Levi Strauss & Co

levistrauss.com

What Do They Do?

Sells Levi’s jeanswear, other clothing and accessories for men, women and children to consumers and retailers around the world.

How Do They Make Money?

It earns money by selling apparel wholesale to retailers and franchisees, and directly to consumers through stores, e-commerce and shop-in-shops. In concession shop-in-shops, the sale is made to the end consumer and the company pays its partners a commission.

FY2025 revenue by reportable segment revenue

Segment	Share	Revenue
Americas	52% FY2022: 52%
Europe	27% FY2022: 26%
Asia	18% FY2022: 15%
Other Brands	2.4% FY2022: 7.0%

Who Are Their Customers?

The company sells wholesale to department and specialty retailers, online sellers and franchisees, and directly to consumers through its stores, e-commerce sites and select shop-in-shops.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +158% vs FY2024 ($262.7M, 4%)

Net income, FY2025

9% of revenue

▲ +175% vs FY2024 ($210.6M, 3%)

Free cash flow, FY2025

5% of revenue

▼ −54% vs FY2024 ($670.9M, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Aug 30, 2026

Revenue: ▲ +4%; vs $1.5B in Q3 FY2025
Net income: ▼ −23%; vs $218.1M in Q3 FY2025

Americas share of revenue vs 52.3% in Q3 FY2025

Jul 8, 2026 Raises full-year 2026 revenue and earnings outlook
Apr 7, 2026 Chief financial officer plans to retire after a transition Harmit Singh will remain until a successor starts, then serve as a special adviser before retiring.

Growing. Revenue grew 9% in 4 years, from $5.8B in FY2021 to $6.3B in FY2025, about 2% a year.

Dockers sale The older report described Dockers apparel as part of the portfolio; the latest says its U.S. and Canadian operations were sold, with the remaining sale expected to close.

Denizen discontinued Denizen jeans were sold through wholesale accounts; the latest report says the brand was discontinued and its wind-down was substantially complete.

Revenue over time

Americas Europe Asia Other Brands

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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