VF Corporation Delivered First Quarter Fiscal 2027 Ahead of Guidance

VF Corporation (NYSE: VFC) today reported financial results for its first quarter (Q1’27) ended June 27, 2026 ahead of guidance and raises full year revenue outlook. The Company’s Board of Directors authorized a quarterly per share dividend of $0.09. These financial results are also reflected in a presentation available on the Investor Relations website at ir.vfc.com.

Bracken Darrell, President and CEO, said: “We had a solid start to the year, beating our revenue and operating income guidance. The North Face^®, Timberland^® and Altra^® delivered another quarter of growth; and Vans^® Americas DTC continued to grow but was more than offset by declines in global Wholesale. We expect Vans^® Wholesale to improve significantly in the second half of the year. Given our overall Q1 performance and better visibility into the balance of the year, we are raising our FY’27 revenue guidance.”

Darrell continued, “Regarding our CFO transition announced today, I would like to thank Paul for his partnership, leadership and contributions to VF. Looking ahead, I’m excited for Abhishek to step into his newly expanded role of Chief Financial Officer and Chief Operating Officer. He is a proven leader with deep knowledge of our business and our industry, and I am confident he is well positioned to drive strong execution against our key financial and operational priorities.”

Disclosed Q1’27 figures are shown on both reported and adjusted excluding Dickies^® (“ex Dickies^®”) bases

VF Q1’27 results ahead of guidance

• Revenue (5%) vs. LY
  • Revenue ex Dickies^® +1% vs. LY or flat C$, ahead of guidance of down low-single digits C$ vs. LY

  • Continued positive performance in global DTC, +2% vs. LY or +5% C$ ex Dickies^®

  • Americas region (4%) vs. LY; ex Dickies^® +4% C$ with growth across both channels

  • The North Face^® +6% vs. LY or +4% C$, led by the Americas region and DTC channel

  • Vans^® (8%) vs. LY or (9%) C$, with continued growth in Americas DTC, more than offset by Wholesale declines

  • Timberland^® +4% vs. LY or +3% C$, driven by the Americas

• Operating income (loss) of ($83M) and operating margin (OM) of (5.0%), down 10 bps vs. LY
  • Adjusted operating income (loss) ex Dickies^® of ($95M), slightly ahead of guidance of ($100M); adjusted OM ex Dickies^® of (5.7%), down 210 bps vs. LY

  • Gross margin (GM) of 54.9%, up 100 bps vs. LY; adjusted GM ex Dickies^® of 54.9%, up 10 bps vs. LY

• Net debt down $1.1B or (20%) vs. LY
  • Net debt excluding lease liabilities down $1.1B or (27%) vs. LY

Raising FY’27 revenue guidance

• Revenue +2% or better C$ vs. LY¹, and vs. prior guidance of +1% to +2% C$

• Adjusted OM of approximately 8%

• Free cash flow flat to up vs. LY² of $405M

• FYE’27 leverage ratio of 2.6x to 2.9x

¹ Revenue performance excludes Dickies^® in FY’26 and includes 53rd week in FY’27

² Excludes $100M net impact of pension termination in FY’26 and any net impact from tariff refunds in FY’27

Webcast Information

VF management will host its first quarter Fiscal 2027 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on September 17, 2026, to shareholders of record at the close of business on September 10, 2026.

About VF

VF Corporation is a portfolio of leading outdoor and active brands, including The North Face^®, Vans^®, and Timberland^®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

Financial Presentation Disclosure

All per share amounts are presented on a diluted basis. This release refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency – Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” or “constant currency” amounts are the same, and amounts will be as “reported” unless otherwise specified. This release also refers to results “excluding Dickies^®” and “Adjusted excluding Dickies”, which are described under the heading “Dickies Divestiture”. This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts – Excluding Reinvent”. Unless otherwise noted, “reported” and “adjusted” amounts are the same. VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. Fiscal 2027 contains 53 weeks, with an additional week occurring in the fourth quarter. This release refers to VF’s first quarter of Fiscal 2027 as Q1’27, and similarly Q1’26 denotes VF’s first quarter of Fiscal 2026, etc. VF defines “free cash flow” as cash flow from operations less capital expenditures and software purchases, defines “net debt” as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per VF’s consolidated balance sheet and defines “leverage” as net debt to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes operating lease cost.

Dickies Divestiture

On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies^® brand business (“Dickies”) and on November 12, 2025, VF completed the sale of Dickies. The Dickies sale did not qualify for discontinued operations presentation under U.S. generally accepted accounting principles (“GAAP”) and “reported” amounts include Dickies results in continuing operations through the date of sale. References to results “excluding Dickies^®” and “Adjusted excluding Dickies” exclude the results of Dickies in the prior year period. VF believes this non-GAAP presentation provides investors with useful information regarding VF’s current business trends and performance of VF’s operations, post the closing of the sale of Dickies.

Constant Currency – Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with GAAP, which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both “constant dollar” and “constant currency” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.

Adjusted Amounts – Excluding Reinvent

The adjusted amounts in this release exclude costs (benefits) related to Reinvent, VF’s transformation program. Costs (benefits), including restructuring charges and project-related costs, were approximately ($11) million in the first quarter of Fiscal 2027.

The above items positively impacted GAAP earnings per share by $0.02 during the first quarter of Fiscal 2027. All adjusted amounts referenced herein exclude the effects of these amounts.

Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company’s control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information.

Forward-looking Statements

Certain statements included in this release are “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF’s expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. Words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto, are forward-looking statements. Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel, footwear, equipment and accessories; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs and geopolitical conflicts; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF’s ability to maintain the image and value of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; fluctuations in sales and operating income due to the seasonal nature of its business; retail industry changes and challenges; VF’s ability to execute its turnaround program, “The VF Way” operating principles and other business priorities, including measures to grow revenue and expand margins, streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of VF or third parties on which it relies, to maintain the strength and security of information technology systems; the fact that VF’s facilities and systems, and those of third parties on which it relies, are frequent targets of cyberattacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyberattacks, could result in data or financial loss, reputational harm, business disruption, damage to VF’s relationships with customers, consumers, employees and third parties on which it relies; litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; VF’s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of VF’s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; actions of activist and other shareholders; VF’s ability to recruit, develop or retain key executive or employee talent or successfully transition executives; changes in the availability and cost of labor; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; VF’s ability to execute, and realize benefits, successfully, or at all, from the completed sale of the Dickies^® brand; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, or a U.S. federal government shutdown; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; VF’s indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; VF’s ability to pay and declare dividends or repurchase its stock in the future; climate risks and increased focus on environmental, social and governance issues; VF’s ability to execute on its sustainability strategy and achieve its sustainability-related targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; litigation, regulatory proceedings, or any other claims asserted against VF; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed or furnished with the U.S. Securities and Exchange Commission (SEC), including VF’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Forms 8-K.

VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures – Three Months Ended June 2026 (Unaudited) (In thousands, except per share amounts)
Three Months Ended June 2026		As Reported under GAAP				Reinvent (a)				Adjusted
Revenues		$	1,669,379			$	—			$	1,669,379
Gross profit			917,044				—				917,044
Percent			54.9	%							54.9	%
Selling, general and administrative expenses			1,000,116				11,476				1,011,592
Percent			59.9	%							60.6	%
Operating loss			(83,072	)			(11,476	)			(94,548	)
Percent			(5.0	%)							(5.7	%)
Diluted loss per share (b)			(0.25	)			(0.02	)			(0.27	)

Notes:

^(a) Costs (benefits) related to Reinvent, VF’s transformation program, including restructuring charges and project-related costs, were ($11.5) million in the three months ended June 2026. A gain of $17.6 million and an impairment charge of $6.4 million related to the sale of a distribution center and an impairment of a leased distribution center, respectively, are included in the Reinvent amounts for the three months ended June 2026, as the actions leading to the gain and the impairment charge were initiated under Reinvent. Expenses related to the engagement of a consulting firm to support VF’s transformation journey are also included in the Reinvent charges. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF’s stock price through June 2027. Expenses related to the contract, which only related to changes in the fair value of the contingent fees, were ($0.3) million in the three months ended June 2026. Reinvent resulted in a net tax expense of $3.1 million in the three months ended June 2026.

The Company incurred $193.8 million in total restructuring charges in connection with Reinvent. Substantially all restructuring actions were completed at the end of the first quarter of Fiscal 2026. Total fees associated with the contract with the consulting firm could be up to $146.0 million, with $75.0 million of the fees contingent on increases to VF’s stock price through June 2027.

^(b) Amounts shown in the table have been calculated using unrounded numbers. The diluted loss per share impacts were calculated using 392,107,000 weighted average common shares for the three months ended June 2026.

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of Reinvent. The adjusted presentation provides non-GAAP measures and is not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF’s underlying business trends and the performance of VF’s ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF’s operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company’s results of operations only in conjunction with the corresponding GAAP measures.

VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures – Three Months Ended June 2025 (Unaudited) (In thousands, except per share amounts)
Three Months Ended June 2025		As Reported under GAAP				Reinvent (a)				Adjusted				Less: Adjusted Contribution from Dickies (b)			Adjusted Excluding Dickies
Revenues		$	1,760,666			$	—			$	1,760,666			$	113,502		$	1,647,164
Gross profit			949,002				4,282				953,284				50,437			902,847
Percent			53.9	%							54.1	%						54.8	%
Selling, general and administrative expenses			1,035,611				(26,500	)			1,009,111				46,416			962,695
Percent			58.8	%							57.3	%						58.4	%
Operating income (loss)			(86,609	)			30,782				(55,827	)			4,022			(59,849	)
Percent			(4.9	%)							(3.2	%)						(3.6	%)
Diluted earnings (loss) per share (c)			(0.30	)			0.06				(0.24	)			0.01			(0.25	)

Notes:

^(a) Costs related to Reinvent, VF’s transformation program, including restructuring charges and project-related costs, were $30.8 million in the three months ended June 2025. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF’s transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF’s stock price through June 2027. Expenses related to the contract, including contingent fees, were $8.0 million in the three months ended June 2025. Reinvent resulted in a net tax benefit of $6.8 million in the three months ended June 2025.

^(b) The “Adjusted Contribution from Dickies” column represents the operating results of Dickies for the three months ended June 2025 on an adjusted basis. Accordingly, this column excludes Reinvent charges of $0.8 million in the three months ended June 2025. The adjusted contribution from Dickies resulted in a net tax expense of $1.3 million for the three months ended June 2025.

^(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings (loss) per share impacts were calculated using 390,024,000 weighted average common shares for the three months ended June 2025.

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provide non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF’s underlying business trends and the performance of VF’s ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF’s operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company’s results of operations only in conjunction with the corresponding GAAP measures.

VF CORPORATION Supplemental Financial Information Reportable Segment Information – Constant Currency Basis (Unaudited) (In thousands, except per share amounts)
		Three Months Ended June 2026
		As Reported under GAAP				Adjust for Foreign Currency Exchange				Constant Currency
Revenues:
Outdoor segment		$	856,979			$	(15,230	)		$	841,749
Active segment			667,303				(8,610	)			658,693
All Other			145,097				(1,327	)			143,770
Total revenues		$	1,669,379			$	(25,167	)		$	1,644,212
Segment profit (loss):
Outdoor segment		$	(41,618	)		$	(1,038	)		$	(42,656	)
Active segment			47,409				(534	)			46,875
Total segment profit			5,791				(1,572	)			4,219
Corporate and other expenses			(72,628	)			397				(72,231	)
Interest expense, net			(24,611	)			(320	)			(24,931	)
“All Other” loss			(15,444	)			376				(15,068	)
Loss before income taxes		$	(106,892	)		$	(1,119	)		$	(108,011	)
Diluted net loss per share change			17	%			(1	%)			16	%

Constant Currency Financial Information

VF is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by VF from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.

To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

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