Tariff Impact Tracker from Earnings Calls

Our 2025 tariff headwind estimate remains unchanged at $60 million to $80 million with a greater headwind expected in Q4 than the impact in Q3.

Despite the modest impact on our business in the third quarter, the tariff landscape continues to be complicated and dynamic.

Based on recent trade relations, we are likely to enter 2026 with a more favorable tariff environment, alleviating some of the headwinds faced in 2025.

some impact of tariffs on customer psyche and people don't know when to make capital investments or not and people are holding back.

This assumes operational gross margin expansion of 140 basis points due primarily to improvements in AUR, slightly offset by an FX headwind of 20 basis points. Further, we expect to realize a 60 basis point structural tailwind to gross margin from the disposition of Stuart Weitzman. Offsetting these planned margin drivers is a 230 basis point headwind from incremental tariffs and duties.

the impact of higher power pricing in Texas that we are showing is consistent with the sensitivities we have provided in our previous earnings materials and reflect an increase in around-the-clock pricing from the $47 we previously used to $53 per megawatt hour... and tariff impacts on our businesses.

While tariffs had a neutral impact on EPS, they did cause a slight margin dilution in the quarter.

Despite the timing shifts, we still expect healthy underlying growth in Europe, in line with our long-term plan. And we now expect Asia to be up high single to low double digits for both the second half and the full year, up from high single digits previously.

We buy some Stellantis vans that are assembled in Mexico. We buy some General Motors products that are assembled in Mexico or final assembly, but these parts... come from all over the planet.

We're working to get a tariff across the finish line with the Missouri Public Service Commission.