What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-01-28 compared with 2025-10-28 · 251 added, 211 removed, 240 unchanged (66% of the section changed)

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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.

All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers.

References to the three and six months ended September 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and six months ended September 2024 when translating foreign currencies into U.S.

References to the three and nine months ended December 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and nine months ended December 2024 when translating foreign currencies into U.S.

VF’s most significant foreign currency exposure relates to business conducted in euro-based countries.

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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.

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.

Refer to Note 4 to VF's consolidated financial statements for additional information on the planned divestiture.

On November 12, 2025, VF completed the sale of Dick ies.

All references to the impact of Dickies divestiture below represent the difference between Dickies revenue recognized in the third quarter of Fiscal 2026 (through the date of sale) and the amount of Dickies revenue recognized in the third quarter of Fiscal 2025.

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.

Refer to Note 4 to VF's consolidated financial statements 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 key areas of focus.

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

This operating segment has been aggregated with The North Face ® brand in the Outdoor reportable segment and

the Vans ® , Kipling ® , Eastpak ® and Jansport ® brands have been aggregated in the Active reportable segment.

VF began managing its Timberland ® and Timberland PRO ®

brands as one operating segment during the first quarter of Fiscal 2026.

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

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

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

This group includes the following brands:

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

In the tables below, the Company has recast historical financial information to reflect the new reportable segments.

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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.

In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan ("DDTL"), which totaled $16.2 million and $31.1 million for the three and six months ended September 2024, respectively, 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.

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.

In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan (“DDTL”), which totaled $31.1 million for the nine months ended December 2024, 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.

Refer to Note 4 to VF’s consolidated financial statements for additional information on discontinued operations.

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RECENT DEVELOPMENTS

Dickies Assets Held-for-Sale

As noted above, VF entered into a definitive agreement to sell Dickies on September 15, 2025 for $600.0 million in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.

Dickies Divestiture

As noted above, VF completed the sale of Dickies on November 12, 2025.

In connection with the closing of the transaction, 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.

The estimated pre-tax gain was recorded in the other income (expense), net line item in the Consolidated Statements of Operations for both the three and nine months ended December 2025, and is subject to working capital and other customary adjustments.

Impact of Tariffs

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The implementation of some of the announced tariffs has been delayed, while some have taken effect.

Additionally, in response, certain governments have announced retaliatory tariffs on goods imported from the U.S.

Additionally, in response, certain governments

have announced retaliatory tariffs on goods imported from the U.S.

VF has a diversified sourcing country mix.

Approximately 85% of products purchased for sale in the U.S.

are sourced through Southeast Asia and Central and South America, with

Vietnam, Bangladesh, Cambodia and Indonesia comprising the top four sourcing markets.

are sourced through Southeast Asia and Central and South America, with Vietnam, Bangladesh, Cambodia and Indonesia comprising the top four sourcing markets.

Less than 2% of total U.S.

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during the period of delayed application of the reciprocal tariffs, negotiations with our vendors, and planned price increases.

VF has begun paying reciprocal tariffs on product imported into the U.S.

and, due to the timing of implementation of the mitigation strategies, VF expects that gross margin will be negatively impacted (though not materially) throughout the second half of Fiscal 2026.

However, the duration and scope of the tariffs are difficult to predict, along with the

In Fiscal 2026, VF began paying reciprocal tariffs on product imported into the U.S.

and, due to the timing of implementation of the mitigation strategies, gross

33 VF Corporation Q3 FY26 Form 10-Q

extent to which VF will be able to offset the impact through our mitigation efforts.

margin was negatively impacted (though not materially) in the third quarter of Fiscal 2026 and VF expects that will continue in the fourth quarter of Fiscal 2026.

However, the duration and scope of the tariffs are difficult to predict, along with the extent to which VF will be able to offset the impact through our mitigation efforts.

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

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In Fiscal 2025, the Company initiated the second phase of Reinvent, which is focused on a return to growth and improvements to profitability.

In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction.

In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and

administrative expense contraction.

VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028 compared to the end of Fiscal 2024.

Reinvent restructuring charges in the three and six months ended September 2025 were $4.1 million and $21.6 million, respectively, and cumulative charges were $211.7 million since the inception of the program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.

Reinvent restructuring charges in the three and nine months ended December 2025 were ($4.0) million and $17.6 million, respectively, and cumulative charges were $207.7 million since the inception of the program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.

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

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Fees related to the contract consist of fixed fees for services performed and contingent fees tied to increases in VF’s stock price.

Services provided under the contract are expected to be substantially complete by the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.

SUMMARY OF THE SECOND QUARTER OF FISCAL 2026

• Revenues increased 2% to $2.8 billion compared to the three months ended September 2024, including a 3% favorable impact from foreign currency.

• Outdoor segment revenues increased 6% to $1.7 billion compared to the three months ended September 2024, including a 2% favorable impact from foreign currency.

• Active segment revenues decreased 8% to $760.7 million compared to the three months ended September 2024, including a 2% favorable impact from foreign currency.

• Wholesale revenues increased 3% compared to the three months ended September 2024, including a 3% favorable impact from foreign currency.

• Direct-to-consumer revenues decreased 1% compared to the three months ended September 2024, including a 1% favorable impact from foreign currency.

• International revenues increased 4% compared to the three months ended September 2024, including a 4% favorable impact from foreign currency.

• Revenues in the Americas region decreased 1% compared to the three months ended September 2024.

• G ross margin remained flat at 52.2% compared to the three months ended September 2024.

• Earnings per share was $0.48 compared to $0.52 i n the 2024 period .

The decrease in earnings per share was primarily driven by a higher tax rate in the current year, partially offset by lower Reinvent charges during the three months ended September 2025 compared to the three months ended September 2024 .

Services provided under the contract were substantially complete by the end of the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.

SUMMARY OF THE THIRD QUARTER OF FISCAL 2026

• Revenue s increased 1% to $2.9 billion compared to the three months ended December 2024, including a 2% favorable impact from foreign currency.

• Outdoor segment reven ues increased 8% to $1.9 billion compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

• Active segment r evenues decreased 6% to $671.8 million compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

• Wholesale reven ues decreased 1% compared to the three months ended December 2024, including a 4% favorable impact from foreign currency.

• Direct-to-consumer revenu es increased 4% compared to the three months ended December 2024, including a 3% favorable impact from foreign currency.

• Internati onal revenues increased 2% compared to the three months ended December 2024, including a 6% favorable impact from foreign curre ncy.

• Revenues in the Americas region increased 2% compared to the three months ended December 2024.

• G ross margin increased 30 basis points to 56.6% compared to the three months ended December 2024, primarily driven by favorable channel and business mix and lower product costs, partially offset by the negative impact of tariffs.

• Earnings per share w as $0.76 co mpared to $0.43 i n the 2024 period .

The increase in earnings per share was primarily driven by the estimated gain related to the Dickies divestiture and lower Reinvent charges during the three months ended December 2025 compared to the three months ended December 2024.

ANALYSIS OF RESULTS OF OPERATIONS

Consolidated Statements of Operations

The following table presents a summary of the changes in revenues for the three and six months ended September 2025 from the comparable periods in 2024:

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

The following table presents a summary of the changes in revenues for the three and nine months ended December 2025 from the comparable periods in 2024:

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

Revenues — 2024 $ 2,833.9 $ 7,360.9

Organic 41.6 (6.6)

Impact of Dickies divestiture (77.9) (77.9)

Impact of foreign currency 78.2 162.8

Revenues — 2025 $ 2,875.8 $ 7,439.2

VF reported a 2% and 1% increase in revenues for the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency for the respective periods.

The operational declines in both the three and six months ended September 2025 were driven by decreases in the Active segment, partially offset by increases in the Outdoor segment.

Revenue declines in the Americas and Asia-Pacific regions in the three months ended September 2025 were offset by increases in the Europe region,

including favorable impacts from foreign currency.

In the six months ended September 2025, revenue declines in the Americas region were offset by increases in the Europe and Asia-Pacific regions, including favorable impacts from foreign currency.

Additional details on revenues are provided in the section titled “Information by Reportable Segment.”

VF reporte d a 1% increase in revenues for both the three and nine months ended December 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency

for both periods.

Increases in the Outdoor segment in both the three and nine months ended December 2025 and favorable impacts from foreign currency were partially offset by decreases

VF Corporation Q3 FY26 Form 10-Q 34

in the Active segment and decreased revenue due to the Dickies divestiture in the current quarter.

In the three months ended December 2025, revenue increases in the Europe and Americas regions, including favorable impacts from foreign currency, were partially offset by decreases in the Asia-Pacific region .

In the nine months ended December 2025, revenue increases in the

Europe region, including favorable impacts from foreign currency, were partially offset by decreases in the Asia-Pacific region.

Additional details on revenues are provided in the section titled “Information by Reportable Segment.”

The following table presents the percentage relationship to revenues for components of the Consolidated Statements of Operations:

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

2025 2024 2025 2024

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Selling, general and administrative expenses 45.5 46.5 47.0 47.7

Impairment of goodwill and intangible assets 1.1 1.8 0.4 0.7

Operating margin 10.1 % 8.0 % 6.9 % 5.1 %

Amounts may not sum due to rounding.

Gross margin remained flat and increased 100 basi s points in the three and six months ended September 2025, respectively, compared to the 2024 periods.

Th e increase in the six months ended September 2025 was primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.

Selling, general and administrative expe nses as a percentage of tot al revenues decreased 130 and 60 basis point s during the three and six months ended September 2025, respectively, compared to the 2024 periods.

Selling , general and administrative expenses decreased $16.8 million and $9.9 million in the three and six months ended September 2025, respectively, compared to the 2024 periods.

The decrease in the three months ended September 2025 was primarily due to cost savings from Reinvent, including lower information technology costs.

The decrease in the six months ended September 2025 was primarily due to cost savings from Reinvent, including lower information technology costs and lower distribution expenses, partially offset by a gain recognized from a sale leaseback transaction in June 2024.

Gross margin increased 30 and 80 basis points in the three and nine months ended December 2025, respectively, compared to the 2024 periods.

The increase in th e three months ended December 2025 was primarily driven by favorable channel and business mix and lower product costs, partially offset by the negative impact of tariffs.

The increase in the nine months ended December 2025 was primarily driven by favorable foreign currency impacts, higher quality inventory and lower product costs, partially offset by the negative impact of tariffs.

Selling, general and administrative expe nses as a percentage of tot al revenu es decreased 100 and 70 basi s point s during the three and nine months ended December 2025, respectively, compared to the 2024 periods.

Selling , general and administrative expenses decreased $9.8 million and $19.7 million in the three and nine months ended December 2025, respectively, compared to the 2024 periods .

T he decrease in the three months ended December 2025 was primarily due to cost savings from Reinvent, including lower administrative costs, partially offset by increases in direct-to-consumer and advertising costs.

The decrease in the nine months ended December 2025 was primarily due to cost savings from Reinvent, including lower information technology costs, partially offset by a gain recognized from a sale leaseback transaction in June 2024.

The decrease in both periods was also due to lower Reinvent restructuring charges and project-related costs.

Net interest expense increased $3.5 million and $3.7 million durin g the three and six months ended September 2025, respectively, compared to the 2024 periods.

The increase i n net interest expense in both the three and six months ended September 2025 was primarily due to unfavorable foreign currency impacts, partially offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025.

Total outstanding debt averaged $4.8 billion in the six months ended September 2025 and $6.2 billion in the same period in 2024, with

weighted average interest rates of 3.2% and 2.7% in the six months ended September 2025 and 2024, respectively.

The effective income tax rate for the six months ended September 2025 was 48.2% compared to 22.5% in the 2024 perio d.

Th e 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.

VF re corded a goodwill impairment charge of $30.7 million related to the Napapijri reporting unit in the three and nine months ended December 2025.

During the third quarter of Fiscal 2026, due to a recent downward revision in the Napapijri forward-looking financial projections, the Company determined that a triggering event had occurred requiring impairment testing of the Napapijri reporting unit goodwill and indefinite-lived trademark i ntangible 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 goodwill impairment primarily related to the reduction in financial projections for Napapijri.

VF recorded an intangible asset impairment charge of $51.0 million related to the Dickies indefinite-lived trademark intangible asset in the three and nine months ended December 2024.

During the third quarter of Fiscal 2025, due to the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery

than previously anticipated, the Company determined that a triggering event had occurred requiring impairment testing of the Dickies indefinite-lived trademark intangible asset.

The indefinite-lived trademark intangible asset impairment primarily related to the reduction in financial projections for Dickies.

Net interest expen se remained relatively flat during the three and nine months ended December 2025, compared to the 2024 periods, as unfavorable foreign currency impacts were offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025.

Total outstanding debt averaged $4.8 billion in the nine months ended December 2025 and $5.0 billion in the same period in 2024, with weighted average interest rates of 3.2% and 3.3% in the nine months ended December 2025 and 2024, respectively.

Other income (expense), net increased $101.0 million and $106.2 million during the three and nine months ended December 2025, respectively, compared to the 2024 periods.

Other income (expense), net included the estimated pre-t ax gain on the sale of Dickies of $139.1 million in both t he three and nine months ended December 2025.

Other income (expense), net also included non-cash pension settlement charges of $34.0 million in the three and nine months ended December 2025, respectively, related to lump-sum payments of retirement benefits due to the termination of the U.S.

qualified plan .

The termination of the plan is expected to be completed in Fiscal 2026 and VF currently estimates that total non-cash settlement charges will be between $200.0 and $300.0 million.

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 and 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.

Excludin g 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.

As a result of the above, income from continuing operations in the three months ended September 2025 was $189.8 million ($0.48 per diluted share) compared to $202.5 million ($0.52 per diluted share) in the 2024 period, and income from continuing operations in the six months ended September 2025 was $73.4 million ($0.19 per diluted share) compared to $50.5 million ($0.13 per diluted share) in the 2024 period.

35 VF Corporation Q3 FY26 Form 10-Q

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.

As a result of the above, inco me from continuing operations in the three months ended December 2025 was $300.8 million ($0.76 per diluted share) compared to $169.1 million ($0.43 per

diluted share) in the 2024 period, and income from continuing operations in the nine months ended December 2025 was $374.2 million ($0.95 per diluted share) compared to $219.6 million ($0.56 per diluted share) in the 2024 period.

Refer to additional discussion in the “Information by Reportable Segment” section below.

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We have included an “All Other ” category in the revenues table below for purposes of reconciliation of total revenues.

"All Other" includes the Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® brands, which do not meet the quantitative threshold to be disclosed as a separate reportable segment.

“All Other ” includes the following brands:

Dickies ® (through the date of sale), Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® , which do not meet the quantitative threshold to be disclosed as a separate reportable segment.

The Company has recast historical financial information to reflect the new reportable segments.

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The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit.

Segment profit comprises the operat ing income and oth er income (expense), net line items of each segment.

Refer to Note 15 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit t o income f rom continuing operations before income taxes.

VF Corporation Q2 FY26 Form 10-Q 34

The following tables present a summary of the changes in revenues a nd segmen t profit in the three and six months ended September 2025 from the comparable periods in 2024 and revenues by region for our Top 3 brands for the three and six months ended September 2025 and 2024:

Three Months Ended September

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

Refer to Note 15 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segm ent profit (loss) to income from continuing operations before income taxes.

The following tables present a summary of the changes in revenues a nd seg ment profit (loss) in the three and nine months ended December 2025 from the comparable periods in 2024 and revenues by region for our Top 3 brands for the three and nine months ended December 2025 and 2024:

Three Months Ended December

(In millions) Outdoor Segment Active Segment All Other Total

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Organic 92.0 (62.5) 12.1 41.6

Impact of Dickies divestiture — — (77.9) (77.9)

Impact of foreign currency 53.7 17.8 6.7 78.2

Revenues — 2025 $ 1,926.0 $ 671.8 $ 278.0 $ 2,875.8

Six Months Ended September

Nine Months Ended December

(In millions) Outdoor Segment Active Segment All Other Total

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Organic 198.4 (226.8) 21.8 (6.6)

Impact of Dickies divestiture — — (77.9) (77.9)

Impact of foreign currency 103.0 41.3 18.5 162.8

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Amounts may not sum due to rounding.

VF Corporation Q3 FY26 Form 10-Q 36

Segment Profit:

Three Months Ended September

Three Months Ended December

(In millions) Outdoor Segment Active Segment Total

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Impact of foreign currency 11.8 1.6 13.5

Segment profit — 2025 $ 300.7 $ 65.7 $ 366.5

Six Months Ended September

Segment profit (loss) — 2025 $ 407.7 $ (4.6) $ 403.1

Nine Months Ended December

(In millions) Outdoor Segment Active Segment Total

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Amounts may not sum due to rounding.

35 VF Corporation Q2 FY26 Form 10-Q

Top Brand Revenues:

Three Months Ended September 2025

Three Months Ended December 2025

(In millions) The North Face ®

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Global $ 1,356.3 $ 557.6 $ 569.7 $ 2,483.6

Three Months Ended September 2024

Three Months Ended December 2024

(In millions) The North Face ®

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Global $ 1,253.3 $ 607.6 $ 527.0 $ 2,387.9

Six Months Ended September 2025

Nine Months Ended December 2025

(In millions) The North Face ®

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Global $ 3,070.8 $ 1,662.5 $ 1,331.1 $ 6,064.4

Six Months Ended September 2024

Nine Months Ended December 2024

(In millions) The North Face ®

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Amounts may not sum due to rounding.

37 VF Corporation Q3 FY26 Form 10-Q

The following sections discuss the changes in revenues and profitability by segment.

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Outdoor Segment

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(Dollars in millions) 2025 2024 Percent

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The North Face ® and Timberland ® .

Global revenues for Outdoor increased 6% and 7% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods.

Revenues in the Europe region increased 10% in both the three and six months ended September 2025, including a 6% favorable impact from foreign currency in both periods.

Revenues in the Americas region increased 5% and 4% in the three and six months ended September 2025, respectively.

Revenues in the Asia-Pacific region increased 3% and 7% in the three and six months ended

September 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

Global revenues for The North Face ® brand increased 6% in both the three and six months ended September 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods, driven primarily by growth in the Europe and Asia-Pacific regions.

Revenues in the Europe region increased 10% and 11% in the three and six months ended September 2025, respectively, including a 6% favorable impact

Global revenues for Outdo or increased 8% and 7% i n the three and nine months ended December 2025, respectively, compared to the 2024 periods, includi ng a 3% and 2% favorable im pact from foreign currency in the respective periods.

Revenues in the Americas regio n increased 13% and 8% in the three and nine months ended December 2025, respectively.

Revenues in the Europe region increased 7% and 9% in the three and nine months ended December 2025, respectively, including a 7% favorable impact from foreign currency in both periods.

Revenues in the Asia -Pacific region decreased 3% and increased 3% in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

Global revenues for The Nort h Face ® brand increased 8% and 7% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods .

Revenue growth in the three months ended December 2025 was primarily driven by growth in the Americas region and revenue growth in the nine months ended December 2025 was primarily driven by growth in the Americas and Europe regions.

Revenues in the Americas region increased 15% and 7% in the three and nine months ended December 2025, respectively.

Revenues in the Europe region increased 5% and 9% in the three and nine months ended December 2025, respectively, including a 7% favorable impact from foreign currency in both periods.

Revenues in the Asia-Pacific region decreased 1% and increased 5% in the three and nine months ended December 2025, respectively, including a 2% favorable impact from foreign currency in the three months ended December 2025.

Global revenues for th e Timberland ® brand increased 8% in both the three and nine months ended December 2025, compared to the 2024 periods, including a 3% favorable impact from foreign currency in both periods, driven by growth in th e Americas and

Europe regions.

Rev enues in the Am ericas region increased 9% and 11% in the three and nine m onths ended December 2025, respectively.

Revenues in the Europe re gion increased 13% and 10% in the three and nine months ended December 2025, respectively, including a 9% and 7% favorable impact from foreign currency in the respective periods.

Revenues in the Asia-Pacific region decreased 7% and 6% in the three and nine months ended December 2025, respectively, including a 1% favorable impact fro m foreign currency in both periods.

Global direct-to-consu mer revenues for Outdoor increased 9% in both the three and nine months ended December 2025 compared to the 2024 periods, including a 2% and 3% favorable impact from foreign currency in the respective periods.

The increase in both periods was primar ily driven by growth in The North Face ® and Timberland ® brands in the Americas region.

Global wholesale revenues increased 6% in both the three and nine months ended December 2025 compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods.

The increase in the three months ended December 2025 was primarily driven by increases in The North Face ® and Timberland ® brands in the Americas region and the increase in the nine months ended December 2025 was primarily driven by increases in The North Face ® brand across all regions and increases in the Timberland ® brand in the Americas and Europe regions.

Segment profit margin decreased in the three months ended December 2025 compared to the 2024 period, primarily due to higher tariffs and increased direct-to-consumer and advertising costs.

Segment profit margin increased in the nine months ended December 2025 compared to the 2024 period, reflecting higher gross margin from favorable foreign currency impacts and lower product costs, partially offset by higher tariffs and increased direct-to-consumer and advertising costs .

VF Corporation Q3 FY26 Form 10-Q 38

from foreign currency in both periods.

Revenues in the Asia-Pacific region increased 7% and 10% in the three and six months ended September 2025, respectively.

Revenues in the Americas region increased 2% and remained flat in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025.

Global revenues for the Timberland ® brand increased 7% and 8% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods, driven by growth in the Americas and Europe regions.

Revenues in the Americas region increased 11% and 12% in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025.

Revenues in the Europe region increased 9% and 8% in the three and six months ended September 2025, respectively, including a 6% favorable impact from foreign currency in both periods.

Revenues in the Asia-Pacific region decreased 14% and 5% in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2025.

Global direct-to-consumer revenues for Outdoor increased 7% and 8% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% favorable impact from foreign currency in both periods.

The increase in both periods was primarily driven by growth in The North Face ® brand in the Europe and Americas regions and the Timberland ® brand across all regions.

Global wholesale revenues increased 6% in both the three and six months ended September 2025 compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods, primarily driven by increases in The North Face ® brand in the Europe and Asia-Pacific regions.

Segment profit margi n increased in both the three and six months ended September 2025 compared to the 2024 periods, reflectin g higher gross margin in both periods.

The increase in the three months ended September 2025 was primarily driven by lower discounts and the increase in the six months ended September 2025 was primarily driven by favorable foreign currency impacts, lower discounts and lower product costs.

Active Segment

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(Dollars in millions) 2025 2024 Percent

1 unchanged sentence

Segment revenues $ 671.8 $ 716.5 (6.2 %) $ 2,132.3 $ 2,317.8 (8.0 %)

Segment profit 65.7 93.5 (29.6 %) 122.6 164.9 (25.7 %)

Segment profit (loss) (4.6) 6.7 * 118.0 171.6 (31.3 %)

Segment profit margin (0.7 %) 0.9 % 5.5 % 7.4 %

*Calculation not meaningful

The Active segment includes the following brands:

Vans ® , Kipling ® , Eastpak ® and JanSport ® .

Global revenues for Active decreased 8% and 9% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods.

Revenues in the Americas region decreased 10% and 11% in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025 .

Revenues in the Asia-Pacific regio n decreased 14% in both the three and six months ended September 2025, including a 1% favorable impact from foreign currency in the six months ended September 2025 .

Revenues in the Europe regio n decreased 2% and 3% i n the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from foreign currency in the respective periods.

Vans ® brand global revenues decreased 9% and 12% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods.

The overall declines were most significantly impacted by a 9% and 12% decrease in the Americas region in the three and six months ended September 2025, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2025.

Revenues in the Europe region decreased 5% and 8% in the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from

foreign currency in the respective periods.

Revenues in the Asia-Pacific region decreased 22% and 19% in the three and six months ended September 2025, respectively.

Th e declines in Vans ® were partially attributed to deliberate strategic actions, including exit ing value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing wholesale store fronts and inventory in the Asia-Pacific region.

Global direct-to-consumer revenues for Active decreased 9% and 11% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 1% favorable impact from foreign currency in both periods.

The decreases were primarily driven by declines in the Vans ® brand in the Americas region in both periods.

Global wholesale revenues decreased 7% and 6% in the three and six months ended September 2025, respectively, including a 2% favorable impact from foreign currency in both periods.

The decreases were primarily due to decreases in the Vans ® brand in the Americas region in both the three and six months ended September 2025.

Segment profit margin decreased in both the three and six months ended September 2025 compared to the 2024 periods, primarily due to lower gross margin, which was driven by increased product costs, and lower leverage of operating expenses due to decreased revenues.

37 VF Corporation Q2 FY26 Form 10-Q

Three Months Ended September Six Months Ended September

Global revenues for Ac tive decreased 6% and 8% in th e three and nine months ended December 2025, respectively, compared to the 2024 periods, inc luding a 3% and 2% favorable impact from foreign currency in the respective periods .

Revenues in the Americas reg ion decreased 8% and 10% in the three and nine months ended December 2025, respectivel y .

Revenues in the Asia-Pacific region decreased 13% and 14% in th e three and nine months ended December 2025, respectively, compared to the 2024 periods.

Revenues in the Europe region remained flat and decreased 2% in the three and nine months ended December 2025, respectively, including an 8% and 6% favorable impact from foreign currency in the respective periods.

Vans ® brand global revenu es decreased 8% and 10% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods.

The overall declines were primarily impacted by a 7% and 10% decrease in the Americas region in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in the three months ended December 2025 .

Revenues in the Asia-Pacific r egion decreased 20% and 19% in the three and nine months ended December 2025, respective ly.

Revenues in the Europe reg ion decreased 6% and 7% in the three and nine months ended December 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective

The declines in Vans ® revenues in the nine months ended December 2025 were partially attributed to deliberate strategic actions, including exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing wholesale store fronts and inventory in the Asia-Pacific region.

Global direct-to-consumer r evenues for Active decreased 5% and 9% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% and 1% favorable impact from foreign currency in the respective periods.

The decreases were primarily driven by declines in the Vans ® brand in the Americas and Asia-Pacific regions in both periods.

Global wholesale revenues decreased 8% and 7% in the three and nine months ended December 2025, respectively, including a 4% and 2% favorable impact from foreign currency in the respective periods.

The decreases were primarily due to decreases in the Vans ® brand in the Americas region in both the three and nine months ended December 2025.

Segmen t profit margin decreased in both the three and nine months ended December 2025 compared to the 2024 periods, primarily due to lower gross margin, which was driven by increased product costs and higher tariffs, and lower leverage of operating expenses due to decreased revenues.

Three Months Ended December Nine Months Ended December

(Dollars in millions) 2025 2024 Percent

2 unchanged sentences

The “All Other ” grouping includes the following brands:

Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

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

The “All Other ” grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.

Global "All Other" revenues increased 3% and 4% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods.

Revenues in the Europe region increased 9% and 6% in the three and six months ended September 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective periods.

Revenues in the Americas region increased 2% and 3% in the three and six months ended September 2025, respectively.

Revenues in the Asia-Pacific region decreased 12% and increased 1%, in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

Global “All Other ” r evenues decreased 18% and 4% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 2% favorable impact from foreign currency in both periods.

Revenues were impacted by the sale of Dickies on November 12, 2025.

Revenues in the Americas region decreased 20% and 6% in the three and nine months ended December 2025, respective ly.

Revenues in the Europe region decreased 11% and remained flat in the three and nine

months ended December 2025, respectively, including a 7% and 6% favorable impact from foreign currency in the respective periods.

Revenues in the Asia-Pacific reg ion decreased 22% and 8% in the three and nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in both periods.

39 VF Corporation Q3 FY26 Form 10-Q

Reconciliation of Segment Profit to Income From Continuing Operations Before Income Taxes

There are three types of costs necessary to reconcile total segment profit t o con solidated income from continuing operations before income taxes.

These costs are (i) corporate and other expenses, discussed below, (ii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iii) profit re lated to the "All Other" category, discussed below, which includes the following brands:

Dickies ® , Altra ® , Smartwool ® , Napapijri ® and Icebreaker ® .

There are four types of costs necessary to reconcile total segment profit t o con sol idated income fro m continuing operations before income taxes.

These costs are (i) impairment of goodwill and intangible assets, which is exclu ded from segment profit because these costs are not part of the ongoing operations of the businesses, (ii) corporate and other expenses, discussed below, (iii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iv) profit related to the “All Other” category, discussed below, which includes the following brands:

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

The “All Other ” grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.

Three Months Ended September Six Months Ended September

Three Months Ended December Nine Months Ended December

(Dollars in millions) 2025 2024 Percent

Change 2025 2024 Percent

Corporate and other expenses $ 95.7 $ 138.2 (30.8 %) $ 200.2 $ 253.8 (21.1 %)

Impairment of goodwill and intangible assets $ 30.7 $ 51.0 (39.8 %) $ 30.7 $ 51.0 (39.8 %)

Corporate and other expenses (income) (10.0) 142.2 * 190.2 396.0 (52.0 %)

Interest expense, net 34.6 36.5 (5.2 %) 121.9 120.2 1.5 %

“All Other” profit

15.1 30.6 (50.8 %) 63.2 62.9 0.6 %

*Calculation not meaningful

Corporate and other expenses are those that have not been allocated to the segments for internal management reporting, including (i) information systems and shared service costs, (ii) corporate headquarters costs, and (iii) certain other income and expenses.

The decrease in corporate and other expenses for both the three and six months ended September 2025 was primarily due to cost savings from Reinvent, lower information technology costs and

lower Reinvent restructuring charges and project-related costs.

The increase in "All Other" profit for the three months ended September 2025 was primarily due to higher gross margin, driven by higher quality inventory and lower discounts.

T he increase in "All Other" profit for the six months ended September 2025 was primarily due to higher gross margin, driven by h igher quality inventory, lower discounts and favorable foreign currency impacts.

The decrease in corporate and other expenses for both the three and nine months ended December 2025 was primarily due to the estimated pre-tax gain on the sale of Dickies of $139.1 million, cost savings from Reinvent and lower Reinvent restructuring charges and project-related costs.

The decrease in both periods was partially offset by a pension settlement charge of $34.0

million related to the termination of the U.S.

qualified plan in the three and nine months ended December 2025.

The decrease in the nine months ended December 2025 was also due to lower information technology costs.

The decrease in “All Other” profit for the three months ended December 2025 was primarily due to lower gross profit related to Dickies .

T he increase in “All Other” profit for the nine months ended December 2025 was primarily due to higher gross margin, driven by higher quality inventory and favorable foreign currency impacts, partially offset by lower gross profit related to Dickies.

International

International revenues increased 4% and 3% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 4% and 3% favorable impact from foreign currency in the respective periods.

Revenues in the Europe region increased 6% and 5% in the three and six months ended September 2025, respectively, including a 6% and 5% favorable impact from foreign currency in the respective periods.

In the Asia-Pacific region, revenues decreased 2% and increased 1% in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2025 .

Revenues in Greater China (which includes Mainland China, Hong Kong and

Tai wan) decreased 2% and 3% in the three and six months ended September 2025, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2025 .

R evenues in the Americas (non-U.S.) region increased 6% and decreased 1% in the three and six months ended September 2025, respectively, including a 2% unfavorable impact from foreign currency in the six months ended September 2025.

Inte rnational revenues were 59% and 57% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 56% and 55% of total revenues in the six-month periods ended September 2025 and 2024, respectively.

VF Corporation Q2 FY26 Form 10-Q 38

International reve nues increased 2% and 3% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 6% and 4% favorable impact from foreign currency in the respective periods.

Revenues in the Europe region increased 4% and 5% in the three and nine months ended December 2025, respectively, including an 8% and 7% favorable impact from foreign currency in the respective periods.

Revenues in the Americas (non-U.S.) region increased 8% and 2% in the three and nine months ended December 2025, respectively, including a 4% favorable impact from foreign currency in the three months ended December 2025.

In the Asia-Pacific region, revenues decreased 6% and 2% in the three and

nine months ended December 2025, respectively, including a 1% favorable impact from foreign currency in the three months ended December 2025.

Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 6% and 4% in the three and nine months ended December 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods.

Inte rnational revenu es were 52% of total revenues in both the three-month periods ended December 2025 and 2024, and 55% and 54% of total revenues in the nine-month periods ended December 2025 and 2024, respectively.

Direct-to-Consumer

Direct-to-consumer revenues decreased 1% and 2% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 1% favorable impact from foreign currency in both periods.

VF's e-commerce business increased 1% and decreased 1% during the three and six months ended September 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods.

The operational declines in both the three and six months ended September 2025 were primarily due to lower e-commerce revenues in the Asia-Pacific region.

Revenues from VF-operated retail stores decreased 2% and 3% in the three and six months ended September 2025, respectively, including a 2% and 1% favorable impact from foreign currency in the respective periods.

The decreases in both periods were due to declines in the Americas region.

There were 1,105 VF-operated retail stores at September 2025 compared to 1,160 at September 2024.

Direct-to-consumer revenues were 32% and 33% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 36% and 37% of total revenues in the six-month periods ended September 2025 and 2024, respectively.

Wholesale revenues increased 3% and 2% in the three and six months ended September 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods, primarily driven by increases in the Europe region, which were partially offset by declines in the Americas regions.

Wholesale revenues were 68% and 67% of total revenues in the three-month periods ended September 2025 and 2024, respectively, and 64% and 63% of total revenues in the six-month periods ended September 2025 and 2024, respectively.

Direct-to-consumer revenues increased 4% and 1% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 3% and 2% favorable impact from foreign currency in the respective periods.

VF's e-commerce bus iness increased 8% and 4% durin g the three and nine months ended December 2025, respectively, including a 2% favorable impact from foreign currency in both periods.

The increases in both the three and nine months ended December 2025 were primarily due to increased e-commerce revenues in the Americas region.

Revenues from VF-operated retail stores decreased 2% in both the three and nine months ended December 2025, including a 2% favorable impact from foreign currency in both periods.

The decrease in the three months ended December 2025 was primarily due to a decrease in the Asia-Pacific region and the decrease in the nine months ended December 2025 was primarily due to a decrease in the Americas region.

There were 1,107 VF-operated retail stores at December 2025 compared to 1,160 at December 2024.

VF Corporation Q3 FY26 Form 10-Q 40

Direct-to-consumer revenues wer e 57% and 55% of total revenues in the three-month periods ende d December 2025 and

2024, respectively, and 44% of total revenues in both the nine-month periods ended December 2025 and 2024.

Wholesale r evenues decreased 1% and increased 1% in the three and nine months ended December 2025, respectively, compared to the 2024 periods, including a 4% and 2% favorable impact from foreign currency in the respective periods.

The decrease in the three months ended December 2025 was primarily driven by decreases in the Americas and Asia-Pacific regions.

The increase in the nine months ended December 2025 was primarily driven by an increase in the Europe region.

Wholesale revenues were 43% and 45% of total revenues in the three-month periods ended December 2025 and 2024, respectively, and 56% of total revenues in both the nine-month periods ended December 2025 and 2024.

ANALYSIS OF FINANCIAL CONDITION

Consolidated Balance Sheets

The following discussion refers to significant changes in balances at September 2025 compared to March 2025:

• Increase in accounts receivable — primarily due to the seasonality of the business and the timing of collections, partially offset by the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.

• Increase in inventories — primarily due to the seasonality of the business and planned inventory purchases, partially offset by the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.

• Decrease in intangible assets — primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.

• Increase in short-term borrowings — primarily due to $491.3 million of borrowings under VF's $1.5 billion senior secured asset based revolving credit facility (the "ABL Credit Facility") as of September 2025, to support seasonal working capital requirements.

• Increase in accounts payable — primarily due to the seasonality of inventory purchases.

• Increase in accrued liabilities — primarily due to an increase in derivative liabilities and the timing of services received and payments made for other accruals.

The following discussion refers to significant changes in balances at September 2025 compared to September 2024:

• Decrease in inventories — primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.

• Decrease in intangible assets — primarily due to the reclassification to held-for-sale assets in connection with the planned divestiture of Dickies.

The following discussion refers to significant changes in balances at December 2025 compared to March 2025:

• Decrease in intangible assets — primarily due to the removal of Dickies from the Consolidated Balance Sheet as of December 2025 in connection with the completed divestiture.

• Increase in accounts payable — primarily due to the timing of inventory shipments from and payments to vendors.

• Increase in accrued liabilities — primarily due to an increase in derivative liabilities associated with foreign currency exchange forward contracts, accrued income taxes and the timing of services received and payments made for other accruals.

The following discussion refers to significant changes in balances at December 2025 compared to December 2024:

• Decrease in inventories — primarily due to the removal of Dickies from the Consolidated Balance Sheet as of December 2025 in connection with the completed divestiture.

Dickies inventory balance at December 2024 was $144.3 million.

• Decrease in intangible assets — primarily due to the removal of Dickies from the Consolidated Balance Sheet as of December 2025 in connection with the completed divestiture.

• Increase in other assets — primarily due to an increase in deferred income tax assets.

• Decrease in the current portion of long-term debt — primarily due to the prepayment of $1.0 billion of long-term debt due in December 2024 related to the DDTL and the early redemption of $750.0 million of long-term notes in March 2025, partially offset by the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities and foreign currency fluctuations.

• Decrease in the current portion of long-term debt — primarily due to the early redemption of $750.0 million of long-term notes in March 2025, partially offset by the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities and foreign currency fluctuations.

• Decrease in long-term debt — primarily due to the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities, partially offset by foreign currency fluctuations.

39 VF Corporation Q2 FY26 Form 10-Q

Liquidity and Capital Resources

We consider the following to be measures of our liquidity and capital resources:

(Dollars in millions) September 2025 March 2025 September 2024

(Dollars in millions) December 2025 March 2025 December 2024

Working capital $1,765.0 $1,088.2 $1,794.6

1 unchanged sentence

Net debt to total capital 70.1% 76.8% 73.6%

The increase in working capital at September 2025 compared to March 2025 was primarily due to a net increase in current assets driven by higher accounts receivable, assets held-for-sale in connection with the planned divestiture of Dickies and higher inventory balances, as discussed in the "Consolidated Balance Sheets" section above.

The increase was partially offset by a net increase in current liabilities driven by increased short-term borrowings, accounts payable and accrued liabilities, as discussed in the "Consolidated Balance Sheets" section above.

The increase in working capital and the current ratio at September 2025 compared to September 2024 was primarily due to a net decrease in current liabilities driven by decreased current portion of long-term debt, as discussed in the "Consolidated Balance Sheets" section above.

The increase in working capital and the current ratio at December 2025 compared to March 2025 was primarily due to a net increase in current assets driven by higher cash balances.

The increase was partially offset by a net increase in current liabilities driven by increased accounts payable and accrued liabilities, as discussed in the “Consolidated Balance Sheets ” section above.

The decrease in working capital and the current ratio at December 2025 compared to December 2024 was primarily due to a net decrease in current assets, driven by lower inventory balances, as discussed in the “Consolidated Balance Sheets ” section above.

The decrease was partially offset

by a net decrease in current liabilities, driven by decreased current portion of long-term debt, which was partially offset by increased accrued liabilities, as discussed in the “Consolidated Balance Sheets ” section above.

For the ratio of net debt to total capital, net debt is defined as short-term borrowings, current portion of long-term debt and long-term debt, in addition to operating lease liabilities, net of unrestricted cash and cash equivalents.

Total capital is defined as net debt plus stockholders’ equity.

The increase in the net debt to total capital ratio at September 2025 compared to March 2025 was primarily driven by an increase in net debt due to

increased short-term borrowings, as discussed in the "Consolidated Balance Sheets" section above, and foreign currency fluctuations on long-term debt.

The decrease in the net debt to total capital ratio at September 2025 compared to September 2024 was primarily driven by a decrease in net debt due to the prepayment of $1.0 billion of long-term debt in October 2024 related to the DDTL and the early redemption of $750.0 million of long-term notes in March 2025, as discussed in the "Consolidated Balance Sheets" section above, partially offset by foreign currency fluctuations.

The decrease in the net debt to total capital ratio at December 2025 compared to March

41 VF Corporation Q3 FY26 Form 10-Q

2025 was primarily driven by a decrease in net debt due to higher cash and cash equivalents at December 2025.

The decrease in the net debt to total capital ratio at December 2025 compared to December 2024 was primarily driven by a decrease in net debt due to the early redemption of $750.0 million of long-term notes in March 2025, as discussed in the “Consolidated Balance Sheets ” section above, partially offset by foreign currency fluctuations.

The decrease in the net debt to total capital ratio at December 2025 compared to both March 2025 and December 2024 was also due to increases in stockholders' equity, primarily driven by net income in the respective periods.

VF’s primary source of liquidity is its expected annual cash flow from operating activities.

Cash from operations is typically lower in the first half of the calendar year as inventory builds to support peak sales periods in the second half of the calendar year.

Cash from operations is typically lower

in the first half of the calendar year as inventory builds to support peak sales periods in the second half of the calendar year.

Cash provided by operating activities in the second half of the calendar year is substantially higher as inventories are sold and accounts receivable are collected.

Additionally, direct-to-consumer sales are highest in the fourth quarter of the calendar year.

VF's additional sources of liquidity include available borrowing capacity against its ABL Credit Facility , available cash balances and international lines of credit.

VF's additional sources of liquidity include available borrowing capacity against its $1.5 billion secured asset based revolving credit facility (the “ ABL Credit Facility ” ) , available cash balances and international lines of credit.

In summary, our cash flows from continuing operations were as follows:

Six Months Ended September

Nine Months Ended December

(In thousands) 2025 2024

Cash used by operating activities $ (372,468) $ (301,823)

Cash used by investing activities (90,065) (16,421)

Cash provided by financing activities 401,839 125,974

Cash Used by Operating Activities

Cash provided by operating activities $ 637,968 $ 609,545

Cash provided by investing activities 457,667 1,450,486

Cash used by financing activities (125,852) (1,359,682)

Cash Provided by Operating Activities

Cash flows related to operating activities are dependent on income from continuing operations, adjustments to income from continuing operations and changes in working capital.

The increase in cash used by operating activities in the six months ended September 2025 compared to September 2024 was primarily due to an increase in net cash used by working capital.

The increase in net cash used for working capital was driven by the timing of receipts of accounts receivable and payment of accrued liabilities.

Cash Used by Investing Activities

The increase in cash used by investing activities in the six months ended September 2025 was primarily due to proceeds from the sale of assets of $76.7 million in the six months ended September 2024, related to a sale leaseback transaction of a distribution center, sale of a corporate-owned aircraft and sale of an aircraft hangar.

Cash Provided by Financing Activities

The increase in cash provided by financing activities during the six months ended September 2025 was primarily due to a $290.7 million net increase in short-term borrowings for the periods compared to support working capital requirements.

The increase in cash provided by operating activities in the nine months ended December 2025 compared to December 2024 was primarily due to an increase in income from continuing operations excluding non-cash charges and the estimated gain on the sale of Dickies, partially offset by an increase in net cash used by working capital.

Cash Provided by Investing Activities

The decrease in cash provided by investing activities in the nine months ended December 2025 was primarily due to proceeds from the sale of Supreme, net of cash sold, of $1.486 billion in the prior year period compared to proceeds from the sale of Dickies, net of cash sold, of $600.5 million in the nine months ended December 2025 .

The nine months ended December 2024 also included proceeds from the sale of assets of $88.1 million, primarily related to a sale leaseback transaction of a distribution center, sale of an aircraft hangar, sale of a corporate-owned aircraft and sale of an office building.

Cash Used by Financing Activities

The decrease in cash used by financing activities during the nine months ended December 2025 was primarily due to a $1.0 billion prepayment of the DDTL in the nine months ended December 2024.

Share Repurchases

VF did not purchase shares of its Common Stock in the open market during the six months ended September 2025 or the six months ended September 2024 under the share repurchase program authorized by VF's Board of Directors.

As of the end of September 2025, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization.

VF's capital deployment priorities in the near-to-medium term will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.

VF Corporation Q2 FY26 Form 10-Q 40

VF did not purchase shares of its Common Stock in the open market during the nine months ended December 2025 or the nine months ended December 2024 under the share repurchase program authorized by VF's Board of Directors.

As of the end of December 2025, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization.

VF's capital deployment priorities in the near-to-medium term

will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.

ABL Credit Facility and Short-term Borrowings

6 unchanged sentences

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

Outstanding short-term balances may vary from period to period depending on the level of corporate requirements.

Outstanding short-term balances may vary from period to period depending on the level of corporate requirements and operational needs.

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

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

VF Corporation Q3 FY26 Form 10-Q 42

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.

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

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.

VF had a global commercial paper program that allowed for borrowings of up to $2.25 billion to the extent that it had borrowing capacity under the Terminated Agreement.

commercial paper borrowing program was terminated as of May 2025 and the euro commercial paper borrowing program was terminated as of January 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%.

Reserves for 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 bas e, outstanding borrowings and outstanding letters of credit.

VF h as $91.4 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks.

Total outstanding balances under these arrangements were $10.9 million a t September 2025.

Additionally, VF had $419.1 million of unrestricted cash and cash equivalents at September 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.

VF has $73.1 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks.

Total outstanding balances under these arrangements were $10.5 million at December 2025.

Additionally, VF had $1.5 billion of unrestricted cash and cash equivalents at December 2025.

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 obligations 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

obligations of $690.1 million, $481.7 million and $661.4 million, respectively, due to suppliers that are eligible to participate in the SCF program.

Rating Agencies

At the end of September 2025, VF’s long-term debt ratings were ‘BB’ by Standard & Poor’s ("S&P") Global Rating s and 'Ba2' b y Moody’s Investors Service ("Moody's").

VF's credit rating outlook was 'stable' by S&P and 'negative' by Moody's at the end of September 2025 .

At the end of December 2025, VF’s long-term debt ratings were ‘BB’ by Standard & Poor’s (“S&P”) Global Ratings and 'Ba2' by Moody’s Investors Service (“Moody's”).

VF's credit rating outlook was 'stable' by S&P and 'negative' by Moody's at the end of December 2025.

Further downgrades to VF's ratings would negatively impact borrowing costs.

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The change of control provision applies to all notes, except for the notes due in 2033.

The Company paid cash dividends of $0.09 and $0.18 per share during the three and six months ended September 2025, respectively, and the Company declared a cash dividend of $0.09 per share that is payable in the third quarter of Fiscal 2026.

The Company paid cash dividends of $0.09 and $0.27 per share during the three and nine months ended December 2025, respectively, and the Company declared a cash dividend of $0.09 per share that is payable in the fourth quarter of Fiscal 2026.

Subject to approval by its Board of Directors, VF intends to continue to pay quarterly dividends.

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Management’s Discussion and Analysis in the Fiscal 2025 Form 10-K provided a table summarizing VF’s material contractual obligations and commercial commitments at the end of Fiscal 2025 that would require the use of funds.

As of September 2025, there have been no material changes in the amounts of unrecorded commitments disclosed in the Fiscal 2025 Form 10-K, except as noted below:

• I nventory purchase obligations decreased by approximately $531.0 million at the end of September 2025 primarily due to timing of inventory shipments.

As of December 2025, there have been no material changes in the amounts of unrecorded commitments disclosed in the Fiscal 2025 Form 10-K, except as noted below:

• I nventory purchase obligations decreased by approximately $470.0 million at the end of December 2025 primarily due to timing of inventory shipments.

Management believes that VF has sufficient liquidity and flexibility to operate its business and meet its current and long-term obligations as they become due.

41 VF Corporation Q2 FY26 Form 10-Q

Recent Accounting Pronouncements

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There have been no material changes in VF's accounting policies from those disclosed in our Fiscal 2025 Form 10-K.

The application of these accounting policies requires management to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, contingent assets and

liabilities, and related disclosures.

These estimates, assumptions and judgments are based on historical experience, current trends and other factors believed to be reasonable under the circumstances.

Management evaluates these estimates and assumptions, and may retain outside consultants to assist in the evaluation.

Management evaluates these estimates and assumptions, and may retain outside consultants to assist in the

43 VF Corporation Q3 FY26 Form 10-Q

If actual results ultimately differ from previous estimates, the revisions are included in results of operations in the period in which the actual amounts become known.

The accounting policies that involve the most significant estimates, assumptions and management judgments used in preparation of the consolidated financial statements, or are the most sensitive to change from outside factors, are discussed in Management’s Discussion and Analysis in the Fiscal 2025 Form 10-K.

The accounting policies that involve the most significant estimates, assumptions and management judgments used in preparation of the consolidated financial statements, or are the

most sensitive to change from outside factors, are discussed in Management’s Discussion and Analysis in the Fiscal 2025 Form 10-K.

Refer to Note 17 to VF's consolidated financial statements for additional information regarding VF's critical accounting policies and estimates during Fiscal 2026.

Cautionary Statement on Forward-looking Statements

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retail industry changes and challenges;

VF's ability to execute its Reinvent transformation program, "The VF Way" and

other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage;

VF's ability to execute its Reinvent transformation program, “The VF Way” and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage;

VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model;

any inability of VF or third parties on which it relies, to maintain the strength and security of information technology systems;

the fact that VF’s facilities and systems, and those of third parties on which it relies, are frequent targets of cyber-attacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyber-attacks, could result in data or financial loss, reputational harm, business disruption, damage to its relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts;

the fact that VF’s facilities and systems, and those of third parties on which it relies, are frequent targets of cyber-attacks of varying levels of severity, and may in the future

be vulnerable to such attacks, and any inability or failure by VF or such third parties to anticipate or detect data or information security breaches or other cyber-attacks, could result in data or financial loss, reputational harm, business disruption, damage to its relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts;

any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations;

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maintenance by VF’s licensees and distributors of the value of VF’s brands;

VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio, including the proposed sale of the Dickies ® brand;

whether and when the required regulatory approvals for the proposed sale of the Dickies ® brand will be obtained, whether and when the closing conditions will be satisfied and whether and when the proposed sale of the Dickies ® brand will close, if at all;

VF’s ability to execute, and realize benefits, successfully, or at all, from the proposed sale of the Dickies ® brand;

VF Corporation Q2 FY26 Form 10-Q 42

resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, and the U.S.

VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio, i ncluding the completed s ale of the Dickies ® brand business;

business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy, and the U.S.

federal government shutdown;

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adverse or unexpected weather conditions, including any potential effects from climate change;

VF's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial

VF's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations;

VF's ability to pay and declare dividends or repurchase its stock in the future;

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There have been no significant changes in VF’s market risk exposures from what was disclosed in Item 7A in the Fiscal 2025 Form 10-K.

VF Corporation Q3 FY26 Form 10-Q 44

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 2. Management’s Discussion and Analysis