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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 May 31, 2026


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

Commission file number: 001-06631

_________________

LEVI STRAUSS & CO.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						94-0905160
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

1155 Battery Street, San Francisco, California 94111

(Address of Principal Executive Offices) (Zip Code)

(415) 501-6000

(Registrant’s Telephone Number, Including Area Code)

None

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

_________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value per share

LEVI

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 þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "Large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer þ	Accelerated filer ¨	Emerging growth company ☐
Non-accelerated filer ¨		Smaller reporting 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 Act). Yes ¨ No þ

As of July 1, 2026, the registrant had 100,456,337 shares of Class A common stock, $0.001 par value per share and 284,394,225 shares of Class B common stock, $0.001 par value per share, outstanding.

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES

INDEX TO FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


		Page Number

PART I — FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (unaudited):
	Consolidated Balance Sheets as of May 3 1, 2026 and November 30, 2025	3
	Consolidated Statements of Income for the Three and Six Months Ended May 31 , 2026 and June 1 , 2025	4
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended May 3 1, 2026 and June 1 , 2025	5
	Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended May 3 1, 2026 and June 1 , 2025	6
	Consolidated Statements of Cash Flows for the Six Months Ended May 3 1, 2026 and June 1 , 2025	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	60

PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	62
Item 6.	Exhibits	63
SIGNATURE		64

WHERE YOU CAN FIND MORE INFORMATION

Investors and others should note that we announce material financial information to our investors using our corporate website, press releases, SEC filings and public conference calls and webcasts (including our Investor Relations page at http://investors.levistrauss.com). We also use the following social media channels as a means of disclosing information about our company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters, as well as for complying with our disclosure obligations under Regulation FD promulgated under the Securities Exchange Act of 1934, as amended.

•our X account (previously Twitter account) (https://X.com/LeviStraussCo);

•our company blog (https://www.levistrauss.com/unzipped-blog/);

•our Facebook page (https://www.facebook.com/levistraussco/);

•our LinkedIn page (https://www.linkedin.com/company/levi-strauss-&-co-);

•our Instagram page (https://www.instagram.com/levistraussco/); and

•our YouTube channel (https://www.youtube.com/user/levistraussvideo).

The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report.

Table of Contents

PART I — FINANCIAL INFORMATION


Item 1.			CONSOLIDATED FINANCIAL STATEMENTS

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	(Unaudited)
	May 31, 2026		November 30, 2025

	(Dollars in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	849.3	$	757.9
Short-term investments in marketable securities	128.5		90.9
Trade receivables, net	586.2		774.7
Inventories	1,157.6		1,237.7
Other current assets	245.3		238.5
Current assets held for sale	—		54.0
Total current assets	2,966.9		3,153.7
Property, plant and equipment, net	659.8		681.8
Goodwill	282.0		280.6
Other intangible assets, net	192.8		194.4
Deferred tax assets, net	839.9		830.1
Operating lease right-of-use assets, net	1,141.3		1,148.2
Other non-current assets	544.8		538.7
Non-current assets held for sale	—		21.3
Total assets	$	6,627.5	$	6,848.8

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	598.5	$	597.6
Accrued salaries, wages and employee benefits	192.9		244.7
Accrued sales returns and allowances	190.8		226.1
Short-term operating lease liabilities	268.3		260.7
Other accrued liabilities	602.7		703.4
Total current liabilities	1,853.2		2,032.5
Long-term debt	1,043.0		1,039.2
Long-term operating lease liabilities	984.3		1,005.6
Long-term employee related benefits	244.3		252.7
Other long-term liabilities	230.3		240.2
Total liabilities	4,355.1		4,570.2

Commitments and contingencies

Stockholders’ Equity:
Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 99,130,650 shares and 103,620,225 shares issued and outstanding as of May 31, 2026 and November 30, 2025, respectively; and 422,000,000 Class B shares authorized, 285,717,276 shares and 286,756,831 shares issued and outstanding, as of May 31, 2026 and November 30, 2025, respectively	0.4		0.4
Additional paid-in capital	754.9		788.1
Retained earnings	1,896.8		1,897.3
Accumulated other comprehensive loss	(379.7)		(407.2)
Total stockholders’ equity	2,272.4		2,278.6
Total liabilities and stockholders’ equity	$	6,627.5	$	6,848.8

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions, except per share amounts) (Unaudited)
Net revenues	$	1,562.0	$	1,446.0	$	3,304.5	$	2,972.8
Cost of goods sold	582.9		540.2		1,247.1		1,119.4
Gross profit	979.1		905.8		2,057.4		1,853.4
Selling, general and administrative expenses	843.4		791.0		1,715.1		1,540.3
Restructuring charges, net	13.5		6.8		21.4		13.5
Operating income	122.2		108.0		320.9		299.6
Interest expense	(12.9)		(11.8)		(26.0)		(22.7)
Other income (expense), net	12.9		6.3		55.5		2.2
Income from continuing operations before income taxes	122.2		102.5		350.4		279.1
Income tax expense	27.4		22.9		78.5		59.3
Net income from continuing operations	94.8		79.6		271.9		219.8
Net loss from discontinued operations, net of taxes	(7.5)		(12.6)		(8.8)		(17.8)
Net income	$	87.3	$	67.0	$	263.1	$	202.0
Earnings (loss) per common share:
Continuing operations - Basic	$	0.25	$	0.20	$	0.70	$	0.55
Discontinued operations - Basic	(0.02)		(0.03)		(0.02)		(0.04)
Net income - Basic	$	0.23	$	0.17	$	0.68	$	0.51

Continuing operations - Diluted	$	0.24	$	0.20	$	0.69	$	0.55
Discontinued operations - Diluted	(0.02)		(0.03)		(0.02)		(0.04)
Net income - Diluted	$	0.22	$	0.17	$	0.67	$	0.51
Weighted-average common shares outstanding:
Basic	385,982,038		396,411,904		387,976,602		396,498,984
Diluted	389,629,216		399,048,949		392,300,262		400,106,225

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions) (Unaudited)
Net income	$	87.3	$	67.0	$	263.1	$	202.0
Other comprehensive income (loss), before related income taxes:
Pension and postretirement benefits	4.8		1.9		3.4		3.7
Derivative instruments gains (losses)	16.6		(79.3)		0.3		(64.8)
Foreign currency translation gains (losses)	(16.6)		93.1		27.6		86.3
Unrealized gains (losses) on marketable securities	(0.2)		—		(0.2)		—
Total other comprehensive income, before related income taxes	4.6		15.7		31.1		25.2
Income tax (expense) benefit related to items of other comprehensive income	2.4		(1.6)		(3.6)		(3.8)
Comprehensive income, net of taxes	$	94.3	$	81.1	$	290.6	$	223.4

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	Three Months Ended May 31, 2026
	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at March 1, 2026	384.6	$	0.4	$	729.5	$	1,863.4	$	(386.7)	$	2,206.6
Net income	—	—		—		87.3		—		87.3
Other comprehensive income, net of tax	—	—		—		—		7.0		7.0
Stock-based compensation and dividends, net	0.2	—		24.3		—		—		24.3
Employee stock purchase plan	0.1	—		1.7		—		—		1.7

Tax withholdings on equity awards	—	—		(0.6)		—		—		(0.6)
Cash dividends declared ($0.14 per share)	—	—		—		(53.9)		—		(53.9)
Balance at May 31, 2026	384.9	$	0.4	$	754.9	$	1,896.8	$	(379.7)	$	2,272.4


	Six Months Ended May 31, 2026
	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at November 30, 2025	390.4	$	0.4	$	788.1	$	1,897.3	$	(407.2)	$	2,278.6
Net income	—	—		—		263.1		—		263.1
Other comprehensive income, net of tax	—	—		—		—		27.5		27.5
Stock-based compensation and dividends, net	2.1	—		40.1		—		—		40.1
Employee stock purchase plan	0.2	—		3.5		—		—		3.5
Accelerated share repurchase, including excise tax	(7.8)	—		(45.1)		(155.9)		—		(201.0)
Tax withholdings on equity awards	—	—		(31.7)		—		—		(31.7)
Cash dividends declared ($0.28 per share)	—	—		—		(107.7)		—		(107.7)
Balance at May 31, 2026	384.9	$	0.4	$	754.9	$	1,896.8	$	(379.7)	$	2,272.4

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


	Three Months Ended June 1, 2025
	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at March 2, 2025	395.3	$	0.4	$	735.7	$	1,725.6	$	(427.2)	$	2,034.5
Net income	—	—		—		67.0		—		67.0
Other comprehensive income, net of tax	—	—		—		—		14.1		14.1
Stock-based compensation and dividends, net	0.2	—		24.9		—		—		24.9
Employee stock purchase plan	0.1	—		1.6		—		—		1.6
Repurchase of common stock	—	—		—		(0.5)		—		(0.5)
Tax withholdings on equity awards	—	—		(0.2)		—		—		(0.2)
Cash dividends declared ($0.13 per share)	—	—		—		(51.4)		—		(51.4)
Balance at June 1, 2025	395.6	$	0.4	$	762.0	$	1,740.7	$	(413.1)	$	2,090.0


	Six Months Ended June 1, 2025
	Class A & Class B Common Stock (In Shares)	Class A & Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity

	(Shares & Dollars in millions) (Unaudited)
Balance at December 1, 2024	395.4	$	0.4	$	732.6	$	1,672.0	$	(434.5)	$	1,970.5
Net income	—	—		—		202.0		—		202.0
Other comprehensive income, net of tax	—	—		—		—		21.4		21.4
Stock-based compensation and dividends, net	1.6	—		44.2		—		—		44.2
Employee stock purchase plan	0.2	—		3.7		—		—		3.7
Repurchase of common stock	(1.6)	—		—		(30.5)		—		(30.5)
Tax withholdings on equity awards	—	—		(18.5)		—		—		(18.5)
Cash dividends declared ($0.26 per share)	—	—		—		(102.8)		—		(102.8)
Balance at June 1, 2025	395.6	$	0.4	$	762.0	$	1,740.7	$	(413.1)	$	2,090.0

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended
	May 31, 2026		June 1, 2025

	(Dollars in millions) (Unaudited)
Cash Flows from Operating Activities:
Net income	$	263.1	$	202.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112.8		99.6
Property, plant, equipment impairment, and early lease terminations, net	0.9		14.8
Gain on sale of business, prior to costs to sell	(33.6)		—
Gain on sale of assets	—		(8.5)
Stock-based compensation	40.1		44.2
Deferred income taxes	(2.0)		(17.2)
Other, net	(7.3)		7.6
Net change in operating assets and liabilities	108.3		(104.5)
Net cash provided by operating activities	482.3		238.0
Cash Flows from Investing Activities:
Proceeds from sale of business	96.3		—
Purchases of property, plant and equipment	(99.3)		(106.1)
Net proceeds from sales of assets	—		22.3
(Payments) proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net	(5.1)		36.6
Payments to acquire short-term investments	(87.6)		(83.5)
Proceeds from sale, maturity and collection of short-term investments	50.6		1.0
Other investing activities, net	(6.4)		—
Net cash used for investing activities	(51.5)		(129.7)
Cash Flows from Financing Activities:
Accelerated share repurchase, including excise tax	(201.0)		—
Repurchase of common stock	—		(30.5)
Tax withholdings on equity awards	(31.7)		(18.5)
Dividends to stockholders	(107.7)		(102.8)
Other financing activities, net	(0.5)		(0.6)
Net cash used for financing activities	(340.9)		(152.4)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1.5		7.7
Net increase (decrease) in cash and cash equivalents and restricted cash	91.4		(36.4)
Beginning cash and cash equivalents	757.9		690.0
Ending cash and cash equivalents	$	849.3	$	653.6

Noncash Investing Activity:
Property, plant and equipment acquired and not yet paid at end of period	$	37.9	$	50.5
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes during the period, net of refunds	$	105.0	$	84.4

____________

Consolidated statements of cash flows include the cash flows from continuing and discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, and related accessories, for men, women and children around the world under the Levi’s®, Levi Strauss Signature™ and Beyond Yoga® brands.

In the fourth quarter of 2024 we announced we were undertaking an evaluation of strategic alternatives to the global Dockers® business, including a sale or other strategic transactions. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business. On July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. See Note 2 “Discontinued Operations”. The Dockers® business is a separate operating segment historically presented in our financial statements under the caption of Other Brands.

The Company operates its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company's Levi's Brands business, which includes the Levi's® and Levi Strauss Signature™ brands. The Beyond Yoga® business, which is managed separately, does not meet the quantitative thresholds for reportable segments but is presented separately to increase transparency of performance.

Basis of Presentation and Principles of Consolidation

The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 30, 2025, included in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 (“2025 Annual Report on Form 10-K”).

The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. The results of operations for the three and six months ended May 31, 2026 may not be indicative of the results to be expected for any other interim period or the year ending November 29, 2026.

The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year. Each quarter of both fiscal years 2026 and 2025 consists of 13 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.

Use of Estimates

The preparation of 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 the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.5 billion and $1.4 billion as of May 31, 2026 and November 30, 2025, respectively.

Prepaid Expenses

Prepaid expenses included in “Other current assets” were $152.9 million and $138.0 million as of May 31, 2026 and November 30, 2025, respectively.

Share Repurchases

On January 30, 2026, the Company entered into an accelerated share repurchase transaction with a third-party financial institution (“the ASR Agreement”) to repurchase an aggregate of $200.0 million of the Company’s Class A common stock as part of its share repurchase program. At inception, the Company made an initial payment of $200.0 million and received and immediately retired 7.8 million shares of its Class A common stock, representing 80% of the dollar amount of the transaction, which had an aggregate cost of $160.0 million based on the January 29, 2026 closing share price. The initial shares received, which had an aggregate cost of $155.9 million based on the January 30, 2026 closing share price, were retired and recorded as a reduction of Retained Earnings, with the remainder of $45.1 million recorded as a reduction of additional paid-in capital. The total number of shares the Company will ultimately repurchase will be based on the volume-weighted average price per share of the Company's Class A common stock over the term of the ASR Agreement, less an agreed upon discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR Agreement. Final settlement of the transactions under the ASR Agreement is expected to occur in the third quarter of 2026. No shares were repurchased during the second quarter of 2026.

During the six months ended June 1, 2025, the Company repurchased 1.6 million shares for $30.0 million, plus broker's commissions, in the open market. This equates to an average repurchase price of approximately $18.45 per share for the six months ended June 1, 2025. No shares were repurchased during the second quarter of 2025.

The Company accounts for share repurchases by charging the excess of the repurchase price over the repurchased Class A common stock’s par value entirely to retained earnings. All repurchased shares are retired and become authorized but unissued shares. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or limit the share repurchase program at any time.

Assets Held for Sale and Discontinued Operations

Assets and liabilities of a business that meet the accounting requirements to be classified as held for sale are separated in a disposal group. Disposal group net assets are recorded at the lower of their carrying amount or estimated fair value less expected costs to sell. After being classified as held for sale, assets are not depreciated or amortized.

Assets and liabilities of a disposal group that meet the accounting requirements to be classified as discontinued operations are presented separately for all current and prior periods in the consolidated balance sheets. The results of discontinued operations are reported in “Net income (loss) from discontinued operations, net of taxes” in the consolidated statements of income for the current and prior periods beginning in the period in which the business meets the held for sale criteria. Net income (loss) from discontinued operations includes direct costs attributable to the business held for sale, and an estimate of costs from corporate functions dedicated to the business, but excludes corporate expenses composed of selling, general and administrative expenses not attributable to any of the operating segments. See Note 2 “Discontinued Operations”.

Unless otherwise indicated, the information in the notes to the consolidated financial statements refers only to the Company’s continuing operations.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

Revenue Recognition

Effective in the first quarter of 2026, the Company revised its operating policies and procedures for e-commerce transactions. This change results in revenue being recognized upon shipment rather than upon delivery to the customer, in line with the timing of the transfer of control. The impact of the change was not material to the current period consolidated financial statements.

Reclassification

Certain amounts on the statements of cash flows have been conformed to the May 31, 2026 presentation.

Recently Issued Accounting Standards

There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2025 Annual Report on Form 10-K. The Company will adopt ASU 2023-09, Improvements to Income Tax Disclosures, in the Annual Report on Form 10-K for the fiscal year ending November 29, 2026. This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures, primarily through enhanced disclosures related to the rate reconciliation and income taxes paid. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.

NOTE 2: DISCONTINUED OPERATIONS

In the fourth quarter of 2024 the Company announced it had initiated a formal review of strategic alternatives to the global Dockers® brand, which could include a sale or other strategic transactions. During the first quarter of 2025, the Company commenced a sale process of its Dockers® business and the Company determined that the Dockers® business met held for sale and discontinued operations accounting criteria. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business for an initial transaction value of $311 million, subject to customary adjustments and closing conditions, with the potential to reach up to $391 million through an $80 million earnout opportunity in future years based on the performance of the Dockers® business. On July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada for gross proceeds of $194.7 million, resulting in a gain on sale of $139.0 million, net of direct costs to sell. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026, for gross proceeds of $96.3 million, resulting in a gain on sale of $17.3 million, net of direct costs to sell.

Under the terms of a transition services agreement, the Company provided certain post-closing accounting, tax, digital technology and supply chain services for Dockers® operations in the U.S. and Canada for a transitional period ending in the first quarter of 2026. Fees earned under the transition services agreement were included in “Selling, general and administrative expenses” in the consolidated statements of income.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

The following table reconciles the gross proceeds with the gain on sale of the remaining Dockers® operations included in “Net income (loss) from discontinued operations, net of taxes”:


	Six Months Ended
	May 31, 2026
	(Dollars in millions)


Gross proceeds	$	96.3
Less direct costs to sell	16.3
Less carrying amount of Dockers® remaining operations	62.7
Gain on sale of Dockers® remaining operations	$	17.3

Prior to the sale of Dockers operations in the first quarter of 2026, Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. The Dockers® net assets were classified as current and non-current. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

The following table presents the assets and liabilities held for sale:


	November 30, 2025

	(Dollars in millions)
Current Assets:
Inventories	$	54.0
Total current assets held for sale	54.0
Property, plant and equipment, net	6.9
Operating lease right-of-use assets, net	14.4
Total non-current assets held for sale	21.3
Total assets held for sale	$	75.3

Current Liabilities:
Short-term operating lease liabilities	$	3.9
Total current liabilities held for sale	3.9
Long-term operating lease liabilities	6.1
Total long-term liabilities held for sale	6.1
Total liabilities held for sale	$	10.0

The following table presents the results of discontinued operations:


	Three Months Ended		Six Months Ended
	June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Net revenues	$	71.8	$	31.0	$	139.2
Cost of goods sold	37.3		14.6		68.3
Gross profit	34.5		16.4		70.9
Selling, general and administrative expenses	44.1		31.4		85.6
Restructuring charges, net	6.5		8.8		8.3
Operating loss	(16.1)		(23.8)		(23.0)
Other expense	—		(2.9)		—
Income (loss) from discontinued operations before gain on sale and income taxes	(16.1)		(26.7)		(23.0)
Gain on sale of Dockers® remaining operations before income taxes	—		17.3		—
Total income (loss) from discontinued operations before income taxes	(16.1)		(9.4)		(23.0)
Income tax expense (benefit)	(3.5)		(0.6)		(5.2)
Net income (loss) from discontinued operations, net of taxes	$	(12.6)	$	(8.8)	$	(17.8)

Discontinued operations results for the three months ended May 31, 2026 consisted primarily of expenses in connection with winding down remaining operations and adjustments to the gain on sale. Cash flows related to discontinued operations are included in the consolidated statements of cash flows. The gain on sale of Dockers® remaining operations of $33.6 million, prior to costs to sell, was an adjustment to reconcile net income to net cash provided by operating activities and the proceeds from sale of $96.3 million were included in cash flows from investing activities. There were no other significant operating noncash items or investing activities cash flows from discontinued operations during the three and six months ended May 31, 2026 and June 1, 2025.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 3: FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the Company’s financial instruments that are carried at fair value:


	May 31, 2026						November 30, 2025
			Fair Value Estimated Using						Fair Value Estimated Using
	Fair Value		Level 1 Inputs(1)		Level 2 Inputs(2)		Fair Value		Level 1 Inputs(1)		Level 2 Inputs(2)

	(Dollars in millions)
Financial assets carried at fair value
Rabbi trust assets	$	112.4	$	112.4	$	—	$	107.7	$	107.7	$	—
Short-term investments in marketable securities	128.5				128.5		90.9		—		90.9
Derivative instruments(3)	11.7		—		11.7		6.8		—		6.8
Total	$	252.6	$	112.4	$	140.2	$	205.4	$	107.7	$	97.7
Financial liabilities carried at fair value
Derivative instruments(3)	$	12.0	$	—	$	12.0	$	13.4	$	—	$	13.4

_____________

(1)Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable securities.

(2)Fair values estimated using Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and include among other things quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. Short-term investments in marketable securities consist of fixed income securities. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.

(3)The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 4 for more information.

The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:


	May 31, 2026				November 30, 2025
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value

	(Dollars in millions)
Financial liabilities carried at adjusted historical cost
4.000% senior notes due 2030(1)	$	553.2	$	551.1	$	550.8	$	559.7
3.50% senior notes due 2031(1)	500.6		460.0		500.3		467.8
Total	$	1,053.8	$	1,011.1	$	1,051.1	$	1,027.5

_____________

(1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices that are observable for the liability, either directly or indirectly, and include among other things quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 4: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of May 31, 2026, the Company had forward foreign exchange contracts derivatives to buy $754.0 million and to sell $894.5 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through May 2027.

The table below provides data about the carrying values of derivative instruments and non-derivative instruments:


	May 31, 2026						November 30, 2025
	Assets		(Liabilities)		Derivative Net Carrying Value		Assets		(Liabilities)		Derivative Net Carrying Value
	Carrying Value		Carrying Value				Carrying Value		Carrying Value

	(Dollars in millions)
Derivatives designated as hedging instruments
Foreign exchange risk cash flow hedges(1)	$	6.6	$	—	$	6.6	$	5.9	$	—	$	5.9
Foreign exchange risk cash flow hedges(2)	—		(11.0)		(11.0)		—		(11.8)		(11.8)
Total	$	6.6	$	(11.0)			$	5.9	$	(11.8)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)	$	11.7	$	(6.6)	$	5.1	$	6.8	$	(5.9)	$	0.9
Forward foreign exchange contracts(2)	11.0		(12.0)		(1.0)		11.8		(13.4)		(1.6)
Total	$	22.7	$	(18.6)			$	18.6	$	(19.3)
Non-derivatives designated as hedging instruments
4.000% Euro senior notes due 2030	$	—	$	(553.4)			$	—	$	(550.8)

_____________

(1)Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets.

(2)Included in “Other accrued liabilities” or “Other long-term liabilities” on the Company’s consolidated balance sheets.

The Company’s over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:


	May 31, 2026							November 30, 2025
	Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet		Net Amounts of Assets / (Liabilities)		Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet	Gross Amounts Not Offset in the Balance Sheet		Net Amounts of Assets / (Liabilities)


	(Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts
Financial assets	$	29.3	$	(9.8)	$	19.5		$	24.5	$	(12.8)	$	11.7
Financial liabilities	(29.6)		9.8		(19.8)			(31.1)		12.8		(18.3)
Total					$	(0.3)						$	(6.6)

The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other income (expense), net” in the Company’s consolidated statements of income:


	Amount of (Loss) Gain Recognized in AOCL (Effective Portion)				Amount of (Loss) Gain Reclassified from AOCL into Net Income(1)
	As of May 31, 2026		As of November 30, 2025		Three Months Ended				Six Months Ended
					May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Foreign exchange risk contracts	$	(19.9)	$	(22.8)	$	(10.6)	$	3.4	$	(15.7)	$	1.0
Realized forward foreign exchange swaps(2)	4.6		4.6		—		—		—		—
Yen-denominated Eurobonds	(19.8)		(19.8)		—		—		—		—
Euro-denominated senior notes	(66.3)		(63.7)		—		—		—		—
Cumulative income taxes	26.4		25.3		—		—		—		—
Total	$	(75.0)	$	(76.4)

_____________

(1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income.

(2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.

There was no hedge ineffectiveness for the six months ended May 31, 2026. Within the next 12 months, an $18.6 million loss from cash flow hedges is expected to be reclassified from AOCL into net income.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

The table below presents the effects of the Company’s cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Amount of Gain (Loss) on Cash Flow Hedge Activity:
Net revenues	$	0.8	$	(1.1)	$	2.0	$	(2.6)
Cost of goods sold	(11.4)		4.5		(17.7)		3.6

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income:


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Forward foreign exchange contracts:
Realized gain (loss) (1)	$	2.8	$	34.6	$	7.9	$	29.3
Unrealized gain (loss)	5.8		6.3		6.3		0.8
Total	$	8.6	$	40.9	$	14.2	$	30.1

_____________

(1)The realized gain (loss) is included in “Other, net” under cash flows from operating activities on the Company’s consolidated statements of cash flows.

NOTE 5: OTHER ACCRUED LIABILITIES

The following table presents the Company’s other accrued liabilities:


	May 31, 2026		November 30, 2025

	(Dollars in millions)
Other accrued liabilities
Accrued non-trade payables	$	178.0	$	195.5
Accrued advertising and promotion	69.0		56.9
Taxes other than income taxes payable	63.0		83.7
Restructuring liabilities	47.3		55.8
Accrued income taxes	42.0		55.6
Accrued property, plant and equipment	37.9		51.4
Fair value derivatives	12.0		13.4
Accrued interest payable	11.2		12.2
Accrued rent	8.5		10.2
Other	133.8		168.7
Total other accrued liabilities	$	602.7	$	703.4

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 6: SUPPLIER FINANCE PROGRAM

The Company offers a supplier finance program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide.

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. The Company’s current payment terms with a majority of its suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within “Accounts Payable” in the Consolidated Balance Sheets. The Company’s outstanding payment obligations under this program were $145.1 million as of May 31, 2026 and $136.5 million as of November 30, 2025.

NOTE 7: DEBT

The following table presents the Company’s debt:


	May 31, 2026		November 30, 2025

	(Dollars in millions)
Long-term debt
4.000% senior notes due 2030	$	546.7	$	543.3
3.50% senior notes due 2031	496.3		495.9
Total long-term debt	$	1,043.0	$	1,039.2

Senior Revolving Credit Facility

As of May 31, 2026, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $820.9 million at May 31, 2026, as the total availability of $839.9 million was reduced by $19.0 million of letters of credit and other credit usage allocated under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rates on average borrowings outstanding during the three and six months ended May 31, 2026 were 4.61% and 4.64%, respectively, as compared to 4.28% and 4.26%, respectively, during the same periods of 2025.

NOTE 8: RESTRUCTURING ACTIVITIES

For the three and six months ended May 31, 2026, the Company recognized restructuring charges of $13.5 million and $21.4 million, respectively, primarily in connection with the Company’s focus on cost reduction initiatives, expansion of our global shared services model including building global talent hubs around the world, and distribution strategy to evaluate the mix of owned and third party operated distribution centers. Restructuring charges consist primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income. As of May 31, 2026, the restructuring liability was $62.1 million, with $47.3 million and $14.8 million classified as “Other accrued liabilities” and “Other long-term liabilities”, respectively, within the Company’s consolidated balance sheet.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

For the three and six months ended June 1, 2025, the Company recognized restructuring charges of $6.8 million and $13.5 million, respectively, in connection with Project Fuel, a multi-year global productivity initiative that was substantially complete as of November 30, 2025, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs and asset impairments and a gain on the sale of a previously closed distribution center. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income.

The Company also recognized $4.4 million and $7.5 million of restructuring related charges during the three and six months ended June 1, 2025, respectively, consisting primarily of consulting fees which were recorded in “Selling, general and administrative expenses” in the consolidated statements of income.

The following tables summarize the activities associated with restructuring liabilities for the periods presented. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and contract termination costs and other, "Payments" consists of cash payments for severance and employee-related benefits and contract termination costs and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations.


	Three Months Ended May 31, 2026
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	March 1, 2026				May 31, 2026

	(Dollars in millions)
Severance and employee-related benefits	$	53.2	$	9.1		$	(12.2)	$	(0.3)	$	49.8
Contract termination costs and other	13.3		2.2			(0.6)		(2.6)		12.3
Total	$	66.5	$	11.3		$	(12.8)	$	(2.9)	$	62.1

_____________

(1)Excludes $0.9 million in stock compensation related charges recorded in Additional paid-in-capital and $1.7 million of asset impairment charges related to decision to discontinue certain technology projects. Includes $0.4 million of Dockers® restructuring costs reported as discontinued operations.


	Six Months Ended May 31, 2026
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	November 30, 2025				May 31, 2026

	(Dollars in millions)
Severance and employee-related benefits	$	53.1	$	25.1		$	(28.3)	$	(0.1)	$	49.8
Contract termination costs and other	16.9		2.4			(4.4)		(2.6)		12.3
Total	$	70.0	$	27.5		$	(32.7)	$	(2.7)	$	62.1

_____________

(1) Excludes $1.0 million in stock compensation related charges recorded in Additional paid-in-capital and $1.7 million of asset impairment charges related to decision to discontinue certain technology projects. Includes $8.8 million of Dockers® restructuring costs reported as discontinued operations.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


	Three Months Ended June 1, 2025
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	March 2, 2025				June 1, 2025

	(Dollars in millions)
Severance and employee-related benefits	$	63.8	$	7.6		$	(15.6)	$	2.8	$	58.6
Contract termination costs and other	21.8		2.1			(0.1)		4.3		28.1
Total	$	85.6	$	9.7		$	(15.7)	$	7.1	$	86.7

_____________

(1)Excludes $0.5 million in stock compensation related charges recorded in Additional paid-in capital and $7.2 million of asset impairment charges associated with the closure of distribution centers, partially offset by a $9.3 million gain on the sale of a previously closed distribution center. Includes $1.4 million of Dockers® restructuring costs reported as discontinued operations.


	Six Months Ended June 1, 2025
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	December 1, 2024				June 1, 2025

	(Dollars in millions)
Severance and employee-related benefits	$	83.7	$	11.6		$	(39.0)	$	2.3	$	58.6
Contract termination costs and other	20.7		3.7			(0.6)		4.3		28.1
Total	$	104.4	$	15.3		$	(39.6)	$	6.6	$	86.7

_____________

(1) Excludes $1.3 million in stock compensation related charges recorded in Additional paid-in capital and $9.2 million of asset impairment charges associated with the closures of distribution centers, partially offset by a $9.3 million gain on the sale of a previously closed distribution center. Includes $3.2 million of Dockers® restructuring costs reported as discontinued operations.

NOTE 9: COMMITMENTS AND CONTINGENCIES

Forward Foreign Exchange Contracts

The Company uses over-the-counter derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 4 for additional information.

Other Contingencies

Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows.

Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of May 31, 2026, the Company has recorded certain estimated liabilities for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

Other Matters. On February 20, 2026, a U.S. Supreme Court ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). In April 2026, the U.S. Customs and Border Protection (“CBP”) released the Consolidated Administration and Processing Entries (“CAPE”) functionality to facilitate a phased approach to process IEEPA tariff refunds.

The Company estimates it has paid approximately $80 million under IEEPA tariffs. As of May 31, 2026, the Company is unable to assert loss recovery is probable for IEEPA tariff refunds other than those eligible for the first phase of submissions, due to the uncertainty surrounding the tariff refund program, and has not recognized an asset related to the potential refund under further phases. The Company will continue to evaluate new information and will recognize the refund when the requirements under ASC 450, Contingencies, have been met.

NOTE 10: DIVIDENDS

Dividends are declared at the discretion of the Board. In both January and April 2026, the Company declared cash dividends of $0.14, to holders of record of its Class A and Class B common stock. In both January and April 2025, the Company declared cash dividends of $0.13 per share to holders of record of its Class A and Class B common stock. During the three and six months ended May 31, 2026, dividends were paid in the amount of $53.9 million and $107.7 million, respectively, compared to $51.4 million and $102.8 million, respectively for the same prior-year periods.

The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.

Subsequent to the Company’s quarter end, the Board declared a cash dividend of $0.16 per share to holders of record of its Class A and Class B common stock at the close of business on July 22, 2026, for a total quarterly dividend of approximately $62 million.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 11: ACCUMULATED OTHER COMPREHENSIVE LOSS

The following is a summary of the components of "Accumulated other comprehensive loss," net of related income taxes:


	Three Months Ended May 31, 2026
	Pension and Postretirement Benefits(1)		Translation Adjustments				Unrealized (Loss) Gain on Marketable Securities
			Derivative Instruments(2)		Foreign Currency Translation				Total

	(Dollars in millions)
Accumulated other comprehensive loss at March 1, 2026	$	(138.7)	$	(88.2)	$	(160.0)	$	0.2	$	(386.7)
Other comprehensive (loss) income before reclassifications	1.2		2.6		(10.5)		(0.2)		(6.9)
Amounts reclassified from accumulated other comprehensive loss	3.3		10.6		—		—		13.9
Net increase (decrease) in other comprehensive (loss) income	4.5		13.2		(10.5)		(0.2)		7.0
Accumulated other comprehensive loss at May 31, 2026	$	(134.2)	$	(75.0)	$	(170.5)	$	—	$	(379.7)


	Six Months Ended May 31, 2026
	Pension and Postretirement Benefits(1)		Translation Adjustments				Unrealized (Loss) Gain on Marketable Securities
			Derivative Instruments(2)		Foreign Currency Translation				Total

	(Dollars in millions)
Accumulated other comprehensive loss at November 30, 2025	$	(136.9)	$	(76.4)	$	(194.1)	$	0.2	$	(407.2)
Other comprehensive (loss) income before reclassifications	(2.3)		(14.3)		23.6		(0.2)		6.8
Amounts reclassified from accumulated other comprehensive loss	5.0		15.7		—		—		20.7
Net increase (decrease) in other comprehensive (loss) income	2.7		1.4		23.6		(0.2)		27.5
Accumulated other comprehensive loss at May 31, 2026	$	(134.2)	$	(75.0)	$	(170.5)	$	—	$	(379.7)

___________

(1)Amounts reclassified were recorded in “Other income (expense), net”.

(2)Amounts reclassified were recorded within “Net revenues” and “Cost of goods sold”. For more information, refer to Note 4.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


	Three Months Ended June 1, 2025
	Pension and Postretirement Benefits(1)		Translation Adjustments
			Derivative Instruments(2)		Foreign Currency Translation		Total

	(Dollars in millions)
Accumulated other comprehensive loss at March 2, 2025	$	(139.9)	$	2.4	$	(289.7)	$	(427.2)
Other comprehensive (loss) income before reclassifications	(0.2)		(58.7)		74.7		15.8
Amounts reclassified from accumulated other comprehensive loss	1.7		(3.4)		—		(1.7)
Net increase (decrease) in other comprehensive income (loss)	1.5		(62.1)		74.7		14.1
Accumulated other comprehensive loss at June 1, 2025	$	(138.4)	$	(59.7)	$	(215.0)	$	(413.1)


	Six Months Ended June 1, 2025
	Pension and Postretirement Benefits(1)		Translation Adjustments
			Derivative Instruments(2)		Foreign Currency Translation		Total

	(Dollars in millions)
Accumulated other comprehensive loss at December 1, 2024	$	(141.2)	$	(9.0)	$	(284.3)	$	(434.5)
Other comprehensive (loss) income before reclassifications	(0.7)		(49.7)		69.3		18.9
Amounts reclassified from accumulated other comprehensive loss	3.5		(1.0)		—		2.5
Net increase (decrease) in other comprehensive (loss) income	2.8		(50.7)		69.3		21.4
Accumulated other comprehensive loss at June 1, 2025	$	(138.4)	$	(59.7)	$	(215.0)	$	(413.1)

_____________

(1)Amounts reclassified were recorded in “Other income (expense), net”.

(2)Amounts reclassified were recorded within “Net revenues” and “Cost of goods sold”. For more information, refer to Note 4.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 12: NET REVENUES

Disaggregated Revenue

The table below provides the Company’s revenues disaggregated by segment and channel.


	Three Months Ended May 31, 2026
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®		Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	485.1	$	168.5	$	102.0	$	12.8	$	768.4
Direct-to-consumer	330.4		251.7		181.7		29.8		793.6
Total net revenues	$	815.5	$	420.2	$	283.7	$	42.6	$	1,562.0


	Six Months Ended May 31, 2026
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®		Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	940.1	$	390.8	$	245.2	$	23.3	$	1,599.4
Direct-to-consumer	731.1		525.4		386.0		62.6		1,705.1
Total net revenues	$	1,671.2	$	916.2	$	631.2	$	85.9	$	3,304.5


	Three Months Ended June 1, 2025
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®		Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	443.4	$	178.4	$	95.5	$	12.6	$	729.9
Direct-to-consumer	305.0		224.7		162.2		24.2		716.1
Total net revenues	$	748.4	$	403.1	$	257.7	$	36.8	$	1,446.0


	Six Months Ended June 1, 2025
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®		Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	865.6	$	348.6	$	230.5	$	24.5	$	1,469.2
Direct-to-consumer	665.8		455.0		335.3		47.5		1,503.6
Total net revenues	$	1,531.4	$	803.6	$	565.8	$	72.0	$	2,972.8

The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of May 31, 2026 and November 30, 2025.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 13: OTHER INCOME (EXPENSE), NET

The following table summarizes significant components of “Other income (expense), net”:


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Foreign exchange management gains(1)	$	8.6	$	40.9	$	14.2	$	30.1
Foreign currency transaction losses(2)	(1.1)		(39.6)		(6.6)		(37.4)
Marketable securities gains (losses)	4.3		2.4		3.6		(2.8)
Legal settlement gain (3)	—		—		33.0		—
Other, net	1.1		2.6		11.3		12.3
Total other income (expense), net	$	12.9	$	6.3	$	55.5	$	2.2

____________

(1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. For the three and six months ended May 31, 2026, gains were primarily due to currency fluctuations relative to negotiated contract rates on positions to buy the Mexican peso and Australian dollar. For the three and six months ended June 1, 2025, gains were primarily due to currency fluctuations relative to negotiated contract rates on positions to buy the Euro.

(2)Foreign currency transaction gains and losses reflect the impact of currency fluctuations on the Company's foreign currency denominated balances. For the three and six months ended May 31, 2026, losses were primarily due to the impact of U.S. dollar weakening against the Mexican peso and Australian dollar. For the three and six months ended June 1, 2025, losses were primarily due to the impact of U.S. dollar weakening against the Euro.

(3)During the six months ended May 31, 2026 the Company recognized a gain related to a trademark infringement legal settlement.

NOTE 14: INCOME TAXES

The Company’s effective income tax rate was 22.4% for the three months ended May 31, 2026, compared to 22.3% for the same prior-year period. The Company’s effective income tax rate was 22.4% for the six months ended May 31, 2026, compared to 21.2% for the same prior-year period. The increase in the effective tax rate for the six-month period ended May 31, 2026 was primarily due to a lower foreign-derived intangible income benefit compared with the prior-year period.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 15: EARNINGS PER SHARE

The following table sets forth the computation of the Company’s basic and diluted earnings per share:


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions, except per share amounts)
Numerator:
Net income from continuing operations	$	94.8	$	79.6	$	271.9	$	219.8
Net loss from discontinued operations, net of taxes	(7.5)		(12.6)		(8.8)		(17.8)
Net income	$	87.3	$	67.0	$	263.1	$	202.0
Denominator:
Weighted-average common shares outstanding - basic	385,982,038		396,411,904		387,976,602		396,498,984
Dilutive effect of stock awards	3,647,178		2,637,045		4,323,660		3,607,241
Weighted-average common shares outstanding - diluted	389,629,216		399,048,949		392,300,262		400,106,225
Earnings (loss) per common share:
Continuing operations - Basic	$	0.25	$	0.20	$	0.70	$	0.55
Discontinued operations - Basic	(0.02)		(0.03)		(0.02)		(0.04)
Net income - Basic	$	0.23	$	0.17	$	0.68	$	0.51

Continuing operations - Diluted	$	0.24	$	0.20	$	0.69	$	0.55
Discontinued operations - Diluted	(0.02)		(0.03)		(0.02)		(0.04)
Net income - Diluted	$	0.22	$	0.17	$	0.67	$	0.51
Anti-dilutive securities excluded from calculation of diluted earnings per share	2,919,519		8,016,795		2,035,309		6,177,418

NOTE 16: RELATED PARTIES

Michelle Gass (President and Chief Executive Officer) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is an independent non-profit entity that is not one of our consolidated entities. Mr. Jedrzejek also serves as a Vice Chair of the Levi Strauss Foundation. During the three and six months ended May 31, 2026, the Company donated $0.4 million and $8.1 million, respectively, to the Levi Strauss Foundation as compared to $0.5 million and $4.9 million for the same prior-year periods. During the three and six months ended May 31, 2026, the Company recognized expenses related to their donation commitments of $2.5 million and $5.1 million, respectively, as compared to $2.4 million and $3.2 million for the same prior-year periods.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 17: BUSINESS SEGMENT INFORMATION

The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s® and Levi Strauss Signature™ brands. The Beyond Yoga® business is managed separately and does not meet the quantitative threshold for reportable segments. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information resources, finance and human resources functional and organizational costs. At the end of the first quarter of 2025, the Company determined that the Dockers® business met held for sale and discontinued operations accounting criteria. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business and on July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. Accordingly, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented and excluded the business from segment results for all periods presented. See Note 2 “Discontinued Operations”.

The Company considers its chief executive officer to be its chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the segments’ net revenues and operating income. The Company reports inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not regularly provided to the chief operating decision maker in assessing segment performance.

Business segment information for the Company is as follows:


	Three Months Ended May 31, 2026
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	815.5	$	420.2	$	283.7	$	1,519.4
Beyond Yoga® net revenues							42.6
Total net revenues							$	1,562.0

Segment cost of goods sold	353.7		106.6		97.7
Segment selling, general, and administrative	297.7		224.8		143.5

Segment operating income	$	164.1	$	88.8	$	42.5	$	295.4
Beyond Yoga® operating loss							(2.4)
Restructuring charges, net(1)							(13.5)
Corporate expenses							(157.3)
Interest expense							(12.9)
Other income (expense), net							12.9
Income from continuing operations before income taxes							$	122.2

____________

(1) For the three months ended May 31, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


	Six Months Ended May 31, 2026
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	1,671.2	$	916.2	$	631.2	$	3,218.6
Beyond Yoga® net revenues							85.9
Total net revenues							$	3,304.5

Segment cost of goods sold	730.6		238.3		226.5
Segment selling, general, and administrative	613.3		459.9		291.8

Segment operating income	$	327.3	$	218.0	$	112.9	$	658.2
Beyond Yoga® operating loss							(3.2)
Restructuring charges, net(1)							(21.4)
Corporate expenses							(312.7)
Interest expense							(26.0)
Other income (expense), net(2)							55.5
Income from continuing operations before income taxes							$	350.4

____________

(1) For the six months ended May 31, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges.

(2) For the six months ended May 31, 2026 other income (expense), net included a $33.0 million gain on legal settlement recorded during the first quarter. For more information refer to Note 13.


	Three Months Ended June 1, 2025
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	748.4	$	403.1	$	257.7	$	1,409.2
Beyond Yoga® net revenues							36.8
Total net revenues							$	1,446.0

Segment cost of goods sold	316.6		115.9		94.8
Segment selling, general, and administrative	278.5		217.8		133.3

Segment operating income	$	153.3	$	69.4	$	29.6	$	252.3
Beyond Yoga® operating loss							(4.4)
Restructuring charges, net(1)							(6.8)
Corporate expenses							(133.1)
Interest expense							(11.8)
Other income (expense), net							6.3
Income from continuing operations before income taxes							$	102.5

____________

(1)For the three months ended June 1, 2025 restructuring charges, net consisted primarily of severance, post-employment benefit charges, asset impairments and contract terminations in connection with the closures of distribution centers, offset by a gain on the sale of a previously closed distribution center, in connection with Project Fuel.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


	Six Months Ended June 1, 2025
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	1,531.4	$	803.6	$	565.8	$	2,900.8
Beyond Yoga® net revenues							72.0
Total net revenues							$	2,972.8

Segment cost of goods sold	653.8		233.5		212.2
Segment selling, general, and administrative	554.6		398.3		266.1

Segment operating income	$	323.0	$	171.8	$	87.5	$	582.3
Beyond Yoga® operating loss							(7.5)
Restructuring charges, net(1)							(13.5)
Corporate expenses							(261.7)
Interest expense							(22.7)
Other income (expense), net							2.2
Income from continuing operations before income taxes							$	279.1

____________

(1) For the six months ended June 1, 2025 restructuring charges, net consisted primarily of severance, post-employment benefit charges, asset impairments and contract terminations in connection with the closures of distribution centers, offset by a gain on the sale of a previously closed distribution center, in connection with Project Fuel.


	Three Months Ended				Six Months Ended
	May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025

	(Dollars in millions)
Depreciation and amortization expense:
Americas	$	15.5	$	15.5	$	30.6	$	30.1
Europe	8.6		8.1		17.0		15.0
Asia	5.1		4.5		10.3		8.9
Total segment depreciation and amortization expense	29.2		28.1		57.9		54.0
Beyond Yoga and unallocated	27.9		22.2		54.6		44.3
Total continuing operations depreciation and amortization expense	$	57.1	$	50.3	$	112.5	$	98.3

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026


	May 31, 2026
	Levi's Brands
	Americas		Europe		Asia		Segment Total		Unallocated(1)		Consolidated Total

	(Dollars in millions)
Assets:
Inventories	$	713.5	$	155.0	$	162.7	$	1,031.2	$	126.4	$	1,157.6
All other assets									5,469.9		5,469.9
Total assets											$	6,627.5

____________


(1)			Unallocated inventories include $41.7 million of Beyond Yoga inventory.


	November 30, 2025
	Levi's Brands
	Americas		Europe		Asia		Segment Total		Unallocated(1)		Consolidated Total

	(Dollars in millions)
Assets:
Inventories	$	761.7	$	161.3	$	178.1	$	1,101.1	$	136.6	$	1,237.7
All other assets									5,611.1		5,611.1
Total assets											$	6,848.8

____________


(1)			Unallocated inventories include $38.5 million of Beyond Yoga inventory.

NOTE 18: SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Changes in operating assets and liabilities affecting cash were as follows:


	Six Months Ended
	May 31, 2026		June 1, 2025

	(Dollars in millions)
Change in operating assets and liabilities:
Trade receivables	$	191.0	$	106.4
Inventories	96.7		(87.1)
Accounts payable	(2.3)		19.1
Accrued salaries, wages and employee benefits and long-term employee related benefits	(63.2)		(51.3)
Right-of-use operating lease assets and current and non-current operating lease liabilities, net	(9.1)		(6.9)
Other current and non-current assets	17.7		(14.9)
Other current and long-term liabilities	(122.5)		(69.8)
Net change in operating assets and liabilities	$	108.3	$	(104.5)

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Item 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited consolidated financial statements and related notes thereto included in Part I, Item 1 of this Quarterly Report and with our audited financial statements and related notes in our Annual Report on Form 10-K for the year ended November 30, 2025, filed with the Securities and Exchange Commission on January 28, 2026. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements. We use a 52- or 53-week fiscal year, with each fiscal year ending on the Sunday that is closest to November 30 of that year. References to 2026 and 2025 below in this section are references to our fiscal years ending in November 2026 and November 2025, respectively, unless otherwise indicated. See “Financial Information Presentation - Fiscal Year.”

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results.

To supplement our consolidated financial statements prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP financial measures throughout this Quarterly Report, as described further below, to provide investors with additional useful information about our financial performance, to enhance the overall understanding of our past performance and future prospects and to allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance from management’s point of view and because we believe they provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our consolidated financial statements prepared and presented in accordance with GAAP. For more information on our calculation of non-GAAP measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see “Non-GAAP Financial Measures.”

Overview

We are an iconic American company with a rich history of profitable growth, quality, innovation and corporate citizenship. Our story began in San Francisco, California, in 1853 as a wholesale dry goods business. We created the first riveted blue jean 20 years later. Today we design, market and sell products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets and related accessories for men, women and children around the world under our Levi’s®, Levi Strauss Signature™ and Beyond Yoga® brands. We service our consumers through our global infrastructure which develops, sources and markets our products around the world.

We recognize wholesale revenue from sales of our products through third-party retailers such as department stores, specialty retailers, third-party e-commerce sites and franchise locations dedicated to our brands. We also sell our products directly to consumers (“DTC”) through a variety of formats, including our own company-operated mainline and outlet stores, company-operated e-commerce sites and select shop-in-shops that we operate within department stores and other third-party retail locations. As of May 31, 2026, our products were sold in approximately 50,000 retail locations in approximately 120 countries, including approximately 3,300 brand-dedicated stores and shop-in-shops. As of May 31, 2026, we had 1,242 company-operated stores located in 38 countries and approximately 520 company-operated shop-in-shops. The remainder of our brand-dedicated stores and shop-in-shops were operated by franchisees and other partners.

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Across all of our brands, pants – including jeans, casual pants, dress pants, shorts, skirts and activewear – represented 67% and 68% of our total units sold in the first six months of 2026 and 2025, respectively. Tops – including shirts, sweaters, jackets, dresses and jumpsuits – represented 29% of our total units sold in the first six months of both 2026 and 2025. The remainder of our products are accessories. Men’s products generated 58% and 60% of our net revenues in the first six months of 2026 and 2025, respectively. Women’s products generated 41% and 39% of our net revenues in the first six months of 2026 and 2025, respectively. The remainder of our products are non-gendered. Products other than denim bottoms – which include tops, accessories and pants excluding jeans – represented 38% of our net revenues in the first six months of both 2026 and 2025.

Our Europe and Asia businesses, collectively, contributed 47% and 46% of our net revenues in the first six months of 2026 and 2025, respectively. Net revenues from our international business, which includes our Europe and Asia segments, as well as Canada and Latin America from our Americas segment, represented 60% and 57% of our net revenues in the first six months of 2026 and 2025, respectively. Sales of Levi’s® brand products represented approximately 94% of our net revenues in the first six months of both 2026 and 2025.

Our wholesale channel generated 48% and 49% of our net revenues in the first six months of 2026 and 2025, respectively. Sales to franchise partners, included as a component of our wholesale channel, generated 6% of our net revenues in the first six months of both 2026 and 2025. Our DTC channel generated 52% and 51% of our net revenues in the first six months of 2026 and 2025, respectively, with our company operated e-commerce business representing 24% and 23% of DTC channel net revenues in the first six months of 2026 and 2025, respectively, and 12% of total net revenues in the first six months of both 2026 and 2025.

Sale of Dockers®

In the fourth quarter of 2024, the Company announced it had initiated a formal review of strategic alternatives for the Dockers® brand, which could include a potential sale or other strategic transaction. During the second quarter of 2025 the Company entered into a definitive agreement to sell its Dockers® business, subject to customary closing conditions. On July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. The Dockers® business was reported as discontinued operations in the consolidated statements of income for all periods presented. The current year and prior year metrics included in this Management’s Discussion and Analysis exclude the impact of Dockers®.

Other Factors Affecting Our Business

We believe the other key business and marketplace factors that are impacting our business include the following:

•Reciprocal tariffs previously imposed on products imported into the U.S. from most jurisdictions, along with retaliatory actions by other countries, have created an uncertain environment for global trade. On February 20, 2026 a U.S. Supreme Court ruling invalidated the tariffs imposed by the U.S. government under the International Emergency Economic Powers Act (“IEEPA”) on products imported into the U.S., which introduced the potential for such previously collected tariffs to be refunded by the U.S. government. Through the first quarter of 2026, the Company paid approximately $80 million of these tariffs. Following the U.S. Supreme Court ruling, the U.S. government imposed new tariffs under a separate authority prospectively. Uncertainty continues to exist regarding current and future tariffs. Many of our products are produced in countries, such as Bangladesh, Cambodia, Pakistan, and Vietnam, that were subject to the recently invalidated U.S. IEEPA tariffs, and are subject to the current prospective tariffs. There may be additional tariff actions or increases to existing tariffs in the future. As a result of these tariff actions, retaliatory actions taken by other countries in response, and ongoing uncertainty regarding U.S. trade policy, the cost of our inventory in the U.S. has generally increased and may increase further in the future. These increased costs could lead to a significant increase in cost of sales and a significant reduction in gross margin and income from operations. We are monitoring the changing tariffs and trade restrictions, assessing the impact on our business and taking steps to mitigate their impact. However, the duration, magnitude and scope of any additional tariffs, trade restrictions, and retaliatory or other measures are difficult to predict, including related unfavorable impacts to consumer demand, along with the extent (if any) to which we will be able to offset the impacts of such actions through our mitigation efforts. These tariff actions, retaliatory measures, or other trade restrictions could materially and adversely affect our business.

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•The current domestic and international political environment, including volatile trade relations and military and civil conflicts, and most recently heightened military action in the Middle East, have resulted in uncertainty surrounding the future state of the global economy. There is greater uncertainty with respect to potential changes in trade regulations, tariffs, sanctions and export controls which also increase volatility in the global economy. This environment has affected and may continue to affect consumer sentiment and demand and production and distribution lead times and sourcing locations, increasing our costs and potentially affecting our ability to meet customer demand. If these disruptions persist, they may require us to modify our current sourcing and logistics practices, which may impact our product costs, and, if not mitigated, could have a material adverse effect on our business and results of operations.

•As part of our effort to optimize our logistics network, we are in the process of transitioning and stabilizing the operation of certain of our global distribution and fulfillment centers to third-party logistics providers. This transition from owner-operated facilities to third-party logistics providers has and may continue to cause interruptions to these centers as we transition or restructure systems, technology and employees. We have and may continue to experience shipping delays, order cancellations and increased costs as a result of this transition and stabilization. We are subject to concentration risks and any disruptions, delays or other events impacting the business of the third-party logistics providers may have a significant impact on our business, including our ability to timely fulfill orders. If we continue to encounter problems with our distribution system, our ability to meet customer and consumer expectations, manage inventory, complete sales and achieve operating efficiencies may be adversely affected.

•Macroeconomic pressures in the U.S. and the global economy such as changes in tariff regimes, inflation, energy prices and recession fears are creating a complex and challenging retail environment for us and our customers as consumers may reduce discretionary spending. These trends historically have impacted and may impact our future financial results, affecting revenue, margins and net income.

•As we continue to execute on our strategic framework to be DTC First, we expect to see greater impact on our margins, as the diversification of our business model across channels, geographies, brands, and categories affects our gross margin. For example, if our sales in higher gross margin channels, geographies, brands and categories grow at a faster rate than in our lower gross margin channels, geographies, brands and categories, we would expect a favorable impact to aggregate gross margin over time. Gross margin in our Europe segment is generally higher than in our Americas and Asia segments. DTC sales generally have higher gross margins than sales through third parties, although DTC sales also typically have higher selling expenses and could have lower profitability. Gross margin on tops is generally lower than our bottoms category. Enhancements to our existing product offerings, or our expansion into new product categories, may also impact our future gross margin.

•Foreign currencies continue to be volatile, with the volatility increasing due to the imposition of tariffs and evolving trade policies. Significant fluctuations of the U.S. Dollar against various foreign currencies, including the Mexican peso and Australian dollar, have in the past and may in the future adversely impact our financial results, revenue, operating margins and net income.

•Tax legislation continues to evolve globally with new laws and regulations that create uncertainty, including an agreement reached by the Organization for Economic Cooperation and Development among over 140 countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two, and the One Big Beautiful Bill Act (“OBBBA”) enacted by U.S. Congress. We do not expect Pillar Two or the OBBBA to have a material impact to our financial results and we will continue to monitor their impacts as the legislative landscape evolves.

•There has been increased focus from our stakeholders, including consumers, employees, investors, regulatory organizations and legislatures on corporate environmental, social, and governance (“ESG”) practices, including corporate practices related to the causes and impacts of climate change and corporate statements, practices or products related to a variety of social issues. We expect that stakeholder expectations and actions with respect to ESG practices and social issues and regulatory requirements will continue to evolve rapidly, which may impact our reputation and financial results.

These factors contribute to a global market environment of intense competition, constant product innovation and continuing cost pressure, and combine with the continuing global economic conditions to create a challenging commercial and economic environment. We evaluate these factors as we develop and execute our strategies.

For additional information regarding these risks, as well as other risks we face, see the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended November 30, 2025 (“2025 Annual Report on Form 10-K”).

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Seasonality of Sales

We typically achieve our largest quarterly revenues in the fourth quarter. In fiscal year 2025, our net revenues in the first, second, third and fourth quarters represented 24%, 23%, 25%, 28%, respectively, of our total net revenues for the year.

Our Second Quarter 2026 Results

•Net revenues. Consolidated net revenues increased 8.0% on a reported basis and 5.7% on an organic net revenues basis compared to the second quarter of 2025 reflecting net revenue growth driven by Americas and Asia and in both DTC and wholesale channels.

•Net income from continuing operations. Compared to the second quarter of 2025, consolidated net income from continuing operations increased to $94.8 million from $79.6 million. The increase was primarily driven by higher gross profit, partially offset by higher selling, general and administrative expenses (“SG&A”). Net income margin from continuing operations was 6.1%, up from 5.5% in the second quarter of 2025. Operating margin was 7.8%, up from 7.5% in the second quarter of 2025.

•Adjusted EBIT. Compared to the second quarter of 2025, Adjusted EBIT increased 18.4% to $141.2 million from $119.3 million primarily driven by higher gross profit, partially offset by higher SG&A. Adjusted EBIT margin was 9.0%, 70 basis points higher than the second quarter of 2025 on a reported basis, and 50 basis points higher on a constant-currency basis.

•Adjusted net income. Compared to the second quarter of 2025, Adjusted net income increased to $109.8 million from $88.5 million due to higher Adjusted EBIT described above.

•Diluted earnings per share from continuing operations. Compared to the second quarter of 2025, diluted earnings per share from continuing operations increased to $0.24 from $0.20, mainly due to the higher Net income from continuing operations described above.

•Adjusted diluted earnings per share. Compared to the second quarter of 2025, Adjusted diluted earnings per share increased to $0.28 from $0.22, mainly due to the higher Adjusted net income described above. Currency translation favorably affected Adjusted diluted earnings per share by $0.01.

Our Year-to-Date 2026 Results

•Net revenues. Consolidated net revenues increased 11.2% on a reported basis and 7.5% on an organic net revenues basis compared to the first six months of 2025. Net revenues grew across all regions and in both our DTC and wholesale channels.

•Net income from continuing operations. Compared to the first six months of 2025, consolidated net income from continuing operations increased to $271.9 million from $219.8 million, primarily due to higher gross profit and a legal settlement gain, partially offset by higher SG&A and higher income taxes. Operating margin was 9.7% compared to 10.1% in the first six months of 2025.

•Adjusted EBIT. Compared to the first six months of 2025, Adjusted EBIT increased 11.0% to $359.0 million from $323.3 million, primarily due to higher gross profit, partially offset by higher SG&A. Adjusted EBIT margin was 10.9%, unchanged from the first six months of 2025 on a reported basis and 40 basis points lower on a constant-currency basis.

•Adjusted net income. Compared to the first six months of 2025, Adjusted net income increased 15.9% to $276.5 million from $238.5 million, primarily due to higher Adjusted EBIT described above, partially offset by higher income taxes in the current year.

•Diluted earnings per share from continuing operations. Compared to the first six months of 2025, diluted earnings per share increased to $0.69 from $0.55, mainly due to higher net income from continuing operations described above.

•Adjusted diluted earnings per share. Compared to the first six months of 2025, Adjusted diluted earnings per share increased to $0.70 from $0.60, due to higher Adjusted net income described above. Currency translation favorably affected Adjusted diluted earnings per share by $0.02.

For more information on Organic net revenues, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income and Adjusted diluted earnings per share, measures not prepared in accordance with GAAP, and reconciliations of such measures to net revenues, net income from continuing operations, net income margin from continuing operations and diluted earnings per share from continuing operations, see “Non-GAAP Financial Measures.”

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Financial Information Presentation

Fiscal year. We use a 52- or 53- week fiscal year, with each fiscal year ending on the Sunday that is closest to November 30 of that year. Each fiscal year generally consists of four 13-week quarters, with each quarter ending on the Sunday that is closest to the last day of the last month of that quarter. Fiscal year 2026 is a 52-week year, ending on November 29, 2026 and fiscal year 2025 was a 52-week year, ending on November 30, 2025. Each quarter of fiscal years 2026 and 2025 consists of 13 weeks.

Segments. Our Levi’s Brands business, which includes Levi’s® and Levi Strauss Signature™ brands, is defined by geographical regions into three segments: Americas, Europe and Asia. Our Beyond Yoga® business, which is managed separately, does not meet the quantitative thresholds for reportable segments but is presented separately to increase transparency of our performance.

Classification. Our classification of certain significant revenues and expenses reflects the following:

•Net revenues comprise net sales and licensing revenues. Net sales include sales of products to wholesale customers, including franchised stores, and direct sales to consumers at our company-operated stores and shop-in-shops located within department stores and other third-party locations, as well as company-operated e-commerce sites. Net revenues are recorded net of discounts, allowances for estimated returns and retailer promotions and other incentives. Licensing revenues, which include revenues from the use of our trademarks in connection with the manufacturing, advertising and distribution of trademarked products by third-party licensees, are earned and recognized as products are sold by licensees based on royalty rates as set forth in the applicable licensing agreements.

•Cost of goods sold primarily comprises product costs, labor and related overhead, sourcing costs, inbound freight, internal transfers and the cost of operating our manufacturing facilities, including the related depreciation expense. On both a reported and constant-currency basis, cost of goods sold reflects the transactional currency impact resulting from the purchase of products in a currency other than the functional currency.

•Selling expenses reflected in SG&A include, among other things, all occupancy costs and depreciation associated with our company-operated stores and commissions associated with our company-operated shop-in-shops, as well as costs associated with our e-commerce operations.

•We reflect substantially all distribution costs in SG&A, for both our DTC and wholesale channels, including costs related to receiving and inspection at distribution centers, warehousing, shipping to our customers, handling, and certain other activities associated with our distribution network.

Discontinued operations. At the end of the first quarter of 2025 the Dockers® business was held for sale and reported as discontinued operations in the consolidated statements of income for all periods presented.

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Results of Operations

The following table summarizes, for the periods indicated, our consolidated statements of income, the changes in these items from period to period and these items expressed as a percentage of net revenues:


	Three Months Ended										Six Months Ended
	May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026 % of Net Revenues		June 1, 2025 % of Net Revenues		May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026 % of Net Revenues		June 1, 2025 % of Net Revenues

	(Dollars and shares in millions, except per share amounts)
Net revenues	$	1,562.0	$	1,446.0	8.0	%	100.0	%	100.0	%	$	3,304.5	$	2,972.8	11.2	%	100.0	%	100.0	%
Cost of goods sold	582.9		540.2		7.9	%	37.3	%	37.4	%	1,247.1		1,119.4		11.4	%	37.7	%	37.7	%
Gross profit	979.1		905.8		8.1	%	62.7	%	62.6	%	2,057.4		1,853.4		11.0	%	62.3	%	62.3	%
Selling, general and administrative expenses	843.4		791.0		6.6	%	54.0	%	54.7	%	1,715.1		1,540.3		11.3	%	51.9	%	51.8	%
Restructuring charges, net	13.5		6.8		98.5	%	0.9	%	0.5	%	21.4		13.5		58.5	%	0.6	%	0.5	%
Operating income	122.2		108.0		13.1	%	7.8	%	7.5	%	320.9		299.6		7.1	%	9.7	%	10.1	%
Interest expense	(12.9)		(11.8)		9.3	%	(0.8)	%	(0.8)	%	(26.0)		(22.7)		14.5	%	(0.8)	%	(0.8)	%
Other income (expense), net	12.9		6.3		104.8	%	0.8	%	0.4	%	55.5		2.2		*		1.7	%	0.1	%
Income from continuing operations before income taxes	122.2		102.5		19.2	%	7.8	%	7.1	%	350.4		279.1		25.5	%	10.6	%	9.4	%
Income tax expense	27.4		22.9		19.7	%	1.8	%	1.6	%	78.5		59.3		32.4	%	2.4	%	2.0	%
Net income from continuing operations	94.8		79.6		19.1	%	6.1	%	5.5	%	271.9		219.8		23.7	%	8.2	%	7.4	%
Net loss from discontinued operations, net of taxes	(7.5)		(12.6)		(40.5)	%	(0.5)	%	(0.9)	%	(8.8)		(17.8)		(50.6)	%	(0.3)	%	(0.6)	%
Net income	$	87.3	$	67.0	30.3	%	5.6	%	4.6	%	$	263.1	$	202.0	30.2	%	8.0	%	6.8	%
Earnings (loss) per common share:
Continuing operations - Basic	$	0.25	$	0.20	*		*		*		$	0.70	$	0.55	*		*		*
Discontinued operations - Basic	(0.02)		(0.03)		*		*		*		(0.02)		(0.04)		*		*		*
Net income - Basic	$	0.23	$	0.17	*		*		*		$	0.68	$	0.51	*		*		*

Continuing operations - Diluted	$	0.24	$	0.20	*		*		*		$	0.69	$	0.55	*		*		*
Discontinued operations - Diluted	(0.02)		(0.03)		*		*		*		(0.02)		(0.04)		*		*		*
Net income - Diluted	$	0.22	$	0.17	*		*		*		$	0.67	$	0.51	*		*		*
Weighted-average common shares outstanding (in millions):
Basic	386.0		396.4		(2.6)	%	*		*		388.0		396.5		(2.1)	%	*		*
Diluted	389.6		399.0		(2.4)	%	*		*		392.3		400.1		(1.9)	%	*		*

_____________

* Not meaningful

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Net revenues

The following table presents net revenues for the periods indicated and the changes in net revenues on both reported and organic net revenues basis from period to period.


	Three Months Ended								Six Months Ended
					% Increase (Decrease)								% Increase (Decrease)
	May 31, 2026		June 1, 2025		As Reported		Organic Net Revenues		May 31, 2026		June 1, 2025		As Reported		Organic Net Revenues

	(Dollars in millions)
Net revenues:
Levi’s Brands:
Americas	$	815.5	$	748.4	9.0	%	6.8	%	$	1,671.2	$	1,531.4	9.1	%	6.9	%
Europe	420.2		403.1		4.2	%	(0.8)	%	916.2		803.6		14.0	%	4.7	%
Asia	283.7		257.7		10.1	%	11.9	%	631.2		565.8		11.6	%	12.2	%
Total Levi’s Brands net revenues	1,519.4		1,409.2		7.8	%	5.5	%	3,218.6		2,900.8		11.0	%	7.3	%
Beyond Yoga®	42.6		36.8		15.8	%	15.8	%	85.9		72.0		19.3	%	19.3	%
Total net revenues	$	1,562.0	$	1,446.0	8.0	%	5.7	%	$	3,304.5	$	2,972.8	11.2	%	7.5	%

Net revenues by channel:
Wholesale	$	768.4	$	729.9	5.3	%	3.1	%	$	1,599.4	$	1,469.2	8.9	%	5.8	%
DTC	793.6		716.1		10.8	%	8.4	%	1,705.1		1,503.6		13.4	%	9.2	%
Total net revenues	$	1,562.0	$	1,446.0	8.0	%	5.7	%	$	3,304.5	$	2,972.8	11.2	%	7.5	%

Levi’s Brands net revenues:
Levi’s®	$	1,462.1	$	1,352.8	8.1	%	5.6	%	$	3,095.6	$	2,785.6	11.1	%	7.2	%
Levi Strauss SignatureTM	57.3		56.4		1.6	%	1.2	%	123.0		112.9		8.9	%	8.6	%
Denizen® (1)	—		—		*		*		—		2.3		(100.0)	%	*
Total Levi’s Brands net revenues	$	1,519.4	$	1,409.2	7.8	%	5.5	%	$	3,218.6	$	2,900.8	11.0	%	7.3	%

______________

(1)The wind down of Denizen® brand operations was substantially complete as of March 2, 2025.

* Not meaningful

Total net revenues increased on both a reported and organic net revenues basis for the three-month and six-month periods ended May 31, 2026, as compared to the same periods in 2025. Currency translation had a favorable impact on total net revenues of approximately $32 million and approximately $102 million for the three-month and six-month periods ended May 31, 2026, respectively.

Americas. Currency translation had a favorable impact on net revenues of approximately $16 million and approximately $34 million for the three-month and six-month periods ended May 31, 2026, respectively. Net revenues in the Americas increased for the three-month and six-month periods ended May 31, 2026 on both a reported and organic net revenues basis compared to the prior-year period driven by growth in both DTC and wholesale channels.

The increase in DTC revenues was attributable to growth across all markets, driven by store performance and expansion as well as higher e-commerce revenues driven by higher units per transaction. We benefited from 37 more company-operated stores in operation in Americas as of May 31, 2026 as compared to June 1, 2025. Wholesale revenues increased primarily due to an increase in volumes, with higher sales of Levi’s® women’s products. DTC and wholesale revenues also benefited from price increases.

Europe. Currency translation had a favorable impact on net revenues of approximately $20 million and approximately $72 million for the three-month and six-month periods ended May 31, 2026, respectively. For the three-month period ended May 31, 2026, net revenues in Europe increased on a reported basis and decreased on an organic basis compared to the prior-year period. Net revenues for the six-month period ended May 31, 2026 increased on both a reported and organic net revenues basis compared to the prior-year period.

Wholesale revenues decreased on an organic basis for the three-month period ended May 31, 2026 primarily due to lower volumes and increased for the six-month period ended May 31, 2026 primarily due to higher volumes compared to the prior

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year periods. Volumes decreased during the three-month period ended May 31, 2026 primarily due to higher volume in the prior year period in order to normalize shipping after the transition to the distribution center in Dorsten, Germany. The increase in DTC revenues was primarily due to e-commerce revenues and an increase in revenues from outlet stores.

Asia. Currency translation had an unfavorable impact on net revenues of approximately $4 million and approximately $3 million for the three-month and six-month periods ended May 31, 2026, respectively. Net revenues in Asia increased for the three-month and six-month periods ended May 31, 2026 compared to the prior year period on both a reported and organic net revenues basis and in both our DTC and wholesale channels.

The increase in DTC revenues was primarily due to store performance and expansion in our company-operated stores, and higher e-commerce revenues. We benefited from 17 more company-operated stores in operation in Asia as of May 31, 2026 as compared to June 1, 2025. The increase in wholesale revenues was primarily due to an increase in units sold.

Beyond Yoga®. Net revenues in Beyond Yoga® increased on a reported and organic net revenues basis for the three-month and six-month periods ended May 31, 2026 compared to the prior year periods, primarily due to growth in e-commerce net revenues reflecting higher demand. Currency translation did not have an impact on net revenues.

Net revenues by channel

Wholesale. Currency translation had a favorable impact on net revenues of approximately $16 million and approximately $45 million for the three-month and six-month periods ended May 31, 2026, respectively. Net revenues in our wholesale channel increased for the three-month and six-month periods ended May 31, 2026 compared with the prior-year periods on a reported and organic net revenues basis primarily due to higher volumes, with higher sales of Levi’s® women’s products, and benefited from price increases. For the three-month period ended May 31, 2026, lower volumes in Europe were due primarily to normalization of shipping in the prior year period after the transition to the distribution center in Dorsten, Germany.

DTC (Direct to Consumer). Currency translation had a favorable impact on net revenues of approximately $16 million and approximately $57 million for the three-month and six-month periods ended May 31, 2026, respectively. Net revenues in our DTC channel increased on both a reported and organic net revenues basis for the three-month and six-month periods ended May 31, 2026. The increase was driven by store performance and expansion, and higher e-commerce revenues. DTC revenues also benefited from price increases. For the three-month and six-month periods ended May 31, 2026 net revenues from e-commerce on a reported basis grew 19% and 20%, respectively. As a percentage of net revenues on a reported basis for the three-month and six-month periods ended May 31, 2026 DTC comprised 51% and 52% of total net revenues, respectively.

Levi’s Brands net revenues

Levi’s®. Currency translation had a favorable impact on net revenues of approximately $31 million and approximately $102 million for the three-month and six-month periods ended May 31, 2026, respectively. Net revenues for the Levi’s® brand increased on both a reported and organic net revenues basis for the three-month and six-month periods ended May 31, 2026. The increase was a result of higher revenue in our DTC channel, primarily due to increases in store performance and expansion, and higher e-commerce revenues, and an increase in wholesale revenues due primarily to higher volumes, with higher sales of Levi’s® women’s products. Net revenues for the Levi’s® brand also benefited from price increases.

Levi Strauss Signature™. Currency translation did not have a significant impact on net revenues for the three-month and six-month periods ended May 31, 2026. Net revenues for the Levi Strauss Signature™ brand increased on both a reported and organic net revenues basis for the three and six months ended May 31, 2026 due primarily to more units sold.

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Gross profit

The following table shows consolidated gross profit and gross margin for the periods indicated and the changes in these items from period to period:


	Three Months Ended								Six Months Ended
	May 31, 2026			June 1, 2025			% Increase (Decrease)		May 31, 2026			June 1, 2025			% Increase (Decrease)

	(Dollars in millions)
Net revenues	$	1,562.0		$	1,446.0		8.0	%	$	3,304.5		$	2,972.8		11.2	%
Cost of goods sold	582.9			540.2			7.9	%	1,247.1			1,119.4			11.4	%
Gross profit	$	979.1		$	905.8		8.1	%	$	2,057.4		$	1,853.4		11.0	%
Gross margin	62.7		%	62.6		%			62.3		%	62.3		%

Currency translation had a favorable impact on gross profit of approximately $19 million and approximately $66 million for the three-month and six-month periods ended May 31, 2026, respectively. For the three-month and six-month periods ended May 31, 2026, the change in gross margin reflects the favorable impacts of pricing actions and lower product costs and the unfavorable impact of tariffs. Additionally, gross margin decreased approximately 30 basis points and increased approximately 10 basis points as a result of currency exchange, including transaction impacts, for the three-month and six-month periods ended May 31, 2026, respectively.

Selling, general and administrative expenses

The following table shows SG&A for the periods indicated, the changes in these items from period to period and these items expressed as a percentage of net revenues:



	Three Months Ended										Six Months Ended
	May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026		June 1, 2025
							% of Net Revenues		% of Net Revenues								% of Net Revenues		% of Net Revenues

	(Dollars in millions)
Selling	$	360.2	$	326.5	10.3	%	23.1	%	22.6	%	$	743.8	$	656.6	13.3	%	22.5	%	22.1	%
Advertising and promotion	118.6		124.5		(4.8)	%	7.6	%	8.6	%	241.7		207.9		16.3	%	7.3	%	7.0	%
Distribution	116.6		107.9		8.1	%	7.5	%	7.5	%	239.9		222.7		7.7	%	7.3	%	7.5	%
Other	248.0		232.1		6.9	%	15.9	%	16.1	%	489.7		453.1		8.1	%	14.8	%	15.2	%
Total SG&A	$	843.4	$	791.0	6.6	%	54.0	%	54.7	%	$	1,715.1	$	1,540.3	11.3	%	51.9	%	51.8	%

Currency translation had an unfavorable impact on SG&A of approximately $14 million and approximately $43 million for the three-month and six-month periods ended May 31, 2026, respectively.

Selling. Currency translation had an unfavorable impact on selling expenses of approximately $7 million and approximately $25 million for the three-month and six-month periods ended May 31, 2026, respectively. Excluding the effects of currency, selling expenses increased for the three-month and six-month periods ended May 31, 2026 primarily due to higher DTC store expenses in the current year as compared to the prior-year periods, including from store expansion.

Advertising and promotion. Currency translation had an unfavorable impact on advertising and promotion expenses of approximately $2 million and approximately $5 million for the three-month and six-month periods ended May 31, 2026, respectively. Excluding the effects of currency, the decrease in advertising and promotion expenses for the three-month period ended May 31, 2026 was primarily due to normalization of current year expense during the quarter. Advertising and promotion expenses were higher for the six-month period ended May 31, 2026 primarily due to increased spending related to the launch of the Behind Every Original campaign, including a commercial during Super Bowl LX which was held at Levi’s® Stadium.

Distribution. Currency translation had an unfavorable impact on distribution expenses of approximately $2 million and approximately $7 million for the three-month and six-month periods ended May 31, 2026, respectively. Excluding the effects of

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currency, the increase in distribution expenses was primarily due to increased volume, partially offset by the impact of owned and operated distribution center closures in the prior year.

Other. Other expenses include functional administrative and organization costs, information resources, and marketing organization costs. Currency translation did not have a significant impact and had an unfavorable impact on other expenses of approximately $6 million for the three-month and six-month periods ended May 31, 2026, respectively. The increase in other SG&A for the three-month and six-month periods ended May 31, 2026 included higher technology costs. The increase in other SG&A for the six-month period ended May 31, 2026 also includes the impact of attorney fees of $10.0 million related to a gain on legal settlement, partially offset by a decrease in incentive compensation.

Restructuring charges, net

During the three-month and six-month periods ended May 31, 2026 we recognized restructuring charges of $13.5 million and $21.4 million, respectively, consisting primarily of severance and other post-employment benefit charges, contract terminations, and asset impairments related to certain discontinued technology projects. During the three-month and six-month periods ended June 1, 2025 we recognized restructuring charges of $6.8 million and $13.5 million, respectively, in connection with Project Fuel, a multi-year global productivity initiative that was substantially complete as of November 30, 2025, consisting primarily of severance and other post-employment benefit charges and asset impairments and contract terminations in connection with closures of distribution centers which were largely offset by a gain on sale of a previously closed distribution center.

Operating income

The following table shows operating income, restructuring charges and corporate expenses for the periods indicated, the changes in these items from period to period and these items expressed as a percentage of net revenues:









	Three Months Ended										Six Months Ended
	May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026		June 1, 2025		May 31, 2026		June 1, 2025		% Increase (Decrease)		May 31, 2026		June 1, 2025
							% of Net Revenues		% of Net Revenues								% of Net Revenues		% of Net Revenues

	(Dollars in millions)
Operating income:
Levi’s Brands:
Americas	$	164.1	$	153.3	7.0	%	20.1	%	20.5	%	$	327.3	$	323.0	1.3	%	19.6	%	21.1	%
Europe	88.8		69.4		27.9	%	21.1	%	17.2	%	218.0		171.8		26.9	%	23.8

LEVI STRAUSS & CO 10-Q