v3.26.1
Business Segment Information
 6 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION 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 May 31, 2026
Levi’s Brands
AmericasEuropeAsiaTotal
(Dollars in millions)
Segment net revenues
$815.5 $420.2 $283.7 $1,519.4 
Beyond Yoga® net revenues
42.6 
Total net revenues
$1,562.0 
Segment cost of goods sold
353.7 106.6 97.7 
Segment selling, general, and administrative
297.7 224.8 143.5 
Segment operating income$164.1 $88.8 $42.5 $295.4 
Beyond Yoga® operating loss
(2.4)
Restructuring charges, net(1)
(13.5)
Corporate expenses(157.3)
Interest expense(12.9)
Other income (expense), net12.9 
Income from continuing operations before income taxes
$122.2 
____________
(1)     For the three months ended May 31, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges.
Six Months Ended May 31, 2026
Levi’s Brands
AmericasEuropeAsiaTotal
(Dollars in millions)
Segment net revenues
$1,671.2 $916.2 $631.2 $3,218.6 
Beyond Yoga® net revenues
85.9 
Total net revenues
$3,304.5 
Segment cost of goods sold
730.6 238.3 226.5 
Segment selling, general, and administrative
613.3 459.9 291.8 
Segment operating income$327.3 $218.0 $112.9 $658.2 
Beyond Yoga® operating loss
(3.2)
Restructuring charges, net(1)
(21.4)
Corporate expenses(312.7)
Interest expense(26.0)
Other income (expense), net(2)
55.5 
Income from continuing operations before income taxes
$350.4 
____________
(1)     For the six months ended May 31, 2026 restructuring charges, net consisted primarily of severance and post-employment benefit charges.
(2)     For the six months ended May 31, 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 13.

Three Months Ended June 1, 2025
Levi’s Brands
AmericasEuropeAsiaTotal
(Dollars in millions)
Segment net revenues
$748.4 $403.1 $257.7 $1,409.2 
Beyond Yoga® net revenues
36.8 
Total net revenues
$1,446.0 
Segment cost of goods sold
316.6 115.9 94.8 
Segment selling, general, and administrative
278.5 217.8 133.3 
Segment operating income$153.3 $69.4 $29.6 $252.3 
Beyond Yoga® operating loss
(4.4)
Restructuring charges, net(1)
(6.8)
Corporate expenses(133.1)
Interest expense(11.8)
Other income (expense), net6.3 
Income from continuing operations before income taxes
$102.5 
____________
(1)For the three months ended June 1, 2025 restructuring charges, net consisted primarily of severance, post-employment benefit charges, asset impairments and contract terminations in connection with the closures of distribution centers, offset by a gain on the sale of a previously closed distribution center, in connection with Project Fuel.
Six Months Ended June 1, 2025
Levi’s Brands
AmericasEuropeAsiaTotal
(Dollars in millions)
Segment net revenues
$1,531.4 $803.6 $565.8 $2,900.8 
Beyond Yoga® net revenues
72.0 
Total net revenues
$2,972.8 
Segment cost of goods sold
653.8 233.5 212.2 
Segment selling, general, and administrative
554.6 398.3 266.1 
Segment operating income$323.0 $171.8 $87.5 $582.3 
Beyond Yoga® operating loss
(7.5)
Restructuring charges, net(1)
(13.5)
Corporate expenses(261.7)
Interest expense(22.7)
Other income (expense), net2.2 
Income from continuing operations before income taxes
$279.1 
____________
(1)     For the six months ended June 1, 2025 restructuring charges, net consisted primarily of severance, post-employment benefit charges, asset impairments and contract terminations in connection with the closures of distribution centers, offset by a gain on the sale of a previously closed distribution center, in connection with Project Fuel.

Three Months EndedSix Months Ended
May 31,
2026		June 1,
2025		May 31,
2026		June 1,
2025
(Dollars in millions)
Depreciation and amortization expense:
Americas$15.5 $15.5 $30.6 $30.1 
Europe8.6 8.1 17.0 15.0 
Asia5.1 4.5 10.3 8.9 
Total segment depreciation and amortization expense29.2 28.1 57.9 54.0 
Beyond Yoga and unallocated27.9 22.2 54.6 44.3 
Total continuing operations depreciation and amortization expense$57.1 $50.3 $112.5 $98.3 
May 31, 2026
Levi's Brands
AmericasEuropeAsiaSegment Total
Unallocated(1)
Consolidated Total
(Dollars in millions)
Assets:
Inventories$713.5 $155.0 $162.7 $1,031.2 $126.4 $1,157.6 
All other assets5,469.9 5,469.9 
Total assets$6,627.5 
____________
(1)
Unallocated inventories include $41.7 million of Beyond Yoga inventory.
November 30, 2025
Levi's Brands
AmericasEuropeAsiaSegment 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 assets5,611.1 5,611.1 
Total assets$6,848.8 
____________
(1)
Unallocated inventories include $38.5 million of Beyond Yoga inventory.