VF Corporation (VFC)

Sweet rally

V.F. Corp shares rally after earnings beat and full-year outlook returns (VFC)May 20, 2026 6:59 AM
IH Market News VF Corporation (NYSE:VFC) shares climbed more than 10% in premarket trading on Wednesday after the owner of Vans and The North Face reported fourth-quarter results that exceeded expectations and reinstated its annual financial guidance, reflecting increasing confidence in the company’s turnaround efforts.The apparel group posted adjusted earnings per share of $0.06, outperforming analyst forecasts that had projected a loss of $0.01 per share. Revenue reached $2.17 billion, rising 1% from a year earlier and coming in above consensus estimates of $2.13 billion. Revenue growth strengthens after Dickies divestment Excluding the Dickies business, which was sold to Bluestar Alliance LLC during the third quarter for approximately $600 million, revenue increased 8% year over year, or 3% on a constant-currency basis.That performance exceeded the company’s own guidance range of flat to 2% constant-currency growth and represented its strongest growth rate in three years on that basis.The North Face delivered particularly strong results, with revenue rising 12% year over year, or 7% in constant currency. Growth was especially robust in the Americas, where sales advanced 17%.Meanwhile, Timberland reported revenue growth of 8% on a reported basis, or 2% in constant currency.“For the first time in three years, we returned to a full year of growth and expect to keep growing in FY’27,” said CEO Bracken Darrell in a statement. “We also significantly expanded margins and reduced our leverage ratio by a full turn vs. LY. In the fourth quarter, we delivered our strongest revenue performance since I joined VF.” Vans remains under pressure despite signs of improvement Vans continued to face challenges, with revenue down 1% on a reported basis and 5% in constant currency.However, the brand returned to growth within its direct-to-consumer business in the Americas, a closely monitored indicator for investors tracking the recovery of the label.Across the wider Americas region, revenue increased 2% year over year, or 10% in constant currency excluding Dickies, marking the strongest regional growth since the first quarter of fiscal 2023.Adjusted operating income excluding Dickies reached $54 million, comfortably above the company’s guidance range of between $10 million and $30 million. Company reinstates fiscal 2027 guidance Looking ahead, V.F. Corp forecast constant-currency revenue growth of 1% to 2% for fiscal 2027.The company also projected an adjusted operating margin of approximately 8% and said free cash flow is expected to remain flat or improve compared with the $405 million generated last year.VF Corporation stock price Original: V.F. Corp shares rally after earnings beat and full-year outlook returns (VFC)

VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With Expanded Margins and Reduced DebtMay 20, 2026 6:00 AM
Business Wire Delivered another quarter of revenue growth in Q4'26, led by the Americas region Vans® Americas Direct-to-Consumer (DTC) returned to growth Reinstates annual guidance effective FY'27: expects another year of growth and ~8% adjusted operating margin VF Corporation (NYSE: VFC) today reported financial results for its fourth quarter (Q4'26) ended March 28, 2026, and the Company's Board of Directors authorized a quarterly per share dividend of $0.09. These financial results are also reflected in a presentation available on the Investor Relations website at ir.vfc.com. Bracken Darrell, President and CEO, said: “For the first time in three years, we returned to a full year of growth and expect to keep growing in FY'27. We also significantly expanded margins and reduced our leverage ratio by a full turn vs. LY. In the fourth quarter, we delivered our strongest revenue performance since I joined VF. Both The North Face® and Timberland® continued to deliver global growth. Vans® is starting to show momentum with a return to growth in Americas DTC for the first time in over four years. We remain on track to achieve our medium-term targets, an exit run rate of 10% operating margin in FY'28 and a leverage ratio of 2.5x or lower by FY'28. This has been a strong year for VF and I'm excited about the momentum we are building.” Disclosed Q4’26 and FY'26 figures are shown on both reported and adjusted excluding Dickies® (“ex Dickies®”) bases Returned to growth for the full year in FY'26 with expanding margins and reduced debt Revenue +1% vs. LY Revenue ex Dickies® +4% vs. LY or +1% C$ Recall Dickies® was sold during Q3'26 FY'26 gross margin (GM) of 54.8%, up 130 bps vs. LY Adjusted GM ex Dickies® of 55.2%, up 110 bps vs. LY FY'26 operating income (OI) of $577M and operating margin (OM) of 6.0%, up 280 bps vs. LY Adjusted OI ex Dickies® of $650M and adjusted OM ex Dickies® of 7.0%, up 110 bps vs. LY FY'26 free cash flow1 of $405M, up over $90M vs. LY FYE'26 leverage ratio of 3.1x vs. LY of 4.1x, and vs. FYE'24 of 5.1x Q4’26 revenue growth driven by momentum in the Americas; Q4’26 OI ahead of guidance Revenue +1% vs. LY Revenue ex Dickies® +8% vs. LY or +3% C$, ahead of guidance of flat to +2% C$ vs. LY Strongest revenue performance in three years (C$, ex Dickies®) Americas region +2% vs. LY; ex Dickies® +10% C$, the region's highest growth since Q1'23 The North Face® +12% vs. LY or +7% C$, with the Americas +17% vs. LY or +16% C$ Vans® (1%) vs. LY or (5%) C$, with a return to growth in Americas DTC Timberland® +8% vs. LY or +2% C$ Q4'26 OI of $62M Adjusted OI ex Dickies® of $54M, ahead of guidance of $10M to $30M; normalized2 OI within guidance range Reinstating annual guidance effective FY'27 with continued growth and expanding margins Revenue +1% to +2% C$ vs. LY3 Adjusted OM of approximately 8% Free cash flow flat to up vs. LY1 of $405M FYE'27 leverage ratio of 2.6x to 2.9x 1 Excludes $100M net impact of pension termination in FY'26
2 Normalized for tariff receivable and offsetting charges, including restructuring costs
3 Revenue performance excludes Dickies® in FY'26 Webcast Information VF management will host its fourth quarter Fiscal 2026 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location. Dividend Declared VF’s Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on June 18, 2026, to shareholders of record at the close of business on June 10, 2026. About VF VF Corporation is a portfolio of leading outdoor and active brands, including The North Face®, Vans®, and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com. Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This release refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” or “constant currency” amounts are the same, and amounts will be as “reported” unless otherwise specified. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations - Supreme.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to results “excluding Dickies®” and “Adjusted excluding Dickies”, which are described under the heading “Dickies Divestiture”. This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charges, Pension Excise Tax and Non-cash Impairment Charge”. Unless otherwise noted, “reported” and “adjusted” amounts are the same. VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. This release refers to VF's fourth quarter of Fiscal 2026 as Q4'26, and similarly Q4'25 denotes VF's fourth quarter of Fiscal 2025, etc. VF defines “free cash flow” as cash flow from continuing operations less capital expenditures and software purchases and defines “net debt” as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per VF's consolidated balance sheet and defines “leverage” as net debt to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes operating lease cost. See the supplemental financial information included with this release for a calculation of adjusted EBITDA, including a reconciliation to the nearest U.S generally accepted accounting principles (“GAAP”) financial measure. Change in Reportable Segments VF realigned its reportable segments in the first quarter of Fiscal 2026. VF's updated reportable segments are Outdoor and Active. We have included an “All Other” category for the remaining operating segments that do not meet the quantitative threshold to be disclosed as a separate reportable segment. VF's financial results in this release reflect the new segments for all periods presented. Dickies Divestiture On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies® brand business (“Dickies”) and on November 12, 2025, VF completed the sale of Dickies. “Reported” amounts present VF's Fiscal 2026 results in accordance with GAAP and include Dickies results in continuing operations through the date of sale, as the Dickies sale did not qualify for discontinued operations presentation under GAAP. References to results “excluding Dickies®” and “Adjusted excluding Dickies” exclude the results of Dickies for all periods presented. VF believes this non-GAAP presentation provides investors with useful information regarding VF’s current business trends and performance of VF’s operations, post the closing of the sale of Dickies. Discontinued Operations - Supreme On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement with EssilorLuxottica S.A. to sell the Supreme® brand business (“Supreme”). On October 1, 2024, VF completed the sale of Supreme. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented, through the date of sale. Constant Currency - Excluding the Impact of Foreign Currency This release refers to “reported” amounts in accordance with GAAP, which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both “constant dollar” and “constant currency” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charges, Pension Excise Tax and Non-cash Impairment Charge The adjusted amounts in this release exclude costs related to Reinvent, VF's transformation program. Costs, including restructuring charges and project-related costs, were approximately ($8) million in the fourth quarter of Fiscal 2026 and $44 million in Fiscal 2026. The adjusted amounts in this release exclude transaction and deal related activities associated with the divestiture of Dickies, including expenses and the final pre-tax gain on sale. Total transaction and deal related activities included expenses of approximately $10 million in Fiscal 2026 and a final pre-tax gain on sale of approximately $127 million in Fiscal 2026, which included a reduction to the gain to reflect working capital adjustments of approximately $12 million in the three months ended March 2026. The adjusted amounts in this release exclude non-cash pension settlement charges of approximately $158 million in the fourth quarter of Fiscal 2026 and $192 million in Fiscal 2026. The pension settlement charges related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026. The adjusted amounts in this release exclude pension excise tax of approximately $25 million in the fourth quarter of Fiscal 2026 and in Fiscal 2026, related to the termination of the U.S. qualified plan. The adjusted amounts in this release exclude a non-cash impairment charge related to the Napapijri reporting unit goodwill of approximately $31 million in Fiscal 2026. Combined, the above items negatively impacted earnings per share by $0.30 during the fourth quarter of Fiscal 2026 and $0.20 during Fiscal 2026. All adjusted amounts referenced herein exclude the effects of these amounts. Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company's control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking Statements Certain statements included in this release are “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF’s expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. Words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto, are forward-looking statements. Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel, footwear, equipment, and accessories; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs and geopolitical conflicts; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF’s ability to maintain the image and value of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; fluctuations in sales and operating income due to the seasonal nature of its business; retail industry changes and challenges; VF's ability to execute its turnaround program, “The VF Way” operating principles, and other business priorities, including measures to grow revenue and expand margins, streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of VF or third parties on which it relies to maintain the strength and security of information technology systems; the fact that VF’s facilities and systems, and those of third parties on which it relies, are frequent targets of cyberattacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyberattacks, could result in data or financial loss, reputational harm, business disruption, damage to VF’s relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; VF’s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of VF’s vendors' manufacturing facilities and VF's ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; actions of activist and other shareholders; VF’s ability to recruit, develop or retain key executive or employee talent or successfully transition executives; changes in the availability and cost of labor; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; VF’s ability to execute, and realize benefits, successfully, or at all, from the completed sale of the Dickies® brand; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, or a U.S. federal government shutdown; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; VF’s indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; VF’s ability to pay and declare dividends or repurchase its stock in the future; climate risks and increased focus on environmental, social and governance issues; VF’s ability to execute on its sustainability strategy and achieve its sustainability-related targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; litigation, regulatory proceedings, or any other claims asserted against VF; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed or furnished with the U.S. Securities and Exchange Commission (SEC), including VF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Forms 8-K. VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2026 (Unaudited) (In thousands, except per share amounts) Three Months Ended March 2026   As Reported under GAAP   Reinvent (a)   Impairment, Pension Settlement Charges and Pension Excise Tax (b)   Transaction and Deal Related Activities (c)   Adjusted   Less: Adjusted Contribution from Dickies (d)   Adjusted Excluding Dickies Revenues   $ 2,166,034     $ —     $ —   $ —     $ 2,166,034     $ —   $ 2,166,034   Gross profit     1,221,928       —       —     —       1,221,928       —     1,221,928   Percent     56.4 %                 56.4 %         56.4 % Selling, general and administrative expenses     1,160,424       7,634       —     —       1,168,058       —     1,168,058   Percent     53.6 %                 53.9 %         53.9 % Operating income     61,504       (7,634 )     —     —       53,870       —     53,870   Percent     2.8 %                 2.5 %         2.5 % Diluted loss per share from continuing operations (e)     (0.30 )     (0.01 )     0.29     0.03       0.00       0.00     0.00                                 Twelve Months Ended March 2026   As Reported under GAAP   Reinvent (a)   Impairment, Pension Settlement Charges and Pension Excise Tax (b)   Transaction and Deal Related Activities (c)   Adjusted   Less: Adjusted Contribution from Dickies (d)   Adjusted Excluding Dickies Revenues   $ 9,605,207     $ —     $ —   $ —     $ 9,605,207     $ 309,255   $ 9,295,952   Gross profit     5,261,715       4,257       —     —       5,265,972       136,662     5,129,310   Percent     54.8 %                 54.8 %         55.2 % Selling, general and administrative expenses     4,654,430       (39,473 )     —     (10,194 )     4,604,763       125,428     4,479,335   Percent     48.5 %                 47.9 %         48.2 % Operating income     576,569       43,730       30,716     10,194       661,209       11,235     649,974   Percent     6.0 %                 6.9 %         7.0 % Diluted earnings per share from continuing operations (e)     0.64       0.08       0.43     (0.32 )     0.84       0.02     0.82   Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, were ($7.6) million and $43.7 million in the three and twelve months ended March 2026, respectively. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF's transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF's stock price through June 2027. Expenses related to the contract, including contingent fees, were ($4.1) million and $21.2 million in the three and twelve months ended March 2026, respectively. Reinvent resulted in a net tax expense of $1.8 million and a net tax benefit of $10.0 million in the three and twelve months ended March 2026, respectively. The Company incurred $205.0 million in total restructuring charges in connection with Reinvent. Substantially all restructuring actions were completed at the end of the first quarter of Fiscal 2026. Total fees associated with the contract with the consulting firm could be up to $146.0 million, with $75.0 million of the fees contingent on increases to VF’s stock price through June 2027. (b) VF recognized a non-cash impairment charge related to the Napapijri reporting unit goodwill of $30.7 million during the twelve months ended March 2026. Non-cash pension settlement charges of $158.1 million and $192.1 million were recorded in the other income (expense), net line item during the three and twelve months ended March 2026, respectively, related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026. Pension excise tax of $25.1 million was recorded in the other income (expense), net line item during the three and twelve months ended March 2026, related to the termination of the U.S. qualified plan. The impairment, pension settlement charges and pension excise tax resulted in a net tax benefit of $68.9 million and $78.3 million in the three and twelve months ended March 2026, respectively. (c) Transaction and deal related activities include costs associated with the divestiture of Dickies, which totaled $10.2 million for the twelve months ended March 2026. Additionally, the activities include a working capital adjustment of $11.9 million as a reduction to the pre-tax gain on sale related to the divestiture of Dickies and a $127.2 million final pre-tax gain on sale related to Dickies, which were recorded in the other income (expense), net line item in the Consolidated Statements of Operations in the three and twelve months ended March 2026, respectively. The transaction and deal related activities resulted in a net tax benefit of $1.8 million and $7.7 million in the three and twelve months ended March 2026, respectively. (d) The “Adjusted Contribution from Dickies” column represents the operating results of Dickies for the twelve months ended March 2026 on an adjusted basis. This column excludes transaction and deal related costs as described above. The adjusted contribution from Dickies resulted in a net tax expense of $3.3 million for the twelve months ended March 2026. (e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings (loss) per share impacts were calculated using 391,371,000 and 395,875,000 weighted average common shares for the three and twelve months ended March 2026, respectively. Non-GAAP Financial Information The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, an impairment charge, pension settlement charges, pension excise tax, and transaction and deal related activities, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provides non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations. Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company's results of operations only in conjunction with the corresponding GAAP measures. VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months Ended March 2026 (Unaudited) (In thousands, except per share amounts)     Twelve Months Ended March 2026 Operating income - as reported under GAAP   $ 576,569   Adjustments to operating income:     Reinvent (a)     43,730   Impairment charge (b)     30,716   Transaction and deal related activities (c)     10,194   Adjusted operating income     661,209   Other income (expense), net - as reported under GAAP     (86,608 ) Adjustments to other income (expense), net:     Reinvent (d)     (531 ) Pension settlement charges and pension excise tax (e)     217,156   Transaction and deal related activities (f)     (127,211 ) Adjusted other income (expense), net     2,806   Depreciation, amortization and other asset write-downs - as reported     280,529   Adjustments to depreciation, amortization and other asset write-downs:     Reinvent (g)     (2,837 ) Transaction and deal related activities (h)     (10,079 ) Adjusted depreciation, amortization and other asset write-downs     267,613   Operating lease cost     411,339   Adjusted EBITDA   $ 1,342,967   Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, which totaled $43.7 million. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF's transformation journey. (b) Non-cash impairment charge related to the Napapijri reporting unit goodwill of $30.7 million. (c) Transaction and deal related activities include costs associated with the divestiture of Dickies, which totaled $10.2 million. (d) Curtailment gains of $0.5 million, related to Reinvent, recorded within the other income (expense), net line item related to employee exits from an international plan resulting from restructuring actions. (e) Non-cash pension settlement charges of $192.1 million and pension excise tax of $25.1 million were recorded in the other income (expense), net line item related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026. (f) Transaction and deal related activities include the final pre-tax gain related to the divestiture of Dickies of $127.2 million, which was recorded in the other income (expense), net line item. (g) Asset impairments and write-downs of $2.8 million related to Reinvent. (h) Asset impairments and write-downs of $10.1 million associated with the divestiture of Dickies. Non-GAAP Financial Information The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of Reinvent, an impairment charge, pension settlement charges, pension excise tax, transaction and deal related activities, depreciation, amortization and other asset write-downs, and operating lease cost. The adjusted presentation and adjusted EBITDA provide non-GAAP measures. Management uses these measures in calculating VF’s net debt leverage ratio, which is a key ratio used by management, investors and rating agencies to assess our ability to meet our debt obligations. While management believes these non-GAAP financial measures are useful for the above purpose, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. Three Months Ended March 2025   As Reported under GAAP   Reinvent (a)   Impairment Charges (b)   Transaction and Deal Related Activities (c)   Adjusted   Less: Adjusted Contribution from Dickies (d)   Adjusted Excluding Dickies Revenues   $ 2,143,771   $ —   $ —   $ —   $ 2,143,771   $ 139,272   $ 2,004,499 Gross profit   1,142,456   1,560   —   —   1,144,016   60,741   1,083,275 Percent   53.3%               53.4%       54.0% Selling, general and administrative expenses   1,177,101   (54,674)   —   —   1,122,427   55,134   1,067,293 Percent   54.9%               52.4%       53.2% Operating income (loss)   (72,887)   56,234   38,242   —   21,589   5,607   15,982 Percent   (3.4%)               1.0%       0.8% Diluted earnings (loss) per share from continuing operations (e)   (0.39)   0.16   0.10   0.00   (0.13)   0.01   (0.14)                               Twelve Months Ended March 2025   As Reported under GAAP   Reinvent (a)   Impairment Charges (b)   Transaction and Deal Related Activities (c)   Adjusted   Less: Adjusted Contribution from Dickies (d)   Adjusted Excluding Dickies Revenues   $ 9,504,691   $ —   $ —   $ —   $ 9,504,691   $ 542,065   $ 8,962,626 Gross profit   5,083,865   1,972   —   —   5,085,837   233,467   4,852,370 Percent   53.5%               53.5%       54.1% Selling, general and administrative expenses   4,690,850   (160,672)   —   (490)   4,529,688   206,738   4,322,950 Percent   49.4%               47.7%       48.2% Operating income   303,773   162,644   89,242   490   556,149   26,730   529,419 Percent   3.2%               5.9%       5.9% Diluted earnings per share from continuing operations (e)   0.18   0.36   0.20   0.00   0.74   0.06   0.67 Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, were $56.2 million and $162.6 million in the three and twelve months ended March 2025, respectively. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF's transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF's stock price through June 2027. Expenses related to the contract, including contingent fees, were $16.4 million and $76.4 million in the three and twelve months ended March 2025, respectively. Reinvent resulted in a net tax expense of $5.5 million and a net tax benefit of $21.2 million in the three and twelve months ended March 2025, respectively. (b) VF recognized a non-cash goodwill impairment charge related to the Icebreaker reporting unit of $38.2 million during the three months ended March 2025. During the twelve months ended March 2025, VF recognized non-cash impairment charges related to the Dickies indefinite-lived trademark intangible asset and Icebreaker reporting unit goodwill of $51.0 million and $38.2 million, respectively. The impairment charges resulted in a net tax benefit of $10.5 million in the twelve months ended March 2025. Because Dickies is not considered a discontinued operation, the impairment is considered an adjustment to derive the Adjusted non-GAAP measure. (c) Transaction and deal related activities reflect activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling®, Eastpak® and JanSport® brands, which totaled $0.5 million for the twelve months ended March 2025. The transaction and deal related activities resulted in a net tax benefit of $0.1 million in the twelve months ended March 2025. (d) The “Adjusted Contribution from Dickies” column represents the operating results of Dickies for the three and twelve months ended March 2025 on an adjusted basis. This column excludes a non-cash impairment charge as described above. The adjusted contribution from Dickies resulted in a net tax expense of $1.5 million and $5.6 million for the three and twelve months ended March 2025, respectively. (e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings (loss) per share impacts were calculated using 389,605,000 and 392,571,000 weighted average common shares for the three and twelve months ended March 2025, respectively. Non-GAAP Financial Information The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, impairment charges and transaction and deal related activities, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provides non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations. Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company's results of operations only in conjunction with the corresponding GAAP measures. VF CORPORATION Supplemental Financial Information Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands, except per share amounts)     Three Months Ended March 2026     As Reported
under GAAP   Adjust for Foreign           Currency Exchange   Constant Currency Revenues:             Outdoor segment   $ 1,339,839     $ (66,250 )   $ 1,273,589   Active segment     588,695       (25,342 )     563,353   All Other     237,500       (12,059 )     225,441   Total revenues   $ 2,166,034     $ (103,651 )   $ 2,062,383   Segment profit (loss):             Outdoor segment   $ 175,004     $ (11,158 )   $ 163,846   Active segment     (14,921 )     (2,096 )     (17,017 ) Total segment profit     160,083       (13,254 )     146,829   Corporate and other expenses (a)     (321,613 )     1,077       (320,536 ) Interest expense, net     (26,803 )     (825 )     (27,628 ) “All Other” profit     25,004       (1,232 )     23,772   Loss from continuing operations before income taxes   $ (163,329 )   $ (14,234 )   $ (177,563 ) Diluted net loss per share change from continuing operations     21 %     (8 %)     13 % (a) A reduction to the gain on the sale of Dickies to reflect final working capital adjustments of $11.9 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended March 2026. In addition, pension settlement charges of $158.1 million and excise taxes of $25.1 million related to the termination of the U.S. qualified plan were recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended March 2026. Constant Currency Financial Information VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses. To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period). These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies. VF CORPORATION Supplemental Financial Information Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands, except per share amounts)     Twelve Months Ended March 2026     As Reported
under GAAP   Adjust for Foreign
Currency Exchange             Constant Currency Revenues:             Outdoor segment   $ 5,741,792     $ (169,273 )   $ 5,572,519   Active segment     2,720,967       (66,627 )     2,654,340   All Other     1,142,448       (30,554 )     1,111,894   Total revenues   $ 9,605,207     $ (266,454 )   $ 9,338,753   Segment profit:             Outdoor segment   $ 841,200     $ (29,973 )   $ 811,227   Active segment     103,043       (8,354 )     94,689   Total segment profit     944,243       (38,327 )     905,916   Impairment of goodwill     (30,716 )     —       (30,716 ) Corporate and other expenses (a)     (511,815 )     2,094       (509,721 ) Interest expense, net     (148,743 )     (2,298 )     (151,041 ) “All Other” profit     88,249       (3,335 )     84,914   Income from continuing operations before income taxes   $ 341,218     $ (41,866 )   $ 299,352   Diluted earnings per share change from continuing operations     265 %     (52 %)     213 % (a) A final pre-tax gain on the sale of Dickies of $127.2 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the twelve months ended March 2026. In addition, pension settlement charges of $192.1 million and excise taxes of $25.1 million related to the termination of the U.S. qualified plan were recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the twelve months ended March 2026. Constant Currency Financial Information VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses. To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period). These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520906959/en/ Investor Contact:
Allegra Perry
ir@vfc.com Media Contact:
Colin Wheeler
corporate_communications@vfc.com Original: VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With Expanded Margins and Reduced Debt

VF Corporation Announces Fourth Quarter Fiscal 2026 Earnings and Conference Call DateApril 29, 2026 4:30 PM
Business Wire
VF Corporation (NYSE: VFC) plans to release its fourth quarter fiscal 2026 financial results on Wednesday, May 20th, 2026 at approximately 6:00 a.m. ET. Following the release, VF management will host a conference call at approximately 8:00 a.m. ET to review results.


The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.


About VF


VF Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face®, Vans®, and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429321077/en/
Investor Contact:

Allegra Perry

ir@vfc.com


Media Contact:

Colin Wheeler

corporate_communications@vfc.com


Original: VF Corporation Announces Fourth Quarter Fiscal 2026 Earnings and Conference Call Date

VF Corporation conclut un partenariat avec Nedap pour assurer une visibilité complète des stocks dans l'ensemble de ses magasins à l'échelle mondialeApril 21, 2026 9:28 AM
PR Newswire (Canada)

GROENLO, Pays-Bas, 21 avril 2026 /CNW/ - Nedap (AMS:NEDAP), leader de la visibilité des stocks au niveau des articles, annonce aujourd'hui un partenariat avec VF Corporation (NYSE : VFC), un chef de file mondial de l'habillement, de la chaussure et de l'équipement dont le portefeuille de marques emblématiques de mode de vie actif et de plein air comprend The North Face®, Vans® et Timberland®. Dans le cadre de cette collaboration, VF Corporation déploiera le moteur d'inventaire Nedap dans l'ensemble de son portefeuille de marques et de plus de 1 500 magasins, créant ainsi une base plus solide pour une visibilité complète des stocks et des opérations de détail plus fluides et axées sur les données.
Le déploiement commence au deuxième trimestre 2026 avec The North Face et s'étendra aux autres marques VF. Avec des marques ancrées dans la performance, un design soigné et l'innovation, VF sert les consommateurs du monde entier dans les segments plein air, vie active et vêtements de travail.Création d'une vue unifiée des stocks
Le partenariat appuie l'ambition de VF de créer une vue unique des stocks fondée sur un instantané fiable des stocks dans l'ensemble de ses activités. Avec le moteur d'inventaire Nedap, VF vise à améliorer l'exactitude des stocks, à améliorer la disponibilité des produits et à renforcer les performances omnicanales dans toutes les régions.En plus du déploiement en magasin, VF a étendu l'initiative à ses canaux de distribution pour améliorer la visibilité et soutenir les efforts visant à répondre aux activités des marchés gris et à renforcer la protection de la marque.« Nos consommateurs s'attendent au même niveau de disponibilité de produits et de services, qu'ils fassent leurs achats en ligne, en magasin ou par l'intermédiaire de nos points de contact de marque », explique Carsten Trenz, vice-président du numérique chez VF Corporation. « Une visibilité unifiée dans l'ensemble de nos activités nous permet d'assurer cette cohérence et de fidéliser la clientèle sur le long terme. »Hope Waldron, vice-présidente de la stratégie de la chaîne d'approvisionnement, VF Corporation, ajoute : « L'élargissement de notre programme RFID au-delà des magasins pour inclure les centres de distribution et les fournisseurs partenaires à la source nous donne une plus grande transparence dans l'ensemble de notre chaîne d'approvisionnement. Cette visibilité renforce notre capacité à assurer la disponibilité des produits, à renforcer la protection de la marque et à offrir une expérience client plus uniforme. »Pourquoi VF a choisi Nedap
VF a choisi Nedap à la suite d'un projet pilote couronné de succès utilisant une solution alternative, après quoi l'entreprise a réévalué ses exigences à long terme en matière d'évolutivité, d'architecture et de soutien mondial. Nedap a été choisi sur la base :de l'architecture de plateforme la plus robuste, novatrice et à l'épreuve du tempsde la capacité éprouvée à guider et à conseiller des organisations dans le cadre de déploiements complexes à grande échelled'une communauté d'utilisateurs qui favorise l'amélioration continue et l'innovation partagée entre les principaux détaillants« Dans le secteur de la vente au détail d'aujourd'hui, le commerce unifié ne fonctionne que lorsque les marques peuvent compter sur une source unique et fiable pour leurs stocks », explique Hilbert Dijkstra, directeur général, vente au détail, Nedap. « La décision de VF d'investir dans la visibilité de bout en bout reflète une vision claire de l'avenir : la capacité de servir les consommateurs de façon fluide, quel que soit le canal. Grâce à l'innovation continue de notre plateforme, nous aidons VF à fonctionner avec confiance, agilité et précision. »Nedap dans le commerce de détail
Nedap permet aux détaillants de transformer le mouvement des stocks en renseignements en temps réel et en résultats concrets. Notre moteur d'inventaire relie le mouvement des articles entre les magasins, les centres de distribution et les usines, créant ainsi une vue fiable des stocks pour l'ensemble de la chaîne de détail. Basé sur des normes ouvertes et recevant la confiance des plus grandes marques mondiales, notre moteur fournit des renseignements exploitables qui augmentent la disponibilité, améliorent l'efficacité et préviennent les pertes. Avec des dizaines de milliers de magasins en ligne, Nedap fournit en temps réel les fondements qui maintiennent le commerce unifié en mouvement.À propos de Nedap N.V.
Nedap est un chef de file de la technologie des jumeaux numériques, qui relie les mondes physique et numérique des soins de santé, du bétail, du commerce de détail et de la sécurité. Grâce à notre philosophie « La technologie au service de la vie », nous créons des solutions durables et avant-gardistes qui aident les particuliers et les entreprises à réussir dans un monde en constante évolution.Nedap compte plus de 1 000 employés et exerce ses activités à l'échelle mondiale. La société a été fondée en 1929 et est cotée sur Euronext Amsterdam depuis 1947. Son siège social est situé à Groenlo, aux Pays-Bas.À propos de VF Corporation
VF Corporation est un portefeuille de grandes marques de plein air et de vie active, notamment The North Face®, Vans® et Timberland®. VF s'engage à fournir aux consommateurs des produits novateurs ancrés dans la performance et un design soigné, tout en offrant une valeur durable et à long terme à ses employés, à ses communautés et à ses actionnaires. Pour plus d'informations, visitez vfc.com.Pour plus d'informations, veuillez contacter : 
Ilse Protsman
Responsable des communications marketing
Nedap+31 6 55 41 51 67
www.linkedin.com/in/ilse-protsman/
ilse.protsman@nedap.com
www.nedap-retail.comPhoto - https://mma.prnewswire.com/media/2960231/VF_Corporation_Nedap_Inc.jpg 
Logo - https://mma.prnewswire.com/media/2685493/Nedap__Logo.jpgSOURCE Nedap Inc.

Original: VF Corporation conclut un partenariat avec Nedap pour assurer une visibilité complète des stocks dans l'ensemble de ses magasins à l'échelle mondiale

VF Corporation enters partnership with Nedap to unlock end-to-end inventory visibility across its global store estateApril 21, 2026 3:00 AM
PR Newswire (US)

GROENLO, The Netherlands, April 21, 2026 /PRNewswire/ -- Nedap (AMS:NEDAP), a leader in item-level inventory visibility, today announced a partnership with VF Corporation (NYSE: VFC), a global leader in apparel, footwear and equipment whose portfolio of iconic active and outdoor lifestyle brands includes The North Face®, Vans® and Timberland®. As part of the collaboration, VF Corporation will deploy the Nedap Inventory Engine across its brand portfolio and 1,500+ stores, creating a stronger foundation for end-to-end inventory visibility and more seamless, data-driven retail operations.







The deployment starts in Q2-2026 with The North Face and will expand to additional VF brands over time. With brands rooted in performance, elevated design and innovation, VF serves consumers worldwide across outdoor, active and workwear lifestyles.Building a Unified View of Stock
The partnership supports VF's ambition to create a single view of stock, built on a single, trusted view on inventory across its operations. With the Nedap Inventory Engine, VF aims to enhance stock accuracy, improve product availability and strengthen omnichannel performance across all regions.In addition to the store rollout, VF has expanded the initiative into its distribution channels, enhancing visibility and supporting efforts to address grey-market activities and strengthen brand protection."Our consumers expect the same level of product availability and service whether they shop online, in-store or through any of our brand touchpoints,' says Carsten Trenz, VP of Digital at VF Corporation. "Unified visibility across our operations allows us to deliver that consistency and build long term customer loyalty."Hope Waldron, VP of Supply Chain Strategy, VF Corporation adds: "Extending our RFID program beyond stores to include distribution centers and vendor partners at the source gives us greater transparency across our entire supply chain. That visibility improves our ability to ensure product availability, strengthen brand protection, and deliver a more consistent consumer experience."Why VF Chose Nedap
VF selected Nedap following a successful pilot using an alternative solution, after which the company reassessed its long-term requirements for scalability, architecture and global support. Nedap was chosen based on:The most robust, innovative and future-proof platform architectureA proven track record of guiding and advising organizations through complex rollouts at scaleA user community that drives continuous improvement and shared innovation across leading retailers"In today's retail landscape, unified commerce only works when brands can rely on one consistent source of truth for their inventory," says Hilbert Dijkstra, Managing Director Retail at Nedap. "VF's decision to invest in end-to-end visibility reflects a clear vision for the future: the ability to serve consumers seamlessly across any channel. Through ongoing innovation of our platform, we help VF operate with confidence, agility and precision."Nedap in Retail
Nedap empowers retailers to turn inventory movement into real-time insight and real-world results. Our Inventory Engine connects item movement across stores, distribution centers, and factories, creating one reliable view of inventory for the entire retail chain. Built on open global standards and trusted by the world's leading brands, it delivers actionable intelligence that increases availability, improves efficiency, and prevents losses. With tens of thousands of stores live, Nedap provides the real-time backbone that keeps unified commerce moving.About Nedap N.V.
Nedap is a leader in Digital Twin Technology, bridging the physical and digital worlds in Healthcare, Livestock, Retail and Security. Through our Technology for Life philosophy, we create sustainable, forward-thinking solutions that help people and organizations succeed in an ever-changing world.Nedap has a workforce of over 1,000 employees and operates on a global scale. The company was founded in 1929 and has been listed on Euronext Amsterdam since 1947. Its headquarters is located in Groenlo, the Netherlands.About VF Corporation
VF Corporation is a portfolio of leading outdoor and active brands, including The North Face®, Vans® and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.For more information, please contact: 
Ilse Protsman
Marketing Communication Manager
Nedap+31 6 55 41 51 67
www.linkedin.com/in/ilse-protsman/
ilse.protsman@nedap.com
www.nedap-retail.com










View original content to download multimedia:https://www.prnewswire.com/news-releases/vf-corporation-enters-partnership-with-nedap-to-unlock-end-to-end-inventory-visibility-across-its-global-store-estate-302747170.htmlSOURCE Nedap Inc.

Original: VF Corporation enters partnership with Nedap to unlock end-to-end inventory visibility across its global store estate

VF Corporation Announces Participation at Citi’s 2026 Global Consumer & Retail ConferenceMarch 3, 2026 4:30 PM
Business Wire
VF Corporation (NYSE: VFC) announced today that VF management will participate in a fireside chat at Citi’s 2026 Global Consumer & Retail Conference, being held Tuesday, March 10, 2026 at 9:30 a.m. ET.


The event will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version and transcript will be available at the same location following the event.


About VF


VF Corporation is a portfolio of leading outdoor and active brands, including The North Face®, Vans® and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260303219105/en/
Investor Contact:

Allegra Perry

ir@vfc.com


Media Contact:

Colin Wheeler

corporate_communications@vfc.com


Original: VF Corporation Announces Participation at Citi’s 2026 Global Consumer & Retail Conference

I guess we have a different definition of 'jump'

VF Corp Shares Jump After Q3 Beat and Stronger Cash Flow OutlookJanuary 28, 2026 1:40 PM
IH Market News
VF Corporation (NYSE:VFC) shares rallied in premarket trading on Wednesday after the owner of Vans delivered better-than-expected third-quarter results and signalled improving profitability and cash generation heading into 2026.The group reported third-quarter earnings of $0.58 per share, comfortably ahead of analysts’ expectations of $0.45. Revenue reached $2.88 billion for the period, representing 2% growth at constant exchange rates and exceeding the consensus forecast of $2.75 billion.VF Corp shares were up around 6% in premarket trading by 06:15 ET.Margins also showed improvement. Adjusted gross margin edged up to 57%, an increase of 10 basis points year on year, while operating margin rose 30 basis points to 12.1%. Operating income climbed to $341 million, compared with $318 million in the same quarter last year.Looking ahead to the fourth quarter of fiscal 2026, VF Corp said it expects revenue to range from flat to up 2% versus the prior year, with adjusted operating income forecast between $10 million and $30 million.For the full 2026 fiscal year, the company guided for higher free cash flow, adjusted operating income and operating cash flow compared with the previous year, reinforcing management’s confidence in its ongoing turnaround efforts.VF Corporation stock price

Original: VF Corp Shares Jump After Q3 Beat and Stronger Cash Flow Outlook

VF Corporation Progressed on Transformation in Its Third Quarter Fiscal 2026 Delivering Revenue Growth, Margin Expansion and Debt ReductionJanuary 28, 2026 11:00 AM
Business Wire
VF Corporation (NYSE: VFC) today reported financial results for its third quarter (Q3'26) ended December 27, 2025, and the Company's Board of Directors authorized a quarterly per share dividend of $0.09. These financial results are also reflected in a presentation available on the Investor Relations website at ir.vfc.com.


Bracken Darrell, President and CEO, said: "In Q3, we delivered growth during our peak holiday quarter and beat revenue and operating income guidance. The North Face® and Timberland® each grew 8% and 5% on a constant dollar basis, while Vans® results were as we expected. The Americas region had its strongest performance in over three years, while global DTC inflected to growth. We remain on track to deliver our medium-term financial targets and are excited about the future of the business."


Strong execution during holidays, led by the Americas region and DTC channel



Completed sale of Dickies® during the quarter; disclosed Q3’26 figures are shown on both reported and adjusted excluding Dickies® ("ex Dickies®") bases



The North Face®, +8% vs. LY or +5% C$, delivered growth during the brand's peak season



Product newness and digital performance drove holiday period at Vans®, (8%) vs. LY or (10%) C$



Timberland®, +8% vs. LY or +5% C$, delivered fifth consecutive quarter of growth



Americas region, +2% vs. LY; ex Dickies® +6% C$ with DTC and Wholesale channels up vs. LY



Global DTC performance inflected to positive, +4% vs. LY or +3% C$ ex Dickies®, driven by Digital



Q3'26 Financial Review




 






Reported






Adjusted ex Dickies®








Revenue % vs. LY






+1%






+4%








Revenue % vs. LY (C$)






(1%)






+2%








Gross margin






56.6%






57.0%








 






+30bps vs. LY






+10bps vs. LY








SG&A % of revenue






45.5%






44.9%








 






-100bps vs. LY






-20bps vs. LY








Operating income






$289M






$341M








 






vs. LY of $226M






vs. LY of $318M








Operating margin






10.1%






12.1%








 






+210bps vs. LY






+30bps vs. LY








Earnings per share






$0.76






$0.58








 






vs. LY of $0.43






vs. LY of $0.61







Q4'26 and FY'26 Financial Outlook1



Q4'26:


Revenue flat to +2% C$ vs. LY



Adjusted OI of $10M to $30M






FY'26:


Free cash flow up vs. LY


Adjusted OI up vs. LY



Operating cash flow up vs. LY









FYE'26 leverage at or below 3.5x, progressing towards medium-term target





1 Q4'26 and FY'26 P&L guidance exclude Dickies® in current and prior years;








FY'26 free and operating cash flow guidance on a reported basis, including Dickies® through the date of sale in Q3'26







Webcast Information


VF management will host its third quarter Fiscal 2026 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.


Dividend Declared


VF’s Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on March 19, 2026, to shareholders of record at the close of business on March 10, 2026.


About VF


VF Corporation is a portfolio of leading outdoor and active brands, including The North Face®, Vans® and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.


Financial Presentation Disclosure


All per share amounts are presented on a diluted basis. This release refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” or “constant currency” amounts are the same, and amounts will be as “reported” unless otherwise specified. This release also refers to “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations - Supreme.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to results “excluding Dickies®” and “Adjusted excluding Dickies”, which are described under the heading “Dickies Divestiture”. This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charge and Non-cash Impairment Charge”. Unless otherwise noted, “reported” and “adjusted” amounts are the same. VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. This release refers to VF's third quarter of Fiscal 2026 as Q3'26, and similarly Q3'25 denotes VF's third quarter of Fiscal 2025, etc. VF defines “free cash flow” as cash flow from continuing operations less capital expenditures and software purchases and defines “net debt” as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per VF's consolidated balance sheet.


Change in Reportable Segments


VF realigned its reportable segments in the first quarter of Fiscal 2026. VF's updated reportable segments are Outdoor and Active. We have included an “All Other” category for the remaining operating segments that do not meet the quantitative threshold to be disclosed as a separate reportable segment. VF's financial results in this release reflect the new segments for all periods presented.


Dickies Divestiture


On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies® brand business (“Dickies”) and on November 12, 2025, VF completed the sale of Dickies. “Reported” amounts present VF's third quarter Fiscal 2026 results in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and include Dickies results in continuing operations through the date of sale, as the Dickies sale did not qualify for discontinued operations presentation under GAAP. References to results “excluding Dickies®” and “Adjusted excluding Dickies” exclude the results of Dickies for all periods presented. VF believes this non-GAAP presentation provides investors with useful information regarding VF’s current business trends and performance of VF’s operations, post the closing of the sale of Dickies.


Discontinued Operations - Supreme


On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement with EssilorLuxottica S.A. to sell the Supreme® brand business (“Supreme”). On October 1, 2024, VF completed the sale of Supreme. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented, through the date of sale.


Constant Currency - Excluding the Impact of Foreign Currency


This release refers to “reported” amounts in accordance with GAAP, which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both “constant dollar” and “constant currency” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.


Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charge and Non-cash Impairment Charge


The adjusted amounts in this release exclude costs related to Reinvent, VF's transformation program. Costs, including restructuring charges and project-related costs, were approximately $5 million in the third quarter of Fiscal 2026 and $51 million in the first nine months of Fiscal 2026.


The adjusted amounts in this release exclude transaction and deal related activities associated with the divestiture of Dickies, including expenses and an estimated pre-tax gain on sale. Total transaction and deal related activities, included expenses of approximately $8 million in the third quarter and $10 million in the first nine months of Fiscal 2026 and an estimated pre-tax gain on sale of approximately $139 million in the third quarter and first nine months of Fiscal 2026.


The adjusted amounts in this release exclude a non-cash pension settlement charge of approximately $34 million in the third quarter and first nine months of Fiscal 2026. The pension settlement charge resulted from lump-sum payments of retirement benefits related to the termination of the U.S. qualified plan, which is expected to be completed by the end of Fiscal 2026.


The adjusted amounts in this release exclude a non-cash impairment charge related to the Napapijri reporting unit goodwill of approximately $31 million in the third quarter and first nine months of Fiscal 2026.


Combined, the above items positively impacted earnings per share by $0.20 during the third quarter of Fiscal 2026 and $0.10 during the first nine months of Fiscal 2026. All adjusted amounts referenced herein exclude the effects of these amounts.


Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company's control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information.


Forward-looking Statements


Certain statements included in this release are “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF’s expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. Words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto, are forward-looking statements. Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel, footwear and accessories; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF’s ability to maintain the image, health and equity of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; retail industry changes and challenges; VF's ability to execute its Reinvent transformation program, “The VF Way” and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of VF or third parties on which it relies, to maintain the strength and security of information technology systems; the fact that VF’s facilities and systems, and those of third parties on which it relies, are frequent targets of cyberattacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyberattacks, could result in data or financial loss, reputational harm, business disruption, damage to VF’s relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; VF’s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of VF’s vendors' manufacturing facilities and VF's ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; actions of activist and other shareholders; VF’s ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of VF’s management; changes in the availability and cost of labor; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio, including the completed sale of the Dickies® brand; VF’s ability to execute, and realize benefits, successfully, or at all, from the completed sale of the Dickies® brand; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, and the U.S. federal government shutdown; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; VF’s indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; VF’s ability to pay and declare dividends or repurchase its stock in the future; climate change and increased focus on environmental, social and governance issues; VF’s ability to execute on its sustainability strategy and achieve its sustainability-related goals and targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the SEC, including VF’s Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.




VF CORPORATION




Supplemental Financial Information




Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2025




(Unaudited)




(In thousands, except per share amounts)





















 



Three Months Ended

December 2025






 






As Reported

under GAAP






 






Reinvent (a)






 






Impairment

and Pension

Settlement

Charge (b)






 






Transaction

and Deal

Related

Activities (c)






 






Adjusted






 






Less: Adjusted

Contribution

from Dickies (d)






 






Adjusted

Excluding

Dickies








Revenues






 






$






2,875,801






 






 






$






—






 






 






$






—






 






$






—






 






 






$






2,875,801






 






 






$






55,747






 






 






$






2,820,054






 








Gross profit






 






 






1,628,341






 






 






 






214






 






 






 






—






 






 






—






 






 






 






1,628,555






 






 






 






21,475






 






 






 






1,607,080






 








Percent






 






 






56.6






%






 






 






 






 






 






 






 






 






56.6






%






 






 






 






 






57.0






%








Selling, general and administrative expenses






 






 






1,308,571






 






 






 






(4,885






)






 






 






—






 






 






(8,173






)






 






 






1,295,513






 






 






 






29,430






 






 






 






1,266,083






 








Percent






 






 






45.5






%






 






 






 






 






 






 






 






 






45.0






%






 






 






 






 






44.9






%








Operating income (loss)






 






 






289,054






 






 






 






5,099






 






 






 






30,716






 






 






8,173






 






 






 






333,042






 






 






 






(7,955






)






 






 






340,997






 








Percent






 






 






10.1






%






 






 






 






 






 






 






 






 






11.6






%






 






 






 






 






12.1






%








Diluted earnings (loss) per share from continuing operations (e)






 






 






0.76






 






 






 






0.01






 






 






 






0.14






 






 






(0.34






)






 






 






0.56






 






 






 






(0.01






)






 






 






0.58






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Nine Months Ended

December 2025






 






As Reported

under GAAP






 






Reinvent (a)






 






Impairment

and Pension

Settlement

Charge (b)






 






Transaction

and Deal

Related

Activities (c)






 






Adjusted






 






Less: Adjusted

Contribution

from Dickies (d)






 






Adjusted

Excluding

Dickies








Revenues






 






$






7,439,173






 






 






$






—






 






 






$






—






 






$






—






 






 






$






7,439,173






 






 






$






309,255






 






 






$






7,129,918






 








Gross profit






 






 






4,039,787






 






 






 






4,257






 






 






 






—






 






 






—






 






 






 






4,044,044






 






 






 






136,662






 






 






 






3,907,382






 








Percent






 






 






54.3






%






 






 






 






 






 






 






 






 






54.4






%






 






 






 






 






54.8






%








Selling, general and administrative expenses






 






 






3,494,006






 






 






 






(47,107






)






 






 






—






 






 






(10,194






)






 






 






3,436,705






 






 






 






125,428






 






 






 






3,311,277






 








Percent






 






 






47.0






%






 






 






 






 






 






 






 






 






46.2






%






 






 






 






 






46.4






%








Operating income






 






 






515,065






 






 






 






51,364






 






 






 






30,716






 






 






10,194






 






 






 






607,339






 






 






 






11,235






 






 






 






596,104






 








Percent






 






 






6.9






%






 






 






 






 






 






 






 






 






8.2






%






 






 






 






 






8.4






%








Diluted earnings per share from continuing operations (e)






 






 






0.95






 






 






 






0.10






 






 






 






0.14






 






 






(0.34






)






 






 






0.85






 






 






 






0.02






 






 






 






0.83






 







Notes:


(a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, were $5.1 million and $51.4 million in the three and nine months ended December 2025, respectively. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF's transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF's stock price through June 2027. Expenses related to the contract, including contingent fees, were $8.1 million and $25.3 million in the three and nine months ended December 2025, respectively. Reinvent resulted in a net tax benefit of $1.6 million and $11.9 million in the three and nine months ended December 2025, respectively.


The Company incurred $207.7 million in total restructuring charges in connection with Reinvent. Substantially all restructuring actions were completed at the end of the first quarter of Fiscal 2026. Total fees associated with the contract with the consulting firm could be up to $146.0 million, with $75.0 million of the fees contingent on increases to VF’s stock price through June 2027.


(b) VF recognized a non-cash impairment charge related to the Napapijri reporting unit goodwill of $30.7 million during the three and nine months ended December 2025.


A non-cash pension settlement charge of $34.0 million was recorded in the other income (expense), net line item during the three and nine months ended December 2025. The pension settlement charge resulted from lump-sum payments of retirement benefits due to the termination of the U.S. qualified plan, which is expected to be completed by the end of Fiscal 2026.


The impairment and pension settlement charge resulted in a net tax benefit of $9.4 million in the three and nine months ended December 2025.


(c) Transaction and deal related activities include costs associated with the divestiture of Dickies, which totaled $8.2 million and $10.2 million for the three and nine months ended December 2025, respectively. Additionally, the activities include an estimated pre-tax gain on sale related to the divestiture of Dickies totaling $139.1 million recorded in the other income (expense), net line item in the Consolidated Statements of Operations in the three and nine months ended December 2025. The transaction and deal related activities resulted in a net tax benefit of $5.4 million and $5.9 million in the three and nine months ended December 2025, respectively.


(d) The “Adjusted Contribution from Dickies” column represents the operating results of Dickies for the three and nine months ended December 2025 on an adjusted basis. This column excludes transaction and deal related costs as described above. The adjusted contribution from Dickies resulted in a net tax benefit of $2.6 million and a net tax expense of $3.3 million for the three and nine months ended December 2025, respectively.


(e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings (loss) per share impacts were calculated using 397,157,000 and 394,414,000 weighted average common shares for the three and nine months ended December 2025, respectively.


Non-GAAP Financial Information


The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, an impairment and pension settlement charge and transaction and deal related activities, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provides non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.


Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company's results of operations only in conjunction with the corresponding GAAP measures.




VF CORPORATION




Supplemental Financial Information




Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2024




(Unaudited)




(In thousands, except per share amounts)





















 



Three Months Ended

December 2024






 






As Reported

under GAAP






 






Reinvent (a)






 






Impairment

Charge (b)






 






Transaction

and Deal

Related Activities (c)






 






Adjusted






 






Less: Adjusted

Contribution

from Dickies (d)






 






Adjusted

Excluding

Dickies








Revenues






 






$






2,833,912






 






 






$






—






 






 






$






—






 






$






—






 






 






$






2,833,912






 






 






$






133,599






 






$






2,700,313






 








Gross profit






 






 






1,595,174






 






 






 






—






 






 






 






—






 






 






—






 






 






 






1,595,174






 






 






 






59,038






 






 






1,536,136






 








Percent






 






 






56.3






%






 






 






 






 






 






 






 






 






56.3






%






 






 






 






 






56.9






%








Selling, general and administrative expenses






 






 






1,318,397






 






 






 






(47,282






)






 






 






—






 






 






—






 






 






 






1,271,115






 






 






 






53,450






 






 






1,217,665






 








Percent






 






 






46.5






%






 






 






 






 






 






 






 






 






44.9






%






 






 






 






 






45.1






%








Operating income






 






 






225,777






 






 






 






47,282






 






 






 






51,000






 






 






—






 






 






 






324,059






 






 






 






5,588






 






 






318,471






 








Percent






 






 






8.0






%






 






 






 






 






 






 






 






 






11.4






%






 






 






 






 






11.8






%








Diluted earnings per share from continuing operations (e)






 






 






0.43






 






 






 






0.09






 






 






 






0.10






 






 






—






 






 






 






0.62






 






 






 






0.01






 






 






0.61






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Nine Months Ended

December 2024






 






As Reported

under GAAP






 






Reinvent (a)






 






Impairment

Charge (b)






 






Transaction

and Deal

Related

Activities (c)






 






Adjusted






 






Less: Adjusted

Contribution

from Dickies (d)






 






Adjusted

Excluding

Dickies








Revenues






 






$






7,360,920






 






 






$






—






 






 






$






—






 






$






—






 






 






$






7,360,920






 






 






$






402,793






 






$






6,958,127






 








Gross profit






 






 






3,941,409






 






 






 






412






 






 






 






—






 






 






—






 






 






 






3,941,821






 






 






 






172,726






 






 






3,769,095






 








Percent






 






 






53.5






%






 






 






 






 






 






 






 






 






53.6






%






 






 






 






 






54.2






%








Selling, general and administrative expenses






 






 






3,513,749






 






 






 






(105,998






)






 






 






—






 






 






(490






)






 






 






3,407,261






 






 






 






151,604






 






 






3,255,657






 








Percent






 






 






47.7






%






 






 






 






 






 






 






 






 






46.3






%






 






 






 






 






46.8






%








Operating income






 






 






376,660






 






 






 






106,410






 






 






 






51,000






 






 






490






 






 






 






534,560






 






 






 






21,123






 






 






513,437






 








Percent






 






 






5.1






%






 






 






 






 






 






 






 






 






7.3






%






 






 






 






 






7.4






%








Diluted earnings per share from continuing operations (e)






 






 






0.56






 






 






 






0.20






 






 






 






0.10






 






 






—






 






 






 






0.87






 






 






 






0.05






 






 






0.82






 







Notes:


(a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, were $47.3 million and $106.4 million in the three and nine months ended December 2024, respectively. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF's transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF's stock price through June 2027. Expenses related to the contract, including contingent fees, were $28.9 million and $60.0 million in the three and nine months ended December 2024, respectively. Reinvent resulted in a net tax benefit of $12.0 million and $26.7 million in the three and nine months ended December 2024, respectively.


(b) VF recognized a non-cash impairment charge related to the Dickies indefinite-lived trademark intangible asset of $51.0 million during the three and nine months ended December 2024. The impairment charge resulted in a net tax benefit of $10.5 million in the three and nine months ended December 2024. Because Dickies is not considered a discontinued operation, the impairment is considered an adjustment to derive the Adjusted non-GAAP measure.


(c) Transaction and deal related activities reflect activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling®, Eastpak® and JanSport® brands, which totaled $0.5 million for the nine months ended December 2024. The transaction and deal related activities resulted in a net tax benefit of $0.1 million in the nine months ended December 2024.


(d) The “Adjusted Contribution from Dickies” column represents the operating results of Dickies for the three and nine months ended December 2024 on an adjusted basis. This column excludes a noncash impairment charge as described above. The adjusted contribution from Dickies resulted in a net tax expense of $1.1 million and $4.1 million for the three and nine months ended December 2024, respectively.


(e) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 393,908,000 and 391,435,000 weighted average common shares for the three and nine months ended December 2024, respectively.


Non-GAAP Financial Information


The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, an impairment charge and transaction and deal related activities, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provides non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations.


Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company's results of operations only in conjunction with the corresponding GAAP measures.




VF CORPORATION




Supplemental Financial Information




Reportable Segment Information - Constant Currency Basis




(Unaudited)




(In thousands, except per share amounts)









 



 






 






Three Months Ended December 2025








 






 






As Reported






 






Adjust for Foreign






 






 








 






 






under GAAP






 






Currency Exchange






 






Constant Currency








Revenues:






 






 






 






 






 






 








Outdoor segment






 






$






1,926,008






 






 






$






(53,668






)






 






$






1,872,340






 








Active segment






 






 






671,835






 






 






 






(17,774






)






 






 






654,061






 








All Other






 






 






277,958






 






 






 






(6,736






)






 






 






271,222






 








Total revenues






 






$






2,875,801






 






 






$






(78,178






)






 






$






2,797,623






 








Segment profit (loss):






 






 






 






 






 






 








Outdoor segment






 






$






407,726






 






 






$






(11,820






)






 






$






395,906






 








Active segment






 






 






(4,622






)






 






 






(1,645






)






 






 






(6,267






)








Total segment profit






 






 






403,104






 






 






 






(13,465






)






 






 






389,639






 








Impairment of goodwill






 






 






(30,716






)






 






 






—






 






 






 






(30,716






)








Corporate and other income (expenses) (a)






 






 






10,030






 






 






 






397






 






 






 






10,427






 








Interest expense, net






 






 






(34,611






)






 






 






(479






)






 






 






(35,090






)








“All Other” profit






 






 






15,052






 






 






 






(141






)






 






 






14,911






 








Income from continuing operations before income taxes






 






$






362,859






 






 






$






(13,688






)






 






$






349,171






 








Diluted earnings per share change from continuing operations






 






 






76






%






 






 






(6






%)






 






 






70






%







(a) An estimated pre-tax gain on the sale of Dickies of $139.1 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025. In addition, a pension settlement charge of $34.0 million related to the termination of the U.S. qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025.


Constant Currency Financial Information


VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.


To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).


These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.




VF CORPORATION




Supplemental Financial Information




Reportable Segment Information - Constant Currency Basis




(Unaudited)




(In thousands, except per share amounts)









 



 






 






Nine Months Ended December 2025








 






 






As Reported






 






Adjust for Foreign






 






 








 






 






under GAAP






 






Currency Exchange






 






Constant Currency








Revenues:






 






 






 






 






 






 








Outdoor segment






 






$






4,401,953






 






 






$






(103,023






)






 






$






4,298,930






 








Active segment






 






 






2,132,272






 






 






 






(41,285






)






 






 






2,090,987






 








All Other






 






 






904,948






 






 






 






(18,495






)






 






 






886,453






 








Total revenues






 






$






7,439,173






 






 






$






(162,803






)






 






$






7,276,370






 








Segment profit:






 






 






 






 






 






 








Outdoor segment






 






$






666,196






 






 






$






(18,815






)






 






$






647,381






 








Active segment






 






 






117,964






 






 






 






(6,258






)






 






 






111,706






 








Total segment profit






 






 






784,160






 






 






 






(25,073






)






 






 






759,087






 








Impairment of goodwill






 






 






(30,716






)






 






 






—






 






 






 






(30,716






)








Corporate and other expenses (a)






 






 






(190,202






)






 






 






1,017






 






 






 






(189,185






)








Interest expense, net






 






 






(121,940






)






 






 






(1,473






)






 






 






(123,413






)








“All Other” profit






 






 






63,245






 






 






 






(2,103






)






 






 






61,142






 








Income from continuing operations before income taxes






 






$






504,547






 






 






$






(27,632






)






 






$






476,915






 








Diluted earnings per share change from continuing operations






 






 






69






%






 






 






(11






%)






 






 






58






%







(a) An estimated pre-tax gain on the sale of Dickies of $139.1 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025. In addition, a pension settlement charge of $34.0 million related to the termination of the U.S. qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025.


Constant Currency Financial Information


VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.


To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).


These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260128355682/en/
Investor Contact:

Allegra Perry

ir@vfc.com


Media Contact:

Colin Wheeler

corporate_communications@vfc.com


Original: VF Corporation Progressed on Transformation in Its Third Quarter Fiscal 2026 Delivering Revenue Growth, Margin Expansion and Debt Reduction