V.f. Corporation · NYSE:VFC
V.f — Q3 2026 Earnings Presentation
36 slides from V.f's earnings presentation, Jan 28, 2026
Slide 1: Q3'26 Earnings
Q3’26 EARNINGS JANUARY 28, 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: Financial Presentation Disclosure - Continued
Financial Presentation Disclosure - Continued Adjusted Amounts - Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charge and Non-cash Impairment Charge The adjusted amounts in this presentation exclude costs related to Reinvent, VF's transformation program. Costs, incl
Slide 4: Table of Contents
Executive Summary 5 Financial Summary 10 Table of Brand Highlights 14 Contents Outlook 19 Appendix 21 Q3’26 EARNINGS 4
Slide 5: Executive Summary
EXECUTIVE SUMMARY Q3’26 EARNINGS 5
Slide 6: Bracken Darrell, President and CEO
"In Q3, we delivered growth during our peak holiday quarter and beat revenue and operating income guidance. The North Face® and Timberland® each grew 8% and 5% on a constant dollar basis, while Vans® results were as we expected. The Americas region had its strongest performance in over three years,
Slide 7: Q3'26 Executive Summary
Q3’26 EXECUTIVE SUMMARY VF delivered revenue growth, margin expansion and debt reduction in Q3’26 • Completed sale of Dickies® during the quarter; disclosed Q3’26 figures are shown on both reported and adjusted excluding Dickies® ("ex Dickies®") bases • Revenue +1% vs. LY ◦ Revenue ex Dickies® +4% v
Slide 8: Q3'26 revenue, operating income and operating margin up vs. LY
Q3’26 revenue, operating income and operating margin up vs. LY Reported Adjusted ex Dickies® Revenue % vs. LY +1% +4% Revenue % vs. LY (C$) (1%) +2% Gross margin 56.6% 57.0% +30bps vs. LY +10bps vs. LY SG&A % of revenue 45.5% 44.9% -100bps vs. LY -20bps vs. LY Operating income $289M $341M vs. LY of
Slide 9: Q3'26 revenue and adjusted operating income above guidance
Q3’26 revenue and adjusted operating income above guidance ACTUAL GUIDANCE ACTUAL VS. GUIDANCE COMMENTARY Revenue % vs. LY (C$) (3%) to (1%) +2% + • Stronger-than-expected holiday season, driven by The North Face®, Timberland®, the Americas region and DTC channel • Profit outperformance on higher-th
Slide 10: Financial Summary
FINANCIAL SUMMARY Q3’26 EARNINGS 10
Slide 11: Q3'26 revenue +1% vs. LY; ex Dickies +4% vs. LY or +2% C$
Q3’26 revenue +1% vs. LY; ex Dickies ® +4% vs. LY or +2% C$ Revenue Growth vs. LY* Revenue Growth ex Dickies vs. LY* (C$) +4% +3% +2% +2% +2% flat flat +1% (2%) (2%) (5%) (6%) (6%) (9%) (10%) (14%) (14%) (17%) (19%) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Slide 12: DTC inflected to positive in Q3'26, supported by The North Face and Timberland
DTC inflected to positive in Q3’26, supported by The North Face® and Timberland® Q3’26 REVENUE TRENDS vs. LY1 (C$) vs. LY1 (C$) vs. LY1 (C$) BRANDS vs. LY ex Dickies® REGIONS vs. LY ex Dickies® CHANNELS vs. LY ex Dickies® +8% +5% AMERICAS +2% +6% DTC +4% +3% (8%) (10%) EMEA +4% (3%) +8% +5% WHOLESAL
Slide 13: Further balance sheet deleveraging with net debt down $0.5B
Further balance sheet deleveraging with net debt down $0.5B or (11%) vs. LY NET DEBT ($B) $4.7 ($0.5) $4.2 • Net debt down $0.5B or (11%) vs. LY ◦ Net debt excluding lease liabilities of $2.7B, down $0.6B or (18%) vs. LY • Net inventories (8%) vs. LY ◦ Net inventories, ex Dickies®, (4%) C$ vs. LY •
Slide 14: Brand Highlights
BRAND HIGHLIGHTS Q3’26 EARNINGS 14
Slide 15: The North Face delivered growth during the brand's peak season
The North Face® delivered growth during the brand's peak season • DTC and Wholesale grew on a global basis • Americas +15% vs. LY, with double-digit growth across both channels • All product categories up vs. LY with strength in performance apparel and footwear • Product elevation resonating with co
Slide 16: Product newness and digital performance drove holiday period at Vans
Product newness and digital performance drove holiday period at Vans® • Positive global performance in Digital channel, led by the Americas • Continued momentum in product newness, with: ◦ Non-icons up, led by Super Lowpro, Crosspath and Loafers ◦ Improving trends of the Authentic, Slip-On and Old S
Slide 17: Timberland delivered fifth consecutive quarter of growth
Timberland® delivered fifth consecutive quarter of growth • Global growth across both DTC and Wholesale for fifth consecutive quarter • Americas +9% vs. LY, driven by ongoing brand heat and a successful holiday season • Continued strong momentum in the 6" Premium boot and in the boat shoe +8% vs. LY
Slide 18: Continued momentum at Altra drove growth in Other Brands
Continued momentum at Altra® drove growth in Other Brands • Altra® fourth consecutive quarter of double-digit growth, driven by Digital and key franchises in trail and road running • icebreaker® up vs. LY driven by DTC performance • Napapijri® brand undergoing repositioning efforts across key market
Slide 19: Outlook
OUTLOOK Q3’26 EARNINGS 19
Slide 20: Q4'26 and FY'26 guidance
Q4’26 and FY’26 guidance GUIDANCE COMMENTARY • Implies full year revenue growth, excluding Revenue % vs. LY Flat to +2% Dickies® and Supreme®, for the first time since (C$) FY'23 Q4’26 Operating income • Adjusted gross margin flat to slightly up vs. LY $10M to $30M (adjusted) • Adjusted SG&A rate fl
Slide 21: Appendix
APPENDIX Q3’26 EARNINGS 21
Slide 22: Safe Harbor Statement
Safe Harbor Statement 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 ev
Slide 23: Summary Revenue Information
Summary Revenue Information (Unaudited) (In millions) Three Months Ended December Nine Months Ended December % Change % Change Constant Constant % Change % Change Currency and % Change % Change Currency and Constant Excluding Excluding Constant Excluding Excluding 2025 2024 % Change Currency* Dickie
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended December Nine Months Ended December 2025 2024 2025 2024 Revenues $ 2,875,801 $ 2,833,912 $ 7,439,173 $ 7,360,920 Costs and operating expenses Cost of goods sold 1,247,460 1,238,738
Slide 25: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) December 2025 March 2025 December 2024 ASSETS Current assets Cash and cash equivalents $ 1,466,469 $ 429,382 $ 1,369,376 Accounts receivable, net 1,415,884 1,321,663 1,343,286 Inventories 1,658,700 1,627,025 1,794,517 Other current ass
Slide 26: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Nine Months Ended December 2025 2024 Operating activities Net income (loss) $ 374,202 $ (38,928) Loss from discontinued operations, net of tax — (258,519) Income from continuing operations, net of tax 374,202 219,591 Impairme
Slide 27: Supplemental Financial Information: Segment Information
Supplemental Financial Information Segment Information (Unaudited) (In thousands) Three Months Ended December Nine Months Ended December % Change % Change Constant Constant 2025 2024 % Change Currency* 2025 2024 % Change Currency* Revenues: Outdoor segment $ 1,926,008 $ 1,780,276 8% 5% $ 4,401,953 $
Slide 28: Segment Information - Constant Currency Basis (Three Months)
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended December 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 1,926,008 $ (53,668) $ 1,872,340 Active segment 671,8
Slide 29: Segment Information - Constant Currency Basis (Nine Months)
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Nine Months Ended December 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 4,401,953 $ (103,023) $ 4,298,930 Active segment 2,132
Slide 30: Reconciliation of Select GAAP Measures to Non-GAAP Measures
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2025 (Unaudited) (In thousands, except per share amounts) Impairment and Pension Transaction and Less: Adjusted Adjusted As Reported Settlement Deal Related Contribut
Slide 31: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Notes
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2025 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and proje
Slide 32: Reconciliation of Select GAAP Measures to Non-GAAP Measures (2024)
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2024 (Unaudited) (In thousands, except per share amounts) Transaction and Less: Adjusted As Reported Impairment Deal Related Contribution from Adjusted Three Months E
Slide 33: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Notes (2024)
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2024 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and proje
Slide 34: Top 3 Brand Revenue Information
Supplemental Financial Information Top 3 Brand Revenue Information (Unaudited) Three Months Ended December 2025 Nine Months Ended December 2025 Top 3 Brand Revenue Growth Americas EMEA APAC Global Americas EMEA APAC Global The North Face® % Change 15% 5% (1%) 8% 7% 9% 5% 7% % Change Constant Currenc
Slide 35: Geographic and Channel Revenue Information
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) Three Months Ended December 2025 Nine Months Ended December 2025 % Change % Change Constant Constant % Change % Change Currency and % Change % Change Currency and Constant Excluding Excluding Constant Excluding
Slide 36: ANS
ANS | “OFF THE WALL"