Tapestry reports $360 million net income for fiscal Q1 2027

Cover page 19 changes

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For the Fiscal Year Ended June 27 , 2026

ANNUAL ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 26, 2026

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Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑ Yes ☐ No ☐

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Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

The aggregate market value of Tapestry, Inc. common stock held by non-affiliates as of December 26, 2025 (the last business day of the most recently completed second fiscal quarter) was approximately $ 26.53 billion. For purposes of determining this amount only, the registrant has excluded shares of common stock held by directors and executive officers. Exclusion of shares held by any person should not be construed to indicate that such person possesses the power, direct or indirect, to cause the direction of the management or policies of the registrant, or that such person is controlled by or under common control with the registrant.

On July 31, 2026, the Registrant had 199,391,678 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Documents Form 10-K Reference

Proxy Statement for the 2026 Annual Meeting of Stockholders

Part III, Items 10 – 14

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes Exchange Act). ☐ No Yes ☑ No

On October 23, 2026 , the Registrant had 196,516,496 outstanding shares of common stock, which is the Registrant's only class of common stock.

PART I – FINANCIAL INFORMATION (unaudited)

Financial statements 5 changes

Consolidated Statements of Stockholders' Equity

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Statements of Cash Flows

Exhibits 188 changes

(a) The following documents are filed as part of this report:

(1) Financial Statements. For a list of financial statements filed as part of this report refer to "Index to Consolidated Financial Statements and Supplementary Information" which appears following the signature page below.

(2) Financial Statement Schedules:

Schedule II - Valuation and Qualifying Accounts

All other financial statement schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto included in this Form 10-K.

In reviewing agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements contain representations, warranties, covenants and conditions by or of each of the parties to the applicable agreement. These representations, warranties, covenants and conditions have been made solely for the benefit of the other parties to the applicable agreement and:

(i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

(ii) may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

(iii) may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors, or under federal securities law; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this report and the Company's other public filings, which are available without charge through the SEC's website at http://www.sec.gov.

3.1 Articles of Incorporation, dated June 1, 2000, which is incorporated herein by reference from Exhibit 3.1 to the Registrant's Registration Statement on Form S-1 filed on June 16, 2000

3.2 Articles Supplementary of Coach, Inc., dated May 3, 2001, which is incorporated herein by reference from Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on May 9, 2001

3.3 Articles of Amendment of Coach, Inc., dated May 3, 2001, which is incorporated herein by reference from Exhibit 3.3 to the Registrant's Current Report on Form 8-K filed on May 9, 2001

3.4 Articles of Amendment of Coach, Inc., dated May 3, 2002, which is incorporated by reference from Exhibit 3.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 29, 2002

3.5 Articles of Amendment of Coach, Inc., dated February 1, 2005, which is incorporated by reference from Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed on February 2, 2005

3.6 Articles of Amendment to Charter of the Registrant, effective as of October 31, 2017, which is incorporated by reference from Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on October 31, 2017

3.7 Bylaws of the Registrant, effective as of April 12, 2023, which is incorporated herein by reference from Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on April 13, 2023

4.1 Specimen Certificate for Common Stock of the Registrant which is incorporated by reference from Exhibit 4.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2018, filed on August 16, 2018

4.2 Indenture, dated as of March 2, 2015, between Coach, Inc. and U.S. Bank National Association, as trustee, which is incorporated herein by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 2, 2015

4.3 Third Supplemental Indenture, dated as of June 20, 2017, relating to the 4.125% senior unsecured notes due 2027, between Coach, Inc. and U.S. Bank National Association, as trustee, which is incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed on June 20, 2017

4.4 Form of 4.125% senior unsecured notes due 2027 (included in the Third Supplemental Indenture), which is incorporated by reference from Exhibit 4.4 to the Registrant's Current Report on Form 8-K, filed on June 20, 2017

4.5 Indenture, dated as of December 1, 2021, between the Registrant and U.S. Bank National Association, as trustee, which is incorporated herein by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on December 1, 2021

4.6 First Supplemental Indenture, dated as of December 1, 2021, relating to the 3.050% senior unsecured notes due 2032, between the Registrant and U.S. Bank National Association, as trustee, which is incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on December 1, 2021

4.7 Form of 3.050% senior unsecured notes due 2032 (included in the First Supplemental Indenture), which is incorporated by reference from Exhibit 4.3 to the Registrant's Current Report on Form 8-K, filed on December 1, 2021

4.8 Base Indenture, dated as of December 11, 2024, between the Registrant and U.S. Bank Trust Company, National Association, as trustee, which is incorporated by reference from Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed on December 11, 2024

4.9 First Supplemental Indenture, dated as of December 11, 2024, relating to the 5.100% senior unsecured notes due 2030 and the 5.500% senior unsecured notes due 2035, between the Registrant and U.S. Bank Trust Company, National Association, as trustee, which is incorporated by reference from Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed on December 11, 2024

4.10 Form of 5.100% senior unsecured notes due 2030 (included in the First Supplemental Indenture), which is incorporated by reference from Exhibit 4.3 to the Registrant's Current Report on Form 8-K, filed on December 11, 2024

4.11 Form of 5.500% senior unsecured notes due 2035 (included in the First Supplemental Indenture), which is incorporated by reference from Exhibit 4.4 to the Registrant's Current Report on Form 8-K, filed on December 11, 2024

4.12 Description of Securities, which is incorporated by reference from Exhibit 4.9 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 27, 2020

10.1† Amended and Restated Tapestry, Inc. 2001 Employee Stock Purchase Plan, which is incorporated by reference to Appendix C to the Registrant's Definitive Proxy Statement for the 2016 Annual Meeting of Stockholders filed on September 30, 2016

10.2† Coach, Inc. 2010 Stock Incentive Plan, which is incorporated by reference from Appendix A to the Registrant's Definitive Proxy Statement for the 2010 Annual Meeting of Stockholders, filed on September 24, 2010

10.3† Amendment to the Coach, Inc. 2010 Stock Incentive Plan, which is incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 22, 2014

10.4† Coach, Inc. Amended and Restated 2010 Stock Incentive Plan, which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2014 Annual Meeting of Stockholders, filed on September 26, 2014

10.5† Coach, Inc. Amended and Restated 2010 Stock Incentive Plan (Amended and Restated as of September 18, 2015), which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, filed on September 25, 2015

10.6† Coach Inc. Executive Deferred Compensation Plan, effective as of January 1, 2016, which is incorporated herein by reference from Exhibit 10.10 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 29, 2019

10.7† Coach, Inc. Amended and Restated 2010 Stock Incentive Plan (Amended and Restated as of September 23, 2016), which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2016 Annual Meeting of the Stockholders, filed on September 30, 2016

10.8† Coach, Inc. Amended and Restated 2010 Stock Incentive Plan (Amended and Restated as of September 20, 2017), which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2017 Annual Meeting of the Stockholders, filed on September 29, 2017

10.9† Tapestry Inc. 2018 Stock Incentive Plan, which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2018 Annual Meeting of Stockholders, filed on September 28, 2018

10.10*† Form of Stock Option Grant Notice and Agreement under the Tapestry, Inc. 2018 Stock Incentive Plan

10.11*† Form of Restricted Stock Unit Award Grant Notice and Agreement under the Tapestry, Inc. 2018 Stock Incentive Plan

10.12*† Form of Performance Restricted Stock Unit Agreement Grant Notice and Agreement under the Tapestry, Inc. 2018 Stock Incentive Plan

10.13† Form of Stock Option Grant Notice and Agreement for Outside Directors under the Tapestry, Inc. 2018 Stock Incentive Plan, which is incorporated by reference from Exhibit 10.3 to the Registrant's Quarterly Report on Form 10 -Q for the period ended December 29, 2018

10.14† Form of Restricted Stock Unit Grant Notice and Agreement for Outside Directors under the Tapestry, Inc. 2018 Stock Incentive Plan, which is incorporated by reference from Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q for the period ended December 29, 2018

10.15† Tapestry, Inc. 2018 Performance-Based Annual Incentive Plan, which is incorporated herein by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on August 10, 2018

10.16 Redemption Agreement and Amendment to Limited Liability Company Agreement, dated as of August 1, 2016, by and between Legacy Yards LLC, Coach Legacy Yards LLC and Podium Fund Tower C SPV LLC, which is incorporated by reference from Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended October 1, 2016

10.17 Lease Agreement, dated as of August 1, 2016, by and between Coach, Inc. and Legacy Yards Tenant LP, which is incorporated by reference from Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended October 1, 2016

10.18 Amended and Restated Development Agreement, dated as of August 1, 2016, by and between ERY Developer LLC and Coach Legacy Yards LLC, which is incorporated by reference from Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the period ended October 1, 2016

10.19 Sublease, dated as of September 13, 2017 between Coach, Inc. and The Guardian Life Insurance Company of America, a New York mutual insurance company, which is incorporated by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on September 14, 2017.

10.20† Tapestry, Inc. Severance Pay Plan for Vice Presidents and Above, Amended and Restated effective May 9, 2019, which is incorporated herein by reference from Exhibit 10.38 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 29, 2019

10.21† Tapestry, Inc. Special Severance Plan, effective August 12, 2019, which is incorporated herein by reference from Exhibit 10.40 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 29, 2019

10.22† Amended & Restated Tapestry Inc. 2018 Stock Incentive Plan, which is incorporated herein by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, filed on September 27, 2019

10.23† Second Amended and Restated Tapestry Inc. 2018 Stock Incentive Plan, which is incorporated by reference from Appendix B to the Registrant's Definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, filed on September 25, 2020

10.24† Letter Agreement, dated October 24, 2020 between the Registrant and Joanne Crevoiserat, incorporated by reference from Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended September 26, 2020

10.25 First Amendment to Lease, dated as of March 12, 2021, between Legacy Yards Tenant LP, a Delaware limited partnership and the Registrant, incorporated by reference from Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q

10.26† Letter Agreement, dated April 12, 2021, between the Registrant and Todd Kahn, incorporated by reference from Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q

10.27† Letter Agreement, dated April 26, 2021, between the Registrant and Scott Roe, incorporated by reference from Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q

10.28† Letter Agreement, dated August 4, 2022, between the Registrant and Scott Roe, incorporated by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on August 4, 2022

10.29† Letter Agreement, dated August 11, 2023, between the Registrant and Denise Kulikowsky , incorporated by reference from Exhibit 10.35 to the Registrant's Annual Report on Form 10-K for the fiscal year ended June 28, 2025, filed August 14, 2025

10.30 Termination Agreement, dated November 13, 2024, by and among the Registrant, Sunrise Merger Sub, Inc. and Capri Holdings Limited, incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on November 14, 2024

10.31 Form of ASR Agreement, incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on November 22, 2024

10.32 Credit Agreement dated as of May 22, 2025, among the Registrant, the foreign subsidiary borrowers from time to time party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent, which is incorporated herein by reference from Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on May 23, 2025

19.1 Insider Trading Policies and Procedures of the Registrant, which is incorporated by reference from Exhibit 19.1 to the Registrant's Annual Report on Form 10-K filed on August 15, 2024

21.1* List of Subsidiaries of the Registrant

23.1* Consent of Deloitte & Touche LLP

31.1* Rule 13(a)-14(a)/15(d)-14(a) Certification of the Registrant's Chief Executive Officer

31.2* Rule 13(a)-14(a)/15(d)-14(a) Certification of the Registrant's Chief Financial Officer

32.1* Section 1350 Certification of the Registrant's Chief Executive Officer

32.2* Section 1350 Certification of the Registrant's Chief Financial Officer

97.1 Clawback Policy of the Registrant , which is incorporated by reference from Exhibit 97.1 to the Registrant's Annual Report on Form 10-K filed on August 15, 2024

101.INS* Inline XBRL Instance Document

Note: the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH* Inline XBRL Taxonomy Extension Schema Document

101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

† Management contract or compensatory plan or arrangement.

In this Form 10-Q, references to "we," "our," "us," "Tapestry" and the "Company" refer to Tapestry, Inc., including consolidated subsidiaries. References to "Coach," "Kate Spade" or "Kate Spade New York" refer only to the referenced brand.

SPECIAL NOTE ON FORWARD-LOOKING INFORMATION

and 108 more changes in the filing

Note 1: NATURE OF OPERATIONS 1 change

1 unchanged paragraph

The Coach and Kate Spade segments include global sales of products to customers through our direct-to-consumer ("DTC"), wholesale and licensing businesses. On August 4, 2025, the Company completed the previously announced sale of the Stuart Weitzman Business (defined below). Refer to Note 5, "Acquisitions and Divestitures," for further information.

Note 2: BASIS OF PRESENTATION AND ORGANIZATION 10 changes

Interim Financial Statements

These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, such condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations, comprehensive income (loss) and cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company's Annual Report on Form 10-K for the year ended June 27, 2026 ("fiscal 2026") and other filings with the SEC.

In the first quarter of fiscal 2027, the Company changed the presentation in the condensed consolidated financial statements and related disclosures to whole millions from the historical presentation of tenths of millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.

The results of operations, cash flows and comprehensive income for the three months ended September 26, 2026 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on July 3, 2027 ("fiscal 2027").

The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Unless otherwise stated, references to years in the financial statements relate to Fiscal years. The fiscal 2027 will end on July 3, 2027 and will be a 53-week year. Fiscal 2026, which ended on June 27, 2026, ("fiscal 2026") was a 52-week period. year. The first quarter of fiscal year 2027, which ended June 28, 2025 ("fiscal 2025") was a 52-week period on September 26, 2026 and the first quarter of fiscal year 2026, which ended June 29, 2024 ("fiscal 2024") was a 52-week period. The fiscal year ending July 3, 2027 ("fiscal 2027") will be a 53-week period. on September 27, 2025, were both 13-week periods.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements.

Significant estimates inherent in the preparation of the condensed consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; accounting for business combinations; the valuation of stock-based share-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others.

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The Company accounts for stock repurchases by allocating the repurchase price to Common stock and Retained earnings (accumulated deficit). Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares; these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company accounts for the shares purchased under the share repurchase plan based on the trade date. Purchases of the Company's common stock may be executed through open market purchases including through purchase agreements under Rule 10b5-1, in privately negotiated transactions or in other transactions, including accelerated share repurchase programs. Excise tax on net share repurchases is recorded in Retained earnings (accumulated deficit) as part of Stockholders' Equity.

The These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.

Additionally, GAAP requires the consolidation of all entities for which a company has a controlling voting interest and all variable interest entities ("VIEs") for which a company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity's operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity's activities involve or are conducted on behalf of the investor with disproportionately few voting rights.

Note 4: REVENUE 23 changes

The Company recognizes revenue primarily from sales of the products of its brands through our DTC business, which includes our retail stores and e-commerce sites, along with our wholesale business. The Company also generates revenue from royalties related to licensing its trademarks, as well as sales in ancillary business channels. In all cases, revenue is recognized upon the transfer of control of the promised products or services to the customer, which may be at a point in time or over time. Control is transferred when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized is the amount of consideration to which the Company expects to be entitled, including estimation of sale terms that may create variability in the consideration. Revenue subject to variability is constrained to an amount which will not result in a significant reversal in future periods when the contingency that creates variability is resolved.

The Company has elected a practical expedient not to disclose the remaining performance obligations that are unsatisfied as of the end of the period related to contracts with an original duration of one year or less or variable consideration related to sales-based royalty arrangements. There are no other contracts with transaction price allocated to remaining performance obligations other than future minimum royalties as discussed above, which are not material.

Other practical expedients elected by the Company include (i) assuming no significant financing component exists for any contract with a duration of one year or less, (ii) accounting for shipping and handling as a fulfillment activity within SG&A expense regardless of the timing of the shipment in relation to the transfer of control and (iii) excluding sales and value-added taxes from the transaction price.

The Company recognizes revenue in its retail stores, including concession shop-in-shops, at the point-of-sale when the customer obtains physical possession of the products. Digital revenue from sales of products ordered through the Company's e-commerce sites is recognized upon delivery and receipt of the shipment by its customers and includes shipping and handling charges paid by customers. Retail and digital revenues are recorded net of estimated returns, which are estimated by developing an expected value based on historical experience. Payment is due at the point of sale.

Gift cards issued by the Company are recorded as a liability until redeemed by the customer, at which point revenue is recognized. The Company also uses historical information to estimate the amount of gift card balances that will never be redeemed and recognizes that amount as revenue over time in proportion to actual customer redemptions if the Company does not have a legal obligation to remit unredeemed gift cards to any jurisdiction as unclaimed property.

The Company recognizes revenue within the wholesale channel at the time title passes and risk of loss is transferred to customers, which is generally at the point of shipment of products but may occur upon receipt of the shipment by the customer in certain cases. Payment is generally due 30 to 90 days after shipment. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. Discounts are based on contract terms with the customer, while cooperative advertising allowances and other consideration may be based on contract terms or negotiated on a case-by-case basis. Returns and markdowns generally require approval from the Company and are estimated based on historical trends, current season results and inventory positions at the wholesale locations, current market and economic conditions as well as, in select cases, contractual terms. The Company's historical estimates of these variable amounts have not differed materially from actual results.

The Company recognizes licensing revenue over time during the contract period in which licensees are granted access to the Company's trademarks. These arrangements require licensees to pay a sales-based royalty and may include a contractually guaranteed minimum royalty amount. Revenue for contractually guaranteed minimum royalty amounts is recognized ratably over the license year and any excess sales-based royalties are recognized as earned once the minimum royalty threshold is achieved. Payments from the customer are generally due quarterly in an amount based on the licensee's sales of goods bearing the licensed trademarks during the period, which may differ from the amount of revenue recorded during the period thereby

Disaggregated Net Sales

The following table disaggregates the Company's net sales into geographies that depict how economic factors may impact the revenues and cash flows for the periods presented. Each geography presented includes net sales related to the Company's directly operated channels, global travel retail business and to wholesale customers, including distributors, in locations within the specified geographic area.

North America Greater China (1)

Three Months Ended September 26, 2026

Coach $ 930 $ 379 $ 192 $ 160 $ 1,661

Kate Spade 180 6 25 22 233

Total $ 1,110 $ 385 $ 217 $ 182 $ 1,894

Three Months Ended September 27, 2025

Coach $ 869 $ 260 $ 173 $ 128 $ 1,430

Kate Spade 200 9 26 25 260

Stuart Weitzman 10 2 — 3 15

Total $ 1,079 $ 271 $ 199 $ 156 $ 1,705

(1) Greater China includes mainland China, Taiwan, Hong Kong SAR and Macao SAR.

(2) Other Asia includes Japan, Australia, South Korea, Malaysia, Singapore, and other countries primarily within Asia.

(3) Other sales primarily represents sales in Europe and the Middle East as well as royalties earned from the Company's licensing partners.

Deferred revenue results from cash payments received or receivable from customers prior to the transfer of the promised goods or services, and is generally comprised of unredeemed gift cards, net of breakage which has been recognized. Additional deferred revenue may result from sales-based royalty payments received or receivable which exceed the revenue recognized during the contractual period. The balance of such amounts as of September 26, 2026 and June 27, 2026 was $ 43 million and $ 35 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Condensed Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the three months ended September 26, 2026, net sales of $ 4 million were recognized from amounts recorded as deferred revenue as of June 27, 2026. For the three months ended September 27, 2025, net sales of $ 2 million were recognized from amounts recorded as deferred revenue as of June 28, 2025.

Note 5: ACQUISITIONS AND DIVESTITURES 8 changes

1 unchanged paragraph

As of June 28, 2025, the Company determined that certain assets and liabilities related to the Company's Stuart Weitzman Business should be classified as held for sale. The Stuart Weitzman Business Divestiture did not represent a strategic shift that will have a major effect on the Company's operations and financial results and therefore does not qualify for presentation as a discontinued operation. The Stuart Weitzman Business Divestiture resulted in a final total pre-tax loss of $ 22.0 million, which represented the amount of the carrying value of the net assets over the amount of consideration received, less costs to sell. Of the final total pre-tax loss, $ 3.4 million was recorded during the fiscal year ended June 27, 2026 and $ 18.6 million was recorded during the fiscal year ended June 28, 2025.

During the fiscal year ended June 27, 2026, the Company incurred total pre-tax charges of $ 10.9 million primarily due to professional fees and severance costs, partially offset by income from the transition services agreement. These items were recorded in SG&A expenses mainly within the Corporate segment on the Company's Consolidated Statements of Operations.

Capri Holdings Limited Acquisition

On August 10, 2023, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Sunrise Merger Sub, Inc., a direct wholly owned subsidiary of Tapestry ("Merger Sub"), and Capri Holdings Limited ("Capri" and, together with us and Merger Sub, the "Parties"), pursuant to which, among other things, Merger Sub would merge with and into Capri (the "Merger") with Capri surviving the Merger and continuing as a wholly owned subsidiary of the Company ("the Capri Acquisition"). On April 22, 2024, the FTC filed a complaint against the Company and Capri in the United States District Court for the Southern District of New York seeking to enjoin the consummation of the Capri Acquisition, and on October 24, 2024, the Court issued its Opinion and Order granting the FTC's request for a preliminary injunction of the Merger, pending an administrative trial on the merits which was scheduled to begin on December 9, 2024. On November 13, 2024, the Parties entered into a Termination Agreement (the "Termination Agreement"), pursuant to which the Parties agreed to terminate the Merger Agreement, including all schedules and exhibits thereto and all ancillary agreements contemplated thereby or entered pursuant thereto, effective immediately. Pursuant to the Termination Agreement, the Company agreed to reimburse Capri for its expenses in an amount equal to $ 45.1 million in cash on November 14, 2024.

In order to finance the Capri Acquisition, on November 27, 2023, the Company issued $ 4.50 billion of senior unsecured notes and € 1.50 billion of Euro-denominated senior unsecured notes (the "Capri Acquisition Senior Notes") which, together with the $ 1.40 billion of delayed draw unsecured term loan facilities (the "Capri Acquisition Term Loan Facilities") executed on August 30, 2023, completed the expected financing for the Capri Acquisition. On November 25, 2024, due to the termination of the Merger Agreement and pursuant to the terms of the indenture governing the Capri Acquisition Senior Notes, as supplemented, the Company redeemed all outstanding Capri Acquisition Senior Notes at a redemption price of 101 % of the aggregate principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Capri Acquisition Term Loan Facilities were terminated concurrently with the execution of the Termination Agreement on November 13, 2024. Refer to Note 12, "Debt," for further information on our debt instruments related to the Capri Acquisition.

There were no expenses incurred during the fiscal year ended June 27, 2026 in conjunction with the Capri Acquisition.

During the fiscal year ended June 28, 2025, the Company incurred $ 268.4 million in pre-tax expenses primarily related to Loss on extinguishment of debt as a result of the redemption of the Capri Acquisition Senior Notes recorded within Loss on extinguishment of debt on the Consolidated Statement of Operations, financing-related expenses recorded within Interest expense, net on the Consolidated Statement of Operations, expense reimbursement payment made to Capri recorded within SG&A expenses on the Consolidated Statement of Operations and professional fees recorded within SG&A expenses on the Consolidated Statement of Operations.

On February 16, 2025, the Company entered into a sale and purchase agreement (the "Purchase Agreement") with Caleres, Inc. (the "Purchaser") to sell the Stuart Weitzman Business (as defined below). The sale was completed on August 4, 2025 (the "Stuart Weitzman Business Divestiture"). The Purchaser acquired certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded products (the "Stuart Weitzman Business") for a final aggregate purchase price of $ 109.1 109 million, which included customary adjustments for net working capital and indebtedness.

Note 6: GOODWILL AND OTHER INTANGIBLE ASSETS 21 changes

The Company performs its annual impairment assessment of goodwill as well as brand intangibles at the beginning of the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.

The Company determined there was no impairment in fiscal 2026 based on the annual assessment and no events occurring that would more likely than not reduce the fair value below its carrying amount.

During the fourth quarter of fiscal 2025, the Company performed its annual goodwill and indefinite-lived intangible assets impairment analysis. The assessment concluded that the fair values of the Kate Spade reporting unit and indefinite-lived brand intangible asset did not exceed their respective carrying values due to a reduction in both current and future expected cash flows, which includes an estimated impact of cost increases due to changes in tariff and trade policies. Accordingly, during the three months ended June 28, 2025, the Company recorded a goodwill impairment charge of $ 244.1 million related to the Kate Spade reporting unit. The Company also recorded an impairment charge of $ 610.7 million related to the Kate Spade indefinite-lived brand intangible asset. The goodwill and brand intangible asset impairment charges were recorded within Impairment of goodwill and intangible assets on the Company's Consolidated Statement of Operations.

The estimated fair values of the Company's reporting units are based on a weighted average of the income and market approaches. The income approach is based on estimated discounted future cash flows, while the market approach is based on earnings multiples of selected guideline companies. The approach, which qualifies as Level 3 in the fair value hierarchy, incorporated a number of significant assumptions and judgments, including, but not limited to, estimated future cash flows, discount rates, income tax rates, terminal growth rates and valuation multiples derived from comparable publicly traded companies.

1 unchanged paragraph

Balance at June 29, 2024 $ 578.0 $ 626.1 $ 1,204.1

Impairment charges — ( 244.1 ) ( 244.1 )

Foreign exchange impact 19.5 3.8 23.3

Balance at June 28, 2025 597.5 385.8 983.3

Foreign exchange impact ( 21.7 ) ( 3.9 ) ( 25.6 )

Coach Kate Spade Total (1)

Balance at June 27, 2026 $ 575.8 576 $ 381.9 382 $ 957.7 958

Foreign exchange impact 7 1 8

Balance at September 26, 2026 $ 583 $ 383 $ 966

(1) Amount is net of accumulated impairment charges of $ 244 million as of September 26, 2026 and June 27, 2026.

1 unchanged paragraph

September 26, 2026 June 27, 2026 June 28, 2025

1 unchanged paragraph

Customer relationships $ 45.6 $ ( 28.2 ) $ 17.4 $ 45.6 $ ( 25.1 ) $ 20.5

Total intangible assets subject to amortization 45.6 ( 28.2 ) 17.4 45.6 ( 25.1 ) 20.5

Customer relationships $ 46 $ ( 29 ) $ 17 $ 46 $ ( 28 ) $ 18

Total intangible assets subject to amortization 46 ( 29 ) 17 46 ( 28 ) 18

2 unchanged paragraphs

Total intangible assets $ 744.7 $ ( 28.2 ) $ 716.5 $ 744.7 $ ( 25.1 ) $ 719.6

Total intangible assets $ 745 $ ( 29 ) $ 716 $ 745 $ ( 28 ) $ 717 (1) Amount is net of accumulated impairment charges of $ 611 million as of September 26, 2026 and June 27, 2026 for Kate Spade indefinite-lived brand intangible asset.

Note 8: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 30 changes

The following tables provide information related to the Company's derivative instruments recorded on the Company's Consolidated Balance Sheets as of June 27, 2026 and June 28, 2025:

Notional Value Derivative Assets Derivative Liabilities

Fair Value Fair Value

June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 (millions)

Designated as cash flow hedges

Foreign exchange risk (1)

Designated as net investment hedges

Foreign exchange risk (3)

Designated as fair value hedges

Foreign exchange risk (2)

Interest rate risk (2)

Foreign exchange risk (1)

Total $ 3,285.5 $ 2,582.0 $ 103.7 $ 22.4 $ 235.5 $ 271.0

(1) In Other Current Assets and Accrued Liabilities.

(2) In Other Assets and Other Liabilities.

(3) As of June 27, 2026, the Company recorded $ 7.1 million within Other Current Assets, $ 64.0 million within Other Assets, $ 2.1 million within Accrued Liabilities and $ 219.0 million within Other Liabilities. As of June 28, 2025, the Company recorded $ 15.6 million within Other Current Assets, $ 0.0 million within Other Assets, $ 6.9 million within Accrued Liabilities and $ 256.1 million within Other Liabilities.

The following tables provide the pretax impact of gains and losses from the Company's designated derivative instruments on its Consolidated Financial Statements for the fiscal years ended June 27, 2026, June 28, 2025 and June 29, 2024:

Amount of Gain (Loss) Recognized in OCI on Derivatives

June 27, 2026 June 28, 2025 June 29, 2024

Designated as cash flow hedges

Foreign exchange risk

Interest rate risk — — ( 10.4 )

Designated as net investment hedges

Foreign exchange risk 94.7 ( 141.3 ) 74.3

Designated as fair value hedges

Foreign exchange risk ( 0.1 ) — —

Total $ 136.2 $ ( 160.4 ) $ 123.5

The Company is exposed to foreign currency exchange risk related to its sale of inventory, cross-currency intercompany loans and payables, and the remeasurement and translation of foreign operations. The Company is also exposed to interest rate risk related to changes in the fair value of the Company's fixed-rate debt. The Company uses derivative financial instruments to manage these risks. These derivative transactions are in accordance with the Company's risk management policies. Each derivative instrument entered into by the Company that qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged. The Company does not enter into derivative transactions for speculative or trading purposes.

The Company records all derivative contracts at fair value on the Condensed Consolidated Balance Sheets on a gross basis. As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings, among other factors.

The fair values of the Company's derivative instruments are based on the forward curves of the specific indices upon which settlement is based and include an adjustment for the counterparty's or Company's credit risk. Judgment is required of management in developing estimates of fair value. The use of different market assumptions or methodologies could affect the estimated fair value.

Note 9: EARNINGS PER SHARE 14 changes

2 unchanged paragraphs

September 26, 2026 September 27, 2025

1 unchanged paragraph

Net income (loss) $ 1,527.7 $ 183.2 $ 816.0

Weighted-average basic shares 204.0 216.8 229.2

Net income (loss) $ 360 $ 275

Weighted-average basic shares 199.3 207.6

1 unchanged paragraph

Effect of dilutive securities 6.2 5.7 4.0

Weighted-average diluted shares 210.2 222.5 233.2

Effect of dilutive securities 5.2 7.9

Weighted-average diluted shares 204.5 215.5

1 unchanged paragraph

Basic $ 7.49 $ 0.84 $ 3.56

Diluted $ 7.27 $ 0.82 $ 3.50

At June 27, 2026 and June 28, 2025, there were no options to purchase shares of common stock outstanding but not included in the computation of diluted earnings per share with an exercise price greater than the average market price of the common shares.

Diluted $ 1.76 $ 1.28

Earnings per share amounts have been calculated based on unrounded numbers. Options to purchase shares of the Company's common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income (loss) per common share. In addition, the Company has outstanding restricted stock unit awards that are issuable only upon the achievement of certain performance goals. Performance-based restricted stock unit awards are included in the computation of diluted shares only to the extent that the underlying performance conditions and any applicable market condition modifiers (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of September 26, 2026 and September 27, 2025, there were 0.5 million and 0.6 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.

Note 10: SHARE-BASED COMPENSATION 30 changes

Share-based compensation expense $ 107.4 $ 91.4 $ 85.9

The Company maintains the Amended and Restated Tapestry, Inc. 2018 Stock Incentive Plan to award stock options and shares to certain members of management and the outside members of its Board of Directors ("Board"). The Company maintains the 2010 Stock Incentive Plan for awards granted prior to the establishment of the 2018 Stock Incentive Plan. These plans were approved by the Company's stockholders. The exercise price of each stock option equals 100 % of the market price of the Company's stock on the date of grant and generally has a maximum term of ten years . Stock options and service-based share awards that are granted as part of the annual compensation process generally vest ratably over four years . Stock option and share awards are subject to forfeiture until completion of the vesting period, which ranges from one to four years . The Company issues new shares upon the exercise of stock options or vesting of share awards.

Options Outstanding Weighted-

Price per Option Weighted-

(in years) Aggregate

(millions) (millions)

Outstanding at June 28, 2025 5.2 $ 33.97

Exercised ( 1.6 ) 32.60

Vested and expected to vest at June 27, 2026

Exercisable at June 27, 2026 2.1 32.63 5.0 241.5

The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company's stock as well as the

The Company maintains several share-based compensation plans which are more fully described below. The following table shows the total share-based compensation cost charged against income for these plans expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:

September 27, 2025 (1)

Share-based compensation expense $ 31 $ 24

Income tax benefit related to share-based compensation expense 22.9 18.7 17.5 6 4 (1) During fiscal years the three months ended June September 27, 2026 and June 28, 2025, the Company incurred $ 0.4 million and $ 2.7 1 million respectively, of share-based compensation expense related to the modification of award terms in connection with the sale of the Stuart Weitzman Business as well as $ 2.5 million and $ 1.4 1 million respectively, of share-based compensation expense related to its Organizational Efficiency Costs.

A summary of stock option activity during the fiscal year three months ended June 27, September 26, 2026 is as follows:

Outstanding at June 27, 2026 3.8 38.29 6.2 $ 406.1

Forfeited or expired — 38.93

Outstanding at September 26, 2026 3.8

The weighted-average grant-date fair value of options granted during the three months ended September 26, 2026 and September 27, 2025 was $ 47.77 and $ 36.74 , respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:

September 26, 2026 September 27, 2025

Expected term (years) 5.0 4.9 5.0

Expected volatility 41.5 % 40.9 41.4 % 44.8 41.5 %

Risk-free interest rate 3.9 % 3.8 4.4 % 4.5 3.9 %

Dividend yield 1.4 % 3.4 % 4.2 1.4 %

Service-based Restricted Stock Unit Awards ("RSUs")

A summary of service-based RSU activity during the three months ended September 26, 2026 is as follows:

Non-vested at June 27, 2026 3.3

Non-vested at September 26, 2026 2.4

The weighted-average grant-date fair value of share awards granted during the three months ended September 26, 2026 and September 27, 2025 was $ 128.88 and $ 99.83 , respectively.

Note 11: DEBT 16 changes

1 unchanged paragraph

China Credit Facility (1)

Total Current Debt $ — $ 16.7

Commercial Paper Borrowings $ 200 $ —

1 unchanged paragraph

Total Current Debt $ 597 $ —

4.125 % Senior Notes due 2027

3 unchanged paragraphs

(1) The amount outstanding under the China Credit Facility includes the impact of changes in the exchange rate of the United States Dollar against the Renminbi.

During fiscal 2026, 2025 and 2024 the Company recognized interest expense related to outstanding debt of $ 119.3 million, $ 271.2 million and $ 369.6 million, respectively.

During fiscal 2026 and fiscal 2024 there was no Loss on extinguishment of debt recognized by the Company. During fiscal 2025 the Company recognized Loss on extinguishment of debt of $ 120.1 million, primarily related to redemption premiums, as well as unamortized debt issuance costs and discounts, as a result of the redemption of the Capri Acquisition Senior Notes in the second quarter of fiscal 2025.

$ 2.00 Billion Revolving Credit Facility

On May 22, 2025, the Company entered into a definitive agreement to refinance and replace the Company's unsecured revolving facility dated May 11, 2022 ( the "Existing Revolving Credit Facility") with a new revolving credit facility (the "Amended Revolving Credit Facility"), among the Company, as borrower, Bank of America, N.A., as administrative agent (the "Administrative Agent"), and a syndicate of banks and financial institutions (collectively, the "Lenders"). Under the Amended Revolving Credit Facility, the Lenders have made available to the Company a $ 2.00 billion unsecured revolving credit facility, including sub-facilities for letters of credit, with a maturity date of May 22, 2030.

Total long-term debt 2,396.6 2,396.6 $ 2,000 $ 2,397

Less: Unamortized discount and debt issuance costs on senior notes ( 15.9 15 ) ( 18.7 16 )

Less: Fair value basis adjustment (2) (1)

Total long-term debt, net $ 2,379.0 1,960 $ 2,377.9 2,379

(2) (1) Basis adjustment relates to the fair value hedge on a portion of the 5.500 % Senior Notes due 2035. Refer to Note 10, 8, "Derivative Instruments and Hedging Activities," for further information.

During the three months ended September 26, 2026 and September 27, 2025, the Company recognized interest expense on outstanding debt of $ 29 million and $ 30 million, respectively.

Notes to the financial statements 204 changes

Financial Statement Schedules:

Schedule II — Valuation and Qualifying Accounts

All other schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Tapestry, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Tapestry, Inc. and subsidiaries (the "Company") as of June 27, 2026 and June 28, 2025, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended June 27, 2026, and the related notes and the financial statement Schedule II listed in the Index to the Consolidated Financial Statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 27, 2026 and June 28, 2025, and the results of its operations and its cash flows for each of the three years in the period ended June 27, 2026, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 27, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 13, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill and indefinite-lived brand intangible - Kate Spade - Refer to Notes 3 and 14 to the financial statements

Critical Audit Matter Description

The Company's evaluation of goodwill and indefinite-lived brand intangible assets for impairment involves the comparison of carrying value to their respective fair values. The determination of the fair values requires management to make significant estimates and assumptions related to forecasts of future cash flows and growth rates, as well as discount rates. Changes in these assumptions could have a significant impact on either the fair values, the amount of any impairment charge, or both. As of the year ended June 27, 2026, the Kate Spade goodwill and indefinite-lived brand intangible assets had carrying amounts of $381.9 million and $699.1 million, respectively.

Given the significant judgments made by management to estimate the fair value of the Kate Spade operations used in both goodwill and indefinite-lived brand intangible fair value analyses, and the difference between their fair values and carrying values, performing auditing procedures to evaluate the reasonableness of management's judgments regarding the business and valuation assumptions utilized in the valuation model, particularly the forecasts of future cash flows and growth rates and the selection of the discount rate, and market multiples required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the forecasts, discount rates, and market multiples used by management to estimate the fair values of the Kate Spade reporting unit and indefinite-lived brand intangible asset included the following, among others:

• We tested the effectiveness of management's controls over Kate Spade's goodwill and indefinite-lived brand intangible asset impairment evaluations, including controls over the forecasts of future Kate Spade revenue and profit margin, the selection of the discount rate and market multiples.

• We evaluated management's ability to accurately project the forecasts by performing a retrospective review of actual results to management's historical forecasts.

• We evaluated the reasonableness of management's projected forecasts by:

◦ Comparing the forecasts to information included in the Company's communications to the Board of Directors, industry reports, and analyst reports for the Company and certain of its peer companies;

◦ Comparing the forecasts to historical financial results;

◦ Evaluating the impact of changes in the regulatory environment on management's forecasts;

◦ Conducting inquiries with management; and

◦ Evaluating whether the forecasts were consistent with evidence obtained in other areas of the audit.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation approaches for the Kate Spade reporting unit and the Kate Spade indefinite-lived brand intangible asset:

◦ Testing the inputs underlying the determination of the discount rate and testing the mathematical accuracy of the calculation;

◦ Developing a range of independent estimates and comparing those to the discount rate selected by management;

◦ Evaluating the reasonableness of the selected methodology to value the Kate Spade indefinite-lived brand intangible;

◦ Evaluating the reasonableness of the selected guideline public companies as well as benchmarking the selected multiples against these guideline public companies;

◦ Testing the source information underlying the determination of the market multiples;

◦ Evaluating the acceptability of the weighting applied to value indications from different valuation techniques; and

◦ Evaluating the implied equity premium and the market value of equity

/s/ Deloitte & Touche LLP

We have served as the Company's auditor since 2002.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Tapestry, Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Tapestry, Inc. and subsidiaries (the "Company") as of June 27, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 27, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedule as of and for the year ended June 27, 2026, of the Company and our report dated August 13, 2026, expressed an unqualified opinion on those financial statements.

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

CONSOLIDATED BALANCE SHEETS

Cash and cash equivalents $ 974.7 $ 1,100.0

Short-term investments 177.3 19.6

Trade accounts receivable, less allowances for credit losses of $ 6.1 and $ 5.7 , respectively

Inventories 826.2 860.7

Income tax receivable 269.3 277.3

Prepaid expenses 155.2 133.8

Other current assets 242.5 98.5

Assets held for sale — 176.4

Total current assets 2,882.3 2,905.6

Property and equipment, net of accumulated depreciation of $ 1,264.2 and $ 1,215.0 , respectively

Operating lease right-of-use assets 1,417.2 1,331.0

Goodwill 957.7 983.3

Intangible assets 716.5 719.6

Deferred income taxes 35.7 33.8

Other assets 180.2 117.7

Total assets $ 6,691.7 $ 6,580.5

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable $ 582.3 $ 456.1

Accrued liabilities 754.9 736.9

Current portion of operating lease liabilities 307.8 299.0

Liabilities held for sale — 48.2

Total current liabilities 1,645.0 1,556.9

Long-term debt 2,379.0 2,377.9

Long-term operating lease liabilities 1,266.2 1,205.6

Deferred income taxes 172.8 79.8

Other liabilities 536.6 502.5

Total liabilities 5,999.6 5,722.7

See Note 13 on commitments and contingencies

Stockholders' Equity:

Preferred stock: (authorized 25.0 million shares; $ 0.01 par value) none issued

Common stock: (authorized 1.00 billion shares; $ 0.01 par value) issued and outstanding – 200.4 million and 208.1 million shares, respectively

and 124 more changes in the filing

Note 12: FAIR VALUE MEASUREMENTS 19 changes

4 unchanged paragraphs

The following table shows the fair value measurements of the Company's financial assets and liabilities at September 26, 2026 and June 27, 2026:

Cash equivalents (1)

Short-term investments :

Commercial paper (2)

Government securities - U.S. (2)

Corporate debt securities - U.S. (2)

Inventory-related instruments (3)

Net investment hedges (3)

Intercompany loans and payables (3)

Interest rate hedge instruments (3)

Derivative liabilities :

Inventory-related instruments (3)

Net investment hedges (3)

Intercompany loans and payables (3)

Interest rate hedge instruments (3)

(1) Cash equivalents generally consist of money market funds and time deposits with maturities of three months or less at the date of purchase. Due to their short-term maturity, management believes that their carrying value approximates fair value.

(2) Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

(3) The fair value of these derivative instruments is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty's or Company's credit risk.

Refer to Note 11, "Debt," for the fair value of the Company's outstanding debt instruments.

Note 13: INCOME TAXES 11 changes

The United States and foreign income before provision for income taxes are as follows:

Foreign 983.1 871.9 872.9

Total income before provision for income taxes $ 1,860.6 $ 216.1 $ 1,011.9 (1) The United States jurisdiction includes foreign pre-tax earnings allocated to the Company through its interest in a foreign partnership.

Current and deferred tax provision (benefit) are as follows:

June 27, 2026 June 28, 2025 June 29, 2024

Current Deferred Current Deferred Current Deferred

Federal $ 121.6 $ 44.2 $ 60.6 $ ( 144.1 ) $ 71.0 $ 14.2

Foreign 129.8 ( 2.1 ) 88.8 16.3 103.5 ( 14.6 )

State 30.7 8.7 23.3 ( 12.0 ) 18.9 2.9

Total current and deferred tax provision (benefit) $ 282.1 $ 50.8 $ 172.7 $ ( 139.8 ) $ 193.4 $ 2.5

The Company's effective tax rate for the three months ended September 26, 2026 was 12.5 %, as compared to 13.8 % for the three months ended September 27, 2025. The decrease in effective tax rate for the three months ended September 26, 2026 as compared to the three months ended September 27, 2025 was primarily attributable to the geographical mix of earnings.

Note 14: COMMITMENTS AND CONTINGENCIES 3 changes

The Company had other contractual cash obligations as of June 27, 2026, including $ 768.2 million related to inventory purchase obligations, $ 45.2 million related to capital expenditure and cloud computing implementation commitments, $ 268.8 million of other purchase obligations, $ 2.40 billion of debt repayments and $ 640.4 million of interest payments on outstanding debt. Refer to Note 9, "Leases," for a summary of the Company's future minimum rental payments under non-cancelable leases.

The Company had standby letters of credit, surety bonds and bank guarantees totaling $ 38.1 40 million and $ 26.5 38 million outstanding at June 27, September 26, 2026 and June 28, 2025, 27, 2026, respectively. The agreements, which expire at various dates through calendar 2039, primarily collateralize the Company's obligations obligation to third parties for duties, leases, insurance claims and materials used in product manufacturing. The Company pays certain fees with respect to letters of credit these instruments that are issued.

The Company had other contractual cash obligations as of September 26, 2026 related to debt repayments. Refer to Note 11, "Debt," for further information.

3 unchanged paragraphs

Note 15: SEGMENT INFORMATION 21 changes

3 unchanged paragraphs

On August 4, 2025, the Company completed the sale of the Stuart Weitzman business and, as a result, determined it had two reportable segments on a prospective basis. Refer to Note 5, "Acquisitions and Divestitures," for further information.

2 unchanged paragraphs

The following table summarizes net sales, significant expenses and operating profit (loss) of each of the Company's segments and reconciliation to the Company's Income (loss) before provision for income taxes for the three months ended September 26, 2026 and September 27, 2025:

Coach Kate Spade Stuart Weitzman (1)

Three Months Ended September 26, 2026

Net sales $ 1,661 $ 233 $ — $ 1,894

Selling, general and administrative expenses (2)

Total segment operating profit (loss) $ 590 $ ( 20 ) $ — $ 570

Unallocated corporate expenses (3)

Unallocated other charges, net (4)

Income (loss) before provision for income taxes $ 411

Three Months Ended September 27, 2025

Net sales $ 1,430 $ 260 $ 15 $ 1,705

Selling, general and administrative expenses (2)

Total segment operating profit (loss) $ 487 $ 6 $ ( 1 ) $ 492

Unallocated corporate expenses (3)

Unallocated other charges, net (4)

Income (loss) before provision for income taxes $ 319

(1) During the three months ended September 27, 2025, Stuart Weitzman Net sales, Cost of sales and Selling, general and administrative expenses represent results for the period prior to the sale on August 4, 2025. As a result of the sale, the Company determined it had two reportable segments on a prospective basis. Refer to Note 5, "Acquisitions and Divestitures," for further information.

(2) Significant expense categories that are regularly provided to the CODM, or easily computable from information that is regularly provided to the CODM.

(3) Unallocated corporate expenses represent certain corporate expenses that are not directly attributable to a segment.

(4) Includes Interest expense, net and Other expense (income).

MD&A 320 changes

The following discussion of the Company's financial condition and results of operations should be read together with the Company's condensed consolidated financial statements and notes to those financial statements included elsewhere in this document. When used herein, the terms "the Company," "Tapestry," "we," "us" and "our" refer to Tapestry, Inc., including consolidated subsidiaries. References to "Coach," "Kate Spade" or "Kate Spade New York" refer only to the referenced brand.

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• Global Economic Conditions and Industry Trends. This section includes a discussion on of global economic conditions and industry trends that affect comparability that are important in understanding results of operations and financial condition, and in anticipating future trends.

• Results of Operations. . An analysis of our results of operations in the first quarter of fiscal 2026 2027 compared to the first quarter of fiscal 2025 . 2026.

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Fiscal 2026, fiscal 2025 and fiscal 2024 were 52-week periods.

• Critical Accounting Policies and Estimates. This section includes any material changes or updates to critical accounting policies or estimates that impact since the Company. Annual Report on Form 10-K for fiscal 2026.

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• Fueling Fuel Fashion Innovation & Product Excellence: The Company aims to lead with handbags and leathergoods with targeted lifestyle expansion in footwear.

• Delivering Deliver Compelling Experiences to Drive Global Growth: The Company aims to sustain growth in North America and accelerate momentum in international markets, prioritizing Greater China and Europe.

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Stuart Weitzman Business Divestiture

On February 16, 2025, the Company entered into a sale and purchase agreement (the "Purchase Agreement") with Caleres, Inc. (the "Purchaser") to sell the Stuart Weitzman Business (as defined below). The sale was completed on August 4, 2025 (the "Stuart Weitzman Business Divestiture"). The Purchaser acquired certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded products (the "Stuart Weitzman Business") for a final aggregate purchase price of $109.1 million, which included customary adjustments for net working capital and indebtedness. Effective in the first quarter of fiscal 2026, following the Stuart Weitzman Business Divestiture, the Company's reportable segments are Coach and Kate Spade. Refer to Note 5, "Acquisitions and Divestitures" for further information.

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Market risk 19 changes

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Controls and procedures 7 changes

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Legal proceedings 1 change

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Risk factors 190 changes

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