Levi Strauss & Co.’s latest located results do not support the claim that it raised profit guidance because of tariff refunds. Its July 8, 2026, release raised full-year revenue-growth guidance, while its May 31 Form 10-Q said potential refunds beyond first-phase submissions were too uncertain to recognize as an asset.
What Levi Strauss reported for the second quarter
The company’s latest located results release covers the quarter ended May 31, 2026, and was published July 8, 2026. Levi Strauss reported that net revenue rose 8% year over year; organic net revenue, a separate measure, rose 6%. Continuing-operations diluted earnings per share (EPS) were $0.24, up 20% year over year. Adjusted diluted EPS, a non-GAAP measure, was $0.28, up 27%.
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These are reported quarterly results, not the same thing as full-year guidance. The company’s release is available in its Q2 2026 results announcement.
Did Levi Strauss raise its sales outlook?
Yes. In the July 8 release, Levi Strauss raised its full-year 2026 reported net-revenue growth outlook to 7.0%–7.5%, from 5.5%–6.5%. It raised its organic net-revenue growth outlook to 5.5%–6.0%, from 4.5%–5.5%.
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Reported and organic growth are different measures, so their ranges should not be treated as interchangeable. The company also said its FY2026 guidance assumes U.S. tariffs of 30% on imports from China and 20% on imports from the rest of the world. Those are assumptions used in its forecast, not a statement of realized tariff rates or refund amounts.
What the filing says about tariff payments and refunds
In its Form 10-Q for the quarter ended May 31, 2026, Levi Strauss estimated it had paid approximately $80 million under tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The filing said recovery of potential refunds beyond those eligible for first-phase submissions could not be considered probable. As of that filing, the company had not recognized an asset for potential later-phase refunds.
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The filing therefore documents tariff payments and uncertainty about some potential recoveries; it does not establish that refunds increased profit guidance. Read the company’s Form 10-Q for the period ended May 31, 2026 for the accounting detail.
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- Established: Levi Strauss raised its full-year 2026 reported and organic revenue-growth guidance in its July 8 release.
- Established: The company estimated approximately $80 million in IEEPA tariff payments by May 31, 2026.
- Not established by these filings: That tariff refunds caused a profit-guidance increase. The 10-Q says later-phase refund recovery remained too uncertain to recognize as an asset, and the results release does not attribute a profit-guidance change to refunds.
Accordingly, the headline’s “less optimistic” sales outlook does not match the latest located release: Levi Strauss raised both stated full-year revenue-growth ranges. These sources do not rule out a subsequent announcement changing the outlook or refund accounting; they simply do not verify one.
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- Easy through seat and thigh, hits at waist and 32" inseam
- Model is 6'3", Waist 44", Wearing a Size 44 x 32
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