Filing Flows › Levi Strauss (LEVI) › Q2 FY26 › vs Q1 FY26
Levi Strauss (LEVI) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Levi Strauss's revenue fell $180M (-10%) from $1.7B in Q1 FY26 to $1.6B in Q2 FY26. The biggest changes: Europe −$75.8M (-15%); Asia −$63.8M (-18%); Americas −$40.2M (-5%). Gross margin 62.7% against 61.9% (+0.8 pts).
Levi Strauss, Q2 FY26: revenue $1.6B (+8% year over year), operating margin 7.8%, net earnings $87.3M, operating cash flow $271M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 62.7% | 61.9% | +0.8 pts |
| Operating margin | 7.8% | 11.4% | -3.6 pts |
| Net margin | 5.6% | 10.1% | -4.5 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Americas | $816M | $856M | −$40.2M | -5% |
| Europe | $420M | $496M | −$75.8M | -15% |
| Asia | $284M | $348M | −$63.8M | -18% |
| Beyond Yoga® | $42.6M | $43.3M | −$700K | -2% |
| Revenue | $1.6B | $1.7B | −$180M | -10% |
| Gross profit | $979M | $1.1B | −$99.2M | -9% |
| Cost of revenue | $583M | $664M | −$81.3M | -12% |
| Operating profit | $122M | $199M | −$76.5M | -39% |
| Operating expenses | $857M | $880M | −$22.7M | -3% |
| Pre-tax earnings | $115M | $227M | −$112M | -49% |
| Other expense, net | $7.5M | −$28.2M | $35.7M | — |
| SG&A | $843M | $872M | −$28.3M | -3% |
| Other operating costs | $13.5M | $7.9M | $5.6M | +71% |
| Net earnings | $87.3M | $176M | −$88.5M | -50% |
| Income tax | $27.4M | $51.1M | −$23.7M | -46% |
| Depreciation & amortization | $57.2M | $55.6M | $1.6M | +3% |
| Share-based compensation | $24.3M | $15.8M | $8.5M | +54% |
| Working capital & other | $102M | −$35.7M | $138M | — |
| Operating cash flow | $271M | $212M | $59.3M | +28% |
Questions
How much did Levi Strauss's revenue grow quarter over quarter in Q2 FY26?
Levi Strauss's revenue fell $180M (-10%) from $1.7B in Q1 FY26 to $1.6B in Q2 FY26.
What drove Levi Strauss's revenue change in Q2 FY26?
Europe −$75.8M (-15%); Asia −$63.8M (-18%); Americas −$40.2M (-5%).