V F CORP
For the period ended Sep 26, 2026. Filed Oct 28, 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.
Sep 26, 2026 · Filed Oct 28, 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 2026-06-27; filed 2026-07-29.
0000103379-26-000114
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-26; filed 2026-10-28.
0000103379-26-000135
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 167 previous paragraphs and 164 current paragraphs.
66 unchanged; 72 reworded; 20 added; 21 removed; 8 previous and 6 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 (20)
Current report
interest. Accordingly, as of March 2026, VF recorded a tariff refund receivable of $149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026, which was included in the accounts receivable, net line item in the Consolidated Balance Sheet at March 2026. In addition, VF recognized $93.8 million as a reduction to cost of goods sold in Fiscal 2026 related to inventory sold in Fiscal 2026 on which IEEPA tariffs were paid, such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2026. Finally, VF recorded an inventory reserve of $55.9 million as of March 2026 to offset IEEPA tariffs reflected in inventory on hand at March 2026. During Fiscal 2027, VF released this reserve as a reduction to cost of goods sold as the related inventory was sold such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2027. Accordingly, $37.3 million of the $55.9 million inventory reserve recorded at March 2026 was recognized as a reduction to cost of goods sold in the three months ended June 2026 and the remaining $18.6 million was recognized as a reduction to cost of goods sold in the three months ended September 2026. As of September 2026, VF has received substantially all of the IEEPA tariff receivable and the related interest income and has recognized all of the inventory-related impacts.
Current report
•Revenues decreased 4% to $2.7 billion compared to the three months ended September 2025, including a 5% unfavorable impact from the divestiture of Dickies.
Current report
•Direct-to-consumer revenues increased 1% compared to the three months ended September 2025, including a 2% unfavorable impact from the divestiture of Dickies.
Current report
•International revenues decreased 5% compared to the three months ended September 2025, including a 3% unfavorable impact from the divestiture of Dickies.
Current report
increases in revenues in the Outdoor segment in both the three and six months ended September 2026. In both thethree and six months ended September 2026, revenues decreased across all regions. Excluding the impact of the Dickies divestiture, revenues increased in the Americas region and decreased in the Europe and Asia-Pacific regions.
Current report
The effective income tax rate for the six months ended September 2026 was 21.6% comp ared to 48.2% in the 2025 period. The six months ended September 2026 included a net
Current report
Segment Profit:
Current report
Global revenues for the Timberland® brand increased 4% in both the three and six months ended September 2026 compared to the 2025 periods, driven by growth in the Americas region in both periods. Revenues in the Americas region increased 15% and
Current report
14% in the three and six months ended September 2026, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2026. Revenues in the Europe region decreased 1% and 2% in the three and six months ended September 2026, respectively, including a 2% and 1% unfavorable impact from foreign currency in the respective periods. Revenues in the Asia-Pacific region decreased 21% and 13% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2026.
Current report
Vans® brand global reve nues decreased 10% and 9% in the three and six months ended September 2026, respectively, compared to the 2025 periods. The overall declines in both periods were primarily impacted by decreases across the Europe and Americas regions. Revenues in the Europe region decreased 15% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in the three months ended September 2026. Revenues in the Americas region decreased 6% and 5% in the three and six months ended
Current report
September 2026, respectively, including a 1% favorable impact from foreign currencyin the three months ended September 2026. Revenues in the Asia-Pacific region decreased 18% and 16% in the three and six months ended September 2026, respectively.
Current report
VF Corporation Q2 FY27 Form 10-Q 34
Current report
International revenues decreased 5% and 4% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 2% favorable impact from foreign currency in the six months ended September 2026 and a 3% unfavorable impact from the divestiture of Dickies in both periods.
Current report
Direct-to-consumer revenues increased 1% in both the three and six months ended September 2026 compared to the 2025 periods, including a 2% and 4% unfavorable impact from the divestiture of Dickies in the respective periods.
Current report
Direct-to-consumer revenues were 34% and 32% of total revenues in the three-month periods ended September 2026 and 2025, respectively, and 38% and 36% of total revenues in thesix-month periods ended September 2026 and 2025, respectively.
Current report
35 VF Corporation Q2 FY27 Form 10-Q
Current report
Wholesale revenues were 66% and 68%of total revenues in the three-month periods ended September 2026 and 2025, respectively, and 62% and 64%of total revenues in thesix-month periods ended September 2026 and 2025, respectively.
Current report
•Increase in inventories— primarily due to planned inventory purchases and anticipated sales growth in the second half of Fiscal 2027.
Current report
37 VF Corporation Q2 FY27 Form 10-Q
Current report
VF Corporation Q2 FY27 Form 10-Q 38
Removed paragraphs (21)
Previous 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.
Previous 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.
Previous 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
Previous 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.
Previous report
SUMMARY OF THE FIRST QUARTER OF FISCAL 2027
Previous report
•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 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.
Previous 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.
Previous report
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 report
VF Corporation Q1 FY27 Form 10-Q 26
Previous report
27 VF Corporation Q1 FY27 Form 10-Q
Previous report
Segment Profit (Loss):
Previous 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.
Previous report
VF Corporation Q1 FY27 Form 10-Q 28
Previous report
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 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.
Previous 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.
Previous report
Direct-to-consumer revenues were 44% and 41% of total revenues in the three-month periods ended June 2026 and 2025, respectively.
Previous report
•Decrease in inventories— primarily due to the removal of Dickies from the Consolidated Balance Sheet in connection with the completed divestiture in the third quarter of Fiscal
Previous report
Dickies’ inventory balance at June 2025 was$146.8 million.
Previous report
•Decrease in intangible assets— primarily due to the removal of Dickies from the Consolidated Balance Sheet in connection with the completed divestiture in the third quarter of Fiscal 2026.
Reworded paragraphs (72)
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 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.
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 second quarter of Fiscal 2027. For presentation purposes herein, all references to periods ended September 2026 and September 2025 relate to the fiscal periods ended on September 26, 2026 and September 27, 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 months ended June 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three months ended June 2025
Current wording
All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers. References to the three and six months ended September 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and six months ended September 2025 when translating foreign currencies into U.S.
Previous wording
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
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”). 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.
Current 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. 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 three and six months ended September 2025.
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. 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.
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 first quarter of Fiscal 2027. 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
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 wording
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 must refund IEEPA tariffs that were collected, with
Previous wording
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 wording
While the tariff situation is dynamic and evolving, VF continues to analyze the impact of tariffs on our business and has taken steps 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.
Previous 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.
Current wording
•Outdoor segment revenues increased 4% to $1.7 billion compared to the three months ended September 2025.
Previous 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.
Current wording
•Active segment revenues decreased 8% to $700.3 million compared to the three months ended September 2025.
Previous wording
•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 wording
•Wholesale revenues decreased 6% compared to the three months ended September 2025, including a 6% unfavorable impact from the divestiture of Dickies.
Previous wording
•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 wording
•Revenues in the Americas region decreased 2% compared to the three months ended September 2025, including an 8% unfavorable impact from the divestiture of Dickies.
Previous 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.
Current wording
•Gross margin increased 320 basis points to 55.4% compared to the three months ended September 2025, primarily due to the divestiture of Dickies, favorable foreign currency impacts, tactical price increases, lower product costs and channel mix.
Previous 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.
Current wording
•Earnings per sharewas $0.71 compared to$0.48 in the 2025 period. The increase in earnings per share was primarily driven by increased profitability in the Outdoor segment, lower net interest expense, a lower tax rate in the current year and lower charges related to Reinvent (VF’s transformation program) during the three months ended September 2026 compared to the three months ended September 2025.
Previous 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:
Current wording
The following table presents a summary of the changes in revenues for the three and six months ended September 2026 from the comparable periods in 2025:
Previous wording
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 wording
VF reported a 4% decrease in revenues for both the three and six months ended September 2026, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026. The decreases in revenues in both periods were primarily due to the Dickies divestiture in the third quarter of Fiscal 2026, which had an unfavorable impact of 5% in both the three and six months ended September 2026. The decreases were also due to declines in wholesale revenues in the Active segment in both the three and six months ended September 2026. The decreases were partially offset by
Previous wording
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 wording
Gross margin increased 320 and 240 basis points in the three and six months ended September 2026, respectively, compared to the 2025 periods, primarily due to the divestiture of Dickies, tactical price increases, lower product costs and channel mix. The increase in the three months ended September 2026 was also due to favorable foreign currency impacts.
Previous 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.
Current wording
Selling, general and administrative expe nses as a percentage of total revenues increased 70 and 80 basis points during the three and six months ended September 2026, respectively, compared to the 2025 periods, reflecting lower leverage of operating expenses due to decreased revenues. Selling, general and administrative expenses decreased $25.1 million and $60.6
Previous wording
VF Corporation Q1 FY27 Form 10-Q 30
Current wording
VF Corporation Q2 FY27 Form 10-Q 30 million in the three and six months ended September 2026, respectively, compared to the 2025 periods, primarily due to the divestiture of Dickies, lower Reinvent restructuring charges and project-related costs, and structural cost savings. The decreases in both periods were partially offset by increased advertising and direct-to-consumer costs.
Previous 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.
Current wording
Net interest expense decreased $22.5 million and $39.0 million during the three and six months ended September 2026, respectively, compared to the 2025 periods, 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, and interest received on IEEPA tariff refunds, which totaled $4.1 million and $5.6 million in the three and six months ended September 2026, respectively. Total outstanding debt averaged $3.7 billion in the six months ended September 2026 and $4.6 billion in the same period in 2025, with weighted average interest rates of 2.9% and 3.3% in the six months ended September 2026 and 2025, respectively.
Previous 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.
Current wording
discrete tax benefit of $4.4 million, which was comprised primarily of changes to unrecognized tax benefits and interest. Excluding the $4.4 million net discrete tax benefit in the 2026 period, the effective income tax rate would have been 23.5%. The six months ended September 2025 included a net discrete taxexpense of $2.5 million, which was comprised primarily of a $5.6 million taxexpense 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 expensein the 2025 period, the effective income tax rate would have been 46.5%. Without discrete items, the effective income tax rate for the six months ended September 2026 decreased by 23.0% compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.
Previous 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.
Current wording
As a result of the above, net income in the three months ended September 2026 was $285.3 million ($0.71 per diluted share) compared to $189.8 million ($0.48 per diluted share) in the 2025 period, andnet income in the six months ended September 2026 was $188.1 million ($0.47 per diluted share) compared to $73.4 million ($0.19 per diluted share) in the 2025 period. Refer to additional discussion in the “Information by Reportable Segment” section below.
Previous wording
The primary financial measures used by management to evaluate the financial results of VF’s reportable segments are segment revenues and segment profit. Segment profit (loss)
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
Previous wording
comprises the operating income (loss) and other income (expense), net line items of each segment.
Current wording
comprises the operating income and other income (expense), net line items of each segment.
Previous wording
Refer to Note 14 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to loss 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 income before income taxes.
Previous 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:
Current wording
The following tables present a summary of the changes in revenues and segment profit in the three and six months ended September 2026 from the comparable periods in 2025 and revenues by region for our Top 3 brands for the three and six months ended September 2026 and 2025:
Previous wording
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 wording
31 VF Corporation Q2 FY27 Form 10-Q
Previous wording
VF Corporation Q1 FY27 Form 10-Q 32 the borrowing base, outstanding borrowings and outstanding letters of credit.
Current wording
VF Corporation Q2 FY27 Form 10-Q 32
Previous 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.
Current wording
Global revenues for Outdoor increased 4% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026. Revenues in the Americas region increased 10% in both the three and six months ended September 2026. Revenues in the Europe region increased 1% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in the three months ended September 2026. Revenues in the Asia-Pacific region decreased 3% and remained flat in the three and six months ended September 2026, respectively, including a 4% favorable impact from foreign currency in both periods.
Previous 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
Current wording
Global revenues for The North Face® brand increased 4% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026. Revenue growth in both the three and six months ended September 2026 was primarily driven by growth in the Americas region, which increased 8% in both the three and six months ended September 2026. Revenues in the Europe region increased 2% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in both periods. Revenues in the Asia-Pacific region increased 1% and 3% in the three and six months ended September 2026, respectively, including a 5% favorable impact from foreign currency in both periods.
Previous 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.
Current wording
Global direct-to-consumer revenues for Outdoor increased 2% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026. The increases in both the three and six months ended September 2026 were primarily driven by growth in The North Face® brand in the Americas region. Global wholesale revenues increased 5% and 4% in the three and six months ended September 2026, respectively, compared to the 2025 periods. The increases in both the three and six months ended September 2026 were primarily driven by increases in The North Face® brand across all regions and increases in the Timberland® brand in the Americas region.
Previous 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.
Current wording
Segment profit margin increased in both the three and six months ended September 2026 compared to the 2025 periods, reflecting higher gross margin in both periods, primarily driven by tactical price increases and lower product costs. The increase in gross margin in the three months ended September 2026 was also due to favorable foreign currency impacts. The increase in segment profit margin was partially offset by higher direct-to-consumer and advertising costs in both periods.
Previous 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.
Current wording
Global revenues for Active decreased 8% and 6% in the three and six months ended September 2026, respectively, compared to the 2025 periods, incl uding a 1% favorable impact from foreign currency in the six months ended September 2026. Revenues in the Europe region decreased 13% and 12% in the three and six months ended September 2026, respectively, including a 2% unfavorable impact from foreign currency in the three months ended September 2026. Revenues in the Americas region decreased 5% and 3% in the three and six months ended September 2026, respectively. Revenues in the Asia-Pacific region decreased 12% and 8% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026.
Previous 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.
Current wording
Global direct-to-consumer revenues for Active increased 3% and 2% in the three and six months ended September 2026, respectively, compared to the 2025 periods, primarily driven by increases in the Vans® brand in the Americas region in both periods. Global wholesale reve nues decreased 18% and 14% in the three and six months ended September 2026, respectively. The decreases were primarily due to decreases in the Vans® brand in the Europe and Americas regions in both periods.
Previous 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.
Current wording
Segment profit margin decreased in both the three and six months ended September 2026 compared to the 2025 periods, primarily due to lower leverage of operating expenses due to decreased revenues. The decreases in segment profit margin were partially offset by higher gross margins, which were primarily due to channel mix in both periods, favorable foreign currency impacts in the three months ended September 2026 and lower discounts in the six months ended September 2026.
Previous 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.
Current wording
Global“All Other” revenues decreased 31% and 35% in the three and six months ended September 2026, respectively, compared to the 2025 periods. Revenues in the Americas region decreased 34% and 39% in the three and six months ended September 2026, respectively. Revenues in the Europe region decreased 25% and 26% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact from foreign currency in the three months ended September 2026. Revenues in the Asia-Pacific region decreased 38% and 44% in the three and six months ended September 2026, respectively, including a 1% favorable impact from foreign currency in both periods.
Previous wording
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 wording
Other” revenues increased 10% and 9% in the three and six months ended September 2026, respectively, compared to the 2025 periods. Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 17% and 16% in the three and six months ended September 2026, respectively, and revenues in the Asia-Pacific region increased 26% and 23% in the three and six months ended September 2026, respectively, including a 2% and 3% favorable impact from foreign currency in the respective periods. Excluding the impact of the Dickies divestiture, revenues in the Europe region remained flat and decreased 2% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact from foreign currency in the three months ended September 2026.
Previous wording
Reconciliation of Segment Profit to Loss Before Income Taxes
Current wording
Reconciliation of Segment Profit to Income Before Income Taxes
Previous 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.
Current wording
There are three types of costs necessary to reconcile total segment profit to consol idated income 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® (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 the three months ended June 2026 was primarily dueto lower Reinvent
Current wording
The decreases in corporate and other expenses for the three and six months ended September 2026 were primarily due to lower Reinvent restructuring charges and project-related costs,
Previous wording
restructuring charges and project-related costs, including the gain on sale of a distribution center, and cost savings from Reinvent.
Current wording
including the gain on sale of a distribution center in thesix months ended September 2026, and structural cost savings in both periods.
Showing the first 40 of 72 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
SUMMARY OF THE SECOND QUARTER OF FISCAL 2027
Current report — wording carried from elsewhere
an increase in accounts payable, as discussed in the “Consolidated Balance Sheets” section above. The increase was partially offset by a net decrease in current assets, primarily driven by assets held-for-sale in September 2025 in connection with the divestiture of Dickies.
Current report — wording carried from elsewhere
in the first half of the calendar year as inventory builds to support peak sales periods in the second half of the calendar year. Cash provided by operating activities in the second half of 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 borrowing capacity against its $1.5 billion ABL Credit Facility, available cash balances and international lines of credit.
Current report — wording carried from elsewhere
VF relies on its ability to generate cash flows to finance its ongoing operations. In addition, VF has significant liquidity from
Current report — wording carried from elsewhere
$100.0 million, and ceases to apply when Global Excess Availability has equaled or exceeded the greater of (i) 10.0% of the Global Line Cap, and (ii) $100.0 million for 30 consecutive days. As of September 2026, specified availability under the ABL Credit Facility exceeded the required threshold and, as a result, the financial covenant was not applicable.
Current report — wording carried from elsewhere
At the end of September 2026, VF’s long-term debt ratings were ‘BB’ by Standard & Poor’s (“S&P”) Global Ratings and ‘Ba2’ by
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
While the tariff situation is dynamic and evolving, VF continues to analyze the impact of tariffs on our business and has taken steps
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
3% in the three months ended June 2026, including a 1% favorable impact from foreign currency.
Previous report — wording carried elsewhere
Inte rnational revenues were 53% of total revenues in both the three-month periods ended June 2026 and 2025.
Previous report — wording carried elsewhere
•Decrease in accrued liabilities — primarily due to a decrease in returns and discount allowances, lower accrued income taxes, lower accrued compensation and the timing of services received and payments made for other accruals.
Previous report — wording carried 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.
Previous report — wording carried 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).
Previous report — wording carried elsewhere
None of VF’s long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings.