Birkenstock Holding plc (BIRK): Financial results for Q3 2026
Birkenstock Holding plc (BIRK) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 PRESS RELEASE MEDIA CONTACT Birkenstock Holding plc ir@Birkenstock-holding.com LONDON, UNITED KINGDOM || August 13, 2026 BIRKENSTOCK REPORTS fiscal third quarter 2026 results with 15% constant F/X revenue growth Led by DTC; raises guidance for FY26 Revenue growth to
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance may trigger short covering and buying pressure, especially from investors seeking exposure to resilient consumer brands.
Market read
First‑report earnings with upgraded FY guidance for a mid‑cap consumer brand, offering clear trading signals.
What to watch
Potential impact of U.S. tariffs and currency translation losses on margins.
BIRKENSTOCK REPORTS fiscal third quarter 2026 results with 15% constant F/X revenue growth Led by DTC; raises guidance for FY26 Revenue growth to 15% in constant f/x and Adj. EBITDA to at least EUR 710 million
Revenue grew 13% on a reported basis and 15% in constant currency, with double-digit reported growth across Americas, EMEA and APAC. DTC growth accelerated to 14% and exceeded B2B growth, while the Company raised Fiscal 2026 constant-currency revenue growth guidance to 15% and Adjusted EBITDA guidance to at least EUR 710 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | EUR 719,527 thousand | – | 13% |
| Revenue growth at constant currenciesnon-GAAP | 15% | – | – |
| Gross profitother | EUR 424,901 thousand | – | – |
| Gross profit marginother | 59.1% | – | down 140 basis points |
| Adjusted gross profitnon-GAAP | EUR 426,219 thousand | – | – |
| Adjusted gross profit marginnon-GAAP | 59.2% | – | down 130 basis points |
| Selling and distribution expensesother | EUR 186,008 thousand | – | – |
| General and administrative expensesother | EUR 32,518 thousand | – | – |
| Profit from operationsother | EUR 203,051 thousand | – | – |
| Profit before taxother | EUR 160,042 thousand | – | – |
| Net profitother | EUR 109,583 thousand | – | down 15% year-over-year |
| Earnings per share, basicother | EUR 0.60 | – | down 13% |
| Earnings per share, dilutedother | EUR 0.60 | – | down 13% |
| Adjusted net profitnon-GAAP | EUR 133,634 thousand | – | up 15% |
| Adjusted earnings per share, basicnon-GAAP | EUR 0.74 | – | up 19% year-over-year |
| Adjusted earnings per share, dilutednon-GAAP | EUR 0.74 | – | up 19% year-over-year |
| EBITDAnon-GAAP | EUR 237,652 thousand | – | – |
| Adjusted EBITDAnon-GAAP | EUR 242,490 thousand | – | up 11% |
| Adjusted EBITDA marginnon-GAAP | 33.7% | – | down 70 basis points |
| Net cash flows provided by operating activitiesother | EUR 246,457 thousand | – | – |
| Purchases of property, plant and equipmentother | EUR 26,233 thousand | – | – |
| Nine-month revenueother | EUR 1,739,761 thousand | – | 11% |
| Nine-month net profitother | EUR 241,997 thousand | – | – |
| Nine-month adjusted EBITDAnon-GAAP | EUR 547,220 thousand | – | – |
| Nine-month adjusted EBITDA marginnon-GAAP | 31.5% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| B2BGrowth was supported by strong double-digit growth at key partner stores globally. The majority of growth came from within existing doors, driven by an expanded assortment of BIRKENSTOCK styles, high sales velocity and strong full-price realization. | EUR 441,689 thousand | – | 13% |
| DTCGrowth accelerated to 14% on a reported basis and 16% in constant currency, driven by strength in both digital and in-store. | EUR 277,707 thousand | – | 14% |
| AmericasConstant-currency growth was 14%, led by the B2B channel and strong demand, especially at emerging youth focused retailers and sports specialty stores. | EUR 347,434 thousand | – | 11% |
| EMEAGrowth marked an acceleration from 11% growth in Q2, led by very strong DTC growth. The impact of conflicts in the Middle East on the quarter was more contained than initially anticipated. | EUR 297,217 thousand | – | 15% |
| APACConstant-currency growth was 23%. Excluding Australia, APAC growth was close to 30%. The October 23, 2025 acquisition of its Australian distributor resulted in a shift in quarterly revenue cadence impacting the third quarter. | EUR 74,745 thousand | – | 18% |
| Corporate / OtherNo driver was provided. | EUR 131 thousand | – | (87)% |
Fiscal 2026 outlook
- RevenueRevenue growth of 15% in constant currency, resulting in reported revenue at the high end of EUR 2,300-2,350 million
- Gross marginAdjusted gross profit margin of 57.0-57.5% (unchanged)
- Tax rateTax rate of 30-31% (26-28% prior)
- NoteAdjusted EBITDA of at least EUR 710 million, resulting in Adjusted EBITDA margin of 30.2-30.5% (30.0-30.5% prior)
- NoteAdjusted EPS of EUR 1.90-2.05 (unchanged), inclusive of tariff, F/X, and tax impacts and the completed ASR
- NoteCapital expenditures in range of EUR 110-130 million (unchanged)
- NoteNet leverage ratio of approximately 1.6x-1.7x (1.3x-1.4x prior) due to the cash outflow related to the accelerated share repurchase
Capital returns
- On June 30, 2026, the Company completed a EUR 230 million accelerated share repurchase, reducing the number of outstanding shares by 6 million.
- Repurchase of ordinary shares was EUR 229,706 thousand during the three months ended June 30, 2026.
- The Company added cash to the balance sheet for future share repurchases of up to USD 500 million, subject to market conditions, debt repayments or general corporate purposes.
What drove it
- Revenue increased 13% on a reported basis and 15% in constant currency, with double-digit reported growth across all segments.
- DTC revenue grew 14% on a reported basis and 16% in constant currency, outpacing B2B revenue growth of 13% on a reported basis and 15% in constant currency.
- The Company added thirteen new own stores during the quarter, bringing the total number of own retail stores to 124 as of June 30, 2026.
- Closed-toe share of business continued to expand, led by newness in both clogs and shoes.
- Improved capacity absorption partly offset margin pressure from currency translation, incremental U.S. tariffs and product mix.
Concerns
- Gross profit margin was down 140 basis points from 60.5%, primarily due to unfavorable currency translation, incremental U.S. tariffs and product mix.
- Adjusted EBITDA margin was down 70 basis points from 34.4%, due to unfavorable currency translation and incremental U.S. tariffs, partly offset by improved capacity absorption.
- Net profit was down 15% year-over-year and EPS was down 13%, mainly due to non-recurring, non-cash expenses associated with the accelerated share repurchase and refinancing of the senior notes totalling EUR 22 million.
- The Fiscal 2026 tax-rate outlook increased to 30-31% from 26-28% prior, primarily due to non-deductible, non-cash expenses associated with refinancing and the accelerated share repurchase.
- Net leverage increased to 1.8x from 1.5x as of September 30, 2025 due to the cash outflow related to the accelerated share repurchase.
- Conflicts in the Middle East continue to create uncertainty in the Gulf Region.
What to watch
- Delivery of Fiscal 2026 revenue growth of 15% in constant currency and reported revenue at the high end of EUR 2,300-2,350 million.
- Delivery of Adjusted EBITDA of at least EUR 710 million and Adjusted EBITDA margin of 30.2-30.5%.
- Effects of unfavorable currency translation, incremental U.S. tariffs and product mix on gross profit margin and Adjusted EBITDA margin.
- DTC growth, including digital and in-store performance, as the Company expands its owned retail footprint.
- APAC performance following the shift in quarterly revenue cadence resulting from the October 23, 2025 acquisition of Birkenstock Australia Pty. Ltd.
- Use of additional liquidity for future share repurchases of up to USD 500 million, subject to market conditions, debt repayments or general corporate purposes.
Balance sheet and cash flow
- Cash and cash equivalents were EUR 693,635 thousand as of June 30, 2026, compared to EUR 329,067 thousand as of September 30, 2025.
- Loans and borrowings, non-current, were EUR 1,678,284 thousand as of June 30, 2026, compared to EUR 1,128,010 thousand as of September 30, 2025.
- Net debt was EUR 1,226,955 thousand as of June 30, 2026, compared to EUR 996,952 thousand as of September 30, 2025.
- Net leverage was 1.8x as of June 30, 2026, compared to 1.5x as of September 30, 2025.
- Net cash flows provided by operating activities were EUR 246,457 thousand during the three months ended June 30, 2026, compared to EUR 260,648 thousand in the prior-year period.
- Net cash flows used in investing activities were EUR 34,813 thousand during the three months ended June 30, 2026, compared to EUR 21,083 thousand in the prior-year period.
- Net cash flows provided by financing activities were EUR 279,807 thousand during the three months ended June 30, 2026, compared to net cash flows used in financing activities of EUR 210,128 thousand in the prior-year period.
- On June 16, 2026, the Company issued EUR 900 million of 4.50% senior notes and used proceeds to repay EUR 428.5 million of 5.25% senior notes.
Analysis
Birkenstock reported a strong fiscal third quarter ended June 30, 2026, with revenue of EUR 719,527 thousand, up 13% on a reported basis and 15% in constant currency. Growth was broad based, with reported revenue up 11% in the Americas, 15% in EMEA and 18% in APAC. Both principal channels grew at double-digit rates, while DTC revenue growth accelerated to 14% on a reported basis and 16% in constant currency, ahead of B2B growth of 13% and 15%, respectively.
The channel and regional detail points to continued demand across the business. DTC growth was supported by both digital and in-store strength, and the Company added thirteen own stores, reaching 124 as of June 30, 2026. EMEA growth accelerated from 11% in Q2 and was led by very strong DTC growth. APAC delivered the highest reported and constant-currency regional growth, although the acquisition of the Australian distributor shifted quarterly revenue cadence. Excluding Australia, APAC growth was close to 30%.
Margins declined despite improved capacity absorption. Gross profit margin was 59.1%, down 140 basis points from 60.5%, and adjusted gross profit margin was 59.2%, down 130 basis points. The Company attributed the gross-margin pressure primarily to unfavorable currency translation, incremental U.S. tariffs and product mix, with a further 20 basis point gross-margin effect from the Australian distributor inventory mark-up. Adjusted EBITDA rose 11% to EUR 242,490 thousand, but adjusted EBITDA margin declined 70 basis points to 33.7% because currency translation and tariffs more than offset improved capacity absorption.
Reported profitability was affected by non-recurring, non-cash charges. Net profit declined 15% to EUR 109,583 thousand and diluted EPS declined 13% to EUR 0.60, mainly due to EUR 22 million of non-recurring, non-cash expenses tied to the accelerated share repurchase and senior-notes refinancing. Excluding the listed adjustments, adjusted net profit increased 15% to EUR 133,634 thousand and adjusted diluted EPS increased 19% to EUR 0.74. Operating cash flow was EUR 246,457 thousand, while purchases of property, plant and equipment were EUR 26,233 thousand, primarily for production capacity and global retail expansion.
Capital allocation was material during the quarter. The Company completed a EUR 230 million accelerated share repurchase, reducing outstanding shares by 6 million, and issued EUR 900 million of 4.50% senior notes while repaying EUR 428.5 million of 5.25% senior notes. Cash and cash equivalents ended at EUR 693,635 thousand, net debt was EUR 1,226,955 thousand and net leverage was 1.8x. Management raised Fiscal 2026 guidance to 15% constant-currency revenue growth, reported revenue at the high end of EUR 2,300-2,350 million and Adjusted EBITDA of at least EUR 710 million, while retaining the 57.0-57.5% adjusted gross profit margin outlook and raising the tax-rate outlook to 30-31%.
Management, verbatim
We performed exceptionally well in the third quarter and once again demonstrated the strength of our brand.
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company
Direct-to-consumer growth accelerated, outpacing B2B growth in the quarter, supported by the investments we are making in both own-retail and our digital business.
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company
As a sign of our confidence in our durable growth, during the quarter we repurchased EUR 230 million of shares, and refinanced and up-sized our senior notes at very favorable rates.
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company
Not in the filing
stated, not guessed- Previous release outlook was not provided; therefore, no comparison of actual results with prior guidance is included.
- Free cash flow was not reported.
- Dividend amount and dividend policy were not reported.
- Operating-expense guidance was not reported.
- Prior-quarter comparisons for reported metrics were not reported.
- A reported operating margin was not provided.
- A reported total debt figure was not provided; the filing reports loans and borrowings and net debt.
- Segment operating income or segment margin was not reported.
- ASP value and ASP growth were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Birkenstock Holding plc, listed on NYSE under BIRK, filed a Form 6‑K with its Q3 2026 results, highlighting double‑digit growth across all regions and an accelerated share repurchase.
Ticker impact
Birkenstock Holding plc released its Q3 2026 earnings, reporting 13% revenue growth and raising FY2026 revenue guidance to 15% constant currency with adjusted EBITDA target of at least EUR 710M.
Potential price appreciation if market prices in higher guidance; watch for volatility around leverage concerns.
First‑report earnings with material numbers and guidance lift; sizable revenue and EBITDA figures for a mid‑cap make the news highly actionable.
Market effects
Signals continued strength in consumer discretionary footwear segment, may boost peers with similar DTC models.
Positive for European consumer stocks; UK‑listed consumer firms could see spillover.
Adds to broader narrative of resilient consumer demand post‑pandemic.
Counterpoint
Higher leverage and cash‑intensive share repurchase could pressure the stock if earnings miss expectations.
Key entities
- ExecutiveOliver Reichert
CEO of Birkenstock, provided commentary on results and guidance.
