V.f. Corporation · NYSE:VFC
V.f — Q2 2026 Earnings Presentation
36 slides from V.f's earnings presentation, Oct 28, 2025
Slide 1: Q2'26 Earnings
Q2’26 EARNINGS OCTOBER 28, 2025
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: Contents
Executive Summary 4 Financial Summary 10 Table of Brand Highlights 14 Contents Outlook 19 Appendix 21 Q2’26 EARNINGS 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY Q2’26 EARNINGS 4
Slide 5: Bracken Darrell, President and CEO
"In Q2 we made further progress on our turnaround plan. We delivered broad- based growth for The North Face® and Timberland®, while continuing to moderate declines in Vans®. We also announced the pending sale of Dickies® for $600 million, enhancing our capacity to invest in the portfolio and drive s
Slide 6: Q2'26 Executive Summary
Q2’26 EXECUTIVE SUMMARY Q2’26 revenue and operating income performance above guidance • Revenue +2% vs. LY or (1%) C$, ahead of guidance of (4%) to (2%) C$ vs. LY • Operating income (OI) of $313M and adjusted OI of $330M, meaningfully ahead of guidance of $260M to $290M, and +5% vs. LY or +1% C$ • B
Slide 7: Q2'26 performance driven by continued growth of The North Face and Timberland
Q2’26 performance driven by continued growth of The North Face® and Timberland® Revenue of $2.8B, +2% vs. LY Adjusted operating income EPS of $0.48, adjusted EPS of or (1%) C$ and margin up vs. LY $0.52 • Revenue (1%) C$ vs. LY, above guidance of • Operating income of $313M; adjusted • Earnings per
Slide 8: Q2'26 revenue and operating income above guidance
Q2’26 revenue and operating income above guidance ACTUAL GUIDANCE ACTUAL VS. GUIDANCE COMMENTARY Revenue % vs. LY (C$) (4%) to (2%) (1%) + • Better-than-expected back-to-school results and early Wholesale demand + • Profit outperformance on higher-than-expected revenue and Operating income $260M to
Slide 9: VF to sell Dickies to Bluestar Alliance for $600 million
• Financially and strategically attractive offer VF to sell • Proceeds will be used to pay down debt, in line with Dickies® to stated capital allocation priorities Bluestar • Transaction will be accretive to VF's growth rate on Alliance for a pro-forma basis and is expected to close during Q3'26 $60
Slide 10: Financial Summary
FINANCIAL SUMMARY Q2’26 EARNINGS 10
Slide 11: Another quarter of sequential revenue improvement in Q2'26
Another quarter of sequential revenue improvement in Q2’26, +2% vs. LY or (1%) C$ Revenue Growth vs. LY Revenue Growth vs. LY (C$) +2% +2% +2% flat (1%) (2%) (2%) (3%) (4%) (5%) (6%) (6%) (10%) (10%) (14%) (15%) (17%) (19%) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'24 Q3'24 Q4'24 Q1'2
Slide 12: Q2'26 revenue supported by continued growth at The North Face and Timberland
Q2’26 revenue supported by continued growth at The North Face® and Timberland® Q2’26 REVENUE TRENDS BRANDS vs. LY vs. LY (C$) REGIONS vs. LY vs. LY (C$) CHANNELS vs. LY vs. LY (C$) +6% +4% AMERICAS (1%) (1%) DTC (1%) (2%) (9%) (11%) EMEA +6% flat +7% +4% WHOLESALE +3% flat OTHER BRANDS +2% (1%) APAC
Slide 13: Balance sheet strengthened further with net debt down $1.5B
Balance sheet strengthened further with net debt down $1.5B or (21%) vs. LY NET DEBT ($B) $7.2 ($1.5) $5.7 • Net debt down $1.5B or (21%) vs. LY ◦ Net debt excluding lease liabilities of $4.2B, down $1.5B or (27%) vs. LY • Net inventories, excluding Dickies, (4%) vs. LY or (5%) C$ • Cash dividends o
Slide 14: Brand Highlights
BRAND HIGHLIGHTS Q2’26 EARNINGS 14
Slide 15: The North Face grew across channels and regions
The North Face® grew across channels and regions • Broad-based growth across all three regions and globally in DTC and Wholesale • Americas +2% vs. LY, driven by strong DTC performance • Performance apparel up in every region with strength in transitional outerwear and footwear up double-digits in e
Slide 16: Product newness attracting new consumers, Vans
Product newness Vans® Q2’26 attractingabove performance new consumers at expectations, Vans® supported by strong back-to-school season • Revenue sequentially improved, as product newness draws in new consumers ◦ Non-icons up, led by Super Lowpro, Crosspath and Loafers ◦ Authentic and Women's styles
Slide 17: Fourth consecutive quarter of growth at Timberland
Fourth consecutive quarter of growth at Timberland® • Global growth across both DTC and Wholesale for fourth consecutive quarter • Americas +11% vs. LY, driven by a strong back-to-school season +7% vs. LY, +4% C$ vs. LY • Strong demand for the 6" Premium boot, led by the Americas and EMEA, and boat
Slide 18: Other Brands led by continued strong growth at Altra
Other Brands led by continued strong growth at Altra® • Altra® over 35% growth vs. LY, marking the third consecutive quarter of double-digit growth, driven by key franchises in trail and road running • Dickies® down vs. LY, with strong margin expansion; positive consumer engagement from regional act
Slide 19: Outlook
OUTLOOK Q2’26 EARNINGS 19
Slide 20: Q3'26 and FY'26 guidance
Q3’26 and FY’26 guidance GUIDANCE COMMENTARY Revenue % vs. LY (3%) to (1%) • Well-positioned going into holiday period (C$) • Adjusted gross margin down vs. LY reflecting initial Q3’26 impacts from tariffs, partially offset by lower Operating income discounts $275M to $305M (adjusted) • Adjusted SG&
Slide 21: Appendix
APPENDIX Q2’26 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 September Six Months Ended September % Change % Change Constant Constant 2025 2024 % Change Currency* 2025 2024 % Change Currency* Brand: The North Face® $ 1,157.1 $ 1,091.4 6% 4% $ 1,714.5 $ 1,615.6 6% 4% Vans® 606.9 667.4 (9%
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended September Six Months Ended September 2025 2024 2025 2024 Revenues $ 2,802,706 $ 2,757,948 $ 4,563,372 $ 4,527,008 Costs and operating expenses Cost of goods sold 1,340,262 1,317,39
Slide 25: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) September 2025 March 2025 September 2024 ASSETS Current assets Cash and cash equivalents $ 419,115 $ 429,382 $ 492,164 Accounts receivable, net 1,881,598 1,321,663 1,820,197 Inventories 1,855,895 1,627,025 2,082,918 Other current asset
Slide 26: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Six Months Ended September 2025 2024 Operating activities Net income (loss) $ 73,357 $ (206,708) Loss from discontinued operations, net of tax — (257,190) Income from continuing operations, net of tax 73,357 50,482 Depreciati
Slide 27: Supplemental Financial Information: Segment Information
Supplemental Financial Information Segment Information (Unaudited) (In thousands) Three Months Ended September Six Months Ended September % Change % Change Constant Constant 2025 2024 % Change Currency* 2025 2024 % Change Currency* Revenues: Outdoor segment $ 1,663,479 $ 1,566,722 6% 4% $ 2,475,945
Slide 28: Segment Information - Constant Currency Basis
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended September 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 1,663,479 $ (37,330) $ 1,626,149 Active segment 760,
Slide 29: Segment Information - Constant Currency Basis
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Six Months Ended September 2025 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 2,475,945 $ (49,355) $ 2,426,590 Active segment 1,460,
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 Six Months Ended September 2025 (Unaudited) (In thousands, except per share amounts) Transaction and Deal Three Months Ended September 2025 As Reported under GAAP Reinvent (a) Related Activitie
Slide 31: Reconciliation Notes
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 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
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 2024 (Unaudited) (In thousands, except per share amounts) As Reported Transaction and Deal Three Months Ended September 2024 under GAAP Reinvent (a) Related Activitie
Slide 33: Reconciliation Notes
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 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 Brand Revenue Information
Supplemental Financial Information Top 3 Brand Revenue Information (Unaudited) Three Months Ended September 2025 Six Months Ended September 2025 Top 3 Brand Revenue Growth Americas EMEA APAC Global Americas EMEA APAC Global The North Face® % Change 2% 10% 7% 6% 0% 11% 10% 6% % Change Constant Curren
Slide 35: Geographic and Channel Revenue Information
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) Three Months Ended September 2025 Six Months Ended September 2025 Geographic Revenue Growth % Change % Change Constant Currency* % Change % Change Constant Currency* Americas (1%) (1%) (2%) (2%) EMEA 6% 0% 5% 0
Slide 36: NORTH VANS Tunberland &
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