Report published August 13, 2026
Goldman Sachs Research: Tapestry Inc. (TPR) F4Q26 First Take & FY27 Guidance
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- Not stated in source
Authors / editors: Brooke Roach, CFA (Lead Analyst), Mentesnot Adamu (Analyst), Carly Chasen (Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Tapestry Inc. reported F4Q26 adjusted EPS of $1.32 (vs. consensus $1.28) on net sales of $1.88bn, supported by strong operating margin expansion of 19.3%. The company initiated FY27 EPS guidance of $7.80-$7.90 and expects Coach growth to reaccelerate to low-teens in F1Q27, maintaining Goldman Sachs' Buy rating and $169 price target.
Key Takeaways
- 1.Tapestry reported F4Q26 adjusted EPS of $1.32 and sales of $1.88bn, beating Goldman Sachs and consensus expectations on earnings and revenue.
- 2.Management initiated FY27 EPS guidance of $7.80-$7.90 and revenue of $8.4bn-$8.5bn, expecting Coach brand growth to reaccelerate to low-teens in F1Q27.
- 3.Adjusted operating margin reached 19.3%, exceeding consensus due to strong gross margin expansion (78.1%) and disciplined SG&A control.
Table of Contents
- Key takeaways
- Valuation and key risks
- Disclosure Appendix
Report data
Exhibit 1: Tapestry (TPR) - F4Q26 Earnings Variance
| Metric | Estimate | Context |
|---|---|---|
| Adjusted EPS | 1.32 USD | Reported adjusted EPS of $1.32 vs GS estimate of $1.24 and consensus of $1.28. |
| Net Sales | 1.88 USD Billion | Total net sales reached $1.88bn, ahead of GS ($1.86bn) and consensus ($1.87bn). |
| Adjusted Gross Margin | 78.1% | Gross margin expanded ~180bps Y/Y due to operational improvements (+170bps) and divestiture (+60bps). |
| FY27 EPS Guidance | 7.80 - 7.90 USD | TPR initiated FY27 EPS guidance compared to GS/consensus of $7.70/$7.87. |
| 12-month Price Target | 169.00 USD | Goldman Sachs 12-month price target based on 15.5x Q5-Q8 EV/EBITDA. |
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Authors / Editors
Reported Data Context
- Adjusted EPS: 1.32 USD (F4Q26) · Source: Company data
- Net Sales: 1.88 USD Billion (F4Q26) · Source: Company data
- Adjusted Gross Margin: 78.1 % (F4Q26) · Source: Company data
- FY27 EPS Guidance: 7.80 - 7.90 USD (FY27) · Source: Company data
- 12-month Price Target: 169.00 USD (12-month) · Source: Goldman Sachs Global Investment Research
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