Ralph Lauren Corporation stock research
FY2026 Q2
Ralph Lauren (RL) Gross Margin — Quarter Ended Sep 27, 2025
Revenue, gross profit, and cost of revenue were all higher than in the prior quarter and the year-ago quarter. Gross margin was lower than the prior quarter but higher than the year-ago quarter.
Gross margin takeaway
Quarter ended Sep 27, 2025 · FY2026 Q2
Revenue, gross profit, and cost of revenue were all higher than in the prior quarter and the year-ago quarter. Gross margin was lower than the prior quarter but higher than the year-ago quarter.
- The strongest observable margin driver is the relative growth rates of revenue and cost of revenue. Monitor how the change in cost of revenue compares to the change in revenue across quarters.
- Compared to the prior quarter, gross margin weakened as cost of revenue increased at a faster pace than revenue. Compared to the same quarter last year, gross margin improved as revenue grew more than cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
68.0%
Gross profit
$1.4B
Revenue
$2.0B
Cost of revenue
$644.3M
Quarter-over-quarter change
-4.3 pts
Year-over-year change
+1.0 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 |
|---|---|---|---|---|
| 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% |
| Sep 27, 2025 | $2.0B | $1.4B | $644.3M | 68.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 28, 2025
-4.3 pts
Year-over-year change
Sep 28, 2024
+1.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relative growth rates of revenue and cost of revenue. Monitor how the change in cost of revenue compares to the change in revenue across quarters.
Compared to the prior quarter, gross margin weakened as cost of revenue increased at a faster pace than revenue. Compared to the same quarter last year, gross margin improved as revenue grew more than cost of revenue.
Monitor the ratio of cost of revenue growth to revenue growth in upcoming quarters.