LEVI STRAUSS & COLEVI
LEVI STRAUSS & CO Segments Disclosure
BUSINESS SEGMENT INFORMATION
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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®, Levi Strauss Signature™ and Denizen® 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. In the first quarter of 2024 we announced the strategic decision to discontinue the Denizen® brand with the wind down of operations substantially complete as of March 2, 2025. 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 sale of the remaining Dockers® operations is expected to close in the first quarter of 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:
Year Ended November 30, 2025 | |||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||
| Americas | Europe | Asia | Total | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Segment net revenues | $ | 3,297.0 | $ | 1,699.3 | $ | 1,134.4 | $ | 6,130.7 | |||||||||||||||
Beyond Yoga® net revenues | 151.3 | ||||||||||||||||||||||
Total net revenues | $ | 6,282.0 | |||||||||||||||||||||
Segment cost of goods sold | 1,419.0 | 497.1 | 441.5 | ||||||||||||||||||||
Segment selling, general, and administrative | 1,155.1 | 835.5 | 544.3 | ||||||||||||||||||||
| Segment operating income | $ | 722.9 | $ | 366.7 | $ | 148.6 | $ | 1,238.2 | |||||||||||||||
Beyond Yoga® operating loss | (13.6) | ||||||||||||||||||||||
Restructuring charges, net(1) | (24.5) | ||||||||||||||||||||||
Goodwill and other intangible asset impairment charges | (2.5) | ||||||||||||||||||||||
Corporate expenses(2) | (520.0) | ||||||||||||||||||||||
| Interest expense | (48.6) | ||||||||||||||||||||||
Other income (expense), net(3) | 5.0 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 634.0 | |||||||||||||||||||||
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(1)For the year ended November 30, 2025 restructuring charges, net consisted primarily of severance and other post-employment benefit charges, and asset impairment and contract termination costs, partially offset by a gain recognized on the sale of a distribution center in connection with Project Fuel.
(2)For the year ended November 30, 2025 corporate expenses included restructuring related expenses, primarily $12.1 million of Project Fuel related costs which included consulting costs, distribution center transition costs, and employee one-time incentives.
(3)For the year ended November 30, 2025 other income (expense), net includes subrogation related to an insurance recovery of $1.3 million.
| Year Ended December 1, 2024 | |||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||
| Americas | Europe | Asia | Total | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Segment net revenues | $ | 3,200.6 | $ | 1,617.9 | $ | 1,082.4 | $ | 5,900.9 | |||||||||||||||
Beyond Yoga® net revenues | 131.1 | ||||||||||||||||||||||
Total net revenues | $ | 6,032.0 | |||||||||||||||||||||
Segment cost of goods sold | 1,383.4 | 505.8 | 432.0 | ||||||||||||||||||||
Segment selling, general and administrative expenses | 1,120.2 | 792.5 | 515.5 | ||||||||||||||||||||
| Segment operating income | $ | 697.0 | $ | 319.6 | $ | 134.9 | $ | 1,151.5 | |||||||||||||||
Beyond Yoga® operating loss | (20.0) | ||||||||||||||||||||||
Restructuring charges, net(1) | (185.6) | ||||||||||||||||||||||
Goodwill and other intangible asset impairment charges(2) | (116.9) | ||||||||||||||||||||||
Corporate expenses(3) | (566.3) | ||||||||||||||||||||||
| Interest expense | (41.8) | ||||||||||||||||||||||
Other income (expense), net(4) | (3.3) | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 217.6 | |||||||||||||||||||||
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(1)For the year ended December 1, 2024 restructuring charges, net consisted primarily of severance and other post-employment benefit charges in connection with Project Fuel.
(2)For the year ended December 1, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga® reporting unit goodwill, $ related to the Beyond Yoga® trademark and $ related to the Beyond Yoga® customer relationship intangible assets. Additionally, the year ended December 1, 2024 includes a $5.5 million goodwill impairment charge related to the footwear business.
(3)For the year ended December 1, 2024 corporate expenses included restructuring related expenses, mostly consulting fees of $54.3 million, in connection with Project Fuel and $11.1 million of impairments related to discontinued technology projects. A $3.1 million benefit related to incentive compensation for the Dockers® business was reclassified from Corporate expenses to SG&A within discontinued operations for the year ended December 1, 2024.
(4)For the year ended December 1, 2024, other income (expense), net included an insurance recovery of $2.7 million and a government subsidy gain of $1.4 million.
Year Ended November 26, 2023 | |||||||||||||||||||||||
| Levi’s Brands | |||||||||||||||||||||||
| Americas | Europe | Asia | Total | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
Segment net revenues | $ | 3,086.9 | $ | 1,579.5 | $ | 1,059.7 | $ | 5,726.1 | |||||||||||||||
Beyond Yoga® net revenues | 116.0 | ||||||||||||||||||||||
Total net revenues | $ | 5,842.1 | |||||||||||||||||||||
Segment cost of goods sold | 1,484.2 | 541.8 | 432.2 | ||||||||||||||||||||
Segment selling, general, and administrative | 1,067.4 | 732.7 | 480.3 | ||||||||||||||||||||
| Segment operating income | $ | 535.3 | $ | 305.0 | $ | 147.2 | $ | 987.5 | |||||||||||||||
Beyond Yoga® operating income | 1.0 | ||||||||||||||||||||||
Restructuring charges, net | (20.3) | ||||||||||||||||||||||
Goodwill and other intangible asset impairment charges(1) | (90.2) | ||||||||||||||||||||||
Corporate expenses(2) | (523.6) | ||||||||||||||||||||||
| Interest expense | (45.9) | ||||||||||||||||||||||
Other (expense) income, net(3) | (42.2) | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 266.3 | |||||||||||||||||||||
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(1)For the year ended November 26, 2023, goodwill and other intangible asset impairment includes impairment charges of $75.4 million related to Beyond Yoga® reporting unit goodwill and $14.8 million related to the Beyond Yoga® trademark.
(2)For the year ended November 26, 2023, corporate expenses included $49.3 million in impairment charges related to capitalized internal-use software, net of a $3.9 million gain on the termination of store leases related to the Russia-Ukraine war which are considered part of the Company's Europe segment.
(3)For the year ended November 26, 2023, Other income (expense), net included a noncash pension settlement charge recorded during the third quarter. For more information refer to Note 18.
| Year Ended | |||||||||||||||||
| November 30, 2025 | December 1, 2024 | November 26, 2023 | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Depreciation and amortization expense: | |||||||||||||||||
| Americas | $ | 61.3 | $ | 60.6 | $ | 51.4 | |||||||||||
| Europe | 31.0 | 26.0 | 19.3 | ||||||||||||||
| Asia | 19.8 | 16.0 | 12.9 | ||||||||||||||
| Total segment depreciation and amortization expense | 112.1 | 102.6 | 83.6 | ||||||||||||||
Beyond Yoga® and unallocated | 92.7 | 86.1 | 72.8 | ||||||||||||||
Total continuing operations depreciation and amortization expense | $ | 204.8 | $ | 188.7 | $ | 156.4 | |||||||||||
| November 30, 2025 | |||||||||||||||||||||||||||||||||||
| 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.
| December 1, 2024 | |||||||||||||||||||||||||||||||||||
| Americas | Europe | Asia | Segment Total | Unallocated(1) | Consolidated Total | ||||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Inventories | $ | 680.4 | $ | 144.5 | $ | 172.8 | $ | 997.7 | $ | 133.6 | $ | 1,131.3 | |||||||||||||||||||||||
| All other assets | — | — | — | — | 5,244.2 | 5,244.2 | |||||||||||||||||||||||||||||
| Total assets | $ | 6,375.5 | |||||||||||||||||||||||||||||||||
(1)Unallocated inventories include $31.4 million of Beyond Yoga® inventory.
Geographic information for the Company revenues was as follows:
| Year Ended | |||||||||||||||||
| November 30, 2025 | December 1, 2024 | November 26, 2023 | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Net revenues: | |||||||||||||||||
| United States | $ | 2,674.1 | $ | 2,631.7 | $ | 2,533.4 | |||||||||||
| Foreign countries | 3,607.9 | 3,400.3 | 3,308.7 | ||||||||||||||
| Total net revenues | $ | 6,282.0 | $ | 6,032.0 | $ | 5,842.1 | |||||||||||
Geographic information for the Company assets was as follows:
| Year Ended | |||||||||||
| November 30, 2025 | December 1, 2024 | ||||||||||
| (Dollars in millions) | |||||||||||
| Net deferred tax assets: | |||||||||||
| United States | $ | 507.2 | $ | 482.1 | |||||||
| Foreign countries | 322.9 | 316.4 | |||||||||
| Total net deferred tax assets | $ | 830.1 | $ | 798.5 | |||||||
| Long-lived assets: | |||||||||||
| United States | $ | 422.0 | $ | 442.0 | |||||||
| Foreign countries | 300.4 | 290.1 | |||||||||
| Total long-lived assets | $ | 722.4 | $ | 732.1 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 29, 2025 | |
| 2023 | Jan 25, 2024 | |
| 2022 | Jan 25, 2023 | |
| 2021 | Jan 26, 2022 | |
| 2020 | Jan 27, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Feb 5, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.