Levi Strauss Reports Q2 2026 Results: Full Earnings Call Transcript

On Wednesday, Levi Strauss (NYSE: LEVI ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

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Access the full call at Summary Levi Strauss & Co. reported a strong Q2 2026, exceeding expectations with organic net revenues up 6% and significant growth in international markets, particularly in Asia.

The company raised its full-year sales and EPS guidance and highlighted its strategic focus on becoming a DTC-first lifestyle brand, with direct-to-consumer revenue up 8% this quarter.

Levi's is seeing strong performance in women's apparel, with a notable 11% increase, and continues to expand its market share in both men's and women's categories.

The company's marketing strategies, including collaborations with cultural figures and global campaigns, are driving brand visibility and consumer engagement, especially in key markets like Asia.

Levi's continues to leverage its ERP transformation and distribution network optimization to improve operational efficiency and profitability, with significant progress made in both areas.

The expanded total addressable market (TAM) contributed significantly to revenue growth, with the company focusing on a head-to-toe denim lifestyle approach.

Levi Strauss expects continued growth in the denim category, outpacing traditional apparel growth, and is optimistic about its premium Blue Tab line and Beyond Yoga brand.

Overall, the company is confident in achieving its long-term goals, supported by a healthy growth algorithm, expanding margins, and disciplined capital returns.

Full Transcript OPERATOR Good day, ladies and gentlemen, and welcome to the Levi Strauss Company second quarter fiscal 2026 earnings conference call for the period ending May 31, 2026.

All parties will be in a listen-only mode until the question and answer session, at which time instructions will follow.

This conference call is being recorded and may not be reproduced in whole or in part without written permission from the Company.

This conference call is being broadcast over the Internet and a replay of the webcast will be accessible for a quarter on the company's website, levistrauss.com.

I would now like to turn the call over to Ida Orphan, Vice President of Investor Relations at Levi Strauss and Company.

Ida Orphan, Vice President of Investor Relations Thank you for joining us on the call today to discuss the results for our second quarter of fiscal 2026.

Joining me on today's call are Michelle Gass, our President and CEO, and Harmeet Singh, our Chief Financial and Growth Officer.

We'd like to remind you that we will be making forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

These risks and uncertainties are detailed in our reports filed with the SEC.

We assume no obligation to update any of these forward-looking statements.

Additionally, during this call, we will discuss certain non-GAAP financial measures which are not intended to be a substitute for our GAAP results.

Definitions of these measures and reconciliations to their most comparable GAAP measure are included in our earnings release available on the IR section of our website investors.levistrauss.com.

Please note that Michelle and Harmeet will be referencing organic net revenues or constant currency numbers unless otherwise noted, and information provided is based on continuing operations.

Finally, this call is being webcast on our IR website and a replay of this call will be available on the website shortly.

Today's call is scheduled for one hour, so please limit yourself to one question at a time to allow others to have their questions addressed.

And now I'd like to turn the call over to Michelle.

Michelle Gass, President & Chief Executive Officer Thank you and welcome everyone to today's call.

We're pleased to report another strong quarter with Q2 exceeding expectations across the top and bottom line.

These results highlight the strength of our business model underpinned by the enduring power of our iconic brand and how we're driving growth across markets, channels, categories, and consumer demographics.

The progress we're delivering today is the direct result of the strategic choices we've made to sharpen our focus and unlock the full potential of the Levi's brand—choices that have positioned us to capture our highest return growth opportunities as we continue to evolve into a DTC-first lifestyle company.

We are driving more consistent and faster growth, expanding our addressable market, and improving our profitability quarter after quarter.

Our results demonstrate that our strategies are working and momentum is building, and we believe we are still in the early innings of unlocking the full opportunity ahead with more ways to win than ever before.

Let's now turn to the details of the quarter.

As a reminder, all numbers Harmeet and I will reference are on an organic basis.