What changed in this filing

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Item 1. Financial Statements

2026-01-28 compared with 2025-10-28 · 334 added, 284 removed, 890 unchanged (41% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

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

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

Current assets

2 unchanged sentences

Accounts receivable, less allowance for doubtful accounts of:

September 2025 - $ 27,511 ;

December 2025 - $ 26,908 ;

March 2025 - $ 31,853 ;

September 2024 - $ 35,674

December 2024 - $ 34,678

1,415,884 1,321,663 1,343,286

2 unchanged sentences

441,059 408,028 514,301

Current assets held-for-sale

Current assets of discontinued operations

— — 1,590,984

Total current assets 4,982,112 3,786,098 5,021,480

18 unchanged sentences

1,604,003 1,355,788 1,455,786

Current liabilities held-for-sale

Current liabilities of discontinued operations

Total current liabilities 3,217,084 2,697,853 3,226,911

10 unchanged sentences

shares authorized, 25,000,000 ;

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

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

Common Stock, stated value $ 0.25 ;

shares authorized, 1,200,000,000 ;

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

shares outstanding at December 2025 - 391,080,149 ;

March 2025 - 389,695,199 ;

September 2024 - 389,283,419

December 2024 - 389,541,568

97,770 97,424 97,385

11 unchanged sentences

Consolidated Statements of Operations

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

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

5 unchanged sentences

1,308,571 1,318,397 3,494,006 3,513,749

Impairment of goodwill and intangible assets

30,716 51,000 30,716 51,000

Total costs and operating expenses

1 unchanged sentence

Operating income 289,054 225,777 515,065 376,660

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

Interest income

32 unchanged sentences

VF CORPORATION

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended September Six Months Ended September

Consolidated Statements of Comprehensiv e Income

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

5 unchanged sentences

21,865 ( 14,877 ) 28,191 ( 35,169 )

Reclassification of foreign currency translation losses

382 75,293 382 75,293

Income tax effect

6 unchanged sentences

( 159 ) ( 148 ) ( 470 ) ( 442 )

Reclassification of net actuarial loss from settlement charge

Reclassification of net actuarial loss from settlement charges

34,192 — 34,533 —

Reclassification of deferred prior service cost due to curtailments

4 unchanged sentences

Gains (losses) arising during the period ( 14,709 ) 104,729 ( 125,157 ) 70,315

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

Income tax effect

( 5,544 ) ( 16,661 ) 13,771 ( 14,300 )

Reclassification of net (gains) losses realized

Reclassification of net losses realized

16,844 5,372 3,006 29,786

3 unchanged sentences

22,755 119,095 ( 23,546 ) 112,846

Comprehensive income (loss)

Comprehensive income

$ 323,600 $ 286,875 $ 350,656 $ 73,918

3 unchanged sentences

Consolidated Statements of Cash Flows

Six Months Ended September

Nine Months Ended December

(In thousands) 2025 2024

6 unchanged sentences

374,202 219,591

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

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

Impairment of goodwill and intangible assets

30,716 51,000

Depreciation and amortization

6 unchanged sentences

Pension expense in excess of (less than) contributions

Gain on sale of business

( 139,068 ) —

13 unchanged sentences

( 28,103 ) 30,356

Cash used by operating activities - continuing operations

Cash provided by operating activities - continuing operations

637,968 609,545

Cash provided by operating activities - discontinued operations

Cash used by operating activities

Cash provided by operating activities

637,968 636,292

INVESTING ACTIVITIES

Proceeds from sale of businesses, net of cash sold

600,524 1,485,951

Proceeds from sale of assets

4 unchanged sentences

( 19,138 ) ( 30,026 )

Cash used by investing activities - continuing operations

Cash provided by investing activities - continuing operations

457,667 1,450,486

Cash used by investing activities - discontinued operations

Cash used by investing activities

Cash provided by investing activities

457,667 1,446,073

FINANCING ACTIVITIES

Net increase in short-term borrowings

Net decrease in short-term borrowings

( 1,938 ) ( 251,131 )

6 unchanged sentences

( 5,142 ) ( 2,628 )

Cash provided by financing activities

Cash used by financing activities

( 125,852 ) ( 1,359,682 )

12 unchanged sentences

Consolidated Statements of Cash Flows

Six Months Ended September

Nine Months Ended December

(In thousands) 2025 2024

2 unchanged sentences

Other current assets 13,089 1,933

Current assets held-for-sale 5,000 —

Current and other assets of discontinued operations — 20,312

Other assets 124 —

Total cash, cash equivalents and restricted cash $ 1,479,558 $ 1,371,309

3 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended September 2025

Three Months Ended December 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

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

Net income (loss)

10 unchanged sentences

— — — 2,940 — 2,940

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

Balance, December 2025 391,080,149 $ 97,770 $ 3,496,180 $ ( 1,001,286 ) $ ( 808,221 ) $ 1,784,443

Three Months Ended December 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

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

Net income (loss)

10 unchanged sentences

— — — 92,581 — 92,581

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

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

Continued on next page.

3 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Six Months Ended September 2025

Nine Months Ended December 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

13 unchanged sentences

— — — ( 99,734 ) — ( 99,734 )

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

Balance, December 2025 391,080,149 $ 97,770 $ 3,496,180 $ ( 1,001,286 ) $ ( 808,221 ) $ 1,784,443

Nine Months Ended December 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

13 unchanged sentences

— — — 80,641 — 80,641

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

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

See notes to consolidated financial statements.

6 unchanged sentences

NOTE 3 Revenues

NOTE 4 Assets Held-for-Sale and Discontinued Operations

NOTE 4 Divestiture and Discontinued Operations

NOTE 5 Inventories

14 unchanged sentences

NOTE 20 Contingencies

NOTE 21 Subsequent Event

NOTE 21 Subsequent Events

VF Corporation Q3 FY26 Form 10-Q 10

2 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 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.

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

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

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

1 unchanged sentence

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.

On November 12, 2025, VF completed the sale of Dickies.

Refer to Note 4 for additional information on the 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.

2 unchanged sentences

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.

This group includes the following brands:

Dickies ® (through the date of sale), Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

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.

5 unchanged sentences

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

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.

Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Financial Statements, 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 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.

Operating results for the three and nine months ended December 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”).

14 unchanged sentences

The amendments are required to be applied on a prospective basis;

however, retrospective application is permitted.

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

however, retrospective application is permitt ed.

Adopting this guidance is expected to expand VF's income tax disclosures.

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):

In September 2025, the FASB issued ASU No.

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.

2 unchanged sentences

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.

In November 2025, the FASB issued ASU No.

2025-09, “Derivatives and Hedging (To pic 815):

Hedge Accounting Improvements ” , which amends certain aspects of hedge accounting rules to more closely align with the economic results of risk management activities in the financial statements.

The amendments are effective for interim and annual periods beginning i n Fiscal 2028, with early adoption permitted.

The amendments are required to be applied on a prospective basis.

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

In December 2025, the FASB issued ASU No.

2025-10, “Government Grants (Topic 832) :

Accounting for Government Grants Received by Business Entities ” , an update that establishes authoritative guidance on the accounting for government grants received by business entities.

The guidance is effective for interim and annual periods beginning in Fiscal 2030, with early adoption permitted.

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

In December 2025, the FASB issued ASU No.

2025-11, “Interim Reporting (Topic 270) :

Narrow-Scope Improvements” , which is intended to clarify interim disclosure requirements and the applicability of Accounting Standards Codification Topic 270 — Interim Reporting .

The guidance is effective for interim periods beginning in Fiscal 2029, with early adoption permitted.

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

In December 2025, the FASB issued ASU No.

2025-12, “Codification Improvements” , which represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements.

The amendments make the Codification easier to understand and apply.

The amendments are effective for interim and annual periods beginning in Fiscal 2028, with early adoption permitted, but the Company does not expect the adoption of this guidance to have a material impact on its financial statements and related disclosures.

NOTE 3 — REVENUES

1 unchanged sentence

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

(In thousands) September 2025 March 2025 September 2024

(In thousands) December 2025 March 2025 December 2024

Contract assets (a)

4 unchanged sentences

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

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.

For the three and nine months ended December 2025, the Company recognized $ 41.6 million and $ 142.2 million, res pectively, of revenue, which, for the nine months ended December 2025 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.

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.

VF Corporation Q3 FY26 Form 10-Q 12

Performance Obligations

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.

As of December 2025, the Company expects to recognize $ 10.5 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 December 2028.

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 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

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 2025, there were no arrangements 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 September 2025 (a)

Three Months Ended December 2025 (a)

(In thousands) Outdoor Active All Other (b)

9 unchanged sentences

Total $ 1,926,008 $ 671,835 $ 277,958 $ 2,875,801

Three Months Ended September 2024 (a)

Three Months Ended December 2024 (a)

(In thousands) Outdoor Active All Other (b)

9 unchanged sentences

Total $ 1,780,276 $ 716,549 $ 337,087 $ 2,833,912

Six Months Ended September 2025 (a)

13 VF Corporation Q3 FY26 Form 10-Q

Nine Months Ended December 2025 (a)

(In thousands) Outdoor Active All Other (b)

9 unchanged sentences

Total $ 4,401,953 $ 2,132,272 $ 904,948 $ 7,439,173

13 VF Corporation Q2 FY26 Form 10-Q

Six Months Ended September 2024 (a)

Nine Months Ended December 2024 (a)

(In thousands) Outdoor Active All Other (b)

10 unchanged sentences

(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.

The three and nine months ended December 2024 have been recast to reflect this change.

Refer to Note 15 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 — ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS

“All Other” includes the following brands:

Dickies ® (through the date of sale), Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

NOTE 4 — DIVESTITURE 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.

On November 12, 2025, VF completed the sale of Dickies.

VF received proceeds of $ 600.5 million, net of cash sold and subject to post closing adjustments, and recorded an estimated pre-tax gain of $ 139.1 million, which is included in the other income (expense), net line item in the Consolidated Statements of Operations for both the three and nine months ended December 2025.

The estimated gain is subject to working capital and other customary adjustments, which we expect to be finalized within 180 days of the sale.

The Company determined that the sale of Dickies did not represent a strategic shift that would have a major effect on the Company's operations and financial results, and therefore did not qualify for presentation as a discontinued operation.

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

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

VF Corporation Q3 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

2 unchanged sentences

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, 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 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 $ 127.5 million was included in the 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 loss from discontinued operations, net of tax line item in the Consolidated Statement 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 third quarter of Fiscal 2025.

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

Accordingly, the Company 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.

Accordingly, the Company has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Financial Statements, through the date of sale.

These changes have been applied to all periods presented.

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 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 .

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 $ 1.3 million (including a $ 2.7 million increase to the estimated after-tax loss on sale) and $ 258.5 million (including an after-tax estimated 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 .

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.

3 unchanged sentences

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.

15 VF Corporation Q2 FY26 Form 10-Q

Summarized Discontinued Operations Financial Information

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 September Six Months Ended September

Three Months Ended December Nine Months Ended December

(In thousands) 2025 (a)

7 unchanged sentences

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

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

Income (loss) from discontinued operations before income taxes — 2,021 — ( 136,771 )

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

2 unchanged sentences

Loss from discontinued operations, net of tax $ — $ ( 1,329 ) $ — $ ( 258,519 )

(a) There was no activity during the three and six months ended September 2025 .

(a) There was no activity during the three and nine months ended December 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 September 2024 .

(In thousands) September 2024

Cash and cash equivalents $ 20,188

Accounts receivable, net 13,066

Inventories 89,779

Other current assets 18,910

Property, plant and equipment, net 36,166

Intangible assets, net 801,000

Goodwill 724,800

Operating lease right-of-use assets 86,465

Other assets 19,157

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

Accounts payable $ 27,665

Accrued liabilities 38,872

Operating lease liabilities 78,723

Other liabilities 2,531

Total liabilities of discontinued operations $ 147,791

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

15 VF Corporation Q3 FY26 Form 10-Q

NOTE 5 — INVENTORIES

(In thousands) September 2025 March 2025 September 2024

(In thousands) December 2025 March 2025 December 2024

Finished products $ 1,618,836 $ 1,588,124 $ 1,756,117

3 unchanged sentences

NOTE 6 — INTANGIBLE ASSETS

September 2025 March 2025

December 2025 March 2025

(In thousands) Weighted

7 unchanged sentences

Intangible assets, net $ 1,474,532 $ 1,710,707

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.

During the three months ended December 2025, the Company completed the sale of Dickies, at which time intangible assets of $ 243.8 million were removed from the Consolidated Balance Sheet.

Refer to Note 4 for additional information regarding the divestiture.

Amortization expense for the three and nine months ended December 2025 was $ 2.9 million and $ 9.2 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 $ 11.9 million, $ 10.6 million, $ 9.9 million, $ 9.0 million and $ 7.0 million, respectively.

3 unchanged sentences

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

Impairment charge — — ( 30,716 ) ( 30,716 )

Foreign currency translation 237 13,731 5,108 19,076

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

Balance, December 2025 $ 102,383 $ 342,180 $ 147,183 $ 591,746

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

During the three months ended December 2025, VF performed an interim impairment analysis of the Napapijri reporting unit and recorded an impairment charge of $ 30.7 million.

The Napapijri reporting unit is part of the “All Other” category.

Refer to Note 17 for additional information on fair value measurements.

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.

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

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 .

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

Accumulated impairment charges for the “All Other” category were $ 107.7 million and $ 138.8 million as of December 2025 and March 2025, respectively.

During the three months ended December 2025, the Company completed the sale of Dickies.

Th e Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024 and was previously included in the “All Other” category.

Accumulated impairment charges related to the Dickies reporting unit were $ 61.8 million.

Refer to Note 4 for additional information regarding the divestiture.

VF Corporation Q3 FY26 Form 10-Q 16

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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 gains recognized from sale leaseback transactions.

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

The components of lease cost were as follows:

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

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Total lease cost $ 151,610 $ 146,443 $ 420,280 $ 404,106

During the six months ended September 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 six months ended September 2024.

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.

During the three and nine months ended December 2025, the Company recorded $ 4.5 million of impairment charges in the selling, general and administrative (“SG&A”) expenses line item in VF's Consolidated Statements of Operations for impairments of right-of-use assets related to Dickies that were not included in the divestiture.

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 SG&A expenses line item in VF's Consolidated Statement of Operations for the nine months ended December 2024 .

During the nine months ended December 2025 and 2024, the Company paid $ 310.4 million and $ 314.5 million for operating leases, respectively.

During the nine months ended December 2025 and 2024, the Company obtained $ 332.6 million and $ 307.8 million of right-of-use assets in exchange for lease liabilities, respectively.

NOTE 9 — SHORT-TERM BORROWINGS

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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.

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.

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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.

17 VF Corporation Q3 FY26 Form 10-Q

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.

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

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

As of December 2025, the Company had no outstanding borrowings under the ABL Credit Facility.

Reserves for outstanding, unfunded letters of credit under the ABL Credit Facility were $ 0.3 million as of December 2025.

Availability under the ABL Credit Facility was $ 972.3 million as of December 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 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.

At December 2025, March

2025 and December 2024, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligatio ns of $ 690.1 million, $ 481.7 million and $ 661.4 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 September Six Months Ended September

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

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Expected return on plan assets ( 15,029 ) ( 15,320 ) ( 45,075 ) ( 45,950 )

Settlement charge 341 — 341 —

Settlement charges 34,192 — 34,533 —

Curtailments — ( 638 ) ( 531 ) ( 638 )

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Net periodic pension cost $ 37,768 $ 3,118 $ 44,397 $ 10,592

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.

VF has reported the service cost component of net periodic pension cost in operating income and 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 $ 14.0 million to its defined benefit plans during the nine months ended December 2025, and intends to make approximately $ 4.8 million of contributions during the remainder of Fiscal 2026.

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

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

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

As of December 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 currently estimates total non-cash settlement charges to be between $ 200.0 and $ 300.0 million in Fiscal 2026, which is inclusive of the non-cash settlement charge recorded in the third quarter of Fiscal 2026, as described below.

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.

In conjunction with the termination of the U.S.

qualified plan, VF offered participants the option to elect lump-sum payouts in exchange for future benefit obligations.

VF recorded a $ 34.0

million non-cash settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations during the three and nine months ended December 2025 to recognize the related deferred actuarial losses in accumulated other comprehensive loss ( “ OCL ” ) resulting from lump-sum payments of retirement benefits.

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

The discount rate used to determine the pension obligation as of December 2025 was 5.32 %.

Additionally, VF recorded $ 0.2 million and $ 0.5 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2025, 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 $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025 and $ 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.

The curtailment gains were related to employee exits from an international plan resulting from restructuring actions.

VF Corporation Q3 FY26 Form 10-Q 18

NOTE 12 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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.

During the nine months ended December 2025, the Comp any d i d 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 September 2025, March 2025 or September 2024.

There were no shares held in treasury at the end of December 2025, March 2025 or December 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 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

Comprehensi ve income cons ists of net income (loss) an d specified com ponents of other comprehensive income (loss), wh ich 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 comprehensi ve income is presented in the Consolidated Statements of Comprehensiv e Income.

Th e deferred components o f other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in sto ckholders’ equity, as follows:

(In thousands) December 2025 March 2025 December 2024

Foreign currency translation and other $ ( 746,238 ) $ ( 821,189 ) $ ( 846,574 )

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Accumulated other comprehensive loss $ ( 1,001,286 ) $ ( 977,740 ) $ ( 951,485 )

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

Three Months Ended September 2025

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

Three Months Ended December 2025

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

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

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

Other comprehensive income (loss) before reclassifications

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24,617 ( 4,802 ) 2,940 22,755

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

Three Months Ended September 2024

Balance, December 2025 $ ( 746,238 ) $ ( 178,810 ) $ ( 76,238 ) $ ( 1,001,286 )

Three Months Ended December 2024

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

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

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

Other comprehensive income (loss) before reclassifications

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

Net other comprehensive income (loss)

Net other comprehensive income

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

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

Six Months Ended September 2025

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

19 VF Corporation Q3 FY26 Form 10-Q

Nine Months Ended December 2025

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

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Net other comprehensive income (loss) 74,951 1,237 ( 99,734 ) ( 23,546 )

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

Balance, December 2025 $ ( 746,238 ) $ ( 178,810 ) $ ( 76,238 ) $ ( 1,001,286 )

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 loss before reclassifications ( 1,555 ) ( 36 ) ( 32,053 ) ( 33,644 )

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 (loss) ( 1,555 ) 7,246 ( 11,940 ) ( 6,249 )

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

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 FY26 Form 10-Q 20

Reclassifications out of accumulated OCL were as follows:

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

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

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

2025 2024 2025 2024

Losses on foreign currency translation and other:

Sale of Dickies

Other income (expense), net $ ( 382 ) $ — $ ( 382 ) $ —

Sale of Supreme

Loss from discontinued operations, net of tax (a)

— ( 75,293 ) — ( 75,293 )

Total before tax

( 382 ) ( 75,293 ) ( 382 ) ( 75,293 )

Income tax effect

( 382 ) ( 75,293 ) ( 382 ) ( 75,293 )

Amortization of defined benefit pension plans:

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Other income (expense), net 159 148 470 442

Pension settlement charge

Pension settlement charges

Other income (expense), net ( 34,192 ) — ( 34,533 ) —

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Total reclassifications for the period, net of tax $ ( 52,568 ) $ ( 82,999 ) $ ( 47,921 ) $ ( 110,394 )

(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 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.

NOTE 13 — STOCK-BASED COMPENSATION

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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 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.

During the nine months ended December 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 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

21 VF Corporation Q3 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.

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 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.

During the nine months ended December 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 4,442,776 nonperformance-based RSUs to employees and executives during the six months ended September 2025.

In addition, VF granted 4,578,394 nonperformance-based RSUs to employees and executives during the nine months ended December 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.

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NOTE 14 — INCOME TAXES

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.

The effective income tax rate for the nine months ended December 2025 was 25.8 % compared to 16.1 % in the 2024 period.

The nine months ended December 2025 included a net discrete tax expense of $ 4.0 million, which was comprised primarily of a $ 7.3 million tax expense related to stock compensation and a $ 4.2 million net tax benefit related to unrecognized tax benefits and interest.

Excluding the $ 4.0 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 25.0 %.

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.

The nine months ended December 2024 included a net discrete tax benefit of $ 1.9 million, w hich 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 %.

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.

Without discrete items, the effective income tax rate for the nine months ended December 2025 increased by 8.2 % compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.

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 Internal Revenue Service ("IRS") examinations for tax years through 2015 have been effectively settled.

In the U.S., the Internal Revenue Service 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.

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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 busin esses.

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

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.

The Company has reflected the impact of the enacted provisions in its financial statements for the nine months ended December 2025 , which were determined to be immaterial.

During the nine months ended December 2025, the amount of net unrecognized tax benefits and associated interest decreased by $ 6.6 million to $ 319.0 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 $ 176.2 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $ 169.0 million would reduce income tax expense.

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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.

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 following brands:

Dickies ® (through the date of sale), Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

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.

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

The results of Dickies have been included in the “All Other” category through the November 12, 2025 date of sale.

VF Corporation Q3 FY26 Form 10-Q 22

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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.

“All Other” includes the following brands:

Dickies ® (thro ugh the date of sale) , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

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

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Financial information for VF's segments is as follows:

Three Months Ended September 2025

Three Months Ended December 2025

(In thousands) Outdoor Active Total

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Other segment items (a)

Segment profit 300,740 65,748 366,488

Corporate and other expenses ( 95,672 )

Segment profit (loss) 407,726 ( 4,622 ) 403,104

Impairment of goodwill ( 30,716 )

Corporate and other income (expenses) (b)

Interest expense, net ( 34,611 )

1 unchanged sentence

Income from continuing operations before income taxes $ 362,859

(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.

(a) For each reportable segment, 'Other segment items' include 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.

23 VF Corporation Q3 FY26 Form 10-Q

Three Months Ended September 2024

(b) An estimated pre-tax gain on the sale of Dickies of $ 139.1 million was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025 .

Refer to Note 4 for additional information regarding the divestiture.

In addition, a pension settlement charge of $ 34.0 million related to the termination of the U.S.

qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended December 2025 .

Refer to Note 11 for additional information regarding the settlement charge.

Three Months Ended December 2024

(In thousands) Outdoor Active Total

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Segment profit 389,155 6,668 395,823

Impairment of intangible assets ( 51,000 )

Corporate and other expenses ( 142,202 )

Interest expense, net (b)

Interest expense, net ( 36,516 )

“All Other” profit

Income from continuing operations before income taxes $ 196,669

(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.

(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

Nine Months Ended December 2025

(In thousands) Outdoor Active Total

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Segment profit 666,196 117,964 784,160

Corporate and other expenses ( 200,232 )

Impairment of goodwill ( 30,716 )

Corporate and other expenses (b)

Interest expense, net

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Income from continuing operations before income taxes $ 504,547

(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.

Refer to Note 4 for additional information regarding the divestiture.

In addition, a pension settlement charge of $ 34.0 million related to the termination of the U.S.

qualified plan was recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025 .

Refer to Note 11 for additional information regarding the settlement charge.

VF Corporation Q3 FY26 Form 10-Q 24

Six Months Ended September 2024

Nine Months Ended December 2024

(In thousands) Outdoor Active Total

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Segment profit 594,406 171,584 765,990

Impairment of intangible assets ( 51,000 )

Corporate and other expenses ( 395,959 )

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Income from continuing operations before income taxes $ 261,771

(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.

(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

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

(b) Interest expense and the related interest rate swap im pact for the DDTL, wh ich totaled $ 31.1 million for the nine months ended December 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) December 2025 March 2025 December 2024

Segment assets:

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Other assets 1,772,387 1,702,175 1,719,036

Assets held-for-sale 536,507 — —

Assets of discontinued operations — — 1,590,984

Consolidated assets $ 10,431,629 $ 9,377,536 $ 10,554,222

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

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NOTE 16 — EARNINGS PER SHARE

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

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

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$ 0.76 $ 0.43 $ 0.95 $ 0.56

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.

Outstanding stock options and other potentially dilutive securities of 9.1 million and 13.8 million shares were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2025, respectively, and 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 additio n, 2.2 million and 2.3 million sh ares of performance-based RSUs and RSUs with a TSR component were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2025, respectively, and 2.4 million and 1.9 million shares 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.

NOTE 17 — FAIR VALUE MEASUREMENTS

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(In thousands) Level 1 Level 2 Level 3

September 2025

December 2025

Financial assets:

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Contingent consulting fees 23,900 — — 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.

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

(In thousands) Three Months Ended December 2025 Nine Months Ended December 2025

Beginning Balance $ 5,564 $ 23,900

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

Fees related to this contract could be up to $ 146.0 million, which includes $ 71.0 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.

Fees related to this contract could be up t o $ 146.0 million, which includes $ 71.0 million of fixed fees and $ 75.0 million of conti ngent fees tied to increases in VF's stock price.

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

Accordingly, VF has utilized the Monte Carlo valuation model

1 unchanged sentence

(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.

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, which concluded in the third quarter of Fiscal 2026.

Accordingly, future changes in fair value will be recognized immediately in the SG&A expenses line item in the Consolidated Statements of Operations.

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 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.

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

As of December 2025, the total fair value of the remaining contingent fees was $ 10.6 million, with $ 5.0 million and $ 6.7 million recognized in the three and nine months ended December 2025, respectively.

As of December 2024, the total fair value of the remaining 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.

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 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.

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

Additionally, at December 2025 and March 2025, the carrying values of VF’s long-term debt, including the current portion, were $ 4,145.1 million and $ 3,966.2 million, respectively, compared with fair values of $ 3,901.8 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.

Nonrecurring Fair Value Measurements

Napapijri Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

During the three months ended December 2025, management determined that a recent downward revision in the Napapijri forward-looking financial projections was a triggering event that required management to perform a quantitative impairment analysis of both the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset.

Recent leadership changes within the brand have resulted in strategic actions that are projected to deliver short- to medium-term revenue and profit reductions to support long-term growth of the brand.

The carrying values of the goodwill and indefinite-lived trademark intangible asset at the September 28, 2025 testing date were $ 62.3 million and $ 32.4 million, respectively.

As a result of the impairment testing performed, VF recorded a goodwill impairment charge of $ 30.7 million in the Consolidated Statements of Operations for the three and nine months ended December 2025 to write down the Napapijri reporting unit carrying value to its estimated fair value.

Based on the analysis, management concluded that the indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount.

The Napapijri reporting unit is included in the “All Other" category.

The fair values of the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset were 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 2025 Form 10-K.

Management’s revenue and profitability forecasts used in the Napapijri reporting unit and indefinite-lived trademark intangible asset valuations considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuations 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 Napapijri reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows, including the current year that considered actual results lower than previous internal forecasts, with revenue growth and profitability projections throughout the forecast period that reflects the long-term strategy for the business.

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

• Royalty rates based on market data as well as active license agreements for other VF brands;

• Market-based discount rates.

The valuation model used by management in the impairment testing assumes recovery from the recent downturn in the brand’s operating results and the return to revenue growth and improved profitability over the projection period.

If the brand is unable to achieve the financial projections, an impairment on the indefinite-lived trademark intangible asset or additional impairment on the reporting unit goodwill could occur in the future.

VF Corporation Q3 FY26 Form 10-Q 28

NOTE 18 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Financial Instruments

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

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

The notional amounts of all outstanding foreign currency exchange forward contracts we r e $ 3.7 billion at December 2025 and $ 3.1 billion at March 2025 and December 2024, consisting

primarily of contracts hedging exp osures to the euro, British pound, Chinese renminbi, Canadian dollar, Mexican peso, Swiss franc, Taiwan dollar, Swedish krona, Polish zloty, 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 September 2024.

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

2 unchanged sentences

with Unrealized Losses

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

(In thousands) December 2025 March 2025 December 2024 December 2025 March 2025 December 2024

Derivatives Designated as Hedging Instruments:

Foreign exchange contracts $ 21,428 $ 32,608 $ 15,846 $ ( 93,577 ) $ ( 29,847 ) $ ( 53,621 )

Interest rate contracts — — 324 — — —

Cash flow foreign exchange contracts $ 12,837 $ 32,608 $ 89,053 $ ( 86,046 ) $ ( 29,847 ) $ ( 26,667 )

Fair value foreign exchange contracts 7,404 — — — — —

Total derivatives designated as hedging instruments 20,241 32,608 89,053 ( 86,046 ) ( 29,847 ) ( 26,667 )

3 unchanged sentences

$ 21,397 $ 34,371 $ 91,685 $ ( 87,584 ) $ ( 30,003 ) $ ( 26,828 )

VF Corporation Q2 FY26 Form 10-Q 28

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:

September 2025 March 2025 September 2024

December 2025 March 2025 December 2024

(In thousands) Derivative

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

(In thousands) September 2025 March 2025 September 2024

(In thousands) December 2025 March 2025 December 2024

Derivative Instruments Balance Sheet Location

3 unchanged sentences

Foreign exchange contracts Other liabilities ( 4,059 ) ( 10,193 ) ( 2,496 )

Interest rate contracts Other current assets — — 324

29 VF Corporation Q3 FY26 Form 10-Q

Cash Flow Hedges

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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 Comprehen sive Income and Consolidated Statements of Operations are summarized as follows:

(In thousands) Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Three Months Ended September Gain (Loss) on Derivatives

Three Months Ended December Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Six Months Ended September

Nine Months Ended December

Cash Flow Hedging Relationships 2025 2024 2025 2024

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

Three Months Ended September

Three Months Ended December

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

Six Months Ended September

Nine Months Ended December

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

6 unchanged sentences

Total $ ( 16,844 ) $ ( 5,372 ) $ ( 3,006 ) $ ( 29,786 )

29 VF Corporation Q2 FY26 Form 10-Q

Derivative Contracts Not Designated as Hedges

4 unchanged sentences

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.

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 and six months ended September 2025 and September 2024.

Other Derivative Information

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.

At December 2025, accumulated OCL included $ 73.0 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 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.

The Company has designated € 1.5 billion of its € 2.0 billion aggregate principal euro-denominated fixed-rate notes, as of December 2025, as a net investment hedge of VF’s investment in certain foreign operations.

In the three months ended December 2025, VF de-designated the aggregate principal of its € 500.0 million euro-denominated fixed-rate notes due 2026 and entered into a fair value hedging relationship as discussed in the “Fair Value Hedge” section below.

As a result of the de-designation, VF recognized $ 6.1 million of expense in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2025.

Because this debt qualified as a non-derivative 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 2025, the Company recognized an after-tax loss of $ 6.9 million and $ 137.0 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction and an after-tax gain of $ 108.6 million and $ 54.7 million for the three and nine-month periods ended December 2024, respectively.

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

VF Corporation Q3 FY26 Form 10-Q 30

Fair Value Hedge

The Company has designated a € 500.0 million foreign currency exchange forward contract as a fair value hedge of the principal value of euro-denominated fixed-rate notes due 2026.

Gains and losses related to the spot component of the hedge are recognized in other income (expense), net with offsetting gains and losses on the hedged recognized liability.

Gains and losses related to hedge components excluded from the effectiveness assessment (forward points) are amortized under a systematic and rational method to other income (expense) over the life of

The revaluation of the excluded component is reported in other comprehensive income (loss).

As of December 2025, the company recognized a gain of $ 9.5 million from the foreign currency remeasurement related to the spot component of the derivative and a loss of $ 1.8 million from the amortization of the excluded component in other income (expense).

In addition, the company recorded a loss of $ 0.2 million from the revaluation of the excluded component in other comprehensive income (loss).

NOTE 19 — RESTRUCTURING

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

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

During the nine months ended December 2025, $ 59.3 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 nine months ended December 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended December Nine Months Ended December Cumulative Charges

(In thousands) 2025 2024 2025 2024

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Total Reinvent Restructuring Charges $ ( 3,979 ) $ 16,388 $ 17,590 $ 41,777 $ 207,677

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

31 VF Corporation Q3 FY26 Form 10-Q

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 and six months ended September 2025 and 2024 were as follows:

Three Months Ended September Six Months Ended September

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 2025 and 2024 were as follows:

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

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Other Restructuring Charges by reportable segment were as follows:

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(In thousands) 2025 2024 2025 2024

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Consolidated Restructuring Charges

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

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

(In thousands) Severance Other Total

Accrual at March 2025 $ 65,250 $ 337 $ 65,587

Charges 20,070 — 20,070

Restructuring charges 20,070 — 20,070

Cash payments and settlements ( 59,935 ) — ( 59,935 )

1 unchanged sentence

Impact of foreign currency 699 — 699

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.

Accrual at December 2025 $ 20,275 $ — $ 20,275

The $ 20.3 million total restructuring accrual at December 2025, is expected to be paid within the next 12 months and is classified within accrued liabilities.

During the nine months ended December 2025, VF recorded adjustments to prior Reinvent accruals to reflect actual attrition rates that differed from original estimates.

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.

On September 12, 2025 and November 6, 2025, securities complaints were filed on behalf of a purported class in the U.S.

District Court for the District of Colorado (the “ Court ” ) against VF Corporation and certain current and former members of management.

The Court consolidated the cases into one action (the “ Consolidated Action ” ).

VF believes the allegations in the Consolidated Action 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 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.

NOTE 21 — SUBSEQUENT EVENTS

On January 8, 2026, VF issued a notice of redemption for its € 500.0 million aggregate principal amount of outstanding 4.125 % Senior Notes due 2026.

The redemption is expected to occur on February 7, 2026.

On January 12, 2026, VF's Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on March 19, 2026 to stockholders of record on March 10, 2026.

VF Corporation Q3 FY26 Form 10-Q 32

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