olivLaw · US equity research
Kohl's Corporation KSS
Retail-Department Stores · SIC 5311 · Vertical: General merchandise stores (SIC 53xx)
Kohl's is an omnichannel retailer selling apparel, footwear, accessories, beauty and home products through its store network and the Kohls.com website. The company is trying to return to stable sales after a fiscal 2025 with lower net sales, and second quarter fiscal 2026 results show a higher gross margin while sales continue to edge down.
At the close of 04 Nov 2026, Kohl's Corporation (KSS) stock was 25.36 USD (+7.37% on the day), with market capitalisation 2.9 bn USD, P/E 10.9 on diluted EPS of 2.32 USD over the last 12 months, dividend yield 1.97%, beta 1.78, 52-week range 11.72–25.36 USD. Latest reported quarter (Q2 2027): revenue of 3.5 bn USD (−0.9% YoY), net income of 151.0 m USD (−1.3% YoY), diluted EPS 1.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.5
- strong (55–70)
- Bollinger (20, 2)
- 19.61 – 25.92
- in the upper half of the band · %B 0.91 · band width 27.7%
- SMA 50 / 200
- 19.90 / 17.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.40 / 1.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +29.9% | −1.1% | +30.9 pp | — |
| 3 months | +29.0% | −0.5% | +29.4 pp | — |
| 6 months | +76.0% | +4.4% | +71.6 pp | — |
| Year to date | +24.3% | +12.3% | +11.9 pp | — |
| 1 year | +57.4% | +13.5% | +43.9 pp | +16.9% |
| 3 years | +3.5% | +76.4% | −72.9 pp | +52.4% |
| 5 years | −56.4% | +63.7% | −120.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 5.4 bn | 3.2 bn | 3.5 bn | 3.6 bn | 5.2 bn | 3.2 bn | 3.5 bn |
| Cost of revenue | 2.1 bn | 3.5 bn | 1.8 bn | 2.0 bn | 2.1 bn | 3.3 bn | 1.8 bn | 1.9 bn |
| SG&A | 1.3 bn | 1.5 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.1 bn | 1.2 bn |
| Operating income | 98.0 m | 126.0 m | 60.0 m | 279.0 m | 73.0 m | 212.0 m | 46.0 m | 261.0 m |
| Depreciation & amortisation | 184.0 m | 183.0 m | 175.0 m | 175.0 m | 176.0 m | 174.0 m | 174.0 m | 173.0 m |
| Pre-tax income | 22.0 m | 52.0 m | -16.0 m | 201.0 m | -2.0 m | 153.0 m | -17.0 m | 198.0 m |
| Income tax | 0 ≈ | 4.0 m | -1.0 m | 48.0 m | -10.0 m | 28.0 m | -3.0 m | 47.0 m |
| Net income | 22.0 m | 48.0 m | -15.0 m | 153.0 m | 8.0 m | 125.0 m | -14.0 m | 151.0 m |
| Diluted EPS | 0.20 | 0.43 ≈ | -0.13 | 1.35 | 0.07 | 1.10 ≈ | -0.13 | 1.28 |
| Operating cash flow | -195.0 m ≈ | 596.0 m | -92.0 m | 598.0 m ≈ | 124.0 m ≈ | 750.0 m | -74.0 m | 552.0 m ≈ |
| Capex | 128.0 m ≈ | 99.0 m | 110.0 m | 90.0 m ≈ | 108.0 m ≈ | 64.0 m | 84.0 m | 62.0 m ≈ |
| Dividends paid | 55.0 m ≈ | 56.0 m | 14.0 m | 14.0 m ≈ | 14.0 m ≈ | 14.0 m | 14.0 m | 14.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 33-quarter history (min 5.7, median 10.6, max 36.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.2 bn | 20.0 bn | 16.0 bn | 19.4 bn | 18.1 bn | 17.5 bn | 16.2 bn | 15.5 bn |
| Revenue YoY | +0.7% | −1.3% | −20.1% | +21.8% | −6.9% | −3.4% | −7.2% | −4.3% |
| Net income | 801.0 m | 691.0 m | -163.0 m | 938.0 m | -19.0 m | 317.0 m | 109.0 m | 272.0 m |
| Net income YoY | −6.8% | −13.7% | −123.6% | unavailable | −102.0% | unavailable | −65.6% | +149.5% |
| Diluted EPS | 4.84 | 4.37 | -1.06 | 6.32 | -0.15 | 2.85 | 0.98 | 2.38 |
| Diluted EPS YoY | −5.5% | −9.7% | −124.3% | unavailable | −102.4% | unavailable | −65.6% | +142.9% |
| net % | 4.0% | 3.5% | -1.0% | 4.8% | -0.1% | 1.8% | 0.7% | 1.8% |
| Free cash flow | 1.5 bn | 802.0 m | 1.0 bn | 1.7 bn | -544.0 m | 591.0 m | 182.0 m | 1.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 674.0 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 762.0 m USD
- Equity
- 4.0 bn USD
- Total assets
- 13.4 bn USD
- Debt / equity
- 0.35x
- Current ratio
- 1.46x
- ROE
- 6.9%
- ROA
- 2.0%
- FCF margin
- 6.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.0 bn | 19.4 bn | 18.1 bn | 17.5 bn | 16.2 bn | 15.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 10.4 bn | 11.4 bn | 11.5 bn | 10.5 bn | 9.7 bn | 9.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 5.6 bn ≈ | 8.0 bn ≈ | 6.6 bn ≈ | 7.0 bn ≈ | 6.6 bn ≈ | 6.3 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| SG&A | 5.0 bn | 5.5 bn | 5.6 bn | 5.5 bn | 5.3 bn | 5.1 bn | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -262.0 m | 1.7 bn | 246.0 m | 717.0 m | 433.0 m | 624.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 874.0 m | 838.0 m | 808.0 m | 749.0 m | 743.0 m | 700.0 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | 612.0 m ≈ | 2.5 bn ≈ | 1.1 bn ≈ | 1.5 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Pre-tax income | -546.0 m | 1.2 bn | -58.0 m | 373.0 m | 114.0 m | 336.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | -383.0 m | 281.0 m | -39.0 m | 56.0 m | 5.0 m | 64.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -163.0 m | 938.0 m | -19.0 m | 317.0 m | 109.0 m | 272.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -1.06 | 6.32 | -0.15 | 2.85 | 0.98 | 2.38 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 154.0 m | 148.0 m | 120.0 m | 111.0 m | 112.0 m | 114.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividend per share | 0.70 | 1.00 | 2.00 | 2.00 | 2.00 | 0.50 | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.3 bn | 1.6 bn | 153.0 m | 183.0 m | 134.0 m | 674.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 2.6 bn | 3.1 bn | 3.2 bn | 2.9 bn | 2.9 bn | 2.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 5.8 bn | 5.0 bn | 3.7 bn | 3.4 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 6.7 bn | 7.3 bn | 7.9 bn | 7.7 bn | 7.3 bn | 6.9 bn | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 15.3 bn | 15.1 bn | 14.3 bn | 14.0 bn | 13.6 bn | 13.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 1.5 bn | 1.7 bn | 1.3 bn | 1.1 bn | 1.0 bn | 1.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | — | 0 | 275.0 m | — | 353.0 m | 0 | SEC (XBRL)· 19 Mar 2026verified |
| Long-term debt | 2.5 bn | 1.9 bn | 1.6 bn | 1.6 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 3.0 bn | 3.3 bn | 3.1 bn | 2.6 bn | 3.1 bn | 2.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 5.2 bn † | 4.7 bn † | 3.8 bn † | 3.9 bn † | 3.8 bn † | 4.0 bn † | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 2.3 bn | 282.0 m | 1.2 bn | 648.0 m | 1.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 334.0 m | 605.0 m | 826.0 m | 577.0 m | 466.0 m | 372.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | 1.0 bn ≈ | 1.7 bn ≈ | -544.0 m ≈ | 591.0 m ≈ | 182.0 m ≈ | 1.0 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -137.0 m | -570.0 m | -783.0 m | -562.0 m | -467.0 m | -333.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 347.0 m | -2.4 bn | -933.0 m | -576.0 m | -230.0 m | -507.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 108.0 m | 147.0 m | 239.0 m | 220.0 m | 222.0 m | 56.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Share repurchases | 8.0 m | 1.4 bn | 658.0 m | — | 0 | — | SEC (XBRL)· 20 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation97
- Returns57
- Quality27
- Balance sheet45
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 41.56 – 144.74 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA87.81 – 144.74 (Mid 113.09)7 companies used · median multiple 10.3x · quartiles 8.1x – 13.1xBJ, DG, DLTR, M, OLLI, PSMT, TGT
- Peers: P/E41.56 – 53.84 (Mid 48.69)9 companies used · median multiple 21.0x · quartiles 17.9x – 23.2xBJ, BURL, DG, DLTR, FIVE, M, OLLI, PSMT, TGT
- Dividend discount (DDM)outside the aggregate6.57 – 8.84 (Mid 7.54)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 0 (vs peers) | 12% |
| Net margin · Quality | 1.7% | 0 (vs peers) | 7% |
| FCF conversion · Quality | 383.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -5.0% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 40 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.9x | 91 (vs peers) | 12% |
| EV/EBITDA · Valuation | 2.6x | 100 (vs peers) | 12% |
| FCF yield · Valuation | 36.0% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.9% | 28 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 5.4% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation97/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KOHL’S CORP (KSS). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 15.5 bn USD in 2026; YoY growth -4.3%; net margin 1.7%; ROE 6.7%; net debt/EBITDA 0.4x.
The estimated value range is 64.68–99.29 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 80.89 USD, the price of 25.36 USD leaves a potential of 219.0% (value / price − 1) and a margin of safety of 68.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 383.0%
- P/E (TTM): 10.9x
- EV/EBITDA: 2.6x
- FCF yield: 36.0%
- Payout ratio (FCF): 5.4%
- The price is below the estimated value range
What contradicts it
- ROIC: 9.7%
- Net margin: 1.7%
- Revenue CAGR 3Y: -5.0%
- Shareholder yield (distributions): 1.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
General merchandise stores (SIC 53xx) · same major group (2-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMTWalmart Inc. | 1,024.8 bn | 46.6 | 23.4% | 3.0% | +4.7% | +17% / +149% |
| COSTCostco Wholesale Corp | 463.7 bn | 50.4 | 28.4% | 3.0% | +10.1% | +15% / +77% |
| TGTTarget Corporation | 74.1 bn | 16.9 | 26.4% | 4.1% | −1.7% | +80% / +22% |
| DGDollar General Corp | 31.2 bn | 18.4 | 19.7% | 3.9% | +5.2% | +29% / +8% |
| DLTRDollar Tree, Inc. | 27.6 bn | 17.9 | 45.9% | 8.0% | +10.4% | +33% / +19% |
| BURLBurlington Stores, Inc. | 16.2 bn | 23.2 | 41.4% | 5.8% | +8.8% | +2% / +52% |
| BJBj’s Wholesale Club Holdings, Inc. | 14.0 bn | 24.3 | 27.7% | 2.6% | +4.7% | +24% / +72% |
| FIVEFive Below, Inc. | 13.9 bn | 22.6 | 28.3% | 11.7% | +22.9% | +53% / +34% |
| MMacy's, Inc. | 6.7 bn | 9.4 | 16.0% | 3.3% | −1.7% | +15% / +62% |
| OLLIOllie's Bargain Outlet Holdings, Inc. | 5.6 bn | 21.0 | 14.9% | 9.8% | +16.6% | −24% / +28% |
| PSMTPriceSmart, Inc. | 5.1 bn | 30.6 | 12.3% | 2.8% | +11.5% | +34% / +145% |
| KSSKohl’s Corp | 2.9 bn | 10.9 | 6.7% | 1.7% | −4.3% | +57% / +3% |
| MNSOMINISO Group Holding Limited | — | — | 26.9% | 15.4% | +48.1% | −48% / −59% |
| DDSDillard’s, Inc. | — | — | 33.8% | 10.3% | −0.4% | −5% / +83% |
1- and 3-year price returns: for KSS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.94 Total return -44% · Per year -44% | 24.77 Total return -0% · Per year -0% | 37.49 Total return 50% · Per year 50% |
| 3 years | 11.08 Total return -52% · Per year -22% | 22.37 Total return -6% · Per year -2% | 37.50 Total return 55% · Per year 16% |
| 5 years | 8.80 Total return -59% · Per year -17% | 20.20 Total return -12% · Per year -2% | 37.52 Total return 60% · Per year 10% |
- Exit P/E± 5.59
- Net margin± 3.91
- Annual revenue growth± 3.53
- Annual dilution± 0.33
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kohl's is an omnichannel retailer selling apparel, footwear, accessories, beauty and home products through its store network and the Kohls.com website. The company is trying to return to stable sales after a fiscal 2025 with lower net sales, and second quarter fiscal 2026 results show a higher gross margin while sales continue to edge down.
SWOT
Strengths
- The company has a large national store footprint and a portfolio of proprietary brands with higher margins than national brands 1.
- Inventory management supported gross margin in recent periods, and the company has reduced debt in recent years 12.
- The digital channel's share of sales keeps growing, and linking stores to the website supports omnichannel shopping 2.
Weaknesses
- Net sales declined in fiscal 2025 and in the first part of fiscal 2026, and comparable sales remain negative 12.
- The core moderate-income customer cuts spending when costs rise, which makes sales sensitive to the economy 1.
- All stores are in the United States, which means more exposure to the domestic economy than more geographically diversified competitors 1.
Opportunities
- If the gross margin recovery and sales stabilization continue, the company could reinvest in the business and resume share repurchases 3.
- A more balanced product offer and a value focus could attract new customers if the strategy translates into sales 13.
- Growth in digital sales and in third-party marketplace commissions could diversify revenue sources 2.
Threats
- New tariffs or the removal of de minimis thresholds for direct imports could raise merchandise costs and pressure margins 1.
- A downturn in the economy or consumer confidence could reduce store traffic and sales conversion 1.
- Competition from online retailers and warehouse clubs could limit sales growth 1.
Risks
- Sensitivity to domestic consumer spendinghigh
Revenue depends on the strength of the American consumer, and an economic slowdown could reduce sales 1.
- Tariffs and supply chainhigh
Most merchandise is manufactured outside the United States, and new tariffs could reduce margins if they cannot be offset 1.
- Declining comparable salesmedium
Comparable sales fell in fiscal 2025 and in the first part of fiscal 2026, and the 2026 outlook includes a possible decline in net sales 13.
- Omnichannel executionmedium
Integrating stores with the digital channel depends on inventory availability and delivery, and failures could affect results 1.
- Regulation and environmental ruleslow
Compliance costs for ESG, packaging and climate reporting rules could grow over time 1.
Investment thesis
What would need to be true (bull case)
- If gross margin stays at high levels and sales stabilize, operating results could keep improving 23.
- A stronger balance sheet and the restart of share repurchases could support shareholder value if execution holds 3.
- Growth in the digital channel and in accessories could offset weakness in other categories 12.
What would break the thesis
- Part of the margin increase in the second quarter of 2026 came from tariff refunds, which are not assured to recur 2.
- Comparable sales continue to decline, and the fiscal 2026 outlook points to a possible drop in net sales 23.
- Dependence on moderate-income consumers and the U.S. market could make results vulnerable to an economic slowdown 1.
What to watch
- Net sales and adjusted operating margin guidance for fiscal 2026next 10-K
- Trend in comparable sales and store trafficQ3 2026
- Pace of the restarted share repurchase program2026
- Effect of new tariffs and refunds on gross marginQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kohl's Corporation was organized in 1988 and is a Wisconsin corporation. As of January 31, 2026, the company operated 1,153 Kohl's stores and a website. Its merchandise includes both national brands and proprietary brands sold only at Kohl's, such as Apt. 9, Croft & Barrow and Sonoma Goods for Life, according to its annual report 1.
The company notes that proprietary brands generally have lower selling prices but higher gross margins than national brands 1. It relies on nine retail distribution centers and four e-commerce fulfillment centers, with merchandise shipped to stores by contract carriers 1.
Sales are seasonal, with higher levels during back-to-school and holiday periods, so one quarter's results may not indicate full-year results 1. The company says it does not depend on any one supplier 1.
Segments
Market context
Kohl's operates in the highly competitive U.S. retail industry, where product and value are considered the most important competitive factors 1. Its sales depend on moderate-income consumers who are sensitive to the cost of basic necessities 1.
Digital represented 27% of net sales in the second quarter of 2026, compared with 26% a year earlier, a gradual shift of purchases toward online channels 2.
Trends
- Tariffs and refundsmixed
The U.S. Supreme Court struck down certain IEEPA tariffs in February 2026, and Kohl's received tariff refunds in the second quarter of 2026. Over the longer term, new tariffs could raise merchandise costs, and the amount and timing of refunds remain uncertain 13.
- Gross margin improvementtailwind
Inventory management and fewer clearance markdowns supported gross margin in fiscal 2025 1. In the second quarter of 2026 the margin rose sharply, partly due to tariff refunds 2.
- Pressure on moderate-income consumersheadwind
Core moderate-income customers cut discretionary spending when basic costs rise, which could weigh on store traffic and sales 1.
- ESG and environmental regulationheadwind
Growing requirements on chemicals in products, packaging and climate reporting may raise compliance costs and restrict sales in some jurisdictions 1.
Competitive position
The company's primary competitors are online retailers, off-price retailers, warehouse clubs, mass merchandisers, specialty stores and traditional department stores 1. Competitors vary from market to market 1.
The company argues it can differentiate through personalization, loyalty programs and its omnichannel experience, although its efforts to refine the value proposition could affect loyalty among some customers 1.
- Macy'sM
Department store retailer that the company's peers category includes among traditional department stores 1.
- Online retailers
Primary competitors named by the company, competing on convenience and price in the same product categories 1.
- Warehouse clubs
Competitors named by the company, selling everyday products at competitive prices 1.
- Off-price retailers
Competitors named by the company, selling national brands at discounts that customers can compare with Kohl's offer 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Kohl's Q2 Earnings Call HighlightsYahoo Finance — News · 26 Aug 2026 · EN
- Kohl's Q2 2026 earnings: stock falls as sales keep slidingYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Sept 2026
- Current report31 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Aug 2026Other events · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Financial statements and exhibits
- Current report15 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report04 Jun 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Kohl's Corporation · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / Kohl's Corporation · 03 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kohl's Corporation · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.