V.f. Corporation · NYSE:VFC
V.f — Q1 2027 Earnings Presentation
31 slides from V.f's earnings presentation, Jul 29, 2026
Slide 1: Q1'27 Earnings
Q1’27 Earnings July 29, 2026
Slide 2: Financial Presentation Disclosure
Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This presentation 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 Curre
Slide 3: Table of Contents
Table of Contents Executive Summary 4 Financial Summary 8 [Insert image] Brand Highlights 12 Outlook 17 Appendix 19 Q1’27 Earnings 3
Slide 4: Executive Summary
Executive Summary Q1’27 Earnings 4
Slide 5: Bracken Darrell
"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 s
Slide 6: Q1'27 Executive Summary
Q1’27 Executive Summary Q1’27 FINANCIAL REVIEW FY'27 FINANCIAL OUTLOOK VF Q1’27 results ahead of guidance Raising FY'27 revenue guidance • Disclosed Q1’27 figures are shown on both reported and • Operating income (loss) of ($83M) and • Revenue +2% or better C$ vs. LY1, and adjusted excluding Dickies
Slide 7: Q1'27 beat vs. guidance; raising FY'27 revenue outlook
Q1’27 beat vs. guidance; raising FY'27 revenue outlook ACTUAL GUIDANCE ACTUAL VS. GUIDANCE COMMENTARY Revenue % vs. LY1 (C$) Down low-single digits flat + • • Better-than-expected performance at The North Face® Raising FY'27 revenue outlook to +2% or better C$ vs. LY1 Operating income (loss) (adjust
Slide 8: Financial Summary
Financial Summary Q1’27 Earnings 8
Slide 9: Q1'27 revenue (5%) vs. LY; ex Dickies +1% vs. LY or flat C$
Q1’27 revenue (5%) vs. LY; ex Dickies +1% vs. ® LY or flat C$ Revenue Growth vs. LY* Revenue Growth ex Dickies vs. LY* (C$) +3% +3% +2% +2% +2% +1% +1% flat flat flat (2%) (2%) (5%) (5%) (6%) (6%) (9%) (10%) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3
Slide 10: Continued growth in DTC, The North Face and Timberland drove Q1'27 revenue
Continued growth in DTC, The North Face ® and Timberland ® drove Q1’27 revenue Q1’27 REVENUE TRENDS vs. LY1 (C$) vs. LY1 (C$) BRANDS vs. LY vs. LY (C$) REGIONS vs. LY ex Dickies® CHANNELS vs. LY ex Dickies® +6% +4% AMERICAS (4%) +4% DTC +2% +5% (8%) (9%) EMEA (7%) (7%) +4% +3% WHOLESALE (10%) (4%) O
Slide 11: Continue to strengthen balance sheet with net debt down $1.1B or (20%)
Continue to strengthen balance NET DEBT ($B) sheet with net debt down $1.1B or (20%) $5.3 ($1.1)1 vs. LY $4.3 • Net debt down $1.1B or (20%) vs. LY ◦ Net debt excluding lease liabilities of $2.8B, down $1.1B or (27%) vs. LY • Net inventories (11%) vs. LY ◦ Net inventories, ex Dickies®, (4%) C$ vs. L
Slide 12: Brand Highlights
Brand Highlights Q1’27 Earnings 12
Slide 13: The North Face® +6% vs. LY or +4% C$, led by the Americas region and DTC channel
The North Face® +6% vs. LY or +4% C$, led by the Americas region and DTC channel • Americas +8% vs. LY, with growth across both channels [Insert image] • Global growth across DTC and Wholesale • Strong momentum in new footwear franchises including the global launch of the Altamesa® V2 • Transitional
Slide 14: Vans® (8%) vs. LY or (9%) C$, with continued growth in Americas DTC
Vans® (8%) vs. LY or (9%) C$, with continued growth in Americas DTC, more than offset by Wholesale declines • Americas DTC up for another quarter [Insert image] • Global growth in both the Authentic and Slip-On franchises • Newness generating heat with strong sell-through across Pearlized, Souvenir
Slide 15: Timberland® +4% vs. LY or +3% C$, driven by the Americas
Timberland® +4% vs. LY or +3% C$, driven by the Americas • Global growth across both DTC and Wholesale • Sustained growth in the Americas of +11% vs. LY or +10% C$ [Insert image] • 6" boot continues to leverage visibility during culturally relevant moments, including the New York Knicks championship
Slide 16: Growth across most remaining brands
Growth across most remaining brands • Altra® up double-digits, reflecting continued growth across regions and channels [Insert image] • icebreaker® up vs. LY supported by ongoing strength in DTC • Napapijri® reset underway as planned; brand capitalizing on the road to the 2027 America's Cup in Naple
Slide 17: Outlook
Outlook Q1’27 Earnings 17
Slide 18: Raising FY'27 annual revenue guidance
Raising FY'27 annual revenue guidance Prior Guidance Current Guidance Commentary • Growth at The North Face®, Timberland® and Revenue % vs. LY1 Altra® '+1% to +2% +2% or better (C$) • Vans® down mid-single digits, with improving trends in H2'27 of -2% or better vs. LY FY'27 Operating margin • Adjust
Slide 19: Appendix
Appendix Q1’27 Earnings 19
Slide 20: Safe Harbor Statement
Safe Harbor Statement Certain statements included in this presentation 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 futu
Slide 21: Summary Revenue Information
Summary Revenue Information (Unaudited) (In millions) Three Months Ended June % Change Constant % Change Constant % Change Excluding Currency and 2026 2025 % Change Currency* Dickies (a) Excluding Dickies*(a) Brand: The North Face® $ 590.9 $ 557.4 6% 4% Vans® 459.8 498.0 (8%) (9%) Timberland® 266.1
Slide 22: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended June 2026 2025 Revenues $ 1,669,379 $ 1,760,666 Costs and operating expenses Cost of goods sold 752,335 811,664 Selling, general and administrative expenses 1,000,116 1,035,611 Tot
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) June 2026 March 2026 June 2025 ASSETS Current assets Cash and cash equivalents $ 670,063 $ 823,943 $ 642,386 Accounts receivable, net 1,215,279 1,427,957 1,172,223 Inventories 1,899,470 1,371,274 2,135,478 Other current assets 417,758
Slide 24: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended June 2026 2025 Operating activities Net loss $ (97,152) $ (116,408) Depreciation and amortization 57,786 64,362 Reduction in the carrying amount of right-of-use assets 93,558 85,219 Other adjustments, inclu
Slide 25: Supplemental Financial Information
Supplemental Financial Information Segment Information (Unaudited) (In thousands) Three Months Ended June % Change Constant 2026 2025 % Change Currency* Revenues: Outdoor segment $ 856,979 $ 812,466 5% 4% Active segment 667,303 699,687 (5%) (6%) All Other (a) 145,097 248,513 (42%) (42%) Total revenu
Slide 26: Supplemental Financial Information
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended June 2026 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 856,979 $ (15,230) $ 841,749 Active segment 667,303 (8,61
Slide 27: Supplemental Financial Information
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 prof
Slide 28: Supplemental Financial Information
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three Months Ended June 2025 (Unaudited) (In thousands, except per share amounts) Less: Adjusted As Reported Contribution from Adjusted Excluding Three Months Ended June 2025 under GAAP Reinvent (a) Adju
Slide 29: Supplemental Financial Information
Supplemental Financial Information Top 3 Brand Revenue Information (Unaudited) Three Months Ended June 2026 Top 3 Brand Revenue Growth Americas EMEA APAC Global The North Face® % Change 8% 3% 5% 6% % Change Constant Currency* 8% 1% 0% 4% Vans® % Change (3%) (15%) (14%) (8%) % Change Constant Currenc
Slide 30: Supplemental Financial Information
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) Three Months Ended June 2026 % Change Constant % Change Constant Currency Geographic Revenue Growth % Change Currency* % Change Excluding Dickies (a) and Excluding Dickies*(a) Americas (4%) (5%) 5% 4% EMEA (7%)
Slide 31: Slide 31