SEC Form 40-F filed by Gildan Activewear Inc.

2/26/26 8:06:16 AM ET

$GIL

Apparel

Consumer Discretionary

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gil-20251228

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F


☐			Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
Or
☑			Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For Fiscal year ended: December 28, 2025 Commission File number: 01-14830

GILDAN ACTIVEWEAR INC.

(Exact name of registrant as specified in its charter)

Canada

(Province or other jurisdiction of incorporation or organization)

2200, 2250, 2300

(Primary standard industrial classification code number, if applicable)

Not Applicable

(I.R.S. employer identification number, if applicable)

600 de Maisonneuve Boulevard West, Montreal, Quebec, Canada H3A 3J2, (514) 735-2023

(Address and telephone number of registrant’s principal executive office)

Gildan USA LLC, 1980 Clements Ferry Road, Charleston, SC 29492, (843) 606-3600

(Name, address and telephone number of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares	GIL	New York Stock Exchange
Rights to Purchase Common Shares	GIL	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this form:

☑ Annual Information Form ☑ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Common Shares:

185,152,443

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.


Yes þ			No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).


Yes þ			No o

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.


Emerging Growth Company o

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised accounting standards† provided pursuant to Section 13(a) of the Exchange Act o

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicated by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ¨

PRINCIPAL DOCUMENTS

The following documents have been filed as part of the Annual Report on Form 40-F:

A.Management's Discussion and Analysis of Gildan Activewear Inc. (the “Registrant”, “Company” or “us”) for the year ended December 28, 2025.

B. Audited comparative consolidated financial statements of the Registrant as at and for the year ended December 28, 2025, including the report of Independent Registered Public Accounting Firm KPMG LLP, Montreal, Canada, Auditor Firm ID: 85.

C. Annual Information Form of the Registrant for the year ended December 28, 2025.

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

A.Evaluation of disclosure controls and procedures

Our disclosure controls and procedures (as such term is defined in the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

An evaluation was carried out under the supervision of, and with the participation of, our management, including our principal executive officer and our principal financial officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 40-F. For the year ended December 28, 2025, management limited the scope of its evaluation of disclosure controls and procedures (DC&P) to exclude disclosure controls and procedures of HanesBrands LLC ("Hanes"), acquired by the Registrant on December 1, 2025, the results of which are included in the audited annual consolidated financial statements of the Registrant for the year ended December 28, 2025, to the extent Hanes’ disclosure controls and procedures are subsumed by internal controls over financial report (ICFR). The consolidated results of the Registrant for the year ended December 28, 2025 included net sales of $217 million and net loss of $17 million relating to Hanes' results of operations since the date of acquisition. Hanes accounted for approximately $2,470 million of current assets, $3,858 million of non-current assets, $1,078 million of current liabilities, and $1,731 million of non-current liabilities in the Company's audited consolidated statement of financial position as at December 28, 2025.

Based on that evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of such period.

B. Management’s annual report on internal control over financial reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

Our internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

For the year ended December 28, 2025, management limited the scope of its evaluation of internal controls over financial reporting (ICFR) to exclude internal controls over financial reporting of Hanes, acquired by the Registrant on December 1, 2025, the results of which are included in the audited annual consolidated financial statements of the Registrant for the year ended December 28, 2025. The consolidated results of the Registrant for the year ended December 28, 2025 included net sales of $217 million and net loss of $17 million relating to Hanes' results of operations since the date of acquisition. Hanes accounted for approximately $2,470 million of current assets, $3,858 million of non-current assets, $1,078

million of current liabilities, and $1,731 million of non-current liabilities in the Company's audited consolidated statement of financial position as at December 28, 2025.

Under the supervision and with the participation of our principal executive officer and our principal financial officer, management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of December 28, 2025, based on the framework set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on that evaluation, our principal executive officer and our principal financial officer concluded that our internal control over financial reporting was effective as of that date.

C. Attestation of the registered public accounting firm.

KPMG LLP (“KPMG”), an independent registered public accounting firm, that audited and reported on our financial statements attached as Exhibit 99.2 to this Annual Report on Form 40-F, has issued an attestation report on the effectiveness of our internal control over financial reporting as of December 28, 2025. The report is included on page 4 of the financial statements attached as Exhibit 99.2 to this Annual Report on Form 40-F.

D. Changes in internal controls over financial reporting.

There have been no changes that occurred during the period beginning on December 30, 2024 and ended on December 28, 2025 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of certain events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant’s board of directors has determined that it has at least one (1) audit committee financial expert serving on its Audit and Finance Committee. Mr. Ghislain Houle has been determined to be such audit committee financial expert and is independent, as that term is defined by the New York Stock Exchange’s listing standards applicable to the Registrant. The SEC has indicated that the designation of Mr. Houle as an audit committee financial expert does not make Mr. Houle an “expert” for any purpose, impose any duties, obligations or liability on Mr. Houle that are greater than those imposed on members of the Audit and Finance Committee and Board of Directors who do not carry this designation, or affect the duties, obligations or liability of any other member of the Audit and Finance Committee.

CODE OF ETHICS

The Registrant adopted a Code of Ethics (the “Code of Ethics”) that applies to all employees and officers, including its principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics is available at the Registrant’s website, http://www.gildancorp.com, and is available, without charge, in print to any shareholder who requests it.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

In addition to retaining KPMG to report upon the annual consolidated financial statements of the Registrant, the Registrant retained KPMG to provide various audit-related and non-audit services in fiscal 2025. The aggregate fees billed for professional services by KPMG for each of the last two (2) fiscal years, were as follows:

Audit Fees - The aggregate audit fees billed by KPMG were Cdn $6,569,750 for the fiscal year ended December 28, 2025 and Cdn $3,835,250 for the fiscal year ended December 29, 2024. These fees consisted of professional services rendered for the annual audit of the Company’s consolidated financial statements and the quarterly reviews of the Company’s interim financial statements, and services provided in connection with statutory and regulatory filings or engagements, services provided in connection with Canadian bond offerings, and additional audit procedures related to accounting matters. For fiscal 2025, the fees reflect the increase in the scope of the audit resulting from the Hanes acquisition and for merger securities services related to auditor involvement with SEC registration statement on Form F-4 and Form S-8 and the US Offering Memorandum as a result of the Hanes acquisition. The fees for the annual audit of the Company’s

consolidated financial statements include fees relating to KPMG’s audit of the effectiveness of the Company’s internal control over financial reporting.

Audit-Related Fees - The aggregate audit-related fees billed by KPMG were Cdn $482,750 for fiscal 2025 and Cdn $567,250 for fiscal 2024. These services consisted of translation services, ESG assurance, and certification of paid-up capital for Gildan’s subsidiaries.

Tax Fees - The aggregate tax fees billed by KPMG were Cdn $894,000 for fiscal 2025 and Cdn $596,000 for fiscal 2024. These services consisted of tax compliance, including assistance with the preparation and review of tax returns, and the preparation of annual transfer pricing studies.

All other fees - There are no other fees to report under this category for professional services rendered by KPMG for the Registrant.

All fees billed to the Registrant by KPMG in fiscal 2025 were pre-approved by the Registrant’s Audit and Finance Committee pursuant to the procedures and policies set forth in the Audit and Finance Committee mandate and pursuant to applicable legislation. The mandate of the Audit and Finance Committee is available on the Registrant’s website at https://gildancorp.com/en/company/governance/.

In accordance with the Code of Ethics of the Ordre des comptables professionnels agréés du Québec (CPA) independence standards for auditors, the Sarbanes-Oxley Act of 2002 and rules of the U.S. Securities and Exchange Commission, the Company is restricted from engaging its external auditor to provide certain non-audit services to the Company and its subsidiaries, including bookkeeping or other services related to the accounting records or financial statements, information technology services, valuation services, actuarial services, internal audit services, corporate finance services, management functions, human resources functions, legal services and expert services unrelated to the audit. The Company does engage its external auditor from time to time to provide certain non-audit services other than the restricted services. All non-audit services must be specifically pre-approved by the Audit and Finance Committee.

In fiscal 2025, the Company’s Audit and Finance Committee did not approve any audit-related, tax or other services pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

CONTRACTUAL AND OTHER OBLIGATIONS

See page 38 of Exhibit 99.1 under the caption “Off-balance sheet arrangements and maturity analysis of contractual obligations”, which is incorporated by reference herein.

CORPORATE GOVERNANCE PRACTICES

The Registrant has adopted Corporate Governance Guidelines as well as mandates for its board of directors and each of its three committees which are available at the Registrant’s Internet website, https://gildancorp.com/en/company/governance/, and are available in print to any shareholder who requests them. All references in this Annual Report on Form 40-F to websites are inactive textual references, and information contained in or otherwise accessible through the websites mentioned in this Annual Report on Form 40-F does not form part of this Annual Report on Form 40-F.

The Registrant is committed to adopting and adhering to corporate governance practices that either meet or exceed applicable Canadian and U.S. corporate governance standards. As a Canadian reporting issuer with securities listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”), the Registrant complies with all applicable rules adopted by the Canadian Securities Administrators as well as the rules of the U.S. Securities and Exchange Commission giving effect to the provisions of the U.S. Sarbanes-Oxley Act of 2002.

Although many of the NYSE Corporate Governance Standards (the “NYSE Standards”) do not apply to the Registrant, it nevertheless voluntarily complies with most of the NYSE Standards. In fact, the Registrant’s corporate governance practices differ significantly in only one respect from those required of U.S. domestic issuers under the NYSE Standards, which is with respect to the approval of equity compensation plans. The NYSE Standards require shareholder approval of all equity compensation plans and material revisions to such plans, regardless of whether the securities to be delivered under such plans are newly issued or purchased on the open market, subject to a few limited exceptions. The rules of the TSX (the “TSX Rules”), however, do not require shareholder approval in all those circumstances. The Registrant complies with the TSX Rules in this respect, hence, only the creation or material amendments to equity compensation plans that provide for new issuances of securities are subject to shareholder approval. The Registrant has in place plans which did not require the approval of its shareholders under the TSX Rules but which could have required the approval of its shareholders under the NYSE Standards as applicable to U.S. domestic issuers.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately-designated standing audit committee, known as the Audit and Finance Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Registrant's Audit and Finance Committee are Mr. Ghislain Houle, Ms. Karen Stuckey, and Mr. Michener Chandlee. Please refer to the section of our Annual Information Form entitled "Audit and Finance Committee Disclosure", incorporated by reference herein, for additional information.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A. Undertaking

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities in relation to which the obligation to file an annual report on Form 40-F arises or transactions in such securities.

B. Consent to Service of Process

The Registrant has previously filed with the SEC a written irrevocable consent and power of attorney on Form F-X in connection with the Class A Subordinate Voting Shares (now Common Shares).

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

DATED: February 26, 2026

GILDAN ACTIVEWEAR INC.

/s/ Rob Assal

Name: Rob Assal

Title: Executive Vice-President, Chief Legal and Administrative Officer and Corporate Secretary

EXHIBIT INDEX


Exhibit No.			Description


97.1			Clawback Policy
99.1			Management’s Discussion and Analysis of the Registrant for the year ended December 2 8 , 202 5
99.2			Audited comparative consolidated financial statements of the Registrant as at and for the year ended December 2 8 , 20 25
99.3			Annual Information Form of the Registrant for the year ended December 2 8 , 20 25
99.4			Consent of KPMG LLP
99.5			Officers’ Certifications Required by Rule 13a-14(a) or Rule 15d-14(a)
99.6			Officers’ Certifications Required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
101			XBRL Instance Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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Date	Price Target	Rating	Analyst
10/20/2025	$63.00	Buy → Neutral	Citigroup
8/5/2025	$61.00	Outperform	RBC Capital Mkts
4/28/2025	$51.00	Overweight	Barclays
1/10/2025	$50.00 → $60.00	Neutral → Buy	UBS
8/2/2024		Hold → Buy	Stifel
1/5/2024		Buy → Neutral	UBS
12/7/2023		Buy → Hold	Edward Jones
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SEC Form 40-F filed by Gildan Activewear Inc.

2/26/26 8:06:16 AM ET

$GIL

Apparel

Consumer Discretionary

Get the next $GIL alert in real time by email

gil-20251228

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F


☐			Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
Or
☑			Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For Fiscal year ended: December 28, 2025 Commission File number: 01-14830

GILDAN ACTIVEWEAR INC.

(Exact name of registrant as specified in its charter)

Canada

(Province or other jurisdiction of incorporation or organization)

2200, 2250, 2300

(Primary standard industrial classification code number, if applicable)

Not Applicable

(I.R.S. employer identification number, if applicable)

600 de Maisonneuve Boulevard West, Montreal, Quebec, Canada H3A 3J2, (514) 735-2023

(Address and telephone number of registrant’s principal executive office)

Gildan USA LLC, 1980 Clements Ferry Road, Charleston, SC 29492, (843) 606-3600

(Name, address and telephone number of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares	GIL	New York Stock Exchange
Rights to Purchase Common Shares	GIL	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this form:

☑ Annual Information Form ☑ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Common Shares:

185,152,443


Yes þ			No o


Yes þ			No o

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.


Emerging Growth Company o

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

PRINCIPAL DOCUMENTS

The following documents have been filed as part of the Annual Report on Form 40-F:

A.Management's Discussion and Analysis of Gildan Activewear Inc. (the “Registrant”, “Company” or “us”) for the year ended December 28, 2025.

C. Annual Information Form of the Registrant for the year ended December 28, 2025.

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

A.Evaluation of disclosure controls and procedures

Based on that evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of such period.

B. Management’s annual report on internal control over financial reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

million of current liabilities, and $1,731 million of non-current liabilities in the Company's audited consolidated statement of financial position as at December 28, 2025.

C. Attestation of the registered public accounting firm.

D. Changes in internal controls over financial reporting.

AUDIT COMMITTEE FINANCIAL EXPERT

CODE OF ETHICS

PRINCIPAL ACCOUNTANT FEES AND SERVICES

consolidated financial statements include fees relating to KPMG’s audit of the effectiveness of the Company’s internal control over financial reporting.

All other fees - There are no other fees to report under this category for professional services rendered by KPMG for the Registrant.

In fiscal 2025, the Company’s Audit and Finance Committee did not approve any audit-related, tax or other services pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

CONTRACTUAL AND OTHER OBLIGATIONS

See page 38 of Exhibit 99.1 under the caption “Off-balance sheet arrangements and maturity analysis of contractual obligations”, which is incorporated by reference herein.

CORPORATE GOVERNANCE PRACTICES

IDENTIFICATION OF THE AUDIT COMMITTEE

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A. Undertaking

B. Consent to Service of Process

The Registrant has previously filed with the SEC a written irrevocable consent and power of attorney on Form F-X in connection with the Class A Subordinate Voting Shares (now Common Shares).

SIGNATURES

DATED: February 26, 2026

GILDAN ACTIVEWEAR INC.

/s/ Rob Assal

Name: Rob Assal

Title: Executive Vice-President, Chief Legal and Administrative Officer and Corporate Secretary

EXHIBIT INDEX


Exhibit No.			Description


97.1			Clawback Policy
99.1			Management’s Discussion and Analysis of the Registrant for the year ended December 2 8 , 202 5
99.2			Audited comparative consolidated financial statements of the Registrant as at and for the year ended December 2 8 , 20 25
99.3			Annual Information Form of the Registrant for the year ended December 2 8 , 20 25
99.4			Consent of KPMG LLP
99.5			Officers’ Certifications Required by Rule 13a-14(a) or Rule 15d-14(a)
99.6			Officers’ Certifications Required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code
101			XBRL Instance Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Get the next $GIL alert in real time by email

Recent Analyst Ratings for

$GIL

Date	Price Target	Rating	Analyst
10/20/2025	$63.00	Buy → Neutral	Citigroup
8/5/2025	$61.00	Outperform	RBC Capital Mkts
4/28/2025	$51.00	Overweight	Barclays
1/10/2025	$50.00 → $60.00	Neutral → Buy	UBS
8/2/2024		Hold → Buy	Stifel
1/5/2024		Buy → Neutral	UBS
12/7/2023		Buy → Hold	Edward Jones
8/4/2023	$36.00 → $38.00	Hold → Buy	TD Securities

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SEC Form 40-F filed by Gildan Activewear Inc.

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SEC Filings

SEC Form 6-K filed by Gildan Activewear Inc.