TAPESTRY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TAPESTRY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	4,488	5,880	6,027	4,961	5,746	6,685	6,661	6,671	7,011	8,004
Cost of revenue	1,407	2,032	1,973	1,722	1,664	2,034	1,946	1,782	1,722	1,775
Gross profit	3,081	3,849	4,054	3,239	4,082	4,650	4,715	4,890	5,289	6,229
Selling, general and administrative	2,294	3,178	3,234		3,114	3,475	3,543	3,749	4,019	4,315
Operating income	787	672	820	-551	968	1,176	1,172	1,140	415	1,914
Interest expense	26.8	86.3	66.9	71.5	73.5	68.8	72.8	370	271	119
Other non-operating income			-5.6	-13.3	0.7	-16.4	-1.7	-3.2	6.6	1.4
Pre-tax income	759	597	766	-624	897	1,047	1,143	1,012	216	1,861
Income tax	168	199	123	27.9	63.1	191	207	196	32.9	333
Net income	591	398	643	-652	834	856	936	816	183	1,528
EBITDA	1,006	943	1,090	278	1,189	1,371	1,355	1,314	578	2,075
EPS, basic	2.11	1.39	2.22	-2.34	3.00	3.24	3.96	3.56	0.84	7.49
EPS, diluted	2.09	1.38	2.21	-2.34	2.95	3.17	3.88	3.50	0.82	7.27
Shares, basic (weighted)	281	285	289	279	278	264	236	229	217	204
Shares, diluted (weighted)	283	289	291	279	283	270	241	233	223	210
Dividend per share	1.35	1.35	1.35	1.01	0.00	1.00	1.20	1.40	1.40	1.60

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	2,673	1,243	969	1,426	2,008	790	726	6,142	1,100	975
Short-term investments	411	6.6	265	8.1	8.1	163	15.4	1,062	19.6	177
Receivables	268	314	298	193	200	252	212	228	239	237
Inventory	470	674	778	737	735	994	920	825	861	826
Other current assets	31.9	86.3	91	93.1	76.1	51.7	134	140	98.5	243
Total current assets	3,953	2,433	2,557	2,553	3,375	2,574	2,364	8,804	2,906	2,882
Property, plant and equipment	691	885	939	775	678	544	565	515	490	502
Lease right-of-use assets				1,757	1,497	1,282	1,379	1,314	1,331	1,417
Goodwill	481	1,484	1,516	1,301	1,297	1,242	1,228	1,204	983	958
Intangible assets	341	1,733	1,712	1,379	1,373	1,367	1,360	1,354	720	717
Long-term investments	75.1	0	0	0.1	0.1	0.1	1.3	1.3	1.4	0
Other non-current assets	120	119	134	158	96.1	210	182	162	118	180
Total assets	5,832	6,678	6,877	7,924	8,382	7,265	7,117	13,396	6,581	6,692
Accounts payable	195	264	244	131	445	521	417	452	456	582
Accrued liabilities	559	673	674	511	661	628	547	656	737	755
Deferred revenue		29.1	27.5	28.1	32.4	41.5	43	45.5	38	35.1
Short-term debt	0	0.7	0.8	712	0	31.2	25	303	16.7	0
Total current liabilities	754	938	918	1,742	1,426	1,469	1,287	1,712	1,557	1,645
Long-term debt	1,600	1,617	1,617	1,600	1,600	1,669	1,644	7,003	2,397	2,397
Lease liabilities				1,800	1,526	1,282	1,334	1,224	1,206	1,266
Other non-current liabilities	433	467	454	363	250	253	300	375	503	537
Total liabilities	2,830	3,434	3,364	5,648	5,123	4,980	4,839	10,499	5,723	6,000
Total debt	1,580	1,600	1,602	1,588	1,591	1,659	1,636	6,937	2,378	2,379
Paid-in capital	2,978	3,206	3,302	3,359	3,487	3,620	3,682	3,763	3,674	4,118
Retained earnings	108	119	292	-993	-159	-1,166	-1,217	-722	-2,557	-3,210
Other comprehensive income	-86.9	-82.8	-83.2	-92.2	-72	-171	-190	-146	-261	-219
Shareholders' equity	3,002	3,245	3,513	2,276	3,259	2,286	2,278	2,897	858	692
Total equity	3,002	3,245	3,513	2,276	3,259	2,286	2,278	2,897	858	692
Total liabilities and equity	5,832	6,678	6,877	7,924	8,382	7,265	7,117	13,396	6,581	6,692
Shares outstanding	282	288	287	276	280	241	227	230	208	200

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	591	398	643	-652	834	856	936	816	183	1,528
Depreciation and amortization	219	271	270	829	221	195	182	174	163	161
Stock-based compensation	73.6	81.3	84.8	53.1	64.1	72.2	78.8	85.9	87.3	105
Deferred income tax	78	-50.9	34.5	-116	52.6	29.9	41.2	2.5	-140	50.8
Change in receivables	-29.4	-5.6	25.7	61.9	-9.6	-96	44.1	-37.3	8.8	-12
Change in inventory	-20	30.4	-105	-58.6	32.2	-312	49.9	85.8	-108	35.4
Change in payables	8.4	-77.3	-39.8	-91.7	307	86.4	-98.1	49.1	-15	132
Cash from operations	854	998	792	407	1,324	853	975	1,256	1,217	1,979
Capital expenditures	-283	-267	-274	-205	-116	-93.9	-184	-109	-123	-166
Acquisitions	0	-2,376	-43.5	0	0
Purchases of investments	-524	-3.8	-416	-212	-0.7	-540	-6.7	-2,713	-1,886	-163
Sales and maturities of investments	591	482	159	462	1.8	381	155	1,676	2,923	1.6
Cash from investing	593	-2,165	-574	44.3	-91	-254	5.7	-1,042	914	-218
Debt issued	997	1,100	0	0	0	999	0	6,090	2,248	0
Debt repaid	-285	-1,100	0	0	-11.5	-900	-31.2	-469	-7,163	0
Share buybacks	0	0	-100	-300	0	-1,600	-704	0	-1,719	-1,555
Dividends paid	-378	-384	-391	-380	0	-264	-283	-321	-299	-326
Cash from financing	370	-251	-486	5.9	-666	-1,778	-1,036	5,214	-7,175	-1,861
Exchange rate effect	-2.4	-11.5	-6.8	-0.1	14.7	-39.4	-8.7	-12.2	26.3	-24.6
Net change in cash	1,814	-1,430	-274	457	581	-1,218	-63.7	5,416	-5,042	-125
Free cash flow	571	730	518	202	1,208	759	791	1,147	1,094	1,813
Interest paid	35.4	63	64.1	68.1	69.7	67.8	82.6	263	395	242
Income taxes paid	159	16.4	184	87.2	252	180	232	200	190	201

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $113.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.8%	Gross profit / revenue.
Operating margin	23.9%	Operating income / revenue.
EBITDA margin	25.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.2%	Pre-tax income / revenue.
Net margin	19.1%	Net income / revenue.
FCF margin	22.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.7%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	197.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.0%	Net income / average total assets.
Return on invested capital (ROIC)	74.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	53.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	361.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	259.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	733.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	786.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	62.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	65.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-19.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-32.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-26.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.75x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.6%	Total debt / total assets.
Liabilities / assets	89.7%	Total liabilities / total assets.
Net debt	$1.23B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.0x	Operating income / interest expense.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$982.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.21x	Revenue / average total assets.
Fixed asset turnover	16.1x	Revenue / average property, plant and equipment.
Inventory turnover	2.10x	Cost of revenue / average inventory.
Days inventory	173 days	365 x average inventory / cost of revenue.
Receivables turnover	33.6x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.
Days payables	107 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	78 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$7.49	Net income per basic share, as reported (split-adjusted).
Revenue per share	$38.08	Revenue / diluted weighted shares.
FCF per share	$8.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.41	Cash from operations / diluted weighted shares.
Book value per share	$3.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.90	Tangible book value / shares outstanding.
Cash per share	$5.75	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.60	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	21.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	85.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$22.71B	Share price x shares outstanding.
Enterprise value	$23.93B	Market cap + total debt - cash - short-term investments.
P/E	14.9x	Market cap / net income. Only when net income is positive.
P/S	2.84x	Market cap / revenue.
P/B	32.8x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	12.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	2.99x	Enterprise value / revenue.
EV/EBIT	12.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.0%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	8.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.64x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TAPESTRY, INC.'s revenue in fiscal 2026?

TAPESTRY, INC. reported revenue of $8.00B for fiscal 2026, 14.2% higher than the year before.

Was TAPESTRY, INC. profitable in fiscal 2026?

Yes. Net income was $1.53B, a net margin of 19.1%.

How much free cash flow did TAPESTRY, INC. generate in fiscal 2026?

Cash from operations of $1.98B minus capital expenditures of $166.0M left free cash flow of $1.81B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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