V.f. Corporation · NYSE:VFC
V.f — Q4 2025 Earnings Presentation
33 slides from V.f's earnings presentation, May 21, 2025
Slide 1: Q4'25 Earnings
G Q4’25 Earnings May 21, 2025
Slide 2: Financial Presentation Disclosure
Q4’25 EARNINGS 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 o
Slide 3: Table of Contents
Q4’25 EARNINGS Executive Summary 4 Key Highlights 7 Table of Financial Summary 10 Contents Outlook 14 Appendix 16 3
Slide 4: Executive Summary
Q4’25 EARNINGS Executive Summary 4
Slide 5: VF Q4'25 adjusted operating income above guidance, transformation on track
Q4’25 EARNINGS VF Q4’25 adjusted operating income above guidance, transformation on track Bracken Darrell, President and CEO: • Q4'25 adjusted operating income above guidance and revenue in-line – Revenue of $2.1 billion, (5%) vs. LY and (3%) C$ vs. LY "We exceeded our Q4'25 operating income guidanc
Slide 6: Met revenue guidance and beat adjusted operating income guidance in Q4'25
Q4’25 EARNINGS Met revenue guidance and beat adjusted operating income guidance in Q4’25 Results vs. Guidance Results Guidance Commentary Q4’25 (3%) C$, • Revenue in-line with guidance (4%) to (2%) C$, Revenue % vs. LY (200) basis points FX (200) basis points FX In-line • Growth at The North Face®,
Slide 7: Key Highlights
Q4’25 EARNINGS Key Highlights 7
Slide 8: Making strong progress on Reinvent priorities in Q4'25
Q4’25 EARNINGS Making strong progress on Reinvent priorities in Q4'25 • Delivered on initial target of $300 million in gross cost savings by the end of FY'25 Lower our cost base • Continued to realize cost savings from the next phase of Reinvent, part of our medium- term1 target of $500 to $600 mill
Slide 9: Top brands' spotlights
Q4’25 EARNINGS Top 4 brands' spotlights +2% vs. LY, +4% C$ (22%) vs. LY, (20%) C$ +10% vs. LY, +13% C$ (14%) vs. LY, (13%) C$ • Global DTC +8% (+9% C$), with • Deliberate rationalization of • Wholesale and DTC up globally, • Continued traffic and wholesale growth in all regions which channel distrib
Slide 10: Financial Summary
Q4’25 EARNINGS Financial Summary 10
Slide 11: Q4'25 revenue was in-line with guidance
Q4’25 EARNINGS Q4'25 revenue was in-line with guidance CONSOLIDATED REGION vs. LY vs. LY (C$) vs. LY vs. LY (C$) Revenue Trend TOTAL VF (5%) (3%) AMERICAS (6%) (5%) $2,834 $2,758 EMEA (4%) (2%) $2,247 $2,144 BRAND $1,769 +2% +2% vs. LY vs. LY (C$) APAC 0% +2% (6%) (5%) (10%) (6%) (3%) +2% +4% (14%)
Slide 12: Reduced our net debt by more than 25% this year
Q4’25 EARNINGS Reduced our net debt by more than 25% this year • Net debt down $1.8 billion (26%) vs. LY Net Debt ($M) – Prepaid $750 million April 2025 maturity in $7,194 March 2025 $6,693 $6,721 – Ended FY'25 with leverage of 4.1x, down one full turn vs. LY $4,937 $4,676 • Inventories (4%) vs. LY,
Slide 13: Well-positioned to offset tariffs in evolving global trade conditions
Q4’25 EARNINGS Well-positioned to offset tariffs in evolving global trade conditions SOURCING INTO THE U.S. STRUCTURAL ADVANTAGES ACTIONS • Asset-light and diversified supply • Accelerating production and Southeast Asia + base shipments into the U.S. during the Central & South 90-day pause period Am
Slide 14: Outlook
Q4’25 EARNINGS Outlook 14
Slide 15: Q1'26 and FY'26 guidance
Q4’25 EARNINGS Q1'26 and FY'26 guidance Q1'26 Guidance Revenue % vs. LY (C$) (5%) to (3%) • Smallest quarter of the fiscal year • Adjusted gross margin up vs. LY, benefiting from fewer discounts and Operating income (loss) ($125) million to promotions, and FX (adjusted) ($110) million • Adjusted SG&
Slide 16: Appendix
Q4’25 EARNINGS Appendix 16
Slide 17: Safe Harbor Statement
Q4’25 EARNINGS 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
Slide 18: Summary Revenue (Unaudited)
Summary Revenue Information Q4’25 EARNINGS (Unaudited) (In millions) Three Months Ended March Twelve Months Ended March % Change % Change Constant Constant 2025 2024 % Change Currency* 2025 2024 % Change Currency* Brand: The North Face® $ 834.5 $ 814.3 2% 4% $ 3,703.4 $ 3,673.3 1% 1% Vans® 492.6 631
Slide 19: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Q4’25 EARNINGS (Unaudited) (In thousands, except per share amounts) Three Months Ended March Twelve Months Ended March 2025 2024 2025 2024 Revenues $ 2,143,771 $ 2,247,298 $ 9,504,691 $ 9,915,678 Costs and operating expenses Cost of goods sold 1,001,31
Slide 20: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Q4’25 EARNINGS (Unaudited) (In thousands) March 2025 March 2024 ASSETS Current assets Cash and cash equivalents $ 429,382 $ 656,376 Accounts receivable, net 1,321,663 1,263,329 Inventories 1,627,025 1,697,823 Other current assets 408,028 493,194 Current assets o
Slide 21: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Q4’25 EARNINGS (Unaudited) (In thousands) Twelve Months Ended March 2025 2024 Operating activities Net loss $ (189,716) $ (968,882) Income (loss) from discontinued operations, net of tax (259,040) 49,595 Income (loss) from continuing operations, net of
Slide 22: Supplemental Financial Reportable Segment Information
Supplemental Financial Information Q4’25 EARNINGS Reportable Segment Information (Unaudited) (In thousands) Three Months Ended March % Change Constant 2025 2024 % Change Currency* Segment revenues: Outdoor $ 1,276,284 $ 1,219,444 5% 7% Active 645,320 787,526 (18%) (16%) Work 222,167 240,328 (8%) (7%
Slide 23: Supplemental Financial Reportable Segment Information
Supplemental Financial Information Q4’25 EARNINGS Reportable Segment Information (Unaudited) (In thousands) Twelve Months Ended March % Change Constant 2025 2024 % Change Currency* Segment revenues: Outdoor $ 5,576,301 $ 5,501,399 1% 2% Active 3,095,292 3,522,740 (12%) (11%) Work 833,098 891,539 (7%
Slide 24: Supplemental Financial Reportable Segment Information - Constant Currency Basis
Supplemental Financial Information Q4’25 EARNINGS Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended March 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Segment revenues: Outdoor $ 1,276,284 $ 26,294 $ 1,302,578
Slide 25: Supplemental Financial Reportable Segment Information - Constant Currency Basis
Supplemental Financial Information Q4’25 EARNINGS Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands) Twelve Months Ended March 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Segment revenues: Outdoor $ 5,576,301 $ 23,185 $ 5,599,48
Slide 26: Supplemental Financial Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Q4’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2025 (Unaudited) (In thousands, except per share amounts) As Reported Transaction and Deal Three Months Ended March 2025 under GAAP Reinvent (a) Impairm
Slide 27: Supplemental Financial Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Q4’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2025 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring cha
Slide 28: Supplemental Financial Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Q4’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months Ended March 2025 (Unaudited) (In thousands) Twelve Months Ended March 2025 Operating income - as reported under GAAP $ 303,773 Adjustments to operating income: Reinvent (a) 1
Slide 29: Supplemental Financial Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Q4’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2024 (Unaudited) (In thousands, except per share amounts) Transaction and Deal As Reported Impairment Tax & Legal Related Activities and (a) Three Month
Slide 30: Supplemental Financial Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Q4’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2024 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring cha
Slide 31: Supplemental Financial Top Brand Revenue Information
Supplemental Financial Information Q4’25 EARNINGS Top 4 Brand Revenue Information (Unaudited) Three Months Ended March 2025 Twelve Months Ended March 2025 Top 4 Brand Revenue Growth Americas EMEA APAC Global Americas EMEA APAC Global The North Face® % Change (1%) 2% 12% 2% (5%) 0% 18% 1% % Change Co
Slide 32: Supplemental Financial Geographic and Channel Revenue Information
Supplemental Financial Information Q4’25 EARNINGS Geographic and Channel Revenue Information (Unaudited) Three Months Ended March 2025 Twelve Months Ended March 2025 Geographic Revenue Growth % Change % Change Constant Currency* % Change % Change Constant Currency* Americas (6%) (5%) (7%) (6%) EMEA
Slide 33: Q4’25 EARNINGS
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