What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-05-20 compared with 2025-05-22 · 790 added, 605 removed, 1930 unchanged (42% of the section changed)

15 unchanged sentences

Not applicable.

VF Corporation Fiscal 2025 Form 10-K 41

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Information regarding VF’s Executive Officers required by Item 10 of this Part III is set forth in Item 1 of Part I of this Annual Report under the caption “Information About Our Executive Officers.” Information required by Item 10 of Part III regarding VF’s Directors is included under the caption “Election of Directors” in VF’s 2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 28, 2026, which information is incorporated herein by reference.

Information regarding compliance with Section 16(a) of the Exchange Act of 1934 is included under the caption “Delinquent Section 16(a) Reports” (to the extent reported therein) in VF’s 2025 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.

Information regarding compliance with Section 16(a) of the Exchange Act of 1934 is included under the caption “Delinquent Section 16(a) Reports” (to the extent reported therein) in VF’s 2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our

fiscal year ended March 28, 2026, which information is incorporated herein by reference.

Information regarding the Audit Committee is included under the caption “Corporate Governance at VF — Board Committees and Their Primary Responsibilities — Audit Committee” in VF’s 2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 28, 2026, which information is incorporated herein by reference.

VF has adopted a written code of ethics, “VF Corporation Code of Business Conduct,” that is applicable to all VF directors, officers and employees, including VF’s chief executive officer, chief financial officer, chief accounting officer and other executive officers identified pursuant to this Item 10 (collectively, the “Selected Officers”).

The code is posted on VF’s website, www.vfc.com.

The code is posted on VF’s website,

42 VF Corporation Fiscal 2026 Form 10-K

VF will disclose any changes in or waivers from its code of ethics applicable to any Selected Officer or director on its website at www.vfc.com.

The Board of Directors’ Corporate Governance Principles, the Audit Committee, Governance and Corporate Responsibility Committee, Talent and Compensation Committee and Finance Committee charters and other corporate governance information, including the method for interested parties to communicate directly with nonmanagement members of the Board of Directors, are available on VF’s website.

information, including the method for interested parties to communicate directly with nonmanagement members of the Board of Directors, are available on VF’s website.

These documents, as well as the VF Corporation Code of Business Conduct, will be provided free of charge to any shareholder upon request directed to the Corporate Secretary of VF Corporation at P.O.

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PRINCIPAL ACCOUNTING FEES AND SERVICES.

Information required by Item 14 of this Part III is included under the caption “Professional Fees of PricewaterhouseCoopers LLP” in VF’s 2025 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.

Information required by Item 14 of this Part III is included under the caption “Audit and Other Professional Fees” in VF’s 2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 28, 2026, which information is incorporated herein by reference.

VF Corporation Fiscal 2026 Form 10-K 43

34 unchanged sentences

Form of 2.950% Senior Notes due 2030 (Incorporated by reference to Exhibit 4.6 to Form 8-K filed April 23, 2020)

Sixth Supplemental Indenture between VF and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of March 7, 2023 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed March 7, 2023)

7 unchanged sentences

1996 Stock Compensation Plan, as amended and restated as of May 14, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 24, 2024)*

1996 Stock Compensation Plan, as amended and restated as of June 22, 2025 (Incorporated by reference to Exhibit 10.4 to Form 10-K for the year ended March 28, 2026)*

Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate (Incorporated by reference to Exhibit 10(B) to Form 10-K for the year ended January 2, 2010)*

4 unchanged sentences

Form of Award Certificate for Performance-Based Restricted Stock Units (Incorporated by reference to Exhibit 10.4 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Performance-Based Restricted Stock Units for CEO (Incorporated by reference to Exhibit 10.2 to Form 10-Q for the quarter ended September 27, 2025)*

Form of Award Certificate for Stock Units for Non-Employee Directors (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended June 29, 2024)*

1 unchanged sentence

Form of Award Certificate for Restricted Stock Units (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended June 29, 2024)*

Form of Award Certificate for Restricted Stock Units (5-Year) (Incorporated by reference to Exhibit 10.2 to Form 10-Q for the quarter ended June 28, 2025)*

Form of Award Certificate for Restricted Stock Units (4-Year Graded Vesting) (Incorporated by reference to Exhibit 10.3 to Form 10-Q for the quarter ended June 28, 2025)*

Form of Award Certificate for Restricted Stock Units Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10(L) to Form 10-K for the year ended March 28, 2020)*

10 unchanged sentences

Amended and Restated Seventh Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Executive Deferred Savings Plan (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended April 1, 2006)*

VF Corporation Fiscal 2026 Form 10-K 45

NUMBER DESCRIPTION

Amended and Restated Eighth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended April 1, 2006)*

1 unchanged sentence

Amended and Restated Tenth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Mid-Term Incentive Plan (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended April 1, 2006)*

44 VF Corporation Fiscal 2025 Form 10-K

NUMBER DESCRIPTION

Eleventh Supplemental Annual Benefit Determination Pursuant to the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended April 1, 2006)*

29 unchanged sentences

Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 6, 2024)

Amendment No.

5 to Revolving Credit Agreement, dated as of May 21, 2025, by and among V.F.

Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 21, 2025)

46 VF Corporation Fiscal 2026 Form 10-K

NUMBER DESCRIPTION

Term Loan Agreement by and among V.F.

8 unchanged sentences

Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed August 6, 2024)

Credit Agreement, dated August 26, 2025, by and among V.F.

Corporation, as the borrower, Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, Truist Securities, Inc.

Bank National Association, as joint-lead arrangers and joint bookrunners, Wells Fargo Bank, National Association, as syndication agent, Wells Fargo Bank, National Association, Citibank, N.A., ING Capital LLC and TD Bank, as co-documentation agents, and the several banks and other financial institutions or entities from time to time party thereto as lenders thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 27, 2025)

Separation and Distribution Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 2.1 to Form 8-K filed May 23, 2019)

VF Corporation Fiscal 2025 Form 10-K 45

NUMBER DESCRIPTION

Tax Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 23, 2019)

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(Principal Financial Officer)

Vice President, Controller and Chief Accounting Officer

/s/ Michael E.

Vice President, Chief Accounting Officer

(Principal Accounting Officer)

19 unchanged sentences

Consolidated Balance Sheets

Consolidated Statements of O perations

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income (Loss)

43 unchanged sentences

VF Corporation Fiscal 2026 Form 10-K F-3

Interim Indefinite-Lived Intangible Asset Impairment Analysis – Dickies Trademark

As described in Notes 1, 8, and 24 to the consolidated financial statements, the indefinite-lived intangible assets balance was $1,648.9 million as of March 29, 2025, of which the Dickies trademark makes up a portion of the consolidated balance.

Management evaluates indefinite-lived intangible assets for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount.

An indefinite-lived intangible asset is quantitatively evaluated for possible impairment by comparing the estimated fair value of the asset with its carrying value.

An impairment charge is recorded if the carrying value of the asset exceeds its estimated fair value.

Management estimates the fair value of the indefinite-lived trademark intangible assets using the relief-from-royalty method.

During the third quarter of fiscal 2025, management determined a triggering event occurred that required management to perform a quantitative impairment analysis of the Dickies trademark.

Key assumptions developed by management and used in the quantitative analysis include revenue projections, tax rates, royalty rate, and a market-based discount rate.

The carrying value of the indefinite-lived trademark intangible asset at the interim testing date was $290.0 million.

As a result of the impairment testing performed, the Company recorded an impairment charge of $51.0 million related to the Dickies trademark.

The principal considerations for our determination that performing procedures relating to the interim indefinite-lived intangible asset impairment analysis for the Dickies trademark is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Dickies trademark;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue projections, royalty rate, and discount rate;

Goodwill Impairment Assessment – Vans Reporting Unit

As described in Notes 1, 9, and 24 to the consolidated financial statements, the goodwill balance was $587.7 million as of March 28, 2026, and the goodwill associated with the Vans reporting unit was $166.9 million.

Management evaluates goodwill for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount.

If management determines that it is more likely than not that the fair value of the reporting unit is more than its carrying value, then no further testing is required.

Otherwise, the asset must be quantitatively tested for impairment.

An impairment charge is recorded if the carrying value exceeds its estimated fair value.

During the annual goodwill impairment testing, management performed a quantitative impairment analysis of the Vans reporting unit goodwill and concluded the goodwill was not impaired.

Management estimates the fair value of reporting units using a combination of an income approach and a market approach.

The income approach is based on projected future (debt-free) cash flows that are discounted to present value.

Key assumptions developed by management and used in the quantitative analysis of the Vans reporting unit include revenue and profitability projections throughout the forecast period, tax rates, and a market-based discount rate.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Vans reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Vans reporting unit;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue projections and the discount rate;

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to management’s indefinite-lived intangible asset impairment analysis, including controls over the valuation of the Dickies trademark.

These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Dickies trademark;

(ii) evaluating the appropriateness of the relief-from-royalty method used by management;

(iii) testing the completeness and accuracy of underlying data used in the relief-from-royalty method;

and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue projections, royalty rate, and discount rate.

Evaluating management’s assumption related to revenue projections involved evaluating whether the assumption used by management was reasonable considering (i) the current and past performance of the brand;

These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over the valuation of the Vans reporting unit.

These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Vans reporting unit;

(ii) evaluating the appropriateness of the income approach used by management;

(iii) testing the completeness and accuracy of underlying data used in the income approach;

and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue projections and the discount rate.

(ii) the consistency with external market and industry data;

and (iii) whether the assumption was consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the relief-from-royalty method and (ii) the reasonableness of the royalty rate and discount rate assumptions.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the income approach and (ii) the reasonableness of the discount rate assumption.

/s/ PricewaterhouseCoopers LLP

16 unchanged sentences

386,340 408,028

Current assets of discontinued operations

Total current assets 4,009,514 3,786,098

7 unchanged sentences

1,230,175 1,294,147

Other assets of discontinued operations

TOTAL ASSETS $ 9,290,177 $ 9,377,536

4 unchanged sentences

Current portion of long-term debt

540,579 1,000,721

Accounts payable

826,347 789,570

Current portion of operating lease liabilities

333,469 308,741

Accrued liabilities

1,011,217 1,047,047

Current liabilities of discontinued operations

Total current liabilities 2,181,172 2,697,853

1 unchanged sentence

3,519,870 3,425,650

Operating lease liabilities

Long-term portion of operating lease liabilities

1,119,876 1,079,182

1 unchanged sentence

619,381 687,492

Other liabilities of discontinued operations

Total liabilities 7,440,299 7,890,177

35 unchanged sentences

341,218 145,161 ( 284,921 )

Income tax expense (benefit) 75,837 733,556 ( 17,944 )

Income tax expense 86,298 75,837 733,556

Income (loss) from continuing operations 254,920 69,324 ( 1,018,477 )

21 unchanged sentences

Foreign currency translation and other

Losses arising during the period ( 29,868 ) ( 1,491 ) ( 106,527 )

Gains (losses) arising during the period 17,351 ( 29,868 ) ( 1,491 )

Reclassification of foreign currency translation losses 382 75,293 —

1 unchanged sentence

Defined benefit pension plans

Current period actuarial losses, including plan amendments and curtailments ( 14,413 ) ( 38,230 ) ( 25,211 )

Current period actuarial gains (losses), including plan amendments and curtailments 17,163 ( 14,413 ) ( 38,230 )

Amortization of net deferred actuarial losses 18,236 20,205 16,656

20 unchanged sentences

Income (loss) from continuing operations, net of tax 254,920 69,324 ( 1,018,477 )

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

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

Impairment of goodwill and intangible assets 30,716 89,242 507,566

4 unchanged sentences

Pension expense in excess of (less than) contributions 188,084 ( 1,463 ) ( 18,080 )

Pension termination asset reversion, net 125,373 — —

Deferred income taxes ( 42,249 ) ( 88,544 ) ( 383,916 )

Write-off of income tax receivables and interest — — 921,409

Gain on sale of business ( 127,211 ) — —

Other, net 9,450 ( 9,515 ) ( 2,138 )

7 unchanged sentences

Other assets and liabilities ( 39,555 ) 23,686 ( 107,967 )

Cash provided (used) by operating activities - continuing operations 438,489 884,714 ( 653,984 )

Cash provided (used) by operating activities - discontinued operations 26,747 129,867 ( 1,811 )

Cash provided (used) by operating activities 465,236 1,014,581 ( 655,795 )

Cash provided by operating activities - continuing operations 671,274 438,489 884,714

Cash provided by operating activities - discontinued operations — 26,747 129,867

Cash provided by operating activities 671,274 465,236 1,014,581

INVESTING ACTIVITIES

8 unchanged sentences

FINANCING ACTIVITIES

Contingent consideration payment — — ( 56,976 )

Net increase (decrease) in short-term borrowings ( 2,322 ) ( 252,023 ) 255,146

1 unchanged sentence

Payment of debt issuance costs ( 12,601 ) — ( 576 )

Proceeds from long-term debt — — 2,058,341

Cash dividends paid ( 140,744 ) ( 140,165 ) ( 303,140 )

1 unchanged sentence

699 ( 2,730 ) ( 2,846 )

Cash provided (used) by financing activities $ ( 2,146,027 ) $ ( 959,615 ) $ 463,906

Cash used by financing activities $ ( 737,781 ) $ ( 2,146,027 ) $ ( 959,615 )

Continued on next page.

52 unchanged sentences

Summary of Significant Accounting Policies

Discontinued Operations

Divestiture and Discontinued Operations

Accounts Receivable

11 unchanged sentences

Reportable Segment Information

Commitments and Contingencies

Earnings (Loss) Per Share

3 unchanged sentences

Restructuring

Subsequent Events

Subsequent Event

VF Corporation Fiscal 2026 Form 10-K F-11

3 unchanged sentences

Description of Business

VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company headquartered in the United States.

VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages.

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) is a global apparel, footwear, equipment and accessories company headquartered in the United States.

VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage, equipment and accessories for consumers of all ages.

Products are marketed under VF-owned brand names.

2 unchanged sentences

The consolidated financial statements include the accounts of VF and its controlled subsidiaries, after elimination of intercompany transactions and balances.

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 Dickies.

Refer to Note 3 for additional information on the divestiture.

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

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

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

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

This group includes the following brands:

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

Reportable segment results for all prior periods presented within these notes to the consolidated financial statements have been recast to reflect the change in reportable segments.

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

Refer to Note 21 for additional information on VF's reportable segments.

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

2 unchanged sentences

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

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

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

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

These changes have been applied to all periods presented.

Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to continuing operations.

Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to continuing

Refer to Note 3 for additional information on discontinued operations.

1 unchanged sentence

VF's current fiscal year ran from March 30, 2025 through March 28, 2026 ( “ Fiscal 2026 ” ).

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

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

Certain foreign subsidiaries reported using a March 31 year-end for Fiscal 2026, 2025 and 2024 due to local statutory requirements.

2 unchanged sentences

In preparing the consolidated financial statements in accordance with GAAP, management makes estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes.

Actual results may differ from those estimates due to risks and uncertainties, including the impact of the recently imposed reciprocal tariffs on foreign imports by the U.S.

The high level of uncertainty regarding these tariffs may result in estimates and assumptions that have the

potential for more variability and are more subjective, including those applied in the Company's forecasted results of operations and cash flows, which are used in the determination of fair value for goodwill and indefinite-lived intangible asset impairment testing.

Actual results may differ from those estimates due to risks and uncertainties.

While estimates and assumptions made by management are based upon currently available information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions.

Foreign Currency Translation and Transaction

Changes in Laws and Regulations

VF recognizes the financial effects of changes in laws or regulations in the period in which the Company obtains a legal right to the related asset or incurs a legal obligation for the related liability.

On February 20, 2026, the U.S.

Supreme Court ruled that the tariffs imposed under the International Emergency Economic Power Act ( “ IEEPA ” ) 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.

Refunds related to inventory that has been sold are recognized as a reduction to cost of goods sold and refunds related to inventory on hand are recognized as a reduction to the carrying amount of inventory.

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

F-12 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

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.

Foreign Currency Translation and Transactions

The financial statements of most foreign subsidiaries are measured using the foreign currency as the functional currency.

5 unchanged sentences

Transaction gains or losses arise when exchange rate fluctuations either increase or decrease the functional currency cash flows from the originally recorded transaction.

Foreign currency transaction gains and losses reported in the Consolidated Statements of Operations, were a net loss of $ 14.0 million, $ 15.7 million and $ 14.4 million in the years ended March 2025, 2024 and 2023, respectively.

Foreign currency transaction gains and losses reported in the Consolidated Statements of Operations, were a net gain of $ 4.1 million, and a net loss of $ 14.0 million and $ 15.7 million in the years ended March 2026, 2025 and 2024, respectively.

Business Combinations

9 unchanged sentences

Highly liquid investments considered cash equivalents were $ 211.1 million and $ 91.8 million at March 2026 and 2025, respectively, consisting of money market funds and short-term time deposits.

F-12 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Accounts Receivable

20 unchanged sentences

Trademark intangible assets represent

VF Corporation Fiscal 2026 Form 10-K F-13

VF CORPORATION

Notes to Consolidated Financial Statements

individual acquired trademarks, some of which are registered in multiple countries.

17 unchanged sentences

Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit with its carrying value, including the goodwill assigned to that reporting

VF Corporation Fiscal 2025 Form 10-K F-13

VF CORPORATION

Notes to Consolidated Financial Statements

An impairment charge is recorded if the carrying value of the reporting unit exceeds its estimated fair value.

1 unchanged sentence

The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles.

While the substantial majority of these leases are operating leases, one of VF's distribution centers is a finance lease.

All of these leases are operating leases.

VF previously had one finance lease for a distribution center that was sold in Fiscal 2026 as part of the Dickies divestiture.

Leases for real estate typically have initial terms ranging from 2 to 15 years, generally with renewal options.

13 unchanged sentences

Lease right-of-use assets are calculated based on the initial measurement of the respective lease liabilities adjusted for any lease payments made to the lessor at or before the commencement date, lease incentives received and initial direct costs incurred.

When readily determinable, the Company uses the implicit rate to determine the present value of lease payments, which generally does not happen in practice.

rate implicit in the majority of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term, currency, country specific risk premium and adjustments for collateralized debt.

When readily determinable, the Company uses the implicit rate to determine the present value of lease

F-14 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

payments, which generally does not happen in practice.

As the rate implicit in the majority of the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term, currency, country specific risk premium and adjustments for collateralized debt.

Operating lease expense is recorded as a single lease cost on a straight-line basis over the lease term.

For finance leases, right-of-use asset amortization and interest on lease liabilities are presented separately in the Consolidated Statements of Operations.

VF previously had one finance lease for a distribution center that was sold in Fiscal 2026 as part of the Dickies divestiture.

The Company does not have material subleases.

2 unchanged sentences

The corresponding lease entered into with the buyer-lessor is accounted for as an operating lease.

During the years ended March 2025 and 2023, the Company entered into sale leaseback transactions for certain warehouse, retail store and office real estate, and related assets.

The transactions qualified as sales, and thus the Company recognized gains of $ 17.4 million and $ 13.2 million in the SG&A expenses line item in VF's Consolidated Statements of Operations for the years ended March 2025 and 2023, respectively.

During the year ended March 2025, the Company entered into sale leaseback transactions for certain warehouse and retail store real estate, and related assets.

The transactions qualified as sales, and thus the Company recognized gains of $ 17.4 million in the SG&A expenses line item in VF's Consolidated Statement of Operations for the year ended March 2025.

Defined Benefit Pension Plans

2 unchanged sentences

The Company's U.S.

plans, including a noncontributory qualified defined benefit pension plan and an unfunded supplemental defined benefit pension plan, were frozen for all future benefit accruals, effective December 31, 2018.

plans, including a noncontributory qualified defined benefit pension plan (the “ U.S.

qualified plan ” ) and an unfunded supplemental defined benefit pension plan (the “ U.S.

nonqualified plan ” ), were frozen for all future benefit accruals, effective December 31, 2018.

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

qualified plan and 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.

The funded status of defined benefit pension plans is recorded as a net asset or liability in the Consolidated Balance Sheets based on the difference between the projected benefit obligations and the fair value of plan assets, which is assessed on a plan-by-plan basis.

4 unchanged sentences

Unrealized gains and losses are recognized as assets and liabilities, respectively, and classified as current or noncurrent based on the derivatives’ maturity dates.

The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected

F-14 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

The accounting for changes in the fair value of derivative instruments (i.e., gains and losses) depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

To qualify for hedge accounting treatment, all hedging relationships must be formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows of hedged transactions.

16 unchanged sentences

Revenue is recognized when performance obligations under the terms of a contract with the customer are satisfied based on the transfer of control of promised goods or services.

The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) an obligation to pay for, (ii) physical possession of, (iii) legal title to, (iv) risks and rewards of ownership of, and (v) accepted the goods or services.

The transfer of control typically occurs at a point in time based on consideration

VF Corporation Fiscal 2026 Form 10-K F-15

VF CORPORATION

Notes to Consolidated Financial Statements

of when the customer has (i) an obligation to pay for, (ii) physical possession of, (iii) legal title to, (iv) risks and rewards of ownership of, and (v) accepted the goods or services.

The timing of revenue recognition within the wholesale channel occurs either on shipment or delivery of goods based on contractual terms with the customer.

The timing of revenue recognition in the direct-to-consumer channel generally occurs at the point of sale within VF-operated or concession retail stores and either on shipment or delivery of goods for e-commerce transactions

based on contractual terms with the customer.

For finished products shipped directly to customers from our suppliers, the Company's promise to the customer is a performance obligation to provide the specified goods, and thus the Company is the principal in the arrangement and revenue is recognized on a gross basis at the transaction price.

16 unchanged sentences

Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from the transaction price.

The Company has licensing agreements for its symbolic intellectual property, some of which include minimum

VF Corporation Fiscal 2025 Form 10-K F-15

VF CORPORATION

Notes to Consolidated Financial Statements

guaranteed royalties.

The Company has licensing agreements for its symbolic intellectual property, some of which include minimum guaranteed royalties.

Royalty income is recognized as earned over the respective license term based on the greater of minimum guarantees or the licensees' sales of licensed products at rates specified in the licensing contracts.

4 unchanged sentences

Cost of goods sold for purchased finished goods includes the purchase costs and related overhead.

Overhead includes all costs related to purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, royalties paid to third parties and shrinkage.

Overhead includes all costs related to purchasing finished goods, including costs of planning, purchasing, quality control, depreciation, freight, duties, tariffs, royalties paid to third parties and shrinkage.

Cost of goods sold also includes provisions to state inventories at the lower of cost or net realizable value.

5 unchanged sentences

Shipping and handling costs for delivery of products to customers totaled $ 511.9 million, $ 474.3 million and $ 524.9 million in the years ended March 2026, 2025 and 2024, respectively.

Expenses related to royalty income were $ 0.7 million, $ 0.8 million and $ 0.9 million in the years ended March 2025, 2024 and 2023, respectively.

Stock-based Compensation

VF accounts for all stock-based payments to employees and non-employee directors based on their respective grant date fair values.

Compensation cost for all awards expected to vest is recognized over the shorter of the requisite service period or the vesting period, including accelerated recognition for retirement-eligible employees.

Compensation cost for all awards expected to vest is

F-16 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

recognized over the shorter of the requisite service period or the vesting period, including accelerated recognition for retirement-eligible employees.

Awards that do not vest are forfeited.

17 unchanged sentences

All deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets.

Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related interest and penalties, appropriately classified as current or noncurrent.

Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits, along with related

interest and penalties, appropriately classified as current or noncurrent.

VF has evaluated these potential issues under the more-likely-than-not standard of the accounting literature.

A tax position is recognized if it meets this standard and is measured at the largest amount of benefit that has a greater than 50% likelihood of being realized.

The provision for income taxes also

F-16 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

includes estimated interest and penalties related to uncertain tax positions .

The provision for income taxes also includes estimated interest and penalties related to uncertain tax positions .

Earnings (Loss) Per Share

4 unchanged sentences

VF markets products to a broad customer base throughout the world.

Products are sold at a range of price points through various wholesale and direct-to-consumer channels.

VF’s ten largest customers accounted for app roximately 15 % of Fiscal 2025 total revenues.

Products are sold at a range of price points through vario us wholesale and direct-to-consumer channels.

VF’s ten largest customers accounted for approximately 17 % of Fiscal 2026 total revenues.

Sales to VF’s largest customer accounted for approximately 4 % of Fiscal 2026 total revenues.

S ales are generally made on an unsecured basis under customary terms that may vary by product, channel of distribution or geographic region.

Sales are generally made on an unsecured basis under customary terms that may vary by product, channel of distributio n or geographic region.

VF continuously monitors the creditworthiness of its customers and has established internal policies regarding customer credit limits.

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A contingent liability is disclosed when there is at least a reasonable possibility that a material loss may have been incurred.

Government Grants

VF may receive grants from various governmental entities in the U.S.

and foreign governments in exchange for compliance with certain conditions relating to VF’s activities in a specific jurisdiction.

Grants may also include incentives and credits.

Grants are primarily structured to encourage investment, job creation, job retention and other related activities.

VF recognizes the benefit of government grants on a systematic and rational basis over the period that it incurs the underlying investment or expenses when it is probable that VF will comply with specified conditions attached to the grants and it is probable that the grants will be received.

Some of VF’s agreements with governmental entities include claw back provisions for the recapture of funding if VF fails to comply with various aspects of

VF Corporation Fiscal 2026 Form 10-K F-17

VF CORPORATION

Notes to Consolidated Financial Statements

the agreements.

These provisions are monitored for ongoing compliance.

For the year ended March 2026, VF recognized $ 19.8 million as a reduction to SG&A expenses , $ 9.4 million as a reduction to cost of goods sold and $ 6.8 million as a reduction to inventory , related to government grants.

As of March 2026, VF recorded a grant receivable of $ 19.3 million, which is included in the accounts receivable, net line item in the Consolidated Balance Sheet, to reflect incentives earned on qualifying activities during Fiscal 2026.

Government grants in Fiscal 2026 related primarily to government entities in the Asia-Pacific region.

For the years ended March 2025 and March 2024, government grants did not have a material impact on VF’s consolidated financial statements.

Reclassifications

1 unchanged sentence

Recently Adopted Accounting Standards

In September 2022, the Financial Accounting Standards Board (" FASB") issued A ccounting Standards Update ("ASU") No.

2022-04, " Liabilities — Supplier Finance Programs (Subtopic 405-50):

Disclosure of Supplier Finance Program Obligations ".

This guidance requires companies with supplier finance programs to disclose sufficient qualitative and quantitative information about the program to allow a user of the financial statements to understand the nature of, activity in, and potential magnitude of the program.

The guidance became effective for VF in the first quarter of Fiscal 2024, except for the rollforward information that was effective for annual periods beginning in Fiscal 2025 on a prospective basis.

The C ompany adopted the required guidance in the first quarter of Fiscal 2024 and disclosed the rollforward information in its Fiscal 2025 Annual Report on Form

Refer to Note 12 for disclosures related to the Company's supply chain financing program.

In November 2023, the FASB issued ASU No.

2023-07, " Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures" , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the individual or group identified as the chief operating decision maker ("CODM").

The guidance also requires disclosure of the title and position of the CODM and how reported measures of segment profit or loss are used to assess performance and allocate resources.

The guidance was effective for annual disclosures beginning in Fiscal 2025, and has expanded requirements to include all disclosures about a reportable segment's profit or loss and assets in subsequent interim periods.

The guidance requires retrospective application to all prior periods presented in the financial statements.

The Company adopted this guidance for its Fiscal 2025 Annual Report on Form 10-K and applied it retrospectively for all periods presented, refer to Note 21 for additional disclosures.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU No.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” , which is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid.

The rate reconciliation disclosures will require specific categories and additional information for reconciling items that meet a quantitative threshold.

The income taxes paid disclosures will require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid.

The guidance will be effective for annual disclosures beginning in Fiscal 2026.

Early adoption is permitted.

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

however, retrospective application is permitted.

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

The rate reconciliation disclosures require specific categories and additional information for reconciling items that meet a quantitative threshold.

The income taxes paid disclosures require disaggregation by individual jurisdictions that are greater than 5% of total income taxes paid.

The guidance is effective for annual disclosures beginning in Fiscal 2026.

The Company adopted this guidance for its Fiscal 2026 Annual Report on Form 10-K and applied it on a prospective basis, refer to Note 20 for additional disclosures.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No.

4 unchanged sentences

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

VF Corporation Fiscal 2025 Form 10-K F-17

In September 2025, the FASB issued ASU No.

2025-06, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40):

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

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

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

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

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

In November 2025, the FASB issued ASU No.

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

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

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

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

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

In December 2025, the FASB issued ASU No.

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

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

The guidance is effective for interim and annual periods beginning in Fiscal 2030, with early adoption permitted, but the Company does not expect the adoption of this guidance to have a material impact on its financial statements and related disclosures.

In December 2025, the FASB issued ASU No.

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

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

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

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

In December 2025, the FASB issued ASU No.

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

The amendments make the Codification easier to understand and apply.

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

F-18 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

6 unchanged sentences

Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer and thus represent the Company's obligation to transfer the good or service to the customer at a future date.

The Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements, which are discussed in more detail within Note 1, and order deposits.

The Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements, which are discussed in more detail within Note 1, and customer order deposits.

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

6 unchanged sentences

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

For the year ended March 2025 , the Company rec ognized $ 214.8 million of revenue, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, including order deposits from customers.

For the year ended March 2026 , the Company rec ognized $ 204.6 million of revenue related to contract liabilities, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, such as order deposits from customers.

The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.

Performance Obligations

As of March 2025, the Company expects to recognize $ 64.3 million of fixed consideration related to the future minimum guara ntees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through March 2031.

As of March 2026, the Company expects to recognize $ 12.9 million of fixed consideration related to the future minimum guara ntees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through December 2028.

As of March 2026 , there wer e no arrangements with transaction price allocated to remaining perform ance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

Disaggregation of Revenue

Disaggregation of Revenues

The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.

Year Ended March 2025

(In thousands) Outdoor Active Work Total

Year Ended March 2026 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

8 unchanged sentences

Total $ 5,741,792 $ 2,720,967 $ 1,142,448 $ 9,605,207

F-18 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-19

VF CORPORATION

Notes to Consolidated Financial Statements

Year Ended March 2024

(In thousands) Outdoor Active Work Total

Year Ended March 2025 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

8 unchanged sentences

Total $ 5,311,061 $ 2,914,307 $ 1,279,323 $ 9,504,691

Year Ended March 2023

(In thousands) Outdoor Active Work Other Total

Year Ended March 2024 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

8 unchanged sentences

Total $ 5,230,287 $ 3,327,612 $ 1,357,779 $ 9,915,678

NOTE 3 — DISCONTINUED OPERATIONS

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

The years ended March 2025 and 2024 have been recast to reflect this change.

Refer to Note 21 for additional information regarding the Company's reportable segments.

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

“ All Other” includes the following brands:

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

F-20 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 3 — DIVESTITURE AND DISCONTINUED OPERATIONS

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

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

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

The Company determined that the sale of Dickies did not represent a strategic shift that would have a major effect on the

Company's operations and financial results, and therefore did not qualify for presentation as a discontinued operation.

The results of operations for Dickies through the date of sale are included within the “All Other” category in Note 21 , Reportable Segment Information.

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

Discontinued Operations

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

2 unchanged sentences

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 its delayed draw Term Loan ("DDTL") pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $ 450.0 million of commercial

paper borrowings upon maturity during the third quarter of Fiscal 2025.

VF used a portion of the net cash proceeds to prepay $ 1.0 billion of its delayed draw Term Loan (“DDTL”) pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $ 450.0 million of commercial paper borrowings upon maturity during the third quarter of Fiscal 2025.

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

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

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

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

These changes have been applied to all periods presented.

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

The results of Supreme recorded in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations were a loss of $ 259.0 million (including a final after-tax loss on sale of $ 126.6 million and goodwill and intangible asset impairment charges of $ 145.0 million), income of $ 49.6 million and a loss of $ 637.2 million (including goodwill and intangible asset impairment charges of

VF Corporation Fiscal 2025 Form 10-K F-19

VF CORPORATION

Notes to Consolidated Financial Statements

$ 735.0 million ) for the years ended March 2025, 2024 and 2023, respectively.

The results of Supreme recorded in the income (loss) from discontinued operations, net of tax line item in the

Consolidated Statements of Operations were a loss of $ 259.0 million (including a final after-tax loss on sale of $ 126.6 million and goodwill and intangible asset impairment charges of $ 145.0 million) and income of $ 49.6 million for the years ended March 2025 and 2024, respectively.

During the first quarter of Fiscal 2025, VF determined that a triggering event had occurred requiring impairment testing of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

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

During the year ended March 2023, VF recorded impairment charges of $ 394.1 million and $ 340.9 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

During the second quarter of Fiscal 2023, VF determined that a triggering event had occurred requiring quantitative analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the impairment testing performed, VF recorded impairment charges of $ 229.0 million and $ 192.9 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

During the fourth quarter of Fiscal 2023, in connection with its annual impairment testing, VF performed a quantitative analysis of the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset.

As a result of the

impairment testing performed, VF recorded additional impairment charges of $ 165.1 million and $ 148.0 million to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset, respectively.

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

Under the terms of a secondment agreement, certain employees associated with the Supreme business remained employees of VF and worked exclusively in support of Supreme, and at Supreme's expense, through the end of Fiscal 2025.

Under the terms of a transition services agreement, the Company provided certain post-closing accounting, tax, treasury, digital technology, supply chain and human resource services on a transitional basis for periods generally up to 12 months from the closing date of the transaction.

Certain corporate overhead costs and segment costs previously allocated to the Supreme brand for segment reporting purposes did not qualify for classification within discontinued operations and have been allocated to continuing operations.

In addition, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

VF Corporation Fiscal 2026 Form 10-K F-21

VF CORPORATION

Notes to Consolidated Financial Statements

Summarized Discontinued Operations Financial Information

1 unchanged sentence

Year Ended March

(In thousands) 2025 2024 2023

(In thousands) 2026 (a)

Revenues $ — $ 244,524 $ 538,989

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Impairment of goodwill and intangible assets — 145,000 —

Interest expense, net (a)

Interest expense, net (b)

— ( 30,767 ) ( 57,729 )

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Income (loss) from discontinued operations, net of tax $ — $ ( 259,040 ) $ 49,595

(a) As noted above, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations.

F-20 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

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

(In thousands) March 2024

Cash and cash equivalents $ 18,229

Accounts receivable, net 10,636

Inventories 68,543

Other current assets 18,817

Property, plant and equipment, net 34,894

Intangible assets, net 852,000

Goodwill 815,058

Operating lease right-of-use assets 75,287

Other assets 19,882

Deferred income tax assets (a)

Total assets of discontinued operations $ 1,825,867

Accounts payable $ 28,651

Accrued liabilities 51,210

Operating lease liabilities 69,554

Other liabilities 2,387

Total liabilities of discontinued operations $ 151,802

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

(a) There was no activity during the year ended March 2026.

(b) As noted above, interest expense and the related interest rate swap impact for the DDTL were allocated to discontinued operations.

NOTE 4 — ACCOUNTS RECEIVABLE

1 unchanged sentence

Trade $ 1,223,591 $ 1,278,382

IEEPA tariff refund receivable (Note 1) 149,691 —

Other (including royalty) 78,639 75,134

8 unchanged sentences

Total inventories $ 1,371,274 $ 1,627,025

VF Corporation Fiscal 2025 Form 10-K F-21

F-22 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

5 unchanged sentences

Right of return assets 42,844 47,815

Derivative financial instruments (Note 25) 32,290 28,701

Other taxes 19,552 28,106

Derivative financial instruments (Note 25) 17,800 32,290

Investments held for deferred compensation plans (Note 17) 12,210 11,900

Qualified replacement plan asset (Note 17) 11,942 —

Assets held-for-sale 5,524 —

28 unchanged sentences

Intangible assets, net $ 1,710,707

During the year ended March 2025, VF recorded impairment charges of $ 51.0 million related to the Dickies indefinite-lived trademark intangible asset as a result of a triggering event during the third quarter of Fiscal 2025.

Refer to Note 24 for additional information on fair value measurements.

VF did not record any intangible asset impairment charges in the years ended March 2024 or March 2023.

Amortization expense for the years ended March 2025, 2024 and 2023 was $ 13.2 million , $ 13.8 million and $ 14.1 million, respectively.

Estimated amortization expense for the next five fis cal years is $ 12.2 million, $ 11.7 million, $ 10.8 million, $ 9.8 million and $ 7.8 million, respectively.

F-22 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-23

VF CORPORATION

Notes to Consolidated Financial Statements

During the year ended March 2026 , the Company completed the sale of Dickies, at which time intangible assets of $ 243.8 million were removed from the Consolidated Balance Sheet.

Refer to Note 3 for additional information regarding the divestiture.

VF did not record any intangible asset impairment charges in the years ended March 2026 or March 2024.

During the year ended March 2025, VF recorded an impairment charge of $ 51.0 million related to the Dickies indefinite-lived trademark intangible asset

as a result of a triggering event during the third quarter of Fiscal 2025.

Refer to Note 24 for additional information on fair value measurements.

Amortization expense for the years ended March 2026, 2025 and 2024 was $ 11.4 million, $ 13.2 million and $ 13.8 million, respectively.

Estimated amortization expense for the next five fiscal years is $ 10.6 million, $ 9.9 million, $ 9.0 million, $ 7.0 million and $ 5.4 million, respectively .

NOTE 9 — GOODWILL

Changes in goodwill are summarized by reportable segment as follows:

(In thousands) Outdoor Active Work Total

Changes in goodwill are summarized by reportable segment and the “ All Other” category as follows:

(In thousands) Outdoor Active All Other (a)

Balance, March 2024 $ 102,181 $ 330,464 $ 212,711 $ 645,356

Impairment charges ( 445,757 ) — ( 61,809 ) ( 507,566 )

Impairment charge — — ( 38,242 ) ( 38,242 )

Foreign currency translation ( 35 ) ( 2,015 ) ( 1,678 ) ( 3,728 )

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

Impairment charges ( 38,242 ) — — ( 38,242 )

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

Foreign currency translation 331 10,285 4,419 15,035

Balance, March 2026 $ 102,477 $ 338,734 $ 146,494 $ 587,705

During the year ended March 2025 , VF recorded impairment charges of $ 38.2 million rel ated to the Icebreaker reporting unit, which is part of the Outdoor segment.

The impairment charges were a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2025 .

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

In connection with the realignment of the Company's segment reporting structure, the Company allocated goodwill related to Timberland PRO to the Timberland reporting unit as of the first day of the first quarter of Fiscal 2026.

As a result of the change in reportable segments, the Company performed impairment assessments both before and after the segment change became effective, and no impairment of goodwill was identified.

Balances as of March 2025 and 2024 have been retrospectively adjusted to reflect the reallocation.

Refer to Note 21 for additional information regarding the Company's reportable segments.

During the year ended March 2026 , the Company completed the sale of Dickies.

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

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

Refer to Note 3 for additional information regarding the divestiture.

During the year ended March 2026 , VF recorded an impairment charge of $ 30.7 million rel ated to the Napapijri reporting unit, which is part of the “ All Other” category.

The impairment charge was a result of a triggering event during the third quarter of Fiscal 2026.

Refer to Note 24 for additional information on fair value measurements.

During the year ended March 2025 , VF recorded an impairment charge of $ 38.2 million rel ated to the Icebreaker reporting unit,

which is part of the “ All Other” category.

The impairment charge was a result of VF's annual impairment testing of goodwill as of the beginning of the fourth quarter of Fiscal 2025 .

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

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

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

During the third

quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a result of triggering events and recorded impairment charges of $ 195.3 million and $ 61.8 million, respectively .

The Timberland and Icebreaker reporting units are part of the Outdoor segment and the Dickies reporting unit is part of the Work segment.

VF d id not r ecord any impairment charges in the year ended March 2023 based on the results of its goodwill impairment testing.

Accumulated impairment charges for the Outdoor segment we re $ 807.2 million and $ 769.0 million as of March 2025 and 2024, respectively.

Accumulated impairment charges for the Work segment we re $ 61.8 million as of March 2025 and 2024.

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

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

During the third quarter of Fiscal 2024, VF performed interim impairment analyses of the Timberland and Dickies reporting units as a r esult of triggering events and recorded impairment charges of $ 195.3 million and $ 61.8 million, respectively .

The Timberland reporting unit is part of the Outdoor segment and the Icebreaker reporting unit is part of the “ All Other” category.

The Dickies reporting unit was previously included in the “ All Other” category.

Accumulated impairment charges for the Outdoor segment were $ 730.2 million as of March 2026 and 2025.

Accumulated impairment charges for the “All Other ” category were $ 107.7 million and $ 138.8 million as of March 2026 and 2025, respectively.

F-24 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 10 — LEASES

The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles.

All of these leases are operating leases.

VF previously had one finance lease for a distribution center that was sold in Fiscal 2026 as part of the Dickies divestiture.

The assets and liabilities related to operating and finance leases were as follows:

3 unchanged sentences

Total lease assets $ 1,320,733 $ 1,272,903

Operating lease liabilities Accrued liabilities $ 308,741 $ 295,035

Operating lease liabilities Current portion of operating lease liabilities $ 333,469 $ 308,741

Finance lease liabilities Current portion of long-term debt — 1,011

Operating lease liabilities Operating lease liabilities 1,079,182 1,087,304

Operating lease liabilities Long-term portion of operating lease liabilities 1,119,876 1,079,182

Finance lease liabilities Long-term debt — 14,039

Total lease liabilities $ 1,453,345 $ 1,402,973

VF Corporation Fiscal 2025 Form 10-K F-23

VF CORPORATION

Notes to Consolidated Financial Statements

The components of lease costs were as follows:

18 unchanged sentences

Operating leases 393,824 374,707 337,980

Finance leases — — —

VF Corporation Fiscal 2026 Form 10-K F-25

VF CORPORATION

Notes to Consolidated Financial Statements

Lease terms and discount rates were as follows:

2 unchanged sentences

Operating leases 6.25 years 6.01 years 6.20 years

Finance leases 11.51 years 12.51 years 13.51 years

Finance leases N/A 11.51 years 12.51 years

Weighted average discount rate:

Operating leases 4.22 % 3.72 % 3.34 %

Finance leases 2.71 % 2.71 % 2.71 %

Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2025 were as follows:

(In thousands) Operating Leases Finance Leases Total

2026 $ 351,372 $ 1,408 $ 352,780

2027 330,398 1,664 332,062

2028 238,244 1,536 239,780

2029 168,331 1,408 169,739

Finance leases N/A 2.71 % 2.71 %

Maturities of operating lease liabilities for the next five fiscal years and thereafter as of March 2026 were as follows:

(In thousands) Operating Leases

2027 $ 385,808

3 unchanged sentences

Present value of lease liabilities $ 1,453,345

The Company excluded approximate ly $ 130.2 million of l eases (undiscounted basis) that have not yet commenced.

The Company excluded approximately $ 103.4 million of leases (undiscounted basis) that have not yet commenced.

These leases will commence primarily in Fiscal 2027 with lease terms of 2 to 12 years.

F-24 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 11 — OTHER ASSETS

6 unchanged sentences

219,555 254,286

Pension assets (Note 17)

179,596 175,110

Income taxes receivable and prepaid income taxes 81,022 78,934

Qualified replacement plan asset (Note 17)

Investments held for deferred compensation plans (Note 17)

1 unchanged sentence

Other investments 43,897 38,486

Deposits 33,624 32,704

Partnership stores and shop-in-shop costs, net of accumulated amortization of:

2 unchanged sentences

36,848 30,966

Deposits 36,397 33,624

Derivative financial instruments (Note 25)

Pension assets (Note 17)

2,005 179,596

Other 40,206 32,884

Other assets $ 1,230,175 $ 1,294,147

F-26 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 12 — SUPPLY CHAIN FINANCING PROGRAM

5 unchanged sentences

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.

The following table presents a rollforward of total outstanding obligations 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 C onsolidated Balance Sheets included total outstanding obligations of $ 466.0 million and $ 481.7 million, respectively, due to suppliers that are eligible to participate in the SCF program.

The following table presents rollforwards of total outstanding obligations due to suppliers that are eligible to participate in the SCF program:

Year Ended March

(In thousands) 2026 2025

Balance, March 2024 $ 484,983

Balance, beginning of year $ 481,652 $ 484,983

Invoices confirmed during the year 3,053,653 3,117,901

1 unchanged sentence

Impact of foreign currency 1,508 102

Balance, March 2025 $ 481,652

Balance, end of year $ 465,953 $ 481,652

NOTE 13 — SHORT-TERM BORROWINGS

(In thousands) March 2026 March 2025

Commercial paper borrowings $ — $ 250,000

International borrowing arrangements $ 10,139 $ 11,916

Short-term borrowings $ 10,139 $ 11,916

VF maintains a $ 2.25 billion senior unsecured revolving line of credit (the "Global Credit Facility") that 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

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

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

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

The 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 ” ).

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

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

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

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

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

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

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

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

VF Corporation Fiscal 2026 Form 10-K F-27

1 unchanged sentence

Notes to Consolidated Financial Statements

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

There were no borrowings under the Global Credit Facility during the years ended March 2025 and 2024.

Any borrowings under the Global Credit Facility would currently be priced at a credit spread of 130 basis points over t he appropriate benchmark interest rate based on the forward-looking secured overnight financing rate ("Term SOFR") or the Euro Interbank Offer Rate ("EURIBOR"), plus a credit spread adjustment of 30 basis points for Term SOFR, based on the agreement as amended in August 2024.

VF is also required to pay a facility fee to the lenders, currently equal to 20 basis points of the committed amount of the facility.

The credit spread and facility fee are subject to adjustment based on VF’s credit ratings.

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, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, as defined in the agreement as amended in May 2025.

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

The consolidated net indebtedness to consolidated net capitalization ratio financial covenant, as of the last day of any fiscal quarter,

cannot be greater than 0.70 to 1.00 through the last day of the fiscal quarter ended on or about September 30, 2024, then 0.65 to 1.00 through the last day of the fiscal quarter ending on or about September 30, 2025, and 0.60 to 1.00 thereafter.

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

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

VF’s global commercial paper program allows for borrowings of up to $ 2.25 billion to the extent 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.

commercial paper borrowings.

Outstanding U.S.

commercial paper borrowings totaled $ 250.0 million at March 2024 and had a weighted average interest rate of 6.4 %.

As of both March 2025 and 2024, there were no o utstanding euro commercial paper borrowings.

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

T he Global Credit Facility also had $ 0.6 million of outstanding standby letters of credit issued on behalf of VF as of March 2025 and 2024, leaving approximately $ 2.2 billion and $ 2.0 billion as of March 2025 and 2024, respectively, available for borrowing against this facility, subject to applicable financial covenants.

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

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

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

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

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

As of March 2026, specified availability under the ABL Credit Facility exceeded the required threshold and, as a result, the financial covenant was not applicable.

The Company was in compliance with all applicable debt covenants as of March 2026.

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 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.

VF has $ 72.5 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks.

Total outstanding balances under these arrangements were $ 10.1 million and $ 11.9 million at March 2026 and 2025, respectively.

Borrowings under these arrangements had a weighted average interest rate of 43.8 % an d 51.6 % at March 2025 and 2024, respectively.

Borrowings under these arrangements had a weighted average interest rate of 46.3 % and 43.8 % at March 2026 and 2025, respectively, related to borrowings in certain highly inflationary economies.

NOTE 14 — ACCRUED LIABILITIES

(In thousands) March 2026 March 2025

Current portion of operating lease liabilities (Note 10)

$ 308,741 $ 295,035

Customer discounts and allowances $ 229,712 $ 239,980

4 unchanged sentences

76,923 78,421

Restructuring (Note 27)

Derivative financial instruments (Note 25)

46,231 19,810

1 unchanged sentence

Freight, duties and postage 40,546 36,150

Derivative financial instruments (Note 25)

Restructuring (Note 27)

28,899 64,852

Insurance 15,279 13,556

Advertising 14,724 11,335

Product warranty claims (Note 16)

2 unchanged sentences

12,210 11,900

Advertising 11,335 8,775

Pension liabilities (Note 17)

6 unchanged sentences

(In thousands) March 2026 March 2025

DDTL Agreement, due December 2024 $ — $ 999,740

2.400 % notes, due April 2025 ("2025 notes")

4.125 % notes, due March 2026 ( “ 2026 notes ” )

18 unchanged sentences

Long-term debt, due beyond one year $ 3,519,870 $ 3,425,650

Term Debt Facility

In August 2022, the Company entered into the DDTL Agreement.

Under the DDTL Agreement, the lenders agreed to provide up to three separate delayed draw term loans (each, a "Delayed Draw”) to the Company in an aggregate principal amount of up to $ 1.0 billion (which may be increased to $ 1.1 billion subject to the terms and conditions of the DDTL Agreement).

Interest on the borrowings under the DDTL Agreement were generally at Term SOFR, plus a 10 basis point credit spread adjustment, plus a margin.

The margin ranged from 0.70 % to 0.875 % per annum based on the Company’s credit ratings.

The Company was permitted at any time to prepay outstanding Delayed Draws without premium or penalty.

During the third quarter of Fiscal 2023 , VF completed two draws under the DDTL Agreement totaling $ 1.0 billion, all of which matured in December 2024.

In connection with the draws, VF elected a base rate of one-month Term SOFR.

The weighted average interest rate at March 2024 was 6.30 % .

The DDTL Agreement was subject to restrictive covenants as defined in the amendment as of August 2024.

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, pursuant to the terms of the DDTL Agreement, as amended.

Redemption and Maturity

In February 2026, VF completed an early redemption of € 500.0 million ($ 582.2 million) in agg regate principal amount of its outstanding 2026 Notes.

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

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

In September 2023, VF repaid € 850.0 million ($ 907.1 million) in aggregate principal amount of its outstanding 0.625 % Senior

Notes due in September 2023, in accordance with the terms of the notes.

Other Information

All notes, along with any amounts outstanding under the Global Credit Facility (Note 13), rank equally as senior unsecured obligations of VF.

All notes, along with any amounts outstanding under the ABL Credit Facility (Note 13), rank equally as senior unsecured obligations of VF.

All notes contain customary covenants and events of default, including limitations on liens and sale-leaseback transactions and a cross-acceleration event of default.

6 unchanged sentences

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

VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100 % of the principal amount, plus accrued interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 15 basis points for the 2028, 2032 and 2033 notes, 25 basis points for the 2026 and 2037 notes, 30 basis points for the 2029 notes and 40 basis points for the 2027 and 2030 notes, plus accrued interest to the redemption date.

In addition, the 2029, 2030 and 2032 notes can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within the three months prior to maturity, the 2027 and 2028 notes can be redeemed at 100 % of the principal

VF Corporation Fiscal 2025 Form 10-K F-27

VF CORPORATION

Notes to Consolidated Financial Statements

amount plus accrued interest to the redemption date within two months prior to maturity and the 2026 note can be redeemed at 100 % of the principal amount plus accrued interest to the redemption date within one month prior to maturity.

VF may redeem its notes, in whole or in part, at a price equal to the greater of (i) 100 % of the principal amount, plus accrued

interest to the redemption date, or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted to the redemption date at an adjusted treasury rate, as defined, plus 15 basis points for the 2028, 2032 and 2033 notes, 25 basis points for the 2037 notes, 30 basis points for the 2029 notes and 40 basis points for the 2027 and 2030 notes, plus accrued interest to the redemption date.

The 2027 and 2030 notes have a principal balance of $ 500.0 million and $ 750.0 million, respectively, and are recorded net of unamortized original issue discounts and debt issuance costs.

1 unchanged sentence

The 2028, 2029 and 2032 notes each have a principal balance of € 500.0 million and are recorded net of unamortized original issue discounts and debt issuance costs.

expense on the 2026, 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 4.339 %, 0.388 %, 4.409 % and 0.789 %, respectively.

Interest expense on the 2028, 2029 and 2032 notes is recorded at an effective annual interest rate of 0.388 %, 4.409 % and 0.789 %, respectively.

The Company has designated these notes as a net investment hedge of VF's investment in certain foreign operations.

3 unchanged sentences

Interest payments are due annually on the 2028, 2029 and 2032 notes and semiannually on all other notes.

The scheduled payments of long-term debt, excluding finance leases (Note 10), at the end of Fiscal 2025 for the next five fiscal years and thereafter are summarized as follows:

VF Corporation Fiscal 2026 Form 10-K F-29

VF CORPORATION

Notes to Consolidated Financial Statements

The scheduled payments of long-term debt at the end of Fiscal 2026 for the next five fiscal years and thereafter are summarized as follows:

(In thousands) Notes and Other

2028 1,075,679

2028 1,041,037

Thereafter 1,139,576

13 unchanged sentences

Deferred income taxes (Note 20)

21,057 14,551

Derivative financial instruments (Note 25)

1 unchanged sentence

Other liabilities $ 619,381 $ 687,492

F-28 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

VF accrues warranty costs, as cost of goods sold, at the time revenue is recognized.

11 unchanged sentences

Long-term portion $ 48,231 $ 49,885 $ 48,373

F-30 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 17 — RETIREMENT AND SAVINGS BENEFIT PLANS

1 unchanged sentence

VF retains the right to curtail or discontinue any of the plans, subject to local regulations.

Qualified Pension Plan Termination

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 OCL resulting from lump-sum payments of retirement benefits.

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

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 other current assets (Note 6) and $ 71.6 million was recorded in other assets (Note 11).

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.

Defined Benefit Pension Plans

Defined benefit plans provide pension benefits based on participant compensation and years of service.

VF sponsors a noncontributory qualified defined benefit pension plan covering most full-time U.S.

employees employed before 2005 (the “U.S.

qualified plan”) and an unfunded supplemental defined benefit pension plan that provides benefits in excess of limitations imposed by income tax regulations (the “U.S.

nonqualified plan”).

VF was in a net funded status at the end of Fiscal 2025.

qualified plan is fully funded and the majority of underfunded amounts relate to obligations under the unfunded U.S.

nonqualified plan.

VF sponsors an unfunded supplemental defined benefit pension plan that provides benefits in excess of limitations imposed by income tax regulations (the “U.S.

nonqualified plan”) and various non-U.S.

defined benefit pension plans.

As of December 31, 2018, the U.S.

qualified plan and the U.S.

nonqualified plan were frozen for all future benefit accruals.

qualified and nonqualified plans comprise 85 % of VF’s total defined benefit plan assets and 80 % of VF’s total projected benefit obligations at March 2025, and the remainder relates to non-U.S.

defined benefit plans.

nonqualified plan was frozen for all future benefit accruals.

VF was in a net underfunded status at the end of Fiscal 2026 primarily due to the unfunded U.S.

nonqualified plan and differences in actuarial assumptions and plan classification relative to local statutory accounting standards, which generally result in higher reported benefit obligations under U.S.

A March 31 measurement date is used to value plan assets and obligations for all pension plans.

7 unchanged sentences

Settlement charges 193,199 — 3,538

Divestiture ( 718 ) — —

Curtailments ( 1,520 ) ( 936 ) —

14 unchanged sentences

Notes to Consolidated Financial Statements

VF recorded $ 0.9 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2025, related to employee exits from an international plan resulting from restructuring actions.

VF recorded $ 3.5 million and $ 1.9 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2024 and 2023, respectively.

These settlement charges related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the U.S.

In addition to the settlement charges totaling $ 192.1 million related to the termination of the U.S.

qualified plan in the year ended March 2026, as discussed above, VF also recor ded $ 1.1 million and $ 3.5 million of settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2026 and 2024, respectively.

These settlement charges related to the recognition of deferred actuarial losses resulting from lump-

sum payments of retirement benefits in the U.S.

nonqualified plan.

Additionally, in 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 $ 330.0 million of the U.S.

qualified 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.

The transaction did not change the amount or timing of monthly retirement benefit payments.

VF recorded a $ 91.8 million settlement charge in the other income (expense) , net line item in the Consolidated Statement of Operations during the year ended March 2023 to recognize the related deferred actuarial losses in accumulated OCL .

VF recorded $ 1.5 million and $ 0.9 million in curtailment gains in the other income (expense), net line item in the Consolidated Statements of Operations for the years ended March 2026 and 2025, respectively, primarily related to employee exits from an international plan resulting from restructuring.

The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period:

4 unchanged sentences

Participant contributions 5,657 5,469

Settlement ( 701,053 ) —

Benefits paid ( 58,034 ) ( 66,132 )

Reversion of plan assets ( 208,955 ) —

Divestiture ( 1,409 ) —

Currency translation 11,534 2,982

5 unchanged sentences

Actuarial gain ( 21,903 ) ( 12,184 )

Settlement ( 701,053 ) —

Benefits paid ( 58,034 ) ( 66,132 )

1 unchanged sentence

Curtailments ( 4,745 ) ( 781 )

Divestiture ( 2,127 ) —

Currency translation 14,889 3,563

32 unchanged sentences

Under the spot rate approach, the full yield curve is applied separately to cash flows for each projected benefit obligation, service cost, and interest cost for a more precise calculation.

Accumulated benefit obligations at any measurement date are the present value of vested and unvested pension benefits earned, without considering projected future compensation increases.

Accumulated benefit obligations at any measurement date are the present value of vested and unvested pension benefits

earned, without considering projected future compensation increases.

Projected benefit obligations are the present value of vested and unvested pension benefits earned, considering projected future compensation increases.

Deferred actuarial gains and losses are changes in the amount of either the benefit obligation or the value of plan assets

resulting from differences between expected amounts for a year using actuarial assumptions and the actual results for that year.

Deferred actuarial gains and losses are changes in the amount of either the benefit obligation or the value of plan assets resulting from differences between expected amounts for a year using actuarial assumptions and the actual results for that year.

These amounts are deferred as a component of accumulated OCL and amortized to pension cost in future years.

qualified plan, amounts in excess of 20 % of projected benefit obligations at the beginning of the year are amortized over five years ;

amounts between (i) 10 % of the greater of projected benefit obligations or plan assets, and (ii) 20 % of projected benefit obligations, are amortized over the expected average life expectancy of all participants;

and amounts less than the greater of 10 % of projected benefit obligations or plan assets are not amortized.

nonqualified plan, amounts in excess of 10 % of the pension benefit obligations are amortized on a straight-line basis over the expected average life expectancy of all participants.

Deferred prior service credits related to plan amendments are also recorded in accumulated OCL and amortized to pension cost on a straight-line basis over the average remaining years of service for active employees.

5 unchanged sentences

The net amount of projected benefit obligations and plan ass ets for underfunded defined benefit plans was $ 79.3 million and $ 84.6 million as of March 2026 and 2025, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.

Management’s investment objectives are to invest plan assets in a diversified portfolio of securities to provide long-term growth, minimize the volatility of the value of plan assets relative to plan liabilities, and to ensure plan assets are sufficient to pay the benefit obligations.

Investment strategies focus on diversification among multiple asset classes, a balance of long-term investment return at an acceptable level of risk and

liquidity to meet benefit payments.

The primary objective of the investment strategies is to more closely align plan assets with plan liabilities by utilizing dynamic asset allocation targets dependent upon changes in the plan’s funded ratio, capital market expectations and risk tolerance.

VF Corporation Fiscal 2026 Form 10-K F-33

1 unchanged sentence

Notes to Consolidated Financial Statements

Investment strategies focus on diversification among multiple asset classes, a balance of long-term investment return at an acceptable level of risk and liquidity to meet benefit payments.

The majority of the Company's plan assets relate to the U.S.

qualified plan, which are 100 % positioned in liability-hedging asset classes, primarily in fixed-income investments.

Plan assets, across all plans, are primarily composed of common collective trust funds that invest in liquid securities diversified across equity, fixed-income and other asset classes.

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Derivative financial instruments may be used by investment managers for hedging purposes.

There are no direct investments in VF debt or equity securities and no significant concentrations of security risk.

There are no direct

investments in VF debt or equity securities and no significant concentrations of security risk.

The expected long-term rate of return on plan assets was based on an evaluation of the weighted average expected returns for the major asset classes in which the plans have invested.

9 unchanged sentences

Insurance contracts 122,053 — 122,053 —

Futures contracts 1,900 1,900 — —

Total plan assets in the fair value hierarchy 127,076 $ 5,021 $ 122,055 $ —

2 unchanged sentences

Equity securities:

Domestic 5,109

International 26,471

25 unchanged sentences

Total plan assets $ 1,077,015

Cash equivalents include cash held by individual investment managers of other asset classes for liquidity purposes (Level 1), and an institutional fund that invests primarily in short-term U.S.

government securities measured at their daily net asset value.

Cash equivalents include cash held by individual investment managers of other asset classes for liquidity purposes (Level 1).

The fair values of insurance contracts are provided by the insurance companies and are primarily based on accumulated contributions plus returns guaranteed by the insurers (Level 2).

Futures contracts consist of U.S.

Treasury bond futures contracts (Level 1).

Equity and fixed-income securities generally represent institutional funds measured at their daily net asset value derived from quoted prices of the underlying investments.

Alternative investments as of March 2024 were primarily in fund of hedge funds ("FoHFs"), which were comprised of different and independent hedge funds with various investment strategies.

The administrators of the FoHFs utilized unobservable inputs to calculate the net asset value of the FoHFs on a monthly basis.

plan further de-risked its investment strategy during Fiscal 2025, FoHFs were redeemed with investments reallocated to liability hedging assets.

As of March 2025, alternative investments are primarily investments in gold, insurance-linked securities and derivatives.

As of both March 2026 and 2025, alternative investments are primarily investments in gold, insurance-linked securities and derivatives.

VF makes contributions to its defined benefit plans sufficient to meet minimum funding requirements under applicable laws, plus discretionary amounts as determined by management.

VF does not currently plan to make any contributions to the U.S.

qualified plan during Fiscal 2026, and intends to make approximately $ 16.5 million of contributions to its other defined benefit plans during Fiscal 2026.

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

The estimated future benefit payments for all of VF’s defined benefit plans, are approximately $ 29.7 million in Fiscal 2027, $ 16.5 million in Fiscal 2028, $ 15.8 million in Fiscal 2029, $ 16.1 million in Fiscal 2030, $ 16.4 million in Fiscal 2031 and $ 85.3 million for Fiscal 2032 through 2036.

4 unchanged sentences

Changes in the fair value of the participants’ hypothetical investments are recorded as an adjustment to deferred compensation liabilities and compensation expense.

Expense under this plan was $ 0.3 million, $ 0.4 million and $ 0.8 million in th e years ended March 2025, 2024 and 2023, respectively.

Expense under this plan was $ 0.6

million, $ 0.3 million and $ 0.4 million in th e years ended March 2026, 2025 and 2024, respectively.

Deferred compensation, including accumulated earnings, is distributable in cash at participant-specified dates upon retirement, death, disability or termination of employment.

VF sponsors a similar nonqualified plan that permits nonemployee members of the Board of Directors to defer their Board compensation.

VF also has remaining obligations under other deferred compensation plans, primarily related to acquired comp anies.

VF sponsors a similar nonqualified plan that permits non-employee members of the Board of Directors to defer their Board compensation.

VF also has remaining obligations under other deferred compensation plans, primarily related to acquired companies.

At March 2026, VF’s liability to participants under all deferred compensation plans was $ 68.9 million, of which $ 12.2 million was recorded in accrued liabilities (Note 14) and $ 56.7 million was recorded in other liabilities (Note 16).

VF has purchased (i) publicly traded mutual funds in the same amounts as most of the participant-directed hypothetical investments underlying the deferred compensation liabilities, and (ii) variable life insurance contracts that invest in institutional funds that are substantially the same as the participant-directed hypothetical investments.

These investment securities and earnings thereon are intended to provide a source of funds to meet the deferred compensation obligations, and

These investment securities and earnings thereon are intended to provide a source of funds to meet the deferred compensation obligations, and serve as an economic hedge of the financial impact of changes in deferred compensation liabilities.

They are held in an irrevocable trust but are subject to claims of creditors in the event of VF’s insolvency.

VF also has assets related to deferred compensation plans of acquired companies, which are primarily invested in life insurance contracts.

At March 2026, the value of investments held for all deferred compensation plans was $ 73.4 million, of which $ 12.2 million was recorded in other current assets (Note 6) and $ 61.2 million was recorded in other assets (Note 11).

Realized and unrealized gains and losses on these deferred compensation assets are recorded in compensation expense in the Consolidated Statements of Operations and substantially

VF Corporation Fiscal 2026 Form 10-K F-35

1 unchanged sentence

Notes to Consolidated Financial Statements

serve as an economic hedge of the financial impact of changes in deferred compensation liabilities.

They are held in an irrevocable trust but are subject to claims of creditors in the event of VF’s insolvency.

VF also has assets related to deferred compensation plans of acquired companies, which are primarily invested in life insurance contracts.

At March 2025, the value of investments held for all deferred compensation plans wa s $ 79.6 million, of which $ 11.9 million was recorded in other current assets (Note 6) and $ 67.7 million was recorded in other assets (Note 11).

Realized and unrealized gains and losses on these deferred

compensation assets are recorded in compensation expense in the Consolidated Statements of Operations and substantially offset losses and gains resulting from changes in deferred compensation liabilities to participants.

offset losses and gains resulting from changes in deferred compensation liabilities to participants.

VF sponsors 401(k) plans as well as other domestic and foreign retirement and savings plans.

Expense for these plans totaled $ 40.8 million, $ 42.2 million and $ 41.4 million in the years ended March 2025, 2024 and 2023, respectively.

Expense for these plans totaled

$ 38.5 million, $ 40.8 million and $ 42.2 million in the years ended March 2026, 2025 and 2024, respectively.

NOTE 18 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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Losses on foreign currency translation and other:

Sale of Dickies Other income (expense), net $ ( 382 ) $ — $ —

Sale of Supreme Income (loss) from discontinued operations, net of tax (a)

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Deferred prior service credits Other income (expense), net 339 589 541

Pension curtailment gains and settlement charges Other income (expense), net 936 ( 3,538 ) ( 93,731 )

Pension settlement charges Other income (expense), net ( 193,199 ) — ( 3,538 )

Pension curtailment gains Other income (expense), net 1,520 936 —

Total before tax ( 209,576 ) ( 18,680 ) ( 19,653 )

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NOTE 19 — STOCK-BASED COMPENSATION

Pursuant to the amended and restated 1996 Stock Compensation Plan approved by stockholders, VF is authorized to grant nonqualified stock options, restricted stock units (“RSUs”), stock units and restricted stock to officers, key employees and nonemployee members of VF’s Board of Directors.

Substantially all stock-based compensation awards are classified as equity awards, which are accounted for in stockholders’ equity in the Consolidated Balance Sheets.

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Notes to Consolidated Financial Statements

Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations, on a continuing operations basis, are as follows:

Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations, on a continuing operations basis, were as follows:

Year Ended March

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At the end of March 2026, there was $ 63.3 million of total unrecognized compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements that will be recognized over a weighted average period of 1.4 years.

At the end of Marc h 2025, there were 38,032,793 shares available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan.

At the end of Marc h 2026, th ere were 29,096,405 shar es available for future grants of stock options and stock awards under the 1996 Stock Compensation Plan.

Shares for option exercises are issued from VF’s authorized but unissued Common Stock.

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service period or the vesting period.

Stock options granted to nonemployee members of VF’s Board of Directors vest upon grant and become exercisable one year from the date of grant.

Stock options granted to non-employee members of VF’s Board of Directors vest upon grant and become exercisable one year from the date of grant.

All options have ten-year terms.

There were no options granted during the year ended March 2026.

The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:

Year Ended March

2025 2024 2023

Expected volatility 37 % to 53 %

Weighted average expected volatility 47 % 42 % 39 %

Expected term (in years) 5.5 to 7.3

Weighted average dividend yield 2.2 % 3.7 % 2.9 %

Risk-free interest rate 3.80 % to 5.43 %

Expected volatility N/A

Weighted average expected volatility N/A 47 % 42 %

Expected term (in years) N/A

Weighted average dividend yield N/A 2.2 % 3.7 %

Risk-free interest rate N/A

3.80 % to 5.43 %

3.80 % to 5.50 %

Weighted average fair value at date of grant $ 5.31 $ 5.74 $ 13.46

Weighted average fair value at date of grant N/A $ 5.31 $ 5.74

(a) Not applicable, as no options were granted during the year ended March 2026.

Expected volatility over the contractual term of an option was based on a combination of the implied volatility from publicly traded options on VF Common Stock and the historical volatility of VF Common Stock.

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Treasury zero coupon yield curve.

F-38 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Stock option activity for the year ended March 2026 is summarized as follows:

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Outstanding, March 2025 17,080,438 $ 32.80

Granted 6,580,674 13.30

Exercised ( 536,970 ) 15.60

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Exercisable, March 2026 8,288,760 $ 34.63 6.2 $ 7,619

F-36 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The total fair value of stock options that vested during the years ended March 2025, 2024 and 2023 w as $ 22.9 million, $ 21.8 million and $ 23.2 million, respectively .

The total fair value of stock options that vested during the years ended March 2026, 2025 and 2024 was $ 26.0 million, $ 22.9 million and $ 21.8 million, respectively .

The total intrinsic value of stock options exercised during the years ended March 2026, 2025 and 2024, was $ 1.9 million, $ 0.9 million and $ 0.0 million, respectively.

Restricted Stock Units and Stock Units

VF grants performance-based RSUs that enable employees to receive shares of VF Common Stock at the end of a three-year performance cycle.

During the year ended March 2026, VF granted 516,605 performance-based RSUs with a market condition to the Chief Executive Officer (“CEO”) that enables him to receive shares of VF Common Stock at the end of a performance cycle that goes through Fiscal 2028.

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

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

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

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

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

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

During the year ended March 2026, VF granted 1,474,178 RSUs to executives that enable them to receive shares of VF Common Stock over a five-year vesting period.

These units vest 25 % on the second, third, fourth and fifth anniversaries of the grant date.

The number of units paid for the portion of the RSUs that vest on the fifth anniversary of the grant date are subject to relative total shareholder return (“TSR”) targets set by the Talent and Compensation Committee of the Board of Directors, and will be paid in full or decreased to zero, based on how VF's TSR over the five-year period compares to the TSR for companies included in the Standard & Poor's 600 Consumer Discretionary Sector Index.

The grant date fair value of the TSR-based adjustment related to the RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 9.09 per share.

During Fiscal 2025 and 2024, VF granted performance-based RSUs that enable employees to receive shares of VF Common Stock at the end of a three-year performance cycle.

Each performance-based RSU has a potential final payout ranging from zero to two and one-quarter shares of VF Common Stock.

The number of shares earned by participants, if any, is based on the achievement of financial targets and relative total shareholder return ("TSR") targets set by the Talent and Compensation Committee of the Board of Directors.

The number of shares earned by participants, if any, is based on

the achievement of financial targets and TSR targets set by the Talent and Compensation Committee of the Board of Directors.

Shares are issued to participants in the year following the conclusion of each three-year performance period.

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For performance-based RSUs granted in Fiscal 2024 and 2023, the financial targets include 50 % weighting based on VF's

revenue growth and 50 % weighting based on VF's gross margin performance over the three-year period compared to financial targets.

For performance-based RSUs granted in Fiscal 2024, the financial targets include 50 % weighting based on VF's revenue growth and 50 % weighting based on VF's gross margin performance over the three-year period compared to financial targets.

Furthermore, the actual number of shares earned may be adjusted upward or downward by 25 % of the target award, based on how VF's TSR over the three-year period compares to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index, resulting in a maximum payout of 225 % of the target award.

The grant date fair value of the TSR-based adjustment related to the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $ 0.35 and $ 3.46 per share for the performance-based RSU grants in the years ended March 2024 and 2023, respectively.

VF also grants nonperformance-based RSUs to employees as part of its stock compensation program and nonperformance-based stock units to nonemployee members of the Board of Directors.

VF also grants nonperformance-based RSUs to employees as part of its stock compensation program and nonperformance-based stock units to non-employee members of the Board of Directors.

Each nonperformance-based RSU or stock unit entitles the holder to one share of VF Common Stock.

The employee nonperformance-based RSUs generally vest over periods of up to four years from the date of grant.

The stock units granted to nonemployee members of the Board of Directors vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant.

VF Corporation Fiscal 2026 Form 10-K F-39

VF CORPORATION

Notes to Consolidated Financial Statements

employee nonperformance-based RSUs generally vest over periods of up to four years from the date of grant.

The stock units granted to non-employee members of the Board of Directors vest upon grant and are settled in shares of VF Common Stock one year from the date of grant, unless a director has elected to defer receipt of VF Common Stock.

Dividend equivalents on the RSUs and stock units accrue without compounding and are payable in additional shares of VF Common Stock when the RSUs vest or stock units are settled.

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RSU and stock unit activity for the year ended March 2026 is summarized as follows:

Performance-based Nonperformance-based

Number Outstanding (a)

Performance-based (a)

Nonperformance-based (b)

Number Outstanding (c)

Weighted Average

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Vested, March 2026 1,079,163 $ 17.50 483,422 $ 16.49

(a) Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period.

(a) Includes the portion of RSUs granted to executives in Fiscal 2026 that are subject to TSR targets, described in more detail above.

(b) Includes the portion of RSUs granted to executives in Fiscal 2026 that are not subject to TSR targets, described in more detail above.

(c) Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period.

The weighted average fair value of performance-based RSUs granted during the year ended March 2026 was $ 6.76 based on the stock price target and TSR-based adjustment related to the RSU grants, as further described above.

The weighted average fair value of performance-based RSUs granted during the years ended March 2025 and 2024 was $ 16.61 and $ 18.29 per share, respectively, based on the fair market value of the underlying VF Common Stock on each grant date.

The total market value of awards outstanding at the end of March 2025 was $ 37.7 million.

Awards earned and vested for the three-year performance period ended in March 2024 and distributed in early Fiscal 2025 totaled zero shares of VF

Common Stock having a value of $ 0.0 million.

Similarly, 13,033 shares of VF Common Stock having a value of $ 0.3 million were earned for the performance period ended in March 2023 and distributed in early Fiscal 2024.

The weighted average fair value of nonperformance-based RSUs and stock units granted during the years ended March 2025, 2024 and 2023 was $ 17.13 , $ 17.09 and $ 38.31 per share,

VF Corporation Fiscal 2025 Form 10-K F-37

VF CORPORATION

Notes to Consolidated Financial Statements

respectively, which was equal to the fair market value of the underlying VF Common Stock on each grant date.

market value of awards outstanding at the end of March 2025 was $ 94.3 million.

The total market value of awards outstanding at the end of March 2026 wa s $ 50.4 million .

Awards earned and vested for the three-year performance period ended in March 2025 and distributed in early Fiscal 2026 totaled zero shares of VF Common Stock having a value of $ 0.0

Similarly, zero shares of VF Common Stock having a value of $ 0.0 million were earned for the performance period ended in March 2024 and distributed in early Fiscal 2025.

The weighted average fair value of nonperformance-based RSUs and stock units granted during the years ended March 2026, 2025 and 2024 was $ 12.74 , $ 17.13 and $ 17.09 per share, respectively, which was equal to the fair market value of the underlying VF Common Stock on each grant date.

The total market value of awards outstanding at the end of March 2026 wa s $ 153.4 million.

Restricted Stock

VF grants restricted shares of VF Common Stock to certain members of management.

The fair value of the restricted shares, equal to the fair market value of VF Common Stock at the grant date, is recognized ratably over the vesting period.

Restricted shares vest over periods of up to four years from the date of grant.

Dividends accumulate in the form of additional

restricted shares and are subject to the same risk of forfeiture as the restricted stock.

Restricted stock activity during Fiscal 2025 included vesting of the remaining portion of the shares of VF Common Stock deposited in escrow in connection with the Supreme acquisition.

VF granted restricted shares of VF Common Stock to certain members of management.

The fair value of the restricted shares, equal to the fair market value of VF Common Stock at the grant date, was recognized ratably over the vesting period.

Restricted shares vested over periods of up to four years from

the date of grant.

Dividends accumulated in the form of additional restricted shares and are subjected to the same risk of forfeiture as the restricted stock.

There were no restricted shares granted in the year ended March 2026 and all restricted shares were vested in the year ended March 2026.

Restricted stock activity for the year ended March 2026 is summarized below:

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Nonvested shares, March 2026 — $ —

Nonvested shares of restricted stock had a market value of $ 0.2 million at the end of March 2025.

There were no nonvested shares of restricted stock at the end of March 2026.

The market value of the shares that vested during the years ended March 2026, 2025 and 2024 was $ 0.1 million, $ 4.0 million and $ 4.7 million, respectively.

F-40 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 20 — INCOME TAXES

15 unchanged sentences

( 42,249 ) ( 88,544 ) ( 383,916 )

Income tax expense (benefit) $ 75,837 $ 733,556 $ ( 17,944 )

Income tax expense $ 86,298 $ 75,837 $ 733,556

VF Corporation Fiscal 2026 Form 10-K F-41

VF CORPORATION

Notes to Consolidated Financial Statements

The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the consolidated financial statements were as follows:

Year Ended March 2026

(Dollars in thousands) Amount Percent

federal statutory tax rate $ 71,656 21.0 %

State and local income taxes, net of federal tax effect (a)

( 9,655 ) ( 2.8 %)

Foreign tax effects

Foreign withholding taxes 8,691 2.5 %

Other 7,835 2.3 %

Statutory tax rate difference between Singapore and United States ( 13,275 ) ( 3.9 %)

Other ( 5,022 ) ( 1.5 %)

Changes in valuation allowance 171,541 50.3 %

Investment impairments ( 163,164 ) ( 47.8 %)

Statutory tax rate difference between Switzerland and United States ( 23,677 ) ( 6.9 %)

Cantonal taxes 22,752 6.7 %

Other 5,598 1.6 %

Other foreign jurisdictions 39,409 11.5 %

Effect of cross-border tax laws

Global intangible low-taxed income, net of foreign tax credits 38,719 11.3 %

Foreign tax credits ( 8,857 ) ( 2.6 %)

Other 45 0.0 %

Tax credits ( 2,987 ) ( 0.9 %)

Changes in valuation allowances ( 31,387 ) ( 9.2 %)

Nontaxable or nondeductible items

Share-based payment awards 10,135 3.0 %

Nondeductible excise tax 5,266 1.5 %

Other 1,036 0.3 %

Changes in unrecognized tax benefits ( 39,302 ) ( 11.5 %)

Other adjustments 941 0.3 %

Effective tax rate $ 86,298 25.3 %

(a) State taxes in California, Florida, Maryland, New Jersey, New York, Pennsylvania, Tennessee and Texas represent the majority (greater than 50%) of the tax effect in this category.

F-42 VF Corporation Fiscal 2026 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense (benefit) reported in the consolidated financial statements are as follows:

Year Ended March

3 unchanged sentences

Foreign rate differences 51,422 64,134

Tax reform — — ( 94,877 )

Tax litigation ( 7,901 ) 691,053

3 unchanged sentences

Other 1,523 ( 5,019 )

Income tax expense (benefit) $ 75,837 $ 733,556 $ ( 17,944 )

Income tax expense (benefit) includes tax benefits of $ 16.5 million, $ 34.7 million and $ 10.6 million in the years ended March 2025, 2024 and 2023, respectively, from other favorable a udit outcomes on certain tax matters and from expiration of statutes of limitations.

Income tax expense (benefit) in the year ended March 2023 also includes a $ 94.9 million favorable adjustment to VF’s transition tax liability under the U.S.

Tax Act pursuant to the Internal Revenue Service ("IRS") examinations for tax year 2017 and short-tax year 2018.

Income tax expense $ 75,837 $ 733,556

Income tax expense includ es tax benefits of $ 93.9 million, $ 16.5 million and $ 34.7 million in the years ended March 2026, 2025 and 2024, respectively, from other favorable a udit outcomes on certain tax matters and from expiration of statutes of limitations.

VF was granted a ruling which lowered the effective income tax rate on taxable earnings for years 2010 through 2014 under Belgium’s excess profit tax regime.

During 2015, the European Union Commission ( “ EU ” ) investigated and announced its decision that these rulings were illegal and ordered the tax benefits to be collected from affected companies, including VF.

During 2017 and 2018, VF Europe BVBA was assessed and paid € 35.0 million in tax and interest, which was recorded as an

income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected success of the requests for annulment.

During 2017 and 2018, VF was assessed and paid € 35.0 million in tax and interest, which was recorded as an income tax receivable and was included in the other current assets line item in VF's Consolidated Balance Sheets, based on the expected

success of the requests for annulment.

After subsequent annulments and appeals, the General Court confirmed the decision of the EU on September 20, 2023.

As a result, VF wrote off the related income tax receivable and recorded a benefit for the associated foreign tax credit, resulting in $ 26.1 million of net income tax expense in the second quarter of Fiscal 2024.

In addition, VF has been granted a lower effective income tax rate on taxable earnings in one foreign jurisdiction that expired at the end of March 2025.

This lower rate, when compared with the jurisdiction's statutory rate, resulted in income tax reductions of $ 48.5 million ($ 0.12 per diluted share) in the year ended March 2025, $ 44.2 million ($ 0.11 per diluted share) in the year ended March 2024 and $ 57.8 million ($ 0.15 per diluted share) in the year ended March 2023.

In addition, VF was granted a lower effective income tax rate on taxable earnings in one foreign jurisdiction that expired at the end of March 2025.

This lower rate, when compared with the jurisdiction's statutory rate, resulted in income tax reductions of $ 48.5 million ($ 0.12 per diluted share) in the year ended March 2025 and $ 44.2 million ($ 0.11 per diluted share) in the year ended March 2024.

VF Corporation Fiscal 2026 Form 10-K F-43

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Deferred compensation 14,786 16,985

Other employee benefits 37,758 —

Stock compensation 24,121 25,403

Operating lease liabilities 341,537 332,825

Other employee benefits — 1,039

Other accrued expenses 138,994 125,387

19 unchanged sentences

$ 605,263 $ 560,995

At the end of Fiscal 2025, the Company i s not ass erting indefinite reinvestment with regards to short-term liquid assets of its foreign subsidiaries.

At the end of Fiscal 2026, the Company is not asserting indefinite reinvestment with regards to short-term liquid assets of its foreign subsidiaries.

All other foreign earnings, including basis differences of certain foreign subsidiaries, continue to be considered indefinitely reinvested.

1 unchanged sentence

VF has potential tax benefits totaling $ 567.6 million for foreign operating loss carryforwards, of which $ 85.1 million have an unlimited carryforward life.

There are $ 266.9 million of potential tax benefits for capital loss carryforwards that begin to expire in 2027 an d $ 55.1 million of foreign tax credit carryforwards that begin to expire in 2030 and $ 9.4 million of general business credit carryforwards that b egin to expire in 2044.

Additio nally, there are $ 65.8 million of potential tax benefits for state operating loss and credit carryforwards that expire between 2026 and 2055.

There are $ 216.0 million of potential tax benefits for capital loss carryforwards that begin to expire in 2027 and $ 64.8 million of foreign tax credit carryforwards that begin to expire in 2030 and $ 12.6 million of general business credit carryforwards that begin to expire in 2044.

Additionally, there are $ 74.3 million of potential tax benefits for state operating loss and credit carryforwards that expire between 2027 and 2056.

A valuation allowance has been provided where it is more likely than not that the deferred tax assets related to those operating loss carryforwards will not be realized.

Valuation allowances totaled $ 215.3 million for available foreign operating loss

carryforwards, $ 238.2 million for available capital loss carryforwards, $ 55.1 million for foreign tax credit carryforwards, and $ 22.4 million for available state operating loss and credit carryforwards.

During Fiscal 2025, VF had a net increase in valuation allowances of $ 87.9 million related to capital loss carryforwards, a net increase of $ 6.4 million related to foreign tax credit carryforwards, a net increase of $ 4.2 million related to state operating loss and credit carryforwards and a decrease of $ 3.5 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of forei gn currency effects.

The realization of a significant portion of the Company’s net deferred tax assets is dependent on future U.S.

pre-tax earnings.

The Company has experienced pre-tax losses in the U.S.

over the last three fiscal years, including a portion of the costs associated with its Reinvent turnaround program.

One of the initial priorities of Reinvent is to improve North America results.

While there can be no assurances that this program will be effective, the Company has a history of pre-tax income in the U.S.

and we believe that it is more likely than not the Company will realize the benefits of existing deferred tax assets, net of valuation allowances.

Valuation allowances totaled $ 489.9 million for available foreign operating loss carryforwards, $ 188.6 million for available capital loss carryforwards, $ 64.8 million for foreign tax credit carryforwards, and $ 27.8 million for available state operating loss and credit carryforwards.

During Fiscal 2026, VF had a net decrease in valuation allowances of $ 49.6 million related to capital loss carryforwards, a net increase of $ 9.7 million related to foreign tax credit carryforwards, a net increase of $ 5.5 million related to state operating loss and credit carryforwards and an increase of $ 274.6 million related to foreign operating loss carryforwards and other foreign deferred tax assets, inclusive of foreign currency effects.

F-44 VF Corporation Fiscal 2026 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:

A summary of cash paid for income taxes, net of refunds, in the year ended March 2026 was as follows:

(In thousands) Year Ended March 2026

Switzerland 40,540

Singapore 20,712

Mexico 11,363

Czech Republic 9,225

Other foreign jurisdictions 63,793

Income taxes paid $ 171,775

A reconciliation of the change in the accrual for unrecognized income tax benefits was as follows:

(In thousands) Unrecognized

5 unchanged sentences

Additions for current year tax positions 15,982 — 15,982

Additions for prior year tax positions 13,324 20,577 33,901

Reductions for prior year tax positions ( 3,747 ) ( 951 ) ( 4,698 )

Reductions due to statute expirations ( 15,369 ) ( 1,699 ) ( 17,068 )

Payments in settlement ( 3,847 ) ( 1,608 ) ( 5,455 )

Currency translation ( 172 ) ( 10 ) ( 182 )

Balance, March 2023 348,170 84,607 432,777

Additions for current year tax positions 15,982 — 15,982

Additions for prior year tax positions (a)

14 unchanged sentences

Balance, March 2025 317,410 109,803 427,213

Additions for current year tax positions 5,119 — 5,119

Additions for prior year tax positions 54,502 12,946 67,448

Reductions for prior year tax positions ( 77,531 ) ( 37,706 ) ( 115,237 )

Payments in settlement ( 17,261 ) ( 344 ) ( 17,605 )

Currency translation ( 9 ) 42 33

Balance, March 2026 $ 282,230 $ 84,741 $ 366,971

(a) The year ended March 2024 includes an increase due to uncertainty in the application of court decisions upheld upon appeal.

(b) The year ended March 2024 includes a settlement with the tax authorities related to intellectual property transfers completed in a prior period.

VF Corporation Fiscal 2026 Form 10-K F-45

VF CORPORATION

Notes to Consolidated Financial Statements

(In thousands) March 2026 March 2025

10 unchanged sentences

Tax Court (the "Tax Court") to resolve an IRS dispute regarding the timing of income inclusion associated with VF’s acquisition of The Timberland Company in September 2011.

While the IRS argued that all such

income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years.

While the IRS argued that all such income should have been immediately included in 2011, VF reported periodic income inclusions in subsequent tax years.

In Fiscal 2023, the Tax Court issued its final decision in favor of the IRS, which was appealed by VF.

3 unchanged sentences

Court of Appeals for the First Circuit (“Appeals Court”) upheld the Tax Court’s decision in favor of the IRS.

As a result of the Appeals Court decision, VF determined that its

VF Corporation Fiscal 2025 Form 10-K F-41

VF CORPORATION

Notes to Consolidated Financial Statements

position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $ 690.0 million of income tax expense in the second quarter of Fiscal 2024.

As a result of the Appeals Court decision, VF determined that its position no longer met the more-likely-than-not threshold, and thus wrote off the related income tax receivable and associated interest and recorded $ 690.0 million of income tax expense in

the second quarter of Fiscal 2024.

This amount included the reversal of $ 19.6 million of interest income, of which $ 7.5 million was recorded in the first quarter of Fiscal 2024.

1 unchanged sentence

The estimated impact is subject to future adjustments based on finalization with tax authorities.

On July 4, 2025, the U.S.

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

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

The Company has reflected the impact of the enacted provisions in its financial statements for the year ended March 2026, which were determined to be immaterial.

In addition, VF is currently subject to examination by various state and international tax authorities.

Management regularly

assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate.

Management regularly assesses the potential outcomes of both ongoing and future examinations for the current and prior years and has concluded that VF’s provision for income taxes is adequate.

The outcome of any one examination is not expected to have a material impact on VF’s consolidated financial statements.

Management believes that some of these audits and negotiations will conclude during the next 12 months.

Management also believes that it is reasonably possible that the amount of unrecognized income tax benefits may decrease b y $ 26.2 million within the next 12 months due to settlement of audits and expiration of statutes of limitations of which $ 23.2 million would reduce income tax expense.

NOTE 21 — REPORTABLE SEGMENT INFORMATION

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

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

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

Based on this assessment, the Company's reportable segments have been identified as:

Outdoor, Active and Work.

VF's President and CEO is the Company's CODM.

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

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

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

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

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

All other brands that have not been aggregated within the

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

This group includes the following brands:

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

Results for the “All Other” category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets.

Reportable segment results for all prior periods have been recast to reflect the change in reportable segments.

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

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

F-46 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

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

3 unchanged sentences

Active - Active apparel, footwear and accessories

Work - Performance and lifestyle workwear apparel and footwear

Timberland PRO ®

Other - included in the table below for purposes of reconciliation of revenues and profit for the year ended March 2023, but it is not considered a reportable segment.

Other primarily includes sourcing activities related to transition services.

All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment.

“All Other” includes the following brands:

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

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

6 unchanged sentences

Corporate costs (other than common costs allocated to the segments), goodwill and indefinite-lived intangible asset impairment charges and net interest expense are not controlled by segment management and therefore are excluded from the measurement of segment profit.

Common costs such as information systems processing, retirement benefits and insurance are allocated from corporate costs to the segments based on appropriate metrics such as usage or employment.

Corporate costs that are not allocated to the segments consist of corporate headquarters expenses (including compensation and benefits of corporate management and staff, certain legal and professional fees and administrative and general costs), costs of corporate programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems,

F-42 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs.

Common costs such as information systems processing, retirement benefits and insurance are allocated from corporate costs to the segments

based on appropriate metrics such as usage or employment.

Defined benefit pension plans in the U.S.

1 unchanged sentence

The current year service cost component of pension cost is allocated to the segments, while the remaining pension cost components are reported in corporate and other expenses.

Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and

Segment assets included in the Other category represent receivable balances primarily related to corporate activities, and are provided for purposes of reconciliation as the Other category is not considered a reportable segment.

Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and inventories.

Segment assets included in the “All Other” category represent accounts receivable and inventory balances related to the brands included within the “All Other” category as noted above and segment assets included in the “Corporate and other” category represent receivable balances primarily related to corporate activities, and both are provided for purposes of reconciliation as they are not considered reportable segments.

Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM at the segment level.

Financial information for VF’s reportable segments is as follows:

VF Corporation Fiscal 2026 Form 10-K F-47

VF CORPORATION

Notes to Consolidated Financial Statements

Financial information for VF’s segments was as follows:

Year Ended March 2026

(In thousands) Outdoor Active Work Total

Revenues $ 5,576,301 $ 3,095,292 $ 833,098 $ 9,504,691

(In thousands) Outdoor Active Total

Reportable segment revenues $ 5,741,792 $ 2,720,967 $ 8,462,759

“All Other” revenues

Total revenues 9,605,207

Cost of goods sold

2,616,156 1,170,484

SG&A expenses

Marketing expenses 479,790 242,317

Other SG&A expenses

1,811,678 1,206,473

Other segment items (a)

14,748 1,092 918

Segment profit 841,200 103,043 944,243

Impairment of goodwill and indefinite-lived intangible assets ( 89,242 )

Corporate and other expenses ( 546,740 )

Interest expense, net (b)

Impairment of goodwill ( 30,716 )

Corporate and other expenses (b)

Interest expense, net ( 148,743 )

“All Other” profit

Income from continuing operations before income taxes $ 341,218

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

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totale d $ 31.1 million for the year ended March 2025 , were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

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

(b) A final pre-tax gain on the sale of Dickies of $ 127.2 million was recorded in t he other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

Refer to Note 3 for additional information regarding the divestiture.

In addition, a pension settlement ch arge of $ 192.1 million and excise taxes of $ 25.1 million related to the termination of the U.S.

qualified plan were recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

Refer to Note 17 for additional information regarding the settlement charge and excise taxes.

Year Ended March 2025

(In thousands) Outdoor Active

Revenues $ 5,501,399 $ 3,522,740 $ 891,539 $ 9,915,678

Reportable segment revenues $ 5,311,061 $ 2,914,307 $ 8,225,368

“All Other” revenues

Total revenues 9,504,691

Cost of goods sold 2,522,731 1,229,016

SG&A expenses 2,174,041 1,788,074 324,488

Marketing expenses 416,066 292,395

Other SG&A expenses 1,676,753 1,259,995

Other segment items (a)

629 28,973 55

Segment profit 708,552 133,996 842,548

Impairment of goodwill ( 507,566 )

Impairment of goodwill and indefinite-lived intangible assets ( 89,242 )

Corporate and other expenses ( 546,740 )

Interest expense, net (b)

Loss from continuing operations before income taxes $ ( 284,921 )

(a) For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses.

For the Active reportable segment, 'Other segment items' also includes legal settlement gains of $ 29.1 million.

These are all reported in the other income (expense), net line item in the Consolidated Statement of Operations.

“All Other” profit

Income from continuing operations before income taxes $ 145,161

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totaled $ 31.1 million for the year ended March 2025, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

VF Corporation Fiscal 2025 Form 10-K F-43

F-48 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

1 unchanged sentence

Year Ended March 2024

(In thousands) Outdoor Active Work Total

Segment revenues $ 5,647,526 $ 4,381,506 $ 1,060,179 $ 11,089,211

Other revenues 148

(In thousands) Outdoor Active Total

Reportable segment revenues $ 5,230,287 $ 3,327,612 $ 8,557,899

“All Other” revenues 1,357,779

Total revenues 9,915,678

Cost of goods sold 2,594,411 1,436,021

SG&A expenses 2,024,617 1,954,213 337,596

Marketing expenses 421,401 291,925

Other SG&A expenses 1,607,562 1,414,074

Other segment items (a)

( 4,657 ) ( 1,376 ) ( 278 )

Segment profit 607,505 214,517 822,022

Other profit (loss) ( 536 )

Impairment of goodwill ( 507,566 )

Corporate and other expenses ( 469,560 )

Interest expense, net (b)

Income from continuing operations before income taxes $ 737,790

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

“All Other” profit

Loss from continuing operations before income taxes $ ( 284,921 )

(a) For each reportable segment, 'Other segment items' includes certain foreign currency and hedging gains and losses and other miscellaneous non-operating income and expenses.

For the Active reportable segment, 'Other segment items' also includes legal settlement gains of $ 29.1 million.

These are all reported in the other income (expense), net line item in the Consolidated Statement of Operation

(b) Interest expense and the related interest rate swap im pact for the DDTL, which totaled $ 59.1 million for the year ended March 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

3 unchanged sentences

Active 800,316 860,128 879,406

Work 392,595 452,384 610,798

Other 28,429 8,869 15,055

All Other 306,730 507,223 560,660

Corporate and other 57,471 28,429 8,869

Total segment assets 2,799,231 2,948,688 2,961,152

11 unchanged sentences

Active 61,218 58,460 78,017

Work 14,736 13,620 12,524

Other 76,074 108,411 74,246

All Other 18,261 21,671 22,096

Corporate and other 95,390 76,074 108,411

$ 280,529 $ 259,616 $ 307,528

F-44 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-49

VF CORPORATION

Notes to Consolidated Financial Statements

Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) is as follows:

Supplemental information (with revenues by geographic area primarily based on the origin of the shipment) was as follows:

Year Ended March

8 unchanged sentences

$ 674,508 $ 720,879

No sin gle customer accounted for 10% or more of the Company’s total revenues in the years ended March 2025, 2024 and 2023.

NOTE 22 — COMMITMENTS

No sin gle customer accounted for 10% or more of the Company’s total revenues in the years en ded March 2026, 2025 and 2024.

NOTE 22 — COMMITMENTS AND CONTINGENCIES

VF is obligated under noncancelable operating leases.

1 unchanged sentence

In the ordinary course of business, VF has entered into purchase commitments for finished products and raw materials.

Total payments required under these agreements, which primarily relate to finished products, are $ 1.9 billion, $ 68.3 million, $ 2.7 million, $ 0.4 million and $ 0.5 million for Fiscal 2026 through 2030, respectively, and no commitments thereafter.

VF has entered into commitments for (i) capital spending, (ii) service and maintenance agreements related to its

management information systems, and (iii) other obligations.

Total payments required under these agreements, which primarily relate to finished products, are $ 1.9 billion, $ 7.5 million, $ 5.0 million and $ 1.8 million for Fiscal 2027 through 2030, respectively, and no commitments thereafter.

VF has entered into commitments for (i) capital spending, (ii) service and maintenance agreements related to its management information systems, and (iii) other obligations.

Future payments under these agreements are $ 112.3 million, $ 67.6 million, $ 31.7 million, $ 27.0 million and $ 0.1 million for Fiscal 2027 through 2031, respectively, and no commitments thereafter.

Surety bonds, customs bonds, standby letters of credit and international bank guarantees, all of which represent contingent guarantees of performance under self-insurance and other programs, total ed $ 111.9 million as of March 2025.

Surety bonds, customs bonds, unfunded letters of credit and international bank guarantees, all of which represent contingent guarantees of performance under self-insurance and other programs, totaled $ 125.7 million as of March 2026.

These commitments would only be drawn upon if VF were to fail to meet its claims or other obligations.

Contingencies

On September 12, 2025 and November 6, 2025, putative securities class action complaints naming VF and certain of its current and former directors and officers were filed in the U.S.

District Court for the District of Colorado (the “Court”).

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

An amended complaint in the Consolidated Action was filed on February 23, 2026, also naming as defendants VF and certain of its current and former directors and officers.

The amended complaint asserts claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, purportedly on behalf of a putative class of all persons and entities who purchased or otherwise acquired VF securities between September 28, 2022 and May 20, 2025, inclusive.

It contends that certain statements made by VF and certain of its officers and directors were allegedly false or misleading and seeks unspecified damages on behalf of the putative class.

VF filed a motion to dismiss the amended complaint on April 24, 2026.

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

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

F-50 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 23 — EARNINGS (LOSS) PER SHARE

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Earnings (loss) per share from continuing operations $ 0.64 $ 0.18 $ ( 2.62 )

Outstanding stock options and other dilutive securities of approximately 11.8 million and 9.7 million shares were excluded from the calculations of diluted earnings per share for the years ended March 2025 and 2023, respectively, because the effect of their inclusion would have been anti-dilutive to those years.

In addition, 1.9 million and 0.6 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share for the years ended March 2025 and 2023, respectively, because these units were not considered to be contingent outstanding shares in those years.

Outstanding stock options and other dilutive securities of 11.7 million and 11.8 million shares were excluded from the calculations of diluted earnings per share for the years ended March 2026 and 2025, respectively, because the effect of their inclusion would have been anti-dilutive to those years.

In addition, 2.1 million and 1.9 million shares of performance-based RSUs and RSUs with a TSR component were excluded from the calculations of diluted earnings per share for the years ended March 2026 and 2025, respectively, because these units were not considered to be contingent outstanding shares in those years.

In the year ended March 2024, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company's loss from continuing operations for the period and, as such, their inclusion would have been anti-dilutive.

As a result, a total of 19.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted loss per share calculation for the year ended March 2024.

VF Corporation Fiscal 2025 Form 10-K F-45

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 24 — FAIR VALUE MEASUREMENTS

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These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

VF Corporation Fiscal 2026 Form 10-K F-51

VF CORPORATION

Notes to Consolidated Financial Statements

RECURRING FAIR VALUE MEASUREMENTS

23 unchanged sentences

Deferred compensation 75,046 — 75,046 —

(a) There wer e no tran sfers among the levels within the fair value hierarchy during the years ended March 2025 or 2024.

Contingent consulting fees 23,900 — — 23,900

(a) There we re no tran sfers among the levels within the fair value hierarchy during the years ended March 2026 or 2025.

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

(In thousands) Contingent Consulting Fees

Balance, March 2025 $ 23,900

Cash payments ( 20,000 )

Change in fair value 2,634

Balance, March 2026 $ 6,534

VF’s cash equivalents include money market funds and time deposits with maturities within three months of their purchase dates, that approximate fair value based on Level 1 measurements.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts and interest rate swap contracts (through their settlement in the year ended March 2025 ) , is determined based on observable market inputs (Level 2), including spot and

forward exchange rates for foreign currencies and interest rate forward curves, and considers the credit risk of the Company and its counterparties.

The fair value of derivative financial instruments, which consist of foreign exchange forward contracts, is determined based on observable market inputs (Level 2), including spot and forward exchange rates for foreign currencies, and considers the credit risk of the Company and its counterparties.

VF’s deferred compensation assets primarily represent investments held within plan trusts as an economic hedge of the related deferred compensation liabilities (Note 17).

These investments primarily include mutual funds (Level 1) that are valued based on quoted prices in active markets.

Liabilities related to VF’s deferred compensation plans

These investments primarily include mutual funds (Level 1) that

are valued based on quoted prices in active markets.

Liabilities related to VF’s deferred compensation plans are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

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

Fees related to this contract could be up to $ 146.0 million, which includes $ 71.0 million of fixed fees and $ 75.0 million of contingent fees tied to increa ses in VF's stock price.

The contingent fees are accounted for under ASC Topic 718 — Stock Compensation as a liability award to a non-

F-52 VF Corporation Fiscal 2026 Form 10-K

1 unchanged sentence

Notes to Consolidated Financial Statements

are recorded at amounts due to participants, based on the fair value of the participants’ selection of hypothetical investments.

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

Fees related to this contract could be up to $ 141.0 million, which includes $ 66.0 million of fixed fees and $ 75.0 million of contingent fees tied to increases in VF's stock price.

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

Accordingly, VF has utilized the Monte Carlo valuation model (Level 3) to estimate the fair value of the award at its inception, and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027.

Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the relevant service period.

The valuation includes the effects of market conditions that are based upon VF's stock price performance relative to stock price targets and a minimum

payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period.

As of March 2025 , the total fair value of the contingent fees wa s $ 27.8 million , with $ 23.9 million recognized in the year ended March 2025 .

Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the relevant service period, which concluded in the third quarter of Fiscal 2026.

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

The valuation includes the effects of market conditions that are based upon VF's stock price performance relative to stock price targets and a minimum payout dependent on the Standard & Poor's 500 Index return and VF's TSR versus that of peer companies over the measurement period.

During the year ended March 2026 , $ 20.0 million of contingent fees were paid to the consulting firm.

As of March 2026 , the total fair value of the remaining contingent fees wa s $ 6.5 million, with $ 2.6 million recognized in the year

ended March 2026 .

As of March 2025 , the total fair value of the remaining contingent fees was $ 27.8 million, with $ 23.9 million recognized in the year ended March 2025 .

All other significant financial assets and financial liabilities are recorded in the consolidated financial statements at cost, except life insurance contracts which are recorded at cash surrender value.

11 unchanged sentences

During the year ended March 2025, the Company recorded $ 15.6 million of impairments related to these investments.

These impairments were recorded in the other income (expense), net line item in the Consolidated Statement of Operations.

There were no impairment losses of equity investments in the years ended March 2024 or 2023.

The Company recorded $ 89.2 million a nd $ 507.6 million of impairments in the years ended March 2025 and 2024, respectively, related to goodwill and indefinite-lived trademark intangible assets.

No im pairment charges of goodwill or indefinite-lived trademark intangible assets were recorded in the year ended March 2023.

These impairm ents were recorded in the other income (expense), net line item in the Consolidated Statement of Operations.

There were no impairments of equity investments in the years ended March 2026 or 2024.

The Company record ed $ 30.7 million, $ 89.2 million a nd $ 507.6 million of impairments in the years ended March 2026, 2025 and 2024, respectively, related to goodwill and indefinite-lived trademark intangible assets.

Refer to additional discussion of management's goodwill and indefinite-lived intangible asset impairment testing below.

Fiscal 2026 Goodwill and Intangible Asset Impairment Testing

Napapijri Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

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.

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

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

As a result of the impairment testing performed, VF recorded a goodwill impairment charge of $ 30.7 million in the Consolidated Statement of Operations for the year ended March 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.

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

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

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Napapijri reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows, including the current year that considered actual results lower than previous internal forecasts, with revenue growth and

VF Corporation Fiscal 2026 Form 10-K F-53

VF CORPORATION

Notes to Consolidated Financial Statements

profitability projections throughout the forecast period that reflects the long-term strategy for the business;

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

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

• Market-based discount rates.

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

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

Vans Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2026 , management performed a quantitative impairment analysis of the Vans reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on recent declines in revenue and profits and forward looking financial projections.

Based on the analysis, management 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 amount by a significant amount.

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

The carrying values of the Vans reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 166.9 million and $ 158.5 million, respectively .

The Vans reporting unit is included in the Active reportable segment.

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

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Vans reporting unit and indefinite-lived trademark intangible asset include:

• Financial projections and future cash flows, including the current year that considered recent actual results, with revenue and profitability projections throughout the forecast period that reflects the long-term strategy for the business;

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

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

• Market-based discount rates.

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

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

Indefinite-Lived Intangible Assets - Significant Assumptions

The impairment testing of the Napapijri and Vans indefinite-lived trademark intangible assets during Fiscal 2026 used significant unobservable inputs to estimate fair values.

The discount rates used in the testing ranged from 12.5 % to 16.0 %, with a weighted average of 15.6 % based o n relative fair value.

The royalty rates used in the testing ranged from 2.0 % to 4.0 %, with a weighted average of 2.2 % based on relative fair value.

The long-term revenue growth rates used in the testing were 2.0 %.

Other Reporting Units and Indefinite-Lived Intangible Assets - Qualitative Impairment Analysis

For the remaining reporting units and indefinite-lived intangible assets, VF elected to perform a qualitative assessment 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.

The carrying values of the reporting unit goodwill and indefinite-lived trademark intangible assets subject to qualitative assessment at the testing date were $ 424.9 million and $ 1.3 billion, respectively.

In this qualitative assessment, VF conside red relevant events and circumstances for each reporting unit, including (i) current year results and performance versus management's plans, (ii) financial outlook based on the latest internal financial plan, (iii) changes in the reporting unit carrying value since prior year and the amounts relative to the size of the respective business, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate and foreign exchange rate changes, and (vi) changes in products or services offered by the reporting unit.

If applicable, performance in recent years was compared to forecasts included in prior valuations.

Based on the results of the qualitative assessment, VF concluded it was more likely than not that 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.

F-54 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Fiscal 2025 Goodwill and Intangible Asset Impairment Testing

Dickies Indefinite-Lived Intangible Asset Impairment Analysis

2 unchanged sentences

As a result of the impairment testing performed, VF recorded an impairment charge of $ 51.0 million to write down the Dickies indefinite-lived trademark intangible asset to its estimated fair value.

The Dickies ® brand is included in the Work reportable segment.

Management's revenue forecasts used in the Dickies indefinite-lived trademark intangible asset valuation considered recent and historical performance, strategic initiatives, industry trends and

macroeconomic factors.

The Dickies ® brand was previously included in the “ All Other ” category.

Management's revenue forecasts used in the Dickies indefinite-lived trademark intangible asset valuation considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of the business.

2 unchanged sentences

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

VF Corporation Fiscal 2025 Form 10-K F-47

VF CORPORATION

Notes to Consolidated Financial Statements

• A reduced royalty rate based on market data and current performance of the brand as well as active license agreements for the Dickies ® brand and similar VF brands;

1 unchanged sentence

The valuation model used by management in the impairment testing assumes an extended recovery period from the recent downturn in the brand's operating results and a return to moderate revenue growth by the end of the projection period.

If the brand is unable to achieve the financial projections, royalty rates decrease, or if market-based discount rates increase, additional impairment of the indefinite-lived trademark intangible asset could occur in the future.

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

Refer to Note 3 for additional information regarding the divestiture.

Icebreaker Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2025 , management performed a quantitative impairment analysis of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with a downward revision to the latest Fiscal 2025 forecast and forward-looking financial projections.

decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with a downward revision to the latest Fiscal 2025 forecast and forward-looking financial projections.

The carrying values of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 38.2 million and $ 59.1 million , respectively.

1 unchanged sentence

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

The Icebreaker reporting unit is included in the Outdoor reportable segment.

The Icebreaker reporting unit is included in the “ All Other ” category .

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

8 unchanged sentences

Timberland PRO Reporting Unit Impairment Analysis

VF Corporation Fiscal 2026 Form 10-K F-55

VF CORPORATION

Notes to Consolidated Financial Statements

reporting unit goodwill.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on results from management's prior testing, combined with recent actual financial results lower than previous internal forecasts and a downward revision to forward-looking financial projections.

2 unchanged sentences

The carrying value of the Timberland PRO reporting unit goodwill at the testing date was $ 51.5 million.

The Timberland PRO reporting unit is included in the Work reportable segment.

The Timberland PRO reporting unit is included in the Outdoor reportable segment.

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

Management's revenue and profitability forecasts used in the Timberland PRO reporting unit valuation considered recent and historical performance, strategic initiatives, industry trends and macroeconomic factors.

5 unchanged sentences

• Market-based discount rate.

F-48 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The valuation model used by management in the impairment testing assumes a return to consistent revenue growth and improved profitability over the projection period in line with historical results.

3 unchanged sentences

Smartwool Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal 2025 , management performed a quantitative impairment analysis of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset.

In conjunction with VF's annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the

fourth quarter of Fiscal 2025 , management performed a quantitative impairment analysis of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset.

The decision to bypass the optional qualitative impairment assessment and proceed directly to a quantitative impairment analysis was based on the current year decline in revenue and a downward revision to the profit margins included in the forward-looking financial projections.

3 unchanged sentences

The carrying values of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 53.5 million and $ 75.4 million , respectively.

The Smartwool reporting unit is included in the Outdoor reportable segment.

The Smartwool reporting unit is included in the “ All Other ” category .

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

12 unchanged sentences

The long-term revenue growth rates used in the testing were 2.0 %.

Other Reporting Units and Indefinite-Lived Intangible Assets - Qualitative Impairment Analysis

For the remaining reporting units and indefinite-lived intangible assets, VF elected to perform a qualitative assessment during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2025, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.

The carrying values of the reporting unit goodwill and indefinite-lived trademark intangible assets subject to qualitative assessment at the testing date were $ 491.2 million and $ 1.5 billion, respectively.

In this qualitative assessment, VF considered relevant events and circumstances for each reporting unit, including (i) current year results and performance versus management's plans, (ii) financial outlook based on the latest internal financial plan, (iii) changes in the reporting unit carrying value since prior year and the amounts relative to the size of the respective business, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate and foreign exchange rate changes, and (vi) changes in products or services offered by the reporting unit.

If applicable, performance in recent years was compared to forecasts included in prior valuations.

VF Corporation Fiscal 2025 Form 10-K F-49

F-56 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

34 unchanged sentences

Based on the analysis, management concluded that

F-50 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-57

VF CORPORATION

5 unchanged sentences

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 16 % .

The Dickies reporting unit is included in the Work reportable segment.

The Dickies reporting unit was previously included in the “ All Other ” category.

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

6 unchanged sentences

The valuation model used by management in the indefinite-lived trademark intangible asset impairment testing assumes recovery from the recent downturn in the brand's operating results and the return to revenue growth over the projection period.

If the brand is unable to achieve the financial projections, an impairment of the indefinite-lived trademark intangible asset could occur in the future.

Management performed a sensitivity analysis on the impairment model used to test the Dickies indefinite-lived trademark intangible asset.

In doing so, management determined that a 50 % decrease in the annual growth rate assumption for revenues used in the projections, combined with a 200 basis

point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

In doing so, management determined that a 50 % decrease in the annual growth rate assumption for revenues used in the projections, combined with a 200 basis point increase in the discount rate used in the relief-from-royalty model resulted in the estimated fair value of the

indefinite-lived trademark intangible asset to be below its carrying value, which would result in impairment.

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

Refer to Note 3 for additional information regarding the divestiture.

Icebreaker Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

4 unchanged sentences

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

The Icebreaker reporting unit is included in the Outdoor reportable segment.

The Icebreaker reporting unit is included in the “ All Other ” category .

6 unchanged sentences

If the brand is unable to achieve the financial projections, additional

VF Corporation Fiscal 2025 Form 10-K F-51

If the brand is

F-58 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

impairment of the reporting unit goodwill or impairment of the indefinite-lived trademark intangible asset could occur in the future.

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

Timberland PRO Reporting Unit Impairment Analysis

4 unchanged sentences

The carrying value of the Timberland PRO reporting unit goodwill at the testing date was $ 51.5 million.

The Timberland PRO reporting unit is included in the Work reportable segment.

The Timberland PRO reporting unit is included in the Outdoor reportable segment.

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

8 unchanged sentences

Management performed a sensitivity analysis on the impairment model used to test the Timberland PRO reporting unit goodwill.

In doing so, management determined that individual changes of either a 20 % reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in

the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

In doing so, management determined that individual changes of either a 20 % reduction in the annual growth assumption for EBITDA used in the projections, or a 200 basis point increase in the discount rate used in the discounted cash flow model resulted in the estimated fair value of the reporting unit to be below its carrying value, which would result in goodwill impairment.

Altra Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

5 unchanged sentences

The carrying values of the Altra reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 61.7 million and $ 46.4 million , respectively.

The Altra reporting unit is included in the Outdoor reportable segment.

The Altra reporting unit is included in the “ All Other ” category .

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

6 unchanged sentences

If the brand is unable to achieve the financial projections, an impairment of the

F-52 VF Corporation Fiscal 2025 Form 10-K

If the brand is

VF Corporation Fiscal 2026 Form 10-K F-59

VF CORPORATION

Notes to Consolidated Financial Statements

reporting unit goodwill or indefinite-lived trademark intangible asset could occur in the future.

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

Management performed a sensitivity analysis on the impairment model used to test the Altra reporting unit goodwill.

7 unchanged sentences

The carrying values of the Smartwool reporting unit goodwill and indefinite-lived trademark intangible asset at the testing date were $ 53.5 million and $ 75.4 million , respectively.

The Smartwool reporting unit is included in the Outdoor reportable segment.

The Smartwool reporting unit is included in the “ All Other ” category .

21 unchanged sentences

The guideline company method analyzes market multiples of revenues and EBITDA for a group of comparable public companies.

The market multiples used in the valuation are based on the relative strengths and weaknesses of the reporting

unit compared to the selected guideline companies.

The market multiples used in the valuation are

based on the relative strengths and weaknesses of the reporting unit compared to the selected guideline companies.

Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from target companies deemed similar to the reporting unit.

3 unchanged sentences

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 or footwear industry, and (iii) the current performance of the reporting unit.

The estimated after-tax royalty revenue stream is then discounted to present

VF Corporation Fiscal 2025 Form 10-K F-53

The estimated

F-60 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

value using the reporting unit’s WACC adjusted, as appropriate, to factor in the risk of the intangible asset.

after-tax royalty revenue stream is then discounted to present value using the reporting unit’s WACC adjusted, as appropriate, to factor in the risk of the intangible asset.

Management’s revenue and profitability forecasts used in the reporting unit and intangible asset valuations were developed in conjunction with management’s forecast and budget review, which includes management's overall assessment of events and circumstances, including macroeconomic conditions and industry and market considerations, and the resulting outlook for the businesses, considering recent performance, trends and strategic initiatives.

10 unchanged sentences

Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes.

The notional amounts of all outstanding foreign currency exchange forward contracts was $ 3.1 billion at March 2025 and 2024, consisting primarily of contracts hedging exposures to the euro, British pound, Canadian dollar, Swiss franc, Mexican peso,

Chinese renminbi, Polish zloty, Swedish krona, South Korean won and Japanese yen.

These derivative contracts have maturities up to 20 months.

The notional amounts of all outstanding foreign currency exchange forward contracts wer e $ 3.1 billion at both March 2026 and March 2025, consisting primarily of contracts hedging

exposures to the euro, British pound, Canadian dollar, Chinese renminbi, Mexican peso, Swiss franc, Taiwan dollar, Swedish krona, Polish zloty, South Korean won and Japanese yen.

Th ese derivative contracts have maturities up t o 20 months.

During the year ended March 2025, VF settled interest rate swap contracts that were in place to hedge the cash flow risk of interest payments on the variable-rate DDTL Agreement.

The DDTL was prepaid on October 4, 2024.

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

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

4 unchanged sentences

Derivatives Designated as Hedging Instruments:

Foreign exchange contracts $ 32,608 $ 29,657 $ ( 29,847 ) $ ( 39,639 )

Interest rate contracts — 2,335 — —

Total derivatives designated as hedging instruments 32,608 31,992 ( 29,847 ) ( 39,639 )

Cash flow foreign exchange contracts $ 28,122 $ 32,608 $ ( 48,711 ) $ ( 29,847 )

Derivatives Not Designated as Hedging Instruments:

1 unchanged sentence

Total derivatives $ 28,914 $ 34,371 $ ( 48,723 ) $ ( 30,003 )

F-54 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-61

VF CORPORATION

17 unchanged sentences

Foreign exchange contracts Other liabilities (Note 16) ( 2,492 ) ( 10,193 )

Interest rate contracts Other current assets (Note 6) — 2,335

Cash Flow Hedges

1 unchanged sentence

The Company also used interest rate swap contracts to hedge against a portion of the exposure related to its interest payments on its variable-rate debt, which was prepaid on October 4, 2024.

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows:

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehensi ve Income (Loss) an d Consolidated Statements of Operations are summarized as follows:

(In thousands)

16 unchanged sentences

Total $ ( 19,451 ) $ ( 32,595 ) $ 18,121

VF Corporation Fiscal 2025 Form 10-K F-55

F-62 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

11 unchanged sentences

Other Derivative Information

At March 2025, accumulated OCL inclu ded $ 29.4 million of pre-tax net deferred gains for foreign currency exchange contracts that are expected to be reclassified to earnings during the next 12 months.

At March 2026, accumulated OCL incl uded $ 53.0 million of pre-tax net deferred losses for foreign currency exchange contracts that are expected to be reclassified to earnings during the next 12 months.

The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

Net Investment Hedge

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

Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments.

During the years ended March 2025, 2024 and 2023, the Company recognized an after-tax loss of $ 4.6 million, and after-tax gains of $ 21.6 million and $ 5.2 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction.

The Company has designated its euro-denominated fixed-rate notes, which represented € 1.5 billion in aggregate principal as of March 2026 , as a net investment hedge of VF’s investment in

certain foreign operations.

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

As a result of the de-designation, VF recognized $ 7.7 million of expense in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

Because this debt qualified as a non-derivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments.

During the years ended March 2026, 2025 and 2024, the Company recognized an after-tax loss of $ 108.6 million, an after-tax loss of $ 4.6 million and an after-tax gain of $ 21.6 million, respectively, in other comprehensive income (loss) related to the net investment hedge transaction.

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

Fair Value Hedge

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

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

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

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

As of March 2026, the company recognized a gain o f $ 11.0 million fro m the foreign currency remeasurement related to the spot component of the derivative and a lo ss of $ 3.1 million from the amortization of the excluded componen t in other income (expense).

NOTE 26 — SUPPLEMENTAL CASH FLOW INFORMATION

1 unchanged sentence

(In thousands) 2026 2025 2024

Income taxes paid, net of refunds (a)(b)

Income taxes paid, net of refunds (a)

$ 171,775 $ 162,562 $ 349,978

5 unchanged sentences

11,751 18,229 17,080

(a) The year ended March 2023 included the payment related to the IRS dispute associated with VF's acquisition of The Timberland Company in September 2011.

Refer to Note 20 for additional information.

(b) Includes both continuing and discontinued operations.

(a) Includes both continuing and discontinued operations.

VF Corporation Fiscal 2026 Form 10-K F-63

VF CORPORATION

Notes to Consolidated Financial Statements

NOTE 27 — RESTRUCTURING

2 unchanged sentences

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

The Company currently estimates it will incur approximately $ 200.0 million to $ 210.0 million in restructuring charges in connection with Reinvent, and actions are expected to be completed by the end of the first quarter of Fiscal 2026.

Of the total estimated charges, the Company anticipates that approximately 70 % will relate to severance and employee-related benefits and the remainder will primarily relate to asset impairments and write-downs.

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

Of the total charges, 72 % related to severance and employee-related benefits and the

remainder primarily related to asset impairments and write-downs.

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

During the year ended March 2026 , $ 67.7 million of cash payments related to the Reinvent charges were made.

F-56 VF Corporation Fiscal 2025 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statements of Operations for the years ended March 2026, 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:

22 unchanged sentences

Accelerated depreciation SG&A expenses 455 — —

Accelerated depreciation Cost of goods sold — — 1,371

Contract termination and other SG&A expenses — 591 1,326

Total Other Restructuring Charges $ 24,096 $ 591 $ 2,002

Other Restructuring Charges by business segment were as follows:

F-64 VF Corporation Fiscal 2026 Form 10-K

VF CORPORATION

Notes to Consolidated Financial Statements

Other Restructuring Charges b y reportable segment and the “All Other” category were as follows:

Year Ended March

2 unchanged sentences

Active 3,366 — —

All Other 622 — 434

Corporate and other 14,925 591 1,326

Total $ 24,096 $ 591 $ 2,002

VF Corporation Fiscal 2025 Form 10-K F-57

VF CORPORATION

Notes to Consolidated Financial Statements

Consolidated Restructuring Charges

2 unchanged sentences

Accrual at March 2024 $ 60,160 $ 345 $ 60,505

Charges 70,008 — 70,008

Restructuring charges 67,675 894 68,569

Cash payments and settlements ( 55,935 ) ( 902 ) ( 56,837 )

2 unchanged sentences

Accrual at March 2025 65,250 337 65,587

Charges 67,675 894 68,569

Restructuring charges 42,923 — 42,923

Cash payments and settlements ( 69,146 ) — ( 69,146 )

2 unchanged sentences

Accrual at March 2026 $ 31,042 $ — $ 31,042

Of the $ 65.6 million total restructuring accrual at March 2025 , $ 64.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities.

The remaining $ 0.7 million will be paid beyond the next 12 months and is classified within other liabilities.

The Company has not recognized any significant incremental costs related to the accruals for the year ended March 2024 or prior periods.

NOTE 28 — SUBSEQUENT EVENTS

Of the total restructuri ng accrual at March 2026, $ 28.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities (Note 14 ).

The remaining $ 2.1 million will be paid out beyond the next 12 months and thus is classified within other liabilities.

During the year ended March 2026, VF recorded adjustments to prior Reinvent accruals to reflect actual attrition rates that differed from original estimates.

NOTE 28 — SUBSEQUENT EVENT

On May 13, 2026, VF’s Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on June 18, 2026 to shareholders of record on June 10, 2026.

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

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

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

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.

On May 21, 2025, VF entered into an amendment to its Global Credit Facility.

The amended agreement requires the pledge of certain assets of VF and certain of its subsidiaries pursuant to the agreement, and defines restrictive covenants, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant.

The calculation of consolidated net indebtedness is net of unrestricted cash 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.

F-58 VF Corporation Fiscal 2025 Form 10-K

VF Corporation Fiscal 2026 Form 10-K F-65

Schedule II — Valuation and Qualifying Accounts

11 unchanged sentences

Allowance for doubtful accounts 28,075 11,170 — 12,876 (a) 26,369

Valuation allowance for deferred income tax assets 616,533 — — 191,601 (c) 424,932

Valuation allowance for deferred income tax assets 424,932 — 11,115 (b) — 436,047

(a) Deductions include accounts written off, net of recoveries, the effects of foreign currency translation and reclassifications.

(b) Additions primarily related to circumstances where it is more likely than not that deferred income tax assets will not be realized and the effects of foreign currency translation.

(c) Deductions primarily related to changes in circumstances which decrease the amount of deferred income tax assets that will, more likely than not, be realized and the effect of foreign currency translation.

VF Corporation Fiscal 2025 Form 10-K F-59

F-66 VF Corporation Fiscal 2026 Form 10-K

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 9A. Controls and Procedures