Analyst Consensus ?
ConsensusBuy40 ratings
Bullish3075.0%
Neutral1025.0%
Bearish00.0%
Tapestry, Inc. · TPR · FY2026 Q3 · Calendar Q2 2026
Tapestry Q3: Record Revenue and Raised Guidance Met With Sharp Sell-Off
Tapestry delivered a record third quarter, beating consensus on both revenue and EPS while raising full-year guidance for the second consecutive quarter. Coach's 29% constant-currency revenue growth was the standout, but Kate Spade's 11% revenue decline remains a drag despite margin improvement. The roughly 12% share-price decline on the print against a flat benchmark stands in sharp contrast to the operational results. This divergence likely reflects elevated buy-side expectations heading into the release and lingering questions about the durability of Coach's double-digit growth and Kate Spade's path to recovery. The 7% subsequent drift higher suggests part of the initial reaction may have been overdone, though the stock remains well below its pre-print level.
Reported Before market openNYSEConsumer Cyclical
$30.33B market cap
100quality score
Company context
Snapshot as of publicationTapestry, Inc. is a prominent global fashion house specializing in premium accessories and distinct lifestyle brands. It operates internationally, serving customers across the United States, Japan, Greater China, and other markets worldwide. The company's diverse portfolio is structured around three well-known brands: Coach, Kate Spade, and Stuart Weitzman. Tapestry offers an extensive product range catering to women, men, and even includes items for children and home goods. For women, this encompasses a vast selection of luxury accessories, including various handbag styles such as wallets, wristlets, and cosmetic cases, alongside unique novelty items like travel accessories, sketchbooks, and keychains. The collection further features footwear, eyewear, fine jewelry (bracelets, necklaces, rings, and earrings), fragrances, watches, and seasonal apparel, which covers outerwear, ready-to-wear collections, and cold-weather essentials like gloves, scarves, and hats.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.66
Consensus $1
EPS surprise
+27.7%
Reported versus consensus
Reported revenue
$1.92B
Consensus $1.79B
Revenue surprise
+7.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$151.41Current
$39Low
$119.31Average
$230High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| UBS | Buy | Buy | Maintain | Jun 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 12, 2026 |
| BTIG | Buy | Buy | Maintain | Jun 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 8, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 29, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 29, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 6, 2026 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Feb 6, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 30, 2026 |
| Jefferies | Hold | Buy | Downgrade | Jan 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Nov 7, 2025 |
| Bernstein | Outperform | Outperform | Maintain | Nov 7, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Oct 21, 2025 |
| B of A Securities | Hold | Buy | Downgrade | Jul 29, 2025 |
| Argus Research | Buy | Buy | Maintain | Jun 17, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Feb 18, 2025 |
| Guggenheim | Buy | Buy | Maintain | Feb 7, 2025 |
| BMO Capital | Market Perform | Market Perform | Maintain | Nov 18, 2024 |
| TD Cowen | Hold | Buy | Downgrade | Oct 29, 2024 |
| OTR Global | Mixed | Positive | Downgrade | Apr 17, 2024 |
| Edward Jones | Hold | Buy | Downgrade | Aug 11, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 10, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Aug 19, 2022 |
| Piper Sandler | Overweight | Overweight | Maintain | Nov 12, 2021 |
| Keybanc | Overweight | Overweight | Maintain | Feb 9, 2021 |
| Needham | Buy | Buy | Maintain | Feb 5, 2021 |
| HSBC | Buy | Buy | Maintain | Oct 15, 2020 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 16, 2020 |
| MKM Partners | Neutral | Neutral | Maintain | Aug 19, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 30, 2020 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Aug 16, 2019 |
| Oppenheimer | Perform | Outperform | Downgrade | Aug 16, 2019 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 25, 2019 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Nov 14, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | Oct 31, 2018 |
| Buckingham Research | Buy | Buy | Maintain | Oct 31, 2018 |
| Buckingham | Buy | Buy | Maintain | Oct 31, 2018 |
| Loop Capital | Hold | Buy | Downgrade | Oct 15, 2018 |
| Bank of America | Buy | Buy | Maintain | Aug 15, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $151.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $182 | $140.26 | +20.2% | Jul 16, 2026 |
| Morgan Stanley | Alex Straton | $164 | $144.12 | +8.3% | Jul 6, 2026 |
| UBS | Jay Sole | $230 | $149.2 | +51.9% | Jun 23, 2026 |
| Bernstein | Aneesha Sherman | $180 | $139.34 | +18.9% | Jun 2, 2026 |
| Evercore ISI | Analyst unavailable | $175 | $136.54 | +15.6% | May 8, 2026 |
| UBS | Analyst unavailable | $187 | $130.52 | +23.5% | May 8, 2026 |
| Robert W. Baird | Analyst unavailable | $165 | $143.84 | +9.0% | Apr 29, 2026 |
| BTIG | Analyst unavailable | $180 | $146.45 | +18.9% | Apr 24, 2026 |
| UBS | Analyst unavailable | $142 | $148.86 | -6.2% | Apr 23, 2026 |
| Raymond James | Analyst unavailable | $165 | $146.18 | +9.0% | Apr 23, 2026 |
| Argus Research | Kristina Ruggeri | $165 | $145.42 | +9.0% | Mar 12, 2026 |
| BNP Paribas | Analyst unavailable | $176 | $152.66 | +16.2% | Feb 13, 2026 |
| UBS | Analyst unavailable | $141 | $153.28 | -6.9% | Feb 9, 2026 |
| BTIG | Analyst unavailable | $175 | $152.1 | +15.6% | Feb 8, 2026 |
| Robert W. Baird | Analyst unavailable | $160 | $149.48 | +5.7% | Feb 6, 2026 |
| Goldman Sachs | Brooke Roach | $166 | $150.48 | +9.6% | Feb 6, 2026 |
| Bernstein | Analyst unavailable | $170 | $150.48 | +12.3% | Feb 6, 2026 |
| Wells Fargo | Analyst unavailable | $165 | $143.19 | +9.0% | Feb 6, 2026 |
| Barclays | Adrienne Yih | $179 | $143.19 | +18.2% | Feb 6, 2026 |
| Evercore ISI | Michael Binetti | $150 | $128.49 | -0.9% | Feb 3, 2026 |
| Goldman Sachs | Brooke Roach | $146 | $127.33 | -3.6% | Jan 30, 2026 |
| Jefferies | Analyst unavailable | $138 | $134.38 | -8.9% | Jan 14, 2026 |
| Barclays | Adrienne Yih | $155 | $134.35 | +2.4% | Jan 12, 2026 |
| UBS | Jay Sole | $123 | $130.97 | -18.8% | Jan 8, 2026 |
| Bernstein | Analyst unavailable | $150 | $131.62 | -0.9% | Jan 6, 2026 |
| Barclays | Adrienne Yih | $154 | $128.53 | +1.7% | Jan 6, 2026 |
| Telsey Advisory | Analyst unavailable | $150 | $122.56 | -0.9% | Dec 17, 2025 |
| Robert W. Baird | Mark Altschwager | $140 | $123.1 | -7.5% | Dec 17, 2025 |
| Jefferies | Ashley Helgans | $142 | $123.52 | -6.2% | Dec 12, 2025 |
| Bernstein | Aneesha Sherman | $115 | $103.24 | -24.0% | Nov 7, 2025 |
| Evercore ISI | Analyst unavailable | $129 | $107.2 | -14.8% | Nov 3, 2025 |
| Robert W. Baird | Analyst unavailable | $130 | $113.11 | -14.1% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $135 | $114.71 | -10.8% | Oct 27, 2025 |
| Jefferies | Ashley Helgans | $135 | $115.34 | -10.8% | Oct 23, 2025 |
| Raymond James | Analyst unavailable | $130 | $117.36 | -14.1% | Oct 21, 2025 |
| BTIG | Analyst unavailable | $140 | $116.26 | -7.5% | Oct 14, 2025 |
| Bernstein | Aneesha Sherman | $112 | $97.6 | -26.0% | Aug 15, 2025 |
| Goldman Sachs | Analyst unavailable | $84 | $64.92 | -44.5% | Apr 22, 2025 |
| Telsey Advisory | Dana Telsey | $83 | $73.53 | -45.2% | Feb 3, 2025 |
| UBS | Jay Sole | $70 | $67.15 | -53.8% | Jan 10, 2025 |
| Bernstein | Aneesha Sherman | $78 | $67.36 | -48.5% | Jan 7, 2025 |
| Jefferies | Ashley Helgans | $80 | $62.08 | -47.2% | Dec 19, 2024 |
| Guggenheim | Robert Drbul | $70 | $57.24 | -53.8% | Nov 15, 2024 |
| Robert W. Baird | Mark Altschwager | $64 | $57.32 | -57.7% | Nov 15, 2024 |
| Telsey Advisory | Dana Telsey | $58 | $50.67 | -61.7% | Nov 8, 2024 |
| Citigroup | Paul Lejuez | $55 | $50.47 | -63.7% | Oct 29, 2024 |
| BMO Capital | Simeon Siegel | $44 | $40.48 | -70.9% | Aug 16, 2024 |
| CFRA | Zachary Warring | $47 | $40.37 | -69.0% | May 9, 2024 |
| Wells Fargo | Ike Boruchow | $60 | $40.9 | -60.4% | Apr 18, 2024 |
| Evercore ISI | Michael Binetti | $50 | $40.01 | -67.0% | Feb 5, 2024 |
| Guggenheim | Robert Drbul | $60 | $27.46 | -60.4% | Nov 9, 2023 |
| UBS | Kate Spade | $39 | $31.71 | -74.2% | Sep 7, 2023 |
| Telsey Advisory | Dana Telsey | $54 | $44.54 | -64.3% | Feb 10, 2023 |
| UBS | Jay Sole | $31 | $32.51 | -79.5% | Jul 26, 2022 |
| Jefferies | Ashley Helgans | $45 | $31.6 | -70.3% | Jun 15, 2022 |
| Telsey Advisory | Kate Spade | $46 | $32.07 | -69.6% | May 13, 2022 |
| UBS | Jay Sole | $36 | $31.86 | -76.2% | May 13, 2022 |
| Barclays | Analyst unavailable | $53 | $35.32 | -65.0% | Apr 19, 2022 |
| Bernstein | Aneesha Sherman | $62 | $38.41 | -59.1% | Mar 18, 2022 |
| J.P. Morgan | Matthew Boss | $56 | $40.47 | -63.0% | Feb 10, 2022 |
| BTIG | Camilo Lyon | $63 | $40.46 | -58.4% | Feb 9, 2022 |
| Argus Research | Kristina Ruggeri | $54 | $45.42 | -64.3% | Nov 19, 2021 |
| Cowen & Co. | Oliver Chen | $56 | $45.42 | -63.0% | Nov 19, 2021 |
| Morgan Stanley | Kimberly Greenberger | $43 | $44.34 | -71.6% | Nov 15, 2021 |
| BMO Capital | Simeon Siegel | $50 | $44.96 | -67.0% | Nov 12, 2021 |
| Piper Sandler | Erinn Murphy | $63 | $44.96 | -58.4% | Nov 12, 2021 |
| Goldman Sachs | Brooke Roach | $49 | $44.96 | -67.6% | Nov 12, 2021 |
| Jefferies | Randal Konik | $50 | $45.6 | -67.0% | Nov 11, 2021 |
| Credit Suisse | Michael Binetti | $67 | $48.21 | -55.7% | May 7, 2021 |
Track every rating change on TPR the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-12.3%
Event window
SPY move
-0.3%
Same window
Abnormal move
-12.0%
Stock minus SPY
Volume
3.8×
Versus trailing sessions
Subsequent drift
+7.3%
Up to 20 sessions
TPRSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue rose 23% YoY to $1.92 billion, beating consensus estimates of $1.79 billion by 7.5%. EPS of $1.66 exceeded estimates of $1.30 by 27.7%. Operating margin expanded 490 basis points year over year. Coach delivered 29% constant-currency revenue growth with strong AUR and unit volume gains, while Kate Spade revenue declined 11% though margins beat plan with early signs of turnaround. The company acquired 2.4 million new customers globally, including 2 million new Coach customers. Marketing spend increased approximately 50% YoY, approaching 13% of revenue. Shares fell approximately 12% in the reaction window on 3.8x baseline volume before drifting 7% higher in subsequent weeks.
Guidance delta
FY26 revenue guidance raised from above $7.75 billion to $7.95 billion. FY26 EPS guidance raised from $6.40-$6.45 to $6.95. Dividend and share repurchase program increased. Guidance sentiment: raised, marking the second consecutive quarter of upward revisions.
Key takeaways
- Record Q3 with 23% revenue growth, 62% EPS increase, and 490 bps operating margin expansion.
- Coach delivered 29% constant-currency revenue growth driven by AUR and unit volume gains.
- Kate Spade revenue declined 11% but margins beat plan; early turnaround signs are visible.
- FY26 guidance raised to $7.95B revenue and $6.95 EPS with increased shareholder returns.
- Shares fell ~12% despite the beat-and-raise, suggesting elevated expectations or growth-sustainability concerns.
Management priorities
- Gen Z customer acquisition and retention as the core growth engine
- Rollout of expressive-luxury Coach store concepts and coffee-shop integrations globally
- Continued high-impact marketing campaigns including Explore Your Story and Spark Something Beautiful
- Product pipeline expansion across leather goods, handbags, and footwear
- Localized partnerships and activations in key markets including the CLOT collaboration in China
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T12:31:29.545103+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T12:31:29.542292+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.