V F CORP
For the period ended Sep 27, 2025. Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Oct 28, 2025
VFC$20.35+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-28; filed 2025-07-30.
0000103379-25-000036
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-10-28.
0000103379-25-000060
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 163 current paragraphs.
56 unchanged; 61 reworded; 37 added; 25 removed; 9 previous and 9 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies® brand business ("Dickies"). The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet. The Company determined that the planned sale of Dickies does not represent a strategic shift that will have a major effect on the Company's operations and financial results, and therefore does not qualify for presentation as a discontinued operation. Refer to Note 4 to VF's consolidated financial statements for additional information on the planned divestiture.
Current report
Dickies Assets Held-for-Sale
Current report
As noted above, VF entered into a definitive agreement to sell Dickies on September 15, 2025 for $600.0 million in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.
Current report
•Revenues increased 2% to $2.8 billion compared to the three months ended September 2024, including a 3% favorable impact from foreign currency.
Current report
•Wholesale revenues increased 3% compared to the three months ended September 2024, including a 3% favorable impact from foreign currency.
Current report
•Direct-to-consumer revenues decreased 1% compared to the three months ended September 2024, including a 1% favorable impact from foreign currency.
Current report
•Revenues in the Americas region decreased 1% compared to the three months ended September 2024.
Current report
•Gross margin remained flat at 52.2% compared to the three months ended September 2024.
Current report
weighted average interest rates of 3.2% and 2.7% in the six months ended September 2025 and 2024, respectively.
Current report
Segment Profit:
Current report
35 VF Corporation Q2 FY26 Form 10-Q
Current report
September 2025, respectively, including a 1% favorable impact from foreign currency in both periods.
Current report
VF Corporation Q2 FY26 Form 10-Q 36 from foreign currency in both periods. Revenues in the Asia-Pacific region increased 7% and 10% in the three and six months ended September 2025, respectively. Revenues in the Americas region increased 2% and remained flat in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in thesix months ended September 2025.
Current report
Global direct-to-consumer revenues for Outdoor increased 7% and 8% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% favorable impact from foreign currency in both periods. The increase in both periods was primarily driven by growth in The North Face® brand in the Europe and Americas regions and the Timberland® brand across all regions. Global wholesale revenues increased 6% in both the three and six months ended September 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods, primarily driven by increases in The North Face® brand in the Europe and Asia-Pacific regions.
Current report
37 VF Corporation Q2 FY26 Form 10-Q
Current report
Global "All Other" revenues increased 3% and 4% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods. Revenues in the Europe region increased 9% and 6% in the three and six months ended September 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective periods.
Current report
Revenues in the Americas region increased 2% and 3% in the three and six months ended September 2025, respectively. Revenues in the Asia-Pacific region decreased 12% and increased 1%, in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in both periods.
Current report
VF Corporation Q2 FY26 Form 10-Q 38
Current report
Direct-to-consumer revenues decreased 1% and 2% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 1% favorable impact from foreign currency in both periods.
Current report
VF's e-commerce business increased 1% and decreased 1% during the three and six months ended September 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods. The operational declines in both the three and six months ended September 2025 were primarily due to lower e-commerce revenues in the Asia-Pacific region.
Current report
Direct-to-consumer revenues were 32% and 33% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 36% and 37% of total revenues in the six-month periods ended September 2025 and 2024, respectively.
Current report
Wholesale revenues were 68% and 67% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 64% and 63% of total revenues in the six-month periods ended September 2025 and 2024, respectively.
Current report
•Decrease in intangible assets— primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.
Current report
•Increase in accrued liabilities — primarily due to an increase in derivative liabilities and the timing of services received and payments made for other accruals.
Current report
•Decrease in inventories— primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.
Current report
•Decrease in intangible assets— primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.
Current report
39 VF Corporation Q2 FY26 Form 10-Q
Current report
Cash Provided by Financing Activities
Current report
VF Corporation Q2 FY26 Form 10-Q 40
Current report
ABL Credit Facility and Short-term Borrowings
Current report
VF relies on its ability to generate cash flows to finance its ongoing operations. In addition, VF has significant liquidity from its available cash balances and credit facilities. On August 26, 2025, VF entered into a credit agreement that provides the Company with a $1.5 billion senior secured asset based revolving credit facility (the "ABL Credit Facility"), subject to a borrowing base that is composed of eligible credit card receivables, eligible wholesale receivables, eligible inventory and eligible in-transit inventory. The ABL Credit Facility includes up to a $100.0 million letter of credit subfacility and a $100.0 million swing-line subfacility. Multicurrency borrowings are available under the credit agreement, including borrowings in U.S. dollars, Canadian dollars, euros, sterling, and Swiss francs (subject to certain limitations as set forth in the credit agreement).
Current report
The ABL Credit Facility contains various customary affirmative and negative covenants, which include, among other things, required financial reporting, limitations on indebtedness and granting certain liens, restrictions on fundamental changes to the business, restrictions on disposal of assets, restrictions on changes to the nature of the business, restrictions on prepayment of certain indebtedness, restricted payment limitations, along with other restrictions and limitations similar to those typical for credit facilities of this type. Certain actions restricted by the negative covenants are permitted so long as Payment Conditions, as defined in the credit agreement, are satisfied.
Current report
The ABL Credit Facility includes a financial covenant that requires VF to maintain a Fixed Charge Coverage Ratio of at least 1.00 to 1.00 for the 12-month period ending on the last day of any applicable fiscal quarter. However, the financial covenant only applies if at any time Global Excess Availability (as defined in the credit agreement) is less than the greater of (i) 10.0% of the Global Line Cap (as defined in the credit agreement), and (ii) $100.0 million, and ceases to apply when Global Excess Availability has equaled or exceeded the greater of (i) 10.0% of the Global Line Cap, and (ii) $100.0 million for 30 consecutive days. As of September 2025, specified availability under the ABL Credit Facility exceeded the required threshold and, as a result, the financial covenant was not applicable.
Current report
The Company was in compliance with all applicable debt covenants as of September 2025.
Current report
As of September 2025, the Company had $491.3 million of outstanding borrowings under the ABL Credit Facility, with a weighted average interest rate of 5.4%. Reserves for outstanding, unfunded letters of credit under the ABL Credit Facility were $0.6 million as of September 2025. Availability under the ABL Credit Facility was $994.6 million as of
Current report
September 2025, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.
Current report
41 VF Corporation Q2 FY26 Form 10-Q
Removed paragraphs (25)
Previous report
•Revenues remained flat at $1.8 billion compared to the three months ended June 2024, including a 2% favorable impact from foreign currency.
Previous report
•Wholesale revenues increased 1% compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Previous report
•Direct-to-consumer revenues decreased 3% compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Previous report
•International revenues increased 2% compared to the three months ended June 2024, including a 3% favorable impact from foreign currency.
Previous report
•Revenues in the Americas region decreased 4% compared to the three months ended June 2024, including a 1% unfavorable impact from foreign currency.
Previous report
•Gross margin increased 270 basis points to 53.9% compared to the three months ended June 2024, primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.
Previous report
27 VF Corporation Q1 FY26 Form 10-Q
Previous report
interest rates of 2.9% and 3.1% in the three months ended June 2025 and 2024, respectively.
Previous report
VF Corporation Q1 FY26 Form 10-Q 28
Previous report
Segment Profit (Loss):
Previous report
Global direct-to-consumer revenues for Outdoor increased 9% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency, with revenue growth across both brands and all regions. Global wholesale revenues increased 7% in the three months ended June 2025, compared to the 2024 period, including a 1%
Previous report
29 VF Corporation Q1 FY26 Form 10-Q favorable impact from foreign currency, primarily driven by an increase in the The North Face® brand in the Europe and Asia-Pacific regions and the Timberland®brand in the Americas region.
Previous report
Global "All Other" revenues increased 4% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region increased 4%. Revenues in the Asia-Pacific
Previous report
region increased 18%, including a 2% favorable impact from foreign currency. Revenues in the Europe region remained flat, including a 5% favorable impact from foreign currency.
Previous report
VF Corporation Q1 FY26 Form 10-Q 30
Previous report
Direct-to-consumer revenues decreased 3% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency.
Previous report
VF's e-commerce business decreased 2% during the three months ended June 2025, including a 2% favorable impact from foreign currency. The decrease was primarily driven by declines in the e-commerce business in the Americas and Asia-Pacific regions.
Previous report
Direct-to-consumer revenues were 41% and 42% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Previous report
Wholesale revenues were 59% and 58% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Previous report
31 VF Corporation Q1 FY26 Form 10-Q
Previous report
•Increase in short-term borrowings— primarily due to $350.0 million of borrowings under the Global Credit Facility as of June 2025, to support increased working capital requirements.
Previous report
Cash Provided (Used) by Financing Activities
Previous report
Revolving Credit Facility, DDTL Agreement and Short-term Borrowings
Previous report
VF relies on its ability to generate cash flows to finance its ongoing operations. In addition, VF has significant liquidity from its available cash balances and credit facilities. VF maintains a Global Credit Facility that expires in November 2026. VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders. The Global Credit Facility may be used to borrow funds in U.S. dollars or any alternative currency (including euros and any other currency that is freely convertible into U.S. dollars, approved at the request of the Company by the lenders) and has a $75.0 million letter of credit sublimit. The Global Credit Facility supported VF's global commercial paper program for short-term, seasonal working capital requirements
Previous report
VF has restrictive covenants on its Global Credit Facility and had restrictive covenants on the DDTL Agreement. The agreement for the Global Credit Facility, as amended in May 2025, includes a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, starting at 70% with future step downs. The calculation of consolidated net indebtedness is net of unrestricted cash and cash equivalents and the calculation of consolidated net capitalization permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement. The covenant calculation also excludes consolidated operating lease liabilities. The agreement requires the pledge of certain assets of VF and certain of its subsidiaries pursuant to the agreement. Additionally, the amended agreement restricts the total amount of cash dividends and share repurchases to $500.0 million annually, on a calendar-year basis. The terms for the DDTL Agreement, as amended in August 2024, required the repayment of the DDTL upon the completion of the Supreme sale. On October 4, 2024, VF made an aggregate $1.0 billion prepayment of the DDTL using the net cash proceeds from the sale of Supreme. As of June 2025, VF was in compliance with all covenants.
Reworded paragraphs (61)
Previous wording
VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 ("Fiscal 2026"). Accordingly, this Form 10-Q presents our first quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended June 2025 and June 2024 relate to the fiscal periods ended on June 28, 2025 and June 29, 2024, respectively. References to March 2025 relate to information as of March 29, 2025.
Current wording
VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 ("Fiscal 2026"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended September 2025 and September 2024 relate to the fiscal periods ended on September 27, 2025 and September 28, 2024, respectively. References to March 2025 relate to information as of March 29, 2025.
Previous wording
All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers. References to the three months ended June 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three months ended June 2024 when translating foreign currencies into U.S. dollars. VF’s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.
Current wording
All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers. References to the three and six months ended September 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and six months ended September 2024 when translating foreign currencies into U.S. dollars. VF’s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.
Previous wording
In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the chief operating decision maker's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and the Vans®, Kipling®, Eastpak® and Jansport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the
Current wording
In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the chief operating decision maker's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and
Previous wording
Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands. In the tables below, the Company has recast historical financial information to reflect the new reportable segments. These changes had no impact on previously reported consolidated results of operations. Refer to additional discussion in the "Information by Reportable Segment" section below and Note 14 to VF's consolidated financial statements.
Current wording
the Vans®, Kipling®, Eastpak® and Jansport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands. In the tables below, the Company has recast historical financial information to reflect the new reportable segments. These changes had no impact on previously reported consolidated results of operations. Refer to additional discussion in the "Information by Reportable Segment" section below and Note 15 to VF's consolidated financial statements.
Previous wording
On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme® brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan ("DDTL"), which totaled $14.9 million for the three months ended June 2024, were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented.
Current wording
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. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan ("DDTL"), which totaled $16.2 million and $31.1 million for the three and six months ended September 2024, respectively, were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented. Refer to Note 4 to VF’s consolidated financial statements for additional information on discontinued operations.
Previous wording
In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports. The implementation of some of the announced tariffs has been delayed, while some have taken effect. Additionally, in response, certain governments have announced retaliatory tariffs on goods imported from the U.S. VF has a diversified sourcing country mix. Approximately 85% of products purchased for sale in the U.S. are sourced through Southeast Asia and Central and South America, with Vietnam, Bangladesh, Cambodia and Indonesia comprising the top four sourcing markets. Less than 2% of total U.S. products are sourced through China. While the situation is dynamic and evolving, VF continues to analyze the impact of these tariffs on our business and is taking steps to mitigate our tariff exposure. Mitigation strategies include sourcing optimization, accelerating production and shipments into the U.S. during the period of delayed application of the reciprocal tariffs, negotiations with our vendors, and potential price increases. However, the duration and scope of the tariffs are difficult to predict, along with the extent to which VF will be able to offset the impact through our mitigation efforts.
Current wording
While the situation is dynamic and evolving, VF continues to analyze the impact of these tariffs on our business and is taking steps to mitigate our tariff exposure. Mitigation strategies include sourcing optimization, accelerating production and shipments into the U.S. during the period of delayed application of the reciprocal tariffs, negotiations with our vendors, and planned price increases. VF has begun paying reciprocal tariffs on product imported into the U.S. and, due to the timing of implementation of the mitigation strategies, VF expects that gross margin will be negatively impacted (though not materially) throughout the second half of Fiscal 2026. However, the duration and scope of the tariffs are difficult to predict, along with the
Previous wording
Reinvent restructuring charges in the three months ended June 2025 were $17.5 million and cumulative charges were $207.6 million since the inception of the program, which primarily included costs associated with severance and
Current wording
Reinvent restructuring charges in the three and six months ended September 2025 were $4.1 million and $21.6 million, respectively, and cumulative charges were $211.7 million since the inception of the program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.
Previous wording
consulting firm to support Reinvent. Fees related to the contract consist of fixed fees for services performed and contingent fees tied to increases in VF’s stock price. Services provided under the contract are expected to be substantially complete by the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.
Current wording
All restructuring actions related to Reinvent were substantially complete at the end of the first quarter of Fiscal 2026. In addition, as further discussed in Note 17 to VF's consolidated financial statements, VF has entered into a contract with a consulting firm to support Reinvent. Fees related to the contract consist of fixed fees for services performed and contingent fees tied to increases in VF’s stock price. Services provided under the contract are expected to be substantially complete by the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.
Previous wording
•Outdoor segment revenues increased 8% to $812.5 million compared to the three months ended June 2024, including a 2% favorable impact from foreign currency.
Current wording
•Outdoor segment revenues increased 6% to $1.7 billion compared to the three months ended September 2024, including a 2% favorable impact from foreign currency.
Previous wording
•Active segment revenues decreased 10% to $699.7 million compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Current wording
•Active segment revenues decreased 8% to $760.7 million compared to the three months ended September 2024, including a 2% favorable impact from foreign currency.
Previous wording
•Net loss per share was($0.30) compared to($0.39) in the 2024 period. The decrease in net loss per share was primarily driven by increased profitability in the Outdoor segment during thethree months ended June 2025 compared to thethree months ended June 2024. The decrease in net loss per share was partially offset by higher Reinvent charges and lower profitability in the Active segment.
Current wording
•Earnings per share was$0.48 compared to$0.52 in the 2024 period. The decrease inearnings per share was primarily driven by a higher tax rate in the current year, partially offset by lower Reinvent charges during thethree months ended September 2025 compared to thethree months ended September 2024.
Previous wording
The following table presents a summary of the changes in revenues for the three months ended June 2025 from the comparable period in 2024:
Current wording
The following table presents a summary of the changes in revenues for the three and six months ended September 2025 from the comparable periods in 2024:
Previous wording
VF revenues remained flat for the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency. The operational decline was driven by a decrease in the Active segment, partially offset by an increase in the Outdoor segment. Revenue declines in the Americas region were offset by increases in the Europe and Asia-Pacific regions, including favorable impacts from foreign currency.
Current wording
VF reported a 2% and 1% increase in revenues for the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency for the respective periods. The operational declines in boththe three and six months ended September 2025 were driven by decreases in the Active segment, partially offset by increases in the Outdoor segment. Revenue declines in the Americas and Asia-Pacific regionsin the three months ended September 2025 were offset by increases in the Europe region,
Previous wording
33 VF Corporation Q1 FY26 Form 10-Q respectively, due to suppliers that are eligible to participate in the SCF program.
Current wording
33 VF Corporation Q2 FY26 Form 10-Q
Previous wording
Gross margin increased 270 basis points in the three months ended June 2025 compared to the 2024 period. The increase inthe three months ended June 2025 was primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.
Current wording
Gross margin remained flat and increased 100 basis points in the three and six months ended September 2025, respectively, compared to the 2024 periods. The increase in the six months ended September 2025 was primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.
Previous wording
Selling, general and administrative expe nses as a percentage of total revenues increased 70 basis points during the three months ended June 2025 compared to the 2024 period. Selling, general and administrative expenses increased $6.9 million in the three months ended June 2025 compared to the 2024 period. The increase inthe three months ended June 2025 was primarily due to higher Reinvent restructuring charges and project-related costs, and a gain recognized from a sale leaseback transaction in June 2024, partially offset by cost savings from Reinvent, lower information technology costs and distribution expenses.
Current wording
Selling, general and administrative expe nses as a percentage of total revenues decreased 130 and 60 basis points during the three and six months ended September 2025, respectively, compared to the 2024 periods. Selling, general and administrative expenses decreased $16.8 million and $9.9 million in thethree and six months ended September 2025, respectively, compared to the 2024 periods. The decrease in the three months ended September 2025 was primarily due to cost savings from Reinvent, including lower information technology costs. The decrease in the six months ended September 2025 was primarily due to cost savings from Reinvent, including lower information technology costs and lower distribution expenses, partially offset by a gain recognized from a sale leaseback transaction in June 2024. The decrease in both periods was also due to lower Reinvent restructuring charges and project-related costs.
Previous wording
Net interest expense increased $0.2 million during the three months ended June 2025 compared to the 2024 period. Theincrease in net interest expense in the three months ended June 2025 was primarily due to unfavorable foreign currency impacts, partially offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025. Total outstanding debt averaged $5.1 billion in the three months ended June 2025 and $6.1 billion in the same period in 2024, with weighted average
Current wording
Net interest expense increased $3.5 million and $3.7 million during the three and six months ended September 2025, respectively, compared to the 2024 periods. The increase in net interest expense in both the three and six months ended September 2025 was primarily due to unfavorable foreign currency impacts, partially offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025. Total outstanding debt averaged $4.8 billion in the six months ended September 2025 and $6.2 billion in the same period in 2024, with
Previous wording
The effective income tax rate for the three months ended June 2025 was 8.0% compared to 8.1% in the 2024 period. The three months ended June 2025 included a net discrete tax expense of $11.5 million, which was comprised primarily of a$7.4 million net tax expense related to unrecognized tax benefits and interest, and a$4.1 million tax expense related to stock compensation. Excluding the $11.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 17.2%. The three months ended June 2024 included a net discrete tax expense of $7.1 million, which was comprised primarily of a $3.6 million net tax expense related to unrecognized tax benefits and interest, and a $4.3 million tax expense related to stock compensation. Excluding the $7.1 million net discrete tax expense in the 2024 period, the effective income tax rate would have been 12.4%. Without discrete items, the effective income tax rate for the three months ended June 2025 increased by 4.8% compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.
Current wording
The effective income tax rate for the six months ended September 2025 was 48.2% compared to 22.5% in the 2024 period. The six months ended September 2025 included a net discrete tax expense of $2.5 million, which was comprised primarily of a$5.6 million tax expense related to stock compensation and a$3.1 million net tax benefit related to unrecognized tax benefits and interest. Excluding the $2.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 46.5%. The six months ended September 2024 included a net discrete tax benefit of $5.8 million, which was comprised primarily of a $9.5 million net tax benefit related to unrecognized tax benefits and interest and a $5.3 million tax expense related to stock compensation. Excluding the $5.8 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 31.4%. Without discrete items, the effective income tax rate for the six months ended September 2025 increased by 15.1% compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.
Previous wording
As a result of the above, loss from continuing operations in the three months ended June 2025 was ($116.4) million (($0.30) per diluted share) compared to ($152.0) million (($0.39) per diluted share) in the 2024 period. Refer to additional discussion in the “Information by Reportable Segment” section below.
Current wording
As a result of the above, income from continuing operations in the three months ended September 2025 was $189.8 million ($0.48 per diluted share) compared to $202.5 million ($0.52 per diluted share) in the 2024 period, and income from continuing operations in the six months ended September 2025 was $73.4 million ($0.19 per diluted share) compared to $50.5 million ($0.13 per diluted share) in the 2024 period. Refer to additional discussion in the “Information by Reportable Segment” section below.
Previous wording
The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit (loss) comprises the operating income (loss) and other income (expense), net line items of each segment.
Current wording
The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit comprises the operating income and other income (expense), net line items of each segment.
Previous wording
Refer to Note 14 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to loss from continuing operations before income taxes.
Current wording
Refer to Note 15 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to income from continuing operations before income taxes.
Previous wording
The following tables present a summary of the changes in revenuesand segment profit (loss) inthe three months ended June 2025 from the comparable period in 2024 and revenues by region for our Top 3 brands for the three months ended June 2025 and 2024:
Current wording
The following tables present a summary of the changes in revenuesand segment profitinthe three and six months ended September 2025 from the comparable periods in 2024 and revenues by region for our Top 3 brands for the three and six months ended September 2025 and 2024:
Previous wording
Global revenues for Outdoor increased 8% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency. Revenues in the Europe region increased 11%, including a 5% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 15%. Reve nues in the Americas region increased 3%.
Current wording
Global revenues for Outdoor increased 6% and 7% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods. Revenues in the Europe region increased 10% in both the three and six months ended September 2025, including a 6% favorable impact from foreign currency in both periods. Revenues in the Americas region increased 5% and 4% in the three and six months ended September 2025, respectively. Revenues in the Asia-Pacific region increased 3% and 7% in the three and six months ended
Previous wording
Global revenues for The North Face® brand increased 6% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency, driven by growth in the Europe and Asia-Pacific regions. Revenues in the Europe region increased 15%, including a 6% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 16% in the three months ended June 2025. Revenues in the Americas region decreased 3% in the three months ended June 2025.
Current wording
Global revenues for The North Face® brand increased 6% in both the three and six months ended September 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods, driven primarily by growth in the Europe and Asia-Pacific regions. Revenues in the Europe region increased 10% and 11% in the three and six months ended September 2025, respectively, including a 6% favorable impact
Previous wording
Global revenues for the Timberland® brand increased 11% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency, with revenue growth across all regions. Revenues in the Americas region increased 15% in the three months ended June 2025, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region increased 5% in the three months ended June 2025, including a 6% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 13% in the three months ended June 2025, including a 3% favorable impact from foreign currency.
Current wording
Global revenues for the Timberland® brand increased 7% and 8% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods, driven by growth in the Americas and Europe regions. Revenues in the Americas region increased 11% and 12% in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025. Revenues in the Europe region increased 9% and 8% in the three and six months ended September 2025, respectively, including a 6% favorable impact from foreign currency in both periods. Revenues in the Asia-Pacific region decreased 14% and 5% in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in thesix months ended September 2025.
Previous wording
Segment profit margin increased in the three months ended June 2025 compared to the 2024 period, reflecting higher gross margin, prim arily driven by favorable foreign currency impacts, lower discounts and lower product costs.
Current wording
Segment profit margin increased in both the three and six months ended September 2025 compared to the 2024 periods, reflecting higher gross margin in both periods. The increase in the three months ended September 2025 was primarily driven by lower discounts and the increase in the six months ended September 2025 was primarily driven by favorable foreign currency impacts, lower discounts and lower product costs.
Previous wording
Global revenues for Active decreased 10% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 12%, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 15%. Revenues in the Europe region decreased 4%, including a 5% favorable impact from foreign currency.
Current wording
Global revenues for Active decreased 8% and 9% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods. Revenues in the Americas region decreased 10% and 11% in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025. Revenues in the Asia-Pacific region decreased 14% in both the three and six months ended September 2025, including a 1% favorable impact from foreign currency in thesix months ended September 2025. Revenues in the Europe region decreased 2% and 3% in the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from foreign currency in the respective periods.
Previous wording
Vans® brand global revenues decreased 14% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The overall decline was most significantly impacted by a 15% decrease in the Americas region, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 12% in the three months ended June 2025, including a 4% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 17% in the three months ended June 2025. The decline in Vans® was partially attributed to deliberate strategic
Current wording
Vans® brand global revenues decreased 9% and 12% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods. The overall declines were most significantly impacted by a 9% and 12% decrease in the Americas region in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025. Revenues in the Europe region decreased 5% and 8% in the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from
Previous wording
actions taken in the first quarter of Fiscal 2026, including exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing wholesale store fronts and inventory in the Asia-Pacific region (specifically in China).
Current wording
foreign currency in the respective periods. Revenues in the Asia-Pacific region decreased 22% and 19% in the three and six months ended September 2025, respectively. The declines in Vans® were partially attributed to deliberate strategic actions, including exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing wholesale store fronts and inventory in the Asia-Pacific region.
Previous wording
Global direct-to-consumer revenues for Active decreased 14% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The decrease was primarily driven by a decline in the Vans® brand in the Americas region. Global wholesale revenues decreased 6% in the three months ended June 2025, including a 1% favorable impact from foreign currency. The decrease was primarily due to a decrease in the Vans® brand in the Americas region in the three months ended June 2025.
Current wording
Global direct-to-consumer revenues for Active decreased 9% and 11% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 1% favorable impact from foreign currency in both periods. The decreases were primarily driven by declines in the Vans® brand in the Americas region in both periods. Global wholesale revenues decreased 7% and 6% in the three and six months ended September 2025, respectively, including a 2% favorable impact from foreign currency in both periods. The decreases were primarily due to decreases in the Vans® brand in the Americas region in both the three and six months ended September 2025.
Previous wording
Segment profit margin decreased in the three months ended June 2025 compared to the 2024 period, primarily due to lower leverage of operating expenses due to decreased revenues.
Current wording
Segment profit margin decreased in both the three and six months ended September 2025 compared to the 2024 periods, primarily due to lower gross margin, which was driven by increased product costs, and lower leverage of operating expenses due to decreased revenues.
Previous wording
Reconciliation of Segment Profit to Loss From Continuing Operations Before Income Taxes
Current wording
Reconciliation of Segment Profit to Income From Continuing Operations Before Income Taxes
Previous wording
There are three types of costs necessary to reconcile total segment profit to consolidated loss from continuing operations before income taxes. These costs are(i) corporate and other expenses, discussed below, (ii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iii) profit (loss) related to the "All Other" category, discussed below, which includes the following brands: Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker®. The "All Other" grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.
Current wording
There are three types of costs necessary to reconcile total segment profit to consolidated income from continuing operations before income taxes. These costs are(i) corporate and other expenses, discussed below, (ii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iii) profit related to the "All Other" category, discussed below, which includes the following brands: Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker®. The "All Other" grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.
Previous wording
The decrease in corporate and other expenses for the three months ended June 2025 was primarily due to cost savings from
Current wording
The decrease in corporate and other expenses for both the three and six months ended September 2025 was primarily due to cost savings from Reinvent, lower information technology costs and
Previous wording
Reinvent and lower information technology costs, partially offset by higher Reinvent restructuring charges and project-related costs. The increase in "All Other" profit (loss) for thethree months ended June 2025 was primarily due to higher gross margin, driven byhigher quality inventory and favorable foreign currency impacts.
Current wording
lower Reinvent restructuring charges and project-related costs. The increase in "All Other" profit for the three months ended September 2025 was primarily due to higher gross margin, driven by higher quality inventory and lower discounts. The increase in "All Other" profit for the six months ended September 2025 was primarily due to higher gross margin, driven by higher quality inventory, lower discounts and favorable foreign currency impacts.
Previous wording
International revenues increased 2% in the three months ended June 2025 compared to the 2024 period, including a 3% favorable impact from foreign currency. Revenues in the Europe region increased 4%, including a 6% favorable impact from foreign currency. In the Asia-Pacific region, revenues increased 4% in the three months ended June 2025. Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 5% in the three months ended June 2025, including a
Current wording
International revenues increased 4% and 3% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 4% and 3% favorable impact from foreign currency in the respective periods. Revenues in the Europe region increased 6% and 5% in the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from foreign currency in the respective periods. In the Asia-Pacific region, revenues decreased 2% and increased 1% in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2025. Revenues in Greater China (which includes Mainland China, Hong Kong and
Previous wording
1% favorable impact from foreign currency. Revenues in the Americas (non-U.S.) region decreased 11% in the three months ended June 2025, including a 5% unfavorable impact from foreign currency.
Current wording
Taiwan) decreased 2% and 3% in thethree and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2025. Revenues in the Americas (non-U.S.) region increased 6% and decreased 1% in the three and six months ended September 2025, respectively, including a 2% unfavorable impact from foreign currency in the six months ended September 2025.
Previous wording
Inte rnational revenues were 53% and 51% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Current wording
Inte rnational revenues were 59% and 57% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 56% and 55% of total revenues in the six-month periods ended September 2025 and 2024, respectively.
Previous wording
Revenues from VF-operated retail stores decreased 3% during the three months ended June 2025, including a 1% favorable impact from foreign currency. There were 1,113 VF-operated retail stores at June 2025 compared to 1,158 at June 2024.
Current wording
Revenues from VF-operated retail stores decreased 2% and 3% in the three and six months ended September 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods. The decreases in both periods were due to declines in the Americas region. There were 1,105 VF-operated retail stores at September 2025 compared to 1,160 at September 2024.
Previous wording
Wholesale revenues increased 1% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The increase was primarily driven by increases in the Europe and Asia-Pacific regions, partially offset by a decrease in the Americas regions.
Current wording
Wholesale revenues increased 3% and 2% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods, primarily driven by increases in the Europe region, which were partially offset by declines in the Americas regions.
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports. The implementation of some of the announced tariffs has been delayed, while some have taken effect. Additionally, in response, certain governments have announced retaliatory tariffs on goods imported from the U.S. VF has a diversified sourcing country mix. Approximately 85% of products purchased for sale in the U.S. are sourced through Southeast Asia and Central and South America, with
Current report — wording carried from elsewhere
Vietnam, Bangladesh, Cambodia and Indonesia comprising the top four sourcing markets. Less than 2% of total U.S. products are sourced through China.
Current report — wording carried from elsewhere
VF Corporation Q2 FY26 Form 10-Q 32 extent to which VF will be able to offset the impact through our mitigation efforts.
Current report — wording carried from elsewhere
SUMMARY OF THE SECOND QUARTER OF FISCAL 2026
Current report — wording carried from elsewhere
•International revenues increased 4% compared to the three months ended September 2024, including a 4% favorable impact from foreign currency.
Current report — wording carried from elsewhere
including favorable impacts from foreign currency. In the six months ended September 2025, revenue declines in the Americas region were offset by increases in the Europe and Asia-Pacific regions, including favorable impacts from foreign currency.
Current report — wording carried from elsewhere
VF Corporation Q2 FY26 Form 10-Q 34
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
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 Securities and Exchange Commission, including VF’s Annual Report on Form 10-K.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
Refer to Note 4 to VF’s consolidated financial statements for additional information on discontinued operations.
Previous report — wording carried elsewhere
VF Corporation Q1 FY26 Form 10-Q 26 employee-related benefits and the impact of asset impairments and write-downs.
Previous report — wording carried elsewhere
All restructuring actions related to Reinvent were substantially complete at the end of the first quarter of Fiscal 2026. In addition, as further discussed in Note 16 to VF's consolidated financial statements, VF has entered into a contract with a
Previous report — wording carried elsewhere
SUMMARY OF THE FIRST QUARTER OF FISCAL 2026
Previous report — wording carried elsewhere
•Increase in accounts receivable —primarily due to foreign currency fluctuations and timing of collections from customers.
Previous report — wording carried elsewhere
VF Corporation Q1 FY26 Form 10-Q 32
Previous report — wording carried elsewhere
The Company paid cash dividends of $0.09 per share during the three months ended June 2025, and the Company declared a
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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;