V F CORP

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 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.

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 third quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended December 2025 and December 2024 relate to the fiscal periods ended on December 27, 2025 and December 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 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.

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 nine months ended December 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and nine months ended December 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

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 wording

On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies® brand business (“Dickies”). On November 12, 2025, VF completed the sale of Dickies. All references to the impact of Dickies divestiture below represent the difference between Dickies revenue recognized in the third quarter of Fiscal 2026 (through the date of sale) and the amount of Dickies revenue recognized in the third quarter of Fiscal 2025. The Company determined that the sale of Dickies did not represent a strategic shift that would have a major effect on the Company's operations and financial results, and therefore did not qualify for presentation as a discontinued operation. Refer to Note 4 to VF's consolidated financial statements for additional information on the divestiture.

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

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®

Previous 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.

Current wording

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 following brands: Dickies®(through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. 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 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.

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 Financial Statements, through the date of sale. These changes have been applied to all periods presented. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan (“DDTL”), which totaled $31.1 million for the nine months ended December 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. 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

Current wording

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.

Previous 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

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. In Fiscal 2026, VF began paying reciprocal tariffs on product imported into the U.S. and, due to the timing of implementation of the mitigation strategies, gross

Previous wording

VF Corporation Q2 FY26 Form 10-Q 32 extent to which VF will be able to offset the impact through our mitigation efforts.

Current wording

33 VF Corporation Q3 FY26 Form 10-Q margin was negatively impacted (though not materially) in the third quarter of Fiscal 2026 and VF expects that will continue in the fourth quarter of Fiscal 2026. 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.

Previous wording

In Fiscal 2025, the Company initiated the second phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction. VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028 compared to the end of Fiscal 2024.

Current wording

In Fiscal 2025, the Company initiated the second phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and

Previous 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.

Current wording

Reinvent restructuring charges in the three and nine months ended December 2025 were ($4.0) million and $17.6 million, respectively, and cumulative charges were $207.7 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

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.

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 were substantially complete by the end of 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 6% to $1.7 billion compared to the three months ended September 2024, including a 2% favorable impact from foreign currency.

Current wording

•Outdoor segment revenues increased 8% to $1.9 billion compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

Previous 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.

Current wording

•Active segment revenues decreased 6% to $671.8 million compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

Previous wording

•Direct-to-consumer revenues decreased 1% compared to the three months ended September 2024, including a 1% favorable impact from foreign currency.

Current wording

•Wholesale revenues decreased 1% compared to the three months ended December 2024, including a 4% favorable impact from foreign currency.

Previous wording

•International revenues increased 4% compared to the three months ended September 2024, including a 4% favorable impact from foreign currency.

Current wording

•Direct-to-consumer revenues increased 4% compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

Previous 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.

Current wording

•Earnings per share was$0.76 compared to$0.43 in the 2024 period. The increase in earnings per share was primarily driven by the estimated gain related to the Dickies divestiture and lower Reinvent charges during thethree months ended December 2025 compared to thethree months ended December 2024.

Previous 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:

Current wording

The following table presents a summary of the changes in revenues for the three and nine months ended December 2025 from the comparable periods in 2024:

Previous wording

VF Corporation Q2 FY26 Form 10-Q 34

Current wording

VF Corporation Q3 FY26 Form 10-Q 34 in the Active segment and decreased revenue due to the Dickies divestiture in the current quarter. In the three months ended December 2025, revenue increases in the Europe and Americas regions, including favorable impacts from foreign currency, were partially offset by decreases in the Asia-Pacific region. In the nine months ended December 2025, revenue increases in the

Previous 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.

Current wording

Gross margin increased 30 and 80 basis points in the three and nine months ended December 2025, respectively, compared to the 2024 periods. The increase in the three months ended December 2025 was primarily driven by favorable channel and business mix and lower product costs, partially offset by the negative impact of tariffs. The increase in thenine months ended December 2025 was primarily driven byfavorable foreign currency impacts, higher quality inventory and lower product costs, partially offset by the negative impact of tariffs.

Previous 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.

Current wording

Selling, general and administrative expe nses as a percentage of total revenues decreased 100 and 70 basis points during the three and nine months ended December 2025, respectively, compared to the 2024 periods. Selling, general and administrative expenses decreased $9.8 million and $19.7 million in the three and nine months ended December 2025, respectively, compared to the 2024 periods. The decreasein the three months ended December 2025 was primarily due to cost savings from Reinvent, including lower administrative costs, partially offset by increases in direct-to-consumer and advertising costs. The decrease in the nine months ended December 2025 was primarily due to cost savings from Reinvent, including lower information technology costs, 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 $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

Current wording

Net interest expense remained relatively flat during the three and nine months ended December 2025, compared to the 2024 periods, asunfavorable foreign currency impacts were 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 nine months ended December 2025 and $5.0 billion in the same period in 2024, with weighted average interest rates of 3.2% and 3.3% in the nine months ended December 2025 and 2024, respectively.

Previous 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.

Current wording

The effective income tax rate for the nine months ended December 2025 was 25.8% compared to 16.1% in the 2024 period. The nine months ended December 2025 included a net discrete tax expense of $4.0 million, which was comprised primarily of a$7.3 million tax expense related to stock compensation and a$4.2 million net tax benefit related to unrecognized tax benefits and interest. Excluding the $4.0 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 25.0%. The nine months ended December 2024 included a net discrete tax benefit of $1.9 million, which was comprised primarily of a $5.8 million net tax benefit related to unrecognized tax benefits and interest and a $5.9 million tax expense related to stock compensation. Excluding the $1.9 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 16.8%.

Previous 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.

Current wording

diluted share) in the 2024 period, and income from continuing operations in the nine months ended December 2025 was $374.2 million ($0.95 per diluted share) compared to $219.6 million ($0.56 per diluted share) in the 2024 period. Refer to additional discussion in the “Information by Reportable Segment” section below.

Previous wording

As discussed above, VF realigned its reportable segments during the first quarter of Fiscal 2026. VF's new reportable segments are Outdoor and Active. We have included an "All Other" category in the revenues table below for purposes of reconciliation of total revenues. "All Other" includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands, which do not meet the quantitative threshold to be disclosed as a separate reportable segment. 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.

Current wording

As discussed above, VF realigned its reportable segments during the first quarter of Fiscal 2026. VF's new reportable segments are Outdoor and Active. We have included an “All Other” category in the revenues table below for purposes of reconciliation of total revenues. “All Other” includes the following brands: Dickies®(through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®, which do not meet the quantitative threshold to be disclosed as a separate reportable segment. 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.

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 comprises the operating income 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 (loss) comprises the operating income and other income (expense), net line items of each segment.

Previous 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.

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 (loss) to income from continuing operations before income taxes.

Previous 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:

Current wording

The following tables present a summary of the changes in revenuesand segment profit (loss) in the three and nine months ended December 2025 from the comparable periods in 2024 and revenues by region for our Top 3 brands for the three and nine months ended December 2025 and 2024:

Previous 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

Current wording

Global revenues for Outdoor increased 8% and 7% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods. Revenues in the Americas region increased 13% and 8% in the three and nine months ended December 2025, respectively. Revenues in the Europe region increased 7% and 9% in the three and nine months ended December 2025, respectively, including a 7% favorable impact from foreign currency in both periods. Revenues in the Asia-Pacific region decreased 3% and increased 3% in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

Previous 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.

Current wording

Global revenues for The North Face® brand increased 8% and 7% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods. Revenue growth in the three months ended December 2025 was primarily driven by growth in the Americas region and revenue growth in the nine months ended December 2025 was primarily driven by growth in the Americas and Europe regions. Revenues in the Americas region increased 15% and 7% in the three and nine months ended December 2025, respectively. Revenues in the Europe region increased 5% and 9% in the three and nine months ended December 2025, respectively, including a 7% favorable impact from foreign currency in both periods. Revenues in the Asia-Pacific region decreased 1% and increased 5% in the three and nine months ended December 2025, respectively, including a 2% favorable impact from foreign currency in the three months ended December 2025.

Previous wording

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 wording

Europe regions. Revenues in the Americas region increased 9% and 11% in the three and nine months ended December 2025, respectively. Revenues in the Europe region increased 13% and 10% in the three and nine months ended December 2025, respectively, including a 9% and 7% favorable impact from foreign currency in the respective periods. Revenues in the Asia-Pacific region decreased 7% and 6% in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

Previous wording

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 wording

Global direct-to-consumer revenues for Outdoor increased 9% in both the three and nine months ended December 2025 compared to the 2024 periods, including a 2% and 3% favorable impact from foreign currency in the respective periods. The increase in both periodswas primarily driven by growth in The North Face® and Timberland® brands in the Americas region. Global wholesale revenues increased 6% in both the three and nine months ended December 2025 compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods. The increase in the three months ended December 2025 was primarily driven by increases in The North Face® and Timberland®brands in the Americas region and the increase in the nine months ended December 2025 was primarily driven by increases in The North Face® brand across all regions and increases in the Timberland® brand in the Americas and Europe regions.

Previous 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.

Current wording

Global revenues for Active decreased 6% and 8% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods. Revenues in the Americas region decreased 8% and 10% in the three and nine months ended December 2025, respectively. Revenues in the Asia-Pacific region decreased 13% and 14% in the three and nine months ended December 2025, respectively, compared to the 2024 periods. Revenues in the Europe region remained flat and decreased 2% in the three and nine months ended December 2025, respectively, including an 8% and 6% favorable impact from foreign currency in the respective periods.

Previous 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

Current wording

Vans® brand global revenues decreased 8% and 10% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods. The overall declines were primarily impacted by a 7% and 10% decrease in the Americas region in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in the three months ended December 2025. Revenues in the Asia-Pacific region decreased 20% and 19% in the three and nine months ended December 2025, respectively. Revenues in the Europe region decreased 6% and 7% in the three and nine months ended December 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective

Previous 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.

Current wording

periods. The declines in Vans® revenues in the nine months ended December 2025 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 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.

Current wording

Global direct-to-consumer revenues for Active decreased 5% and 9% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods. The decreases were primarily driven by declines in the Vans® brand in the Americas and Asia-Pacific regions in both periods. Global wholesale revenues decreased 8% and 7% in the three and nine months ended December 2025, respectively, including a 4% and 2% favorable impact from foreign currency in the respective periods. The decreases were primarily due to decreases in the Vans® brand in the Americas region in both the three and nine months ended December 2025.

Previous 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.

Current wording

Segment profit margin decreased in both the three and nine months ended December 2025 compared to the 2024 periods, primarily due to lower gross margin, which was driven by increased product costs and higher tariffs, and lower leverage of operating expenses due to decreased revenues.

Previous wording

The "All Other" grouping 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

The “All Other” grouping includes the following brands: Dickies® (through the date of sale), 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

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 wording

Global“All Other” revenues decreased 18% and 4% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods. Revenues were impacted by the sale of Dickies on November 12, 2025. Revenues in the Americas region decreased 20% and 6% in the three and nine months ended December 2025, respectively. Revenues in the Europe region decreased 11% and remained flat in the three and nine

Previous 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.

Current wording

There are four types of costs necessary to reconcile total segment profit to consol idated income from continuing operations before income taxes. These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the businesses, (ii) corporate and other expenses, discussed below, (iii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iv) profit related to the “All Other” category, discussed below, which includes the following brands: Dickies® (through the date of sale), 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.