Tapestry — Aug 14, 2025 release

8 Financial Outlook Tapestry is initiating its Fiscal 2026 outlook, which is provided on a non-GAAP basis: • Revenue approaching $7.2 billion, representing low-single-digit growth versus prior year on a reported basis; excluding Stuart Weitzman, pro-forma revenue is expected to grow at a mid-single-digit rate on a nominal and constant currency basis.  Foreign currency is expected to be an 80-basis point tailwind to topline results in the fiscal year; • Operating margin above prior year, which reflects more than 250 basis points of underlying margin expansion, offset by a negative tariff and duty impact of approximately 230 basis points. The projected negative tariff and duty headwind of approximately 230 basis points or $160 million incorporated in this outlook reflects the timing of policy implementation, product sell-through, and mitigating actions underway.  The Company expects to offset the impact of these incremental tariffs and duties over time; • Net interest expense of approximately $65 million; • Tax rate of approximately 18%; • Weighted average diluted share count of approximately 213 million shares; • Earnings per diluted share of $5.30 to $5.45, representing 4% to 7% growth compared to the prior year.  This includes the negative impact of incremental tariffs and duties of over $0.60; • Adjusted free cash flow approaching $1.3 billion. Please note this outlook: • Embeds U.S. trade and tax policies as of August 1, 2025 including the elimination of Section 321 benefits as of August 29, 2025 and no implementation of OECD’s proposed Pillar II guidance;