What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-07-30 compared with 2025-01-29 · 306 added, 433 removed, 634 unchanged (54% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

(In thousands, except share amounts) December 2024 March 2024 December 2023

(In thousands, except share amounts) June 2025 March 2025 June 2024

Current assets

Cash and equivalents

Cash and cash equivalents

$ 642,386 $ 429,382 $ 625,436

Accounts receivable, less allowance for doubtful accounts of:

December 2024 - $ 34,678 ;

June 2025 - $ 35,803 ;

March 2025 - $ 31,853 ;

December 2023 - $ 29,971

June 2024 - $ 28,542

1,172,223 1,321,663 1,049,368

3 unchanged sentences

Current assets of discontinued operations

— 116,225 97,348

Total current assets 4,375,516 3,786,098 4,349,131

21 unchanged sentences

Current liabilities of discontinued operations

— 79,861 79,651

Total current liabilities 3,439,639 2,697,853 4,408,974

6 unchanged sentences

Other liabilities of discontinued operations

— 71,941 68,181

Total liabilities 8,858,214 7,890,177 10,153,458

3 unchanged sentences

shares authorized, 25,000,000 ;

no shares outstanding at December 2024, March 2024 or December 2023

no shares outstanding at June 2025, March 2025 or June 2024

Common Stock, stated value $ 0.25 ;

shares authorized, 1,200,000,000 ;

shares outstanding at December 2024 - 389,541,568 ;

shares outstanding at June 2025 - 390,555,382 ;

March 2025 - 389,695,199 ;

December 2023 - 388,819,204

June 2024 - 389,181,642

97,639 97,424 97,295

11 unchanged sentences

Consolidated Statements of Operations

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands, except per share amounts) 2025 2024

5 unchanged sentences

1,035,611 1,028,698

Impairment of goodwill and intangible assets

51,000 257,096 51,000 257,096

Total costs and operating expenses

1,847,275 1,892,080

Operating income (loss)

Operating loss

( 86,609 ) ( 123,020 )

Interest income

6,826 3,565 13,899 13,230

Interest expense

2 unchanged sentences

1,136 ( 1,486 )

Income (loss) from continuing operations before income taxes

Loss from continuing operations before income taxes

( 126,593 ) ( 165,453 )

Income tax expense (benefit)

Income tax benefit

( 10,185 ) ( 13,426 )

Income (loss) from continuing operations

Loss from continuing operations

( 116,408 ) ( 152,027 )

Income (loss) from discontinued operations, net of tax

Loss from discontinued operations, net of tax

— ( 106,859 )

Net income (loss) $ 167,780 $ ( 42,452 ) $ ( 38,928 ) $ ( 550,574 )

Earnings (loss) per common share - basic

Net loss $ ( 116,408 ) $ ( 258,886 )

Net loss per common share - basic

Continuing operations

1 unchanged sentence

Discontinued operations

— 0.13 ( 0.66 ) 0.14

Total earnings (loss) per common share - basic $ 0.43 $ ( 0.11 ) $ ( 0.10 ) $ ( 1.42 )

Earnings (loss) per common share - diluted

Total net loss per common share - basic $ ( 0.30 ) $ ( 0.67 )

Net loss per common share - diluted

Continuing operations

1 unchanged sentence

Discontinued operations

— 0.13 ( 0.66 ) 0.14

Total earnings (loss) per common share - diluted

Total net loss per common share - diluted

$ ( 0.30 ) $ ( 0.67 )

5 unchanged sentences

VF CORPORATION

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended December Nine Months Ended December

Consolidated Statements of Comprehensive Loss

Three Months Ended June

(In thousands) 2025 2024

Net income (loss)

$ ( 116,408 ) $ ( 258,886 )

3 unchanged sentences

11,969 ( 15,773 )

Reclassification of foreign currency translation losses

75,293 — 75,293 —

Income tax effect

1 unchanged sentence

Defined benefit pension plans

Current period actuarial gains (losses) — ( 4,046 ) — 697

Amortization of net deferred actuarial losses

5,049 4,106 15,146 12,508

Amortization of deferred prior service credits

( 153 ) ( 144 )

Reclassification of net actuarial loss from settlement charges

— 131 — 3,430

Reclassification of deferred prior service cost due to curtailments

( 638 ) — ( 638 ) —

Income tax effect

11 unchanged sentences

( 59,684 ) 10,704

Comprehensive income (loss)

Comprehensive loss

$ ( 176,092 ) $ ( 248,182 )

3 unchanged sentences

Consolidated Statements of Cash Flows

Nine Months Ended December

Three Months Ended June

(In thousands) 2025 2024

1 unchanged sentence

$ ( 116,408 ) $ ( 258,886 )

Income (loss) from discontinued operations, net of tax

( 258,519 ) 55,779

Income (loss) from continuing operations, net of tax

Loss from discontinued operations, net of tax

— ( 106,859 )

Adjustments to reconcile net loss to cash provided by operating activities:

Impairment of goodwill and intangible assets

Loss from continuing operations, net of tax

( 116,408 ) ( 152,027 )

Adjustments to reconcile net loss to cash provided (used) by operating activities:

Depreciation and amortization

7 unchanged sentences

( 5,730 ) 2,219

Deferred income taxes

8,908 ( 13,896 )

Write-off of income tax receivables and interest

( 15,993 ) ( 10,280 )

Changes in operating assets and liabilities:

11 unchanged sentences

( 55,776 ) 9,424

Cash provided by operating activities - continuing operations

Cash used by operating activities - continuing operations

( 145,460 ) ( 30,714 )

Cash provided by operating activities - discontinued operations

26,747 130,576

Cash provided by operating activities

Cash provided (used) by operating activities

( 145,460 ) 19,830

INVESTING ACTIVITIES

Proceeds from sale of business, net of cash sold

Proceeds from sale of assets

4 unchanged sentences

( 4,224 ) ( 15,364 )

Cash provided (used) by investing activities - continuing operations

Cash used by investing activities - continuing operations

( 49,013 ) ( 9,035 )

Cash used by investing activities - discontinued operations

( 4,413 ) ( 7,496 )

Cash provided (used) by investing activities

Cash used by investing activities

( 49,013 ) ( 11,061 )

9 unchanged sentences

( 4,519 ) ( 1,924 )

Cash used by financing activities

Cash provided (used) by financing activities

338,955 ( 37,444 )

12 unchanged sentences

Consolidated Statements of Cash Flows

Nine Months Ended December

Three Months Ended June

(In thousands) 2025 2024

9 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended December 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

Balance, September 2024 389,283,419 $ 97,321 $ 3,565,198 $ ( 1,070,580 ) $ ( 1,185,572 ) $ 1,406,367

Net income (loss)

— — — — 167,780 167,780

Dividends on Common Stock ($ 0.09 per share)

— — ( 35,046 ) — — ( 35,046 )

Stock-based compensation, net

258,149 64 24,572 — ( 2,602 ) 22,034

Foreign currency translation and other

— — — 23,420 — 23,420

Defined benefit pension plans

— — — 3,094 — 3,094

Derivative financial instruments

— — — 92,581 — 92,581

Balance, December 2024 389,541,568 $ 97,385 $ 3,554,724 $ ( 951,485 ) $ ( 1,020,394 ) $ 1,680,230

Three Months Ended December 2023

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

Balance, September 2023 388,883,825 $ 97,221 $ 3,638,029 $ ( 1,011,705 ) $ ( 513,500 ) $ 2,210,045

Net income (loss)

— — — — ( 42,452 ) ( 42,452 )

Dividends on Common Stock ($ 0.09 per share)

— — ( 34,983 ) — — ( 34,983 )

Stock-based compensation, net

( 64,621 ) ( 16 ) 16,608 — ( 341 ) 16,251

Foreign currency translation and other

— — — 21,236 — 21,236

Defined benefit pension plans

— — — ( 63 ) — ( 63 )

Derivative financial instruments

— — — ( 60,841 ) — ( 60,841 )

Balance, December 2023 388,819,204 $ 97,205 $ 3,619,654 $ ( 1,051,373 ) $ ( 556,293 ) $ 2,109,193

Continued on next page.

See notes to consolidated financial statements.

VF Corporation Q3 FY25 Form 10-Q 8

VF CORPORATION

Consolidated Statements of Stockholders’ Equity

Nine Months Ended December 2024

Three Months Ended June 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

1 unchanged sentence

Balance, March 2025 389,695,199 $ 97,424 $ 3,540,686 $ ( 977,740 ) $ ( 1,173,011 ) $ 1,487,359

Net income (loss)

— — — — ( 116,408 ) ( 116,408 )

9 unchanged sentences

— — — ( 120,383 ) — ( 120,383 )

Balance, December 2024 389,541,568 $ 97,385 $ 3,554,724 $ ( 951,485 ) $ ( 1,020,394 ) $ 1,680,230

Nine Months Ended December 2023

Balance, June 2025 390,555,382 $ 97,639 $ 3,527,375 $ ( 1,037,424 ) $ ( 1,295,307 ) $ 1,292,283

Three Months Ended June 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

1 unchanged sentence

Balance, March 2024 388,836,219 $ 97,209 $ 3,600,071 $ ( 1,064,331 ) $ ( 974,584 ) $ 1,658,365

Net income (loss)

— — — — ( 258,886 ) ( 258,886 )

9 unchanged sentences

— — — 26,525 — 26,525

Balance, December 2023 388,819,204 $ 97,205 $ 3,619,654 $ ( 1,051,373 ) $ ( 556,293 ) $ 2,109,193

Balance, June 2024 389,181,642 $ 97,295 $ 3,580,175 $ ( 1,053,627 ) $ ( 1,235,938 ) $ 1,387,905

See notes to consolidated financial statements.

4 unchanged sentences

NOTE 1 Basis of Presentation

NOTE 2 Recently Adopted and Issued Accounting Standards

NOTE 2 Recently Issued Accounting Standards

NOTE 3 Revenues

10 unchanged sentences

NOTE 14 Reportable Segment Information

NOTE 15 Earnings (Loss) Per Share

NOTE 15 Net Loss Per Share

NOTE 16 Fair Value Measurements

6 unchanged sentences

The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 (“Fiscal 2026”).

Accordingly, this Form 10-Q presents our third quarter of Fiscal 2025.

For presentation purposes herein, all references to periods ended December 2024 and December 2023 relate to the fiscal periods ended on December 28, 2024 and December 30, 2023, respectively.

Accordingly, this Form 10-Q presents our first quarter of Fiscal 2026.

For presentation purposes herein, all references to periods ended June 2025 and June 2024 relate to the fiscal periods ended on June 28, 2025 and June 29, 2024, respectively.

References to March 2025 relate to information as of March 29, 2025.

Basis of Presentation

In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland ® brand is managed and the chief operating decision maker's ("CODM") key areas of focus.

VF began managing its Timberland ® and Timberland PRO ® brands as one operating segment during the first quarter of Fiscal 2026.

This operating segment has been aggregated with The North Face ® brand in the Outdoor reportable segment and the Vans ® , Kipling ® , Eastpak ® and Jansport ® brands have been aggregated in the Active reportable segment.

All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category.

This group includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands.

Reportable segment results for all prior periods presented within these notes to the interim consolidated financial statements have been recast to reflect the change in reportable segments.

These changes had no impact on previously reported consolidated results of operations.

Refer to Note 14 for additional information on VF's reportable segments.

On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A.

12 unchanged sentences

In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented.

Operating results for the three and nine months ended December 2024 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2025.

Operating results for the three months ended June 2025 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2026.

For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 29, 2025 (“Fiscal 2025 Form 10-K”).

1 unchanged sentence

In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes.

Actual results may differ from those estimates.

NOTE 2 — RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS

Recently Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (" FASB") issued A ccounting Standards Update ("ASU") No.

2022-04, " Liabilities — Supplier Finance Programs (Subtopic 405-50):

Disclosure of Supplier Finance Program Obligations ".

This guidance requires companies with supplier finance programs to disclose sufficient qualitative and quantitative information about the program to allow a user of the financial statements to understand the nature of, activity in, and potential magnitude of the program.

The guidance became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that will be effective for annual periods beginning in Fiscal 2025 on a prospective basis.

The Company adopted the required guidance in the first quarter of Fiscal 2024 and will disclose the rollforward information in our Annual Report on Form 10-K for Fiscal 2025.

Refer to Note 9 for disclosures related to the Company's supply chain financing program.

Recently Issued Accounting Standards

In November 2023, the FASB issued ASU No.

2023-07, " Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures" , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the individual or group identified as the chief operating decision maker ("CODM").

The guidance also requires disclosure of the

title and position of the CODM and how reported measures of segment profit or loss are used to assess performance and allocate resources.

The guidance will be effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all disclosures about a reportable segment's profit or loss and assets in subsequent interim periods.

Early adoption is permitted.

The guidance requires retrospective application to all prior periods presented in the financial statements.

The Company will include the additional disclosures in our Form 10-K for Fiscal 2025.

In December 2023, the FASB issued ASU No.

Actual results may differ from those estimates due to risks and uncertainties, including the impact of the recently imposed reciprocal tariffs on foreign imports by the U.S.

The high level of uncertainty regarding these tariffs may result in estimates and assumptions that have the potential for more variability and are more subjective, including those applied in the Company's forecasted results of operations and cash flows, which are used in the determination of fair value for goodwill and indefinite-lived intangible asset impairment testing.

While estimates and assumptions made by management are based upon currently available information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions.

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.

2023-09, " Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" , which is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid.

The rate reconciliation disclosures will require specific categories and additional information for reconciling items that meet a quantitative threshold.

The rate reconciliation disclosures will require specific categories and additional information for

reconciling items that meet a quantitative threshold.

The income taxes paid disclosures will require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid.

15 unchanged sentences

The following table provides information about contract assets and contract liabilities:

(In thousands) December 2024 March 2024 December 2023

(In thousands) June 2025 March 2025 June 2024

Contract assets (a)

4 unchanged sentences

(b) Included in the accrued liabilities line item in the Consolidated Balance Sheets.

For the three and nine months ended December 2024, the Company recognized $ 61.9 million and $ 159.3 million, respectively, of revenue, which, for the nine months ended December 2024 included the majority of the contract liability balance at the beginning of the year, and, for both periods, included amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers.

For the three months ended June 2025, the Company recognized $ 53.3 million of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers.

The change in the contract asset and contract liability balances primarily results from timing differences between the Company's satisfaction of performance obligations and the customer's payment.

Performance Obligations

As of December 2024, the Company expects to recognize $ 61.0 million of fixed consideration related to the future minimum

guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through March 2031.

As of June 2025, the Company expects to recognize $ 62.0 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such

amounts to be recognized over time based on the contractual terms through March 2031.

The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption.

VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.

As of December 2024, there were no arrang ements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

As of June 2025, there were no arrang ements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

Disaggregation of Revenues

The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.

Three Months Ended December 2024

(In thousands) Outdoor Active Work Total

Three Months Ended June 2025 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

9 unchanged sentences

11 VF Corporation Q1 FY26 Form 10-Q

Three Months Ended December 2023

(In thousands) Outdoor Active Work Total

Channel revenues

Wholesale $ 734,130 $ 264,531 $ 157,841 $ 1,156,502

Direct-to-consumer 999,694 548,465 58,038 1,606,197

Royalty 4,755 6,311 6,429 17,495

Total $ 1,738,579 $ 819,307 $ 222,308 $ 2,780,194

Geographic revenues

Americas $ 821,506 $ 478,584 $ 185,916 $ 1,486,006

Europe 622,377 237,800 22,829 883,006

Asia-Pacific 294,696 102,923 13,563 411,182

Total $ 1,738,579 $ 819,307 $ 222,308 $ 2,780,194

Nine Months Ended December 2024

(In thousands) Outdoor Active Work Total

Channel revenues

Wholesale $ 2,432,704 $ 1,183,914 $ 475,888 $ 4,092,506

Direct-to-consumer 1,857,145 1,246,247 118,069 3,221,461

Royalty 10,168 19,811 16,974 46,953

Total $ 4,300,017 $ 2,449,972 $ 610,931 $ 7,360,920

Geographic revenues

Americas $ 1,941,332 $ 1,397,707 $ 499,240 $ 3,838,279

Europe 1,559,750 806,094 70,289 2,436,133

Asia-Pacific 798,935 246,171 41,402 1,086,508

Total $ 4,300,017 $ 2,449,972 $ 610,931 $ 7,360,920

Nine Months Ended December 2023

(In thousands) Outdoor Active Work Total

Three Months Ended June 2024 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

8 unchanged sentences

Total $ 753,630 $ 776,734 $ 238,696 $ 1,769,060

13 VF Corporation Q3 FY25 Form 10-Q

(a) In the three months ended June 2025, VF realigned its reportable segments.

The three months ended June 2024 have been recast to reflect this change.

Refer to Note 14 for additional information regarding the Company's reportable segments.

(b) "All Other" is included for purposes of reconciliation of revenues, but it is not considered a reportable segment.

"All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands.

NOTE 4 — DISCONTINUED OPERATIONS

3 unchanged sentences

On October 1, 2024, VF completed the sale of Supreme.

VF received proceeds of $ 1.486 billion, net of cash sold and subject to post-closing adjustments, resulting in an estimated after-tax loss on sale of $ 127.5 million, which is included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the nine months ended December 2024.

An increase in the estimated after-tax loss on sale of $ 2.7 million was included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three months ended December 2024.

VF used a portion of the net cash proceeds to prepay $ 1.0 billion of its delayed draw Term Loan ("DDTL") pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $ 450.0 million of commercial paper borrowings upon maturity during the three months ended December 2024.

VF received proceeds of $ 1.506 billion, net of cash sold, resulting in a final after-tax loss on sale of $ 126.6 million.

During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria.

3 unchanged sentences

The results of Supreme were previously reported in the Active segment.

The results of Supreme recorded in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations were losses of $ 1.3 million (including a $ 2.7 million increase to the estimated after-tax loss on sale) and $ 258.5 million (including the estimated after-tax loss on sale of $ 127.5 million and goodwill and intangible asset impairment charges of $ 145.0 million) for the three and nine months ended December 2024, respectively, and income of $ 49.3 million and $ 55.8 million for the three and nine months ended December 2023 , respectively.

The results of Supreme recorded in the loss from discontinued operations, net of tax line item in the Consolidated Statement of Operations were a loss of $ 106.9 million (including goodwill and intangible asset impairment charges of $ 145.0 million) for the three months ended June 2024 .

During the first quarter of Fiscal 2025, VF determined that a triggering event had occurred requiring impairment testing of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

1 unchanged sentence

Under the terms of a transition services agreement, the Company will provide certain post-closing accounting, tax, treasury, digital technology, supply chain and human resource services on a transitional basis for periods generally up to 12 months from the closing date of the transaction.

Under the terms of a secondment agreement, certain employees associated with the Supreme business will remain employees of VF and work exclusively in support of Supreme, and at Supreme's expense, through the end of Fiscal 2025.

Certain corporate overhead costs and segment costs previously allocated to the Supreme brand for segment reporting purposes did not qualify for classification within discontinued operations and have been allocated to continuing operations.

In addition, interest expense and the related interest rate swap impact for the DDTL were reallocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

In addition, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

VF Corporation Q1 FY26 Form 10-Q 12

Summarized Discontinued Operations Financial Information

The following table summarizes the major line items for Supreme that are included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

Three Months Ended December Nine Months Ended December

(In thousands) 2024 2023 2024 2023

Net revenues $ 5,030 $ 180,089 $ 244,524 $ 412,478

The following table summarizes the major line items for Supreme that are included in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

Three Months Ended June

(In thousands) 2025 (a)

Revenues $ — $ 138,241

Cost of goods sold — 52,261

1 unchanged sentence

Impairment of goodwill and intangible assets — 145,000

Interest expense, net (a)

— ( 14,242 ) ( 30,767 ) ( 42,918 )

Interest expense, net (b)

Other income (expense), net — ( 464 )

Income (loss) from discontinued operations before income taxes 2,021 45,793 ( 136,771 ) 49,111

Estimated loss on the sale of discontinued operations before income taxes ( 2,656 ) — ( 135,194 ) —

Total income (loss) from discontinued operations before income taxes ( 635 ) 45,793 ( 271,965 ) 49,111

Income tax expense (benefit) 694 ( 3,491 ) ( 13,446 ) ( 6,668 )

Income (loss) from discontinued operations, net of tax $ ( 1,329 ) $ 49,284 $ ( 258,519 ) $ 55,779

(a) As noted above, interest expense and the related interest rate swap im pact for the DDTL were realloc ated to discontinued operations.

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of March 2024 and December 2023 .

(In thousands) March 2024 December 2023

Cash and equivalents $ 18,229 $ 12,069

Loss from discontinued operations before income taxes — ( 132,067 )

Income tax benefit — ( 25,208 )

Loss from discontinued operations, net of tax $ — $ ( 106,859 )

(a) There was no activity during the three months ended June 2025 .

(b) As noted above, interest expense and the related interest rate swap im pact for the DDTL were alloc ated to discontinued operations.

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations as of June 2024 .

(In thousands) June 2024

Cash and cash equivalents $ 11,984

Accounts receivable, net 6,203

7 unchanged sentences

Deferred income tax assets (a)

( 87,479 ) ( 89,260 )

Total assets of discontinued operations $ 1,658,032

6 unchanged sentences

NOTE 5 — INVENTORIES

(In thousands) December 2024 March 2024 December 2023

(In thousands) June 2025 March 2025 June 2024

Finished products $ 2,095,573 $ 1,588,124 $ 2,022,731

4 unchanged sentences

NOTE 6 — INTANGIBLE ASSETS

December 2024 March 2024

June 2025 March 2025

(In thousands) Weighted

7 unchanged sentences

Intangible assets, net $ 1,723,749 $ 1,710,707

During the three months ended December 2024, VF performed an interim impairment analysis of the Dickies indefinite-lived trademark intangible asset and recorded an impairment charge of $ 51.0 million to reduce the carrying value to fair value.

Refer to Note 16 for additional information on fair value measurements.

Amortization expense for the three and nine months ended December 2024 was $ 3.3 million and $ 10.0 million, respectively.

Amortization expense for the three months ended June 2025 was $ 3.2 million.

Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2026 is $ 12.5 million, $ 12.0 million, $ 11.0 million, $ 10.0 million and $ 8.0 million, respectively.

NOTE 7 — GOODWILL

Changes in goodwill are summarized by reportable segment as follows:

(In thousands) Outdoor Active Work Total

Changes in goodwill are summarized by reportable segment and the "All Other" category as follows:

(In thousands) Outdoor Active All Other (a)

Balance, March 2025 $ 102,146 $ 328,449 $ 172,791 $ 603,386

Foreign currency translation 82 12,514 4,847 17,443

Balance, December 2024 $ 203,936 $ 378,924 $ 51,500 $ 634,360

Accum ulated impairm ent charges for the Outdoor and Work segments were $ 769.0 million and $ 61.8 million, re spectively, a s of December 2024 and March 2024.

No impai rment charges were recorded during the nine months ended December 2024 .

Balance, June 2025 $ 102,228 $ 340,963 $ 177,638 $ 620,829

(a) "All Other" is included for purposes of reconciliation of goodwill, but it is not considered a reportable segment.

"All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands.

In connection with the realignment of the Company's segment reporting structure, the Company allocated goodwill related to Timberland PRO to the Timberland reporting unit as of the first day of the first quarter of Fiscal 2026.

As a result of the change in reportable segments, the Company performed impairment assessments both before and after the segment change became effective, and no impairment of goodwill was identified.

Balances as of March 2025 have been retrospectively adjusted to reflect

the reallocation.

Refer to Note 14 for additional information regarding the Company's reportable segments.

Accum ulated impairm ent charges for the Outdoor reportable segment and the "All Other" category were $ 730.2 million and $ 138.8 million, respectively, a s of June 2025 and March 2025 .

No impai rment charges were recorded during the three months ended June 2025 .

NOTE 8 — LEASES

1 unchanged sentence

The substantial majority of these leases are operating leases.

Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease co st, impairment a nd gains recognized from sale leaseback transactions.

Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease co st a nd gain recognized from a sale leaseback transaction.

The components of lease cost were as follows:

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands) 2025 2024

2 unchanged sentences

Total lease cost $ 133,341 $ 122,858

During the nine months ended December 2024, the Company entered int o a sale leaseback transaction for certain warehouse real estate and related assets.

The transaction qualified as a sale, and thus the Company reco gnized a ga in of $ 15.5 million in the selling, general and administrative ("SG&A") expenses line item in VF's Consolidated Statement of Operations for the nine months ended December 2024.

Du ring the nine months ended December 2024 and 2023, the Company paid $ 314.5 million and $ 308.5 million for operating leases, respectively.

During the nine months ended December 2024 and 2023, the Company obtained $ 307.8 million and $ 204.8 million of right-of-use assets in exchange for lease liabili ties, respectively.

During the three months ended June 2024, the Company entered int o a sale leaseback transaction for certain warehouse real estate and related assets.

During the three months ended June 2025 and 2024, the Company paid $ 100.0 million and $ 99.8 million for operating leases, respectively.

During the three months ended June 2025 and 2024, the Company obtained $ 104.6 million and $ 100.9 million of right-of-use assets in exchange for lease liabilities, respectively.

VF Corporation Q1 FY26 Form 10-Q 14

1 unchanged sentence

VF facilitates a voluntary supply chain finance ("SCF") program that enables a significant portion of our inventory suppliers to leverage VF's credit rating to receive payment from participating financial institutions prior to the payment date specified in the terms between VF and the supplier.

The SCF program is administered through third-party platforms that allow participating suppliers to track payments from VF and elect which receivables, if any, to sell to the financial institutions.

The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and has no economic interest in the supplier's decision to sell a receivable.

The terms between VF and the supplier, including the amount due and scheduled payment terms (which are generally

within 90 days of the invoice date), are not impacted by a supplier's participation in the SCF program.

All amounts due to suppliers that are eligible to participate in the SCF program are included in the accounts payable line item in VF's Consolidated Balance Sheets and VF payments made under the SCF program are reflected in cash flows from operating activities in VF's Consolidated Statements of Cash Flows.

At December 2024, March 2024 and December 2023, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $ 661.4 million, $ 485.0 million and $ 599.0 million, respectively, due to suppliers that are eligible to participate in the SCF program.

At June 2025, March 2025

and June 2024, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligatio ns of $ 887.1 million, $ 481.7 million and $ 843.0 million, respectively, due to suppliers that are eligible to participate in the SCF program.

NOTE 10 — PENSION PLANS

The components of pension cost for VF’s defined benefit plans were as follows:

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands) 2025 2024

2 unchanged sentences

Expected return on plan assets ( 15,007 ) ( 15,296 )

Settlement charges — 131 — 3,430

Curtailments ( 531 ) —

3 unchanged sentences

Net periodic pension cost $ 2,840 $ 3,694

VF has reported the service cost component of net periodic pension cost i n operating income (loss) an d the other components, which include interest cost, expected return on plan assets, settlement charges, curtailments, and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.

VF co ntributed $ 6.3 million to its defined benefit plans during the nine months ended December 2024, and intends to make approximately $ 10.3 million of contributions during the remainder of Fiscal 2025.

VF recorded $ 0.1 million and $ 3.4 million in settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2023, respectively.

The settlement charges related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension plan.

Actuarial assumptions used in the interim valuations were reviewed and revised as appropriate.

VF recorded $ 0.6 million in curtailment gains in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2024, related to employee exits from an international plan resulting from restructuring actions.

VF has reported the service cost component of net periodic pension cost i n operating loss an d the other components, which include interest cost, expected return on plan assets, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.

VF contributed $ 8.6 million to its defined benefit plans during the three months ended June 2025, and intends to make approximately $ 7.5 million of contributions during the remainder of Fiscal 2026.

VF recorded $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended June 2025, related to

employee exits from an international plan resulting from restructuring actions.

In May 2025 VF executed a resolution to terminate the U.S.

qualified plan, which is frozen and no longer accrues benefits.

As of June 2025, the fair value of the plan's assets exceeded its benefit obligation.

The termination of the plan will be effective July 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026.

VF's settlement obligations and related charges will depend upon both the nature and timing of participant settlements and prevailing market conditions.

VF currently estimates non-cash settlement charges to be between $ 200.0 and $ 300.0 million.

NOTE 11 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

During the nine months ended December 2024, the Company did no t purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors.

During the three months ended June 2025, the Company did no t purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors.

These are treated as treasury stock transactions when shares are repurchased.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired.

There were no shares held in treasury at the end of December 2024, March 2024 or December 2023.

There were no shares held in treasury at the end of June 2025, March 2025 or June 2024.

The excess of the cost of treasury shares acquired over the $ 0.25 per share stated value of Common Stock is deducted from retained earnings (accumulated deficit).

1 unchanged sentence

Accumulated Other Comprehensive Loss

Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (loss) , which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet.

VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss).

Comprehensive loss consists of net loss and specified components of other comprehensive income (loss) , which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet.

VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss.

The deferred components o f other comprehensive income (loss) are reported, net of related income taxes, in accu mulated other comprehensive loss ("OC L") in stockholders’ equity, as follows:

(In thousands) December 2024 March 2024 December 2023

(In thousands) June 2025 March 2025 June 2024

Foreign currency translation and other $ ( 763,627 ) $ ( 821,189 ) $ ( 887,892 )

3 unchanged sentences

The changes in accumulated OCL, ne t of related taxes, were as follows:

Three Months Ended December 2024

(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total

Balance, September 2024 $ ( 869,994 ) $ ( 175,087 ) $ ( 25,499 ) $ ( 1,070,580 )

Other comprehensive income (loss) before reclassifications

( 51,873 ) ( 99 ) 88,068 36,096

Amounts reclassified from accumulated other comprehensive loss

75,293 3,193 4,513 82,999

Net other comprehensive income

23,420 3,094 92,581 119,095

Balance, December 2024 $ ( 846,574 ) $ ( 171,993 ) $ 67,082 $ ( 951,485 )

Three Months Ended December 2023

Three Months Ended June 2025

(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total

Balance, September 2023 $ ( 878,089 ) $ ( 155,638 ) $ 22,022 $ ( 1,011,705 )

Balance, March 2025 $ ( 821,189 ) $ ( 180,047 ) $ 23,496 $ ( 977,740 )

Other comprehensive income (loss) before reclassifications

4 unchanged sentences

57,562 3,137 ( 120,383 ) ( 59,684 )

Balance, December 2023 $ ( 856,853 ) $ ( 155,701 ) $ ( 38,819 ) $ ( 1,051,373 )

Nine Months Ended December 2024

(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total

Balance, March 2024 $ ( 868,439 ) $ ( 182,333 ) $ ( 13,559 ) $ ( 1,064,331 )

Other comprehensive income (loss) before reclassifications ( 53,428 ) ( 135 ) 56,015 2,452

Amounts reclassified from accumulated other comprehensive loss

75,293 10,475 24,626 110,394

Net other comprehensive income

21,865 10,340 80,641 112,846

Balance, December 2024 $ ( 846,574 ) $ ( 171,993 ) $ 67,082 $ ( 951,485 )

VF Corporation Q3 FY25 Form 10-Q 18

Nine Months Ended December 2023

Balance, June 2025 $ ( 763,627 ) $ ( 176,910 ) $ ( 96,887 ) $ ( 1,037,424 )

Three Months Ended June 2024

(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total

6 unchanged sentences

( 19,453 ) 3,632 26,525 10,704

Balance, December 2023 $ ( 856,853 ) $ ( 155,701 ) $ ( 38,819 ) $ ( 1,051,373 )

Balance, June 2024 $ ( 887,892 ) $ ( 178,701 ) $ 12,966 $ ( 1,053,627 )

VF Corporation Q1 FY26 Form 10-Q 16

Reclassifications out of accumulated OCL were as follows:

(In thousands) Three Months Ended December Nine Months Ended December

(In thousands) Three Months Ended June

Details About Accumulated Other Comprehensive Loss Components Affected Line Item in the Consolidated Statements of Operations

2024 2023 2024 2023

Losses on foreign currency translation and other:

Sale of Supreme

Income (loss) from discontinued operations, net of tax (a)

$ ( 75,293 ) $ — $ ( 75,293 ) $ —

Total before tax

( 75,293 ) — ( 75,293 ) —

Tax benefit (expense)

( 75,293 ) — ( 75,293 ) —

Amortization of defined benefit pension plans:

3 unchanged sentences

Other income (expense), net 153 144

Pension curtailment gains and settlement charges

Pension curtailment gains

Other income (expense), net 531 —

1 unchanged sentence

( 4,187 ) ( 4,902 )

1,070 1,162 3,591 4,301

Income tax effect

( 3,127 ) ( 3,642 )

1 unchanged sentence

Foreign exchange contracts

Net revenues ( 9,580 ) ( 794 ) ( 21,762 ) ( 220 )

Revenues ( 1,971 ) ( 4,331 )

Foreign exchange contracts

7 unchanged sentences

Interest rate contracts

Income (loss) from discontinued operations, net of tax — 1,183 2,299 2,952

Loss from discontinued operations, net of tax — 1,165

Total before tax

13,305 ( 13,729 )

Tax benefit (expense)

Income tax effect

( 2,234 ) 2,989

1 unchanged sentence

Total reclassifications for the period, net of tax $ 7,944 $ ( 14,382 )

(a) Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025.

Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and nine months ended December 2024 and offset against the derecognition of the previously recorded allowance on the disposal group.

19 VF Corporation Q3 FY25 Form 10-Q

NOTE 12 — STOCK-BASED COMPENSATION

Incentive Equity Awards Granted

During the nine months ended December 2024, VF granted stock options to employees and nonemployee members of VF's Board of Directors to purchase 6,560,921 shares of its Common Stock at a weighted average exercise price of $ 13.26 per share.

The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant.

Employee stock options vest and become exercisable in equal annual installments over three years .

St ock options granted to nonemployee members of VF's Board of Directors vest upon grant and become exercisable one year from the date of grant.

All options have ten-year terms.

The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:

Nine Months Ended December 2024

Expected volatility 37 % to 53 %

Weighted average expected volatility 47 %

Expected term (in years) 5.5 to 7.3

Weighted average dividend yield 2.2 %

Risk-free interest rate 3.80 % to 5.43 %

Weighted average fair value at date of grant $ 5.30

During the nine months ended December 2024, VF granted 1,544,680 performance-based restricted stock units ("RSUs") to executives that enable them to receive shares of VF Common Stock at the end of a three-year performance cycle.

The weighted average fair market value of VF Common Stock at the dates the units were granted was $ 16.61 per share.

Each performance-based RSU has a potential final payout ranging from zero to two and one-quarter shares of VF Common Stock.

The number of shares earned by participants, if any, is based on the achievement of financial targets and relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors.

Shares will be issued to participants in the year following the conclusion of the three-year performance period.

The financial targets are based on the average, for the three years of the performance cycle, of the annual levels of achievement of VF's total revenue, weighted 50 %, and the average, for the three years of the performance cycle, of the annual levels of achievement of VF's gross margin, weighted 50 %.

Furthermore, the actual number of shares earned may be adjusted upward or downward by 25 % of the target award, based on how VF's TSR over the three-year period compares to the TSR for companies included in the

Standard & Poor's 600 Consumer Discretionary Sector Index, resulting in a maximum payout of 225 % of the target award.

The grant date fair value of the TSR-based adjustment related to the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 2.05 per share.

During the nine months ended December 2024, VF granted 92,384 nonperformance-based stock units to nonemployee members of the Board of Directors.

During the three months ended June 2025, VF granted 1,474,178 restricted stock units ("RSUs") to executives that enable them to receive shares of VF Common Stock over a five-year vesting period.

The fair market value of VF Common Stock at the date the units were granted was $ 12.55 per share.

These units vest 25 % on the second, third, fourth and fifth anniversaries of the grant date.

The number of units paid for the portion of the RSUs that vest on the fifth anniversary of the grant date are subject to relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors, and will be paid in full or decreased to zero, based on how VF's TSR over the five-year period compares to the TSR for companies included in the Standard & Poor's 600 Consumer Discretionary Sector Index.

The grant date fair value of the TSR-based adjustment related to the RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 9.09 per share.

During the three months ended June 2025, VF granted 146,135 nonperformance-based stock units to nonemployee members of the Board of Directors.

These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant.

The weighted average fair market value of VF Common Stock at the dates the units were granted was $ 16.42 per share.

In addition, VF granted 3,486,294 nonperformance-based RSUs to employees during the nine months ended December 2024.

The fair market value of VF Common Stock at the date the units were granted was $ 12.55 per share.

In addition, VF granted 4,329,031 nonperformance-based RSUs to employees and executives during the three months ended June 2025.

These units generally vest over periods up to four years from the date of grant and each unit entitles the holder to one share of VF Common Stock.

1 unchanged sentence

NOTE 13 — INCOME TAXES

The effective income tax rate for the nine months ended December 2024 was 16.1 % compared to 578.0 % in the 2023 period.

The nine months ended December 2024 included a net discrete tax benefit of $ 1.9 million, which was comprised primarily of a $ 5.8 million net tax benefit related to unrecognized tax benefits and interest, and a $ 5.9 million tax expense related to stock compensation.

Excluding the $ 1.9 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 16.8 %.

The nine months ended December 2023 included a net discrete tax expense of $ 693.8 million, primarily related to the tax effects of decisions in the Timberland tax case and Belgium excess profits ruling, which are discussed further below.

The effective income tax rate for the three months ended June 2025 was 8.0 % compared t o 8.1 % in the 2024 period.

The three months ended June 2025 included a net discrete tax expense of $ 11.5 million, which was comprised primarily of a $ 7.4 million net tax expense related to unrecognized tax benefits and interest, and a $ 4.1 million tax expense related to stock compensation.

Excluding the $ 11.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 17.2 %.

Without discrete items, the effective income tax rate for the nine months ended December 2024 decreased by 14.2 % compared with the 2023 period primarily due to disproportionate year-to-date losses in jurisdictions with no tax benefit and

jurisdictional mix of earnings as well as the impairment of nondeductible goodwill in the prior year.

As previously reported, VF petitioned the U.S.

Tax Court (the "Tax Court”) to resolve an Internal Revenue Service ("IRS") dispute regarding the timing of income inclusion associated with VF’s acquisition of The Timberland Company in September 2011.

While the IRS argued that all such income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years.

In Fiscal 2023, the Tax Court issued its final decision in favor of the IRS, which was appealed by VF.

On October 19, 2022, VF paid $ 875.7 million related to the 2011 taxes and interest being disputed, which was recorded as an income tax receivable and began to accrue interest income.

These amounts were included in the other assets line item in VF's Consolidated Balance Sheet, based on our assessment of the position under the more-likely-than-not standard of the accounting literature.

On September 8, 2023, the U.S.

The three months ended June 2024 included a net discrete tax expense of $ 7.1 million, w hich was comprised

primarily of a $ 3.6 million net tax expense related to unrecognized tax benefits and interest, an d a $ 4.3 million tax expense related to stock compensation.

Excluding the $ 7.1 million net discrete tax expense in the 2024 period, the effective income tax rate would have been 12.4 %.

Without discrete items, the effective income tax rate for the three months ended June 2025 increased by 4.8 % c ompared with the 2024 period primarily due to an increase in tax rates on foreign earnings.

17 VF Corporation Q1 FY26 Form 10-Q

Appeals for the First Circuit (“Appeals Court”) upheld the Tax Court’s decision in favor of the IRS.

As a result of the Appeals Court decision, VF determined that its position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $ 690.0 million of income tax expense in the three months ended September 2023.

This amount included the reversal of $ 19.6 million of interest income, of which $ 7.5 million was recorded in the first quarter of Fiscal 2024.

This amount reflects the total estimated net impact to VF’s tax expense, which includes the expected reduction in taxes paid on the periodic inclusions that VF has reported, release of related deferred tax liabilities, and consideration of indirect tax effects resulting from the decision.

The estimated impact is subject to future adjustments based on finalization with tax authorities.

VF was granted a ruling which lowered the effective income tax rate on taxable earnings for years 2010 through 2014 under Belgium’s excess profit tax regime.

During 2015, the European Union Commission ("EU") investigated and announced its decision that these rulings were illegal and ordered the tax benefits to be collected from affected companies, including VF.

During 2017 and 2018, VF Europe BVBA was assessed and paid € 35.0 million in tax and interest, which was recorded as an income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected success of the requests for annulment.

After subsequent annulments and appeals, the General Court

confirmed the decision of the EU on September 20, 2023.

As a result, VF wrote off the related income tax receivable and recorded a benefit for the associated foreign tax credit, resulting in $ 26.1 million of net income tax expense in the second quarter of Fiscal 2024.

VF files a consolidated U.S.

federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions.

In the U.S., the IRS examinations for tax years through 2015 have been effectively settled.

In the U.S., the Internal Revenue Service ("IRS") examinations for tax years through 2015 have been effectively settled.

In addition, VF is currently subject to examination by various state and international tax authorities.

2 unchanged sentences

Management believes that some of these audits and negotiations will conclude during the next 12 months.

During the nine months ended December 2024, the amount of net unrecognized tax benefits and associated interest decreased by $ 2.7 million to $ 300.1 million.

Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $ 120.8 million due to settlement of audits and expiration of statutes of limitations, of which $ 117.6 million would reduce income tax expense.

On July 4, 2025, the U.S.

signed into law the One Big Beautiful Bill Act, which included various provisions specific to

This legislation was signed into law subsequent to VF’s quarter end and its impact on VF is currently being evaluated.

During the three months ended June 2025, the amount of net unrecognized tax benefits and associated interest increased by $ 9.4 million to $ 335.0 million.

Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $ 137.4 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $ 134.3 million would reduce income tax expense.

NOTE 14 — REPORTABLE SEGMENT INFORMATION

VF's President and Chief Executive Officer, who is considered the Company's CODM, allocates resources and assesses performance based on a global brand view that represents VF's operating segments.

The operating segments have been evaluated and combined into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.

The Company's reportable segments have been identified as:

Outdoor, Active and Work.

Financial information for VF's reportable segments is as follows:

Three Months Ended December Nine Months Ended December

(In thousands) 2024 2023 2024 2023

Segment revenues:

Outdoor $ 1,851,146 $ 1,738,579 $ 4,300,017 $ 4,281,955

Active 766,307 819,307 2,449,972 2,735,214

Work 216,459 222,308 610,931 651,211

Total segment revenues $ 2,833,912 $ 2,780,194 $ 7,360,920 $ 7,668,380

VF's President and Chief Executive Officer is the Company's CODM.

The Company's individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments.

The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance.

In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland ® brand is managed and the CODM's key areas of focus.

VF began managing its Timberland ® and Timberland PRO ® brands as one operating segment during the first quarter of Fiscal 2026.

This operating segment has been aggregated with The North Face ® brand in the Outdoor reportable segment and the Vans ® , Kipling ® , Eastpak ® and JanSport ® brands have been aggregated

in the Active reportable segment.

This group includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands.

Results for the "All Other" category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets.

Reportable segment results for all prior periods have been recast to reflect the change in reportable segments.

These changes had no impact on previously reported consolidated results of operations.

Below is a description of VF's reportable segments and the brands included within each:

REPORTABLE SEGMENT BRANDS

Outdoor - Outdoor apparel, footwear and equipment

The North Face ®

Active - Active apparel, footwear and accessories

All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment.

"All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands.

The primary financial measures used by the CODM to assess performance and allocate resources to VF's segments are segment revenues and segment profit.

Segment profit comprises the operating income (loss) and other income (expense), net line items of each segment.

Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment.

Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense are not controlled by segment management and therefore are excluded from the measurement of segment profit.

Common costs such as information systems processing, retirement benefits and

insurance are allocated from corporate costs to the segments based on appropriate metrics such as usage or employment.

Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs.

Defined benefit pension plans in the U.S.

are centrally managed.

The current year service cost component of pension cost is allocated to the segments, while the remaining pension cost components are reported in corporate and other expenses.

VF Corporation Q1 FY26 Form 10-Q 18

Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories.

Segment assets included in the "All Other" category represent accounts receivable and inventory balances related to the brands included within the "All Other" category as noted above and segment assets included in the "Corporate and other"

category represent receivable balances primarily related to corporate activities, and both are provided for purposes of reconciliation as they are not considered reportable segments.

Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level.

Financial information for VF's segments is as follows:

Three Months Ended June 2025

(In thousands) Outdoor Active Total

Reportable segment revenues $ 812,466 $ 699,687 $ 1,512,153

"All Other" revenues 248,513

Total revenues 1,760,666

Cost of goods sold 386,077 298,769

Marketing expenses 71,591 53,117

Other SG&A expenses 398,553 291,280

Other segment items (a)

Segment profit (loss) ( 42,270 ) 56,838 14,568

Outdoor $ 400,593 $ 304,741 $ 604,592 $ 557,830

12,273 32,305 185,032 254,629

Work 13,521 ( 1,864 ) 39,257 13,482

Total segment profit 426,387 335,182 828,881 825,941

Impairment of goodwill and intangible assets ( 51,000 ) ( 257,096 ) ( 51,000 ) ( 257,096 )

Corporate and other expenses ( 104,560 )

Interest expense, net ( 41,120 )

"All Other" profit 4,519

Loss from continuing operations before income taxes $ ( 126,593 )

(a) For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses, which are reported in the other income (expense), net line item in the Consolidated Statement of Operations.

Three Months Ended June 2024

(In thousands) Outdoor Active Total

Reportable segment revenues $ 753,630 $ 776,734 $ 1,530,364

"All Other" revenues 238,696

Total revenues 1,769,060

Cost of goods sold 401,576 330,127

Marketing expenses 66,389 67,322

Other SG&A expenses 358,613 307,803

Other segment items (a)

Segment profit (loss) ( 72,887 ) 71,465 ( 1,422 )

Corporate and other expenses ( 115,519 )

Interest expense, net (b)

( 36,516 ) ( 49,096 ) ( 120,151 ) ( 125,783 )

Income (loss) from continuing operations before income taxes

$ 196,669 $ ( 111,334 ) $ 261,771 $ 126,843

(a) Includes legal settlement gains of $ 29.1 million in the three and nine months ended December 2023.

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totaled $ 31.1 million for the nine months ended December 2024, and $ 14.9 million and $ 44.2 million for the three and nine months ended December 2023, respectively, were reallocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

"All Other" loss ( 7,565 )

Loss from continuing operations before income taxes $ ( 165,453 )

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totaled $ 14.9 million for the three months ended June 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

19 VF Corporation Q1 FY26 Form 10-Q

NOTE 15 — EARNINGS (LOSS) PER SHARE

Three Months Ended December Nine Months Ended December

(In thousands) June 2025 March 2025 June 2024

Segment assets:

Outdoor $ 1,791,623 $ 1,552,908 $ 1,638,703

Active 983,790 860,128 936,596

All Other 522,127 507,223 527,813

Corporate and other 10,161 28,429 5,984

Total segment assets 3,307,701 2,948,688 3,109,096

Cash and cash equivalents 642,386 429,382 625,436

Property, plant and equipment, net 720,785 720,879 759,811

Goodwill and intangible assets, net 2,344,578 2,314,093 2,413,985

Operating lease right-of-use assets 1,319,142 1,262,319 1,260,903

Other assets 1,815,905 1,702,175 1,714,100

Assets of discontinued operations — — 1,658,032

Consolidated assets $ 10,150,497 $ 9,377,536 $ 11,541,363

Three Months Ended June

(In thousands) 2025 2024

Depreciation and amortization:

Outdoor $ 25,974 $ 24,388

Active 13,378 14,106

All Other 4,942 5,290

Corporate and other 20,068 20,841

$ 64,362 $ 64,625

NOTE 15 — NET LOSS PER SHARE

Three Months Ended June

(In thousands, except per share amounts) 2025 2024

Earnings (loss) per share – basic:

Income (loss) from continuing operations

Net loss per common share – basic:

Loss from continuing operations

$ ( 116,408 ) $ ( 152,027 )

1 unchanged sentence

390,024 388,741

Earnings (loss) per share from continuing operations

Net loss per common share from continuing operations

$ ( 0.30 ) $ ( 0.39 )

Earnings (loss) per share – diluted:

Income (loss) from continuing operations

Net loss per common share – diluted:

Loss from continuing operations

$ ( 116,408 ) $ ( 152,027 )

2 unchanged sentences

Incremental shares from stock options and other dilutive securities

4,690 — 2,434 —

Adjusted weighted average common shares outstanding

390,024 388,741

Earnings (loss) per share from continuing operations

Net loss per common share from continuing operations

$ ( 0.30 ) $ ( 0.39 )

Outstanding stock options and other potentially dilutive securities of approximately 9.0 million and 13.6 million shares were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2024 , respectively, because the effect of their inclusion would have been anti-dilutive to those periods.

In addition, 2.4 million and 1.9 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2024 , respectively, because these units were not considered to be contingent outstanding shares in those periods.

In the three and nine-month periods ended December 2023, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's loss from continuing operations for the periods and, as such, their inclusion would have been anti-dilutive.

As a result, a total of 19.2 million and 19.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted loss per share calculations for the three and nine-month periods ended December 2023, respectively.

In the three-month periods ended June 2025 and June 2024, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's loss from continuing operations for the periods and, as such, their inclusion would have been anti-dilutive.

result, a total of 29.0 million and 22.6 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted net loss per share calculations for the three-month periods ended June 2025 and June 2024, respectively.

VF Corporation Q1 FY26 Form 10-Q 20

NOTE 16 — FAIR VALUE MEASUREMENTS

8 unchanged sentences

These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

VF Corporation Q3 FY25 Form 10-Q 22

Recurring Fair Value Measurements

2 unchanged sentences

(In thousands) Level 1 Level 2 Level 3

December 2024

Financial assets:

19 unchanged sentences

Deferred compensation 75,046 — 75,046 —

(a) There w ere no transfers amon g the levels within the fair value hierarchy during the nine months ended December 2024 or the year ended March 2024.

Contingent consulting fees 23,900 — — 23,900

(a) There w er e no t ransfers amon g the levels within the fair value hierarchy during the three months ended June 2025 or the year ended March 2025.

The following table presents the change in fair value of the contingent consulting fees designated as Level 3:

(In thousands) Contingent Consulting Fees

Balance, September 2024 $ 13,563

Balance, March 2025 $ 23,900

Cash payments ( 20,000 )

Change in fair value ( 1,039 )

Balance, December 2024 $ 21,951

Balance, June 2025 $ 2,861

21 VF Corporation Q1 FY26 Form 10-Q

VF’s cash equivalents include money market funds and time deposits with maturities within three months of their purchase dates, that approximate fair value based on Level 1 measurements.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts (through their settlement in the three months ended December 2024), is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts (through their settlement in the three months ended December 2024), is d etermined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties.

VF’s deferred compensation assets primarily represent investments held within plan trusts as an economic hedge of the related deferred compensation liabilities.

These investments primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets.

Liabilities related to VF’s deferred compensation plans

are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

During the second quarter of Fiscal 2025, VF entered into a contract with a consulting firm to support Reinvent, VF's transformation program.

The contract includes contingent fees tied to increases in VF's stock price.

These fees are accounted for under Accounting Standards Codification Topic 718 — Stock Compensation ("ASC 718") as a liability award to a non-employee.

Accordingly, VF has utilized the Monte Carlo valuation model (Level 3) to estimate the fair value of the award at its inception, and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027.

Fees related to this contract could be up to $ 141.0 million, which includes $ 66.0 million of fixed fees and $ 75.0 million of contingent fees tied to increases in VF's stock price.

The contingent fees are accounted for under Accounting Standards Codification Topic 718 — Stock Compensation ("ASC 718") as a liability award to a non-employee.

Accordingly, VF has utilized the Monte Carlo valuation model (Level 3) to estimate the fair value of the award at its inception,

and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027.

Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the relevant service period.

The valuation includes the effects of market conditions that are based upon VF's stock price

23 VF Corporation Q3 FY25 Form 10-Q

performance relative to stock price targets and a minimum payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period.

As of December 2024, the total fair val ue of the contingent fees was $ 36.2 million, with $ 8.4 million and $ 22.0 million recognized in the three and nine months ended December 2024, respectively.

The valuation includes the effects of market conditions that are based upon VF's stock price performance relative to stock price targets and a minimum payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period.

During the three months ended June 2025, $ 20.0 million of contingent fees were paid to the consulting firm.

As of June 2025, the total fair val ue of the remaining contingent fees was $ 4.3 million , w ith ($ 1.0 ) million rec ognized in the three months ended June 2025.

All other significant financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value.

These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities.

At December 2024 and March 2024, their carrying values approximated their fair values.

Additionally, at December 2024 and March 2024, the carrying values of VF’s long-term debt, including the current portion, were $ 4,635.1 million and $ 5,703.0 million, respectively, compared with fair values of $ 4,315.2 million and $ 5,263.3 million at those respective dates.

Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

Nonrecurring Fair Value Measurements

Dickies Indefinite-Lived Intangible Asset Impairment Analysis

During the three months ended December 2024, management determined that the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated, was a triggering event that required management to perform a quantitative impairment analysis of the Dickies indefinite-lived trademark intangible asset.

The carrying value of the indefinite-lived trademark intangible asset at the November 23, 2024 testing date was $ 290.0 million.

As a result of the impairment testing performed, VF recorded an impairment charge of $ 51.0 million to write down the Dickies indefinite-lived trademark intangible asset to its estimated fair value.

The Dickies ® brand, acquired in 2017, sells authentic, functional, durable and affordable workwear and has expanded to include work-inspired, casual-use products.

Products are sold globally through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, VF-operated stores, on websites with strategic digital partners and online at www.dickies.com.

The Dickies ® brand is inc luded in the Work reportable segment.

The fair value of the Dickies indefinite-lived trademark intangible asset was estimated using valuation techniques consistent with those discussed in the Critical Accounting Policies and Estimates section included in Management's Discussion and Analysis in the Fiscal 2024 Form 10-K.

Management's revenue forecasts used in the Dickies indefinite-lived trademark intangible asset valuation considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Dickies indefinite-lived trademark intangible asset include:

• Revenue projections, including a base year that considered recent actual results lower than previous internal forecasts, continued weakness in certain key accounts and markets, slower recovery from the recent downturn, a return to moderate revenue growth by the end of the projection period that reflects the long-term strategy for the business, and a terminal growth rate based on the expected long-term growth rate of the business;

• Tax rates based on the statutory rates for the countries in which the related intellectual property is domiciled;

• A reduced royalty rate based on market data and current performance of the brand as well as active license agreements for the Dickies ® brand and similar VF brands;

• Market-based discount rates.

The valuation model used by management in the impairment testing assumes an extended recovery period from the recent downturn in the brand's operating results and a return to moderate revenue growth by the end of the projection period.

If the brand is unable to achieve the financial projections, royalty rates decrease, or if market-based discount rates increase, additional impairment of the indefinite-lived trademark intangible asset could occur in the future.

At June 2025 and March 2025, their carrying values approximated their fair values.

Additionally, at June 2025 and March 2025, the carrying values of VF’s long-term debt, including the current portio n, were $ 4,147.0 million and $ 3,966.2 million, respectively, compared with fair values of $ 3,680.1 million and $ 3,628.8 million at those respective dates.

Fair val ue for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

NOTE 17 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Financial Instruments

All of VF’s outstanding derivative financial instruments at December 2024 are foreign currency exchange forward contracts.

All of VF’s outstanding derivative financial instruments at June 2025 are foreign currency exchange forward contracts.

Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes.

The notional amounts of all outstanding foreign currency exchange forward contracts were $ 3.1 billion at December 2024, $ 3.1 billion at March 2024 and $ 3.0 billion at December 2023, consisting primarily of contracts hedging exposures to the euro,

British pound, Canadian dollar, Swiss franc, Mexican peso, Chinese renminbi, Polish zloty, Swedish krona, South Korean won, and Japanese yen.

The notional amounts of all outstanding foreign currency exchange forward contracts we re $ 3.2 billion at June 2025 and $ 3.1 billion at March 2025 and June 2024, consisting primarily of contracts hedging exposures to the euro, British pound,

Canadian dollar, Swiss franc, Chinese renminbi, Mexican peso, Polish zloty, Swedish krona, South Korean won and Japanese yen.

These derivative contracts have maturities up to 20 months.

1 unchanged sentence

The DDTL was prepaid on October 4, 2024.

The notional amount of VF's outstanding interest rate swap contracts was $ 500.0 million at March 2024 and December 2023.

VF Corporation Q3 FY25 Form 10-Q 24

The notional amount of VF's outstanding interest rate swap contracts was $ 500.0 million at June 2024.

The following table presents outstanding derivatives on an individual contract basis:

2 unchanged sentences

with Unrealized Losses

(In thousands) December 2024 March 2024 December 2023 December 2024 March 2024 December 2023

(In thousands) June 2025 March 2025 June 2024 June 2025 March 2025 June 2024

Derivatives Designated as Hedging Instruments:

6 unchanged sentences

$ 18,656 $ 34,371 $ 41,357 $ ( 130,029 ) $ ( 30,003 ) $ ( 27,578 )

VF Corporation Q1 FY26 Form 10-Q 22

VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements.

If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

December 2024 March 2024 December 2023

June 2025 March 2025 June 2024

(In thousands) Derivative

10 unchanged sentences

Derivatives are classified as current or noncurrent based on maturity dates, as follows:

(In thousands) December 2024 March 2024 December 2023

(In thousands) June 2025 March 2025 June 2024

Derivative Instruments Balance Sheet Location

7 unchanged sentences

The Company also used interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt, which was prepaid on October 4, 2024.

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows:

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Loss and Consolidated Statements of Operations are summarized as follows:

(In thousands) Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Three Months Ended December Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Nine Months Ended December

Three Months Ended June

Cash Flow Hedging Relationships 2025 2024

2 unchanged sentences

Total $ ( 131,290 ) $ 20,021

25 VF Corporation Q3 FY25 Form 10-Q

(In thousands) Gain (Loss) Reclassified from

Accumulated OCL into Net Income (Loss)

Three Months Ended December Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss)

Nine Months Ended December

Accumulated OCL into Net Loss

Three Months Ended June

Cash Flow Hedging Relationships Location of Gain (Loss) 2025 2024

Foreign exchange contracts Net revenues $ ( 9,580 ) $ ( 794 ) $ ( 21,762 ) $ ( 220 )

Foreign exchange contracts Revenues $ ( 1,971 ) $ ( 4,331 )

Foreign exchange contracts Cost of goods sold 15,034 ( 10,126 )

2 unchanged sentences

Interest rate contracts Interest expense 27 27

Interest rate contracts Income (loss) from discontinued operations, net of tax — 1,183 2,299 2,952

Interest rate contracts Loss from discontinued operations, net of tax — 1,165

Total $ 13,305 $ ( 13,729 )

1 unchanged sentence

VF uses foreign currency exchange contracts to manage foreign currency exchange risk on third-party and intercompany accounts receivable and payable, as well as third-party and intercompany borrowings and interest payments.

These contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets.

contracts are not designated as hedges, and are recorded at fair value in the Consolidated Balance Sheets.

Changes in the fair values of these instruments are recognized directly in earnings.

Gains or losses on these contracts largely offset the net transaction losses or gains on the related assets and liabilities.

23 VF Corporation Q1 FY26 Form 10-Q

In the case of derivative contracts executed on foreign currency exposures that are no longer probable of occurring, VF de-designates these hedges and the fair value changes of these instruments are also recognized directly in earnings.

During the nine months ended December 2023, certain derivative contracts were de-designated as the related hedged forecasted transactions were no longer deemed probable of occurring.

Accordingly, the Company reclassified amounts from accumulated OCL and recognized an $ 8.3 million loss in cost of goods sold during the nine months ended December 2023.

There were no material reclassifications in the other periods presented.

The impact of de-designated derivative contracts and changes in the fair value of derivative contracts not designated as hedges, recognized as gains or losses in VF's Consolidated Statements of Operations were not material for the three months ended June 2025 and June 2024.

Other Derivative Information

At December 2024, accumulated OCL included $ 38.9 million of pre-tax net deferred gains for foreign currency exchange

contracts that are expected to be reclassified to earnings during the next 12 months.

At June 2025, accumulated OCL included $ 50.9 million of pre-tax net deferred losses for foreign currency exchange contracts that are expected to be reclassified to earnings during the next 12 months.

The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

Net Investment Hedge

The Company has designated its euro-denominated fixed-rate notes, which represented € 2.0 billion in aggregate principal as of December 2024, as a net investment hedge of VF’s investment in certain foreign operations.

The Company has designated its euro-denominated fixed-rate notes, which represented € 2.0 billion in aggregate principal as of June 2025, as a net investment hedge of VF’s investment in certain foreign operations.

Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments.

During the three and nine-month periods ended December 2024, the Company recognized an after-tax gain of $ 108.6 million and $ 54.7 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction and an after-tax loss of $ 74.8 million and $ 19.3 million for the three and nine-month periods ended December 2023, respectively.

During the three-month period ended June 2025, the Company recognized an after-tax loss of $ 134.4 million in other comprehensive income (loss) related to the net investment hedge transaction and an after-tax gain of $ 10.8 million for the three-month period ended June 2024.

Any amounts deferred in accumulated OCL will remain until the hedged investment is sold or substantially liquidated.

3 unchanged sentences

On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential.

The Company currently estimates it will incur approximately $ 190.0 million to $ 210.0 million in restructuring charges in connection with Reinvent, and that substantially all actions will be completed by the end of Fiscal 2025.

Of the total estimated

charges, the Company anticipates that approximately 70 % will relate to severance and employee-related benefits and the remainder will primarily relate to asset impairments and write-downs.

All actions related to the program were substantially complete at the end of the first quarter of Fiscal 2026.

Of the total charges, 73 % related to severance and employee-related benefits and the

remainder primarily related to asset impairments and write-downs.

Cash payments are generally expected to be paid within one year of charges incurred.

During the nine months ended December 2024, $ 37.4 million of cash payments related to the Reinvent charges were made.

VF Corporation Q3 FY25 Form 10-Q 26

The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statement of Operations for the three and nine months ended December 2024 and 2023, and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended December Nine Months Ended December Cumulative Charges

During the three months ended June 2025, $ 22.5 million of cash payments related to the Reinvent charges were made.

The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statement of Operations for the three months ended June 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended June Cumulative Charges

(In thousands) 2025 2024

10 unchanged sentences

Total Reinvent Restructuring Charges $ 17,468 $ 13,594 $ 207,555

All restructuring charges related to Reinvent recognized in the three and nine months ended December 2024 and December 2023 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.

All restructuring charges related to Reinvent recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.

VF Corporation Q1 FY26 Form 10-Q 24

Other Restructuring Charges

Other Restructuring Charges are related to various approved initiatives.

The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statement of Operations for the three and nine months ended December 2024 and 2023 were as follows:

Three Months Ended December Nine Months Ended December

The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statement of Operations for the three months ended June 2025 and 2024 were as follows:

Three Months Ended June

(In thousands) 2025 2024

Type of Cost Location

Severance and employee-related benefits SG&A expenses $ — $ — $ — $ 676

Contract termination and other SG&A expenses $ — $ 437

Total Other Restructuring Charges $ — $ 437

Other Restructuring Charges by business segment were as follows:

Three Months Ended December Nine Months Ended December

(In thousands) 2024 2023 2024 2023

Outdoor $ — $ — $ — $ 242

Active — — — 434

Corporate and other — 435 591 889

Total $ — $ 435 $ 591 $ 1,565

27 VF Corporation Q3 FY25 Form 10-Q

All restructuring charges related to Other recognized in the three months ended June 2025 and 2024 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.

Consolidated Restructuring Charges

The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the nine-month period ended December 2024 was as follows:

The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the three-month period ended June 2025 was as follows:

(In thousands) Severance Other Total

4 unchanged sentences

Impact of foreign currency 805 — 805

Accrual at December 2024 $ 54,613 $ 337 $ 54,950

Of the $ 55.0 million total restructuring accrual at December 2024, $ 53.5 million is expected to be paid within the next 12 months and is classified within accrued liabilities.

Accrual at June 2025 $ 58,945 $ 337 $ 59,282

Of the $ 59.3 million total restructuring accrual at June 2025, $ 58.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities.

The remaining $ 0.4 million will be paid beyond the next 12 months and is classified within other liabilities.

1 unchanged sentence

NOTE 19 — SUBSEQUENT EVENT

On January 22, 2025, VF’s Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on March 20, 2025 to stockholders of record on March 10, 2025.

On July 22, 2025, VF’s Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on September 18, 2025 to stockholders of record on September 10, 2025.

25 VF Corporation Q1 FY26 Form 10-Q

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements