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Quarter in detail

· FY2026 Q4

Macro Signals

→Consumer Spending→Trade & Tariffs→FX

Ralph Lauren delivered a strong fiscal Q4 with GAAP revenue surging 16.6% year-over-year as constant currency growth of 12% significantly exceeded the mid single digit outlook, driven by Asia up 28% with China accelerating to over 50% growth, North America up 8%, and Europe up 6%. AUR increased 16% in Q4, reflecting continued brand elevation and full price selling momentum, while accelerator categories including women's apparel, outerwear, and handbags grew more than 20%. Operating margin contracted 60 basis points in Q4 to 9.7% as marketing investments rose to 8.1% of sales to support Winter Olympics and fashion presentations, though full year operating margin expanded 140 basis points to 15.4%. Management introduced FY2027 guidance of mid single digit revenue growth centered around 4-5% with 40-60 basis points of operating margin expansion, aligned with their three-year Next Great Chapter drive plan targets.

Key Themes7

positive📊 company

Strong Q4 Revenue Growth Exceeding Outlook

Total company Q4 revenue grew 12% constant currency, ahead of the mid single digit outlook, with North America up 8%, Europe up 6%, and Asia up 28%.

Revenue GrowthGeographic Expansion

positive📊 company

Exceptional China And Asia Momentum

China sales accelerated to more than 50% growth in Q4 with Asia overall up 28%, supported by strong Lunar New Year performance and expansion across key city clusters.

Geographic ExpansionDemand

positive📊 company

Durable AUR Growth And Elevation Strategy

AUR increased 16% in Q4, driven by stronger full price selling, reduced discounting, and favorable product, channel, and geographic mix.

PricingCompetitive Dynamics

positive📊 company

Accelerator Categories Driving Outsized Growth

Women's apparel, outerwear, and handbags increased more than 20% for both Q4 and full year, outpacing total company growth with significant runway remaining.

Product LaunchRevenue Growth

mixed📊 company

Q4 Operating Margin Pressure From Marketing Ramp

Q4 adjusted operating margin contracted 60 basis points to 9.7% as marketing rose to 8.1% of sales versus 6.6% prior year, reflecting Olympics, fashion show, and brand investment spend.

MarginCapex Investment

positive📊 company

FY2027 Guidance Aligned With Drive Plan Targets

FY27 constant currency revenue guided to increase mid single digits centered around 4% to 5%, with operating margin expansion of 40 to 60 basis points in constant currency.

Guidance ReliabilityRevenue Growth

mixed🌍 macro

Europe Macro Headwinds And Tourism Softness

Prudent Europe outlook reflects higher energy costs and consumer sentiment pressures, along with softer inbound tourism from Middle East disruptions, though underlying demand remains healthy.

MacroeconomicDemand

Q&A Topicsfrequency by quarter

	Revenue Growth	Geographic Expansion	Demand	Margin	Pricing	Trade Tariffs	Competitive Dynamics	Capex Investment
2025Q2	5	5	4	2	2	1	2
2025Q3	3	2	1	2	1		1	3
2025Q4	1	2	1	2	3	4	1	1
2026Q1	3	3	1	3		2		1
2026Q2	3	1	3	1	1	1	2
2026Q3	1	1	2	4	2	2		1
2026Q4	3	3	4	2	2		3	2

	'25Q2	'25Q3	'25Q4	'26Q1	'26Q2	'26Q3	'26Q4
Revenue Growth	5	3	1	3	3	1	3
Geographic Expansion	5	2	2	3	1	1	3
Demand	4	1	1	1	3	2	4
Margin	2	2	2	3	1	4	2
Pricing	2	1	3		1	2	2
Trade Tariffs	1		4	2	1	2
Competitive Dynamics	2	1	1		2		3
Capex Investment		3	1	1		1	2

Analyst Q&A8 analysts · 11 questions

Blake AndersonJefferies

I wanted to ask on AUR. So that continues to be really strong at double digits. Despite all the macro dynamics

View in transcript →

Brooke RoachGoldman Sachs

curious what you are seeing today from your wholesale partners and how much of the normalization is conservatism

View in transcript →

Dana Telsey

View Consumer Cyclical sector trends →View Apparel - Manufacturers industry trends →

Ralph Lauren Corporation RL

Sector: Consumer Cyclical Industry: Apparel - Manufacturers

Low valuation · FY26 Q4

FY26 Q4, sector-relative: P/E 33x (71st), EV/Sales 10.6x (48th).

CompanyFiscal year ends MarMost recent earnings call: Aug 6, 2026 (FY2027 Q1)Est. next earnings call: Nov 5, 2026

8/ 10

FY2026 Q4Positive−2.0 vs FY2026 Q3Default view · newest free

Calendar quarter Q1 2026Earnings call May 21, 2026

FY2026 Q4 in brief

PositiveStrong Q4 Revenue Growth Exceeding Outlook
PositiveExceptional China And Asia Momentum
PositiveDurable AUR Growth And Elevation Strategy

Full narrative and all 7 themes ↓

ScoringBase 8 · revenue +16.6%Transcript 0EPS -1Guidance +1Final 8

Newest quarter is part of Pro ·

Score details · FY2026 Q4

calendar Q1 2026 · call May 21, 2026

Year over year · FY26 Q4 vs FY25 Q4: −1.0 ptsFY26 Q4 8 vs FY25 Q4 9
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters: 0%

Share price · trailing year

daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score

RL $375.271Y +18.0%YTD +6.1%● earnings calls (score)

Sources. Tellvest earnings-call sentiment score for Ralph Lauren Corporation (RL), FY2026 Q4: 8/10. Scores: Ralph Lauren Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: RL daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.

Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Michael Binetti	Evercore ISI	10 questions · 0% challenging
Matt Boss	JPMorgan	9 questions · 0% challenging
Jay Sole	UBS	9 questions · 0% challenging
Dana Telsey	Telsey Advisory Group	8 questions · 0% challenging
Laurent Vasilescu	BNP Paribas	7 questions · 0% challenging
Brooke Roach	Goldman Sachs	5 questions · 0% challenging
John Kernan	TD Cowen	4 questions · 0% challenging
Blake Anderson	Jefferies	4 questions · 0% challenging
Chris Nardone	Bank of America	3 questions · 0% challenging
Ike Boruchow	Wells Fargo	2 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Evercore ISI	1 analyst	10 questions · 0% challenging
UBS	1 analyst	9 questions · 0% challenging
JPMorgan	1 analyst	9 questions · 0% challenging
Telsey Advisory Group	1 analyst	8 questions · 0% challenging
BNP Paribas	1 analyst	7 questions · 0% challenging
Goldman Sachs	1 analyst	5 questions · 0% challenging
Wells Fargo	2 analysts	4 questions · 0% challenging
Jefferies	1 analyst	4 questions · 0% challenging

Key financials

FY2026 Q4 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2025 Q2	$1.73B	+5.7%	$2.31	+5.5%	67.0%	10.4%	8.6%	$56M
FY2025 Q3	$2.14B	+10.8%	$4.66	+11.2%	68.4%	18.2%	13.9%	$677M
FY2025 Q4	$1.70B	+8.3%	$2.03	+47.1%	68.7%	9.1%	7.6%	$42M
FY2026 Q1	$1.72B	+13.7%	$3.53	+35.2%	72.3%	15.9%	12.8%	$-11M
FY2026 Q2	$2.01B	+16.5%	$3.32	+43.7%	68.0%	12.2%	10.3%	$-41M
FY2026 Q3	$2.41B	+12.2%	$5.81	+24.7%	69.9%	20.9%	15.0%	$704M
FY2026 Q4Selected	$1.98B	+16.6%	$2.45	+20.7%	69.7%	7.9%	7.7%	$94M
FY2027 Q1	$1.96B	+14.0%	$4.28	+21.2%	73.7%	17.5%	13.4%	$286M

Annual (fiscal years)

Year	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin

Sector Peersas of Q1 2026

Consumer Cyclical

Company	Score	Rev YoY	Headline
RL Ralph Lauren Corporation	8	+16.6%	Ralph Lauren delivered a strong fiscal Q4 with GAAP revenue surging 16.6% year-over-year as constant currency growth of 12% significantly exceeded the mid single digit outlook, driven by Asia up 28% with China accelerating to over 50% growth, North America up 8%, and Europe up 6%
ABNB Airbnb	9	+17.9%	Strong Revenue Growth Exceeding Guidance
AMCR Amcor	6	+77.4%	First anniversary of Berry combination with synergies exceeding initial target
AMZN Amazon.com, Inc.	9	+16.6%	AWS Growth Accelerates to 28% on $150B Run Rate
APTV Aptiv	6	+5.4%	Versigent spin-off completed successfully on April 1
AZO AutoZone	6	+8.2%	Commercial Sales Decelerate to 9.8% on Severe Weather
BABA Alibaba Group Holding Limited	6	+2.9%	Alibaba closed fiscal 2026 with reported group revenue of RMB 243.4 billion, held to low single-digit GAAP growth by the divestitures of Sun Art and Intime; excluding those units, management said revenue grew 11% year-over-year
BALL Ball Corporation	7	+16.1%	Comparable Operating Earnings Grow 10% Exceeding 2x Leverage
BBY Best Buy	5	-1.0%	Better-than-expected profitability despite softer holiday demand
BKNG Booking Holdings	7	+16.2%	Booking Holdings posted Q1 FY2026 revenue up 16.2% with strong growth despite a 2pp room night headwind from the Middle East conflict
CASY Casey's General Stores, Inc.	8	+0.3%	CASY delivered a standout Q3 with EPS up 50% to $3.49 and EBITDA surging 27.5% to $309 million, aided by favorable prior-year comparisons (which included $13 million in integration costs and a tax benefit)
CAVA CAVA Group, Inc.	8	+20.9%	CAVA closed a record fiscal 2025 with fourth-quarter revenue up 21.2% to $272.8 million, capping a 22.5% full-year gain and its first year above $1 billion in revenue
CCL Carnival	5	+6.1%	Record first quarter results despite macro headwinds
CMG Chipotle Mexican Grill	5	+7.4%	Revenue growth of 7.4% with positive transaction growth
CPRT Copart	3	-3.6%	Revenue Declines as Insurance Volume Headwinds Persist
CVNA Carvana Co.	8	+52.0%	Record retail unit growth of 40% YoY to 187,393
DECK Deckers Brands	7	+9.6%	Deckers closed fiscal 2026 with Q4 revenue up 9.6% to $1.12 billion, driven by HOKA's largest-ever quarter at $671 million (+15%) and UGG at $409 million (+9%)
DHI D. R. Horton	2	-2.3%	Net sales orders surged 11% year over year
DKNG DraftKings Inc.	9	+16.8%	DraftKings opened 2026 with first-quarter revenue up 17% year-over-year to more than $1.6 billion and adjusted EBITDA up 64% to $168 million, its second consecutive quarter of positive GAAP net income
DPZ Domino's	5	+3.5%	US SSS Decelerated to 0.9% Amid Macro and Competitive Pressure
DRI Darden Restaurants	5	+5.9%	Strong Q3 with same-restaurant sales of 4.2% exceeding industry by 540 basis points
EBAY eBay	8	+19.5%	Broad-Based GMV Acceleration to 14% on Strategic Priorities
EXPE Expedia Group	7	+14.7%	B2B Bookings Grew 22% Led by API and New Partnerships
F Ford Motor Company	9	+6.4%	Ford opened fiscal 2026 with $43.3 billion in revenue, up over 6% year-over-year even as volume fell nearly 4%, and adjusted EBIT of $3.5 billion ($2.2 billion excluding a one-time $1.3 billion IEEPA tariff benefit)
GM General Motors	7	-0.9%	EV Restructuring Charges Continue
GME GameStop Corp.	4	-13.9%	GameStop's fiscal 2025 fourth quarter (the 13 weeks ended January 31, 2026) paired a double-digit revenue decline with markedly stronger operating profitability
GPC Genuine Parts Company	6	+6.8%	Results Ahead of Expectations with Sequential Improvement Across All Segments
HAS Hasbro	8	+12.8%	Hasbro delivered a strong Q1 2026 with revenue up 13% to $1 billion, driven by Wizards of the Coast where segment revenue surged 26% to $582 million on record Magic: The Gathering Premier set sales and a quarterly backlist record
HD The Home Depot, Inc.	6	-3.8%	Home Depot closed fiscal 2025 with fourth quarter total sales of $38.2 billion, a decrease of $1.5 billion or approximately 3.8% from last year, against a prior-year quarter that carried a 53rd week worth approximately $2.5 billion in sales; on a comparable 52-week basis total company comps were positive 0.4%, improving from negative 0.2% in November to positive 1.3% in January
HLT Hilton Worldwide	9	+9.0%	RevPAR acceleration broadens across all segments
HOG Harley-Davidson, Inc.	3	-11.8%	Harley-Davidson's first quarter separated a recovering retail business from a shrinking reported P&L
IP International Paper	4	+13.4%	International Paper cut FY2026 enterprise EBITDA guidance to $3.2-3.5B from $3.5-3.7B, the company's second consecutive year of guidance reductions, driven by a $53 million Q1 winter storm hit and Middle East energy pressures across both regions
LCID Lucid Group, Inc.	5	+20.2%	Lucid's first quarter of 2026, the last under interim CEO Marc Winterhoff before Silvio Napoli's arrival, paired balance-sheet progress with an operational setback
LEN Lennar	2	-13.1%	Gross margin hits 15.2% cycle low on continued affordability pricing
LOW Lowe's	7	+10.9%	Q4 comps up 1.3% with 50bps winter storm benefit
LULU Lululemon Athletica	6	+0.8%	Co-CEO Transition Underway With Board Refresh
LVS Las Vegas Sands	9	+25.3%	Marina Bay Sands EBITDA grows 30%+ to $788M under new CEO
MAR Marriott International	8	+6.2%	Gross fee revenue surged 12% to $1.43 billion with Q1 RevPAR of 4.2% outperforming expectations, and adjusted EPS rose 17% to $2.72
MCD McDonald's Corporation	7	+9.4%	Global comps grew 3.8% with system-wide sales up 6% in constant currency as the McValue platform continued driving U.S
MELI MercadoLibre	7	+49.0%	Brazil commerce acceleration from free shipping
MGM MGM Resorts	5	+4.2%	MGM's Q1 2026 marked a turning point as Las Vegas revenue grew for the first time in six quarters, powered by strong convention performance with record Q1 ADRs and the return of CON/AGG
NCLH Norwegian Cruise Line Holdings	6	+9.6%	Norwegian Cruise Line delivered a first quarter that beat its own guidance, with net yield down 1%, Adjusted Net Cruise Cost Ex Fuel of $168 declining 1%, and Adjusted EBITDA of $533 million all ahead of plan, yet the story was the sharply lowered full-year outlook: net yields now expected to decline 3%-5% and adjusted EPS cut to $1.45-$1.79 from roughly $2.38
NKE NIKE, Inc.	5	+0.1%	Reported revenue flat, NA continues to grow
ORLY O'Reilly Automotive	8	+10.2%	Exceptional Comparable Store Sales Growth of 8.1%
PDD PDD Holdings	6	+10.4%	PDD Holdings reported first quarter 2026 (ended March 31, 2026) total revenue of RMB 106.2 billion, up 11% year over year, as transaction services revenue grew 20% to RMB 56.3 billion while online marketing services and other revenue was roughly flat at RMB 49.9 billion
PHM PulteGroup	2	-12.4%	PulteGroup reported Q1 home sale revenues of $3.3 billion, down 12%, with EPS of $1.79 versus $2.57 a year earlier
PKG Packaging Corporation of America	6	+10.6%	Record per-day corrugated shipments with broad-based demand strength
RCL Royal Caribbean Group	6	+11.3%	Royal Caribbean reported adjusted EPS of $3.60, $0.37 above guidance midpoint and up 33% year-over-year, with revenue growing 11% and EBITDA margin reaching 38%
RIVN Rivian Automotive, Inc.	7	+11.4%	In the first quarter of 2026 Rivian began saleable R2 production in Normal, a landmark milestone, and grew consolidated revenue about 11% to approximately $1.4 billion with $119 million of gross profit at a 9% margin
ROL Rollins, Inc.	6	+10.2%	Sequential Acceleration to 8%+ Organic Growth in March
ROST Ross Stores	8	+12.2%	Q4 comp surged +9% driven by transactions despite weather headwind
SBUX Starbucks	9	+8.8%	U.S. Comp Acceleration to +7.1% on Transaction Strength
SW Smurfit WestRock	3	-12.5%	Weather and Downtime Severely Impacted Q1 Performance
TJX TJX Companies	9	+8.5%	Outstanding Q4 with 5% Comp Well Above Plan
TPR Tapestry, Inc.	9	+21.2%	Coach brand delivers exceptional 29% CC revenue growth
TSCO Tractor Supply	5	+3.6%	Companion Animal Category Dragging Comps By 100 Basis Points
TSLA Tesla, Inc.	9	+15.8%	Vehicle Revenue Growth Recovery
ULTA Ulta Beauty	7	+11.8%	Record Holiday Performance Caps Strong Fiscal Year
WSM Williams-Sonoma	5	-4.3%	Comp Positive 3.2% in Q4 With Five Consecutive Quarters of Growth
WYNN Wynn Resorts	7	+9.2%	Las Vegas Delivers Best March Ever with RevPAR Up 10%
YUM Yum! Brands	9	+15.2%	Taco Bell U.S. outperformance with 8% same-store sales growth

Shared themes this quarter

RLABAMAMAPAZBABABBBKCACACCCMCPCVDEDHDKDPDREBEXFGMGMGPHAHD

Macro signal alignment

Consumer spending

RL↑ ABNB AMCR↓ APTV AZO BALL BBY BKNG CASY CAVA↑ CCL CMG↓ CPRT CVNA DECK DHI↑ DKNG↓ DPZ

FY2023	$6.44B	+3.6%	$7.59	-5.4%	64.7%	10.9%	8.1%	$194M
FY2024	$6.63B	+2.9%	$9.72	+28.1%	66.8%	11.4%	9.7%	$905M
FY2025	$7.08B	+6.7%	$11.61	+19.4%	68.6%	13.2%	10.5%	$1.02B
FY2026Selected	$8.11B	+14.6%	$15.11	+30.1%	69.9%	14.5%	11.6%	$746M

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

Ralph Lauren Corporation RL

Score details · FY2026 Q4

Share price · trailing year

Top analysts & firms

Most active analysts

Most active firms

Key financials

As stated by management