VF Corporation Releases First Quarter Fiscal 2026 Financial Results

VF Corporation (NYSE: VFC) has reported financial results for its first quarter (Q1'26) ended June 28, 2025, and 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 performed ahead of our expectations and guidance in Q1'26, improving our top-line trend versus last year to flat (-2% C$) while delivering a much stronger bottom line. The North Face® and Timberland® sustained their positive momentum while Altra® grew strongly. Vans® was impacted by channel rationalization actions, as we strengthen the business to return to healthy, sustainable growth.

"As I pass the two-year mark in my role as CEO, we are on track with VF's transformation. We are lowering costs, improving margins, reducing debt and transforming the organization. We have reset the table and soon will move to growth. That is what we are all here for and what the entire organization is now focused on.

"We are as confident as ever in our plans to transform VF and return the company to long-term growth, in revenue and in profit."

Q1'26 Financial Review

• Revenue of $1.8B, flat vs. LY or (2%) C$
  • Revenue above guidance
  • Wholesale timing shift into Q1'26 from Q2'26 benefited revenue by 2% or 1% C$
  • Excluding Vans®, total revenue was +6% vs. LY or +5% C$
  • Global strength at The North Face® and Timberland®, while Vans® was (14%) vs. LY or (15%) C$, impacted by channel rationalization actions
• Adjusted operating loss significantly beat guidance
  • Operating loss of ($87M); adjusted operating loss of ($56M), significantly better than guidance of ($125M) to ($110M)
  • Operating margin of (4.9%), up 210bps vs. LY, and adjusted operating margin of (3.2%), up 270bps vs. LY
  • Gross margin up 270bps vs. LY and adjusted gross margin up 290bps vs. LY
  • SG&A dollars up 1% vs. LY and adjusted SG&A dollars flat vs. LY
• EPS (loss) of ($0.30), adjusted EPS of ($0.24)
  • Earnings (loss) per share (EPS) of ($0.30) vs. Q1'25 ($0.39), adjusted EPS of ($0.24) vs. Q1'25 ($0.35)
  • Net interest expense of ($41M); effective tax rate of 8.0% and adjusted effective tax rate of 3.5%
• Net debt down $1.4B or (20%) vs. LY
  • Net debt excluding lease liabilities down $1.4B or (27%) vs. LY

Q2'26 and FY'26 Financial Outlook

• Q2'26:
  • Revenue (4%) to (2%) C$ vs. LY
  • Adjusted operating income of $260M to $290M
• FY'26:
  • Free cash flow up vs. LY, includes known and anticipated tariff impacts
    • Adjusted operating income up vs. LY
    • Operating cash flow up vs. LY

Webcast Information

VF management will host its first quarter Fiscal 2026 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 18, 2025, to shareholders of record at the close of business on September 10, 2025.