10-K · May 20, 2026
VF Corporation reported Fiscal 2026 with total revenues of $9.6 billion, representing a 1% year-over-year increase, driven by an 8% rise in the Outdoor segment. Net income from continuing operations was $254.9 million,…
Earnings analysis · 10-Q
VFC earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
VF reported Q1 FY27 revenue of $1.669 billion, down 5.2% year over year, while GAAP diluted EPS improved to negative $0.25 from negative $0.30. Gross margin improved 100 basis points to 54.9%, but operating margin…
Read full summary
VF reported Q1 FY27 revenue of $1.669 billion, down 5.2% year over year, while GAAP diluted EPS improved to negative $0.25 from negative $0.30. Gross margin improved 100 basis points to 54.9%, but operating margin remained negative at 5.0%. Management raised its constant-currency revenue-growth outlook to +2% or better, though the supplied filing extract does not provide segment revenue, balance-sheet balances, current-quarter operating cash flow, or current-quarter free cash flow. The supplied Item 1A text references the Fiscal 2026 10-K and does not provide a separately quantified new risk-factor change.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
What stood out
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Gross margin expanded 100 basis points
Q1 FY27 gross margin was 54.9%, up 100 basis points from 53.9% in Q1 FY26, despite revenue declining to $1.669 billion.
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EPS improved versus prior periods
GAAP diluted EPS was negative $0.25, improving from negative $0.31 in the preceding quarter and negative $0.30 in Q1 FY26.
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FY27 revenue outlook was raised
Management raised its FY27 constant-currency revenue-growth outlook to +2% or better, from the prior +1% to +2% range, while retaining an approximately 8% adjusted operating-margin objective.
What to watch
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Reported revenue declined year over year
Q1 revenue of $1.669 billion was down $91 million, or 5.2%, from $1.760 billion in Q1 FY26; it was also down $501 million, or 23.1%, from the preceding quarter's $2.170 billion.
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Operating profitability remains negative
Operating margin was negative 5.0%, worsening from positive 2.8% in the preceding quarter and slightly below negative 4.9% in Q1 FY26.
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Leverage reduction limits capital returns
VF made no share repurchases during the quarter despite $2.487 billion remaining under the authorization, stating that future buybacks will be weighed against funding needed to reduce leverage and reinvest cost savings.
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Cash-flow outlook has notable exclusions
The flat-to-up FY27 free-cash-flow outlook is measured against FY26 $405 million and excludes a $100 million pension-termination impact as well as any tariff-refund impact, leaving reported cash conversion exposed to these items.
Management's outlook
FY27 constant-currency revenue growth outlook was raised to +2% or better from +1% to +2%. Adjusted operating-margin outlook remains approximately 8%, and free cash flow is expected to be flat to up versus FY26 $405 million, excluding a $100 million pension-termination impact and any tariff-refund impact.
Earlier filings 4
10-Q · January 28, 2026
VF reported a beat: third-quarter continuing operations revenue of $2,875,801,000 (up $41,889,000 vs. prior-year quarter) and diluted EPS from continuing operations of $0.76 (vs. $0.43 prior year). Gross margin expanded…
10-Q · July 30, 2025
VF reported revenues of $1,760,666,000 in Q1 FY26, essentially flat vs. Q1 FY25 ($1,769,060,000) while gross margin expanded to 53.9% and operating loss narrowed to -$86,609,000 (operating margin -4.9%). The company…
10-Q · January 29, 2025
VF reported quarterly net revenues of $2,833,912,000 and returned to operating profitability with operating income of $225,777,000 for the three months ended December 2024. Gross margin expanded to 56.3% and diluted EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.