PVH Corp. (PVH) Cash Flow Statement
Where PVH’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- $680.4M −8.2% vs FY2025
- Capital expenditures
- $142.0M 1.6% of revenue
- Free cash flow
- $538.4M 6.0% margin
- Returned to shareholders
- $585.2M 109% of free cash flow
- Change in cash
- −$46.5M cash at year-end $701.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PVH operating cash flow, capex and free cash flow
PVH cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $954.8MFY2017 | $680.4MFY2026 | −3.7%/yr | |
| Capital expenditures | $246.6MFY2017 | $142.0MFY2026 | −5.9%/yr | |
| Free cash flow | $708.2MFY2017 | $538.4MFY2026 | −3.0%/yr | |
| Free cash flow margin | 8.6%FY2017 | 6.0%FY2026 | −2.6 pts | |
| Operating cash flow / net income | 1.74FY2017 | 26.89FY2026 | +25.15 | |
| Stock-based compensation | $38.2MFY2017 | $44.1MFY2026 | +1.6%/yr | |
| Dividends paid | $12.2MFY2017 | $7.5MFY2026 | −5.3%/yr | |
| Share buybacks (net) | $322.1MFY2017 | $577.7MFY2026 | +6.7%/yr | |
| Capex / revenue | 3.0%FY2017 | 1.6%FY2026 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PVH cash flow by activity
PVH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PVH cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $25.3M | $598.5M | $663.6M | $200.4M | $952.0M | −$1.14B | $415.1M | $744.6M | $536.1M | $548.7M |
| Depreciation & amortization | $272.3M | $282.2M | $298.6M | $301.5M | $313.3M | $325.8M | $323.8M | $334.8M | $324.9M | $321.8M |
| Stock-based compensation | $44.1M | $54.0M | $51.9M | $46.6M | $46.8M | $50.5M | $56.1M | $56.2M | $44.9M | $38.2M |
| Change in working capital | −$53.0M | −$138.9M | $70.5M | −$859.1M | −$31.7M | $645.0M | $66.7M | −$155.5M | −$14.4M | $229.4M |
| Other non-cash items | $391.7M | −$54.9M | −$115.2M | $349.8M | −$209.2M | $813.9M | $158.6M | −$127.6M | −$191.7M | −$183.3M |
| Cash from operating activities | $680.4M | $740.9M | $969.4M | $39.2M | $1.07B | $697.7M | $1.02B | $852.5M | $699.8M | $954.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$142.0M | −$158.7M | −$244.7M | −$290.1M | −$267.9M | −$226.6M | −$345.2M | −$379.5M | −$358.1M | −$246.6M |
| Investments (net) | −$600,000 | −$137.7M | −$85.1M | −$278.2M | −$45.0M | −$1.6M | −$27.7M | −$395.4M | −$7.9M | −$39.6M |
| Acquisitions & other investing | $2.5M | $158.7M | $244.7M | $290.1M | $267.9M | $169.1M | −$133.0M | $379.5M | −$93.1M | −$194.7M |
| Cash from investing activities | −$140.1M | −$137.7M | −$85.1M | −$278.2M | −$45.0M | −$59.1M | −$505.9M | −$395.4M | −$459.1M | −$480.9M |
| Financing activities | ||||||||||
| Dividends paid | −$7.5M | −$8.6M | −$9.4M | −$10.1M | −$2.7M | −$2.7M | −$11.3M | −$11.6M | −$11.9M | −$12.2M |
| Share repurchases & issuance (net) | −$577.7M | −$524.8M | −$570.3M | −$418.6M | −$361.3M | −$117.3M | −$345.1M | −$325.2M | −$259.1M | −$322.1M |
| Net borrowing (repayment) | −$21.9M | −$24.3M | −$160.0M | $500,000 | −$1.05B | $606.2M | −$97.7M | −$162.1M | −$518.9M | $596.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.4M | $7.3M | $17.9M | $0 | $11.5M | −$8.8M | $2.5M | $20.4M | $281.7M | −$565.8M |
| Cash from financing activities | −$605.7M | −$550.4M | −$721.8M | −$428.2M | −$1.40B | $477.4M | −$451.6M | −$478.5M | −$508.2M | −$303.2M |
| Summary | ||||||||||
| Net change in cash | −$46.5M | $40.4M | $156.9M | −$691.8M | −$408.9M | $1.15B | $51.4M | −$41.9M | −$236.2M | $173.7M |
| Cash at end of period | $701.5M | $748.0M | $707.6M | $550.7M | $1.24B | $1.65B | $503.4M | $452.0M | $493.9M | $730.1M |
| Free cash flow | $538.4M | $582.2M | $724.7M | −$250.9M | $803.3M | $471.1M | $675.1M | $473.0M | $341.7M | $708.2M |
| Free cash flow margin | 6.0% | 6.7% | 7.9% | −2.8% | 8.8% | 6.6% | 6.8% | 4.9% | 3.8% | 8.6% |
| Capex / revenue | 1.6% | 1.8% | 2.7% | 3.2% | 2.9% | 3.2% | 3.5% | 3.9% | 4.0% | 3.0% |
| Operating cash flow / net income | 26.89 | 1.24 | 1.46 | 0.20 | 1.13 | — | 2.46 | 1.14 | 1.31 | 1.74 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$102.9M | $88.0M | −$158.3M | $4.2M | $224.2M | −$44.8M | $157.2M | $131.9M | $158.0M | $151.4M | $271.8M | $161.6M |
| Depreciation & amortization | $57.3M | $62.6M | $66.5M | $69.4M | $68.7M | $67.7M | $70.6M | $69.7M | $69.8M | $72.1M | $75.6M | $75.2M |
| Stock-based compensation | $13.1M | $12.0M | $7.1M | $11.0M | $13.9M | $12.1M | $14.9M | $12.2M | $16.4M | $10.5M | $12.4M | $12.1M |
| Change in working capital | $166.7M | −$185.5M | $353.5M | −$227.6M | $54.2M | −$233.1M | $232.6M | −$160.4M | $60.9M | −$272.0M | $349.5M | −$113.0M |
| Other non-cash items | $248.7M | −$23.6M | $314.4M | $98.5M | −$147.9M | $126.7M | $11.2M | −$24.7M | −$12.7M | −$28.7M | −$51.6M | −$20.4M |
| Cash from operating activities | $382.9M | −$46.5M | $583.2M | −$44.5M | $213.1M | −$71.4M | $486.5M | $28.7M | $292.4M | −$66.7M | $657.7M | $115.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$36.5M | −$39.5M | −$43.5M | −$40.6M | −$31.2M | −$26.7M | −$43.3M | −$40.0M | −$36.6M | −$38.8M | −$81.4M | −$47.4M |
| Investments (net) | — | $4.5M | −$2.8M | $3.7M | −$700,000 | −$31.0M | −$28.0M | −$37.1M | −$28.6M | −$30.8M | −$41.2M | $80.2M |
| Acquisitions & other investing | $42.2M | −$7.3M | $6.5M | −$4.4M | $900,000 | $29.7M | $34.2M | $48.5M | $34.4M | $28.4M | $202.8M | −$80.7M |
| Cash from investing activities | $5.7M | −$42.3M | −$39.8M | −$41.3M | −$31.0M | −$28.0M | −$37.1M | −$28.6M | −$30.8M | −$41.2M | $80.2M | −$47.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.7M | −$1.8M | −$1.8M | −$1.8M | −$2.0M | −$1.9M | −$2.2M | −$2.1M | −$2.1M | −$2.2M | −$2.3M | −$2.3M |
| Share repurchases & issuance (net) | −$2.0M | −$14.9M | −$500,000 | −$200,000 | −$4.8M | −$572.2M | −$244.6M | −$34.8M | −$31.4M | −$214.0M | −$283.6M | −$72.5M |
| Net borrowing (repayment) | — | −$9.2M | −$3.9M | −$4.2M | −$3.7M | −$125.1M | $111.1M | −$3.6M | −$12.3M | $4.3M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.2M | $5.3M | −$300,000 | $500,000 | −$120.1M | $236.3M | −$114.7M | −$8.7M | $16.9M | −$10.0M | −$105.1M | $200,000 |
| Cash from financing activities | −$12.9M | −$20.6M | −$6.5M | −$5.7M | −$130.6M | −$462.9M | −$250.4M | −$49.2M | −$28.9M | −$221.9M | −$391.0M | −$74.6M |
| Summary | ||||||||||||
| Net change in cash | $373.4M | −$109.0M | $543.3M | −$90.6M | $57.8M | −$557.0M | $188.4M | −$50.4M | $233.8M | −$331.4M | $350.0M | −$15.2M |
| Cash at end of period | $965.9M | $592.5M | $701.5M | $158.2M | $248.8M | $191.0M | $748.0M | $559.6M | $610.0M | $376.2M | $707.6M | $357.6M |
| Free cash flow | $346.4M | −$86.0M | $539.7M | −$85.1M | $181.9M | −$98.1M | $443.2M | −$11.3M | $255.8M | −$105.5M | $576.3M | $68.1M |
| Free cash flow margin | 16.5% | −4.2% | 21.5% | −3.7% | 8.4% | −4.9% | 18.7% | −0.5% | 12.3% | −5.4% | 23.1% | 2.9% |
| Capex / revenue | 1.7% | 2.0% | 1.7% | 1.8% | 1.4% | 1.3% | 1.8% | 1.8% | 1.8% | 2.0% | 3.3% | 2.0% |
| Operating cash flow / net income | — | −0.53 | — | −10.60 | 0.95 | — | 3.09 | 0.22 | 1.85 | −0.44 | 2.42 | 0.71 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PVH cash generation
In fiscal 2026 (ended February 28, 2026), PVH generated $680.4 million of cash from operations (down 8.2%) and spent $142.0 million on capital expenditures, leaving free cash flow of $538.4 million, 6.0% of revenue. It returned $585.2 million to shareholders through dividends ($7.5 million) and net share buybacks ($577.7 million). Cash and equivalents fell by $46.5 million over the year.
Related: PVH income statement, PVH balance sheet, PVH dividend history. See the PVH stock overview for the latest quote and news.
PVH cash flow FAQ
What is PVH's free cash flow?
PVH's free cash flow was $538.4 million in fiscal 2026: $680.4 million of operating cash flow minus $142.0 million of capital expenditures It was $582.2 million a year earlier..
How much cash does PVH generate from operations?
PVH generated $680.4 million of cash from operating activities in fiscal 2026, 26.89 times its net income of $25.3 million.
How much does PVH spend on capital expenditures?
PVH spent $142.0 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $158.7 million the year before.
How much stock does PVH buy back?
PVH spent $577.7 million on net share repurchases in fiscal 2026.
How much does PVH pay in dividends?
PVH paid $7.5 million in dividends in fiscal 2026, 1.4% of free cash flow.