Financial Analysis

COMMITMENTS AND CONTINGENCIES Forward Foreign Exchange Contracts The Company uses over-the-counter derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 6 for additional information. Guarantees Indemnification agreements. In the ordinary course of business, the Company enters into agreements containing indemnification provisions under which the Company agrees to indemnify the other party for specified claims and losses. For example, the Company's trademark license agreements, real estate leases, consulting agreements, logistics outsourcing agreements, securities purchase agreements and credit agreements typically contain such provisions. This type of indemnification provision obligates the Company to pay certain amounts associated with claims brought against the other party as the result of trademark infringement, negligence or willful misconduct of Company employees, breach of contract by the Company including inaccuracy of representations and warranties, specified lawsuits in which the Company and the other party are co-defendants, product claims and other matters. These amounts generally are not readily quantifiable; the maximum possible liability o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT The following table presents the Company's debt: November 30, 2025 December 1, 2024 (Dollars in millions) Long-term debt 3.375% senior notes due 2027 $ $ 498.8 4.000% senior notes due 2030 543.3 3.50% senior notes due 2031 495.9 495.2 Total long-term debt $ 1,039.2 $ 994.0 Short-term debt Short-term borrowings 5.5 Total debt $ 1,039.2 $ 999.5 Senior Revolving Credit Facility The Company is a party to a Second Amended and Restated Credit Agreement (as amended prior to the November 2024 amendment described below, the 2022 Credit Agreement and, as amended by the November 2024 amendment, the Credit Agreement) that provides for a senior secured revolving credit facility (the Credit Facility). The Credit Facility is an asset-based facility, in which the borrowing availability is primarily based on the value of the U.S. Levi's trademarks and the levels of certain eligible cash, accounts receivable and inventory in the United States and Canada. In November 2024, the Company amended the Credit Facility under a new agreement, Amendment No. 8 to the Second Amended and Restated Credit Agreement dated as of November 8, 2024 (the Credit Agreement Amendment). The Credit Agreement Amendment leaves the material terms of the 2022 Credit Agreement substantially unchanged, with the exception that the maturity date was extended to November 8, 2029. The guarantees and security interest grants, covenants, and events of default of the 2022 Credit Agreement have not been materially changed as a …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below provides the Company's revenues disaggregated by segment and channel. Year Ended November 30, 2025 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,921.5 $ 756.6 $ 477.7 $ 49.4 $ 3,205.2 Direct-to-consumer 1,375.5 942.7 656.7 101.9 3,076.8 Total net revenues $ 3,297.0 $ 1,699.3 $ 1,134.4 $ 151.3 $ 6,282.0 Year Ended December 1, 2024 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,919.8 $ 756.4 $ 493.3 $ 53.4 $ 3,222.9 Direct-to-consumer 1,280.8 861.5 589.1 77.7 2,809.1 Total net revenues $ 3,200.6 $ 1,617.9 $ 1,082.4 $ 131.1 $ 6,032.0 Year Ended November 26, 2023 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,981.4 $ 804.7 $ 485.0 $ 49.2 $ 3,320.3 Direct-to-consumer 1,105.5 774.8 574.7 66.8 2,521.8 Total net revenues $ 3,086.9 $ 1,579.5 $ 1,059.7 $ 116.0 $ 5,842.1 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED INCENTIVE COMPENSATION PLANS The Company recognized stock-based compensation expense of $81.2 million, $70.7 million and $72.7 million, and related income tax benefits of $20.0 million, $17.2 million and $17.3 million, respectively, for the years ended November 30, 2025, December 1, 2024 and November 26, 2023, respectively. As of November 30, 2025, there was $80.7 million of total unrecognized compensation cost related to unvested equity awards, which cost is expected to be recognized over a weighted-average period of 2.3 years. 2016 Equity Incentive Plan Prior to the IPO in March 2019, the Company granted awards under the 2016 Equity Incentive Plan (the 2016 Plan), which provided for the granting of a variety of stock awards, including stock options, restricted stock, restricted stock units (RSUs), stock appreciation rights (SARs) and cash or equity settled awards to certain employees and non-employee directors. The maximum number of shares of common stock authorized for issuance under the 2016 Plan was 80.0 million shares. Upon completion of the IPO, shares that remained available for future grants under the 2016 Plan ceased to be available and the Companys 2019 Equity Incentive Plan (the 2019 Plan) became effective. Awards granted before the IPO remain outstanding according to the plans terms. Outstanding awards under the 2016 Plan are issuable as Class B common stock and can be voluntarily converted to Class A common stock and sold to the public. 2019 Equity I …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Companys financial instruments that are carried at fair value: November 30, 2025 December 1, 2024 Fair Value Estimated Using Fair Value Estimated Using Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in millions) Financial assets carried at fair value Rabbi trust assets $ 107.7 $ 107.7 $ $ 95.4 $ 95.4 $ Short-term investments in marketable securities 90.9 90.9 Derivative instruments (3) 6.8 6.8 17.6 17.6 Total $ 205.4 $ 107.7 $ 97.7 $ 113.0 $ 95.4 $ 17.6 Financial liabilities carried at fair value Derivative instruments (3) 13.4 13.4 9.5 9.5 _____________ (1) Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities. See Note 10 for more information on Rabbi trust assets. (2) Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. Short-term investments in marketable securities consist of fixed-income securities. For forward foreign exchange contracts, inputs includ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by business segment for the years ended November 30, 2025 and December 1, 2024, were as follows: Americas Europe Asia Beyond Yoga Total (Dollars in millions) Balance, November 26, 2023 Goodwill $ 231.7 $ 32.6 $ 2.8 $ 123.6 $ 390.7 Accumulated impairment losses (11.6) (75.4) (87.0) 231.7 21.0 2.8 48.2 303.7 Impairment losses (1) (5.5) (36.3) (41.8) Goodwill acquired during the year (2) 15.9 5.0 20.9 Foreign currency fluctuation (4.9) (0.4) 0.1 (5.2) Balance, December 1, 2024 Goodwill 242.7 37.2 2.9 123.6 406.4 Accumulated impairment losses (17.1) (111.7) (128.8) 242.7 20.1 2.9 11.9 277.6 Impairment losses (2.5) (2.5) Foreign currency fluctuation 3.6 1.8 0.1 5.5 Balance, November 30, 2025 Goodwill 246.3 39.0 3.0 123.6 411.9 Accumulated impairment losses (2.5) (17.1) (111.7) (131.3) Balance, November 30, 2025 $ 243.8 $ 21.9 $ 3.0 $ 11.9 $ 280.6 _____________ (1) For the year ended December 1, 2024 the Company recorded a $5.5 million goodwill noncash impairment charge related to our footwear business as a result of the decision to discontinue the category and a Beyond Yoga goodwill noncash impairment charge of $36.3 million. (2) For the year ended December 1, 2024 the Company recorded goodwill of $15.9 million in connection with the acquisition of all operating assets related to Levis brands from Expofaro S.A.S., the Companys former distributor in Colombia. Other intangible assets, net, were as fo …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES The Company's income tax expense was $132.0 million, $7.2 million and $15.7 million and the Company's effective income tax rate was 20.8%, 3.3% and 5.9% for the years ended November 30, 2025, December 1, 2024 and November 26, 2023, respectively. The increase in the effective tax rate in fiscal year 2025 was primarily driven by the prior year tax benefits from an international intellectual property transaction, a $10.1 million tax benefit related to favorable resolutions of state audits and a lower earnings before taxes base that magnified the impact of these discrete items. During 2024, the Company completed an intercompany sale of intellectual property between entities based in different tax jurisdictions resulting in net tax benefits of $46.4 million. The decrease in the effective tax rate in fiscal year 2024 as compared to fiscal year 2023 was primarily driven by an international intellectual property transaction which benefited fiscal year 2024, partially offset by the reduced FDII benefit in fiscal year 2024. The Company's income tax expense (benefit) differed from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes as follows: Year Ended November 30, 2025 December 1, 2024 November 26, 2023 (Dollars in millions) Income tax expense (benefit) at U.S. federal statutory rate $ 133.1 21.0 % $ 45.7 21.0 % $ 55.7 21.0 % State income taxes, net of U.S. federal impact 3.0 0.5 % (4.3) (1.9) % 1.3 0.5 % Change in va …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES On June 6, 2024, the Company entered into an agreement to replace certain of the Companys legacy U.S. distribution centers with a new third-party logistics center. The Company maintains certain rights over the warehouse, and warehouse equipment and technologies which resulted in an Operating lease ROU asset and lease liability of $30.6 million in Operating lease right-of-use assets, net and Short-term Operating lease liabilities and Long-term Operating lease liabilities balances and a Financing lease ROU asset and lease liability of $14.0 million in Other non-current assets and Other long-term liabilities balances on the consolidated balance sheets during 2024. In the first quarter of 2025, the Company recorded an additional Financing lease ROU asset and lease liability of $61.6 million in Other non-current assets and Other long-term liabilities balances on the consolidated balance sheets. In the fourth quarter of fiscal year 2023, the Company leased a distribution facility in Germany and recognized a ROU asset of $80.8 million and corresponding lease liability of $91.6 million. During 2023, the Company capitalized approximately $57.4 million for Company-owned equipment to be installed in the leased facility. During 2024, the Company entered into an agreement with a third-party logistics provider to manage all aspects of the distribution center. The Company has received payments of approximately $87.1 million from the provider for use of the Companys warehouse equipmen …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures . This guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this ASU on a retrospective basis for the fiscal year ending November 30, 2025. See Note 22 Business Segment Information for additional disclosures. Recently Issued Accounting Standards The following recently issued accounting standards, all of which are a Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU), have been grouped by their required effective dates for the Company: Fourth Quarter 2026 In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures. The amendments of this update are related to the rate reconciliation and income taxes paid by federal, state and foreign taxes, requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by significant jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. Fourth Quarter 2028 In November 2024, the FASB iss …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

BENEFITS Employee Savings and Investment Plan The Company's Employee Savings and Investment Plan (ESIP) is a qualified plan that covers eligible U.S. payroll employees. The Company matches 125% of ESIP participants contributions to all funds maintained under the qualified plan up to the first 6.0% of eligible compensation. Total amounts charged to expense for the Company's employee investment plans for the years ended November 30, 2025, December 1, 2024 and November 26, 2023, were $18.8 million, $20.6 million and $20.6 million, respectively. Annual Incentive Plan The Annual Incentive Plan (AIP) provides a cash bonus that is earned based upon the Company's business unit and consolidated financial results as measured against pre-established internal targets and upon the performance and job level of the individual. Total amounts charged to expense for this plan for the years ended November 30, 2025, December 1, 2024, and November 26, 2023 were $110.7 million, $108.9 million and $73.7 million, respectively. Total amounts accrued for this plan as of November 30, 2025, and December 1, 2024 were $99.0 million and $100.5 million, respectively. Pension Plans Deferred compensation plans. The Company has non-qualified deferred compensation plans for executives and outside directors. These plans, which the Company considers unfunded pension plans, allow for participants to defer a portion of their compensation and, at the Companys sole discretion, to receive matching contributions for a …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTIES Michelle Gass (President and CEO) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is an independent non-profit entity that is not one of our consolidated entities. Mr. Jedrzejek also serves as a Vice President of the Levi Strauss Foundation. Ms. Gass and Mr. Jedrzejek began serving on the Board of Directors of the Levi Strauss Foundation on January 24, 2024 and September 26, 2023, respectively. During fiscal years 2025, 2024 and 2023, donations to the Levi Strauss Foundation were $5.7 million, $6.3 million, and $11.3 million, respectively, and the Company recognized expenses related to their donation commitments of $9.2 million, $7.2 million, and $2.2 million, respectively.

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"RESTRUCTURING ACTIVITIES In the first quarter of 2024, the Companys Board of Directors (the ""Board"") approved a multi-year global productivity initiative, Project Fuel, designed to accelerate the execution of our Brand Led and DTC First strategies while fueling long-term profitable growth. This was a two-year initiative that began in 2024, with a focus on optimizing the Companys operating model and structure, redesigning business processes and identifying opportunities to reduce costs and simplify processes across the organization. This initiative was substantially completed as of November 30, 2025. However, the Company continues to transition the operations of certain of its global distribution and fulfillment centers to third-party logistics providers and continue other efforts in line with our global productivity initiative. The Company may incur additional significant restructuring and restructuring related charges as it progresses the global productivity initiative, which could be material in a future fiscal quarter or year. For the year ended November 30, 2025, the Company recognized restructuring charges of $24.5 million in connection with Project Fuel, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans, as well as contract termination costs and asset impairments, partially offset by a gain on the sale of a previously closed distribution center. For the year ended D …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

NET REVENUES Disaggregated Revenue The table below provides the Company's revenues disaggregated by segment and channel. Year Ended November 30, 2025 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,921.5 $ 756.6 $ 477.7 $ 49.4 $ 3,205.2 Direct-to-consumer 1,375.5 942.7 656.7 101.9 3,076.8 Total net revenues $ 3,297.0 $ 1,699.3 $ 1,134.4 $ 151.3 $ 6,282.0 Year Ended December 1, 2024 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,919.8 $ 756.4 $ 493.3 $ 53.4 $ 3,222.9 Direct-to-consumer 1,280.8 861.5 589.1 77.7 2,809.1 Total net revenues $ 3,200.6 $ 1,617.9 $ 1,082.4 $ 131.1 $ 6,032.0 Year Ended November 26, 2023 Levi's Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 1,981.4 $ 804.7 $ 485.0 $ 49.2 $ 3,320.3 Direct-to-consumer 1,105.5 774.8 574.7 66.8 2,521.8 Total net revenues $ 3,086.9 $ 1,579.5 $ 1,059.7 $ 116.0 $ 5,842.1 The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets at November 30, 2025 and December 1, 2024. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 , 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 bus …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Nature of Operations Levi Strauss & Co. (the Company) is one of the worlds largest brand-name apparel companies. The Company designs, markets and sells directly or through third parties and licensees products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, and related accessories, for men, women and children around the world under the Levis , Levi Strauss Signature, Denizen , Dockers and Beyond Yoga brands. In the fourth quarter of 2024 we announced we were undertaking an evaluation of strategic alternatives to the global Dockers business, including a sale or other strategic transactions. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers business. The transaction is subject to customary closing conditions and closed on July 31, 2025 for 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. Dockers net assets were classified as held for sale in the consolidated balance sheets for all periods presented. Additionally, the Company classified the Dockers business as discontinued operations in its consolidated statements of income for all periods presented. See Note 2 Discontinued Operations. The Dockers business is a separate operating segment historically presented in our financial statements under the caption of Other Brands. The Company operates its business ac …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Forward Foreign Exchange Contracts The Company uses over-the-counter derivative instruments to manage its exposure to foreign currencies. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the forward foreign exchange contracts. However, the Company believes that its exposures are appropriately diversified across counterparties and that these counterparties are creditworthy financial institutions. See Note 4 for additional information. Other Contingencies Litigation. In the ordinary course of business, the Company has various claims, complaints and pending cases, including contractual matters, facility and employee-related matters, distribution matters, product liability matters, intellectual property matters, bankruptcy preference matters, and tax and administrative matters. The Company establishes loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. The Company does not believe any of these pending claims, complaints and legal proceedings will have a material impact on its financial condition, results of operations or cash flows. Customs Duty Audits. The Company imports both raw materials and finished garments into all of its geographic regions and, as such, is subject to numerous countries complex customs laws and regulations with respect to its import and export activity. The Company has various pending audit assessmen …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT The following table presents the Companys debt: May 31, 2026 November 30, 2025 (Dollars in millions) Long-term debt 4.000% senior notes due 2030 $ 546.7 $ 543.3 3.50% senior notes due 2031 496.3 495.9 Total long-term debt $ 1,043.0 $ 1,039.2 Senior Revolving Credit Facility As of May 31, 2026, the Company had no borrowings under the Credit Facility. The Companys unused availability under the Credit Facility was $820.9 million at May 31, 2026, as the total availability of $839.9 million was reduced by $19.0 million of letters of credit and other credit usage allocated under the Credit Facility. Interest Rates on Borrowings The Companys weighted-average interest rates on average borrowings outstanding during the three and six months ended May 31, 2026 were 4.61% and 4.64%, respectively, as compared to 4.28% and 4.26%, respectively, during the same periods of 2025. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below provides the Companys revenues disaggregated by segment and channel. Three Months Ended May 31, 2026 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 485.1 $ 168.5 $ 102.0 $ 12.8 $ 768.4 Direct-to-consumer 330.4 251.7 181.7 29.8 793.6 Total net revenues $ 815.5 $ 420.2 $ 283.7 $ 42.6 $ 1,562.0 Six Months Ended May 31, 2026 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 940.1 $ 390.8 $ 245.2 $ 23.3 $ 1,599.4 Direct-to-consumer 731.1 525.4 386.0 62.6 1,705.1 Total net revenues $ 1,671.2 $ 916.2 $ 631.2 $ 85.9 $ 3,304.5 Three Months Ended June 1, 2025 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 443.4 $ 178.4 $ 95.5 $ 12.6 $ 729.9 Direct-to-consumer 305.0 224.7 162.2 24.2 716.1 Total net revenues $ 748.4 $ 403.1 $ 257.7 $ 36.8 $ 1,446.0 Six Months Ended June 1, 2025 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 865.6 $ 348.6 $ 230.5 $ 24.5 $ 1,469.2 Direct-to-consumer 665.8 455.0 335.3 47.5 1,503.6 Total net revenues $ 1,531.4 $ 803.6 $ 565.8 $ 72.0 $ 2,972.8 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Companys financial instruments that are carried at fair value: May 31, 2026 November 30, 2025 Fair Value Estimated Using Fair Value Estimated Using Fair Value Level 1 Inputs (1) Level 2 Inputs (2) Fair Value Level 1 Inputs (1) Level 2 Inputs (2) (Dollars in millions) Financial assets carried at fair value Rabbi trust assets $ 112.4 $ 112.4 $ $ 107.7 $ 107.7 $ Short-term investments in marketable securities 128.5 128.5 90.9 90.9 Derivative instruments (3) 11.7 11.7 6.8 6.8 Total $ 252.6 $ 112.4 $ 140.2 $ 205.4 $ 107.7 $ 97.7 Financial liabilities carried at fair value Derivative instruments (3) $ 12.0 $ $ 12.0 $ 13.4 $ $ 13.4 _____________ (1) Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable securities. (2) Fair values estimated using Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and include among other things quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. Short-term investments in marketable securities consist of fixed income securities. For forward foreign exchange contracts, inputs include foreign currency exchange and interes …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Companys effective income tax rate was 22.4% for the three months ended May 31, 2026, compared to 22.3% for the same prior-year period. The Companys effective income tax rate was 22.4% for the six months ended May 31, 2026, compared to 21.2% for the same prior-year period. The increase in the effective tax rate for the six-month period ended May 31, 2026 was primarily due to a lower foreign-derived intangible income benefit compared with the prior-year period. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Companys consolidated financial statements and footnote disclosures, from those disclosed in the 2025 Annual Report on Form 10-K. The Company will adopt ASU 2023-09, Improvements to Income Tax Disclosures, in the Annual Report on Form 10-K for the fiscal year ending November 29, 2026. This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures, primarily through enhanced disclosures related to the rate reconciliation and income taxes paid. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTIES Michelle Gass (President and Chief Executive Officer) and David Jedrzejek (Senior Vice President and General Counsel) are members of the Board of Directors of the Levi Strauss Foundation, which is an independent non-profit entity that is not one of our consolidated entities. Mr. Jedrzejek also serves as a Vice Chair of the Levi Strauss Foundation. During the three and six months ended May 31, 2026, the Company donated $0.4 million and $8.1 million, respectively, to the Levi Strauss Foundation as compared to $0.5 million and $4.9 million for the same prior-year periods. During the three and six months ended May 31, 2026, the Company recognized expenses related to their donation commitments of $2.5 million and $5.1 million, respectively, as compared to $2.4 million and $3.2 million for the same prior-year periods.

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"RESTRUCTURING ACTIVITIES For the three and six months ended May 31, 2026, the Company recognized restructuring charges of $13.5 million and $21.4 million, respectively, primarily in connection with the Companys focus on cost reduction initiatives, expansion of our global shared services model including building global talent hubs around the world, and distribution strategy to evaluate the mix of owned and third party operated distribution centers. Restructuring charges consist primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans. These charges were recorded in Restructuring charges, net in the consolidated statements of income. As of May 31, 2026, the restructuring liability was $62.1 million, with $47.3 million and $14.8 million classified as Other accrued liabilities and Other long-term liabilities, respectively, within the Companys consolidated balance sheet. For the three and six months ended June 1, 2025, the Company recognized restructuring charges of $6.8 million and $13.5 million, respectively, in connection with Project Fuel, a multi-year global productivity initiative that was substantially complete as of November 30, 2025, consisting primarily of severance and other post-employment benefits, based on separation benefits provided by Company policy or statutory benefit plans as well as contract termination costs and asset impairments and a gain on the sale of a previously closed …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

NET REVENUES Disaggregated Revenue The table below provides the Companys revenues disaggregated by segment and channel. Three Months Ended May 31, 2026 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 485.1 $ 168.5 $ 102.0 $ 12.8 $ 768.4 Direct-to-consumer 330.4 251.7 181.7 29.8 793.6 Total net revenues $ 815.5 $ 420.2 $ 283.7 $ 42.6 $ 1,562.0 Six Months Ended May 31, 2026 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 940.1 $ 390.8 $ 245.2 $ 23.3 $ 1,599.4 Direct-to-consumer 731.1 525.4 386.0 62.6 1,705.1 Total net revenues $ 1,671.2 $ 916.2 $ 631.2 $ 85.9 $ 3,304.5 Three Months Ended June 1, 2025 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 443.4 $ 178.4 $ 95.5 $ 12.6 $ 729.9 Direct-to-consumer 305.0 224.7 162.2 24.2 716.1 Total net revenues $ 748.4 $ 403.1 $ 257.7 $ 36.8 $ 1,446.0 Six Months Ended June 1, 2025 Levis Brands Americas Europe Asia Beyond Yoga Total (Dollars in millions) Net revenues by channel: Wholesale $ 865.6 $ 348.6 $ 230.5 $ 24.5 $ 1,469.2 Direct-to-consumer 665.8 455.0 335.3 47.5 1,503.6 Total net revenues $ 1,531.4 $ 803.6 $ 565.8 $ 72.0 $ 2,972.8 The Company did not have any material contract assets or contract liabilities recorded in the consolidated balance sheets as of May 31, 2026 and November 30, 2025 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

BUSINESS SEGMENT INFORMATION The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Companys Levis Brands business, which includes Levis 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 of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Levi Strauss & Co. (the Company) is one of the worlds largest brand-name apparel companies. The Company designs, markets and sells directly or through third parties and licensees products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets, and related accessories, for men, women and children around the world under the Levis , Levi Strauss Signature and Beyond Yoga brands. In the fourth quarter of 2024 we announced we were undertaking an evaluation of strategic alternatives to the global Dockers business, including a sale or other strategic transactions. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers business. 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. Dockers net assets were classified as held for sale in the consolidated balance sheets for all periods presented. Additionally, the Company classified the Dockers business as discontinued operations in its consolidated statements of income for all periods presented. See Note 2 Discontinued Operations. The Dockers business is a separate operating segment historically presented in our financial statements under the caption of Other Brands. The Company operates its bu …

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