Canada Goose’s fiscal 2026 closed with strong top-line momentum – but a year of heavy strategic investment compressed full-year profitability, and management’s FY27 guidance acknowledges softer consumer demand ahead.

Canada Goose reported fourth-quarter revenue of CAD$453.3 million (€281.0 million), an 18 percent increase year-on-year on both a reported and constant-currency basis, as the Canadian luxury outerwear brand posted broad-based growth across all channels and geographies in the quarter ended March 29, 2026.

Full-year fiscal 2026 revenue reached CAD$1.53 billion (€948.6 million), up 13 percent on a reported basis and 12 percent in constant currency terms.

Canada Goose — Condensed Consolidated Statements of Income
In millions of Canadian dollars, except per share amounts (unaudited)*
  Fourth quarter ended Year ended
  March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025
Revenue 453.3 384.6 1,528.2 1,348.4
Cost of sales 137.9 110.2 462.7 405.3
Gross profit 315.4 274.4 1,065.5 943.1
Selling, general & administrative expenses 250.5 219.3 976.7 779.0
Operating income 64.9 55.1 88.8 164.1
Net interest, finance and other costs 6.7 10.0 35.0 36.0
Income before income taxes 58.2 45.1 53.8 128.1
Income tax expense 25.5 17.4 26.0 24.5
Net income 32.7 27.7 27.8 103.6
Attributable to:  
Shareholders of the Company 28.1 27.1 22.5 94.8
Non-controlling interest 4.6 0.6 5.3 8.8
Net income 32.7 27.7 27.8 103.6
Earnings per share attributable to shareholders of the Company
Basic $0.29 $0.28 $0.23 $0.98
Diluted¹ $0.28 $0.28 $0.23 $0.97

Source: Canada Goose Q4 FY26 earnings release, May 14, 2026. All figures in CAD millions except per share amounts (unaudited). *EUR conversion required at publication-date rate. ¹Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share, or if the weighted average daily closing share price for the period was greater than the exercise price. As at March 29, 2026, there were 4,929,224 shares (March 30, 2025: 4,453,519 shares; March 31, 2024: 3,904,366 shares) not taken into account in the diluted EPS calculation due to anti-dilutive effect.

A strong quarter, a more complicated year

Canada Goose posted its strongest quarterly performance of fiscal 2026 in Q4, with direct-to-consumer (DTC) revenue up 15 percent to CAD$361.7 million (€224.3 million). DTC comparable sales growth, calculated on a constant-currency basis for stores and e-commerce sites open for at least 12 months, was 10 percent, extending the company’s run of positive comparable sales growth to five consecutive quarters. Wholesale revenue rose 54 percent, supported by earlier shipments from the Spring/Summer 2026 order book and higher in-season partner orders.

Canada Goose — Revenue by Channel
Q4 ended March 29, 2026 (CAD millions)*
  Q4 FY26 Q4 FY25 Reported Constant currency
DTC 361.7 314.1 15.2% 15.8%
Wholesale 49.1 31.8 54.4% 51.6%
Other 42.5 38.7 9.8% 10.6%
Total revenue 453.3 384.6 17.9% 18.2%
Canada Goose — Revenue by Channel
Full year ended March 29, 2026 (CAD millions)*
  FY26 FY25† Reported Constant currency
DTC 1,157.4 998.6 15.9% 15.4%
Wholesale 291.2 260.7 11.7% 8.5%
Other 79.6 88.7 -10.3% -9.6%
Total revenue 1,528.2 1,348.4 13.3% 12.4%

Source: Canada Goose Q4 FY26 earnings release, May 14, 2026. All figures in CAD millions (unaudited). *EUR conversion required at publication-date rate. †FY25 segment figures derived from reported percentage changes; minor rounding differences vs. total due to source. Constant currency revenue is a non-IFRS financial measure.

Source: Canada Goose Q4 FY26 earnings release, May 14, 2026. All figures in CAD millions (unaudited). *EUR conversion required at publication-date rate. Constant currency revenue is a non-IFRS financial measure.

Asia and EMEA power growth while North America stalls

Regional results were led by Asia Pacific, where constant-currency revenue increased 23 percent, driven by Mainland China and supported by Lunar New Year activity and a product capsule. EMEA grew 25 percent in constant currency to CAD$64.9 million (€40.2 million). North America lagged, with DTC comparable sales down 1 percent, as higher conversion was offset by weaker traffic.

Canada Goose — Revenue by Geography
Q4 ended March 29, 2026 (CAD millions)*
  Q4 FY26 Q4 FY25 Reported Constant currency
Canada 75.1 69.9 7.4% 7.4%
United States 104.9 95.5 9.8% 13.4%
North America 180.0 165.4 8.8% 10.9%
Greater China† 172.2 138.6 24.2% 24.5%
Asia Pacific (excl. Greater China) 36.2 31.8 13.8% 18.6%
Asia Pacific 208.4 170.4 22.3% 23.4%
EMEA‡ 64.9 48.8 33.0% 25.2%
Total revenue 453.3 384.6 17.9% 18.2%

Source: Canada Goose Q4 FY26 earnings release, May 14, 2026. All figures in CAD millions (unaudited). *EUR conversion required at publication-date rate. †Greater China comprises Mainland China, Hong Kong, Macau and Taiwan. ‡EMEA comprises Europe, the Middle East, Africa and Latin America. Constant currency revenue is a non-IFRS financial measure.

Profitability softens as spending rises

For the full year, profitability weakened. Adjusted earnings before interest and taxes (EBIT) fell to CAD$148 million (€91.8 million) from CAD$171.4 million (€106.3 million), and the adjusted EBIT margin narrowed to 9.7 percent from 12.7 percent. Canada Goose attributed the decline to elevated strategic spending, with selling, general and administrative (SG&A) expenses rising mainly due to investments in brand, marketing and retail, a one-time arbitration award to a former supplier, and costs related to the Paola Confectii acquisition earn-out. The company also recorded a CAD$8.4 million (€5.2 million) store impairment charge in Q4 after reviewing underperforming retail locations.

FY27 outlook: Canada Goose guides for margin recovery amid softer demand

For fiscal 2027, Canada Goose forecast low-single-digit revenue growth versus fiscal 2026 and an adjusted EBIT margin of 11 to 12 percent, up from 9.7 percent in FY26. The company said the expected improvement would be driven by pricing already implemented, a larger wholesale order book, production-efficiency gains supporting gross margin, and tighter cost control.

Management also flagged risks to the outlook, including softer consumer traffic in key markets, weaker confidence, lower travel, raw material inflation, and continued supply-chain cost pressure. The guidance assumes no change in the tariff environment from fiscal 2026.

Seasonality is expected to remain pronounced, with roughly 25 percent of full-year revenue projected to land in the first half and 75 percent in the second, reflecting the brand’s reliance on the peak outerwear season.

What the numbers say about brand strategy

Beyond the headline figures, the FY26 results underline the trade-offs Canada Goose is navigating: a push to diversify beyond down-filled outerwear into year-round apparel, alongside a channel strategy that has brought wholesale back to growth after last year’s reset. Marketing expense fell in Q4 even as DTC traffic and conversion improved, pointing to more targeted spending around key campaign launches. Gross margin, meanwhile, was weighed down in part by mix, as the earlier Spring/Summer 2026 launch tilted sales toward lower-margin apparel and a higher wholesale contribution.

The question for FY27 is whether the brand can keep revenue momentum in a softer consumer backdrop – particularly in North America – while delivering the margin recovery it has guided for.

Market reaction: early gains fade on guidance caution

Canada Goose shares were up about 2 percent in US premarket trading on May 14 after results topped expectations. Analysts pointed to quarterly revenue well above a consensus estimate of roughly CAD$300.6 million (€186.4 million). By the open, the stock had turned lower, down around 2.5 percent, as attention shifted to management’s low-single-digit FY27 revenue outlook and its assumption of softer consumer demand.

 

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