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Tapestry (TPR) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Nov 5, 2026 · Tapestry (TPR) Q1 FY27 earnings results →

Q1 FY27 Revenue up 11% year over year to $1.9B · 19¢ of every $1 of revenue kept as net profit · operating margin 22.4%

Tapestry made $1.9B in Q1 FY27 (+11% Y/Y): Coach $1.7B, Kate Spade $233M. Operating margin 22.4%, net earnings $360M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.9B
Year over year+11%
Operating margin22.4%
Net earnings$360M
Operating cash flow$197M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Tapestry Q1 FY27 revenue breakdown: Sankey diagram of revenue (Coach, Kate Spade), costs, profit and cash flow
Tapestry Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.9B in Q1 FY27, up 11% year over year and up 1% from the previous quarter. Coach was the largest line at 88% of revenue. Coach added $0.23B year over year (up 16%), 122% of the total change. Kate Spade declined 10%.

Gross margin was 78.6%, up 2.3 points from Q1 FY26. Operating profit was $0.42B, a 22.4% margin (up 3.1 points year over year). Of the extra revenue versus Q1 FY26, 51% reached operating profit, above the 19% margin then. Operating expenses grew 9% against revenue growth of 11%. Net earnings were $0.36B, up 31% year over year. The effective tax rate was 12.4%.

Operating cash flow was $0.20B (up 74% year over year), 55% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.23B. Capital expenditures of $0.05B left free cash flow of $0.15B.

Quarterly history

Tapestry revenue by quarterTapestry revenue by quarter$1.6BQ3 FY25$1.7BQ4 FY25$1.7BQ1 FY26$2.5BQ2 FY26$1.9BQ3 FY26$1.9BQ4 FY26$1.9BQ1 FY27
Tapestry net earnings by quarterTapestry net earnings by quarter$203MQ3 FY25−$517MQ4 FY25$275MQ1 FY26$561MQ2 FY26$344MQ3 FY26$348MQ4 FY26$360MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QNov 5, 2026$1.9B+11%22.4%$360M$197M
Q4 FY2610-KAug 13, 2026$1.9B+9%23.6%$348M$522M
Q3 FY2610-QMay 7, 2026$1.9B+21%22.3%$344M$263M
Q2 FY2610-QFeb 5, 2026$2.5B+14%28.6%$561M$1.1B
Q1 FY2610-QNov 6, 2025$1.7B+13%19.2%$275M$113M
Q4 FY2510-KAug 14, 2025$1.7B+8%-33.9%−$517M$447M
Q3 FY2510-QMay 8, 2025$1.6B+7%16.0%$203M$144M

Charts

Tapestry: revenue growth, year over year and quarter over quarterTapestry: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q3 FY25+8%+9%Q4 FY25+13%-1%Q1 FY26+14%+47%Q2 FY26+21%-23%Q3 FY26+9%-2%Q4 FY26+11%+1%Q1 FY27
Latest (Q1 FY27): Y/Y +11%, Q/Q +1%.
Tapestry: where the cash came from (+) and went (−), TTM to Q1 FY27Tapestry: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$2.1BBuybacks−$1.5BDividends−$335MCapital spending−$182MOther investing−$158MShares issued$122MCash drawn (+) / kept (−)$120MTaxes on employees’ shares−$107MOther financing−$56.5MExchange rates−$6.6MAsset & business sales$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Tapestry: profit against cash, quarter by quarterTapestry: profit against cash, quarter by quarterNet incomeOperating cash flow$310M$506MQ2 FY25$203M$144MQ3 FY25−$517M$447MQ4 FY25$275M$113MQ1 FY26$561M$1.1BQ2 FY26$344M$263MQ3 FY26$348M$522MQ4 FY26$360M$197MQ1 FY27
Latest (Q1 FY27): Net income $360M, Operating cash flow $197M.
Tapestry: diluted shares by fiscal yearTapestry: diluted shares by fiscal year283MFY21270MFY22241MFY23233MFY24222MFY25210MFY26
-25.7% since FY21: buybacks shrank the count.
Tapestry: long-term debt falling due (FY26)Tapestry: long-term debt falling due (FY26)$397M2028$750M2030$1.2BLater
Cash $975M, short-term investments $177M, long-term debt $2.4B at 2026-06-27.
Tapestry in its industry: growth against margin (4 companies, SIC 3100)Tapestry in its industry: growth against margin (4 companies, SIC 3100)revenue growth, year over year →↑ operating marginmedian +2%median 6%CPRIVRATLFTPR (+11%, 22%)
Leather & Leather Products; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Tapestry

Tapestry, Inc. (the "Company") is a global house of iconic accessories and lifestyle brands uniting the magic of Coach and kate spade new york. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. • Coach - Coach is a global fashion house of accessories and lifestyle collections, founded in New York City in 1941. Inspired by the vision of Expressive Luxury and the inclusive and courageous spirit of its hometown, the brand makes beautiful things, crafted to last – for you to be yourself in. Coach has built a legacy of craftsmanship and a community that champions the courage to be real.

In its own words, from its 10-K, filed Aug 13, 2026.

Tapestry against its Leather & Leather Products peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +2%. Operating margin: 22.4% against the peers' median 5.8%.

CompanyQuarterRevenueY/YOp. margin
TPR TapestryQ1 FY27$1.9B+11%22.4%
CPRI Capri HoldingsQ2 FY27$809M-6%1.2%
VRA Vera BradleyQ2 FY27$71.6M+1%5.8%
TLF Tandy Leather FactoryQ2 2026$18.0M+2%3.0%

Source: Tapestry 10-Q on SEC EDGAR · CIK 1116132 · Leather & Leather Products

Guidance and outlook

Tapestry Revenue: guidance against what was reportedTapestry Revenue: guidance against what was reportedguided rangereported (above / within / below)FY25$7.0BFY26$8.0BFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Tapestry: what its forward-looking statements are about (10-Q filed 2026-11-05)Tapestry: what its forward-looking statements are about (10-Q filed 2026-11-05)Other4Demand1The economy1Financing1Costs1Margins1
9 statements; tone +0.22 (−1 all cautious, +1 all confident); 1 hedged.
Tapestry: outlook statements against the filing beforeTapestry: outlook statements against the filing beforeConfident3Cautious1

13F: who owns TPR and who is buying

Largest holders of TPR (13F)Largest holders of TPR (13F)Vanguard Group$3.2BBlackRock$2.6BVanguard Capital Management LLC$1.9BState Street$1.5BVanguard Portfolio Management LLC$1.5BSchroder Investment Management$1.1BGeode Capital Management, LLC$963MBank of America$771MFMR LLC$604MSRS Investment Management, LLC$595M
Funds' net buying of TPR by quarter (13F)Funds' net buying of TPR by quarter (13F)−$122M2024-09$599M2024-12−$722M2025-03−$601M2025-06−$648M2025-09−$344M2025-12−$257M2026-03$1.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TPR

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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