Levi Strauss第二季持續經營業務收入升8% 惟Dockers出售拖累整體盈利

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
Form 10-Q
(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended May 31, 2026 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-06631
_________________
LEVI STRAUSS & CO.
(Exact Name of Registrant as Specified in Its Charter)

Delaware  94-0905160
(State or Other Jurisdiction of
Incorporation or Organization)  (I.R.S. Employer
Identification No.)

1155 Battery Street, San Francisco, California 94111
(Address of Principal Executive Offices) (Zip Code)
(415) 501-6000
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
_________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareLEVINew York Stock Exchange

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 for 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  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  þ    No  ¨
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 definition of "Large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ
Accelerated filer ¨
Emerging growth company ☐

Non-accelerated filer ¨
Smaller reporting 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 Act).    Yes  ¨    No  þ
As of July 1, 2026, the registrant had 100,456,337 shares of Class A common stock, $0.001 par value per share and 284,394,225 shares of Class B common stock, $0.001 par value per share, outstanding.

Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026 
 

  Page
Number

PART I — FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements (unaudited):

Consolidated Balance Sheets as of May 31, 2026 and November 30, 2025
3

Consolidated Statements of Income for the Three and Six Months Ended May 31, 2026 and June 1, 2025
4

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended May 31, 2026 and June 1, 2025
5

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended May 31, 2026 and June 1, 2025
6

Consolidated Statements of Cash Flows for the Six Months Ended May 31, 2026 and June 1, 2025
8

Notes to Consolidated Financial Statements
9

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
31

Item 3.Quantitative and Qualitative Disclosures About Market Risk
60

Item 4.Controls and Procedures
60

PART II — OTHER INFORMATION

Item 1.Legal Proceedings
61

Item 1A.Risk Factors
61

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
61

Item 3.Defaults Upon Senior Securities
61

Item 4.Mine Safety Disclosures
61

Item 5.Other Information
62

Item 6.Exhibits
63

SIGNATURE
64

WHERE YOU CAN FIND MORE INFORMATION

Investors and others should note that we announce material financial information to our investors using our corporate website, press releases, SEC filings and public conference calls and webcasts (including our Investor Relations page at http://investors.levistrauss.com). We also use the following social media channels as a means of disclosing information about our company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters, as well as for complying with our disclosure obligations under Regulation FD promulgated under the Securities Exchange Act of 1934, as amended.

•our X account (previously Twitter account) (https://X.com/LeviStraussCo);
•our company blog (https://www.levistrauss.com/unzipped-blog/);
•our Facebook page (https://www.facebook.com/levistraussco/);
•our LinkedIn page (https://www.linkedin.com/company/levi-strauss-&-co-); 
•our Instagram page (https://www.instagram.com/levistraussco/); and
•our YouTube channel (https://www.youtube.com/user/levistraussvideo). 
The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report.

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1.CONSOLIDATED FINANCIAL STATEMENTS

LEVI STRAUSS & CO. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)
May 31,
2026November 30,
2025

 (Dollars in millions)
ASSETS
Current Assets:
Cash and cash equivalents$849.3 $757.9 
Short-term investments in marketable securities
128.5 90.9 
Trade receivables, net586.2 774.7 
Inventories1,157.6 1,237.7 
Other current assets245.3 238.5 
Current assets held for sale
— 54.0 
Total current assets2,966.9 3,153.7 
Property, plant and equipment, net659.8 681.8 
Goodwill282.0 280.6 
Other intangible assets, net192.8 194.4 
Deferred tax assets, net839.9 830.1 
Operating lease right-of-use assets, net1,141.3 1,148.2 
Other non-current assets544.8 538.7 
Non-current assets held for sale
— 21.3 
Total assets$6,627.5 $6,848.8 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$598.5 $597.6 
Accrued salaries, wages and employee benefits192.9 244.7 
Accrued sales returns and allowances190.8 226.1 
Short-term operating lease liabilities268.3 260.7 
Other accrued liabilities602.7 703.4 
Total current liabilities1,853.2 2,032.5 
Long-term debt1,043.0 1,039.2 
Long-term operating lease liabilities984.3 1,005.6 
Long-term employee related benefits244.3 252.7 
Other long-term liabilities230.3 240.2 
Total liabilities4,355.1 4,570.2 

Commitments and contingencies

Stockholders’ Equity:
Common stock — $0.001 par value; 1,200,000,000 Class A shares authorized, 99,130,650 shares and 103,620,225 shares issued and outstanding as of May 31, 2026 and November 30, 2025, respectively; and 422,000,000 Class B shares authorized, 285,717,276 shares and 286,756,831 shares issued and outstanding, as of May 31, 2026 and November 30, 2025, respectively
0.4 0.4 
Additional paid-in capital754.9 788.1 
Retained earnings1,896.8 1,897.3 
Accumulated other comprehensive loss(379.7)(407.2)
Total stockholders’ equity2,272.4 2,278.6 
Total liabilities and stockholders’ equity$6,627.5 $6,848.8 
 

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

LEVI STRAUSS & CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 

 Three Months EndedSix Months Ended
 May 31,
2026June 1,
2025May 31,
2026June 1,
2025

(Dollars in millions, except per share amounts)
(Unaudited)
Net revenues$1,562.0 $1,446.0 $3,304.5 $2,972.8 
Cost of goods sold582.9 540.2 1,247.1 1,119.4 
Gross profit979.1 905.8 2,057.4 1,853.4 
Selling, general and administrative expenses843.4 791.0 1,715.1 1,540.3 
Restructuring charges, net13.5 6.8 21.4 13.5 
Operating income 
122.2 108.0 320.9 299.6 
Interest expense(12.9)(11.8)(26.0)(22.7)
Other income (expense), net
12.9 6.3 55.5 2.2 
Income from continuing operations before income taxes
122.2 102.5 350.4 279.1 
Income tax expense27.4 22.9 78.5 59.3 
Net income from continuing operations
94.8 79.6 271.9 219.8 
Net loss from discontinued operations, net of taxes(7.5)(12.6)(8.8)(17.8)
Net income
$87.3 $67.0 $263.1 $202.0 
Earnings (loss) per common share:

Continuing operations - Basic
$0.25 $0.20 $0.70 $0.55 
Discontinued operations - Basic
(0.02)(0.03)(0.02)(0.04)
Net income - Basic
$0.23 $0.17 $0.68 $0.51 

Continuing operations - Diluted
$0.24 $0.20 $0.69 $0.55 
Discontinued operations - Diluted
(0.02)(0.03)(0.02)(0.04)
Net income - Diluted
$0.22 $0.17 $0.67 $0.51 
Weighted-average common shares outstanding:
Basic385,982,038 396,411,904 387,976,602 396,498,984 
Diluted389,629,216 399,048,949 392,300,262 400,106,225 

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 

 Three Months EndedSix Months Ended
 May 31,
2026June 1,
2025May 31,
2026June 1,
2025

(Dollars in millions)
(Unaudited)
Net income$87.3 $67.0 $263.1 $202.0 
Other comprehensive income (loss), before related income taxes:

Pension and postretirement benefits
4.8 1.9 3.4 3.7 
Derivative instruments gains (losses)16.6 (79.3)0.3 (64.8)
Foreign currency translation gains (losses)
(16.6)93.1 27.6 86.3 
Unrealized gains (losses) on marketable securities(0.2)— (0.2)— 
Total other comprehensive income, before related income taxes4.6 15.7 31.1 25.2 
Income tax (expense) benefit related to items of other comprehensive income2.4 (1.6)(3.6)(3.8)
Comprehensive income, net of taxes$94.3 $81.1 $290.6 $223.4 

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended May 31, 2026
Class A 
& Class B 
Common 
Stock
(In Shares)
Class A 
& Class B 
Common 
StockAdditional 
Paid-In CapitalRetained 
EarningsAccumulated Other 
Comprehensive LossTotal 
Stockholders’ Equity

(Shares & Dollars in millions)
(Unaudited)

Balance at March 1, 2026
384.6 $0.4 $729.5 $1,863.4 $(386.7)$2,206.6 
Net income
— — — 87.3 — 87.3 
Other comprehensive income, net of tax
— — — — 7.0 7.0 
Stock-based compensation and dividends, net0.2 — 24.3 — — 24.3 
Employee stock purchase plan0.1 — 1.7 — — 1.7 

Tax withholdings on equity awards— — (0.6)— — (0.6)
Cash dividends declared ($0.14 per share)
— — — (53.9)— (53.9)
Balance at May 31, 2026
384.9 $0.4 $754.9 $1,896.8 $(379.7)$2,272.4 

Six Months Ended May 31, 2026
Class A 
& Class B 
Common 
Stock
(In Shares)
Class A 
& Class B 
Common 
StockAdditional 
Paid-In CapitalRetained 
EarningsAccumulated Other 
Comprehensive LossTotal 
Stockholders’ Equity

(Shares & Dollars in millions)
(Unaudited)
Balance at November 30, 2025
390.4 $0.4 $788.1 $1,897.3 $(407.2)$2,278.6 
Net income— — — 263.1 — 263.1 
Other comprehensive income, net of tax— — — — 27.5 27.5 
Stock-based compensation and dividends, net2.1 — 40.1 — — 40.1 
Employee stock purchase plan0.2 — 3.5 — — 3.5 
Accelerated share repurchase, including excise tax(7.8)— (45.1)(155.9)— (201.0)
Tax withholdings on equity awards— — (31.7)— — (31.7)
Cash dividends declared ($0.28 per share)
— — — (107.7)— (107.7)
Balance at May 31, 2026
384.9 $0.4 $754.9 $1,896.8 $(379.7)$2,272.4 

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

Three Months Ended June 1, 2025
Class A 
& Class B 
Common 
Stock
(In Shares)
Class A 
& Class B 
Common 
StockAdditional 
Paid-In CapitalRetained 
EarningsAccumulated Other 
Comprehensive LossTotal 
Stockholders’ Equity

(Shares & Dollars in millions)
(Unaudited)

Balance at March 2, 2025
395.3 $0.4 $735.7 $1,725.6 $(427.2)$2,034.5 
Net income
— — — 67.0 — 67.0 
Other comprehensive income, net of tax— — — — 14.1 14.1 
Stock-based compensation and dividends, net0.2 — 24.9 — — 24.9 
Employee stock purchase plan0.1 — 1.6 — — 1.6 
Repurchase of common stock— — — (0.5)— (0.5)
Tax withholdings on equity awards— — (0.2)— — (0.2)
Cash dividends declared ($0.13 per share)
— — — (51.4)— (51.4)
Balance at June 1, 2025
395.6 $0.4 $762.0 $1,740.7 $(413.1)$2,090.0 

Six Months Ended June 1, 2025
Class A 
& Class B 
Common 
Stock
(In Shares)
Class A 
& Class B 
Common 
StockAdditional 
Paid-In CapitalRetained 
EarningsAccumulated Other 
Comprehensive LossTotal 
Stockholders’ Equity

(Shares & Dollars in millions)
(Unaudited)
Balance at December 1, 2024
395.4 $0.4 $732.6 $1,672.0 $(434.5)$1,970.5 
Net income— — — 202.0 — 202.0 
Other comprehensive income, net of tax
— — — — 21.4 21.4 
Stock-based compensation and dividends, net1.6 — 44.2 — — 44.2 
Employee stock purchase plan0.2 — 3.7 — — 3.7 
Repurchase of common stock(1.6)— — (30.5)— (30.5)
Tax withholdings on equity awards— — (18.5)— — (18.5)
Cash dividends declared ($0.26 per share)
— — — (102.8)— (102.8)
Balance at June 1, 2025
395.6 $0.4 $762.0 $1,740.7 $(413.1)$2,090.0 

The accompanying notes are an integral part of these consolidated financial statements.

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LEVI STRAUSS & CO. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS

 Six Months Ended
 May 31,
2026June 1,
2025

(Dollars in millions)
(Unaudited)
Cash Flows from Operating Activities:
Net income
$263.1 $202.0 
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization112.8 99.6 
Property, plant, equipment impairment, and early lease terminations, net0.9 14.8 
Gain on sale of business, prior to costs to sell
(33.6)— 
Gain on sale of assets— (8.5)
Stock-based compensation40.1 44.2 
Deferred income taxes
(2.0)(17.2)
Other, net(7.3)7.6 
Net change in operating assets and liabilities108.3 (104.5)
Net cash provided by operating activities
482.3 238.0 
Cash Flows from Investing Activities:
Proceeds from sale of business 96.3 — 
Purchases of property, plant and equipment(99.3)(106.1)
Net proceeds from sales of assets— 22.3 
(Payments) proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting, net(5.1)36.6 
Payments to acquire short-term investments
(87.6)(83.5)
Proceeds from sale, maturity and collection of short-term investments50.6 1.0 
Other investing activities, net
(6.4)— 
Net cash used for investing activities(51.5)(129.7)
Cash Flows from Financing Activities:
Accelerated share repurchase, including excise tax(201.0)— 
Repurchase of common stock— (30.5)
Tax withholdings on equity awards(31.7)(18.5)
Dividends to stockholders(107.7)(102.8)
Other financing activities, net(0.5)(0.6)
Net cash used for financing activities
(340.9)(152.4)
Effect of exchange rate changes on cash and cash equivalents and restricted cash1.5 7.7 
Net increase (decrease) in cash and cash equivalents and restricted cash
91.4 (36.4)
Beginning cash and cash equivalents
757.9 690.0 
Ending cash and cash equivalents$849.3 $653.6 

Noncash Investing Activity:
Property, plant and equipment acquired and not yet paid at end of period$37.9 $50.5 
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes during the period, net of refunds$105.0 $84.4 

____________
Consolidated statements of cash flows include the cash flows from continuing and discontinued operations.

The accompanying notes are an integral part of these consolidated financial statements.

8

LEVI STRAUSS & CO. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations
Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, and related accessories, for men, women and children around the world under the Levi’s®, Levi Strauss Signature™ and Beyond Yoga® brands. 
In the fourth quarter of 2024 we announced we were undertaking an evaluation of strategic alternatives to the global Dockers® business, including a sale or other strategic transactions. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business. On July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. See Note 2 “Discontinued Operations”. The Dockers® business is a separate operating segment historically presented in our financial statements under the caption of Other Brands.
The Company operates its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company's Levi's Brands business, which includes the Levi's® and Levi Strauss Signature™ brands. The Beyond Yoga® business, which is managed separately, does not meet the quantitative thresholds for reportable segments but is presented separately to increase transparency of performance.

Basis of Presentation and Principles of Consolidation
The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 30, 2025, included in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 (“2025 Annual Report on Form 10-K”).
The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. The results of operations for the three and six months ended May 31, 2026 may not be indicative of the results to be expected for any other interim period or the year ending November 29, 2026.
The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year. Each quarter of both fiscal years 2026 and 2025 consists of 13 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. 
9

LEVI STRAUSS & CO. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)
FOR THE QUARTERLY PERIOD ENDED MAY 31, 2026

Long-Lived Assets
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.5 billion and $1.4 billion as of May 31, 2026 and November 30, 2025, respectively.
Prepaid Expenses
Prepaid expenses included in “Other current assets” were $152.9 million and $138.0 million as of May 31, 2026 and November 30, 2025, respectively.

Share Repurchases
On January 30, 2026, the Company entered into an accelerated share repurchase transaction with a third-party financial institution (“the ASR Agreement”) to repurchase an aggregate of $200.0 million of the Company’s Class A common stock as part of its share repurchase program. At inception, the Company made an initial payment of $200.0 million and received and immediately retired 7.8 million shares of its Class A common stock, representing 80% of the dollar amount of the transaction, which had an aggregate cost of $160.0 million based on the January 29, 2026 closing share price. The initial shares received, which had an aggregate cost of $155.9 million based on the January 30, 2026 closing share price, were retired and recorded as a reduction of Retained Earnings, with the remainder of $45.1 million recorded as a reduction of additional paid-in capital. The total number of shares the Company will ultimately repurchase will be based on the volume-weighted average price per share of the Company's Class A common stock over the term of the ASR Agreement, less an agreed upon discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR Agreement. Final settlement of the transactions under the ASR Agreement is expected to occur in the third quarter of 2026. No shares were repurchased during the second quarter of 2026.
During the six months ended June 1, 2025, the Company repurchased 1.6 million shares for $30.0 million, plus broker's commissions, in the open market. This equates to an average repurchase price of approximately $18.45 per share for the six months ended June 1, 2025. No shares were repurchased during the second quarter of 2025.
The Company accounts for share repurchases by charging the excess of the repurchase price over the repurchased Class A common stock’s par value entirely to