Tapestry, Inc. (NYSE: TPR) lifts EPS 38% on $8.0B sales and strong cash flow

Rhea-AI Filing Summary

Tapestry, Inc. reported strong results for the fiscal year ended June 27, 2026, with net sales of $8.00 billion, up 14% from $7.01 billion, and pro forma net sales of $7.99 billion, up 18%. Gross profit rose to $6.23 billion, with a GAAP gross margin of 77.8% and non-GAAP gross margin of 76.6%. Non-GAAP operating income reached $1.87 billion, a 33% increase, expanding non-GAAP operating margin to 23.4%, up 340 basis points.

GAAP net income grew to $1.53 billion (diluted EPS $7.27), while non-GAAP diluted EPS was $7.05, up 38% from $5.10. Coach drove growth with $6.91 billion in sales, up 24%, while Kate Spade declined 10% to $1.07 billion. Pro forma Greater China sales rose 38%, and Europe grew 29%. Adjusted Free Cash Flow was $1.86 billion, and the leverage ratio was 1.1x on total debt of $2.38 billion. Tapestry returned $1.7 billion to shareholders in fiscal 2026 through dividends and buybacks and expects to return a similar $1.7 billion in fiscal 2027, while reiterating a long-term framework of mid-single-digit revenue growth and low-double-digit EPS growth on a non-GAAP basis.

Positive

• Full-year net sales grew 14% to $8.00 billion, with pro forma net sales up 18% to $7.99 billion, indicating broad-based top-line expansion.
• Non-GAAP diluted EPS increased 38% to $7.05, outpacing revenue growth and signaling strong operating leverage.
• Non-GAAP operating income rose 33% to $1.87 billion, with non-GAAP operating margin expanding 340 bps to 23.4%, reflecting improved profitability.
• Coach sales grew 24% to $6.91 billion, supported by pro forma Greater China revenue up 38% and Europe up 29%, highlighting brand and geographic strength.
• Adjusted Free Cash Flow reached $1.86 billion, supporting significant capital returns while maintaining a leverage ratio of 1.1x on $2.38 billion of debt.
• The company returned $1.7 billion to shareholders via dividends and buybacks in fiscal 2026 and plans to return approximately $1.7 billion again in fiscal 2027.

Negative

• Kate Spade net sales declined 10% to $1.07 billion for the year, with fourth-quarter sales down 7%, indicating ongoing brand-specific softness.
• Pro forma Japan revenue decreased 10% for the year, suggesting regional challenges despite strong growth in Greater China and Europe.

8-K Event Classification

7 items: 1.6, 2.02, 9.01, 19.8, 114.4, 121.5, 923.1

7 items

Item 1.6 Item 1.6

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Item 19.8 Item 19.8

Item 114.4 Item 114.4

Item 121.5 Item 121.5

Item 923.1 Item 923.1

Key Figures

Net sales: $8,004.2 million Pro forma net sales: $7,989.6 million Non-GAAP diluted EPS: $7.05 +5 more

8 metrics

Net sales $8,004.2 million Fiscal year ended June 27, 2026; up 14% from $7,010.7 million

Pro forma net sales $7,989.6 million Fiscal 2026; up 18% from $6,795.6 million excluding Stuart Weitzman

Non-GAAP diluted EPS $7.05 Fiscal 2026; increased 38% from $5.10 in fiscal 2025

Net income $1,527.7 million Fiscal year 2026; GAAP basis versus $183.2 million in 2025

Adjusted Free Cash Flow $1,863.7 million Fiscal year ended June 27, 2026; non-GAAP liquidity metric

Leverage Ratio 1.1 Total debt of $2,379.0 million divided by TTM Adjusted EBITDA

Coach net sales $6,914.7 million Fiscal 2026 brand sales; 24% year-over-year increase

Kate Spade net sales $1,074.9 million Fiscal 2026 brand sales; 10% decline versus prior year

Key Terms

Pro forma Net sales, IEEPA tariff refunds, Adjusted Free Cash Flow, Leverage Ratio, +2 more

6 terms

Pro forma Net sales financial

"Pro forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business"

Pro forma net sales are a company’s reported revenue recalculated to show what sales would look like after removing or adding specific items or events (like a sale of a business, a merger, or one-time charges) so that results are more comparable across periods. For investors, pro forma net sales help reveal the company’s underlying sales trend by filtering out unusual or timing-driven effects—think of it as viewing a household budget after ignoring one-time windfalls or emergency expenses to see regular spending.

IEEPA tariff refunds regulatory

"These items included International Emergency Economic Powers Act (“IEEPA”) tariff refunds"

Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.

Adjusted Free Cash Flow financial

"The Company presents Adjusted Free Cash Flow, which is a non-GAAP measure"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Leverage Ratio financial

"The Company also presents Leverage Ratio, which is a non-GAAP metric"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

Items affecting comparability financial

"which exclude items affecting comparability such as acquisition and divestiture costs"

Non-GAAP Operating margin financial

"Non-GAAP Operating margin 2 ... 23.4% | 20.0% | 340 bps"

Non-GAAP operating margin is a way companies show how much profit they make from their main business activities, excluding certain expenses or income they consider unusual or non-recurring. It helps investors see how well the company is performing in its normal operations, without the effects of one-time costs or gains that might distort the picture.

Earnings Snapshot

Net sales: $8,004.2 million · Guidance included

Fiscal year ended June 27, 2026

Net sales $8,004.2 million 14% increase year-over-year

Pro forma net sales $7,989.6 million 18% increase year-over-year

GAAP diluted EPS $7.27 NM versus $(2.49) in prior-year quarter and $0.82 full-year

Non-GAAP diluted EPS $7.05 38% increase from $5.10

Non-GAAP operating margin 23.4% Expanded from 20.0% (340 bps)

Adjusted Free Cash Flow $1,863.7 million Compared with $1,354.5 million in fiscal 2025

Guidance

For fiscal 2027, management provides a non-GAAP outlook consistent with its long-term commitment to mid-single-digit revenue growth and low-double-digit EPS growth, and expects to return approximately $1.7 billion to shareholders through capital return programs.

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Available on EDGAR 08/13/2026 - 06:46 AM Accepted by SEC EDGAR 08/13/2026 - 06:46 AM Learn about SEC filing dates

FAQ

How did Tapestry (TPR) perform financially in fiscal 2026?

Tapestry delivered net sales of $8.00 billion, up 14% from $7.01 billion, and GAAP net income of $1.53 billion. Pro forma net sales were $7.99 billion, up 18%, reflecting strong underlying growth after excluding Stuart Weitzman.

What were Tapestry (TPR)’s earnings per share for fiscal 2026?

GAAP diluted EPS was $7.27, while non-GAAP diluted EPS was $7.05, up 38% from $5.10 in fiscal 2025. This increase was driven by higher sales, margin expansion, and lower non-comparable charges versus the prior year.

How did Tapestry’s Coach and Kate Spade brands perform in 2026?

Coach net sales rose 24% to $6.91 billion, showing strong growth. In contrast, Kate Spade net sales fell 10% to $1.07 billion. Stuart Weitzman contributed $14.6 million before its divestiture, down sharply year over year.

What regions drove Tapestry (TPR)’s pro forma revenue growth?

On a pro forma basis, Greater China grew 38% for the year and Europe grew 29%. North America increased 15%, while Japan and Other Asia each declined around 10% on a reported basis, creating a mixed regional picture.

How much cash flow and leverage did Tapestry report for 2026?

Net cash provided by operating activities was $1.98 billion, and Adjusted Free Cash Flow was $1.86 billion. Total debt stood at $2.38 billion, resulting in a leverage ratio of 1.1x based on trailing twelve-month Adjusted EBITDA.

What capital returns did Tapestry (TPR) provide and plan around shareholders?

In fiscal 2026, Tapestry returned $1.7 billion to shareholders via dividends and share repurchases. Based on its outlook and cash generation, the company expects to return approximately $1.7 billion again in fiscal 2027.

How did Tapestry’s margins change in fiscal 2026 versus 2025?

GAAP gross margin improved to 77.8% from 75.4%, while non-GAAP gross margin rose to 76.6%. Non-GAAP operating margin expanded to 23.4% from 20.0%, a 340 bps increase, reflecting better profitability.

false000111613200011161322026-08-132026-08-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 13, 2026

Tapestry, Inc.

(Exact name of registrant as specified in its charter)

Maryland		1-16153		52-2242751
(State of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

10 Hudson Yards, New York, NY 10001

(Address of principal executive offices) (Zip Code)

(212) 946-8400

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	TPR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.     ☐

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2026, Tapestry, Inc. (“Tapestry” or the “Company”) issued a press release (the “Press Release”) in which the Company announced its financial results for its fourth fiscal quarter and full year ended June 27, 2026. The Company also posted a slide presentation entitled “Investor Presentation” dated August 13, 2026 on the “Events & Presentations” investor section of its website (www.tapestry.com). A copy of the Press Release is furnished herewith as Exhibit 99.1. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.  The following exhibits are being furnished herewith:

99.1	Text of Press Release, dated August 13, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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 hereunto duly authorized.

Dated:  August 13, 2026
	TAPESTRY, INC.
	By:	/s/ David E. Howard
		David E. Howard
		Chief Legal Officer and Secretary

EXHIBIT INDEX

99.1	Text of Press Release, dated August 13, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit 99.1

CONTACTS:

Tapestry, Inc.

Analysts and Investors:

Christina Colone

Global Head of Investor Relations

212/946-7252

ccolone@tapestry.com

Media:

Jennifer Leemann

Global Head of Communications

212/631-2797

jleemann@tapestry.com

TAPESTRY, INC. REPORTS FISCAL 2026 FOURTH QUARTER AND FULL YEAR RESULTS

Achieved Tapestry Investor Day Revenue, Operating Margin, and EPS Targets

Two Years Ahead of Plan

• Delivered Fourth Quarter Revenue of $1.9 Billion, an Increase of 9% Versus Prior Year or 11% on a Pro Forma Constant Currency Basis, led by a 15% (+14% Constant Currency) Growth at Coach Brand

• Achieved Annual Revenue of $8.0 Billion in Fiscal 2026, an Increase of 14% Versus Prior Year or 17% on a Pro Forma Constant Currency Basis, Driven by 24% (+23% Constant Currency) Growth at Coach Brand

• Expanded Gross Margin and Operating Margin Versus Prior Year in Both Q4 and Fiscal 2026, Exceeding Guidance

• Achieved Q4 GAAP Diluted EPS of $1.68 and Non-GAAP Diluted EPS of $1.32; Delivered Full Year GAAP Diluted EPS of $7.27 and Non-GAAP Diluted EPS of $7.05, Outperforming Guidance

• Returned $1.7 Billion to Shareholders in Fiscal 2026 Through Dividends and Share Repurchases

• Board of Directors Approves 16% Dividend Increase

• Initiates Fiscal 2027 Outlook for Mid-Single Digit Revenue Growth, Continued Operating Margin Expansion, and Low-Double-Digit EPS Growth, Consistent with Long-Term Commitments

Link to Download Tapestry’s Q4 and Fiscal Year Earnings Presentation, Including Brand Highlights

_{10 HUDSON YARDS, NEW YORK, NY 10001 TELEPHONE 212 594 1850  FAX 212 594 1682  WWW.TAPESTRY.COM}

New York, August 13, 2026 – Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands, consisting of Coach and Kate Spade New York, today reported results for the fiscal fourth quarter and full year ended June 27, 2026.

Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., commented:

“Our fourth quarter outperformance capped a year of strong growth, as we meaningfully exceeded expectations and achieved key financial commitments we established at our Investor Day two years ahead of plan.

Our success is by design, demonstrating the power of our Amplify strategy. Through intentional choices, disciplined execution, and an unwavering focus on the consumer, we have built a stronger, more focused organization. These strengths enable us to deliver creativity, value, and relevance at scale, deepening our connections with consumers globally. We are confident our advantages will continue to compound, driving durable growth and long-term shareholder value.”

Tapestry, Inc. Fiscal 2026 Fourth Quarter and Full Year Financial Highlights (Unaudited) – in USD millions except per share data

			Quarter Ended																	Year Ended
			June 27, 2026				June 28, 2025				Change				Constant Currency % Change					June 27, 2026				June 28, 2025				Change				Constant Currency % Change
Net sales				1,876.6				1,723.2				9%				8%					8,004.2				7,010.7				14%				13%
Pro Forma Net sales1				1,876.6				1,677.7				12%				11%					7,989.6				6,795.6				18%				17%
Gross profit				1,563.6				1,315.1				19%									6,229.0				5,288.9				18%
Gross margin				83.3%				76.3%			700 bps										77.8%				75.4%			240 bps
Non-GAAP Gross profit2				1,465.4				1,315.1				11%									6,123.1				5,288.9				16%
Non-GAAP Gross margin2				78.1%				76.3%			180 bps										76.6%				75.4%			120 bps
Operating income (loss)				442.3				(583.5)			NM										1,914.4				415.0			NM
Operating margin				23.6%				(33.9%)			NM										23.9%				5.9%			NM
Non-GAAP Operating income (loss)2				362.0				288.6				25%									1,865.8				1,399.5				33%
Non-GAAP Operating margin2				19.3%				16.8%			250 bps										23.4%				20.0%			340 bps
Earnings (loss) per diluted share				1.68				(2.49)			NM										7.27				0.82			NM
Non-GAAP Earnings (loss) per diluted share2				1.32				1.04				28%									7.05				5.10				38%

¹ Pro forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis, in both periods presented. Refer to Schedule 2.

² Refer to Schedule 3 for reconciliation between GAAP and Non-GAAP measures.

2

Summary of Pro Forma Revenue Information (Unaudited) – in USD millions

						% Change												% Change
		Quarter Ended June 27, 2026				Reported				Constant Currency				Year Ended June 27, 2026				Reported				Constant Currency
Brand
Coach			1,641.5				15%				14%				6,914.7				24%				23%
Kate Spade			235.1				(7)%				(7)%				1,074.9				(10)%				(11)%
Region
North America			1,148.2				7%				7%				5,034.1				15%				15%
Greater China2			352.2				33%				28%				1,396.6				38%				35%
Japan			105.0				(11)%				(4)%				465.7				(10)%				(7)%
Other Asia2			109.0				26%				22%				441.6				16%				13%
Europe			122.6				22%				19%				525.4				29%				23%
Other2			39.6				7%				7%				126.2				7%				7%
Tapestry Pro Forma1			1,876.6				12%				11%				7,989.6				18%				17%

¹ Pro forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis. Refer to Schedule 2.

² Refer to “About Tapestry, Inc.” section below for countries included within each region.

Tapestry, Inc. Strategic Highlights

Tapestry advanced its Amplify growth strategy, which is focused on four key pillars that underpin durable growth:

• Build Emotional Connection with Consumers

• Fuel Fashion Innovation and Product Excellence

• Deliver Compelling Experiences to Drive Global Growth

• Ignite the Power of our People

This strategy is driving the Company’s results today and continues to expand its competitive advantages into the future.

Highlights from the fiscal fourth quarter and full year 2026 included:

• Drove strong new customer acquisition globally, welcoming over 2.5 million new consumers in Q4 and approximately 11.0 million in FY26, with approximately 35% of new customers Gen Z; at the same time, increased engagement among existing customers, reflecting broad consumer appeal and enduring customer relationships;

• Achieved growth in the core leathergoods offering, led by strong handbag revenue gains at Coach, where handbag AUR increased at a mid-teens percentage rate in both Q4 and FY26; for the full year, leathergoods outperformance was driven by a combination of AUR and unit growth, underscoring the brand’s desirability, innovation, and value proposition while demonstrating diversified drivers of growth;

3

• Delivered broad-based growth across key regions, gaining market share, and expanding the overall category. On a pro forma constant currency basis, North America revenue grew 7% in the fourth quarter and 15% for the full year. Europe revenue grew 19% in the fourth quarter and 23% for the full year. Total APAC revenue grew 19% in both the fourth quarter and the full year. Within APAC, Greater China revenue grew 28% in the fourth quarter and 35% for the full year. Coach delivered double-digit revenue growth in every quarter of FY26, including 14% in the fourth quarter and 23% for the full year;

• Drove double-digit Direct-to-Consumer revenue growth on a pro forma constant currency basis, with Direct-to-Consumer revenue increasing 11% in the fourth quarter and 16% for the full year. Digital revenue grew at a mid-single-digit rate in the fourth quarter and at a high-teens rate for the full year, while store revenue increased at a mid-teens rate in both the quarter and the full year. Profitability increased across all channels, reflecting the strength of Tapestry's data-driven, agile operating model.

Overall, Tapestry delivered double-digit top- and bottom-line growth in both the quarter and full year, demonstrating the durability of its competitive advantages and reinforcing its ability to drive sustainable growth and long-term value creation.

Shareholder Return Programs

In Fiscal 2026, the Company returned $1.7 billion to shareholders through its dividend and share repurchase programs:

• Dividend: The Company returned $326 million to shareholders at an annual dividend of $1.60 per share in Fiscal 2026.

4

• Share Repurchases: Tapestry bought back $1.35 billion in common stock in Fiscal 2026, repurchasing approximately 11.5 million shares at an average share price of approximately $118.

Given Tapestry's strong financial position, significant free cash flow generation, and outlook for continued growth, the Company expects to return approximately $1.7 billion to shareholders in Fiscal 2027 through its capital return programs:

• Dividend: The Board of Directors approved a 16% increase to the Company’s dividend, with a quarterly cash dividend of $0.4625 per common share payable on September 21, 2026 to shareholders of record as of close of business on September 4, 2026 for an anticipated annual dividend rate of $1.85 per share.

• Share Repurchases: Tapestry expects to buy back $1.35 billion in common stock in the fiscal year under its existing share repurchase authorization.

Non-GAAP Reconciliation

During the fiscal fourth quarter of 2026, Tapestry recorded certain items that increased operating income by $80 million, net income by $74 million, and diluted earnings per share by $0.36.  For the full year, Tapestry recorded certain items that increased operating income by $49 million, net income by $46 million, and diluted earnings per share by $0.22. These items included International Emergency Economic Powers Act (“IEEPA”) tariff refunds, distribution network optimization initiatives, Organization Efficiency costs, and the divestiture of Stuart Weitzman.

Please refer to the Financial Schedules included herein for a full reconciliation of the Company’s reported GAAP to non-GAAP results.

5

Overview of Fiscal 2026 Fourth Quarter Financial Results

• Net sales totaled $1.88 billion, increasing 9% on a reported basis and 8% on a constant currency basis. Excluding Stuart Weitzman, pro forma net sales increased 12% on a reported basis and 11% on a constant currency basis.

• Gross profit totaled $1.56 billion on a GAAP basis compared to $1.32 billion in the prior year. On a non-GAAP basis, gross profit totaled $1.47 billion, while gross margin was 78.1%, representing an expansion of 180 basis points versus prior year, driven by operational improvements of approximately 170 basis points as well as a favorable impact from the divestiture of Stuart Weitzman of 60 basis points, partially offset by a negative tariff and duty impact of 60 basis points.

• SG&A expenses totaled $1.12 billion on a GAAP basis compared to $1.90 billion in the prior year. On a non-GAAP basis, SG&A expenses totaled $1.10 billion, representing 58.8% of sales or leverage of 80 basis points versus the prior year, including a 130-basis point increase in marketing investment.

• Operating income was $442 million on a GAAP basis, compared to the prior year operating loss of $583 million. On a non-GAAP basis, operating income was $362 million, an increase of 25% versus the prior year, while operating margin was 19.3%, representing an expansion of 250 basis points versus the prior year, including a 50-basis point favorable impact from the divestiture of Stuart Weitzman.

• Net interest expense was $12 million versus prior year net interest expense of $15 million.

• Other expense was $2 million versus other income of $4 million in the prior year.

6

• Tax rate was 18.9% on a GAAP basis and 21.3% on a non-GAAP basis versus the prior year tax rate of 12.9% on a GAAP basis and 19.9% on a non-GAAP basis.

• Earnings per diluted share was $1.68 on a GAAP basis compared to $(2.49) in the prior year.  Non-GAAP EPS was $1.32, an increase of 28% versus the prior year.

Overview of Fiscal 2026 Full Year Financial Results

• Net sales totaled $8.00 billion, increasing 14% on a reported basis and 13% on a constant currency basis. Excluding Stuart Weitzman, pro forma net sales increased 18% on a reported basis and 17% on a constant currency basis.

• Gross profit totaled $6.23 billion on a GAAP basis compared to $5.29 billion in the prior year. On a non-GAAP basis, gross profit totaled $6.12 billion, while gross margin was 76.6%, representing expansion of 120 basis points versus the prior year, driven by operational improvements of approximately 200 basis points as well as a favorable impact from the divestiture of Stuart Weitzman of 60 basis points, partially offset by a negative tariff and duty impact of 130 basis points.

• SG&A expenses totaled $4.31 billion on a GAAP basis compared to $4.87 billion in the prior year. On a non-GAAP basis, SG&A expenses totaled $4.26 billion, representing 53.3% of sales, or leverage of approximately 210 basis points versus the prior year, including a 140-basis point increase in marketing investment.

• Operating income was $1.91 billion on a GAAP basis compared to $415 million in the prior year.  On a non-GAAP basis, operating income was $1.87 billion, an increase of 33% versus the prior year, while operating margin was 23.4%, representing expansion of approximately 340 basis points versus the prior year, including an 80-basis point favorable impact from the divestiture of Stuart Weitzman.

7

• Net interest expense was $55 million, compared to prior year net interest expense of $85 million on a GAAP basis and $25 million on a non-GAAP basis.

• Other income was $1 million versus $7 million in the prior year.

• Tax rate was 17.9% on a GAAP basis and 18.2% on a non-GAAP basis versus the prior year tax rate of 15.2% on a GAAP basis and 17.8% on a non-GAAP basis.

• Earnings per diluted share was $7.27 on a GAAP basis compared to $0.82 in the prior year.  Non-GAAP EPS was $7.05, up 38% versus the prior year.

Balance Sheet and Cash Flow Highlights

• Cash, cash equivalents and short-term investments totaled $1.15 billion and total borrowings outstanding were $2.38 billion.  The Company’s leverage ratio, based on gross debt to adjusted EBITDA, was 1.1x as of the end of the fiscal year.

• Inventory was $826 million versus prior year ending inventory of $861 million.

• Cash flow from operating activities for the fiscal year was an inflow of $1.98 billion compared to an inflow of $1.22 billion in the prior year. Adjusted free cash flow for the fiscal year was an inflow of $1.86 billion compared to an inflow of $1.35 billion in the prior year.

• CapEx and implementation costs related to Cloud Computing for the fiscal year were $217 million versus $153 million a year ago.

8

Financial Outlook

Tapestry is initiating its Fiscal 2027 outlook, which is provided on a non-GAAP and comparable 52-week versus 52-week basis:

• Revenue of $8.4 billion to $8.5 billion, representing mid-single digit growth on a nominal and constant currency basis versus the prior year.  Foreign currency is expected to be a 40 basis point benefit to revenue growth in the fiscal year;

• Operating margin expansion of approximately 50 basis points versus prior year;

• Net interest expense of approximately $55 million;

• Tax rate of approximately 18.5%;

• Weighted average diluted share count of approximately 203 million;

• Earnings per diluted share of $7.80 to $7.90, representing low-double-digit growth versus prior year;

• Adjusted free cash flow approaching $1.7 billion, including CapEx and Cloud Computing costs of $300 million or approximately 3% to 4% of revenue.

This outlook is consistent with the Company’s long-term commitment to deliver mid-single-digit revenue growth and low-double-digit EPS growth, as provided at its September 2025 Investor Day.

In addition, for the first fiscal quarter of 2027, the Company expects:

• Revenue growth of high-single-digits on a nominal and constant currency basis versus prior year pro forma revenue.  Foreign currency is expected to be a 30 basis point benefit to revenue growth in the fiscal quarter;

• Earnings per diluted share of approximately $1.55, representing low-teens growth versus prior year.

9

Please note the Company’s non-GAAP outlook:

• Excludes the impact of the 53^rd week in Fiscal 2027, which is expected to contribute an additional percentage point to annual revenue growth and have a neutral impact on operating margin for the full fiscal year;

• Embeds a mid-20% tariff rate on U.S. inventory receipts in Fiscal 2027, resulting in a neutral net impact from tariffs year-over-year;

• Embeds current global tax policies, including the impact of OECD Pillar Two guidance;

• Includes foreign currency exchange rates using spot rates at the time of forecast;

• Assumes no material worsening of inflationary pressures or consumer confidence.

Given the dynamic nature of these and other external factors, financial results could differ materially from the outlook provided.

Financial Outlook - Non-GAAP Adjustments:

The Company is not able to provide a full reconciliation of the non-GAAP financial measures to GAAP presented in this release and on the Company’s conference call because certain material items that impact these measures have not yet occurred and cannot be reasonably estimated at this time. Accordingly, a reconciliation of the Company’s non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

Conference Call Details

The Company will host a conference call to review these results at 8:00 a.m. (ET) today, August 13, 2026.  Interested parties may listen to the conference call via live webcast by accessing www.tapestry.com/investors or calling 1-866-847-4217 or 1-203-518-9845 and providing the Conference ID 2814927.  A telephone replay will be available starting at 12:00 p.m. (ET) today for a period of five business days. To access the telephone replay, call 1-800-283-4641 or 1-402-220-0851. A webcast replay of the earnings conference call will also be available for five business days on the Tapestry website.  In addition, presentation slides have been posted to the Company’s website at www.tapestry.com/investors.

10

Upcoming Events

The Company expects to report fiscal 2027 first quarter results on Thursday, November 5, 2026.

To receive notification of future announcements, please register at www.tapestry.com/investors ("Subscribe to E-Mail Alerts").

About Tapestry, Inc.

Our global house of iconic accessories and lifestyle brands unites the magic of Coach and Kate Spade New York. Together, we stretch what’s possible – advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

11

This information made available in this press release may contain forward-looking statements based on management's current expectations. Forward-looking statements include, but are not limited to, the statements under  “Financial Outlook,” statements regarding long-term performance, statements regarding the Company’s capital deployment plans, including anticipated annual dividend rates and share repurchase plans, and statements that can be identified by the use of forward-looking terminology such as "may," “can,” “could,” “if,” "continue," “assumes,” “embed,” “compound,” “sustainable,” “contribute,” “differ,” "should," "expect," “confidence,” “trends,” “anticipate,” "estimate," “future,” “plan,” “potential,” “position,” “create,” “build,” “fuel,” “deliver,” “ignite,” “grow,” “believe,” “will,” “would,” “uncertain,” “achieve,” “strategic,”  “growth,” "guidance," "forecast," “outlook,” “commit,” “innovation,” “drive,” “leverage,” “generate,” “effort,”  “approaching,” “expanding,” “enduring,” “long-term,” “durable growth,” “Amplify strategy,” “we stretch what’s possible,” similar expressions, and variations or negatives of these words. They include, without limitation, statements regarding future anticipated capital expenditures. Future results may differ materially from management's current expectations, based upon a number of important factors, including risks and uncertainties such as economic conditions, recession and inflationary measures, the impact of international trade disputes and the risks associated with potential changes to international trade and policy agreements, including the imposition or threat of imposition of new or increased tariffs or retaliatory tariffs implemented by countries where our manufacturers are located as well as the imposition of additional duties on the products we import, risks associated with operating in international markets, including currency fluctuations and changes in economic or political conditions in the markets where we sell or source our products, the ability to anticipate consumer preferences and retain the value of our brands and respond to changing fashion and retail trends in a timely manner, including our ability to execute on our e-commerce and digital strategies, the impact of tax and other legislation, the ability to successfully implement the initiatives under our Amplify growth strategy, the effect of existing and new competition in the marketplace, our ability to successfully identify and implement any sales, acquisitions or strategic transactions on attractive terms or at all, our ability to achieve intended benefits, cost savings and synergies from acquisitions, our ability to control costs, the effect of seasonal and quarterly fluctuations on our sales or operating results,  the risks associated with cyber security threats, privacy or data security breaches, and the development, use, governance and regulation of artificial intelligence technologies, our ability to satisfy our outstanding debt obligations or incur additional indebtedness, the risks associated with climate change and other corporate responsibility issues, our ability to protect against infringement of our trademarks and other proprietary rights, and the impact of pending and potential future legal proceedings, etc. In addition, purchases of shares of the Company’s common stock will be made subject to market conditions and at prevailing market prices. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.

Management utilizes non-GAAP and constant currency measures to conduct and evaluate its business during its regular review of operating results for the periods affected and to make decisions about Company resources and performance. The Company believes presenting these non-GAAP measures, which exclude items affecting comparability, is useful to investors and others in evaluating the Company’s ongoing operating and financial results in a manner that is consistent with management’s evaluation of business performance and in understanding how such results compare with the Company’s historical performance. Additionally, the Company believes presenting these metrics on a constant currency basis will help investors and analysts to understand the effect of significant year-over-year foreign currency exchange rate fluctuations on these performance measures and provide a framework to assess how business is performing and expected to perform excluding these effects.

The Company reports information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company's management does not, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies.

The Company operates on a global basis and reports financial results in U.S. dollars in accordance with GAAP. Percentage increases/decreases in net sales for the Company and each segment have been presented both including and excluding currency fluctuation effects from translating foreign-denominated sales into U.S. dollars and compared to the same periods in the prior quarter and fiscal year. The Company calculates constant currency net sales results by translating current period net sales in local currency using the prior year period’s currency conversion rate. Due to the sale of Stuart Weitzman on August 4, 2025, the Company presents Pro forma sales and related growth rates, which exclude Stuart Weitzman’s Net sales from both the current and prior year periods. In the Summary of Pro Forma Revenue Information table, Greater China includes mainland China, Taiwan, Hong Kong SAR, and Macao SAR. Other Asia includes Australia, Malaysia, South Korea, Singapore, and other countries primarily within Asia. Other primarily represents royalties earned from the Company's licensing partners and sales in the Middle East.

12

The Company presents certain non-GAAP measures, including segment operating income (loss), segment SG&A expenses, segment gross profit, SG&A expense ratio, operating margin, Operating Income (loss), Loss on extinguishment of debt, Interest expense, Other expense (income), Provision for income taxes, Net income (loss) and Net Income (loss) per diluted common share, which exclude items affecting comparability such as acquisition and divestiture costs, organizational efficiency costs, IEEPA tariff refunds, distribution network optimization costs and impairment, as applicable. A reconciliation to the most directly comparable GAAP measures is provided in the tables accompanying this release.

The Company also presents Adjusted Free Cash Flow, which is a non-GAAP measure, and is calculated as Net cash provided by (used in) operating activities less Purchases of property and equipment, adjusted for the cash impacts of Items affecting comparability included in operating cash flows related to Acquisition and Divestiture Costs, Organizational Efficiency Costs, IEEPA tariff refunds and Distribution Network Optimization Costs, and Changes in operating assets and liabilities of items affecting comparability. The Company believes that Adjusted Free Cash Flow is an important liquidity measure of the cash that is available after capital expenditures for operational expenses, investment in our business and items affecting comparability. The Company believes that Adjusted Free Cash Flow is useful to investors because it measures the Company’s ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth and return capital to stockholders.

The Company also presents Leverage Ratio, which is a non-GAAP metric, and is calculated as total debt, which includes Current debt and Long-term debt, divided by Adjusted EBITDA for the trailing twelve months. Adjusted EBITDA is calculated as Net Income (Loss), excluding: Interest expense, net; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; and Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs, IEEPA tariff refunds and Distribution Network Optimization Costs. The Company believes that the Leverage Ratio is an important metric to assess the strength of our balance sheet and credit quality and demonstrates our commitment to maintaining an investment-grade credit rating.

13

Schedule 1: Consolidated Statements of Operations

TAPESTRY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Quarter and Year Ended June 27, 2026 and June 28, 2025

(in millions, except per share data)

		(unaudited)								(unaudited)				(audited)
		QUARTER ENDED								YEAR ENDED
		June 27, 2026				June 28, 2025				June 27, 2026				June 28, 2025
Net sales		$	1,876.6			$	1,723.2			$	8,004.2			$	7,010.7
Cost of sales			313.0				408.1				1,775.2				1,721.8
Gross profit			1,563.6				1,315.1				6,229.0				5,288.9
Selling, general and administrative expenses			1,121.3				1,898.6				4,314.6				4,873.9
Operating income (loss)			442.3				(583.5	)			1,914.4				415.0
Loss on extinguishment of debt			—				—				—				120.1
Interest expense, net			11.9				14.8				55.2				85.4
Other expense (income)			1.6				(4.3	)			(1.4	)			(6.6	)
Income (loss) before provision for income taxes			428.8				(594.0	)			1,860.6				216.1
Provision (benefit) for income taxes			81.0				(76.9	)			332.9				32.9
Net income (loss)		$	347.8			$	(517.1	)		$	1,527.7			$	183.2
Net income (loss) per share:
Basic		$	1.73			$	(2.49	)		$	7.49			$	0.84
Diluted		$	1.68			$	(2.49	)		$	7.27			$	0.82
Shares used in computing net income (loss) per share:
Basic			201.5				207.8				204.0				216.8
Diluted			207.1				207.8				210.2				222.5

14

Schedule 2:  Detail to Net Sales

TAPESTRY, INC.

DETAIL TO NET SALES

For the Quarter and Year Ended June 27, 2026 and June 28, 2025

(in millions)

(unaudited)

		QUARTER ENDED
		June 27, 2026				June 28, 2025				% Change				Constant Currency % Change
Coach		$	1,641.5			$	1,425.1				15	%			14	%
Kate Spade			235.1				252.6				(7	)%			(7	)%
Stuart Weitzman			—				45.5			NM				NM
Total Tapestry		$	1,876.6			$	1,723.2				9	%			8	%
Total Tapestry Pro Forma1		$	1,876.6			$	1,677.7				12	%			11	%

		YEAR ENDED
		June 27, 2026				June 28, 2025				% Change				Constant Currency % Change
Coach		$	6,914.7			$	5,598.5				24	%			23	%
Kate Spade			1,074.9				1,197.1				(10	)%			(11	)%
Stuart Weitzman			14.6				215.1				(93	)%			(93	)%
Total Tapestry		$	8,004.2			$	7,010.7				14	%			13	%
Total Tapestry Pro Forma1		$	7,989.6			$	6,795.6				18	%			17	%

¹  Pro Forma Net sales and related growth rates exclude Net sales of the Stuart Weitzman Business on a reported and constant currency basis.

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Schedules 3 & 4: Consolidated Segment Data and GAAP to Non-GAAP Reconciliation

TAPESTRY, INC.

GAAP TO NON-GAAP RECONCILIATION

(in millions, except per share data)

(unaudited)

		For the Quarter Ended June 27, 2026																								For the Year Ended June 27, 2026
		Items Affecting Comparability																								Items Affecting Comparability
		GAAP Basis (As Reported)				Acquisition and Divestiture Costs (*)				Organizational Efficiency Costs (**)				IEEPA Tariff Refund (***)				Distribution Network Optimization Costs (****)				Non-GAAP Basis (Excluding Items)				GAAP Basis (As Reported)				Acquisition and Divestiture Costs (*)				Organizational Efficiency Costs (**)				IEEPA Tariff Refund (***)				Distribution Network Optimization Costs (****)				Non-GAAP Basis (Excluding Items)
Gross Profit
Coach			1,378.2				—				—				66.0				—				1,312.2				5,512.2				—				—				66.0				—				5,446.2
Kate Spade			185.4				—				—				32.2				—				153.2				709.1				—				—				32.2				—				676.9
Stuart Weitzman1			—				—				—				—				—				—				7.7				7.7				—				—				—				—
Gross profit		$	1,563.6			$	—			$	—			$	98.2			$	—			$	1,465.4			$	6,229.0			$	7.7			$	—			$	98.2			$	—			$	6,123.1
SG&A expenses
Coach			766.1				—				—				—				—				766.1				2,971.0				—				1.3				—				—				2,969.7
Kate Spade			196.6				—				5.9				—				8.6				182.1				719.1				—				6.4				—				8.6				704.1
Stuart Weitzman			—				—				—				—				—				—				8.7				8.7				—				—				—				—
Corporate			158.6				—				2.3				(0.1	)			1.2				155.2				615.8				9.9				21.3				(0.1	)			1.2				583.5
SG&A expenses		$	1,121.3			$	—			$	8.2			$	(0.1	)		$	9.8			$	1,103.4			$	4,314.6			$	18.6			$	29.0			$	(0.1	)		$	9.8			$	4,257.3
Operating income (loss)
Coach			612.1				—				—				66.0				—				546.1				2,541.2				—				(1.3	)			66.0				—				2,476.5
Kate Spade			(11.2	)			—				(5.9	)			32.2				(8.6	)			(28.9	)			(10.0	)			—				(6.4	)			32.2				(8.6	)			(27.2	)
Stuart Weitzman			—				—				—				—				—				—				(1.0	)			(1.0	)			—				—				—				—
Corporate			(158.6	)			—				(2.3	)			0.1				(1.2	)			(155.2	)			(615.8	)			(9.9	)			(21.3	)			0.1				(1.2	)			(583.5	)
Operating income (loss)		$	442.3			$	—			$	(8.2	)		$	98.3			$	(9.8	)		$	362.0			$	1,914.4			$	(10.9	)		$	(29.0	)		$	98.3			$	(9.8	)		$	1,865.8
Interest expense, net			11.9				—				—				—				—				11.9				55.2				(0.1	)			—				—				—				55.3
Other (income) expense			1.6				—				—				—				—				1.6				(1.4	)			0.1				—				—				—				(1.5	)
Provision for income taxes			81.0				—				(0.8	)			8.3				(0.8	)			74.3				332.9				(0.8	)			(3.8	)			8.3				(0.8	)			330.0
Net income (loss)		$	347.8			$	—			$	(7.4	)		$	90.0			$	(9.0	)		$	274.2			$	1,527.7			$	(10.1	)		$	(25.2	)		$	90.0			$	(9.0	)		$	1,482.0
Net income (loss) per diluted common share		$	1.68			$	—			$	(0.03	)		$	0.43			$	(0.04	)		$	1.32			$	7.27			$	(0.05	)		$	(0.12	)		$	0.43			$	(0.04	)		$	7.05

¹ For the year ended June 27, 2026, prior to the completion of the sale on August 4, 2025, Stuart Weitzman Net sales were $14.6 million and Cost of sales were $6.9 million.

(*) Relates to costs incurred by the Company in connection with the divestiture of the Stuart Weitzman Business.

(**) Relates to organizational efficiency costs, primarily related to technology costs and severance costs.

(***) Relates to recognized refunds of IEEPA tariffs which were related to products sold in fiscal 2026 net of estimated liabilities.

(****) Relates primarily to costs to transition from our Ohio fulfillment center to a third-party facility in Pennsylvania.

TAPESTRY, INC.

GAAP TO NON-GAAP RECONCILIATION

(in millions, except per share data)

(unaudited)

		For the Quarter Ended June 28, 2025																				For the Year Ended June 28, 2025
		Items Affecting Comparability																				Items Affecting Comparability
		GAAP Basis (As Reported)				Acquisition and Divestiture Costs (*)				Organizational Efficiency Costs (**)				Impairment (***)				Non-GAAP Basis (Excluding Items)				GAAP Basis (As Reported)				Acquisition and Divestiture Costs (*)				Organizational Efficiency Costs (**)				Impairment (***)				Non-GAAP Basis (Excluding Items)
Gross Profit
Coach			1,119.6				—				—				—				1,119.6				4,372.5				—				—				—				4,372.5
Kate Spade			171.6				—				—				—				171.6				798.0				—				—				—				798.0
Stuart Weitzman			23.9				—				—				—				23.9				118.4				—				—				—				118.4
Gross profit		$	1,315.1			$	—			$	—			$	—			$	1,315.1			$	5,288.9			$	—			$	—			$	—			$	5,288.9
SG&A expenses
Coach			671.9				—				0.8				—				671.1				2,497.2				—				0.8				—				2,496.4
Kate Spade			1,035.8				—				2.9				854.8				178.1				1,567.2				—				5.7				854.8				706.7
Stuart Weitzman			25.3				—				—				—				25.3				133.8				0.6				—				—				133.2
Corporate			165.6				5.1				8.5				—				152.0				675.7				111.9				10.7				—				553.1
SG&A expenses		$	1,898.6			$	5.1			$	12.2			$	854.8			$	1,026.5			$	4,873.9			$	112.5			$	17.2			$	854.8			$	3,889.4
Operating income (loss)
Coach			447.7				—				(0.8	)			—				448.5				1,875.3				—				(0.8	)			—				1,876.1
Kate Spade			(864.2	)			—				(2.9	)			(854.8	)			(6.5	)			(769.2	)			—				(5.7	)			(854.8	)			91.3
Stuart Weitzman			(1.4	)			—				—				—				(1.4	)			(15.4	)			(0.6	)			—				—				(14.8	)
Corporate			(165.6	)			(5.1	)			(8.5	)			—				(152.0	)			(675.7	)			(111.9	)			(10.7	)			—				(553.1	)
Operating income (loss)		$	(583.5	)		$	(5.1	)		$	(12.2	)		$	(854.8	)		$	288.6			$	415.0			$	(112.5	)		$	(17.2	)		$	(854.8	)		$	1,399.5
Loss on extinguishment of debt			—				—				—				—				—				120.1				119.4				—				—				0.7
Interest expense, net			14.8				—				—				—				14.8				85.4				60.2				—				—				25.2
Provision for income taxes			(76.9	)			(0.8	)			(1.9	)			(129.7	)			55.5				32.9				(80.1	)			(3.3	)			(129.7	)			246.0
Net income (loss)		$	(517.1	)		$	(4.3	)		$	(10.3	)		$	(725.1	)		$	222.6			$	183.2			$	(212.0	)		$	(13.9	)		$	(725.1	)		$	1,134.2
Shares used in computing net income (loss) per diluted common share1			207.8																214.6				222.5																222.5
Net income (loss) per diluted common share		$	(2.49	)														$	1.04			$	0.82															$	5.10

(*) Relates to costs incurred by the Company in connection with the previously terminated Capri Acquisition and the divestiture of the Stuart Weitzman Business.

(**) Relates to organizational efficiency costs, primarily related to severance costs and technology costs.

(***) Relates to impairment costs for the Kate Spade indefinite-lived brand intangible assets and goodwill.

¹  Due to the GAAP Net loss in the quarter, there is no dilution impact on the GAAP Shares used in computing net income (loss) per diluted common share, as this would result in anti-dilutive impact. The dilution impact excluded in the computation of Net income (loss) per diluted common share in the quarter is approximately 6.8 million shares.

16

Schedule 5:  Condensed Consolidated Balance Sheets

TAPESTRY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

At June 27, 2026 and June 28, 2025

(in millions)

		(unaudited) June 27, 2026				(audited) June 28, 2025
ASSETS
Cash, cash equivalents and short-term investments		$	1,152.0			$	1,119.6
Receivables			237.1				239.3
Inventories			826.2				860.7
Other current assets			667.0				509.6
Assets held for sale			—				176.4
Total current assets			2,882.3				2,905.6
Property and equipment, net			502.1				489.5
Operating lease right-of-use assets			1,417.2				1,331.0
Other assets			1,890.1				1,854.4
Total assets		$	6,691.7			$	6,580.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	582.3			$	456.1
Accrued liabilities			754.9				736.9
Current portion of operating lease liabilities			307.8				299.0
Current debt			—				16.7
Liabilities held for sale			—				48.2
Total current liabilities			1,645.0				1,556.9
Long-term debt			2,379.0				2,377.9
Long-term operating lease liabilities			1,266.2				1,205.6
Other liabilities			709.4				582.3
Stockholders’ equity			692.1				857.8
Total liabilities and stockholders’ equity		$	6,691.7			$	6,580.5

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Schedule 6:  Condensed Consolidated Statement of Cash Flows

TAPESTRY, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the Fiscal Years Ended June 27, 2026 and June 28, 2025

(in millions)

		(unaudited) June 27, 2026				(audited) June 28, 2025
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)		$	1,527.7			$	183.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			160.8				162.9
Impairment Charges			—				854.8
Loss on extinguishment of debt			—				120.1
Amortization of cloud computing arrangements			56.4				62.0
Other non-cash items			114.4				(127.1	)
Changes in operating assets and liabilities			119.2				(39.3	)
Net cash provided by (used in) operating activities			1,978.5				1,216.6
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of property and equipment			(166.0	)			(122.7	)
Purchases of investments			(163.0	)			(1,886.4	)
Proceeds from sale of business, net of cash divested			109.1				—
Other items			1.6				2,923.1
Net cash provided by (used in) investing activities			(218.3	)			914.0
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends			(326.1	)			(299.3	)
Repurchase of common stock			(1,554.6	)			(1,718.7	)
Share repurchase not yet settled			—				(300.0	)
Proceeds from issuance of debt, net of discount			—				2,248.1
Payment of debt extinguishment costs			—				(63.5	)
Repayment of debt			—				(7,163.3	)
Other items			19.8				121.5
Net cash provided by (used in) financing activities			(1,860.9	)			(7,175.2	)
Effect of exchange rate on cash and cash equivalents			(24.6	)			26.3
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale			(125.3	)			(5,018.3	)
Less: net increase (decrease) in cash classified within current assets held for sale			—				(23.7	)
Net increase (decrease) in cash and cash equivalents			(125.3	)			(5,042.0	)
Cash and cash equivalents at beginning of period		$	1,100.0			$	6,142.0
Cash and cash equivalents at end of period		$	974.7			$	1,100.0

18

Schedule 7:  Adjusted Free Cash Flow GAAP to Non-GAAP Reconciliation

TAPESTRY, INC.

ADJUSTED FREE CASH FLOW

GAAP TO NON-GAAP RECONCILIATION

For the Quarter and Year Ended June 27, 2026 and June 28, 2025

(in millions)

(unaudited)

		Quarter Ended								Year Ended
		June 27, 2026				June 28, 2025				June 27, 2026				June 28, 2025
Net cash provided by (used in) operating activities (GAAP)		$	522.2			$	446.8			$	1,978.5			$	1,216.6
Purchases of property and equipment			(53.2	)			(35.3	)			(166.0	)			(122.7	)
Items affecting comparability - Acquisition and Divestiture Costs			—				3.3				12.8				154.6
Items affecting comparability - Organizational Efficiency Costs			4.4				9.7				17.3				14.0
Items affecting comparability - IEEPA Tariff Refund			(98.3	)			—				(98.3	)			—
Items affecting comparability - Distribution Network Optimization Costs			8.4				—				8.4				—
Changes in operating assets and liabilities of items affecting comparability:
Accrued liabilities			(5.6	)			1.0				(3.7	)			98.6
Other assets			114.7				—				114.7				(11.9	)
Accounts payable			—				(1.1	)			—				5.3
Adjusted Free Cash Flow (Non-GAAP)		$	492.6			$	424.4			$	1,863.7			$	1,354.5

Adjusted Free Cash Flow is calculated as Net cash provided by (used in) operating activities less Purchases of property and equipment, adjusted for the cash impacts of Items affecting comparability included in operating cash flows related to Acquisition and Divestiture Costs, Organizational Efficiency Costs, IEEPA Tariff Refund, and Distribution Network Optimization Costs, and Changes in operating assets and liabilities of items affecting comparability.

Schedule 8: Adjusted EBITDA and Leverage Ratio GAAP to Non-GAAP Reconciliation

TAPESTRY, INC.

ADJUSTED EBITDA for the Trailing Twelve Months (“TTM”) ended on June 27, 2026, and LEVERAGE RATIO as of June 27, 2026

GAAP TO NON-GAAP RECONCILIATION

(in millions)

(unaudited)

		Quarter Ended																TTM
		September 27, 2025				December 27, 2025				March 28, 2026				June 27, 2026				June 27, 2026
Net Income (Loss) - (GAAP)		$	274.8			$	561.3			$	343.8			$	347.8			$	1,527.7
Adjusted for:
Interest expense, net			12.8				17.4				13.1				11.9				55.2
Provision for income taxes			43.9				135.8				72.2				81.0				332.9
Depreciation and amortization			37.2				39.0				39.4				45.2				160.8
Cloud computing amortization			14.4				14.1				14.5				13.4				56.4
Share-based compensation expense			22.4				29.0				27.6				25.5				104.5
Items affecting comparability - Acquisition and Divestiture Costs			14.7				(0.8	)			(3.0	)			—				10.9
Items affecting comparability - Organizational Efficiency Costs			11.0				4.2				5.6				8.2				29.0
Items affecting comparability - IEEPA Tariff Refund			—				—				—				(98.3	)			(98.3	)
Items affecting comparability - Distribution Network Optimization Costs			—				—				—				9.8				9.8
Adjusted EBITDA (NON-GAAP) (*)		$	431.2			$	800.0			$	513.2			$	444.5			$	2,188.9
Total Debt (**) as of June 27, 2026																		$	2,379.0
Leverage Ratio (***) as of June 27, 2026																			1.1

(*) Adjusted EBITDA is calculated as Net Income (Loss), excluding Interest expense, net; Provision for income taxes; Depreciation and amortization; Cloud computing amortization; Share-based compensation; Items affecting comparability including Acquisition and Divestiture Costs, Organizational Efficiency Costs, IEEPA Tariff Refund and Distribution Network Optimization Costs.

(**) Total Debt Includes Current debt and Long-term debt as of June 27, 2026

(***) Leverage Ratio is calculated as Total Debt as of June 27, 2026 divided by Adjusted EBITDA for the trailing twelve months ended June 27, 2026

19

Schedule 9: Store Count by Brand

TAPESTRY, INC.

STORE COUNT

At March 28, 2026 and June 27, 2026

(unaudited)

		As of												As of
Directly-Operated Store Count:		March 28, 2026				Openings				(Closures)				June 27, 2026
Coach
North America			330				7				(1)				336
International			625				16				(4)				637
Total Coach			955				23				(5)				973
Kate Spade
North America			180				—				(2)				178
International			155				1				(8)				148
Total Kate Spade			335				1				(10)				326

TAPESTRY, INC.

STORE COUNT

At June 28, 2025 and June 27, 2026

(unaudited)

		As of												As of
Directly-Operated Store Count:		June 28, 2025				Openings				(Closures)				June 27, 2026
Coach
North America			324				19				(7)				336
International			607				47				(17)				637
Total Coach			931				66				(24)				973
Kate Spade
North America			189				—				(11)				178
International			171				6				(29)				148
Total Kate Spade			360				6				(40)				326

###

20

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 1.2 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 21.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 15.7 KB