Total revenue for fiscal year 2025 increased by 3% to $8.950 billion, compared to $8.653 billion in 2024, with a positive foreign currency translation impact of $251 million (3%). Net income for 2025 was $25.3 million, a substantial decrease from $598.5 million in 2024, primarily due to $480 million in noncash goodwill and other intangible asset impairment charges. Diluted net income per common share fell to $0.52 in 2025 from $10.56 in 2024. Gross profit in 2025 was $5.149 billion (57.5% of total revenue), down from 59.4% in 2024, impacted by tariffs and the transition of previously licensed product categories in-house. Selling, General and Administrative (SG&A) expenses as a percentage of revenue decreased to 50.2% in 2025 from 51.0% in 2024, driven by cost savings from the Growth Driver 5 Actions. The company recorded $480 million in noncash impairment charges in Q1 2025, including $426 million for goodwill and $54 million for reacquired perpetual license rights in Australia, primarily due to increased discount rates. Cash provided by operating activities decreased to $680 million in 2025 from $741 million in 2024. PVH Corp. repurchased $561 million of common stock in 2025, including $500 million through Accelerated Share Repurchase (ASR) agreements. The company issued $500 million principal amount of 5 1/2% senior notes due 2030 to repay $500 million of 4 5/8% senior notes due 2025.