What changed in this filing

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Item 1. Business

2026-05-20 compared with 2025-05-22 · 158 added, 144 removed, 214 unchanged (59% of the section changed)

Corporation, founded in 1899, is a portfolio of leading outdoor, active and workwear brands, including The North Face ® , Vans ® , Timberland ® and Dickies ® .

Corporation, founded in 1899, is a portfolio of leading outdoor and active brands, including The North Face ® , Vans ® and Timberland ® .

VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders.

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Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF’s continuing operations.

As such, the Supreme ® brand business that was sold on October 1, 2024 has been excluded.

As such, the Supreme ® brand business (“Supreme”) that was sold on October 1, 2024 has been excluded.

The sale of the Dickies ® brand business (“Dickies”) on November 12, 2025, did not qualify for presentation as a discontinued operation and is therefore included within VF's continuing operations, through the date of sale.

Business Model

VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics.

We own a broad portfolio of brands in the apparel, footwear and accessories categories.

Our largest brands are The North Face ® , Vans ® , Timberland ® and Dickies ® .

Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners.

We own a broad portfolio of brands in the apparel, footwear, equipment and accessories categories.

Our largest brands are The North Face ® , Vans ® and Timberland ® .

Our products are marketed to customers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners.

Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

Revenues from the direct-to-consumer business represented 44% of VF’s total Fiscal 2025 revenues.

In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributors.

In Fiscal 2025, VF derived 51% of its revenues from the Americas, 34% from Europe and 15% from Asia-Pacific.

Revenues from the direct-to-consumer business represente d 44% of V F’s total Fiscal 2026 revenues.

In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributor s.

In Fiscal 2026, VF derived 50% of its revenues from the Americas, 35% from Europe and 15% from Asia-P acific.

To provide products across multiple channels of distribution in different geographic areas, we rely on our global sourcing of finished goods from geographically diversified independent contractors.

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Transformation Strategy

During Fiscal 2024, VF introduced the Reinvent turnaround program, aimed to reinvent how the Company operates as an organization across its brands, geographies and integrated enterprise functions.

Initial priorities included improving North America results, delivering the Vans ® brand turnaround, reducing costs and strengthening the balance sheet.

VF has made significant progress on these priorities with the creation of a global commercial organization which includes a newly established Americas regional platform, a reduction in debt by paying down a $1.0 billion term loan and $750.0 million in senior notes during Fiscal 2025, $300.0 million in gross cost savings and a complete reset of VF's Global Leadership Team.

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

In doing so, the Company introduced 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.

In Fiscal 2025, VF also introduced "The VF Way", a set of standardized processes across brands and regions that will change how VF operates as a multi-brand portfolio company with products rooted in performance.

"The VF Way" will allow VF to leverage its multi-brand competitive advantages to drive improved performance through a focus on elevated and innovated products that are designed and created for our consumers' needs.

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 made further significant progress on its transformation strategy in Fiscal 2026, building on the initiatives put in place over the last three years to strengthen the balance sheet, expand margins and return to growth.

In Fiscal 2026, VF advanced towards medium-term goals outlined at its Investor Day in October 2024 to achieve a 10% operating margin in Fiscal 2028 and a leverage ratio of 2.5x or lower by Fiscal 2028.

Strengthen the Balance Sheet

VF's primary financial focus has been on liquidity and leverage in the early part of its turnaround, with initiatives implemented to improve operating performance alongside paying down debt.

Through tight cost discipline, working capital improvements and divestiture proceeds from the sales of Supreme in Fiscal 2025 and Dickies in Fiscal 2026, VF reduced long-term debt by $2.2 billion over a period of two fiscal years.

Expand Margins

Margin expansion initiatives are focused on both improving gross margin and reducing selling, general and administrative expenses.

To achieve expansion the focus has included strengthening the product creation engine and building several artificial intelligence (“AI”) powered inventory planning capabilities.

Levers included driving product mix through higher margin products, targeted pricing actions, and sharper markdown management.

Across the business, during the last two fiscal years, the product function was consolidated into a single global engine while design was elevated in the new operating model to enhance innovation and improve speed to market.

Inventory planning capabilities were upgraded with the introduction of new AI-enabled capabilities.

VF Corporation Fiscal 2026 Form 10-K 1

Initiatives to reduce selling, general and administrative expenses have focused on organizational alignment, simplification of processes and operations, structural transformation of the Digital and Technology functions at VF, as well as work to run VF-owned stores and distribution more efficiently.

VF continued to reinvest a portion of savings into marketing, with a continued shift towards a more social-first, digital-led marketing strategy.

Return to Growth

Initiatives to improve VF’s understanding of its consumers have been central to delivering a return to growth.

This started with the work that segmented consumer demand to drive decision-making across product designs and consumer relevant experiences.

This enabled VF to deliver more product newness with increasing speed.

These initiatives have contributed to advancing the turnaround of the Vans ® brand as well as driving sustained growth across several brands in the portfolio.

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

Reportable Segments

VF's President and Chief Executive Officer is the Company's chief operating decision maker (“CODM”).

The Company's individual global brands have been determined to be operating segments.

The CODM allocates resources and assesses performance based on VF's operating segments.

Global brands have been combined into reportable segments based on similar economic characteristics and qualitative factors.

The reportable segments for financial reporting purposes have been identified as:

Outdoor, Active and Work.

VF Corporation Fiscal 2025 Form 10-K 1

Table of Conten ts

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

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

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

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

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

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.

The following table summarizes VF’s brands by reportable segment:

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Style-forward and weather-ready footwear, apparel, accessories

Performance-based footwear

Performance merino wool and other natural fibers-based apparel and accessories

High performance apparel and accessories based on natural fibers

Active Vans ®

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Handbags, luggage, backpacks, totes, accessories

Premium outdoor-inspired apparel, footwear, accessories

Backpacks, luggage

Work Dickies ®

The following table summarizes VF brands that are included in the “All Other” category:

“ALL OTHER” CATEGORY

BRANDS PRIMARY PRODUCTS

Dickies ® (through the date of sale)

Performance and lifestyle workwear apparel and footwear

Timberland PRO ®

Protective work footwear, work and work-inspired lifestyle apparel

Financial information regarding VF’s reportable segments is included in Note 21 to the consolidated financial statements.

Performance-based footwear

Performance merino wool and other natural fibers-based apparel and accessories

Premium outdoor-inspired apparel, footwear, accessories

High performance apparel and accessories based on natural fibers

Financial information regarding VF’s reportable segments and the “All Other” category is included in Note 21 to the consolidated financial statements.

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OUTDOOR SEGMENT

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Product offerings include performance and performance-inspired outdoor apparel, footwear, equipment and accessories.

The North Face ® is the largest brand in our Outdoor segment.

The North Face ® is the lar gest brand in our Outdoor segment.

The North Face ® brand features performance and performance-inspired apparel, outerwear, sportswear and footwear for men, women and children.

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Products are also designed for year-round trail and rock climbing activities.

The North Face ® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, a pproxim ately 285 V F-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.

with strategic digital partners and online at www.thenorthface.com.

The Timberland ® brand offers style-forward and weather-ready footwear, apparel and accessories that combine performance benefits and versatile styling for men, women and children.

We sell Timberland ® pro ducts globally primarily t hrough specialty, chain and department stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, appr oximatel y 145 V F-operated stores, on websites with strategic digital partners and online at www.timberland.com.

Altra ® is a performance-based footwear brand primarily in the road and trail running cat egories.

Altra ® products are sold globally primarily throu gh premium outdoor and specialty stores, independent distributors, on websites with strategic digital partners and online at www.altrarunning.c om.

The Smartwool ® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function.

Smartwool ® products are sold globally primarily through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.

The Icebreaker ® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers.

Icebreaker ® products ar e sold globally primarily through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximatel y 20 VF-o perated stores, on websites with strategic digital partners and online at www.icebreaker.com.

Key drivers of long-term growth in our Outdoor segment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, and geographical diversification and development.

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Table of Conten ts

We sell Timberland ® products globally primarily through specialty and chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, 147 VF-operated stores, on websites with strategic digital partners and online at www.timberland.com.

Key drivers of long-term growth in our Outdoor seg ment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, and geographical diversification and development.

ACTIVE SEGMENT

Our Active segment is a group of activity-based lifestyle brands.

Product offerings include active apparel, footwear, backpacks, luggage and accessories.

Product offerings include active apparel, footwear, backpacks, luggage, handbags, totes and accessories.

Vans ® is the largest brand in our Active segment.

The Vans ® brand offers performance and casual footwear and apparel targeting younger consumers that sit at the center of action sports, art, music and street fashion.

Vans ® products are available globally primarily through specialty, chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approxima tely 605 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally primarily through chain, department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, appr oximately 35 VF -operated stores, on websites with strategic digital partners and online at www.kipling.com.

The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price.

sold in Europe, primarily through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, approxi mately 20 V F-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

Eastpak ® backpacks, travel bags and luggage are sold primarily through department, specialty and concession retail stores across Europe, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.

Vans ® products are available globally primarily through specialty, chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, 569 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally primarily through chain, department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, 35 VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.

Eastpak ® backpacks, travel bags and luggage are sold primarily through specialty and concession retail stores across Europe, 1 VF-operated store, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.

JanSport ® backpacks and accessories are sold primarily in North America through mass merchants, sports specialty stores, office supply and chain stores and department stores, as well as independent distributors.

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Key drivers of long-term growth in our Active segment are expected to be our continued focus on product innovation, extension of our brands into new product categories, profitable growth of our direct-to-consumer business including our digital presence, enhancement of wholesale channel partnerships, and geographical diversification and development.

Our Work segment consists of performance and lifestyle workwear brands with product offerings that include apparel, footwear and accessories.

Dickies ® is the largest brand in our Work segment.

The Dickies ® brand is a leader in authentic, functional, durable and affordable performance and lifestyle workwear apparel and footwear .

Dickies ® products are available globally primarily through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 15 VF-operated stores, on websites with strategic digital partners and online at www.dickies.com.

The Timberland PRO ® brand offers work and work-inspired products that provide comfort, durability and performance.

Timberland PRO ® products are availabl e primarily in North America, through specialty stores, chain stores, independent distributors, on websites with strategic digital partners and online at www.timberland.com.

Timberland PRO ® products are also available in most U.S.

VF-operated Timberland ® stores.

We believe there is a strategic opportu nity for growth in our Work segment in both existing and future markets, and in all channels and geographies.

We expect growth will be driven by an increased presence in the retail workwear market, work-inspired lifestyle product offerings and by continuing to innovate products that address workers’ desires for increased comfort and performance.

“ALL OTHER” CATEGORY

The “All Other” category is not considered a reportable segment.

This group includes the following brands:

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

Altra ® is a performance-based footwear brand primarily in the road and trail running categories.

Altra ® products are sold globally primarily through premium outdoor and specialty stores, independent distributors, 2 VF-operated stores, on websites with strategic digital partners and online at www.altrarunning.com.

The Smartwool ® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function.

Smartwool ® products are sold globally primarily through specialty outdoor and premium sporting goods

stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.

The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price.

Products are sold primarily in Europe, through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, 20 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

The Icebreaker ® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers.

Icebreaker ® products are sold globally primarily through specialty outdoor and premium sporting goods stores, independently-operated partnership stores, concession retail stores, independent distributors, 19 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.

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DIRECT-TO-CONSUMER OPERATIONS

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These outlet stores carry merchandise that is specifically designed for sale in our outlet stores and serve an important role in our overall inventory management and profitability by also allowing VF to sell a significant portion of excess, discontinued and out-of-season products at better prices than otherwise available from outside parties, while maintaining the integrity of our brands.

Our global direct-to-consumer operations includ ed 1,127 stor es at the end of Fiscal 2025.

Our global direct-to-consumer operations inclu ded 1,080 stor es at the end of Fiscal 2026.

We operate retail store locations for the following brands:

Vans ® , The North Face ® , Timberland ® , Kipling ® , Icebreaker ® , Napapijri ® and Dickies ® .

Vans ® , The North Face ® , Timberland ® ,

Kipling ® , Icebreaker ® , Napapijri ® , Altra ® and Eastpak ® .

We also operate 1 multi-brand store.

Approximately 64% of our stores are located in the Americas (56% in the U.S.), 26% in Europe and 10% in Asia-Pacific.

Additionally, we sell certain of our branded products through 794 concession retail stores located principally in Europe and Asia-Pacific.

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Table of Conten ts

E-commerce represented approxim ately 40% of ou r direct-to-consumer business an d 18% of to tal VF revenues in Fiscal 2025.

Additionally, we sell certain of our branded products through 868 concess ion retail stores located principally in Europe and Asia-Pacific.

E-commerce represe nted approximately 41% of our direct-to-consumer business and 18% of total VF revenues in Fiscal 2026.

All VF brands are marketed online.

We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance.

We continue to expand our omni-channel approach and integrated marke tplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance.

We also continue to increase focus on digital innovation and growth across other third-party digital platforms that are reported within our direct-to-consumer business.

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These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores.

Most of these partnership stores are located in Europe and in Asia-Pacific, and are concentrated amongst The North Face ® , Timberland ® , Vans ® , Kipling ® , Dickies ® and Napapijri ® brands.

Most of these partnership stores are located in Europe and in Asia-Pacific, and are concentrated amongst The North Face ® , Timberland ® , Vans ® , Kipling ® , Icebreaker ® and Napapijri ® brands.

LICENSING ARRANGEMENTS

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We provide support to these business partners and ensure the integrity of our brand names by taking an active role in the design, quality control, advertising, marketing and distribution of licensed products.

Licensing arrangements relate to a broad range of VF brands and are for fixed terms of generally 3 to 5 years, with conditional renewal options, outside of certain licensing arrangements for the Dickies ® brand that have longer terms.

Licensing arrangements relate to a broad range of VF brands and are for fixed terms of generally 3 to 5 years, with conditional renewal options.

Each licensee pays royalties to VF based on its sales of licensed products, with most agreements providing for a minimum royalty requirement.

Royalties generally range from 4% to 10% of the licensing partners’ net licensed product sales.

Royalty income was $62.3 million in Fiscal 2025 (less than 1% of total revenues), p rimarily from the Vans ® , Dickies ® and Timberland ® brands.

Royalties generally range from 4% to 10% of the licensing partners’ n et licensed product sales.

Royalty income was $49.7 million in Fiscal 2026 (less than 1% of total revenues), p rimarily from the Vans ® , Dickies ® (through the date of sale) and Timberland ® brands.

SOURCING AND DISTRIBUTION

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VF is skilled in managing the complexities associated with our global supply chain.

In Fiscal 2025, VF sourced approximately 260 million units spread across our brands.

Our products were primarily obtained from approximate ly 273 independent contractor manufacturing facilities in approximately 30 coun tries.

Additionally, we operate 16 dis tribution center s and 1,127 reta il stores across the globe.

In Fiscal 2026, VF sourced approx imately 231 million units spread across our brands.

Our products were primarily obtained from approximately 216 independent contractor manufacturing facilities in approximately 24 countries.

Additionally, we operate 13 distributi on center s and 1,080 retail stores across the globe.

We also utilize distribution centers managed by third parties, as necessary, for certain brands and locations.

Managing this complexity is made possible by the use of a network of information systems for product development, forecasting, order management and warehouse management, along with our core enterprise resource management platforms.

Managing this complexity is made possible by the use of a network of information systems for product development, forecasting, order

management and warehouse management, along with our core enterprise resource management platforms.

Products obtained from contractors in the Western Hemisphere generally have a higher cost than products obtain ed from contractors in Asia-Pacific.

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These hubs are responsible for managing the procurement of product, supplier oversight, product quality assurance,

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sustainability within the supply chain, responsible sourcing and transportation and shipping functions.

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In April 2025, the U.S.

government announced broad-based, reciprocal tariffs on foreign imports.

While the situation is dynamic and evolving, VF continues to analyze the impact of these tariffs on our business and is taking steps to mitigate our tariff exposure.

Mitigation strategies include sourcing optimization, accelerating production and shipments into the U.S.

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

government announced broad-based, reciprocal tariffs on foreign imports under the International Emergency Economic Power Act ( “ IEEPA ” ).

In February 2026, the U.S.

Supreme Court invalidated tariffs imposed under the IEEPA.

Immediately following the IEEPA ruling, the U.S.

government imposed additional new tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment.

VF continues to analyze the impact of tariffs on our business and has taken steps to mitigate our tariff exposure.

Mitigation strategies have included, and may continue to include, sourcing optimization, accelerating production and shipments into the U.S., negotiations with our vendors, and tactical price increases.

VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S.

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VF, through its contractor monitoring program, audits the activities of the independent businesses and contractors that produce VF products at locations across the globe.

Independent contractor facilities, including those serving our independent

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Table of Conten ts

licensees, are subject to pre-certification before producing VF products.

Independent contractor facilities, including those serving our independent licensees, are subject to pre-certification before producing VF products.

This pre-certification includes passing a factory inspection and signing a VF Terms of Engagement agreement.

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Product is shipped from our independent suppliers to distribution centers around the world.

In some instances,

product is shipped directly to our customers.

In some instances, product is shipped directly to our customers.

Most distribution centers are operated by VF, and most support more than one brand.

Our largest distribution centers by region are located in Ontario, California, Prague, Czech Republic and Kunshan, China.

In total, we operate 16 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico and Israel.

Our largest distribution centers by region are located in Ontario, California;

Almelo, the Netherlands;

and Kunshan, China.

In total, we operate 13 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, the Netherlands, China, United Kingdom, Belgium, Canada, Mexico and Israel.

VF’s quarterly operating results vary due to the seasonality of our individual brands, and are historically stronger in the second half of the calendar year.

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We also participate in shop-in-shops and concession retail arrangements, which are separate sales areas dedicated to a specific VF brand within our customers' stores and other locations, to help differentiate and enhance the presentation of our products.

We contribute to incentive programs with our wholesale customers, including cooperative advertising funds, discounts

and allowances.

We also offer sales incentive programs directly to consumers in the form of discounts, rebates and coupon offers that are eligible for use in certain VF-operated stores, brand e-commerce sites and concession retail locations.

We contribute to incentive programs with our wholesale customers, including cooperative advertising funds, discounts and allowances.

We also offer sales incentive programs directly to consumers in the form of discounts, rebates and coupon

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offers that are eligible for use in certain VF-operated stores, brand e-commerce sites and concession retail locations.

VF also offers loyalty programs for certain brands that provide a range of benefits to consumers.

In addition to sponsorships and activities that directly benefit our products and brands, VF and its employees actively support our communities and various charities.

For example, The North Face ® brand has committed to brand impact initiatives that encourage and enable outdoor participation and provide trailblazing athletes with funding, gear, education and mentorship to accelerate their progress through its "Athlete Development Program".

The Timberland ® brand's strong heritage of volunteerism was alive and well with thousands of employees worldwide participating in 200+ Earth Day (spring) and Serv-a-palooza (fall) service events.

The Vans ® brand championed programs and partnered with nonprofits dedicated to inclusivity, supporting mental health, providing relief to those affected by natural disasters and inspiring individuals to embrace creativity as a means of self-discovery.

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Table of Conten ts

For example, The North Face ® brand advanced its brand impact through its Power of Nature platform, which focuses on expanding outdoor access for youth by helping remove barriers to participation and

encouraging exploration across communities globally.

The Timberland ® brand continued its strong heritage of volunteerism, with thousands of employees worldwide participating in more than 200 annual Earth Day (spring) and Serv-a-palooza (fall) service events.

The Vans ® brand supported programs and partnered with community-driven organizations rooted in skate culture, promoting inclusivity, supporting mental health, providing relief to communities impacted by natural disasters, and inspiring creativity as a form of self-expression consistent with its “ Off the Wall ” ethos.

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

As a portfolio of leading outdoor, active and workwear brands, VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders.

As a portfolio of leading outdoor and active brands, VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders.

VF is dedicated to business success, with integrity and responsibility remaining essential to supporting our success, across key areas including people, the planet and our products.

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From delivering a superior product for the consumers of our brands, to working to lessen our environmental impact on the planet, they drive our progress.

We strive to uphold responsible business practices across our global supply chain.

• Driving action to manage climate risk by resolving to reduce our own environmental footprint while advocating for industry actions to create change at scale.

We strive to uphold responsible business practices across our global business, including our direct operations and our supply chain.

• Driving action to manage climate risk by resolving to reduce our own environmental footprint while advocating for industry actions to create positive change at scale.

• VF brands touch millions of lives every year – from the people that design and make the products to the consumers who purchase them.

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VF’s President and Chief Executive Officer, as we ll as the Company's Global Leadership Team and Board of Directors are responsible for the oversight of VF’s sustainability and responsibility strategies and targets.

Additionally, the Governance and Corporate Responsibility Committee of the Board oversees key strategies, programs, policies and risks related to the sustainability and social responsibility impacts of VF’s businesses, including sustainability policies and initiatives

to address climate change risks.

Regular updates on the progress towards associated sustainability and responsibility targets are provided to the Governance and Corporate Responsibility Committee of the Board.

VF has completed an analysis of potential climate-related risks and opportunities, and as a result, 'Climate Change & Sustainability' was established as a VF enterprise risk and embedded in our enterprise risk management framework.

VF conducts an analysis of potential climate-related risks and opportunities periodically, based on regulatory requirements and business needs.

Updates on enterprise risks are provided to the Audit Committee of the Board of Directors quarterly.

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• Reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation including land-related emissions and removals from bioenergy feedstocks, 33% by the end of Fiscal 2030 from a Fiscal 2017 baseline.

Other planet- and product-related goals include the following:

Other people-, planet- and product-related goals include the following:

• Improve the lives of one million workers and community members throughout VF's global supply chain by Fiscal 2026 and two million workers and community members by Fiscal 2031.

In Fiscal 2025, VF successfully achieved its first milestone, reaching one million people through VF's Worker & Community Development program initiatives.

• Utilize 100% renewable energy across our owned-and-operated facilities by the end of Fiscal 2026, to be primarily achieved through on-site renewable energy projects, and off-site renewable energy investments, including renewable energy credits.

VF has secured sufficient renewable energy credits in Fiscal 2026, enabling VF to achieve its renewable energy goal.

• Source 50% of our polyester from recycled materials by the end of Fiscal 2026.

VF is tracking progress towards these targets and goals.

VF has achieved this goal.

VF has achieved, or is tracking progress towards, these targets and goals.

Additional information regarding VF’s strategy and actions, as well as progress toward these targets and goals, can be found within our latest Environmental & Social Responsibility report within our “Responsibility” page on www.vfc.com.

Also included on that webpage are downloads of our Sustainability Accounting Standards Board ("SASB") and Global Reporting Initiative ("GRI") indices.

Information contained on our website or in our Environmental & Social Responsibility reports or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.

6 VF Corporation Fiscal 2026 Form 10-K

HUMAN CAPITAL MANAGEMENT

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Our Human Capital Management ( “ HCM”) practices are designed to promote belonging;

provide development opportunities for

employees across the organization;

provide development opportunities for employees across the organization;

offer competitive rewards for performance achievements and benefits;

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Initiatives to promote overall alignment with our performance, values, and strategy are therefore important and include internal communications and education about our business initiatives through regular townhalls with executive management across our business, and a listening strategy that engages employees and encourages them to provide input and feedback on a variety of topics.

6 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

Our Board of Directors and its Committees provide governance and oversight on a broad range of VF’s HCM efforts.

The Board’s oversight includes review of CEO and executive officer performance, compensation and succession planning and belonging programs and initiatives.

The Board’s oversight includes review of Chief Executive Officer and executive officer performance, compensation and succession planning and belonging programs and initiatives.

The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-wide HCM priorities, including employee engagement, inclusion, belonging, benefits, wellbeing, succession planning and talent development strategies.

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Employee Base

VF had approximate ly 27,000 employees at the end of Fiscal 2025.

Of VF’s total employees, approximately 60% were full-time and approximately 52% were located in the U.S.

In international markets, certain employees are covered by trade-sponso red or governmental bargaining arrangements.

VF had approximately 26,000 emplo yees at the end of Fiscal 2026.

Of VF’s total employees, approximat ely 56% w ere full-time

and approxim ately 51% were located in the U.S.

In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements.

Employee relations are generally considered to be good.

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Our culture is built on our five core values:

Integrity, Consumer-focused, Growth Mindset, Simplicity and Winning Together.

Trust and Integrity, Consumer-first, Embrace the Now, Growth Mindset, and Win Together.

We measure our culture and Employee Net Promoter Score ( “ eNPS ” ) via periodic surveys.

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Talent Management includes the acquisition, development, skilling and upskilling, and deployment of our talent.

range of tools and programs including performance coaching, mentorship and development, succession planning, access to volunteering opportunities, early career apprenticeship programs, and hundreds of online leadership development learning modules that are available to all employees.

We utilize a range of tools and programs including performance coaching, mentorship and development, succession planning, access to volunteering opportunities, early career apprenticeship programs, and a blend of in-person, live virtual as well as a wide range of self-directed digital learning available to all employees.

Employee Wellbeing and Safety

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we will treat everyone with dignity and respect;

we will compete fairly and honestly;

we will compete

VF Corporation Fiscal 2026 Form 10-K 7

fairly and honestly;

we will follow the law everywhere we do business;

and we will strive to make our communities better.

Our global Ethics and Compliance program aims to provide VF employees with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.

Our global Ethics and Compliance program aims to provide VF

employees with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.

OTHER MATTERS

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Our business depends on our ability to stimulate consumer demand for VF’s brands and products.

As a leader in the industry with a portfolio of iconic brands, VF is well-positioned to compete in its target markets for apparel, footwear and accessories.

Our brands support the active lifestyles of their consumers through the development of innovative and

differentiated products and experiences.

As a leader in the industry with a portfolio of iconic brands, VF is well-positioned to compete in its target markets for apparel, footwear, equipment and accessories.

Our brands support the active lifestyles of their consumers through the development of innovative and differentiated products and experiences.

We support our brands in meeting their commitments to consumers by leveraging our platforms and capabilities to innovate and ensure sufficient availability of high-quality products when and where consumers choose to engage with our brands, and to communicate and maintain long-lasting relationships.

VF Corporation Fiscal 2025 Form 10-K 7

Table of Conten ts

Intellectual Property

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We vigorously monitor and enforce VF’s intellectual property against counterfeiting, infringement and violations of other rights where and to the extent legal, feasible and appropriate.

In addition, we grant licenses to other parties to manufacture and sell products utilizing our intellectual property in product categories and geographic areas in which VF does not operate.

VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital

In addition, we grant licenses to other parties to manufacture and sell products

utilizing our intellectual property in product categories and geographic areas in which VF does not operate.

VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners.

In addition, we sell products on a direct-to-consumer basis through VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

Our international sales represente d 55% of our total revenues in the year ended March 2025, with Europe being the largest international market.

Sales to VF’s ten largest customers amounted to approximately 15% of to tal revenues in Fiscal 2025.

Sales to the five largest customers amounted to approximately 10% of total revenues in Fiscal 2025.

Sales to VF’s largest customer totaled approximately 2% of total revenues in Fiscal 2025.

Our international sales represente d 56% of our total revenues in the year ended March 2026, with Europe b eing the largest international market.

Sales to VF’s ten largest customers amounted to approximately 17% of total revenues in Fiscal 2026.

Sales to the five largest customers amounted to approxim ately 12% of total revenues in Fiscal 2026.

Sales to VF’s largest customer totaled approximat ely 4% of total revenues in Fiscal 2026.

The dollar amount of VF’s order backlog as of any date is not indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole.

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Abhishek Dalmia , 48, has been Executive Vice President, Chief Operating Officer since April 2025.

He served as Executive Vice President, Chief Strategy, Transformation and Digital Officer from March 2024 until April 2025.

Prior to this role, he served as Executive Vice President, Chief Strategy, Transformation and Digital Officer from March 2024 until April 2025.

Prior to joining VF, Mr.

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Dalmia joined VF in March 2024.

Martino Scabbia Guerrini , 60, has been Executive Vice President, Chief Commercial Officer and President, Emerging Brands since October 2023.

Prior to this role, he served in a number of leadership roles with VF, including most recently as Executive Vice President, and President, EMEA and Emerging Brands from March 2022 until October 2023, with additional responsibilities

as President, APAC from November 2022 until October 2023.

Guerrini joined VF in 2006.

Hyd er , 60, has been Executive Vice President, Chief People Officer since September 2023.

Hyd er , 61, has been Executive Vice President, Chief Commercial Officer since January 2026.

He served as Executive

Vice President, Chief People Officer from September 2023 until January 2026.

Prior to joining VF, Mr.

2 unchanged sentences

Hyder joined VF in September 2023.

McNeill , 63, has been Vice President, Controller and Chief Accounting Officer since April 2015.

Prior to this role, he served as Controller and Supply Chain Chief Financial Officer of VF International from January 2012 until March 2015 and Controller of VF International from May 2010 until December 2011.

McNeill joined VF in 1993.

Phillips , 53, has been Vice President, Chief Accounting Officer since June 2025.

Prior to this role, he served as Vice President, Enterprise Financial Reporting Controller from September 2022 until May 2025, as Vice President, Financial Controller – Americas from February 2021 until August 2022 and as Vice President, Financial Controller – APAC from June 2016 until January 2021.

Phillips joined VF in 2010.

Sim , 52, has been Executive Vice President, Chief Legal Officer and Corporate Secretary since July 2024.

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Additional information is included under the caption “Election of Directors” in VF’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held July 28, 2026 (“2026 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 28, 2026, which information is incorporated herein by reference.

8 VF Corporation Fiscal 2026 Form 10-K

AVAILABLE INFORMATION

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Such documents are available as soon as reasonably practicable after electronic filing of the material with the SEC.

these reports may also be obtained free of charge upon written request to the Corporate Secretary of VF Corporation, P.O.

Copies of these reports may also be obtained free of charge upon written request to the Corporate Secretary of VF Corporation, P.O.

Box 13919, Denver, CO 80201.

The following corporate governance documents can be accessed on VF’s website:

VF’s Corporate Governance Principles, Code of Business Conduct, and the charters of our Audit Committee, Talent and Compensation Committee, Finance Committee and Governance and Corporate Responsibility Committee.

8 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

these documents also may be obtained by any shareholder free of charge upon written request to the Corporate Secretary of VF Corporation, P.O.

VF’s Corporate Governance Principles, Code of

Business Conduct, and the charters of our Audit Committee, Talent and Compensation Committee, Finance Committee and Governance and Corporate Responsibility Committee.

Copies of these documents also may be obtained by any shareholder free of charge upon written request to the Corporate Secretary of VF Corporation, P.O.

Box 13919, Denver, CO 80201.

After VF’s 2025 Annual Meeting of Shareholders, VF intends to file with the New York Stock Exchange (“NYSE”) the certification

regarding VF’s compliance with the NYSE’s corporate governance listing standards as required by N YSE Rule 303A.12.

Last year, VF filed this certification with the NYSE on July 29, 2024.

After VF’s 2026 Annual Meeting of Shareholders, VF intends to file with the New York Stock Exchange (“NYSE”) the certification regarding VF’s compliance with the NYSE’s corporate governance listing standards as required by N YSE Rule 303A.12.

Last year, VF filed this certification with the NYSE on August 6, 2025.

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-K

Item 1. Business