V.f. Corporation · NYSE:VFC
V.f — Q4 2026 Earnings Presentation
41 slides from V.f's earnings presentation, May 20, 2026
Slide 1: Q4'26 Earnings
Q4’26 EARNINGS May 20, 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 Charges, Pension Excise Tax and Non-cash Impairment Charge The adjusted amounts in this presentation exclude costs related to Reinvent, VF's transformation
Slide 4: Table of Contents
Executive Summary 5 Financial Summary 11 Table of Brand Highlights 15 Contents Outlook 20 Appendix 22 Q4’26 EARNINGS 4
Slide 5: Executive Summary
EXECUTIVE SUMMARY Q4’26 EARNINGS 5
Slide 6: Bracken Darrell, President and CEO
“For the first time in three years, we returned to a full year of growth and expect to keep growing in FY'27. We also significantly expanded margins and reduced our leverage ratio by a full turn vs. LY. In the fourth quarter, we delivered our strongest revenue performance since I joined VF. Both The
Slide 7: Q4'26 Executive Summary
Q4’26 EXECUTIVE SUMMARY Disclosed Q4’26 and FY'26 figures are shown on both reported and adjusted excluding Dickies® (“ex Dickies®”) bases Q4’26 revenue growth driven by momentum in the Americas; Q4’26 OI ahead of guidance • Revenue +1% vs. LY ◦ Revenue ex Dickies® +8% vs. LY or +3% C$, ahead of gui
Slide 8: Q4'26 revenue growth and margin expansion vs. LY
Q4’26 revenue growth and margin expansion vs. LY Reported Adjusted ex Dickies® Revenue % vs. LY +1% +8% Revenue % vs. LY (C$) (4%) +3% Gross margin 56.4% 56.4% +310bps vs. LY +240bps vs. LY SG&A % of revenue 53.6% 53.9% -130bps vs. LY +70bps vs. LY Operating income $62M $54M vs. LY of ($73)M vs. LY
Slide 9: Q4'26 revenue and operating income above guidance
Q4’26 revenue and operating income above guidance ACTUAL GUIDANCE ACTUAL VS. GUIDANCE COMMENTARY Revenue % vs. LY1 (C$) flat to +2% +3% + • Wholesale benefited from higher demand • Adjusted gross margin outperformed on higher-than- expected revenue and recognition of a tariff receivable and Operatin
Slide 10: Transformation execution delivering results
Transformation execution delivering results Expand adjusted gross Drive growth Reduce SG&A margin +1% +360bps >$225m revenue growth in FY’261 vs. FY'251 expansion from FY’243 to FY’261 structural gross savings from FY’241 to FY’261 • 70% of the business by revenue2 grew • Dickies® divestiture (+100b
Slide 11: Financial Summary
FINANCIAL SUMMARY Q4’26 EARNINGS 11
Slide 12: Q4'26 revenue +1% vs. LY; ex Dickies +3% (C$)
Q4’26 revenue +1% vs. LY; ex Dickies ® +3% vs. LY (C$) Revenue Growth vs. LY* Revenue Growth ex Dickies vs. LY* (C$) +3% +3% +2% +2% +2% +1% +1% flat flat (2%) (2%) (5%) (6%) (6%) (9%) (10%) (14%) (14%) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q
Slide 13: Standout growth in the Americas region
Standout growth in the Americas region Q4’26 REVENUE TRENDS vs. LY1 (C$) vs. LY1 (C$) BRANDS vs. LY vs. LY (C$) REGIONS vs. LY ex Dickies® CHANNELS vs. LY ex Dickies® +12% +7% AMERICAS +2% +10% DTC +4% +2% (1%) (5%) EMEA +1% (5%) +8% +2% WHOLESALE (1%) +3% OTHER BRANDS (23%) +7% APAC flat +1% ex Dic
Slide 14: FYE'26 leverage ratio of 3.1x vs. LY of 4.1x
FYE'26 leverage ratio of 3.1x vs. LY of 4.1x NET DEBT ($B) • Net debt down $0.8B or (16%) vs. LY ◦ Net debt excluding lease liabilities of $2.7B, $4.9 ($0.8)1 down $0.8B or (24%) vs. LY $4.2 ◦ Prepaid €500M March 2026 maturity in February 2026 ◦ FYE'26 leverage ratio of 3.1x, down one full turn vs.
Slide 15: Brand Highlights
BRAND HIGHLIGHTS Q4’26 EARNINGS 15
Slide 16: The North Face grew strongly in Q4'26
The North Face® grew strongly in Q4'26 including double-digit growth in the Americas • Americas region delivered double-digit growth of +17% vs. LY or +16% C$ • Broad-based growth across product categories, including fifth consecutive quarter of double-digit growth in footwear • Product elevation co
Slide 17: Vans Americas DTC returned to growth
Vans® Americas DTC returned to growth • Americas returned to growth with revenue +5% vs. LY, +3% C$, driven by strength in DTC • Encouraging trends in Icons led by energy drops including Pearlized in Old SkoolTM; strong growth continues in the Authentic franchise • Sales from new styles in footwear
Slide 18: Q4'26 Timberland growth supported by strength in DTC
Q4'26 Timberland® growth supported by strength in DTC • Sixth consecutive quarter of growth • Americas +6% vs. LY or +4% C$, reflecting growth across both DTC and Wholesale • 6" Premium franchise continued to drive performance and shoes is the +8% vs. LY, +2% C$ vs. LY fastest growing category • Soc
Slide 19: Other Brands led by standout growth at Altra
Other Brands led by standout growth at Altra® • Altra® up approximately 50%, driven by major franchise launches and broad-based growth across regions and channels • icebreaker® performance driven by continued DTC growth, with declines in Wholesale • Napapijri® reset underway; brand capitalized on re
Slide 20: Outlook
OUTLOOK Q4’26 EARNINGS 20
Slide 21: Reinstating annual guidance effective FY'27
Reinstating annual guidance effective FY’27, with continued growth and expanding margins GUIDANCE COMMENTARY • Continued growth at The North Face®, Timberland® and Altra® Revenue % vs. LY1 +1% to +2% • Vans® down mid-single digits, with improving (C$) trends in H2'27 relative to H1'27 • Q1'27 down l
Slide 22: Appendix
APPENDIX Q4’26 EARNINGS 22
Slide 23: 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 fut
Slide 24: Summary Revenue Information
Summary Revenue Information (Unaudited) (In millions) Three Months Ended March Twelve Months Ended March % Change % Change Constant Constant % Change % Change Currency and % Change % Change Currency and Constant Excluding Excluding Constant Excluding Excluding 2026 2025 % Change Currency* Dickies (a
Slide 25: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended March Twelve Months Ended March 2026 2025 2026 2025 Revenues $ 2,166,034 $ 2,143,771 $ 9,605,207 $ 9,504,691 Costs and operating expenses Cost of goods sold 944,106 1,001,315 4,343
Slide 26: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) March 2026 March 2025 ASSETS Current assets Cash and cash equivalents $ 823,943 $ 429,382 Accounts receivable, net 1,427,957 1,321,663 Inventories 1,371,274 1,627,025 Other current assets 386,340 408,028 Total current assets 4,009,514
Slide 27: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Twelve Months Ended March 2026 2025 Operating activities Net income (loss) $ 254,920 $ (189,716) Loss from discontinued operations, net of tax — (259,040) Income from continuing operations, net of tax 254,920 69,324 Impairmen
Slide 28: Supplemental Financial Information: Segment Information
Supplemental Financial Information Segment Information (Unaudited) (In thousands) Three Months Ended March Twelve Months Ended March % Change % Change Constant Constant 2026 2025 % Change Currency* 2026 2025 % Change Currency* Revenues: Outdoor segment $ 1,339,839 $ 1,210,433 11% 5% $ 5,741,792 $ 5,
Slide 29: Segment Information - Constant Currency Basis, Three Months
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended March 2026 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 1,339,839 $ (66,250) $ 1,273,589 Active segment 588,695
Slide 30: Segment Information - Constant Currency Basis, Twelve Months
Supplemental Financial Information Segment Information - Constant Currency Basis (Unaudited) (In thousands) Twelve Months Ended March 2026 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Revenues: Outdoor segment $ 5,741,792 $ (169,273) $ 5,572,519 Active segment 2,720,
Slide 31: Reconciliation of GAAP to Non-GAAP Measures - Three Months 2026
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2026 (Unaudited) (In thousands, except per share amounts) Impairment, Pension Settlement Charges Transaction and Less: Adjusted As Reported and Pension Excise Deal Rel
Slide 32: Reconciliation of GAAP to Non-GAAP Measures - Notes 2026
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2026 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and projec
Slide 33: Reconciliation of GAAP to Non-GAAP Measures - 2026
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months Ended March 2026 (Unaudited) (In thousands) Twelve Months Ended March 2026 Operating income - as reported under GAAP $ 576,569 Adjustments to operating income: Reinvent (a) 43,730 Impairmen
Slide 34: Reconciliation of GAAP to Non-GAAP Measures - 2026 Notes
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Twelve Months Ended March 2026 (Unaudited) (In thousands) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, which totaled $43.7
Slide 35: Reconciliation of GAAP to Non-GAAP Measures - 2025
Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Twelve Months Ended March 2025 (Unaudited) (In thousands, except per share amounts) Transaction and Less: Adjusted As Reported Impairment Deal Related Contribution from Adjusted Three Months En
Slide 36: Reconciliation of GAAP to Non-GAAP Measures - 2025 Notes
Supplemental Financial Information 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 charges and projec
Slide 37: Reconciliation of GAAP to Non-GAAP Measures - 2024
Supplemental Financial Information 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 Related Activities and Three Months Ended March 2024 under GAAP R
Slide 38: Reconciliation of GAAP to Non-GAAP Measures - 2024 Notes
Supplemental Financial Information 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 charges and projec
Slide 39: Top Brand Revenue Information
Supplemental Financial Information Top 3 Brand Revenue Information (Unaudited) Three Months Ended March 2026 Twelve Months Ended March 2026 Top 3 Brand Revenue Growth Americas EMEA APAC Global Americas EMEA APAC Global The North Face® % Change 17% 6% 12% 12% 9% 8% 7% 8% % Change Constant Currency* 1
Slide 40: Geographic and Channel Revenue Information
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) Three Months Ended March 2026 Twelve Months Ended March 2026 % Change % Change Constant Constant % Change % Change Currency and % Change % Change Currency and Constant Excluding Excluding Constant Excluding Exc
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