Levi Strauss & Co (LEVI)

NYSEConsumer DiscretionaryApparel - ManufacturersSnapshot 2026-10-23

$21.13-1.08%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Levi Strauss & Co’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-2.1%

+10% or more+5%0%−5%−10% or less

1.71 → 1.67 EPS · FY ending Nov 30, 2027 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 9 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-11-30
Revenue	—	1.82B
EPS	—	0.378
Quarter ending 2027-02-28
Revenue	—	1.81B
EPS	—	0.459
Annual ending 2026-11-30
Revenue	—	6.74B
EPS	—	1.567
Annual ending 2027-11-30
Revenue	—	7.05B
EPS	—	1.674

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted diluted EPS between $1.42 and $1.48	A primary condition in Levi Strauss & Co's published investment case. The stated target is >= $1.42 per share.	Intact	Adjusted diluted EPS falls below $1.42 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Adjusted diluted EPS increased from $0.42 in 2026-Q1 to $0.48 in 2026-Q3, with full year 2026 guidance raised to $1.54 to $1.56. Management is delivering EPS growth consistent with stated targets. Delivery assessment Oct 24, 2026
Stable management team and execution	A supporting condition in Levi Strauss & Co's published investment case. The stated target is No major disruptive departures or governance issues.	Intact	Significant unexpected management departures or governance issues arise	No major disruptive departures or governance issues CFO external hire and director retirement noted as neutral; cybersecurity incident is operational, not governance disruption. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Adjusted EBIT margin expands to approximately 12%	A primary condition in Levi Strauss & Co's published investment case. The stated target is >= 12%.	Under Pressure	Adjusted EBIT margin falls below 10% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Adjusted EBIT margin improved from 11.8% in 2025-Q3 to 15.5% in 2026-Q3, with full year 2026 guidance raised to approximately 12.1%. Management is delivering margin expansion consistent with stated goals. Delivery assessment Oct 24, 2026
Full year 2026 net revenue between $5.5B and $6.5B	A primary condition in Levi Strauss & Co's published investment case. The stated target is >= $5.5 billion.	Intact	Full year revenue falls below $5.5 billion in FY26	Revenue: $1.61B FY2026-Q3; GAAP. Published target: >= $5.5 billion. Target period is not explicitly aligned with this observation. Source published Oct 7, 20261,609,700,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q3 · Period ending Aug 30, 2026 Source: company_financial_results. Reference: 8615363c-dd4e-439f-ad30-211b3b9e365e. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net revenues grew from $1.74B in 2026-Q1 to $1.61B in 2026-Q3, with full year 2026 net revenue growth guidance raised to approximately 7.0% to 7.5%. Management consistently raised revenue outlook reflecting broad-based growth, delivering on this priority. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-11-30 · fmp

FY2027 EPS$1.67

$1.71 → $1.67 · observed estimates

FY2027 revenue$7.05B

$7.08B → $7.05B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.71	$7,084,829,140	15 / 14
2026-07-25	$1.71	$7,084,829,140	15 / 14
2026-07-26	$1.71	$7,084,829,140	15 / 14
2026-07-27	$1.71	$7,084,842,203	9 / 10
2026-07-28	$1.71	$7,084,829,140	15 / 14
2026-07-29	$1.71	$7,084,829,140	15 / 14
2026-07-30	$1.71	$7,084,829,140	15 / 14
2026-07-31	$1.71	$7,084,829,140	15 / 14
2026-08-01	$1.71	$7,084,841,939	9 / 10
2026-08-02	$1.71	$7,084,829,140	15 / 14
2026-08-03	$1.71	$7,084,829,140	15 / 14
2026-08-04	$1.71	$7,084,829,140	15 / 14
2026-08-05	$1.71	$7,084,829,140	15 / 14
2026-08-06	$1.71	$7,084,841,939	9 / 10
2026-08-07	$1.71	$7,084,841,939	9 / 10
2026-08-08	$1.71	$7,084,829,140	15 / 14
2026-08-09	$1.71	$7,084,841,939	9 / 10
2026-08-10	$1.71	$7,084,829,140	15 / 14
2026-08-12	$1.71	$7,084,829,140	15 / 14
2026-08-13	$1.71	$7,084,841,939	9 / 10
2026-08-14	$1.71	$7,084,841,939	9 / 10
2026-08-15	$1.71	$7,084,841,939	9 / 10
2026-08-16	$1.71	$7,084,841,939	9 / 10
2026-08-17	$1.71	$7,084,841,939	9 / 10
2026-08-18	$1.71	$7,084,841,939	9 / 10
2026-08-19	$1.71	$7,084,841,939	9 / 10
2026-08-20	$1.71	$7,084,836,021	9 / 10
2026-08-21	$1.71	$7,084,836,021	9 / 10
2026-08-22	$1.71	$7,084,836,021	9 / 10
2026-08-23	$1.71	$7,084,836,021	9 / 10
2026-08-24	$1.71	$7,084,836,021	9 / 10
2026-08-25	$1.71	$7,084,836,021	9 / 10
2026-08-26	$1.71	$7,084,836,021	9 / 10
2026-08-27	$1.71	$7,084,836,021	9 / 10
2026-08-28	$1.71	$7,084,836,021	9 / 10
2026-08-29	$1.71	$7,084,836,021	9 / 10
2026-08-30	$1.71	$7,084,836,021	9 / 10
2026-08-31	$1.71	$7,084,836,021	9 / 10
2026-09-01	$1.71	$7,084,836,021	9 / 10
2026-09-02	$1.71	$7,084,836,021	9 / 10
2026-09-03	$1.71	$7,084,836,021	9 / 10
2026-09-04	$1.71	$7,084,836,021	9 / 10
2026-09-05	$1.71	$7,084,836,021	9 / 10
2026-09-06	$1.71	$7,084,836,021	9 / 10
2026-09-07	$1.71	$7,084,836,021	9 / 10
2026-09-08	$1.71	$7,084,836,021	9 / 10
2026-09-09	$1.71	$7,084,836,021	9 / 10
2026-09-10	$1.71	$7,084,836,021	9 / 10
2026-09-11	$1.71	$7,084,836,021	9 / 10
2026-09-12	$1.71	$7,084,836,021	9 / 10
2026-09-13	$1.71	$7,084,836,021	9 / 10
2026-09-14	$1.71	$7,084,836,021	9 / 10
2026-09-15	$1.71	$7,084,836,021	9 / 10
2026-09-16	$1.71	$7,084,836,021	9 / 10
2026-09-17	$1.71	$7,084,836,021	9 / 10
2026-09-18	$1.71	$7,084,836,021	9 / 10
2026-09-19	$1.71	$7,084,836,021	9 / 10
2026-09-20	$1.71	$7,084,836,021	9 / 10
2026-09-21	$1.71	$7,084,836,021	9 / 10
2026-09-22	$1.71	$7,084,836,021	9 / 10
2026-09-23	$1.71	$7,084,836,021	9 / 10
2026-09-24	$1.71	$7,084,836,021	9 / 10
2026-09-25	$1.71	$7,086,004,079	9 / 10
2026-09-26	$1.71	$7,086,004,079	9 / 10
2026-09-27	$1.71	$7,086,004,079	9 / 10
2026-09-28	$1.71	$7,086,004,079	9 / 10
2026-09-29	$1.71	$7,086,004,079	9 / 10
2026-09-30	$1.71	$7,087,161,422	9 / 10
2026-10-01	$1.71	$7,086,326,208	9 / 10
2026-10-02	$1.70	$7,088,905,572	9 / 10
2026-10-03	$1.70	$7,088,905,572	9 / 10
2026-10-04	$1.70	$7,088,905,572	9 / 10
2026-10-05	$1.70	$7,088,905,572	9 / 10
2026-10-06	$1.70	$7,088,905,572	9 / 10
2026-10-07	$1.70	$7,088,905,572	9 / 10
2026-10-08	$1.70	$7,072,115,786	9 / 10
2026-10-09	$1.67	$7,041,067,779	9 / 10
2026-10-10	$1.67	$7,041,067,779	9 / 10
2026-10-11	$1.67	$7,041,067,779	9 / 10
2026-10-12	$1.67	$7,041,067,779	9 / 10
2026-10-13	$1.67	$7,041,067,779	9 / 10
2026-10-14	$1.67	$7,041,067,779	9 / 10
2026-10-15	$1.67	$7,041,996,350	9 / 10
2026-10-16	$1.66	$7,043,632,064	8 / 10
2026-10-17	$1.66	$7,043,632,064	8 / 10
2026-10-18	$1.66	$7,043,632,064	9 / 10
2026-10-19	$1.66	$7,043,632,064	9 / 10
2026-10-20	$1.66	$7,043,632,064	9 / 10
2026-10-21	$1.67	$7,046,989,686	8 / 10
2026-10-22	$1.67	$7,046,989,686	8 / 10
2026-10-23	$1.67	$7,046,989,686	8 / 10
2026-10-24	$1.67	$7,046,989,686	8 / 10

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	13	2
2026-06-01	13	2
2026-07-01	13	3
2026-08-01	12	3
2026-09-01	12	3
2026-10-01	12	3

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 12 Buy / Strong Buy · 3 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades11 maintains

Recent actions · Sep 25–Oct 24 · 11 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BNP ParibasOct 9

$35.00New observation · no comparable prior

Raymond JamesOct 8 · prior Jul 2

$27.00 → $22.00-18.5%

$0$19.25$38.50

0 raises · 1 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted diluted EPS between $1.42 and $1.48Direct metric needs a verified mapping
Adjusted EBIT margin expands to approximately 12%Published status: Under Pressure
Full year 2026 net revenue between $5.5B and $6.5BRevenue: $1.61B

Next proof point

Next earnings date unavailable

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.2%Typical daily move · historical

Downside history

-26.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Levi Strauss & Co outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

LEVI is a consumer brand business with a growth-and-margin improvement thesis, rather than a turnaround story. The long-term thesis is intact, but the signal has eased from favorable to mildly favorable as company momentum weakened.

What's priced into Levi Strauss & Co

Valuation is described as cheap versus peers, with expectations close to the model’s baseline and no flagged signs of fragile pricing. This suggests the market is not demanding unusually high expectations, though the valuation evidence has medium overall confidence.

What the fundamentals likely do

Near term, recent results and management guidance point to continued revenue growth, margin expansion, and adjusted earnings growth; the latest reported quarter included an earnings beat. The risk of a near-term miss is assessed as low, but weakening earnings surprises, a recent deep miss, a CFO transition, and litigation remain relevant watch points.

What Levi Strauss & Co hinges on

The multi-year thesis depends on management sustaining its delivery on revenue, margin, and earnings goals. A guidance reversal after recent increases would damage credibility, while continued strength or weakness among apparel-sector bellwethers could shape the sector backdrop.