[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mbck0qvll930p4jahia90aqrt","revision",2,"title","Levi Strauss & Co. 2026年第三季度财报发布","originalTitle","LEVI STRAUSS & CO (0000094845) (Filer)","summary","Levi Strauss & Co. 发布2026年第三季度财报，显示营收16.097亿美元，同比增长4.3%；净收入1.686亿美元。总资产达69.291亿美元，负债45.141亿美元，股东权益24.15亿美元。公司披露了外汇对冲工具、重组费用、运营收入及现金流情况，并计划将55-65%的调整后自由现金流返还给股东。","reason","Levi Strauss & Co. 2026年第三季度财报显示营收和利润双增长，同时披露了资产、负债及现金流情况，以及未来资本部署计划。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-07T20:11:57.000Z","discoveredAt","2026-10-07T20:25:10.966Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",75,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","f0wai2_6xi9U",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","d5c090ad-89fe-49f8-9252-e59f07af6355","Levi Strauss 2026年第三季度财报发布",{"_72":73,"_16":74},"

美国证券交易委员会

华盛顿特区 20549

_________________

10-Q 表格

(勾选一项)


☑		根据 1934 年《证券交易法》第 13 条或 15(d) 条款提交的季度报告

截至 2026 年 8 月 30 日的季度

或


☐		根据 1934 年《证券交易法》第 13 条或 15(d) 条款提交的过渡报告

委员会文件编号：001-06631

_________________

LEVI STRAUSS & CO.

(注册人根据其章程指定的确切名称)


特拉华州		94-0905160
(注册或组织所在司法管辖区)		(I.R.S. 雇主识别号)

1155 Battery Street, San Francisco, California 94111

(主要行政办公室地址) (邮编)

(800) 438-0349

(注册人电话号码，包括区号)

无

(前名、前址及前财政年度，如自上次报告以来有所变更)

_________________

根据 1934 年《证券交易法》第 12(b) 条款注册的证券：

各类别名称

交易代码

注册交易所名称

A 类普通股，每股面值 0.001 美元

LEVI

纽约证券交易所

通过勾选标记表明注册人 (1) 是否在过去的 12 个月（或注册人被要求提交此类报告的较短期间）内提交了根据 1934 年《证券交易法》第 13 条或 15(d) 条款要求提交的所有报告，以及 (2) 是否在过去 90 天内受到此类报告提交要求的约束。是 þ 否 ¨

通过勾选标记表明注册人是否在过去的 12 个月（或注册人被要求提交和发布此类文件的较短期间）内根据《S-T 规则》第 405 条（本章 §232.405）提交并发布了要求提交和发布的每份交互式数据文件。是 þ 否 ¨

通过勾选标记表明注册人是大型加速申报人、加速申报人、非加速申报人、较小的报告公司，还是新兴增长公司。请参阅《交易法》第 12b-2 条中“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。(勾选一项)：


大型加速申报人 þ	加速申报人 ¨	新兴增长公司 ☐
非加速申报人 ¨		较小的报告公司 ☐

如果是新兴增长公司，请通过勾选标记表明注册人是否已选择不使用根据《交易法》第 13(a) 条款提供的任何新或修订的财务会计准则的延长过渡期。 ¨

在 Act 第 12b-2 条规定的范围内，通过打勾来表明注册人是否为空壳公司。是 ¨ 否 þ

截至 2026 年 9 月 30 日，注册人拥有 99,502,081 股 A 类普通股，每股面值 0.001 美元，以及 283,967,658 股 B 类普通股，每股面值 0.001 美元，在外流通。

LEVI STRAUSS & CO. 及其子公司

10-Q 表格索引

截至 2026 年 8 月 30 日的季度


			页码

第一部分 — 财务信息

项目 1.	合并财务报表（未经审计）：
	截至 2026 年 8 月 30 日和 2025 年 11 月 30 日的合并资产负债表		3
	Consolidated Statements of Income for the Three and Nine Months Ended August 30 , 2026 and August 31 , 2025		4
	合并全面收益表截至九个月结束 8月 3 0 , 2026 和 8月 3 1, 2025		5
	股东权益合并报表（截至2026年8月30日的三个月和九个月）九个月结束 2026年8月30日，和 2025年8月3 1日		6
	现金流量合并报表（截至九个月结束 8月 30 , 2026 和 2025年8月3 1日		8
	合并财务报表附注		9
项目 2.	管理层对财务状况和经营成果的讨论与分析		33
项目 3.	市场风险定量和定性披露		63
项目 4.	控制和程序		63

第二部分 — 其他信息
项目 1.	法律诉讼		64
项目 1A.	风险因素		64
项目 2.	未注册的股权证券出售和使用收益		64
项目 3.	优先证券违约		64
项目 4.	矿山安全披露		64
项目 5.	其他信息		65
项目 6.	附注		66
签字		67

在哪里可以找到更多信息

投资者和其他人士应注意，我们通过公司网站、新闻稿、SEC 文件以及公开电话会议和网络直播（包括投资者关系页面 http://investors.levistrauss.com）向投资者公告重大财务信息。我们还使用以下社交媒体渠道作为披露有关我们公司、产品、计划中的财务和其他公告、出席即将举行的投资者和行业会议以及其他事项的信息的手段，以及为了遵守《1934年证券交易法》（经修订，即“交易法”）下颁布的《交易法》披露义务。

•我们的 X 账号（以前是 Twitter 账号） (https://X.com/LeviStraussCo)；

•我们的公司博客 (https://www.levistrauss.com/unzipped-blog/)；

•我们的 Facebook 页面 (https://www.facebook.com/levistraussco/)；

•我们的 LinkedIn 页面 (https://www.linkedin.com/company/levi-strauss-&-co-)；

•我们的 Instagram 页面 (https://www.instagram.com/levistraussco/)；以及

•我们的 YouTube 频道 (https://www.youtube.com/user/levistraussvideo)。

我们通过这些渠道发布的信息可能被视为重大。因此，投资者除了关注我们的新闻稿、SEC 文件和公开电话会议及网络直播外，还应监控这些渠道。本列表可能会不时更新。我们通过这些渠道发布的信息不是本季度报告的一部分。

第一部分 — 财务信息


项目 1.	合并财务报表

LEVI STRAUSS & CO. 及其子公司

合并资产负债表


	(未审计)
	2026年8月30日		2025年11月30日

	(单位：百万美元)
资产
流动资产：
现金及现金等价物	$	641.4			$	757.9
交易性证券短期投资	137.9			90.9
应收账款，净额	745.2			774.7
存货	1,253.6			1,237.7
其他流动资产	463.7			238.5
待售流动资产	—			54.0
流动资产总额	3,241.8			3,153.7
物业、厂房和设备，净额	655.8			681.8
商誉	285.0			280.6
其他无形资产，净额	192.9			194.4
递延税资产，净额	834.6			830.1
经营租赁使用权资产，净额	1,173.4			1,148.2
其他非流动资产	545.6			538.7
待售非流动资产	—			21.3
资产总额	$	6,929.1			$	6,848.8

负债和股东权益
流动负债：
应付账款	$	684.8			$	597.6
应计工资、薪金和员工福利	228.7			244.7
应计销售退回和折让	216.7			226.1
短期经营租赁负债	275.8			260.7
其他应计负债	585.0			703.4
流动负债总额	1,991.0			2,032.5
长期债务	1,043.6			1,039.2
长期经营租赁负债	1,011.1			1,005.6
长期员工相关福利	243.3			252.7
其他长期负债	225.1			240.2
负债总额	4,514.1			4,570.2

承诺和或有事项

股东权益：
普通股 — 面值 $0.001；授权 1,200,000,000 股 A 类股，截至 2026 年 8 月 30 日和 2025 年 11 月 30 日分别发行并流通 99,254,572 股和 103,620,225 股；授权 422,000,000 股 B 类股，截至 2026 年 8 月 30 日和 2025 年 11 月 30 日分别发行并流通 284,215,167 股和 286,756,831 股	0.4			0.4
额外实收资本	811.8			788.1
留存收益	1,964.2			1,897.3
累计其他综合损失	(361.4)			(407.2)
股东权益总额	2,415.0			2,278.6
负债和股东权益总额	$	6,929.1			$	6,848.8

附注是这些合并财务报表的组成部分。

LEVI STRAUSS & CO. 及其子公司

合并收益表


	截至		截至前三季度
	2026 年 8 月 30 日		2025 年 8 月 31 日		2026 年 8 月 30 日		2025 年 8 月 31 日

	(金额以百万美元计，每股金额除外) (未经审计)
净收入	$	1,609.7			$	1,543.4		$	4,914.2	$	4,516.2
销货成本	543.9			591.8			1,791.0		1,711.2
毛利	1,065.8			951.6			3,123.2		2,805.0
销售、一般及行政费用	835.9			775.6			2,551.0		2,315.9
重组费用，净额	7.6			8.6			29.0		22.1
营业利润	222.3			167.4			543.2		467.0
利息费用	(12.9)			(12.5)			(38.9)		(35.2)
其他收入（费用），净额	10.7			1.3			66.2		3.5
持续经营所得税前收益	220.1			156.2			570.5		435.3
所得税费用	51.5			34.2			130.0		93.5
持续经营净收益	168.6			122.0			440.5		341.8
终止经营净收益（税后）	—			96.1			(8.8)		78.3
净收益	$	168.6			$	218.1		$	431.7	$	420.1
每股收益（亏损）：
持续经营 — 基本每股收益	$	0.44			$	0.31		$	1.13	$	0.87
终止经营 — 基本每股收益	—			0.24			(0.02)		0.19
净收益 — 基本每股收益	$	0.44			$	0.55		$	1.11	$	1.06

持续经营 — 稀释每股收益	$	0.43			$	0.31		$	1.12	$	0.86
终止经营 — 稀释每股收益	—			0.24			(0.02)		0.19
净利润 - 稀释后	$	0.43			$	0.55		$	1.10	$	1.05
加权平均流通股数：
基本	386,075,414			395,659,040			387,596,613		396,578,375
稀释后	390,620,582			399,529,649			392,098,306		400,401,333

附注是这些合并财务报表的组成部分。

LEVI STRAUSS & CO. 及其子公司

合并综合收益表


	截至三月底		截至九月底
	2026年8月30日		2025年8月31日		2026年8月30日		2025年8月31日

	(单位：百万美元) (未经审计)
净利润	$	168.6			$	218.1		$	431.7	$	420.1
其他综合收益（损失），扣除相关所得税：
养老金及退休福利	2.0			1.9			5.4		5.6
衍生工具收益（损失）	5.7			(26.6)			6.0		(91.4)
外币折算收益	7.0			29.0			34.6		115.3
有价证券未实现收益（损失）	(0.2)			0.2			(0.4)		0.2
其他综合收益总额，扣除相关所得税	14.5			4.5			45.6		29.7
其他综合收益项目相关的所得税（费用）收益	3.8			3.3			0.2		(0.5)
扣除税款后的综合收益	$	186.9			$	225.9		$	477.5	$	449.3

附注是这些合并财务报表的组成部分。

LEVI STRAUSS & CO. 及其子公司

合并股东权益表


	截至2026年8月30日的三个月
	A类 & B类普通股票 (股数)	A类 & B类普通股票		额外实缴资本	留存收益		其他综合损失		合计股东权益

	(单位：百万股和美元) (未审计)
2026年5月31日余额	384.9		$	0.4		$	754.9			$	1,896.8	$	(379.7)	$	2,272.4
净利润	—		—		—			168.6			—	168.6
其他综合收益，税后净额	—		—		—			—			18.3	18.3
股票薪酬及股息，净额	0.1		—		18.8			(0.1)			—	18.7
员工股票购买计划	0.1		—		1.8			—			—	1.8
加速股票回购，包括惩罚税	(1.6)		—		39.1			(39.5)			—	(0.4)
股权奖励的税收扣缴	—		—		(2.8)			—			—	(2.8)
宣布的现金股息（每股0.16美元）	—		—		—			(61.6)			—	(61.6)
2026年8月30日余额	383.5		$	0.4		$	811.8			$	1,964.2	$	(361.4)	$	2,415.0


	截至2026年8月30日的九个月
	A类 & B类普通股票 (单位：股)	A类 & B类普通股票		额外实缴资本	留存收益		其他综合损失		合计股东权益

	(单位：百万股和美元) (未审计)
2025年11月30日余额	390.4		$	0.4		$	788.1			$	1,897.3	$	(407.2)	$	2,278.6
净利润	—		—		—			431.7			—	431.7
其他综合收益，税后净额	—		—		—			—			45.8	45.8
股票薪酬及股息，净额	2.2		—		58.9			(0.1)			—	58.8
员工股票购买计划	0.3		—		5.3			—			—	5.3
加速股票回购，包括惩罚税	(9.4)		—		(6.0)			(195.4)			—	(201.4)
股权奖励的税收扣缴	—		—		(34.5)			—			—	(34.5)
宣布的现金股息（每股0.44美元）	—		—		—			(169.3)			—	(169.3)
2026年8月30日余额	383.5		$	0.4		$	811.8			$	1,964.2	$	(361.4)	$	2,415.0

附注是这些合并财务报表的组成部分。


	截至2025年8月31日的三个月
	A类 & B类普通股票 (单位：股)	A类 & B类普通股票		额外实缴资本	留存收益		其他综合损失		合计股东权益

	(单位：百万股和美元) (未审计)
2025年6月1日余额	395.6		$	0.4		$	762.0			$	1,740.7	$	(413.1)	$	2,090.0
净利润	—		—		—			218.1			—	218.1
其他综合收益，税后净额	—		—		—			—			7.8	7.8
股票薪酬及股息，净额	0.1		—		23.7			(0.1)			—	23.6
员工股票购买计划	0.1		—		1.9			—			—	1.9
加速股票回购，包括惩罚税	(5.0)		—		(24.0)			(96.9)			—	(120.9)

股权奖励的税收扣缴	—		—		(2.4)			—			—	(2.4)
宣布的现金股息（每股0.14美元）	—		—		—			(55.4)			—	(55.4)
2025年8月31日余额	390.8		$	0.4		$	761.2			$	1,806.4	$	(405.3)	$	2,162.7


	截至2025年8月31日的九个月
	A类 & B类普通股票 (单位：股)	A类 & B类普通股票		额外实缴资本	留存收益		其他综合损失		合计股东权益

	(单位：百万股和美元) (未审计)
2024年12月1日余额	395.4		$	0.4		$	732.6			$	1,672.0	$	(434.5)	$	1,970.5
净利润	—		—		—			420.1			—	420.1
其他综合收益，税后净额	—		—		—			—			29.2	29.2
股票薪酬及股息，净额	1.7		—		67.9			(0.1)			—	67.8
员工股票购买计划	0.3		—		5.6			—			—	5.6
加速股票回购，包括惩罚税	(5.0)		—		(24.0)			(96.9)			—	(120.9)
普通股回购	(1.6)		—		—			(30.5)			—	(30.5)
股权奖励的税收扣缴	—		—		(20.9)			—			—	(20.9)
宣布的现金股息（每股0.40美元）	—		—		—			(158.2)			—	(158.2)
截至2025年8月31日的余额	390.8		$	0.4		$	761.2			$	1,806.4	$	(405.3)	$	2,162.7

附注是这些合并财务报表的组成部分。

LEVI STRAUSS & CO. 及其子公司

合并现金流量表


	截至
	2026年8月30日止九个月		2025年8月31日止九个月

	(单位：百万美元) (未经审计)
经营活动产生的现金流量：
净收入	$	431.7			$	420.1
将净收入调节为经营活动提供的净现金的调整项：
折旧和摊销	167.6			151.4
财产、厂房、设备减值及提前终止租赁，净额	6.7			15.6
出售业务收益，扣除出售成本前	(33.6)			(155.6)

基于股份的薪酬	58.8			67.8
递延所得税	9.7			8.2
其他，净额	(7.0)			(19.6)
经营资产和负债的净变动额	(48.7)			(225.1)
经营活动提供的净现金	585.2			262.8
投资活动产生的现金流量：
出售业务所得款项	96.3			194.7
购置财产、厂房和设备	(157.9)			(170.3)
资产出售净所得款项	—			22.4
(付款) 远期外汇合约结算所得款项，未指定用于套期会计，净额	(179.7)			37.1
购买短期投资的付款	(130.3)			(109.8)
短期投资出售、到期及收回所得款项	84.4			16.2
其他投资活动，净额	(7.4)			—
投资活动使用的净现金	(294.6)			(9.7)
筹资活动产生的现金流量：
长期债务发行所得款项，扣除发行成本净额	—			543.8
长期债务偿还	—			(550.4)
加速股票回购，包括消费税	(201.0)			(120.0)
普通股回购	—			(30.5)
股权奖励的税款扣缴	(34.5)			(20.9)
向股东支付股利	(169.3)			(158.2)
其他筹资活动，净额	(0.8)			(0.9)
筹资活动使用的净现金	(405.6)			(337.1)
汇率变动对现金及现金等价物和受限现金的影响	(1.5)			6.8
现金及现金等价物和受限现金的净增加（减少）额	(116.5)			(77.2)
期初现金及现金等价物	757.9			690.0
期末现金及现金等价物	$	641.4			$	612.8

非现金投资活动：
期末未支付的购置的固定资产	$	27.7			$	38.9
现金流量信息的补充披露：
本期支付的所得税净额，扣除退款	$	142.8			$	119.0

____________

合并现金流量表包括持续经营和终止经营产生的现金流量。

附注是这些合并财务报表的组成部分。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注

截至2026年8月30日的季度

附注 1：重要会计政策

经营性质

Levi Strauss & Co. (the “Company”) is one of the world’s largest brand-name apparel companies. The Company designs, markets and sells – directly or through third parties and licensees – products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, and related accessories, for men, women and children around the world under the Levi’s®, Levi Strauss Signature™ and Beyond Yoga® brands.

In the fourth quarter of 2024 we announced we were undertaking an evaluation of strategic alternatives to the global Dockers® business, including a sale or other strategic transactions. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business. On July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. Dockers® net assets were classified as held for sale in the consolidated balance sheets for all periods presented. Additionally, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented. See Note 2 “Discontinued Operations”. The Dockers® business was a separate operating segment historically presented in our financial statements under the caption of Other Brands.

The Company operates its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company's Levi's Brands business, which includes the Levi's® and Levi Strauss Signature™ brands. The Beyond Yoga® business, which is managed separately, does not meet the quantitative thresholds for reportable segments but is presented separately to increase transparency of performance.

Basis of Presentation and Principles of Consolidation

The interim consolidated financial statements of the Company and its wholly-owned and majority-owned foreign and domestic subsidiaries, including the notes, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim period financial statements and do not include all of the information and disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended November 30, 2025, included in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 (“2025 Annual Report on Form 10-K”).

未经审计的合并财务报表包括公司的账目及其子公司。所有重大的内部往来余额和交易均已抵销。截至2026年8月30日的三个月和九个月的运营结果可能无法代表任何其他期间或截至2026年11月29日的财年的预期结果。

公司的财年结束于该年11月30日最近的周日。2026年和2025年财年的每个季度均由13周组成。所有对年份和季度的引用均指财年和财季，而非日历年和日历季度。

估计的使用

根据美国通用会计准则编制财务报表需要管理层做出估计和假设，这些估计和假设会影响合并财务报表及其相关合并财务报表附注中报告的金额。估计是基于历史因素、当前情况以及公司管理层的经验和判断。管理层会持续评估其估计和假设，并可能聘请外部专家协助评估。基于更准确的未来信息、不同的假设或条件，这些估计的变化可能会影响未来期间报告的金额。

LEVI STRAUSS & CO. 及其子公司

合并财务报表附注 — （继续）

截至2026年8月30日的季度期间

长期资产

公司会在事件或情况变化表明资产的账面价值可能受损时审查其长期资产。减值损失根据账面价值超过其公允价值的差额进行计量和记录，公允价值基于预期的未来现金流和其他定量和定性因素进行估算。净额包括截至2026年8月30日和2025年11月30日的累计折旧14亿美元。

预付费用

截至2026年8月30日和2025年11月30日，“其他流动资产”中包含的预付费用分别为1.402亿美元和1.38亿美元。

股票回购

2026年1月30日，公司与第三方金融机构（“2026年ASR协议”）签订了一项加速股票回购交易，作为其股票回购计划的一部分，回购公司A类普通股总价值2亿美元。交易初期，公司支付了2亿美元，并立即回购并注销了780万股A类普通股，占交易金额的80%，根据2026年1月29日的收盘价计算，该交易的总成本为1.6亿美元。公司在2026年第三季度结算了2026年ASR协议，并立即回购并注销了额外的160万股。在整个交易期间，每股市价的平均价格为21.32美元。该交易被记录为留存收益减少1.94亿美元和额外 paid-in-capital 减少600万美元。

在2025年第一季度，公司以3000万美元的价格在公开市场回购了160万股股票，加上经纪人的佣金。在2025年第三季度，公司与一家第三方金融机构（“2025 ASR协议”）签订了加速股票回购交易，作为其股票回购计划的一部分，回购公司A类普通股总计1.2亿美元。交易初期，公司支付了1.2亿美元，并立即回购并注销了500万股A类普通股，根据2025年8月1日的收盘价，这代表了交易金额的80%。公司在2025年第四季度结算了2025 ASR协议，并立即回购并注销了额外的60万股。在整个交易期间，每股市价的平均价格为21.48美元。该交易被记录为留存收益减少了1.094亿美元，以及额外的实收资本减少了1160万美元。

公司对股票回购的会计处理是将回购价格超过回购的A类普通股面值的部分全部计入留存收益。所有回购的股票都会被注销，并成为授权但未发行的股票。公司根据交易日期为股票回购计划中购买的股票计提费用。公司可以随时终止或限制股票回购计划。

待售资产和终止经营

符合会计要求可被分类为待售的业务的资产和负债将被归入一个处置组中。处置组的净资产按其账面价值或预计公允价值减去预期销售成本的较低者记录。被分类为待售后，资产不再计提折旧或摊销。

符合会计要求可被分类为终止经营的处置组的资产和负债在合并资产负债表中作为当前和以前期间单独列示。从该业务满足待售标准的期间开始，终止经营的结果在合并损益表中以“税后终止经营净收入（损失）”列示。终止经营的净收入（损失）包括与待售业务直接相关的成本，以及对业务专门的公司职能部门的成本估算，但不包括由不归属于任何经营分部的销售、一般及行政费用组成的公司费用。参见注释2“终止经营”。

除非另有说明，附注中关于合并财务报表的信息仅指公司的持续经营。

利维 Strauss & Co. 及其子公司

合并财务报表附注 —（续）

截至2026年8月30日的季度期间

收入确认

从2026年第一季度开始，公司修订了电子商务交易的运营政策和程序。这一变化导致收入在货物发出时确认，而非在货物交付给客户时确认，这与控制权转移的时间一致。该变化对当期合并财务报表的影响不重大。

重分类

现金流量表中的某些金额已按照2026年8月30日的格式进行了调整。

近期发布的会计准则

自2025年年度报告10-K表中披露以来，近期发布的会计准则没有新发展，包括预期采用日期和对公司合并财务报表及附注披露的预计影响。公司将在2026年11月29日结束的财年年度报告10-K中采用ASU 2023-09，收入税披露改进。这项新指南旨在通过增强与税率调节和已付所得税相关的披露，提高收入税披露的透明度和决策有用性。公司目前正在评估采用这项新会计准则对其合并财务报表及相关披露的影响。

注2：终止经营

在2024年第四季度，公司宣布已对全球Dockers®品牌启动了战略替代方案的正式审查，这可能包括出售或其他战略交易。在2025年第一季度，公司启动了Dockers®业务的出售流程，并确定Dockers®业务符合持有待售和终止经营的会计标准。在2025年第二季度，公司与买方达成了出售Dockers®业务的最终协议，初始交易价值为3.11亿美元，需经常规调整和交割条件批准，根据Dockers®业务的表现，未来几年通过8000万美元的或有支付机会，交易价值可能达到3.91亿美元。2025年7月31日，公司以1.947亿美元的毛收入出售了美国和加拿大地区的Dockers®知识产权和运营，由此产生了1.39亿美元的出售收益，扣除直接销售成本后。公司在2026年第一季度通过多次交割出售了剩余的Dockers®运营，最后一次交割于2026年2月27日完成，毛收入为9630万美元，由此产生了1730万美元的出售收益，扣除直接销售成本后。

根据过渡服务协议的条款，公司在2026年第一季度结束前，为美国和加拿大的Dockers®运营提供了某些交割后的会计、税务、数字技术和供应链服务。根据过渡服务协议获得的费用包含在合并损益表的“销售、一般及行政费用”中。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 — （续）

截至2026年8月30日的季度

以下表格将毛收入与计入“终止经营的净收入（亏损）（税后）”中的Dockers®业务的收益进行调节：


	九个月结束
	2026年8月30日		2025年8月31日
	（单位：百万美元）


毛收入	$	96.3			$	194.7
减：直接销售成本	16.3			16.6
减：Dockers®知识产权和业务的账面价值	62.7			39.1
Dockers®知识产权和业务的出售收益	$	17.3			$	139.0

在2026年第一季度出售Dockers®剩余业务之前，Dockers®的净资产在所有期间的合并资产负债表中被归类为待售资产。Dockers®的净资产被归类为流动和非流动资产。此外，公司在所有期间的合并损益表中将Dockers®业务归类为终止经营。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 — （续）

截至2026年8月30日的季度

以下表格列示了待售资产和负债：


	2025年11月30日

	（单位：百万美元）
流动资产：
存货	$	54.0
待售流动资产总额	54.0
固定资产、厂房和设备，净值	6.9
经营租赁使用权资产，净值	14.4
待售非流动资产总额	21.3
待售资产总额	$	75.3

流动负债：
短期经营租赁负债	$	3.9
待售流动负债总额	3.9
长期经营租赁负债	6.1
待售长期负债总额	6.1
待售负债总额	$	10.0

以下表格列示了终止经营的结果：


	三个月结束		九个月结束
	2025年8月31日		2026年8月30日		2025年8月31日

	（单位：百万美元）
净收入	$	55.3			$	31.0		$	194.5
销售成本	27.3			14.6			95.6
毛利	28.0			16.4			98.9
销售、一般及行政费用	30.4			31.4			116.0
重组费用，净额	8.6			8.8			16.9
经营亏损	(11.0)			(23.8)			(34.0)
其他费用	—			(2.9)			—
终止经营前的收入（亏损）及所得税	(11.0)			(26.7)			(34.0)
出售Dockers®剩余业务前的出售收益及所得税	139.0			17.3			139.0
终止经营前的总收入（亏损）及所得税	128.0			(9.4)			105.0
所得税费用（收益）	31.9			(0.6)			26.7
终止经营的净收入（亏损）（税后）	$	96.1			$	(8.8)		$	78.3

与终止经营相关的现金流包含在合并现金流量表中。在扣除销售费用前，Dockers® 剩余业务的出售收益为 3360 万美元，这是将净收入调整为经营性活动提供的净现金流量的调整项，出售所得 9630 万美元包含在截至 2026 年 8 月 30 日的九个月内的投资活动现金流中。在扣除销售费用前，Dockers® 美国和加拿大知识产权及业务的出售收益为 15560 万美元，这是将净收入调整为经营性活动提供的净现金流量的调整项，出售所得 19470 万美元包含在截至 2025 年 8 月 31 日的九个月内的投资活动现金流中。在截至 2026 年 8 月 30 日和 2025 年 8 月 31 日的三个月及九个月内，终止经营没有其他重大经营性非现金项目或投资活动现金流。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 — （续）

截至 2026 年 8 月 30 日的季度期间

注 3：商誉和其他无形资产

截至 2026 年 8 月 30 日和 2025 年 8 月 31 日的九个月内，按业务分部划分的商誉账面价值变动如下：


	截至 2026 年 8 月 30 日的九个月
	美洲		欧洲		亚洲		Beyond Yoga®	总计

	（以百万美元为单位）
2025 年 11 月 30 日余额
商誉	$	246.3			$	39.0		$	3.0	$	123.6	$	411.9
累计减值损失	(2.5)			(17.1)			—		(111.7)	(131.3)
	243.8			21.9			3.0		11.9	280.6

本年新增商誉	—			1.1			—		—	1.1
外币汇率波动	3.1			0.1			0.1		—	3.3
2026 年 8 月 30 日余额
商誉	249.4			40.2			3.1		123.6	416.3
累计减值损失	(2.5)			(17.1)			—		(111.7)	(131.3)
	$	246.9			$	23.1		$	3.1	$	11.9	$	285.0


	截至 2025 年 8 月 31 日的九个月
	美洲		欧洲		亚洲		Beyond Yoga®	总计

	（以百万美元为单位）
2024 年 12 月 1 日余额
商誉	$	242.7			$	37.2		$	2.9	$	123.6	$	406.4
累计减值损失	—			(17.1)			—		(111.7)	(128.8)
	242.7			20.1			2.9		11.9	277.6
减值损失	(2.5)			—			—		—	(2.5)
外币汇率波动	1.7			2.0			—		—	3.7
2025 年 8 月 31 日余额
商誉	244.4			39.2			2.9		123.6	410.1
累计减值损失	(2.5)			(17.1)			—		(111.7)	(131.3)
	$	241.9			$	22.1		$	2.9	$	11.9	$	278.8

在2026年和2025年的第三季度，作为公司对Beyond Yoga®报告单位年度审查的一部分，公司决定对分配给Beyond Yoga®报告单位的商誉和无限期商标无形资产进行单步定量减值测试。公司聘请了第三方估值专家，并使用了经过各级管理层审查和批准的行业接受的估值模型和标准。公司采用收益法下的折现现金流法评估Beyond Yoga®报告单位的公允价值，利用预计现金流和终值，并按反映现金流相对风险的回报率进行折现。商标的公允价值采用免除特许权使用费法来评估折现的未来现金流。尽管在2026年和2025年，Beyond Yoga®报告单位和无限期商标无形资产的公允价值均超过其账面价值，但在2026年和2025年，Beyond Yoga®报告单位的公允价值仅比其账面价值高出不到10%，而2025年无限期商标无形资产的公允价值也仅比其账面价值高出不到10%。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 —（续）

截至2026年8月30日的季度期间

在2026年和2025年对报告单位公允价值评估中使用的重要假设包括收入增长率、利润率、运营费用、资本支出、终值和折现率。在2026年和2025年对商标无形资产公允价值评估中使用的重要假设包括收入增长率、折现率和特许权使用费率。随着我们的长期战略发生变化，计划的业务绩效预期随时间推移未能实现，或我们无法控制的特定估值因素（如折现率）发生重大变化，那么Beyond Yoga®报告单位、Beyond Yoga®无限期商标无形资产或两者可能下降，并可能导致未来发生减值费用。若干因素可能影响Beyond Yoga®品牌实现预期未来现金流的能力，包括零售店和国际扩张的成功、门店和电子商务生产力、促销活动的影响、持续的经济波动以及与宏观经济因素和其他战略举措相关的潜在运营挑战，以提高盈利能力。

下表列示了公司的其他无形资产（净额）：


	2026年8月30日		2025年11月30日
	账面价值毛额		累计摊销		总计		账面价值毛额	累计摊销		总计

	（单位：百万美元）
非摊销无形资产：
商标	$	177.9			$	—		$	177.9		$	177.9		$	—	$	177.9
摊销无形资产：
客户关系和其他	41.5			(26.5)			15.0		39.7		(23.2)		16.5
总计	$	219.4			$	(26.5)		$	192.9		$	217.6		$	(23.2)	$	194.4

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 — （续）

截至2026年8月30日的季度期间

注4：金融工具的公允价值

以下表格列示了公司按公允价值计量的金融工具：


	2026年8月30日		2025年11月30日
			公允价值估算所用方法				公允价值估算所用方法
	公允价值		第1级输入值(1)		第2级输入值(2)		公允价值	第1级输入值(1)		第2级输入值(2)

	（以百万美元计）
按公允价值计量的金融资产
拉比信托资产	$	113.6			$	113.6		$	—		$	107.7		$	107.7	$	—
短期证券投资	137.9			—			137.9		90.9		—		90.9
衍生工具(3)	8.8			—			8.8		6.8		—		6.8
总计	$	260.3			$	113.6		$	146.7		$	205.4		$	107.7	$	97.7
按公允价值计量的金融负债
衍生工具(3)	$	12.1			$	—		$	12.1		$	13.4		$	—	$	13.4

_____________

(1)使用第1级输入值估算的公允价值是指公司在计量日能够获取的相同资产或负债的活跃市场中的报价。拉比信托资产包括可交易证券。

(2)使用第2级输入值估算的公允价值是指除报价以外的可观察输入值，无论是直接还是间接的，包括活跃或不活跃市场中类似资产或负债的报价以及其他可观察的输入值。

(3)公司的现金流对冲受国际互换与衍生品协会，有限公司主协议的约束。这些协议允许按机构分别对这些合约进行净额结算。更多详情请参见注5。

以下表格列示了公司按调整后历史成本计量的金融工具的账面价值（包括相关应计利息）和估算的公允价值：


	2026年8月30日		2025年11月30日
	账面价值（美元）		估算的公允价值（美元）		账面价值（美元）		估算的公允价值（美元）

	（以百万美元计）
按调整后历史成本计量的金融负债
4.00% 高级票据，2030年到期(1)	$	548.1			$	549.5		$	550.8	$	559.7
3.50% 高级票据，2031年到期(1)	505.2			465.2			500.3		467.8
总计	$	1,053.3			$	1,014.7		$	1,051.1	$	1,027.5

_____________

(1)公允价值使用第2级输入值估算，并结合中间市场价格报价。第2级输入值是指除报价以外的可观察输入值，无论是直接还是间接的，包括活跃或不活跃市场中类似负债的报价以及其他可观察的输入值。

LEVI STRAUSS & CO. AND SUBSIDIARIES

合并财务报表附注 — （续）

截至2026年8月30日的季度

注5：衍生工具和对冲活动

截至2026年8月30日，公司持有远期外汇合约衍生工具，用于购买6.575亿美元和卖出8.884亿美元的多种外币。这些合约的汇率各不相同，到期日也各不相同，最晚至2027年11月。

下表提供了关于衍生工具和非衍生工具的账面价值的数据：


	2026年8月30日		2025年11月30日
	资产		(负债)		衍生工具净账面价值		资产		(负债)		衍生工具净账面价值
	账面价值		账面价值			账面价值		账面价值

	（单位：百万美元）
指定为对冲工具的衍生工具
外汇风险现金流对冲(1)	$	5.2			$	—			$	5.2			$	5.9			$	—	$	5.9
外汇风险现金流对冲(2)	—			(10.7)			(10.7)			—			(11.8)			(11.8)
总计	$	5.2			$	(10.7)					$	5.9			$	(11.8)
未指定为对冲工具的衍生工具
远期外汇合约(1)	$	8.8			$	(5.2)			$	3.6			$	6.8			$	(5.9)	$	0.9
远期外汇合约(2)	10.7			(12.1)			(1.4)			11.8			(13.4)			(1.6)
总计	$	19.5			$	(17.3)					$	18.6			$	(19.3)
指定为对冲工具的非衍生工具
4.000% 欧元高级票据，2030年到期	$	—			$	(553.4)					$	—			$	(550.8)

_____________

(1)包含在公司合并资产负债表的“其他流动资产”或“其他非流动资产”中。

(2)包含在公司合并资产负债表的“其他应计负债”或“其他长期负债”中。

公司场外远期外汇合约受国际互换与衍生品协会（ISDA）主协议约束。这些协议允许按机构分别进行净额结算；然而，公司根据到期日（包括受主协议净额结算安排约束的合约）在合并资产负债表上以总额记录公允价值。

李维斯公司及附属公司

合并财务报表附注——（续）

截至2026年8月30日的季度

下表列示了根据金融工具类型在公司合并资产负债表上确认的这些合约的总额和净额：


	2026年8月30日		2025年11月30日
	在资产负债表中列示的资产/（负债）总额		在资产负债表中未抵销的总额		资产/（负债）的净额		在资产负债表中列示的资产/（负债）总额	在资产负债表中未抵销的总额		资产/（负债）的净额


	（单位：百万美元）
外汇风险合约和远期外汇合约
金融资产	$	24.7			$	(10.6)		$	14.1		$	24.5		$	(12.8)	$	11.7
金融负债	(28.0)			10.6			(17.4)		(31.1)		12.8		(18.3)
总计					$	(3.3)					$	(6.6)

下表提供了与衍生工具和非衍生工具相关的收益和损失数据，这些工具被指定为现金流量和净投资对冲，包含在公司合并资产负债表中的“其他综合损失”（“AOCL”）以及公司合并损益表中的“其他收入（支出），净额”：


	收益（损失）金额确认在AOCL中（有效部分）		从AOCL重分类至净收入的收益（损失）金额 AOCL至净收入(1)
	截至 2026年8月30日		截至 2025年11月30日		三个月结束		九个月结束
2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日		2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日

	（以百万美元计）
外汇风险合约	$	(14.1)			$	(22.8)		$	(7.4)	$	5.1		$	(23.1)	$	6.1
已实现的远期外汇掉期(2)	4.6			4.6			—		—	—		—
日元计价的欧洲债券	(19.8)			(19.8)			—		—	—		—
欧元计价的高级债券	(66.3)			(63.7)			—		—	—		—
累计所得税	25.4			25.3			—		—	—		—
总计	$	(70.2)			$	(76.4)

_____________

(1)从AOCL重分类的金额在合并损益表中被归类为净收入或销售成本。

(2)在2006年之前，公司使用外汇货币掉期来对冲其海外业务的净投资。对于符合对冲会计的对冲，净收益被包含在AOCL中，并且在相关净投资头寸被清算之前不会重分类至收益。

截至2026年8月30日的九个月内没有对冲无效性。在未来12个月内，预计有1240万美元的现金流量对冲损失将从AOCL重分类至净收入。

LEVI STRAUSS & CO. 及其子公司

合并财务报表附注 — （续）

截至2026年8月30日的季度期间

下表展示了公司对外汇风险合约的现金流量对冲对公司合并损益表的影响：


	三个月结束		九个月结束
	2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日		2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日

	（以百万美元计）
现金流量对冲活动的收益（损失）金额：
净收入	$	0.2			$	0.3		$	2.2	$	(2.3)
销售成本	(7.6)			4.8			(25.4)		8.4

下表提供了与未被指定为对冲工具的衍生工具相关的收益和损失数据，这些工具包含在公司合并损益表中的“其他收入（支出），净额”：


	三个月结束		九个月结束
	2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日		2026年8月30日 2026年8月31日		2025年8月31日 2025年8月31日

	（以百万美元计）
远期外汇合约：
已实现的收益（损失） (1)	$	5.7			$	10.6		$	13.6	$	39.8
未实现的收益（损失）	(3.4)			0.4			2.9		1.2
总计	$	2.3			$	11.0		$	16.5	$	41.0

_____________

(1)已实现的收益（损失）包含在公司合并现金流量表中“经营活动中其他，净额”下。

注6：其他应计负债

下表展示了公司的其他应计负债：


	2026年8月30日 2026年		2025年11月30日 2025年

	（单位：百万美元）
其他应计负债
应计非贸易应付款	$	178.2			$	195.5
除所得税外的应计税款	63.7			83.7
应计广告和促销费用	62.0			56.9
重组负债	40.2			55.8
应计所得税	39.9			55.6
应计固定资产	28.0			51.4
公允价值衍生品	11.5			13.4
应计利息	10.0			12.2
应计租金	9.0			10.2
其他	142.5			168.7
其他应计负债总额	$	585.0			$	703.4

李维斯公司及子公司

合并财务报表附注 — （续）

截至2026年8月30日的季度期间

注7：供应商融资计划

The Company offers a supplier finance program which enables the Company’s suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide.

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s participation in these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. The Company’s current payment terms with a majority of its suppliers are typically 90 days. The Company has not pledged any assets and does not provide guarantees under the supplier finance program. As such, the outstanding payment obligations under the Company’s supplier finance program are included within “Accounts Payable” in the Consolidated Balance Sheets. The Company’s outstanding payment obligations under this program were $175.4 million as of August 30, 2026 and $136.5 million as of November 30, 2025.

NOTE 8: DEBT

The following table presents the Company’s debt:


	August 30, 2026		November 30, 2025

	(Dollars in millions)
Long-term debt
4.00% senior notes due 2030	$	547.1			$	543.3
3.50% senior notes due 2031	496.5			495.9
Total long-term debt	$	1,043.6			$	1,039.2

Senior Revolving Credit Facility

As of August 30, 2026, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $696.7 million at August 30, 2026, as the total availability of $715.8 million was reduced by $19.1 million of letters of credit and other credit usage allocated under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rates on average borrowings outstanding during the three and nine months ended August 30, 2026 were 4.69% and 4.66%, respectively, as compared to 4.43% and 4.32%, respectively, during the same periods of 2025.

NOTE 9: RESTRUCTURING ACTIVITIES

For the three and nine months ended August 30, 2026, the Company recognized restructuring charges of $7.6 million and $29.0 million, respectively, primarily in connection with the Company’s focus on cost reduction initiatives, expansion of our global shared services model including building global talent hubs around the world, and distribution strategy to evaluate the mix of owned and third party operated distribution centers. Restructuring charges consist primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income. As of August 30, 2026, the restructuring liability was $52.3 million, with $40.2 million and $12.1 million classified as “Other accrued liabilities” and “Other long-term liabilities”, respectively, within the Company’s consolidated balance sheet.

The Company also recognized $16.0 million and $19.6 million of restructuring related charges during the three and nine months ended August 30, 2026, respectively, consisting primarily of consulting costs and distribution center transition costs, which were recorded in “Selling, general and administrative expenses” in the consolidated statements of income.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

For the three and nine months ended August 31, 2025, the Company recognized restructuring charges of $8.6 million and $22.1 million, respectively, in connection with Project Fuel, a multi-year global productivity initiative that was substantially complete as of November 30, 2025, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans, as well as contract termination costs and asset impairments partially offset by a gain on the sale of a previously closed distribution center. These charges were recorded in “Restructuring charges, net” in the consolidated statements of income.

The Company also recognized $4.3 million and $11.8 million of restructuring related charges during the three and nine months ended August 31, 2025, respectively, consisting primarily of consulting costs, distribution center transition costs, and employee one-time incentives, which were recorded in “Selling, general and administrative expenses” in the consolidated statements of income.

The following tables summarize the activities associated with restructuring liabilities for the periods presented. \"Net Charges (Reversals)\" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and contract termination costs and other, \"Payments\" consists of cash payments for severance and employee-related benefits and contract termination costs and other, and \"Foreign Currency Fluctuations\" includes foreign currency fluctuations.


	Three Months Ended August 30, 2026
	Liabilities		Net Charges (Reversals)(1)				Payments	Foreign Currency Fluctuations	Liabilities
May 31, 2026		August 30, 2026

	(Dollars in millions)
Severance and employee-related benefits	$	49.8			$	1.3			$	(7.7)	$	(2.8)	$	40.6
Contract termination costs and other	12.3			—				(0.7)		0.1	11.7
Total	$	62.1			$	1.3			$	(8.4)	$	(2.7)	$	52.3

_____________

(1)Excludes $0.2 million in stock compensation related charges recorded in Additional paid-in-capital and $5.5 million of asset impairment charges related to decision to discontinue certain technology projects.


	Nine Months Ended August 30, 2026
	Liabilities		Net Charges (Reversals)(1)				Payments	Foreign Currency Fluctuations	Liabilities
November 30, 2025		August 30, 2026

	(Dollars in millions)
Severance and employee-related benefits	$	53.1			$	26.4			$	(36.0)	$	(2.9)	$	40.6
Contract termination costs and other	16.9			2.4				(5.1)		(2.5)	11.7
Total	$	70.0			$	28.8			$	(41.1)	$	(5.4)	$	52.3

_____________

(1) Excludes $1.2 million in stock compensation related charges recorded in Additional paid-in-capital and $7.2 million of asset impairment charges related to decision to discontinue certain technology projects. Includes $8.8 million of Dockers® restructuring costs reported as discontinued operations.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026


	Three Months Ended August 31, 2025
	Liabilities		Net Charges (Reversals)(1)				Payments	Foreign Currency Fluctuations	Liabilities
June 1, 2025		August 31, 2025

	(Dollars in millions)
Severance and employee-related benefits	$	58.6			$	13.5			$	(10.7)	$	1.5	$	62.9
Contract termination costs and other	28.1			(0.1)				(9.5)		0.3	18.8
Total	$	86.7			$	13.4			$	(20.2)	$	1.8	$	81.7

_____________

(1)Excludes $4.0 million in stock compensation related charges recorded in Additional paid-in capital. Includes $8.6 million of Dockers® restructuring costs reported as discontinued operations.


	Nine Months Ended August 31, 2025
	Liabilities		Net Charges (Reversals)(1)				Payments	Foreign Currency Fluctuations	Liabilities
December 1, 2024		August 31, 2025

	(Dollars in millions)
Severance and employee-related benefits	$	83.7			$	25.1			$	(49.7)	$	3.8	$	62.9
Contract termination costs and other	20.7			3.6				(10.1)		4.6	18.8
Total	$	104.4			$	28.7			$	(59.8)	$	8.4	$	81.7

_____________

(1) Excludes $5.3 million in stock compensation related charges recorded in Additional paid-in capital and $9.2 million of asset impairment charges associated with the closures of distribution centers, partially offset by a $9.3 million gain on the sale of a previously closed distribution center. Includes $11.8 million of Dockers® restructuring costs reported as discontinued operations.

NOTE 10: COMMITMENTS AND CONTINGENCIES

Forward Foreign Exchange Contracts

The Company uses over-the-counter derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 5 for additional information.

Other Contingencies

Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows.

Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries’ complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessments in connection with these activities. As of August 30, 2026, the Company has recorded certain estimated liabilities for these matters which are not material. The Company does not believe any of the claims for customs duty and related charges will have a material impact on its financial condition, results of operations or cash flows.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

Other Matters. On February 20, 2026, a U.S. Supreme Court ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). In April 2026, the U.S. Customs and Border Protection (“CBP”) released the Consolidated Administration and Processing Entries (“CAPE”) functionality to facilitate a phased approach to process IEEPA tariff refunds. During the third quarter of 2026 the Company recorded approximately $78.6 million of refunds of previously paid IEEPA tariffs as a reduction of cost of goods sold. Approximately $57.1 million of those refunds were received by August 30, 2026 and the remaining amount is recorded as a receivable in the consolidated balance sheet. The Company continues to assess loss recovery on tariff refunds under future phases. During the third quarter of 2026, the Company also recorded $4.7 million of interest income associated with the IEEPA tariff refunds which was included in “Other income (expense), net” in the consolidated statements of income.

NOTE 11: DIVIDENDS

Dividends are declared at the discretion of the Board. In January, April and July 2026, the Company declared cash dividends of $0.14, $0.14 and $0.16 per share, respectively, to holders of record of its Class A and Class B common stock. In January, April and July 2025, the Company declared cash dividends of $0.13, $0.13 and $0.14 per share, respectively, to holders of record of its Class A and Class B common stock. During the three and nine months ended August 30, 2026, dividends were paid in the amount of $61.6 million and $169.3 million, respectively, compared to $55.4 million and $158.2 million, respectively, for the same prior-year periods.

The Company does not have an established dividend policy. The Board reviews the Company’s ability to pay dividends on an ongoing basis and establishes the dividend amount based on the Company’s financial condition, results of operations, capital requirements, current and projected cash flows and other factors, and any restrictions related to the terms of the Company’s debt agreements.

Subsequent to the Company’s quarter end, the Board declared a cash dividend of $0.16 per share to holders of record of its Class A and Class B common stock at the close of business on October 21, 2026, for a total quarterly dividend of approximately $61 million.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

NOTE 12: ACCUMULATED OTHER COMPREHENSIVE LOSS

The following is a summary of the components of \"Accumulated other comprehensive loss,\" net of related income taxes:


	Three Months Ended August 30, 2026
	Pension and Postretirement Benefits(1)		Translation Adjustments		Unrealized (Loss) Gain on Marketable Securities
		Derivative Instruments(2)		Foreign Currency Translation			Total

	(Dollars in millions)
Accumulated other comprehensive loss at May 31, 2026	$	(134.2)			$	(75.0)		$	(170.5)	$	—	$	(379.7)
Other comprehensive (loss) income before reclassifications	(0.7)			(2.6)			12.6		(0.2)	9.1
Amounts reclassified from accumulated other comprehensive loss	1.8			7.4			—		—	9.2
Net increase (decrease) in other comprehensive (loss) income	1.1			4.8			12.6		(0.2)	18.3
Accumulated other comprehensive loss at August 30, 2026	$	(133.1)			$	(70.2)		$	(157.9)	$	(0.2)	$	(361.4)


	Nine Months Ended August 30, 2026
	Pension and Postretirement Benefits(1)		Translation Adjustments		Unrealized (Loss) Gain on Marketable Securities
		Derivative Instruments(2)		Foreign Currency Translation			Total

	(Dollars in millions)
Accumulated other comprehensive (loss) income at November 30, 2025	$	(136.9)			$	(76.4)		$	(194.1)	$	0.2	$	(407.2)
Other comprehensive (loss) income before reclassifications	(3.0)			(16.9)			36.2		(0.4)	15.9
Amounts reclassified from accumulated other comprehensive loss	6.8			23.1			—		—	29.9
Net increase (decrease) in other comprehensive (loss) income	3.8			6.2			36.2		(0.4)	45.8
Accumulated other comprehensive loss at August 30, 2026	$	(133.1)			$	(70.2)		$	(157.9)	$	(0.2)	$	(361.4)

___________

(1)Amounts reclassified were recorded in “Other income (expense), net”.

(2)Amounts reclassified were recorded within “Net revenues” and “Cost of goods sold”. For more information, refer to Note 5.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026


	Three Months Ended August 31, 2025
	Pension and Postretirement Benefits(1)		Translation Adjustments		Unrealized (Loss) Gain on Marketable Securities
		Derivative Instruments(2)		Foreign Currency Translation			Total

	(Dollars in millions)
Accumulated other comprehensive loss at June 1, 2025	$	(138.4)			$	(59.7)		$	(215.0)	$	—	$	(413.1)
Other comprehensive (loss) income before reclassifications	(0.5)			(15.4)			26.5		0.2	10.8
Amounts reclassified from accumulated other comprehensive loss	2.1			(5.1)			—		—	(3.0)
Net increase (decrease) in other comprehensive income (loss)	1.6			(20.5)			26.5		0.2	7.8
Accumulated other comprehensive (loss) income at August 31, 2025	$	(136.8)			$	(80.2)		$	(188.5)	$	0.2	$	(405.3)


	Nine Months Ended August 31, 2025
	Pension and Postretirement Benefits(1)		Translation Adjustments		Unrealized (Loss) Gain on Marketable Securities
		Derivative Instruments(2)		Foreign Currency Translation			Total

	(Dollars in millions)
Accumulated other comprehensive loss at December 1, 2024	$	(141.2)			$	(9.0)		$	(284.3)	$	—	$	(434.5)
Other comprehensive (loss) income before reclassifications	(1.2)			(65.1)			95.8		0.2	29.7
Amounts reclassified from accumulated other comprehensive loss	5.6			(6.1)			—		—	(0.5)
Net increase (decrease) in other comprehensive (loss) income	4.4			(71.2)			95.8		0.2	29.2
Accumulated other comprehensive (loss) income at August 31, 2025	$	(136.8)			$	(80.2)		$	(188.5)	$	0.2	$	(405.3)

_____________

(1)Amounts reclassified were recorded in “Other income (expense), net”.

(2)Amounts reclassified were recorded within “Net revenues” and “Cost of goods sold”. For more information, refer to Note 5.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

NOTE 13: NET REVENUES

Disaggregated Revenue

The table below provides the Company’s revenues disaggregated by segment and channel.


	Three Months Ended August 30, 2026
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®	Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	499.1			$	233.4		$	138.0	$	11.8	$	882.3
Direct-to-consumer	339.7			208.7			154.8		24.2	727.4
Total net revenues	$	838.8			$	442.1		$	292.8	$	36.0	$	1,609.7


	Nine Months Ended August 30, 2026
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®	Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	1,439.2			$	624.2		$	383.2	$	35.1	$	2,481.7
Direct-to-consumer	1,070.8			734.1			540.8		86.8	2,432.5
Total net revenues	$	2,510.0			$	1,358.3		$	924.0	$	121.9	$	4,914.2


	Three Months Ended August 31, 2025
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®	Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	472.7			$	213.3		$	134.7	$	11.5	$	832.2
Direct-to-consumer	333.7			213.0			143.0		21.5	711.2
Total net revenues	$	806.4			$	426.3		$	277.7	$	33.0	$	1,543.4


	Nine Months Ended August 31, 2025
	Levi’s Brands
	Americas		Europe		Asia		Beyond Yoga®	Total

	(Dollars in millions)
Net revenues by channel:
Wholesale	$	1,338.3			$	561.9		$	365.2	$	36.0	$	2,301.4
Direct-to-consumer	999.5			668.0			478.3		69.0	2,214.8
Total net revenues	$	2,337.8			$	1,229.9		$	843.5	$	105.0	$	4,516.2

The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of August 30, 2026 and November 30, 2025.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

NOTE 14: OTHER INCOME (EXPENSE), NET

The following table summarizes significant components of “Other income (expense), net”:


	Three Months Ended		Nine Months Ended
	August 30, 2026		August 31, 2025		August 30, 2026		August 31, 2025

	(Dollars in millions)
Foreign exchange management gains(1)	$	2.3			$	11.0		$	16.5	$	41.0
Foreign currency transaction losses(2)	(0.6)			(11.1)			(7.2)		(48.6)
Marketable securities gains	0.3			4.9			3.9		2.2
Legal settlement gain (3)	—			—			33.0		—
Other, net (4)	8.7			(3.5)			20.0		8.9
Total other income (expense), net	$	10.7			$	1.3		$	66.2	$	3.5

____________

(1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. For the three and nine months ended August 30, 2026, gains were primarily due to currency fluctuations relative to negotiated contract rates on positions to buy the Mexican peso and Australian dollar. For the three and nine months ended August 31, 2025, gains were primarily due to currency fluctuations relative to negotiated contract rates on positions to buy the Euro.

(2)Foreign currency transaction gains and losses reflect the impact of currency fluctuations on the Company's foreign currency denominated balances. For the three and nine months ended August 30, 2026, losses were primarily due to the impact of U.S. dollar weakening against the Mexican peso and Euro. For the three and nine months ended August 31, 2025, losses were primarily due to the impact of U.S. dollar weakening against the Euro.

(3)During the nine months ended August 30, 2026 the Company recognized a gain related to a trademark infringement legal settlement.

(4)Other, net for the three and nine months ended August 30, 2026 includes interest income received from IEEPA tariff refunds of $4.7 million.

NOTE 15: INCOME TAXES

The Company’s effective income tax rate was 23.4% for the three months ended August 30, 2026, compared to 21.9% for the same prior-year period. The Company’s effective income tax rate was 22.8% for the nine months ended August 30, 2026, compared to 21.5% for the same prior-year period. The increases in the effective income tax rates for the three-month and nine-month periods ended August 30, 2026 were primarily due to a lower foreign-derived intangible income benefit compared with the prior-year periods.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

NOTE 16: EARNINGS PER SHARE

The following table sets forth the computation of the Company’s basic and diluted earnings per share:


	Three Months Ended		Nine Months Ended
	August 30, 2026		August 31, 2025		August 30, 2026		August 31, 2025

	(Dollars in millions, except per share amounts)
Numerator:
Net income from continuing operations	$	168.6			$	122.0		$	440.5	$	341.8
Net income (loss) from discontinued operations, net of taxes	—			96.1			(8.8)		78.3
Net income	$	168.6			$	218.1		$	431.7	$	420.1
Denominator:
Weighted-average common shares outstanding - basic	386,075,414			395,659,040			387,596,613		396,578,375
Dilutive effect of stock awards	4,545,168			3,870,609			4,501,693		3,822,958
Weighted-average common shares outstanding - diluted	390,620,582			399,529,649			392,098,306		400,401,333
Earnings (loss) per common share:
Continuing operations - Basic	$	0.44			$	0.31		$	1.13	$	0.87
Discontinued operations - Basic	—			0.24			(0.02)		0.19
Net income - Basic	$	0.44			$	0.55		$	1.11	$	1.06

Continuing operations - Diluted	$	0.43			$	0.31		$	1.12	$	0.86
Discontinued operations - Diluted	—			0.24			(0.02)		0.19
Net income - Diluted	$	0.43			$	0.55		$	1.10	$	1.05
Anti-dilutive securities excluded from calculation of diluted earnings per share	1,059,875			3,691,474			1,599,784		3,953,446

NOTE 17: RELATED PARTIES

Michelle Gass (President and Chief Executive Officer) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is an independent non-profit entity that is not one of our consolidated entities. Mr. Jedrzejek also serves as a Vice Chair of the Levi Strauss Foundation. During the three and nine months ended August 30, 2026, the Company donated $0.5 million and $8.6 million, respectively, to the Levi Strauss Foundation as compared to $0.4 million and $5.3 million for the same prior-year periods. During the three and nine months ended August 30, 2026, the Company recognized expenses related to their donation commitments of $1.6 million and $6.7 million, respectively, as compared to $5.9 million and $9.1 million for the same prior-year periods.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026

NOTE 18: BUSINESS SEGMENT INFORMATION

The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s® and Levi Strauss Signature™ brands. The Beyond Yoga® business is managed separately and does not meet the quantitative threshold for reportable segments. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information resources, finance and human resources functional and organizational costs. At the end of the first quarter of 2025, the Company determined that the Dockers® business met held for sale and discontinued operations accounting criteria. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business and on July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The Company sold the remaining Dockers® operations in multiple closings during the first quarter of 2026, with the final closing on February 27, 2026. Accordingly, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented and excluded the business from segment results for all periods presented. See Note 2 “Discontinued Operations”.

The Company considers its chief executive officer to be its chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the segments’ net revenues and operating income. The Company reports inventories by segment as that information is used by the chief operating decision maker in assessing segment performance. The Company does not report its other assets by segment as that information is not regularly provided to the chief operating decision maker in assessing segment performance.

Business segment information for the Company is as follows:


	Three Months Ended August 30, 2026
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	838.8			$	442.1			$	292.8	$	1,573.7
Beyond Yoga® net revenues							36.0
Total net revenues							$	1,609.7

Segment cost of goods sold	276.8			129.3			113.3
Segment selling, general, and administrative	311.1			212.0			137.9

Segment operating income	$	250.9			$	100.8			$	41.6	$	393.3
Beyond Yoga® operating loss							(5.3)
Restructuring charges, net(1)							(7.6)
Corporate expenses							(158.1)
Interest expense							(12.9)
Other income (expense), net							10.7
Income from continuing operations before income taxes							$	220.1

____________

(1) For the three months ended August 30, 2026 restructuring charges, net consisted primarily of asset impairment charges related to the decision to discontinue certain technology projects as well as severance and post-employment benefit charges.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026


	Nine Months Ended August 30, 2026
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	2,510.0			$	1,358.3			$	924.0	$	4,792.3
Beyond Yoga® net revenues							121.9
Total net revenues							$	4,914.2

Segment cost of goods sold	1,007.4			367.6			339.8
Segment selling, general, and administrative	924.4			671.9			429.7

Segment operating income	$	578.2			$	318.8			$	154.5	$	1,051.5
Beyond Yoga® operating loss							(8.5)
Restructuring charges, net(1)							(29.0)
Corporate expenses							(470.8)
Interest expense							(38.9)
Other income (expense), net(2)							66.2
Income from continuing operations before income taxes							$	570.5

____________

(1) For the nine months ended August 30, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges and asset impairment charges related to the decision to discontinue certain technology projects, as well as contract terminations.

(2) For the nine months ended August 30, 2026 other income (expense), net included a $33.0 million gain on legal settlement recorded during the first quarter. For more information refer to Note 14.


	Three Months Ended August 31, 2025
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	806.4			$	426.3			$	277.7	$	1,510.4
Beyond Yoga® net revenues							33.0
Total net revenues							$	1,543.4

Segment cost of goods sold	333.6			136.0			114.1
Segment selling, general, and administrative	283.5			199.3			130.2

Segment operating income	$	189.3			$	91.0			$	33.4	$	313.7
Beyond Yoga® operating loss							(4.8)
Restructuring charges, net(1)							(8.6)
Corporate expenses							(132.9)
Interest expense							(12.5)
Other income (expense), net							1.3
Income from continuing operations before income taxes							$	156.2

____________

(1)For the three months ended August 31, 2025 restructuring charges, net consisted primarily of severance and other post-employment benefit charges, asset impairments and contract termination costs, partially offset by a gain recognized on the sale of a distribution center in connection with Project Fuel.

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026


	Nine Months Ended August 31, 2025
	Levi’s Brands
	Americas		Europe		Asia		Total
	(Dollars in millions)
Segment net revenues	$	2,337.8			$	1,229.9			$	843.5	$	4,411.2
Beyond Yoga® net revenues							105.0
Total net revenues							$	4,516.2

Segment cost of goods sold	987.4			369.5			326.3
Segment selling, general, and administrative	838.1			597.6			396.3

Segment operating income	$	512.3			$	262.8			$	120.9	$	896.0
Beyond Yoga® operating loss							(12.3)
Restructuring charges, net(1)							(22.1)
Corporate expenses							(394.6)
Interest expense							(35.2)
Other income (expense), net							3.5
Income from continuing operations before income taxes							$	435.3

____________

(1) For the nine months ended August 31, 2025 restructuring charges, net consisted primarily of severance and other post-employment benefit charges, and asset impairments and contract termination costs, partially offset by a gain recognized on the sale of a distribution center in connection with Project Fuel.


	Three Months Ended		Nine Months Ended
	August 30, 2026		August 31, 2025		August 30, 2026		August 31, 2025

	(Dollars in millions)
Depreciation and amortization expense:
Americas	$	15.5			$	15.3		$	46.1	$	45.4
Europe	9.0			7.8			26.0		22.8
Asia	4.9			5.2			15.2		14.1
Total segment depreciation and amortization expense	29.4			28.3			87.3		82.3
Beyond Yoga and unallocated	25.4			23.5			80.0		67.7
Total continuing operations depreciation and amortization expense	$	54.8			$	51.8		$	167.3	$	150.0

LEVI STRAUSS & CO. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)

FOR THE QUARTERLY PERIOD ENDED AUGUST 30, 2026


	August 30, 2026
	Levi's Brands
	Americas		Europe	Asia		Segment Total	Unallocated(1)		Consolidated Total

	(Dollars in millions)
Assets:
Inventories	$	768.1		$	172.3		$	198.4			$	1,138.8	$	114.8	$	1,253.6
All other assets							5,675.5			5,675.5
Total assets									$	6,929.1

____________


(1)	Unallocated inventories include $46.3 million of Beyond Yoga inventory.


	November 30, 2025
	Levi's Brands
	Americas		Europe	Asia		Segment Total	Unallocated(1)		Consolidated Total

	(Dollars in millions)
Assets:
Inventories	$	761.7		$	161.3		$	178.1			$	1,101.1	$	136.6	$	1,237.7
All other assets							5,611.1			5,611.1
Total assets									$	6,848.8

____________


(1)	Unallocated inventories include $38.5 million of Beyond Yoga inventory.

NOTE 19: SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Changes in operating assets and liabilities affecting cash were as follows:


	Nine Months Ended
	August 30, 2026		August 31, 2025

	(Dollars in millions)
Change in operating assets and liabilities:
Trade receivables	$	33.9			$	5.1
Inventories	5.0			(104.8)
Accounts payable	83.3			(44.6)
Short-term restructuring liabilities	(15.6)			(7.4)
Accrued salaries, wages and employee benefits and long-term employee related benefits	(28.7)			(17.3)
Right-of-use operating lease assets and current and non-current operating lease liabilities, net	(7.2)			(13.4)
Other current and non-current assets	(18.6)			(14.0)
Other current and long-term liabilities	(100.8)			(28.7)
Net change in operating assets and liabilities	$	(48.7)			$	(225.1)


Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


	Three Months Ended		Nine Months Ended
					% Increase (Decrease)						% Increase (Decrease)
	August 30, 2026		August 31, 2025		As Reported		Organic Net Revenues		August 30, 2026		August 31, 2025		As Reported		Organic Net Revenues

	(Dollars in millions)
Net revenues:
Levi’s Brands:
Americas	$	838.8			$	806.4			4.0	%		2.5	%		$	2,510.0			$	2,337.8		7.4	%	5.4	%
Europe	442.1			426.3			3.7	%		4.7	%		1,358.3			1,229.9			10.4	%	4.7	%
Asia	292.8			277.7			5.4	%		9.6	%		924.0			843.5			9.5	%	11.4	%
Total Levi’s Brands net revenues	1,573.7			1,510.4			4.2	%		4.4	%		4,792.3			4,411.2			8.6	%	6.3	%
Beyond Yoga®	36.0			33.0			9.1	%		9.1	%		121.9			105.0			16.1	%	16.1	%
Total net revenues	$	1,609.7			$	1,543.4			4.3	%		4.5	%		$	4,914.2			$	4,516.2		8.8	%	6.5	%

Net revenues by channel:
Wholesale	$	882.3			$	832.2			6.0	%		6.3	%		$	2,481.7			$	2,301.4		7.8	%	6.0	%
DTC	727.4			711.2			2.3	%		2.3	%		2,432.5			2,214.8			9.8	%	7.1	%
Total net revenues	$	1,609.7			$	1,543.4			4.3	%		4.5	%		$	4,914.2			$	4,516.2		8.8	%	6.5	%

Levi’s Brands net revenues:
Levi’s®	$	1,506.8			$	1,450.8			3.9	%		4.0	%		$	4,602.4			$	4,236.4		8.6	%	6.1	%
Levi Strauss SignatureTM	66.9			59.6			12.2	%		12.6	%		189.9			172.5			10.1	%	9.9	%
Denizen® (1)	—			—			*		*		—			2.3			(100.0)	%		*
Total Levi’s Brands net revenues	$	1,573.7			$	1,510.4			4.2	%		4.4	%		$	4,792.3			$	4,411.2		8.6	%	6.3	%


(1)	For the nine-month period ended August 31, 2025, goodwill impairment charges includes the recognition of a $2.5 million goodwill impairment charge related to our business in Bolivia.
(2)	For the three-month period ended August 30, 2026, restructuring related charges and other, net consists primarily of $14.1 million of consulting fees associated with our restructuring activities as well as distribution center transition costs and other expenses.
	For the nine-month period ended August 30, 2026, restructuring related charges and other, net consists primarily of $16.8 million of consulting fees associated with our restructuring activities, $10.0 million of attorney fees related to a gain on legal settlements, as well as distribution center transition costs, legal claims, and other expenses.
	For the three-month period ended August 31, 2025, restructuring related charges and other, net primarily consists of $4.3 million of Project Fuel restructuring related costs which includes consulting costs, distribution center transition costs, and employee one-time incentives, as well as other costs including estimated legal settlements of $2.0 million.
	For the nine-month period ended August 31, 2025, restructuring related charges and other, net primarily consists of $11.8 million of Project Fuel restructuring related costs which includes consulting costs, distribution center transition costs, and employee one-time incentives, as well as other costs including estimated legal settlements of $2.0 million.


(1)	These measures exclude the results of our Dockers® business, which is classified as discontinued operations.
(2)	Foreign currency did not significantly impact net revenues from Denizen® wind down for the nine months ended August 31, 2025.


(1)	Adjusted EBIT is reconciled from net income from continuing operations which is the most comparable GAAP measure. Refer to Adjusted EBIT and Adjusted EBITDA table for more information.
(2)	We define constant-currency Adjusted EBIT margin as constant-currency Adjusted EBIT as a percentage of constant-currency net revenues from continuing operations.


(1)	Adjusted net income is reconciled from net income from continuing operations which is the most comparable GAAP measure. Refer to Adjusted net income table for more information.
(2)	We define constant-currency Adjusted net income margin as constant-currency Adjusted net income as a percentage of constant-currency net revenues from continuing operations.


Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


Period	Total number of shares purchased(1)	Average price paid per share(2)		Total number of shares purchased as part of publicly announced plans or programs(1)	Approximate maximum dollar value of shares that may yet be purchased under the plans or programs(1)
June 1, 2026 - July 5, 2026	—		$	—		—		$	240,436,556
July 6, 2026 - August 2, 2026	—		—		—		240,436,556
August 3, 2026 - August 30, 2026	1,591,566		21.32		1,591,566		240,436,556
Total	1,591,566		$	21.32		1,591,566


Date:	October 7, 2026		LEVI STRAUSS & CO.
			(Registrant)


		By:	/s/ TIMOTHY J. DAVIS
			Timothy J. Davis Senior Vice President and Global Controller
			(Principal Accounting Officer and Duly Authorized Officer)