Levi Strauss & Co. Q2 2026 Results and Outlook

Levi Strauss & Co. (NYSE:LEVI) posted second‑quarter adjusted earnings of $0.28 per share, surpassing the consensus estimate of $0.24. Revenue for the quarter ended May 31 reached $1.56 billion, beating the $1.52 billion forecast and representing an 8% increase from $1.45 billion in the comparable period a year earlier.

The company raised its full‑year 2026 adjusted EPS guidance to a range of $1.46 to $1.52, with a midpoint of $1.49, which remains slightly below the analyst consensus of $1.51. Net‑revenue growth guidance was also upgraded to 7.0%‑7.5%, up from the prior 5.5%‑6.5% range and above the 6.6% growth to $6.70 billion that analysts had projected.

President and CEO Michelle Gass said the Levi’s brand is connecting with consumers worldwide more powerfully than ever and that the Q2 results demonstrate the effectiveness of the company’s strategies and execution. Chief Financial and Growth Officer Harmit Singh added that the strong first‑half performance allowed the company to pass through the full Q2 beat and raise full‑year guidance.

Organic net revenue grew 6% in the quarter. Direct‑to‑consumer sales rose 8% on an organic basis, while comparable store sales increased 6%. Regionally, organic revenue grew 7% in the Americas, 12% in Asia, and declined 1% in Europe. Operating margin expanded to 7.8% from 7.5% in the prior year, and the adjusted EBIT margin improved to 9.0% from 8.3%.

Jefferies analyst Blake Anderson noted that Levi’s continues to deliver revenue growth well above consensus and that growth remains broad‑based across geographies, channels, and categories, supporting a higher‑quality top line than the market appreciates. BTIG analysts expressed encouragement over the top‑line momentum and margin expansion, stating the company deserves to trade at a premium to its five‑year average forward P/E of 13.6×.

For fiscal 2026, Levi’s also increased its quarterly dividend by 14% to $0.16 per share.

Separately, the company generated media attention during the 2026 FIFA World Cup after FIFA’s “clean venue” rules required the Levi’s Stadium branding to be covered. Levi’s turned the restriction into a viral marketing campaign by adopting the covered logo on its social media profile and flagship stores worldwide.

Despite the earnings beat and raised outlook, Levi’s shares fell more than 6% in pre‑market trading on Thursday.