PVH (PVH) risk factors, FY2026 10-K

PVH's FY2026 10-K, filed Mar 31, 2026, lists 32 risk factors in 3 groups. Against the prior year's 34: 2 new, 4 dropped, 14 substantially reworded.

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Risk factors listed
323 groups
New this year
2vs 34 last year
Dropped
4since the prior 10-K
Substantially reworded
14of those kept
Section length
11k wordsItem 1A

What the changes say

  • PVH added risks regarding potential restrictions in China and integration hurdles from bringing G-III licensed businesses in-house.
  • Macroeconomic updates added specific concerns about potential tariffs in 2025 and 2026.

What changed since the prior 10-K

New

  • NewBusiness and Operational Risks

    We cannot currently predict the duration or impact of any measures that may ultimately be imposed. The imposition and enforcement of measures against us could have a material adverse effect on our revenue and results of operations

    Measures restricting our operations in China could cause us to face excess inventory, uncollectible trade receivables, and non-cash impairment charges on long-lived and intangible assets.

  • NewBusiness and Operational Risks

    We may not be successful in directly operating previously licensed businesses

    Integrating previously licensed Calvin Klein and TOMMY HILFIGER product categories from G-III as agreements expire through 2026 may prove complex, costly, and difficult to grow.

Dropped

  • DroppedBusiness and Operational Risks

    We may not be successful in the takeback of licensed businesses

  • DroppedBusiness and Operational Risks

    We identified a material weakness in our internal control related to ineffective information technology general controls (“ITGCs”) which, if not remediated appropriately or timely, could result in loss of investor confidence and adversely impact our stock price

  • DroppedFinancial Risks

    continue to use foreign currency forward contracts to mitigate the cash flow or market risks associated with these inventory transactions, but we are unable to eliminate these risks entirely

  • DroppedLegal and Regulatory Risks

    raises concerns about data exposure and privacy risks. Additionally, malicious actors are using artificial intelligence to carry out more sophisticated social engineering attacks, increasing the potential for harm

Reworded

  • 83% rewrittenLegal and Regulatory Risks

    We rely significantly on information technology. Our business and reputation could be adversely impacted if our computer systems, or the systems of our business partners and service providers, are disrupted or cease to operate effectively or if we or they are subject to a data security or privacy breach

  • 70% rewrittenBusiness and Operational Risks

    Our cost-saving initiatives may not generate the intended benefits or attain the projected cost savings we anticipate

    Added potential business and operational disruptions related to executing cost-saving initiatives and the 2022 exit activity costs.

    Was: Our operating model simplification and cost-saving initiative may not generate the intended benefits or attain the projected cost savings we anticipate

  • 52% rewrittenBusiness and Operational Risks

    If we are unable to manage our inventory effectively and accurately forecast demand for our products, our results of operations could be materially adversely affected

  • 51% rewrittenBusiness and Operational Risks

    Our profitability may decline as a result of increasing pressure on margins

  • 47% rewrittenFinancial Risks

    Our business is exposed to foreign currency exchange rate fluctuations and control regulations

  • 47% rewrittenBusiness and Operational Risks

    Our success depends on the value of our “TOMMY HILFIGER” and “Calvin Klein” brands and, if the value of either of those brands were to diminish, our business could be adversely affected

  • 39% rewrittenBusiness and Operational Risks

    Global economic conditions, including volatility in the financial and credit markets, may adversely affect our business

    Added specific mention of tariffs imposed and threatened in 2025 and 2026 on goods imported into the United States.

  • 38% rewrittenBusiness and Operational Risks

    We may not be able to continue to develop and grow our Tommy Hilfiger and Calvin Klein businesses

    Updated details on transitioning G-III licensed businesses in-house, noting remaining portions will be re-licensed to other third parties.

  • 31% rewrittenBusiness and Operational Risks

    A portion of our revenue is dependent on royalties and licensing

  • 30% rewrittenBusiness and Operational Risks

    A meaningful portion of our revenue and gross profit is derived from a small number of large wholesale customers and the loss of any of these customers or significant financial difficulties in their businesses could substantially reduce our revenue

  • 28% rewrittenBusiness and Operational Risks

    Increased regulation and stakeholder scrutiny regarding our corporate responsibility matters, could result in additional costs or risks and adversely impact our reputation

    Was: Increased regulation and stakeholder scrutiny regarding our environmental, social and governance (“ESG”) matters, could result in additional costs or risks and adversely impact our reputation

  • 26% rewrittenBusiness and Operational Risks

    Our business is heavily dependent on the ability and desire of consumers to travel and shop

  • 25% rewrittenFinancial Risks

    Our level of debt could impair our financial condition and ability to operate

  • 24% rewrittenFinancial Risks

    Volatility in securities markets, interest rates and other economic factors could increase substantially our defined benefit pension costs and liabilities

All 32 risk factors

Headings as the filing states them, in filing order.

Business and Operational Risks

  1. 01A meaningful portion of our revenue and gross profit is derived from a small number of large wholesale customers and the loss of any of these customers or significant financial difficulties in their businesses could substantially reduce our revenue30% rewritten
  2. 02We may not be able to continue to develop and grow our Tommy Hilfiger and Calvin Klein businesses38% rewritten
  3. 03Our success depends on the value of our “TOMMY HILFIGER” and “Calvin Klein” brands and, if the value of either of those brands were to diminish, our business could be adversely affected47% rewritten
  4. 04We cannot currently predict the duration or impact of any measures that may ultimately be imposed. The imposition and enforcement of measures against us could have a material adverse effect on our revenue and results of operationsNew
  5. 05Increased regulation and stakeholder scrutiny regarding our corporate responsibility matters, could result in additional costs or risks and adversely impact our reputation28% rewritten
  6. 06Our cost-saving initiatives may not generate the intended benefits or attain the projected cost savings we anticipate70% rewritten
  7. 07Our inability to execute our digital commerce strategy could materially adversely affect the reputation of our brands and our revenue and our operating results may be harmed
  8. 08Global economic conditions, including volatility in the financial and credit markets, may adversely affect our business39% rewritten
  9. 09We primarily use foreign suppliers for our products and raw materials, which poses risks to our business operations
  10. 10Our business is heavily dependent on the ability and desire of consumers to travel and shop26% rewritten
  11. 11If our suppliers, licensees, or other business partners, or the suppliers used by our licensees, fail to use legal and ethical business practices, our business could suffer
  12. 12We depend on third parties to manufacture our products and any disruption in our relationships with these parties or in their businesses may materially adversely affect our business
  13. 13Our business is susceptible to risks associated with climate change and environmental degradation, and to an increased focus by stakeholders on climate change action and sustainability standards, which may adversely affect our business and results of operations
  14. 14We are dependent on a limited number of distribution facilities. If one becomes inoperable, our business, financial condition and operating results could be negatively impacted
  15. 15Our profitability may decline as a result of increasing pressure on margins51% rewritten
  16. 16We may not be successful in directly operating previously licensed businessesNew
  17. 17A portion of our revenue is dependent on royalties and licensing31% rewritten
  18. 18Our licensing business makes us susceptible to the actions of third parties over whom we have limited control
  19. 19We face intense competition in the apparel industry
  20. 20If we are unable to manage our inventory effectively and accurately forecast demand for our products, our results of operations could be materially adversely affected52% rewritten
  21. 21The loss of members of our executive management and other key employees could have a material adverse effect on our business

Financial Risks

  1. 22Our ability to obtain financing or refinance existing debt on terms that are acceptable to us could be adversely affected by general macroeconomic conditions or our financial performance and credit ratings
  2. 23Our business is exposed to foreign currency exchange rate fluctuations and control regulations47% rewritten
  3. 24Our level of debt could impair our financial condition and ability to operate25% rewritten
  4. 25Our ability to maintain compliance with the financial covenant under our senior unsecured credit facilities may be adversely affected by future economic conditions
  5. 26Adverse decisions of tax authorities or changes in tax treaties, laws, rules or interpretations could have a material adverse effect on our results of operations and cash flow
  6. 27If we are unable to fully utilize our deferred tax assets, our profitability could be reduced
  7. 28Volatility in securities markets, interest rates and other economic factors could increase substantially our defined benefit pension costs and liabilities24% rewritten

Legal and Regulatory Risks

  1. 29We may be unable to protect our trademarks and other intellectual property rights
  2. 30Provisions in our certificate of incorporation and our by-laws and Delaware General Corporation Law could make it more difficult to acquire us and may reduce the market price of our common stock
  3. 31We rely significantly on information technology. Our business and reputation could be adversely impacted if our computer systems, or the systems of our business partners and service providers, are disrupted or cease to operate effectively or if we or they are subject to a data security or privacy breach83% rewritten
  4. 32We are subject to data privacy and security laws and regulations globally, the number and complexity of which are increasing. We may be the subject of enforcement or other legal actions despite our compliance efforts

Other PVH 10-Ks

  • FY2025 10-K risk factors
    34 risks

    PVH Corp faces key risks related to the brand strength and growth of Tommy Hilfiger and Calvin Klein under the PVH+ Plan.

    Filed Apr 01, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.