Jun 2026 (Q3 FY26) — Aug 13, 2026
Birkenstock Q3 FY26 — Strong D2C Growth and Raised Full-Year Guidance
Read the full callBirkenstock (BIRK) earnings
- Jun 2026 (Q3 FY26)
- Sep 2025
Birkenstock earnings: last reported Thu, 13 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
20 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FX headwind on reported revenue growth | approximately 200 basis points | Mar 2026 | The depreciation in the U.S. dollar, Canadian dollar and Asian currencies like the Indian rupee and the Japanese yen compared to the third quarter of 2025 caused a 180 basis points headwind to revenue growth in the quarter. | Achieved |
| Adjusted EBITDA | at least EUR 700 million | Sep 2025 | Given this continued momentum for fiscal 2026, we raised our guidance for revenue growth to 15% in constant currency and adjusted EBITDA of at least EUR 710 million. | Revised Up |
| Full absorption of fixed costs from capacity expansion | achieve full absorption of fixed costs | Sep 2024 | While we continue to benefit from better capacity absorption, which contributed 50 basis points to adjusted gross profit margin, product mix caused a 40 basis points drag on margin. | Pending |
2 of Birkenstock Holding plc's 48 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 45 more targets are in the full ledger.
Claimed
- Revenue grew 15% in constant currency, reaching the high end of the annual target.
- Adjusted EBITDA margin (like-for-like) improved 60 basis points year-over-year.
- Owned retail revenue grew 50% in constant currency, with same-store sales up high single digits.
- APAC grew 23% in constant currency, with China growing over 50%.
- Refinanced senior notes at a 75 basis point lower rate, adding EUR 500 million in liquidity for future capital allocation.
Qualified
- Adjusted gross profit margin decreased 130 basis points year-over-year, primarily due to 60 bps FX pressure and 70 bps incremental U.S. tariffs.
- Selling and distribution expenses increased 3 basis points as a percentage of revenue, driven by accelerated retail expansion and higher logistics costs from Middle East conflicts.
- Adjusted EBITDA margin decreased 70 basis points year-over-year, impacted by 130 bps pressure from FX and tariffs.
- Inventory to sales ratio increased to 37% from 33% a quarter ago, mainly due to capitalized tariffs and FX effects.
- Full-year effective tax rate guidance was raised to 30%-31% from 26%-28% due to non-tax deductible expenses from the ASR and debt issuance.
Price
$35.89 +5.81% · +$1.97
Performance −15.8% 1Y
1Y: $42.63 on 14 Oct 2025 → $35.89. High $48.97 (16 Jun 2026), low $30.01 (15 Sept 2026).
- Previous close
- $33.92
- 52-week range
- $30.01 – $48.97
- One year
- −15.87%
Overview
- Symbol
- BIRK
- Sector
- Consumer Discretionary
- Industry
- Footwear, (No Rubber)
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FX headwind on reported revenue growth | approximately 200 basis points | Mar 2026 | The depreciation in the U.S. dollar, Canadian dollar and Asian currencies like the Indian rupee and the Japanese yen compared to the third quarter of 2025 caused a 180 basis points headwind to revenue growth in the quarter. | Achieved |
| Adjusted EBITDA | at least EUR 700 million | Sep 2025 | Given this continued momentum for fiscal 2026, we raised our guidance for revenue growth to 15% in constant currency and adjusted EBITDA of at least EUR 710 million. | Revised Up |
| Full absorption of fixed costs from capacity expansion | achieve full absorption of fixed costs | Sep 2024 | While we continue to benefit from better capacity absorption, which contributed 50 basis points to adjusted gross profit margin, product mix caused a 40 basis points drag on margin. | Pending |
Claimed
- Revenue grew 15% in constant currency, reaching the high end of the annual target.
- Adjusted EBITDA margin (like-for-like) improved 60 basis points year-over-year.
- Owned retail revenue grew 50% in constant currency, with same-store sales up high single digits.
- APAC grew 23% in constant currency, with China growing over 50%.
- Refinanced senior notes at a 75 basis point lower rate, adding EUR 500 million in liquidity for future capital allocation.
Qualified
- Adjusted gross profit margin decreased 130 basis points year-over-year, primarily due to 60 bps FX pressure and 70 bps incremental U.S. tariffs.
- Selling and distribution expenses increased 3 basis points as a percentage of revenue, driven by accelerated retail expansion and higher logistics costs from Middle East conflicts.
- Adjusted EBITDA margin decreased 70 basis points year-over-year, impacted by 130 bps pressure from FX and tariffs.
- Inventory to sales ratio increased to 37% from 33% a quarter ago, mainly due to capitalized tariffs and FX effects.
- Full-year effective tax rate guidance was raised to 30%-31% from 26%-28% due to non-tax deductible expenses from the ASR and debt issuance.
The full ledger
Open Birkenstock Holding plc’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — May 13, 2026
Birkenstock Q2 FY26 — Strong Growth Amidst Headwinds
Read the full callEvery analysed call
Birkenstock earnings calls (BIRK)
Financials
What the filings say
| Line item | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Total liabilities | 2,370 | 2,571 | 2,530 | 2,606 |
| Fixed assets | 200 | 303 | 357 | 420 |
| Total assets | 4,668 | 5,114 | 5,469 | 5,803 |
| Line item | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|
| Cash from operations | 228 | 380 | 480 | 451 |
| Cash from investing | -70 | -107 | -66 | -93 |
| Cash from financing | -103 | -211 | -398 | -388 |
| Capital expenditure | -69 | -108 | -73 | -90 |
| Free cash flow | 159 | 272 | 407 | 361 |
BIRK operating KPIs by quarter
| KPI | Mar 2026 Q2 FY26 | Jun 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|
| New stores opened | 5We opened 5 new owned retail doors, bringing the total globally to 111.Source: earnings call transcript | 13We added 13 new owned stores, bringing our total to 124.Source: earnings call transcript | +160% |
| Stores | 111We opened 5 new owned retail doors, bringing the total globally to 111.Source: earnings call transcript | 124We added 13 new owned stores, bringing our total to 124.Source: earnings call transcript | +11.7% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
11 filings between Apr 29, 2026 and Aug 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.11B
3 sales by 2 insiders
Compensation
not trading decisions- 4
- Option exercise — converted options into shares
- 4
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Chu James Michael | — | $1.10B | Aug 17, 2026 |
| Bouyakhf Mehdi Nico | — | $3.83M | Jun 8, 2026 |
Latest filings (11)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 17, 2026 | Chu James Michael Director | Sale | 28,146,226 | $1.10B |
| Jun 8, 2026 | Bouyakhf Mehdi Nico President EMEA | Sale | 30,000 | $1.30M |
| Jun 5, 2026 | Bouyakhf Mehdi Nico President EMEA | Sale | 60,000 | $2.52M |
| Apr 29, 2026 | Pitcher Anne Director | Tax withheld | 325 | $12.2K |
| Apr 29, 2026 | Kennedy Ruth Anne Francis Director | Tax withheld | 744 | $27.9K |
| Apr 29, 2026 | Kumar Nisha Director | Option exercise | 1,623 | $0 |
| Apr 29, 2026 | Kumar Nisha Director | Tax withheld | 690 | $25.9K |
| Apr 29, 2026 | Arnault Alexandre Director | Option exercise | 1,623 | $0 |
| Apr 29, 2026 | Arnault Alexandre Director | Tax withheld | 690 | $25.9K |
| Apr 29, 2026 | Kennedy Ruth Anne Francis Director | Option exercise | 1,623 | $0 |
| Apr 29, 2026 | Pitcher Anne Director | Option exercise | 1,623 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Birkenstock Holding plc
Free account. Everything above stays public.
Write why you follow Birkenstock Holding plc and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading