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 ~~March~~May 131, 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 ~~March~~July 311, 2026, the registrant had 98100,~~176~~456,~~901~~337 shares of Class A common stock, $0.001 par value per share and ~~286~~284,~~419~~394,~~350~~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 ~~MARCH~~MAY 131, 2026

		PageNumber
PART I — FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (unaudited):
	Consolidated Balance Sheets as of March 1, 2026 and November 30, 2025	3
	Consolidated Balance Sheets as of May 31, 2026 and November 30, 2025	3
	Consolidated Statements of Income for the Three Months Ended March 1, 2026 and March 2, 2025	4
	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 Months Ended March 1, 2026 and March 2, 2025	5
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended May 31, 2026 and June 1, 2025	5
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 1, 2026 and March 2, 2025	6
	Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended May 31, 2026 and June 1, 2025	6
	Consolidated Statements of Cash Flows for the Three Months Ended March 1, 2026 and March 2, 2025	7
	Consolidated Statements of Cash Flows for the Six Months Ended May 31, 2026 and June 1, 2025	8
	Notes to Consolidated Financial Statements	89
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2631
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5560
Item 4.	Controls and Procedures	5560
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	5661
Item 1A.	Risk Factors	5661
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5661
Item 3.	Defaults Upon Senior Securities	5661
Item 4.	Mine Safety Disclosures	5661
Item 5.	Other Information	5762
Item 6.	Exhibits	5863
SIGNATURE		5964

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)
	March 1,2026		November 30,2025
	May 31,2026		November 30,2025
	(Dollars in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	~~716~~849.63	$	757.9
Short-term investments in marketable securities	95128.45		90.9
Trade receivables, net	~~728~~586.92		774.7
Inventories	1,~~120~~157.6		1,237.7
Other current assets	~~248~~245.03		238.5
Current assets held for sale	—		54.0
Total current assets	2,~~909~~966.59		3,153.7
Property, plant and equipment, net	~~669~~659.18		681.8
Goodwill	282.40		280.6
Other intangible assets, net	~~193~~192.68		194.4
Deferred tax assets, net	~~826~~839.69		830.1
Operating lease right-of-use assets, net	1,~~154~~141.43		1,148.2
Other non-current assets	~~539~~544.28		538.7
Non-current assets held for sale	—		21.3
Total assets	$	6,~~574~~627.85	$	6,848.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	~~487~~598.65	$	597.6
Accrued salaries, wages and employee benefits	~~201~~192.59		244.7
Accrued sales returns and allowances	~~202~~190.8		226.1
Short-term operating lease liabilities	~~266~~268.73		260.7
Other accrued liabilities	~~686~~602.7		703.4
Total current liabilities	1,~~845~~853.32		2,032.5
Long-term debt	1,~~049~~043.40		1,039.2
Long-term operating lease liabilities	~~1,000~~984.53		1,005.6
Long-term employee related benefits	~~241~~244.23		252.7
Other long-term liabilities	~~231~~230.83		240.2
Total liabilities	4,~~368~~355.21		4,570.2
Commitments and contingencies
Stockholders’ Equity:
Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 98,057,678 shares and 103,620,225 shares issued and outstanding as of March 1, 2026 and November 30, 2025, respectively; and 422,000,000 Class B shares authorized, 286,514,706 shares and 286,756,831 shares issued and outstanding, as of March 1, 2026 and November 30, 2025, respectively	0.4		0.4
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	~~729~~754.59		788.1
Retained earnings	1,~~863~~896.48		1,897.3
Accumulated other comprehensive loss	(~~386~~379.7)		(407.2)
Total stockholders’ equity	2,~~206~~272.64		2,278.6
Total liabilities and stockholders’ equity	$	6,~~574~~627.85	$	6,848.8

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

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended				Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions, except per share amounts)(Unaudited)
Net revenues	$	1,~~742~~562.50	$	1,~~526~~446.80	$	3,304.5	$	2,972.8
Cost of goods sold	~~664~~582.29		~~579~~540.2		1,247.1		1,119.4
Gross profit	~~1,078~~979.31		~~947~~905.68		2,057.4		1,853.4
Selling, general and administrative expenses	~~871~~843.74		~~749~~791.30		1,715.1		1,540.3
Restructuring charges, net	713.95		6.78		21.4		13.5
Operating income	~~198~~122.72		~~191~~108.60		320.9		299.6
Interest expense	(1312.19)		(1011.98)		(26.0)		(22.7)
Other income (expense), net	4212.69		(46.1)3		55.5		2.2
Income from continuing operations before income taxes	~~228~~122.2		~~176~~102.65		350.4		279.1
Income tax expense	5127.14		3622.49		78.5		59.3
Net income from continuing operations	~~177~~94.18		~~140~~79.26		271.9		219.8
Net income (loss) from discontinued operations, net of taxes	(1.3)		(5.2)
Net loss from discontinued operations, net of taxes	(7.5)		(12.6)		(8.8)		(17.8)
Net income	$	~~175~~87.83	$	~~135~~67.0	$	263.1	$	202.0
Earnings (loss) per common share:
Continuing operations - Basic	$	0.4525	$	0.3520	$	0.70	$	0.55
Discontinued operations - Basic	—(0.02)		(0.0103)		(0.02)		(0.04)
Net income - Basic	$	0.4523	$	0.3417	$	0.68	$	0.51
Continuing operations - Diluted	$	0.4524	$	0.3520	$	0.69	$	0.55
Discontinued operations - Diluted	—(0.02)		(0.0103)		(0.02)		(0.04)
Net income - Diluted	$	0.4522	$	0.3417	$	0.67	$	0.51
Weighted-average common shares outstanding:
Basic	~~389~~385,~~907~~982,~~760~~038		396,~~576~~411,~~662~~904		387,976,602		396,498,984
Diluted	~~394~~389,~~196~~629,~~801~~216		~~400~~399,~~046~~048,~~382~~949		392,300,262		400,106,225

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

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended				Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions)(Unaudited)
Net income	$	~~175~~87.83	$	~~135~~67.0	$	263.1	$	202.0
Other comprehensive income (loss), before related income taxes:
Pension and postretirement benefits	~~(1.~~4).8		1.89		3.4		3.7
Derivative instruments (losses) gains	(16.3)		14.5
Derivative instruments gains (losses)	16.6		(79.3)		0.3		(64.8)
Foreign currency translation gains (losses)	44(16.26)		(693.8)1		27.6		86.3
Total other comprehensive income, before related income taxes	26.5		9.5
Unrealized gains (losses) on marketable securities	(0.2)		—		(0.2)		—
Income tax expense related to items of other comprehensive income	(6.0)		(2.2)
Total other comprehensive income, before related income taxes	4.6		15.7		31.1		25.2
Comprehensive income, net of taxes	$	196.3	$	142.3
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.

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

	Three Months Ended March 1, 2026
	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 November 30, 2025	390.4	$	0.4	$	788.1	$	1,897.3	$	(407.2)	$	2,278.6
Net income	—	—		—		175.8		—		175.8
Other comprehensive income, net of tax	—	—		—		—		20.5		20.5
Stock-based compensation and dividends, net	1.9	—		15.8		—		—		15.8
Employee stock purchase plan	0.1	—		1.8		—		—		1.8
Accelerated share repurchase, including excise tax	(7.8)	—		(45.1)		(155.9)		—		(201.0)
Tax withholdings on equity awards	—	—		(31.1)		—		—		(31.1)
Cash dividends declared ($0.14 per share)	—	—		—		(53.8)		—		(53.8)
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

	Three Months Ended March 2, 2025
	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 December 01, 2024	395.4	$	0.4	$	732.6	$	1,672.0	$	(434.5)	$	1,970.5
Balance at November 30, 2025	390.4	$	0.4	$	788.1	$	1,897.3	$	(407.2)	$	2,278.6
Net income	—	—		—		~~135~~263.01		—		~~135~~263.01
Other comprehensive income, net of tax	—	—		—		—		727.35		727.35
Stock-based compensation and dividends, net	12.41	—		1940.31		—		—		1940.31
Employee stock purchase plan	0.12	—		23.15		—		—		23.15
Repurchase of common stock	(1.6)	—		—		(30.0)		—		(30.0)
Accelerated share repurchase, including excise tax	(7.8)	—		(45.1)		(155.9)		—		(201.0)
Tax withholdings on equity awards	—	—		(1831.37)		—		—		(1831.37)
Cash dividends declared ($0.13 per share)	—	—		—		(51.4)		—		(51.4)
Cash dividends declared ($0.28 per share)	—	—		—		(107.7)		—		(107.7)
Balance at March 2, 2025	395.3	$	0.4	$	735.7	$	1,725.6	$	(427.2)	$	2,034.5
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.

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended
	Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025
	(Dollars in millions)(Unaudited)
Cash Flows from Operating Activities:
Net income	$	~~175~~263.81	$	~~135~~202.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55112.68		4999.26
Goodwill impairment	—		2.5
Property, plant, equipment impairment, and early lease terminations, net	0.9		14.8
Gain on sale of business, prior to costs to sell	(3533.16)		—
Stock-based compensation	15.8		19.3
Gain on sale of assets	—		(8.5)
Deferred income taxes	10.5		(5.7)
Stock-based compensation	40.1		44.2
Other, net	(7.6)		17.0
Deferred income taxes	(2.0)		(17.2)
Net change in operating assets and liabilities	(3.5)		(164.8)
Other, net	(7.3)		7.6
Net cash provided by operating activities	211.5		52.5
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	(5999.43)		(66106.61)
Payments to acquire short-term investments	(26.8)		(4.0)
Net proceeds from sales of assets	—		22.3
Proceeds from sale, maturity and collection of short-term investments	22.7		—
(Payments) proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net	(5.1)		36.6
Other investing activities, net	(6.5)		(0.5)
Payments to acquire short-term investments	(87.6)		(83.5)
Net cash provided by (used for) investing activities	26.3		(71.1)
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	(200.0)		—
Accelerated share repurchase, including excise tax	(201.0)		—
Repurchase of common stock	—		(30.05)
Tax withholdings on equity awards	(31.17)		(18.35)
Dividends to stockholders	(53107.87)		(51102.48)
Other financing activities, net	(0.85)		2(0.26)
Net cash used for financing activities	(~~284~~340.19)		(97152.54)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	51.05		07.57
Net increase (decrease) in cash and cash equivalents and restricted cash	~~(41~~91.3)4		(~~115~~36.64)
Beginning cash and cash equivalents	757.9		690.0
Ending cash and cash equivalents	$	~~716~~849.63	$	~~574~~653.46
Noncash Investing Activity:
Property, plant and equipment acquired and not yet paid at end of period	$	2737.69	$	3650.35
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes during the period, net of refunds	~~28.1~~$	105.0	~~18.7~~$	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 ~~MARCH~~MAY 131, 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 ~~March~~May 131, 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~~, although the fiscal years of certain foreign subsidiaries end on November 30~~. 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 ~~MARCH~~MAY 131, 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 ~~both March~~May 131, 2026 and November 30, 2025, respectively.

Prepaid Expenses

Prepaid expenses included in “Other current assets” were $~~156~~152.19 million and $138.0 million as of ~~March~~May 131, 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 $~~160~~155.09 million based on the January 30, 2026 closing share price, were retired and recorded as a reduction of Retained Earnings, with the remainder of $4045.01 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 noin ~~later than~~ the third quarter of 2026. No shares were repurchased during the second quarter of 2026.

During the ~~three~~six months ended ~~March~~June 21, 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 ~~three~~six months ended ~~March~~June 21, 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.

~~Revenue Recognition~~ 10

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.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

Revenue Recognition

Reclassification

Certain amounts on the ~~consolidated balance sheets, consolidated~~ statements of ~~income and statements of~~ cash flows have been conformed to the ~~March~~May 131, 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 $2017.53 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.

~~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”.~~11

	Three Months Ended
	March 1,2026
	(Dollars in millions)
Gross proceeds	$	96.3
Less direct costs to sell	14.6
Less carrying amount of Dockers® remaining operations	61.2
Gain on sale of Dockers® remaining operations	$	20.5

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.

1012

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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~~		Three Months Ended		Six Months Ended
	March 1,2026		March 2,2025
			June 1,2025		May 31,2026		June 1,2025
	~~(Dollars in millions)~~		(Dollars in millions)
Net revenues	$	~~31.1~~	$	6771.48	$	31.0	$	139.2
Cost of goods sold	~~15.0~~		3137.03		14.6		68.3
Gross profit	~~16.1~~		3634.45		16.4		70.9
Selling, general and administrative expenses	~~24.7~~		4144.51		31.4		85.6
Restructuring charges, net	~~8.4~~		16.85		8.8		8.3
Operating loss	~~(17.0)~~		(616.91)		(23.8)		(23.0)
Other expense	~~(2.9)~~		—		(2.9)		—
Income (loss) from discontinued operations before gain on sale and income taxes	~~(19.9)~~		(616.91)		(26.7)		(23.0)
Gain on sale of Dockers® remaining operations before income taxes	~~20.5~~		—		17.3		—
Total income (loss) from discontinued operations before income taxes	~~0.6~~		(616.91)		(9.4)		(23.0)
Income tax expense (benefit)	~~1.9~~		(13.75)		(0.6)		(5.2)
Net income (loss) from discontinued operations, net of taxes	$	~~(1.3)~~	$	(512.26)	$	(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 $3533.16 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 ~~March~~May 131, 2026 and ~~March~~June 21, 2025.

1113

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

NOTE 3: FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	March 1, 2026						November 30, 2025
	May 31, 2026						November 30, 2025
			Fair Value EstimatedUsing						Fair Value EstimatedUsing
	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	$	~~108~~112.04	$	~~108~~112.04	$	—	$	107.7	$	107.7	$	—
Short-term investments in marketable securities	95128.45		—		95128.45		90.9		—		90.9
Derivative instruments(3)	411.97		—		411.97		6.8		—		6.8
Total	$	~~208~~252.36	$	~~108~~112.04	$	~~100~~140.32	$	205.4	$	107.7	$	97.7
Financial liabilities carried at fair value
Derivative instruments(3)	$	1512.90	$	—	$	1512.90	$	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:

	March 1, 2026				November 30, 2025
	May 31, 2026				November 30, 2025
	CarryingValue		Estimated Fair Value		CarryingValue		Estimated Fair Value
	(Dollars in millions)
Financial liabilities carried at adjusted historical cost
4.000% senior notes due 2030(1)	$	~~554~~553.42	$	~~562~~551.1	$	550.8	$	559.7
3.50% senior notes due 2031(1)	~~496~~500.16		~~463~~460.0		500.3		467.8
Short-term borrowings	1.0		1.0		—		—
Total	$	1,053.8	$	1,011.1	$	1,051.1	$	1,027.5
Total	$	1,051.5	$	1,026.1	$	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.

1214

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

NOTE 4: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of ~~March~~May 131, 2026, the Company had forward foreign exchange contracts derivatives to buy $~~497~~754.10 million and to sell $~~426~~894.65 million in various foreign currencies. These contracts are at various exchange rates and expire at various dates through ~~February~~May 2027.

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

	March 1, 2026						November 30, 2025
	May 31, 2026						November 30, 2025
	Assets		(Liabilities)		Derivative Net Carrying Value		Assets		(Liabilities)		Derivative Net Carrying Value
	CarryingValue		CarryingValue				CarryingValue		CarryingValue
	(Dollars in millions)
Derivatives designated as hedging instruments
Foreign exchange risk cash flow hedges(1)	$	26.46	$	—	$	26.46	$	5.9	$	—	$	5.9
Foreign exchange risk cash flow hedges(2)	—		(1411.10)		(1411.10)		—		(11.8)		(11.8)
Total	$	26.46	$	(1411.10)			$	5.9	$	(11.8)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)	$	411.97	$	(26.46)	$	2.5.1	$	6.8	$	(5.9)	$	0.9
Forward foreign exchange contracts(2)	1411.10		(1512.90)		(1.80)		11.8		(13.4)		(1.6)
Total	$	1922.07	$	(18.36)			$	18.6	$	(19.3)
Non-derivatives designated as hedging instruments
4.000% Euro senior notes due 2030	$	—	$	(~~560~~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.

1315

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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:

	March 1, 2026							November 30, 2025
	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	$	2129.43	$	(89.08)	$	1319.45		$	24.5	$	(12.8)	$	11.7
Financial liabilities	(3229.46)		89.08		(2419.48)			(31.1)		12.8		(18.3)
Total					$	(~~11.~~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) GainRecognized in AOCL(Effective Portion)				Amount of (Loss) Gain Reclassified from AOCL into Net Income(1)
	As ofMarch 1, 2026		As ofNovember 30, 2025		Three Months Ended
	As ofMay 31, 2026		As ofNovember 30, 2025		Three Months Ended				Six Months Ended
					March 1,2026		March 2,2025
					May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions)
Foreign exchange risk contracts	$	(2919.59)	$	(22.8)	$	(510.16)	$	(23.4)	$	(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	(7366.3)		(63.7)		—		—		—		—
Cumulative income taxes	2926.84		25.3		—		—		—		—
Total	$	(8875.20)	$	(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 ~~three~~six months ended ~~March~~May 131, 2026. Within the next 12 months, aan $2618.76 million loss from cash flow hedges is expected to be reclassified from AOCL into net income.

1416

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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
	March 1,2026		March 2,2025
	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	$	10.28	$	(1.51)	$	2.0	$	(2.6)
Cost of goods sold	$(11.4)	~~(6.3)~~	$4.5	~~(0.9)~~	(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
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions)
Forward foreign exchange contracts:
Realized gain (loss) (1)	$	5.2.8	$	(534.3)6	$	7.9	$	29.3
Unrealized gain (loss)	05.48		(56.5)3		6.3		0.8
Total	$	58.6	$	~~(10~~40.8)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:

	March 1,2026		November 30,2025
	May 31,2026		November 30,2025
	(Dollars in millions)
Other accrued liabilities
Accrued non-trade payables	$	~~169~~178.0	$	195.5
Accrued advertising and promotion	7469.80		56.9
Accrued income taxes	72.7		55.6
Taxes other than income taxes payable	63.0		83.7
Taxes other than income taxes payable	64.3		83.7
Restructuring liabilities	47.3		55.8
Restructuring liabilities	53.6		55.8
Accrued income taxes	42.0		55.6
Accrued property, plant and equipment	2737.69		51.4
Fair value derivatives	1512.90		13.4
Accrued rent	9.7		10.2
Accrued interest payable	11.2		12.2
Accrued interest payable	1.4		12.2
Accrued rent	8.5		10.2
Other	~~197~~133.78		168.7
Total other accrued liabilities	$	~~686~~602.7	$	703.4

1517

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

NOTE 6: SUPPLIER FINANCE PROGRAM

The Company offers a supplier ~~financing~~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 $~~123~~145.81 million as of ~~March~~May 131, 2026 and $136.5 million as of November 30, 2025.

NOTE 7: DEBT

The following table presents the Company’s debt:

	March 1,2026		November 30,2025
	May 31,2026		November 30,2025
	(Dollars in millions)
Long-term debt
4.000% senior notes due 2030	$	~~553~~546.37	$	543.3
3.50% senior notes due 2031	496.13		495.9
Total long-term debt	$	1,~~049~~043.40	$	1,039.2
Short-term debt
Short-term borrowings	1.0		—
Total debt	$	1,050.4	$	1,039.2

Senior Revolving Credit Facility

As of ~~March~~May 131, 2026, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $~~831~~820.39 million at ~~March~~May 131, 2026, as the total availability of $~~850~~839.49 million was reduced by $19.10 million of letters of credit and other credit usage allocated under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest ~~rate~~rates on average borrowings outstanding during the three and six months ended ~~March~~May 131, 2026 ~~was~~were 4.6761% and 4.64%, respectively, as compared to 4.2328% and 4.26%, respectively, during the same ~~period~~periods of 2025.

NOTE 8: RESTRUCTURING ACTIVITIES

For the three and six months ended ~~March~~May 131, 2026, the Company recognized restructuring charges of $713.95 million and $21.4 million, respectively, primarily in connection with the Company’s focus on cost reduction initiatives, expansion of our ~~continuing~~global shared services model including building global ~~productivity~~talent ~~initiative~~hubs around the world, ~~consisting~~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 ~~March~~May 131, 2026, the restructuring liability was $6662.51 million, with $5347.63 million and $1214.98 million classified as “Other accrued liabilities” and “Other long-term liabilities”, respectively, within the Company’s consolidated balance sheet.

1618

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

For the three and six months ended ~~March~~June 21, 2025, the Company recognized restructuring charges of $6.78 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 $34.14 million and $7.5 million of restructuring related charges during the three and six months ended ~~March~~June 21, 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 March 1, 2026
	Three Months Ended May 31, 2026
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	November 30,2025				March 1,2026
	March 1,2026				May 31,2026
	(Dollars in millions)
Severance and employee-related benefits	$	53.12	$	169.01		$	(1612.12)	$	(0.23)	$	5349.28
Contract termination costs and other	1613.93		02.2			(30.86)		—(2.6)		1312.3
Total	$	7066.05	$	1611.23		$	(1912.98)	$	0.(2.9)	$	6662.51

_____________

(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 $80.4 million of Dockers® restructuring costs reported as discontinued operations.

	Three Months Ended March 2, 2025
	Six Months Ended May 31, 2026
	Liabilities		Net Charges (Reversals)(1)			Payments		Foreign Currency Fluctuations		Liabilities
	December 1,2024				March 2,2025
	November 30,2025				May 31,2026
	(Dollars in millions)
Severance and employee-related benefits	$	8353.71	$	325.91		$	(2328.53)	$	(0.31)	$	6349.8
Contract termination costs and other	2016.79		12.74			(04.54)		(02.16)		2112.83
Total	$	~~104~~70.40	$	527.65		$	(2432.07)	$	(02.47)	$	8562.61

_____________

(1) Excludes $01.80 million in stock compensation related charges recorded in Additional paid-in -capital and $2.1.7 million ~~recorded~~of inasset ~~Property,~~impairment ~~plant~~charges ~~and equipment, net~~ related to ~~impairment~~decision ~~charges~~to ~~associated~~discontinue ~~with~~certain ~~the~~technology ~~closure of distribution centers~~projects. Includes $18.8 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 54 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.

17Customs 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 ~~MARCH~~MAY 131, 2026

~~contractual~~Other ~~matters,~~Matters. On ~~facility~~February ~~and employee-related matters~~20, ~~distribution matters~~2026, ~~product~~a ~~liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters~~U.S. ~~The~~Supreme ~~Company~~Court ~~establishes~~ruling ~~loss~~invalidated ~~provisions~~tariffs ~~for~~imposed ~~these~~under ~~ordinary~~the ~~course~~International ~~claims~~Emergency asEconomic ~~well~~Powers asAct ~~other~~(“IEEPA”). ~~matters~~In inApril ~~which~~2026, ~~losses~~the ~~are~~U.S. ~~probable~~Customs and ~~can~~Border beProtection ~~reasonably~~(“CBP”) ~~estimated.~~released ~~The~~the ~~Company~~Consolidated ~~does~~Administration ~~not~~and ~~believe~~Processing ~~any~~Entries of(“CAPE”) ~~these~~functionality ~~pending~~to ~~claims,~~facilitate ~~complaints and legal proceedings will have~~ a ~~material~~phased ~~impact~~approach onto ~~its~~process ~~financial~~IEEPA ~~condition,~~tariff ~~results of operations or cash flows~~refunds.

~~Customs Duty Audits.~~ The Company ~~imports~~estimates ~~both~~it ~~raw~~has ~~materials~~paid ~~and~~approximately ~~finished~~$80 million ~~garments~~under ~~into~~IEEPA ~~all~~tariffs. As of ~~its~~May 31, ~~geographic regions and~~2026, asthe ~~such,~~Company is ~~subject~~unable to ~~numerous~~assert ~~countries’~~loss ~~complex~~recovery ~~customs~~is ~~laws~~probable ~~and~~for ~~regulations~~IEEPA ~~with~~tariff ~~respect~~refunds toother ~~its~~than ~~import~~those ~~and~~eligible ~~export~~for ~~activity.~~the ~~The~~first ~~Company~~phase ~~has~~of ~~various~~submissions, ~~pending~~due ~~audit~~to ~~assessments~~the inuncertainty ~~connection~~surrounding ~~with~~the ~~these~~tariff ~~activities.~~refund ~~As of March 1~~program, ~~2026,~~and ~~the Company~~ has ~~recorded~~not ~~certain~~recognized ~~estimated~~an ~~liabilities~~asset ~~for~~related ~~these~~to ~~matters~~the ~~which~~potential ~~are~~refund ~~not~~under ~~material~~further phases. The Company ~~does~~will ~~not~~continue ~~believe~~to ~~any~~evaluate ofnew ~~the~~information ~~claims for customs duty~~ and ~~related~~will ~~charges~~recognize ~~will~~the ~~have~~refund awhen ~~material~~the ~~impact~~requirements onunder ~~its~~ASC ~~financial~~450, ~~condition~~Contingencies, ~~results~~have ofbeen ~~operations or cash flows~~met.

Other Matters. On February 20, 2026, a U.S. Supreme Court ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company estimates it has paid approximately $80 million under the IEEPA tariffs. The ruling did not address potential refunds, creating uncertainty regarding the potential recovery of tariffs previously assessed under that statute. As of March 1, 2026, the Company has not recognized an asset related to the potential refund. 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 ~~2026~~ and ~~2025~~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, ~~respectively,~~ to holders of record of its Class A and Class B common stock. During the three and six months ended ~~March~~May 131, 2026, dividends were paid in the amount of $53.89 million and $107.7 million, respectively, compared to $51.4 million and $102.8 million, respectively for the same prior-year ~~period~~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 $0.1416 per share to holders of record of its Class A and Class B common stock at the close of business on ~~April~~July 22, 2026, for a total quarterly dividend of approximately $5462 million.

1821

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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 March 1, 2026
	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 November 30, 2025	$	(136.9)	$	(76.4)	$	(194.1)	$	0.2	$	(407.2)
Other comprehensive (loss) income before reclassifications	(3.5)		(16.9)		34.1		—		13.7
Amounts reclassified from accumulated other comprehensive loss	1.7		5.1		—		—		6.8
Net increase (decrease) in other comprehensive (loss) income	(1.8)		(11.8)		34.1		—		20.5
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.

	Three Months Ended March 2, 2025
	Pension and Postretirement Benefits(1)		Translation Adjustments
			Derivative Instruments(2)		Foreign Currency Translation		Total
	(Dollars in millions)
Accumulated other comprehensive loss at December 01, 2024	$	(141.2)	$	(9.0)	$	(284.3)	$	(434.5)
Other comprehensive (loss) income before reclassifications	(0.5)		9.0		(5.4)		3.1
Amounts reclassified from accumulated other comprehensive loss	1.8		2.4		—		4.2
Net increase (decrease) in other comprehensive income (loss)	1.3		11.4		(5.4)		7.3
Accumulated other comprehensive loss at March 2, 2025	$	(139.9)	$	2.4	$	(289.7)	$	(427.2)

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.

1923

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

NOTE 12: NET REVENUES

Disaggregated Revenue

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

Three Months Ended March 1, 2026

Three Months Ended May 31, 2026

Levi’s Brands

Americas

Europe

Asia

Beyond Yoga®

Total

(Dollars in millions)

Net revenues by channel:

Wholesale

~~455~~485.01

~~222~~168.35

~~143~~102.20

1012.58

~~831~~768.04

Direct-to-consumer

~~400~~330.74

~~273~~251.7

~~204~~181.37

3229.8

~~911~~793.56

Total net revenues

~~855~~815.75

~~496~~420.02

~~347~~283.57

4342.36

1,~~742~~562.50

Three Months Ended March 2, 2025

Six Months Ended May 31, 2026

Levi’s Brands

Americas

Europe

Asia

Beyond Yoga®

Total

(Dollars in millions)

Net revenues by channel:

Wholesale

~~422~~940.21

~~170~~390.28

~~135~~245.02

1123.93

~~739~~1,599.34

Direct-to-consumer

~~360~~731.81

~~230~~525.34

~~173~~386.10

2362.36

~~787~~1,705.51

Total net revenues

~~783~~1,671.02

~~400~~916.52

~~308~~631.12

3585.29

13,~~526~~304.85

The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of March 1, 2026 and November 30, 2025.


	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 ~~MARCH~~MAY 131, 2026

NOTE 13: OTHER INCOME (EXPENSE), NET

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

	Three Months Ended				Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions)
Foreign exchange management gains (losses)(1)	$	5.6	$	(10.8)
Foreign exchange management gains(1)	$	8.6	$	40.9	$	14.2	$	30.1
Foreign currency transaction (losses) gain(2)	(5.5)		2.2
Foreign currency transaction losses(2)	(1.1)		(39.6)		(6.6)		(37.4)
Marketable securities losses	(0.7)		(5.2)
Marketable securities gains (losses)	4.3		2.4		3.6		(2.8)
Legal settlement gain (3)	~~33.0~~—		—		33.0		—
Other, net	101.21		92.76		11.3		12.3
Total other income (expense), net	$	4212.69	$	(46.1)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 ~~March~~May 131, 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 ~~March~~June 21, 2025, ~~losses~~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 ~~March~~May 131, 2026, losses were primarily due to the impact of U.S. dollar weakening against the ~~Euro,~~Mexican ~~Australian~~peso ~~dollar,~~ and ~~Mexican~~Australian ~~peso~~dollar. For the three and six months ended ~~March~~June 21, 2025, ~~gains~~losses were primarily due to the impact of U.S. dollar ~~strengthening~~weakening against the Euro.

(3)During the ~~three~~six months ended ~~March~~May 131, 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 ~~March~~May 131, 2026, compared to 2022.63% 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 infor the ~~current~~six-month ~~quarter~~period ended May 31, 2026 was primarily due to a ~~higher~~lower ~~effective~~foreign-derived ~~tax~~intangible ~~rate~~income onbenefit ~~foreign earnings~~ compared with the prior-year period.

2125

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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
	March 1,2026		March 2,2025
	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	$	~~177~~94.18	$	~~140~~79.26	$	271.9	$	219.8
Net income (loss) from discontinued operations, net of taxes	(1.3)		(5.2)
Net loss from discontinued operations, net of taxes	(7.5)		(12.6)		(8.8)		(17.8)
Net income	$	~~175~~87.83	$	~~135~~67.0	$	263.1	$	202.0
Denominator:
Weighted-average common shares outstanding - basic	~~389~~385,~~907~~982,~~760~~038		396,~~576~~411,~~662~~904		387,976,602		396,498,984
Dilutive effect of stock awards	43,~~289~~647,~~041~~178		32,~~469~~637,~~720~~045		4,323,660		3,607,241
Weighted-average common shares outstanding - diluted	~~394~~389,~~196~~629,~~801~~216		~~400~~399,~~046~~048,~~382~~949		392,300,262		400,106,225
Earnings (loss) per common share:
Continuing operations - Basic	$	0.4525	$	0.3520	$	0.70	$	0.55
Discontinued operations - Basic	—(0.02)		(0.0103)		(0.02)		(0.04)
Net income - Basic	$	0.4523	$	0.3417	$	0.68	$	0.51
Continuing operations - Diluted	$	0.4524	$	0.3520	$	0.69	$	0.55
Discontinued operations - Diluted	—(0.02)		(0.0103)		(0.02)		(0.04)
Net income - Diluted	$	0.4522	$	0.3417	$	0.67	$	0.51
Anti-dilutive securities excluded from calculation of diluted earnings per share	12,~~827~~919,~~299~~519		38,~~911~~016,~~185~~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 ~~March~~May 131, 2026, the Company donated $70.74 million and $8.1 million, respectively, to the Levi Strauss Foundation as compared to $40.45 million and $4.9 million for the same prior-year ~~period~~periods. During the three and six months ended ~~March~~May 131, 2026, the Company recognized expenses related to their donation commitments of $2.65 million and $5.1 million, respectively, as compared to $02.84 million and $3.2 million for the same prior-year periods.

2226

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 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 March 1, 2026

Three Months Ended May 31, 2026

Levi’s Brands

Americas

Europe

Asia

Total

(Dollars in millions)

Segment net revenues

~~855~~815.75

~~496~~420.02

~~347~~283.57

1,~~699~~519.24

Beyond Yoga® net revenues

4342.36

Total net revenues

1,~~742~~562.50

Segment cost of goods sold

~~376~~353.97

~~131~~106.76

~~128~~97.87

Segment selling, general, and administrative

~~315~~297.67

~~235~~224.18

~~148~~143.35

Segment operating income

~~163~~164.21

~~129~~88.28

7042.45

~~362~~295.84

Beyond Yoga® operating loss

(02.84)

Restructuring charges, net(1)

(713.95)

Corporate expenses

(~~155~~157.43)

Interest expense

(1312.19)

Other income (expense), net(2)

42.6

Other income (expense), net

12.9

Income from continuing operations before income taxes

~~228~~122.2

____________

(1) For the three months ended ~~March~~May 131, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges.

~~(2) For the three months ended March 1, 2026 other income (expense), net includes a $33.0 million gain on legal settlement.~~27

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~MAY 131, 2026

Three Months Ended March 2, 2025

Six Months Ended May 31, 2026

Levi’s Brands

Americas

Europe

Asia

Total

(Dollars in millions)

Segment net revenues

~~783~~1,671.02

~~400~~916.52

~~308~~631.12

13,~~491~~218.6

Beyond Yoga® net revenues

3585.29

Total net revenues

13,~~526~~304.85

Segment cost of goods sold

~~337~~730.26

~~117~~238.63

~~117~~226.45

Segment selling, general, and administrative

~~276~~613.13

~~180~~459.59

~~132~~291.8

Segment operating income

~~169~~327.73

~~102~~218.40

57112.9

~~330~~658.02

Beyond Yoga® operating loss

(3.12)

Restructuring charges, net(1)

(621.74)

Corporate expenses

(~~128~~312.67)

Interest expense

(1026.90)

Other income (expense), net

(4.1)

Other income (expense), net(2)

55.5

Income from continuing operations before income taxes

~~176~~350.64

____________

(1) For the ~~three~~six months ended ~~March~~May 231, ~~2025~~2026 restructuring charges, net consisted primarily of severance, and post-employment benefit charges~~, contract termination costs and asset impairments in connection with Project Fuel~~.

	Three Months Ended
	March 1,2026		March 2,2025
	(Dollars in millions)
Depreciation and amortization expense:
Americas	$	15.1	$	14.6
Europe	8.4		6.9
Asia	5.2		4.4
Total segment depreciation and amortization expense	28.7		25.9
Beyond Yoga and unallocated	26.7		22.2
Total continuing operations depreciation and amortization expense	$	55.4	$	48.1

(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 ~~MARCH~~MAY 131, 2026

	March 1, 2026
	Six Months Ended June 1, 2025
	Levi's Brands
	Levi’s Brands
	Americas		Europe		Asia		~~Segment~~ Total		~~Unallocated(1)~~		~~Consolidated Total~~
	(Dollars in millions)
Assets:
Segment net revenues	$	1,531.4	$	803.6	$	565.8	$	2,900.8
Inventories	$	681.1	$	175.9	$	186.9	$	1,043.9	$	76.7	$	1,120.6
Beyond Yoga® net revenues							72.0
All other assets									5,454.2		5,454.2
Total net revenues							$	2,972.8
Total assets											$	6,574.8
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 ~~Unallocated~~the ~~inventories~~six ~~include~~months ~~$40.4~~ended ~~million~~June 1, 2025 restructuring charges, net consisted primarily of ~~Beyond~~severance, ~~Yoga~~post-employment ~~inventory~~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:

	Three Months Ended
	Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025
	(Dollars in millions)
Change in operating assets and liabilities:
Trade receivables	$	55191.70	$	49106.24
Inventories	~~140~~96.27		55(87.01)
Accounts payable	(~~114~~2.73)		~~(104~~19.5)1
Accrued salaries, wages and employee benefits and long-term employee related benefits	(5963.42)		(5751.53)
Right-of-use operating lease assets and current and non-current operating lease liabilities, net	(79.61)		(36.29)
Other current and non-current assets	517.17		(2914.59)
Other current and long-term liabilities	(22122.85)		(7469.38)
Net change in operating assets and liabilities	$	(3108.5)3	$	(~~164~~104.85)

2530

Table of Contents


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 ~~March~~May 131, 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 ~~March~~May 131, 2026, we had 1,~~232~~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.

2631

Table of Contents

Across all of our brands, pants – including jeans, casual pants, dress pants, shorts, skirts and activewear – represented 67% and 6968% of our total units sold in the first ~~three~~six months of 2026 and 2025, respectively. Tops – including shirts, sweaters, jackets, dresses and jumpsuits – represented 29% ~~and 28%~~ of our total units sold in the first ~~three~~six months of both 2026 and 2025~~, respectively~~. The remainder of our products are accessories. Men’s products generated 5958% and 6160% of our net revenues in the first ~~three~~six months of 2026 and 2025, respectively. Women’s products generated 4041% and 3839% of our net revenues in the first ~~three~~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 3738% ~~and 35%~~ of our net revenues in the first ~~three~~six months of both 2026 and 2025~~, respectively~~.

Our Europe and Asia businesses, collectively, contributed 4847% and 46% of our net revenues in the first ~~three~~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 6160% and 57% of our net revenues in the first ~~three~~six months of 2026 and 2025, respectively. Sales of Levi’s® brand products represented approximately 94% of our net revenues in the first ~~three~~six months of both 2026 and 2025.

Our wholesale channel generated 48% and 49% of our net revenues in the first ~~three~~six months of ~~both~~ 2026 and 2025, respectively. Sales to franchise partners, included as a component of our wholesale channel, generated 76% of our net revenues in the first ~~three~~six months of both 2026 and 2025. Our DTC channel generated 52% and 51% of our net revenues in the first ~~three~~six months of ~~both~~ 2026 and 2025, respectively, with our company operated e-commerce business representing 2524% and 2423% of DTC channel net revenues in the first ~~three~~six months of 2026 and 2025, respectively, and ~~13% and~~ 12% of total net revenues in the first ~~three~~six months of both 2026 and 2025~~, respectively~~.

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. ~~The~~Following the U.S. ~~government~~Supreme ~~subsequently~~Court ruling, the U.S. government imposed new tariffs under a separate authority prospectively. inUncertainty ~~response~~continues to ~~the~~exist ~~ruling,~~regarding ~~all~~current ofand ~~which~~future ~~have created additional tariff uncertainty~~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 ~~new~~the current prospective tariffs. There may be additional tariff actions or increases to existing tariffs in the future ~~in response to the recently invalidated tariffs~~. 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.

2732

Table of Contents

•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 ~~brands~~product ~~and products~~ categories, may also impact our future gross margin.

•~~The~~Foreign ~~current~~currencies ~~domestic~~continue ~~and~~to ~~international~~be ~~political environment, including~~ volatile ~~trade relations and military and civil conflicts~~, ~~and~~with ~~most recently heightened military action in~~ the ~~Middle~~volatility ~~East,~~increasing ~~have~~due ~~resulted~~to ~~in uncertainty surrounding~~ the ~~future~~imposition ~~state~~ of ~~the global economy. There is greater uncertainty with respect to potential changes in trade regulations,~~ tariffs, ~~sanctions~~ and ~~export~~evolving ~~controls~~trade ~~which~~policies. ~~also~~Significant ~~increase~~fluctuations ~~volatility~~of in the ~~global economy~~U.S. ~~This~~Dollar ~~environment~~against ~~has~~various ~~affected~~foreign ~~and~~currencies, ~~may~~including ~~continue~~the toMexican ~~affect~~peso ~~consumer sentiment~~ and ~~demand~~Australian ~~and production and distribution lead times~~dollar, ~~increasing~~have ~~our~~in ~~costs~~the past and ~~potentially affecting our ability to meet customer demand. If these disruptions persist, they~~ may ~~require~~in usthe tofuture ~~modify~~adversely ~~our current sourcing and logistics practices, which may~~ impact our ~~product~~financial ~~costs~~results, ~~and~~revenue, ifoperating ~~not~~margins ~~mitigated, could have a material adverse effect on our business~~ and ~~results~~net ~~of operations~~income.

•~~Foreign~~Tax ~~currencies~~legislation ~~continue~~continues to beevolve ~~volatile,~~globally with ~~the~~new ~~volatility~~laws ~~increasing~~and ~~due~~regulations tothat create uncertainty, including an agreement reached by the ~~imposition~~Organization offor ~~tariffs~~Economic Cooperation and ~~evolving~~Development ~~trade~~among ~~policies.~~over ~~Significant~~140 ~~fluctuations~~countries ofto ~~the~~implement ~~U.S.~~a ~~Dollar~~minimum ~~against~~15% ~~various~~tax ~~foreign~~rate ~~currencies,~~on ~~including~~certain ~~the~~multinational ~~Euro~~enterprises, ~~Mexican~~ ~~peso~~commonly ~~and~~referred ~~Australian~~to ~~dollar,~~as ~~has~~Pillar inTwo, and the ~~past~~One ~~and~~Big ~~may~~Beautiful inBill Act (“OBBBA”) enacted by U.S. Congress. We do not expect Pillar Two or the ~~future~~OBBBA ~~adversely~~to have a material impact to our financial results, ~~revenue,~~and ~~operating~~we ~~margins~~will ~~and~~continue ~~net~~to ~~income~~monitor their impacts as the legislative landscape evolves.

•Tax legislation continues to evolve globally with new laws and regulations that create uncertainty and may adversely affect our financial results. The Organization for Economic Cooperation and Development reached agreement among over 140 countries to implement a minimum 15% tax rate on certain multinational enterprises, commonly referred to as Pillar Two. Many countries continue to announce changes in their tax laws and regulations based on the Pillar Two framework. The Company does not expect the impact of Pillar Two will be significant to our financial results in the short term. Additionally, U.S Congress enacted the One Big Beautiful Bill Act (“OBBBA”) which includes significant provisions, including extension of the Tax Cuts and Jobs Act and modifications to the international tax framework. We do not expect the OBBBA to have a material impact to our financial results and we will continue to monitor its 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.

Table of Contents

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”).

Table of Contents

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 ~~First~~Second Quarter 2026 Results

•Net revenues. Consolidated net revenues increased 148.10% on a reported basis and 95.27% on an organic net revenues basis compared to the ~~first~~second quarter of 2025 reflecting net revenue growth ~~across~~driven ~~all~~by ~~regions~~Americas and Asia and in both DTC and wholesale channels.

•Net income from continuing operations. WeCompared ~~recognized~~to the second quarter of 2025, consolidated net income from continuing operations ofincreased to $~~177~~94.18 million, ~~compared~~from to $~~140~~79.26 million ~~in the first quarter of 2025~~. The increase was primarily driven by higher ~~net~~gross ~~revenues and a legal settlement gain~~profit, partially offset by higher selling, general and administrative expenses (“SG&A”). Net income margin from continuing operations was 106.21%, up from 95.25% in the ~~first~~second quarter of 2025. Operating margin was 117.48%, ~~down~~up from 127.5% in the ~~first~~second quarter of 2025.

•Adjusted EBIT. Compared to the ~~first~~second quarter of 2025, Adjusted EBIT increased 618.84% to $~~217~~141.82 million from $~~204~~119.03 million primarily driven by higher ~~net~~gross ~~revenues~~profit, partially offset by ~~the impact of tariffs and~~ higher ~~advertising and promotion expense~~SG&A. Adjusted EBIT margin was 129.50%, 9070 basis points ~~lower~~higher than the ~~first~~second quarter of 2025 on a reported basis, and ~~140~~50 basis points ~~lower~~higher on a constant-currency basis.

•Adjusted net income. Compared to the ~~first~~second quarter of 2025, Adjusted net income increased to $~~166~~109.78 million from $~~150~~88.05 million due to higher Adjusted EBIT described above.

•Diluted earnings per share from continuing operations. WeCompared ~~recognized~~to the second quarter of 2025, diluted earnings per share from continuing operations ofincreased to $0.~~45,~~24 ~~compared~~from to $0.3520, ~~in the first quarter of 2025~~ mainly due to the higher Net income from continuing operations described above.

•Adjusted diluted earnings per share. Compared to the ~~first~~second quarter of 2025, Adjusted diluted earnings per share increased to $0.4228 from $0.3822, 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.”

Table of Contents

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. ~~Certain of our foreign subsidiaries have fiscal years ending November 30.~~ 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.

Table of Contents

•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.

3035

Table of Contents

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
	March 1,2026		March 2,2025		%Increase(Decrease)		March 1,2026% of NetRevenues		March 2,2025% of NetRevenues
	May 31,2026		June 1,2025		%Increase(Decrease)		May 31,2026% of NetRevenues		June 1,2025% of NetRevenues		May 31,2026		June 1,2025		%Increase(Decrease)		May 31,2026% of NetRevenues		June 1,2025% of NetRevenues
	(Dollars and shares in millions, except per share amounts)
Net revenues	$	1,~~742~~562.50	$	1,~~526~~446.80	148.10	%	100.0	%	100.0	%	$	3,304.5	$	2,972.8	11.2	%	100.0	%	100.0	%
Cost of goods sold	~~664~~582.29		~~579~~540.2		~~14.~~7.9	%	3837.13	%	37.94	%	1,247.1		1,119.4		11.4	%	37.7	%	37.7	%
Gross profit	~~1,078~~979.31		~~947~~905.68		~~13.~~8.1	%	6162.97	%	62.16	%	2,057.4		1,853.4		11.0	%	62.3	%	62.3	%
Selling, general and administrative expenses	~~871~~843.74		~~749~~791.30		166.36	%	5054.0	%	4954.17	%	1,715.1		1,540.3		11.3	%	51.9	%	51.8	%
Restructuring charges, net	713.95		6.78		1798.95	%	0.59	%	0.45	%	21.4		13.5		58.5	%	0.6	%	0.5	%
Operating income	~~198~~122.72		~~191~~108.60		313.71	%	117.48	%	127.5	%	320.9		299.6		7.1	%	9.7	%	10.1	%
Interest expense	(1312.19)		(1011.98)		209.23	%	(0.8)	%	(0.78)	%	(26.0)		(22.7)		14.5	%	(0.8)	%	(0.8)	%
Other income (expense), net	4212.69		(46.1)3		*104.8	%	20.48	%	(0.3)4	%	55.5		2.2		*		1.7	%	0.1	%
Income from continuing operations before income taxes	~~228~~122.2		~~176~~102.65		2919.2	%	137.18	%	117.61	%	350.4		279.1		25.5	%	10.6	%	9.4	%
Income tax expense	5127.14		3622.49		4019.47	%	21.98	%	21.46	%	78.5		59.3		32.4	%	2.4	%	2.0	%
Net income from continuing operations	~~177~~94.18		~~140~~79.26		2619.31	%	106.21	%	95.25	%	271.9		219.8		23.7	%	8.2	%	7.4	%
Net income (loss) from discontinued operations, net of taxes	(1.3)		(5.2)		(75.0)	%	(0.1)	%	(0.3)	%
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	$	~~175~~87.83	$	~~135~~67.0	30.23	%	105.16	%	84.86	%	$	263.1	$	202.0	30.2	%	8.0	%	6.8	%
Earnings (loss) per common share:
Continuing operations - Basic	$	0.4525	$	0.3520	*		*		*		$	0.70	$	0.55	*		*		*
Discontinued operations - Basic	—(0.02)		(0.0103)		*		*		*		(0.02)		(0.04)		*		*		*
Net income - Basic	$	0.4523	$	0.3417	*		*		*		$	0.68	$	0.51	*		*		*
Continuing operations - Diluted	$	0.4524	$	0.3520	*		*		*		$	0.69	$	0.55	*		*		*
Discontinued operations - Diluted	—(0.02)		(0.0103)		*		*		*		(0.02)		(0.04)		*		*		*
Net income - Diluted	$	0.4522	$	0.3417	*		*		*		$	0.67	$	0.51	*		*		*
Weighted-average common shares outstanding(in millions):
Basic	~~389~~386.90		396.64		(12.76)	%	*		*		388.0		396.5		(2.1)	%	*		*
Diluted	~~394~~389.26		~~400~~399.0		(12.54)	%	*		*		392.3		400.1		(1.9)	%	*		*

_____________

* Not meaningful

3136

Table of Contents

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)
	March 1,2026		March 2,2025		AsReported		Organic Net Revenues
	May 31,2026		June 1,2025		AsReported		Organic Net Revenues		May 31,2026		June 1,2025		AsReported		Organic Net Revenues
	(Dollars in millions)
Net revenues:
Levi’s Brands:
Americas	$	~~855~~815.75	$	~~783~~748.04	9.30	%	76.18	%	$	1,671.2	$	1,531.4	9.1	%	6.9	%
Europe	~~496~~420.02		~~400~~403.51		234.82	%	9(0.8)	%	916.2		803.6		14.0	%	4.7	%
Asia	~~347~~283.57		~~308~~257.17		1210.81	%	1211.49	%	631.2		565.8		11.6	%	12.2	%
Total Levi’s Brands net revenues	1,~~699~~519.24		1,~~491~~409.62		137.98	%	85.95	%	3,218.6		2,900.8		11.0	%	7.3	%
Beyond Yoga®	4342.36		3536.28		2315.08	%	2315.08	%	85.9		72.0		19.3	%	19.3	%
Total net revenues	$	1,~~742~~562.50	$	1,~~526~~446.80	148.10	%	95.27	%	$	3,304.5	$	2,972.8	11.2	%	7.5	%
Net revenues by channel:
Wholesale	$	~~831~~768.04	$	~~739~~729.39	125.43	%	83.41	%	$	1,599.4	$	1,469.2	8.9	%	5.8	%
DTC	~~911~~793.56		~~787~~716.51		1510.78	%	108.04	%	1,705.1		1,503.6		13.4	%	9.2	%
Total net revenues	$	1,~~742~~562.50	$	1,~~526~~446.80	148.10	%	95.27	%	$	3,304.5	$	2,972.8	11.2	%	7.5	%
Levi’s Brands net revenues:
Levi’s®	$	1,~~633~~462.51	$	1,~~432~~352.8	148.01	%	85.76	%	$	3,095.6	$	2,785.6	11.1	%	7.2	%
Levi Strauss SignatureTM	6557.73		56.54		161.36	%	151.92	%	123.0		112.9		8.9	%	8.6	%
Denizen® (1)	—		~~2.3~~—		~~(100.0)~~*	%	*		—		2.3		(100.0)	%	*
Total Levi’s Brands net revenues	$	1,~~699~~519.24	$	1,~~491~~409.62	137.98	%	85.95	%	$	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 ~~period~~and six-month periods ended ~~March~~May 131, 2026, as compared to the same ~~period~~periods in 2025. Currency translation had a favorable impact on total net revenues of approximately $7132 million and approximately $102 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively.

Americas. Currency translation had a favorable impact on net revenues of approximately $1816 million and approximately $34 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Net revenues in the Americas increased for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 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 ~~primarily~~ by store performance. ~~E-commerce~~and ~~revenues~~expansion ~~increased~~as ~~primarily~~well ~~due~~as to higher ~~online~~e-commerce ~~traffic~~revenues ~~and~~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 ~~average revenues per unit~~volumes, ~~partially~~with ~~offset~~higher bysales aof ~~decrease~~Levi’s® inwomen’s ~~volume~~products. DTC and wholesale revenues also benefited from price increases.

Europe. Currency translation had a favorable impact on net revenues of approximately $5120 million and approximately $72 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. ~~Net~~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 ~~three~~six-month period ended ~~March~~May 131, 2026 increased on both a reported and organic net revenues basis compared to the prior-year period~~, reflecting growth in both wholesale and DTC channels~~.

Wholesale revenues ~~increased~~decreased on an organic basis for the three-month period ended ~~March~~May 131, 2026 ~~compared to the prior year period~~ primarily due to ~~higher~~lower volumes. ~~Wholesale~~and ~~revenues~~increased infor the ~~first~~six-month ~~quarter~~period ofended ~~2025 were negatively impacted by decreased shipping in connection with the transition to the distribution center in Dorsten~~May 31, ~~Germany.~~2026 ~~The increase in DTC revenues was~~ primarily due to ~~e-commerce~~higher ~~revenues~~volumes ~~and~~compared anto ~~increase~~the inprior ~~revenues from outlet stores.~~

3237

Table of Contents

~~Asia~~year periods. ~~Currency~~ ~~translation~~Volumes ~~did~~decreased ~~not~~during ~~have~~the athree-month ~~significant~~period ~~impact~~ended onMay 31, ~~net~~2026 ~~revenues~~primarily ~~for~~due ~~the~~to ~~three~~higher ~~months~~volume ~~ended~~in ~~March~~the 1,prior ~~2026.~~year ~~Net~~period ~~revenues~~ in ~~Asia~~order ~~increased~~to ~~for~~normalize shipping after the ~~three-month~~transition ~~period~~to ~~ended~~the ~~March 1,~~distribution ~~2026~~center ~~compared~~in toDorsten, ~~the~~Germany. ~~prior~~The ~~year~~increase ~~period~~in onDTC ~~both~~revenues awas ~~reported~~primarily ~~and~~due ~~organic~~to ~~net~~e-commerce revenues ~~basis~~ and inan ~~both~~increase ~~our~~in ~~DTC~~revenues ~~and~~from ~~wholesale~~outlet ~~channels~~stores.

~~The~~Asia. Currency ~~increase~~translation inhad ~~DTC~~an ~~revenues~~unfavorable ~~was~~impact ~~primarily~~on ~~due~~net torevenues ~~store~~of ~~performance~~approximately ~~and~~$4 ~~expansion~~million inand ~~our~~approximately ~~company-operated~~$3 ~~stores~~million asfor athe ~~result~~three-month ofand ~~increased~~six-month ~~average~~periods ~~revenues~~ended ~~per~~May ~~unit~~31, ~~and~~2026, ~~higher volumes~~respectively. WeNet ~~benefited~~revenues ~~from~~in 38Asia ~~more~~increased ~~company-operated~~for ~~stores~~the inthree-month ~~operation~~and insix-month ~~Asia~~periods asended ~~of March~~May 131, 2026 as compared to ~~March 2,~~the ~~2025.~~prior ~~The~~year ~~increase~~period inon ~~wholesale~~both ~~revenues~~a ~~was~~reported ~~primarily~~and ~~due~~organic tonet anrevenues ~~increase~~basis and in ~~units~~both ~~sold.~~our DTC and wholesale channels.

~~Beyond~~The ~~Yoga®. Net~~increase ~~revenues~~ in ~~Beyond~~DTC ~~Yoga®~~revenues ~~increased~~was onprimarily adue ~~reported~~to store performance and ~~organic~~expansion ~~net~~in ~~revenues~~our ~~basis~~company-operated ~~for~~stores, ~~the~~and ~~three~~higher e-~~month~~commerce ~~period~~revenues. ~~ended~~We ~~March 1,~~benefited ~~2026~~from ~~compared~~17 tomore ~~the~~company-operated ~~prior~~stores ~~year~~in ~~period,~~operation ~~primarily~~in ~~due~~Asia toas ~~growth~~of inMay 31, ~~e-commerce~~2026 ~~net~~as ~~revenues~~compared ~~reflecting~~to ~~higher~~June 1, ~~demand~~2025. ~~Currency~~The ~~translation~~increase ~~did~~in ~~not~~wholesale ~~have~~revenues was primarily due to an ~~impact~~increase onin ~~net~~units ~~revenues~~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 $2916 million and approximately $45 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Net revenues in our wholesale channel increased for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 compared with the prior-year ~~period~~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. ~~Wholesale~~For ~~revenues~~the inthree-month ~~the~~period ~~first~~ended ~~quarter~~May 31, of2026, ~~2025~~lower volumes in Europe were ~~negatively~~due ~~impacted~~primarily byto ~~decreased~~normalization of shipping in ~~connection~~the ~~with~~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 $4116 million and approximately $57 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Net revenues in our DTC channel increased on both a reported and organic net revenues basis for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026. The increase was driven by store performance and ~~store~~ expansion~~. E-commerce revenues increased driven primarily by higher traffic~~, ~~higher units per transaction~~ and higher ~~average~~e-commerce revenues ~~per unit~~. DTC revenues also benefited from price increases. For the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 net revenues from e-commerce on a reported basis grew 2119% and 20%, respectively. As a percentage of net revenues on a reported basis for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 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 $7131 million and approximately $102 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Net revenues for the Levi’s® brand increased on both a reported and organic net revenues basis for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 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 ~~traffic~~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 ~~months~~and six-month periods ended ~~March~~May 131, 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 ~~March~~May 131, 2026 due primarily to more units sold.

3338

Table of Contents

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
	March 1,2026			March 2,2025			%Increase(Decrease)
	May 31,2026			June 1,2025			%Increase(Decrease)		May 31,2026			June 1,2025			%Increase(Decrease)
	(Dollars in millions)
Net revenues	$	1,~~742~~562.50		$	1,~~526~~446.80		148.10	%	$	3,304.5		$	2,972.8		11.2	%
Cost of goods sold	~~664~~582.29			~~579~~540.2			~~14.~~7.9	%	1,247.1			1,119.4			11.4	%
Gross profit	$	~~1,078~~979.31		$	~~947~~905.68		~~13.~~8.1	%	$	2,057.4		$	1,853.4		11.0	%
Gross margin	6162.97		%	62.16		%			62.3		%	62.3		%

Currency translation had a favorable impact on gross profit of approximately $4719 million and approximately $66 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. For the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026, the ~~decrease~~change in gross margin ~~was~~reflects ~~primarily driven by~~ the ~~impact~~favorable impacts of ~~tariffs,~~pricing ~~partially~~actions ~~offset~~and bylower ~~price~~product ~~increases~~costs and ~~less~~the ~~promotional~~unfavorable ~~activity~~impact of tariffs. Additionally, gross margin ~~increased~~decreased approximately 30 basis points and increased approximately 10 basis points as a result of currency exchange, including transaction impacts, for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 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
	March 1,2026		March 2,2025		%Increase(Decrease)		March 1,2026		March 2,2025
	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 NetRevenues		% of NetRevenues								% of NetRevenues		% of NetRevenues
	(Dollars in millions)
Selling	$	~~383~~360.62	$	~~330~~326.15	1610.23	%	2223.01	%	2122.6	%	$	743.8	$	656.6	13.3	%	22.5	%	22.1	%
Advertising and promotion	~~123~~118.16		83124.45		47(4.68)	%	7.16	%	58.56	%	241.7		207.9		16.3	%	7.3	%	7.0	%
Distribution	~~123~~116.36		~~114~~107.89		78.41	%	7.15	%	7.5	%	239.9		222.7		7.7	%	7.3	%	7.5	%
Other	~~241~~248.70		~~221~~232.01		96.49	%	1315.9	%	1416.51	%	489.7		453.1		8.1	%	14.8	%	15.2	%
Total SG&A	$	~~871~~843.74	$	~~749~~791.30	166.36	%	5054.0	%	4954.17	%	$	1,715.1	$	1,540.3	11.3	%	51.9	%	51.8	%

Currency translation had an unfavorable impact on SG&A of approximately $3014 million and approximately $43 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively.

Selling. Currency translation had an unfavorable impact on selling expenses of approximately $177 million and approximately $25 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Excluding the effects of currency, selling expenses increased for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 primarily due to higher DTC store expenses in the current year as compared to the prior-year ~~period~~periods, including from store expansion.

Advertising and promotion. Currency translation had an unfavorable impact on advertising and promotion expenses of approximately $32 million and approximately $5 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Excluding the effects of currency, the ~~increase~~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 $52 million and approximately $7 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Excluding the effects of ~~currency, the increase in distribution expenses was primarily due to increased volume, largely offset by the impact of owned and operated distribution center closures in the prior year.~~

3439

Table of Contents

~~Other. Other expenses include functional administrative and organization costs~~currency, ~~information resources, and marketing organization costs. Currency translation had an unfavorable impact on other expenses of approximately $4 million for~~ the ~~three months ended March 1, 2026. The~~ increase in ~~other~~distribution ~~SG&A~~ expenses ~~for~~was ~~the~~primarily ~~three-month~~due ~~period~~to ~~ended~~increased ~~March 1~~volume, ~~2026~~partially ~~includes~~offset by the impact of ~~attorney~~owned ~~fees~~and ofoperated ~~$9.8~~distribution ~~million~~center ~~related~~closures ~~to a gain on legal settlement, partially offset by a decrease~~ in ~~incentive~~the ~~compensation~~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 ~~period~~and six-month periods ended ~~March~~May 131, 2026 we recognized restructuring charges of $713.95 million and $21.4 million, respectively, consisting primarily of severance and other post-employment benefit charges, incontract ~~connection~~terminations, ~~with~~and ~~our~~asset ~~continuing~~impairments ~~global~~related ~~productivity~~to ~~initiative~~certain discontinued technology projects. During the three-month ~~period~~and six-month periods ended ~~March~~June 21, 2025 we recognized restructuring charges of $6.78 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, ~~contract~~and ~~termination~~asset ~~costs~~impairments and ~~asset~~contract ~~impairments~~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
	March 1,2026			March 2,2025			%Increase(Decrease)		March 1,2026			March 2,2025
	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 NetRevenues			% of NetRevenues											% of NetRevenues			% of NetRevenues
	(Dollars in millions)
Operating income:
Levi’s Brands:
Americas	$	~~163~~164.21		$	~~169~~153.73		(37.8)0	%	1920.1	%		2120.75	%		$	327.3		$	323.0		1.3	%	19.6	%		21.1	%
Europe	~~129~~88.28			~~102~~69.4			2627.29	%	2621.1	%		2517.62	%		218.0			171.8			26.9	%	23.8	%		21.4	%
Asia	7042.45			5729.96			2143.58	%	2015.30	%		1811.85	%		112.9			87.5			29.0	%	17.9	%		15.5	%
Total Levi’s Brands operating income	~~362~~295.84			~~330~~252.03			917.91	%	2119.4	%		2217.19	%		658.2			582.3			13.0	%	20.4	%		20.1	%
Beyond Yoga® operating income (loss)	(02.84)			(34.14)			7346.09	%	(15.95)	%		(812.70)	%		(3.2)			(7.5)			57.6	%	(3.7)	%		(10.4)	%
Restructuring charges, net	(713.95)			(6.78)			(1798.02)	%	(0.59)	%	v	(0.45)	%	v	(21.4)			(13.5)			(58.0)	%	(0.6)	%	v	(0.5)	%	v
Corporate expenses	(~~155~~157.43)			(~~128~~133.61)			(2018.82)	%	(810.91)	%	v	(89.42)	%	v	(312.7)			(261.7)			(19.5)	%	(9.5)	%	v	(8.8)	%	v
Total operating income	$	~~198~~122.72		$	~~191~~108.60		313.71	%	117.48	%	v	127.5	%	v	$	320.9		$	299.6		7.1	%	9.7	%	v	10.1	%	v
Operating margin	117.48		%	127.5		%									9.7		%	10.1		%

______________

v Percentage of consolidated net revenues

Currency translation had a favorable impact on total operating income of approximately $175 million and approximately $23 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively.

3540

Table of Contents

Levi’s Brands operating income.

•Americas. Currency translation had a favorable impact on operating income in the segment of approximately $32 million and approximately $5 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. ~~The~~Excluding ~~decrease~~the effects of currency, the increase in operating income for the three-month period ended ~~March~~May 131, 2026 was due primarily to higher ~~SG&A~~revenues, which ~~increased~~were aspartially aoffset ~~percent~~by ofhigher ~~revenue,~~SG&A and lower gross margins. For the six-month period ended May 31, ~~partially~~2026 operating income increased slightly as higher revenues were substantially offset by higher ~~revenues~~SG&A, ~~compared~~which toincreased ~~the~~as ~~prior-year~~a ~~period~~percent of revenue, and lower gross margins.

•Europe. Currency translation had a favorable impact on operating income in the segment of approximately $165 million and approximately $21 million for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026, respectively. Excluding the effects of currency, the increase in operating income ~~increased~~ for the three-month period ended ~~March~~May 131, 2026 compared with the prior-year period was due primarily to higher gross margins partially offset by lower revenue. For the six-month period ended May 31, 2026 operating income increased due to higher revenues and gross margins, partially offset by higher SG&A, which increased as a percent of revenue.

•Asia. Currency translation did not have a significant impact on operating income in the segment for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026. Excluding the effects of currency, operating income increased for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 due to anincreases ~~increase~~ in revenues and gross margins, partially offset by higher SG&A.

Beyond Yoga® operating loss. Currency translation did not have a significant impact on operating income in the segment for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026. The decrease in operating losses for the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 as compared to the prior year ~~period~~periods was due to higher revenues and gross margins, partially offset by higher SG&A. Operating losses during the current quarter benefited from the recognition of a IEEPA tariff refund claimed to U.S. Customs and Border Protection as part of the first phase to submit and process claims, representing the expense of IEEPA tariffs on inventory previously sold.

Restructuring charges, net. ~~Currency~~Restructuring charges, net currency translation did not have a significant impact on ~~restructuring~~operating ~~charges,~~income ~~net~~ for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026. During the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026 we recognized restructuring charges of $713.95 million and $21.4 million, respectively, consisting primarily of severance and other post-employment benefit charges, incontract ~~connection~~terminations, ~~with~~and ~~our~~asset ~~continuing~~impairments ~~global~~related ~~productivity~~to ~~initiative~~certain discontinued technology projects. During the three-month ~~period~~and six-month periods ended ~~March~~June 21, 2025 we recognized restructuring charges of $6.78 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, ~~contract~~and ~~termination~~asset ~~costs~~impairments and ~~asset~~contract ~~impairments~~terminations in connection with closures of distribution centers which were largely offset by a gain on sale of a previously closed distribution center.

Corporate expenses. Corporate expenses represent costs that management does not attribute to any of our operating segments. Included in corporate expenses are other corporate staff costs and costs associated with our global inventory sourcing organization, which are reported as a component of consolidated gross margin. ~~Currency~~Corporate expenses currency translation did not have a significant impact on ~~corporate~~operating ~~expenses~~income for the three-month ~~months~~and six-month periods ended ~~March~~May 131, 2026.

The increase in corporate expenses for the three-month period ended ~~March~~May 131, 2026 compared ~~with~~to the prior year period ~~includes~~included higher global sourcing costs and higher technology costs. The increase in corporate expenses for the six-month period ended May 31, 2026 compared to the prior year period included higher global sourcing costs, higher technology costs and the impact of attorney fees related to a gain on legal settlement of $910.80 million ~~and higher global sourcing costs~~, partially offset by a decrease in incentive compensation.

Interest expense

Interest expense was $1312.19 million and $1026.90 million for the three-month and six-month periods ended ~~March~~May 131, 2026, respectively, as compared to $11.8 million and ~~March 2,~~$22.7 ~~2025,~~million ~~respectively~~in the prior-year periods. Our weighted-average interest ~~rate~~rates on average borrowings outstanding during the three-month and six-month periods ended ~~March~~May 131, 2026 were 4.61% and ~~March 2~~4.64%, ~~2025~~respectively, ~~was~~as compared to 4.6728% and 4.2326%, ~~respectively~~during the comparable periods in 2025.

Other income (expense), net

For the three-month and six-month periods ended ~~March~~May 131, 2026 ~~and March 2~~, ~~2025, respectively,~~ we recorded other income of $4212.69 million and $55.5 million, respectively, as compared to other ~~expense~~income of $46.1 3 million, ~~respectively~~and $2.2 million in the prior-year periods. The increase in other income for the three-month period ended ~~March~~May 131, 2026 was primarily due to the recognition of ~~a legal settlement gain of $33.0 million and~~ foreign exchange management gains of $58.6 million, ~~compared~~and to foreign ~~exchange management losses of $10.8 million in the prior year period. This was partially offset by the recognition of foreign~~ currency transaction losses of $51.51 million, compared to ~~transaction~~foreign ~~gains~~exchange ~~of $2.2 million in the prior year.~~

Table of Contents

management gains of $40.9 million and foreign currency transaction losses of $39.6 million in the prior year period. The increase in other income for the six-month period ended May 31, 2026 was primarily due to the recognition of a legal settlement gain of $33.0 million, foreign exchange management gains of $14.2 million and foreign currency transaction losses of $6.6 million, compared to foreign exchange management gains of $30.1 million and foreign currency transaction losses of $37.4 million in the prior year period.

Income tax expense (benefit)

Our effective income tax rate was 22.4% for the three-month period ended ~~March~~May 131, 2026, compared to 2022.63% for the same prior-year period. Our effective income tax rate was 22.4% for the six-month period ended May 31, 2026, compared to 21.2% for the same prior-year period. The increase in the effective tax rate infor the ~~current~~six-month ~~quarter~~period ended May 31, 2026 was primarily due to a ~~higher~~lower ~~effective~~foreign-derived ~~tax~~intangible ~~rate~~income onbenefit ~~foreign earnings~~ compared with the prior-year period.

Discontinued operations

Discontinued operations consists of the operations of our Dockers® business. See Note 2 to our unaudited consolidated financial statements included in this Quarterly Report for additional information.

Table of Contents

Liquidity and Capital Resources

Liquidity outlook

We believe we will have adequate liquidity over the next 12 months and in the longer term to operate our business and to meet our cash requirements. Over the long term, we plan to deploy capital across all four of our capital allocation priorities: (1) to reinvest 3.5-4% of our revenue in capital, including high growth investment opportunities and initiatives, to grow our business organically, (2) to return capital to our stockholders in the form of cash dividends, with a dividend payout ratio target of 25-35% of net income, (3) to pursue high return on investment acquisitions, both organic and inorganic, that support our current strategies, and (4) to repurchase shares with the goal of offsetting dilution or opportunistic buybacks or both, while maintaining an adequate public float of our shares. Our aim is to return 55-65% of our Adjusted free cash flow to stockholders in the form of dividends and share repurchases. We continue to concentrate our capital investments in new stores, distribution capacity and technology to accelerate the profitable growth of our business. For more information on our calculation of Adjusted free cash flow, a non-GAAP financial measure, see “Non-GAAP Financial Measures.”

Future determinations regarding the declaration and payment of dividends, if any, will be at the discretion of our Board and will depend on then-existing conditions, including our results of operations, payout ratio, capital requirements, financial condition, prospects, contractual arrangements, any limitations on payment of dividends present in our current and future debt agreements and other factors that our Board may deem relevant.

Cash sources

We have historically relied primarily on cash flows from operations, borrowings under credit facilities, issuances of notes and other forms of debt financing. We regularly explore financing and debt reduction alternatives, including new credit agreements, unsecured and secured note issuances, equity financing, equipment and real estate financing, securitizations and asset sales.

Our Credit Agreement provides for an asset-based, senior secured revolving credit facility (“Credit Facility”), in which the borrowing availability is primarily based on the value of our U.S. Levi’s® trademarks and the levels of accounts receivable and inventory in the U.S. and Canada. The maximum availability under the facility is $1.0 billion, of which $950.0 million is available to us for revolving loans in U.S. Dollars and $50.0 million is available to us for revolving loans either in U.S. Dollars or Canadian Dollars. The facility has an accordion feature which, if exercised, can expand the maximum availability to $1.15 billion.

As of ~~March~~May 131, 2026, we did not have any borrowings under the Credit Facility. Unused availability under the facility was $~~831~~820.39 million, and our total availability of $~~850~~839.49 million (based on collateral levels as defined by the agreement less outstanding borrowings under the Credit Facility) was reduced by $19.10 million from other credit-related instruments. We also had cash and cash equivalents totaling approximately $~~716~~849.63 million and short-term investments of $95128.45 million resulting in a total liquidity position (unused availability and cash and cash equivalents and short-term investments) of approximately $1.68 billion. Of our $~~716~~849.63 million in cash and cash equivalents, approximately $~~539~~717.61 million was held by foreign subsidiaries.

Table of Contents

Cash uses

Our principal cash requirements include working capital, capital expenditures, payments of principal and interest on our debt, payments of taxes, contributions to our pension plans and payments for postretirement health benefit plans, payment of taxes resulting from net settlement of shares issued under our equity incentive plans and, if market conditions warrant, occasional investments in, or acquisitions of, business ventures. In addition, we regularly evaluate our ability to pay dividends or repurchase stock, all consistent with the terms of our debt agreements.

37On January 30, 2026, we entered into an accelerated share repurchase transaction with a third-party financial institution to repurchase an aggregate of $200.0 million of our Class A common stock as part of our share repurchase program (the “ASR Agreement”). At inception, we made an initial payment of $200.0 million and received and immediately retired 7.8 million shares of our 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 we will ultimately repurchase will be based on the volume-weighted average price per share of our 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. We used a portion of the net proceeds from the sale of Dockers® remaining operations to fund the upfront payment due under the ASR Agreement. See Note 2 to our unaudited consolidated financial statements included in this Quarterly Report for additional information.

~~Table~~In July 2026, a cash dividend of ~~Contents~~$0.16 per share was declared to holders of record of our Class A and Class B common stock at the close of business on July 22, 2026. The cash dividend will be payable on August 5, 2026, for a total quarterly dividend of approximately $62 million.

On January 30, 2026, we entered into an accelerated share repurchase transaction with a third-party financial institution to repurchase an aggregate of $200.0 million of our Class A common stock as part of our share repurchase program (the “ASR Agreement”). At inception, we made an initial payment of $200.0 million and received and immediately retired 7.8 million shares of our Class A common stock, representing 80% of the dollar amount of the transaction based on the January 29, 2026 closing share price. The initial shares received, which had an aggregate cost of $160.0 million, were retired and recorded as a reduction of Retained Earnings, with the remainder of $40.0 million recorded as a reduction of additional paid-in capital. The total number of shares we will ultimately repurchase will be based on the volume-weighted average price per share of our 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 no later than the third quarter of 2026. We used a portion of the net proceeds from the sale of Dockers® remaining operations to fund the upfront payment due under the ASR Agreement. See Note 2 to our unaudited consolidated financial statements included in this Quarterly Report for additional information.

In April 2026, a cash dividend of $0.14 per share was declared to holders of record of our Class A and Class B common stock at the close of business on April 22, 2026. The cash dividend will be payable on May 6, 2026, for a total quarterly dividend of approximately $54 million.

Cash flows

The following table summarizes, for the periods indicated, selected items in our consolidated statements of cash flows:

	Three Months Ended
	Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025
	(Dollars in millions)
Cash provided by operating activities	$	~~211~~482.53	$	52238.50
Cash provided by (used for) investing activities	26.3		(71.1)
Cash used for investing activities	(51.5)		(129.7)
Cash used for financing activities	(~~284~~340.19)		(97152.54)
Cash and cash equivalents at period end	~~716~~849.63		~~574~~653.46

Cash flows from operating activities

Cash provided by operating activities was $~~211~~482.53 million for the ~~three~~six-month period ended ~~March~~May 131, 2026, as compared to $52238.50 million for the comparable period in 2025. The increase in cash provided by operating activities was primarily driven by higher collections of receivables ~~and lower spending on inventory,~~ partially offset by higher spending in SG&A, higher taxes paid, and higher spending on inventory.

Cash flows from investing activities

Cash ~~provided~~used byfor investing activities was $2651.35 million for the ~~three~~six-month period ended ~~March~~May 131, 2026, as compared to ~~cash used for investing activities of~~ $71129.17 million for the comparable period in 2025. The ~~increase~~decrease in net cash ~~provided~~used byfor investing activities was primarily due to proceeds of $96.3 million from the divestiture of Dockers® international business and higher proceeds from sale of short-term investments in 2026. These decreases were partially offset by lower proceeds from foreign exchange contracts and proceeds from the sale of assets in 2025.

Cash flows from financing activities

Cash used for financing activities was $~~284~~340.19 million for the ~~three~~six-month period ended ~~March~~May 131, 2026, as compared to $97152.54 million for the comparable period in 2025. Cash used in 2026 primarily reflects an accelerated share repurchase of $~~200~~201.0 million, dividend payments of $53107.87 million, and tax withholdings on equity awards of $31.17 million. Cash used in 2025 primarily reflects dividend payments of $51102.48 million, common stock repurchases of $30.05 million, and tax withholdings on equity awards of $18.35 million.

3843

Table of Contents

Indebtedness

The borrower of substantially all of our debt is Levi Strauss & Co., the parent and U.S. operating company. Of our total debt of $1.10 billion as of ~~March~~May 131, 2026, ~~99.9~~100% was fixed-rate debt. As of ~~March~~May 131, 2026, our required aggregate debt principal payments on our unsecured long-term debt were $1.1 billion, with payments starting in 2030. ~~Short~~There were no short-term borrowings ofas ~~$1.0 million at various foreign subsidiaries are expected to be either paid over the next twelve months or refinanced at the end~~ of ~~their~~May 31, ~~applicable terms~~2026.

Our long-term debt agreements contain customary covenants restricting our activities as well as those of our subsidiaries. We were in compliance with all of these covenants as of ~~March~~May 131, 2026.

3944

Table of Contents

Non-GAAP Financial Measures

Adjusted SG&A, Adjusted SG&A Margin, Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Diluted Earnings per Share

In the table below, we define the following non-GAAP measures. Because the results of our Dockers® business are classified as discontinued operations, those results are not reflected in our non-GAAP measures.

Most comparable GAAP measure Non-GAAP measure Non-GAAP measure definition Selling, general and administrative expenses (“SG&A”) Adjusted SG&A SG&A ~~expenses~~ excluding goodwill impairment charges and restructuring related charges and other, net SG&A margin Adjusted SG&A margin Adjusted SG&A as a percentage of net revenues Net income from continuing operations Adjusted EBIT Net income from continuing operations excluding income tax expense, interest expense, other (income) expense, net, goodwill impairment charges, restructuring charges, net, and restructuring related charges and other, net. Net income margin from continuing operations Adjusted EBIT margin Adjusted EBIT as a percentage of net revenues Net income from continuing operations Adjusted EBITDA Adjusted EBIT excluding depreciation and amortization expense Net income from continuing operations Adjusted net income Net income from continuing operations excluding goodwill impairment charges, restructuring charges, net, restructuring related charges and other, net, and gain on legal settlement adjusted to give effect to the income tax impact of such adjustments. Net income margin from continuing operations Adjusted net income margin Adjusted net income as a percentage of net revenues. Diluted earnings per share from continuing operations Adjusted diluted earnings per share Adjusted net income per weighted-average number of diluted common shares outstanding.

We believe Adjusted SG&A, Adjusted SG&A margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBITDA, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per share are useful to investors because they help identify underlying trends in our business that could otherwise be masked by certain expenses that we include in calculating net income from continuing operations but that can vary from company to company depending on its financing, capital structure and the method by which its assets were acquired, and can also vary significantly from period to period. Our management also uses Adjusted EBIT in conjunction with other GAAP financial measures for planning purposes, including as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance.

Adjusted SG&A, Adjusted SG&A margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBITDA, Adjusted net income, Adjusted net income margin and Adjusted diluted earnings per share have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results prepared and presented in accordance with GAAP. Some of these limitations include:

•Adjusted EBIT, Adjusted EBIT margin and Adjusted EBITDA do not reflect income tax payments that reduce cash available to us;

•Adjusted EBIT, Adjusted EBIT margin and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our indebtedness, which reduces cash available to us;

•Adjusted EBIT, Adjusted EBIT margin and Adjusted EBITDA exclude other income (expense), net, which includes realized and unrealized gains and losses on our forward foreign exchange contracts and transaction gains and losses on our foreign exchange balances, although these items affect the amount and timing of cash available to us when these gains and losses are realized;

•all of these non-GAAP financial measures exclude acquisition and integration charges, impairment charges and early terminations and restructuring charges, net and restructuring related charges, severance and other, net which can affect our current and future cash requirements;

4045

Table of Contents

•all of these non-GAAP financial measures exclude certain other SG&A ~~expense~~ items, which include severance, transaction and deal related costs, including acquisition and integration costs which can affect our current and future cash requirements;

•the expenses and other items that we exclude in our calculations of all of these non-GAAP financial measures may differ from the expenses and other items, if any, that other companies may exclude from all of these non-GAAP financial measures or similarly titled measures;

•Adjusted EBITDA excludes the recurring, non-cash expenses of depreciation of property and equipment and, although these are non-cash expenses, the assets being depreciated may need to be replaced in the future; and

•Adjusted net income, Adjusted net income margin and Adjusted diluted earnings per share do not include all of the effects of income taxes and changes in income taxes reflected in net income from continuing operations.

Because of these limitations, all of these non-GAAP financial measures should be considered along with net income from continuing operations and other operating and financial performance measures prepared and presented in accordance with GAAP. The following tables present reconciliations of historic non-GAAP financial measures to their most comparable GAAP financial measure. A reconciliation of forward-looking non-GAAP information to the corresponding GAAP measures cannot be provided without unreasonable efforts due to the challenge in quantifying various items including, but not limited to, the effects of foreign currency fluctuations, taxes and any future restructuring, restructuring-related severance and other charges.

4146

Table of Contents

Adjusted SG&A:

The following table presents a reconciliation of SG&A, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted SG&A for each of the periods presented.

	Three Months Ended						Six Months Ended
	March 1,2026			March 2,2025
	May 31,2026			June 1,2025			May 31,2026			June 1,2025
	(Dollars in millions)
	(Unaudited)
Most comparable GAAP measure:
Selling, general and administrative expenses	$	~~871~~843.74		$	~~749~~791.30		$	1,715.1		$	1,540.3
Non-GAAP measure:
Selling, general and administrative expenses	$	~~871~~843.74		$	~~749~~791.30		$	1,715.1		$	1,540.3
Goodwill impairment charges(1)	—			~~(2.5)~~—			—			(2.5)
Restructuring related charges and other, net(2)	(115.25)			(34.25)			(16.7)			(7.7)
Adjusted SG&A	$	~~860~~837.59		$	~~743~~786.65		$	1,698.4		$	1,530.1
SG&A margin	5054.0		%	4954.17		%	51.9		%	51.8		%
Adjusted SG&A margin	4953.46		%	4854.74		%	51.4		%	51.5		%

_____________

(1)			For the ~~three~~six-month period ended ~~March~~June 21, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.
(2)			For the three-month period ended ~~March~~May 131, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal ~~settlement~~settlements of $910.80 million, and other expenses.
			For the three-month period ended March 2, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $2.1 million.
			For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

4247

Table of Contents

Adjusted EBIT and Adjusted EBITDA:

The following table presents a reconciliation of net income from continuing operations, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBIT and Adjusted EBITDA for each of the periods presented.

	Three Months Ended						Six Months Ended
	March 1,2026			March 2,2025
	May 31,2026			June 1,2025			May 31,2026			June 1,2025
	(Dollars in millions)
	(Unaudited)
Most comparable GAAP measure:
Net income from continuing operations	$	~~177~~94.18		$	~~140~~79.26		$	271.9		$	219.8
Non-GAAP measure:
Net income from continuing operations	$	~~177~~94.18		$	~~140~~79.26		$	271.9		$	219.8
Income tax expense	5127.14			3622.49			78.5			59.3
Interest expense	1312.19			1011.98			26.0			22.7
Other (income) expense, net	(4212.69)			4(6.13)			(55.5)			(2.2)
Goodwill impairment charges(1)	—			~~2.5~~—			—			2.5
Restructuring charges, net(2)	713.95			6.78			21.4			13.5
Restructuring related charges and other, net(3)	115.25			34.25			16.7			7.7
Adjusted EBIT	$	~~217~~141.82		$	~~204~~119.03		$	359.0		$	323.3
Depreciation and amortization	5557.31			4950.13			112.4			99.5
Adjusted EBITDA	$	~~273~~198.13		$	~~253~~169.16		$	471.4		$	422.8
Net income margin from continuing operations	106.21		%	95.25		%	8.2		%	7.4		%
Adjusted EBIT margin	129.50		%	138.43		%	10.9		%	10.9		%

_____________

(1)			For the ~~three~~six-month period ended ~~March~~June 21, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.
(2)			For the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.
			For the three-month period ended March 2, 2025, restructuring charges, net includes $6.7 million in connection with Project Fuel consisting primarily of severance, post-employment benefit charges, contract terminations and asset impairments.
			For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
(3)			For the three-month period ended March 1, 2026, restructuring related charges and other, net consists primarily of attorney fees related to a gain on legal settlement of $9.8 million.
			For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
			For the three-month period ended March 2, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $2.1 million.
(3)			For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.
			For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.

4348

Table of Contents

Adjusted Net Income:

	Three Months Ended						Six Months Ended
	March 1,2026			March 2,2025
	May 31,2026			June 1,2025			May 31,2026			June 1,2025
	(Dollars in millions)
	(Unaudited)
Most comparable GAAP measure:
Net income from continuing operations	$	~~177~~94.18		$	~~140~~79.26		$	271.9		$	219.8
Non-GAAP measure:
Net income from continuing operations	$	~~177~~94.18		$	~~140~~79.26		$	271.9		$	219.8
Goodwill impairment charges(1)	—			~~2.5~~—			—			2.5
Restructuring charges, net(2)	713.95			6.78			21.4			13.5
Restructuring related charges and other, net(3)	115.48			34.25			17.2			7.7
Gain on legal settlement	~~(33.0)~~—			—			(33.0)			—
Tax impact of adjustments(4)	3(4.3)			(2.64)			(1.0)			(5.0)
Adjusted net income	$	~~166~~109.78		$	~~150~~88.05		$	276.5		$	238.5
Net income margin from continuing operations	106.21		%	95.25		%	8.2		%	7.4		%
Adjusted net income margin	97.60		%	96.81		%	8.4		%	8.0		%

_____________

(1)			For the ~~three~~six-month period ended ~~March~~June 21, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.
(2)			For the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.
			For the three-month period ended March 2, 2025, restructuring charges, net includes $6.7 million in connection with Project Fuel consisting primarily of severance, post-employment benefit charges, contract terminations and asset impairments.
			For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
(3)			For the three-month period ended March 1, 2026, restructuring related charges and other, net consists primarily of attorney fees related to a gain on legal settlement of $9.8 million.
			For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
			For the three-month period ended March 2, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $2.1 million.
(3)			For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.
			For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.
(4)			Tax impact calculated using the annual effective tax rate, excluding discrete costs and benefits.

4449

Table of Contents

Adjusted Diluted Earnings per Share:

The following table presents a reconciliation of diluted earnings per share from continuing operations, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted diluted earnings per share for each of the periods presented.

	Three Months Ended				Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Unaudited)
Most comparable GAAP measure:
Diluted earnings per share from continuing operations	$	0.4524	$	0.3520	$	0.69	$	0.55
Non-GAAP measure:
Diluted earnings per share from continuing operations	$	0.4524	$	0.3520	$	0.69	$	0.55
Goodwill impairment charges(1)	—		~~0.01~~—		—		0.01
Restructuring charges, net(2)	0.0203		0.02		0.05		0.03
Restructuring related charges and other, net(3)	0.02		0.01		0.04		0.02
Gain on legal settlement	~~(0.08)~~—		—		(0.08)		—
Tax impact of adjustments(4)	(0.01)		(0.01)		—		(0.01)
Adjusted diluted earnings per share	$	0.4228	$	0.3822	$	0.70	$	0.60

_____________

(1)			For the ~~three~~six-month period ended ~~March~~June 21, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.
(2)			For the three-month ~~period~~and six-month periods ended ~~March~~May 131, 2026, restructuring charges, net consists primarily of $10.1 million and $18.4 million of severance and post-employment benefit charges, respectively, as well as asset impairment charges related to decision to discontinue certain technology projects, and contract termination costs.
			For the three-month period ended March 2, 2025, restructuring charges, net includes $6.7 million in connection with Project Fuel consisting primarily of severance, post-employment benefit charges, contract terminations and asset impairments.
			For the three-month period ended June 1, 2025, restructuring charges, net includes $6.8 million in connection with Project Fuel consisting of $7.2 million of asset impairment in connection with the closures of distribution centers, $6.8 million of severance and other post-employment benefit charges, and $2.1 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
(3)			For the three-month period ended March 1, 2026, restructuring related charges and other, net consists primarily of attorney fees related to a gain on legal settlement of $9.8 million.
			For the six-month period ended June 1, 2025, restructuring charges, net includes $13.5 million in connection with Project Fuel consisting of $9.2 million of asset impairment in connection with the closures of distribution centers, $9.7 million of severance and other post-employment benefit charges, and $3.9 million of contract terminations and other costs, partially offset by a $9.3 million gain on the sale of a previously closed distribution center.
			For the three-month period ended March 2, 2025, restructuring related charges, severance, and other, net primarily relates to consulting costs associated with our restructuring initiative of $2.1 million.
(3)			For the three-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, and other expenses. For the six-month period ended May 31, 2026, restructuring related charges and other, net consists primarily of consulting fees associated with our restructuring activities, legal claims, attorney fees related to a gain on legal settlements of $10.0 million, and other expenses.
			For the three-month and six-month periods ended June 1, 2025, restructuring related charges and other, net primarily relates to consulting costs associated with our restructuring initiative of $3.6 million and $5.7 million, respectively.
(4)			Tax impact calculated using the annual effective tax rate, excluding discrete costs and benefits.

4550

Table of Contents

Adjusted Free Cash Flow:

Adjusted free cash flow, a non-GAAP financial measure, includes net cash flow from operating activities less purchases of property, plant and equipment from continuing and discontinued operations. This measure therefore includes the results of our Dockers® business, which is classified as discontinued operations. We believe Adjusted free cash flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses and investment in our business. We believe Adjusted free cash flow is useful to investors because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders.

Our use of Adjusted free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under GAAP. First, Adjusted free cash flow is not a substitute for net cash flow from operating activities. Second, other companies may calculate Adjusted free cash flow or similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted free cash flow as a tool for comparison. Additionally, the utility of Adjusted free cash flow is further limited as it does not reflect our future contractual commitments and does not represent the total increase or decrease in our cash balance for a given period. Because of these and other limitations, Adjusted free cash flow should be considered along with net cash flow from operating activities and other comparable financial measures prepared and presented in accordance with GAAP.

The following table presents a reconciliation of net cash flow from operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted free cash flow for each of the periods presented.

	Three Months Ended				Six Months Ended
	March 1,2026		March 2,2025
	May 31,2026		June 1,2025		May 31,2026		June 1,2025
	(Dollars in millions)
	(Unaudited)
Most comparable GAAP measure:
Net cash provided by operating activities	$	~~211~~270.58	$	52185.5	$	482.3	$	238.0
Net cash provided by (used for) investing activities	26.3		(71.1)
Net cash used for investing activities	(77.8)		(58.6)		(51.5)		(129.7)
Net cash used for financing activities	(~~284~~56.18)		(9754.59)		(340.9)		(152.4)
Non-GAAP measure:
Net cash provided by operating activities	$	~~211~~270.58	$	52185.5	$	482.3	$	238.0
Purchases of property, plant and equipment	(5939.49)		(6639.65)		(99.3)		(106.1)
Adjusted free cash flow	$	~~152~~230.19	$	~~(14~~146.1)0	$	383.0	$	131.9

4651

Table of Contents

Organic Net Revenues and Constant-Currency:

We report our net revenues in accordance with GAAP, as well as on an organic net revenues basis in order to facilitate period-to-period comparisons of our revenues which excludes the impact of fluctuating foreign currency exchange rates from the change in reported net revenues, net revenues derived from business acquisitions or divestitures or wind downs impacting the previous comparable reporting period and the estimated impact of any 53rd week. We report our operating results in accordance with GAAP, as well as on a constant-currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. These measures exclude the results of our Dockers® business, which is classified as discontinued operations.

The term foreign currency exchange rates refers to the exchange rates we use to translate our operating results for all countries where the functional currency is not the U.S. Dollar into U.S. Dollars. Because we are a global company, foreign currency exchange rates used for translation may have a significant effect on our reported results. In general, our reported financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar as compared to the foreign currencies in which we conduct our business. References to our operating results on a constant-currency basis mean our operating results without the impact of foreign currency translation fluctuations.

We calculate constant-currency amounts by translating local currency amounts in the prior-year period at actual foreign currency exchange rates for the current period. Our constant-currency results do not eliminate the transaction currency impact, which primarily includes the realized and unrealized gains and losses recognized from the measurement and remeasurement of purchases and sales of products in a currency other than the functional currency and of forward foreign exchange contracts.

We believe disclosure of organic net revenues and Adjusted EBIT constant-currency, Adjusted EBIT Margin constant-currency and Adjusted Net Income constant-currency results is helpful to investors because it facilitates period-to-period comparisons of our results by increasing the transparency of our underlying performance by excluding the impact of fluctuating foreign currency exchange rates. However, organic net revenues and constant-currency results are non-GAAP financial measures and are not meant to be considered in isolation or as a substitute for comparable measures prepared in accordance with GAAP. Organic net revenues and constant-currency results have no standardized meaning prescribed by GAAP, are not prepared under any comprehensive set of accounting rules or principles and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. Organic net revenues and constant-currency results have limitations in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

4752

Table of Contents

Organic Net Revenues:

The table below sets forth the calculation of net revenues by segment on an organic net revenues basis for each of the periods presented.

	Three Months Ended						Six Months Ended
	March 1,2026		March 2,2025		% Increase(Decrease)
	May 31,2026		June 1,2025		% Increase(Decrease)		May 31,2026		June 1,2025		% Increase(Decrease)
	(Dollars in millions)
	(Unaudited)
Total net revenues(1)
As reported	$	1,~~742~~562.50	$	1,~~526~~446.80	148.10	%	$	3,304.5	$	2,972.8	11.2	%
Impact of foreign currency exchange rates	—		7031.86				—		102.4
Net revenues from Denizen® wind down(2)	—		~~(2.3)~~—				—		(2.3)
Organic net revenues	$	1,~~742~~562.50	$	1,~~595~~477.36	95.27	%	$	3,304.5	$	3,072.9	7.5	%
Americas
As reported	$	~~855~~815.75	$	~~783~~748.04	9.30	%	$	1,671.2	$	1,531.4	9.1	%
Impact of foreign currency exchange rates	—		1815.45				—		33.9
Net revenues from Denizen® wind down(2)	—		~~(2.3)~~—				—		(2.3)
Organic net revenues - Americas	$	~~855~~815.75	$	~~799~~763.19	76.18	%	$	1,671.2	$	1,563.0	6.9	%
Europe
As reported	$	~~496~~420.02	$	~~400~~403.51	234.82	%	$	916.2	$	803.6	14.0	%
Impact of foreign currency exchange rates	—		5120.3				—		71.6
Organic net revenues - Europe	$	~~496~~420.02	$	~~451~~423.84	9(0.8)	%	$	916.2	$	875.2	4.7	%
Asia
As reported	$	~~347~~283.57	$	~~308~~257.17	1210.81	%	$	631.2	$	565.8	11.6	%
Impact of foreign currency exchange rates	—		1(4.12)				—		(3.1)
Organic net revenues - Asia	$	~~347~~283.57	$	~~309~~253.25	1211.49	%	$	631.2	$	562.7	12.2	%
Beyond Yoga®
As reported	$	4342.36	$	3536.28	2315.08	%	$	85.9	$	72.0	19.3	%
Organic net revenues - Beyond Yoga®	$	4342.36	$	3536.28	2315.08	%	$	85.9	$	72.0	19.3	%

_____________

(1)			These measures exclude the results of our Dockers® business, which is classified as discontinued operations.
(2)			Foreign currency did not significantly impact net revenues from Denizen® wind down for the ~~three~~six months ended ~~March~~June 21, 2025.

4853

Table of Contents

The table below sets forth the calculation of net revenues by channel on an organic net revenues basis for each of the periods presented.

	Three Months Ended						Six Months Ended
	March 1,2026		March 2,2025		% Increase(Decrease)
	May 31,2026		June 1,2025		% Increase(Decrease)		May 31,2026		June 1,2025		% Increase(Decrease)
	(Dollars in millions)
	(Unaudited)
Total net revenues(1)
As reported	$	1,~~742~~562.50	$	1,~~526~~446.80	148.10	%	$	3,304.5	$	2,972.8	11.2	%
Impact of foreign currency exchange rates	—		7031.86				—		102.4
Net revenues from Denizen® wind down(2)	—		~~(2.3)~~—				—		(2.3)
Organic net revenues	$	1,~~742~~562.50	$	1,~~595~~477.36	95.27	%	$	3,304.5	$	3,072.9	7.5	%
Wholesale
As reported	$	~~831~~768.04	$	~~739~~729.39	125.43	%	$	1,599.4	$	1,469.2	8.9	%
Impact of foreign currency exchange rates	—		2915.56				—		45.1
Net revenues from Denizen® wind down(2)	—		~~(2.3)~~—				—		(2.3)
Organic net revenues - Wholesale	$	~~831~~768.04	$	~~766~~745.5	83.41	%	$	1,599.4	$	1,512.0	5.8	%
DTC
As reported	$	~~911~~793.56	$	~~787~~716.51	1510.78	%	$	1,705.1	$	1,503.6	13.4	%
Impact of foreign currency exchange rates	—		4116.30				—		57.3
Organic net revenues - DTC	$	~~911~~793.56	$	~~828~~732.81	108.04	%	$	1,705.1	$	1,560.9	9.2	%

_____________

(1)			These measures exclude the results of our Dockers® business, which is classified as discontinued operations.
(2)			Foreign currency did not significantly impact net revenues from Denizen® wind down for the ~~three~~six months ended ~~March~~June 21, 2025.

4954

Table of Contents

The table below sets forth the calculation of net revenues by brand on an organic net revenues basis for each of the periods presented.

	Three Months Ended						Six Months Ended
	March 1,2026		March 2,2025		% Increase(Decrease)
	May 31,2026		June 1,2025		% Increase(Decrease)		May 31,2026		June 1,2025		% Increase(Decrease)
	(Dollars in millions)
	(Unaudited)
Total Levi’s Brands net revenues
As reported	$	1,~~699~~519.24	$	1,~~491~~409.62	137.98	%	$	3,218.6	$	2,900.8	11.0	%
Impact of foreign currency exchange rates	—		7031.86				—		102.4
Net revenues from Denizen® wind down(1)	—		~~(2.3)~~—				—		(2.3)
Organic net revenues	$	1,~~699~~519.24	$	1,~~560~~440.18	85.95	%	$	3,218.6	$	3,000.9	7.3	%
Levi’s®
As reported	$	1,~~633~~462.51	$	1,~~432~~352.8	148.01	%	$	3,095.6	$	2,785.6	11.1	%
Impact of foreign currency exchange rates	—		7031.64				—		102.0
Organic net revenues - Levi’s®	$	1,~~633~~462.51	$	1,~~503~~384.42	85.76	%	$	3,095.6	$	2,887.6	7.2	%
Levi Strauss SignatureTM
As reported	$	6557.73	$	56.54	161.36	%	$	123.0	$	112.9	8.9	%
Impact of foreign currency exchange rates	—		0.2				—		0.4
Organic net revenues - Levi Strauss SignatureTM	$	6557.73	$	56.76	151.92	%	$	123.0	$	113.3	8.6	%
Denizen®
As reported	$	—	$	2.3	(100.0)	%
Impact of foreign currency exchange rates	—		—
Net revenues from Denizen® wind down(1)	—		(2.3)
Organic net revenues - Denizen®	$	—	$	—	*

_____________

(1) Foreign currency did not significantly impact net revenues from Denizen® wind down for the ~~three~~six months ended ~~March~~June 21, 2025.

* Not meaningful55

Table of Contents

Constant-Currency Adjusted EBIT and Constant-Currency Adjusted EBIT margin:

The table below sets forth the calculation of Adjusted EBIT and Adjusted EBIT margin on a constant-currency basis for each of the periods presented.

	Three Months Ended								Six Months Ended
	March 1,2026			March 2,2025			%Increase(Decrease)
	May 31,2026			June 1,2025			%Increase(Decrease)		May 31,2026			June 1,2025			%Increase(Decrease)
	(Dollars in millions)
	(Unaudited)
Adjusted EBIT(1)	$	~~217~~141.82		$	~~204~~119.03		618.84	%	$	359.0		$	323.3		11.0	%
Impact of foreign currency exchange rates	—			175.36			*		—			22.9			*
Constant-currency Adjusted EBIT	$	~~217~~141.82		$	~~221~~124.39		(113.6)1	%	$	359.0		$	346.2		3.7	%
Adjusted EBIT margin	129.50		%	138.43		%	(68.7)4	%	10.9		%	10.9		%	—	%
Impact of foreign currency exchange rates	—		%	0.52		%	*		—			0.4			*
Constant-currency Adjusted EBIT margin(2)	129.50		%	138.95		%	~~(10~~5.1)9	%	10.9		%	11.3		%	(3.5)	%

_____________


(1)			Adjusted EBIT is reconciled from net income from continuing operations which is the most comparable GAAP measure. Refer to Adjusted EBIT and Adjusted EBITDA table for more information.
(2)			We define constant-currency Adjusted EBIT margin as constant-currency Adjusted EBIT as a percentage of constant-currency net revenues from continuing operations.

* Not meaningful

Constant-Currency Adjusted Net Income and Constant-Currency Adjusted Diluted Earnings per Share:

The table below sets forth the calculation of Adjusted net income and Adjusted diluted earnings per share on a constant-currency basis for each of the periods presented.

	Three Months Ended								Six Months Ended
	March 1,2026			March 2,2025			%Increase(Decrease)
	May 31,2026			June 1,2025			%Increase(Decrease)		May 31,2026			June 1,2025			%Increase(Decrease)
	(Dollars in millions, except per share amounts)
	(Unaudited)
Adjusted net income(1)	$	~~166~~109.78		$	~~150~~88.05		1124.1	%	$	276.5		$	238.5		15.9	%
Impact of foreign currency exchange rates	—			62.02			*		—			8.2			*
Constant-currency Adjusted net income	$	~~166~~109.78		$	~~156~~90.07		621.91	%	$	276.5		$	246.7		12.1	%
Constant-currency Adjusted net income margin(2)	97.60		%	96.81		%			8.4		%	8.0		%
Adjusted diluted earnings per share	$	0.4228		$	0.3822		1027.53	%	$	0.70		$	0.60		16.7	%
Impact of foreign currency exchange rates	—			0.01			*		—			0.02			*
Constant-currency Adjusted diluted earnings per share	$	0.4228		$	0.3923		721.7	%	$	0.70		$	0.62		12.9	%

_____________


(1)			Adjusted net income is reconciled from net income from continuing operations which is the most comparable GAAP measure. Refer to Adjusted net income table for more information.
(2)			We define constant-currency Adjusted net income margin as constant-currency Adjusted net income as a percentage of constant-currency net revenues from continuing operations.

* Not meaningful

5156

Table of Contents

Off-Balance Sheet Arrangements, Guarantees and Other Contingent Obligations

As of ~~March~~May 131, 2026, there had been no significant changes to our off-balance sheet arrangements or contractual commitments from those disclosed in our 2025 Annual Report on Form 10-K.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. There have been no significant changes to our critical accounting policies from those disclosed in our 2025 Annual Report on Form 10-K.

Recently Issued Accounting Standards

See Note 1 to our unaudited consolidated financial statements included in this Quarterly Report for recently issued accounting standards, including the expected dates of adoption and expected impact to our consolidated financial statements upon adoption.

5257

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain matters discussed in this Quarterly Report, including (without limitation) statements under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contain forward-looking statements. Although we believe that, in making any such statements, our expectations are based on reasonable assumptions, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected.

These forward-looking statements include statements relating to our anticipated financial performance and business prospects, including debt reduction, currency values and financial impact and foreign exchange counterparty exposures, statements regarding our business strategy and other plans and objectives for our future operations, statements concerning the impacts of macroeconomic conditions and tariffs, statements relating to the impact of pending legal proceedings, adequate liquidity levels, dividends, share repurchases or other capital deployment initiatives and/or statements preceded by, followed by or that include the words "believe", "will", "will be", "will continue", "will likely result", "may", "predicts", "so we can", "when", "anticipate", "intend", "estimate", "expect", "project", "aim", "could", "plans", "seeks" and similar expressions. These forward-looking statements speak only as of the date stated, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, even if experience or future events make it clear that any expected results expressed or implied by these forward-looking statements will not be realized. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not prove to be correct or we may not achieve the financial results, savings or other benefits anticipated in the forward-looking statements. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties, some of which may be beyond our control. These risks and uncertainties, including those disclosed in Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from those suggested by the forward-looking statements and include, without limitation:

•changes in general economic and financial conditions, inflationary pressures, tariff regimes, including ongoing uncertainty around newly imposed U.S. tariffs and any additional responsive non-U.S. tariffs or additional U.S. tariffs, and the resulting impact on the level of discretionary consumer spending for apparel and pricing trend fluctuations, and our ability to plan for and respond to the impact of those changes;

•potential increases in import tariffs or taxes, impacts from already implemented or announced tariffs, including newly imposed U.S. tariffs and any additional responsive non-U.S. tariffs or additional U.S. tariffs, and the implementation of trade restrictions or sanctions;

•the Russia-Ukraine war, escalating conflicts in the Middle East, and the potential impacts of these and other conflicts on global economic and geopolitical conditions, in particular energy prices;

•the risk of future non-cash asset impairment charges, including to goodwill, operating right-of-use assets and/or other store assets;

•our ability to execute on our business strategies, including our focus on elevating and strengthening our brand, the portion of our net revenues we aim to have represented by our direct-to-consumer business, our digital presence and growth into under-penetrated parts of our business, our expectations regarding gross and Adjusted EBIT margins, and our plans and expectations for the benefits of investments in operational excellence including steps to improve our speed-to-market;

•our ability to effectively manage any global productivity and outsourcing actions as planned, which are intended to increase productivity and efficiency in our global operations, take advantage of lower-cost service-delivery models in our distribution network and streamline our procurement practices to maximize efficiency in our global operations, without business disruption or mitigation to such disruptions;

•our ability to effectively manage our inventory and supply chain, the ability of business partners, including global third party logistics providers, to meet their obligations to us, and operational challenges faced by our warehouses and distribution centers;

•consequences of impacts to the businesses of our wholesale customers, including significant store closures or a significant decline in a wholesale customer’s financial condition leading to restructuring actions, bankruptcies, liquidations or other unfavorable events for our wholesale customers, caused by factors such as, among other things, inability to secure financing, decreased discretionary consumer spending, inconsistent foot and online traffic patterns and an increase in promotional activity as a result of decreased foot and online traffic, pricing fluctuations, general economic and financial conditions and changing consumer preferences;

5358

Table of Contents

•our ability to execute on our commitment to increasing total shareholder returns through our capital allocation priorities and strategies;

•our ability to achieve anticipated operating model optimization, simplified processes and cost savings from our global productivity initiative;

•our and our wholesale customers’ decisions to modify strategies and adjust product mix and pricing, and our ability to manage any resulting product transition costs, including liquidating inventory or increasing promotional activity;

•our ability to purchase products through our independent contract manufacturers that are made with quality raw materials and our ability to mitigate the variability of costs related to manufacturing, sourcing, and raw materials supply and to manage consumer response to such mitigating actions;

•our ability to gauge and adapt to changing U.S. and international retail environments and fashion trends and changing consumer preferences in product, price-points, as well as in-store and digital shopping experiences;

•our ability to respond to price, innovation and other competitive pressures in the global apparel industry, on and from our key customers and in our key markets and to increasing consumer expectations;

•our ability to increase the number of dedicated stores for our products, including through opening and profitably operating company-operated stores;

•our future business expectations, products, strategies, and goals, including our future financial, strategic, and operating performance and our long-term goals and targets;

•the extent to which wholesale customer forward demand signals result in actual sales;

•consequences of inflation, foreign currency exchange and interest rate fluctuations;

•the impact of foreign currency and exchange counterparty exposures;

•the impact of the effects of global supply chain disruptions on our business;

•increases in the price or availability of raw materials;

•the impact on our consumer traffic and demand, our business operations and the operations of our suppliers and manufacturers as climate change evolves and the frequency and severity of weather events increase;

•the impact of seasonality of our sales and our business;

•our ability to successfully prevent or mitigate the impacts of data security breaches;

•our ability to attract and retain key executives and other key employees;

•our ability to achieve our diversity, equity and inclusion, ESG and sustainability and climate change goals;

•our ability to protect our trademarks and other intellectual property;

•the impact of the variables that affect the net periodic benefit cost and future funding requirements of our postretirement benefits and pension plans;

•our dependence on key distribution channels, customers and suppliers;

•our ability to utilize our tax credits and net operating loss carryforwards;

•potential future paydowns of existing debt;

•future acquisitions of or investments in new businesses;

•planned dispositions and their expected impact;

•the adequacy of our liquidity position;

•the process and risks relating to the implementation of a new ERP system;

•the impact of pending, ongoing or future legal proceedings, litigation matters and disputes and regulatory developments;

•the impact of future shareholder returns, including share repurchases and dividends;

•changes in or application of trade and tax laws and policies; and

•political, social and economic instability, or natural disasters, in countries where we or our customers do business.

5459

Table of Contents

We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions and other factors described under Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, in our other filings with the SEC and in this Quarterly Report. These risks are not exhaustive. Other sections of this Quarterly Report include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

The forward-looking statements made in this Quarterly Report relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this Quarterly Report or to conform such statements to actual results or revised expectations, except as required by law.

Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, in this Quarterly Report and our other filings with the U.S. Securities and Exchange Commission. We suggest that this document be read in conjunction with our other filings with the U.S. Securities and Exchange Commission.

As used herein, "Levi Strauss", "Levi", "Levi’s”, "the company", "the Company", "we", "us", "our" and similar terms include Levi Strauss & Co. and its subsidiaries, unless the context indicates otherwise.


Item 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our primary market risk exposures or how those exposures are managed from the information disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025.


Item 4.			CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have evaluated, under the supervision and with the participation of management, including our chief executive officer and our chief financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act") as of ~~March~~May 131, 2026. Based on that evaluation, our chief executive officer and our chief financial officer concluded that as of ~~March~~May 131, 2026, our disclosure controls and procedures were effective at a reasonable assurance level.

Changes in Internal Control over Financial Reporting

We maintain a system of internal control over financial reporting that is designed to provide reasonable assurance that our books and records accurately reflect our transactions and that our established policies and procedures are followed. There were no changes to our internal control over financial reporting for the quarterly period ended ~~March~~May 131, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

5560

Table of Contents

PART II — OTHER INFORMATION


Item 1.			LEGAL PROCEEDINGS

The information contained under Note 9 “Commitments and Contingencies” in the Consolidated Financial Statements is incorporated herein by reference.


Item 1A.			RISK FACTORS

For information regarding factors that could affect our results of operations, financial condition and liquidity, 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. There have been no material changes to our previously reported Risk Factors.


Item 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) Recent Sales of Unregistered Securities

None.

(b) Use of Proceeds from Securities

None.

Period	Total number of shares purchased(1)	Average price paid per share(2)		Total number of shares purchased as part of publicly announced plans or programs(1)	Approximate maximum dollar value of shares that may yet be purchased under the plans or programs(1)
December 1, 2025 - January 4, 2026	—	$	—	—	$	440,436,556
March 2, 2026 - April 5, 2026	—	$	—	—	$	240,436,556
January 5, 2026 - February 1, 2026	7,789,679	—		7,789,679	240,436,556
April 6, 2026 - May 3, 2026	—	—		—	240,436,556
February 2, 2026 - March 1, 2026(2)	—	—		—	240,436,556
May 4, 2026 - May 31, 2026	—	—		—	240,436,556
Total	~~7,789,679~~—	$	—	~~7,789,679~~—

_________

(1)We maintain a share repurchase program authorized by the Board. Under this program, we may repurchase shares from time to time. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases or privately negotiated transactions, each in compliance with Rule 10b-18 under the Exchange Act. The program may be suspended or discontinued at any time and does not have an expiration date. Share repurchase authority was $240.4 million as of ~~March~~July 311, 2026.

(2)During the first quarter of 2026, the Company entered into an accelerated share repurchase transaction with a third-party financial institution 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 7,789,679 shares of Class A common stock, representing 80% of the dollar amount of the transaction based on the January 29, 2026 closing share price, over the transaction’s term (the “ASR Agreement”). The total number of shares the Company will ultimately repurchase and the average price per share under the ASR Agreement will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreement, less a discount, pursuant to the terms and conditions of the ASR Agreement, and is expected to occur noin ~~later than~~ the third quarter of 2026.

Shares withheld related to the vesting or exercise of stock-based compensation awards are excluded from the disclosure.


Item 3.			DEFAULTS UPON SENIOR SECURITIES

None.


Item 4.			MINE SAFETY DISCLOSURES

Not applicable.

5661

Table of Contents


Item 5.			OTHER INFORMATION

During the ~~first~~second quarter ended ~~March~~May 131, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name and Title

Action

Applicable Date

Duration of Trading Arrangements

Rule 10b5-1 Trading Arrangement? (Y/N)*

Aggregate Number of Securities Subject to Trading Arrangement

David JedrzejekSenior Vice President and General Counsel

Adopt

February 6, 2026

February 6, 2026 - February 5, 2027

Up to 36,430 shares of Class A Common Stock

Harmit SinghChief Financial and Growth Officer

Adopt

April 23, 2026

April 23, 2026 - October 23, 2026

See footnote(1)

Karyn Hillman Chief Product Officer

Adopt

May 14, 2026

May 14, 2026 - April 30, 2027

See footnote(2)

_____________

* Denotes whether the trading plan is intended, when adopted, to satisfy the affirmative defense of Rule 10b5-1(c).

57(1) Trading arrangement provides for the sale of 50,000 shares of Class A common stock owned by Mr. Singh and shares of Class A common stock that will be received by Mr. Singh in connection with the exercise of 424,916 stock appreciation rights (“SARs”). The actual number of shares of our Class A common stock that will be received by Mr. Singh in connection with the exercise of the SARs and sold pursuant to the trading arrangement is not yet determinable as (1) it will be based on the difference between the share price of our Class A common stock and the SAR exercise price on the date of exercise and (2) it will be further reduced by shares withheld by the Company to cover the cost of taxes due upon exercise. The trading arrangement is in accordance with our securities trading policy. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.

(2) Trading arrangement provides for the sale of shares to be received by Ms. Hillman related to 38,599 restricted stock units (“RSUs”) and 34,547 performance-based restricted stock units (“PRSUs”) scheduled to vest in January 2027. The trading arrangement also provides for the sale of shares of Class A common stock that will be received by Ms. Hillman in connection with the exercise of 206,330 SARs. The actual number of shares of our Class A common stock that will be received by Ms. Hillman in connection with the vesting of the RSUs. PRSUs and exercise of the SARs and sold pursuant to the trading arrangement is not yet determinable as (1) the number of shares resulting from the exercise of the SARs will be based on the difference between the share price of our Class A common stock and the SAR exercise price on the date of exercise, (2) the number of shares resulting from the vesting of the PRSUs will be based on the Company’s performance against pre-established performance metrics and (3) the number of shares delivered upon vesting of the RSUs and PRSUs and exercise of the SARs will be further reduced by shares withheld by the Company to cover the cost of taxes due upon vesting or exercise, as applicable. The trading arrangement is in accordance with our securities trading policy. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules and regulations.

Table of Contents


Item 6.			EXHIBITS

Incorporated by Reference

Exhibit Number

Description of Document

Form

SEC File No.

Exhibit

Filing Date

3.1

Amended and Restated Certificate of Incorporation of the Registrant.

8-K

001-06631

3.1

3/25/2019

3.2

Amended and Restated Bylaws.

8-K

001-06631

3.1

4/2127/~~2023~~2026

10.1

Separation Agreement between the Registrant and Harmit Singh. Filed herewith.

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

32.1†

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Filed herewith.

101.SCH

Inline XBRL Taxonomy Extension Schema Document. Filed herewith.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.

104

Cover Page Interactive Data File (formatted as inline XBRL and contained within Exhibit 101). Filed herewith.

† The certification attached as Exhibit 32.1 accompanies this Quarterly Report on Form 10-Q, is not deemed filed with the Commission and is not to be incorporated by reference into any filing of Levi Strauss & Co. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

5863

Table of Contents

SIGNATURE

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

Date:	~~April~~July 78, 2026		LEVI STRAUSS & CO.
			(Registrant)
		By:	/s/ TIMOTHY J. DAVIS
			Timothy J. DavisSenior Vice President and Global Controller
			(Principal Accounting Officer and Duly Authorized Officer)

5964

Filing Compare · LEVI STRAUSS & CO