LEVI$19.51▼ 5.0%Levi raised its profit outlook. Minus a 4-cent refund benefit, the top is July's $1.52
Levi Strauss raised its outlook with third-quarter results on Oct. 7. Its filings show refunds of tariffs the Supreme Court struck down supplied 11 of the 14 cents its adjusted earnings per share rose, net of money it spent back.
KeyVex News··5 min readFact-checked against 4 public recordsKeyVex News··5 min readFact-checked against 4 public recordsLEVI$19.51▼ 5.0%Close, Oct. 7. Prices from Tiingo.The short versionTap to readTap to close
- Profit usually grows because a company sold more or spent less. Levi's adjusted profit rose 14 cents a share last quarter. Net of money it spent back, 11 of those cents were refunded tariffs.
- Levi says these refunds are "substantially all" it expects. Money returned once is not there in later quarters unless more refunds come.
- Levi raised its full-year profit outlook. Take out the 4-cent refund benefit its CFO cited, and the range is $1.50 to $1.52, against $1.46 to $1.52 in July.
- Levi is putting about $60 million of the refunds back into marketing, supply chain and holiday promotions this year, about $25 million of it already in the third quarter.
- Next: Levi expects fourth-quarter adjusted earnings of 36 to 38 cents a share, a range that absorbs 7 cents of refund money spent back.
The quarter: Levi Strauss reported adjusted earnings of $0.48 a share for the quarter ended Aug. 30, up from $0.34 a year earlier, after the market closed on Oct. 7.8-K Adjusted earnings are a measure Levi defines itself, and the refunds are counted in them. Refunds of tariffs it had paid supplied $0.16 of that, the release says. Levi spent about $0.05 of it back, on things including promotions and marketing, leaving $0.11.8-K
The refund: The money traces to Feb. 20, when the Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act, or IEEPA. Levi recorded $78.6 million of those refunds in the quarter, its quarterly report says.10-Q
Why it matters: The refunds also sit inside the full-year outlook Levi raised. Chief financial officer Harmit Singh said the new range includes "a 4 cent net tariff refund benefit."Call Take it out and the top of the range is $1.52, the same as in July, by KeyVex's math.Data Excluding the $0.11 net refund benefit, Singh said, adjusted earnings per share grew 9%.Call
Levi Strauss's stock and the story's key datesDaily close, Jan. 2 to Oct. 7, 2026 ▼ 6.3%Show chartHide chart
- 1Feb. 20, 2026 The Supreme Court invalidates the IEEPA tariffs. Levi's quarterly report cites the ruling as the basis for its refunds.
- 2July 8, 2026 Levi sets its outlook at $1.46 to $1.52 a share, after the close. Adjusted earnings per share for the full year.
- 3Sept. 30, 2026 Levi names John Vandemore chief financial officer, after the close. Effective Nov. 1, 2026.
- 4Oct. 7, 2026 Levi reports its third quarter, after the close. Refunds supply $0.16 of $0.48 in adjusted earnings per share, $0.11 after what it spent back.
View the data (192 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-07 | $19.51 | −5.0% |
| 2026-10-06 | $20.53 | +1.3% |
| 2026-10-05 | $20.27 | +2.0% |
| 2026-10-02 | $19.87 | −0.3% |
| 2026-10-01 | $19.92 | +1.1% |
| 2026-09-30 | $19.70 | −0.3% |
| 2026-09-29 | $19.75 | −0.3% |
| 2026-09-28 | $19.81 | +0.4% |
| 2026-09-25 | $19.73 | +0.1% |
| 2026-09-24 | $19.72 | +0.5% |
| 2026-09-23 | $19.63 | −2.1% |
| 2026-09-22 | $20.06 | +1.2% |
| 2026-09-21 | $19.82 | 0.0% |
| 2026-09-18 | $19.82 | −0.2% |
| 2026-09-17 | $19.85 | +1.0% |
| 2026-09-16 | $19.65 | −0.9% |
| 2026-09-15 | $19.82 | −2.0% |
| 2026-09-14 | $20.23 | +0.3% |
| 2026-09-11 | $20.16 | +0.2% |
| 2026-09-10 | $20.12 | −1.1% |
| 2026-09-09 | $20.35 | −2.4% |
| 2026-09-08 | $20.85 | −1.0% |
| 2026-09-04 | $21.06 | +1.7% |
| 2026-09-03 | $20.70 | +1.2% |
| 2026-09-02 | $20.46 | +0.5% |
| 2026-09-01 | $20.36 | −1.9% |
| 2026-08-31 | $20.76 | −2.5% |
| 2026-08-28 | $21.29 | +1.1% |
| 2026-08-27 | $21.05 | −1.8% |
| 2026-08-26 | $21.43 | +1.6% |
| 2026-08-25 | $21.10 | −2.9% |
| 2026-08-24 | $21.72 | +1.1% |
| 2026-08-21 | $21.49 | +1.2% |
| 2026-08-20 | $21.23 | −3.5% |
| 2026-08-19 | $22.00 | 0.0% |
| 2026-08-18 | $22.01 | −2.5% |
| 2026-08-17 | $22.57 | +0.1% |
| 2026-08-14 | $22.55 | +0.6% |
| 2026-08-13 | $22.42 | −0.1% |
| 2026-08-12 | $22.44 | −1.3% |
| 2026-08-11 | $22.74 | −3.7% |
| 2026-08-10 | $23.61 | −3.3% |
| 2026-08-07 | $24.41 | +0.5% |
| 2026-08-06 | $24.30 | −1.8% |
| 2026-08-05 | $24.75 | +1.0% |
| 2026-08-04 | $24.50 | −0.5% |
| 2026-08-03 | $24.62 | +0.4% |
| 2026-07-31 | $24.52 | −0.1% |
| 2026-07-30 | $24.55 | −0.5% |
| 2026-07-29 | $24.67 | −3.1% |
| 2026-07-28 | $25.46 | −0.3% |
| 2026-07-27 | $25.53 | +4.0% |
| 2026-07-24 | $24.54 | +1.8% |
| 2026-07-23 | $24.10 | −2.6% |
| 2026-07-22 | $24.74 | +0.7% |
| 2026-07-21 | $24.56 | +2.7% |
| 2026-07-20 | $23.92 | −1.8% |
| 2026-07-17 | $24.36 | −2.5% |
| 2026-07-16 | $24.99 | +4.6% |
| 2026-07-15 | $23.88 | +0.4% |
| 2026-07-14 | $23.79 | −1.7% |
| 2026-07-13 | $24.19 | −0.5% |
| 2026-07-10 | $24.31 | +2.0% |
| 2026-07-09 | $23.84 | −2.2% |
| 2026-07-08 | $24.37 | −1.2% |
| 2026-07-07 | $24.66 | −0.1% |
| 2026-07-06 | $24.68 | +1.1% |
| 2026-07-02 | $24.41 | −0.4% |
| 2026-07-01 | $24.50 | −1.3% |
| 2026-06-30 | $24.83 | +1.4% |
| 2026-06-29 | $24.48 | −0.2% |
| 2026-06-26 | $24.54 | +2.3% |
| 2026-06-25 | $23.99 | +1.8% |
| 2026-06-24 | $23.56 | +0.8% |
| 2026-06-23 | $23.37 | −1.0% |
| 2026-06-22 | $23.61 | −0.4% |
| 2026-06-18 | $23.70 | +1.3% |
| 2026-06-17 | $23.39 | −1.8% |
| 2026-06-16 | $23.81 | −1.0% |
| 2026-06-15 | $24.05 | +0.2% |
| 2026-06-12 | $24.01 | −0.9% |
| 2026-06-11 | $24.24 | +5.6% |
| 2026-06-10 | $22.95 | −2.6% |
| 2026-06-09 | $23.57 | +2.3% |
| 2026-06-08 | $23.03 | +2.2% |
| 2026-06-05 | $22.53 | 0.0% |
| 2026-06-04 | $22.53 | −0.4% |
| 2026-06-03 | $22.62 | −1.0% |
| 2026-06-02 | $22.86 | −1.4% |
| 2026-06-01 | $23.18 | −0.1% |
| 2026-05-29 | $23.20 | −2.2% |
| 2026-05-28 | $23.72 | +1.5% |
| 2026-05-27 | $23.38 | +1.5% |
| 2026-05-26 | $23.04 | +4.6% |
| 2026-05-22 | $22.02 | +1.2% |
| 2026-05-21 | $21.75 | +1.9% |
| 2026-05-20 | $21.34 | +2.7% |
| 2026-05-19 | $20.78 | −0.9% |
| 2026-05-18 | $20.96 | −0.1% |
| 2026-05-15 | $20.98 | −2.0% |
| 2026-05-14 | $21.41 | +0.2% |
| 2026-05-13 | $21.37 | −0.9% |
| 2026-05-12 | $21.56 | −1.3% |
| 2026-05-11 | $21.85 | −3.6% |
| 2026-05-08 | $22.67 | −0.4% |
| 2026-05-07 | $22.75 | −1.2% |
| 2026-05-06 | $23.03 | +3.3% |
| 2026-05-05 | $22.30 | +1.0% |
| 2026-05-04 | $22.09 | −0.9% |
| 2026-05-01 | $22.28 | 0.0% |
| 2026-04-30 | $22.28 | +1.8% |
| 2026-04-29 | $21.89 | −1.8% |
| 2026-04-28 | $22.30 | −2.3% |
| 2026-04-27 | $22.83 | +2.3% |
| 2026-04-24 | $22.31 | −0.8% |
| 2026-04-23 | $22.49 | −1.4% |
| 2026-04-22 | $22.82 | −2.3% |
| 2026-04-21 | $23.36 | +1.1% |
| 2026-04-20 | $23.11 | +0.9% |
| 2026-04-17 | $22.90 | +3.1% |
| 2026-04-16 | $22.21 | −0.3% |
| 2026-04-15 | $22.27 | −0.5% |
| 2026-04-14 | $22.39 | +0.3% |
| 2026-04-13 | $22.33 | −1.8% |
| 2026-04-10 | $22.75 | 0.0% |
| 2026-04-09 | $22.76 | +4.4% |
| 2026-04-08 | $21.81 | +10.7% |
| 2026-04-07 | $19.71 | +0.3% |
| 2026-04-06 | $19.65 | +4.0% |
| 2026-04-02 | $18.90 | −0.5% |
| 2026-04-01 | $19.00 | +2.8% |
| 2026-03-31 | $18.49 | +1.8% |
| 2026-03-30 | $18.16 | −0.5% |
| 2026-03-27 | $18.26 | −0.2% |
| 2026-03-26 | $18.30 | −1.0% |
| 2026-03-25 | $18.48 | +0.3% |
| 2026-03-24 | $18.43 | −1.0% |
| 2026-03-23 | $18.62 | +3.8% |
| 2026-03-20 | $17.93 | −2.2% |
| 2026-03-19 | $18.33 | −0.9% |
| 2026-03-18 | $18.50 | −0.9% |
| 2026-03-17 | $18.67 | +0.8% |
| 2026-03-16 | $18.52 | +3.4% |
| 2026-03-13 | $17.91 | −1.2% |
| 2026-03-12 | $18.12 | −0.9% |
| 2026-03-11 | $18.29 | −2.7% |
| 2026-03-10 | $18.79 | −0.4% |
| 2026-03-09 | $18.86 | −3.8% |
| 2026-03-06 | $19.60 | −3.4% |
| 2026-03-05 | $20.28 | −2.5% |
| 2026-03-04 | $20.81 | +0.2% |
| 2026-03-03 | $20.77 | −3.6% |
| 2026-03-02 | $21.54 | −2.8% |
| 2026-02-27 | $22.16 | −1.8% |
| 2026-02-26 | $22.56 | +1.9% |
| 2026-02-25 | $22.14 | +0.2% |
| 2026-02-24 | $22.09 | +1.5% |
| 2026-02-23 | $21.76 | −4.9% |
| 2026-02-20 | $22.88 | +2.8% |
| 2026-02-19 | $22.25 | 0.0% |
| 2026-02-18 | $22.25 | +1.9% |
| 2026-02-17 | $21.83 | −0.4% |
| 2026-02-13 | $21.91 | +0.7% |
| 2026-02-12 | $21.76 | −1.4% |
| 2026-02-11 | $22.06 | +0.7% |
| 2026-02-10 | $21.90 | +2.7% |
| 2026-02-09 | $21.33 | +3.8% |
| 2026-02-06 | $20.55 | +3.1% |
| 2026-02-05 | $19.93 | −1.8% |
| 2026-02-04 | $20.29 | +4.5% |
| 2026-02-03 | $19.42 | −1.3% |
| 2026-02-02 | $19.68 | −1.0% |
| 2026-01-30 | $19.88 | −3.2% |
| 2026-01-29 | $20.54 | +0.3% |
| 2026-01-28 | $20.47 | −3.7% |
| 2026-01-27 | $21.25 | +0.1% |
| 2026-01-26 | $21.23 | 0.0% |
| 2026-01-23 | $21.24 | −1.4% |
| 2026-01-22 | $21.55 | −1.3% |
| 2026-01-21 | $21.83 | +4.2% |
| 2026-01-20 | $20.96 | −3.7% |
| 2026-01-16 | $21.76 | 0.0% |
| 2026-01-15 | $21.75 | +1.4% |
| 2026-01-14 | $21.46 | 0.0% |
| 2026-01-13 | $21.47 | +0.3% |
| 2026-01-12 | $21.40 | −1.6% |
| 2026-01-09 | $21.75 | −0.8% |
| 2026-01-08 | $21.93 | +3.0% |
| 2026-01-07 | $21.29 | −1.0% |
| 2026-01-06 | $21.51 | +1.4% |
| 2026-01-05 | $21.22 | +1.9% |
| 2026-01-02 | $20.82 |
Source: Tiingo end-of-day closes, as traded, via KeyVex. Levi reported after the close on Oct. 7; the chart ends at that day's close of $19.51.
Where the 14 cents came from
After the refunds and the money spent back, everything else added $0.03 a share, by KeyVex's math from the release.8-KData
View the data
| Amount | Note | |
|---|---|---|
| Q3 2025 (Adjusted EPS) | $0.34 | Quarter ended Aug. 31, 2025 |
| Tariff refunds (Booked in the quarter) | +$0.16 | $79 million in cost of goods sold plus $5 million of interest, after $20 million of tax |
| Spent back (Promotions, marketing) | -$0.05 | About $25 million redeployed in the quarter |
| Everything else (KeyVex's math) | +$0.03 | $0.48 less $0.34, less the $0.11 net refund benefit |
| Q3 2026 (Adjusted EPS) | $0.48 | Quarter ended Aug. 30, 2026 |
Sources: Levi Strauss press release, Oct. 7, 2026 (adjusted EPS of $0.48 and $0.34; refund benefit of $0.16, about $0.05 redeployed, $0.11 net).
Gross margin, the share of sales left after the cost of the goods, rose to 66.2% from 61.7%. The company says the refunds alone added 4.9 percentage points before what it spent back.8-K Sales grew 4%, to $1.6 billion. In the U.S., they fell 1%.8-K
Is there more money coming?
U.S. Customs and Border Protection opened a system in April to pay the refunds in phases, Levi's quarterly report says. By Aug. 30, Levi had received $57.1 million of the quarter's $78.6 million. It booked the rest as money still owed to it.10-Q Over nine months, the refund benefit came to $80.7 million, the report says.10-Q
On the call, Singh said the roughly $80 million reflected "substantially all the refunds we expect to receive."Call The quarterly report adds that the company "continues to assess loss recovery on tariff refunds under future phases."10-Q
What the raised outlook is made of
In July, Levi forecast adjusted earnings of $1.46 to $1.52 a share for the year.8-K On Oct. 7 it raised the range to $1.54 to $1.56.8-K
Take Singh's 4 cents out and the range is $1.50 to $1.52, by KeyVex's math. The bottom is 4 cents higher than in July. The top has not moved.Data
The top of Levi's 2026 profit outlook, with and without refundsShow chartHide chart
View the data
| Full-year adjusted EPS | Per share | Note |
|---|---|---|
| July outlook, top (Set July 8) | $1.52 | Range $1.46 to $1.52 |
| New outlook, top (Set Oct. 7) | $1.56 | Range $1.54 to $1.56, including the refunds |
| New outlook, top, without refunds (KeyVex's math) | $1.52 | $1.56 less the 4-cent net refund benefit the CFO gave on the call |
Sources: Levi Strauss press releases, July 8 and Oct. 7, 2026; the 4-cent net refund benefit is from the CFO's remarks on the Oct. 7 call, per Investing.com's transcript. The last bar is KeyVex's math.
Other parts of the outlook rose. Levi now expects organic revenue growth, which leaves out currency moves and some business changes, of about 6%, against 5.5% to 6% before. It also plans a $100 million accelerated share repurchase.8-K Reported revenue growth went the other way: about 7%, against 7% to 7.5% before. Singh said that change was "driven by the stronger U.S. dollar."8-KCall
Where the refund money is going
Levi is putting about $60 million of the refunds back into the business this year: about $25 million in the third quarter and about $35 million in the fourth.8-K Singh said that is "roughly three-quarters of the benefit," spent on marketing, supply chain and "sharper value" at holiday promotions.Call
Ike Boruchow of Wells Fargo asked on the call why the gross-margin reinvestment was "not a drag" that could linger "into Q4 or the first half of next year." Singh said "the promotional aspect of our offers will probably not sustain itself."Call After the call, Wells Fargo said it had lower visibility into growth in later years, Stocktwits reported, citing The Fly.Stocktwits
The next quarter carries the rest of that spending. Levi expects fourth-quarter adjusted earnings of about $0.36 to $0.38 a share, Singh said. That range absorbs $0.07 a share of refund money spent back.Call
What to watch
John Vandemore, most recently chief financial officer of Skechers, becomes Levi's chief financial officer. Singh welcomed him on the call as the company's next CFO.
Levi's fiscal year ends. The fourth quarter carries about $35 million of refund money spent back.
Levi's next results call. Chief executive Michelle Gass said on the Oct. 7 call that the company will discuss 2027 then.
The paper trail
Levi Strauss's filings on its outlook and the refunds, July 8 through Oct. 7, 2026.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| July 8, 4:11 p.m. | 8-K | Levi Strauss | Second-quarter results; full-year adjusted EPS outlook raised to $1.46 to $1.52. |
| Sept. 30, 5:12 p.m. | 8-K | Levi Strauss | Item 5.02: John Vandemore named chief financial officer, effective Nov. 1. |
| Oct. 7, 4:11 p.m. | 10-Q | Levi Strauss | $78.6 million of IEEPA tariff refunds recorded; $57.1 million received by Aug. 30; future phases still being assessed. |
| Oct. 7, 4:12 p.m. | 8-K | Levi Strauss | Third-quarter results: adjusted EPS $0.48, including $0.16 of refunds and $0.11 net; outlook raised to $1.54 to $1.56. |
Sources
8 sources, 4 of them public records
Public records
- Levi Strauss & Co., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 7, 2026
- Levi Strauss & Co., Form 10-Q for the quarter ended Aug. 30, 2026SEC EDGAR · Oct. 7, 2026
- Levi Strauss & Co., Form 8-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · July 8, 2026
- Levi Strauss & Co., Form 8-K, Item 5.02 (John Vandemore named CFO)SEC EDGAR · Sept. 30, 2026
Reporting
- Levi Strauss third-quarter 2026 earnings call transcriptInvesting.com · Oct. 7, 2026
- "Levi Strauss Q3 Draws Mixed Analyst Views"Stocktwits · Oct. 8, 2026
Data
- End-of-day prices for LEVI, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 7, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for LEVIKeyVex · through Oct. 7, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Levi's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Levi Strauss stock page, a selection of congressional trades, insider trades, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Earnings per share are Levi's adjusted diluted earnings per share from continuing operations, as the company reports them. The refund figures per share ($0.16 gross, about $0.05 redeployed, $0.11 net) are the company's. The $0.03 "everything else" step is KeyVex's math: $0.48 less $0.34, less the $0.11 net benefit. Levi's GAAP diluted earnings per share from continuing operations were $0.43, against $0.31 a year earlier.
- The full-year range without refunds ($1.50 to $1.52) is KeyVex's math: the $1.54 to $1.56 range less the 4-cent net tariff refund benefit Levi's chief financial officer gave on the Oct. 7 call, as transcribed by Investing.com. Levi's July 8 release, which set the $1.46 to $1.52 range, does not say whether that range assumed any tariff refunds; Levi had booked about $2 million of refunds before the third quarter, by KeyVex's math from the 10-Q ($80.7 million over nine months, $78.6 million in the quarter).
- Refund amounts: the quarterly report gives $78.6 million recorded as a reduction of cost of goods sold, $57.1 million received by Aug. 30, and $4.7 million of interest income. The press release rounds these to $79 million and $5 million. Levi's fiscal year ends Nov. 29, 2026.