmental Eligible Projects (as defined in the Company’s prospectus relating to the notes offering). During the first quarter of 2024, the Company utilized the net proceeds of the offering, together with other available funds, to redeem the €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024, as discussed above.

The Company may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on April 16, 2029, or all of these notes at any time in the event of certain developments affecting taxation, at their principal amount plus any accrued and unpaid interest.

5 1/2% Senior Notes Due 2030

The Company issued on June 13, 2025, $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030. The Company paid $6.0 million of fees in connection with the issuance of the notes, which are being amortized over the term of the notes.

The Company utilized the net proceeds of the offering, together with other available funds, to repay the $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025, as discussed above.

The Company may redeem some or all of these notes at any time prior to May 13, 2030 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on May 13, 2030 at their principal amount plus any accrued and unpaid interest.

The Company’s financing arrangements contain financial and non-financial covenants and customary events of default. As of ~~November~~May 23, ~~2025~~2026, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements.

The Company also has standby letters of credit and bank guarantees primarily to collateralize the Company’s insurance and lease obligations. The Company had $98103.95 million of these standby letters of credit and bank guarantees outstanding as of ~~November~~May 23, ~~2025~~2026.

Please see Note 78, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 for further discussion of the Company’s debt.

~~9. INCOME TAXES~~12

~~The effective income tax rates for the thirteen weeks ended November 2, 2025 and November 3, 2024 were 97~~8.4% INCOME and 21.0%, respectively. The effective income tax rate for the thirteen weeks ended November 2, 2025 reflected a $156.1 million income tax expense recorded on $160.3 million of pre-tax income. The effective income tax rate for the thirteen weeks ended November 3, 2024 reflected a $35.1 million income tax expense recorded on $167.0 million of pre-tax income. TAXES

The effective income tax rates for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025 were ~~335~~18.19% and 1387.32%, respectively. The effective income tax rate for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 reflected a $~~(261~~20.7)5 million income tax ~~benefit~~expense recorded on $~~(78~~108.1)5 million of pre-tax ~~losses~~income. The effective income tax rate for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 34, ~~2024~~2025 reflected a $67(304.98) million income tax ~~expense~~benefit recorded on $~~509~~(349.26) million of pre-tax ~~income~~losses.

The effective income tax ~~rates~~rate for the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 23, ~~2025~~2026 ~~were~~was ~~higher~~lower than the prior year ~~periods~~period primarily due to ~~(i)~~ the impact of the $479.5 million pre-tax noncash goodwill and other intangible asset impairment charges recorded during the first quarter of 2025, which were non-deductible for tax purposes and factored into the Company’s 2025 annualized effective income tax rate, and resulted in a ~~change~~70.5% increase to the Company’s effective income tax ~~rates~~rate for the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 24, 2025 ~~of 71~~.0% and 313.3%, respectively, and (ii) the impact in the prior year thirty-nine week period of a favorable change in the Company’s uncertain tax positions resulting in a benefit to the Company’s 2024 effective tax rate of 6.5% from the settlement of a multiyear audit in an international jurisdiction in the second quarter of 2024.

109. DERIVATIVE FINANCIAL INSTRUMENTS

Cash Flow Hedges

The Company has exposure to changes in foreign currency exchange rates related to anticipated cash flows associated with inventory purchases made by its foreign subsidiaries in a currency other than their functional currency. The Company uses foreign currency forward contracts to hedge against a portion of this exposure.

The Company records the foreign currency forward contracts at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The foreign currency forward contracts associated with certain international inventory purchases are designated as effective hedging instruments (“cash flow hedges”). As such, the changes in the fair value of the cash flow hedges are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). No amounts were excluded from effectiveness testing.

Net Investment Hedges

The Company has exposure to changes in foreign currency exchange rates related to the value of its investments in foreign subsidiaries denominated in a currency other than the United States dollar. To hedge against a portion of this exposure, the Company uses both non-derivative instruments (the par value of certain of its foreign-denominated debt) and derivative instruments (cross-currency swap contracts), which it designates as net investment hedges.

16The Company designated (i) the par value of its €600.0 million principal amount of 3 1/8% senior notes due 2027 and (ii) the par value of its €525.0 million principal amount of 4 1/8% senior notes due 2029 (collectively, “foreign currency borrowings”), that were issued by PVH Corp., a U.S.-based entity, as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. Please see Note 7, “Debt,” for further discussion of the Company’s foreign currency borrowings.

The Company ~~designated~~records ~~(i)~~ the ~~par~~foreign currency borrowings at carrying value ofin its ~~€600~~Consolidated Balance Sheets.0 ~~million~~The ~~principal~~carrying ~~amount~~value of 3the ~~1/8%~~foreign ~~senior~~currency ~~notes~~borrowings ~~due~~is ~~2027,~~remeasured ~~(ii)~~at ~~until~~the ~~their~~end ~~redemption~~of oneach ~~April~~reporting ~~25,~~period ~~2024,~~to reflect changes in the ~~par~~foreign ~~value~~currency ofexchange ~~its~~spot ~~€525~~rate.0 ~~million~~During ~~principal~~the ~~amount~~period ofin 3which ~~5/8%~~the ~~senior~~foreign ~~notes~~currency ~~due~~borrowings ~~2024,~~are ~~and~~designated ~~(iii)~~ as ofnet ~~April~~investment 25hedges, ~~2024,~~such ~~the~~remeasurement ~~par~~is ~~value~~recorded ofin ~~its~~equity ~~€525.0~~as ~~million~~a ~~principal~~component ~~amount~~ of 4AOCL. ~~1/8%~~The ~~senior~~fair ~~notes~~value ~~due~~and ~~2029~~the ~~(collectively,~~carrying “value of the foreign currency borrowings~~”),~~ ~~all~~designated ofas ~~which~~net investment hedges were ~~issued~~$1,326.0 bymillion ~~PVH~~and ~~Corp~~$1,313.3 million, arespectively, Uas of May 3, 2026, $1,357.S8 million and $1,327.~~-based~~3 ~~entity~~million, respectively, as ~~net~~of ~~investment~~February 1, ~~hedges~~2026 ofand ~~its~~$1,278.7 ~~investments~~million inand ~~certain~~$1,263.8 million, respectively, as of ~~its~~May 4, ~~foreign~~2025. ~~subsidiaries~~The ~~that~~Company ~~use~~evaluates the ~~euro~~effectiveness asof ~~their~~its ~~functional~~non-derivative ~~currency.~~instrument ~~Please~~net ~~see~~investment ~~Note~~hedges 8,at ~~“Debt,”~~inception ~~for~~and ~~further~~each ~~discussion~~quarter ofthereafter. ~~the~~No ~~Company’s~~amounts ~~foreign~~were ~~currency~~excluded ~~borrowings~~from effectiveness testing.

The Company records the foreign currency borrowings at carrying value in its Consolidated Balance Sheets. The carrying value of the foreign currency borrowings is remeasured at the end of each reporting period to reflect changes in the foreign currency exchange spot rate. During the period in which the foreign currency borrowings are designated as net investment hedges, such remeasurement is recorded in equity as a component of AOCL. The fair value and the carrying value of the foreign currency borrowings designated as net investment hedges were $1,326.0 million and $1,291.6 million, respectively, as of November 2, 2025, $1,181.0 million and $1,158.6 million, respectively, as of February 2, 2025 and $1,222.6 million and $1,211.0 million, respectively, as of November 3, 2024. The Company evaluates the effectiveness of its non-derivative instrument net investment hedges at inception and each quarter thereafter. No amounts were excluded from effectiveness testing.

In 2023, the Company entered into multiple fixed-to-fixed cross-currency swap contracts, which, in aggregate, economically converted the Company’s $500.0 million principal amount of 4 5/8% senior notes due July 2025 from a United States dollar-denominated obligation to a euro-denominated obligation of €457.2 million. As part of these swap contracts, the Company received fixed-rate United States dollar-denominated interest at contracted rates and paid fixed-rate euro-denominated interest at a rate of 0%.

In July 2025, the Company completed a transaction to effectively blend and extend the cross-currency swaps maturing in July 2025 with new fixed-to-fixed cross-currency swap contracts maturing in July 2027 and July 2028 with notional amounts of $300.0 million and $200.0 million, respectively. As part of these swap contracts, the Company will receive fixed-rate United States dollar-denominated interest at contracted rates and will pay fixed-rate euro-denominated interest at a rate of 0%.

The Company designates its cross-currency swap contracts as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. The Company records the cross-currency swap contracts at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. Changes in the fair value of the cross-currency swap contracts are recorded in equity as a component of AOCL. The Company evaluates the effectiveness of its derivative instrument net investment hedges at inception and each quarter thereafter. The interest components of the cross-currency swaps are excluded from the assessment of hedge effectiveness and are initially recorded in equity as a component of AOCL. Such amounts are recognized ratably over the term of the cross-currency swap contracts as a credit to interest expense in the Company’s Consolidated Statements of Operations.

Undesignated Contracts

The Company records immediately in earnings changes in the fair value of hedges that are not designated asin ~~effective~~qualifying ~~hedging~~hedge ~~instruments~~relationships (“undesignated contracts”), which primarily include foreign currency forward contracts related to (i) third party ~~and~~transactions; (ii) intercompany transactions,; and (iii) intercompany loans that are not of a long-term investment nature. Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying balances.

The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. The cash flows from the Company’s hedges are presented in the same category in the Company’s Consolidated Statements of Cash Flows as the items being hedged.

As a result of the use of derivative instruments, the Company may be exposed to the risk that counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other financial factors.

The following table summarizes the fair value and presentation of the Company’s derivative financial instruments in its Consolidated Balance Sheets:

	Assets												Liabilities
	11/2/25				2/2/25				11/3/24				11/2/25				2/2/25				11/3/24
	5/3/26				2/1/26				5/4/25				5/3/26				2/1/26				5/4/25
(In millions)	Other Current Assets		Other Assets		Other Current Assets		Other Assets		Other Current Assets		Other Assets		Accrued Expenses		Other Liabilities		Accrued Expenses		Other Liabilities		Accrued Expenses		Other Liabilities
Contracts designated as cash flow and net investment hedges:
Foreign currency forward contracts (inventory purchases)	$	46.87	$	0.31	$	411.05	$	30.61	$	82.0	$	10.12	$	249.57	$	—0.2	$	022.60	$	—0.6	$	122.39	$	0.1.2
Cross-currency swap contracts (net investment hedges)	5.5		—		247.94		—		~~3.8~~—		—		—		2734.97		—		—44.0		—17.4		—
Undesignated contracts:
Foreign currency forward contracts	30.72		—		40.12		—		50.12		—		03.52		—		0.9.1		—		013.72		—
Total	$	1412.04	$	0.31	$	709.01	$	30.61	$	162.92	$	10.12	$	2512.09	$	2734.9	$	131.51	$	—44.6	$	253.05	$	0.1.2

The notional amount outstanding of foreign currency forward contracts was $1,~~305~~264.42 million at ~~November~~May 23, ~~2025~~2026. Such contracts expire principally between ~~November~~May ~~2025~~2026 and ~~December~~June ~~2026~~2027.

1814

The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments:

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)
(In millions)
Thirteen Weeks Ended	115/23/2526		115/34/2425
Foreign currency forward contracts (inventory purchases)	$	910.62	$	6(50.71)
Foreign currency borrowings (net investment hedges)	514.6		8(104.6)
Cross-currency swap contracts (net investment hedges)	39.5		4(40.46)
Total	$	1834.73	$	19(195.73)
Thirty-Nine Weeks Ended	11/2/25		11/3/24
Foreign currency forward contracts (inventory purchases)	$	(51.5)	$	10.6
Foreign currency borrowings (net investment hedges)	(131.4)		(5.1)
Cross-currency swap contracts (net investment hedges)	(45.1)		3.9
Total	$	(228.0)	$	9.4

	Amount of Gain Reclassified from AOCL into Income, Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item
	Amount of (Loss) Gain Reclassified from AOCL into Income, Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item
(In millions)	Amount Reclassified				Location	Total Statements of Operations Amount
Thirteen Weeks Ended	115/23/2526		115/34/2425			115/23/2526		115/34/2425
Foreign currency forward contracts (inventory purchases)	$	6(13.93)	$	5(0.3)	Cost of goods sold	$	~~1,001~~838.59	$	~~938~~821.59
Cross-currency swap contracts (net investment hedges)	2.01		1.78		Interest expense	2322.27		2322.04
Total	$	8(11.92)	$	71.05
Thirty-Nine Weeks Ended	11/2/25		11/3/24			11/2/25		11/3/24
Foreign currency forward contracts (inventory purchases)	$	21.3	$	17.3	Cost of goods sold	$	2,739.8	$	2,520.1
Cross-currency swap contracts (net investment hedges)	5.6		5.2		Interest expense	71.4		69.1
Total	$	26.9	$	22.5

A net loss in AOCL on foreign currency forward contracts at ~~November~~May 23, ~~2025~~2026 of $2910.1 million is estimated to be reclassified in the next 12 months in the Company’s Consolidated Statement of Operations to cost of goods sold as the underlying inventory hedged by such forward contracts is sold. Amounts recognized in AOCL for foreign currency borrowings and the effective portion of the Company’s net investment hedges would be recognized in earnings only upon the sale or substantially complete liquidation of the hedged net investment.

The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Statements of Operations:

(In millions)	Gain (Loss) Recognized in SG&A Expenses
Thirteen Weeks Ended	115/23/2526		115/34/2425
Foreign currency forward contracts (1)	$	2.1.9	$	2(20.50)
Thirty-Nine Weeks Ended	11/2/25		11/3/24
Foreign currency forward contracts (1)	$	(24.1)	$	0.3

(1) Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying balances.

The Company had no derivative financial instruments with credit risk-related contingent features underlying the related contracts as of ~~November~~May 23, ~~2025~~2026.

1110. FAIR VALUE MEASUREMENTS

In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy prioritizes the inputs used to measure fair value as follows:

Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted ~~prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.~~

prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.

Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available.

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:

	11/2/25							2/2/25							11/3/24
	5/3/26							2/1/26							5/4/25
(In millions)	Level 1		Level 2		Level 3	Total		Level 1		Level 2		Level 3	Total		Level 1		Level 2		Level 3	Total
Assets:
Foreign currency forward contracts	N/A		$	87.80	N/A	$	87.80	N/A		$	481.78	N/A	$	481.78	N/A		$	~~14.~~2.4	N/A	$	~~14.~~2.4
Cross-currency swap contracts (net investment hedges)	N/A		5.5		N/A	5.5		N/A		247.94		N/A	247.94		N/A		~~3.8~~—		N/A	~~3.8~~—
Rabbi trust assets	$	2125.32	N/A		N/A	2125.32		$	1421.36	N/A		N/A	1421.36		$	1418.50	N/A		N/A	1418.50
Total Assets	$	2125.32	$	1412.35	N/A	$	3537.67	$	1421.36	$	739.62	N/A	$	8730.98	$	1418.50	$	182.04	N/A	$	3220.54
Liabilities:
Foreign currency forward contracts	N/A		$	2513.01	N/A	$	2513.01	N/A		$	131.57	N/A	$	131.57	N/A		$	237.13	N/A	$	237.13
Cross-currency swap contracts (net investment hedges)	N/A		2734.97		N/A	2734.97		N/A		—44.0		N/A	—44.0		N/A		—17.4		N/A	—17.4
Total Liabilities	N/A		$	5247.98	N/A	$	5247.98	N/A		$	175.57	N/A	$	175.57	N/A		$	254.17	N/A	$	254.17

The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. The fair value of the rabbi trust assets, which consist of investments in mutual funds, is valued at the net asset value of the funds, as determined by the closing price in the active market in which the individual fund is traded.

which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. The fair value of the rabbi trust assets, which consist of investments in mutual funds, is valued at the net asset value of the funds, as determined by the closing price in the active market in which the individual fund is traded.

The Company established a rabbi trust that holds investments related to the Company’s supplemental savings plan. The rabbi trust is considered a variable interest entity and it is consolidated in the Company’s financial statements because the Company is considered the primary beneficiary of the rabbi trust. The rabbi trust assets generally mirror the investment elections made by eligible plan participants and are included as follows in the Company’s Consolidated Balance Sheets:

	11/2/25				2/2/25				11/3/24
	5/3/26				2/1/26				5/4/25
(In millions)	Other Current Assets		Other Assets		Other Current Assets		Other Assets		Other Current Assets		Other Assets
Rabbi trust assets	$	1.69	$	1923.73	$	12.03	$	1319.3	$	1.64	$	1216.96

The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains ~~recognized~~(losses) ~~on the rabbi trust investments during the thirteen and thirty-nine weeks ended November 2, 2025 were $1.5 million and $2.5 million, respectively. Unrealized gains~~ recognized on the rabbi trust investments were immaterial during the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 3, ~~2024~~2026 and May 4, 2025.

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

The Company’s non-financial assets, which primarily consist of goodwill, other intangible assets, property, plant and equipment, and operating lease right-of-use assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their carrying amount. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial assets are assessed for impairment. The Company determines the fair values of these assets based on Level 3 measurements. If the fair value is determined to be lower than the carrying amount, an impairment charge is recorded to write down the asset to its fair value.

(In millions)

Fair Value Measurement Using

Fair Value As Of Impairment Date

Total Impairments

11/2/25

Level 1

Level 2

Level 3

Other intangible assets, net

N/A

137.3

53.5

The following table shows the fair value of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during the thirteen weeks ended May 4, 2025, and the total impairments recorded as a result of the remeasurement process:

Other intangible assets with a carrying amount of $190.8 million were written down to a fair value of $137.3 million during the thirty-nine weeks ended November 2, 2025. In addition, the Company recorded $426.0 million of goodwill impairment charges during the thirty-nine weeks ended November 2, 2025. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion.

(In millions)

Fair Value Measurement Using

Fair Value As Of Impairment Date

Total Impairments

5/4/25

Level 1

Level 2

Level 3

Other intangible assets, net

N/A

137.3

53.5

Other intangible assets with a carrying amount of $190.8 million were written down to a fair value of $137.3 million during the thirteen weeks ended May 4, 2025. In addition, the Company recorded $426.0 million of goodwill impairment charges during the thirteen weeks ended May 4, 2025. Please see Note 5, “Goodwill and Other Intangible Assets,” for further discussion.

The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt were as follows:

11/2/25

2/2/25

11/3/24

5/3/26

2/1/26

5/4/25

(In millions)

Carrying Amount

Fair Value

Carrying Amount

Fair Value

Carrying Amount

Fair Value

Cash and cash equivalents

~~158~~592.25

~~748~~701.05

~~559~~191.60

Short-term borrowings

—

—115.0

Long-term debt (including portion classified as current)

2,~~258~~282.83

2,~~309~~308.12

2,~~090~~304.75

2,~~113~~349.85

2,~~165~~232.3

2,~~176~~247.50

The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts.

2111. STOCK-BASED COMPENSATION

~~measurement~~The Company grants stock-based awards under its Stock Incentive Plan (the “Plan”). ~~The~~Awards ~~carrying~~that ~~amounts~~may ofbe ~~long~~granted under the Plan include, but are not limited to (i) service-~~term~~based ~~debt~~restricted ~~reflect~~stock units (“RSUs”); (ii) contingently issuable performance share units (“PSUs”); and (iii) service-based non-qualified stock options (“stock options”). Please see Note 13, “Stock-Based Compensation,” in the ~~unamortized~~Notes ~~portions~~to Consolidated Financial Statements included in Item 8 of ~~debt~~the ~~issuance~~Company’s ~~costs~~Annual ~~and~~Report on Form 10-K for the ~~original~~fiscal ~~issue~~year ~~discounts~~ended February 1, 2026 for a detailed description of the Company’s stock-based compensation awards, including information relating to vesting terms and service, performance and market conditions, and additional information.

Net income for the thirteen weeks ended May 3, 2026 and May 4, 2025 included $12. ~~STOCK~~0 million and $12.1 million, respectively, of pre-~~BASED~~tax ~~COMPENSATION~~expense related to stock-based compensation, with related recognized income tax benefits of $1.4 million and $1.5 million, respectively.

The Company grants stock-based awards under its Stock Incentive Plan (the “Plan”). Awards that may be granted under the Plan include, but are not limited to (i) service-based restricted stock units (“RSUs”); (ii) contingently issuable performance share units (“PSUs”); and (iii) service-based non-qualified stock options (“stock options”). Please see Note 12, “Stock-Based Compensation,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 2, 2025 for a detailed description of the Company’s stock-based compensation awards, including information relating to vesting terms and service, performance and market conditions, and additional information.

Net income for the thirty-nine weeks ended November 2, 2025 and November 3, 2024 included $37.0 million and $39.1 million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $4.8 million in each year.

RSUs

The fair value of RSUs is equal to the closing price of the Company’s common stock on the date of grant and is expensed over the RSUs’ requisite service periods.

~~RSU activity for the thirty-nine weeks ended November 2, 2025 was as follows:~~17

(In thousands, except per RSU data)	RSUs	Weighted Average Grant Date Fair Value Per RSU
Non-vested at February 2, 2025	1,069	$	93.45
Granted	844	69.24
Vested	412	91.20
Forfeited	139	86.37
Non-vested at November 2, 2025	1,362	$	79.86

RSU activity for the thirteen weeks ended May 3, 2026 was as follows:


	RSUs	Weighted Average Grant Date Fair Value Per RSU
	(in thousands)
Non-vested at February 1, 2026	1,276	$	79.52
Granted	592	80.96
Vested	395	81.67
Forfeited	34	78.62
Non-vested at May 3, 2026	1,439	$	79.54

PSUs

PSU awards ~~granted~~currently tooutstanding ~~employees~~ have a three-year service period. Each award is subject to ~~various~~ performance and~~/or~~ market conditions, with (i) 50% based on the Company’s average return on invested capital (“ROIC”) during a fiscal three-year performance period and (ii) 50% based on the Company’s total shareholder return (“TSR”) relative to a pre-established group of industry peers during a three-year period from the grant date. The final number of shares to be earned, if any, is contingent upon the Company’s achievement of goals for the applicable performance period.

For awards granted in ~~2022~~2023, ~~50% of~~ the ~~award was based on the~~ Company’s ~~total shareholder return (“TSR”) relative to a pre-established group of industry peers during a three-year period from the grant date, for which the Company~~ achieved performance between ~~the~~ target and maximum levels. ~~The~~for ~~other~~the ~~50%~~ROIC portion of the award ~~was~~and ~~based~~between onthreshold ~~the Company’s cumulative earnings before interest~~ and ~~taxes~~target ~~(“EBIT”)~~levels ~~during~~for the ~~fiscal~~TSR ~~three-year~~portion ~~performance~~of ~~period~~the award, ~~for~~resulting ~~which~~in the ~~performance condition was not achieved. The~~ holders of the awards ~~earned~~earning an aggregate of 4282,000 shares.

~~For~~The ~~awards~~Company ~~granted~~records inexpense ~~2023,~~ratably ~~2024,~~over ~~and~~the ~~2025~~three-year service period, ~~50%~~with expense determined as follows: (i) TSR-based portion of the ~~award~~awards is based on the ~~Company’s~~grant ~~TSR~~date ~~relative~~fair tovalue aregardless ~~pre-established group~~ of ~~industry~~whether ~~peers~~the ~~during~~market acondition ~~three-year~~is ~~period~~satisfied ~~from~~because the ~~grant~~awards ~~date~~are subject to market conditions and ~~50%~~(ii) ROIC-based portion of the awards is based on the grant date fair value per share and the Company’s ~~average~~current ~~return~~expectations onof ~~invested~~the ~~capital~~probable ~~(“ROIC”)~~number ~~during~~of ashares ~~fiscal~~that ~~three-year~~will ~~performance~~ultimately ~~period~~be issued.

The ~~Company~~grant ~~records~~date ~~expense~~fair ~~ratably~~value ~~over~~of the ~~three-year~~awards ~~service~~is ~~period,~~established ~~with expense determined~~ as follows: (i) TSR-based portion of the awards isuses ~~based~~a onMonte ~~the~~Carlo ~~grant~~simulation ~~date~~model ~~fair~~and ~~value~~(ii) ~~regardless~~ROIC-based portion of ~~whether~~ the ~~market~~awards ~~condition~~ is ~~satisfied~~based ~~because~~on the ~~awards~~closing ~~are~~price ~~subject~~of tothe ~~market~~Company’s ~~conditions~~common ~~and~~stock ~~(ii)~~reduced ~~EBIT-~~for ~~and~~the ~~ROIC-based~~present ~~portion~~value of ~~the~~any ~~awards~~dividends ~~are~~expected ~~based~~to onbe ~~the~~paid ~~grant~~on ~~date~~such ~~fair~~common ~~value~~stock ~~per~~during ~~share and~~ the ~~Company’s~~three-year ~~current~~service ~~expectations~~period, ofas ~~the~~these ~~probable~~contingently ~~number~~issuable ofPSUs ~~shares~~do ~~that~~not ~~will~~accrue ~~ultimately be issued~~dividends.

The ~~grant~~following ~~date~~summarizes ~~fair value of~~ the ~~awards~~assumptions isused ~~established~~to asestimate ~~follows: (i) TSR-based portion of~~ the ~~awards~~fair ~~uses a Monte Carlo simulation model and (ii) EBIT- and ROIC-based portion of the awards are based on the closing price of the Company’s common stock reduced for the present~~ value of ~~any~~PSUs ~~dividends~~subject ~~expected~~ to bemarket ~~paid~~conditions onthat ~~such~~were ~~common~~granted ~~stock~~ during the ~~three-year~~thirteen ~~service~~weeks ~~period~~ended May 3, as2026 ~~these~~and ~~contingently~~the ~~issuable~~resulting ~~PSUs~~weighted doaverage ~~not~~grant ~~accrue~~date ~~dividends.~~fair value:


	5/3/26
Weighted average risk-free interest rate	3.84		%
Weighted average Company volatility	44.11		%
Expected annual dividends per share	$	0.15
Weighted average grant date fair value per PSU	$	125.02

~~The~~For ~~following~~certain ~~summarizes~~of the ~~assumptions~~awards ~~used~~granted, ~~to estimate~~ the ~~fair~~after-tax ~~value~~portion of ~~PSUs~~the award is subject to ~~market~~a ~~conditions~~holding ~~that~~period ~~were~~of ~~granted~~one ~~during~~year after the ~~thirty-nine~~vesting ~~weeks~~date. ~~ended~~For ~~November 2~~these awards, ~~2025~~the ~~and~~grant date fair value was discounted 4.90% for the ~~resulting~~restriction ~~weighted~~of ~~average~~liquidity, ~~grant~~which ~~date~~was ~~fair~~calculated ~~value:~~using the Finnerty model.

	11/2/25
Weighted average risk-free interest rate	3.81		%
Weighted average Company volatility	47.02		%
Expected annual dividends per share	$	0.15
Weighted average grant date fair value per PSU	$	102.81

~~For~~Total ~~certain~~PSU ofactivity ~~the~~for ~~awards granted,~~ the ~~after-tax~~thirteen ~~portion~~weeks ofended ~~the award is subject to a holding period of one year after the vesting date. For these awards~~May 3, ~~the~~2026 ~~grant date fair value~~ was ~~discounted~~as ~~4.50% for the restriction of liquidity, which was calculated using the Finnerty model.~~ follows:

Total PSU activity for the thirty-nine weeks ended November 2, 2025 was as follows:


	PSUs	Weighted Average Grant Date Fair Value Per PSU
	(in thousands)
Non-vested at February 1, 2026	334	$	98.86
Granted	137	101.74
Increase due to market conditions achieved above target	1	79.49
Reduction due to performance conditions achieved below target	11	118.96

Vested	82	96.26
Forfeited	4	94.15
Non-vested at May 3, 2026	375	$	99.88

(In thousands, except per PSU data)	PSUs	Weighted Average Grant Date Fair Value Per PSU
Non-vested at February 2, 2025	266	$	110.64
Granted	192	85.12
Increase due to market conditions achieved above target	9	102.88
Vested	42	102.88
Forfeited	14	117.79
Non-vested at November 2, 2025	411	$	99.13

Stock Options

The Company estimates the fair value of stock options at the date of grant using the Black-Scholes-Merton model. The estimated fair value of the stock options granted is expensed over the stock options’ requisite service periods. There were no stock options granted during the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026.

Stock option activity for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 was as follows:

(In thousands, except per stock option data)	Stock Options	Weighted Average Exercise Price Per Stock Option
	Stock Options	Weighted Average Exercise Price Per Stock Option
Outstanding at February 2, 2025	504	$	92.31
	(in thousands)
Outstanding at February 1, 2026	411	$	93.27
Granted	—	—
Exercised	20—	~~68.84~~—
Forfeited / Expired	4727	9379.5818
Outstanding at November 2, 2025	437	$	93.23
Outstanding at May 3, 2026	384	$	94.26

2319

1312. ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the changes in AOCL, net of related taxes, by component for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025:

(In millions)	Foreign currency translation adjustments			Net unrealized and realized ~~gain~~ (loss) gain on effective cash flow hedges		Total
Balance, February 2, 2025	$	(890.8)		$	34.0	$	(856.8)
Balance, February 1, 2026	$	(662.5)		$	(26.3)	$	(688.8)
Other comprehensive income (loss) before reclassifications	~~161~~4.29		(1)~~(2)~~	~~(38~~7.2)6		~~123~~12.05
Less: Amounts reclassified from AOCL	41.26			15(9.89)		20(8.03)
Other comprehensive income (loss)	157.0			(54.0)		103.0
Other comprehensive income	3.3			17.5		20.8
Balance, November 2, 2025	$	(733.8)		$	(20.0)	$	(753.8)
Balance, May 3, 2026	$	(659.2)		$	(8.8)	$	(668.0)

(In millions)	Foreign currency translation adjustments			Net unrealized and realized gain (loss) on effective cash flow hedges		Total
Balance, February 4, 2024	$	(768.7)		$	15.1	$	(753.6)
Balance, February 2, 2025	$	(890.8)		$	34.0	$	(856.8)
Other comprehensive (loss) income before reclassifications	(25.5)		(1)(3)	7.9		(17.6)
Other comprehensive income (loss) before reclassifications	124.6		(1)(2)	(37.1)		87.5
Less: Amounts reclassified from AOCL	31.93			12(0.52)		161.41
Other comprehensive loss	(29.4)			(4.6)		(34.0)
Other comprehensive income (loss)	123.3			(36.9)		86.4
Balance, November 3, 2024	$	(798.1)		$	10.5	$	(787.6)
Balance, May 4, 2025	$	(767.5)		$	(2.9)	$	(770.4)

(1) Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $~~132~~18.52 million and $0(109.90) million during the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively.

(2) Favorable foreign currency translation adjustments were principally driven by a weakening of the United States dollar against the euro.

~~(3) Unfavorable~~The ~~foreign~~following ~~currency~~table ~~translation~~presents ~~adjustments~~reclassifications ~~were~~from ~~principally~~AOCL ~~driven~~to byearnings afor ~~strengthening of~~ the ~~United~~thirteen ~~States~~weeks ~~dollar~~ended ~~against~~May 3, ~~the~~2026 ~~Mexican peso~~ and ~~the~~May 4, ~~Brazilian real.~~2025:


	Amount Reclassified from AOCL				Affected Line Item in the Company’s Consolidated Statements of Operations
	Thirteen Weeks Ended
(In millions)	5/3/26		5/4/25
Realized loss on effective cash flow hedges:
Foreign currency forward contracts (inventory purchases)	$	(13.3)	$	(0.3)		Cost of goods sold


Less: Tax effect	(3.4)		(0.1)			Income tax expense (benefit)
Total, net of tax	$	(9.9)	$	(0.2)

Foreign currency translation adjustments:
Cross-currency swap contracts (net investment hedges)	$	2.1	$	1.8		Interest expense
Less: Tax effect	0.5		0.5			Income tax expense (benefit)
Total, net of tax	$	1.6	$	1.3

~~The following table presents reclassifications from AOCL to earnings for the thirteen and thirty-nine weeks ended November 2, 2025 and November 3, 2024:~~20

	Amount Reclassified from AOCL								Affected Line Item in the Company’s Consolidated Statements of Operations
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(In millions)	11/2/25		11/3/24		11/2/25		11/3/24
Realized gain on effective cash flow hedges:
Foreign currency forward contracts (inventory purchases)	$	6.9	$	5.3	$	21.3	$	17.3	Cost of goods sold
Less: Tax effect	1.8		1.5		5.5		4.8		Income tax expense (benefit)
Total, net of tax	$	5.1	$	3.8	$	15.8	$	12.5
Foreign currency translation adjustments:
Cross-currency swap contracts (net investment hedges)	$	2.0	$	1.7	$	5.6	$	5.2	Interest expense
Less: Tax effect	0.5		0.4		1.4		1.3		Income tax expense (benefit)
Total, net of tax	$	1.5	$	1.3	$	4.2	$	3.9

13. STOCKHOLDERS’ EQUITY

14. STOCKHOLDERS’ EQUITY

The Company’s Board of Directors has authorized over time beginning in 2015 an aggregate $5.0 billion stock repurchase program through July 30, 2028. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend or terminate the program at any time, without prior notice. The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022.

On April 1, 2025, the Company entered into accelerated share repurchase (“ASR”) agreements with financial institutions to repurchase an aggregate of $500.0 million of the Company’s shares of common stock under the Company’s existing $5.0 billion stock repurchase authorization. The Company paid $500.0 million to the financial institutions and received initial deliveries of an aggregate of approximately 4.6 million shares of the Company’s common stock at a price of $76.43 per share, the closing share price of the Company’s common stock on April 1, 2025. The value of the initial shares delivered represented approximately 70% of the aggregate purchase price. The ASR agreements were funded with cash on hand and $115.0 million of short-term borrowings. During the third quarter of 2025, the ASR agreements were settled, and the Company received an aggregate of approximately 2.3 million of additional shares of the Company’s common stock. The total number of shares purchased by the Company under the ASR agreements was approximately 6.9 million shares at a price paid per share of $72.44, which was based on the daily volume-weighted average price of the Company’s common stock over the term of the ASR agreements, less a discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR agreements. The ASR agreements were accounted for as a share purchase transaction and forward stock purchase agreement indexed to the Company’s common stock.

During the ~~thirty-nine~~thirteen weeks ended ~~November~~May 24, 2025, the Company additionally purchased 0.8 million shares (all prior to the execution of the ASR agreements) ~~and during the thirty-nine weeks ended November 3, 2024, the Company purchased 2.4 million shares~~ of its common stock under the program in open market transactions for $60.8 million ~~and $254~~.2 ~~million, respectively.~~ Excise taxes of $54.90 million ~~and $2.2 million~~ were excluded from the share repurchases for ~~these~~the ~~periods~~thirteen weeks ended May 4, 2025, including in respect of the initial deliveries of the shares repurchased under the ASR agreements. The Company did not purchase any of its common stock under the program during the thirteen weeks ended May 3, 2026. As of ~~November~~May 23, ~~2025~~2026, the repurchased shares were held as treasury stock and $1.212 billion of the authorization remained available for future share repurchases, excluding excise taxes, as the excise taxes do not reduce the authorized amount remaining.

Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs and PSUs to satisfy tax withholding requirements.

1514. EXIT ACTIVITY COSTS

Growth Driver 5 Actions

In line with the fifth growth driver of the PVH+ Plan – drive efficiencies and invest in growth – the Company embarked on a multiyear initiative beginning in ~~the second quarter of~~ 2024 to simplify its operating model by centralizing certain processes and improving systems and automation to drive more efficient and cost-effective ways of working across the organization, through four main pillars: (i) delivering a single global technology stack, (ii) redesigning the Company’s global distribution network, (iii) reengineering the operating model in Europe, and (iv) streamlining and optimizing the Company’s support functions globally (referred to as “Growth Driver 5 Actions”).

~~The~~In ~~Company~~connection ~~expects~~with tothis ~~generate~~initiative, ~~annual~~the ~~cost~~Company ~~savings~~recorded ofpre-tax ~~approximately $200 million to $300 million,~~ net ofcosts ~~continued~~as ~~strategic~~shown ~~investments~~in bythe ~~2026,~~following ~~with~~table. While the actions to support this initiative were largely completed by the end of 2025., Inthere ~~connection~~have ~~with~~been ~~this~~certain ~~initiative,~~actions taken and additional actions that the Company ~~recorded~~plans ~~pre-tax~~to ~~net~~take ~~costs~~under ~~during~~this ~~2024~~initiative, ~~and~~on ~~2025~~a aslimited ~~shown~~basis, induring 2026. Such actions include the ~~following~~sale ~~table.~~of ~~The~~the Company’s ~~expects~~owned towarehouse ~~incur~~and ~~additional~~distribution ~~pre-tax~~center ~~costs~~located in ~~connection~~Jonesville, ~~with~~NC, ~~this~~as ~~initiative~~further discussed in Note 4, ~~however~~“Assets ~~the~~Held ~~additional~~for ~~costs~~Sale.” The net impact of these remaining actions cannot be quantified at this time.

(In millions)	Costs Incurred During the Thirteen Weeks Ended 11/3/24		Costs Incurred During the Thirty-Nine Weeks Ended 11/3/24		Costs Incurred During the Thirteen Weeks Ended 11/2/25		Costs Incurred During the Thirty-Nine Weeks Ended 11/2/25		Cumulative Net Costs Incurred
Severance, termination benefits and other employee costs	$	12.2	$	27.5	$	19.2	$	75.1	$	108.6
Accelerated depreciation (1)	—		—		2.3		4.6		4.6
Gain on sale of warehouse and distribution center (2)	(9.5)		(9.5)		—		—		(9.5)
Total	$	2.7	$	18.0	$	21.5	$	79.7	$	103.7

(1) The Company recorded accelerated depreciation expense during 2025, which was primarily related to legacy technology assets that will be decommissioned as the Company moves to a single global technology stack.


(In millions)	Costs Incurred During the Thirteen Weeks Ended 5/4/25		Costs Incurred During the Thirteen Weeks Ended 5/3/26		Cumulative Net Costs Incurred
Severance, termination benefits and other employee costs	$	13.2	$	5.7	$	119.3
Accelerated depreciation (1)	—		1.2		7.8
Long-lived asset impairments and disposals (1)	—		—		6.4
Gain on sale of warehouse and distribution center (2)	—		—		(9.5)
Total	$	13.2	$	6.9	$	124.0

(1) The Company recorded accelerated depreciation expense and long-lived asset impairments and disposals, which were primarily related to legacy technology assets that will be or have been decommissioned as the Company moves to a single global technology stack.

(2) The Company sold a warehouse and distribution center during the third quarter of 2024, resulting in a pre-tax gain of $9.5 million that was recorded during the third quarter of 2024. Such amount represents the consideration received, less costs to sell. The warehouse and distribution center assets had no remaining carrying value at the time of the sale.

The severance, termination benefits and other employee costs, ~~and~~ accelerated depreciation expense and long-lived asset impairments and disposals were recorded in SG&A expenses and the gain on the sale of warehouse and distribution center was included in other gain in the Company’s Consolidated Statements of Operations for the respective periods. These pre-tax net costs are included in restructuring and other items for segment data reporting purposes.

The liabilities related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets and were as follows:

(In millions)			Liability at 2/21/2526						Costs Incurred During the ~~Thirty-Nine~~Thirteen Weeks Ended 115/23/2526						Costs Paid During the ~~Thirty-Nine~~Thirteen Weeks Ended 115/23/2526						Liability at 115/23/2526
Severance, termination benefits and other employee costs			$	2230.64					$	755.17					$	5213.28					$	4522.53

2615. NET INCOME (LOSS) PER COMMON SHARE

The Company computed its basic and diluted net income (loss) per common share as follows:

16. NET INCOME PER COMMON SHARE


	Thirteen Weeks Ended
(In millions, except per share data)	5/3/26		5/4/25

Net income (loss)	$	88.0	$	(44.8)

Weighted average common shares outstanding for basic net income (loss) per common share	45.9		51.1
Weighted average impact of dilutive securities	0.5		—

Total shares for diluted net income (loss) per common share	46.4		51.1

Basic net income (loss) per common share	$	1.92	$	(0.88)

Diluted net income (loss) per common share	$	1.90	$	(0.88)

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(In millions, except per share data)	11/2/25		11/3/24		11/2/25		11/3/24
Net income	$	4.2	$	131.9	$	183.6	$	441.3
Weighted average common shares outstanding for basic net income per common share	47.3		55.8		48.8		56.4
Weighted average impact of dilutive securities	0.6		0.5		0.5		0.7
Total shares for diluted net income per common share	47.9		56.3		49.3		57.1
Basic net income per common share	$	0.09	$	2.37	$	3.76	$	7.83
Diluted net income per common share	$	0.09	$	2.34	$	3.72	$	7.74

Potentially dilutive securities excluded from the calculation of diluted net income (loss) per common share as the effect would be anti-dilutive were as follows:

Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:

Thirteen Weeks Ended

(In millions)

5/3/26

5/4/25

Weighted average potentially dilutive securities

0.8

2.1

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

(In millions)

11/2/25

11/3/24

11/2/25

11/3/24

Weighted average potentially dilutive securities

0.7

0.6

0.9

0.4

~~Shares~~Diluted ~~underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted~~ net ~~income~~loss per common share for ~~that period. The Company had contingently issuable PSU awards outstanding that did not meet~~ the ~~performance~~thirteen ~~conditions~~weeks asended ~~of November~~May 24, 2025 ~~and November 3, 2024 and, therefore, were~~ excluded ~~from~~all ~~the calculation of diluted net income per common share for each applicable period. The maximum number of~~ potentially dilutive ~~shares~~securities ~~that~~because ~~could~~there bewas ~~issued~~a ~~upon~~net ~~vesting~~loss for ~~such~~the ~~awards~~period ~~was 0.5 million~~ and, ~~0.4 million~~ as ~~of November 2~~such, ~~2025 and November 3, 2024, respectively. These amounts were also excluded from~~ the ~~computation~~inclusion of ~~weighted~~these ~~average potentially dilutive~~ securities inwould ~~the~~have ~~table~~been ~~above~~anti-dilutive.

17Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income (loss) per common share for that period. ~~SEGMENT~~ ~~DATA~~The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as of May 3, 2026 and, therefore, were excluded from the calculation of diluted net income (loss) per common share for the thirteen weeks ended May 3, 2026. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 0.5 million and 0.4 million as of May 3, 2026 and May 4, 2025, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above.

~~Effective February 3, 2025, the first day of 2025, the Company changed its reportable segments to be region-focused to align with changes in its business and organizational structure~~16. SEGMENT ~~These~~DATA changes included the reorganization of the executive leadership structure directly reporting to the Company’s Chief Executive Officer, who is the CODM. The Company’s new organizational structure provides for the pairing of the Company’s global brands with commercial execution in geographic regions, underpinned by a demand- and data-driven operating model, making steady progress against the PVH+ Plan, the Company’s multiyear, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH the leading brand building group in its sector. The Company’s new reportable segments are: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. The new reportable segments reflect the way the Company is currently being managed and for which separate financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance. In the tables below, the Company has recast historical segment reporting to reflect the new organizational structure.

The ~~EMEA,~~Company’s ~~Americas,~~reportable ~~and APAC~~ segments ~~derive~~reflect ~~revenue~~the ~~principally~~way ~~from~~ the ~~sale~~Company ofis ~~TOMMY~~currently ~~HILFIGER~~being ~~and~~managed ~~Calvin Klein branded apparel, accessories~~ and ~~related~~for ~~products.~~which ~~These~~separate ~~segments~~financial ~~encompass~~information ~~the~~is ~~marketing~~available ~~of these products at wholesale primarily to department~~ and ~~specialty~~evaluated ~~stores,~~regularly ~~and digital commerce sites operated~~ by ~~department~~the ~~store~~Company’s ~~customers~~Chief ~~and~~Executive ~~pure play digital commerce retailers~~Officer, aswho ~~well~~is asthe ~~through~~chief ~~distributors~~operating ~~and~~decision ~~franchisees~~maker (~~primarily for EMEA and APAC~~“CODM”), ~~and,~~in ~~for~~deciding ~~Americas,~~how ~~also~~ to ~~warehouse~~allocate ~~clubs~~resources and ~~off-price~~assess ~~retailers~~performance. ~~Within~~The ~~these segments the~~ Company’s ~~also~~reportable ~~operates~~segments ~~retail~~are: ~~stores~~ (~~which,~~i) ~~for Americas~~Europe, ~~are~~the ~~primarily~~Middle ~~located~~East inand ~~premium~~Africa ~~outlet centers~~(“EMEA”), ~~concession~~(ii) ~~locations~~Americas, (~~for~~iii) ~~EMEA~~Asia-Pacific ~~and~~ (“APAC”), and ~~digital~~(iv) ~~commerce sites, which sell these products~~Licensing. ~~These segments also include the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliates that operate in such regions.~~

The EMEA, Americas, and APAC segments derive revenue principally from the sale of TOMMY HILFIGER and Calvin Klein branded apparel, accessories and related products. These segments encompass the marketing of these products at wholesale primarily to department and specialty stores (including their digital commerce operations), pure play digital commerce retailers, distributors and franchisees (primarily for EMEA and APAC), and warehouse clubs and off-price retailers (primarily for Americas). Within these segments the Company also operates retail stores (which, for Americas, are primarily located in premium outlet centers and, to a lesser extent, in full price and other channels), concession locations (for EMEA and APAC), and digital commerce sites, which sell these products. These segments also include the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliates that operate in such regions.

The Company derives revenue in the Licensing segment principally from licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER and Calvin Klein brand names for a broad range of product categories, as well as for certain territories.

The CODM uses segment income (loss) before interest and taxes as the profit measure to evaluate segment performance and allocate resources to the segments. The CODM considers variances of actual and forecasted performance to prior year when making decisions.

Segment Data

The Company’s revenue, significant expenses, and income before interest and taxes by segment, which include the impact of changes in foreign currency exchanges rates, were as follows:

	Thirteen Weeks Ended
	11/2/2025
	5/3/2026
(In millions)	EMEA		Americas		APAC		Licensing		Total
Revenue	$	~~1,113~~946.91	$	~~682~~602.89	$	~~391~~387.90	$	~~105~~89.71	$	2,~~294~~025.31
Cost of goods sold (1)	(~~486~~396.62)		(~~394~~337.71)		(~~120~~105.26)		—		(~~1,001~~838.59)
Marketing expenses (excluding an additional $50.2 included in Corporate and other) (1)	(35.1)		(32.1)		(23.3)		—		(90.5)		(2)
Marketing expenses (excluding an additional $43.0 included in Corporate and other) (1)	(35.5)		(21.2)		(15.3)		—		(72.0)		(2)
Other segment items (3)	(~~381~~362.10)		(~~210~~193.7)		(~~174~~176.87)		(1814.32)		(~~784~~746.96)
Segment income before interest and taxes	$	~~211~~152.14	$	4550.39	$	7389.64	$	8774.49	$	~~417~~367.46
Corporate and other (including $50.2 of marketing expenses) (4)									(215.1)		(2)
Corporate and other (including $43.0 of marketing expenses) (4)									(236.4)		(2)
Restructuring and other items (5)									(216.59)
Income before interest and taxes									$	~~180~~124.83

	Thirteen Weeks Ended
	11/3/2024
(In millions)	EMEA		Americas		APAC		Licensing		Total
Revenue	$	1,072.7	$	666.3	$	397.7	$	118.4	$	2,255.1
Cost of goods sold (1)	(469.0)		(345.5)		(124.0)		—		(938.5)
Marketing expenses (excluding an additional $47.6 included in Corporate and other) (1)	(34.8)		(28.5)		(22.4)		—		(85.7)		(2)
Other segment items (3)	(369.0)		(204.1)		(179.5)		(23.3)		(775.9)
Segment income before interest and taxes	$	199.9	$	88.2	$	71.8	$	95.1	$	455.0
Corporate and other (including $47.6 of marketing expenses) (4)									(218.5)		(2)
Restructuring and other items (6)									(53.4)
Income before interest and taxes									$	183.1


	Thirteen Weeks Ended
	5/4/2025
(In millions)	EMEA		Americas		APAC		Licensing		Total
Revenue	$	927.7	$	608.4	$	351.7	$	95.8	$	1,983.6
Cost of goods sold (1)	(391.5)		(328.8)		(101.6)		—		(821.9)
Marketing expenses (excluding an additional $37.8 included in Corporate and other) (1)	(28.3)		(23.4)		(9.4)		—		(61.1)		(2)
Other segment items (3)	(358.5)		(195.4)		(161.7)		(15.1)		(730.7)
Segment income before interest and taxes	$	149.4	$	60.8	$	79.0	$	80.7	$	369.9
Corporate and other (including $37.8 of marketing expenses) (4)									(209.4)		(2)
Restructuring and other items (6)									(492.7)
Income before interest and taxes									$	(332.2)

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) In addition to the marketing expenses incurred by the Company’s reportable segments, there was $5043.20 million and $4737.68 million of global brand marketing expense, including marketing expenses benefiting the Company’s licensees, recorded in Corporate and other for the thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively. Total marketing expenses incurred by the Company for the thirteen weeks ended ~~November~~May 23, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025 were $~~140~~115.70 million and $~~133~~98.39 million, respectively.

(3) Other segment items include (i) all other segment SG&A expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, and other costs, and (ii) equity in net income of unconsolidated affiliates.

corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and (iii) intangible asset amortization.

(5) Restructuring and other items for the thirteen weeks ended November 2, 2025 related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs,” consisting principally of severance.

(6) Restructuring and other items for the thirteen weeks ended November 3, 2024 included (i) costs of $50.7 million incurred in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payment obligations (the “Mr. Hilfiger amendment”) and (ii) net costs of $2.7 million incurred related to the Growth Driver 5 Actions described in Note 15, “Exit Activity Costs,” consisting principally of severance and a gain in connection with the sale of a warehouse and distribution center.

	Thirty-Nine Weeks Ended
	11/2/2025
(In millions)	EMEA		Americas		APAC		Licensing		Total
Revenue	$	3,090.1	$	1,975.2	$	1,078.8	$	301.0	$	6,445.1
Cost of goods sold (1)	(1,323.4)		(1,101.7)		(314.7)		—		(2,739.8)
Marketing expenses (excluding an additional $130.3 included in Corporate and other) (1)	(94.6)		(77.6)		(49.7)		—		(221.9)		(2)
Other segment items (3)	(1,133.1)		(616.3)		(510.5)		(48.1)		(2,308.0)
Segment income before interest and taxes	$	539.0	$	179.6	$	203.9	$	252.9	$	1,175.4
Corporate and other (including $130.3 of marketing expenses) (4)									(634.4)		(2)
Restructuring and other items (5)									(559.2)
Loss before interest and taxes									$	(18.2)

	Thirty-Nine Weeks Ended
	11/3/2024
(In millions)	EMEA		Americas		APAC		Licensing		Total
Revenue	$	2,969.8	$	1,853.0	$	1,140.0	$	318.5	$	6,281.3
Cost of goods sold (1)	(1,244.8)		(941.0)		(334.3)		—		(2,520.1)
Marketing expenses (excluding an additional $131.3 included in Corporate and other) (1)	(95.3)		(76.0)		(51.6)		—		(222.9)		(2)
Other segment items (3)	(1,099.3)		(601.0)		(519.0)		(57.9)		(2,277.2)
Segment income before interest and taxes	$	530.4	$	235.0	$	235.1	$	260.6	$	1,261.1
Corporate and other (including $131.3 of marketing expenses) (4)									(640.3)		(2)
Restructuring and other items (6)									(58.7)
Income before interest and taxes									$	562.1

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) In addition to the marketing expenses incurred by the Company’s reportable segments, there was $130.3 million and $131.3 million of global brand marketing expense, including marketing expenses benefiting the Company’s licensees, recorded in Corporate and other for the thirty-nine weeks ended November 2, 2025 and November 3, 2024, respectively. Total marketing expenses incurred by the Company for the thirty-nine weeks ended November 2, 2025 and November 3, 2024 were $352.2 million and $354.2 million, respectively.

(4) Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and (iii) intangible asset amortization.

(5) Restructuring and other items for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026 ~~included (i) noncash impairment charges of $479.5 million~~ related to ~~goodwill and other intangible assets discussed further in Note 6, “Goodwill and Other Intangible Assets” and (ii) costs of $79.7 million incurred related to~~ the Growth Driver 5 Actions described in Note 1514, “Exit Activity Costs,” consisting principally of severance.

(6) Restructuring and other items for the ~~thirty-nine~~thirteen weeks ended ~~November~~May 34, ~~2024~~2025 included (i) ~~costs~~noncash impairment charges of $50479.75 million ~~incurred~~related to goodwill and other intangible assets discussed further in ~~connection~~Note ~~with~~5, ~~the~~“Goodwill ~~Mr.~~and ~~Hilfiger~~Other ~~amendment~~Intangible Assets,” and (ii) ~~net~~ costs of $1813.02 million incurred related to the Growth Driver 5 Actions described in Note 1514, “Exit Activity Costs,” consisting principally of severance ~~and a gain in connection with the sale of a warehouse and distribution center and (iii) a gain of $10~~.~~0 million in connection with the Heritage Brands intimates transaction discussed further in Note 5, “Divestitures.”~~

Additional reportable segment information for the Company is as follows:

	Thirteen Weeks Ended					~~Thirty-Nine Weeks Ended~~
(In millions)	115/23/2526			115/34/2425		~~11/2/25~~			~~11/3/24~~
Depreciation and Amortization
EMEA	$	3328.08		$	3031.50	$	~~95.9~~		$	~~92.2~~
Americas	9.25			109.27		~~28.1~~			~~32.2~~
APAC	10.20			1110.64		~~31.1~~			~~33.6~~
Corporate and other	1413.71			1716.46		~~46.1~~			~~53.6~~
Restructuring and other items	21.32		(1)	—		~~4.6~~		~~(1)~~	—
Total	$	6962.46		$	6967.7	$	~~205.8~~		$	~~211.6~~

(1) Restructuring and other items for the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 23, ~~2025~~2026 included accelerated depreciation related to the Growth Driver 5 Actions described in Note 1514, “Exit Activity Costs.”

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(In millions)	11/2/25		11/3/24		11/2/25		11/3/24
Equity in net income of unconsolidated affiliates
Americas	$	7.7	$	9.1	$	26.2	$	28.8
APAC	2.3		1.5		6.5		5.9
Total	$	10.0	$	10.6	$	32.7	$	34.7

(In millions)	11/2/25		2/2/25		11/3/24
	Thirteen Weeks Ended
Inventories, net (1)
(In millions)	5/3/26		5/4/25
EMEA	$	867.5	$	783.7	$	827.5
Equity in net income of unconsolidated affiliates
Americas	~~537.0~~$	11.1	~~475.1~~$	8.4	~~519.6~~
APAC	~~259~~2.52		~~249~~2.91		~~261.1~~
Total inventories, net	$	1,664.0	$	1,508.7	$	1,608.2
Total	$	13.3	$	10.5
All other assets	9,757.2		9,524.5		9,633.1
Total assets	$	11,421.2	$	11,033.2	$	11,241.3



(In millions)	5/3/26		2/1/26		5/4/25
Inventories, net (1)
EMEA	$	789.3	$	826.4	$	837.3
Americas	494.8		492.7		518.4
APAC	226.1		264.4		240.3


Total inventories, net	$	1,510.2	$	1,583.5	$	1,596.0
All other assets	9,831.4		10,097.5		9,076.4
Total assets	$	11,341.6	$	11,681.0	$	10,672.4

(1)Inventories, net includes the impact of changes in foreign currency exchange rates.

30Intersegment transactions, which primarily consist of transfers of inventory, were not material.

Revenue by Brand

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
(In millions)	11/2/25		(1)	11/3/24		(1)	11/2/25		(1)	11/3/24		(1)
Tommy Hilfiger	$	1,217.7		$	1,200.9		$	3,401.7		$	3,307.6
Calvin Klein	1,018.2			993.9			2,884.3			2,811.0
Heritage Brands	58.4			60.3			159.1			162.7
Total	$	2,294.3		$	2,255.1		$	6,445.1		$	6,281.3

The Company’s revenue by brand was as follows:


	Thirteen Weeks Ended
(In millions)	5/3/26		(1)	5/4/25		(1)
Tommy Hilfiger	$	1,077.3		$	1,048.1
Calvin Klein	895.2			886.1
Heritage Brands	52.6			49.4
Total	$	2,025.1		$	1,983.6

(1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.

Revenue by Distribution Channel

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
(In millions)	11/2/25		(1)	11/3/24		(1)	11/2/25		(1)	11/3/24		(1)
Wholesale revenue	$	1,257.6		$	1,208.8		$	3,342.0		$	3,171.9
Owned and operated retail stores	760.7			760.0			2,291.7			2,293.9
Owned and operated digital commerce sites	170.3			167.9			510.4			497.0
Retail revenue	931.0			927.9			2,802.1			2,790.9
Licensing revenue	105.7			118.4			301.0			318.5
Total	$	2,294.3		$	2,255.1		$	6,445.1		$	6,281.3

The Company’s revenue by distribution channel was as follows:


	Thirteen Weeks Ended
(In millions)	5/3/26		(1)	5/4/25		(1)
Wholesale revenue	$	1,067.0		$	1,071.3

Owned and operated retail stores	698.9			663.0
Owned and operated digital commerce sites	170.1			153.5
Retail revenue	869.0			816.5

Licensing revenue	89.1			95.8
Total	$	2,025.1		$	1,983.6

(1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.

~~Intersegment transactions, which primarily consist of transfers of inventory, were not material.~~25

1817. RECENT ACCOUNTING GUIDANCE

~~Accounting~~Recently ~~Guidance Issued But Not~~ Adopted asAccounting ~~of November 2, 2025~~Guidance

The Financial Accounting Standards Board ~~(“FASB”)~~ issued in ~~December~~July ~~2023~~2025 ASU ~~2023~~2025-0905, ~~Income~~Financial ~~Taxes~~Instruments—Credit Losses (Topic ~~740~~326): ~~Improvements~~Measurement toof ~~Income~~Credit ~~Tax~~Losses ~~Disclosures~~for Accounts Receivable and Contract Assets. The guidance isprovides ~~intended~~a topractical ~~improve~~expedient ~~the~~that ~~transparency~~can ofbe ~~income~~elected ~~tax~~to ~~disclosures~~be byapplied ~~requiring~~to ~~(i)~~accounts ~~consistent~~receivable ~~categories~~ and ~~greater~~contract ~~disaggregation~~assets, ofwhich ~~information~~allows inentities ~~the~~to ~~rate~~assume ~~reconciliation~~that ~~and~~current ~~(ii)~~conditions ~~income~~as ~~taxes~~of ~~paid~~the ~~disaggregated~~balance bysheet ~~jurisdiction.~~date Itdo ~~also~~not ~~includes~~change ~~certain~~for ~~other~~the ~~amendments~~remaining tolife ~~improve~~of the ~~effectiveness~~assets ofwhen ~~income~~estimating ~~tax~~expected ~~disclosures~~credit losses for such assets. The Company ~~will~~adopted ~~adopt~~the ~~this~~guidance ~~standard~~prospectively onand aelected ~~prospective~~the ~~basis~~practical expedient beginning with its ~~2025~~first ~~annual~~quarter 2026 consolidated financial statements. ~~Other~~The ~~than~~adoption ~~the~~of ~~incremental disclosures,~~ the ~~adoption~~update ~~will~~did not have ~~any~~a material impact on the Company’s consolidated financial statements.

~~The FASB issued in July 2025 ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets~~18. OTHER The guidance provides a practical expedient that can be elected to be applied to accounts receivable and contract assets, which would allow entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets when estimating expected credit losses for such assets. Entities are required to apply the guidance on a prospective basis. The update will be effective for the Company beginning with its first quarter 2026 consolidated financial statements, with early adoption permitted. The Company is currently evaluating the update to determine the impact the adoption will have on its consolidated financial statements.COMMENTS

The FASB issued in September 2025 ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The guidance removes references to prescriptive and sequential development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. Entities may apply the guidance using a

prospective, retrospective or modified transition approach. The update will be effective for the Company beginning with its first quarter 2028 consolidated financial statements, with early adoption permitted. The Company is currently evaluating the update to determine the impact the adoption will have on its consolidated financial statements.

19. OTHER COMMENTS

Investigation by China’s Ministry of Commerce

In September 2024, China’s Ministry of Commerce (“MOFCOM”) announced that it had initiated an investigation into the Company’s business under the Provisions of the List of Unreliable Entities (“UEL Provisions”) upon the suspicion that the Company (i) suspended normal transactions with Chinese entities or individuals, (ii) adopted discriminatory measures against products produced in or made from raw materials or component parts from China’s Xinjiang Uyghur Autonomous Region, and (iii) violated normal market trading principles. In October 2024, the Company submitted a written response to MOFCOM and, in December 2024, the Company submitted a supplemental response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February 2025, it announced its determination and placed PVH Corp. on the List of Unreliable Entities. The Company does not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. According to the UEL Provisions, potential measures could include monetary fines, restrictions or prohibitions on engaging in import and export activities related to China or making investments in China, entry denial of the Company’s relevant personnel into China, restrictions or revocation of work permits, stay or residence status of the Company’s relevant personnel in China, or other measures. No measures have been imposed on the Company at this time. The practical impact of any such restrictions or prohibitions could include the Company’s inability to produce goods in China for sale elsewhere, the Company’s inability to sell goods on a wholesale or retail basis in China, or the Company’s inability to make investments in China.

The Company cannot currently predict the duration or impact of any measures that may ultimately be imposed. The imposition and enforcement of measures against the Company could have a material adverse effect on its revenue and results of operations. Furthermore, if, as a result of any such measures, it is necessary for the Company to cease certain or all operations in China, it may result in charges related to excess inventory and difficulty collecting trade receivables, among other things. The Company may also incur material non-cash impairment charges if it is unable to recover the carrying value of its indefinite-lived intangible assets and long-lived assets. Additionally, if the production of the Company’s products in China ceases, its business could be impacted more broadly and the Company may need or decide to shift production to other jurisdictions.

Warehouse and Distribution Expenses

The Company records warehousing and distribution expenses, which are subject to exchange rate fluctuations, as a component of SG&A expenses in its Consolidated Statements of Operations. Warehousing and distribution expenses incurred in the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 23, ~~2025~~2026 ~~totaled $95.0 million~~ and ~~$266.5 million, respectively. Warehousing and distribution expenses incurred in the thirteen and thirty-nine weeks ended November~~May 34, ~~2024~~2025 totaled $84.27 million and $~~248~~83.54 million, respectively.

Allowance For Credit Losses

The Company is exposed to credit losses primarily through trade receivables from its customers and licensees. The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectibility based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions ~~as well as the Company’s expectations of conditions in the future~~. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable. The allowance for credit losses on trade receivables was $2922.28 million, $2223.47 million and $4627.60 million as of ~~November~~May 23, ~~2025~~2026, February 21, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively.

Supply Chain Finance Program

The Company has a voluntary supply chain finance program (the “SCF program”) administered through a third party platform that provides the Company’s inventory suppliers with the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier’s decision to sell a receivable. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the SCF program.

32Accordingly, amounts due to suppliers that elected to participate in the SCF program are included in accounts payable in the Company’s Consolidated Balance Sheets and the corresponding payments are reflected in cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. Suppliers had elected to sell $301.7 million, $426.9 million and $385.2 million of the Company’s payment obligations that were outstanding as of May 3, 2026, February 1, 2026 and May 4, 2025, respectively, to financial institutions and $452.8 million and $494.8 million had been settled through the program during the thirteen weeks ended May 3, 2026 and May 4, 2025, respectively.

due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the SCF program.

Accordingly, amounts due to suppliers that elected to participate in the SCF program are included in accounts payable in the Company’s Consolidated Balance Sheets and the corresponding payments are reflected in cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. Suppliers had elected to sell $363.1 million, $457.9 million and $422.9 million of the Company’s payment obligations that were outstanding as of November 2, 2025, February 2, 2025 and November 3, 2024, respectively, to financial institutions and $1,424.8 million and $1,330.8 million had been settled through the program during the thirty-nine weeks ended November 2, 2025 and November 3, 2024, respectively.

Guarantees

The Company has guaranteed the payment of amounts on behalf of certain parties. There have been no significant changes to the amounts guaranteed by the Company from those discussed in Note 2021, “Guarantees,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026.

~~Leases~~27

As stated in the Company’s Consolidated Balance Sheets, information related to the Company’s operating leases was as follows:

(In millions)	11/2/25		2/2/25		11/3/24
Operating Lease Right-of-Use-Assets	$	1,864.9	$	1,157.5	$	1,199.5
Current portion of operating lease liabilities	340.1		289.1		293.4
Long-Term Portion of Operating Lease Liabilities	1,658.1		1,011.3		1,051.6

The increase in operating lease right-of-use assets and operating lease liabilities for the thirty-nine weeks ended November 2, 2025 was primarily due to the execution of lease extensions, generally for a term of 10 years, with certain retail outlet store landlords covering a significant portion of the Company’s North America store portfolio.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Effective February 3, 2025, the first day of 2025, we changed our reportable segments to be region-focused to align with changes in our business and organizational structure.~~ We operate our business through the following reportable segments: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. Our ~~historical segment results have been recast to reflect the new organizational structure. Our~~ reportable segments include the brand businesses we operate under our TOMMY HILFIGER and Calvin Klein trademarks, which we own, and Van Heusen, Nike and other trademarks, which we license for certain product categories. References to brand names are to registered and common law trademarks owned by us or licensed to us by third parties and identified by italicizing the brand name. Please see Note 1716, “Segment Data,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of our reportable segments.

OVERVIEW

The following discussion and analysis is intended to help you understand us, our operations and our financial performance. It should be read in conjunction with our consolidated financial statements and the accompanying notes, which are included elsewhere in this report.

We are one of the largest global apparel companies in the world, with a history going back over 140 years. We have been listed on the New York Stock Exchange for over 100 years.

Our revenue was $89.70 billion in ~~2024~~2025, of which over 70% was generated outside of the United States. Our global iconic lifestyle brands, TOMMY HILFIGER and Calvin Klein, together generated over 95% of our revenue.

In addition to the TOMMY HILFIGER and Calvin Klein brands, which are owned, we also license the Van Heusen, Nike and other brands for certain product categories.

PVH+ Plan

AtThe ~~our April 2022 Investor Day, we introduced the~~ PVH+ Plan, is our multiyear, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH ~~one of~~ the ~~highest~~leading ~~performing~~ brand ~~groups~~building group in our sector. Please refer to Item 1 of our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 under the heading “Our Business Strategy” for a description of the plan.

RESULTS OF OPERATIONS

Macroeconomic Environment

~~Beginning~~The conflict in the ~~first~~Middle ~~quarter~~East, ofwhich ~~2025~~began in March 2026, ~~the~~has ~~United~~resulted ~~States~~in ~~government~~disruption ~~announced~~and ~~additional~~instability ~~tariffs~~in onglobal ~~goods~~supply ~~imported~~chains, ~~into~~increased ~~the~~fuel ~~United~~and ~~States~~oil costs, ~~with~~foreign ~~incremental~~currency ~~tariffs~~volatility, onparticularly ~~products~~in ~~imported~~the ~~from~~euro, ~~most~~and ~~countries~~continued volatility and ~~economic~~uncertainty ~~unions~~in global markets. These and other factors have had, and ~~the~~may ~~potential~~continue ~~for~~to ~~further~~have, ~~increases~~broader ~~and~~macroeconomic ~~revisions~~implications orthat ~~terminations~~could tohave ~~existing~~a ~~trade~~significant ~~agreements.~~impact Inon ~~response~~our business, ~~some~~including ~~countries~~a ~~and~~decline ~~economic~~in ~~unions~~consumer ~~have~~spending ~~announced~~and orinventory availability. We are ~~otherwise~~already ~~considering~~seeing ~~retaliatory~~a ~~tariffs~~broader impact from the conflict on ~~United~~consumer ~~States~~purchasing ~~exports~~behavior in Turkey and ~~other~~the ~~trade~~greater ~~restrictions.~~European ~~These~~region, ~~actions~~including ~~have~~the ~~led~~effect toof ~~significant~~increased ~~volatility~~fuel ~~and~~prices, ~~uncertainty~~which is causing a decline in ~~global~~consumer ~~markets~~traffic to stores and a more promotional environment. We ~~continue~~have also started to ~~analyze~~experience ~~the~~an impact ofto ~~incremental~~wholesale ~~tariffs~~demand onin the direct Middle East region (excluding Turkey). Approximately 1% and 7% of our ~~business~~revenue and ~~are~~income ~~taking~~before ~~steps~~interest toand ~~mitigate~~taxes ~~our~~(excluding ~~tariff~~goodwill ~~exposure~~and toother intangible asset impairment charges), respectively, were generated in the ~~extent~~direct ~~possible.~~Middle ~~Mitigation~~East ~~strategies~~region ~~may~~(excluding ~~include~~Turkey) ~~further~~in ~~sourcing~~2025. ~~optimization~~The length, ~~negotiations~~scope ~~with~~and ~~our~~intensity ~~vendors~~of the conflict remain uncertain. As a result, ~~internal~~there ~~efficiencies~~continues to ~~drive~~be ~~cost~~significant ~~savings,~~uncertainty ~~optimizing~~regarding the extent to which the conflict and its broader macroeconomic implications will impact our ~~discount~~business, ~~strategies~~financial condition and ~~pricing~~results ~~actions~~of operations for the remainder of 2026. Our 2026 outlook currently assumes estimated negative prolonged effects from the conflict in the Middle East and its broader macroeconomic pressures.

WeBeginning ~~currently~~in ~~expect~~ the ~~tariffs~~first ~~currently~~quarter inof ~~place~~2025, ~~for goods coming into~~ the United States ~~will~~government ~~have~~announced anadditional ~~estimated~~tariffs ~~net negative impact~~ on ~~our~~goods ~~full~~imported ~~year~~into ~~2025 gross profit, including an unmitigated impact of approximately $65 million and a partially offsetting impact from planned mitigation actions which began in~~ the ~~third~~United ~~quarter~~States ~~and~~primarily ~~will~~under ~~more significantly take effect in~~ the ~~fourth~~International ~~quarter.~~Emergency ~~However,~~Economic ~~the~~Powers ~~duration,~~Act ~~magnitude and scope of any additional tariffs are difficult to predict~~(“IEEPA”), ~~along~~ with ~~the~~incremental ~~extent~~tariffs ~~(if~~on ~~any) to which we will be able to offset the impact through our mitigation efforts.~~

3428

~~There~~products isimported ~~significant~~from ~~uncertainty~~most ~~with~~countries ~~respect~~and toeconomic ~~global~~unions, ~~trade~~and ~~policies~~the potential for further increases and ~~the~~revisions ~~related~~or ~~impact~~terminations onto ~~the~~existing ~~broader~~trade ~~macroeconomic~~agreements. ~~environment~~In response, assome ~~well~~countries asand ~~the~~economic ~~impact~~unions ofannounced ~~inflation~~retaliatory tariffs on United States exports and other ~~macroeconomic~~trade ~~factors,~~restrictions. ~~and~~In ~~foreign~~February ~~currency~~2026, ~~volatility~~the U.S. ~~Our~~Supreme ~~2025~~Court ~~outlook~~ruled ~~assumes~~that nothe ~~material~~IEEPA ~~worsening~~tariffs ofimposed ~~current~~were ~~conditions~~unconstitutional. ~~Our~~In ~~revenue~~response ~~and~~to ~~earnings~~that indecision, ~~2025~~an ~~may~~executive beorder ~~subject~~was issued imposing tariffs pursuant to ~~material~~Section ~~change~~122 asof athe ~~result~~Trade Act of ~~these~~1974 ~~and~~for ~~other~~150 ~~macroeconomic~~days, ~~factors~~effective on February 24, 2026.

In March 2026, the U.S. Court of International Trade directed U.S. Customs and Border Protection (“CBP”) to refund IEEPA tariffs that were previously collected, including applicable interest. CBP launched a tariff refund program in April 2026 to facilitate the refunds, and we submitted claims for IEEPA tariffs that have been previously paid. We elected to apply a gain contingency model in accordance with ASC 450-30, “Gain Contingencies” to account for potential recoveries of previously paid tariffs under which a gain will not be recognized until realized or realizable. As of May 3, 2026, we did not record a receivable related to potential tariff refunds as the amount and timing of any recoveries was uncertain. As of the date of this report, we have received $27 million in cash payments, plus interest, subsequent to the end of the quarter.

Further trade policy actions are unclear, including whether additional tariffs or other actions may be imposed, modified, or suspended. The Office of the U.S. Trade Representative has conducted and is conducting investigations under Section 301 of the Trade Act of 1974 that are expected to result in new tariffs being implemented in the second or third quarter of 2026. These factors have led to significant volatility and uncertainty in global markets. We continue to analyze the impact of incremental tariffs on our business and are taking steps to mitigate our tariff exposure to the extent possible. Mitigation strategies have included, and may continue to more significantly include, further sourcing optimization, negotiations with our vendors, internal efficiencies to drive cost savings, optimizing our discount strategies and pricing actions.

Our outlook assumes that the current U.S. tariff rates on goods coming into the U.S. will continue through July 2026 and then rates will increase to an average that approximates the levels that were in place prior to the U.S. Supreme Court ruling. We currently expect an estimated net negative impact on our full year 2026 gross profit related to the negative impact of tariffs on goods coming into the United States including a gross impact of approximately $195 million and a partially offsetting impact from planned mitigation actions. However, the duration, magnitude and scope of any additional tariffs are difficult to predict, along with the extent (if any) to which we will be able to offset the impact through our mitigation efforts. Our full year outlook also reflects an expected benefit to cost of goods sold of approximately $100 million related to tariff refunds, which are currently expected to be recorded in the second quarter of 2026. The amount and timing of recovery remains uncertain and dependent on regulatory and administrative processes outside of our control.

Outlook Uncertainty

There is significant uncertainty with respect to the conflict in the Middle East, global trade policies (including tariffs) and the related impacts of each on the broader global macroeconomic environment, as well as the impact of inflation and other macroeconomic factors, and foreign currency volatility. Our revenue, earnings and cash flows from operations in 2026 may be subject to material change as a result of these and other macroeconomic factors.

Operations Overview

We generate net sales from (i) the wholesale distribution to traditional retailers (both for stores and digital operations), pure play digital commerce retailers, franchisees, licensees and distributors of branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, handbags, accessories, footwear and other related products under owned and licensed trademarks, and (ii) the sale of certain of these products through (a) approximately 1,350 Company-operated free-standing store locations worldwide under our TOMMY HILFIGER and Calvin Klein trademarks, (b) approximately 1,450 Company-operated shop-in-shop/concession locations worldwide under our TOMMY HILFIGER and Calvin Klein trademarks, and (c) digital commerce sites worldwide, under our TOMMY HILFIGER and Calvin Klein trademarks. Additionally, we generate ~~royalty, advertising and other~~ revenue from fees for licensing the use of our TOMMY HILFIGER and Calvin Klein trademarks.

The following actions, transactions and events have impacted or will impact our results of operations and the comparability among the periods, including our full year ~~2025~~2026 expectations as compared to the full year ~~2024~~2025, as discussed below:

•We ~~recorded~~completed ~~pre-tax~~the ~~noncash~~sale ~~goodwill~~of our owned warehouse and ~~other~~distribution ~~intangible~~center ~~impairment~~located ~~charges~~in Jonesville, NC on May 11, 2026, for net proceeds of $~~480~~38 million. We will record a pre-tax gain of $25 million in the ~~first~~second quarter of ~~2025~~2026 in ~~conjunction~~connection with ~~interim~~the ~~goodwill~~closing ~~and~~of ~~other~~the ~~intangible~~transaction, ~~assets~~which ~~impairment~~represents ~~tests.~~the ~~The~~excess ~~impairments~~of ~~were~~the ~~primarily~~net ~~due~~proceeds toover athe ~~significant~~carrying ~~increase~~value inof ~~discount~~the ~~rates~~assets on the date of the sale. Please see Note 64, “~~Goodwill~~Assets ~~and~~Held ~~Other~~for ~~Intangible Assets~~Sale,” in the Notes to Consolidated Financial Statements ~~included in Part I, Item I of this report for further discussion.~~

•We embarked on a multiyear initiative beginning in the second quarter of 2024 to simplify our operating model by centralizing certain processes, and improving systems and automation to drive more efficient and cost-effective ways of working across the organization (the “Growth Driver 5 Actions”). The initiative is expected to result in annual cost savings of approximately $200 million to $300 million, net of continued strategic investments by 2026, with the actions to support it largely completed by the end of 2025. We recorded pre-tax costs of $80 million during the thirty-nine weeks ended November 2, 2025 in connection with this initiative consisting principally of severance. We recorded pre-tax costs of $24 million during 2024 in connection with this initiative, including $33 million of costs consisting principally of severance, which were partially offset by a $10 million gain on the sale of a warehouse and distribution center. We expect to incur additional costs in 2025, however the additional costs cannot be quantified at this time. Please see Note 15, “Exit Activity Costs,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion. 29

~~•We~~included ~~amended~~ in ~~September~~Part ~~2024 Mr. Tommy Hilfiger’s employment agreement~~I, ~~pursuant~~Item toI ~~which we made a cash buyout~~ of athis ~~portion~~report offor ~~the~~further ~~future payment obligation (the “Mr~~discussion. ~~Hilfiger amendment”). We recorded pre-tax costs of $51 million during the third quarter of 2024 in connection with the Mr. Hilfiger amendment.~~

•We ~~completed~~embarked ~~the~~on ~~sale~~a ofmulti-year ~~our~~initiative ~~Warner’s,~~beginning ~~Olga~~in ~~and~~2024 ~~True&Co.~~to ~~women’s~~simplify ~~intimates~~our ~~businesses,~~operating ~~including~~model ~~net~~by ~~assets~~centralizing ~~with~~certain aprocesses ~~carrying~~and ~~value~~improving ofsystems ~~$140~~and ~~million,~~automation to ~~Basic~~drive ~~Resources~~more onefficient ~~November~~and ~~27,~~cost-effective ~~2023~~ways of working across the organization (the “~~Heritage~~Growth ~~Brands~~Driver ~~intimates~~5 ~~transaction~~Actions”). ~~for~~The ~~net~~initiative ~~proceeds~~has resulted in annualized cost savings of over $~~156~~200 million, while continuing to make targeted investments to drive our strategic initiatives. WeWhile ~~recorded~~the aactions ~~pre-tax~~to ~~gain~~support this initiative were largely completed by the end of 2025, there have been certain actions taken and additional actions that we plan to take under this initiative, on a limited basis, during 2026. Such actions include the sale of our owned warehouse and distribution center located in Jonesville, NC, as discussed above. We recorded pre-tax costs of $157 million induring the ~~fourth~~first quarter of ~~2023~~2026 in connection with ~~the~~this ~~closing~~initiative ofconsisting ~~the~~principally ~~Heritage~~of ~~Brands~~severance. ~~intimates~~We ~~transaction and~~ recorded anpre-tax ~~incremental~~costs ~~gain~~ of $1093 million during 2025 in ~~the~~connection ~~first~~with ~~quarter~~this initiative consisting principally of ~~2024~~severance. ~~due~~We toexpect ~~the~~additional ~~accelerated~~actions ~~realization~~in of2026, however the ~~earnout~~net ~~provided~~impact ~~for~~of inthese ~~the~~remaining ~~agreement~~actions ~~with~~cannot ~~Basic~~be ~~Resources~~quantified at this time. Please see Note 514, ~~Divestitures~~“Exit Activity Costs,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

•We ~~extended~~recorded ~~in 2022 most of our licensing agreements with G~~pre-~~III~~tax ~~Apparel~~noncash ~~Group,~~goodwill ~~Ltd. for Calvin Klein~~ and ~~TOMMY~~other ~~HILFIGER~~intangible inimpairment ~~the~~charges ~~United~~of ~~States~~$480 ~~and~~million ~~Canada,~~in ~~largely pertaining to~~ the ~~women’s~~first ~~apparel~~quarter ~~product~~of ~~categories~~2025 ~~sold at wholesale~~ in ~~North~~conjunction ~~America.~~with ~~These~~interim ~~agreements~~goodwill ~~now~~and ~~have~~other ~~staggered~~intangible ~~expirations~~assets ~~through~~impairment ~~2027, the first of which occurred at the end of calendar 2023~~tests. ~~Upon~~The ~~expiration,~~impairments wewere ~~have~~primarily ~~been,~~due ~~and intend~~ to ~~continue to directly operate~~ a significant ~~portion~~increase ofin ~~the~~discount ~~businesses~~rates. ~~for~~Please ~~the~~see ~~previously~~Note ~~licensed product categories~~5, ~~with~~“Goodwill ~~the remainder to be re-licensed to other third parties. The expiration of these licenses~~ and ~~the~~Other ~~transition~~Intangible ofAssets,” ~~previously licensed women’s product categories~~ in ~~house~~the ~~did~~Notes ~~not~~to ~~have~~Consolidated aFinancial ~~material~~Statements ~~impact~~included ~~on our revenue and net income~~ in ~~2024.~~Part ~~In 2025~~I, ~~the~~Item ~~transition~~I of ~~previously~~this ~~licensed~~report ~~product~~for ~~categories~~further ~~in house is expected to result in a less than 1% increase to our revenue and an approximately 50 basis point decline in our gross margin~~discussion.

~~Our~~We ~~Tommy~~extended ~~Hilfiger~~in ~~and~~2022 most of our licensing agreements with G-III Apparel Group, Ltd. for Calvin Klein ~~businesses~~and ~~each~~TOMMY HILFIGER in the United States and Canada, largely pertaining to the women’s apparel product categories sold at wholesale in North America. These agreements now have ~~substantial~~staggered ~~international~~expirations ~~components~~through ~~that~~2026, ~~expose~~the usfirst of which occurred at the end of calendar 2023. We have been directly operating a significant portion of the businesses for the previously licensed product categories, and we intend to continue to directly operate a significant ~~foreign~~portion ~~exchange~~of ~~risk~~these businesses as the license agreements expire, with the remainder re-licensed to other third parties. The ~~results~~expiration of ~~operations~~these licenses and the transition of ~~our~~previously ~~foreign~~licensed ~~subsidiaries~~women’s ~~are~~product ~~translated~~categories ~~into~~in ~~United~~house ~~States~~resulted ~~dollars~~in ~~using~~a 1% net increase to our revenue and an ~~average~~approximately ~~exchange~~50 ~~rate~~basis ~~over~~point ~~the~~decline ~~representative~~in ~~period~~our gross margin in 2025. ~~Accordingly~~In 2026, ~~our~~the ~~results~~transition of ~~operations~~previously ~~are~~licensed ~~unfavorably~~product ~~impacted~~categories ~~during~~is expected to result in a less than 1% net increase to our revenue and an approximately 50 basis point decline in our gross margin.

35Our Tommy Hilfiger and Calvin Klein businesses each have substantial international components that expose us to significant foreign exchange risk. Our results of operations in local foreign currencies are translated into United States dollars using an average exchange rate over the representative period. Accordingly, our results of operations are unfavorably impacted during times of a strengthening United States dollar against the foreign currencies in which we generate significant revenue and earnings and favorably impacted during times of a weakening United States dollar against those currencies. Over 70% of our 2025 revenue was subject to foreign currency translation. We currently expect our 2026 revenue and net income to increase by approximately $125 million and $20 million, respectively, as compared to 2025 due to the impact of foreign currency translation.

~~times~~There ofalso is a ~~strengthening~~transactional ~~United~~impact ~~States~~of ~~dollar~~foreign ~~against~~exchange ~~the~~because we have foreign ~~currencies~~subsidiaries that purchase inventory in ~~which~~a wecurrency ~~generate~~other ~~significant~~than ~~revenue~~their ~~and~~functional ~~earnings~~currency. ~~and~~We ~~favorably~~use ~~impacted~~foreign ~~during~~currency ~~times~~forward ofcontracts to hedge against a ~~weakening~~portion ~~United~~of ~~States~~the ~~dollar~~exposure ~~against~~related ~~those~~to ~~currencies~~this transactional impact. ~~Over~~We ~~70%~~enter into these contracts up to 15 months in advance for a portion of ~~our~~the ~~2024~~projected ~~revenue~~inventory ~~was~~purchases ~~subject~~and may enter into incremental contracts leading up to ~~foreign~~the ~~currency~~time ~~translation~~the inventory purchases occur. WeThe ~~currently~~impact ~~expect~~of ~~our~~foreign ~~2025~~currency ~~revenue~~fluctuations ~~and~~on ~~net~~the ~~income~~cost toof ~~increase~~inventory purchases covered by ~~approximately~~these ~~$200~~contracts ~~million~~is ~~and~~then ~~$20~~realized ~~million,~~in ~~respectively,~~our ~~due~~results toof operations as the underlying inventory hedged by the contracts is sold. The transactional impact of foreign currency ~~translation~~on our 2026 gross margin as compared to 2025 is expected to be favorable by approximately 50 basis points.

~~There~~We also ishave aexposure ~~transactional~~to ~~impact~~changes ofin foreign currency exchange ~~because~~rates related to our ~~foreign~~€1.125 ~~subsidiaries~~billion ~~purchase~~aggregate ~~inventory~~principal inamount aof ~~currency~~senior ~~other~~notes ~~than~~that ~~their~~are ~~functional~~held ~~currency~~in the United States. WeThe strengthening of the United States dollar against the euro would require us to use ~~foreign~~a ~~currency~~lower ~~forward~~amount ~~contracts~~of our cash flows from operations to ~~hedge~~pay interest and make long-term debt repayments, whereas the weakening of the United States dollar against the euro would require us to use a ~~portion~~greater amount of ~~the~~our ~~exposure~~cash ~~related~~flows from operations to ~~this~~pay ~~transactional~~interest ~~impact~~and make long-term debt repayments. We ~~enter~~designated ~~into~~the par value of these ~~contracts~~senior upnotes toissued 15by ~~months~~PVH inCorp., ~~advance~~a U.S.-based entity, as net investment hedges of ~~payment~~our ~~for~~investments ain ~~portion~~certain of our foreign subsidiaries that use the ~~projected~~euro ~~inventory~~as ~~purchases~~their ~~and~~functional ~~may~~currency. In ~~enter~~addition, we entered into ~~incremental~~multiple fixed-to-fixed cross-currency swap contracts ~~leading~~in up2023, with a maturity date of July 2025, which, in aggregate, economically converted our $500 million principal amount of 4 5/8% senior notes due July 2025 from a United States dollar-denominated obligation to ~~the~~a ~~time~~euro-denominated ~~the~~obligation ~~payments~~of ~~occur~~€457 million. ~~The~~In ~~impact~~July of2025, ~~foreign~~we completed a transaction to effectively blend and extend those cross-currency ~~fluctuations~~swaps onwith ~~the~~new ~~cost~~fixed-to-fixed ofcross-currency ~~inventory~~swap ~~purchases~~contracts ~~covered~~maturing byin July 2027 and July 2028. We also designated these cross-currency swap contracts isas ~~then~~net ~~realized~~investment inhedges of our ~~results~~investments ofin ~~operations~~certain asof ~~the~~our ~~underlying~~foreign ~~inventory~~subsidiaries ~~hedged~~that byuse the ~~contracts~~euro isas ~~sold~~their functional currency. WeAs ~~currently~~a ~~expect~~result, the ~~transactional~~remeasurement ~~impact~~ of these foreign currency onborrowings ~~our~~and ~~2025~~cross-currency ~~net~~swaps ~~income~~at asthe ~~compared~~end toof ~~2024~~each ~~will be immaterial.~~

We also have exposure to changes in foreign currency exchange rates related to our €1.125 billion aggregate principal amount of senior notes that are held in the United States. The strengthening of the United States dollar against the euro would require us to use a lower amount of our cash flows from operations to pay interest and make long-term debt repayments, whereas the weakening of the United States dollar against the euro would require us to use a greater amount of our cash flows from operations to pay interest and make long-term debt repayments. We designated the par value of these senior notes issued by PVH Corp., a U.S.-based entity, as net investment hedges of our investments in certain of our foreign subsidiaries that use the euro as their functional currency.30

In addition, we entered into multiple fixed-to-fixed cross-currency swap contracts in 2023, which, in aggregate, economically converted our $500 million principal amount of 4 5/8% senior notes due July 2025 from a United States dollar-denominated obligation to a euro-denominated obligation of €457.2 million. The cross currency swap contracts expired in July 2025, at which time we entered into new fixed-to-fixed cross-currency swap contracts. We also designated these cross-currency swap contracts as net investment hedges of our investments in certain of our foreign subsidiaries that use the euro as their functional currency. As a result, the remeasurement of these foreign currency borrowings and cross-currency swaps at the end of each period is recorded in equity. Please see Note 109, “Derivative Financial Instruments,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Investigation by China’s Ministry of Commerce

In September 2024, China’s Ministry of Commerce (“MOFCOM”) announced that it had initiated an investigation into our business under the Provisions of the List of Unreliable Entities (“UEL Provisions”). In October 2024, we submitted a written response to MOFCOM and, in December 2024, we submitted a supplemental response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February 2025, it announced its determination and placed PVH Corp. on the List of Unreliable Entities (“UEL”). We do not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. Approximately 6% and 20% of our revenue and income before interest and taxes (excluding goodwill and other intangible asset impairment charges), respectively, were generated in China in ~~2024~~2025. Furthermore, if, as a result of any such measures, it is necessary for us to cease certain or all operations in China, it may result in charges related to excess inventory and difficulty collecting trade receivables, among other things. We may also incur material non-cash impairment charges if we are unable to recover the carrying value of our indefinite-lived intangible assets and long-lived assets. Please see our risk factor “China’s Ministry of Commerce (“MOFCOM”) conducted an investigation into our business which resulted in PVH Corp. being placed on the List of Unreliable Entities (“UEL”) and could result in fines or restrictions on our ability to do business in China, which could have a material adverse effect on our revenue and results of operations” in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 for additional information.

SEASONALITY

Our business generally follows a seasonal pattern. Our wholesale businesses tend to generate higher levels of sales in the first and third quarters, while our direct-to-consumer businesses tend to generate higher levels of sales in the fourth quarter. Licensing revenue tends to be earned somewhat evenly throughout the year, although the third quarter tends to have the highest level of revenue due to higher sales by licensees in advance of the holiday selling season. We expect this seasonal pattern will generally continue. Working capital requirements vary throughout the year to support these seasonal patterns and business trends.

Due to the above seasonal factors, our results of operations for the thirteen ~~and thirty-nine~~ weeks ended ~~November~~May 23, ~~2025~~2026 are not necessarily indicative of those for a full fiscal year.

3631

Thirteen Weeks Ended ~~November~~May 23, ~~2025~~2026 Compared With Thirteen Weeks Ended ~~November~~May 34, ~~2024~~2025

The following table summarizes our consolidated statements of operations for the ~~thirteen~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ compared to the prior year period:

	Thirteen Weeks Ended
	November 2,			November 3,					% / bps
	May 3,			May 4,					% / bps
(Dollars in Millions)	~~2025~~2026			~~2024~~2025			$ change		change
Revenue	$	2,~~294~~025		$	21,~~255~~984		$	3942	2	%
Gross profit	1,~~293~~186			1,~~317~~162			~~(24)~~25		(2)	%
% of revenue	5658.36		%	58.46		%			~~(210) bps~~—
Selling, general and administrative expenses	1,~~121~~074			1,~~154~~024			~~(33)~~51		~~(3)~~5	%
% of revenue	4853.91		%	51.26		%			~~(230)~~150 bps
Non-service related pension and postretirement (cost) income	(1)			0			(1)		NM
Goodwill and other intangible asset impairments	—			480			(480)		NM
Other gain	—			10			(10)		NM
Non-service related pension and postretirement cost	(1)			(1)			—		(20)	%
Equity in net income of unconsolidated affiliates	1013			1110			~~(1)~~3		~~(6)~~27	%
Income before interest and taxes	181			183			(2)		(1)	%
Income (loss) before interest and taxes	124			(332)			457		NM
% of revenue	76.91		%	8(16.17)		%			~~(20) bps~~NM
Interest expense, net	2116			1617			4(2)		27(9)	%
Income before taxes	160			167			(7)		(4)	%
Income (loss) before taxes	109			(350)			458		NM
Income tax expense	156			35			(121)		NM
Income tax expense (benefit)	21			(305)			(325)		NM
Effective tax rate	9718.49		%	2187.02		%			NM
Net income	$	4		$	132		$	(128)	NM
Net income (loss)	$	88		$	(45)		$	133	NM

NM - not meaningful

Total Revenue

Total revenue in the ~~third~~first quarter of ~~2025~~2026 was $2.~~294~~025 billion compared to $21.~~255~~984 billion in the ~~third~~first quarter of the prior year. The overall increase in revenue of $3942 million, or 2%, included a 3% positive impact of $87 million, or 4%, related to foreign currency translation.

Revenue by Segment:

•EMEA – Revenue increased $4118 million, or 42%, compared to the prior year period, including a positive impact of $6267 million, or 67%, related to foreign currency translation. Excluding the impact of foreign currency translation, the decrease in revenue was driven by declines in both the direct-to-consumer and wholesale businesses, including softer consumer demand due to the prolonged effects from the conflict in the Middle East and its broader macroeconomic pressures.

•Americas – Revenue ~~increased~~decreased $176 million, or 21%, compared to the prior year period, ~~driven~~including bya positive impact of $5 million, or 1%, related to foreign currency translation, as growth in the ~~wholesale~~direct-to-consumer business ~~partially~~was more than offset by a decrease in the ~~direct-to-consumer~~wholesale business. The ~~increase~~decrease in wholesale revenue included ~~the~~(i) ~~transition~~a todecrease in~~-house~~ ofthe ~~previously~~first ~~licensed~~quarter ~~women’s~~related ~~product~~to ~~categories partially offset by~~ the overall impact of a shift in the timing of wholesale shipments asfrom ~~compared~~the tofirst ~~the~~half ~~prior~~of the year ~~period,~~to the second half as ~~shipments~~compared into the prior year ~~were~~period, ~~more~~partially ~~heavily~~offset ~~weighted~~by to(ii) ~~the~~an ~~third~~increase ~~and~~driven ~~fourth~~by ~~quarters.~~the ~~The~~transition ~~impact~~ of ~~foreign~~previously ~~currency~~licensed ~~translation~~women’s onproduct ~~our~~categories ~~Americas~~in ~~segment was not significant~~house.

•APAC – Revenue ~~decreased~~increased $635 million, or 110%, compared to the prior year period, including a ~~negative~~positive impact of $415 million, or 14%, related to foreign currency translation. Excluding the impact of foreign currency translation, the increase in revenue included an approximately 4% favorable impact from the timing of Lunar New Year, which occurred in the first quarter of 2026 but did not occur in the first quarter of 2025. An increase in revenue in the direct-to-consumer business was partially offset by a decrease in wholesale ~~revenue~~business.

~~•Licensing – Revenue decreased $13 million, or 11%, compared to the prior year period, primarily due to the transition to in-house of certain previously licensed women’s product categories.~~32

37•Licensing – Revenue decreased $7 million, or 7%, compared to the prior year period, primarily due to the license transitions in North America.

Revenue by Brand:

•Tommy Hilfiger – Revenue increased 13% compared to the prior year period including a 35% positive foreign currency impact.

•Calvin Klein – Revenue increased 21% compared to the prior year period, including a 24% positive foreign currency impact.

Revenue by Channel:

•Direct-to-consumer – Revenue ~~was~~increased ~~flat~~6% compared to the prior year period including a 14% positive foreign currency impact.

◦Owned and operated retail stores – Revenue ~~was~~increased ~~flat~~5% compared to the prior year period, including a 24% positive foreign currency impact. Excluding the impact of foreign currency translation, revenue growth in Americas and APAC was ~~more~~partially ~~than~~ offset by ~~declines~~a decline in ~~Americas and~~ EMEA.

◦Owned and operated digital commerce – Revenue increased 111% compared to the prior year period, including a 24% positive foreign currency impact~~. Excluding the impact of foreign currency translation~~, ~~growth~~with inrevenue ~~Americas~~increasing ~~and~~across ~~APAC~~all ~~was offset by a decline in EMEA~~regions.

•Wholesale – Revenue ~~increased~~was 4%flat compared to the prior year period, including a 35% positive foreign currency impact. Excluding the impact of foreign currency translation, ~~the~~revenue ~~increase~~decreased in ~~Americas~~all ~~was partially offset by the decreases in APAC and EMEA as discussed above~~regions.

We currently expect revenue for the full year 2026 to be approximately flat compared to 2025. Excluding the impact of foreign currency translation, we currently expect revenue for the full year 2026 to decrease slightly.

Gross Profit

Gross profit is calculated as total revenue less cost of goods sold and gross margin is calculated as gross profit divided by total revenue. Included as cost of goods sold are costs associated with the production and procurement of product, such as inbound freight costs, purchasing and receiving costs, inspection costs and ~~other~~tariffs ~~product~~and ~~procurement~~other ~~related~~import ~~charges~~costs. Also included as cost of goods sold are the amounts recognized on foreign currency forward contracts as the underlying inventory hedged by such forward exchange contracts is sold. Warehousing and distribution expenses are included in selling, general and administrative (“SG&A”) expenses. Revenue from licensing the use of our trademarks is included in gross profit because there is no cost of goods sold associated with such revenue. As a result, our gross profit may not be comparable to that of other entities.

Gross profit in the ~~third~~first quarter of ~~2025~~2026 was $1.~~293~~186 billion, or 5658.36% of total revenue, compared to $1.~~317~~162 billion, or 58.46% of total revenue, in the ~~third~~first quarter of the prior year. ~~Approximately~~Gross ~~110~~profit ~~basis~~as ~~points~~a percentage of ~~the~~revenue ~~decline~~ was ~~due~~flat compared to the ~~unmitigated~~prior ~~negative~~year ~~impact~~period ofand ~~the~~included ~~recently~~(i) ~~enacted~~a ~~tariffs~~negative ~~that~~impact ~~are~~of ~~currently~~the intariffs ~~place~~on ~~for~~ goods coming into the United States, ~~and~~(ii) ~~approximately~~an 50increase ~~basis~~in ~~points~~promotional ofselling as compared to the ~~decline~~prior ~~was~~year period, and (iii) a decline due to the transition of previously licensed product categories into our directly operated wholesale business, as revenue through our wholesale distribution channel carries lower gross margins. ~~The~~These ~~remaining~~declines 40were ~~basis~~offset ~~point~~by ~~decrease~~the ~~was~~favorable ~~driven~~impacts byof (i) antariff ~~increase~~mitigation inactions, ~~promotional~~(ii) ~~selling~~lower asproduct ~~compared~~costs, toincluding the ~~prior~~favorable ~~year~~transactional ~~period,~~impact ~~and~~of ~~(ii)~~foreign ~~higher~~exchange ~~freight~~on ~~costs~~our ~~and~~international ~~incremental~~businesses, ~~discounts~~particularly ~~provided~~our toEuropean ~~customers~~business toand ~~address~~(iii) a change in the ~~impact~~revenue ofmix ~~Calvin~~between ~~Klein~~our ~~product~~direct-to-consumer ~~delivery~~distribution ~~delays.~~channel ~~The~~and ~~effect~~our ofwholesale ~~mitigation~~distribution ~~actions~~channel, as our direct-to-consumer ~~address~~distribution ~~the~~channel ~~impact~~was a larger proportion of ~~tariffs~~total ~~were~~revenue ~~immaterial~~and incarries ~~the~~higher ~~quarter~~gross margins.

We currently expect that gross margin for the full year 2026 will increase by approximately 100 basis points compared to 2025, with increases particularly impacting the second quarter despite (i) the assumed approximately 215 basis point gross negative impact in 2026 of the tariffs on goods coming into the United States, compared to the approximately 80 basis point gross negative impact in 2025, (ii) the approximately 50 basis point decline expected in connection with the above-mentioned transition of previously licensed product categories into our directly operated wholesale business, and (iii) an increase in promotional selling as compared to the prior year. These decreases are expected to be more than offset by (i) an approximately 100 basis point impact related to the IEEPA tariff refunds, which are expected to be recorded in the second quarter of 2026, (ii) the impact of planned mitigation actions to address the impacts of tariff costs, (iii) lower product costs, including the approximately 50 basis point favorable transactional impact of foreign exchange on our international businesses as discussed above, and (iv) the absence of higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays in 2025.

SG&A Expenses

SG&A expenses in the ~~third~~first quarter of ~~2025~~2026 were $1.~~121~~074 billion, or 4853.91% of total revenue, compared to $1.~~154~~024 billion, or 51.26% of total revenue, in the ~~third~~first quarter of the prior year. The ~~230~~150 basis point ~~decrease~~increase was primarily driven by (i) ~~the~~an ~~absence~~increase in ~~the~~strategic ~~third~~investments ~~quarter~~to offuel ~~2025~~growth, ofincluding ~~costs~~increased ~~incurred~~marketing, (ii) a change in the ~~third~~revenue ~~quarter~~mix ofbetween ~~2024~~our indirect-to-consumer ~~connection~~distribution ~~with~~channel ~~the~~and ~~Mr.~~our ~~Hilfiger~~wholesale ~~amendment~~distribution channel, ~~(ii)~~as ~~cost~~our ~~savings~~direct-to-consumer ~~resulting~~distribution ~~from~~channel ~~the~~was ~~Growth~~a ~~Driver~~larger 5proportion ~~Actions~~of ~~and~~total ~~(iii)~~revenue ~~cost~~and ~~efficiencies~~carries ~~across~~higher ~~the~~SG&A ~~business~~expenses as wea ~~take~~percentage aof ~~disciplined~~revenue ~~approach~~and to(iii) ~~managing~~the impact from the deleveraging of expenses, partially offset by (i) ancost ~~increase~~savings resulting from the Growth Driver 5 Actions and (ii) a net decrease in restructuring costs incurred in the ~~third~~first quarter of ~~2025~~2026 in connection with the Growth Driver 5 Actions compared to the prior year period~~, and (ii) an increased investment in marketing~~.

~~Non-Service~~We ~~Related~~currently ~~Pension~~expect that SG&A expenses as a percentage of revenue for the full year 2026 will be relatively flat compared to 2025 with increases in SG&A expenses as a percentage of revenue more significantly impacting the first half of 2026, including higher marketing spend. SG&A expenses as a percentage of revenue for the full year are expected to include an approximately 100 basis point decrease resulting from a decrease in restructuring costs incurred in 2026 as compared to 2025 in connection with the Growth Driver 5 actions. This decrease is expected to be offset by the net impact of an increase in strategic investments to fuel growth, including increased marketing, and ~~Postretirement~~the ~~(Cost)~~impact ~~Income~~from the deleveraging of expenses partially offset by the cost savings resulting from the Growth Driver 5 actions. Our expectation for 2026 includes the restructuring costs incurred in the first quarter of 2026 in connection with the Growth Driver 5 actions but does not include any further restructuring costs beyond the first quarter. We expect additional actions in 2026, however the impact of these remaining actions cannot be quantified at this time.

Non-service related pension and postretirement (cost) income in the third quarter of 2025 was a cost of $(1) million as compared to income of approximately $400,000 in the third quarter of the prior year. Please see Note 7, “Retirement and Benefit Plans,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Other Gain

We recorded a gain of $10 million related to the sale of a warehouse and distribution center in the third quarter of 2024 in connection with the Growth Driver 5 Actions. Please see Note 15, “Exit Activity Costs,” in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Equity in Net Income of Unconsolidated Affiliates

The equity in net income of unconsolidated affiliates was $10 million in the third quarter of 2025 compared to $11 million in the third quarter of the prior year. These amounts relate to our share of income (loss) from (i) our joint venture for the TOMMY HILFIGER and Calvin Klein brands, and certain licensed trademarks in Mexico, (ii) our joint venture for the TOMMY HILFIGER and Calvin Klein brands in India, (iii) our joint venture for the TOMMY HILFIGER brand in Brazil and (iv) our PVH Legwear LLC joint venture for the TOMMY HILFIGER and Calvin Klein brands and certain licensed trademarks in the United States and Canada. Our investments in the joint ventures are being accounted for under the equity method of accounting.

Income Before Interest and Taxes

Income before interest and taxes in the third quarter of 2025 was $181 million, or 7.9%, of total revenue, compared to $183 million, or 8.1% of total revenue, in the third quarter of the prior year, and included changes in our segments’ income before interest and taxes and other reconciling items as follows:

•EMEA – Income before interest and taxes in the third quarter of 2025 was $211 million, or 19.0% of total revenue, compared to $200 million, or 18.6% of total revenue in the third quarter of the prior year. The 40 basis point increase was driven by a decrease in SG&A expenses as a percentage of revenue primarily driven by savings resulting from the Growth Driver 5 Actions, partially offset by a gross margin decline.

•Americas – Income before interest and taxes in the third quarter of 2025 was $45 million, or 6.6% of total revenue, compared to $88 million, or 13.2% of total revenue in the third quarter of the prior year. The 660 basis point decrease was primarily driven by a gross margin decline, inclusive of the negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States.

•APAC – Income before interest and taxes in the third quarter of 2025 was $74 million, or 18.8% of total revenue, compared to $72 million, or 18.1% of total revenue in the third quarter of the prior year. The 70 basis point increase was driven by an increase in gross margin and a decrease in SG&A expenses as a percentage of revenue.

•Licensing – Income before interest and taxes in the third quarter of 2025 was $87 million, an 8% decrease compared to $95 million in the prior year period, primarily due to the transition to in-house of certain previously licensed women’s product categories.

•Corporate and other costs were $215 million in the third quarter of 2025, a decrease of $3 million compared to $219 million in the prior year period, primarily due to a decrease in corporate costs which includes savings resulting from the Growth Driver 5 Actions along with other efficiencies. This decrease was partially offset by an increase in costs relating to our global brands, primarily due to an increased investment in marketing.

•Restructuring and other items included $22 million of restructuring costs in the third quarter of 2025 in connection with the Growth Driver 5 Actions. Restructuring and other items in the third quarter of 2024 included (i) $51 million of costs incurred in connection with the Mr. Hilfiger amendment and (ii) $3 million of net expenses in connection with the Growth Driver 5 Actions.

Interest Expense, Net

Interest expense, net increased to $21 million in the third quarter of 2025 from $16 million in the third quarter of the prior year primarily due to the impact of the accelerated share repurchase (“ASR”) agreements we entered into in April 2025 to repurchase $500 million shares of our common stock. Please see the section entitled “Acquisition of Treasury Shares” within “Liquidity and Capital Resources” below for further discussion.

Income Tax Expense

The effective income tax rate for the third quarter of 2025 was 97.4% compared to 21.0% in the third quarter of the prior year.

The effective income tax rate for the third quarter of 2025 reflected a $156 million income tax expense recorded on $160 million of pre-tax income. The effective income tax rate for the third quarter of 2024 reflected a $35 million income tax expense recorded on $167 million of pre-tax income.

The effective income tax rate for the third quarter of 2025 was higher than the prior year period primarily due to the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges recorded in the first quarter of 2025, which were non-deductible for tax purposes and factored into our annualized effective income tax rate, and resulted in a 71.0% increase to our effective income tax rate for the third quarter 2025.

Thirty-Nine Weeks Ended November 2, 2025 Compared With Thirty-Nine Weeks Ended November 3, 2024

The following table summarizes our consolidated statements of operations for the thirty-nine weeks ended November 2, 2025 compared to the thirty-nine week period of the prior year:

	Thirty-Nine Weeks Ended
	November 2,			November 3,					% / bps
(Dollars in Millions)	2025			2024			$ change		change
Revenue	$	6,445		$	6,281		$	164	3	%
Gross profit	3,705			3,761			(56)		(1)	%
% of revenue	57.5		%	59.9		%			(240) bps
Selling, general and administrative expenses	3,274			3,255			19		1	%
% of revenue	50.8		%	51.8		%			(100) bps
Goodwill and other intangible asset impairments	480			—			480		NM
Non-service related pension and postretirement (cost) income	(3)			1			(4)		NM
Other gain	—			20			(20)		NM
Equity in net income of unconsolidated affiliates	33			35			(2)		(6)	%
(Loss) income before interest and taxes	(18)			562			(580)		NM
% of revenue	(0.3)		%	8.9		%			NM
Interest expense, net	60			53			7		13	%
(Loss) income before taxes	(78)			509			(587)		NM
Income tax (benefit) expense	(262)			68			(330)		NM
Effective tax rate	335.1		%	13.3		%			NM
Net income	$	184		$	441		$	(258)	(58)	%

NM - not meaningful

Total Revenue

Total revenue in the thirty-nine weeks ended November 2, 2025 was $6.445 billion compared to $6.281 billion in the thirty-nine week period of the prior year. The overall increase in revenue of $164 million, or 3%, included a 2% positive impact of foreign currency translation.

Revenue by Segment:

•EMEA – Revenue increased $120 million, or 4%, compared to the thirty-nine week period of the prior year, including a positive impact of $131 million, or 4%, related to foreign currency translation. Excluding the impact of foreign currency translation, revenue was relatively flat in both the direct-to-consumer and wholesale businesses.

•Americas – Revenue increased $122 million, or 7%, compared to the thirty-nine week period of the prior year, driven by growth in the wholesale business partially offset by a low single-digit decline in the direct-to-consumer business. The increase in wholesale revenue included (i) the transition to in-house of previously licensed women’s product categories and (ii) the impact of a shift in the timing of wholesale shipments as compared to the prior year period, as shipments in the prior year were more heavily weighted to the third and fourth quarters. The impact of foreign currency translation on our Americas segment was not significant.

•APAC – Revenue decreased $61 million, or 5%, compared to the thirty-nine week period of the prior year, driven by decreases in both the direct-to-consumer and wholesale businesses, primarily due to a challenging consumer environment in the region, particularly in the first half of the year. The impact of foreign currency translation on our APAC segment was not significant.

•Licensing – Revenue decreased $17 million, or 5%, compared to the thirty-nine week period of the prior year, primarily due to the transition to in-house of certain previously licensed women’s product categories.

Revenue by Brand:

•Tommy Hilfiger – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact.

•Calvin Klein – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 1% positive foreign currency impact.

Revenue by Channel:

•Direct-to-consumer – Revenue was flat compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact.

◦Owned and operated retail stores – Revenue was flat compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in EMEA was more than offset by declines in Americas and APAC, primarily due to the challenging consumer environment in those regions.

◦Owned and operated digital commerce – Revenue increased 3% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact. Excluding the impact of foreign currency translation, growth in Americas and APAC was partially offset by a decline in EMEA.

•Wholesale – Revenue increased 5% compared to the thirty-nine week period of the prior year, including a 2% positive foreign currency impact, primarily driven by the increase in Americas discussed above.

We currently expect revenue for the fourth quarter of 2025 will increase slightly to low single-digits compared to the fourth quarter of 2024, inclusive of a positive impact related to foreign currency translation. Excluding the impact of foreign currency translation, we currently expect revenue for the fourth quarter 2025 to decrease slightly.

We currently expect revenue for the full year 2025 will increase low single-digits compared to 2024, inclusive of a positive impact related to foreign currency translation. Excluding the impact of foreign currency translation, we currently expect revenue for the full year 2025 to be flat to increase slightly.

Gross Profit

Gross profit in the thirty-nine weeks ended November 2, 2025 was $3.705 billion, or 57.5% of total revenue, compared to $3.761 billion, or 59.9% of total revenue, in the thirty-nine week period of the prior year. Approximately 50 basis points of the decline was due to the transition of previously licensed product categories into our directly operated wholesale business, as revenue through our wholesale distribution channel carries lower gross margins, and approximately 50 basis points of the decline was due to the unmitigated negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States. The remaining 140 basis point decrease was driven by (i) an increase in promotional selling as compared to the prior year period, (ii) a shift in channel mix driven by a change in mix of shipments within the wholesale channel as well as an overall change in the revenue mix between our wholesale channel and our direct-to-consumer channel, as our wholesale channel was a larger proportion of revenue in the thirty-nine week period of 2025 than in 2024 and carries lower gross margins, and (iii) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product

delivery delays. The effect of mitigation actions to address the impact of tariffs were immaterial in the thirty-nine weeks ended November 2, 2025.

We currently expect that gross margin for the full year 2025 will decrease by approximately 250 basis points compared to 2024, including (i) the approximately 80 basis point unmitigated negative impact of the tariffs that are currently in place for goods coming into the United States, with a more significant unmitigated impact expected in the fourth quarter of 2025 due to the effective dates of tariffs and applicable rates and the increase in the percentage of inventory subject to tariffs that is expected to be sold and (ii) the approximately 50 basis point decline expected in connection with the above-mentioned transition of previously licensed product categories into our directly operated wholesale business. The remaining approximately 120 basis point decrease is primarily as a result of (i) an increase in promotional selling as compared to the prior year, with a less significant impact expected in the fourth quarter of 2025 and (ii) higher freight costs and incremental discounts provided to customers to address the impact of Calvin Klein product delivery delays, partially offset by planned mitigation actions to address the impact of tariffs.

SG&A Expenses

SG&A expenses in the thirty-nine weeks ended November 2, 2025 were $3.274 billion, or 50.8% of total revenue, compared to $3.255 billion, or 51.8% of total revenue, in the thirty-nine week period of the prior year. The 100 basis point decrease was primarily driven by (i) the non-recurrence of costs incurred in the prior year period in connection with the Mr. Hilfiger amendment, (ii) cost savings resulting from the Growth Driver 5 Actions, and (iii) the impact of a change in the revenue mix between our wholesale distribution channel and our direct-to-consumer distribution channel, as our wholesale distribution channel was a larger proportion of revenue in the thirty-nine week period of 2025 than in 2024 and carries lower SG&A expenses as a percentage of total revenue. These decreases were partially offset by a net increase in restructuring costs incurred in connection with the Growth Driver 5 Actions, with $80 million incurred in the thirty-nine week period of 2025 and $28 million incurred in the thirty-nine week period of the prior year.

We currently expect that SG&A expenses as a percentage of revenue for the fourth quarter of 2025 will decrease approximately 75 basis points compared to the fourth quarter of 2024 primarily as a result of the favorable impact of the Growth Driver 5 Actions, including (i) cost savings and (ii) the non-recurrence of restructuring costs incurred in the fourth quarter of 2024, as any further costs expected to be incurred during the fourth quarter of 2025 in connection with Growth Driver 5 Actions cannot be quantified at this time.

We currently expect that SG&A expenses as a percentage of revenue in the full year of 2025 will decrease approximately 200 basis points compared to the full year of 2024. The 200 basis point decrease for the full year 2025 does not include the impact of the $80 million of restructuring costs incurred in the thirty-nine weeks ended November 2, 2025, or any further costs expected to be incurred during the fourth quarter of 2025 in connection with Growth Driver 5 Actions, as the full year costs cannot be quantified at this time. Our expectation for the full year 2025 does include decreases primarily as a result of (i) the favorable impact of the cost savings due to the Growth Driver 5 Actions, and (ii) the non-recurrence of costs incurred in connection with the Mr. Hilfiger amendment.

Goodwill and Other Intangible Asset Impairments

We recorded noncash impairment charges of $480 million during the first quarter of 2025 in conjunction with interim goodwill and other intangible assets impairment tests, including $426 million related to goodwill and $54 million related to our Australia reacquired perpetual license rights, which were primarily due to a significant increase in discount rates. Please see Note 65, “Goodwill and Other Intangible Assets,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of these impairments.

Non-Service Related Pension and Postretirement (Cost~~) Income~~

Non-service related pension and postretirement (cost) ~~income in the thirty-nine weeks ended November 2, 2025~~ was ~~a cost of~~ $31 million asin ~~compared~~each ~~to income~~ of ~~$1 million in~~ the ~~thirty-nine~~first ~~period~~quarters of ~~the~~2026 ~~prior~~and ~~year~~2025. Please see Note 76, “Retirement and Benefit Plans,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Non-service related pension and postretirement (cost) ~~income~~ recorded throughout the year is calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions. Differences between estimated and actual results give rise to gains and losses that are recorded immediately in earnings, generally in the fourth quarter of the year, which can create volatility in our results of operations. We currently expect that non-service related pension and postretirement income for the full year ~~2025~~2026 will be ~~immaterial~~approximately $3 million. However, our expectation of ~~2025~~2026 non-service related pension and postretirement income does not include the impact of an actuarial gain or loss. As a result of the volatility in the financial markets, there is significant uncertainty with respect to the actuarial gain or loss we may record on our retirement plans in 2026. We may record a significant actuarial gain or loss in 2026 if there is a significant increase or decrease in discount rates, respectively, or if there is a difference between the actual and expected return on plan assets. As such, our actual 2026 non-service related pension and postretirement income may be significantly different than our projections.

non-service related pension and post-retirement income does not include the impact of an actuarial gain or loss. As a result of the volatility in the financial markets, there is significant uncertainty with respect to the actuarial gain or loss we may record on our retirement plans in 2025. We may record a significant actuarial gain or loss in 2025 if there is a significant increase or decrease in discount rates, respectively, or if there is a difference between the actual and expected return on plan assets. As such, our actual 2025 non-service related pension and postretirement income may be significantly different than our projections.

Other Gain

We recorded a gain of $10 million in the first quarter of 2024 in connection with the Heritage Brands intimates transaction due to the accelerated realization of the earnout provided for in the agreement with Basic Resources. Please see Note 5, “Divestitures,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Equity in Net Income of Unconsolidated Affiliates

The equity in net income of unconsolidated affiliates was $3313 million in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ compared to $3510 million in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year. These amounts relate to our share of income (loss) from (i) our ~~unconsolidated~~joint ~~affiliates~~venture asfor ~~described~~the TOMMY HILFIGER and Calvin Klein brands and certain licensed trademarks in Mexico, (ii) our joint venture for the ~~thirteen~~TOMMY ~~weeks~~HILFIGER ~~discussion~~and ~~above.~~Calvin ~~Our~~Klein ~~investments~~brands in ~~the~~India, (iii) our joint ~~ventures~~venture ~~are~~for ~~being~~the ~~accounted~~TOMMY HILFIGER brand in Brazil and (iv) our PVH Legwear LLC joint venture for ~~under~~the TOMMY HILFIGER and Calvin Klein brands and certain licensed trademarks in the United States and Canada. The equity ~~method~~in net income of ~~accounting.~~unconsolidated affiliates for the first quarter of 2026 increased as

Wecompared ~~currently~~to ~~expect~~the ~~that~~prior ~~our~~year ~~equity~~period inprimarily ~~net~~due to an increase in income ofattributable ~~unconsolidated~~to ~~affiliates~~our ~~for~~joint ~~the~~venture ~~fourth~~in ~~quarter~~Mexico and ~~full~~our ~~year~~PVH ~~2025~~Legwear ~~will~~LLC bejoint ~~relatively~~venture. ~~flat~~Our asinvestments ~~compared~~in to the ~~fourth~~joint ~~quarter~~ventures ~~and~~are ~~full~~being ~~year~~accounted ~~2024.~~for under the equity method of accounting.

~~(Loss) Income Before Interest and Taxes~~ 34

~~(Loss)~~We ~~income~~currently ~~before~~expect ~~interest~~that ~~and~~our ~~taxes~~equity in ~~the~~net ~~thirty-nine~~income ~~weeks~~of ~~ended~~unconsolidated ~~November~~affiliates 2,for ~~2025~~full ~~was~~year ~~$(18)~~2026 ~~million,~~will orbe ~~(0.3)%,~~relatively offlat ~~total~~as ~~revenue,~~ compared to $~~562~~45 million, ~~or 8.9% of total revenue,~~ in ~~the thirty-nine week period of the prior year, and included changes in our segments’ income before interest and taxes and other reconciling items as follows:~~2025.

~~•EMEA –~~ Income before interest and taxes in the thirty-nine weeks ended November 2, 2025 was $539 million, or 17.4% of total revenue, compared to $530 million, or 17.9% of total revenue in the thirty-nine week period of the prior year. The 50 basis point decrease was driven by a decrease in gross margin partially offset by a decrease in SG&A expenses as a percentage of revenue due to (iLoss) ~~the~~Before ~~leveraging~~Interest ~~of expenses resulting from the increase in revenue~~ and ~~(ii)~~Taxes ~~savings primarily resulting from the Growth Driver 5 Actions.~~

~~•Americas –~~ Income (loss) before interest and taxes in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ was $~~180~~124 million, or 96.1%, of total revenue, compared to $~~235~~(332) million, or 12(16.7)% of total revenue, in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year~~. The 360 basis point decrease was driven by a gross margin decline inclusive of the negative impact of the recently enacted tariffs that are currently in place for goods coming into the United States~~, ~~partially~~and ~~offset~~included bychanges ~~a decrease~~ in ~~SG&A~~our ~~expenses~~segments’ asincome ~~a percentage of revenue due to~~ (iloss) ~~savings~~before ~~primarily~~interest ~~resulting~~and ~~from~~taxes ~~the Growth Driver 5 Actions~~ and ~~(ii)~~other ~~the~~reconciling ~~leveraging~~items ofas ~~expenses resulting from the increase in revenue.~~follows:

•~~APAC~~EMEA – Income before interest and taxes in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ was $~~204~~152 million, or 1816.91% of total revenue, compared to $~~235~~149 million, or 2016.61% of total revenue in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year. ~~The~~A ~~170~~30 basis point ~~decrease~~increase ~~was~~in ~~primarily~~gross ~~driven~~margin was offset by ana 30 basis point increase in SG&A expenses as a percentage of revenue. ~~driven~~The byincrease ~~the~~in SG&A expenses as a percentage of revenue includes (i) an increase in marketing and (ii) a deleveraging of expenses resulting from the ~~decline~~decrease in revenue excluding the impact of foreign currency translation partially offset by (iii) savings resulting from Growth Driver 5 Actions.

•~~Licensing~~Americas – Income before interest and taxes in the first quarter of 2026 was $~~253~~51 million, inor ~~the~~8.4% ~~thirty-nine~~of ~~weeks~~total ~~ended November 2~~revenue, ~~2025,~~ compared to $~~261~~61 million, or 10.0% of total revenue in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year. The 160 basis point decrease was primarily ~~due~~driven toby a 190 basis point gross margin decline, inclusive of the ~~transition~~negative toimpact of the increase in~~-house~~ tariffs on goods coming into the United States partially offset by tariff mitigation actions. SG&A expenses as a percentage of ~~certain~~revenue ~~previously~~decreased ~~licensed~~40 ~~women’s~~basis ~~product~~points ~~categories~~due to savings resulting from the Growth Driver 5 Actions partially offset by an increase in marketing.

•~~Corporate~~APAC ~~and~~– ~~other~~Income ~~costs~~before ~~were~~interest ~~$634~~and ~~million~~taxes in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 2,was ~~2025~~$89 million, aor ~~decrease~~23.1% of $6total ~~million~~revenue, compared to $~~640~~79 million, or 22.5% of total revenue in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year,. The 60 basis point increase was primarily ~~due~~driven toby a ~~decrease~~160 inbasis ~~corporate~~point ~~costs~~increase ~~which~~in ~~includes~~gross ~~savings~~margin ~~resulting~~partially ~~from~~offset ~~the~~by ~~Growth~~a ~~Driver~~100 5basis ~~Actions~~point ~~along~~increase ~~with~~in ~~other~~SG&A ~~efficiencies.~~expenses ~~This~~as ~~decrease~~a ~~was~~percentage ~~partially~~of ~~offset~~revenue, byincluding an increase in ~~global brands costs~~marketing.

43•Licensing – Income before interest and taxes in the first quarter of 2026 was $75 million, a 7% decrease compared to $81 million in the prior year period, primarily due to the license transitions in North America.

•~~Restructuring~~Corporate and other ~~items~~costs ~~included~~were $~~559~~236 million ~~of expenses~~ in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 2~~2026, ~~2025,~~an ~~including~~increase ~~(i)~~of ~~the~~ $~~480~~27 million ~~noncash~~compared ~~goodwill~~to ~~and~~$209 ~~other~~million ~~intangible~~in ~~asset~~the ~~impairment~~prior ~~charges~~year ~~and~~period, ~~(ii)~~primarily ~~the~~due ~~$80~~to ~~million~~(i) ofan ~~restructuring~~increase ~~costs~~ in ~~connection~~marketing ~~with~~and ~~the~~other ~~Growth~~brand-building ~~Driver~~investments 5and ~~Actions.~~(ii) ~~Restructuring~~an ~~and~~increase ~~other~~in ~~items~~centrally ~~included~~managed ~~$59~~information ~~million~~technology ofand ~~net~~support ~~expenses~~costs inresulting from the ~~prior~~actions ~~year~~taken ~~period,~~in ~~including~~conjunction ~~(i)~~with ~~$51~~the ~~million~~Growth ofDriver ~~costs~~5 ininitiative ~~connection~~to ~~with~~move ~~the~~to ~~Mr.~~a ~~Hilfiger~~single ~~amendment,~~global ~~and~~technology ~~(ii)~~stack ~~$18~~and ~~million~~streamline ofand ~~net~~optimize ~~restructuring~~our ~~costs~~support ~~related~~functions toglobally. Overall, the Growth Driver 5 ~~Actions,~~initiative ~~partially~~drove ~~offset~~significant bysavings in the ~~$10~~first ~~million~~quarter ~~gain~~with ~~related~~savings toin the ~~Heritage~~regional ~~Brands~~segments ~~intimates~~more ~~transaction~~than offsetting the increase in Corporate information technology and support costs.

•Restructuring and other items included $7 million of restructuring costs in the first quarter of 2026 in connection with the Growth Driver 5 Actions, consisting principally of severance. Restructuring and other items included $493 million of expenses in the first quarter of the prior year including (i) $480 million of noncash goodwill and other intangible asset impairment charges and (ii) $13 million of restructuring costs in connection with the Growth Driver 5 Actions, consisting principally of severance.

Interest Expense, Net

Interest expense, net ~~increased~~decreased to $6016 million in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ from $5317 million in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year ~~primarily due to the impact of the ASR agreements~~.

Interest expense, net for the ~~fourth quarter and~~ full year ~~2025~~2026 ~~are~~is currently expected to be approximately $2075 million ~~and~~as ~~approximately $80 million, respectively, an increase~~ compared to $1479 million ~~and $67 million, respectively~~ in ~~2024, primarily due to the impact of the ASR agreements~~2025.

Income Tax Expense (Benefit) ~~Expense~~

The effective income tax rate for the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 ~~2, 2025~~ was ~~335~~18.19% compared to 1387.32% in the ~~thirty-nine~~first ~~week~~quarter ~~period~~ of the prior year.

The effective income tax rate for the for the thirty-nine weeks ended November 2, 2025 reflected a $(262) million income tax benefit recorded on $(78) million of pre-tax losses. The effective income tax rate for the thirty-nine weeks ended November 3, 2024 reflected a $68 million income tax expense recorded on $509 million of pre-tax income. 35

The effective income tax rate for the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November~~2026 2,reflected ~~2025~~a ~~was higher than the prior year period primarily due to (i) the impact of the~~ $~~480~~21 million ~~pre-~~income tax ~~noncash~~expense ~~goodwill and other intangible asset impairment charges that were~~ recorded ~~during~~on ~~the~~$109 ~~first~~million ~~quarter~~ of ~~2025, which were non~~pre-~~deductible for~~ tax ~~purposes and factored into our annualized effective~~ income ~~tax rate, and resulted in a 313~~.3% ~~increase~~The ~~to our~~ effective income tax rate, ~~and~~for ~~(ii)~~ the ~~impact~~first inquarter ~~the~~of ~~prior~~2025 ~~year~~reflected ~~period of~~ a ~~favorable~~$(305) ~~change~~million inincome ~~our uncertain~~ tax ~~positions resulting in a~~ benefit torecorded ~~our~~on ~~2024~~$(350) ~~effective~~million ~~tax rate~~ of ~~6.5% from the settlement of a multiyear audit in an international jurisdiction in the second quarter of 2024. Since the~~ pre-tax goodwill and intangible asset impairment charges have been factored into our annualized effective income tax rate, they will continue to have an impact on our effective tax rate in the fourth quarter of 2025losses.

The effective income tax rate for the first quarter of 2026 was lower than the prior year period primarily due to the impact of the $480 million pre-tax noncash goodwill and other intangible asset impairment charges ~~recorded~~ in the ~~first~~prior ~~quarter~~year ofperiod, ~~2025~~which ~~will~~were ~~also~~non-deductible ~~result~~for intax apurposes ~~significant~~and ~~increase~~factored tointo our ~~full~~annualized ~~year 2025~~ effective income tax rate. ~~Absent~~in ~~the~~2025, ~~impact~~and ofresulted ~~these~~in ~~impairment~~a ~~charges,~~70.5% weincrease ~~currently~~to ~~expect~~ our effective income tax rate for the ~~full~~first ~~year~~quarter 2025 ~~will be approximately 22%~~.

OnWe ~~July~~currently 4,expect ~~2025,~~that ~~the~~our ~~One~~effective ~~Big~~income ~~Beautiful Bill Act (“OBBBA”) was enacted into law, introducing a broad range of~~ tax ~~reform~~rate ~~provisions.~~for ~~We do not expect~~ the ~~enacted~~full ~~changes~~year to2026 ~~materially affect our forecasted annual effective tax rate and~~ will ~~continue~~be toin ~~monitor~~a ~~future~~range ~~guidance~~of ~~related~~22% to ~~the OBBBA~~23%.

We file income tax returns in more than 40 international jurisdictions each year. Our tax rate is influenced by several factors, including the mix of international and domestic pre-tax earnings, specific discrete transactions and events, new regulations, audits by tax authorities, and new information received. These elements may lead to adjustments in both our estimate for uncertain tax positions and the overall effective tax rate.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flow Summary and Trends

Cash and cash equivalents at ~~November~~May 23, ~~2025~~2026 was $~~158~~593 million, a decrease of $~~590~~109 million from $~~748~~701 million at February 21, ~~2025~~2026. The change in cash and cash equivalents included the impact of (i) $561 million paid in connection with ASR agreements and open market purchases to repurchase common stock under our stock repurchase program (please see section entitled “Acquisition of Treasury Shares” below for further discussion), (ii) the redemption of $500 million principal amount of 4 5/8% senior notes due 2025 and (iii) $494 million of net proceeds from the issuance of $500 million principal amount of 5 1/2% senior notes due 2030. We ended the ~~third~~first quarter of ~~2025~~2026 with approximately $1.74 billion of borrowing capacity available under our various debt facilities. The seasonality of our business results in significant fluctuations in our cash balance during our fiscal year due, in part, to the timing of inventory purchases and peak sales periods.

InCash ~~addition to the items impacting our cash~~ flow for ~~2025 discussed above, cash flow for~~ the full year ~~2025~~2026 will ~~also~~ be impacted by various ~~other~~ factors, including, as discussed further below in this “Liquidity and Capital Resources” section, (i) expected common stock repurchases under the stock repurchase program of at least $300 million, (ii) projected capital expenditures of approximately $250 million, (iii) net proceeds of $38 million received in the second quarter of 2026 in connection with the sale of the Jonesville, NC warehouse and distribution center, (iv) mandatory long-term debt repayments on our term loan under our 2022 senior unsecured credit facilities of approximately $13 million, subject to exchange rate fluctuations, and (v) offsetting impacts from cash inflows of approximately $100 million for refunds related to IEEPA tariffs previously paid and an expected reduction in cash due to the prolonged effects from the conflict in the Middle East.

As of ~~November~~May 23, ~~2025~~2026, $~~103~~267 million of cash and cash equivalents was held by international subsidiaries. Our intent is to reinvest indefinitely substantially all of our historical earnings in foreign subsidiaries outside of the United States in jurisdictions which we would expect to incur material tax costs upon the distribution of such amounts. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation.

Operations

Cash ~~provided~~used by operating activities was $9746 million in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 2,~~2026 ~~2025~~ compared to $~~254~~71 million in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 3, 2024~~2025. The decrease in cash ~~provided~~used by operating activities as compared to the prior year period was primarily driven by changes in our working capital, including changes in inventories net of the related change in payables and a decrease in ~~net~~trade ~~income~~receivables in the current year period as ~~adjusted~~compared ~~for~~to ~~noncash~~an ~~charges~~increase in trade receivables in the prior year period, primarily driven by a shift in the timing of our wholesale revenue.

Supply Chain Finance Program

We have a voluntary supply chain finance program (the “SCF program”) administered through a third party platform that provides our inventory suppliers with the opportunity to sell their receivables due from us to participating financial institutions in advance of the invoice due date, at the sole discretion of both the suppliers and the financial institutions. We are not a party to the agreements between the suppliers and the financial institutions and have no economic interest in a supplier’s decision to sell a receivable. Our payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the SCF program. Please see Note 1918, “Other Comments,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of our SCF program.

Investments in Unconsolidated Affiliates

We received dividends of $4625 million and $4226 million from our investments in unconsolidated affiliates during the ~~thirty-nine~~first ~~weeks~~quarters ~~ended~~of ~~November 2,~~2026 ~~2025~~ and ~~November 3~~2025, ~~2024,~~ respectively. These dividends are included in our net cash ~~provided~~used by operating activities in our Consolidated Statements of Cash Flows for the respective period.

Heritage Brands Intimates Transaction

We completed the sale of our women’s intimates businesses conducted under the Warner’s, Olga and True&Co. trademarks to Basic Resources on November 27, 2023 for net proceeds of $156 million, which we received in the fourth quarter of 2023. Due to the accelerated realization of the earnout provided for in the agreement with Basic Resources that occurred during the first quarter of 2024, we received additional proceeds of $10 million, which was paid to us in equal quarterly installments through the first quarter of 2025. Please see Note 5, “Divestitures,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Sale of Warehouse and Distribution Center

We completed the sale of aour owned warehouse and distribution center located in Jonesville, NC during the ~~third~~second quarter of ~~2024~~2026, for net proceeds of $1038 million. inPlease ~~connection~~see ~~with~~Note ~~our~~4, ~~multiyear~~“Assets ~~initiative~~Held for Sale,” in the Notes to ~~simplify~~Consolidated ~~our~~Financial ~~operating~~Statements ~~model~~included byin ~~centralizing~~Part ~~certain~~I, ~~processes~~Item ~~and~~1 ~~improving~~of this report for further discussion.

systems and automation to drive more efficient and cost-effective ways of working across the organization. Please see Note 15, “Exit Activity Costs,” in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.

Capital Expenditures

Our capital expenditures in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 2,~~2026 ~~2025~~ were $9840 million compared to $~~115~~27 million in the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 3, 2024~~2025. We currently expect that capital expenditures for the full year ~~2025~~2026 will be ~~relatively~~approximately ~~flat~~$250 million as compared to $~~159~~142 million in ~~2024~~2025 and will primarily consist of (i) investments in ~~(a)~~ new stores and store renovations and (bii) ~~our information technology infrastructure worldwide~~investments, ~~including information security, (ii)~~ upgrades and enhancements toin ~~platforms and systems worldwide, including~~ our ~~digital~~information ~~commerce~~technology platforms, ~~and~~systems ~~(iii) enhancements to our warehouse~~ and ~~distribution~~infrastructure ~~network in Europe and North America~~worldwide.

Dividends

Cash dividends paid on our common stock totaled $62 million in each of the ~~thirty-nine~~first ~~weeks~~quarters ~~ended~~of ~~November 2,~~2026 ~~2025~~ and ~~November 3, 2024~~2025.

Additionally, we declared a $0.0375 per share dividend on our common stock in the ~~third~~first quarter of ~~2025~~2026 to be paid in the ~~fourth~~second quarter of ~~2025~~2026. We currently project that cash dividends paid on our common stock in ~~2025~~2026 will be approximately $7 million.

Acquisition of Treasury Shares

The Board of Directors has authorized over time beginning in 2015 an aggregate $5 billion stock repurchase program through July 30, 2028. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as we deem appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under our insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend or terminate the program at any time, without prior notice. Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022.

On April 1, 2025, we entered into accelerated share repurchase (“ASR”) agreements with financial institutions to repurchase an aggregate of $500 million of our shares of common stock under our existing $5 billion stock repurchase authorization. We paid $500 million to the financial institutions and received initial deliveries of an aggregate of approximately 4.6 million shares of our common stock at a price of $76.43 per share, the closing share price of our common stock on April 1, 2025. The value of the initial shares delivered represented approximately 70% of the aggregate purchase price. The ASR agreements were funded with cash on hand and $115 million of short-term borrowings. During the third quarter of 2025, the ASR agreements were settled, and we received an aggregate of approximately 2.3 million of additional shares of our common stock. The total number of shares purchased under the ASR agreements was approximately 6.9 million shares at a price paid per share of $72.44, which was based on the daily volume-weighted average price of our common stock over the term of the ASR agreements, less a discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR agreements. The ASR agreements were accounted for as a share purchase transaction and forward stock purchase agreement indexed to our common stock.

During the ~~thirty-nine~~first ~~weeks~~quarter ~~ended~~of ~~November 2,~~ 2025, we additionally purchased 0.8 million shares (all prior to the execution of the ASR agreements) ~~and during the thirty-nine weeks ended November 3, 2024, we purchased 2.4 million shares~~ of our common stock under the program in open market transactions for $61 million ~~and $254 million, respectively~~. Excise taxes of $64 million ~~and $2 million~~ were excluded from the share repurchases for ~~these~~the ~~periods~~first quarter of 2025, including in respect of the initial deliveries of the shares repurchased under the ASR agreements. ~~Purchases~~We ofdid $4not ~~million~~purchase ~~that~~any ~~were~~of ~~accrued for in~~ our ~~Consolidated~~common ~~Balance~~stock ~~Sheet~~under asthe ofprogram ~~February 2,~~during ~~2025 were paid in~~ the first quarter of ~~2025~~2026. As of ~~November~~May 23, ~~2025~~2026, the repurchased shares were held as treasury stock and $1.212 billion of the authorization remained available for future share repurchases, excluding excise taxes, as the excise taxes do not reduce the authorized amount remaining.

Treasury stock activity also includes shares that were withheld in conjunction with the settlement of restricted stock units and performance share units to satisfy tax withholding requirements.

Financing Arrangements

Our capital structure was as follows:

(In millions)

115/23/2526

2/21/2526

115/34/2425

Short-term borrowings

—

—115

Current portion of long-term debt

~~511~~13

~~511~~512

Finance lease obligations

Long-term debt

2,~~246~~269

12,~~580~~291

1,~~654~~720

Stockholders’ equity

4,~~879~~895

54,~~141~~792

54,~~288~~618

In addition, we had $~~158~~593 million, $~~748~~701 million and $~~560~~191 million of cash and cash equivalents as of ~~November~~May 23, ~~2025~~2026, February 21, ~~2025~~2026 and ~~November~~May 34, ~~2024~~2025, respectively.

Short-Term Borrowings

We have the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2022 Senior Unsecured Credit Facilities.” We had no revolving borrowings outstanding under these facilities as of ~~November~~May 23, ~~2025~~2026.

Additionally, we have the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for ~~borrowings~~borrowing capacity of up to $~~224~~236 million based on exchange rates in effect on ~~November~~May 23, ~~2025~~2026 and are utilized primarily to fund working capital needs. We had no borrowings outstanding under these facilities as of ~~November~~May 23, ~~2025~~2026.

Commercial Paper

We have the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. We had no borrowings outstanding under the commercial paper note program as of ~~November~~May 23, ~~2025~~2026.

2025 Unsecured Delayed Draw Term Loan Facilities

On April 4, 2025, we entered into a credit agreement that provides for a delayed draw term loan facility with aggregate lending commitments of $250 million for United States dollar-denominated senior unsecured term loans (the “April 4 facility”). On April 25, 2025, we entered into an additional credit agreement that provided for a delayed draw term loan facility with aggregate lending commitments of $450 million for United States dollar-denominated senior unsecured term loans (the “April 25 facility”).

The April 25 facility terminated by its terms during the second quarter of 2025 as a result of our issuance of the $500 million principal amount of 5 1/2% senior notes due June 13, 2030 discussed below. We had not drawn on the April 25 facility prior to its termination.

The April 4 facility will mature on April 3, 2026. The term loans under the April 4 facility may be funded in up to four borrowings prior to February 4, 2026, subject to a minimum borrowing requirement of $50 million. If drawn upon, the borrowings under the April 4 facility will primarily be used for working capital or other general corporate purposes. We have not drawn on the April 4 facility and the entire $250 million remained available for borrowing as of November 2, 2025. Any outstanding borrowings under the April 4 facility would be prepayable at any time without penalty (other than customary breakage costs).

Term loans borrowed under the April 4 facility, if any, will bear interest at a rate per annum equal to, at our option, either a base rate or a term secured overnight financing rate (“SOFR”) rate, calculated in a manner set forth in the April 4 facility, plus an applicable margin. The applicable margin with respect to the April 4 facility as of November 2, 2025 was 1.125% for loans bearing interest at the term SOFR rate and 0.125% for loans bearing interest at the base rate. The applicable margin is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of our fiscal quarters, based upon our net leverage ratio or (ii) after the date of delivery of notice of a change in our public debt rating by Standard & Poor’s or Moody’s.

The April 4 facility requires us to comply with customary affirmative and negative covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the facility.

Finance Lease Obligations

Our cash payments for finance lease liabilities totaled $21 million ~~and~~in $3each ~~million~~of ~~during~~ the ~~thirty-nine~~first ~~weeks~~quarters ~~ended~~of ~~November 2,~~2026 ~~2025~~ and ~~November 3, 2024, respectively~~2025.

2022 Senior Unsecured Credit Facilities

On December 9, 2022, we entered into senior unsecured credit facilities (the “2022 facilities”). The 2022 facilities consist of (a) a €441 million euro-denominated Term Loan A facility, (b) a $1.150 billion United States dollar-denominated multicurrency revolving credit facility, which is available in (i) United States dollars, (ii) Australian dollars (limited to A$50 million), (iii) Canadian dollars (limited to C$70 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250 million), and (c) a $50 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars. The 2022 facilities are due on December 9, 2027.

We made payments ~~totaling~~of $93 million on our term loan under the 2022 facilities in each of the ~~thirty-nine~~first ~~weeks~~quarters ~~ended~~of ~~November 2,~~2026 ~~2025~~ and ~~November 3, 2024~~2025. We currently expect to make total long-term debt repayments of approximately $13 million, subject to exchange rate fluctuations, for the full year ~~2025~~2026.

3 5/8% Euro Senior Notes Due 2024

We had outstanding €525 million principal amount of 3 5/8% senior notes due July 15, 2024. We redeemed these notes on April 25, 2024 utilizing the net proceeds from the issuance of the €525 million principal amount of 4 1/8% senior notes due July 16, 2029 together with other available funds, as discussed below.

4 5/8% Senior Notes Due 2025

We had outstanding $500 million principal amount of 4 5/8% senior notes due July 10, 2025. We repaid these notes upon maturity utilizing the net proceeds from the issuance of the $500 million principal amount of 5 1/2% senior notes due June 13, 2030 together with other available funds, as discussed below.

3 1/8% Euro Senior Notes Due 2027

We have outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. We may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, in advance of maturity, we may redeem the remaining outstanding notes beginning on September 15, 2027 at their principal amount plus any accrued and unpaid interest.

4 1/8% Euro Senior Notes Due 2029

We ~~issued~~have onoutstanding ~~April 15, 2024,~~ €525 million principal amount of 4 1/8% senior notes due July 16, 2029. We ~~paid~~may €5redeem ~~million~~some ~~($6~~or ~~million~~all ~~based~~of onthese ~~exchange~~notes ~~rates~~at inany ~~effect~~time onprior ~~the~~to ~~payment~~April ~~date)~~16, of2029 ~~fees~~by inpaying ~~connection~~a ~~with~~“make ~~the~~whole” ~~issuance~~premium, plus any accrued and unpaid interest. In addition, in advance of maturity, we may redeem the remaining outstanding notes beginning on April 16, ~~which~~2029, ~~are~~or ~~being~~all ~~amortized~~of ~~over~~these notes at any time in the ~~term~~event of ~~the~~certain ~~notes~~developments affecting taxation, at their principal amount plus any accrued and unpaid interest.

During the first quarter of 2025, we completed the allocation of an amount equal to 100% of the net proceeds of the offering to sustainable materials, which qualify as environmental Eligible Projects (as defined in our prospectus relating to the notes offering). During the first quarter of 2024, we utilized the net proceeds of the offering, together with other available funds, to redeem the €525 million principal amount of 3 5/8% senior notes due July 15, 2024, as discussed above.

We may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, we may redeem the remaining outstanding notes beginning on

April 16, 2029, or all of these notes at any time in the event of certain developments affecting taxation, at their principal amount plus any accrued and unpaid interest.

5 1/2% Senior Notes Due 2030

We issued on June 13, 2025, $500 million principal amount of 5 1/2% senior notes due June 13, 2030. We paid $6 million of fees in connection with the issuance of the notes, which are being amortized over the term of the notes.

We utilized the net proceeds of the offering, together with other available funds, to repay the $500 million principal amount of 4 5/8% senior notes due July 10, 2025, as discussed above.

We may redeem some or all of these notes at any time prior to May 13, 2030 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, we may redeem the remaining outstanding notes beginning on May 13, 2030 at their principal amount plus any accrued and unpaid interest.

Our financing arrangements contain financial and non-financial covenants and customary events of default. As of ~~November~~May 23, ~~2025~~2026, we were in compliance with all applicable financial and non-financial covenants under our financing arrangements.

As of ~~November~~May 23, ~~2025~~2026, our issuer credit was rated BBB- by Standard & Poor’s with a ~~positive~~stable outlook and our corporate credit was rated Baa3 by Moody’s with a stable outlook, and our commercial paper was rated A-32 by Standard & Poor’s and P-3 by Moody’s. In assessing our credit strength, we believe that both Standard & Poor’s and Moody’s considered, among other things, our capital structure and financial policies, our consolidated balance sheet, our historical acquisition activity and other financial information, including our revenue growth and operating margin, as well as industry and other qualitative factors.

Please see Note 87, “Debt,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for a schedule of mandatory long-term debt repayments for the remainder of ~~2025~~2026 through ~~2030~~2031.

Please see Note 78, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 for further discussion of our debt.

Additional Cash Requirements

During the second quarter of 2025, we executed lease extensions, generally for a term of 10 years, with certain retail outlet store landlords covering a significant portion of our North America store portfolio. The lease extensions increased our cash requirements by $874 million ($42 million for 2025; $173 million for 2026-2027, $168 million for 2028-2029; and $491 million thereafter).

CRITICAL ACCOUNTING POLICIES

Our consolidated financial statements are based on the selection and application of significant accounting policies, which require management to make significant estimates and assumptions. Our significant accounting policies are outlined in Note 1, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026. During the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026, there were no significant changes to our critical accounting policies from those described in our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026.

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ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Financial instruments held by us ~~as of November 2, 2025~~ primarily include cash and cash equivalents, short-term borrowings (when facilities are drawn or commercial paper is issued), long-term debt, foreign currency forward contracts and cross-currency swap contracts. Note 1110, “Fair Value Measurements,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report outlines the fair value of our financial instruments as of ~~November~~May 23, ~~2025~~2026. Cash and cash equivalents held by us are affected by short-term interest rates. Given our balance of cash and cash equivalents at ~~November~~May 23, ~~2025~~2026, the effect of a 10 basis point change in short-term interest rates on our interest income would be approximately $0.26 million annually. Borrowings under our senior unsecured term loan facility bear interest at a rate equal to an applicable margin plus a variable rate. As such, our senior unsecured term loan facility exposes us to market risk for changes in interest rates. As of ~~November~~May 23, ~~2025~~2026, approximately 80% of our long-term debt was at a fixed interest rate, with the remaining (euro-denominated) balance at a variable interest rate. Interest on the euro-denominated debt is subject to change based on fluctuations in the one-month euro interbank offered rate (“EURIBOR”). The effect of a 10 basis point change in the current one-month EURIBOR on our variable interest expense would be approximately $0.5 million annually. Please see “Liquidity and Capital Resources” in the Management’s Discussion and Analysis section included in Part I, Item 2 of this report for further discussion of our credit facilities.

Our Tommy Hilfiger and Calvin Klein businesses each have substantial international components that expose us to significant foreign exchange risk. Over 70% of our $89.70 billion of revenue in ~~2024~~2025 was generated outside of the United States. Changes in exchange rates between the United States dollar and other currencies can impact our financial results in two ways: a translational impact and a transactional impact.

The translational impact refers to the impact that changes in exchange rates can have on our results of operations and financial position. The functional currencies of our foreign subsidiaries are generally the applicable local currencies. Our consolidated financial statements are presented in United States dollars. The results of operations of our foreign subsidiaries are translated into United States dollars using an average exchange rate over the representative period and the assets and liabilities of our foreign subsidiaries are translated into United States dollars using the closing exchange rate at the balance sheet date. Foreign exchange differences that arise from the translation of our foreign subsidiaries’ assets and liabilities into United States dollars are recorded as foreign currency translation adjustments in other comprehensive income (loss). Accordingly, our results of operations and other comprehensive income (loss) will be unfavorably impacted during times of a strengthening United States dollar, particularly against the euro, the Japanese yen, the Korean won, the British pound, the Australian dollar, the Canadian dollar, the Mexican peso, the Brazilian real and the Chinese yuan, and favorably impacted during times of a weakening United States dollar against those currencies.

We currently expect our ~~2025~~2026 revenue and net income to increase by approximately $~~200~~125 million and $20 million, respectively, as compared to 2025 due to the impact of foreign currency translation.

During the ~~thirty-nine~~thirteen weeks ended ~~November~~May 23, ~~2025~~2026, we recognized ~~favorable~~unfavorable foreign currency translation adjustments of $~~294~~13 million within other comprehensive income (loss) principally driven by a ~~weakening~~strengthening of the United States dollar since February 21, ~~2025~~2026 against the euro of 111%, partially offset by a weakening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the weakening of the United States dollar against the Australian dollar of 3% and the Chinese yuan of 2% since February 1, 2026). Our foreign currency translation adjustments recorded in other comprehensive income (loss) are significantly impacted by the substantial amount of goodwill and other intangible assets denominated in the euro, which represented 46% of our $5.01 billion total goodwill and other intangible assets as of ~~November~~May 23, ~~2025~~2026. This translational impact of the euro was partially mitigated by the change in the fair value of our net investment hedges discussed below.

There is also is a transactional impact of foreign exchange because ~~our~~we have foreign subsidiaries that purchase inventory in a currency other than their functional currency. We also have exposure to changes in foreign currency rates related to certain intercompany transactions and SG&A expenses. We currently use and plan to continue to use foreign currency forward contracts or other derivative instruments to mitigate the cash flow or market value risks associated with these inventory and intercompany transactions, but we are unable to entirely eliminate these risks. We enter into foreign currency forward contracts pertaining to these inventory transactions up to 15 months in advance of payment for a portion of the projected purchases and may enter into incremental contracts leading up to the time the payments occur.

WeThe ~~currently expect the~~ transactional impact of foreign currency on our ~~2025~~2026 ~~net~~gross ~~income~~margin as compared to ~~2024~~2025 ~~will~~is expected to be ~~immaterial~~favorable by approximately 50 basis points.

Given our foreign currency forward contracts outstanding at ~~November~~May 23, ~~2025~~2026, the effect of a 10% change in foreign currency exchange rates against the United States dollar would result in a change in the fair value of these contracts of approximately ~~$110 million. Any change in the fair value of these contracts would be substantially offset by a change in the fair value of the underlying hedged items.~~

5040

In$110 ~~order~~million. toAny ~~mitigate~~change ~~a portion of our exposure to changes~~ in ~~foreign currency exchange rates related to~~ the ~~value~~fair ~~of our investments in foreign subsidiaries denominated in the euro, we use both non-derivative instruments (the par~~ value of ~~certain~~these ~~of our foreign-denominated debt) and derivative instruments (cross-currency swap~~ contracts), ~~which~~would webe ~~designate~~substantially asoffset ~~net investment hedges. We designated the par value of our €1.125 billion aggregate principal amount of senior notes issued~~ by ~~PVH Corp.,~~ a ~~U.S.-based~~change ~~entity, as net investment hedges of our investments~~ in ~~certain of our foreign subsidiaries that use~~ the ~~euro~~fair asvalue their functional currency. In addition, we entered into multiple receive fixed-rate United States dollar-denominated interest and pay fixed-rate euro-denominated interest cross-currency swap contracts in 2023. The cross-currency swap contracts expired in July 2025, at which time we entered into new receive fixed-rate United States dollar-denominated interest and pay fixed-rate euro-denominated interest cross-currency swap contracts. We also designated these cross-currency swap contracts as net investment hedges of ~~our investments in certain of our foreign subsidiaries that use~~ the ~~euro~~underlying ashedged ~~their functional currency~~items. ~~Please see Note 10, “Derivative Financial Instruments,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.~~

~~The~~In ~~effect~~order ofto mitigate a ~~10%~~portion ~~change~~of our exposure to changes in ~~the~~foreign ~~euro~~currency ~~against~~exchange ~~the~~rates ~~United~~related ~~States~~to ~~dollar~~the ~~would~~value ~~result~~of our investments in aforeign ~~change~~subsidiaries denominated in the ~~fair~~euro, ~~value~~we ofuse both non-derivative instruments (the ~~net~~par ~~investment~~value ~~hedges~~of certain of ~~approximately~~our ~~$180~~foreign-denominated ~~million.~~debt) ~~Any~~and ~~change~~derivative ininstruments ~~the~~(cross-currency ~~fair~~swap ~~value~~contracts), ofwhich ~~the~~we designate as net investment hedges. ~~would~~We bedesignated ~~more~~the ~~than~~par ~~offset~~value of our €1.125 billion aggregate principal amount of senior notes issued by PVH Corp., a ~~change~~U.S.-based inentity, ~~the~~as ~~value~~net investment hedges of our investments in certain of our ~~European~~foreign subsidiaries that use the euro as their functional currency. ~~Additionally~~In addition, ~~during~~we ~~times~~entered ofinto amultiple ~~strengthening~~receive fixed-rate United States dollar-denominated ~~against~~interest ~~the~~and pay fixed-rate euro,-denominated weinterest ~~would~~cross-currency beswap ~~required~~contracts toin ~~use~~2023, with a ~~lower~~maturity ~~amount~~date of ~~our~~July ~~cash~~2025. ~~flows~~In ~~from~~July ~~operations~~2025, we completed a transaction to ~~pay~~effectively ~~interest~~blend and ~~make~~extend ~~long~~those cross-~~term~~currency ~~debt~~swaps ~~repayments~~with onnew ~~our~~receive ~~euro~~fixed-~~denominated~~rate ~~senior~~United ~~notes~~States dollar-denominated interest and topay ~~settle~~fixed-rate ~~our~~euro-denominated interest cross-currency swap contracts, ~~whereas~~maturing ~~during~~in ~~times~~July of2027 aand ~~weakening~~July ~~United~~2028. ~~States~~We ~~dollar~~also ~~against~~designated ~~the~~these ~~euro,~~cross-currency weswap ~~would~~contracts beas ~~required~~net toinvestment ~~use~~hedges aof ~~greater~~our ~~amount~~investments in certain of our ~~cash~~foreign ~~flows~~subsidiaries ~~from~~that ~~operations~~use tothe ~~pay~~euro ~~interest~~as ~~and~~their ~~make~~functional ~~long-term~~currency. ~~debt~~Please ~~repayments~~see onNote ~~these~~9, ~~notes~~“Derivative ~~and~~Financial Instruments,” in the Notes to ~~settle~~Consolidated ~~our~~Financial ~~cross-currency~~Statements ~~swap~~included ~~contracts~~in Part I, Item 1 of this report for further discussion.

~~Included~~The effect of a 10% change in the ~~calculations~~euro ofagainst ~~expense~~the ~~and~~United ~~liabilities~~States ~~for~~dollar ~~our~~would ~~pension~~result ~~plans~~in ~~are~~a ~~various~~change ~~assumptions,~~in ~~including~~the ~~return~~fair onvalue ~~assets,~~of ~~discount~~the ~~rates~~net ~~and~~investment ~~mortality~~hedges ~~rates~~of approximately $185 million. ~~Actual~~Any ~~results~~change ~~could~~in ~~differ~~the ~~from~~fair ~~these~~value ~~assumptions,~~of ~~which~~the ~~would~~net ~~require~~investment ~~adjustments~~hedges towould ~~our~~be ~~balance~~more ~~sheet~~than ~~and~~offset ~~could~~by ~~result~~a change in ~~volatility~~the invalue of our ~~future~~investments ~~pension~~in ~~expense.~~certain ~~Holding~~of ~~all~~our ~~other~~European ~~assumptions~~subsidiaries. ~~constant~~Additionally, aduring 1%times ~~change~~of ina ~~the~~strengthening ~~assumed~~United ~~rate~~States ofdollar ~~return~~against onthe ~~assets~~euro, we would ~~result~~be inrequired to use a ~~change~~lower toamount ~~2025~~of ~~net~~our ~~benefit~~cash ~~cost~~flows ~~related~~from operations to ~~the~~pay ~~pension~~interest ~~plans~~and ofmake ~~approximately~~long-term $4debt ~~million.~~repayments ~~Likewise~~on our euro-denominated senior notes and to settle our cross-currency swap contracts, whereas during times of a ~~0.25%~~weakening ~~change~~United inStates ~~the~~dollar ~~assumed~~against ~~discount~~the ~~rate~~euro, we would ~~result~~be inrequired to use a ~~change~~greater amount of our cash flows from operations to ~~2025~~pay ~~net~~interest ~~benefit~~and ~~cost~~make oflong-term ~~approximately~~debt ~~$16~~repayments ~~million~~on these notes and to settle our cross-currency swap contracts.

51Included in the calculations of expense and liabilities for our pension plans are various assumptions, including return on assets, discount rates and mortality rates. Actual results could differ from these assumptions, which would require adjustments to our balance sheet and could result in volatility in our future pension expense. Holding all other assumptions constant, a 1% change in the assumed rate of return on assets would result in a change to 2026 net benefit cost related to the pension plans of approximately $4 million. Likewise, a 0.25% change in the assumed discount rate would result in a change to 2026 net benefit cost of approximately $15 million.

ITEM 4 - CONTROLS AND PROCEDURES

~~Evaluation~~Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of ~~Disclosure~~1934, ~~Controls~~as amended, is recorded, processed, summarized and ~~Procedures~~reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Interim Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

~~Our~~There ~~disclosure~~have ~~controls~~been ~~and~~no ~~procedures~~changes ~~are designed to ensure that information required to be disclosed~~ in our ~~reports~~internal ~~filed~~control orover ~~submitted~~financial ~~under~~reporting ~~the~~during ~~Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within~~ the ~~time~~period ~~periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated~~ to ~~our~~which ~~management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period covered by~~ this report, werelates ~~carried~~that ~~out~~have anmaterially ~~evaluation~~affected, ~~under~~or ~~the~~are ~~supervision~~reasonably ~~and~~likely ~~with~~to ~~the~~materially ~~participation of our management~~affect, ~~including~~ our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of November 2, 2025 due to a previously identified material weakness in internal control over financial reporting~~, as described in our Annual Report on Form 10-K for the year ended February 2, 2025~~.

Notwithstanding the previously identified material weakness, which management continues to implement measures designed to ensure the control deficiencies contributing to the material weakness are remediated, management believes that our consolidated financial statements included in this Quarterly Report on Form10-Q have been prepared in accordance with U.S. GAAP. Furthermore, our Chief Executive Officer and Chief Financial Officer have certified that, based on their knowledge, the financial statements, and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented.42

Remediation of Material Weakness

As previously described in our Annual Report on Form 10-K for the year ended February 2, 2025, management has been implementing and continues to implement measures designed to ensure the control deficiencies contributing to the material weakness are remediated such that these controls are implemented and operating effectively.

We believe that these measures, when fully implemented, will remediate the material weakness. The material weakness will not be considered remediated, however, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We may also conclude that additional measures may be required to remediate the material weakness in our internal control over financial reporting, which may necessitate additional implementation and evaluation time. We will continue to assess the effectiveness of our internal control over financial reporting and take steps to remediate the known material weakness expeditiously.

Changes in Internal Control over Financial Reporting

Except for the remediation efforts described above in connection with the previously identified material weakness, there have been no changes in our internal control over financial reporting during the period to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

Investigation by China’s Ministry of Commerce

In September 2024, MOFCOM announced that it had initiated an investigation into our business under the UEL Provisions upon the suspicion that we (i) suspended normal transactions with Chinese entities or individuals, (ii) adopted discriminatory measures against products produced in or made from raw materials or component parts from China’s Xinjiang Uyghur Autonomous Region, and (iii) violated normal market trading principles. In October 2024, we submitted a written response to MOFCOM and, in December 2024, we submitted a supplemental response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February 2025, it announced its determination and placed PVH Corp. on the UEL. We do not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. According to the UEL Provisions, potential measures could include monetary fines, restrictions or prohibitions on engaging in import and export activities related to China or making investments in China, entry denial of our relevant personnel into China, restrictions or revocation of work permits, stay or residence status of our relevant personnel in China, or other measures. No measures have been imposed on us at this time. The practical impact of any such restrictions or prohibitions could include our inability to produce goods in China for sale elsewhere, our inability to sell goods on a wholesale or retail basis in China, or our inability to make investments in China. Please see our risk factor “China’s Ministry of Commerce (“MOFCOM”) conducted an investigation into our business which resulted in PVH Corp. being placed on the List of Unreliable Entities (“UEL”) and could result in fines or restrictions on our ability to do business in China, which could have a material adverse effect on our revenue and results of operations” in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended February 2 1, ~~2025~~2026 for additional information.

Other Matters

We are a party to certain litigations which, in management’s judgment based, in part, on the ~~opinion~~opinions of legal counsel, will not have a material adverse effect on our financial position.

ITEM 1A - RISK FACTORS

Please refer to Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended February 21, ~~2025~~2026 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject. There have been no material changes to these risk factors as of ~~November~~May 23, ~~2025~~2026.

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ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ISSUER PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares (or Units) Purchased(1)		(b) Average Price Paid per Share (or Unit)(1)~~(3)~~			(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(12)	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(12)
August 4, 2025 - August 31, 2025	1,107	(2)	$	71.45	(2)	—	$	1,211,808,469
February 2, 2026 - March 1, 2026	1,300		$	62.36		—	$	1,211,808,469
September 1, 2025 - October 5, 2025
March 2, 2026 - April 5, 2026	1,609		68.60			—	1,211,808,469
Accelerated share repurchases (4)	2,322,722					2,322,722	1,211,808,469
April 6, 2026 - May 3, 2026	170,774		86.24			—	1,211,808,469
Other activity	1,157	(2)	85.28		(2)	—	1,211,808,469
Total	173,683					—	$	1,211,808,469
October 6, 2025 - November 2, 2025	—		—			—	1,211,808,469
Total	2,324,986					2,322,722	$	1,211,808,469

(1) ~~The~~Our ~~Company’s~~Stock ~~Board~~Incentive ofPlan ~~Directors~~provides ~~has~~us ~~authorized~~with ~~over~~the ~~time~~right ~~beginning~~to indeduct ~~2015~~or anwithhold, ~~aggregate~~or ~~$5.0~~require ~~billion~~employees ~~stock~~to ~~repurchase~~remit ~~program~~to ~~through July 30~~us, ~~2028.~~an ~~Repurchases~~amount ~~under~~sufficient ~~the~~to ~~program~~satisfy ~~may~~any beapplicable ~~made~~tax ~~from~~withholding ~~time~~requirements applicable to ~~time~~stock-based ~~over~~compensation ~~the~~awards. ~~period~~To ~~through~~the ~~open~~extent ~~market purchases~~permitted, ~~accelerated~~employees ~~share~~may ~~repurchase~~elect ~~programs,~~to ~~privately~~satisfy ~~negotiated~~all ~~transactions~~ or ~~other~~part ~~methods, as we deem appropriate. Purchases are made based on a variety~~ of ~~factors,~~ such aswithholding ~~price,~~requirements ~~corporate~~by ~~requirements~~tendering ~~and~~previously ~~overall~~owned ~~market~~shares ~~conditions,~~or ~~applicable~~by ~~legal~~having ~~requirements~~us ~~and~~withhold ~~limitations,~~shares ~~trading~~having ~~restrictions~~a ~~under~~fair ~~our~~market ~~insider~~value ~~trading~~equal ~~policy~~to ~~and~~the ~~other~~minimum ~~relevant~~statutory ~~factors.~~tax ~~The~~withholding ~~program~~rate ~~may~~that could be ~~modified~~imposed byon the ~~Board~~transaction. ofIncluded ~~Directors,~~in ~~including~~this totable ~~increase~~are orshares ~~decrease~~withheld during the ~~repurchase~~first ~~limitation~~quarter orof ~~extend,~~2026 ~~suspend~~in orconnection ~~terminate~~with the ~~program,~~settlement atof ~~any~~restricted ~~time,~~stock ~~without~~units ~~prior~~and ~~notice.~~performance ~~Excise~~share ~~taxes~~units doto ~~not~~satisfy ~~reduce~~tax ~~the~~withholding ~~authorized amount remaining under this program~~requirements.

(2) ~~Our~~The ~~Stock~~Company’s ~~Incentive~~Board ~~Plan~~of ~~provides~~Directors ushas ~~with~~authorized ~~the~~over ~~right~~time tobeginning ~~deduct~~in or2015 ~~withhold,~~an oraggregate ~~require~~$5.0 ~~employees~~billion tostock ~~remit~~repurchase toprogram ~~us,~~through anJuly ~~amount~~30, ~~sufficient~~2028. toRepurchases ~~satisfy~~under ~~any~~the ~~applicable~~program ~~tax~~may ~~withholding~~be ~~requirements~~made ~~applicable~~from time to ~~stock-based~~time ~~compensation~~over ~~awards.~~the Toperiod ~~the~~through ~~extent~~open ~~permitted~~market purchases, ~~employees~~accelerated ~~may~~share ~~elect~~repurchase toprograms, ~~satisfy~~privately ~~all~~negotiated transactions or ~~part~~other ofmethods, ~~such~~as ~~withholding~~we ~~requirements~~deem byappropriate. ~~tendering~~Purchases ~~previously~~are ~~owned~~made ~~shares~~based oron bya ~~having~~variety usof ~~withhold~~factors, ~~shares~~such ~~having~~as aprice, ~~fair~~corporate requirements and overall market ~~value~~conditions, ~~equal~~applicable tolegal ~~the~~requirements ~~minimum~~and ~~statutory~~limitations, ~~tax~~trading ~~withholding~~restrictions ~~rate~~under ~~that~~our ~~could~~insider betrading ~~imposed~~policy onand ~~the~~other ~~transaction~~relevant factors. ~~Included~~The inprogram ~~this~~may ~~table~~be ~~are~~modified ~~shares~~by ~~withheld~~the ~~during~~Board of Directors, including to increase or decrease the ~~third~~repurchase ~~quarter~~limitation ofor ~~2025~~extend, insuspend, ~~connection~~or ~~with~~terminate the ~~settlement~~program, ofat ~~restricted~~any ~~stock~~time, ~~units~~without toprior ~~satisfy~~notice. ~~tax~~Excise ~~withholding~~taxes ~~requirements~~do not reduce the authorized amount remaining under this program.

~~(3) Average price paid per share (or unit) excludes excise taxes.~~44

(4) On April 1, 2025, the Company entered into ASR agreements with financial institutions to repurchase an aggregate of $500.0 million of the Company’s shares of common stock under the Company’s existing $5.0 billion stock repurchase authorization. The Company paid $500.0 million to the financial institutions and received initial deliveries of an aggregate of 4,579,354 shares of the Company’s common stock at a price of $76.43 per share, the closing share price of the Company’s common stock on April 1, 2025. The value of the initial shares delivered represented approximately 70% of the aggregate purchase price. The ASR agreements were funded with cash on hand and $115.0 million of short-term borrowings. During the third quarter of 2025, the ASR agreements were settled, and the Company received an aggregate of 2,322,722 of additional shares of the Company’s common stock. The total number of shares purchased by the Company under the ASR agreements was 6,902,076 shares at a price paid per share of $72.44, which was based on the daily volume-weighted average price of the Company’s common stock over the term of the ASR agreements, less a discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR agreements.

ITEM 5 - OTHER INFORMATION

SECURITIES TRADING PLANS OF DIRECTORS AND OFFICERS

During the quarterly period ended ~~November~~May 23, ~~2025~~2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

5545

ITEM 6 - EXHIBITS

The following exhibits are included herein:
3.1						Amended and Restated Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed June 21, 2019); Certificate of Amendment to the Amended and Restated Certificate of Incorporation of PVH Corp., filed on June 22, 2023 (incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q for the period ended July 30, 2023).
3.2						By-Laws of PVH Corp., as amended through ~~December~~March 1920, ~~2024~~2026 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on ~~December~~March 20, ~~2024~~2026).
4.1						Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the period ended July 31, 2011).
4.2						Indenture, dated as of ~~November~~June 120, ~~1993~~2016, between ~~Phillips-Van~~PVH ~~Heusen Corporation and The Bank of New York~~Corp., ~~as Trustee (incorporated by reference to Exhibit 4~~U.~~01 to our Registration Statement on Form~~ S~~-3 (Reg~~. ~~No.~~Bank ~~33-50751)~~National ~~filed on October 26~~Association, ~~1993);~~as ~~First Supplemental Indenture~~Trustee, ~~dated~~Elavon asFinancial ofServices ~~October 17~~Limited, ~~2002,~~UK ~~to Indenture~~Branch, ~~dated~~ as ofPaying ~~November~~Agent ~~1, 1993, between Phillips-Van Heusen Corporation~~ and ~~The~~Authenticating ~~Bank of New York~~Agent, asand ~~Trustee~~Elavon ~~(incorporated~~Financial byServices ~~reference to Exhibit 4.15 to our Quarterly Report on Form 10-Q for the period ended November 3~~Limited, ~~2002); Second Supplemental Indenture, dated~~ as ofTransfer ~~February~~Agent ~~12, 2002, to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation~~ and ~~The~~Registrar ~~Bank of New York, as Trustee~~ (incorporated by reference to Exhibit 4.21 to our Current Report on Form 8-K, filed on ~~February~~June 2620, ~~2003~~2016); Third Supplemental Indenture, dated as of May 6, 2010, between Phillips-Van Heusen Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.16 to our Quarterly Report on Form 10-Q for the period ended August 1, 2010); Fourth Supplemental Indenture, dated as of February 13, 2013, to Indenture, dated as of November 1, 1993, between PVH Corp. and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.11 to our Quarterly Report on Form 10-Q for the period ended May 5, 2013).
4.3						Indenture, dated as of ~~June~~December 2021, ~~2016~~2017, between PVH Corp., U.S. Bank National Association, as Trustee, Elavon Financial Services ~~Limited~~DAC, UK Branch, as Paying Agent and Authenticating Agent, and Elavon Financial Services ~~Limited~~DAC, as Transfer Agent and Registrar (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on ~~June~~December 2021, ~~2016~~2017).
4.4						Indenture, dated as of ~~December~~July 2110, ~~2017~~2020, between PVH Corp., and U.S. Bank National Association, as Trustee, ~~Elavon~~(incorporated ~~Financial~~by ~~Services~~reference ~~DAC,~~to UKExhibit ~~Branch,~~4.1 asto ~~Paying~~our ~~Agent~~Current ~~and~~Report ~~Authenticating~~on ~~Agent~~Form 8-K, ~~and~~filed ~~Elavon~~on ~~Financial~~July ~~Services DAC~~10, as2020) ~~Transfer~~and ~~Agent~~Form ~~and~~of ~~Registrar~~4 5/8% Senior Note due 2025 (incorporated by reference to Exhibit 4.2 and Appendix A to Exhibit 4.1 to our Current Report on Form 8-K, filed on ~~December~~July 2110, ~~2017~~2020).
4.5						Indenture, dated as of ~~July~~April 1015, ~~2020~~2024, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on ~~July~~April 1015, ~~2020~~2024) ~~and Form of 4 5/8% Senior Note due 2025 (incorporated by reference to Exhibit 4~~.~~2 and Appendix A to Exhibit 4.1 to our Current Report on Form 8-K, filed on July 10, 2020).~~
4.6						Supplemental Indenture No. 1, dated as of April 15, 2024, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 15, 2024) and Form of 4.125% Senior Notes due 2029 (incorporated by reference to Exhibit 4.3 and Annex 1 to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 15, 2024).
4.7						Supplemental Indenture No. 12, dated as of ~~April~~June 1513, ~~2024~~2025, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on ~~April~~June 1513, ~~2024~~2025) and Form of 45.~~125~~500% Senior Notes due ~~2029~~2030 (incorporated by reference to Exhibit 4.3 and Annex 1 to Exhibit 4.2 to our Current Report on Form 8-K, filed on ~~April~~June 1513, ~~2024~~2025).
4.8						Supplemental Indenture No. 2, dated as of June 13, 2025, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on June 13, 2025) and Form of 5.500% Senior Notes due 2030 (incorporated by reference to Exhibit 4.3 and Annex 1 to Exhibit 4.2 to our Current Report on Form 8-K, filed on June 13, 2025).
+10.1						Form of Restricted Stock Unit Agreement for Associates under the PVH Corp. Stock Incentive Plan.
+31.1						Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
+31.2						Certification of Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning & Analysis, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
*,+32.1						Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.

5646

+31.1						Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
*,+32.2						Certification of Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning & Analysis, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
+31.2						Certification of Zachary Coughlin, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
*,+32.1						Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
*,+32.2						Certification of Zachary Coughlin, Executive Vice President and Chief Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
+101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
+101.SCH						Inline XBRL Taxonomy Extension Schema Document
+101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
+101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
+101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
+101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
+Filed or furnished herewith.

* Exhibits 32.1 and 32.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

5747

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			PVH CORP.
			Registrant

Dated:	~~December~~June 85, ~~2025~~2026	/s/ ERIK W. GRAF
		Erik W. Graf
		Executive Vice President and Corporate Controller (Principal Accounting Officer)

5848

Filing Compare · PVH CORP. /DE/