Birkenstock slides 12.9% after Q2 results show margin pressure from FX and tariffs

Birkenstock Holding plc (BIRK) is down 12.9% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied to fiscal Q2 results that came in slightly below expectations and highlighted meaningful gross-margin pressure. While Birkenstock reaffirmed full-year targets, investors may have focused on the near-term profitability hit from currency translation and incremental U.S. tariffs.

Details:

Birkenstock reported fiscal Q2 revenue of €618 million (8% reported growth; 14% constant-currency), with growth across regions and channels but still near the low end of its constant-currency outlook. ([stocktitan.net](https://www.stocktitan.net/news/BIRK/birkenstock-reports-fiscal-second-quarter-2026-results-with-revenue-8yiv9raf0wn3.html))

Gross margin fell to 53.9% (down 380 bps year over year), driven primarily by unfavorable FX translation (about 230 bps), incremental U.S. tariffs (about 90 bps), and channel mix. ([stocktitan.net](https://www.stocktitan.net/news/BIRK/birkenstock-reports-fiscal-second-quarter-2026-results-with-revenue-8yiv9raf0wn3.html))

On the earnings call, management pointed to disruptions and cost pressures tied to conflicts in the Middle East, alongside broader consumer-wallet pressure and inflation concerns. ([fool.com](https://www.fool.com/earnings/call-transcripts/2026/05/13/birkenstock-birk-q2-2026-earnings-transcript/))

Market commentary around the release highlighted a miss versus consensus for both EPS and revenue, which likely amplified the downside move. ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-birkenstock-misses-q2-2026-eps-forecast-stock-dips-93CH-4684677))

Sources:

Birkenstock (press release/SEC filing), Investing.com, The Motley Fool

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$BIRK Hedge Fund Activity

We have seen 142 institutional investors add shares of $BIRK stock to their portfolio, and 149 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

CATTERTON MANAGEMENT COMPANY, L.L.C. removed 15,319,748 shares (-13.4%) from their portfolio in Q1 2026, for an estimated $548,906,570
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 4,368,842 shares (-41.1%) from their portfolio in Q4 2025, for an estimated $178,685,637
AGF MANAGEMENT LTD removed 2,089,320 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $85,453,188
BAMCO INC /NY/ added 1,612,236 shares (+25.4%) to their portfolio in Q4 2025, for an estimated $65,940,452
ROYAL BANK OF CANADA removed 1,510,651 shares (-98.8%) from their portfolio in Q4 2025, for an estimated $61,785,625
UBS GROUP AG added 1,378,132 shares (+149.0%) to their portfolio in Q1 2026, for an estimated $49,378,469
CITADEL ADVISORS LLC removed 1,361,161 shares (-87.6%) from their portfolio in Q4 2025, for an estimated $55,671,484

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$BIRK Analyst Ratings

Wall Street analysts have issued reports on $BIRK in the last several months. We have seen 4 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Telsey Advisory Group issued a "Outperform" rating on 01/13/2026
Stifel issued a "Buy" rating on 12/19/2025
BTIG issued a "Buy" rating on 12/15/2025
Guggenheim issued a "Buy" rating on 12/10/2025

To track analyst ratings and price targets for $BIRK, check out Quiver Quantitative's $BIRK forecast page.

$BIRK Price Targets

Multiple analysts have issued price targets for $BIRK recently. We have seen 9 analysts offer price targets for $BIRK in the last 6 months, with a median target of $56.0.

Here are some recent targets:

Anna Andreeva from Piper Sandler set a target price of $55.0 on 04/27/2026
Peter McGoldrick from Stifel set a target price of $56.0 on 04/22/2026
Mitch Kummetz from Seaport Global set a target price of $52.0 on 04/14/2026
Dana Telsey from Telsey Advisory Group set a target price of $60.0 on 02/13/2026
Janine Stichter from BTIG set a target price of $65.0 on 01/29/2026
Matthew Boss from JP Morgan set a target price of $52.0 on 01/20/2026
Luca Solca from Bernstein set a target price of $50.0 on 01/15/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.