What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-05-20 compared with 2025-05-22 · 346 added, 332 removed, 353 unchanged (66% of the section changed)

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a portfolio of leading outdoor, active and workwear brands, including The North Face ® , Vans ® , Timberland ® and Dickies ® .

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) 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.

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 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 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.

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.

VF is organized by groupings of brands and businesses represented by its reportable segments for financial reporting purposes.

The three reportable segments are Outdoor, Active and Work.

VF is organized by groupings of brands and businesses represented by its reportable segments for financial reporting purpos es.

The two reportable segments are Outdoor and Active.

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.

BASIS OF PRESENTATION

VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year.

All references to the years ended March 2025 ("Fiscal 2025"), March 2024 ("Fiscal 2024") and March 2023 ("Fiscal 2023") relate to the 52-week fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023, respectively.

All references to the years ended March 2026 (“Fiscal 2026”), March 2025 (“Fiscal 2025”) and March 2024 (“Fiscal 2024”) relate to the 52-week fiscal years ended March 28, 2026, March 29, 2025, and March 30, 2024, respectively.

The following discussion and analysis focuses on our financial results for the years ended March 2026 and 2025 and year-to-year comparisons between these years.

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All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers.

References to the year ended March 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the year ended March 2024 when

translating foreign currencies into U.S.

References to the year ended March 2026 foreign currency amounts and impacts below reflect the changes in foreign

exchange rates from the year ended March 2025 when translating foreign currencies into U.S.

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

Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.

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

to sell the Supreme ® brand business ("Supreme").

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

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 and fourth quarters 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 3 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

VF Corporation Fiscal 2026 Form 10-K 25

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.

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.

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

Refer to additional discussion in the “Information by Reportable Segment” section below and Note 21 to VF's consolidated financial statements.

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

Supreme ® brand business (“Supreme”).

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

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") 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

VF Corporation Fiscal 2025 Form 10-K 25

Table of Conten ts

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 year ended March 2025, 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 3 to VF’s consolidated financial statements for additional information on discontinued operations.

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RECENT DEVELOPMENTS

Conflict in the Middle East

The conflict in the Middle East, which began during the fourth quarter of Fiscal 2026, has contributed to heightened geopolitical uncertainty, including impacts to global supply chains and increased fuel and oil costs.

These and other factors may lead to broader macroeconomic implications, such as decreased consumer spending.

While the length, scope and intensity of the conflict is unknown, VF does not believe the impact will be material, but will continue to monitor the evolving macroeconomic environment and its ability to mitigate the impact on VF's business, financial condition and results of operations.

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.

VF recorded a final pre-tax gain of $127.2 million in the year ended March 2026, which included a reduction to the gain to reflect final working capital adjustments of $11.9 million in the fourth quarter of Fiscal 2026, which will be paid in Fiscal 2027.

The pre-tax gain is included in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026 .

Impact of Tariffs

In April 2025, the U.S.

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

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.

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 paid tariffs totaling $149.7 million imposed under IEEPA, and on February 20, 2026 the U.S.

Supreme Court ruled that these tariffs were deemed invalid.

Further, on March 4, 2026, the Court of International Trade ruled that U.S.

Customs and Border

Protection ( “ CBP ” ) must refund IEEPA tariffs that were collected, with interest.

As a result, VF recorded a tariff refund receivable of $149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026.

Interest is not included due to the uncertainty of the amount but is not believed to be material.

On April 20, 2026, approximately $57 million of IEEPA entries were submitted for refund processing.

Submission and processing of the remaining IEEPA tariffs is subject to finalization of the process for the next phase of refunds by CBP.

VF will re-evaluate its assessment at each reporting period based on any new information.

The tariff refund receivable is included in the accounts receivable, net line item in the Consolidated Balance Sheet as of March 2026.

For the year ended March 2026, VF recognized $93.8 million as a reduction to cost of goods sold.

As of March 2026, $55.9 million is recorded as a reduction to inventory and will be recognized as a decrease in cost of goods sold as the inventory turns.

Also, VF recorded a liability of $37.6 million as of March 2026, reflecting the portion of the refund that VF has committed to reimburse certain vendors and partners, which is included in the accounts payable line item in the Consolidated Balance Sheet.

For the year ended March 2026, VF recognized $22.7 million as an increase to cost of goods sold and $14.9 million as an increase to inventory.

Amounts that are deferred into inventory will be recognized as an increase in the cost of goods sold as the inventory turns.

Reimbursements will not be made to vendors and partners until after collection of the applicable IEEPA refunds.

VF has a diversified sourcing country mix.

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products are sourced through China.

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.

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.

Supreme Divestiture

As noted above, VF completed the sale of Supreme on October 1, 2024.

VF received proceeds of $1.506 billion , net of cash sold, resulting in a final after-tax loss on sale of $126.6 million, which is included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the year ended March 2025 .

VF used a portion of the net cash proceeds to prepay $1.0 billion of the DDTL on October 4, 2024, pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $450.0 million of commercial paper borrowings upon maturity during the third quarter of Fiscal 2025.

While the tariff situation is dynamic and evolving, VF continues to analyze the impact of tariffs on our business and has taken steps

26 VF Corporation Fiscal 2026 Form 10-K

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.

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.

VF will continue to monitor and evaluate new information as it becomes available.

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

The first announced steps in this transformation, which cover the following priorities:

improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet, are as follows:

• Establish global commercial organization, inclusive of an Americas region:

VF changed the operating model with the establishment of a global commercial structure.

includes the creation of an Americas regional platform, modeled on the Company's successful operations in the Europe and Asia-Pacific regions.

With this change, VF has created the role of Chief Commercial Officer, with responsibility for go-to-market execution globally.

• Sharpen brand presidents' focus on sustainable growth:

A direct consequence and intent of the operating model change, which is particularly critical at this stage for the Vans ® brand, enables brand presidents to direct greater focus and attention to long-term brand-building, product innovation and growth strategies.

• Appoint new Vans ® president :

Sun Choe was appointed the new Global Brand President of Vans ® effective late July 2024.

• Optimize cost structure to improve operating efficiency and profitability:

Actions have been implemented in a large-scale cost reduction program, which delivered $300.0 million in gross cost savings, by removing spend in non-strategic areas of the business, and simplifying and right-sizing VF's structure.

• Reduce debt and leverage:

In addition to improving operating performance, VF is committed to deleveraging the balance sheet.

VF used the proceeds from the sale of Supreme to prepay the DDTL and to repay $450.0 million of commercial paper borrowings.

In March 2025, VF completed an early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025.

The first announced steps in this transformation covered the following priorities:

improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet.

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.

VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028.

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 year ended March 2026 were $14.9 million and cumulative charges were $205.0 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.

In addition, as further discussed in Note 24 to VF's consolidated financial statements, VF has entered into a contract with a consulting firm to support Reinvent.

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 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.

For additional information regarding recent developments, see “Item 1A.

Risk Factors.

26 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

SUMMARY OF THE YEAR ENDED MARCH 2026

• Revenues decreased 4% to $9.5 billion com pared to the year ended March 2024.

• Outdoor segm ent revenues increased 1% to $5.6 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency.

• Active segment revenues decreased 12% to $3.1 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency.

• Work segment revenues decreased 7% to $833.1 million compared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency.

• Wholesale revenues we re down 2% compared to the year ended March 2024.

• Direct-to-consumer revenues were down 6% compared to the year ended March 2024.

• I nternational revenues decreased 2% compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency.

• Revenues in the Americas reg ion decreased 7% co mpared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency.

• Gross margin increased 190 basis points to 53.5% in the year ended March 2025 compared to the year ended March 2024, primarily driven by lower product costs and improved inventory quality.

• Earnings (loss) per share wa s $0.18 in the year ended March 2025 compared to ($2.62) in the year ended March 2024.

The year ended March 2024 included increased tax expense due to the unfavorable decision in the Timberland tax case, which negatively impacted earnings per share by $1.72.

The increase in earnings per share was also due to lower impairment charges in the current year compared to the year ended March 2024 and increased profitability in the Outdoor and Work segments.

The increase in earnings per share was also partially offset by lower profitability in the Active segment.

• Revenues increased 1% to $9.6 billion compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

• Outdoor segm ent revenues increased 8% to $5.7 billion compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

• Active segment revenues decreased 7% to $2.7 billion compared to the year ended March 2025, including a 2% favorable impact from foreign currency.

• Wholesale rev enues increased 1% compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

• Direct-to-consumer revenues increased 2% compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

• International revenues increased 2% compared to the year ended March 2025, including a 5% favorable impact from foreign currency.

• Revenues in the Americas region remained flat compar ed to the year ended March 2025.

• Gross margin increased 130 basis points to 54.8% in t he year ended March 2026 compared to the year ended March 2025, primarily driven by higher quality inventory, lower product costs, increased pricing and favorable foreign currency impacts.

• Earnings per share was $0.64 in the year ended March 2026 compared to $0.18 in the year ended March 2025.

The increase i n earnings per share was primarily driven by the $127.2 million gain related to the Dickies divestiture, lower Reinvent charges, lower impairment charges and increased profitability in the Outdoor segment during the year ended March 2026 compared to the year ended March 2025.

The increase was partially offset by $217.2 million of pension settlement charges and excise taxes related to the termination of the U.S.

qualified pension plan in the year ended March 2026.

ANALYSIS OF RESULTS OF OPERATIONS

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Revenues — 2025 $ 9,504.7

Organic (361.3)

Impact of Dickies divestiture (217.1)

Impact of foreign currency 266.5

Revenues — 2026 $ 9,605.2

VF Corporation Fiscal 2026 Form 10-K 27

Year Ended March 2026 Compared to Year Ended March 2025

VF reported a 4% decrease in reven ues in Fiscal 2025 compared to Fiscal 2024.

The revenue decrease was driven by declines across the Active and Work segments, partially offset by an increase in the Outdoor segment.

The revenue decrease was also due to declines across the Americas and Europe regions, with the most significant declines in the Americas region.

VF reported a 1% increase in r even ues in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from foreign currency.

I ncreases in the Outdoor segment in Fiscal 2026 and favorable impacts from foreign currency were partially offset by decreases in the Active segment and decreased rev enue due to the Dickies divestiture in the current year.

In Fiscal 2026 ,

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”.

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Amounts may not sum due to rounding.

VF Corporation Fiscal 2025 Form 10-K 27

Table of Conten ts

Year Ended March 2026 Compared to Year Ended March 2025

Gross margin increased 130 basis points to 54.8% in Fiscal 2026 compared to 53.5% in Fiscal 2025.

The increase in gross margin in Fiscal 2025 was driven b y lower product costs and improved inventory quality.

Selling, general and administrative expenses as a percentage of revenues increased 150 basis points in Fiscal 2025 comp ared to Fiscal 2024, reflecting lower leverage of operating expenses due to decreased revenues.

Selling, general and administrative expenses decreased $57.8 million in Fiscal 2025 compared to Fiscal 2024 .

The decrease was primarily due to cost savings from Reinvent, lower information technology costs and distribution expenses and gains recognized from sale leaseback transactions, partially offset by Reinvent restructuring charges and project-related costs and higher compensation costs, including performance-based compensation.

The increase i n gross margin in Fiscal 2026 was primarily driven by higher quality inventory, lower product costs, increased pricing and favorable foreign currency impacts.

Selling, general and administrative expenses as a percentage of revenues decreased 90 basis points ($36.4 million) in Fiscal 2026 comp ared to Fiscal 2025.

The decrease was primarily due to cost savings from Reinvent, including lower information technology costs, partially offset by increased advertising costs in Fiscal 2026 and gains recognized from sale leaseback transactions in Fiscal 2025.

The decrease was also due to lower Reinvent restructuring charges and project-related costs in Fiscal 2026 .

During the year ended March 2026 , VF recorde d a goodwill impairment charge of $30.7 million related to the Napapijri reporting unit.

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.

During the year ended March 2025, VF recorde d goodwill and intangible asset impairment charges of $89.2 million related to the Dickies indefinite-lived trademark intangible asset and Icebreaker reporting unit.

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As a result of VF's annual impairment testing as of the beginning of the fourth quarter of Fiscal 2025, VF recorded a goodwill impairment charge of $38.2 million related t o the Icebreaker reporting unit.

During the year ended March 2024 , VF recorded goodwill impairment charges of $507.6 million related to the Timberland, Dickies and Icebreaker reporting units.

During the third quarter of Fiscal 2024, VF determined that a triggering event had occurred requiring a quantitative analysis of the Timberland and Dickies reporting units, and as a result of the impairment testing performed, VF recorded goodwill impairment charges of $195.3 million and $61.8 million, respectively .

As a result of VF's annual impairment testing as of the beginning of the fourth quarter of Fiscal 2024, VF recorded a goodwill impairment charge of $38.8 million related to the Icebreaker reporting unit.

During the fourth quarter of Fiscal 2024, VF also performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded an additional goodwill impairment charge of $211.7 million.

In Fiscal 2025, operating margin increased to 3.2% from (1.5%) in Fiscal 2024, primarily due to the items described above.

N et interest expense decreased $16.4 million to $149.2 million in Fiscal 2025.

The decrease in net interest expense was primarily

due to decreased levels of short-term commercial paper borrowings and long-term debt, and an increase in interest income due to higher average cash equivalents and rates during the year.

T otal outstanding interest-bearing debt averaged $5.0 billion and $6.7 billion for Fiscal 2025 and Fiscal 2024, respectively, with short-term borrowings representing 4.1% and 5.8% of average debt outstanding for the respective years.

The weighted average interest rate on outstanding debt was 3.2% in Fiscal 2025 and 2.6% in Fiscal 2024 .

In Fiscal 2026, operati ng margin increased to 6.0% from 3.2% in Fiscal 2025, primarily due to the items described above.

N et interest expense remained relatively flat in Fiscal 2026, compared to Fiscal 2025 , 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.

T otal outstanding interest-bearing debt averaged $4.5 billion and $5.0 billion for Fiscal 2026 and Fiscal 2025, respectively, with short-term borrowings represent ing 6.2% and 4.1% of average debt outstanding for the respective years.

The weighted average interest rate on outstanding debt was 3.2% in both Fiscal 2026 and Fiscal 2025 .

Other income (expense), net primarily consists of components of net periodic pension cost (excluding the service cost component), certain foreign currency and hedging gains and losses and other non-operating gains and losses.

Other income (expense) netted to ($9.4) million a nd $24.7 million in Fiscal 2025 and Fiscal 2024, re spectively.

Other income (expense), net in Fiscal 2025 primarily included equity investment impairments of $15.6 million, cyber insurance recoveries of $13.7 million received in Fiscal 2025, $4.2 million of net periodic pension cost and $2.3 million of foreign currency and hedging losses.

Other income (expense), net in Fiscal 2024 primarily includ ed legal settlement gains of $29.1 million, $3.2 million of net periodic pension cost and $2.0 million of foreign currency and hedging losses.

Other income (expense) netted to ($86.6) million and ($9.4) million in Fiscal 2026 and Fiscal 2025, respectively.

Other income (expense), net in Fiscal 2026 included non-cash pension settlement charges of $192.1 million related to the termination of the U.S.

qualified plan and $25.1 million of excise taxes related to the termination .

Other income (expense), net also included t he final pre-tax gain on the sale of Dickies of $127.2 million.

O ther income (expense), net in Fiscal 2025 primarily includ ed equity investment impairments of $15.6 million, cyber insurance recoveries of $13.7 million received in Fiscal 2025, $4.2 million of net periodic pension cost and $2.3 million of foreign currency and hedging losses.

T he effective income tax rate was 25.3% in Fiscal 2026 compared to 52.2% in Fiscal 2025.

The Fiscal 2025 effective income tax rate included a net discrete tax expense of $19.4 million , which included a $1.1 million net tax benefit related to unrecognized tax benefits and interest, a $5.1 million tax expense related to stock compensation, a $12.0 million tax expense related to return to accrual adjustments, and a $6.7 million net tax expense related to tax rate changes on deferred tax items.

The Fiscal 2026 effective income tax rate included a net discrete tax benefit of $5.5 million, which included a $44.4 million net tax benefit related to unrecognized tax benefits and interest, a $12.4 million tax expense related to stock compensation, a $16.0 million tax expense related to return to accrual adjustments, and a $10.6 million net tax expense related to other audit adjustments.

Refer to Note 20 to VF's consolidated financial statements for additional information.

The $19.4 million n et discrete tax expense in Fiscal 2025 increased t he effective income tax rate by 13.4% compared to a favorable 247.4% impact of discrete items for Fiscal 2024.

Excluding discrete items, the effective tax rate during Fiscal 2025 increased by approximately 48.9% primarily due to jurisdictional mix of earnings and the impact of nondeductible goodwill impairment.

As a result of the above, income (loss) from continuing operations in Fiscal 2025 was $69.3 million ( $0.18 p er diluted share), compared to ($1.0) billion (($2.62) per diluted share) in Fiscal 2024.

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

The $5.5 million net discrete tax benefit in Fiscal 2026 decreased the effective income tax rate by 1.6% compared to an unfavorable 13.4% impact of discrete items for Fiscal 2025.

Excluding discrete items, the effective tax rate during Fiscal

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Table of Conten ts

2026 decreased by approximately 12.0% primarily due to jurisdictional mix of earnings.

As a result of the above, income from continuing operations in Fiscal 2026 was $254.9 million ($0.64 p er diluted share),

compared to $69.3 million ($0.18 per diluted share) in Fiscal 2025.

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

Information by Reportable Segment

VF's reportable segments are:

Outdoor, Active and Work.

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

As discussed above, VF realigned its reportable segments during the first quarter of Fiscal 2026.

VF's new reportable segments are Outdoor and Active.

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

“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.

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

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 operating income and other income (expense), net line items of each segment.

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Year Ended March 2026 Compared to Year Ended March 2025

The following tables present a summary of the changes in segment revenues and profit in the year ended March 2025 compared to the year ended March 2024 and revenues by region for our Top 4 brands for the years ended March 2025 and 2024:

Segment Revenues:

The following tables present a summary of the changes in revenues and segment profit in the year ended March 2026 compared to the year ended March 2025 and revenues by region for our Top 3 brands for the years ended March 2026 and 2025:

Year Ended March

(In millions) Outdoor Active Work Total

Segment revenues — 2024 $ 5,501.4 $ 3,522.7 $ 891.5 $ 9,915.7

(In millions) Outdoor Segment Active Segment All Other Total

Revenues — 2025 $ 5,311.1 $ 2,914.3 $ 1,279.3 $ 9,504.7

Organic 261.4 (259.9) 49.6 51.1

Impact of Dickies divestiture — — (217.1) (217.1)

Impact of foreign currency 169.3 66.6 30.6 266.5

Segment revenues — 2025 $ 5,576.3 $ 3,095.3 $ 833.1 $ 9,504.7

Revenues — 2026 $ 5,741.8 $ 2,721.0 $ 1,142.4 $ 9,605.2

Amounts may not sum due to rounding.

Segment Profit:

Year Ended March

(In millions) Outdoor Active Work Total

(In millions) Outdoor Segment Active Segment Total

Segment profit — 2025 $ 708.6 $ 134.0 $ 842.5

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Amounts may not sum due to rounding.

VF Corporation Fiscal 2026 Form 10-K 29

Top Brand Revenues:

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(In millions) The North Face ®

Timberland ® (a)

Americas $ 1,756.0 $ 1,329.2 $ 821.5 $ 3,906.7

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(In millions) The North Face ®

Timberland ® (a)

Americas $ 1,612.6 $ 1,435.8 $ 749.0 $ 3,797.4

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Global $ 3,703.4 $ 2,349.4 $ 1,607.7 $ 7,660.5

(a) The global Timberland brand includes Timberland ® , reported within the Outdoor segment and Timberland PRO ® , reported within the Work segment.

Amounts may not sum due to rounding.

VF Corporation Fiscal 2025 Form 10-K 29

Table of Conten ts

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

For purposes of this analysis, royalty revenues have been included in the wholesale channel for all periods.

Outdoor Segment

Year Ended March

4 unchanged sentences

The Outdoor segment includes the following brands:

The North Face ® , Timberland ® , Altra ® , Smartwool ® and Icebreaker ® .

The North Face ® and Timberland ® .

Year Ended March 2026 Compared to Year Ended March 2025

Global revenues for Outdo or increased 1% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable impact due to foreign currency.

Revenues in the Asia-Pacific region increased 14% in Fiscal 2025, includin g a 14% increase in Greater China (which includes Mainland China, Hong Kong and Taiwan).

Revenue s in the Europe region remained flat.

Revenues in the Americas region decreased 2% in Fiscal 2025, including a 1% unfavorable impact from foreign currency.

Global revenues for The North Face ® brand increased 1% in Fiscal 2025.

Revenues in the Asia-Pacific region increased 18% in Fiscal 2025, including a 1% unfavorable imp act from foreign currency.

Revenues in the Europe region remained flat in Fiscal 2025.

Revenues in the Americas reg ion decreased 5% in Fiscal 2025.

Global revenues for the Timberland ® brand increased 3% in Fiscal 2025.

Revenues in the Americas region increased 12% in

Fiscal 2025, including a 1% unfavorable i mpact from foreign currency.

Revenues in the Asia-Pacifi c region decreased 1% in Fiscal 2025, including a 2% unfavorable impact from for eign currency.

Revenues in the Europe regio n decreased 2% in Fiscal 2025.

Global d irect-to-consumer revenues for Outdoor increased 6% in Fiscal 2025.

The increase was primarily due to The North Face ® brand across all regions.

Global wholesale revenues decreased 2% in Fiscal 2025, including a 1% unfavorable impact from foreign currency.

The decrease w as primarily driven by declines i n The North Face ® brand in the Americas and Europe regi ons.

Segment profit margin increased in Fiscal 2025 compared to Fiscal 2024 , reflecting higher gross margin, primarily driven by lower product costs and less promotional activity.

Global revenues for Out door increased 8% in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable im pact from foreign currency.

Revenues in the Americas region increased 9% in Fiscal 2026.

Revenues in the Europe region increased 9%, including an 8% favorable impact from foreign currency.

Revenues in the Asia-Pacific region increased 5% in Fiscal 2026, including a 2% favorable impact from foreign currency.

Global revenues for The North Face ® brand increased 8% in Fiscal 2026, including a 3% favorable impact from foreign currency.

Revenue growth in Fiscal 2026 was primarily driven by growth in the Americas and Europe regions.

Revenues in the Americas region increased 9% in Fiscal 2026.

Revenues in the Europe region increased 8% in Fiscal 2026, including a 7% favorable impact from foreign currency.

Revenues in the Asia-Pacific region increased 7% in Fiscal 2026, including a 2% favorable impact from foreign currency.

Global revenues for the Timberlan d ® brand increased 8% in Fiscal 2026, including a 3% favorable impact from foreign currency, driven by growth in the Americas and Europe regions.

Revenues in the Americas region increased 10% in Fiscal 2026,

including a 1% favorable impact from foreign currency.

Revenues in the Europe region increased 10% in Fiscal 2026, including an 8% favorable impact from foreign currency.

Revenues in the Asia-Pacific region decreased 3% in Fiscal 2026, including a 1% favorable impact from for eign currency.

Glob al direct-to-consumer revenues for Outdoor increased 8% in Fiscal 2026, including a 3% favorable impact from for eign currency.

The increase was driven by growth in The North Face ® and Timberland ® brands across all regions.

Global wholesale revenues increased 8% in Fiscal 2026, including a 3% favorable impact from foreign currency.

The increase 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 increased in Fiscal 2026 compared to Fiscal 2025 , reflecting higher gross margin from lower product costs, increased pricing and favorable foreign currency impacts, partially offset by increased direct-to-consumer and advertising costs .

30 VF Corporation Fiscal 2026 Form 10-K

Active Segment

Year Ended March

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The Active segment includes the following brands:

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

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

Year Ended March 2026 Compared to Year Ended March 2025

Glo bal revenues for Active decreased 12% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable imp act from foreign currency.

Revenues in the Americas region decreased 13% in Fiscal 2025, including a 1% unfavorable i mpact from foreign currency.

Revenues in the Asia-Pacific regio n decreased 23% in Fiscal 2025, including a 1% unfavorable impac t from foreign cu rrency, and a 31% decrease in Greater China, including a 1% unfavorable impac t from foreign currency.

Revenues in the Europe region decreased 7% i n Fiscal 2025.

Vans ® brand global revenues decreased 16% in Fiscal 2025, including a 1% unfavorable i mpact from foreign currency.

The overall decline in F iscal 2025 was most significantly driven by a 16% decrease in the Americas region, including a 1% unfavorable impact from foreign currency.

The decrease in the Americas region was partially offset by the deliberate actions taken to right-size inventories in the Americas wholesale channel in the second half of Fiscal 2024.

Revenues in the Asia-Pacific region decreased 28% in Fiscal 2025, including a 1% unfavorable impact from foreign currency.

Revenues in the Europe region decreased 9% in Fiscal 2025.

The decline in Vans ® was also attributed to deliberate strategic actions taken in Fiscal

2025, including reducing wholesale store fronts and inventory in the Asia-Pacific region (specifically in China), exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing distressed sales.

Global direct-to-consumer revenues for Active decreased 20% in Fiscal 2025.

The decrease was primarily due to declines in the Americas region, which decreased 21% in Fiscal 2025, including a 1% unfavorable impact from foreign currency .

Global wholesale revenues for Active decreased 3% in Fiscal 2025, including a 1% unfavorable impact from foreign currency.

Wholesale revenues in the Europe region decreased 4% in Fiscal 2025.

Wholesale revenues in the Asia-Pacific region decreased 14%, including a 1% unfavorable impact from foreign currency.

The decrease in Fiscal 2025 was partially offset by a 1% increase in the Americas region, including a 2% unfavorable impact from foreign currency.

Segment profit margin decreased in Fiscal 2025 compared to Fiscal 2024, reflecting legal settlement gains of $29.1 million recorded in the prior year and lower leverage of operating expenses due to decreased revenues.

30 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

Global revenues for Active decreased 7% in Fiscal 2026 compared to Fiscal 2025, including a 2% favorable impact from foreign currency.

Revenues in the Americas region decreased 7% in Fiscal 2026, including a 1% favorable impact from foreign currency.

Revenues in the Asia-Pacific region decreased 14% in Fiscal 2026, including a 1% favorable impact from foreign currency.

Revenues in the Europe region decreased 3% in Fiscal 2026, including a 6% favorable impact from foreign currency.

Vans ® brand global revenues decreased 9% in Fiscal 2026, including a 2% favorable impact from foreign currency.

The overall decline in Fiscal 2026 was most significantly driven by a 7% decrease in the Americas region, including a 1% favorable impact from foreign currency.

Revenues in the Asia-Pacific region decreased 19% in Fiscal 2026, including a 1% favorable impact from foreign currency.

Revenues in the Europe region decreased 7% in Fiscal 2026, including a 6% favorable impact from foreign currency.

The declines i n Vans ® revenues in Fiscal

2026 were partially attribute d 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 in the Asia-Pacific region.

Global direct-to-consumer revenues for Active decreased 7% in Fiscal 2026, including a 1% favorable impact from foreign currency.

The decrease was primarily due to declines in the Vans ® brand in the Americas region .

Global wholesale revenues for Active decreased 6% in Fiscal 2026, including a 3% favorable impact from foreign currency.

T he decrease was primarily due to a decrease in the Vans ® brand in the Americas region.

Segment profit marg in decreased in Fiscal 2026 compared to Fiscal 2025, primarily due to lower gross margin, which was driven by product mix, and lower lev erage of operating expenses due to decreased revenues.

Year Ended March

(Dollars in millions) 2026 2025 Percent Change

Segment revenues $ 833.1 $ 891.5 (6.6 %)

Segment profit 53.1 17.6 201.2 %

Segment profit margin 6.4 % 2.0 %

The Work segment includes the following brands:

Dickies ® and Timberland PRO ® .

Revenues $ 1,142.4 $ 1,279.3 (10.7 %)

The “All Other ” grouping 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.

Year Ended March 2026 Compared to Year Ended March 2025

Global Work revenues decreased 7% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable impact fro m foreign currency.

Global “All Ot her” revenues decreased 11% in Fiscal 2026 compared to Fiscal 2025, including a 2% favorable impact fro m foreign currency.

Revenues in the Americas region decreased 13% in Fiscal 2026.

Revenues in the Europe region decreased 10%.

Revenues in the Asia -Pacific region decreased 14%, including a 1% unfavorable impact fro m foreign currency.

Dickies ® brand global revenues decreased 12% in Fiscal 2025.

The decline was primarily driven by a decrease in the Americas region of 13%, reflecti ng lower inventory replenishment and

weakness with certain key U.S.

wholesale cust omer accounts .

Revenues in the Europe regi on decreased 10% in Fis cal 2025.

Revenues in the Asia-Pacific region decreased 14%, including a 1% unfavorable imp act from foreign curre ncy, primarily due to broad-based weakness in Greater China.

Segment profit margin increased in Fiscal 2025 compared to Fiscal 2024, reflecting higher gross margin, primarily driven by improved inventory quality .

Reconciliation of Segment Profit to Income (Loss) From Continuing Operations Before Income Taxes

There are three types of costs necessary to reconcile total segment profit to consolidated income (loss) from continuing operations before income taxes.

they are not allocated to the segments, and (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not under the control of segment management.

Impairment of goodwill and intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses are discussed below.

Revenues in the Asia -Pacific region decreased 21%, including a 1% favorable impact from foreign currency.

Revenues in the Europe region decreased 5%, including a 6% favorable impact from foreign currency.

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

Excluding the impact of the Dickies divestiture, global “All

Ot her” revenues increased 8% in Fiscal 2026, compared to Fiscal 2025, including a 3% favorable impact from foreign currency.

Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 9% and revenues in the Europe region increased 6%, including a 7% favorable impact from foreign currency.

Excluding the impact of the Dickies divestiture, revenues in the Asia -Pacific region increased 8% in Fiscal 2026, including a 1% favorable impact from foreign currency.

VF Corporation Fiscal 2026 Form 10-K 31

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

There are four types of costs necessary to reconcile total segment profit to consolidated income from continuing operations before income taxes.

These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the respective businesses, (ii) corporate and other expenses, which are excluded from segment profit to the extent they are not allocated to the segments, (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not

under the control of segment management and (iv) profit related to the “All Other” category, 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.

Impairment of goodwill and intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses and profit related to the “All Other” category are discussed below.

Year Ended March

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Interest expense, net 148.7 149.2 (0.3 %)

“All Other” profit

88.2 87.8 0.5 %

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.

5 unchanged sentences

Corporate Headquarters’ Costs

Headquarters’ costs include compensation and benefits of corporate management and staff, legal and professional fees,

and general and administrative expenses that have not been allocated to the segments.

Headquarters’ costs include compensation and benefits of corporate management and staff, legal and professional fees, and general and administrative expenses that have not been allocated to the segments.

This category includes (i) costs of corporate programs or corporate-managed decisions that are not allocated to the segments, (ii) costs of registering, maintaining and enforcing certain of VF’s trademarks, and (iii) miscellaneous consolidated activities, the most significant of which is related to VF’s centrally-managed U.S.

defined benefit pension plans.

Corporate and other expenses increased $77.1 million in Fiscal 2025 when compared to Fiscal 2024.

The increase was due to higher Reinvent restructuring charges and project-related costs, higher compensation costs, including performance-based compensation, and equity investment impairments, partially offset by cost savings from Reinvent.

VF Corporation Fiscal 2025 Form 10-K 31

Table of Conten ts

Corporate and other expenses decreased $34.9 million in Fiscal 2026 when compared to Fiscal 2025.

The decrease was primarily due to the final pre-tax gain on the sale of Dickies of $127.2 million, cost savings from Reinvent, lower Reinvent restructuring charges and project-related costs, lower information technology costs and no equity investment impairments compared to prior year.

The decrease was partially offset by pension settlement charges of $192.1 million and excise taxes of $25.1 million related to the termination of the U.S.

qualified plan in Fiscal 2026 .

Th e increase in “All Other” profit for the year ended March 2026 was primarily d ue to higher gross margin, driven by higher quality inventory, partia lly offset by lower gross profit related to Dickies.

International

International revenues decreased 2% in Fiscal 2025 compared to Fiscal 2024.

Foreign currency had an unfavorable impact of 1% on international revenues in Fiscal 2025.

Revenues in the Europe re gion decreased 3% in Fisca l 2025.

Revenues in the Americas (non-U.S.) region decreased 7% in Fiscal 2025, including a 5% unfavorable impact from foreign

In the Asia-Pacific re gion, revenues increased 1% in Fiscal 2025, including a 1% unfavorable impact from foreign currency .

Revenues in Greater China increased 3% in Fiscal 2025, including a 1% unfavorable impac t from foreign currency.

International revenues increased 2% in Fiscal 2026 compared to Fiscal 2025.

Foreign currency had a favorable impact of 5% on international revenues in Fiscal 2026.

Revenues in the Europe region increased 4% in Fiscal 2026, including a 7% favorable impact from fo reign currency .

Revenues in the Americas (non -U.S.) region increased 4% in Fiscal 2026, including a 2% favorable impact from foreign

In the Asia-Pacific region, revenues decreased 1% in Fiscal 2026, including a 2% favorable imp act from foreign currency .

Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 2% in Fiscal 2026, including a 2% favorable impact from foreign currency.

International revenues were 56% of total VF revenues in Fiscal 2026 compared to 55% in Fiscal 2025.

32 VF Corporation Fiscal 2026 Form 10-K

Direct-to-Consumer

Direct-to-consumer reven ues decreased 6% in Fiscal 2025 compared to Fiscal 2024.

VF's e-commerce business decreased 6% in Fiscal 2025, including a 1% unfavorable impact from for eign currency .

The decrease was primarily driven by declines i n the e-commerce business in the Americas region.

Revenues from VF-operated reta il stores decreased 8% i n Fiscal 2025.

VF ope ned 73 stores in Fiscal 2025, bringing the total

number of VF-owned retail stores to 1,127 at March 2025, which also reflects 114 s tore closures during the period.

Direct-to-consumer revenues increased 2% in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from foreign currency.

VF's e-commerce business increased 4% in Fiscal 2026, including a 3% favorable impact from for eign currency .

The increase was primarily due to increased e-commerce revenues in the Americas region.

Revenues from VF-operated retail stores decreased 1% in Fiscal 2026, including a 2% favorable impact from foreign currency,

primarily due to a decrease in the Americas region.

VF opened 61 stores in Fiscal 2026, bringing the total number of VF-owned retail stores to 1,080 at March 2026, which also reflects 108 store closures (including stores related to the Dickies divestiture) d uring the period.

There were 1,127 VF-owned retail stores at March 2025.

Direct-to-consumer revenues w ere 44% of total VF revenues in Fiscal 2025 compared to 45% in Fiscal 2024.

Wholesale revenues decreased 2% in Fiscal 2025 compared to Fiscal 2024.

The results were primarily driven by declines in the wholesale business in t he Americas and Europe regions.

Wholesale revenues were 56% of total revenues in Fiscal 2025 compared to 55% in Fiscal 2024.

Direct-to-consumer revenues w ere 44% of total VF revenues in both Fiscal 2026 and Fiscal 2025.

Wholesale revenues increased 1% in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from for eign currency.

The results were primarily driven by revenue increases in the wholesale business in the Europe region,

including favorable impacts from foreign currency, partially offset by a decrease in the Americas region.

Wholesale revenues were 56% of total revenues in both Fiscal 2026 and Fiscal 2025.

ANALYSIS OF FINANCIAL CONDITION

Balance Sheets

The following discussion refers to significant changes in balances for continuing operations at March 2025 compared to March 2024:

• Decrease in short-term borrowings — primarily due to a decrease in commercial paper borrowings resulting from a $450.0 million repayment using the proceeds from the sale of Supreme.

• Decrease in current portion of long-term debt — due to the prepayment of $1.0 billion of long-term debt due in

December 2024 related to the DDTL, partially offset by the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities.

• Decrease in long-term debt — due to the early redemption of $750.0 million of long-term notes due in April 2025 and the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities.

Consolidated Balance Sheets

The following discussion refers to significant changes in balances at March 2026 compared to March 2025:

• Increase in accounts receivable — primarily due to a tariff refund receivable of $149.7 million , partially offset by the removal of Dickies from the Consolidated Balance Sheet in connection with the completed divestiture in the third quarter of Fiscal 2026.

Dickies' accounts receivable balance at March 2025 was $116.9 million.

The increase was also due to the timing of collections.

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

quarter of Fiscal 2026.

Dickies' inventory balance at March 2025 was $134.2 million.

The decrease was also due to foreign currency fluctuations and VF reducing the level of slow-moving and excess inventory.

• Decrease in intangible assets — primarily due to the removal of Dickies from the Consolidated Balance Sheet in connection with the completed divestiture in the third quarter of Fiscal 2026.

• Decrease in current portion of long-term debt — due to the early redemption of €500.0 million ( $582.2 million ) of long-term notes due in March 2026.

Liquidity and Cash Flows

4 unchanged sentences

Net debt to total capital 69.2% 76.8%

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

The increase at March 2025 compared to March 2024 was partially offset by a net decrease in current assets driven by lower cash and cash equivalents.

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

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

The decrease in the net debt to total capital ratio at March 2025 compared to March 2024 was primarily driven by a decrease in net debt.

The decrease in net debt was primarily due to the prepayment of $1.0 billion of long-term debt in October 2024 related to the DDTL, the early redemption of

32 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

$750.0 million of long-term notes in March 2025 and a decrease in short-term borrowings as discussed in the "Balance Sheets" section above, partially offset by lower cash and cash equivalents at March 2025 .

T he decrease in the net debt to total capital ratio at March 2025 com pared to March 2024 was partially offset by a decrease in stockholders' equity.

The decrease in stockholders' equity was primarily driven by the net loss for the period and payments of dividends.

The increase in working capital and the current ratio at March 2026 compared to March 2025 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 was also due to a net increase in current assets driven by higher cash balances and higher accounts receivables, partially offset by a decrease in inventories, 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 ad dition to operating lease liabilities, net of unrestricted cash and cash equivalents.

Total capital is defined

as net debt plus stockholders’ equity.

The decrease in the net debt to total capital ratio at March 2026 compared to March 2025 was primarily driven by a decrease in net debt due to the early redemption of €500.0 million ($582.2 million) of long-term notes in February 2026, as discussed in the “Consolidated Balance Sheets” section above and higher cash and cash equivalents at March 2026.

The decrease in the net debt to total capital ratio at March 2026 compared to March 2025 was also due to an increase in stockholders' equity, primarily driven by net income in the period.

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

VF Corporation Fiscal 2026 Form 10-K 33

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 $2.25 billion senior unsecured revolving line of credit (the "Global Credit Facility") , available cash balances and international lines of credit.

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

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:

2 unchanged sentences

Cash provided by operating activities $ 671.3 $ 438.5

Cash provided (used) by investing activities 1,432.5 (158.7)

Cash provided by investing activities 407.1 1,432.5

Cash used by financing activities (737.8) (2,146.0)

1 unchanged sentence

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

The decrease in cash provided by operating activities in Fiscal 2025 compared to Fiscal 2024 was primarily due to a decrease in net cash provided by working capital and a decrease in income from continuing operations, excluding the write-off of income tax receivables and interest related to the Timberland tax case in the prior year and higher impairment charges in the prior year.

Cash Provided (Used) by Investing Activities

The increase in cash provided by investing activities in Fiscal 2025 compared to Fiscal 2024 was primarily due to proceeds from the sale of Supreme, net of cash sold, of $1.506 billion in the period.

The increase in cash provided by operating activities in Fiscal 2026 compared to Fiscal 2025 was primarily due to an increase in income from continuing operations, excluding non-cash charges and the final gain on the sale of Dickies, and the pension termination asset reversion, net of $125.4 million, partially offset by an increase in net cash used by working capital and the excise tax related to the pension termination asset reversion.

Cash Provided by Investing Activities

The decrease in cash provided by investing activities in Fiscal 2026 compared to Fiscal 2025 was primarily due to proceeds from the sale of Supreme, net of cash sold, of $1.506 billion in the prior year period compared to proceeds from the sale of Dickies, net of cash sold, of $600.5 million in Fiscal 2026.

Fiscal 2025 also included proceeds from the sale of assets of $88.2 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.

The increase was also due to a decrease in capital expenditures of $49.5 million and a decrease in software purchases of $21.7 million in Fiscal 2025 compared to Fiscal 2024.

Cash Used by Financing Activities

The increase in cash used by financing activities in Fiscal 2025 compared to Fiscal 2024 was primarily due to a $1.0 billion prepayment of the DDTL and a $750.0 million early redemption of long-term debt in Fiscal 2025 , compared to a $907.1 million payment of long-term debt in Fiscal 2024.

The increase was also due to a $507.2 million net decrease in short-term borrowings for the periods compared.

The increase was partially offset by a $163.0 million decrease in dividends paid for the periods compared.

The decrease in cash used by financing activities in Fiscal 2026 compared to Fiscal 2025 was primarily due to a $1.0 billion prepayment of the DDTL and a $750.0 million early redemption of long-term debt in Fiscal 2025, compared to a €500.0 million ($582.2 million) early redemption of long-term debt in Fiscal 2026.

Share Repurchases

2 unchanged sentences

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.

Revolving Credit Facility, DDTL Agreement and Short-term Borrowings

ABL Credit Facility and Short-term Borrowings

VF relies on its ability to generate cash flows to finance its ongoing operations.

In addition, VF has significant liquidity from its available cash balances and credit facilities.

VF maintains a G lobal Credit Facility t hat expires in November 2026.

VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions;

however, granting of any extension is at the discretion of the lenders.

The Global Credit Facility may be used to borrow funds in U.S.

dollars or any alternative currency (including euros and any other currency that is freely convertible into U.S.

dollars, approved at the request of the Company by the lenders) and has a $75.0 million letter of credit sublimit.

The Global Credit Facility supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes.

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

VF has restrictive covenants on its Global Credit Facility and had restrictive covenants on the DDTL Agreement.

The agreement for the Global Credit Facility, as amended in May 2025, includes a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, starting at 70% with future step downs.

The calculation of consolidated net indebtedness is net of unrestricted cash and cash equivalents and the calculation of consolidated net capitalization permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement.

The covenant calculation also excludes operating lease liabilities.

The agreement requires the pledge of certain assets of VF and certain of its subsidiaries pursuant to the agreement.

Additionally, the amended agreement restricts the total amount of cash dividends and share repurchases to

In addition, VF has significant liquidity from

its available cash balances and credit facilities.

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

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

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

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

The Agent, as defined in the credit agreement, has discretion to establish various reserves against the borrowing base, as outlined in the credit agreement, including a requirement for a Debt Maturity Reserve to be established beginning 90-days prior to the maturity of any Material Indebtedness, as defined in the credit agreement.

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 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.

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

34 VF Corporation Fiscal 2026 Form 10-K

Table of Conten ts

$500.0 million annually, on a calendar-year basis.

The terms for the DDTL Agreement, as amended in August 2024, required the repayment of the DDTL upon the completion of the Supreme sale.

O n October 4, 2024, VF made an aggregate $1.0 billion prepayment of the DDTL using the net cash proceeds from the sale of Supreme.

As of March 2025, VF was in compliance w ith all covenants.

VF has a global commercial paper program that allows for borrowings of up to $2.25 billion to the extent that it has borrowing capacity under the Global Credit Facility.

Based on VF's current ratings, there is no active market for commercial paper.

As of March 2025, there were no U.S.

or euro commercial paper borrowings.

The euro commercial paper borrowing program was terminated in January 2025.

Standby letters of credit issued under the Global Credit Facility as of March 2025 w ere $0.6 million, leaving approximately $2.2 billion available for borrowing against the Global Credit Facility at March 2025, subject to applicable financial covenants.

VF has $90.4 million o f 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 we re $11.9 million at March 2025.

Borrowings under these arrangements had a weighted average interest rate of 43.8% at March 2025.

Additionally, VF had $429.4 million of un restricted cash and cash equivalents at March 2025.

On March 27, 2025, VF completed an early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due April 2025.

the Global Line Cap, and (ii) $100.0 million for 30 consecutive days.

As of March 2026, specified availability under the ABL Credit Faci lity 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 March 2026.

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 March 2026, 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 March 2026.

Availability under the ABL Credit Facility was $977.2 million as of March 2026, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.

VF h as $72.5 million of inte rnational 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 $10.1 million at March 2026.

Borrowings under these arrangements had a weighted average interest rate of 46.3% at March 2026, related to borrowings in certain highly inflationary economies.

Additionally, VF had $823.9 million of unrestricted cash and cash equivalents at March 2026.

On February 7, 2026, VF completed an early redemption of €500.0 million ($582.2 million) in aggregate principal amount of its outstanding 4.125% Senior Notes due March 2026.

The redemption price was equal to 100% of the principal amount of the Notes to be redeemed.

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

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

The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and

has no economic interest in the supplier's decision to sell a receivable.

The SCF program is

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

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

The terms between VF and the supplier, including the amount due and scheduled payment terms (which are generally within 90 days of the invoice date) are not impacted by a supplier's participation in the SCF program.

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

At March 2025 and 2024 , the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $481.7 million and $485.0 million , respectively, due to suppliers that are eligible to participate in the SCF program.

At March 2026 and 2025 , the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $466.0 million and $481.7 million , respectively, due to suppliers that ar e eligible to participate in the SCF program.

Rating Agencies

At th e end of March 2025 , VF’s long-term debt ratings were ‘BB’ by Standard & Poor’s ("S&P") Global Ratings and ‘Ba1’ by Moody’s Investors Service ("Moody's"), and U.S.

commercial paper ratings by those rating agencies were ‘B’ and ‘NP’, respectively.

Based on VF's current ratings, there is no active market for commercial paper.

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

At th e end of March 2026 , 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 March 2026 .

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

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

Cash dividends totaled $0.36 per share in Fiscal 2025 compared to $0.78 in Fiscal 2024.

The dividend payout ratio was (74.5%) o f diluted earnings (loss) per share in Fiscal 2025 compared to (31.3%) in Fiscal 2024.

The Company declared a dividend of $0.09 per share that is payable in the first quarter of Fiscal 2026.

Cash dividends totaled $0.36 per share in both Fiscal 2026 and Fis cal 2025.

The dividend payout ratio was 55.9% of diluted earnings (loss) per share in Fiscal 2026 compared to (74.5%) in Fiscal 2025.

The Company declared a divide nd of $0.09 per share that is payable in the first quarter of Fiscal 2027.

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

VF Corporation Fiscal 2026 Form 10-K 35

Table of Conten ts

Contractual Obligations

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Amounts may not sum due to rounding.

(1) Long-term debt consists of required undiscounted principal payments on long-term debt and finance lease obligations.

(1) Long-term debt consists of required undiscounted principal payments on long-term debt.

(2) Operating leases represent required undiscounted lease payments during the noncancelable lease term.

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VF had other financial commitments at the end of Fiscal 2026 that are not included in the above table but may require the use of funds under certain circumstances:

• $111.9 million of surety bonds, custom bonds, standby letters of credit and international bank guarantees are not included in the table above because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations.

• $125.7 million of surety b onds, custom bonds, unfunded letters of credit and international bank guarantees are not included in the table above because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations.

• Purchase orders for goods or services in the ordinary course of business are not included in the above table

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VF had $823.9 million of cash and cash equivalents at the end of Fiscal 2026.

Management continually monitors the credit ratings of the financial institutions with whom VF conducts business and

geopolitical risks that may impact countries where VF has cash balances.

Management continually monitors the credit ratings of the financial institutions with whom VF conducts business and geopolitical risks that may impact countries where VF has cash

Management also monitors the credit quality of cash equivalents.

Defined benefit pension plan risks

At the end of Fiscal 2025, VF’s defined benefit pension plans were overfunded by a net total of $95.0 million.

The overfunded status includes a $51.2 million liability related to our U.S.

unfunded supplemental defined benefit plan, $33.1 million of net liabilities related to our non-U.S.

defined benefit plans, and a $179.3 million net asset related to our U.S.

qualified defined benefit plan.

VF’s reported earnings are subject to risks due to the volatility of its pension cost, which has ranged in recent years from cost of $12.1 million in the year ended March 2024 to cost of $101.9 million in the year ended March 2023.

These fluctuations are primarily due to differences in the amount of settlement charges recorded in the respective periods.

The changes are also impacted by varying amounts of actuarial gains and losses that are deferred and amortized to future years’ pension cost.

The assumptions that impact actuarial gains and losses include the

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

qualified plan, which was previously frozen and no longer accruing benefits.

In February 2026, the Company completed the termination of the plan through a combination of lump-sum payments to eligible participants and the purchase of group annuity contracts to settle the remaining benefit obligations.

In the third quarter of Fiscal 2026, VF offered participants the option to elect lump-sum payouts in exchange for future benefit obligations.

VF recorded a $34.0 million non-cash settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026 to recognize the related deferred actuarial losses in accumulated other comprehensive loss ( “ OCL ” ) resulting from lump-sum payments of retirement benefits.

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

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Table of Conten ts

rate of return on investments held by the pension plans, the discount rate used to value participant liabilities and demographic characteristics of the participants.

VF has taken a series of steps to manage the risk and volatility in the pension plans and their impact on the financial statements, including the following:

qualified and supplemental defined benefit plans were closed to new entrants at the end of 2004 and all future benefit accruals were frozen as of December 31, 2018.

• During the year ended March 2020, VF offered former employees in the U.S.

qualified plan a lump-sum option to receive a distribution of their deferred vested benefits.

qualified plan participants were reduced by 10% as a result of this offer.

No additional funding of the pension plan was required as all distributions were paid out of existing plan assets, and the plan's funded status remained materially unchanged.

• During the year ended March 2023, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $330 million of the U.S.

qualified defined benefit pension plan obligations.

The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan.

Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries.

• During the year ended March 2025, in efforts to de-risk the U.S.

qualified plan, VF implemented an asset allocation of 100% liability-hedging asset classes, primarily in fixed-income investments.

• Subsequent to the end of Fiscal 2025, in May 2025, VF executed a resolution to terminate the U.S.

In the fourth quarter of Fiscal 2026, VF purchased a group annuity contract to transfer the remaining benefit obligation to an insurance company.

The purchase of the group annuity contract was fully funded directly by plan assets.

As a result, VF recorded a $158.1 million non-cash settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026 to recognize the remaining deferred actuarial losses in OCL.

In the fourth quarter of Fiscal 2026, VF transferred approximately $83.5 million of funds from plan assets to a qualified replacement plan managed by the Company which will be used to fund future incremental annual Company contributions to VF's U.S.

401(k) program.

As of March 2026, $11.9 million was recorded in the other current assets line item and $71.6 million was recorded in the other assets line item in the Consolidated Balance Sheet.

The remaining plan assets reverted to the Company as part of the final termination process.

As a result, approximately $125.4 million reverted to the Company, resulting in $25.1 million of excise tax being paid and recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

At the end of Fiscal 2026, VF’s remaining defined benefit pension plans were underfunded by a net total of $77.3 million.

The underfunded status includes a $45.6 million liability related to our U.S.

unfunded supplemental defined benefit plan and $31.7 million of net liabilities related to our non-U.S.

defined benefit plans.

These plans are underfunded primarily due to differences in actuarial assumptions and plan classification relative to local statutory accounting standards, which generally result in higher reported benefit obligations under U.S.

VF intends to make approximately $16.1 million of contributions to its defined benefit plans during Fiscal 2027.

VF’s reported earnings are subject to risks due to the volatility of its pension cost, which has ranged in recent years from $12.1 million in the year ended March 2024 to $206.0 million in the year ended March 2026.

These fluctuations are primarily due to differences in the amount of settlement charges recorded in the respective periods, including $192.1 million recorded in Fiscal 2026 related to the termination of the U.S.

qualified plan.

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

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

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

The changes are also impacted by varying amounts of actuarial gains and losses that are deferred and amortized to future years’ pension cost.

The assumptions that impact actuarial gains and losses include the rate of return on investments held by the pension plans, the discount rate used to value participant liabilities and demographic characteristics of the participants.

Interest rate risks

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In addition, VF may use derivative financial instruments to manage risk.

Since all of VF’s long-term debt has fixed interest rates, the exposure relates to changes in interest rates on variable rate short-term borrowings (which averaged approximately $202.5 million at a 9.9% ra te during Fiscal 2025).

Since all of VF’s long-term debt has fixed interest rates, the exposure relates to changes in interest rates on variable rate short-term borrowings (which averaged approximatel y $275.0 million at a 7.2% ra te during Fiscal 2026).

Howev er, any change in interest rates would also affect interest income earned on VF’s cash equivalents.

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VF is a global enterprise subject to the risk of foreign currency fluctuations.

Approximatel y 55% of VF’s revenues in the year ended March 2025 were generated in international markets.

Approxim ately 56% of VF’s revenues in the year ended March 2026 were generated in international markets.

Most of VF’s foreign businesses operate in functional currencies other than the U.S.

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The reported values of assets and liabilities in these foreign businesses are subject to fluctuations in foreign currency exchange rates.

For net advances to and investments in VF’s foreign businesses that are considered to be long-term, the impact of changes in foreign currency exchange rates on those long-term advances is deferred as a component of accumulated other comprehensive loss ("OCL") in stockholders’ equity.

dollar value of net investments in foreign subsidiaries fluctuates with changes in the underlying functional currencies.

In March 2023 and February 2020, VF issued €1.0 billion of euro-denominated fixed-rate notes.

In both March 2023 and February 2020, VF issued €1.0 billion of euro-denominated fixed-rate notes.

These notes have been designated as net investment hedges of VF’s investment in certain foreign operations.

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

In the year ended March 2026, VF de-designated the aggregate principal of its €500.0 million euro-denominated fixed-rate notes due 2026, and entered into a fair value hedging relationship.

In February 2026, these notes were redeemed.

VF monitors net foreign currency market exposures and enters into derivative foreign currency contracts to hedge the effects of exchange rate fluctuations for a significant portion of forecasted foreign currency cash flows or specific foreign currency transactions (relating to cross-currency inventory purchases, product sales, operating costs and intercompany royalty payments).

2 unchanged sentences

This use of financial instruments allows management to reduce the overall exposure to risks from exchange rate fluctuations on VF’s cash flows and earnings, since gains and losses on these contracts will offset a portion of losses and gains on the transactions being hedged.

For cash flow hedging contracts outstanding at the end of Fiscal 2025, a hypothetical 10% decrease and 10% increase in foreign currency exchange rates compared to rates at the end of Fiscal 2025, would result in an increase in the unrealized net gain of approximately $75.7 million and a decrease in the unrealized net gain of approximately $61.7 million, respectively.

However, any change in the fair value of the hedging contracts would be substantially offset by a change in the fair value of the underlying hedged exposure impacted by the currency rate changes.

For cash flow hedging contracts outstanding at the end of Fiscal 2026, a hypothetical 10% decrease and 10% increase in foreign currency exchange rates compared to rates at the end of Fiscal 2026 , would result in a decrease in the unrealized net loss of approximately $26.6 million and an increase in the unrealized net loss of approximately $21.6 million, respectively.

However, any change in the fair value of the hedging contracts would be substantially offset by a change i n the fair value of the underlying hedged exposure impacted by the currency rate changes.

VF Corporation Fiscal 2026 Form 10-K 37

Counterparty risks

VF is exposed to credit-related losses in the event of nonperformance by counterparties to derivative hedging instruments.

To manage this risk, we have established counterparty credit guidelines and only enter into derivative

36 VF Corporation Fiscal 2025 Form 10-K

Table of Conten ts

transactions with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better.

To manage this risk, we have established counterparty credit guidelines and only enter into derivative transactions with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better.

VF continually monitors the credit rating of, and limits the amount hedged with, each counterparty.

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Commodity price risks

VF is exposed to market risks for the pricing of cotton, leather, rubber, wool and other materials, primarily due to the impact on the cost of sourced finished goods from independent contractors.

To manage risks of commodity price changes, management negotiates prices of finished goods in advance

when possible.

VF is exposed to market risks for the pricing of cotton, leather, rubber, wool, oil and other materials, primarily due to the impact

on the cost of sourced finished goods from independent contractors.

To manage risks of commodity price changes, management negotiates prices of finished goods in advance when possible.

VF has not historically managed commodity price exposures by using derivative instruments.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

VF has chosen accounting policies that management believes are appropriate to accurately and fairly report VF’s operating results and financial position in conformity with accounting principles generally accepted in the U.S.

VF applies these accounting policies in a consistent manner.

Management has chosen accounting policies it considers to be appropriate to accurately and fairly report VF’s operating results and financial position in conformity with generally accepted accounting principles in the United States of America.

Our critical accounting policies are applied in a consistent manner.

Significant accounting policies are summarized in Note 1 to the consolidated financial statements.

The application of these accounting policies requires that VF 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.

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.

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

VF believes the following accounting policies involve the most significant management estimates, assumptions and judgments used in preparation of the consolidated financial statements or are the most sensitive to change from outside factors.

VF believes the following accounting policies involve the most significant management estimates, assumptions and management judgments used in preparation of the consolidated financial statements or are the most sensitive to change from outside factors.

The application of these critical accounting policies and estimates is discussed with the Audit Committee of the Board of Directors.

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The royalty rate is selected based on consideration of (i) royalty rates included in active license agreements, if applicable, (ii) royalty rates received by market participants in the apparel and footwear industry, and (iii) the current performance of the reporting unit.

If the estimated fair value of the trademark

If the estimated fair value of the trademark intangible asset exceeds its carrying value, there is no

VF Corporation Fiscal 2026 Form 10-K 39

intangible asset exceeds its carrying value, there is no impairment charge.

impairment charge.

If the estimated fair value of the trademark is less than its carrying value, an impairment charge is recognized for the difference.

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• A discount rate that reflects the risks inherent in realizing the forecasted cash flows.

A discount rate considers the

risk-free rate of return on long-term treasury securities, the risk premium associated with investing in equity securities of comparable companies, the beta obtained from comparable companies and the cost of debt for investment grade issuers.

A discount rate considers the risk-free rate of return on long-term treasury securities,

the risk premium associated with investing in equity securities of comparable companies, the beta obtained from comparable companies and the cost of debt for investment grade issuers.

In addition, the discount rate may consider any company-specific risk (at the reporting unit level) in achieving the prospective financial information.

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Interim Impairment Testing

During the third quarter of Fiscal 2025, management determined that the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated , was a triggering event that required management to perform a quantitative impairment analysis of the Dickies indefinite-lived trademark intangible asset.

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

As a result of the impairment testing performed, VF recorded an impairment charge of $51.0 million in the Consolidated Statement of Operations in the third quarter of Fiscal 2025 to write down the Dickies indefinite-lived trademark intangible asset to its estimated fair value.

During the third quarter of Fiscal 2026, management determined that a recent downward revision in the Napapijri forward-looking financial projections was a triggering event that required management to perform a quantitative impairment analysis of both the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset.

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

As a result of the impairment testing performed, VF recorded an impairment charge of $30.7 million in the Consolidated Statement of Operations in the third quarter of Fiscal 2026 to write down the Napapijri reporting unit carrying value to its estimated fair value.

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

Annual Impairment Testing

Management performed its annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2026.

VF elected to bypass the qualitative analysis for the Icebreaker and Smartwool reporting unit goodwill and indefinite-lived trademark intangible assets and for the Timberland PRO reporting unit goodwill.

As a result of the annual impairment testing, VF recorded a goodwill impairment charge of $38.2 million in the Consolidated Statement of Operations for the year ended March 2025 related to Icebreaker.

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

No other impairment charges were required as a result of the annual impairment testing.

Based on the analyses, the estimated fair value of the Timberland PRO reporting unit exceeded its carrying value by 18% and the estimated fair value of the Smartwool reporting unit exceeded its carrying value by a significant amount.

Based on the analysis, the estimated fair value of the Smartwool indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount.

VF elected to bypass the qualitative analysis for the Vans reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the annual impairment testing, m anagement concluded the Vans reporting unit goodwill and indefinite-lived trademark intangible asset were not impaired.

For goodwill, the estimated fair value of the reporting unit exceeded the carrying value by a significant amount .

The estimated fair value of the indefinite-lived trademark intangible asset also exceeded its carrying value by a significant amount .

For the remaining reporting units and indefinite-lived trademark intangible assets, VF elected to perform a qualitative analysis during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2026, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.

Based on the results of the qualitative assessment, VF concluded it was more likely than not the carrying values of the goodwill and indefinite-

VF Corporation Fiscal 2025 Form 10-K 39

lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.

Based on the results of the qualitative assessment, VF concluded it was more likely than not the carrying values of the goodwill and indefinite-lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.

Refer to Notes 9 and 24 to the consolidated financial statements for additional discussion on Fiscal 2026 impairment testing.

40 VF Corporation Fiscal 2026 Form 10-K

Management’s Use of Estimates and Assumptions

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Although management believes the estimates and assumptions used in the impairment testing are reasonable and appropriate, it is possible that VF's assumptions and conclusions regarding impairment or recoverability of goodwill or indefinite-lived trademark intangible assets in any reporting unit could change in future periods.

There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-

lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2026 or future years vary from current assumptions (including changes in discount rates, royalty rates, foreign currency exchange rates and tariffs), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.

There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic

conditions in Fiscal 2027 or future years vary from current assumptions (including changes in discount rates, royalty rates, foreign currency exchange rates and tariffs), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.

Changes in these estimates and assumptions could result in a future impairment charge of goodwill or indefinite-lived intangible assets and such charges could have a material effect on VF’s consolidated financial position and results of operations.

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There are no accruals for general or unknown tax expenses.

As of March 2025, VF h ad $698.9 million of gr oss deferred income tax assets related to operating loss, credit and capital loss carryforwards, and $531.0 million of valuation allowances against those assets.

Realization of deferred tax assets related to operating loss, credit and capital loss carryforwards is dependent on future taxable income in specific jurisdictions, the amount and timing of which are uncertain, and on possible changes in tax laws.

As of March 2026, VF h ad $935.3 million of gross deferred income tax assets related to operating loss, credit and capital loss carryforwards, and $771.3 million of valuation allowances against those assets.

Realization of defe rred tax assets related to operating loss, credit and capital loss carryforwards is dependent on future taxable income in specific jurisdictions, the amount and timing of which are uncertain, and on possible changes in tax laws.

If management believes that VF will not be able to generate sufficient taxable income or capital gains to offset losses or credits during the carryforward periods, VF records valuation allowances to reduce those deferred tax assets to amounts expected to be ultimately realized.

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“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.

40 VF Corporation Fiscal 2025 Form 10-K

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

See “Index to Consolidated Financial Statements and Financial Statement Schedule” on page F-1 of this Annual Report for information required by this Item 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

Not applicable.

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 7. Management’s Discussion and Analysis