V F CORP
For the period ended Jun 27, 2026. Filed Jul 29, 2026.
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.
Jun 27, 2026 · Filed Jul 29, 2026
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 2025-12-27; filed 2026-01-28.
0000103379-26-000011
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-27; filed 2026-07-29.
0000103379-26-000114
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 174 previous paragraphs and 167 current paragraphs.
44 unchanged; 71 reworded; 40 added; 49 removed; 10 previous and 12 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 (40)
Current report
Conflict in the Middle East
Current report
The conflict in the Middle East, which began during the fourth quarter of Fiscal 2026, has contributed to heightened geopolitical uncertainty, including impacts to global supply chains and increased fuel and oil costs. These and other factors may lead to broader macroeconomic implications, such as decreased consumer spending. While the length, scope and intensity of the conflict is unknown, VF does not believe the impact will be material, but will continue to monitor the evolving macroeconomic environment and its ability to mitigate the impact on VF’s business, financial condition and results of operations.
Current report
In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports under the International Emergency Economic Power Act (“IEEPA”). In February 2026, the U.S. Supreme Court invalidated tariffs imposed under the IEEPA. Immediately following the IEEPA ruling, the U.S. government imposed additional new tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment.
Current report
VF paid tariffs totaling $149.7 million imposed under IEEPA, and on February 20, 2026 the U.S. Supreme Court ruled that these tariffs were deemed invalid. Further, on March 4, 2026, the Court of International Trade ruled that U.S. Customs and Border Protection (“CBP”) must refund IEEPA tariffs that were
Current report
collected, with interest. As a result, VF recorded a tariff refund receivable, as of March 2026, of $149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026. Interest was not included due to the uncertainty of the amount but is not believed to be material. On April 20, 2026, approximately $57 million of IEEPA entries were submitted during the first phase of refund processing. In the three months ended June 2026, VF received approximately $49 million of these refunds and approximately $1 million of interest. Subsequent to the end of the first quarter, VF received substantially all of the remaining refunds submitted during the first phase. During the second phase of refund processing, approximately $88 million of IEEPA entries were submitted. Submission and processing of the remaining IEEPA tariffs is subject to finalization of the process for the next phase of refunds by CBP. VF will re-evaluate its assessment at each reporting period based on any new information.
Current report
The tariff refund receivable is included in the accounts receivable, net line item in the Consolidated Balance Sheets as of June 2026 and March 2026, and was $100.8 million as of June 2026 and $149.7 million as of March 2026. For the year ended March 2026, VF recognized $93.8 million as a reduction to cost of goods sold. As of March 2026, $55.9 million was recorded as a reduction to inventory and will be recognized as a decrease in cost of goods sold as the inventory turns. In the three months ended June 2026, VF recognized $37.3 million as a reduction to cost of goods sold, which offsets the IEEPA tariff charges initially incurred on the inventory.
Current report
Also, VF recorded a liability of $37.6 million as of June 2026 and March 2026, reflecting the portion of the refund that VF has committed to reimburse certain vendors and partners, which is included in the accounts payable line item in the Consolidated Balance Sheets as of June 2026 and March 2026. For the year ended March 2026, VF recognized $22.7 million as an increase to cost of goods sold and $14.9 million as an increase to inventory. Amounts that are deferred into inventory will be recognized as an increase in the cost of goods sold as the inventory turns. In the three months ended June 2026, VF recognized $9.2 million
Current report
25 VF Corporation Q1 FY27 Form 10-Q as an increase to cost of goods sold, which offsets the benefit initially provided by vendors and partners.
Current report
to mitigate our tariff exposure. Mitigation strategies have included, and may continue to include, sourcing optimization, accelerating production and shipments into the U.S., negotiations with our vendors and tactical price increases. 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. VF will continue to monitor and evaluate new information as it becomes available.
Current report
•Revenues decreased 5% to $1.7 billion compared to the three months ended June 2025, including a 2% favorable impact from foreign currency and a 6% unfavorable impact from the divestiture of Dickies.
Current report
•Wholesale revenues decreased 10% compared to the three months ended June 2025, including a 2% favorable impact from foreign currencyand an 8% unfavorable impact from the divestiture of Dickies.
Current report
•International revenues decreased 4% compared to the three months ended June 2025, including a 3% favorable impact from foreign currency and a 4%unfavorable impact from the divestiture of Dickies.
Current report
•Revenues in the Americas region decreased 4%compared to the three months ended June 2025, including a 1% favorable impact from foreign currency and a 9%unfavorable impact from the divestiture of Dickies.
Current report
VF reported a 5% decrease in revenues for the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency. The decrease in revenues was primarily due to the Dickies divestiture in the third quarter of Fiscal 2026 and a decrease in wholesale revenues in the Active segment in the three months ended June 2026. The decrease was partially offset by an increase in revenues in the
Current report
VF Corporation Q1 FY27 Form 10-Q 26
Current report
Gross margin increased 100 basis points in the three months ended June 2026 compared to the 2025 period, primarily due to the divestiture of Dickies, tactical price increases, lower product costs, mix and lower discounts, partially offset by unfavorable foreign currency impacts.
Current report
27 VF Corporation Q1 FY27 Form 10-Q
Current report
Segment Profit (Loss):
Current report
2026, including a 5% favorable impact from foreign currency. Revenues in the Europe region increased 3% in the three months ended June 2026, including a 2% favorable impact from foreign currency.
Current report
Global revenues for the Timberland® brand increased 4% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency, driven by growth in the Americas region. Revenues in the Americas region increased 11% in the three months ended June 2026, including a 1% favorable impact from foreign currency. Revenues in the Asia-Pacific region remained flat in the three months ended June 2026, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 4% in the three months ended June 2026, including a 2% favorable impact from foreign currency.
Current report
VF Corporation Q1 FY27 Form 10-Q 28
Current report
Other” revenues increased 7% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency. Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 15% and revenues in the Asia-Pacific region increased 19%, including a 3% favorable impact from foreign currency. Excluding the impact of the Dickies divestiture, revenues in the Europe region decreased 6% in the three months ended June 2026, including a 2% favorable impact from foreign currency.
Current report
29 VF Corporation Q1 FY27 Form 10-Q
Current report
restructuring charges and project-related costs, including the gain on sale of a distribution center, and cost savings from Reinvent.
Current report
International revenues decreased 4% in the three months ended June 2026 compared to the 2025 period, including a 3% favorable impact from foreign currency and a 4%unfavorable impact from the divestiture of Dickies.
Current report
Revenues in the Europe region decreased 7% in the three months ended June 2026, including a 2% favorable impact from foreign currencyand a 2% unfavorable impact from the divestiture of Dickies. In the Asia-Pacific region, revenues decreased 3% in the three months ended June 2026, including a 3% favorable impact from foreign currency and a 5% unfavorable
Current report
Direct-to-consumer revenues increased 2% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies.
Current report
VF’s digital business increased 4% during the three months ended June 2026, including a 2% favorable impact from foreign currencyand a 9% unfavorable impact from the divestiture of Dickies. The increase in the three months ended June 2026 was primarily due to increased digital revenues in the Asia-Pacific and Americas regions.
Current report
Direct-to-consumer revenues were 44% and 41% of total revenues in the three-month periods ended June 2026 and 2025, respectively.
Current report
Wholesale revenues decreased 10% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency and an 8% unfavorable impact from the divestiture of Dickies. The decrease inthe three months ended June 2026 was primarily driven by decreases in the Americas and Europe regions.
Current report
Wholesale revenues were 56% and 59%of total revenues in the three-month periods ended June 2026 and 2025, respectively.
Current report
VF Corporation Q1 FY27 Form 10-Q 30
Current report
•Decrease in accounts receivable — primarily due to the seasonality of the business, the timing of collections and IEEPA tariff refunds received.
Current report
•Increase in inventories— primarily due to the seasonality of the business.
Current report
•Decrease in short-term borrowings— primarily due to $350.0 million of borrowings under VF’s previous $2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”) as of June 2025, to support seasonal working capital requirements.
Current report
•Increase in accounts payable — primarily due to a $37.6 million payable recorded for reimbursements owed to vendors related to IEEPA tariff refunds and the timing of inventory shipments from and payments to vendors.
Current report
Cash Used by Operating Activities
Current report
Cash Used by Investing Activities
Current report
The decrease in cash used by investing activities in the three months ended June 2026 was primarily due to proceeds from the sale of a distribution center of $22.5 million in the three months ended June 2026, partially offset by final working capital adjustments paid for the sale of Dickies of$11.9 million in the three months ended June 2026 and an increase in capital expenditures of $11.3 million in the three months ended June 2026 compared to the 2025 period.
Current report
The Agent, as defined in the credit agreement, has discretion to establish various reserves against the borrowing base, as outlined in the credit agreement, including a requirement for a Debt Maturity Reserve to be established beginning 90-days prior to the maturity of any Material Indebtedness, as defined in the credit agreement.
Removed paragraphs (49)
Previous report
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 report
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 report
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 report
Unless otherwise noted, amounts, percentages and discussion for all periods included below reflect the results of operations and financial condition from VF’s continuing operations.
Previous report
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
Previous report
Reinvent
Previous report
On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation covered the following priorities: improve North America results, deliver the Vans® turnaround, reduce costs and strengthen the balance sheet.
Previous report
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 report
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.
Previous report
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 report
SUMMARY OF THE THIRD QUARTER OF FISCAL 2026
Previous report
•Revenues increased 1% to $2.9 billion compared to the three months ended December 2024, including a 2% favorable impact from foreign currency.
Previous report
•Direct-to-consumer revenues increased 4% compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.
Previous report
VF reported a 1% increase in revenues for both the three and nine months ended December 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency
Previous report
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 report
Europe region, including favorable impacts from foreign currency, were partially offset by decreases in the Asia-Pacific region.
Previous report
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 report
VF recorded a goodwill impairment charge of$30.7 million related to the Napapijri reporting unit in the three and nine months ended December 2025. During the third quarter of Fiscal 2026, due to a recent downward revision in the Napapijri forward-looking financial projections, the Company determined that a triggering event had occurred requiring impairment testing of the Napapijri reporting unit goodwilland indefinite-lived trademark intangible asset. Recent leadership changes within the brand have resulted in strategic actions that are projected to deliver short- to medium-term revenue and profit reductions to support long-term growth of the brand. The goodwill impairment primarily related to the reduction in financial projections for Napapijri.
Previous report
VF recorded an intangible asset impairment charge of$51.0 million related to the Dickies indefinite-lived trademark intangible asset in the three and nine months ended December 2024. During the third quarter of Fiscal 2025, due to the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery
Previous report
than previously anticipated, the Company determined that a triggering event had occurred requiring impairment testing of the Dickies indefinite-lived trademark intangible asset. The indefinite-lived trademark intangible asset impairment primarily related to the reduction in financial projections for Dickies.
Previous report
Other income (expense), net increased $101.0 million and $106.2 million during the three and nine months ended December 2025, respectively, compared to the 2024 periods. Other income (expense), net included the estimated pre-tax gain on the sale of Dickiesof $139.1 million in both the three and nine months ended December 2025. Other income (expense), net also included non-cash pension settlement charges of $34.0 million in the three and nine months ended December 2025, respectively, related to lump-sum payments of retirement benefits due to thetermination of the U.S. qualified plan. The termination of the plan is expected to be completed in Fiscal 2026 and VF currently estimates that total non-cash settlement charges will be between $200.0 and $300.0 million.
Previous report
35 VF Corporation Q3 FY26 Form 10-Q
Previous report
As a result of the above, income from continuing operations in the three months ended December 2025 was $300.8 million ($0.76 per diluted share) compared to $169.1 million ($0.43 per
Previous report
VF Corporation Q3 FY26 Form 10-Q 36
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Segment Profit:
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37 VF Corporation Q3 FY26 Form 10-Q
Previous report
Global revenues for the Timberland® brand increased 8% in both the three and nine months ended December 2025, compared to the 2024 periods, including a 3% favorable impact from foreign currency in both periods, driven by growth in the Americas and
Previous report
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.
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VF Corporation Q3 FY26 Form 10-Q 38
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*Calculation not meaningful
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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 report
months ended December 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective periods. Revenues in the Asia-Pacific region decreased 22% and 8% in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in both periods.
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39 VF Corporation Q3 FY26 Form 10-Q
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*Calculation not meaningful
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million related to thetermination of the U.S. qualified plan in thethree and nine months ended December 2025. The decrease in the nine months ended December 2025 was also due to lower information technology costs.
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International reve nues increased 2% and 3% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 6% and 4% favorable impact from foreign currency in the respective periods. Revenues in the Europe region increased 4% and 5% in the three and nine months ended December 2025, respectively, including an 8% and 7% favorable impact from foreign currency in the respective periods. Revenues in the Americas (non-U.S.) region increased 8% and 2% in the three and nine months ended December 2025, respectively, including a 4% favorable impact from foreign currency in the three months ended December 2025. In the Asia-Pacific region, revenues decreased 6% and 2% in the three and
Previous report
Direct-to-consumer revenues increased 4% and 1% 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.
Previous report
VF's e-commerce business increased 8% and 4% during the three and nine months ended December 2025, respectively, including a 2% favorable impact from foreign currency in both periods. The increases in both the three and nine months ended December 2025 were primarily due to increased e-commerce revenues in the Americas region.
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VF Corporation Q3 FY26 Form 10-Q 40
Previous report
Direct-to-consumer revenues were 57% and 55% of total revenues in the three-month periods ended December 2025 and
Showing the first 40 of 49 passages. Open the source sections for the rest.
Reworded paragraphs (71)
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 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.
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 29, 2026 through April 3, 2027 (“Fiscal 2027”) and contains 53 weeks, with an additional week occurring in the fourth quarter. This Form 10-Q presents our first quarter of Fiscal 2027. For presentation purposes herein, all references to periods ended June 2026 and June 2025 relate to the fiscal periods ended on June 27, 2026 and June 28, 2025, respectively. References to March 2026 relate to information as of March 28, 2026.
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 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.
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 months ended June 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three months ended June 2025
Previous 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.
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. 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. All references to the impact of Dickies divestiture below represent Dickies revenue recognized in the first quarter of Fiscal 2026.
Previous wording
As noted above, VF completed the sale of Dickies on November 12, 2025. In connection with the closing of the transaction, VF received proceeds of $600.5 million, net of cash sold and subject to post closing adjustments, and recorded an estimated pre-tax gain of $139.1 million. The estimated pre-tax gain was recorded in the other income (expense), net line item in the Consolidated Statements of Operations for both the three and nine months ended December 2025, and is subject to working capital and other customary adjustments.
Current wording
As noted above, VF completed the sale of Dickies on November 12, 2025. In connection with the closing of the transaction, VF received proceeds of $600.5 million, net of cash sold. VF recorded a final pre-tax gain of $127.2 million in the year ended March 2026, which included a reduction to the gain to reflect final working capital adjustments of $11.9 million that were paid in the three months ended June 2026. The pre-tax gain was included in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.
Previous 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.
Current wording
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. 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
Current wording
While the tariff situation is dynamic and evolving, VF continues to analyze the impact of tariffs on our business and has taken steps
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 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.
Current wording
SUMMARY OF THE FIRST QUARTER OF FISCAL 2027
Previous 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.
Current wording
•Outdoor segment revenues increased 5% to $857.0 million compared to the three months ended June 2025, including a 1% favorable impact from foreign currency.
Previous 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.
Current wording
•Active segment revenues decreased 5% to $667.3 million compared to the three months ended June 2025, including a 1% favorable impact from foreign currency.
Previous wording
•Internati onal revenues increased 2% compared to the three months ended December 2024, including a 6% favorable impact from foreign currency.
Current wording
•Direct-to-consumer revenues increased 2% compared to the three months ended June 2025, including a 1% favorable impact from foreign currencyand a 4% unfavorable impact from the divestiture of Dickies.
Previous wording
•Gross margin increased 30 basis points to 56.6% compared to the three months ended December 2024, primarily driven by favorable channel and business mix and lower product costs, partially offset by the negative impact of tariffs.
Current wording
•Gross margin increased 100 basis points to 54.9% compared to the three months ended June 2025, primarily due to the divestiture of Dickies, tactical price increases, lower product costs, mix and lower discounts, partially offset by unfavorable foreign currency impacts.
Previous 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.
Current wording
•Net loss per share was ($0.25) compared to($0.30) in the 2025 period. The decrease in net loss per share was primarily driven by lower charges related to Reinvent, VF’s transformation program, during thethree months ended June 2026 compared to thethree months ended June 2025 and lower net interest expense.
Previous 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:
Current wording
The following table presents a summary of the changes in revenues for the three months ended June 2026 from the comparable period in 2025:
Previous wording
for both periods. Increases in the Outdoor segment in both the three and nine months ended December 2025 and favorable impacts from foreign currency were partially offset by decreases
Current wording
Outdoor segment in the three months ended June 2026 and favorable impacts from foreign currency. In the three months ended June 2026, revenue decreases across all regions were partially offset by favorable impacts from foreign currency.
Previous 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.
Current wording
Selling, general and administrative expe nses as a percentage of total revenues increased 110 basis points during the three months ended June 2026 compared to the 2025 period, reflecting lower leverage of operating expenses due to decreased revenues. Selling, general and administrative expenses decreased $35.5 million in thethree months ended June 2026 compared to the 2025 period. The decrease in the three months ended June 2026 was primarily due to lower Reinvent restructuring charges and project-related costs and cost savings from Reinvent, partially offset by increased advertising costs.
Previous 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.
Current wording
Net interest expense decreased $16.5 million during the three months ended June 2026, compared to the 2025 period, primarily due to the February 2026 early redemption of€500.0 million ($582.2 million) in aggregate principal amount of its outstanding 4.125% Senior Notes due in March 2026, lower short-term borrowings in the three months ended June 2026 and an increase in interest income due to higher cash and cash equivalents. Total outstanding debt averaged $3.6 billion in the three months ended June 2026 and$4.5 billion in the same period in 2025, with weighted average interest rates of 2.9% and 3.2% in the three months ended June 2026 and 2025, respectively.
Previous 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%.
Current wording
The effective income tax rate for the three months ended June 2026 was 9.1% compared to 8.0% in the 2025 period. The three months ended June 2026 included a net discrete tax expense of $7.0 million, which was comprised primarily of changes to unrecognized tax benefits and interest. Excluding the $7.0 million net discrete tax expense in the 2026 period, the effective income tax rate would have been 15.7%. 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%. Without discrete items, the effective income tax rate for the three months ended June 2026 decreased by 1.5% compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.
Previous 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.
Current wording
As a result of the above, net loss in the three months ended June 2026 was ($97.2) million (($0.25) per diluted share) compared to ($116.4) million (($0.30) per diluted share) in the 2025 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 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.
Current wording
VF’s 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.
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 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)
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 (loss) to income from continuing operations before income taxes.
Current 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 before income taxes.
Previous 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:
Current wording
The following tables present a summary of the changes in revenues and segment profit (loss) in the three months ended June 2026 from the comparable period in 2025 and revenues by region for our Top 3 brands for the three months ended June 2026 and 2025:
Previous 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.
Current wording
Global revenues for Outdoor increased 5% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region increased 9% in the three months ended June 2026. Revenues in the Asia-Pacific region increased 4% in the three months ended June 2026, including a 4% favorable impact from foreign currency. Revenues in the Europe region increased 1% in the three months ended June 2026, including a 2% favorable impact from foreign currency.
Previous 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.
Current wording
Global revenues for The North Face® brand increased 6% in the three months ended June 2026 compared to the 2025 period, includinga 2% favorable impact from foreign currency, with revenue growth across all regions. Revenue growth in the three months ended June 2026 was primarily driven by growth in the Americas region. Revenues in the Americas region increased 8% in the three months ended June 2026. Revenues in the Asia-Pacific region increased 5% in the three months ended June
Previous 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.
Current wording
Global direct-to-consumer revenues for Outdoor increased 9% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency. Theincrease was primarily driven by growth in The North Face® brand across all regions. Global wholesale revenues increased 3% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency. The increase in the three months ended June 2026 was primarily driven by increases in The North Face® and Timberland®brands in the Americas region.
Previous wording
Segment profit margin decreased in the three months ended December 2025 compared to the 2024 period, primarily due to higher tariffs and increased direct-to-consumer and advertising costs. Segment profit margin increased in the nine months ended December 2025 compared to the 2024 period, reflecting higher gross margin from favorable foreign currency impacts and lower product costs, partially offset by higher tariffs andincreased direct-to-consumer and advertising costs.
Current wording
Segment profit margin increased in the three months ended June 2026 compared to the 2025 period, reflecting higher gross margin, primarily driven by tactical price increases and lower product costs, partially offset by unfavorable foreign currency impacts. The increase in segment profit margin was also partially offset by higher direct-to-consumer and advertising costs.
Previous 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.
Current wording
Global revenues for Active decreased 5% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency. Revenues in the Europe region decreased 11% in the three months ended June 2026, including a 2% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 6% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 1% in thethree months ended June 2026, including a 1% favorable impact from foreign currency.
Previous 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
Current wording
Vans® brand global revenues decreased 8% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency. The overall decline was primarily impacted by a 15% decrease in the Europe region, including a 2% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 14% in the three months ended June 2026, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased
Previous 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.
Current wording
Global direct-to-consumer revenues for Active increased 1% inthe three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency, primarily driven by an increase in the Vans® brand in the Americas region. Global wholesale revenues decreased 9% in the three months ended June 2026, including a 1% favorable impact from foreign currency. The decrease was primarily due to decreases in the Vans® brand in the Europe and Americas regions.
Previous 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.
Current wording
Segment profit margin decreased in the three months ended June 2026 compared to the 2025 period, primarily due tolower leverage of operating expenses due to decreased revenues and unfavorable foreign currency impacts . The decrease in segment profit margin was partially offset by higher gross margin, which was primarily due to mix and lower discounts.
Previous 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
Current wording
Global“All Other” revenues decreased 42% in the three months ended June 2026 compared to the 2025 period. Revenues in the Americas region decreased 46% in the three months ended June 2026. Revenues in the Europe region decreased 28% in the three months ended June 2026, including a 2% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 50% in the three months ended June 2026, including a 1% favorable impact from foreign currency.
Previous wording
Reconciliation of Segment Profit to Income From Continuing Operations Before Income Taxes
Current wording
Reconciliation of Segment Profit to Loss Before Income Taxes
Previous 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.
Current wording
There are three types of costs necessary to reconcile total segment profit to consol idated loss 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® (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
The decrease in corporate and other expenses for both the three and nine months ended December 2025 was primarily due to the estimated pre-tax gain on the sale of Dickies of $139.1 million, cost savings from Reinvent and lower Reinvent restructuring charges and project-related costs. The decrease in both periods was partially offset by a pension settlement charge of$34.0
Current wording
The decrease in corporate and other expenses for the three months ended June 2026 was primarily dueto lower Reinvent
Previous wording
The decrease in “All Other” profit for the three months ended December 2025 was primarily due to lower gross profit related to Dickies. The increase in “All Other” profit for the nine months ended December 2025 was primarily due to higher gross margin, driven by higher quality inventory and favorable foreign currency impacts, partially offset by lower gross profit related to Dickies.
Current wording
The increase in “All Other” loss for the three months ended June 2026 was due to lower gross profit related to the Dickies divestiture, increased advertising costs and lower gross margin due to unfavorable foreign currency impacts.
Previous wording
nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in the three months ended December 2025. Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 6% and 4% in the three and nine months ended December 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods.
Current wording
impact from the divestiture of Dickies. Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan)increased 2% in the three months ended June 2026, including a 5% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies. Revenues in the Americas (non-U.S.) region increased 13% in the three months ended June 2026, including a 5% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies.
Previous wording
Inte rnational revenues were 52% of total revenues in both the three-month periods ended December 2025 and 2024, and 55% and 54% of total revenues in the nine-month periods ended December 2025 and 2024, respectively.
Current wording
Inte rnational revenues were 53% of total revenues in both the three-month periods ended June 2026 and 2025.
Previous wording
Revenues from VF-operated retail stores decreased 2% in both the three and nine months ended December 2025, including a 2% favorable impact from foreign currency in both periods. The decrease in the three months ended December 2025 was primarily due to a decrease in the Asia-Pacific region and the decrease in the nine months ended December 2025 was primarily due to a decrease in the Americas region. There were 1,107 VF-operated retail stores at December 2025 compared to 1,160 at December 2024.
Current wording
Revenues from VF-operated retail stores remained flat in the three months ended June 2026, including a 1% favorable impact from foreign currency and a 1% unfavorable impact from the divestiture of Dickies, primarily due to increases in the Americas and Europe regions offset by a decrease in the Asia-Pacific region. There were 1,068 VF-operated retail stores at June 2026 compared to 1,113 at June 2025.
Previous wording
•Decrease in the current portion of long-term debt— primarily due to the early redemption of $750.0 million of long-term notes in March 2025, partially offset by the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities and foreign currency fluctuations.
Current wording
•Increase in the current portion of long-term debt— primarily due to the reclassification of $500.0 million of long-term notes due in April 2027 to current liabilities.
Previous wording
•Increase in accounts payable— primarily due to the timing of inventory shipments from and payments to vendors.
Current wording
•Increase in accounts payable— primarily due to the seasonality of inventory purchases.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
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Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
comprises the operating income (loss) and other income (expense), net line items of each segment.
Current report — wording carried from elsewhere
3% in the three months ended June 2026, including a 1% favorable impact from foreign currency.
Current report — wording carried from elsewhere
Revenues were impacted by the sale of Dickies on November 12, 2025. Excluding the impact of the Dickies divestiture, global “All
Current report — wording carried from elsewhere
Dickies’ inventory balance at June 2025 was$146.8 million.
Current report — wording carried from elsewhere
•Decrease in long-term debt — primarily due to the reclassification of $500.0 million of long-term notes due in April 2027 to current liabilities.
Current report — wording carried from elsewhere
31 VF Corporation Q1 FY27 Form 10-Q the calendar year is substantially higher as inventories are sold and accounts receivable are collected. Additionally, direct-to-consumer sales are highest in the fourth quarter of the calendar year. VF’s additional sources of liquidity include available
Current report — wording carried from elsewhere
borrowing capacity against its $1.5 billion secured asset based revolving credit facility (the “ABL Credit Facility”), available cash balances and international lines of credit.
Current report — wording carried from elsewhere
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 — wording carried from elsewhere
VF Corporation Q1 FY27 Form 10-Q 32 the borrowing base, outstanding borrowings and outstanding letters of credit.
Current report — wording carried from elsewhere
None of VF’s long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings.
Current report — wording carried from elsewhere
The application of these accounting policies requires management to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, contingent assets and
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
•Wholesale revenues decreased 1% compared to the three months ended December 2024, including a 4% favorable impact from foreign currency.
Previous report — wording carried elsewhere
•Revenues in the Americas region increased 2% compared to the three months ended December 2024.
Previous report — wording carried elsewhere
Without discrete items, the effective income tax rate for the nine months ended December 2025 increased by 8.2% compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.
Previous report — wording carried elsewhere
•Decrease in intangible assets— primarily due to the removal of Dickies from the Consolidated Balance Sheet as of December 2025 in connection with the completed divestiture.
Previous report — wording carried elsewhere
by a net decrease in current liabilities, driven by decreased current portion of long-term debt, which was partially offset by increased accrued liabilities, as discussed in the “Consolidated Balance Sheets” section above.
Previous report — wording carried elsewhere
VF’s primary source of liquidity is its expected annual cash flow from operating activities. Cash from operations is typically lower
Previous report — wording carried elsewhere
will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.
Previous report — wording carried elsewhere
obligations of $690.1 million, $481.7 million and $661.4 million, respectively, due to suppliers that are eligible to participate in the SCF program.
Previous report — wording carried elsewhere
43 VF Corporation Q3 FY26 Form 10-Q evaluation. If actual results ultimately differ from previous estimates, the revisions are included in results of operations in the period in which the actual amounts become known.
Previous report — wording carried elsewhere
most sensitive to change from outside factors, are discussed in Management’s Discussion and Analysis in the Fiscal 2025 Form 10-K. Refer to Note 17 to VF's consolidated financial statements for additional information regarding VF's critical accounting policies and estimates during Fiscal 2026.