{"success":true,"data":{"pressRelease":{"id":"40263","rtpr_id":"nBw12BcG0a","ticker":"VFC","exchange":"NYSE","all_tickers":["VFC"],"title":"VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With Expanded Margins and Reduced Debt","author":"Business Wire","published_at":"2026-05-20T10:00:00.542Z","article_body":"VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With\nExpanded Margins and Reduced Debt\n\nDelivered another quarter of revenue growth in Q4'26, led by the Americas\nregion\n\nVans(®) Americas Direct-to-Consumer (DTC) returned to growth\n\nReinstates annual guidance effective FY'27: expects another year of growth and\n~8% adjusted operating margin\n\nVF Corporation (NYSE: VFC) today reported financial results for its fourth\nquarter (Q4'26) ended March 28, 2026, and the Company's Board of Directors\nauthorized a quarterly per share dividend of $0.09. These financial results\nare also reflected in a presentation available on the Investor Relations\nwebsite at ir.vfc.com.\n\nBracken Darrell, President and CEO, said: “For the first time in three\nyears, we returned to a full year of growth and expect to keep growing in\nFY'27. We also significantly expanded margins and reduced our leverage ratio\nby a full turn vs. LY. In the fourth quarter, we delivered our strongest\nrevenue performance since I joined VF. Both The North Face(®) and\nTimberland(®) continued to deliver global growth. Vans(®) is starting to\nshow momentum with a return to growth in Americas DTC for the first time in\nover four years. We remain on track to achieve our medium-term targets, an\nexit run rate of 10% operating margin in FY'28 and a leverage ratio of 2.5x or\nlower by FY'28. This has been a strong year for VF and I'm excited about the\nmomentum we are building.”\n\nDisclosed Q4’26 and FY'26 figures are shown on both reported and adjusted\nexcluding Dickies(®) (“ex Dickies(®)”) bases\n\nReturned to growth for the full year in FY'26 with expanding margins and\nreduced debt\n\n\n * Revenue +1% vs. LY\n\n\n* Revenue ex Dickies(®) +4% vs. LY or +1% C$\n\n * Recall Dickies(®) was sold during Q3'26\n\n\n\n\n * FY'26 gross margin (GM) of 54.8%, up 130 bps vs. LY\n\n\n* Adjusted GM ex Dickies(®) of 55.2%, up 110 bps vs. LY\n\n\n\n\n * FY'26 operating income (OI) of $577M and operating margin (OM) of 6.0%, up 280\nbps vs. LY\n\n\n* Adjusted OI ex Dickies(®) of $650M and adjusted OM ex Dickies(®) of 7.0%,\nup\n110 bps vs. LY\n\n\n\n\n * FY'26 free cash flow(1) of $405M, up over $90M vs. LY\n\n * FYE'26 leverage ratio of 3.1x vs. LY of 4.1x, and vs. FYE'24 of 5.1x\n\nQ4’26 revenue growth driven by momentum in the Americas; Q4’26 OI ahead of\nguidance\n\n\n * Revenue +1% vs. LY\n\n\n* Revenue ex Dickies(®) +8% vs. LY or +3% C$, ahead of guidance of flat to\n+2%\nC$ vs. LY\n\n * Strongest revenue performance in three years (C$, ex Dickies(®))\n\n * Americas region +2% vs. LY; ex Dickies(®) +10% C$, the region's highest\ngrowth since Q1'23\n\n * The North Face(®) +12% vs. LY or +7% C$, with the Americas +17% vs. LY or\n+16% C$\n\n * Vans(®) (1%) vs. LY or (5%) C$, with a return to growth in Americas DTC\n\n * Timberland(®) +8% vs. LY or +2% C$\n\n\n\n\n * Q4'26 OI of $62M\n\n\n* Adjusted OI ex Dickies(®) of $54M, ahead of guidance of $10M to $30M;\nnormalized(2) OI within guidance range\n\n\n\n\nReinstating annual guidance effective FY'27 with continued growth and\nexpanding margins\n\n\n * Revenue +1% to +2% C$ vs. LY(3)\n\n * Adjusted OM of approximately 8%\n\n * Free cash flow flat to up vs. LY(1) of $405M\n\n\n * FYE'27 leverage ratio of 2.6x to 2.9x\n\n(1 )Excludes $100M net impact of pension termination in FY'26\n\n(2) Normalized for tariff receivable and offsetting charges, including\nrestructuring costs\n\n(3 )Revenue performance excludes Dickies(®) in FY'26\n\nWebcast Information\n\nVF management will host its fourth quarter Fiscal 2026 conference call\nbeginning at approximately 8:00 a.m. ET today. The conference call will be\nbroadcast live via the Internet, accessible at ir.vfc.com. For those unable to\nlisten to the live broadcast, an archived version will be available at the\nsame location.\n\nDividend Declared\n\nVF’s Board of Directors declared a quarterly dividend of $0.09 per share.\nThis dividend will be payable on June 18, 2026, to shareholders of record at\nthe close of business on June 10, 2026.\n\nAbout VF\n\nVF Corporation is a portfolio of leading outdoor and active brands, including\nThe North Face(®), Vans(®), and Timberland(®). VF is committed to providing\nconsumers with innovative products that are rooted in performance and elevated\ndesign, while delivering sustainable and long-term value for its employees,\ncommunities, and shareholders. For more information, please visit vfc.com.\n\nFinancial Presentation Disclosure\n\nAll per share amounts are presented on a diluted basis. This release refers to\n“reported” (R$) and “constant dollar” (C$) or “constant currency”\namounts, terms that are described under the heading below “Constant Currency\n- Excluding the Impact of Foreign Currency.” Unless otherwise noted,\n“reported” and “constant dollar” or “constant currency” amounts\nare the same, and amounts will be as “reported” unless otherwise\nspecified. This release also refers to “continuing” and “discontinued”\noperations amounts, which are concepts described under the heading\n“Discontinued Operations - Supreme.” Unless otherwise noted, results\npresented are based on continuing operations. This release also refers to\nresults “excluding Dickies(®)” and “Adjusted excluding Dickies”,\nwhich are described under the heading “Dickies Divestiture”. This release\nalso refers to “adjusted” amounts, a term that is described under the\nheading “Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related\nActivities, Pension Settlement Charges, Pension Excise Tax and Non-cash\nImpairment Charge”. Unless otherwise noted, “reported” and\n“adjusted” amounts are the same. VF operates and reports using a 52/53\nweek fiscal year ending on the Saturday closest to March 31 of each year. This\nrelease refers to VF's fourth quarter of Fiscal 2026 as Q4'26, and similarly\nQ4'25 denotes VF's fourth quarter of Fiscal 2025, etc. VF defines “free cash\nflow” as cash flow from continuing operations less capital expenditures and\nsoftware purchases and defines “net debt” as long-term debt, the current\nportion of long-term debt, short-term borrowings, and operating lease\nliabilities, less cash and cash equivalents per VF's consolidated balance\nsheet and defines “leverage” as net debt to adjusted earnings before\ninterest, taxes, depreciation and amortization (“EBITDA”), which excludes\noperating lease cost. See the supplemental financial information included with\nthis release for a calculation of adjusted EBITDA, including a reconciliation\nto the nearest U.S generally accepted accounting principles (“GAAP”)\nfinancial measure.\n\nChange in Reportable Segments\n\nVF realigned its reportable segments in the first quarter of Fiscal 2026. VF's\nupdated reportable segments are Outdoor and Active. We have included an “All\nOther” category for the remaining operating segments that do not meet the\nquantitative threshold to be disclosed as a separate reportable segment. VF's\nfinancial results in this release reflect the new segments for all periods\npresented.\n\nDickies Divestiture\n\nOn September 15, 2025, VF entered into a definitive agreement with Bluestar\nAlliance LLC to sell the Dickies(®) brand business (“Dickies”) and on\nNovember 12, 2025, VF completed the sale of Dickies. “Reported” amounts\npresent VF's Fiscal 2026 results in accordance with GAAP and include Dickies\nresults in continuing operations through the date of sale, as the Dickies sale\ndid not qualify for discontinued operations presentation under GAAP.\nReferences to results “excluding Dickies(®)” and “Adjusted excluding\nDickies” exclude the results of Dickies for all periods presented. VF\nbelieves this non-GAAP presentation provides investors with useful information\nregarding VF’s current business trends and performance of VF’s operations,\npost the closing of the sale of Dickies.\n\nDiscontinued Operations - Supreme\n\nOn July 16, 2024, VF entered into a definitive Stock and Asset Purchase\nAgreement with EssilorLuxottica S.A. to sell the Supreme(®) brand business\n(“Supreme”). On October 1, 2024, VF completed the sale of Supreme.\nAccordingly, the company has reported the related held-for-sale assets and\nliabilities as assets and liabilities of discontinued operations and included\nthe operating results and cash flows of the business in discontinued\noperations for all periods presented, through the date of sale.\n\nConstant Currency - Excluding the Impact of Foreign Currency\n\nThis release refers to “reported” amounts in accordance with GAAP, which\ninclude translation and transactional impacts from foreign currency exchange\nrates. This release also refers to both “constant dollar” and “constant\ncurrency” amounts, which exclude the impact of translating foreign\ncurrencies into U.S. dollars. Reconciliations of GAAP measures to constant\ncurrency amounts are presented in the supplemental financial information\nincluded with this release, which identifies and quantifies all excluded\nitems, and provides management’s view of why this information is useful to\ninvestors.\n\nAdjusted Amounts - Excluding Reinvent, Transaction and Deal Related\nActivities, Pension Settlement Charges, Pension Excise Tax and Non-cash\nImpairment Charge\n\nThe adjusted amounts in this release exclude costs related to Reinvent, VF's\ntransformation program. Costs, including restructuring charges and\nproject-related costs, were approximately ($8) million in the fourth quarter\nof Fiscal 2026 and $44 million in Fiscal 2026.\n\nThe adjusted amounts in this release exclude transaction and deal related\nactivities associated with the divestiture of Dickies, including expenses and\nthe final pre-tax gain on sale. Total transaction and deal related activities\nincluded expenses of approximately $10 million in Fiscal 2026 and a final\npre-tax gain on sale of approximately $127 million in Fiscal 2026, which\nincluded a reduction to the gain to reflect working capital adjustments of\napproximately $12 million in the three months ended March 2026.\n\nThe adjusted amounts in this release exclude non-cash pension settlement\ncharges of approximately $158 million in the fourth quarter of Fiscal 2026 and\n$192 million in Fiscal 2026. The pension settlement charges related to the\ntermination of the U.S. qualified plan, which was completed as of the end of\nFiscal 2026.\n\nThe adjusted amounts in this release exclude pension excise tax of\napproximately $25 million in the fourth quarter of Fiscal 2026 and in Fiscal\n2026, related to the termination of the U.S. qualified plan.\n\nThe adjusted amounts in this release exclude a non-cash impairment charge\nrelated to the Napapijri reporting unit goodwill of approximately $31 million\nin Fiscal 2026.\n\nCombined, the above items negatively impacted earnings per share by $0.30\nduring the fourth quarter of Fiscal 2026 and $0.20 during Fiscal 2026. All\nadjusted amounts referenced herein exclude the effects of these amounts.\n\nReconciliations of measures calculated in accordance with GAAP to adjusted\namounts are presented in the supplemental financial information included with\nthis release, which identifies and quantifies all excluded items, and provides\nmanagement’s view of why this information is useful to investors. The\ncompany does not provide a reconciliation of forward-looking measures where\nthe company believes such a reconciliation would imply a degree of precision\nand certainty that could be confusing to investors and is unable to reasonably\npredict certain items contained in the GAAP measures without unreasonable\nefforts. This is due to the inherent difficulty of forecasting the timing or\namount of various items that have not yet occurred and are out of the\ncompany's control or cannot be reasonably predicted. For the same reasons, the\ncompany is unable to address the probable significance of the unavailable\ninformation.\n\nForward-looking Statements\n\nCertain statements included in this release are “forward-looking\nstatements” within the meaning of the safe harbor provisions of the Private\nSecurities Litigation Reform Act of 1995. Forward-looking statements are made\nbased on VF’s expectations and beliefs concerning future events impacting VF\nand therefore involve several risks and uncertainties. Words such as\n“will,” “anticipate,” “believe,” “estimate,” “expect,”\n“should,” and “may” and other words and terms of similar meaning or\nuse of future dates may be used to identify forward-looking statements,\nhowever, the absence of these words or similar expressions does not mean that\na statement is not forward-looking. All statements regarding VF’s plans,\nobjectives, projections and expectations relating to VF’s operations or\nfinancial performance, and assumptions related thereto, are forward-looking\nstatements. Forward-looking statements are not guarantees, and actual results\ncould differ materially from those expressed or implied in the forward-looking\nstatements. VF undertakes no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by law. Potential risks and\nuncertainties that could cause the actual results of operations or financial\ncondition of VF to differ materially from those expressed or implied by\nforward-looking statements include, but are not limited to: the level of\nconsumer demand for apparel, footwear, equipment, and accessories; disruption\nto VF’s distribution system; changes in global economic conditions and the\nfinancial strength of VF’s consumers and customers, including as a result of\ncurrent inflationary pressures; fluctuations in the price, availability and\nquality of raw materials and finished products, including as a result of\ntariffs and geopolitical conflicts; disruption and volatility in the global\ncapital and credit markets; VF’s response to changing fashion trends,\nevolving consumer preferences and changing patterns of consumer behavior;\nVF’s ability to maintain the image and value of its brands, including\nthrough investment in brand building and product innovation; intense\ncompetition from online retailers and other direct-to-consumer business risks;\nincreasing pressure on margins; fluctuations in sales and operating income due\nto the seasonal nature of its business; retail industry changes and\nchallenges; VF's ability to execute its turnaround program, “The VF Way”\noperating principles, and other business priorities, including measures to\ngrow revenue and expand margins, streamline and right-size its cost base and\nstrengthen the balance sheet while reducing leverage; VF’s ability to\nsuccessfully establish a global commercial organization, and identify and\ncapture efficiencies in its business model; any inability of VF or third\nparties on which it relies to maintain the strength and security of\ninformation technology systems; the fact that VF’s facilities and systems,\nand those of third parties on which it relies, are frequent targets of\ncyberattacks of varying levels of severity, and may in the future be\nvulnerable to such attacks, and any inability or failure by VF or such third\nparties to anticipate or detect data or information security breaches or other\ncyberattacks, could result in data or financial loss, reputational harm,\nbusiness disruption, damage to VF’s relationships with customers, consumers,\nemployees and third parties on which it relies, litigation, regulatory\ninvestigations, enforcement actions or other negative impacts; any inability\nby VF or third parties on which it relies to properly collect, use, manage and\nsecure business, consumer and employee data and comply with privacy and\nsecurity regulations; VF’s ability to adopt new technologies, including\nartificial intelligence, in a competitive and responsible manner; foreign\ncurrency fluctuations; stability of VF’s vendors' manufacturing facilities\nand VF's ability to establish and maintain effective supply chain\ncapabilities; continued use by VF’s suppliers of ethical business practices;\nVF’s ability to accurately forecast demand for products; actions of activist\nand other shareholders; VF’s ability to recruit, develop or retain key\nexecutive or employee talent or successfully transition executives; changes in\nthe availability and cost of labor; VF’s ability to protect trademarks and\nother intellectual property rights; possible goodwill and other asset\nimpairment; maintenance by VF’s licensees and distributors of the value of\nVF’s brands; VF’s ability to execute acquisitions and dispositions,\nintegrate acquisitions and manage its brand portfolio; VF’s ability to\nexecute, and realize benefits, successfully, or at all, from the completed\nsale of the Dickies(®)( )brand; business resiliency in response to natural or\nman-made economic, public health, cyber, political or environmental\ndisruptions, including any potential effects from changes in tariffs and\ninternational trade policy, or a U.S. federal government shutdown; changes in\ntax laws and additional tax liabilities; legal, regulatory, political,\neconomic, and geopolitical risks, including those related to the current\nconflicts in Europe, the Middle East and Asia and tensions between the U.S.\nand China; changes to laws and regulations; adverse or unexpected weather\nconditions, including any potential effects from climate change; VF’s\nindebtedness and its ability to obtain financing on favorable terms, if\nneeded, could prevent VF from fulfilling its financial obligations; VF’s\nability to pay and declare dividends or repurchase its stock in the future;\nclimate risks and increased focus on environmental, social and governance\nissues; VF’s ability to execute on its sustainability strategy and achieve\nits sustainability-related targets; risks arising from the widespread outbreak\nof an illness or any other communicable disease, or any other public health\ncrisis; litigation, regulatory proceedings, or any other claims asserted\nagainst VF; and tax risks associated with the spin-off of the Jeanswear\nbusiness completed in 2019. More information on potential factors that could\naffect VF’s financial results is included from time to time in VF’s public\nreports filed or furnished with the U.S. Securities and Exchange Commission\n(SEC), including VF’s Annual Report on Form 10-K, Quarterly Reports on Form\n10-Q, and Forms 8-K.\n VF CORPORATION                                                                                                                                                                                                                                                                                                                                                                         \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \nSupplemental Financial Information                                                                                                                                                                                                                                                                                                                                                    \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \nReconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve                                                                                                                                                                                                                                                                                                        \n Months Ended March 2026                                                                                                                                                                                                                                                                                                                                                                \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \n(Unaudited)                                                                                                                                                                                                                                                                                                                                                                           \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \n(In thousands, except per share amounts)                                                                                                                                                                                                                                                                                                                                              \n Three Months Ended March 2026                                    As Reported under GAAP             Reinvent( (a))             Impairment, Pension Settlement Charges and Pension Excise Tax( (b))         Transaction and Deal Related Activities ((c))             Adjusted                 Less: Adjusted Contribution from Dickies ((d))          Adjusted Excluding Dickies       \n Revenues                                                         $         2,166,034                $      —                   $                                   —                                       $                 —                                       $    2,166,034           $                         —                             $          2,166,034             \n Gross profit                                                               1,221,928                       —                                                       —                                                         —                                            1,221,928                                     —                                        1,221,928             \n Percent                                                                    56.4       %                                                                                                                                                                                   56.4       %                                                                           56.4       %          \n Selling, general and administrative expenses                               1,160,424                       7,634                                                   —                                                         —                                            1,168,058                                     —                                        1,168,058             \n Percent                                                                    53.6       %                                                                                                                                                                                   53.9       %                                                                           53.9       %          \n Operating income                                                           61,504                          (7,634   )                                              —                                                         —                                            53,870                                        —                                        53,870                \n Percent                                                                    2.8        %                                                                                                                                                                                   2.5        %                                                                           2.5        %          \n Diluted loss per share from continuing operations ((e))                    (0.30      )                    (0.01    )                                              0.29                                                      0.03                                         0.00                                          0.00                                     0.00                  \n                                                                                                                                                                                                                                                                                                                                                                                        \n Twelve Months Ended March 2026                                   As Reported under GAAP             Reinvent( (a))             Impairment, Pension Settlement Charges and Pension Excise Tax( (b))         Transaction and Deal Related Activities ((c))             Adjusted                 Less: Adjusted Contribution from Dickies ((d))          Adjusted Excluding Dickies       \n Revenues                                                         $         9,605,207                $      —                   $                                   —                                       $                 —                                       $    9,605,207           $                         309,255                       $          9,295,952             \n Gross profit                                                               5,261,715                       4,257                                                   —                                                         —                                            5,265,972                                     136,662                                  5,129,310             \n Percent                                                                    54.8       %                                                                                                                                                                                   54.8       %                                                                           55.2       %          \n Selling, general and administrative expenses                               4,654,430                       (39,473  )                                              —                                                         (10,194           )                          4,604,763                                     125,428                                  4,479,335             \n Percent                                                                    48.5       %                                                                                                                                                                                   47.9       %                                                                           48.2       %          \n Operating income                                                           576,569                         43,730                                                  30,716                                                    10,194                                       661,209                                       11,235                                   649,974               \n Percent                                                                    6.0        %                                                                                                                                                                                   6.9        %                                                                           7.0        %          \n Diluted earnings per share from continuing operations ((e))                0.64                            0.08                                                    0.43                                                      (0.32             )                          0.84                                          0.02                                     0.82                  \n\n\nNotes:\n\n((a)) Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, were ($7.6) million and $43.7\nmillion in the three and twelve months ended March 2026, respectively. These\ncosts related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey. VF entered into a contract with a consulting firm\nduring the second quarter of Fiscal 2025, with services under the contract\nsubstantially completed in the third quarter of Fiscal 2026. In addition to\npayment for services, the contract includes contingent fees tied to increases\nin VF's stock price through June 2027. Expenses related to the contract,\nincluding contingent fees, were ($4.1) million and $21.2 million in the three\nand twelve months ended March 2026, respectively. Reinvent resulted in a net\ntax expense of $1.8 million and a net tax benefit of $10.0 million in the\nthree and twelve months ended March 2026, respectively.\n\nThe Company incurred $205.0 million in total restructuring charges in\nconnection with Reinvent. Substantially all restructuring actions were\ncompleted at the end of the first quarter of Fiscal 2026. Total fees\nassociated with the contract with the consulting firm could be up to $146.0\nmillion, with $75.0 million of the fees contingent on increases to VF’s\nstock price through June 2027.\n\n((b)) VF recognized a non-cash impairment charge related to the Napapijri\nreporting unit goodwill of $30.7 million during the twelve months ended March\n2026.\n\nNon-cash pension settlement charges of $158.1 million and $192.1 million were\nrecorded in the other income (expense), net line item during the three and\ntwelve months ended March 2026, respectively, related to the termination of\nthe U.S. qualified plan, which was completed as of the end of Fiscal 2026.\n\nPension excise tax of $25.1 million was recorded in the other income\n(expense), net line item during the three and twelve months ended March 2026,\nrelated to the termination of the U.S. qualified plan.\n\nThe impairment, pension settlement charges and pension excise tax resulted in\na net tax benefit of $68.9 million and $78.3 million in the three and twelve\nmonths ended March 2026, respectively.\n\n((c)) Transaction and deal related activities include costs associated with\nthe divestiture of Dickies, which totaled $10.2 million for the twelve months\nended March 2026. Additionally, the activities include a working capital\nadjustment of $11.9 million as a reduction to the pre-tax gain on sale related\nto the divestiture of Dickies and a $127.2 million final pre-tax gain on sale\nrelated to Dickies, which were recorded in the other income (expense), net\nline item in the Consolidated Statements of Operations in the three and twelve\nmonths ended March 2026, respectively. The transaction and deal related\nactivities resulted in a net tax benefit of $1.8 million and $7.7 million in\nthe three and twelve months ended March 2026, respectively.\n\n((d)) The “Adjusted Contribution from Dickies” column represents the\noperating results of Dickies for the twelve months ended March 2026 on an\nadjusted basis. This column excludes transaction and deal related costs as\ndescribed above. The adjusted contribution from Dickies resulted in a net tax\nexpense of $3.3 million for the twelve months ended March 2026.\n\n((e)) Amounts shown in the table have been calculated using unrounded numbers.\nThe diluted earnings (loss) per share impacts were calculated using\n391,371,000 and 395,875,000 weighted average common shares for the three and\ntwelve months ended March 2026, respectively.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis, on an\nadjusted basis, which excludes the impact of Reinvent, an impairment charge,\npension settlement charges, pension excise tax, and transaction and deal\nrelated activities, and on an adjusted basis excluding Dickies, which also\nexcludes the operating results of Dickies on an adjusted basis. These adjusted\npresentations provides non-GAAP measures and are not based on any\ncomprehensive set of accounting rules or principles. Management believes these\nmeasures provide investors with useful supplemental information regarding VF's\nunderlying business trends and the performance of VF's ongoing operations and\nare useful for period-over-period comparisons of such operations.\n\nManagement uses the above financial measures internally in its budgeting and\nreview process and, in some cases, as a factor in determining compensation.\nWhile management believes that these non-GAAP financial measures are useful in\nevaluating the business, this information should be considered as supplemental\nin nature and should be viewed in addition to, and not in lieu of or superior\nto, VF's operating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies. These measures should be used to\nevaluate the Company's results of operations only in conjunction with the\ncorresponding GAAP measures.\n VF CORPORATION                                                                                                     \n \n                                                                                                                  \n \nSupplemental Financial Information                                                                                \n \n                                                                                                                  \n \nReconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months                                       \n Ended March 2026                                                                                                   \n \n                                                                                                                  \n \n(Unaudited)                                                                                                       \n \n                                                                                                                  \n \n(In thousands, except per share amounts)                                                                          \n                                                                             Twelve Months Ended March 2026         \n Operating income - as reported under GAAP                                   $            576,569                   \n Adjustments to operating income:                                                                                   \n Reinvent ((a))                                                                           43,730                    \n Impairment charge ((b))                                                                  30,716                    \n Transaction and deal related activities ((c))                                            10,194                    \n Adjusted operating income                                                                661,209                   \n Other income (expense), net - as reported under GAAP                                     (86,608      )            \n Adjustments to other income (expense), net:                                                                        \n Reinvent ((d))                                                                           (531         )            \n Pension settlement charges and pension excise tax ((e))                                  217,156                   \n Transaction and deal related activities ((f))                                            (127,211     )            \n Adjusted other income (expense), net                                                     2,806                     \n Depreciation, amortization and other asset write-downs - as reported                     280,529                   \n Adjustments to depreciation, amortization and other asset write-downs:                                             \n Reinvent ((g))                                                                           (2,837       )            \n Transaction and deal related activities ((h))                                            (10,079      )            \n Adjusted depreciation, amortization and other asset write-downs                          267,613                   \n Operating lease cost                                                                     411,339                   \n Adjusted EBITDA                                                             $            1,342,967                 \n\n\nNotes:\n\n((a) )Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, which totaled $43.7 million.\nThese costs related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey.\n\n((b)) Non-cash impairment charge related to the Napapijri reporting unit\ngoodwill of $30.7 million.\n\n((c)) Transaction and deal related activities include costs associated with\nthe divestiture of Dickies, which totaled $10.2 million.\n\n((d)) Curtailment gains of $0.5 million, related to Reinvent, recorded within\nthe other income (expense), net line item related to employee exits from an\ninternational plan resulting from restructuring actions.\n\n((e)) Non-cash pension settlement charges of $192.1 million and pension excise\ntax of $25.1 million were recorded in the other income (expense), net line\nitem related to the termination of the U.S. qualified plan, which was\ncompleted as of the end of Fiscal 2026.\n\n((f)) Transaction and deal related activities include the final pre-tax gain\nrelated to the divestiture of Dickies of $127.2 million, which was recorded in\nthe other income (expense), net line item.\n\n((g)) Asset impairments and write-downs of $2.8 million related to Reinvent.\n\n((h)) Asset impairments and write-downs of $10.1 million associated with the\ndivestiture of Dickies.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis and on an\nadjusted basis, which excludes the impact of Reinvent, an impairment charge,\npension settlement charges, pension excise tax, transaction and deal related\nactivities, depreciation, amortization and other asset write-downs, and\noperating lease cost. The adjusted presentation and adjusted EBITDA provide\nnon-GAAP measures. Management uses these measures in calculating VF’s net\ndebt leverage ratio, which is a key ratio used by management, investors and\nrating agencies to assess our ability to meet our debt obligations.\n\nWhile management believes these non-GAAP financial measures are useful for the\nabove purpose, this information should be considered as supplemental in nature\nand should be viewed in addition to, and not in lieu of or superior to, VF's\noperating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies.\n Three Months Ended March 2025                                           As Reported      Reinvent ((a))      Impairment Charges( (b))      Transaction and Deal Related Activities ((c))      Adjusted         Less: Adjusted Contribution from Dickies ((d))      Adjusted Excluding Dickies  \n                                                                         \n                                                                                                                                                                                                                      \n                                                                         \nunder GAAP                                                                                                                                                                                                            \n Revenues                                                                $ 2,143,771      $ —                 $ —                           $ —                                                $ 2,143,771      $ 139,272                                           $ 2,004,499                 \n Gross profit                                                            1,142,456        1,560               —                             —                                                  1,144,016        60,741                                              1,083,275                   \n Percent                                                                 53.3%                                                                                                                 53.4%                                                                54.0%                       \n Selling, general and administrative expenses                            1,177,101        (54,674)            —                             —                                                  1,122,427        55,134                                              1,067,293                   \n Percent                                                                 54.9%                                                                                                                 52.4%                                                                53.2%                       \n Operating income (loss)                                                 (72,887)         56,234              38,242                        —                                                  21,589           5,607                                               15,982                      \n Percent                                                                 (3.4%)                                                                                                                1.0%                                                                 0.8%                        \n Diluted earnings (loss) per share from continuing operations ((e))      (0.39)           0.16                0.10                          0.00                                               (0.13)           0.01                                                (0.14)                      \n                                                                                                                                                                                                                                                                                                \n Twelve Months Ended March 2025                                          As Reported      Reinvent ((a))      Impairment Charges( (b))      Transaction and Deal Related Activities ((c))      Adjusted         Less: Adjusted Contribution from Dickies ((d))      Adjusted Excluding Dickies  \n                                                                         \n                                                                                                                                                                                                                      \n                                                                         \nunder GAAP                                                                                                                                                                                                            \n Revenues                                                                $ 9,504,691      $ —                 $ —                           $ —                                                $ 9,504,691      $ 542,065                                           $ 8,962,626                 \n Gross profit                                                            5,083,865        1,972               —                             —                                                  5,085,837        233,467                                             4,852,370                   \n Percent                                                                 53.5%                                                                                                                 53.5%                                                                54.1%                       \n Selling, general and administrative expenses                            4,690,850        (160,672)           —                             (490)                                              4,529,688        206,738                                             4,322,950                   \n Percent                                                                 49.4%                                                                                                                 47.7%                                                                48.2%                       \n Operating income                                                        303,773          162,644             89,242                        490                                                556,149          26,730                                              529,419                     \n Percent                                                                 3.2%                                                                                                                  5.9%                                                                 5.9%                        \n Diluted earnings per share from continuing operations ((e))             0.18             0.36                0.20                          0.00                                               0.74             0.06                                                0.67                        \n\n\nNotes:\n\n((a)) Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, were $56.2 million and $162.6\nmillion in the three and twelve months ended March 2025, respectively. These\ncosts related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey. VF entered into a contract with a consulting firm\nduring the second quarter of Fiscal 2025, with services under the contract\nsubstantially completed in the third quarter of Fiscal 2026. In addition to\npayment for services, the contract includes contingent fees tied to increases\nin VF's stock price through June 2027. Expenses related to the contract,\nincluding contingent fees, were $16.4 million and $76.4 million in the three\nand twelve months ended March 2025, respectively. Reinvent resulted in a net\ntax expense of $5.5 million and a net tax benefit of $21.2 million in the\nthree and twelve months ended March 2025, respectively.\n\n((b)) VF recognized a non-cash goodwill impairment charge related to the\nIcebreaker reporting unit of $38.2 million during the three months ended March\n2025. During the twelve months ended March 2025, VF recognized non-cash\nimpairment charges related to the Dickies indefinite-lived trademark\nintangible asset and Icebreaker reporting unit goodwill of $51.0 million and\n$38.2 million, respectively. The impairment charges resulted in a net tax\nbenefit of $10.5 million in the twelve months ended March 2025. Because\nDickies is not considered a discontinued operation, the impairment is\nconsidered an adjustment to derive the Adjusted non-GAAP measure.\n\n((c)) Transaction and deal related activities reflect activities associated\nwith the review of strategic alternatives for the Global Packs business,\nconsisting of the Kipling(®), Eastpak(®) and JanSport(®) brands, which\ntotaled $0.5 million for the twelve months ended March 2025. The transaction\nand deal related activities resulted in a net tax benefit of $0.1 million in\nthe twelve months ended March 2025.\n\n((d)) The “Adjusted Contribution from Dickies” column represents the\noperating results of Dickies for the three and twelve months ended March 2025\non an adjusted basis. This column excludes a non-cash impairment charge as\ndescribed above. The adjusted contribution from Dickies resulted in a net tax\nexpense of $1.5 million and $5.6 million for the three and twelve months ended\nMarch 2025, respectively.\n\n((e)) Amounts shown in the table have been calculated using unrounded numbers.\nThe diluted earnings (loss) per share impacts were calculated using\n389,605,000 and 392,571,000 weighted average common shares for the three and\ntwelve months ended March 2025, respectively.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis, on an\nadjusted basis, which excludes the impact of Reinvent, impairment charges and\ntransaction and deal related activities, and on an adjusted basis excluding\nDickies, which also excludes the operating results of Dickies on an adjusted\nbasis. These adjusted presentations provides non-GAAP measures and are not\nbased on any comprehensive set of accounting rules or principles. Management\nbelieves these measures provide investors with useful supplemental information\nregarding VF's underlying business trends and the performance of VF's ongoing\noperations and are useful for period-over-period comparisons of such\noperations.\n\nManagement uses the above financial measures internally in its budgeting and\nreview process and, in some cases, as a factor in determining compensation.\nWhile management believes that these non-GAAP financial measures are useful in\nevaluating the business, this information should be considered as supplemental\nin nature and should be viewed in addition to, and not in lieu of or superior\nto, VF's operating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies. These measures should be used to\nevaluate the Company's results of operations only in conjunction with the\ncorresponding GAAP measures.\n VF CORPORATION                                                                                                                                                  \n \n                                                                                                                                                               \n \nSupplemental Financial Information                                                                                                                             \n \n                                                                                                                                                               \n \nReportable Segment Information - Constant Currency Basis                                                                                                       \n \n                                                                                                                                                               \n \n(Unaudited)                                                                                                                                                    \n \n                                                                                                                                                               \n \n(In thousands, except per share amounts)                                                                                                                       \n                                                                   Three Months Ended March 2026                                                                 \n                                                                   As Reported                       Adjust for Foreign                                          \n                                                                   \nunder GAAP                                                                                   \n                                                                                     Currency Exchange                  Constant Currency        \n Revenues:                                                                                                                                                       \n Outdoor segment                                                   $      1,339,839                  $        (66,250   )                $       1,273,589       \n Active segment                                                           588,695                             (25,342   )                        563,353         \n All Other                                                                237,500                             (12,059   )                        225,441         \n Total revenues                                                    $      2,166,034                  $        (103,651  )                $       2,062,383       \n Segment profit (loss):                                                                                                                                          \n Outdoor segment                                                   $      175,004                    $        (11,158   )                $       163,846         \n Active segment                                                           (14,921    )                        (2,096    )                        (17,017    )    \n Total segment profit                                                     160,083                             (13,254   )                        146,829         \n Corporate and other expenses ((a))                                       (321,613   )                        1,077                              (320,536   )    \n Interest expense, net                                                    (26,803    )                        (825      )                        (27,628    )    \n “All Other” profit                                                       25,004                              (1,232    )                        23,772          \n Loss from continuing operations before income taxes               $      (163,329   )               $        (14,234   )                $       (177,563   )    \n Diluted net loss per share change from continuing operations             21         %                        (8        %)                       13         %    \n\n\n((a)) A reduction to the gain on the sale of Dickies to reflect final working\ncapital adjustments of $11.9 million was recorded in the other income\n(expense), net line item in the Consolidated Statement of Operations for the\nthree months ended March 2026. In addition, pension settlement charges of\n$158.1 million and excise taxes of $25.1 million related to the termination of\nthe U.S. qualified plan were recorded in the other income (expense), net line\nitem in the Consolidated Statement of Operations for the three months ended\nMarch 2026.\n\nConstant Currency Financial Information\n\nVF is a global company that reports financial information in U.S. dollars in\naccordance with GAAP. Foreign currency exchange rate fluctuations affect the\namounts reported by VF from translating its foreign revenues and expenses into\nU.S. dollars. These rate fluctuations can have a significant effect on\nreported operating results. As a supplement to our reported operating results,\nwe present constant currency financial information, which is a non-GAAP\nfinancial measure that excludes the impact of translating foreign currencies\ninto U.S. dollars. We use constant currency information to provide a framework\nto assess how our business performed excluding the effects of changes in the\nrates used to calculate foreign currency translation. Management believes this\ninformation is useful to investors to facilitate comparison of operating\nresults and better identify trends in our businesses.\n\nTo calculate foreign currency translation on a constant currency basis,\noperating results for the current year period for entities reporting in\ncurrencies other than the U.S. dollar are translated into U.S. dollars at the\naverage exchange rates in effect during the comparable period of the prior\nyear (rather than the actual exchange rates in effect during the current year\nperiod).\n\nThese constant currency performance measures should be viewed in addition to,\nand not in lieu of or superior to, our operating performance measures\ncalculated in accordance with GAAP. The constant currency information\npresented may not be comparable to similarly titled measures reported by other\ncompanies.\n VF CORPORATION                                                                                                                                           \n \n                                                                                                                                                        \n \nSupplemental Financial Information                                                                                                                      \n \n                                                                                                                                                        \n \nReportable Segment Information - Constant Currency Basis                                                                                                \n \n                                                                                                                                                        \n \n(Unaudited)                                                                                                                                             \n \n                                                                                                                                                        \n \n(In thousands, except per share amounts)                                                                                                                \n                                                                   Twelve Months Ended March 2026                                                         \n                                                                   As Reported                      Adjust for Foreign                                    \n                                                                   \nunder GAAP                      \nCurrency Exchange                                    \n                                                                                            Constant Currency          \n Revenues:                                                                                                                                                \n Outdoor segment                                                   $      5,741,792                 $        (169,273  )             $    5,572,519       \n Active segment                                                           2,720,967                          (66,627   )                  2,654,340       \n All Other                                                                1,142,448                          (30,554   )                  1,111,894       \n Total revenues                                                    $      9,605,207                 $        (266,454  )             $    9,338,753       \n Segment profit:                                                                                                                                          \n Outdoor segment                                                   $      841,200                   $        (29,973   )             $    811,227         \n Active segment                                                           103,043                            (8,354    )                  94,689          \n Total segment profit                                                     944,243                            (38,327   )                  905,916         \n Impairment of goodwill                                                   (30,716    )                       —                            (30,716    )    \n Corporate and other expenses ((a))                                       (511,815   )                       2,094                        (509,721   )    \n Interest expense, net                                                    (148,743   )                       (2,298    )                  (151,041   )    \n “All Other” profit                                                       88,249                             (3,335    )                  84,914          \n Income from continuing operations before income taxes             $      341,218                   $        (41,866   )             $    299,352         \n Diluted earnings per share change from continuing operations             265        %                       (52       %)                 213        %    \n\n\n((a)) A final pre-tax gain on the sale of Dickies of $127.2 million was\nrecorded in the other income (expense), net line item in the Consolidated\nStatement of Operations for the twelve months ended March 2026. In addition,\npension settlement charges of $192.1 million and excise taxes of $25.1 million\nrelated to the termination of the U.S. qualified plan were recorded in the\nother income (expense), net line item in the Consolidated Statement of\nOperations for the twelve months ended March 2026.\n\nConstant Currency Financial Information\n\nVF is a global company that reports financial information in U.S. dollars in\naccordance with GAAP. Foreign currency exchange rate fluctuations affect the\namounts reported by VF from translating its foreign revenues and expenses into\nU.S. dollars. These rate fluctuations can have a significant effect on\nreported operating results. As a supplement to our reported operating results,\nwe present constant currency financial information, which is a non-GAAP\nfinancial measure that excludes the impact of translating foreign currencies\ninto U.S. dollars. We use constant currency information to provide a framework\nto assess how our business performed excluding the effects of changes in the\nrates used to calculate foreign currency translation. Management believes this\ninformation is useful to investors to facilitate comparison of operating\nresults and better identify trends in our businesses.\n\nTo calculate foreign currency translation on a constant currency basis,\noperating results for the current year period for entities reporting in\ncurrencies other than the U.S. dollar are translated into U.S. dollars at the\naverage exchange rates in effect during the comparable period of the prior\nyear (rather than the actual exchange rates in effect during the current year\nperiod).\n\nThese constant currency performance measures should be viewed in addition to,\nand not in lieu of or superior to, our operating performance measures\ncalculated in accordance with GAAP. The constant currency information\npresented may not be comparable to similarly titled measures reported by other\ncompanies.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260520906959/en/\n(https://www.businesswire.com/news/home/20260520906959/en/)\n\nInvestor Contact: \n\nAllegra Perry\n\nir@vfc.com (mailto:ir@vfc.com)\n\nMedia Contact: \n\nColin Wheeler\n\ncorporate_communications@vfc.com (mailto:corporate_communications@vfc.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw12BcG0a","title":"VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With Expanded Margins and Reduced Debt","author":"Business Wire","ticker":"VFC","created":"2026-05-20T10:00:00.542Z","tickers":["VFC"],"exchange":"NYSE","article_body":"VF Corporation Returns to Revenue Growth for the Full Year in FY'26 With\nExpanded Margins and Reduced Debt\n\nDelivered another quarter of revenue growth in Q4'26, led by the Americas\nregion\n\nVans(®) Americas Direct-to-Consumer (DTC) returned to growth\n\nReinstates annual guidance effective FY'27: expects another year of growth and\n~8% adjusted operating margin\n\nVF Corporation (NYSE: VFC) today reported financial results for its fourth\nquarter (Q4'26) ended March 28, 2026, and the Company's Board of Directors\nauthorized a quarterly per share dividend of $0.09. These financial results\nare also reflected in a presentation available on the Investor Relations\nwebsite at ir.vfc.com.\n\nBracken Darrell, President and CEO, said: “For the first time in three\nyears, we returned to a full year of growth and expect to keep growing in\nFY'27. We also significantly expanded margins and reduced our leverage ratio\nby a full turn vs. LY. In the fourth quarter, we delivered our strongest\nrevenue performance since I joined VF. Both The North Face(®) and\nTimberland(®) continued to deliver global growth. Vans(®) is starting to\nshow momentum with a return to growth in Americas DTC for the first time in\nover four years. We remain on track to achieve our medium-term targets, an\nexit run rate of 10% operating margin in FY'28 and a leverage ratio of 2.5x or\nlower by FY'28. This has been a strong year for VF and I'm excited about the\nmomentum we are building.”\n\nDisclosed Q4’26 and FY'26 figures are shown on both reported and adjusted\nexcluding Dickies(®) (“ex Dickies(®)”) bases\n\nReturned to growth for the full year in FY'26 with expanding margins and\nreduced debt\n\n\n * Revenue +1% vs. LY\n\n\n* Revenue ex Dickies(®) +4% vs. LY or +1% C$\n\n * Recall Dickies(®) was sold during Q3'26\n\n\n\n\n * FY'26 gross margin (GM) of 54.8%, up 130 bps vs. LY\n\n\n* Adjusted GM ex Dickies(®) of 55.2%, up 110 bps vs. LY\n\n\n\n\n * FY'26 operating income (OI) of $577M and operating margin (OM) of 6.0%, up 280\nbps vs. LY\n\n\n* Adjusted OI ex Dickies(®) of $650M and adjusted OM ex Dickies(®) of 7.0%,\nup\n110 bps vs. LY\n\n\n\n\n * FY'26 free cash flow(1) of $405M, up over $90M vs. LY\n\n * FYE'26 leverage ratio of 3.1x vs. LY of 4.1x, and vs. FYE'24 of 5.1x\n\nQ4’26 revenue growth driven by momentum in the Americas; Q4’26 OI ahead of\nguidance\n\n\n * Revenue +1% vs. LY\n\n\n* Revenue ex Dickies(®) +8% vs. LY or +3% C$, ahead of guidance of flat to\n+2%\nC$ vs. LY\n\n * Strongest revenue performance in three years (C$, ex Dickies(®))\n\n * Americas region +2% vs. LY; ex Dickies(®) +10% C$, the region's highest\ngrowth since Q1'23\n\n * The North Face(®) +12% vs. LY or +7% C$, with the Americas +17% vs. LY or\n+16% C$\n\n * Vans(®) (1%) vs. LY or (5%) C$, with a return to growth in Americas DTC\n\n * Timberland(®) +8% vs. LY or +2% C$\n\n\n\n\n * Q4'26 OI of $62M\n\n\n* Adjusted OI ex Dickies(®) of $54M, ahead of guidance of $10M to $30M;\nnormalized(2) OI within guidance range\n\n\n\n\nReinstating annual guidance effective FY'27 with continued growth and\nexpanding margins\n\n\n * Revenue +1% to +2% C$ vs. LY(3)\n\n * Adjusted OM of approximately 8%\n\n * Free cash flow flat to up vs. LY(1) of $405M\n\n\n * FYE'27 leverage ratio of 2.6x to 2.9x\n\n(1 )Excludes $100M net impact of pension termination in FY'26\n\n(2) Normalized for tariff receivable and offsetting charges, including\nrestructuring costs\n\n(3 )Revenue performance excludes Dickies(®) in FY'26\n\nWebcast Information\n\nVF management will host its fourth quarter Fiscal 2026 conference call\nbeginning at approximately 8:00 a.m. ET today. The conference call will be\nbroadcast live via the Internet, accessible at ir.vfc.com. For those unable to\nlisten to the live broadcast, an archived version will be available at the\nsame location.\n\nDividend Declared\n\nVF’s Board of Directors declared a quarterly dividend of $0.09 per share.\nThis dividend will be payable on June 18, 2026, to shareholders of record at\nthe close of business on June 10, 2026.\n\nAbout VF\n\nVF Corporation is a portfolio of leading outdoor and active brands, including\nThe North Face(®), Vans(®), and Timberland(®). VF is committed to providing\nconsumers with innovative products that are rooted in performance and elevated\ndesign, while delivering sustainable and long-term value for its employees,\ncommunities, and shareholders. For more information, please visit vfc.com.\n\nFinancial Presentation Disclosure\n\nAll per share amounts are presented on a diluted basis. This release refers to\n“reported” (R$) and “constant dollar” (C$) or “constant currency”\namounts, terms that are described under the heading below “Constant Currency\n- Excluding the Impact of Foreign Currency.” Unless otherwise noted,\n“reported” and “constant dollar” or “constant currency” amounts\nare the same, and amounts will be as “reported” unless otherwise\nspecified. This release also refers to “continuing” and “discontinued”\noperations amounts, which are concepts described under the heading\n“Discontinued Operations - Supreme.” Unless otherwise noted, results\npresented are based on continuing operations. This release also refers to\nresults “excluding Dickies(®)” and “Adjusted excluding Dickies”,\nwhich are described under the heading “Dickies Divestiture”. This release\nalso refers to “adjusted” amounts, a term that is described under the\nheading “Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related\nActivities, Pension Settlement Charges, Pension Excise Tax and Non-cash\nImpairment Charge”. Unless otherwise noted, “reported” and\n“adjusted” amounts are the same. VF operates and reports using a 52/53\nweek fiscal year ending on the Saturday closest to March 31 of each year. This\nrelease refers to VF's fourth quarter of Fiscal 2026 as Q4'26, and similarly\nQ4'25 denotes VF's fourth quarter of Fiscal 2025, etc. VF defines “free cash\nflow” as cash flow from continuing operations less capital expenditures and\nsoftware purchases and defines “net debt” as long-term debt, the current\nportion of long-term debt, short-term borrowings, and operating lease\nliabilities, less cash and cash equivalents per VF's consolidated balance\nsheet and defines “leverage” as net debt to adjusted earnings before\ninterest, taxes, depreciation and amortization (“EBITDA”), which excludes\noperating lease cost. See the supplemental financial information included with\nthis release for a calculation of adjusted EBITDA, including a reconciliation\nto the nearest U.S generally accepted accounting principles (“GAAP”)\nfinancial measure.\n\nChange in Reportable Segments\n\nVF realigned its reportable segments in the first quarter of Fiscal 2026. VF's\nupdated reportable segments are Outdoor and Active. We have included an “All\nOther” category for the remaining operating segments that do not meet the\nquantitative threshold to be disclosed as a separate reportable segment. VF's\nfinancial results in this release reflect the new segments for all periods\npresented.\n\nDickies Divestiture\n\nOn September 15, 2025, VF entered into a definitive agreement with Bluestar\nAlliance LLC to sell the Dickies(®) brand business (“Dickies”) and on\nNovember 12, 2025, VF completed the sale of Dickies. “Reported” amounts\npresent VF's Fiscal 2026 results in accordance with GAAP and include Dickies\nresults in continuing operations through the date of sale, as the Dickies sale\ndid not qualify for discontinued operations presentation under GAAP.\nReferences to results “excluding Dickies(®)” and “Adjusted excluding\nDickies” exclude the results of Dickies for all periods presented. VF\nbelieves this non-GAAP presentation provides investors with useful information\nregarding VF’s current business trends and performance of VF’s operations,\npost the closing of the sale of Dickies.\n\nDiscontinued Operations - Supreme\n\nOn July 16, 2024, VF entered into a definitive Stock and Asset Purchase\nAgreement with EssilorLuxottica S.A. to sell the Supreme(®) brand business\n(“Supreme”). On October 1, 2024, VF completed the sale of Supreme.\nAccordingly, the company has reported the related held-for-sale assets and\nliabilities as assets and liabilities of discontinued operations and included\nthe operating results and cash flows of the business in discontinued\noperations for all periods presented, through the date of sale.\n\nConstant Currency - Excluding the Impact of Foreign Currency\n\nThis release refers to “reported” amounts in accordance with GAAP, which\ninclude translation and transactional impacts from foreign currency exchange\nrates. This release also refers to both “constant dollar” and “constant\ncurrency” amounts, which exclude the impact of translating foreign\ncurrencies into U.S. dollars. Reconciliations of GAAP measures to constant\ncurrency amounts are presented in the supplemental financial information\nincluded with this release, which identifies and quantifies all excluded\nitems, and provides management’s view of why this information is useful to\ninvestors.\n\nAdjusted Amounts - Excluding Reinvent, Transaction and Deal Related\nActivities, Pension Settlement Charges, Pension Excise Tax and Non-cash\nImpairment Charge\n\nThe adjusted amounts in this release exclude costs related to Reinvent, VF's\ntransformation program. Costs, including restructuring charges and\nproject-related costs, were approximately ($8) million in the fourth quarter\nof Fiscal 2026 and $44 million in Fiscal 2026.\n\nThe adjusted amounts in this release exclude transaction and deal related\nactivities associated with the divestiture of Dickies, including expenses and\nthe final pre-tax gain on sale. Total transaction and deal related activities\nincluded expenses of approximately $10 million in Fiscal 2026 and a final\npre-tax gain on sale of approximately $127 million in Fiscal 2026, which\nincluded a reduction to the gain to reflect working capital adjustments of\napproximately $12 million in the three months ended March 2026.\n\nThe adjusted amounts in this release exclude non-cash pension settlement\ncharges of approximately $158 million in the fourth quarter of Fiscal 2026 and\n$192 million in Fiscal 2026. The pension settlement charges related to the\ntermination of the U.S. qualified plan, which was completed as of the end of\nFiscal 2026.\n\nThe adjusted amounts in this release exclude pension excise tax of\napproximately $25 million in the fourth quarter of Fiscal 2026 and in Fiscal\n2026, related to the termination of the U.S. qualified plan.\n\nThe adjusted amounts in this release exclude a non-cash impairment charge\nrelated to the Napapijri reporting unit goodwill of approximately $31 million\nin Fiscal 2026.\n\nCombined, the above items negatively impacted earnings per share by $0.30\nduring the fourth quarter of Fiscal 2026 and $0.20 during Fiscal 2026. All\nadjusted amounts referenced herein exclude the effects of these amounts.\n\nReconciliations of measures calculated in accordance with GAAP to adjusted\namounts are presented in the supplemental financial information included with\nthis release, which identifies and quantifies all excluded items, and provides\nmanagement’s view of why this information is useful to investors. The\ncompany does not provide a reconciliation of forward-looking measures where\nthe company believes such a reconciliation would imply a degree of precision\nand certainty that could be confusing to investors and is unable to reasonably\npredict certain items contained in the GAAP measures without unreasonable\nefforts. This is due to the inherent difficulty of forecasting the timing or\namount of various items that have not yet occurred and are out of the\ncompany's control or cannot be reasonably predicted. For the same reasons, the\ncompany is unable to address the probable significance of the unavailable\ninformation.\n\nForward-looking Statements\n\nCertain statements included in this release are “forward-looking\nstatements” within the meaning of the safe harbor provisions of the Private\nSecurities Litigation Reform Act of 1995. Forward-looking statements are made\nbased on VF’s expectations and beliefs concerning future events impacting VF\nand therefore involve several risks and uncertainties. Words such as\n“will,” “anticipate,” “believe,” “estimate,” “expect,”\n“should,” and “may” and other words and terms of similar meaning or\nuse of future dates may be used to identify forward-looking statements,\nhowever, the absence of these words or similar expressions does not mean that\na statement is not forward-looking. All statements regarding VF’s plans,\nobjectives, projections and expectations relating to VF’s operations or\nfinancial performance, and assumptions related thereto, are forward-looking\nstatements. Forward-looking statements are not guarantees, and actual results\ncould differ materially from those expressed or implied in the forward-looking\nstatements. VF undertakes no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents or otherwise, except as required by law. Potential risks and\nuncertainties that could cause the actual results of operations or financial\ncondition of VF to differ materially from those expressed or implied by\nforward-looking statements include, but are not limited to: the level of\nconsumer demand for apparel, footwear, equipment, and accessories; disruption\nto VF’s distribution system; changes in global economic conditions and the\nfinancial strength of VF’s consumers and customers, including as a result of\ncurrent inflationary pressures; fluctuations in the price, availability and\nquality of raw materials and finished products, including as a result of\ntariffs and geopolitical conflicts; disruption and volatility in the global\ncapital and credit markets; VF’s response to changing fashion trends,\nevolving consumer preferences and changing patterns of consumer behavior;\nVF’s ability to maintain the image and value of its brands, including\nthrough investment in brand building and product innovation; intense\ncompetition from online retailers and other direct-to-consumer business risks;\nincreasing pressure on margins; fluctuations in sales and operating income due\nto the seasonal nature of its business; retail industry changes and\nchallenges; VF's ability to execute its turnaround program, “The VF Way”\noperating principles, and other business priorities, including measures to\ngrow revenue and expand margins, streamline and right-size its cost base and\nstrengthen the balance sheet while reducing leverage; VF’s ability to\nsuccessfully establish a global commercial organization, and identify and\ncapture efficiencies in its business model; any inability of VF or third\nparties on which it relies to maintain the strength and security of\ninformation technology systems; the fact that VF’s facilities and systems,\nand those of third parties on which it relies, are frequent targets of\ncyberattacks of varying levels of severity, and may in the future be\nvulnerable to such attacks, and any inability or failure by VF or such third\nparties to anticipate or detect data or information security breaches or other\ncyberattacks, could result in data or financial loss, reputational harm,\nbusiness disruption, damage to VF’s relationships with customers, consumers,\nemployees and third parties on which it relies, litigation, regulatory\ninvestigations, enforcement actions or other negative impacts; any inability\nby VF or third parties on which it relies to properly collect, use, manage and\nsecure business, consumer and employee data and comply with privacy and\nsecurity regulations; VF’s ability to adopt new technologies, including\nartificial intelligence, in a competitive and responsible manner; foreign\ncurrency fluctuations; stability of VF’s vendors' manufacturing facilities\nand VF's ability to establish and maintain effective supply chain\ncapabilities; continued use by VF’s suppliers of ethical business practices;\nVF’s ability to accurately forecast demand for products; actions of activist\nand other shareholders; VF’s ability to recruit, develop or retain key\nexecutive or employee talent or successfully transition executives; changes in\nthe availability and cost of labor; VF’s ability to protect trademarks and\nother intellectual property rights; possible goodwill and other asset\nimpairment; maintenance by VF’s licensees and distributors of the value of\nVF’s brands; VF’s ability to execute acquisitions and dispositions,\nintegrate acquisitions and manage its brand portfolio; VF’s ability to\nexecute, and realize benefits, successfully, or at all, from the completed\nsale of the Dickies(®)( )brand; business resiliency in response to natural or\nman-made economic, public health, cyber, political or environmental\ndisruptions, including any potential effects from changes in tariffs and\ninternational trade policy, or a U.S. federal government shutdown; changes in\ntax laws and additional tax liabilities; legal, regulatory, political,\neconomic, and geopolitical risks, including those related to the current\nconflicts in Europe, the Middle East and Asia and tensions between the U.S.\nand China; changes to laws and regulations; adverse or unexpected weather\nconditions, including any potential effects from climate change; VF’s\nindebtedness and its ability to obtain financing on favorable terms, if\nneeded, could prevent VF from fulfilling its financial obligations; VF’s\nability to pay and declare dividends or repurchase its stock in the future;\nclimate risks and increased focus on environmental, social and governance\nissues; VF’s ability to execute on its sustainability strategy and achieve\nits sustainability-related targets; risks arising from the widespread outbreak\nof an illness or any other communicable disease, or any other public health\ncrisis; litigation, regulatory proceedings, or any other claims asserted\nagainst VF; and tax risks associated with the spin-off of the Jeanswear\nbusiness completed in 2019. More information on potential factors that could\naffect VF’s financial results is included from time to time in VF’s public\nreports filed or furnished with the U.S. Securities and Exchange Commission\n(SEC), including VF’s Annual Report on Form 10-K, Quarterly Reports on Form\n10-Q, and Forms 8-K.\n VF CORPORATION                                                                                                                                                                                                                                                                                                                                                                         \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \nSupplemental Financial Information                                                                                                                                                                                                                                                                                                                                                    \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \nReconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve                                                                                                                                                                                                                                                                                                        \n Months Ended March 2026                                                                                                                                                                                                                                                                                                                                                                \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \n(Unaudited)                                                                                                                                                                                                                                                                                                                                                                           \n \n                                                                                                                                                                                                                                                                                                                                                                                      \n \n(In thousands, except per share amounts)                                                                                                                                                                                                                                                                                                                                              \n Three Months Ended March 2026                                    As Reported under GAAP             Reinvent( (a))             Impairment, Pension Settlement Charges and Pension Excise Tax( (b))         Transaction and Deal Related Activities ((c))             Adjusted                 Less: Adjusted Contribution from Dickies ((d))          Adjusted Excluding Dickies       \n Revenues                                                         $         2,166,034                $      —                   $                                   —                                       $                 —                                       $    2,166,034           $                         —                             $          2,166,034             \n Gross profit                                                               1,221,928                       —                                                       —                                                         —                                            1,221,928                                     —                                        1,221,928             \n Percent                                                                    56.4       %                                                                                                                                                                                   56.4       %                                                                           56.4       %          \n Selling, general and administrative expenses                               1,160,424                       7,634                                                   —                                                         —                                            1,168,058                                     —                                        1,168,058             \n Percent                                                                    53.6       %                                                                                                                                                                                   53.9       %                                                                           53.9       %          \n Operating income                                                           61,504                          (7,634   )                                              —                                                         —                                            53,870                                        —                                        53,870                \n Percent                                                                    2.8        %                                                                                                                                                                                   2.5        %                                                                           2.5        %          \n Diluted loss per share from continuing operations ((e))                    (0.30      )                    (0.01    )                                              0.29                                                      0.03                                         0.00                                          0.00                                     0.00                  \n                                                                                                                                                                                                                                                                                                                                                                                        \n Twelve Months Ended March 2026                                   As Reported under GAAP             Reinvent( (a))             Impairment, Pension Settlement Charges and Pension Excise Tax( (b))         Transaction and Deal Related Activities ((c))             Adjusted                 Less: Adjusted Contribution from Dickies ((d))          Adjusted Excluding Dickies       \n Revenues                                                         $         9,605,207                $      —                   $                                   —                                       $                 —                                       $    9,605,207           $                         309,255                       $          9,295,952             \n Gross profit                                                               5,261,715                       4,257                                                   —                                                         —                                            5,265,972                                     136,662                                  5,129,310             \n Percent                                                                    54.8       %                                                                                                                                                                                   54.8       %                                                                           55.2       %          \n Selling, general and administrative expenses                               4,654,430                       (39,473  )                                              —                                                         (10,194           )                          4,604,763                                     125,428                                  4,479,335             \n Percent                                                                    48.5       %                                                                                                                                                                                   47.9       %                                                                           48.2       %          \n Operating income                                                           576,569                         43,730                                                  30,716                                                    10,194                                       661,209                                       11,235                                   649,974               \n Percent                                                                    6.0        %                                                                                                                                                                                   6.9        %                                                                           7.0        %          \n Diluted earnings per share from continuing operations ((e))                0.64                            0.08                                                    0.43                                                      (0.32             )                          0.84                                          0.02                                     0.82                  \n\n\nNotes:\n\n((a)) Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, were ($7.6) million and $43.7\nmillion in the three and twelve months ended March 2026, respectively. These\ncosts related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey. VF entered into a contract with a consulting firm\nduring the second quarter of Fiscal 2025, with services under the contract\nsubstantially completed in the third quarter of Fiscal 2026. In addition to\npayment for services, the contract includes contingent fees tied to increases\nin VF's stock price through June 2027. Expenses related to the contract,\nincluding contingent fees, were ($4.1) million and $21.2 million in the three\nand twelve months ended March 2026, respectively. Reinvent resulted in a net\ntax expense of $1.8 million and a net tax benefit of $10.0 million in the\nthree and twelve months ended March 2026, respectively.\n\nThe Company incurred $205.0 million in total restructuring charges in\nconnection with Reinvent. Substantially all restructuring actions were\ncompleted at the end of the first quarter of Fiscal 2026. Total fees\nassociated with the contract with the consulting firm could be up to $146.0\nmillion, with $75.0 million of the fees contingent on increases to VF’s\nstock price through June 2027.\n\n((b)) VF recognized a non-cash impairment charge related to the Napapijri\nreporting unit goodwill of $30.7 million during the twelve months ended March\n2026.\n\nNon-cash pension settlement charges of $158.1 million and $192.1 million were\nrecorded in the other income (expense), net line item during the three and\ntwelve months ended March 2026, respectively, related to the termination of\nthe U.S. qualified plan, which was completed as of the end of Fiscal 2026.\n\nPension excise tax of $25.1 million was recorded in the other income\n(expense), net line item during the three and twelve months ended March 2026,\nrelated to the termination of the U.S. qualified plan.\n\nThe impairment, pension settlement charges and pension excise tax resulted in\na net tax benefit of $68.9 million and $78.3 million in the three and twelve\nmonths ended March 2026, respectively.\n\n((c)) Transaction and deal related activities include costs associated with\nthe divestiture of Dickies, which totaled $10.2 million for the twelve months\nended March 2026. Additionally, the activities include a working capital\nadjustment of $11.9 million as a reduction to the pre-tax gain on sale related\nto the divestiture of Dickies and a $127.2 million final pre-tax gain on sale\nrelated to Dickies, which were recorded in the other income (expense), net\nline item in the Consolidated Statements of Operations in the three and twelve\nmonths ended March 2026, respectively. The transaction and deal related\nactivities resulted in a net tax benefit of $1.8 million and $7.7 million in\nthe three and twelve months ended March 2026, respectively.\n\n((d)) The “Adjusted Contribution from Dickies” column represents the\noperating results of Dickies for the twelve months ended March 2026 on an\nadjusted basis. This column excludes transaction and deal related costs as\ndescribed above. The adjusted contribution from Dickies resulted in a net tax\nexpense of $3.3 million for the twelve months ended March 2026.\n\n((e)) Amounts shown in the table have been calculated using unrounded numbers.\nThe diluted earnings (loss) per share impacts were calculated using\n391,371,000 and 395,875,000 weighted average common shares for the three and\ntwelve months ended March 2026, respectively.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis, on an\nadjusted basis, which excludes the impact of Reinvent, an impairment charge,\npension settlement charges, pension excise tax, and transaction and deal\nrelated activities, and on an adjusted basis excluding Dickies, which also\nexcludes the operating results of Dickies on an adjusted basis. These adjusted\npresentations provides non-GAAP measures and are not based on any\ncomprehensive set of accounting rules or principles. Management believes these\nmeasures provide investors with useful supplemental information regarding VF's\nunderlying business trends and the performance of VF's ongoing operations and\nare useful for period-over-period comparisons of such operations.\n\nManagement uses the above financial measures internally in its budgeting and\nreview process and, in some cases, as a factor in determining compensation.\nWhile management believes that these non-GAAP financial measures are useful in\nevaluating the business, this information should be considered as supplemental\nin nature and should be viewed in addition to, and not in lieu of or superior\nto, VF's operating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies. These measures should be used to\nevaluate the Company's results of operations only in conjunction with the\ncorresponding GAAP measures.\n VF CORPORATION                                                                                                     \n \n                                                                                                                  \n \nSupplemental Financial Information                                                                                \n \n                                                                                                                  \n \nReconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months                                       \n Ended March 2026                                                                                                   \n \n                                                                                                                  \n \n(Unaudited)                                                                                                       \n \n                                                                                                                  \n \n(In thousands, except per share amounts)                                                                          \n                                                                             Twelve Months Ended March 2026         \n Operating income - as reported under GAAP                                   $            576,569                   \n Adjustments to operating income:                                                                                   \n Reinvent ((a))                                                                           43,730                    \n Impairment charge ((b))                                                                  30,716                    \n Transaction and deal related activities ((c))                                            10,194                    \n Adjusted operating income                                                                661,209                   \n Other income (expense), net - as reported under GAAP                                     (86,608      )            \n Adjustments to other income (expense), net:                                                                        \n Reinvent ((d))                                                                           (531         )            \n Pension settlement charges and pension excise tax ((e))                                  217,156                   \n Transaction and deal related activities ((f))                                            (127,211     )            \n Adjusted other income (expense), net                                                     2,806                     \n Depreciation, amortization and other asset write-downs - as reported                     280,529                   \n Adjustments to depreciation, amortization and other asset write-downs:                                             \n Reinvent ((g))                                                                           (2,837       )            \n Transaction and deal related activities ((h))                                            (10,079      )            \n Adjusted depreciation, amortization and other asset write-downs                          267,613                   \n Operating lease cost                                                                     411,339                   \n Adjusted EBITDA                                                             $            1,342,967                 \n\n\nNotes:\n\n((a) )Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, which totaled $43.7 million.\nThese costs related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey.\n\n((b)) Non-cash impairment charge related to the Napapijri reporting unit\ngoodwill of $30.7 million.\n\n((c)) Transaction and deal related activities include costs associated with\nthe divestiture of Dickies, which totaled $10.2 million.\n\n((d)) Curtailment gains of $0.5 million, related to Reinvent, recorded within\nthe other income (expense), net line item related to employee exits from an\ninternational plan resulting from restructuring actions.\n\n((e)) Non-cash pension settlement charges of $192.1 million and pension excise\ntax of $25.1 million were recorded in the other income (expense), net line\nitem related to the termination of the U.S. qualified plan, which was\ncompleted as of the end of Fiscal 2026.\n\n((f)) Transaction and deal related activities include the final pre-tax gain\nrelated to the divestiture of Dickies of $127.2 million, which was recorded in\nthe other income (expense), net line item.\n\n((g)) Asset impairments and write-downs of $2.8 million related to Reinvent.\n\n((h)) Asset impairments and write-downs of $10.1 million associated with the\ndivestiture of Dickies.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis and on an\nadjusted basis, which excludes the impact of Reinvent, an impairment charge,\npension settlement charges, pension excise tax, transaction and deal related\nactivities, depreciation, amortization and other asset write-downs, and\noperating lease cost. The adjusted presentation and adjusted EBITDA provide\nnon-GAAP measures. Management uses these measures in calculating VF’s net\ndebt leverage ratio, which is a key ratio used by management, investors and\nrating agencies to assess our ability to meet our debt obligations.\n\nWhile management believes these non-GAAP financial measures are useful for the\nabove purpose, this information should be considered as supplemental in nature\nand should be viewed in addition to, and not in lieu of or superior to, VF's\noperating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies.\n Three Months Ended March 2025                                           As Reported      Reinvent ((a))      Impairment Charges( (b))      Transaction and Deal Related Activities ((c))      Adjusted         Less: Adjusted Contribution from Dickies ((d))      Adjusted Excluding Dickies  \n                                                                         \n                                                                                                                                                                                                                      \n                                                                         \nunder GAAP                                                                                                                                                                                                            \n Revenues                                                                $ 2,143,771      $ —                 $ —                           $ —                                                $ 2,143,771      $ 139,272                                           $ 2,004,499                 \n Gross profit                                                            1,142,456        1,560               —                             —                                                  1,144,016        60,741                                              1,083,275                   \n Percent                                                                 53.3%                                                                                                                 53.4%                                                                54.0%                       \n Selling, general and administrative expenses                            1,177,101        (54,674)            —                             —                                                  1,122,427        55,134                                              1,067,293                   \n Percent                                                                 54.9%                                                                                                                 52.4%                                                                53.2%                       \n Operating income (loss)                                                 (72,887)         56,234              38,242                        —                                                  21,589           5,607                                               15,982                      \n Percent                                                                 (3.4%)                                                                                                                1.0%                                                                 0.8%                        \n Diluted earnings (loss) per share from continuing operations ((e))      (0.39)           0.16                0.10                          0.00                                               (0.13)           0.01                                                (0.14)                      \n                                                                                                                                                                                                                                                                                                \n Twelve Months Ended March 2025                                          As Reported      Reinvent ((a))      Impairment Charges( (b))      Transaction and Deal Related Activities ((c))      Adjusted         Less: Adjusted Contribution from Dickies ((d))      Adjusted Excluding Dickies  \n                                                                         \n                                                                                                                                                                                                                      \n                                                                         \nunder GAAP                                                                                                                                                                                                            \n Revenues                                                                $ 9,504,691      $ —                 $ —                           $ —                                                $ 9,504,691      $ 542,065                                           $ 8,962,626                 \n Gross profit                                                            5,083,865        1,972               —                             —                                                  5,085,837        233,467                                             4,852,370                   \n Percent                                                                 53.5%                                                                                                                 53.5%                                                                54.1%                       \n Selling, general and administrative expenses                            4,690,850        (160,672)           —                             (490)                                              4,529,688        206,738                                             4,322,950                   \n Percent                                                                 49.4%                                                                                                                 47.7%                                                                48.2%                       \n Operating income                                                        303,773          162,644             89,242                        490                                                556,149          26,730                                              529,419                     \n Percent                                                                 3.2%                                                                                                                  5.9%                                                                 5.9%                        \n Diluted earnings per share from continuing operations ((e))             0.18             0.36                0.20                          0.00                                               0.74             0.06                                                0.67                        \n\n\nNotes:\n\n((a)) Costs related to Reinvent, VF's transformation program, including\nrestructuring charges and project-related costs, were $56.2 million and $162.6\nmillion in the three and twelve months ended March 2025, respectively. These\ncosts related primarily to severance and employee-related benefits and\nexpenses related to the engagement of a consulting firm to support VF's\ntransformation journey. VF entered into a contract with a consulting firm\nduring the second quarter of Fiscal 2025, with services under the contract\nsubstantially completed in the third quarter of Fiscal 2026. In addition to\npayment for services, the contract includes contingent fees tied to increases\nin VF's stock price through June 2027. Expenses related to the contract,\nincluding contingent fees, were $16.4 million and $76.4 million in the three\nand twelve months ended March 2025, respectively. Reinvent resulted in a net\ntax expense of $5.5 million and a net tax benefit of $21.2 million in the\nthree and twelve months ended March 2025, respectively.\n\n((b)) VF recognized a non-cash goodwill impairment charge related to the\nIcebreaker reporting unit of $38.2 million during the three months ended March\n2025. During the twelve months ended March 2025, VF recognized non-cash\nimpairment charges related to the Dickies indefinite-lived trademark\nintangible asset and Icebreaker reporting unit goodwill of $51.0 million and\n$38.2 million, respectively. The impairment charges resulted in a net tax\nbenefit of $10.5 million in the twelve months ended March 2025. Because\nDickies is not considered a discontinued operation, the impairment is\nconsidered an adjustment to derive the Adjusted non-GAAP measure.\n\n((c)) Transaction and deal related activities reflect activities associated\nwith the review of strategic alternatives for the Global Packs business,\nconsisting of the Kipling(®), Eastpak(®) and JanSport(®) brands, which\ntotaled $0.5 million for the twelve months ended March 2025. The transaction\nand deal related activities resulted in a net tax benefit of $0.1 million in\nthe twelve months ended March 2025.\n\n((d)) The “Adjusted Contribution from Dickies” column represents the\noperating results of Dickies for the three and twelve months ended March 2025\non an adjusted basis. This column excludes a non-cash impairment charge as\ndescribed above. The adjusted contribution from Dickies resulted in a net tax\nexpense of $1.5 million and $5.6 million for the three and twelve months ended\nMarch 2025, respectively.\n\n((e)) Amounts shown in the table have been calculated using unrounded numbers.\nThe diluted earnings (loss) per share impacts were calculated using\n389,605,000 and 392,571,000 weighted average common shares for the three and\ntwelve months ended March 2025, respectively.\n\nNon-GAAP Financial Information\n\nThe financial information above has been presented on a GAAP basis, on an\nadjusted basis, which excludes the impact of Reinvent, impairment charges and\ntransaction and deal related activities, and on an adjusted basis excluding\nDickies, which also excludes the operating results of Dickies on an adjusted\nbasis. These adjusted presentations provides non-GAAP measures and are not\nbased on any comprehensive set of accounting rules or principles. Management\nbelieves these measures provide investors with useful supplemental information\nregarding VF's underlying business trends and the performance of VF's ongoing\noperations and are useful for period-over-period comparisons of such\noperations.\n\nManagement uses the above financial measures internally in its budgeting and\nreview process and, in some cases, as a factor in determining compensation.\nWhile management believes that these non-GAAP financial measures are useful in\nevaluating the business, this information should be considered as supplemental\nin nature and should be viewed in addition to, and not in lieu of or superior\nto, VF's operating performance measures calculated in accordance with GAAP. In\naddition, these non-GAAP financial measures may not be the same as similarly\ntitled measures presented by other companies. These measures should be used to\nevaluate the Company's results of operations only in conjunction with the\ncorresponding GAAP measures.\n VF CORPORATION                                                                                                                                                  \n \n                                                                                                                                                               \n \nSupplemental Financial Information                                                                                                                             \n \n                                                                                                                                                               \n \nReportable Segment Information - Constant Currency Basis                                                                                                       \n \n                                                                                                                                                               \n \n(Unaudited)                                                                                                                                                    \n \n                                                                                                                                                               \n \n(In thousands, except per share amounts)                                                                                                                       \n                                                                   Three Months Ended March 2026                                                                 \n                                                                   As Reported                       Adjust for Foreign                                          \n                                                                   \nunder GAAP                                                                                   \n                                                                                     Currency Exchange                  Constant Currency        \n Revenues:                                                                                                                                                       \n Outdoor segment                                                   $      1,339,839                  $        (66,250   )                $       1,273,589       \n Active segment                                                           588,695                             (25,342   )                        563,353         \n All Other                                                                237,500                             (12,059   )                        225,441         \n Total revenues                                                    $      2,166,034                  $        (103,651  )                $       2,062,383       \n Segment profit (loss):                                                                                                                                          \n Outdoor segment                                                   $      175,004                    $        (11,158   )                $       163,846         \n Active segment                                                           (14,921    )                        (2,096    )                        (17,017    )    \n Total segment profit                                                     160,083                             (13,254   )                        146,829         \n Corporate and other expenses ((a))                                       (321,613   )                        1,077                              (320,536   )    \n Interest expense, net                                                    (26,803    )                        (825      )                        (27,628    )    \n “All Other” profit                                                       25,004                              (1,232    )                        23,772          \n Loss from continuing operations before income taxes               $      (163,329   )               $        (14,234   )                $       (177,563   )    \n Diluted net loss per share change from continuing operations             21         %                        (8        %)                       13         %    \n\n\n((a)) A reduction to the gain on the sale of Dickies to reflect final working\ncapital adjustments of $11.9 million was recorded in the other income\n(expense), net line item in the Consolidated Statement of Operations for the\nthree months ended March 2026. In addition, pension settlement charges of\n$158.1 million and excise taxes of $25.1 million related to the termination of\nthe U.S. qualified plan were recorded in the other income (expense), net line\nitem in the Consolidated Statement of Operations for the three months ended\nMarch 2026.\n\nConstant Currency Financial Information\n\nVF is a global company that reports financial information in U.S. dollars in\naccordance with GAAP. Foreign currency exchange rate fluctuations affect the\namounts reported by VF from translating its foreign revenues and expenses into\nU.S. dollars. These rate fluctuations can have a significant effect on\nreported operating results. As a supplement to our reported operating results,\nwe present constant currency financial information, which is a non-GAAP\nfinancial measure that excludes the impact of translating foreign currencies\ninto U.S. dollars. We use constant currency information to provide a framework\nto assess how our business performed excluding the effects of changes in the\nrates used to calculate foreign currency translation. Management believes this\ninformation is useful to investors to facilitate comparison of operating\nresults and better identify trends in our businesses.\n\nTo calculate foreign currency translation on a constant currency basis,\noperating results for the current year period for entities reporting in\ncurrencies other than the U.S. dollar are translated into U.S. dollars at the\naverage exchange rates in effect during the comparable period of the prior\nyear (rather than the actual exchange rates in effect during the current year\nperiod).\n\nThese constant currency performance measures should be viewed in addition to,\nand not in lieu of or superior to, our operating performance measures\ncalculated in accordance with GAAP. The constant currency information\npresented may not be comparable to similarly titled measures reported by other\ncompanies.\n VF CORPORATION                                                                                                                                           \n \n                                                                                                                                                        \n \nSupplemental Financial Information                                                                                                                      \n \n                                                                                                                                                        \n \nReportable Segment Information - Constant Currency Basis                                                                                                \n \n                                                                                                                                                        \n \n(Unaudited)                                                                                                                                             \n \n                                                                                                                                                        \n \n(In thousands, except per share amounts)                                                                                                                \n                                                                   Twelve Months Ended March 2026                                                         \n                                                                   As Reported                      Adjust for Foreign                                    \n                                                                   \nunder GAAP                      \nCurrency Exchange                                    \n                                                                                            Constant Currency          \n Revenues:                                                                                                                                                \n Outdoor segment                                                   $      5,741,792                 $        (169,273  )             $    5,572,519       \n Active segment                                                           2,720,967                          (66,627   )                  2,654,340       \n All Other                                                                1,142,448                          (30,554   )                  1,111,894       \n Total revenues                                                    $      9,605,207                 $        (266,454  )             $    9,338,753       \n Segment profit:                                                                                                                                          \n Outdoor segment                                                   $      841,200                   $        (29,973   )             $    811,227         \n Active segment                                                           103,043                            (8,354    )                  94,689          \n Total segment profit                                                     944,243                            (38,327   )                  905,916         \n Impairment of goodwill                                                   (30,716    )                       —                            (30,716    )    \n Corporate and other expenses ((a))                                       (511,815   )                       2,094                        (509,721   )    \n Interest expense, net                                                    (148,743   )                       (2,298    )                  (151,041   )    \n “All Other” profit                                                       88,249                             (3,335    )                  84,914          \n Income from continuing operations before income taxes             $      341,218                   $        (41,866   )             $    299,352         \n Diluted earnings per share change from continuing operations             265        %                       (52       %)                 213        %    \n\n\n((a)) A final pre-tax gain on the sale of Dickies of $127.2 million was\nrecorded in the other income (expense), net line item in the Consolidated\nStatement of Operations for the twelve months ended March 2026. In addition,\npension settlement charges of $192.1 million and excise taxes of $25.1 million\nrelated to the termination of the U.S. qualified plan were recorded in the\nother income (expense), net line item in the Consolidated Statement of\nOperations for the twelve months ended March 2026.\n\nConstant Currency Financial Information\n\nVF is a global company that reports financial information in U.S. dollars in\naccordance with GAAP. Foreign currency exchange rate fluctuations affect the\namounts reported by VF from translating its foreign revenues and expenses into\nU.S. dollars. These rate fluctuations can have a significant effect on\nreported operating results. As a supplement to our reported operating results,\nwe present constant currency financial information, which is a non-GAAP\nfinancial measure that excludes the impact of translating foreign currencies\ninto U.S. dollars. We use constant currency information to provide a framework\nto assess how our business performed excluding the effects of changes in the\nrates used to calculate foreign currency translation. Management believes this\ninformation is useful to investors to facilitate comparison of operating\nresults and better identify trends in our businesses.\n\nTo calculate foreign currency translation on a constant currency basis,\noperating results for the current year period for entities reporting in\ncurrencies other than the U.S. dollar are translated into U.S. dollars at the\naverage exchange rates in effect during the comparable period of the prior\nyear (rather than the actual exchange rates in effect during the current year\nperiod).\n\nThese constant currency performance measures should be viewed in addition to,\nand not in lieu of or superior to, our operating performance measures\ncalculated in accordance with GAAP. The constant currency information\npresented may not be comparable to similarly titled measures reported by other\ncompanies.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260520906959/en/\n(https://www.businesswire.com/news/home/20260520906959/en/)\n\nInvestor Contact: \n\nAllegra Perry\n\nir@vfc.com (mailto:ir@vfc.com)\n\nMedia Contact: \n\nColin Wheeler\n\ncorporate_communications@vfc.com (mailto:corporate_communications@vfc.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-20T10:00:00.609479588Z","server_sent_at_ms":1779271200609},"received_at":"2026-05-20T10:00:01.325Z","source_url":"https://www.businesswire.com/news/home/20260520906959/en/"},"analysis":{"id":"29706","press_release_id":"40263","analysis_json":{"industry":{"label":"Textiles, Apparel & Luxury Goods","sector":"Consumer Discretionary"},"redFlags":["GAAP diluted EPS of $0.64 includes significant one-time charges ($0.30 in Q4, $0.20 in FY) from pension settlements and impairments","Vans Americas DTC growth remains fragile, only returning to growth after four years of decline","Consulting contract for 'Reinvent' program includes contingent fees tied to stock price increases through June 2027"],"eventType":"earnings","narrative":"VF Corporation reported FY'26 revenue of $9.6 billion, marking a return to full-year growth for the first time in three years, driven by strength in The North Face and Timberland.\n\nQ4 operating income of $62 million beat the guidance range of $10M-$30M on an adjusted ex-Dickies basis, while the company reduced its leverage ratio from 4.1x to 3.1x.\n\nManagement reinstated annual guidance for FY'27, targeting 1-2% constant currency revenue growth and an adjusted operating margin of approximately 8%.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"VF turns the corner: First full-year growth in 3 years, Q4 beat, and reinstated guidance signal turnaround momentum."},"keyFigures":{"eps":0.64,"revenue":9605207000,"guidance":"FY27 revenue +1% to +2% C$; Adjusted OM ~8%; FCF flat to up vs LY; Leverage 2.6x-2.9x","revenueYoy":"1%","customDimensions":{"q4_revenue":2166034000,"gross_margin":"54.8%","free_cash_flow":405000000,"leverage_ratio":"3.1x","operating_income":576569000,"operating_margin":"6.0%","dividend_per_share":0.09,"revenue_ex_dickies":9295952000,"q4_operating_income":61504000,"revenue_ex_dickies_yoy":"4%","adjusted_gross_margin_ex_dickies":"55.2%","adjusted_operating_income_ex_dickies":649974000,"adjusted_operating_margin_ex_dickies":"7.0%","q4_adjusted_operating_income_ex_dickies":53870000}},"quotedText":"For the first time in three years, we returned to a full year of growth and expect to keep growing in FY'27. We also significantly expanded margins and reduced our leverage ratio by a full turn vs. LY.","namedEntities":{"people":[{"name":"Bracken Darrell","role":"President and CEO"},{"name":"Allegra Perry","role":"Investor Contact"},{"name":"Colin Wheeler","role":"Media Contact"}],"products":["The North Face","Vans","Timberland","Dickies","Supreme","Napapijri","Icebreaker","Kipling","Eastpak","JanSport"],"companies":[{"name":"VF Corporation","ticker":"VFC"},{"name":"Bluestar Alliance LLC","relationship":"acquirer of Dickies"},{"name":"EssilorLuxottica S.A.","relationship":"acquirer of Supreme"}],"dollarAmounts":[{"amount":"$577M","context":"FY'26 operating income"},{"amount":"$650M","context":"FY'26 adjusted operating income ex Dickies"},{"amount":"$405M","context":"FY'26 free cash flow"},{"amount":"$0.09","context":"quarterly dividend per share"},{"amount":"$127 million","context":"pre-tax gain on sale of Dickies"},{"amount":"$192 million","context":"pension settlement charges FY'26"},{"amount":"$31 million","context":"Napapijri goodwill impairment"}]},"materialImpact":{"score":4,"reasoning":"VF returned to full-year revenue growth for the first time in three years, with Q4 operating income beating guidance. The company reinstated annual guidance with a clear path to margin expansion and debt reduction, signaling a successful turnaround inflection."},"tickerRelevance":{"others":[],"primary":"VFC"},"globalImportance":45,"audienceRelevance":35,"eventTypeSecondary":["guidance_update","dividend"],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"earnings-beat-guidance-raise","sectorWeight":"consumer-discretionary","householdBrandBoost":"high","retailFavoriteBoost":"low"}},"event_type":"earnings","event_type_secondary":["guidance_update","dividend"],"sentiment":"bullish","material_impact_score":4,"narrative":"VF Corporation reported FY'26 revenue of $9.6 billion, marking a return to full-year growth for the first time in three years, driven by strength in The North Face and Timberland.\n\nQ4 operating income of $62 million beat the guidance range of $10M-$30M on an adjusted ex-Dickies basis, while the company reduced its leverage ratio from 4.1x to 3.1x.\n\nManagement reinstated annual guidance for FY'27, targeting 1-2% constant currency revenue growth and an adjusted operating margin of approximately 8%.","key_figures":{"eps":0.64,"revenue":9605207000,"guidance":"FY27 revenue +1% to +2% C$; Adjusted OM ~8%; FCF flat to up vs LY; Leverage 2.6x-2.9x","revenueYoy":"1%","customDimensions":{"q4_revenue":2166034000,"gross_margin":"54.8%","free_cash_flow":405000000,"leverage_ratio":"3.1x","operating_income":576569000,"operating_margin":"6.0%","dividend_per_share":0.09,"revenue_ex_dickies":9295952000,"q4_operating_income":61504000,"revenue_ex_dickies_yoy":"4%","adjusted_gross_margin_ex_dickies":"55.2%","adjusted_operating_income_ex_dickies":649974000,"adjusted_operating_margin_ex_dickies":"7.0%","q4_adjusted_operating_income_ex_dickies":53870000}},"named_entities":{"people":[{"name":"Bracken Darrell","role":"President and CEO"},{"name":"Allegra Perry","role":"Investor Contact"},{"name":"Colin Wheeler","role":"Media Contact"}],"products":["The North Face","Vans","Timberland","Dickies","Supreme","Napapijri","Icebreaker","Kipling","Eastpak","JanSport"],"companies":[{"name":"VF Corporation","ticker":"VFC"},{"name":"Bluestar Alliance LLC","relationship":"acquirer of Dickies"},{"name":"EssilorLuxottica S.A.","relationship":"acquirer of Supreme"}],"dollarAmounts":[{"amount":"$577M","context":"FY'26 operating income"},{"amount":"$650M","context":"FY'26 adjusted operating income ex Dickies"},{"amount":"$405M","context":"FY'26 free cash flow"},{"amount":"$0.09","context":"quarterly dividend per share"},{"amount":"$127 million","context":"pre-tax gain on sale of Dickies"},{"amount":"$192 million","context":"pension settlement charges FY'26"},{"amount":"$31 million","context":"Napapijri goodwill impairment"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-20T10:01:33.033Z","global_importance":45,"audience_relevance":35,"importance_components":{"tickerTier":"large-cap","eventGravity":"earnings-beat-guidance-raise","sectorWeight":"consumer-discretionary","householdBrandBoost":"high","retailFavoriteBoost":"low"}},"durationMs":34987,"modelName":"george-droid-qwen-72b"}}