BUSINESS WIRE<\/a>)–
\nVF Corporation (NYSE: VFC) today reported financial results for its fourth quarter (Q4’26) ended March 28, 2026, and the Company’s Board of Directors authorized a quarterly per share dividend of $0.09. These financial results are also reflected in a presentation available on the Investor Relations website at ir.vfc.com.<\/p>\nBracken Darrell, President and CEO, said: <\/b>\u201cFor the first time in three years, we returned to a full year of growth and expect to keep growing in FY’27. We also significantly expanded margins and reduced our leverage ratio by a full turn vs. LY. In the fourth quarter, we delivered our strongest revenue performance since I joined VF. Both The North Face\u00ae<\/sup><\/i> and Timberland\u00ae<\/sup><\/i> continued to deliver global growth. Vans\u00ae<\/sup><\/i> is starting to show momentum with a return to growth in Americas DTC for the first time in over four years. We remain on track to achieve our medium-term targets, an exit run rate of 10% operating margin in FY’28 and a leverage ratio of 2.5x or lower by FY’28. This has been a strong year for VF and I’m excited about the momentum we are building.\u201d<\/p>\n\nDisclosed Q4\u201926 and FY’26 figures are shown on both reported and adjusted excluding Dickies\u00ae<\/sup><\/i>(\u201cex Dickies\u00ae<\/sup><\/i>\u201d) bases<\/p>\nReturned to growth for the full year in FY’26 with expanding margins and reduced debt<\/b><\/p>\n\n- \nRevenue +1% vs. LY<\/p>\n
\n- \nRevenue ex Dickies\u00ae<\/sup><\/i> +4% vs. LY or +1% C$<\/p>\n<\/li>\n
- \nRecall Dickies\u00ae<\/sup><\/i>was sold during Q3’26<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nFY’26 gross margin (GM) of 54.8%, up 130 bps vs. LY<\/p>\n
\n- \nAdjusted GM ex Dickies\u00ae<\/sup><\/i>of 55.2%, up 110 bps vs. LY<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nFY’26 operating income (OI) of $577M and operating margin (OM) of 6.0%, up 280 bps vs. LY<\/p>\n
\n- \nAdjusted OI ex Dickies\u00ae<\/sup><\/i>of$650Mand adjustedOM ex Dickies\u00ae<\/sup><\/i>of 7.0%, up 110 bps vs. LY<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nFY’26 free cash flow1<\/sup> of $405M, up over $90M vs. LY<\/p>\n<\/li>\n
- \nFYE’26 leverage ratio of 3.1x vs. LY of 4.1x, and vs. FYE’24 of 5.1x<\/p>\n<\/li>\n<\/ul>\n
Q4\u201926 revenue growth driven by momentum in the Americas; Q4\u201926 OI ahead of guidance<\/b><\/p>\n\n- \nRevenue +1% vs. LY<\/p>\n
\n- \nRevenue ex Dickies\u00ae<\/sup><\/i> +8% vs. LY or +3% C$, ahead of guidance of flat to +2% C$ vs. LY<\/p>\n<\/li>\n
- \nStrongest revenue performance in three years (C$, ex Dickies\u00ae<\/sup>)<\/i><\/li>\n
- \nAmericas region +2% vs. LY; ex Dickies\u00ae<\/sup><\/i> +10% C$, the region’s highest growth since Q1’23<\/p>\n<\/li>\n
- The North Face\u00ae<\/sup><\/i> +12% vs. LY or +7% C$, with the Americas +17% vs. LY or +16% C$\n<\/li>\n
- Vans\u00ae<\/sup><\/i>(1%) vs. LY or (5%) C$, with a return to growth in Americas DTC\n<\/li>\n
- Timberland\u00ae<\/sup><\/i> +8% vs. LY or +2% C$\n<\/li>\n<\/ul>\n<\/li>\n
- \nQ4’26 OI of $62M<\/p>\n
\n- \nAdjusted OI ex Dickies\u00ae<\/sup><\/i>of $54M, ahead of guidance of $10M to $30M; normalized2<\/sup> OI within guidance range<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Reinstating annual guidance effective FY’27 with continued growth and expanding margins<\/b><\/p>\n\n- \nRevenue +1% to +2% C$ vs. LY3<\/sup><\/li>\n
- \nAdjusted OM of approximately 8%<\/p>\n<\/li>\n
- \nFree cash flow flat to up vs. LY1<\/sup> of $405M<\/p>\n<\/li>\n<\/ul>\n
\n- \nFYE’27 leverage ratio of 2.6x to 2.9x<\/p>\n<\/li>\n<\/ul>\n
1 <\/sup>Excludes $100M net impact of pension termination in FY’26
\n
2<\/sup> Normalized for tariff receivable and offsetting charges, including restructuring costs
\n
3 <\/sup>Revenue performance excludes Dickies\u00ae<\/sup><\/i>in FY’26<\/p>\nWebcast Information<\/b><\/p>\n
\nVF management will host its fourth quarter Fiscal 2026 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.<\/p>\n
Dividend Declared<\/b><\/p>\n
\nVF\u2019s Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on June 18, 2026, to shareholders of record at the close of business on June 10, 2026.<\/p>\n
About VF<\/b><\/p>\n
\nVF Corporation is a portfolio of leading outdoor and active brands, including The North Face\u00ae<\/sup><\/i>, Vans\u00ae<\/sup>, <\/i>and Timberland\u00ae<\/sup><\/i>. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.<\/p>\nFinancial Presentation Disclosure<\/b><\/p>\n
\nAll per share amounts are presented on a diluted basis. This release refers to \u201creported\u201d (R$) and \u201cconstant dollar\u201d (C$) or \u201cconstant currency\u201d amounts, terms that are described under the heading below \u201cConstant Currency – Excluding the Impact of Foreign Currency.\u201d Unless otherwise noted, \u201creported\u201d and \u201cconstant dollar\u201d or \u201cconstant currency\u201d amounts are the same, and amounts will be as \u201creported\u201d unless otherwise specified. This release also refers to \u201ccontinuing\u201d and \u201cdiscontinued\u201d operations amounts, which are concepts described under the heading \u201cDiscontinued Operations – Supreme.\u201d Unless otherwise noted, results presented are based on continuing operations. This release also refers to results \u201cexcluding Dickies<\/i>\u00ae<\/sup>\u201d and \u201cAdjusted excluding Dickies\u201d, which are described under the heading \u201cDickies Divestiture\u201d. This release also refers to \u201cadjusted\u201d amounts, a term that is described under the heading \u201cAdjusted Amounts – Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charges, Pension Excise Tax and Non-cash Impairment Charge\u201d. Unless otherwise noted, \u201creported\u201d and \u201cadjusted\u201d amounts are the same. VF operates and reports using a 52\/53 week fiscal year ending on the Saturday closest to March 31 of each year. This release refers to VF’s fourth quarter of Fiscal 2026 as Q4’26, and similarly Q4’25 denotes VF’s fourth quarter of Fiscal 2025, etc. VF defines \u201cfree cash flow<\/b>\u201d as cash flow from continuing operations less capital expenditures and software purchases and defines \u201cnet debt<\/b>\u201d as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per VF’s consolidated balance sheet and defines \u201cleverage<\/b>\u201d as net debt to adjusted earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d), which excludes operating lease cost. See the supplemental financial information included with this release for a calculation of adjusted EBITDA, including a reconciliation to the nearest U.S generally accepted accounting principles (\u201cGAAP\u201d) financial measure.<\/p>\nChange in Reportable Segments<\/b><\/p>\n
\nVF realigned its reportable segments in the first quarter of Fiscal 2026. VF’s updated reportable segments are Outdoor and Active. We have included an \u201cAll Other\u201d category for the remaining operating segments that do not meet the quantitative threshold to be disclosed as a separate reportable segment. VF’s financial results in this release reflect the new segments for all periods presented.<\/p>\n
Dickies Divestiture<\/b><\/p>\n
\nOn September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies<\/i>\u00ae<\/sup> brand business (\u201cDickies\u201d) and on November 12, 2025, VF completed the sale of Dickies. \u201cReported\u201d amounts present VF’s Fiscal 2026 results in accordance with GAAP and include Dickies results in continuing operations through the date of sale, as the Dickies sale did not qualify for discontinued operations presentation under GAAP. References to results \u201cexcluding Dickies<\/i>\u00ae<\/sup>\u201d and \u201cAdjusted excluding Dickies\u201d exclude the results of Dickies for all periods presented. VF believes this non-GAAP presentation provides investors with useful information regarding VF\u2019s current business trends and performance of VF\u2019s operations, post the closing of the sale of Dickies.<\/p>\nDiscontinued Operations – Supreme<\/b><\/p>\n
\nOn July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement with EssilorLuxottica S.A. to sell the Supreme\u00ae<\/sup><\/i> brand business (\u201cSupreme\u201d). On October 1, 2024, VF completed the sale of Supreme. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented, through the date of sale.<\/p>\nConstant Currency – Excluding the Impact of Foreign Currency<\/b><\/p>\n
\nThis release refers to \u201creported\u201d amounts in accordance with GAAP, which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both \u201cconstant dollar\u201d and \u201cconstant currency\u201d amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management\u2019s view of why this information is useful to investors.<\/p>\n
Adjusted Amounts – Excluding Reinvent, Transaction and Deal Related Activities, Pension Settlement Charges, Pension Excise Tax and Non-cash Impairment Charge<\/b><\/p>\n
\nThe adjusted amounts in this release exclude costs related to Reinvent, VF’s transformation program. Costs, including restructuring charges and project-related costs, were approximately ($8) million in the fourth quarter of Fiscal 2026 and $44 million in Fiscal 2026.<\/p>\n
\nThe adjusted amounts in this release exclude transaction and deal related activities associated with the divestiture of Dickies, including expenses and the final pre-tax gain on sale. Total transaction and deal related activities included expenses of approximately $10 million in Fiscal 2026 and a final pre-tax gain on sale of approximately $127 million in Fiscal 2026, which included a reduction to the gain to reflect working capital adjustments of approximately $12 million in the three months ended March 2026.<\/p>\n
\nThe adjusted amounts in this release exclude non-cash pension settlement charges of approximately $158 million in the fourth quarter of Fiscal 2026 and $192 million in Fiscal 2026. The pension settlement charges related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026.<\/p>\n
\nThe adjusted amounts in this release exclude pension excise tax of approximately $25 million in the fourth quarter of Fiscal 2026 and in Fiscal 2026, related to the termination of the U.S. qualified plan.<\/p>\n
\nThe adjusted amounts in this release exclude a non-cash impairment charge related to the Napapijri reporting unit goodwill of approximately $31 million in Fiscal 2026.<\/p>\n
\nCombined, the above items negatively impacted earnings per share by $0.30 during the fourth quarter of Fiscal 2026 and $0.20 during Fiscal 2026. All adjusted amounts referenced herein exclude the effects of these amounts.<\/p>\n
\nReconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management\u2019s view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company’s control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information.<\/p>\n
Forward-looking Statements<\/b><\/p>\n
\nCertain statements included in this release are \u201cforward-looking statements\u201d 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\u2019s expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. Words such as \u201cwill,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cshould,\u201d and \u201cmay\u201d and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF\u2019s plans, objectives, projections and expectations relating to VF\u2019s operations or financial performance, and assumptions related thereto, are forward-looking statements. Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel, footwear, equipment, and accessories; disruption to VF\u2019s distribution system; changes in global economic conditions and the financial strength of VF\u2019s consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs and geopolitical conflicts; disruption and volatility in the global capital and credit markets; VF\u2019s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF\u2019s ability to maintain the image and value of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; fluctuations in sales and operating income due to the seasonal nature of its business; retail industry changes and challenges; VF’s ability to execute its turnaround program, \u201cThe VF Way\u201d operating principles, and other business priorities, including measures to grow revenue and expand margins, streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; VF\u2019s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of VF or third parties on which it relies to maintain the strength and security of information technology systems; the fact that VF\u2019s facilities and systems, and those of third parties on which it relies, are frequent targets of cyberattacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyberattacks, could result in data or financial loss, reputational harm, business disruption, damage to VF\u2019s relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; VF\u2019s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of VF\u2019s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities; continued use by VF\u2019s suppliers of ethical business practices; VF\u2019s ability to accurately forecast demand for products; actions of activist and other shareholders; VF\u2019s ability to recruit, develop or retain key executive or employee talent or successfully transition executives; changes in the availability and cost of labor; VF\u2019s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF\u2019s licensees and distributors of the value of VF\u2019s brands; VF\u2019s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; VF\u2019s ability to execute, and realize benefits, successfully, or at all, from the completed sale of the Dickies\u00ae<\/sup><\/i>brand; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, or a U.S. federal government shutdown; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; VF\u2019s indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; VF\u2019s ability to pay and declare dividends or repurchase its stock in the future; climate risks and increased focus on environmental, social and governance issues; VF\u2019s ability to execute on its sustainability strategy and achieve its sustainability-related targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; litigation, regulatory proceedings, or any other claims asserted against VF; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect VF\u2019s financial results is included from time to time in VF\u2019s public reports filed or furnished with the U.S. Securities and Exchange Commission (SEC), including VF\u2019s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Forms 8-K.<\/p>\n\n\n| \n VF CORPORATION<\/b><\/p>\n Supplemental Financial Information<\/b><\/p>\n Reconciliation of Select GAAP Measures to Non-GAAP Measures – Three and Twelve Months Ended March 2026<\/b><\/p>\n \n(Unaudited)<\/p>\n \n(In thousands, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n Three Months Ended March 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n As Reported under GAAP<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reinvent (a)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Impairment, Pension Settlement Charges and Pension Excise Tax (b)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Transaction and Deal Related Activities (c)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Less: Adjusted Contribution from Dickies (d)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted Excluding Dickies<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,166,034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,166,034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,166,034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gross profit<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,221,928<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,221,928<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,221,928<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 56.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 56.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 56.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Selling, general and administrative expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,160,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,168,058<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,168,058<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53.6<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53.9<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53.9<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n61,504<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,634<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n53,870<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n53,870<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Diluted loss per share from continuing operations (e)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.01<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.29<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.00<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.00<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.00<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Twelve Months Ended March 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n As Reported under GAAP<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reinvent (a)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Impairment, Pension Settlement Charges and Pension Excise Tax (b)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Transaction and Deal Related Activities (c)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Less: Adjusted Contribution from Dickies (d)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Adjusted Excluding Dickies<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,605,207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,605,207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n309,255<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,295,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gross profit<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,261,715<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,265,972<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n136,662<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,129,310<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 54.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 54.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 55.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Selling, general and administrative expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,654,430<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(39,473<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,194<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,604,763<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n125,428<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,479,335<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 48.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 47.9<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 48.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n576,569<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,730<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n661,209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,235<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n649,974<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percent<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.9<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Diluted earnings per share from continuing operations (e)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.64<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.08<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.32<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.84<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.02<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Notes:<\/span><\/b><\/p>\n(a)<\/sup> Costs related to Reinvent, VF’s transformation program, including restructuring charges and project-related costs, were ($7.6) million and $43.7 million in the three and twelve months ended March 2026, respectively. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF’s transformation journey. VF entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract substantially completed in the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in VF’s stock price through June 2027. Expenses related to the contract, including contingent fees, were ($4.1) million and $21.2 million in the three and twelve months ended March 2026, respectively. Reinvent resulted in a net tax expense of $1.8 million and a net tax benefit of $10.0 million in the three and twelve months ended March 2026, respectively.<\/p>\n\nThe Company incurred $205.0 million in total restructuring charges in connection with Reinvent. Substantially all restructuring actions were completed at the end of the first quarter of Fiscal 2026. Total fees associated with the contract with the consulting firm could be up to $146.0 million, with $75.0 million of the fees contingent on increases to VF\u2019s stock price through June 2027.<\/p>\n (b)<\/sup> VF recognized a non-cash impairment charge related to the Napapijri reporting unit goodwill of $30.7 million during the twelve months ended March 2026.<\/p>\n\nNon-cash pension settlement charges of $158.1 million and $192.1 million were recorded in the other income (expense), net line item during the three and twelve months ended March 2026, respectively, related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026.<\/p>\n \nPension excise tax of $25.1 million was recorded in the other income (expense), net line item during the three and twelve months ended March 2026, related to the termination of the U.S. qualified plan.<\/p>\n \nThe impairment, pension settlement charges and pension excise tax resulted in a net tax benefit of $68.9 million and $78.3 million in the three and twelve months ended March 2026, respectively.<\/p>\n (c)<\/sup> Transaction and deal related activities include costs associated with the divestiture of Dickies, which totaled $10.2 million for the twelve months ended March 2026. Additionally, the activities include a working capital adjustment of $11.9 million as a reduction to the pre-tax gain on sale related to the divestiture of Dickies and a $127.2 million final pre-tax gain on sale related to Dickies, which were recorded in the other income (expense), net line item in the Consolidated Statements of Operations in the three and twelve months ended March 2026, respectively. The transaction and deal related activities resulted in a net tax benefit of $1.8 million and $7.7 million in the three and twelve months ended March 2026, respectively.<\/p>\n(d)<\/sup> The \u201cAdjusted Contribution from Dickies\u201d column represents the operating results of Dickies for the twelve months ended March 2026 on an adjusted basis. This column excludes transaction and deal related costs as described above. The adjusted contribution from Dickies resulted in a net tax expense of $3.3 million for the twelve months ended March 2026.<\/p>\n(e)<\/sup> Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings (loss) per share impacts were calculated using 391,371,000 and 395,875,000 weighted average common shares for the three and twelve months ended March 2026, respectively.<\/p>\nNon-GAAP Financial Information<\/b><\/p>\n \nThe financial information above has been presented on a GAAP basis, on an adjusted basis, which excludes the impact of Reinvent, an impairment charge, pension settlement charges, pension excise tax, and transaction and deal related activities, and on an adjusted basis excluding Dickies, which also excludes the operating results of Dickies on an adjusted basis. These adjusted presentations provides non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. Management believes these measures provide investors with useful supplemental information regarding VF’s underlying business trends and the performance of VF’s ongoing operations and are useful for period-over-period comparisons of such operations.<\/p>\n \nManagement uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF’s operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. These measures should be used to evaluate the Company’s results of operations only in conjunction with the corresponding GAAP measures.<\/p>\n \n\n| \n VF CORPORATION<\/b><\/p>\n Supplemental Financial Information<\/b><\/p>\n Reconciliation of Select GAAP Measures to Non-GAAP Measures – Twelve Months Ended March 2026<\/b><\/p>\n \n(Unaudited)<\/p>\n \n(In thousands, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Twelve Months Ended March 2026<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOperating income – as reported under GAAP<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n576,569<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to operating income:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReinvent (a)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,730<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment charge (b)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransaction and deal related activities (c)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted operating income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 661,209<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income (expense), net – as reported under GAAP<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(86,608<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to other income (expense), net:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReinvent (d)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(531<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPension settlement charges and pension excise tax (e)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n217,156<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransaction and deal related activities (f)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(127,211<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted other income (expense), net<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2,806<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation, amortization and other asset write-downs – as reported<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n280,529<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to depreciation, amortization and other asset write-downs:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReinvent (g)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,837<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransaction and deal related activities (h)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,079<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted depreciation, amortization and other asset write-downs<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 267,613<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease cost<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n411,339<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,342,967<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Notes:<\/span><\/b><\/p>\n(a) <\/sup>Costs related to Reinvent, VF’s transformation program, including restructuring charges and project-related costs, which totaled $43.7 million. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support VF’s transformation journey.<\/p>\n(b)<\/sup> Non-cash impairment charge related to the Napapijri reporting unit goodwill of $30.7 million.<\/p>\n(c)<\/sup> Transaction and deal related activities include costs associated with the divestiture of Dickies, which totaled $10.2 million.<\/p>\n(d)<\/sup> Curtailment gains of $0.5 million, related to Reinvent, recorded within the other income (expense), net line item related to employee exits from an international plan resulting from restructuring actions.<\/p>\n(e)<\/sup> Non-cash pension settlement charges of $192.1 million and pension excise tax of $25.1 million were recorded in the other income (expense), net line item related to the termination of the U.S. qualified plan, which was completed as of the end of Fiscal 2026.<\/p>\n(f)<\/sup> Transaction and deal related activities include the final pre-tax gain related to the divestiture of Dickies of $127.2 million, which was recorded in the other income (expense), net line item.<\/p>\n(g)<\/sup> Asset impairments and write-downs of $2.8 million related to Reinvent.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | |