Interparfums Q3 margin rises to 67.1%; sales flat
An approximately $49.5 million third-quarter purchase raised Interparfums SA ownership to 74.3%, while consolidated third-quarter sales were almost unchanged.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Interparfums, Inc. reported third-quarter 2026 net sales of $429.5 million, compared with $429.6 million a year earlier, and net income attributable to its common shareholders of $68.2 million versus $65.8 million. For the first nine months, sales were $1,115.4 million versus $1,102.3 million, and attributable income was $142.1 million versus $140.3 million. Third-quarter gross margin was 67.1%, compared with 63.5%; the company cited favorable mix, lower destruction costs and tariff refunds, partly offset by tariffs.
U.S.-based third-quarter sales fell 7% as supply-chain delays moved approximately $10 million in giftset shipments into the fourth quarter; excluding those delays, sales would have been flat. Nine-month operating cash flow was $102.3 million, versus $68.4 million. In the third quarter, the company invested approximately $49.5 million to acquire additional Interparfums SA shares, raising its ownership from approximately 72.5% to 74.3%, and extended the Roberto Cavalli fragrance license through December 31, 2046. As of September 30, 2026, it had drawn €55.0 million under a €200 million delayed-draw facility, with €145.0 million available. As of September 30, 2026, it had received $17.3 million of IEEPA tariff refunds; $14.8 million reduced cost of sales and $1.0 million reduced selling, general and administrative expenses.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month operating cash flow rose to $102.3 million from $68.4 million.
- Moderate pointThird-quarter net income reached $88.2 million, versus $83.3 million.
Negative
- Moderate pointMiddle East and Africa sales fell 19% in the first nine months.
- Minor pointU.S.-based Q3 sales fell 7%; about $10 million in giftsets shifted to Q4.
Filing Explained
When the delayed-draw period ends, or the company elects earlier conversion, outstanding borrowing, accrued interest and certain unpaid fees become a term loan; one twenty-first of principal is due then, the remainder over 20 quarterly installments, and an annual leverage covenant caps the ratio at 3.0x.
Key Figures
Key Terms
Delayed-draw credit facility financial
Gain contingency model financial
Noncontrolling interest financial
Net investment hedges financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did IPAR perform in the third quarter of 2026?
How much in tariff refunds did IPAR receive?
What are the terms of IPAR's €200 million credit facility?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(MARK ONE)
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended |
OR
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___________to ________. |
Commission File No.
(Exact name of registrant as specified in its charter)
| ||
(State or other jurisdiction of |
| (I.R.S. Employer |
incorporation or organization) |
| Identification No.) |
(Address of Principal Executive Offices) (Zip Code) |
( |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
|
|
| |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act).
Accelerated filer ☐ | |
Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company |
| Emerging Growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
At November 4, 2026, there were
INTERPARFUMS, INC. AND SUBSIDIARIES
INDEX
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| Page Number |
Part I. | Financial Information | 1 | |
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| Item 1. | Financial Statements | 1 |
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| Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 | 2 |
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| Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and September 30, 2025 | 3 |
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| Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and September 30, 2025 | 4 |
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| Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2026 and September 30, 2025 | 5 |
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| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and September 30, 2025 | 7 |
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| Notes to Condensed Consolidated Financial Statements | 8 |
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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21 |
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| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 29 |
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| Item 4. | Controls and Procedures | 29 |
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Part II. | Other Information | 30 | |
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| Item 1A. | Risk Factors | 30 |
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| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 30 |
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| Item 5. | Other Information | 30 |
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| Item 6. | Exhibits. | 31 |
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SIGNATURES | 32 | ||
INTERPARFUMS, INC. AND SUBSIDIARIES
Part I. Financial Information
Item 1. | Financial Statements |
In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. We have condensed such financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, such financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued by filing with the SEC. These financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2025, included in our annual report filed on Form 10-K.
The results of operations for the nine months ended September 30, 2026, are not necessarily indicative of the results to be expected for the entire fiscal year.
Page 1 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)
(Unaudited)
ASSETS |
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| September 30, 2026 |
| December 31, 2025 |
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Current assets: |
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Cash and cash equivalents | $ |
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Short-term investments |
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Accounts receivable, net allowances of $ |
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Inventories |
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Receivables, other |
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Other current assets |
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Income taxes receivable |
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Total current assets |
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Property, equipment and leasehold improvements, net accumulated depreciation of $ |
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Right-of-use assets, net |
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Trademarks, licenses and other intangible assets, net accumulated amortization of $ |
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Deferred tax assets |
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Other assets |
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Total assets | $ |
| $ |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Loans payable - banks | $ |
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Current portion of long-term debt |
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Current portion of lease liabilities |
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Accounts payable – trade |
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Accrued expenses |
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Income taxes payable |
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Total current liabilities |
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Long–term debt, less current portion |
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Lease liabilities, less current portion |
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Deferred tax liabilities |
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Total liabilities | $ |
| $ |
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Equity: |
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Interparfums, Inc. shareholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss |
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Treasury stock, at cost, |
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Total Interparfums, Inc. shareholders’ equity |
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Noncontrolling interest |
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Total equity |
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Total liabilities and equity | $ |
| $ |
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See notes to condensed consolidated financial statements.
Page 2 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
|
| Three Months Ended September 30, |
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| Nine Months Ended September 30, |
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| 2026 |
| 2025 |
| 2026 |
| 2025 |
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Net sales | $ |
| $ |
| $ |
| $ |
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Cost of sales |
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Gross margin |
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Selling, general and administrative expenses |
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Income from operations |
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Other expenses (income): |
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Interest expense |
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Gain (loss) on foreign currency |
| ( |
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Interest and investment income |
| ( |
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| ( |
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| ( |
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Other loss (income) |
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Income before income taxes |
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Income taxes |
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Net income |
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Less: Net income attributable to the noncontrolling interests |
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Net income attributable to Interparfums, Inc. common shareholders | $ |
| $ |
| $ |
| $ |
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Earnings per share: |
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Net income attributable to Interparfums, Inc. common shareholders: |
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Basic | $ |
| $ |
| $ |
| $ |
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Diluted | $ |
| $ |
| $ |
| $ |
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Weighted average number of shares outstanding: |
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Basic |
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Diluted |
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Dividends declared per share | $ |
| $ |
| $ |
| $ |
| ||||
See notes to condensed consolidated financial statements.
Page 3 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 |
| ||||
Comprehensive income: |
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Net income | $ |
| $ |
| $ |
| $ |
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Other comprehensive income: |
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Net derivative instrument gain (loss), net of tax |
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| ( |
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Transfer from OCI into earnings |
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Pension benefits, net of tax |
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| ( |
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Foreign currency translation adjustments |
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Comprehensive income |
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Comprehensive income attributable to the noncontrolling interests: |
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Net income |
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Other comprehensive income: |
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Net derivative instrument gain (loss), net of tax |
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Pension benefits, net of tax |
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| ( |
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| ( |
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Foreign currency translation adjustments |
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Comprehensive income attributable to the noncontrolling interests |
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Comprehensive income attributable to Interparfums, Inc. | $ |
| $ |
| $ |
| $ |
| ||||
See notes to condensed consolidated financial statements.
Page 4 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands)
(Unaudited)
| Preferred Stock Shares |
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| Amount |
| Class A Common Stock Shares |
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| Amount |
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| Additional Paid-in Capital |
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| Retained Earnings |
|
| Accumulated Other Comprehensive Loss Income |
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| Treasury Stock Shares |
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| Amount |
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| Noncontrolling Interests |
|
| Total Equity |
BALANCE-June 30, 2026 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ | |||||||||
Shares issued upon exercise of stock options |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Share-based compensation |
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| — |
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Dividends |
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| — |
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| — |
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| — |
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| ( |
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| — |
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| ( |
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Net income |
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Purchase of subsidiary shares |
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| ( |
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| — |
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| — |
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| — |
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| ( |
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| ( |
Shares repurchased |
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| — |
| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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| |
Foreign currency translation adjustments |
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| — |
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| — |
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| — |
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| — |
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| ( |
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| — |
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| ( | |
Transfer from other comprehensive income into earnings |
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| — |
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| — |
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| — |
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| — |
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| ( |
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| — |
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| — |
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| ( |
Pension benefits, net of tax |
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| — |
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| — |
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| — |
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| — |
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| ( |
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| — |
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| ( |
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Net derivative instrument loss, net of tax |
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Other |
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| — |
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| ( |
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BALANCE-September 30, 2026 |
| $ |
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| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ |
| Preferred Stock Shares |
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| Amount |
| Class A Common Stock Shares |
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| Amount |
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| Additional Paid-in Capital |
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| Retained Earnings |
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| Accumulated Other Comprehensive Loss Income |
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| Treasury Stock Shares |
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| Amount |
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| Noncontrolling Interests |
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| Total Equity |
BALANCE-December 31, 2025 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ | |||||||||
Shares issued upon exercise of stock options |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Share-based compensation |
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Dividends |
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| — |
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| — |
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| — |
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| ( |
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| — |
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| — |
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| ( |
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| ( |
Net income |
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| — |
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| — |
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| — |
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| — |
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| — |
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Purchase of subsidiary shares |
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| — |
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| — |
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| ( |
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| — |
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| — |
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| — |
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| ( |
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| ( |
Shares repurchased |
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| — |
| ( |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ( |
|
| — |
|
| ( | |
Reclassification Adjustment - see Note 1 |
|
|
| — |
|
|
|
| — |
|
| — |
|
| ( |
|
| — |
|
|
|
|
| — |
|
|
|
| ||
Foreign currency translation adjustments |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| ( |
|
| ( |
Transfer from other comprehensive income into earnings |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| — |
|
| ( |
Pension benefits, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| ( |
|
| ( |
Net derivative instrument loss, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| — |
|
|
|
| |||
Other |
|
|
| — |
|
|
|
| — |
|
| ( |
|
| — |
|
| — |
|
|
|
|
| — |
|
|
|
| ||
BALANCE-September 30, 2026 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ |
Page 5 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands)
(Unaudited)
| Preferred Stock Shares |
|
| Amount |
| Class A Common Stock Shares |
|
| Amount |
|
| Additional Paid-in Capital |
|
| Retained Earnings |
|
| Accumulated Other Comprehensive Loss Income |
|
| Treasury Stock Shares |
|
| Amount |
|
| Noncontrolling Interests |
|
| Total Equity |
BALANCE-June 30, 2025 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ | |||||||||
Shares issued upon exercise of stock options |
|
|
| — |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |
Share-based compensation |
|
|
| — |
|
|
|
| — |
|
|
|
| ( |
|
| — |
|
|
|
|
| — |
|
|
|
| |||
Dividends |
|
|
| — |
|
|
|
| — |
|
| — |
|
| ( |
|
| — |
|
|
|
|
| — |
|
| — |
|
| ( |
Net income |
|
|
| — |
|
|
|
| — |
|
| — |
|
|
|
| — |
|
|
|
|
| — |
|
|
|
| |||
Purchase of subsidiary shares |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |
Shares repurchased |
|
|
| — |
| ( |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ( |
|
| — |
|
| ( | |
Shares Forfeited / Deleted |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| ( |
|
| — |
|
| — |
|
| |
Foreign currency translation adjustments |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| — |
|
| ( |
|
| ||
Transfer from other comprehensive income into earnings |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |
Pension benefits, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| ( |
|
| ( |
Net derivative instrument loss, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| ( |
|
| ( |
Other |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |
BALANCE-September 30, 2025 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ |
| Preferred Stock Shares |
|
| Amount |
| Class A Common Stock Shares |
|
| Amount |
|
| Additional Paid-in Capital |
|
| Retained Earnings |
|
| Accumulated Other Comprehensive Loss Income |
|
| Treasury Stock Shares |
|
| Amount |
|
| Noncontrolling Interests |
|
| Total Equity |
BALANCE-December 31, 2024 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ | |||||||||
Shares issued upon exercise of stock options |
|
|
| — |
|
|
| — |
|
|
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |||
Share-based compensation |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
| ||||
Dividends |
|
|
| — |
|
|
|
| — |
|
| — |
|
| ( |
|
| — |
|
|
|
|
| — |
|
| ( |
|
| ( |
Net income |
|
|
| — |
|
|
|
| — |
|
| — |
|
|
|
| — |
|
|
|
|
| — |
|
|
|
| |||
Purchase of subsidiary shares |
|
|
| — |
|
|
|
| — |
|
| ( |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| ( |
Shares repurchased |
|
|
| — |
| ( |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ( |
|
| — |
|
| ( | |
Reclassification Adjustment - see Note 1 |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| ( |
|
| — |
|
| — |
|
| |
Foreign currency translation adjustments |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| — |
|
|
|
| |||
Transfer from other comprehensive income into earnings |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| — |
|
| — |
|
| ||
Pension benefits, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| ( |
|
|
|
|
| — |
|
| ( |
|
| ( |
Net derivative instrument loss, net of tax |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| — |
|
|
|
| |||
Other |
|
|
| — |
|
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
| — |
|
| — |
|
| |
BALANCE-September 30, 2025 |
| $ |
|
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| $ | ( |
| $ |
| $ |
See notes to condensed consolidated financial statements.
Page 6 |
INTERPARFUMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
| Nine Months Ended September 30, |
| |||
| 2026 |
| 2025 |
| ||
Cash flows from operating activities: |
|
|
|
|
|
|
Net income | $ |
| $ |
| ||
Adjustments to reconcile net income to net cash used in (provided by) operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
|
| ||
Amortization |
|
|
|
| ||
Provision for credit losses |
|
|
|
| ||
Share-based compensation |
|
|
|
| ||
Share of income of equity investment |
| ( |
|
| ( |
|
Noncash lease expense |
|
|
|
| ||
Amortization of deferred financing costs |
|
|
|
| ||
Foreign exchange gain on noncash items |
|
|
|
| ||
Deferred tax provision |
| ( |
|
|
| |
Change in fair value of derivatives |
|
|
| ( |
| |
Changes in: |
|
|
|
|
|
|
Accounts receivable |
| ( |
|
| ( |
|
Inventories |
| ( |
|
|
| |
Other assets |
| ( |
|
| ( |
|
Operating lease liabilities |
| ( |
|
| ( |
|
Accounts payable and accrued expenses |
| ( |
|
| ( |
|
Income taxes, net |
|
|
| ( |
| |
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
|
| ||
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of short-term investments |
| ( |
|
| ( |
|
Proceeds from sale of short-term investments |
|
|
|
| ||
Purchases of property, equipment and leasehold improvements |
| ( |
|
| ( |
|
Payment for intangible assets acquired |
| ( |
|
| ( |
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
| ( |
| |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Repayment of loans payable, bank |
| ( |
|
|
| |
Proceeds from loans payable, bank |
|
|
|
| ||
Proceeds from issuance of long-term debt |
|
|
|
| ||
Repayment of long-term debt |
| ( |
|
| ( |
|
Proceeds from exercise of options |
|
|
|
| ||
Dividends paid |
| ( |
|
| ( |
|
Dividends paid to noncontrolling interest |
| ( |
|
| ( |
|
Other financing activities |
| ( |
|
|
| |
Purchase of subsidiary shares from noncontrolling interests |
| ( |
|
| ( |
|
Purchase of treasury stock |
| ( |
|
| ( |
|
|
|
|
|
|
|
|
Net cash used in financing activities |
| ( |
|
| ( |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
| ( |
|
|
| |
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
| ( |
|
| ( |
|
|
|
|
|
|
|
|
Cash and cash equivalents - beginning of period |
|
|
|
| ||
|
|
|
|
|
|
|
Cash and cash equivalents - end of period | $ |
| $ |
| ||
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
Interest | $ |
| $ |
| ||
Income taxes | $ |
| $ |
| ||
See notes to condensed consolidated financial statements.
Page 7 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. | Significant Accounting Policies: |
The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine- month periods ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026.
The condensed consolidated balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
For further information, refer to the consolidated financial statements and footnotes thereto included in our annual report on Form 10-K for the year ended December 31, 2025.
Accounts Receivable
Accounts receivable represents payments due to the Company for previously recognized net sales reduced by allowances for credit losses and customer deductions totaling $
Inventories
Inventories, including promotional merchandise, only include inventory considered saleable or usable in future periods, and are stated at the lower of cost and net realizable value, with cost being determined using an average cost method which approximates first-in, first-out (“FIFO”). Cost components include raw materials, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers.
Income Taxes
Our consolidated effective tax rate was
Page 8 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
Correction of Immaterial Misstatements in Financial Statements
During the second quarter of 2026, the Company corrected an immaterial misclassification in the presentation of equity related to Interparfums SA share-based compensation. The correction resulted in a $
Reclassifications
Certain prior year amounts in the accompanying consolidated statement of cash flows and notes to consolidated financial statements have been reclassified to conform with current period presentation.
2. | Recent Agreements: |
Roberto Cavalli
In 2023, Roberto Cavalli and the Company signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the Roberto Cavalli and Just Cavalli brands until
PUMA
In March 2026, we entered into a
Nautica
In January 2026, we entered into a
David Beckham
In January 2026, we entered into a
GUESS
In 2018, GUESS?, Inc. and the Company signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the GUESS brand until
Page 9 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
Longchamp
In July 2025, we announced that our majority owned French subsidiary, Interparfums SA, signed an exclusive license agreement with Longchamp, a Parisian Maison, through
Annick Goutal
In March 2025, we announced that our majority owned French subsidiary, Interparfums SA, acquired all intellectual property rights relating to Goutal Paris held by Amorepacific Europe. In January 2026, Interparfums SA began commercial use of the fragrance brand.
Coach
In 2015, Coach and Interparfums SA signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the Coach brand until September 30, 2026. In March 2025, the license agreement was renewed for an additional
Abercrombie & Fitch and Hollister
The Abercrombie & Fitch and Hollister fragrance license agreement will expire on
3. | Recent Accounting Pronouncements: |
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. The ASU requires, among other things, more detailed disclosures about types of expenses in commonly presented expense captions such as cost of sales and selling, general and administrative expenses and is intended to improve the disclosures about an entity's expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU 2024-03 will also require the Company to disclose both the amount and the Company's definition of selling expenses. The guidance, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods for fiscal years beginning after December 15, 2027, on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our disclosures.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance makes targeted amendments to the hedge accounting model to better align the accounting with an entity’s risk management activities and to clarify the application of certain hedge accounting requirements. The amendments are effective for the Company for fiscal years beginning after December 15, 2026, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its hedge accounting policies and disclosures; however, the Company does not expect adoption to have a material impact on its consolidated financial position, results of operations, or cash flows.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This update clarifies the applicability, form and content, and interim disclosure requirements in ASC Topic 270 and enhances navigability of the interim reporting guidance. ASU 2025-11 also establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact ASU 2025-11 will have on its interim consolidated financial statements.
There are no other recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.
Page 10 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
4. | Inventories: |
Inventories, net of reserves, consist of the following:
(in thousands): | September 30, 2026 |
| December 31, 2025 |
| ||
Raw materials and component parts | $ |
| $ |
| ||
Finished goods |
|
|
|
| ||
|
|
|
|
|
|
|
| $ |
| $ |
| ||
5. | Fair Value Measurement: |
The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.
|
|
|
|
| Fair Value Measurements at September 30, 2026 |
| ||||||
|
| Total |
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
| Significant Other Observable Inputs (Level 2) |
|
| Significant Unobservable Inputs (Level 3) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments | $ |
| $ |
| $ |
| $ |
| ||||
Interest rate swaps |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets | $ |
| $ |
| $ |
| $ |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps | $ |
| $ |
| $ |
| $ |
| ||||
Foreign currency forward exchange contracts not accounted for using hedge accounting |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities | $ |
| $ |
| $ |
| $ |
| ||||
|
|
|
|
| Fair Value Measurements at December 31, 2025 |
| ||||||
|
| Total |
|
| Quoted Prices in Active Markets for Identical Assets |
|
| Significant Other Observable Inputs |
|
| Significant Unobservable Inputs |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments | $ |
| $ |
| $ |
| $ |
| ||||
Interest rate swaps |
|
|
|
|
|
|
|
| ||||
Foreign currency forward exchange contracts not accounted for using hedge accounting |
|
|
|
|
|
|
|
| ||||
Foreign currency forward exchange contracts accounted for using hedge accounting |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets | $ |
| $ |
| $ |
| $ |
| ||||
The carrying amount of cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued expenses approximate fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value.
Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps is the discounted net present value of the swaps using third party quotes from financial institutions.
Page 11 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
6. | Financial Instruments: |
Fair Value Hedges (Derivative Financial Instruments)
The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, we determine that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference, which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For contracts designated as hedges that are no longer deemed highly effective, hedge accounting is discontinued, and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings.
In December 2022, to finance the acquisition of the Lacoste trademark, the Company entered into a €
In connection with the April 2021 acquisition of the office building complex in Paris, €
Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income. We recorded a gain of $
All derivative instruments are reported as either assets or liabilities on the consolidated balance sheet measured at fair value. The fair value of interest rate swaps includes a liability position, which is included in long-term debt on the accompanying consolidated balance sheet, and an asset position, which is included in other current assets and other assets on the accompanying balance sheet. The fair value of foreign currency forward exchange contracts at September 30, 2026, resulted in a net liability and is included in accrued expenses on the accompanying consolidated balance sheet.
At September 30, 2026 and December 31, 2025, the Company had foreign currency contracts in the form of forward exchange contracts with notional amounts of approximately USD $
Net Investment Hedges (Non-Derivative Financial Instruments)
The Company is exposed to foreign currency risk associated with its net investment in certain foreign operations. The Company uses euro-denominated borrowings to manage a portion of the foreign currency exposure associated with its net investment in Interparfums SA ("IPSA"), whose functional currency is the euro.
As of September 30, 2026, the Company had €
Foreign currency transaction gains and losses attributable to the qualifying designated borrowings are recognized in the cumulative translation adjustment component of accumulated other comprehensive income rather than in current-period earnings. Such amounts remain in accumulated other comprehensive income until the applicable reclassification requirements associated with the hedged net investment are met.
For the three and nine months ended September 30, 2026, the Company recognized $
Page 12 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
7. | Debt: |
Loans Payable - Banks
The Company and its domestic subsidiaries have credit lines totaling $
The Company and its domestic subsidiaries have credit lines totaling $
Borrowings outstanding pursuant to these lines of credit were
The Company’s foreign subsidiaries have available credit lines totaling approximately $
The weighted average interest rate on these short-term borrowings was
Long-Term Debt
Long-term debt consists of the following:
| September 30, 2026 |
| December 31, 2025 | ||
$ | $ |
| $ | ||
$ |
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| ||
$ |
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| ||
$ |
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$ |
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| ||
$ |
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| ||
$ |
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| ||
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| ||
Less current maturities |
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| ||
Total | $ |
| $ | ||
On August 12, 2026, the Company entered into a €
Page 13 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
During the availability period, the facility operates as a delayed-draw credit facility. Borrowings bear interest at variable rates based on
In connection with obtaining the financing, the Company incurred approximately €
As of September 30, 2026, the Company had drawn €
In June 2025, IPSA entered into a $
In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $
In April 2021, to finance the acquisition of Interparfums SA’s corporate headquarters, the Company entered into a $
Page 14 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
8. | Commitments and Contingencies: |
Leases
The Company leases its offices and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material finance leases. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.
In determining the lease term and measurement of the right-of-use asset and lease liability, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend or terminate, depending on the lease. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company uses its incremental borrowing rate based on information available at the lease commencement date and the location of the underlying lease, to determine the present value of lease payments.
As of September 30, 2026, the weighted-average remaining lease term was
IEEPA Tariffs
On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. On March 4, 2026, the Court of International Trade ordered U.S. Customs and Border Protection to begin refunding tariffs imposed under IEEPA.
The Company submitted claims totaling approximately $
Interest associated with IEEPA tariffs of $
Share Repurchase
In July 2026, the Board of Directors of our Company authorized a share repurchase program to purchase outstanding shares in either our Company or its non-wholly owned subsidiary, Interparfums SA, which has its shares traded on the Euronext under the symbol “ITP,” or both. During the third quarter of 2026, the Company invested approximately $
Page 15 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
9. | Earnings per Share: |
Net income attributable to Interparfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Interparfums, Inc. by the weighted average number of shares outstanding. Net income attributable to Interparfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method.
The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
Numerator: |
|
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|
Net income attributable to Interparfums, Inc. | $ |
| $ |
| $ |
| $ |
| ||||
Denominator: |
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|
Weighted average shares |
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| ||||
Effect of dilutive securities: |
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|
Stock options |
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Denominator for diluted earnings per share |
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Earnings per share: |
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Net income attributable to |
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Interparfums, Inc. common shareholders: |
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|
Basic | $ |
| $ |
| $ |
| $ |
| ||||
Diluted | $ |
| $ |
| $ |
| $ |
| ||||
Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase
10. | Accrued Expenses |
Accrued expenses consist of the following:
|
| September 30, 2026 |
| December 31, 2025 |
| ||
Advertising liabilities |
| $ |
| $ |
| ||
Salary (including bonus and related taxes) |
|
|
|
|
| ||
Royalties |
|
|
|
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| ||
Due vendors (not yet invoiced) |
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Retirement reserves |
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| ||
Refund (return) liability |
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Other |
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| ||
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| $ |
| $ |
| ||
Page 16 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
11. | Revenue Recognition: |
Disaggregation of net sales by the Company’s geographic regions is as follows:
| Three Months Ended September 30, |
| Nine Months Ended September 30, |
| ||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 |
| ||||
Net sales by region: |
|
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|
North America | $ |
| $ |
| $ |
| $ |
| ||||
Western Europe |
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| ||||
Asia/Pacific |
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Central and South America |
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Eastern Europe |
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| ||||
Middle East and Africa |
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| ||||
| $ |
| $ |
| $ |
| $ |
| ||||
Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we license the Jimmy Choo, Coach, Montblanc, GUESS, Lacoste, Donna Karan/DKNY, and Ferragamo brand names. As a percentage of net sales, product sales for the Company’s largest brands were as follows:
|
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||
|
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||
Jimmy Choo |
| % |
| % |
| % |
| % | ||||
Coach |
| % |
| % |
| % |
| % | ||||
Montblanc |
| % |
| % |
| % |
| % | ||||
GUESS |
| % |
| % |
| % |
| % | ||||
Lacoste |
| % |
| % |
| % |
| % | ||||
Donna Karan/DKNY |
| % |
| % |
| % |
| % | ||||
Ferragamo |
| % |
| % |
| % |
| % | ||||
For the nine months ended September 30, 2026 and 2025, Macy's, our top retail customer, accounted for approximately
Page 17 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
12. | Segment Reporting: |
The Company manufactures and distributes
Information on the Company’s operations by segments is as follows:
| Three Months Ended September 30, 2026 |
| Nine Months Ended September 30, 2026 |
| ||||||||||||||||||||
| United States based operations |
| European based operations |
| Corporate/ Eliminations (a) |
| Total |
| United States based operations |
| European based operations |
| Corporate/ Eliminations (a) |
| Total |
| ||||||||
Net sales: | $ |
| $ |
| $ | ( |
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| ||||||
Less: (b) |
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Cost of Sales |
|
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| ( |
|
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| ( |
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| ||||
Segment gross margin |
|
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| ( |
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| ( |
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| ||||||
Less: (b) |
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Advertising and Promotion |
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| ||||||
Employee Related costs |
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| ||||||
Royalties |
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| ||||||
Other segment items (c) |
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| ||||||
Segment income from operations | $ |
| $ |
| $ | ( |
| $ |
| $ |
| $ |
| $ | ( |
| $ |
| ||||||
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Reconciliation: |
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Interest Expense |
|
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| ||
Loss (gain) on foreign currency |
|
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|
| ( |
|
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|
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|
|
|
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|
| ( |
|
Interest and investment income |
|
|
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|
|
|
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|
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| ( |
|
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|
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|
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| ( |
|
Other (income) expense |
|
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| ||
Income before taxes |
|
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| $ |
|
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|
|
|
|
|
| $ |
| ||
Page 18 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
| Three months ended September 30, 2025 |
| Nine months ended September 30, 2025 |
| ||||||||||||||||||||
| United States based operations |
| European based operations |
| Corporate/ Eliminations (a) |
| Total |
| United States based operations |
| European based operations |
| Corporate/ Eliminations (a) |
| Total |
| ||||||||
Net sales: | $ |
| $ |
|
| ( |
| $ |
| $ |
| $ |
|
| ( |
| $ |
| ||||||
Less: (b) |
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Cost of Sales |
|
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| ( |
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| ( |
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| ||||
Segment gross margin |
|
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| ( |
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| ( |
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Less: (b) |
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Advertising and Promotion |
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| ||||||
Employee Related costs |
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| ||||||
Royalties |
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| ||||||
Other segment items (c) |
|
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| ||||||
Segment income from operations | $ |
| $ |
|
| ( |
| $ |
| $ |
| $ |
|
| ( |
| $ |
| ||||||
|
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Reconciliation: |
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Interest Expense |
|
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| ||
Loss (gain) on foreign currency |
|
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| ||
Interest and investment income |
|
|
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|
|
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| ( |
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|
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| ( |
|
Other (income) expense |
|
|
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| ( |
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| ( |
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Income before taxes |
|
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| $ |
|
|
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|
|
|
|
|
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| $ |
| ||
(a) | Corporate/Eliminations is not an operating segment and represents the elimination of intercompany sales and cost of sales related to products sold between the Company’s European-based and United States-based operations. |
(b) | |
(c) |
Page 19 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
Other segment disclosures:
| Three Months Ended September 30, |
| Nine Months Ended September 30, |
| ||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 |
| ||||
Net income attributable to Interparfums, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
|
| ||||
Corporate/Eliminations |
| ( |
|
| ( |
|
| ( |
|
| ( |
|
| $ |
| $ |
| $ |
| $ |
| ||||
Depreciation and amortization expense: |
|
|
|
|
|
|
|
|
|
|
|
|
United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
|
| ||||
| $ |
| $ |
| $ |
| $ |
| ||||
Interest and investment income (loss): |
|
|
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|
|
|
|
|
|
|
|
|
United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
| ( |
| |||
| $ |
| $ |
| $ |
| $ |
| ||||
Interest expense: |
|
|
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|
|
|
|
|
|
|
|
|
United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
|
| ||||
Corporate/Eliminations |
|
|
|
|
|
|
|
| ||||
| $ |
| $ |
| $ |
| $ |
| ||||
Income tax expense: |
|
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United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
|
| ||||
Eliminations |
| ( |
|
| ( |
|
| ( |
|
| ( |
|
| $ |
| $ |
| $ |
| $ |
| ||||
Additions to long-lived assets(a): |
|
|
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|
|
|
|
|
|
United States | $ |
| $ |
| $ |
| $ |
| ||||
Europe |
|
|
|
|
|
|
|
| ||||
| $ |
| $ |
| $ |
| $ |
| ||||
(a)
| September 30, 2026 |
| December 31, 2025 |
| ||
Total assets: |
|
|
|
|
|
|
United States | $ |
| $ |
| ||
Europe |
|
|
|
| ||
Eliminations |
| ( |
|
| ( |
|
| $ |
| $ |
| ||
13. | Subsequent Events: |
|
|
Management has evaluated subsequent events through the date the financial statements were available to be issued and determined that no subsequent events requiring disclosure have occurred.
Page 20 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Item 2: | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Forward-Looking Information
Statements in this report which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and “Risk Factors” in Interparfums’ annual report on Form 10-K for the fiscal year ended December 31, 2025, and the reports Interparfums files from time to time with the Securities and Exchange Commission (“SEC”). Interparfums does not intend to and undertakes no duty to update the information contained in this report.
Overview
We operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European based operations through our 74% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 26% of Interparfums SA shares trade on the Euronext.
We produce and distribute fragrance products through our European based operations primarily under license agreements with brand owners, and European based fragrance product sales represented approximately 70% of net sales for the nine months ended September 30, 2026 and 2025. We have built a portfolio of prestige brands, which include Annick Goutal, Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Lanvin, Longchamp, Moncler, Montblanc, Off-White, Rochas, Solférino and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world.
Through our United States based operations, we also produce and distribute fragrance and fragrance related products. United States based operations represented 30% of net sales for the nine months ended September 30, 2026 and 2025, respectively. These fragrance products are sold primarily pursuant to license or other agreements with the owners of the Abercrombie & Fitch, Anna Sui, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, PUMA, and Roberto Cavalli brands.
Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we license the Coach, Jimmy Choo, Montblanc, GUESS, Lacoste, Donna Karan/DKNY, and Ferragamo brand names.
As a percentage of net sales for the nine months ended September 30, 2026 and 2025, product sales for the Company’s largest brands represented 82% and 78%, respectively, with a split by brand as follows:
|
| Nine Months Ended September 30, |
| ||||
|
| 2026 |
| 2025 |
| ||
Jimmy Choo |
| 19 | % |
| 18 | % |
|
Coach |
| 18 | % |
| 16 | % |
|
Montblanc |
| 16 | % |
| 15 | % |
|
GUESS |
| 12 | % |
| 11 | % |
|
Lacoste |
| 7 | % |
| 8 | % |
|
Donna Karan/DKNY |
| 6 | % |
| 6 | % |
|
Ferragamo |
| 4 | % |
| 4 | % |
|
Page 21 |
INTERPARFUMS, INC. AND SUBSIDIARIES
For the nine months ended September 30, 2026 and 2025, Macy's, our top retail customer, accounted for approximately 11% and 10% of net sales, respectively.
Quarterly sales fluctuations are influenced by the timing of new product launches as well as the third and fourth quarter holiday season. In certain markets where we sell directly to retailers, seasonality is more evident. We primarily sell directly to retailers in France, the United States, Italy, and Korea.
We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, through new licenses or other arrangements, or outright acquisitions of brands. Second, we grow through the introduction of new products and by supporting new and established products through advertising, merchandising and sampling, as well as phasing out underperforming products, so that we can devote greater resources to those products with greater potential. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year. The introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning.
Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source the components we need from our suppliers. These components are received and stored directly at our third party fillers or received at one of our distribution centers. For those components received at one of our distribution centers, based upon production needs, the components are subsequently sent to one of several third party fillers, which manufacture the finished product for us and then deliver them to one of our distribution centers.
As with any global business, many aspects of our operations are subject to influences outside our control. We believe we have a strong and well diversified brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share.
Our reported net sales are impacted by changes in foreign currency exchange rates as approximately 50% of net sales of our European based operations are denominated in U.S. dollars, while almost all costs of our European based operations are incurred in euro. We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments and primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates.
Recent Important Events
Please see our discussion of Recent Important Events, which is incorporated by reference to Note 2 to the Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Discussion of Critical Accounting Policies
Information regarding our critical accounting policies can be found in our 2025 Annual Report on Form 10-K filed with the SEC.
Page 22 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Results of Operations
Three and Nine Months Ended September 30, 2026 as Compared to the Three and Nine Months Ended September 30, 2025
Net Sales:
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
| ||||||||||||||
(in millions) | 2026 |
| 2025 |
| % Change |
|
| 2026 |
| 2025 |
| % Change |
|
| ||||||
|
|
|
|
|
|
| ||||||||||||||
European based product sales | $ | 305.9 |
| $ | 295.2 |
|
| 4 | % |
| $ | 789.2 |
| $ | 783.6 |
|
| 1 | % |
|
United States based product sales |
| 127.3 |
|
| 137.2 |
|
| (7) | % |
|
| 336.2 |
|
| 327.3 |
|
| 3 | % |
|
Eliminations |
| (3.7) |
|
| (2.8) |
|
| n/a |
|
|
| (10.0) |
|
| (8.5) |
|
| n/a |
|
|
| $ | 429.5 |
| $ | 429.6 |
|
| (0) | % |
| $ | 1,115.4 |
| $ | 1,102.3 |
|
| 1 | % |
|
*n/a = not applicable
Net sales for the three months ended September 30, 2026 remained flat compared to the three months ended September 30, 2025. The average dollar/euro exchange rate for the current third quarter was 1.15 compared to 1.17 in the third quarter of 2025, resulting in a negative foreign exchange impact on net sales of 0.4% in the three months ended September 30, 2026 as compared to the prior year period. Net sales for the nine months ended September 30, 2026 increased 1% as compared to the nine months ended September 30, 2025. The average dollar/euro exchange rate for the first nine months of 2026 was 1.16 compared to 1.12 in the first nine months of 2025, resulting in a positive foreign exchange impact on net sales of 2% in the nine months ended September 30, 2026 as compared to the prior year period. Sales by European based operations were especially strong, which helped to offset weaker performance by United States based operations following an exceptional period of growth in the second quarter 2026. The ongoing war in the Middle East represented a headwind of 1% and 2% in the third quarter and first nine months of 2026, respectively.
For European based operations, sales in the three months ended September 30, 2026 increased 4%, compared to the corresponding period of the prior year, reflecting organic growth of 3% and a 1% contribution from new brands, partially offset by a 1% foreign exchange headwind. Coach fragrances have delivered outstanding performance so far in 2026, with sales rising by 23% and 15% during the third quarter and first nine months of 2026, respectively. The brand continues to benefit from its immense popularity in the United States, the strength of the established women’s and men’s lines, and the success of the two new line extensions launched earlier this year. Montblanc fragrance sales returned to growth, increasing 12% in the third quarter after flat second quarter sales, producing 8% growth for the first nine months of 2026, driven by the success of Montblanc Legend Elixir and Montblanc Explorer Infinite, launched in the first and third quarters, respectively. Jimmy Choo fragrance sales rose 1% in the third quarter of 2026, leading to 5% growth in the first nine months of 2026. The brand’s sustained performance was driven by the continued success of the I Want Choo and Jimmy Choo Man franchises, supported by several line extensions launched over the past twelve months, including I Want Choo Midnight, which launched in the third quarter. Lacoste fragrance sales returned to growth in the third quarter, rising 4%, driven by Original Intense, the newest women’s launch in the Original franchise. This improvement followed a challenging first half of 2026, which reflected a strong prior-year comparison due to strong innovation and softer conditions in Eastern Europe, where the brand has a strong presence. While year-to-date sales declined 9%, the third-quarter performance is encouraging as we look ahead to major developments planned for 2027 and beyond.
For United States based operations, sales in the three months ended September 30, 2026 decreased 7% compared to the corresponding period of the prior year, driven largely by supply chain disruptions that resulted in the delayed shipment of giftsets for select brands. These delays represented approximately $10 million in sales, which will now be recognized in the fourth quarter. Excluding this impact, sales would have been flat. Year-to-date sales grew 3% in 2026, driven by 2% organic growth and a favorable foreign exchange impact of 1%. Excluding the impact of the delayed giftset shipments, sales would have increased 6%. Fragrance sales of GUESS, our largest United States based brand, rose by 3% and 7% during the third quarter and first nine months of 2026, respectively. Growth was driven by the continuing success of the Iconic franchise which was enhanced by the launches of two new extensions earlier this year, as well as extensions launched for the Amore and Seductive franchises. Donna Karan/DKNY fragrance sales declined 9% during the third quarter following double digit growth in the second quarter of 2026. The third quarter sales decline was driven by innovation phasing and giftset shipment delays. Brand sales grew 4% in the first nine months of the year. Ferragamo fragrance sales declined 22% in the third quarter due to innovation phasing but were only down 2% on a year-to-date basis. The brand was impacted by challenging market conditions in Europe, which is the core region for the brand. Roberto Cavalli fragrance sales increased 4% and 6% during the third quarter and first nine months of 2026, respectively, despite a difficult macro-economic environment in the Middle East, the brand’s largest market, and exceptionally high prior year growth comparisons. The brand’s growth this year has been driven by the enduring popularity of last year’s blockbuster Serpentine launch, as well as brand extensions released earlier in 2026, and the partnership with Kiko Milano.
Our global brand portfolio and diverse fragrances enable us to reach a wide range of consumers and pursue multiple avenues for growth, with strength across key brands and markets helping to offset softer demand elsewhere. We are aligning our product offerings and commercial strategies with evolving consumer preferences. We are investing in our future with expanded partnerships and new exclusive license agreements, while preparing for a promising 2026 holiday season and an exciting 2027, driven by a series of blockbuster launches and new brand additions. While some aspects of the market environment remain challenging, we are encouraged by the trajectory of our business and maintain a measured but positive outlook for the balance of the year, 2027 and beyond.
Page 23 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Net Sales to Customers by Region (In millions) | Nine Months Ended September 30, |
| ||||
| 2026 |
| 2025 |
| ||
|
|
|
|
|
|
|
North America | $ | 433.0 |
| $ | 414.8 |
|
Western Europe |
| 280.8 |
|
| 288.5 |
|
Asia/Pacific |
| 158.2 |
|
| 140.8 |
|
Central and South America |
| 111.5 |
|
| 99.6 |
|
Eastern Europe |
| 68.9 |
|
| 81.1 |
|
Middle East and Africa |
| 63.0 |
|
| 77.5 |
|
| $ | 1,115.4 |
| $ | 1,102.3 |
|
In the nine months ended September 30, 2026, net sales in our largest market, North America, rose 4% as compared to the prior year period, driven by continued market growth, the launch of several extensions, particularly for Coach, as well as successful marketing and advertising investments. Sales in Western Europe declined 3% due to slower consumer demand, particularly in Germany and France. Our sales in Asia/Pacific increased by 12% driven by brand initiatives with Coach and Jimmy Choo and expansion of Ferragamo and GUESS. Our new affiliate in Korea is off to a strong start, and after sluggish sales over the past few years, the business is growing again in 2026. Central and South America net sales increased 12% due to the success of women’s and men’s Coach franchises and the strength of the Montblanc Legend line as well as robust growth from Jimmy Choo. Our net sales in Eastern Europe decreased 15% in the nine months ended September 30, 2026 as compared to the prior year period driven by operational difficulties in certain countries, which disproportionately impacted Lanvin and Lacoste. The war in the Middle East has again led to a significant decline in our sales in the Middle East and Africa Region that was down 19%, weighing significantly on our overall results.
Gross Profit Margin (in millions) | Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
| ||||||||||
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
| ||||
|
|
|
|
|
|
| ||||||||||
European based operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales | $ | 305.9 |
|
| $ | 295.2 |
|
| $ | 789.2 |
|
| $ | 783.6 |
|
|
Cost of sales |
| 89.5 |
|
|
| 100.4 |
|
|
| 246.8 |
|
|
| 262.0 |
|
|
Gross margin | $ | 216.4 |
|
| $ | 194.8 |
|
| $ | 542.4 |
|
| $ | 521.7 |
|
|
Gross margin as a % of net sales |
| 70.8 | % |
|
| 66.0 | % |
|
| 68.7 | % |
|
| 66.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States based operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales | $ | 127.3 |
|
| $ | 137.2 |
|
| $ | 336.2 |
|
| $ | 327.3 |
|
|
Cost of sales |
| 53.2 |
|
|
| 57.4 |
|
|
| 136.0 |
|
|
| 134.0 |
|
|
Gross margin | $ | 74.1 |
|
| $ | 79.7 |
|
| $ | 200.2 |
|
| $ | 193.2 |
|
|
Gross margin as a % of net sales |
| 58.2 | % |
|
| 58.1 | % |
|
| 59.5 | % |
|
| 59.0 | % |
|
The Company’s gross profit margin as a percentage of net sales was 67.1% and 66.0% for the three and nine months ended September 30, 2026, as compared to 63.5% and 64.4% for the corresponding period of the prior year. The increase was the result of favorable segment, brand and channel mix as well as lower destruction costs of $9.6 million. These were partially offset by tariff impacts which represented an additional expense of $11.9 million in the nine months ended September 30, 2026 as compared to the prior year period. Furthermore, as of September 30, 2026, the company has received $17.3 million in IEEPA tariff refunds, of which $14.8 million have been recognized as a non-recurring reduction in cost of sales and $1.0 million in selling, general, and administrative expenses. Overall, the Company is not expecting any material additional refunds, however, there is still $1.4 million of unrealized tariff refunds that will mostly make their way into cost of sales in the fourth quarter.
For European based operations, gross profit margin as a percentage of net sales was 70.8% and 68.7% for the three and nine months ended September 30, 2026, as compared to 66.0% and 66.6% for the corresponding period of the prior year, respectively. The increase in the nine months ended September 30, 2026, was the result of price increases, favorable brand and channel mix, lower year- over-year destruction costs of $6.1 million, as well as $9.6 million of IEEPA tariff refunds. These were partially offset by tariffs, which represented an additional expense of $7.3 million in the nine months ended September 30, 2026 as compared to the prior year period.
Page 24 |
INTERPARFUMS, INC. AND SUBSIDIARIES
For United States based operations, gross profit margin as a percentage of net sales was 58.2% and 59.5% for the three and nine months ended September 30, 2026 respectively, as compared to 58.1% and 59.0% for the corresponding period of the prior year. Tariff refunds representing $5.2 million as well as lower than expected destructions helped offset unfavorable channel and product mix impacts as well as higher ongoing tariff costs.
Generally, we do not bill customers for shipping and handling costs, which are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company’s gross profit may not be comparable to other companies, which may include these expenses as a component of cost of goods sold.
Selling, General and Administrative Expenses (in millions) | Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
|
| ||||||||||
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
| ||||
European based operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses | $ | 115.7 |
|
| $ | 109.8 |
|
| $ | 344.8 |
|
| $ | 321.7 |
|
|
Selling, general and administrative expenses as a percent of net sales |
| 37.8 | % |
|
| 37.2 | % |
|
| 43.7 | % |
|
| 41.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States based operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses | $ | 54.6 |
|
| $ | 54.5 |
|
| $ | 150.6 |
|
| $ | 145.4 |
|
|
Selling, general and administrative expenses as a percent of net sales |
| 42.9 | % |
|
| 39.7 | % |
|
| 44.8 | % |
|
| 44.4 | % |
|
The Company’s selling, general and administrative expenses as a percentage of net sales were 39.7% and 44.4% for the three and nine months ended September 30, 2026 as compared to 38.2% and 42.4% for the three and nine months ended September 30, 2025. The increase in selling, general and administrative expenses as a percentage of net sales for the quarter and for the first nine month period resulted from higher employee related costs, unfavorable royalty brand mix impacts and higher logistics costs due to supply chain transitions and higher costs of transportation. For the nine-month period, the increase was also driven by higher marketing investments.
For European based operations, selling, general and administrative expenses increased 5.4% and 7.2% for the three and nine months ended September 30, 2026, respectively as compared to the corresponding period of the prior year, and represented 37.8% and 43.7% of net sales for the three and nine months ended September 30, 2026, as compared to 37.2% and 41.1% for the three and nine months ended September 30, 2025. The increase in expenses for both periods was largely driven by Royalty costs growing ahead of sales due to unfavorable brand mix. Employee related costs expanded as we are building up our Korean subsidiary, and we also saw higher logistics costs related to supply chain transitions and rising fuel costs. Marketing expenses also grew ahead of sales for the nine month period driven by product launch timing. For United States based operations, selling, general and administrative expenses were flat in the quarter and increased 3.6% for nine months ended September 30, 2026, and represented 42.9% and 44.8% of net sales for the three and nine months ended September 30, 2026, as compared to 39.7% and 44.4% for the three and nine months ended September 30, 2025. SG&A as a percentage is up in the third quarter, driven by lower fixed cost absorption due to lower sales. SG&A was also impacted by unfavorable brand mix on royalties and higher logistics costs due to supply chain transitions and rising fuel costs.
Promotion and advertising included in selling, general and administrative expenses aggregated $64.9 million and $193.7 million for the three and nine months ended September 30, 2026, respectively, as compared to $65.5 million and $185.9 million for the corresponding period of the prior year and represented 15.1% and 17.4% of net sales for the three and nine months ended September 30, 2026, respectively, as compared to 15.3% and 16.9% for the corresponding period of the prior year. Promotion and advertising are integral parts of our industry, and we continue to invest heavily to support new product launches, new brands and to build brand awareness. We believe that our promotion and advertising efforts have a beneficial effect on sales, and as such, the Company is focused on increasing promotional and advertising spending to support the continued success of our brands. We are reinvesting the tariff refunds in order to protect our top line growth and set ourselves up for a successful 2027, as such, we anticipate that on a full year basis, promotion and advertising expenditures will approach our long-term target of approximately 21% of net sales.
Page 25 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Royalty expense included in selling, general and administrative expenses aggregated $36.7 million and $99.5 million for the three and nine months ended September 30, 2026, respectively, as compared to $34.7 million and $90.5 million for the corresponding period of the prior year. Royalty expense represented 8.6% and 8.9% of net sales for the three and nine months ended September 30, 2026 as compared to 8.1% and 8.2% of net sales for the corresponding periods of the prior year. This increase was primarily driven by unfavorable brand mix.
Income from Operations
As a result of the above analysis regarding net sales, gross profit margins and selling, general and administrative expenses, our operating margins aggregated 27.4% and 21.6% for the three and nine months ended September 30, 2026, respectively, as compared to 25.3% and 22.0% for the corresponding period of the prior year.
Other Income and Expense
Overall, other income and expense for the nine months ended September 30, 2026, was effectively nil as compared to a loss of $7.7 million in the corresponding prior year period. The main drivers of the change are discussed in more detail below. These include the positive impact of the change in foreign currency where we recognized a gain of $0.2 million in the first nine months of 2026 compared to a loss of $4.6 million in the first nine months of 2025. The improvement also reflected a $3.1 million increase in interest income earned on cash and cash equivalents and short-term investments due to one-time loss of $2.5 million in 2025. Additionally, interest expense on borrowings decreased by $1.1 million.
Interest expense is primarily related to the financing of brand and licensing acquisitions, as well as our headquarters in Paris and our share repurchase program. Long-term debt including current maturities aggregated $190.5 million and $176.0 million as of September 30, 2026 and December 31, 2025, respectively. Interest expense was $4.1 million in the nine months ended September 30, 2026 compared to $5.1 million in the prior year period.
We enter into foreign currency forward exchange contracts to manage exposure related to receivables from unaffiliated third parties denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Approximately 50% of net sales of our European based operations are denominated in U.S. dollars. Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying consolidated income statements. Such gains and losses were immaterial in the three and nine months ended September 30, 2026 and 2025.
Interest and investment income represents interest earned on cash and cash equivalents and short-term investments and realized and unrealized gains and losses on marketable equity securities. Interest income was $4.6 million in the nine months ended September 30, 2026 compared to $4.4 million in the prior year period. Additionally, results benefited from $2.3 million decrease in losses on marketable equity securities, from $2.5 million in the first nine months of 2025 compared to $0.2 million loss in the first nine months of 2026.
Income Taxes
Our consolidated effective tax rate was 24.6% and 23.5% for the nine months ended September 30, 2026 and 2025, respectively. The Company's effective income tax rate is primarily affected by the geographic mix of earnings among jurisdictions with different statutory tax rates, the benefit associated with the Foreign-Derived Intangible Income ("FDII") deduction, excess tax benefits related to stock-based compensation, state income taxes, and other permanent differences recognized during the period. These items collectively result in the Company's effective tax rate differing from the U.S. federal statutory rate. The Company does not have a jurisdictional tax forecast but uses a forecasted tax rate by segment to validate the quarterly effective tax rate. The effective tax rate for our European based operations was 25.5% and 24.4% for the nine months ended September 30, 2026 and 2025, respectively. The increase in taxes resulted from a $3 million favorable outcome to our mutual agreement procedure between the French and United States tax authorities in 2025 in which we were able to reclaim the tax assessment paid in France in 2023. The gain was offset by a $1 million one-time tax assessment included in the tax expense as a result of a tax audit conducted for the 2022 and 2023 tax years. The effective tax rate for United States based operations was 20.3% for the nine months ended September 30, 2026, as compared to 20.0% for the corresponding period of the prior year. Our effective tax rate for United States based operations differs from the 21% statutory rate in the United States as it is a blended rate across multiple jurisdictions, and takes into account benefits received from the exercise of stock options as well as deductions we are allowed for a portion of our foreign-derived deduction-eligible income, slightly offset by state and local taxes. Other than as discussed above, we did not experience any significant changes in tax rates, and none were expected in jurisdictions where we operate. We also did not have any material discreet tax items this quarter nor significant changes in uncertain tax positions, valuation allowances, tax examinations, or enacted law changes. The Company was notified in June 2026 by the Internal Revenue Service that the Company will undergo an audit for the 2024 tax year. As of September 30, 2026, the examination was ongoing. In addition, the Company’s Italian subsidiary is currently undergoing an examination by the Italian tax authorities for the 2023 tax year.
Page 26 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Net Income
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
|
(in thousand USD) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to European based operations | $ | 75,244 |
| $ | 63,726 |
| $ | 147,893 |
| $ | 144,590 |
|
Net income attributable to United States based operations |
| 15,505 |
|
| 20,823 |
|
| 39,384 |
|
| 39,046 |
|
Eliminations |
| (2,573) |
|
| (1,270) |
|
| (5,516) |
|
| (3,757) |
|
Net income |
| 88,176 |
|
| 83,279 |
|
| 181,761 |
|
| 179,879 |
|
Less: Net income attributable to the noncontrolling interest |
| 19,973 |
|
| 17,470 |
|
| 39,705 |
|
| 39,590 |
|
Net income attributable to Interparfums, Inc. | $ | 68,203 |
| $ | 65,809 |
| $ | 142,056 |
| $ | 140,289 |
|
Net income attributable to Interparfums, Inc. was $68.2 million and $142.1 million for the three and nine months ended September 30, 2026, respectively, as compared to $65.8 million and $140.3 million for the corresponding period of the prior year.
Net income attributable to European based operations increased to $75.2 million and $147.9 million for the three and nine months ended September 30, 2026, as compared to $63.7 million and $144.6 million for the corresponding period of the prior year, while net income attributable to United States based operations was $15.5 million and $39.4 million for the three and nine months ended September 30, 2026, as compared to $20.8 million and $39.0 million for the corresponding period of the prior year. The fluctuations in net income for both European based operations and United States based operations are directly related to the previous discussions pertaining to changes in sales, gross margin, and selling, general and administrative expenses.
The noncontrolling interest arises from our 74% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company, as 26% of Interparfums SA shares trade on the Euronext. Net income attributable to the noncontrolling interest is directly related to the profitability of our European based operations and aggregated 27% and 28% of European based operations net income for both the nine months ended September 30, 2026 and 2025, respectively. Net profit margins attributable to Interparfums, Inc. for both the nine months ended September 30, 2026 and 2025 aggregated to 12.7%.
Liquidity and Capital Resources
Our conservative financial tradition has enabled us to amass significant cash balances. As of September 30, 2026, we had $240.2 million in cash, cash equivalents and short-term investments, the majority of which are held in euros by our European based operations and is readily convertible into U.S. dollars. We have not experienced any liquidity issues to date, and do not expect any liquidity issues relating to such cash and cash equivalents and short-term investments.
As of September 30, 2026, working capital aggregated $731 million. Approximately 75% of the Company’s total assets are held by European based operations, and approximately $278 million of trademarks, licenses and other intangible assets are also held by European based operations.
The Company is party to a number of licenses and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2049. In connection with most of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments. See Item 8. Financial Statements and Supplementary Data – Note 11 – Commitments in our 2025 annual report on Form 10-K, which is incorporated by reference herein. Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2025, without consideration for potential renewal periods, and do not reflect the fact that our distributors share our advertising obligations.
The Company hopes to continue to benefit from its strong financial position to potentially acquire one or more brands, either on a proprietary basis or as a licensee. In September 2026, we extended the Roberto Cavalli license for 20 years, extending the license through December 31, 2046. In March 2026, we entered into a 10-year license agreement with PUMA running through December 31, 2037. In January 2026, we entered into long-term global licensing agreements for the creation, development and distribution of fragrances and fragrance related products under the David Beckham and Nautica brands, effective April 1, 2028 and January 1, 2030, respectively. In December 2025, we extended the GUESS license for an additional 15 years, extending the license through December 31, 2048. In July 2025, our majority owned French subsidiary, Interparfums SA, signed an exclusive fragrance license agreement with Longchamp running through December 31, 2036. The first launch under our Longchamp license is expected in 2027. In June 2025, our majority owned French subsidiary, Interparfums SA, acquired all intellectual property rights relating to Maison Goutal held by Amorepacific Europe, which was operating the Annick Goutal brand under an existing license agreement that expired on December 31, 2025, when Interparfums SA began commercial use of the fragrance brand. Additionally, in June 2025, we renewed the Coach license agreement for an additional five-year term, extending the license through June 30, 2031.
Page 27 |
INTERPARFUMS, INC. AND SUBSIDIARIES
Cash provided by operating activities aggregated $102.3 million for the nine months ended September 30, 2026 compared to $68.4 million for the nine months ended September 30, 2025. For the nine months ended September 30, 2026, working capital items used $101.3 million in cash from operating activities, as compared to $133.9 million in the 2025 period. From a cash flow perspective, accounts receivable are up 20% from year end 2025. The balance is reasonable based on 2026 sales levels and seasonality of the business. Days' sales outstanding were up slightly to 90 days for the nine months ended September 30, 2026 compared to 89 days for the nine months ended September 30, 2025. We continue to see strong collection activity and do not anticipate any issues with collections of accounts receivable. From a cash flow perspective, inventory levels as of September 30, 2026 increased 10% from year end 2025 driven by the seasonality of the business. Our inventories are down year over year with $376 million at September 30, 2026 compared to $388 million at September 30, 2025, translating to a reduction of 16 days inventory on hand as we continue to drive inventory efficiencies and work to increase conversion of raw materials into finished goods. Operating cash flow also benefited in the nine months ended September 30 2026 from the receipt of $17.3 million of IEEPA tariff refunds received, as well as $0.6 million of related interest.
Cash flows used in investing activities in 2026 are comprised of the net effect of purchases and sales of short-term investments. These investments consist of certificates of deposit with maturities greater than six months, marketable equity securities and other contracts.
In March 2025, the Company paid approximately $19.7 million for the purchase of the Annick Goutal trademark.
Our business is not capital intensive as we do not own any manufacturing facilities. On a full year basis, what we spend on tools and molds fluctuates depending on our new product development and is typically not material. Capital expenditures also include amounts for office fixtures, computer equipment, and industrial equipment needed at our distribution centers.
Cash flows used in financing activities in 2026 predominately reflect net proceeds of debt, purchase of subsidiary shares from noncontrolling interest and payments of dividends to stockholders.
On August 12, 2026, the Company entered into a €200 million senior secured credit facility with a syndicate of lenders to finance the share repurchase program disclosed in Q2 2026 10-Q and related transaction costs. As of September 30, 2026, the Company had drawn €55.0 million under the facility and had €145.0 million of the remaining borrowing capacity available under the Facility Agreement.
Our short-term financing requirements are expected to be met by available cash on hand at September 30, 2026, and by short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2026 consist of $45 million in unsecured revolving lines of credit provided by a consortium of domestic commercial banks and approximately $9.1 million (€8 million) in credit lines provided by a consortium of international financial institutions. There was $4.0 million of short-term borrowings outstanding pursuant to these facilities as of September 30, 2026 and $9.4 million outstanding as of September 30, 2025.
During the third quarter of 2026, the Company invested approximately $49.5 million to acquire additional shares of Interparfums SA, its Paris-based subsidiary listed on Euronext Paris, under this program, increasing its ownership interest from approximately 72.5% to 74.3%.
In February 2025, our Board of Directors authorized an annual dividend to $3.20 per share, and in 2026 our Board of Directors maintained the annual dividend at $3.20 per share. The next quarterly cash dividend of $0.80 per share is payable on December 31, 2026 to shareholders of record on December 15, 2026.
We believe that funds provided by or used in operations can be supplemented by our present cash position and available credit facilities, so that they will provide us with sufficient resources to meet all present and reasonably foreseeable future operating needs.
Inflation rates in the United States and foreign countries in which we operate did not have a significant impact on operating results for the nine months ended September 30, 2026; however, we have already started to see the impacts of tariffs on our cost structure and had adjusted our pricing accordingly in 2025. We continue to monitor for potential inflationary impacts as our suppliers potentially adjust their pricing as well.
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INTERPARFUMS, INC. AND SUBSIDIARIES
Item 3: | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
General
We address certain financial exposures through a controlled program of risk management that primarily consists of the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign currency exchange rates. We do not engage in the trading of foreign currency forward exchange contracts or interest rate swaps.
Foreign Exchange Risk Management
We periodically enter into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related to future sales expected to be denominated in a currency other than our functional currency. We enter into these exchange contracts for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the receivables and cash flows of Interparfums SA, whose functional currency is the euro. All foreign currency contracts are denominated in currencies of major industrial countries and are with large financial institutions, which are rated as strong investment grade.
All derivative instruments are required to be reflected as either assets or liabilities in the balance sheet measured at fair value. Generally, increases or decreases in fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative is designated and qualifies as a cash flow hedge, then the changes in fair value of the derivative instrument will be recorded in other comprehensive income.
Before entering into a derivative transaction for hedging purposes, we determine that the change in the value of the derivative will effectively offset the change in the fair value of the hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of each hedge throughout the hedged period. Any hedge ineffectiveness is recognized in the income statement.
At September 30, 2026, we had foreign currency contracts in the form of forward exchange contracts of approximately USD $42 million with maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such financial institutions is remote.
Interest Rate Risk Management
We mitigate interest rate risk by monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate debt should be swapped for fixed rate debt.
Item 4. | CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Please see Item 9A. Controls and Procedures, “Evaluation of Disclosure Controls and Procedures” and “Remediation Plan,” as contained in our 2025 annual report on Form 10-K as filed with the SEC (“2025 Annual Report”), which are incorporated by reference in this quarterly report. As stated in our 2025 Annual Report, we believe that the actions set forth under “Remediation Plan,” will collectively remediate the material weaknesses identified. During the third quarter of 2026, management continued to execute its remediation plan, including business process walkthroughs and control design assessment, enhancing SOX governance and documentation process and validating the design of the remediated controls. However, our material weaknesses will not be considered remediated until the controls operate for a sufficient period of time and management has concluded, through testing, that the related controls are operating effectively. We will continue to monitor the design and effectiveness of these and other processes, procedures, and controls and will make any further changes management deems appropriate. The above disclosure is applicable to the evaluation of our disclosure controls and procedures for the third quarter of 2026.
Changes in Internal Control Over Financial Reporting
Except as described above, there has been no significant change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during the quarterly period covered by this report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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INTERPARFUMS, INC. AND SUBSIDIARIES
Part II. Other Information
Item 1A. Risk Factors.
Information regarding our Risk Factors can be found in our 2025 Annual Report on Form 10-K filed with the SEC.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item (c).
In February 2025, our Board of Directors authorized the Company to continue repurchasing up to 130,000 shares throughout 2025, which was increased to 260,000 shares in April 2025. In February 2026, our Board of Directors authorized the Company to continue repurchasing up to 260,000 shares throughout 2026. In addition, in July 2026 the Board of Directors of our Company has authorized a share repurchase program to purchase outstanding shares in either our Company or its majority owned subsidiary, Interparfums SA, which has its shares traded on the Euronext under the symbol “ITP,” or both, and has authorized our Company to enter into a line of credit of up to the amount of €200 million to be repaid over a maximum of 6 years to fund the share repurchase program. The Company has entered into a $227.1 million (€200 million) senior secured credit facility with a consortium of European banks consistent with the authorization by the Board of Directors. As of September 30, 2026, approximately 1.6 million shares of ITP had been purchased. There can be no assurance that the repurchase program will be completed or that any minimum number of shares of the Company or IPSA will be repurchased.
Interparfums, Inc. Purchase of Common Stock | ||||
Period | Total Number of Shares Purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
July 1-31 | 0 | n/a | 0 | 213,996 shares |
August 1-31 | 0 | n/a | 0 | 213,996 shares |
September 1-30 | 0 | n/a | 0 | 213,996 shares |
Total | 0 | n/a | 0 | 213,996 shares |
Interparfums, Inc. Purchase of Interparfums SA Common Shares | ||||
Period | Total Number of Shares Purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
July 1-31 | 0 | n/a | 0 | €200.0 million |
August 1-31 | 844,003 | €25.85 | 844,003 | €178.2 million |
September 1-30 | 746,175 | €27.93 | 746,175 | €157.3 million |
Total | 1,590,178 | €26.83 | 1,590,178 | €157.3 million |
Item 5. Other Information
Item (c). During the third quarter of 2026, no director or officer has adopted or terminated either any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in the applicable regulation.
Items 1. Legal Proceedings, 3. Defaults Upon Senior Securities and 4. Mine Safety Disclosures, are omitted as they are either not applicable or have been included in Part I.
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INTERPARFUMS, INC. AND SUBSIDIARIES
Item 6. Exhibits.
The following documents are filed herewith:
Exhibit No. | Description | Page Number |
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31.1 | Certifications required by Rule 13a-14(a) of Chief Executive Officer | 33 |
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31.2 | Certifications required by Rule 13a-14(a) of Chief Financial Officer and Principal Accounting Officer | 34 |
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32.1 | Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Executive Officer | 35 |
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32.2 | Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Financial Officer and Principal Accounting Officer | 36 |
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101 | Interactive data files |
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INTERPARFUMS, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 4th day of November 2026.
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| INTERPARFUMS, INC. | |
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| By: | /s/ Michel Atwood |
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| Chief Financial Officer | |
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