Birkenstock Holding plc Earnings Recaps
Q3 2026
Aug 15, 2026
Birkenstock's Q3 results beat expectations, driving a 7.1% stock gain as revenue growth hit the high end of guidance at 15% in constant currency, supported by strong DTC expansion and margin improvement despite elevated freight costs.
Key takeaways
- Revenue grew 15% in constant currency, matching the company’s raised full-year guidance of 13% to 15%.
- Adjusted EBITDA margin improved by 60 basis points year-over-year on a like-for-like basis, even with increased freight costs linked to geopolitical tensions.
- DTC business expanded 16% in constant currency, with own retail revenue up 50% and same-store sales increasing high single digits.
- Geographic momentum was broad-based: EMEA growth accelerated to 15%; Americas +14%; APAC surged 23% (close to 30% ex-Australia), underpinned by over 50% growth in China.
- The company returned EUR 230 million to shareholders through share repurchases and refinanced debt with improved terms, lowering borrowing costs.
Q2 2026
May 15, 2026
Birkenstock’s shares fell sharply by 10.1% after earnings as investors reacted negatively to margin pressure and signs of a cautious outlook amid rising inflation, tariff uncertainty, and geopolitical disruptions despite solid revenue growth.
Key takeaways
- Reported revenue grew 8% to EUR 618 million, or 14% in constant currency, driven by strong regional growth including 30% in APAC and 14% in Americas.
- Adjusted EBITDA margin slipped below prior levels, pressured by tariffs, FX headwinds, and rising energy costs, challenging the narrative of margin resilience.
- EMEA growth was notably impaired by an estimated EUR 6 million impact from Middle East conflicts, reducing growth by ~300 basis points in the region and ~100 basis points company-wide.
- Management reiterated fiscal 2026 revenue growth guidance of 13-15%, but heightened inflation and tariff risks raise doubts about delivery.
- Direct-to-consumer retail expanded 60% in constant currency, aided by new store openings, but ongoing investments in online capability signal pressure on profitability going forward.
Q1 2026
Feb 13, 2026
Birkenstock Holding plc reported a robust Q1 fiscal 2026, achieving €402 million in revenues—an 11% increase on a reported basis and 18% in constant currency, significantly surpassing guidance.
Key takeaways
- B2B sales surged 24% in constant currency, outperforming DTC, which grew 12%.
- APAC revenues rose 37% in constant currency, reflecting strong growth potential in underpenetrated markets.
- Closed-toe products, led by key silhouettes, made up nearly 60% of revenue, indicating successful brand expansion beyond sandals.
- The company remains on track to open 40 new stores this fiscal year, enhancing its direct-to-consumer presence.