Ralph Lauren Corporation stock research
FY2026 Q1
Ralph Lauren (RL) Gross Margin — Quarter Ended Jun 28, 2025
Revenue was unchanged from the prior quarter, while gross profit held steady and cost of revenue decreased, resulting in an improved gross margin. Compared to the same quarter last year, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved.
Gross margin takeaway
Quarter ended Jun 28, 2025 · FY2026 Q1
Revenue was unchanged from the prior quarter, while gross profit held steady and cost of revenue decreased, resulting in an improved gross margin. Compared to the same quarter last year, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved.
- The gross margin improvement relative to both the prior quarter and the year-ago quarter was driven by a lower cost of revenue relative to revenue, as revenue remained stable or grew while cost of revenue did not increase proportionally.
- Compared to the immediately preceding quarter, gross margin was higher as cost of revenue decreased while revenue was unchanged. Compared to the same quarter one year earlier, gross margin was higher as revenue and gross profit grew faster than cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
72.3%
Gross profit
$1.2B
Revenue
$1.7B
Cost of revenue
$476.8M
Quarter-over-quarter change
+3.6 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 28, 2024 | $1.7B | $1.2B | $570.3M | 67.0% |
| Dec 28, 2024 | $2.1B | $1.5B | $677.4M | 68.4% |
| Mar 29, 2025 | $1.7B | $1.2B | $532.0M | 68.7% |
| Jun 28, 2025 | $1.7B | $1.2B | $476.8M | 72.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 29, 2025
+3.6 pts
Year-over-year change
Jun 29, 2024
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement relative to both the prior quarter and the year-ago quarter was driven by a lower cost of revenue relative to revenue, as revenue remained stable or grew while cost of revenue did not increase proportionally.
Compared to the immediately preceding quarter, gross margin was higher as cost of revenue decreased while revenue was unchanged. Compared to the same quarter one year earlier, gross margin was higher as revenue and gross profit grew faster than cost of revenue.
Monitor the trend in cost of revenue relative to revenue, as its decline contributed to the margin improvement this quarter.