Levi Strauss & Co. (LEVI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$6.7B

Revenue growth

5.1%

Net income, last twelve months

$589.7M

Earnings per share

$1.50

Gross margin

62.8%

Operating margin

11.3%

Net margin

8.8%

Free cash flow

$643.0M

Return on equity

24.4%

Market value

$8.4B

Price to earnings

14.4x

Dividend yield

2.7%

Cash

$641.4M

Debt

$1.0B

Debt to equity

0.43

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of fiscal 2026 results, filed 7 October 2026.

• Revenue up 4% reported, 5% organic. Net revenues were $1.6 billion, up 4% reported and 5% organic. Nine-month net revenues rose 9% reported and 7% organic to $4.9 billion.
• Operating margin up three points. Operating margin was 13.8% against 10.8%, and adjusted EBIT margin was 15.5% against 11.8%. Tariff refunds contributed 490 basis points to the adjusted EBIT margin change.
• Adjusted EPS $0.48 versus $0.34. Diluted EPS from continuing operations was $0.43 against $0.31. Tariff refunds contributed $0.16 of adjusted EPS, of which about $0.05 was redeployed, a net benefit of $0.11.
• Net income from continuing operations rose. Net income from continuing operations was $169 million against $122 million. Adjusted net income was $189 million against $136 million.
• Asia grew 10% organically. Asia net revenues were $293 million, up 5% reported and 10% organic. Asia operating income was $42 million against $33 million.
• Americas organic growth of 2%. Americas net revenues were $839 million, up 4% reported and 2% organic. Americas operating income rose 32% to $251 million from $189 million.
• Europe organic growth of 5%. Europe net revenues were $442 million, up 4% reported and 5% organic. Europe operating income was $101 million against $91 million.
• Beyond Yoga up 9%. Beyond Yoga net revenues were $36 million, up 9% on reported and organic bases. Its operating loss was $5 million in each period.
• DTC up 2%, comparable sales flat. DTC net revenues were $727 million, up 2% reported and organic, and 45% of total net revenues. DTC comparable sales growth was 0.4%.
• E-commerce grew 10%. E-commerce net revenues grew 10% on reported and organic bases. DTC reported growth was 8% higher in Asia and 2% lower in Europe.
• Wholesale grew 6% in all segments. Wholesale net revenues were $882 million, up 6% on reported and organic bases. Growth came from all segments, with particular growth in Europe and Asia.
• Lifestyle categories and international gains. Management cited growth in international and wholesale businesses and momentum across lifestyle categories. Levi Strauss Signature net revenues rose 12% to $67 million.
• Gross margin up 450 basis points. Gross margin was 66.2% against 61.7%. Tariff refunds contributed 490 basis points, of which about 120 basis points were redeployed, leaving a net benefit of 370 basis points.
• Refunds partly redeployed into marketing. IEEPA refunds were $79 million in cost of goods sold and $5 million of interest income. Redeployment covered added promotion and marketing spend.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 288 held.

Every filing

The newest filings with the SEC of 578 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

345 funds held it at 30 Jun 2026: 169 added and 80 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• lululemon athletica Inc. (LULU): revenue $11.1B, market value $11.2B
• Columbia Sportswear Co. (COLM): revenue $3.4B, market value $3.1B
• Under Armour, Inc. (UAA): revenue $4.9B, market value $2.1B
• Under Armour, Inc. (UA): revenue $4.9B, market value $2.0B
• G-III Apparel Group, Ltd. (GIII): revenue $2.9B, market value $1.3B
• Carter's, Inc. (CRI): revenue $3.0B, market value $1.1B

What the company does

Levi Strauss & Co designs, markets and sells jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets and related accessories for men, women and children. It does this under the Levi's, Levi Strauss Signature, Denizen and Beyond Yoga brands. The company was founded in San Francisco in 1853 and incorporated in Delaware in 1970. Its products are sold in approximately 120 countries and approximately 50,000 retail locations, including approximately 3,300 brand-dedicated stores and shop-in-shops.

How the business is organised

The Levi's Brands business, which covers the Levi's, Levi Strauss Signature and Denizen brands, is split into three reportable segments: Americas, Europe and Asia. Beyond Yoga is managed separately. It does not meet the thresholds for a reportable segment, so the company presents it on its own. Levi's brand products made up 94% of net revenues, and approximately half of those came from the Americas segment. Europe and Asia together contributed 45% of net revenues. International business, which adds Canada and Latin America to Europe and Asia, represented 57%.

What it sells

Pants, including jeans, casual pants, dress pants and activewear, were 67% of units sold, and tops were 29%. Men's products generated 60% of net revenues and women's products 39%. Products other than denim bottoms were 36% of net revenues. The company calls the Levi's brand the #1 brand globally in jeanswear, measured by total retail sales, and its range includes the 501 jean. Levi Strauss Signature, sold mainly through mass retail in the United States and Canada, was 4% of net revenues. Beyond Yoga, a premium athleisure brand founded in 2005 with 14 stores, was 2%. The company wound down Denizen, a process substantially complete as of 2 March 2025. It sold the Dockers intellectual property and operations in the United States and Canada on 31 July 2025. It says it expects the sale of the remaining Dockers operations to close in the first quarter of 2026. Dockers is reported as discontinued operations.

How it sells

The wholesale channel generated 51% of net revenues and direct-to-consumer (DTC) sales 49%. Wholesale customers include department stores, specialty retailers, third-party e-commerce sites and franchise partners, and franchise sales alone were 6% of net revenues. The top ten wholesale customers together were 24% of net revenues, and no single customer reached 10%.

The company operated 1,231 stores in 38 countries as of 30 November 2025. Of these, 473 were in the Americas, 300 in Europe and 444 in Asia, and 14 were Beyond Yoga stores. Company-operated stores generated 33% of net revenues. Approximately 1,300 franchised and other stores run by independent third parties sell Levi's products outside the United States. The company also operates approximately 500 shop-in-shops on a concession basis, meaning it owns the inventory until the end consumer buys it. Its own e-commerce sites were 11% of total net revenues and 23% of DTC net revenues. The fourth quarter is typically the largest, at 28% of the year's net revenues.

Where it makes things

The company sources nearly all of its products from independent contract manufacturers. In the year it used manufacturers in approximately 32 countries, with no more than 30% sourced from any single country. The remainder comes from its own manufacturing and finishing plant in South Africa. Cotton is the main raw material whose price affects product costs. Under a productivity initiative called Project Fuel, the company moved from owned and operated distribution centers to a mix of owned and third-party operated ones.

How it competes

The company describes the global apparel industry as highly competitive and fragmented. Its primary competitors include vertically integrated specialty stores, jeanswear brands, khakiwear brands, athletic and activewear companies, retailers' private or exclusive labels and certain e-commerce sites. The company says its strategy rests on three choices: Brand Led, DTC First and Power the Portfolio. It holds more than 5,100 trademark registrations and pending applications in approximately 190 jurisdictions. It also holds 87 issued United States patents.

Its people

Of the approximately 19,000 employees, approximately 9,900 are in the Americas, 3,900 in Europe and 5,200 in Asia. About 11,300 work in retail, 1,500 in distribution and 900 in manufacturing and procurement, and 5,300 are other non-production staff. Approximately 4,100 employees are represented by a labor union or covered by a collective bargaining agreement. Descendants of the family of Levi Strauss remain involved. They primarily own the Class B common stock and have organised a family council that engages with the company.

*From Levi Strauss's annual report on Form 10-K for the year ended 30 November 2025. [The filing](https://www.sec.gov/Archives/edgar/data/94845/000009484526000008/lvis-20251130.htm)*

From the company's 10-K.