| Métrica de sostenibilidad |
Logro |
| Agua guardada |
4.200 millones de litros |
| Uso de algodón reciclado |
16% del algodón total |
Moda versátil para diversos datos demográficos del consumidor
Presencia de marca global en 110 países con líneas de productos dirigidas a múltiples grupos de edad y estilos.
- Segmento juvenil (16-24): 35% de los ingresos
- Young Professional (25-40): 42% de los ingresos
- Adulto maduro (41-60): 23% de los ingresos
Mezcla de artesanía tradicional con diseño moderno
La inversión de I + D de $ 78.4 millones en el año fiscal 2023 se centró en el diseño innovador y la integración de la tecnología.
| Área de innovación de diseño |
Inversión |
| Tecnología de diseño digital |
$ 42.6 millones |
| Innovación de telas |
$ 35.8 millones |
Levi Strauss & Co. (Levi) - Modelo de negocios: relaciones con los clientes
Experiencias de compras digitales y en la tienda personalizadas
Levi Strauss & Co. reportó $ 6.18 mil millones en ingresos netos para 2023, con ventas digitales que representan el 33% de los ingresos totales. La compañía opera 2.800 tiendas minoristas a nivel mundial, integrando experiencias de compras digitales y físicas.
| Características de la plataforma digital |
Capacidades de experiencia en la tienda |
| Tecnología de prueba virtual |
Servicios de estilo personalizados |
| Algoritmos de recomendación de tamaño |
Estaciones de personalización |
| Compras de aplicaciones móviles |
Verificación de inventario en tiempo real |
Programas de fidelización e iniciativas de participación del cliente
El Programa de Membresía de la Tab Red de Levi ofrece:
- Envío gratis para miembros
- Acceso temprano a nuevas colecciones
- Descuentos personalizados
Redes sociales activas e interacción comunitaria
Levi Strauss & Co. mantiene 11.5 millones de seguidores de Instagram y 3.2 millones de seguidores de Facebook a partir de 2024.
| Plataforma de redes sociales |
Recuento de seguidores |
| Instagram |
11,500,000 |
| Facebook |
3,200,000 |
| Tiktok |
1,800,000 |
Canales de servicio al cliente receptivos
Levi ofrece atención al cliente multicanal que incluye:
- Chat en línea 24/7
- Soporte por correo electrónico
- Soporte telefónico
- Servicio al cliente de las redes sociales
Opciones de personalización y personalización
Los servicios personalizados de personalización y personalización de Levi generaron aproximadamente $ 150 millones en ingresos en 2023.
| Servicio de personalización |
Opciones disponibles |
| Dimensionamiento |
Servicio gratuito en la tienda |
| Estrecha |
Ajustes de ajuste personalizados |
| Bordado |
Diseños personalizados |
Levi Strauss & Co. (Levi) - Modelo de negocio: canales
Tiendas minoristas propiedad de la empresa
A partir de 2023, Levi Strauss & Co. opera 1.242 tiendas minoristas propiedad de la compañía a nivel mundial. El desglose geográfico es el siguiente:
| Región |
Número de tiendas |
| América del norte |
521 |
| Europa |
347 |
| Asia Pacífico |
274 |
| América Latina |
100 |
Sitio web de comercio electrónico
Levi Strauss & Co. opera plataformas de comercio electrónico directo al consumidor en 35 países. En el año fiscal 2023, las ventas digitales de la compañía alcanzaron los $ 1.76 mil millones, lo que representa el 25% de los ingresos netos totales.
Socios minoristas de terceros
- Grandes almacenes
- Minoristas de ropa especializada
- Minoristas deportivos y al aire libre
Levi Strauss & Co. mantiene asociaciones con más de 50,000 ubicaciones minoristas en todo el mundo.
Mercados en línea
| Mercado |
Volumen de ventas (2023) |
| Amazonas |
$ 312 millones |
| Zalando |
$ 187 millones |
| Tmall |
$ 245 millones |
Redes de distribución al por mayor
Levi Strauss & Co. distribuye productos a través de 15 centros de distribución regionales que cubren 110,000 metros cuadrados de espacio de almacén. Los ingresos mayoristas anuales en 2023 fueron de $ 4.3 mil millones.
Levi Strauss & Co. (Levi) - Modelo de negocio: segmentos de clientes
Jóvenes profesionales urbanos
Tamaño del mercado: 76.4 millones de personas de 25 a 40 años en los Estados Unidos a partir de 2023.
| Desglose demográfico |
Porcentaje |
| Rango de ingresos anuales |
$65,000 - $120,000 |
| Concentración urbana |
62% en áreas metropolitanas |
Millennials conscientes de la moda y la generación Z
Mercado total direccionable: 140 millones de consumidores en América del Norte.
- Rango de edad: 18-40 años
- Tasa de participación digital: 78% activo en las plataformas de redes sociales
- Preferencia de compra en línea: el 65% prefiere los canales de compra digital
Denim global y entusiastas de la ropa casual
| Segmento de mercado global |
Valor |
| Tamaño del mercado global de mezclilla |
$ 64.5 mil millones en 2023 |
| Cuota de mercado global de Levi |
17.3% |
Presupuesto a los consumidores de ropa premium
Distribución del segmento de precios:
- Segmento de presupuesto: $ 29 - $ 59 por artículo
- Segmento de rango medio: $ 60 - $ 129 por artículo
- Segmento premium: $ 130 - $ 298 por artículo
Compradores con mentalidad de sostenibilidad
Estadísticas sostenibles del mercado del consumidor:
| Métrica de sostenibilidad |
Porcentaje |
| Consumidores dispuestos a pagar más por productos sostenibles |
73% |
| Grupo de edad más preocupado por la sostenibilidad |
18-34 años |
Levi Strauss & Co. (Levi) - Modelo de negocio: Estructura de costos
Gastos de diseño y desarrollo de productos
En el año fiscal 2023, Levi Strauss & Co. reportó $ 145.5 millones en gastos de investigación y desarrollo.
| Categoría de gastos |
Cantidad (USD) |
| SALARIOS DE EQUIPO DE DESEJO |
$ 62.3 millones |
| Desarrollo prototipo |
$ 33.7 millones |
| Integración tecnológica |
$ 49.5 millones |
Costos de fabricación y producción
Costos de fabricación totales para Levi Strauss & Co. en 2023 fue de $ 2.1 mil millones.
- Costos de materia prima: $ 875 millones
- Gastos laborales: $ 412 millones
- Sobre de fábrica: $ 813 millones
Inversiones de marketing y publicidad
Los gastos de marketing para el año fiscal 2023 totalizaron $ 617 millones.
| Canal de marketing |
Gasto (USD) |
| Marketing digital |
$ 276 millones |
| Publicidad tradicional |
$ 193 millones |
| Asociaciones de influencia |
$ 148 millones |
Gestión de la cadena de suministro y logística
Los gastos operativos de la cadena de suministro para 2023 fueron de $ 456 millones.
- Operaciones de almacén: $ 187 millones
- Costos de transporte: $ 214 millones
- Gestión de inventario: $ 55 millones
Tecnología y mantenimiento de infraestructura digital
Las inversiones en infraestructura tecnológica en 2023 alcanzaron los $ 92.4 millones.
| Categoría de gastos tecnológicos |
Cantidad (USD) |
| Plataforma de comercio electrónico |
$ 38.6 millones |
| Ciberseguridad |
$ 27.8 millones |
| Infraestructura |
$ 26 millones |
Levi Strauss & Co. (Levi) - Modelo de negocio: flujos de ingresos
Ventas minoristas directas al consumidor
En el año fiscal 2023, Levi Strauss & Co. informó ingresos directos al consumidor de $ 3.0 mil millones, lo que representa el 39% de los ingresos netos totales.
| Canal |
Ingresos (2023) |
Porcentaje de ventas directas a consumidores |
| Tiendas minoristas propiedad de la empresa |
$ 1.2 mil millones |
40% |
| Plataforma digital de comercio electrónico |
$ 1.8 mil millones |
60% |
Distribución de ropa al por mayor
Ingresos al por mayor para Levi Strauss & Co. en el año fiscal 2023 fue de $ 4.6 mil millones, representando el 61% de los ingresos netos totales.
- Ventas al por mayor a grandes almacenes
- Ventas al por mayor a minoristas especializados
- Ventas al por mayor a distribuidores internacionales
Ingresos de la plataforma de comercio electrónico
Los ingresos del canal digital alcanzaron los $ 1.8 mil millones en el año fiscal 2023, lo que representa un crecimiento del 24% del año anterior.
Ventas del mercado internacional
Los mercados internacionales generaron $ 3.1 mil millones en ingresos para el año fiscal 2023, lo que representa el 41% de los ingresos netos totales.
| Región |
Ingresos (2023) |
Índice de crecimiento |
| América |
$ 3.8 mil millones |
3% |
| Europa |
$ 1.2 mil millones |
5% |
| Asia |
$ 0.9 mil millones |
7% |
Licencias y asociaciones de marca
Ingresos de licencia para Levi Strauss & Co. en el año fiscal 2023 fue de aproximadamente $ 50 millones.
- Colaboraciones con marcas de moda
- Líneas de productos de marca compartida
- Acuerdos de licencia de marcas de marca registrada
Levi Strauss & Co. (LEVI) - Canvas Business Model: Value Propositions
You're looking at the core reasons customers choose Levi Strauss & Co. over competitors right now, late in 2025. It's about more than just pants; it's about heritage meeting modern performance, backed by real numbers showing traction.
The foundation remains the promise of authentic, durable, and high-quality denim and apparel. This isn't just marketing talk; the financial results reflect a strong pricing power and brand equity. For instance, the gross margin for the trailing twelve months (ttm) stood at 61.38%, showing the premium customers are willing to pay for that quality and authenticity.
The iconic brand status at the center of global culture is actively translating into sales momentum. The Levi's brand itself saw a 9% organic increase globally in Q2 2025, and an 8% global organic growth in Q1 2025. The company is raising its full-year fiscal 2025 organic net revenue growth projection to approximately 6%.
Levi Strauss & Co. delivers a full denim lifestyle offering beyond just jeans. While the core remains, the portfolio includes other brands, though the focus has sharpened following the reclassification of the Dockers® business as discontinued operations in Q1 2025. The Beyond Yoga® brand, part of the lifestyle expansion, posted net revenue increases of 10% in Q1 2025 and 2% in Q3 2025.
The commitment to sustainability is a key differentiator, with specific, measurable targets. Levi Strauss & Co. has set a new goal to reduce absolute water use by 15% across its manufacturing supply chain by 2030, using a 2022 base year. Furthermore, they aim for 40% of water used in manufacturing to be recycled or reused by 2030. To be fair, progress on an earlier goal was slower; the 2025 goal to cut water use by 50% in high-stress areas was only 27% achieved by the end of 2024.
You are experiencing a personalized omnichannel shopping experience and loyalty perks through an aggressive push to Direct-to-Consumer (DTC). This channel is clearly working, delivering its 13th consecutive quarter of global DTC comparable sales growth in Q2 2025. In Q1 2025, DTC net revenues grew 12% organically and accounted for 52% of total net revenues.
Here's a quick look at how the DTC focus is driving financial results, which directly supports the value proposition of a modern, customer-centric brand:
| Metric |
Period Ending Q1 2025 |
Period Ending Q2 2025 |
Period Ending Q3 2025 |
| Reported Net Revenue Growth (YoY) |
3% |
6% |
7% |
| Organic Net Revenue Growth (YoY) |
9% |
9% |
7% |
| DTC Net Revenue Growth (Organic YoY) |
12% |
Not specified for DTC only |
DTC Delivered High-Single Digit Comparable Sales Growth |
| Adjusted Diluted EPS (YoY Growth) |
52% |
37% |
Not specified for Q3 2025 |
The company's overall financial health, with an adjusted diluted EPS outlook of $1.27 to $1.32 for 2025, shows that this blend of heritage and modern execution is paying off for shareholders.
The value proposition is also supported by the company's standing in the broader professional world, as evidenced by external recognition:
- World's Best Employers (2025): Ranked #778.
- Best Brands For Value (2025): Ranked #201.
- Best Brands For Social Impact (2025): Ranked #42.
Finance: draft the Q4 2025 cash flow forecast incorporating the raised FY25 organic revenue guidance of approximately 6% by Friday.
Levi Strauss & Co. (LEVI) - Canvas Business Model: Customer Relationships
You're building a brand that thrives on connection, and for Levi Strauss & Co., that means weaving the customer relationship deep into the fabric of the business, especially through its Direct-to-Consumer (DTC) push.
Red Tab® loyalty program offering exclusive benefits and tailor services.
The Red Tab® loyalty program is central to cultivating lifelong fans, not just repeat buyers. As of March 2025, this community boasts over 38 million worldwide members. Members get premium perks that go beyond simple discounts. For instance, they receive an extended product guarantee that includes lifetime access to tailoring services, such as repairs. The program also features a points system where members earn 1 point per $1 spent, excluding tax, shipping, and gift card value. These points can be redeemed in $5 increments, starting at 125 points (so, 125 points = $5 off). Any points accrued expire one year (365 days) from the date they are earned. This program is a key component of the DTC-first strategy, reinforcing engagement across channels.
Dedicated company-operated stores providing a full brand expression.
Company-operated stores are the physical manifestation of the brand experience. Levi Strauss & Co. has made significant progress in its DTC transformation, with DTC sales-which include e-commerce-accounting for 52% of total global net revenue in Q1 2025 (for the quarter ended March 2). The longer-term goal is for DTC to reach 55% of the business. Looking at Q3 2025 (ended August 31), DTC comprised 46% of total net revenues, with DTC net revenues increasing 11% on a reported basis year-over-year. The US store footprint stood at 458 locations as of Q3 2025. The company is even planning for expansion, with the Beyond Yoga banner reaching 14 stores by Q4 2025.
Here's a quick look at how the DTC and digital channels are performing relative to the overall business structure as of early to mid-2025:
| Metric Category |
Specific Data Point |
Value / Percentage |
Reporting Period / Date |
| DTC Channel Share (Total Revenue) |
DTC Share of Total Global Net Revenue |
52% |
Q1 2025 (ended March 2) |
| DTC Channel Share (Total Revenue) |
DTC Share of Total Net Revenues |
46% |
Q3 2025 (ended August 31) |
| E-commerce Channel Share (Total Revenue) |
E-commerce Share of Total Net Revenue |
12% |
Q1 2025 |
| Loyalty Program Size |
Red Tab® Worldwide Members |
Over 38 million |
March 2025 |
| Store Footprint |
US Company-Operated Store Count |
458 |
Q3 2025 |
Personalized digital engagement via the Levi's® app and e-commerce.
Digital engagement is a significant growth engine. E-commerce sales made up 12% of total Levi Strauss net revenue in Q1 2025. The momentum is clear: e-commerce sales grew 16% year-over-year in Q1 2025, and in the quarter ended August 31, 2025, online sales jumped 16% globally. To elevate this experience, the company has focused on content quality. As of May 2025, 80% of products on the US site feature new, elevated imagery, and more than 700 product pages include videos showing the product in motion. Personalization extends to assortment; the women's portfolio online in the US has grown to about 55% of the online assortment, up from under 40% previously.
Customer service and returns management across the omnichannel network.
The service experience is differentiated based on loyalty status, which is a key lever for driving membership. For online purchases, returns are FREE for Red Tab™ Members. However, for non-members, a $7.50 returns processing fee is deducted from the refund amount for the same online returns. If you return an item purchased online in a physical store, the return is free of charge for everyone, and refunds are processed instantly. This structure definitely incentivizes joining the loyalty program for frequent online shoppers.
- Red Tab™ Members receive free returns on all orders.
- Non-members incur a $7.50 fee for online returns processed by mail.
- In-store returns for online purchases are free for all customers.
- Members get free in-store hemming on Levi's® jeans purchased in mainline stores.
Levi Strauss & Co. (LEVI) - Canvas Business Model: Channels
You're looking at how Levi Strauss & Co. gets its product into the hands of customers, and honestly, the story here is all about the pivot to Direct-to-Consumer (DTC). It's a massive strategic shift, and the numbers from late 2025 really show it's paying off.
Direct-to-Consumer (DTC) retail stores (mainline and outlet)
The physical footprint remains important, but it's being refined. As of November 13, 2025, there are 244 Levi Strauss stores in the United States alone. Globally, the company runs nearly 460 Levi's locations across the Americas. This physical network supports the DTC strategy, even as the company navigates shifts in consumer traffic. To be fair, the company announced a plan to close more than 70 locations in the UK in 2025, reflecting a sharper focus on profitability and shifting resources toward more resilient channels, like outlets, which are described as "highly professionalised and profitable."
The DTC channel's success is clear when you look at the revenue mix:
- DTC accounted for 52% of total net revenues in the first quarter (Q1) of 2025.
- DTC comprised 50% of total net revenues in the second quarter (Q2) of 2025.
- DTC accounted for 46% of total net revenues in the third quarter (Q3) of 2025).
E-commerce platforms (Levi.com and the Levi's® app)
This is where the growth engine is really humming. The company has been doubling down on its digital flagship experience. Over the last five years, the e-commerce business doubled, moving from 5% of total net revenue in 2019 to 10% in 2024, and that momentum is definitely continuing into 2025. In Q3 2025, net revenues from e-commerce grew 18% on a reported basis and 16% organically. That strong digital performance is a key driver behind the DTC strategy's success.
Here's a quick look at how the primary revenue channels stacked up through the first three quarters of fiscal 2025:
| Channel Metric |
Q1 2025 |
Q2 2025 |
Q3 2025 |
| DTC % of Total Net Revenues |
52% |
50% |
46% |
| E-commerce Reported Growth (YoY) |
13% |
13% |
18% |
| Wholesale Reported Growth (YoY) |
Decrease of 3% |
3% Increase |
3% Increase |
Wholesale distribution to department stores and specialty retailers
While DTC is the priority, wholesale still moves a significant portion of volume, though its growth rate has lagged the direct channel. In Q3 2025, wholesale net revenues increased 3% on a reported basis and 5% organically. That's a positive trend after Q1 2025, where wholesale net revenues actually decreased 3% on a reported basis, despite growing 5% organically. The company is evolving this footprint, focusing on where it makes the most sense strategically, rather than just volume.
Third-party e-commerce marketplaces like Amazon and Zalando
The search results don't break out specific revenue from third-party marketplaces like Amazon or Zalando, so we have to look at the broader e-commerce performance, which encompasses these partners. The strong double-digit growth in e-commerce revenue across Q1, Q2, and Q3 of 2025 suggests these platforms are contributing to the overall digital success. The company's focus is on creating a seamless digital flagship experience, which includes optimizing performance across all digital touchpoints where fans shop. For context, the sale of the Dockers intellectual property and operations in the US and Canada was completed on July 31, 2025, for gross proceeds of $194.7 million, simplifying the portfolio that flows through these various channels.
Finance: draft 13-week cash view by Friday.
Levi Strauss & Co. (LEVI) - Canvas Business Model: Customer Segments
You're looking at the customer base for Levi Strauss & Co. as of late 2025, and it's clear the company is segmenting its focus to drive profitable growth. The core denim enthusiasts, those seeking authentic, heritage products, are still the foundation, evidenced by the core Levi's brand global organic net revenues growing 8% in the first quarter of fiscal 2025 and 7% in the third quarter of fiscal 2025. This group is highly engaged through the company's own channels.
The younger, trend-aware consumers are being captured through a pivot toward a head-to-toe denim lifestyle retailer, which is showing up in channel performance:
- Direct-to-Consumer (DTC) net revenues increased 12% in Q1 2025.
- DTC comprised 52% of total global net revenues at the end of Q1 2025.
- E-commerce net revenues grew 16% organically in Q3 2025.
- Non-denim bottoms represented 35% of total sales as of Q1 2025.
The women's apparel segment is a major area of strategic capture, showing significant traction. This segment grew by double digits for two consecutive quarters and now represents 38% of total Levi Strauss & Co. revenues, based on Q1 2025 figures. The company is actively executing its strategy to gain greater share in this historically underpenetrated area, with women's contributing approximately 40% of the growth seen in Q3 2025, balanced by men's growth.
To map out how these customer groups translate across the business, here is a look at the revenue drivers as of the third quarter of fiscal 2025:
| Segment/Channel Focus |
Metric |
Value/Percentage |
Period Reference |
| Women's Segment Share |
Share of Total Revenues |
38% |
Q1 2025 |
| DTC Channel |
Share of Total Net Revenues |
46% |
Q3 2025 |
| E-commerce |
Organic Net Revenue Growth |
16% |
Q3 2025 |
| Wholesale Channel |
Net Revenue Growth (Organic) |
5% |
Q3 2025 |
| Beyond Yoga® Brand |
Net Revenue Growth (Reported/Organic) |
2% |
Q3 2025 |
For environmentally-conscious consumers valuing sustainability and durability, Levi Strauss & Co. has concrete, measurable goals tied to its Climate Transition Plan. The company has committed to reducing its absolute scope 1 and 2 GHG emissions by 90% by 2050 from a 2022 base year. Furthermore, a near-term goal was set to use 100% renewable electricity in all company-owned and operated facilities by 2025. This focus on durable products and environmental stewardship is a key part of the value proposition for this customer set.
Finally, the global mass market is being addressed through a more streamlined brand portfolio. The company entered into a definitive agreement to sell its Dockers business in Q2 2025, reclassifying it as discontinued operations in Q1 FY25, signaling a reduction in focus on that specific mass-market offering. Conversely, the company continues to nurture other lifestyle categories, with the Beyond Yoga® brand reporting net revenues up 2% in Q3 2025.
Levi Strauss & Co. (LEVI) - Canvas Business Model: Cost Structure
You're looking at the core expenses that drive Levi Strauss & Co.'s operations as we approach the end of 2025. The cost structure is heavily influenced by manufacturing, distribution network transformation, and strategic investments in brand experience.
Cost of Goods Sold and Margin Dynamics
Cost of Goods Sold (COGS) remains a significant component, but Levi Strauss & Co. has been aggressively managing it through pricing and channel mix. The gross margin performance has been strong, hitting a record 62.6% in Q2 2025, according to your outline. By the third quarter, the gross margin had expanded by 110 basis points to 61.7% from 60.6% in Q3 2024, driven by favorable channel mix and price increases, even while tariffs created a headwind.
The shift to Direct-to-Consumer (DTC) is key here, as DTC net revenues increased 11% on a reported basis in Q3 2025, with DTC comprising 46% of total net revenues. This higher-margin business mix is helping to offset input cost pressures.
| Metric |
Value (Q3 2025 Reported) |
Value (Full Year Guidance) |
| Gross Margin |
61.7% |
Expansion of 100 basis points |
| Gross Profit Dollars |
$951.6 million |
N/A |
| Tariff Headwind on Gross Margin (Q3 2025) |
80 basis points |
N/A |
Selling, General, and Administrative (SG&A)
SG&A expenses are being managed to maintain leverage against revenue growth. For the full year 2025, the company continues to expect adjusted SG&A as a percentage of revenue to end the year at around 50%. In the third quarter, Adjusted SG&A was 49.8% of sales, though it did deleverage 160 basis points year-over-year due to factors like performance compensation and distribution costs.
The total SG&A dollars increased 6.8% to $776 million in Q3 2025 compared to $726 million in Q3 2024.
Supply Chain and Tariff Costs
Supply chain costs are a major variable, particularly due to geopolitical factors. The estimated impact from tariffs on profitability for the remainder of 2025, excluding mitigation efforts, was cited as being between $25 million to $30 million. The company's guidance for the latter part of the year assumes US tariffs will remain at 30 per cent for China and 20 per cent for other countries.
The company is actively remapping its distribution network to a hybrid model for omnichannel fulfillment, which involves short-term costs, such as running parallel Distribution Centers (DCs) in the U.S.. Distribution costs specifically increased from a year ago, with about half of that increase attributed to the cost of this parallel running.
Investments in Growth and Innovation
Costs are being incurred to fuel the DTC expansion and future-proof the product line. You're seeing this in capital expenditures for new physical locations and technology.
- Investment in DTC expansion included opening 14 new stores on a gross basis in Q3 2025.
- E-commerce net revenues grew 18% on a reported basis in Q3 2025, reflecting tech investment.
- The company has a long-term goal to reduce water use by up to 50% by 2025 in water-stressed areas, with Waterfive cents per unit for some suppliers.
- Levi Strauss & Co. is pioneering material innovations like cottonized hemp as an alternative to cotton, which requires significantly less fresh water.
For Research & Development (R&D) specifically, the reported expenses for the twelve months ending August 31, 2025, were $0M. Still, the commitment to sustainability targets by 2025, like achieving 100% renewable electricity in company-operated facilities, represents an ongoing operational cost and investment. Finance: draft 13-week cash view by Friday.
Levi Strauss & Co. (LEVI) - Canvas Business Model: Revenue Streams
You're looking at how Levi Strauss & Co. is pulling in its revenue as of late 2025, which is heavily influenced by its DTC-first pivot. It's all about direct customer relationships now.
The top-line performance for the third quarter of fiscal 2025 was solid, with Q3 2025 net revenues hitting $1.5 billion, reflecting a 7% increase year-over-year on both reported and organic bases. This growth is the engine driving the updated full-year expectations.
The revenue mix is clearly shifting to favor owned channels. Direct-to-Consumer (DTC) sales were the star performer, accounting for 46% of total net revenues in Q3 2025. This channel saw DTC net revenues increase 11% on a reported basis and 9% on an organic basis during the quarter.
The other major component is Wholesale sales to third-party retailers. While DTC leads, wholesale still contributes substantially, with wholesale net revenues growing 3% on a reported basis and 5% on an organic basis in Q3 2025.
The company is also generating Licensing revenue from trademarks for accessories and other categories, though specific financial figures for this stream in Q3 2025 weren't the primary focus of the latest reports, which centered on the core apparel sales.
Here's a quick look at the channel performance for Q3 2025:
| Revenue Stream Component |
Q3 2025 Reported Growth (YoY) |
Q3 2025 Organic Growth (YoY) |
Q3 2025 Share of Total Revenue |
| Direct-to-Consumer (DTC) |
11% increase |
9% increase |
46% |
| Wholesale |
3% increase |
5% increase |
Remaining Percentage |
Looking ahead to the full-year FY25 outlook, the company projected organic net revenue growth to increase in the range of 4.5% to 5.5%, based on the guidance provided before the Q3 outperformance. However, following the strong Q3, management raised the latest full-year organic net revenue growth expectation to approximately 6%.
You can see the key revenue stream metrics here:
- Direct-to-Consumer (DTC) sales accounted for 46% of total net revenues in Q3 2025.
- Q3 2025 net revenues were $1.5 billion, a 7% increase.
- E-commerce net revenues grew 18% on a reported basis in Q3 2025.
- Beyond Yoga® brand net revenues were $33 million in Q3 2025.
- The latest full-year FY25 organic net revenue growth is now projected at approximately 6%.
Finance: draft 13-week cash view by Friday.
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