What changed in this filing

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Item 1. Financial Statements

2025-10-28 compared with 2025-07-30 · 430 added, 196 removed, 744 unchanged (46% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

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

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

Current assets

2 unchanged sentences

Accounts receivable, less allowance for doubtful accounts of:

June 2025 - $ 35,803 ;

September 2025 - $ 27,511 ;

March 2025 - $ 31,853 ;

June 2024 - $ 28,542

September 2024 - $ 35,674

1,881,598 1,321,663 1,820,197

2 unchanged sentences

425,753 408,028 472,595

Current assets held-for-sale

Current assets of discontinued operations

— — 1,590,984

Total current assets 5,118,868 3,786,098 6,458,858

7 unchanged sentences

1,393,221 1,294,147 1,265,320

Other assets of discontinued operations

— — 1,563,108

TOTAL ASSETS $ 10,644,124 $ 9,377,536 $ 12,219,638

9 unchanged sentences

1,541,115 1,355,788 1,486,706

Current liabilities held-for-sale

Current liabilities of discontinued operations

6 unchanged sentences

702,486 687,492 665,686

Other liabilities of discontinued operations

Total liabilities 9,166,269 7,890,177 10,813,271

3 unchanged sentences

shares authorized, 25,000,000 ;

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

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

Common Stock, stated value $ 0.25 ;

shares authorized, 1,200,000,000 ;

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

shares outstanding at September 2025 - 390,712,620 ;

March 2025 - 389,695,199 ;

June 2024 - 389,181,642

September 2024 - 389,283,419

97,678 97,424 97,321

11 unchanged sentences

Consolidated Statements of Operations

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands, except per share amounts) 2025 2024 2025 2024

7 unchanged sentences

2,490,086 2,484,045 4,337,361 4,376,125

Operating loss

Operating income

312,620 273,903 226,011 150,883

Interest income

3,408 3,678 5,926 7,073

Interest expense

2 unchanged sentences

1,870 ( 660 ) 3,006 ( 2,146 )

Loss from continuing operations before income taxes

Income from continuing operations before income taxes

268,281 230,555 141,688 65,102

Income tax benefit

Income tax expense

78,516 28,046 68,331 14,620

Loss from continuing operations

Income from continuing operations

189,765 202,509 73,357 50,482

1 unchanged sentence

— ( 150,331 ) — ( 257,190 )

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

Net loss per common share - basic

Net income (loss) $ 189,765 $ 52,178 $ 73,357 $ ( 206,708 )

Earnings (loss) per common share - basic

Continuing operations

1 unchanged sentence

Discontinued operations

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

Net loss per common share - diluted

— ( 0.39 ) — ( 0.66 )

Total earnings (loss) per common share - basic $ 0.49 $ 0.13 $ 0.19 $ ( 0.53 )

Earnings (loss) per common share - diluted

Continuing operations

1 unchanged sentence

Discontinued operations

Total net loss per common share - diluted

— ( 0.38 ) — ( 0.66 )

Total earnings (loss) per common share - diluted

$ 0.48 $ 0.13 $ 0.19 $ ( 0.53 )

Weighted average shares outstanding

4 unchanged sentences

VF CORPORATION

Consolidated Statements of Comprehensive Loss

Three Months Ended June

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

Net income (loss)

$ 189,765 $ 52,178 $ 73,357 $ ( 206,708 )

6 unchanged sentences

Defined benefit pension plans

Current period actuarial losses ( 1,174 ) — ( 1,174 ) —

Amortization of net deferred actuarial losses

4,874 5,051 9,745 10,097

Amortization of deferred prior service credits

( 158 ) ( 150 ) ( 311 ) ( 294 )

Reclassification of net actuarial loss from settlement charge

Reclassification of deferred prior service cost due to curtailments

— — ( 531 ) —

Income tax effect

11 unchanged sentences

13,383 ( 16,953 ) ( 46,301 ) ( 6,249 )

Comprehensive loss

Comprehensive income (loss)

$ 203,148 $ 35,225 $ 27,056 $ ( 212,957 )

3 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended June

Six Months Ended September

(In thousands) 2025 2024

OPERATING ACTIVITIES

Net income (loss)

$ 73,357 $ ( 206,708 )

1 unchanged sentence

— ( 257,190 )

Loss from continuing operations, net of tax

Income from continuing operations, net of tax

73,357 50,482

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

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

Depreciation and amortization

24 unchanged sentences

Cash provided by operating activities - discontinued operations

Cash provided (used) by operating activities

Cash used by operating activities

( 372,468 ) ( 281,771 )

12 unchanged sentences

FINANCING ACTIVITIES

Net increase (decrease) in short-term borrowings

Net increase in short-term borrowings

489,912 199,262

6 unchanged sentences

( 4,594 ) ( 2,689 )

Cash provided (used) by financing activities

Cash provided by financing activities

401,839 125,974

12 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended June

Six Months Ended September

(In thousands) 2025 2024

2 unchanged sentences

Other current assets 11,265 2,154

Current assets held-for-sale 5,000 —

Current and other assets of discontinued operations — 20,312

5 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended June 2025

Three Months Ended September 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

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

Net income (loss)

— — — — 189,765 189,765

9 unchanged sentences

— — — 17,709 — 17,709

Balance, September 2025 390,712,620 $ 97,678 $ 3,511,265 $ ( 1,024,041 ) $ ( 1,107,047 ) $ 1,477,855

Three Months Ended September 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

Three Months Ended June 2024

Net income (loss)

— — — — 52,178 52,178

Dividends on Common Stock ($ 0.09 per share)

— — ( 35,033 ) — — ( 35,033 )

Stock-based compensation, net

101,777 26 20,056 — ( 1,812 ) 18,270

Foreign currency translation and other

— — — 17,898 — 17,898

Defined benefit pension plans

— — — 3,614 — 3,614

Derivative financial instruments

— — — ( 38,465 ) — ( 38,465 )

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

Continued on next page.

See notes to consolidated financial statements.

VF Corporation Q2 FY26 Form 10-Q 8

VF CORPORATION

Consolidated Statements of Stockholders’ Equity

Six Months Ended September 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)

— — — — 73,357 73,357

9 unchanged sentences

— — — ( 102,674 ) — ( 102,674 )

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

Balance, September 2025 390,712,620 $ 97,678 $ 3,511,265 $ ( 1,024,041 ) $ ( 1,107,047 ) $ 1,477,855

Six Months Ended September 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

Net income (loss)

— — — — ( 206,708 ) ( 206,708 )

Dividends on Common Stock ($ 0.18 per share)

— — ( 70,048 ) — — ( 70,048 )

Stock-based compensation, net

447,200 112 35,175 — ( 4,280 ) 31,007

Foreign currency translation and other

— — — ( 1,555 ) — ( 1,555 )

Defined benefit pension plans

— — — 7,246 — 7,246

Derivative financial instruments

— — — ( 11,940 ) — ( 11,940 )

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

See notes to consolidated financial statements.

6 unchanged sentences

NOTE 3 Revenues

NOTE 4 Discontinued Operations

NOTE 4 Assets Held-for-Sale and Discontinued Operations

NOTE 5 Inventories

2 unchanged sentences

NOTE 8 Leases

NOTE 9 Short-term Borrowings

NOTE 10 Supply Chain Financing Program

4 unchanged sentences

NOTE 15 Reportable Segment Information

NOTE 15 Net Loss Per Share

NOTE 16 Earnings Per Share

NOTE 17 Fair Value Measurements

1 unchanged sentence

NOTE 19 Restructuring

NOTE 20 Contingencies

NOTE 21 Subsequent Event

3 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 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.

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

For presentation purposes herein, all references to periods ended September 2025 and September 2024 relate to the fiscal periods ended on September 27, 2025 and September 28, 2024, respectively.

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

Basis of Presentation

On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies ® brand business ("Dickies").

The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet.

Refer to Note 4 for additional information on the planned divestiture.

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.

11 unchanged sentences

Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale.

The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.

The related held-for-sale

assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale.

These changes have been applied to all periods presented.

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

Operating results for the three and six months ended September 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 due to risks and uncertainties, including the impact of the recently imposed reciprocal tariffs on foreign imports by the U.S.

Actual results may differ from those estimates due to risks and uncertainties, including the impact of the 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.

11 VF Corporation Q2 FY26 Form 10-Q

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS

2 unchanged sentences

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.

4 unchanged sentences

The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.

VF Corporation Q1 FY26 Form 10-Q 10

In November 2024, the FASB issued ASU No.

2024-03, " Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses" , which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis,

within the footnotes to the financial statements.

Disaggregation of Income Statement Expenses" , which is intended to enhance expense disclosures by requiring additional disaggregation of

certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements.

The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods.

1 unchanged sentence

The Company is evaluating the impact that adopting this guidance will have on VF's disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software" , which updates the accounting for internal-use software by replacing former stage-based rules with a principles-based framework.

Entities will now capitalize costs associated with internal-use software only when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the intended function.

The amendments are effective for interim and annual periods beginning in Fiscal 2029, with early adoption permitted.

The guidance can be applied using a prospective, retrospective or modified transition approach.

The Company is evaluating the impact that adopting this guidance will have on its consolidated financial statements and related disclosures.

NOTE 3 — REVENUES

1 unchanged sentence

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

(In thousands) June 2025 March 2025 June 2024

(In thousands) September 2025 March 2025 September 2024

Contract assets (a)

4 unchanged sentences

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

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.

For the three and six months ended September 2025, the Company recognized $ 47.3 million a nd $ 100.6 million, res pectively, 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 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.

As of September 2025, the Company expects to recognize $ 51.2 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and exp ects

such amounts to be recognized over time based on the contractual terms thro ugh 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 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.

As of September 2025, there were no arrange ments 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.

VF Corporation Q2 FY26 Form 10-Q 12

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 June 2025 (a)

Three Months Ended September 2025 (a)

(In thousands) Outdoor Active All Other (b)

9 unchanged sentences

Total $ 1,663,479 $ 760,750 $ 378,477 $ 2,802,706

Three Months Ended September 2024 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

Wholesale $ 1,136,994 $ 404,180 $ 286,622 $ 1,827,796

Direct-to-consumer 426,748 413,712 74,477 914,937

Royalty 2,980 6,644 5,591 15,215

Total $ 1,566,722 $ 824,536 $ 366,690 $ 2,757,948

Geographic revenues

Americas $ 664,416 $ 482,634 $ 208,808 $ 1,355,858

Europe 609,526 267,807 132,222 1,009,555

Asia-Pacific 292,780 74,095 25,660 392,535

Total $ 1,566,722 $ 824,536 $ 366,690 $ 2,757,948

Six Months Ended September 2025 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

Wholesale $ 1,661,937 $ 770,565 $ 468,951 $ 2,901,453

Direct-to-consumer 807,285 677,829 145,410 1,630,524

Royalty 6,723 12,043 12,629 31,395

Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372

Geographic revenues

Americas $ 1,068,447 $ 839,448 $ 373,195 $ 2,281,090

Europe 940,544 474,947 208,427 1,623,918

Asia-Pacific 466,954 146,042 45,368 658,364

Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372

13 VF Corporation Q2 FY26 Form 10-Q

Three Months Ended June 2024 (a)

Six Months Ended September 2024 (a)

(In thousands) Outdoor Active All Other (b)

9 unchanged sentences

Total $ 2,320,352 $ 1,601,270 $ 605,386 $ 4,527,008

(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.

(a) In the first quarter of Fiscal 2026 , VF realigned its reportable segments.

The three and six months ended September 2024 have been recast to reflect this change.

Refer to Note 15 for additional information regarding the Company's reportable segments.

1 unchanged sentence

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

NOTE 4 — DISCONTINUED OPERATIONS

NOTE 4 — ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS

The Company continuously assesses the composition of its portfolio to ensure it is aligned with its strategic objectives and positioned to maximize growth and return to shareholders.

Assets Held-for-Sale

On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell Dickies for $ 600.0 million in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.

The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet.

The Company determined that the planned sale of Dickies does not represent a strategic shift that will have a major effect on the Company's operations and financial results, and therefore does

not qualify for presentation as a discontinued operation.

The results of operations for Dickies are included within the "All Other" category in Note 15, Reportable Segment Information .

The carrying value of the assets and liabilities classified as held-for-sale is expected to be lower than the fair value, less estimated costs to sell.

Therefore, VF expects to record a pre-tax gain in the third quarter of Fiscal 2026 in connection with the closing of the transaction, subject to customary adjustment based on the terms of the agreement.

VF Corporation Q2 FY26 Form 10-Q 14

Summarized Held-for-Sale Financial Information

The following table presents the assets and liabilities of Dickies at September 2025:

(In thousands) September 2025

Cash and cash equivalents $ 5,000

Accounts receivable, net 104,972

Inventories 140,842

Other current assets 11,346

Property, plant and equipment, net 27,530

Intangible assets, net 244,503

Operating lease right-of-use assets 1,092

Other assets 1,222

Total assets held-for-sale $ 536,507

Current portion of long-term debt $ 1,027

Accounts payable 24,243

Accrued liabilities 30,584

Long-term debt 13,457

Operating lease liabilities 679

Other liabilities 510

Total liabilities held-for-sale $ 70,500

(a) The Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024, and accumulated impairment charges were $ 61.8 million.

Discontinued Operations

On July 16, 2024, VF entered into a Purchase Agreement with EssilorLuxottica S.A.

1 unchanged sentence

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

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

VF received proceeds of $ 1.506 billion, net of cash sold, resulting in a final after-tax loss on sale of $ 126.6 million, of which an estimated after-tax loss of $ 124.8 million was included in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and six months ended September 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 third quarter of Fiscal 2025.

4 unchanged sentences

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

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 .

The results of Supreme recorded in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations were losses of $ 150.3 million (including an after-tax estimated loss on sale of $ 124.8 million) and $ 257.2 million (including an after-tax estimated loss on sale of $ 124.8 million and goodwill and intangible asset impairment charges of $ 145.0 million) for the three and six months ended September 2024, respectively .

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.

As a result of the impairment testing performed, VF recorded impairment charges of $ 94.0 million and $ 51.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

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 transition services agreement, the Company provided 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.

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.

3 unchanged sentences

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

Three Months Ended September Six Months Ended September

(In thousands) 2025 (a)

2024 2025 (a)

Revenues $ — $ 101,253 $ — $ 239,494

3 unchanged sentences

Interest expense, net (b)

— ( 16,037 ) — ( 30,767 )

Other income (expense), net — 447 — ( 17 )

Loss from discontinued operations before income taxes — ( 6,725 ) — ( 138,792 )

Income tax benefit — ( 25,208 )

Estimated loss on the sale of discontinued operations before income taxes — ( 132,538 ) — ( 132,538 )

Total loss from discontinued operations before income taxes — ( 139,263 ) — ( 271,330 )

Income tax expense (benefit) — 11,068 — ( 14,140 )

Loss from discontinued operations, net of tax $ — $ ( 150,331 ) $ — $ ( 257,190 )

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

(a) There was no activity during the three and six months ended September 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

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

(In thousands) September 2024

Cash and cash equivalents $ 20,188

8 unchanged sentences

Deferred income tax assets (a)

Allowance to reduce assets to estimated fair value, less costs to sell ( 132,538 )

Total assets of discontinued operations $ 1,590,984

5 unchanged sentences

(a) Deferred income tax balances reflect VF’s consolidated netting by jurisdiction.

VF Corporation Q2 FY26 Form 10-Q 16

NOTE 5 — INVENTORIES

(In thousands) June 2025 March 2025 June 2024

(In thousands) September 2025 March 2025 September 2024

Finished products $ 1,815,846 $ 1,588,124 $ 2,046,494

2 unchanged sentences

Total inventories $ 1,855,895 $ 1,627,025 $ 2,082,918

13 VF Corporation Q1 FY26 Form 10-Q

NOTE 6 — INTANGIBLE ASSETS

June 2025 March 2025

September 2025 March 2025

(In thousands) Weighted

7 unchanged sentences

Intangible assets, net $ 1,475,845 $ 1,710,707

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

During the three months ended September 2025, the Company reclassified intangible assets of $ 244.5 million to assets held-for-sale related to the planned divestiture of Dickies.

Refer to Note 4 for additional information regarding the planned divestiture.

Amortization expense for the three and six months ended September 2025 was $ 3.1 million and $ 6.3 million, respectively.

Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2026 is $ 11.8 million, $ 10.6 million, $ 9.9 million, $ 9.0 million and $ 7.0 million, respectively.

4 unchanged sentences

Foreign currency translation 117 12,419 4,693 17,229

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

Balance, September 2025 $ 102,263 $ 340,868 $ 177,484 $ 620,615

(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.

Balances as of March 2025 have been retrospectively adjusted to reflect the reallocation.

Refer to Note 15 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 .

Accum ulated impairm ent charges for the Outdoor reportable segment were $ 730.2 million as of September 2025 and March 2025.

Accumulated impairment charges for the "All Other" category were $ 77.0 million and $ 138.8 million as of September 2025 and March 2025, respectively.

During the three months ended September 2025, a ccumulated goodwill impairment charges related to Dickies of $ 61.8 million, which were p reviously included in the "All Other" category, were reclassified to assets held-for-sale due to the planned divestiture of Dickies.

The Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024.

Refer to Note 4 for additional information regarding the planned divestiture.

No impai rment charges were recorded during the six months ended September 2025 .

17 VF Corporation Q2 FY26 Form 10-Q

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 a nd gain recognized from a sale leaseback transaction.

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

The components of lease cost were as follows:

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

Total lease cost $ 135,329 $ 134,805 $ 268,670 $ 257,663

During the three months ended June 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 three months ended June 2024.

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.

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

During the six months ended September 2025 and 2024, the Company paid $ 207.8 million and $ 211.8 million for operating leases, respectively.

During the six months ended September 2025 and 2024, the Company obtained $ 223.8 million and $ 227.9 million of right-of-use assets in exchange for lease liabilities, respectively.

NOTE 9 — SHORT-TERM BORROWINGS

ABL Credit Facility

On August 26, 2025, VF entered into a credit agreement that provides the Company with a $ 1.5 billion senior secured asset based revolving credit facility (the "ABL Credit Facility"), subject to a borrowing base that is composed of eligible credit card receivables, eligible wholesale receivables, eligible inventory and eligible in-transit inventory.

The ABL Credit Facility includes up to a $ 100.0 million letter of credit subfacility and a $ 100.0 million swing-line subfacility.

The ABL Credit Facility includes up to a $ 400.0 million subfacility for borrowings by borrowers formed in Switzerland and Germany, with the German sublimit capped at $ 75.0 million, subject to a borrowing base composed of eligible wholesale receivables, eligible inventory, and eligible in-transit inventory for the Swiss borrowings and composed of eligible wholesale receivables for the German borrowings.

The ABL Credit Facility has a stated maturity date of August 26, 2030 and replaces VF's previous $ 2.25 billion senior unsecured revolving line of credit, dated November 24, 2021 (as amended, the "Terminated Agreement").

The ABL Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the facility up to a maximum of $ 2.0 billion, subject to the terms and conditions of the credit agreement.

Borrowings under the ABL Credit Facility may be used (i) to refinance the Company’s existing indebtedness owed under the Terminated Agreement, (ii) to fund fees and expenses associated with the ABL Credit Facility, and (iii) for working capital and general corporate purposes.

Multicurrency borrowings are available under the credit agreement, including borrowings in U.S.

dollars, Canadian dollars, euros, sterling, and Swiss francs (subject to certain limitations as set forth in the credit agreement).

Borrowings under the credit agreement bear interest at a rate per annum based on the currency borrowed and borrowing type (swing loan, base rate loan or benchmark/term rate loan), plus the applicable margin (ranging from 0.50 % to 2.00 % based on borrowing type and average Global Excess Availability, as set forth in the credit agreement).

The applicable

margin is subject to a one-time permanent 0.25 % reduction if VF achieves a Leverage Ratio (as defined in the credit agreement) of less than 4.00 to 1.00 for any period of four consecutive fiscal quarter periods ending after the closing date.

In addition to paying interest on the outstanding principal, the Company is required to pay a commitment fee on the unutilized commitments under the ABL Credit Facility.

The commitment fee is between 0.25 % and 0.375 % depending on the usage of the ABL Credit Facility relative to the maximum principal amount.

VF is also required to pay letter of credit fees, as detailed in the credit agreement.

The ABL Credit Facility contains various customary affirmative and negative covenants, which include, among other things, required financial reporting, limitations on indebtedness and granting certain liens, restrictions on fundamental changes to the business, restrictions on disposal of assets, restrictions on changes to the nature of the business, restrictions on prepayment of certain indebtedness, restricted payment limitations, along with other restrictions and limitations similar to those typical for credit facilities of this type.

Certain actions restricted by the negative covenants are permitted so long as Payment Conditions, as defined in the credit agreement, are satisfied.

The ABL Credit Facility includes a financial covenant that requires VF to maintain a Fixed Charge Coverage Ratio of at least 1.00 to 1.00 for the 12 -month period ending on the last day of any applicable fiscal quarter.

However, the financial covenant only applies if at any time Global Excess Availability (as defined in the credit agreement) is less than the greater of (i) 10.0 % of the Global Line Cap (as defined in the credit agreement), and (ii) $ 100.0 million, and ceases to apply when Global Excess Availability has equaled or exceeded the greater of (i) 10.0 % of the Global Line Cap, and (ii) $ 100.0 million for 30 consecutive days.

As of September 2025, specified availability under the ABL Credit Facility exceeded the required threshold and, as a result, the financial covenant was not applicable.

VF Corporation Q2 FY26 Form 10-Q 18

The Company was in compliance with all applicable debt covenants as of September 2025.

As of September 2025, the Company had $ 491.3 million of outstanding borrowings under the ABL Credit Facility, with a weighted average interest rate of 5.4 %.

outstanding, unfunded letters of credit under the ABL Credit Facility were $ 0.6 million as of September 2025.

Availability under the ABL Credit Facility was $ 994.6 million as of September 2025, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.

NOTE 10 — SUPPLY CHAIN FINANCING PROGRAM

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.

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.

At September 2025, March

2025 and September 2024, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligatio ns of $ 696.6 million, $ 481.7 million and $ 804.9 million, respectively, due to suppliers that are eligible to participate in the SCF program.

NOTE 11 — PENSION PLANS

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

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

Expected return on plan assets ( 15,039 ) ( 15,334 ) ( 30,046 ) ( 30,630 )

Settlement charge 341 — 341 —

Curtailments — — ( 531 ) —

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Net periodic pension cost $ 3,789 $ 3,780 $ 6,629 $ 7,474

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.

VF has reported the service cost component of net periodic pension cost i n operating income 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 contributed $ 10.9 million to its defined benefit plans during the six months ended September 2025, and intends to make approximately $ 6.0 million of contributions during the remainder of Fiscal 2026.

VF recorded a $ 0.3 million settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2025.

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

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

VF recorded $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the six months ended September 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.

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

The termination of the plan was 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.

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NOTE 12 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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.

During the six months ended September 2025, the Comp any did no t purcha se 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 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).

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

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

19 VF Corporation Q2 FY26 Form 10-Q

Accumulated Other Comprehensive 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) June 2025 March 2025 June 2024

Comprehensive income (loss) c onsists of net income (loss) an d specified com ponents of other comprehensive income (loss), w hich relate to changes in assets and liabilities that are not included in ne t income (loss) u nder 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 Comprehensi ve Income (Loss).

T he deferred components o f other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive loss ("OCL") in sto ckholders’ equity, as follows:

(In thousands) September 2025 March 2025 September 2024

Foreign currency translation and other $ ( 770,855 ) $ ( 821,189 ) $ ( 869,994 )

2 unchanged sentences

Accumulated other comprehensive loss $ ( 1,024,041 ) $ ( 977,740 ) $ ( 1,070,580 )

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

Three Months Ended June 2025

The changes in accumulated OCL, net of rela ted taxes, were as follows:

Three Months Ended September 2025

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

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

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

Other comprehensive income (loss) before reclassifications

4 unchanged sentences

( 7,228 ) 2,902 17,709 13,383

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

Three Months Ended June 2024

Balance, September 2025 $ ( 770,855 ) $ ( 174,008 ) $ ( 79,178 ) $ ( 1,024,041 )

Three Months Ended September 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 )

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

Other comprehensive income (loss) before reclassifications

4 unchanged sentences

17,898 3,614 ( 38,465 ) ( 16,953 )

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

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

Six Months Ended September 2025

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

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

Other comprehensive income (loss) before reclassifications 50,334 ( 855 ) ( 91,133 ) ( 41,654 )

Amounts reclassified from accumulated other comprehensive loss — 6,894 ( 11,541 ) ( 4,647 )

Net other comprehensive income (loss) 50,334 6,039 ( 102,674 ) ( 46,301 )

Balance, September 2025 $ ( 770,855 ) $ ( 174,008 ) $ ( 79,178 ) $ ( 1,024,041 )

VF Corporation Q2 FY26 Form 10-Q 20

Six Months Ended September 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 loss before reclassifications ( 1,555 ) ( 36 ) ( 32,053 ) ( 33,644 )

Amounts reclassified from accumulated other comprehensive loss — 7,282 20,113 27,395

Net other comprehensive income (loss) ( 1,555 ) 7,246 ( 11,940 ) ( 6,249 )

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

Reclassifications out of accumulated OCL were as follows:

(In thousands) Three Months Ended June

(In thousands) Three Months Ended September Six Months Ended September

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

2025 2024 2025 2024

Amortization of defined benefit pension plans:

3 unchanged sentences

Other income (expense), net 158 150 311 294

Pension settlement charge

Other income (expense), net ( 341 ) — ( 341 ) —

Pension curtailment gains

4 unchanged sentences

1,290 1,261 2,350 2,521

( 3,767 ) ( 3,640 ) ( 6,894 ) ( 7,282 )

Gains (losses) on derivative financial instruments:

19 unchanged sentences

Incentive Equity Awards Granted

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.

During the three months ended September 2025, VF granted 516,605 performance-based restricted stock units ("RSUs") with a market condition to the Chief Executive Officer ("CEO") that enables him to receive shares of VF Common Stock at the end of a performance cycle that goes through Fiscal 2028.

Each performance-based RSU has a potential final payout of either zero or one share of VF Common Stock.

The number of shares earned by the CEO, if any, is based on achievement of an operating income percentage for Fiscal 2028 and a VF stock price target during the performance period.

The targets for both were set by the Talent and Compensation Committee of the Board of Directors.

Shares will be issued to the CEO following the conclusion of the performance period, subject to completion of a one-year holding period.

The grant date fair value of the

award incorporated achievement of the stock price target using a Monte Carlo simulation technique that incorporates option-pricing model inputs and was $ 5.10 per share.

The grant date fair value is being recognized over the service period so long as achievement of the operating income percentage target is probable.

During the six months ended September 2025, VF granted 1,474,178 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 number of units paid for the portion of the RSUs that vest on

21 VF Corporation Q2 FY26 Form 10-Q

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.

During the six months ended September 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 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.

In addition, VF granted 4,442,776 nonperformance-based RSUs to employees and executives during the six months ended September 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 14 — INCOME TAXES

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 %.

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.

The effective income tax rate for the six months ended September 2025 was 48.2 % compared t o 22.5 % in the 2024 period.

The six months ended September 2025 included a net discrete tax expense of $ 2.5 million, which was comprised primarily of a $ 5.6 million tax expense related to stock compensation and a $ 3.1 million net tax benefit related to unrecognized tax benefits and interest.

Excluding the $ 2.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 46.5 %.

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

The six months ended September 2024 included a net discrete tax benefit of $ 5.8 million, w hich was comprised primarily of a $ 9.5 million net tax benefit related to unrecognized tax benefits and interest an d a $ 5.3 million tax expense related to stock compensation.

Excluding the $ 5.8 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 31.4 %.

Without discrete items, the effective income tax rate for the six months ended September 2025 increased by 15.1 % compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.

VF files a consolidated U.S.

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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.

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

The legislation has multiple effective dates, with certain provisions effective in Fiscal 2026 and others implemented in subsequent years.

The Company has reflected the impact of the enacted provisions in its financial statements for the second quarter of Fiscal 2026, which were determined to be immaterial.

During the six months ended September 2025, the amount of net unrecognized tax benefits and associated intere st decreased by $ 3.3 million to $ 322.3 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 $ 139.4 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $ 136.2 million would reduce income tax expense.

NOTE 15 — REPORTABLE SEGMENT INFORMATION

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

VF's President and CEO 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.

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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 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.

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.

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

VF Corporation Q2 FY26 Form 10-Q 22

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

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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.

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 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.

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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.

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

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

Three Months Ended September 2025

(In thousands) Outdoor Active Total

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Other segment items (a)

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

Segment profit 300,740 65,748 366,488

Corporate and other expenses ( 95,672 )

1 unchanged sentence

"All Other" profit 43,674

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

Income from continuing operations before income taxes $ 268,281

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

23 VF Corporation Q2 FY26 Form 10-Q

Three Months Ended September 2024

(In thousands) Outdoor Active Total

6 unchanged sentences

Other segment items (a)

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

Segment profit 278,138 93,451 371,589

Corporate and other expenses ( 138,238 )

Interest expense, net (b)

"All Other" loss ( 7,565 )

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

"All Other" profit 39,892

Income from continuing operations before income taxes $ 230,555

(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.

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totale d $ 16.2 million fo r the three months ended September 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.

Six Months Ended September 2025

(In thousands) Outdoor Active Total

Reportable segment revenues $ 2,475,945 $ 1,460,437 $ 3,936,382

"All Other" revenues 626,990

Total revenues 4,563,372

Cost of goods sold 1,208,427 623,135

Marketing expenses 191,581 117,313

Other SG&A expenses 821,611 598,254

Other segment items (a)

Segment profit 258,470 122,586 381,056

Corporate and other expenses ( 200,232 )

Interest expense, net

"All Other" profit 48,193

Income from continuing operations before income taxes $ 141,688

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

VF Corporation Q2 FY26 Form 10-Q 24

(In thousands) June 2025 March 2025 June 2024

Six Months Ended September 2024

(In thousands) Outdoor Active Total

Reportable segment revenues $ 2,320,352 $ 1,601,270 $ 3,921,622

"All Other" revenues 605,386

Total revenues 4,527,008

Cost of goods sold 1,184,919 665,592

Marketing expenses 171,182 142,017

Other SG&A expenses 759,589 628,730

Other segment items (a)

Segment profit 205,251 164,916 370,167

Corporate and other expenses ( 253,757 )

Interest expense, net (b)

"All Other" profit 32,327

Income from continuing operations before income taxes $ 65,102

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totale d $ 31.1 million fo r the six months ended September 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.

(In thousands) September 2025 March 2025 September 2024

Segment assets:

9 unchanged sentences

Other assets 1,818,974 1,702,175 1,737,915

Assets held-for-sale 536,507 — —

Assets of discontinued operations — — 1,590,984

Consolidated assets $ 10,644,124 $ 9,377,536 $ 12,219,638

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

5 unchanged sentences

$ 69,802 $ 61,771 $ 134,164 $ 126,396

NOTE 15 — NET LOSS PER SHARE

Three Months Ended June

25 VF Corporation Q2 FY26 Form 10-Q

NOTE 16 — EARNINGS PER SHARE

Three Months Ended September Six Months Ended September

(In thousands, except per share amounts) 2025 2024 2025 2024

Net loss per common share – basic:

Loss from continuing operations

Earnings per share – basic:

Income from continuing operations

$ 189,765 $ 202,509 $ 73,357 $ 50,482

1 unchanged sentence

390,648 389,044 390,336 388,892

Net loss per common share from continuing operations

Earnings per share from continuing operations

$ 0.49 $ 0.52 $ 0.19 $ 0.13

Net loss per common share – diluted:

Loss from continuing operations

Earnings per share – diluted:

Income from continuing operations

$ 189,765 $ 202,509 $ 73,357 $ 50,482

2 unchanged sentences

Incremental shares from stock options and other dilutive securities

3,338 1,901 2,707 1,306

Adjusted weighted average common shares outstanding

393,986 390,945 393,043 390,198

Net loss per common share from continuing operations

Earnings per share from continuing operations

$ 0.48 $ 0.52 $ 0.19 $ 0.13

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

Outstanding stock options and other potentially dilutive securities of 15.6 million and 16.1 million shares were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2025, respectively, and 13.1 million and 15.9 million shares were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2024, respectively, because the effect of their inclusion would have been anti-dilutive to those periods.

In addition, 2.6 million and 2.3 million shares of performance-based RSUs and RSUs with a TSR component were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2025, respectively, and 2.4 million and 1.6 million shares were excluded from the calculations of diluted earnings per share for the three and six -month periods ended September 2024, respectively, because these units were not considered to be contingent outstanding shares in those periods.

NOTE 17 — 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 Q2 FY26 Form 10-Q 26

Recurring Fair Value Measurements

2 unchanged sentences

(In thousands) Level 1 Level 2 Level 3

September 2025

Financial assets:

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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, March 2025 $ 23,900

(a) There w ere no transfers amon g the levels within the fair value hierarchy during the six months ended September 2025 or the year ended March 2025.

The following table presents the activity related to the contingent consulting fees designated as Level 3:

(In thousands) Three Months Ended September 2025 Six Months Ended September 2025

Beginning Balance $ 2,861 $ 23,900

Cash payments — ( 20,000 )

Change in fair value 2,703 1,664

Balance, June 2025 $ 2,861

21 VF Corporation Q1 FY26 Form 10-Q

Ending Balance $ 5,564 $ 5,564

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.

1 unchanged sentence

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.

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.

2 unchanged sentences

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.

Accordingly, VF has utilized the Monte Carlo valuation model

27 VF Corporation Q2 FY26 Form 10-Q

(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 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.

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

As of September 2025, the total fair value of the remaining contingent fees wa s $ 6.7 million, with $ 2.7 million and $ 1.7 million recognized in the three and six months ende d September 2025, respectively.

As of September 2024, the total fair value of the remaining contingent fees was $ 30.7 million, with $ 13.6 million

recognized in both the three and six months ended September 2024.

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 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.

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

Additionally, at September 2025 and March 2025, t he carrying values of VF’s long-term debt, including the current portio n, wer e $ 4,128.1 million and $ 3,966.2 million, respectively, compared with fair values of $ 3,842.2 million and $ 3,628.8 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.

NOTE 18 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Financial Instruments

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

All of VF’s outstanding derivative financial instruments at September 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 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.

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

renminbi, Canadian dollar, Swiss franc, Mexican peso, Taiwan dollar, 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 June 2024.

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

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

2 unchanged sentences

with Unrealized Losses

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

(In thousands) September 2025 March 2025 September 2024 September 2025 March 2025 September 2024

Derivatives Designated as Hedging Instruments:

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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:

June 2025 March 2025 June 2024

September 2025 March 2025 September 2024

(In thousands) Derivative

10 unchanged sentences

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

(In thousands) June 2025 March 2025 June 2024

(In thousands) September 2025 March 2025 September 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 Loss and Consolidated Statements of Operations are summarized as follows:

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:

(In thousands) Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Three Months Ended June

Three Months Ended September Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Six Months Ended September

Cash Flow Hedging Relationships 2025 2024 2025 2024

2 unchanged sentences

Total $ 20,842 $ ( 54,435 ) $ ( 110,448 ) $ ( 34,414 )

(In thousands) Gain (Loss) Reclassified from

Accumulated OCL into Net Loss

Three Months Ended June

(In thousands) Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss)

Three Months Ended September

Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss)

Six Months Ended September

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

6 unchanged sentences

Total $ 533 $ ( 10,685 ) $ 13,838 $ ( 24,414 )

29 VF Corporation Q2 FY26 Form 10-Q

Derivative Contracts Not Designated as Hedges

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.

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

These 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.

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.

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

Other Derivative Information

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.

At September 2025, accumulated OCL incl uded $ 60.1 million of pre-tax net deferr ed losses for foreig n 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 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-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.

The Company has designated its euro-denominated fixed-rate notes, which represented € 2.0 billion in aggregate principal as of September 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 accumulate d OCL as an offset to the foreign currency translation adjustments on the hedged investments.

During the three and six-month periods ended September 2025, the Company recognized an after -tax gain of $ 4.3 million and an after-tax loss of $ 130.1 million, respectively, in other comprehensive income (loss) related to th e net investment hedge transaction and an after-ta x loss of $ 64.8 million and $ 54.0 million for the three and six-month periods ended September 2024, respectively.

Any amounts deferred in accumula ted OCL will re main until the hedged investment is sold or substantially liquidated.

NOTE 19 — RESTRUCTURING

6 unchanged sentences

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

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

During the six months ended September 2025, $ 49.9 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 Statements of Operations for the three and six months ended September 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended September Six Months Ended September Cumulative Charges

(In thousands) 2025 2024 2025 2024

10 unchanged sentences

Total Reinvent Restructuring Charges $ 4,101 $ 11,795 $ 21,569 $ 25,389 $ 211,656

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 Q2 FY26 Form 10-Q 30

All restructuring charges related to Reinvent recognized in the three and six months ended September 2025 and 2024 were reported within 'Corporate and other' expenses in Note 15, Reportable Segment Information.

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 months ended June 2025 and 2024 were as follows:

Three Months Ended June

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

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

Type of Cost Location

Severance and employee-related benefits SG&A expenses $ 788 $ — $ 788 $ —

Contract termination and other SG&A expenses — 154 — 591

Total Other Restructuring Charges $ 788 $ 154 $ 788 $ 591

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.

Other Restructuring Charges by reportable segment were as follows:

Three Months Ended September Six Months Ended September

(In thousands) 2025 2024 2025 2024

Active $ 331 $ — $ 331 $ —

Corporate and other 457 154 457 591

Total 788 154 788 591

Consolidated Restructuring Charges

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

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

(In thousands) Severance Other Total

4 unchanged sentences

Impact of foreign currency 737 — 737

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.

Accrual at September 2025 $ 36,058 $ — $ 36,058

The $ 36.1 million total restructuring accrual at September 2025, is expected to be paid within the next 12 months and is classified within accrued liabilities.

The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2025 or prior periods.

NOTE 20 — CONTINGENCIES

On September 12, 2025, a securities complaint was filed on behalf of a purported class in the U.S.

District Court for the District of Colorado against VF Corporation and certain members of management.

VF believes the allegations in the complaint are entirely without merit and VF will be vigorously defending against them.

At this time, the outcome of this matter remains uncertain.

NOTE 21 — SUBSEQUENT EVENT

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.

On October 27, 2025, VF's Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on December 18, 2025 to stockholders of record on December 10, 2025.

31 VF Corporation Q2 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