At a glance
Tapestry Inc is worth $24.08B, about 17 times its fiscal 2026 earnings. Revenue grew 14.2% to $8.00B in fiscal 2026, with 19.1% kept as profit; over 5 years it has grown 6.9% a year. It pays a 1.37% dividend yield, and returned $7.07B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +11.4% over the past year with dividends reinvested and +28.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.7% in the 2020 crash (S&P 500: 33.7%) and 35.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The business in plain English
Tapestry owns two fashion brands, Coach and kate spade new york, and makes most of its money selling handbags and small leather goods. In the fiscal year ended June 27, 2026, net sales were about $8.0 billion. Handbags made up 57.6% of that, and accessories such as wallets, wristlets and mini bags made up 27.9%. Footwear added 5.9%. Other items, including ready-to-wear, jewelry and licensing royalties, added 8.6%.
Coach brings in most of the money. Founded in New York in 1941, it produced 86.4% of net sales, and its sales grew to $6.9 billion from $5.6 billion a year earlier. Kate Spade, launched in 1993, supplied 13.4%. Its sales slipped to $1.07 billion from $1.20 billion, and its store count fell to 326 from 360. Tapestry sold its third brand, Stuart Weitzman shoes, on August 4, 2025.
Most sales are direct-to-consumer, meaning Tapestry sells to shoppers itself. About 87% came through its own retail and outlet stores, websites and shop-in-shops. Wholesale to department stores, specialty stores and online partners added about 12%. Royalties from licensees such as Movado (watches) and Interparfums (fragrance) added about 1%. By region, North America accounted for 63% of sales, Greater China 17.5% and the rest of Asia 11.3%.
Price history
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TPR +11.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Handbags | $4.61B | 57.6% |
| Accessories | $2.23B | 27.9% |
| Other | $688.9M | 8.6% |
| Footwear | $471.2M | 5.9% |
By business segment
| Coach | $6.91B | 86.4% |
| Kate Spade | $1.07B | 13.4% |
| Stuart Weitzman | $14.6M | 0.2% |
| Stuart Weitzman | $14.6M | 0.2% |
By geography
| North America | $5.04B | 63% |
| Greater China | $1.40B | 17.5% |
| Other Asia | $907.3M | 11.3% |
| Other | $654.7M | 8.2% |
Latest results
- In Q4 FY2026 (ended Jun 27, 2026), revenue was $1.88B, up 8.9% from a year earlier, and net income was $347.8M.
- For fiscal 2026, revenue was $8.00B (+14.2% year over year; +6.9% a year from FY2021 to FY2026) with a 19.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +6.9% good |
|---|---|
| Operating margin | 23.9% good |
| Free cash flow margin | 22.6% good |
| Return on equity (FY2026) | 220.7% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 22.8% good |
| Net cash (cash minus debt) | $-1.23B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.75B | $834.2M | $1.21B |
| FY2022 | $6.68B | $856.3M | $759.3M |
| FY2023 | $6.66B | $936.0M | $791.0M |
| FY2024 | $6.67B | $816.0M | $1.15B |
| FY2025 | $7.01B | $183.2M | $1.09B |
| FY2026 | $8.00B | $1.53B | $1.81B |
Valuation snapshot
| Market value | $24.08B |
|---|---|
| P/E ratio | 16.6 |
| Dividend yield | 1.37% |
Rank among 1514 US companies
Market value at each year end
Tapestry’s market value went from $9.82B at the end of 2016 to $24.08B on Nov 2, 2026, about 2.5 times as much; since the end of 2025 it is down 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.08B | -7.9% |
| 2025 | $26.15B | +71.8% |
| 2024 | $15.22B | +80.5% |
| 2023 | $8.44B | -8.1% |
| 2022 | $9.18B | -17.9% |
| 2021 | $11.17B | +29.6% |
| 2020 | $8.62B | +15.9% |
| 2019 | $7.44B | -23.9% |
| 2018 | $9.78B | -22.2% |
| 2017 | $12.58B | +28.1% |
| 2016 | $9.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TPR price data to Nov 2, 2026 | -4.6% | +11.4% | +67.7% | +28.2% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.6% |
| 2025 | +98.8% |
| 2024 | +82.8% |
| 2023 | +0.2% |
| 2022 | -3.3% |
| 2021 | +32.2% |
| 2020 | +17.0% |
| 2019 | -16.1% |
| 2018 | -21.4% |
| 2017 | +30.5% |
| 2016 | +10.8% |
| 2015 | -9.3% |
| 2014 | -30.7% |
| 2013 | +3.6% |
| 2012 | -7.4% |
| 2011 | +11.9% |
| 2010 | +53.3% |
| 2009 | +77.3% |
| 2008 | -32.1% |
| 2007 | -28.8% |
| 2006 | +28.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74% over that stretch · deepest drop along the way 74.1%, back to its old high 19.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.7% over that stretch · deepest drop along the way 62.7%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.8% over that stretch · deepest drop along the way 35.9%, back to its old high 7.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 11 sales ($18.5M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | Joanne C. Crevoiserat Chief Executive Officer | sell (plan) | $3.2M |
| May 26, 2026 | Todd Kahn CEO and Brand President, Coach | sell | $2.7M |
| Feb 18, 2026 | Joanne C. Crevoiserat Chief Executive Officer | sell (plan) | $2.3M |
| Feb 18, 2026 | Joanne C. Crevoiserat Chief Executive Officer | sell (plan) | $2.1M |
| May 13, 2026 | Joanne C. Crevoiserat Chief Executive Officer | sell (plan) | $2.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8% | Dec 31, 2025 |
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.45% | Sep 30, 2026 |
| FMR LLC | 3.5% | Sep 30, 2025 |
ETFs with the most weight in TPR
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 3.3% |
| GDIV Harbor Dividend Growth Leaders ETF | 2.46% |
| CNAV Mohr Company Nav ETF | 2.39% |
| FCUS Pinnacle Focused Opportunities ETF | 2.36% |
| SRHQ SRH U.S. Quality GARP ETF | 2.34% |
| EMOT First Trust S&P 500 Economic Moat ETF | 2.29% |
| FCFY First Trust S&P 500 Diversified Free Cash Flow ETF | 2.24% |
| SMRI Bushido Capital US Equity ETF | 1.9% |
What could go wrong
- Coach brings in almost all sales. Coach produced 86.4% of fiscal 2026 net sales. If its handbags fall out of fashion or the brand loses appeal, especially with the younger Gen Z shoppers Tapestry targets, little else could offset it.
- Tariffs on goods made in Asia. In fiscal 2026, both brands relied mainly on manufacturers in Vietnam, Cambodia and the Philippines. Higher US tariffs raise costs. Tapestry paid about $117 million in tariffs later ruled invalid. When refunds arrive is uncertain.
- Heavy exposure to Greater China and Asia. Greater China supplied 17.5% of fiscal 2026 sales and other Asian markets 11.3%. Weaker local demand, fewer tourists, political tension or swings in exchange rates could cut sales and profits.
- Growth plan and Kate Spade may disappoint. Tapestry's 2028 growth plan, Amplify, depends on attracting new customers and growing in Greater China and Europe. Meanwhile, Kate Spade's sales slipped to $1.07 billion from $1.20 billion in fiscal 2026.
- Debt exceeds cash on hand. As of June 27, 2026, Tapestry had about $2.38 billion of debt and $1.15 billion of cash and investments. The debt can limit future deals and borrowing, and it weighs more heavily if profits fall.
- Shoppers cut back on handbags in downturns. Handbags and accessories are easy purchases to put off. The company says such spending tends to fall during recessions, high unemployment and inflation. Fewer shoppers visiting malls and outlet centers also hurts sales.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Tapestry has a short record of dividend increases. It paid nothing in fiscal 2021, then $1.00 a share in fiscal 2022, rising to $1.60 in fiscal 2026. The payment stayed flat at $1.40 in fiscal 2025, so the streak of annual increases was one year. Dividends used about 21% of fiscal 2026 earnings and 18% of free cash flow (cash left after capital spending). The yield was 1.49% as of October 28, 2026. Buybacks have been far larger: $5.58 billion from fiscal 2022 through 2026, compared with $1.49 billion in dividends. The share count fell about 29% from August 2021 to July 2026. That raises each remaining share's slice of profits, but it pays holders no cash.
The shares have fallen hard in downturns: about 74% in the 2008 financial crisis, not recovering until October 2010; about 63% in the 2020 COVID crash; and about 36% in the 2022 bear market. A single stock like Tapestry carries more risk than a diversified fund.
Questions investors ask
How does Tapestry make money?
Mostly from Coach handbags and accessories. In the fiscal year ended June 27, 2026, Tapestry's net sales were about $8.0 billion. Coach brought in 86.4% and Kate Spade 13.4%. Tapestry completed the sale of Stuart Weitzman on August 4, 2025. Handbags made up 57.6% of sales and accessories 27.9%. About 87% came through the company's own stores and websites, known as direct-to-consumer, and about 12% through department stores and other wholesale partners. North America accounted for 63% of sales and Greater China 17.5%.
Does Tapestry raise its dividend every year?
No. Tapestry paid $1.60 per share in dividends for fiscal 2026, up from $1.40 in fiscal 2025. But the fiscal 2025 payment matched fiscal 2024's $1.40, so the streak of increases stood at one year. The company paid no dividend in fiscal 2021, then $1.00 in fiscal 2022 and $1.20 in fiscal 2023. The yield was 1.41% as of October 29, 2026. Dividends took 21.3% of fiscal 2026 earnings, a share known as the payout ratio. Buybacks were larger, at about $1.55 billion in fiscal 2026.
How much debt does Tapestry have?
About $2.38 billion of total debt as of June 27, 2026, against $1.15 billion of cash and investments, for net debt (debt minus cash) of about $1.23 billion. Free cash flow, the cash left after running and investing in the business, was about $1.81 billion in fiscal 2026. Buybacks reduce balance-sheet equity, and Tapestry spent about $5.58 billion on them from fiscal 2022 through fiscal 2026; equity stood at $692.1 million. Tapestry's 10-K lists its debt as a risk that could restrict future borrowing or deals.
How do tariffs affect Tapestry?
Tariffs add to the cost of Tapestry's imported products, most of which are subject to duties. In fiscal 2026, Coach's main manufacturers were in Vietnam, Cambodia, the Philippines and India. Tapestry paid about $117 million in tariffs under the International Emergency Economic Powers Act, which the US Supreme Court ruled invalid on February 20, 2026. It received $2.1 million in refunds in the fourth quarter of fiscal 2026 and booked $114.7 million more as a probable refund. When that cash arrives depends on the government's refund process.
Is Tapestry stock volatile?
Yes, its price has swung widely. Volatility, a measure of how much the price moves around, was 41.4% for the year to October 29, 2026, and the stock fell as much as 32.8% from a high during that year. Gains have been large too: the share price rose about 83% in 2024 and about 99% in 2025, then was down 6.9% year to date through October 29, 2026. In the 2008 financial crisis the stock fell 74.1% and took about 19 months to recover from its low.