What changed in this filing

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Item 1. Financial Statements

2026-07-29 compared with 2026-01-28 · 691 added, 597 removed, 627 unchanged (67% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

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

(In thousands, except share amounts) June 2026 March 2026 June 2025

Current assets

2 unchanged sentences

Accounts receivable, less allowance for doubtful accounts of:

December 2025 - $ 26,908 ;

June 2026 - $ 23,149 ;

March 2026 - $ 23,964 ;

December 2024 - $ 34,678

June 2025 - $ 35,803

1,215,279 1,427,957 1,172,223

20 unchanged sentences

1,274,713 826,347 1,166,757

Current portion of operating lease liabilities

325,396 333,469 312,037

Accrued liabilities

3 unchanged sentences

3,003,417 3,519,870 3,560,990

Operating lease liabilities

Long-term portion of operating lease liabilities

1,115,806 1,119,876 1,135,094

6 unchanged sentences

shares authorized, 25,000,000 ;

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

no shares outstanding at June 2026, March 2026 or June 2025

Common Stock, stated value $ 0.25 ;

shares authorized, 1,200,000,000 ;

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

shares outstanding at June 2026 - 393,117,450 ;

March 2026 - 391,515,399 ;

December 2024 - 389,541,568

June 2025 - 390,555,382

98,279 97,879 97,639

11 unchanged sentences

Consolidated Statements of Operations

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands, except per share amounts) 2026 2025

5 unchanged sentences

1,000,116 1,035,611

Impairment of goodwill and intangible assets

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

Total costs and operating expenses

1,752,451 1,847,275

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

Operating loss ( 83,072 ) ( 86,609 )

Interest income

5,136 6,826 11,062 13,899

Interest expense

1 unchanged sentence

Other income (expense), net

108,416 7,408 111,422 5,262

Income from continuing operations before income taxes

362,859 196,669 504,547 261,771

Income tax expense

62,014 27,560 130,345 42,180

Income from continuing operations

300,845 169,109 374,202 219,591

Loss from discontinued operations, net of tax

— ( 1,329 ) — ( 258,519 )

Net income (loss) $ 300,845 $ 167,780 $ 374,202 $ ( 38,928 )

Earnings (loss) per common share - basic

Continuing operations

$ 0.77 $ 0.43 $ 0.96 $ 0.56

Discontinued operations

Loss before income taxes

( 106,892 ) ( 126,593 )

Total earnings (loss) per common share - basic $ 0.77 $ 0.43 $ 0.96 $ ( 0.10 )

Earnings (loss) per common share - diluted

Continuing operations

Income tax benefit

( 9,740 ) ( 10,185 )

Discontinued operations

Net loss $ ( 97,152 ) $ ( 116,408 )

Net loss per common share

$ ( 0.25 ) $ ( 0.30 )

Total earnings (loss) per common share - diluted

$ ( 0.25 ) $ ( 0.30 )

5 unchanged sentences

VF CORPORATION

Consolidated Statements of Comprehensiv e Income

Three Months Ended December Nine Months Ended December

Consolidated Statements of Comprehensiv e Loss

Three Months Ended June

(In thousands) 2026 2025

Net income (loss)

$ ( 97,152 ) $ ( 116,408 )

1 unchanged sentence

Foreign currency translation and other

Gains (losses) arising during the period

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

Reclassification of foreign currency translation losses

382 75,293 382 75,293

Gains arising during the period

Income tax effect

1 unchanged sentence

Defined benefit pension plans

Current period actuarial losses ( 45,362 ) — ( 46,536 ) —

Amortization of net deferred actuarial losses

4,886 5,049 14,631 15,146

Amortization of deferred prior service credits

( 159 ) ( 153 )

Reclassification of net actuarial loss from settlement charges

34,192 — 34,533 —

Reclassification of deferred prior service cost due to curtailments

— ( 638 ) ( 531 ) ( 638 )

Income tax effect

4 unchanged sentences

( 1,612 ) 21,978

Reclassification of net losses realized

Reclassification of net (gains) losses realized

16,944 ( 13,305 )

3 unchanged sentences

29,536 ( 59,684 )

Comprehensive income

Comprehensive loss

$ ( 67,616 ) $ ( 176,092 )

3 unchanged sentences

Consolidated Statements of Cash Flows

Nine Months Ended December

Three Months Ended June

(In thousands) 2026 2025

OPERATING ACTIVITIES

Net income (loss)

$ ( 97,152 ) $ ( 116,408 )

Loss from discontinued operations, net of tax

— ( 258,519 )

Income from continuing operations, net of tax

374,202 219,591

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

Impairment of goodwill and intangible assets

30,716 51,000

Adjustments to reconcile net loss to cash used by operating activities:

Depreciation and amortization

6 unchanged sentences

Pension expense in excess of (less than) contributions

Gain on sale of business

1,325 ( 5,730 )

13 unchanged sentences

( 28,336 ) ( 55,776 )

Cash provided by operating activities - continuing operations

637,968 609,545

Cash provided by operating activities - discontinued operations

Cash provided by operating activities

Cash used by operating activities

( 62,496 ) ( 145,460 )

INVESTING ACTIVITIES

Proceeds from sale of businesses, net of cash sold

600,524 1,485,951

Payment for working capital adjustment for sale of business

Proceeds from sale of assets

4 unchanged sentences

( 1,681 ) ( 4,224 )

Cash provided by investing activities - continuing operations

457,667 1,450,486

Cash used by investing activities - discontinued operations

Cash provided by investing activities

Cash used by investing activities

( 44,300 ) ( 49,013 )

FINANCING ACTIVITIES

Net decrease in short-term borrowings

Net increase (decrease) in short-term borrowings

( 451 ) 380,446

Payments on long-term debt

( 663 ) ( 1,000,829 )

Payment of debt issuance costs

3 unchanged sentences

( 5,097 ) ( 4,519 )

Cash used by financing activities

Cash provided (used) by financing activities

( 40,925 ) 338,955

7 unchanged sentences

$ 680,571 $ 648,334

Continued on next page.

See notes to consolidated financial statements.

VF Corporation Q3 FY26 Form 10-Q 6

VF CORPORATION

Consolidated Statements of Cash Flows

Nine Months Ended December

(In thousands) 2025 2024

Balances per Consolidated Balance Sheets:

1 unchanged sentence

Other current assets 10,258 5,871

Other assets 250 77

Total cash, cash equivalents and restricted cash $ 680,571 $ 648,334

3 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended December 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

Net income (loss)

— — — — 300,845 300,845

Dividends on Common Stock ($ 0.09 per share)

— — ( 35,196 ) — — ( 35,196 )

Stock-based compensation, net

367,529 92 20,111 — ( 2,019 ) 18,184

Foreign currency translation and other

— — — 24,617 — 24,617

Defined benefit pension plans

— — — ( 4,802 ) — ( 4,802 )

Derivative financial instruments

— — — 2,940 — 2,940

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

Three Months Ended December 2024

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

Net income (loss)

— — — — 167,780 167,780

Dividends on Common Stock ($ 0.09 per share)

— — ( 35,046 ) — — ( 35,046 )

Stock-based compensation, net

258,149 64 24,572 — ( 2,602 ) 22,034

Foreign currency translation and other

— — — 23,420 — 23,420

Defined benefit pension plans

— — — 3,094 — 3,094

Derivative financial instruments

— — — 92,581 — 92,581

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

Continued on next page.

See notes to consolidated financial statements.

VF Corporation Q3 FY26 Form 10-Q 8

VF CORPORATION

Consolidated Statements of Stockholders’ Equity

Nine Months Ended December 2025

Three Months Ended June 2026

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

1 unchanged sentence

Balance, March 2026 391,515,399 $ 97,879 $ 3,487,884 $ ( 807,051 ) $ ( 928,834 ) $ 1,849,878

Net income (loss)

— — — — ( 97,152 ) ( 97,152 )

9 unchanged sentences

— — — 24,433 — 24,433

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

Nine Months Ended December 2024

Balance, June 2026 393,117,450 $ 98,279 $ 3,480,918 $ ( 777,515 ) $ ( 1,037,065 ) $ 1,764,617

Three Months Ended June 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

1 unchanged sentence

Balance, March 2025 389,695,199 $ 97,424 $ 3,540,686 $ ( 977,740 ) $ ( 1,173,011 ) $ 1,487,359

Net income (loss)

— — — — ( 116,408 ) ( 116,408 )

2 unchanged sentences

Stock-based compensation, net 860,183 215 21,839 — ( 5,888 ) 16,166

705,349 176 59,747 — ( 6,882 ) 53,041

Foreign currency translation and other

4 unchanged sentences

— — — ( 120,383 ) — ( 120,383 )

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

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

See notes to consolidated financial statements.

6 unchanged sentences

NOTE 3 Revenues

NOTE 4 Divestiture and Discontinued Operations

NOTE 4 Divestiture

NOTE 5 Inventories

2 unchanged sentences

NOTE 8 Leases

NOTE 9 Short-term Borrowings

NOTE 9 Supply Chain Financing Program

4 unchanged sentences

NOTE 14 Reportable Segment Information

NOTE 16 Earnings Per Share

NOTE 15 Net Loss Per Share

NOTE 16 Fair Value Measurements

2 unchanged sentences

NOTE 19 Contingencies

NOTE 21 Subsequent Events

NOTE 20 Subsequent Event

VF Corporation Q1 FY27 Form 10-Q 8

1 unchanged sentence

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year.

The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 (“Fiscal 2026”).

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

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

The Company’s current fiscal year runs from March 29, 2026 through April 3, 2027 (“Fiscal 2027”) and contains 53 weeks, with an additional week occurring in the fourth quarter.

This Form 10-Q presents our first quarter of Fiscal 2027.

For presentation purposes herein, all references to periods ended June 2026 and June 2025 relate to the fiscal periods ended on June 27, 2026 and June 28, 2025, respectively.

References to March 2026 relate to information as of March 28, 2026.

3 unchanged sentences

Refer to Note 4 for additional information on the divestiture.

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

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 interim 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 15 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.

to sell the Supreme ® brand business (“Supreme”).

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

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

Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated 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 interim consolidated financial statements relates to continuing operations.

Refer to Note 4 for additional information on discontinued operations.

Certain prior year amounts have been reclassified to conform to

the Fiscal 2026 presentation.

Certain prior year amounts have been reclassified to conform to the Fiscal 2027 presentation.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements.

1 unchanged sentence

In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of VF for the interim periods presented.

Operating results for the three and nine months ended December 2025 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2026.

Operating results for the three months ended June 2026 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2027.

For further information, refer to the consolidated financial statements and notes included in VF’s Annual Report on Form 10-K for the year ended March 28, 2026 (“Fiscal 2026 Form 10-K”).

1 unchanged sentence

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

Actual results may differ from those estimates due to risks and uncertainties, including the impact of the 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.

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.

11 VF Corporation Q3 FY26 Form 10-Q

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

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, as of March 2026, of $ 149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026.

Interest was 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 during the first phase of refund processing.

In the three months ended June 2026, VF received approximately $ 49 million of these refunds and approximately $ 1 million of interest.

Subsequent to the end of the first quarter, VF received substantially all of the remaining refunds submitted during the first phase.

During the second phase of refund processing, approximately $ 88 million of IEEPA entries were submitted.

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 Sheets as of June 2026 and March 2026, and was $ 100.8 million as of June 2026 and $ 149.7 million as of March 2026.

Refunds related to inventory that was sold were recognized as a reduction to cost of goods sold and refunds related to inventory on hand were 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 was recorded as a reduction to inventory and will be recognized as a decrease in cost of goods sold as the inventory turns.

In the three months ended June 2026, VF recognized $ 37.3 million as a reduction to cost of goods sold, which offsets the IEEPA tariff charges initially incurred on the inventory.

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

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.

In the three months ended June 2026, VF recognized $ 9.2 million as an increase to cost of goods sold, which offsets the benefit initially provided by vendors and partners.

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS

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 permitt ed.

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

In November 2024, the FASB issued ASU No.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 22 0-40):

Disaggregation of Income Statement Expenses” , which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements.

Disaggregation of Income Statement Expenses” , which is intended to enhance expense disclosures by requiring additional

disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements.

The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods.

Early adoption is permitted and the amendments may be applied either prospectively or retrospectively.

Early adoption is permitted and the amendments may be applied either

9 VF Corporation Q1 FY27 Form 10-Q

prospectively or retrospectively.

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

5 unchanged sentences

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

The Company is evaluating the

impact that adopting this guidance will have on its consolidated financial statements and related disclosures.

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.

21 unchanged sentences

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

(In thousands) December 2025 March 2025 December 2024

(In thousands) June 2026 March 2026 June 2025

Contract assets (a)

4 unchanged sentences

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

For the three and nine months ended December 2025, the Company recognized $ 41.6 million and $ 142.2 million, res pectively, of revenue, which, for the nine months ended December 2025 included the majority of the contract liability balance at the beginning of the year, and, for both periods, included amounts recorded as a contract liability and

subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers.

For the three months ended June 2026, the Company recognized $ 47.3 million of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the sa me period, such as order deposits from customers.

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

VF Corporation Q3 FY26 Form 10-Q 12

Performance Obligations

As of December 2025, the Company expects to recognize $ 10.5 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through December 2028.

As of June 2026, the Company expects to recognize $ 8.5 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such

amounts to be recognized over time based on the contractual terms through December 2028.

The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption.

VF has also elected the practical

expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.

As of December 2025, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.

VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.

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

VF Corporation Q1 FY27 Form 10-Q 10

Disaggregation of Revenues

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

Three Months Ended December 2025 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

Wholesale $ 813,446 $ 259,006 $ 164,991 $ 1,237,443

Direct-to-consumer 1,110,106 406,863 109,033 1,626,002

Royalty 2,456 5,966 3,934 12,356

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

Geographic revenues

Americas $ 945,704 $ 422,229 $ 170,725 $ 1,538,658

Europe 658,932 183,651 86,157 928,740

Asia-Pacific 321,372 65,955 21,076 408,403

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

Three Months Ended December 2024 (a)

(In thousands) Outdoor Active All Other (b)

Channel revenues

Wholesale $ 761,960 $ 282,028 $ 206,949 $ 1,250,937

Direct-to-consumer 1,013,821 428,271 123,477 1,565,569

Royalty 4,495 6,250 6,661 17,406

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

Geographic revenues

Americas $ 836,515 $ 457,417 $ 212,790 $ 1,506,722

Europe 613,356 183,665 97,221 894,242

Asia-Pacific 330,405 75,467 27,076 432,948

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

13 VF Corporation Q3 FY26 Form 10-Q

Nine Months Ended December 2025 (a)

(In thousands) Outdoor Active All Other (b)

Three Months Ended June 2026

(In thousands) Outdoor Active All Other (a)

Channel revenues

8 unchanged sentences

Total $ 856,979 $ 667,303 $ 145,097 $ 1,669,379

Nine Months Ended December 2024 (a)

(In thousands) Outdoor Active All Other (b)

Three Months Ended June 2025

(In thousands) Outdoor Active All Other (a)

Channel revenues

8 unchanged sentences

Total $ 812,466 $ 699,687 $ 248,513 $ 1,760,666

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

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

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

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

(a) “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 ® .

NOTE 4 — DIVESTITURE AND DISCONTINUED OPERATIONS

NOTE 4 — DIVESTITURE

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.

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

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

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 that were paid in the three months ended June 2026.

Th e pre-tax gain was 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 were included within the “All Other” category in Note 15, Reportable Segment Information .

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

VF Corporation Q3 FY26 Form 10-Q 14

Discontinued Operations

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

to sell Supreme for an aggregate base purchase price of $ 1.500 billion, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses as more fully set forth in the Purchase Agreement.

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

VF received proceeds of $ 1.506 billion, net of cash sold, resulting in a final after-tax loss on sale of $ 126.6 million, of which an estimated after-tax loss of $ 127.5 million was included in the loss from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the nine months ended December 2024 .

An increase in the estimated after-tax loss on sale of $ 2.7 million was included in the loss from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the three months ended December 2024 .

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

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

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

These changes have been applied to all periods presented.

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

The results of Supreme recorded in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations were losses of $ 1.3 million (including a $ 2.7 million increase to the estimated after-tax loss on sale) and $ 258.5 million (including an after-tax estimated loss on sale of $ 127.5 million and goodwill and intangible asset impairment charges of $ 145.0 million) for the three and nine months ended December 2024, respectively .

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

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.

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.

Summarized Discontinued Operations Financial Information

The following table summarizes the major line items for Supreme that are included in the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations:

Three Months Ended December Nine Months Ended December

(In thousands) 2025 (a)

2024 2025 (a)

Revenues $ — $ 5,030 $ — $ 244,524

Cost of goods sold — 1,571 — 95,520

Selling, general and administrative expenses — 1,438 — 109,991

Impairment of goodwill and intangible assets — — — 145,000

Interest expense, net (b)

— — — ( 30,767 )

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

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

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

Total loss from discontinued operations before income taxes — ( 635 ) — ( 271,965 )

Income tax expense (benefit) — 694 — ( 13,446 )

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

(a) There was no activity during the three and nine months ended December 2025 .

(b) As noted above, interest expense and the related interest rate swap im pact for the DDTL were alloc ated to discontinued operations.

The results of operations for Dickies through the date of sale are included within the “All Other” category in Note 14, 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.

11 VF Corporation Q1 FY27 Form 10-Q

NOTE 5 — INVENTORIES

(In thousands) December 2025 March 2025 December 2024

(In thousands) June 2026 March 2026 June 2025

Finished products $ 1,865,067 $ 1,337,168 $ 2,095,573

3 unchanged sentences

NOTE 6 — INTANGIBLE ASSETS

December 2025 March 2025

June 2026 March 2026

(In thousands) Weighted

7 unchanged sentences

Intangible assets, net $ 1,463,187 $ 1,467,542

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

Refer to Note 4 for additional information regarding the divestiture.

Amortization expense for the three and nine months ended December 2025 was $ 2.9 million and $ 9.2 million, respectively.

Amortization expense for the three months ended June 2026 was $ 2.7 million.

Based on the carrying amounts of amortizable intangible assets noted above, estimated amortization expense for the next five years beginning in Fiscal 2027 is $ 10.6 million, $ 9.8 million, $ 9.0 million, $ 6.9 million and $ 5.4 million, respectively.

3 unchanged sentences

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

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

Foreign currency translation 113 ( 1,180 ) ( 340 ) ( 1,407 )

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

Balance, June 2026 $ 102,590 $ 337,554 $ 146,154 $ 586,298

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

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

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

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

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

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 have been retrospectively adjusted to reflect the reallocation.

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

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

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

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

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

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

Refer to Note 4 for additional information regarding the divestiture.

Accum ulated impairm ent charges for the Outdoor reportable segment and the “All Other” category were $ 730.2 million and $ 107.7 million, respectively, as of June 2026 and March 2026.

No impai rment charges were recorded during the three months ended June 2026 .

VF Corporation Q1 FY27 Form 10-Q 12

1 unchanged sentence

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

The substantial majority of these leases are operating leases.

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

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.

Total lease cost includes operating lease cost, variable lease cost, finance lease cost, short-term lease co st and an impairment of right-of-use assets.

The components of lease cost were as follows:

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands) 2026 2025

2 unchanged sentences

Total lease cost $ 142,764 $ 133,341

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

During the nine months ended December 2024 , the Company entered int o a sale leaseback transaction for certain warehouse real estate and related assets.

The transaction qualified as a

sale, and thus the Company reco gnized a ga in of $ 15.5 million in the SG&A expenses line item in VF's Consolidated Statement of Operations for the nine months ended December 2024 .

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

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

NOTE 9 — SHORT-TERM BORROWINGS

ABL Credit Facility

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 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 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.

17 VF Corporation Q3 FY26 Form 10-Q

Availability has equaled or exceeded the greater of (i) 10.0 % of the Global Line Cap, and (ii) $ 100.0 million for 30 consecutive days.

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

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

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

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

Availability under the ABL Credit Facility was $ 972.3 million as of December 2025, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.

During the three months ended June 2026, the Company recorded a $ 6.4 million impairment charge in the selling, general and administrative (“SG&A”) expenses line item in VF's Consolidated Statement of Operations for an impairment of a distribution center.

During the three months ended June 2026 and 2025, the Company paid $ 109.9 million and $ 100.0 million for operating leases, respectively.

During the three months ended June 2026 and 2025, the Company obtained $ 85.7 million and $ 104.6 million of right-of-use assets in exchange for lease liabilities, respectively.

NOTE 9 — SUPPLY CHAIN FINANCING PROGRAM

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

At December 2025, March

2025 and December 2024, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligatio ns of $ 690.1 million, $ 481.7 million and $ 661.4 million, respectively, due to suppliers that are eligible to participate in the SCF program.

At June 2026, March 2026

and June 2025, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligat ions of $ 960.7 million, $ 466.0 million and $ 887.1 million, respectively, due to suppliers that are eligible to participate in the SCF program.

NOTE 10 — PENSION PLANS

The components of pension cost for VF’s defined benefit plans were as follows:

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands) 2026 2025

2 unchanged sentences

Expected return on plan assets ( 1,465 ) ( 15,007 )

Settlement charges 34,192 — 34,533 —

Curtailments — ( 531 )

3 unchanged sentences

Net periodic pension cost $ 2,623 $ 2,840

VF has reported the service cost component of net periodic pension cost in operating income and the other components, which include interest cost, expected return on plan assets, settlement charges, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.

VF contributed $ 14.0 million to its defined benefit plans during the nine months ended December 2025, and intends to make approximately $ 4.8 million of contributions during the remainder of Fiscal 2026.

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

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

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

The termination of the plan was effective July 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026.

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

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

In conjunction with the termination of the U.S.

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

VF recorded a $ 34.0

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

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

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

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

The settlement charges related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension plan.

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

VF recorded $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Statement of Operations for the nine months ended December 2025 and $ 0.6 million in curtailment gains in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2024.

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

qualified pension 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.

VF has reported the service cost component of net periodic pension cost in operating loss and the other components, which include interest cost, expected return on plan assets, curtailments and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.

VF contributed $ 1.3 million to its defined benefit plans during the three months ended June 2026, and intends to make approximately $ 13.5 million of contributions during the remainder of Fiscal 2027.

VF recorded $ 0.5 million in curtailment gains in the other income (expense), net line item in the Consolidated Stat ement o f Operations for the three months ended June 2025 , related to employee exits from an international plan resulting from restructuring actions.

13 VF Corporation Q1 FY27 Form 10-Q

NOTE 11 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

During the nine months ended December 2025, the Comp any d i d no t purcha se shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors.

During the three months ended June 2026, the Comp any d i d no t purcha se shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors.

These are treated as treasury stock transactions when shares are repurchased.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired.

There were no shares held in treasury at the end of December 2025, March 2025 or December 2024.

There were no shares held in treasury at the end of June 2026, March 2026 or June 2025.

The excess of the cost of t reasury shares acquired over the $ 0.25 per share stated value of Common Stock is deducted from retained earnings (accumulated deficit).

Accumulated Other Comprehensive Loss

Comprehensi ve income cons ists of net income (loss) an d specified com ponents of other comprehensive income (loss), wh ich relate to changes in assets and liabilities that are not included in ne t income (loss) u nder GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet.

VF’s comprehensi ve income is presented in the Consolidated Statements of Comprehensiv e Income.

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

(In thousands) December 2025 March 2025 December 2024

Comprehensi ve loss cons ists of net loss an d specified com ponents of other comprehensive income (loss), wh ich relate to changes in assets and liabilities that are not included in ne t loss u nder GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet.

VF’s comprehensi ve loss is presented in the Consolidated Statements of Comprehensiv e Loss.

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

(In thousands) June 2026 March 2026 June 2025

Foreign currency translation and other $ ( 762,117 ) $ ( 767,111 ) $ ( 763,627 )

3 unchanged sentences

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

Three Months Ended December 2025

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

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

Other comprehensive income (loss) before reclassifications

24,235 ( 33,795 ) ( 20,253 ) ( 29,813 )

Amounts reclassified from accumulated other comprehensive loss

382 28,993 23,193 52,568

Net other comprehensive income (loss)

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

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

Three Months Ended December 2024

Three Months Ended June 2026

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

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

Balance, March 2026 $ ( 767,111 ) $ ( 11,126 ) $ ( 28,814 ) $ ( 807,051 )

Other comprehensive income (loss) before reclassifications

4 unchanged sentences

4,994 109 24,433 29,536

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

19 VF Corporation Q3 FY26 Form 10-Q

Nine Months Ended December 2025

Balance, June 2026 $ ( 762,117 ) $ ( 11,017 ) $ ( 4,381 ) $ ( 777,515 )

Three Months Ended June 2025

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

1 unchanged sentence

Other comprehensive income (loss) before reclassifications

57,562 10 ( 109,312 ) ( 51,740 )

Amounts reclassified from accumulated other comprehensive loss

— 3,127 ( 11,071 ) ( 7,944 )

Net other comprehensive income (loss)

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

Nine Months Ended December 2024

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

Balance, March 2024 $ ( 868,439 ) $ ( 182,333 ) $ ( 13,559 ) $ ( 1,064,331 )

Other comprehensive income (loss) before reclassifications ( 53,428 ) ( 135 ) 56,015 2,452

Amounts reclassified from accumulated other comprehensive loss 75,293 10,475 24,626 110,394

Net other comprehensive income 21,865 10,340 80,641 112,846

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

57,562 3,137 ( 120,383 ) ( 59,684 )

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

VF Corporation Q1 FY27 Form 10-Q 14

Reclassifications out of accumulated OCL were as follows:

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

(In thousands) Three Months Ended June

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

2025 2024 2025 2024

Losses on foreign currency translation and other:

Sale of Dickies

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

Sale of Supreme

Loss from discontinued operations, net of tax (a)

— ( 75,293 ) — ( 75,293 )

Total before tax

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

Income tax effect

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

Amortization of defined benefit pension plans:

3 unchanged sentences

Other income (expense), net 159 153

Pension settlement charges

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

Pension curtailment gains

4 unchanged sentences

( 112 ) ( 3,127 )

( 28,993 ) ( 3,193 ) ( 35,887 ) ( 10,475 )

Gains (losses) on derivative financial instruments:

5 unchanged sentences

SG&A expenses

( 133 ) ( 261 )

Foreign exchange contracts

2 unchanged sentences

Interest expense 27 27

Interest rate contracts

Loss from discontinued operations, net of tax — — — 2,299

Total before tax

4 unchanged sentences

Total reclassifications for the period, net of tax $ ( 14,747 ) $ 7,944

(a) Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025.

Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the loss from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and nine months ended December 2024 and offset against the derecognition of the previously recorded allowance on the disposal group.

NOTE 12 — STOCK-BASED COMPENSATION

Incentive Equity Awards Granted

During the three months ended September 2025, VF granted 516,605 performance-based restricted stock units (“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 nine months ended December 2025, VF granted 1,474,178 RSUs to executives that enable them to receive shares of VF Common Stock over a five-year vesting period.

The fair market value of VF Common Stock at the date the units were granted was $ 12.55 per share.

During the three months ended June 2026, VF granted stock options to executives to purchase 1,748,898 shares of its Common Stock at an exercise price of $ 16.70 per share.

The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant.

Stock options typically vest and become exercisable in equal annual installments over three years .

All o ptions have ten-year terms.

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:

Three Months Ended June 2026

Expected volatility 45 % to 61 %

Weighted average expected volatility 58 %

Expected term (in years) 7.3

Weighted average dividend yield 2.2 %

Risk-free interest rate 3.79 % to 4.56 %

Weighted average fair value at date of grant $ 8.04

During the three months ended June 2026, VF granted 1,262,880 nonperformance-based restricted stock units (“RSUs”) to executives that enable them to receive one share of VF Common Stock for each unit 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

21 VF Corporation Q3 FY26 Form 10-Q

Compensation Committee of the Board of Directors, and will be paid in full or decreased to zero, based on how VF's TSR over the five-year period compares to the TSR for companies included in the Standard & Poor's 600 Consumer Discretionary Sector Index.

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

During the nine months ended December 2025, VF granted 146,135 nonperformance-based stock units to nonemployee members of the Board of Directors.

These units vest upon grant

and will be settled in shares of VF Common Stock one year from the date of grant.

The fair market value of VF Common Stock at the date the units were granted was $ 16.70 per share.

In addition, VF granted 4,578,394 nonperformance-based RSUs to employees and executives during the nine months ended December 2025.

These units generally vest over periods up to four years from the date of grant and each unit entitles the holder to one share of VF Common Stock.

The weighted average fair market value of VF Common Stock at the dates the units were granted was $ 12.59 per share.

During the three months ended June 2026, VF granted 131,747 nonperformance-based stock units to non-employee members of the Board of Directors.

These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant, unless a director has elected to defer receipt of VF Common Stock.

The fair market value of VF Common Stock at the date the units were granted was $ 16.70 per share.

In addition, VF granted 2,402,880 nonperformance-based RSUs to employees during the three months ended June 2026.

These units vest over a period of four years from the date of grant and each unit entitles the holder to one share of VF Common Stock.

The fair market value of VF Common Stock at the date the units were granted was $ 16.70 per share.

In Fiscal 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 adjusted operating margin percentage in Fiscal 2028 and a VF

15 VF Corporation Q1 FY27 Form 10-Q

stock price target of $ 32 during the performance period.

The targets were set for both and achievement will be determined by the Talent and Compensation Committee (the “Committee”) of the Board of Directors.

In the first quarter of Fiscal 2027, the Committee and the Board of Directors further clarified the achievement of the adjusted operating margin percentage target as an exit run rate (as defined by the Committee) in Fiscal 2028, which clarification did not change the fair value of the award and did not result in incremental compensation cost.

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.

NOTE 13 — INCOME TAXES

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

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

The effective income tax rate for the three months ended June 2026 was 9.1 % compared to 8.0 % in the 2025 period.

The three months ended June 2026 included a net discrete tax expense of $ 7.0 million, which was comprised primarily of changes to unrecognized tax benefits and interest.

Excluding the $ 7.0 million net discrete tax expense in the 2026 period, the effective income tax rate would have been 15.7 %.

The nine months ended December 2024 included a net discrete tax benefit of $ 1.9 million, w hich was comprised primarily of a $ 5.8 million net tax benefit related to unrecognized tax benefits and interest and a $ 5.9 million tax expense related to stock compensation.

Excluding the $ 1.9 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 16.8 %.

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

VF files a consolidated U.S.

federal income tax return, as well as separate and combined income tax returns in numerous state and international jurisdictions.

In the U.S., the Internal Revenue Service examinations for tax years through 2015 have been effectively settled.

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

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.

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 nine months ended December 2025 , which were determined to be immaterial.

During the nine months ended December 2025, the amount of net unrecognized tax benefits and associated interest decreased by $ 6.6 million to $ 319.0 million.

Management believes that it is reasonably possible that the amount of unrecognized income tax benefits and interest may decrease during the next 12 months by approximately $ 176.2 million related to the completion of examinations and other settlements with tax authorities and the expiration of statutes of limitations, of which $ 169.0 million would reduce income tax expense.

The three months ended June 2025 included a net discrete tax expense of $ 11.5 million, w hich was comprised primarily of a $ 7.4 million net tax

expense related to unrecognized tax benefits and interest and a $ 4.1 million tax expense related to stock compensation.

Excluding the $ 11.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 17.2 %.

Without discrete items, the effective income tax rate for the three months ended June 2026 decreased by 1.5 % compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.

NOTE 14 — REPORTABLE SEGMENT INFORMATION

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

VF’s President and CEO is the Company’s chief operating decision maker (“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.

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

Outdoor and Active.

In addition, VF reports results for an “All

Other” category to reconcile between the Company’s reportable segments and its consolidated results of operations and assets.

“All Other” includes the following brands:

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

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

VF Corporation Q3 FY26 Form 10-Q 22

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

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Segment revenues and segment profit are regularly reviewed by the CODM and compared against historical results, forecast and budget information in order to make decisions about how to allocate capital and other resources to each segment.

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.

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 programs or corporate-managed decisions, and other expenses which include a portion of defined benefit pension costs, development costs for management information systems, costs of registering, maintaining and enforcing certain of VF’s trademarks and miscellaneous consolidated costs.

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

Defined benefit pension plans in the U.S.

are centrally managed.

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.

VF Corporation Q1 FY27 Form 10-Q 16

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 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.

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 segments is as follows:

Three Months Ended December 2025

Three Months Ended June 2026

(In thousands) Outdoor Active Total

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Segment profit (loss) ( 41,618 ) 47,409 5,791

Impairment of goodwill ( 30,716 )

Corporate and other income (expenses) (b)

Interest expense, net ( 34,611 )

“All Other” profit

Income from continuing operations before income taxes $ 362,859

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

23 VF Corporation Q3 FY26 Form 10-Q

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

Refer to Note 4 for additional information regarding the divestiture.

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

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

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

Three Months Ended December 2024

(In thousands) Outdoor Active Total

Reportable segment revenues $ 1,780,276 $ 716,549 $ 2,496,825

“All Other” revenues

Total revenues 2,833,912

Cost of goods sold 767,302 304,205

Marketing expenses 148,592 81,137

Other SG&A expenses 481,368 325,120

Other segment items (a)

Segment profit 389,155 6,668 395,823

Impairment of intangible assets ( 51,000 )

Corporate and other expenses ( 72,628 )

Interest expense, net ( 24,611 )

“All Other” profit

Income from continuing operations before income taxes $ 196,669

“All Other” loss

Loss before income taxes $ ( 106,892 )

Nine Months Ended December 2025

Three Months Ended June 2025

(In thousands) Outdoor Active Total

6 unchanged sentences

Other segment items (a)

Segment profit 666,196 117,964 784,160

Impairment of goodwill ( 30,716 )

Corporate and other expenses (b)

Segment profit (loss) ( 42,270 ) 56,838 14,568

Corporate and other expenses ( 104,560 )

Interest expense, net ( 41,120 )

“All Other” profit

Income from continuing operations before income taxes $ 504,547

Loss before income taxes $ ( 126,593 )

Refer to Note 4 for additional information regarding the divestiture.

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

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

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

17 VF Corporation Q1 FY27 Form 10-Q

Nine Months Ended December 2024

(In thousands) Outdoor Active Total

Reportable segment revenues $ 4,100,628 $ 2,317,819 $ 6,418,447

“All Other” revenues

Total revenues 7,360,920

Cost of goods sold 1,952,221 969,797

Marketing expenses 319,774 223,154

Other SG&A expenses 1,240,957 953,850

Other segment items (a)

Segment profit 594,406 171,584 765,990

Impairment of intangible assets ( 51,000 )

Corporate and other expenses ( 395,959 )

Interest expense, net (b)

“All Other” profit

Income from continuing operations before income taxes $ 261,771

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

(b) Interest expense and the related interest rate swap im pact for the DDTL, wh ich totaled $ 31.1 million for the nine months ended December 2024, were allocated to discontinued operations due to the requiremen t within the DDTL's amended agreement that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme.

(In thousands) December 2025 March 2025 December 2024

(In thousands) June 2026 March 2026 June 2025

Segment assets:

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Consolidated assets $ 9,464,382 $ 9,290,177 $ 10,150,497

Three Months Ended December Nine Months Ended December

Three Months Ended June

(In thousands) 2026 2025

5 unchanged sentences

$ 57,786 $ 64,362

25 VF Corporation Q3 FY26 Form 10-Q

NOTE 16 — EARNINGS PER SHARE

Three Months Ended December Nine Months Ended December

NOTE 15 — NET LOSS PER SHARE

Three Months Ended June

(In thousands, except per share amounts) 2026 2025

Earnings per share – basic:

Income from continuing operations

Net loss per common share – basic:

$ ( 97,152 ) $ ( 116,408 )

1 unchanged sentence

392,107 390,024

Earnings per share from continuing operations

Net loss per common share

$ ( 0.25 ) $ ( 0.30 )

Earnings per share – diluted:

Income from continuing operations

Net loss per common share – diluted:

$ ( 97,152 ) $ ( 116,408 )

2 unchanged sentences

Incremental shares from stock options and other dilutive securities

6,242 4,690 3,885 2,434

Adjusted weighted average common shares outstanding

392,107 390,024

Earnings per share from continuing operations

Net loss per common share

$ ( 0.25 ) $ ( 0.30 )

Outstanding stock options and other potentially dilutive securities of 9.1 million and 13.8 million shares were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2025, respectively, and 9.0 million and 13.6 million shares were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2024, respectively, because the effect of their inclusion would have been anti-dilutive to those periods.

In additio n, 2.2 million and 2.3 million sh ares of performance-based RSUs and RSUs with a TSR component were excluded from the calculations of diluted earnings per share for the three and nine-month periods ended December 2025, respectively, and 2.4 million and 1.9 million shares were excluded from the calculations of diluted earnings per share for the three and nine -month periods ended December 2024, respectively, because these units were not considered to be contingent outstanding shares in those periods.

In the three-month periods ended June 2026 and June 2025, the dilutive impacts of all outstanding stock options and other dilutive securities were excluded from dilutive shares as a result of the Company’s net loss for the periods and, as such, their inclusion would have been anti-dilutive.

As a result a total of

27.5 million and 29.0 million potentially dilutive shares related to stock options and other dilutive securities were excluded from the diluted net loss per share calculations for the three-month periods ended June 2026 and June 2025, respectively.

VF Corporation Q1 FY27 Form 10-Q 18

NOTE 16 — 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 Q3 FY26 Form 10-Q 26

Recurring Fair Value Measurements

2 unchanged sentences

(In thousands) Level 1 Level 2 Level 3

December 2025

Financial assets:

20 unchanged sentences

Contingent consulting fees 6,534 — — 6,534

(a) There w ere no transfers amon g the levels within the fair value hierarchy during the nine months ended December 2025 or the year ended March 2025.

(a) There were no transfers amon g the levels within the fair value hierarchy during the three months ended June 2026 or the year ended March 2026.

19 VF Corporation Q1 FY27 Form 10-Q

The following table presents the activity related to the contingent consulting fees designated as Level 3:

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

Three Months Ended June

(In thousands) 2026 2025

Beginning Balance $ 6,534 $ 23,900

3 unchanged sentences

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 three months ended December 2024), is d etermined 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 d etermined 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.

These investments primarily include mutual funds

(Level 1) that are valued based on quoted prices in active markets.

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.

2 unchanged sentences

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

Accordingly, VF has utilized the Monte Carlo valuation model

27 VF Corporation Q3 FY26 Form 10-Q

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

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

As of December 2024, the total fair value of the remaining contingent fees was $ 36.2 million, with $ 8.4 million and $ 22.0 million recognized in the three and nine months ended December 2024, respectively.

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, which concluded in the third quarter of Fiscal 2026.

Accordingly, future changes in fair value are 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 total shareholder return versus that of peer companies over the measurement period.

As of June 2026, the total fair value of the remaining contingent fees was $ 6.3 million, with ($ 0.3 ) million recognized in the three months ended June 2026.

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

As of June 2025, the total fair value of the remaining contingent fees was $ 4.3 million, with ($ 1.0 ) million recognized in the three months ended June 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.

These other financial assets and financial liabilities include cash held as demand deposits, accounts receivable, short-term borrowings, accounts payable and accrued liabilities.

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

Additionally, at December 2025 and March 2025, the carrying values of VF’s long-term debt, including the current portion, were $ 4,145.1 million and $ 3,966.2 million, respectively, compared with fair values of $ 3,901.8 million and $ 3,628.8 million at those respective dates.

Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable borrowings.

Nonrecurring Fair Value Measurements

Napapijri Reporting Unit and Indefinite-Lived Intangible Asset Impairment Analysis

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

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

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

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

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

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

The fair values of the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset were estimated using valuation techniques consistent with those discussed in the Critical Accounting Policies and Estimates section included in Management’s Discussion and Analysis in the Fiscal 2025 Form 10-K.

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

Assumptions used in the valuations were similar to those that would be used by market participants performing independent valuations of the business.

Key assumptions developed by management and used in the quantitative analysis of the Napapijri reporting unit and indefinite-lived trademark intangible asset include:

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

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

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

• Market-based discount rates.

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

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

VF Corporation Q3 FY26 Form 10-Q 28

At June 2026 and March 2026, their carrying values approximated their fair values.

Additionally, at June 2026 and March 2026, the carrying values of VF’s long-term debt, including the current portion, were $ 3,502.8 million and $ 3,519.9 million, respectively, compared with fair values of $ 3,312.1 million and $ 3,262.5 million at those respective dates.

Fair value for long-term debt is a Level 2 estimate based on quoted market prices or values of comparable b orrowings.

NOTE 17 — DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Financial Instruments

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

All of VF’s outstanding derivative financial instruments at June 2026 are foreign currency exchange forward contracts.

Although derivatives meet the criteria for hedge accounting at the inception of the hedging relationship, a limited number of derivative contracts intended to hedge assets and liabilities are not designated as hedges for accounting purposes.

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

primarily of contracts hedging exp osures to the euro, British pound, Chinese renminbi, Canadian dollar, Mexican peso, Swiss franc, Taiwan dollar, Swedish krona, Polish zloty, South Korean won and Japanese yen.

The notional amounts of all outstanding foreign currency exchange forward contracts were $ 3.4 billion at June 2026, $ 3.1

billion at March 2026 and $ 3.2 billion at June 2025, consisting primarily of contracts hedging exposures to the euro, British pound, Chinese renminbi, Canadian dollar, Mexican peso, Swiss franc, Taiwan dollar, Polish zloty, Swedish krona, South Korean won and Japanese yen.

These derivative contracts have maturities up to 20 months.

During the three months ended December 2024, 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.

VF Corporation Q1 FY27 Form 10-Q 20

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

2 unchanged sentences

with Unrealized Losses

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

(In thousands) June 2026 March 2026 June 2025 June 2026 March 2026 June 2025

Derivatives Designated as Hedging Instruments:

Cash flow foreign exchange contracts $ 50,113 $ 28,122 $ 18,528 $ ( 36,244 ) $ ( 48,711 ) $ ( 129,307 )

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

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

Derivatives Not Designated as Hedging Instruments:

4 unchanged sentences

If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:

December 2025 March 2025 December 2024

June 2026 March 2026 June 2025

(In thousands) Derivative

10 unchanged sentences

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

(In thousands) December 2025 March 2025 December 2024

(In thousands) June 2026 March 2026 June 2025

Derivative Instruments Balance Sheet Location

3 unchanged sentences

Foreign exchange contracts Other liabilities ( 5,493 ) ( 2,492 ) ( 28,915 )

29 VF Corporation Q3 FY26 Form 10-Q

Cash Flow Hedges

VF primarily uses foreign currency exchange forward contracts to hedge a portion of the exchange risk for its forecasted sales, inventory purchases, operating costs and certain intercompany transactions, including sourcing and management fees and royalties.

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

The effects of cash flow hedging included in VF’s Consolidated Statements of Comprehen sive Loss and Consolidated Statements of Operations are summarized as follows:

(In thousands) Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Three Months Ended December Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Nine Months Ended December

Three Months Ended June

Cash Flow Hedging Relationships 2026 2025

Foreign exchange contracts $ 11,410 $ ( 131,290 )

Interest rate contracts — 13 — 301

Total $ ( 14,709 ) $ 104,729 $ ( 125,157 ) $ 70,315

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

Three Months Ended December

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

Nine Months Ended December

21 VF Corporation Q1 FY27 Form 10-Q

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

Three Months Ended June

Cash Flow Hedging Relationships Location of Gain (Loss) 2026 2025

4 unchanged sentences

Interest rate contracts Interest expense 27 27

Interest rate contracts Loss from discontinued operations, net of tax — — — 2,299

Total $ ( 16,944 ) $ 13,305

5 unchanged sentences

In the case of derivative contracts executed on foreign currency exposures that are no longer probable of occurring, VF de-desig nates these hedges and the fair value changes of these instruments are also recognized directly in earnings.

The impact of de-designated derivative contracts and changes in the fair value of derivative contracts not designated as hedges, recognized as gains or losses in VF's Consolidated Statements of Operations were not material for the three and nine months ended December 2025 and December 2024.

The impact of de-designated derivative contracts and changes in the fair value of derivative contracts not designated as hedges, recognized as gains or losses in VF ’ s Consolidated Statements of Operations were not material for the three months ended June 2026 and June 2025.

Other Derivative Information

At December 2025, accumulated OCL included $ 73.0 million of pre-tax net deferred losses for foreign currency exchange contracts that are expected to be reclassified to earnings during the next 12 months.

At June 2026, accumulated OCL includ ed $ 33.9 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 € 1.5 billion of its € 2.0 billion aggregate principal euro-denominated fixed-rate notes, as of December 2025, as a net investment hedge of VF’s investment in certain foreign operations.

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

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

The Company has designated its euro-denominated fixed-rate notes, which represented € 1.5 billion in aggregate principal as of June 2026, as a net investment hedge of VF’s investment in certain foreign operations.

Because this debt qualified as a non-derivative hedging instrument, foreign currency transaction gains or losses of the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments.

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

During the three-month period ended June 2026, the Company recognized an after-ta x gain of $ 13.8 million in other comprehensive income (loss) related to the net investment hedge transaction and an after-tax loss of $ 134.4 million for the three-month period ended June 2025.

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

VF Corporation Q3 FY26 Form 10-Q 30

Fair Value Hedge

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

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

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

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

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

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

NOTE 18 — RESTRUCTURING

3 unchanged sentences

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

Of the total charges, 73 % related to severance and employee-related benefits and the

remainder primarily related to asset impairments and write-downs.

However, in the three months ended June 2026, VF recorded a gain of $ 17.6 million and an impairment charge of $ 6.4 million related to the sale of a distribution center and an impairment of a leased distribution center, respectively.

These amounts are included in

Reinvent as the actions leading to the gain and the impairment charge were initiated under Reinvent.

Of the total Reinvent restructuring charges, 76 % related to severance and employee-related benefits and the remainder primarily related to asset impairments and write-downs.

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

During the nine months ended December 2025, $ 59.3 million of cash payments related to the Reinvent charges were made.

The type of cost and respective location of restructuring charges related to Reinvent within VF's Consolidated Statements of Operations for the three and nine months ended December 2025 and 2024, and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended December Nine Months Ended December Cumulative Charges

During the three months ended June 2026, $ 1.8 million of cash payments related to the Reinvent charges were made.

VF Corporation Q1 FY27 Form 10-Q 22

The type of cost and respective location of restructuring charges related to Reinvent within VF’s Consolidated Statements of Operations for the three months ended June 2026 and 2025 , and the cumulative charges recorded since the inception of Reinvent were as follows:

Three Months Ended June Cumulative Charges

(In thousands) 2026 2025

5 unchanged sentences

Asset impairments and write-downs SG&A expenses 6,397 2,200 56,736

Gain on the sale of fixed assets SG&A expenses ( 17,600 ) — ( 17,600 )

Pension withdrawal SG&A expenses — — 5,216

3 unchanged sentences

Total Reinvent Restructuring Charges $ ( 11,203 ) $ 17,468 $ 193,804

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

31 VF Corporation Q3 FY26 Form 10-Q

All restructuring charges related to Reinvent rec ognized in the three months ended June 2026 and 2025 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.

Other Restructuring Charges

Other Restructuring Charges are related to various approved initiatives.

The type of cost and respective location of Other Restructuring Charges within VF's Consolidated Statement of Operations for the three and nine months ended December 2025 and 2024 were as follows:

Three Months Ended December Nine Months Ended December

The type of cost and respective location of Other Restructuring Charges within VF’s Consolidated Statements of Operations for the three months ended June 2026 and 2025 were as follows:

Three Months Ended June

(In thousands) 2026 2025

1 unchanged sentence

Severance and employee-related benefits SG&A expenses $ 2,363 $ —

Contract termination and other SG&A expenses — — — 591

Severance and employee-related benefits Cost of goods sold 45 —

Total Other Restructuring Charges $ 2,408 $ —

Other Restructuring Charges by reportable segment were as follows:

Three Months Ended December Nine Months Ended December

Other Restructuring Charges by reportable segment and the “All Other” category were as follows:

Three Months Ended June

(In thousands) 2026 2025

Outdoor $ 50 $ —

Active 1,095 —

All Other 29 —

Corporate and other 1,234 —

Total $ 2,408 $ —

23 VF Corporation Q1 FY27 Form 10-Q

Consolidated Restructuring Charges

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

(In thousands) Severance Other Total

The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the three-month period ended June 2026 was as follows:

(In thousands) Severance

Accrual at March 2026 $ 31,042

3 unchanged sentences

Impact of foreign currency 46

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

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

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

Accrual at June 2026 $ 27,725

Of the total restructuring accrual at June 2026, $ 26.6 million is expected to be paid within the next 12 months and is classified within accrued liabilities.

The remaining $ 1.1 million will be paid out beyond the next 12 months and thus is classified within other liabilities.

During the three months ended June 2026 , VF recorded adjustments to prior Reinvent accruals to reflect actual attrition rates that differed from original estimates.

NOTE 19 — CONTINGENCIES

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

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

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.

On June 30, 2026, Plaintiffs filed their opposition to VF ’ s motion to dismiss the amended complaint.

VF believes the allegations in the Consolidated Action are entirely without merit and VF will be vigorously defending against them.

At this time, the outcome of this matter remains uncertain.

NOTE 21 — SUBSEQUENT EVENTS

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

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

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

NOTE 20 — SUBSEQUENT EVENT

On July 27, 2026 , VF ’ s Board of Directors declared a quarterly cash dividend of $ 0.09 pe r share, payable on September 17, 2026 to stockholders of record on September 10, 2026.

VF Corporation Q1 FY27 Form 10-Q 24

ITEM 2 — MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year.

The Company’s current fiscal year runs from March 29, 2026 through April 3, 2027 (“Fiscal 2027”) and contains 53 weeks, with an additional week occurring in the fourth quarter.

This Form 10-Q presents our first quarter of Fiscal 2027.

For presentation purposes herein, all references to periods ended June 2026 and June 2025 relate to the fiscal periods ended on June 27, 2026 and June 28, 2025, respectively.

References to March 2026 relate to information as of March 28, 2026.

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

References to the three months ended June 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three months ended June 2025

when translating foreign currencies into U.S.

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

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

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

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

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

All references to the impact of Dickies divestiture below represent Dickies revenue recognized in the first quarter of Fiscal 2026.

RECENT DEVELOPMENTS

Conflict in the Middle East

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

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

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

Dickies Divestiture

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

In connection with the closing of the transaction, VF received proceeds of $600.5 million, net of cash sold.

VF recorded a final pre-tax gain of $127.2 million in the year ended March 2026, which included a reduction to the gain to reflect final working capital adjustments of $11.9 million that were paid in the three months ended June 2026.

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

Impact of Tariffs

In April 2025, the U.S.

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

In February 2026, the U.S.

Supreme Court invalidated tariffs imposed under the IEEPA.

Immediately following the IEEPA ruling, the U.S.

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

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

Supreme Court ruled that these tariffs were deemed invalid.

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

Customs and Border Protection (“CBP”) must refund IEEPA tariffs that were

collected, with interest.

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

Interest was 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 during the first phase of refund processing.

In the three months ended June 2026, VF received approximately $49 million of these refunds and approximately $1 million of interest.

Subsequent to the end of the first quarter, VF received substantially all of the remaining refunds submitted during the first phase.

During the second phase of refund processing, approximately $88 million of IEEPA entries were submitted.

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 Sheets as of June 2026 and March 2026, and was $100.8 million as of June 2026 and $149.7 million as of March 2026.

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

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

In the three months ended June 2026, VF recognized $37.3 million as a reduction to cost of goods sold, which offsets the IEEPA tariff charges initially incurred on the inventory.

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

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.

In the three months ended June 2026, VF recognized $9.2 million

25 VF Corporation Q1 FY27 Form 10-Q

as an increase to cost of goods sold, which offsets the benefit initially provided by vendors and partners.

VF has a diversified sourcing country mix.

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

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

Less than 2% of total U.S.

products are sourced through China.

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

to mitigate our tariff exposure.

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

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

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

SUMMARY OF THE FIRST QUARTER OF FISCAL 2027

• Revenues decreased 5% to $1.7 billion compared to the three months ended June 2025, including a 2% favorable impact from foreign currency and a 6% unfavorable impact from the divestiture of Dickies.

• Outdoor segment reven ues increased 5% to $857.0 million compared to the three months ended June 2025, including a 1% favorable impact from foreign currency.

• Active segment r evenues decreased 5% to $667.3 million compared to the three months ended June 2025, including a 1% favorable impact from foreign currency.

• Wholesale revenues decreased 10% compared to the three months ended June 2025, including a 2% favorable impact from foreign currency and an 8% unfavorable impact from the divestiture of Dickies.

• Direct-to-consumer revenues increased 2% compared to the three months ended June 2025, including a 1% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies.

• International revenues decreased 4% compared to the three months ended June 2025, including a 3% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies .

• Revenues in the Americas regio n decreased 4% compared to the three months ended June 2025, i ncluding a 1% favorable impact from foreign currency and a 9% unfavorable impact from the divestiture of Dickies .

• Gross margin increased 100 basis points to 54.9% compared to the three months ended June 2025, primarily due to the divestiture of Dickies, tactical price increases, lower product costs, mix and lower discounts, partially offset by unfavorable foreign currency impacts.

• Net loss per share w as ($0.25) co mpared to ($0.30) i n the 2025 period .

The de crease i n net loss per share was primarily driven by lower charges related to Reinvent, VF ’ s transformation program, during the three months ended June 2026 compared to the three months ended June 2025 and lower net interest expense.

ANALYSIS OF RESULTS OF OPERATIONS

Consolidated Statements of Operations

The following table presents a summary of the changes in revenues for the three months ended June 2026 from the comparable period in 2025:

(In millions) Three Months Ended June

Revenues — 2025 $ 1,760.7

Organic (3.0)

Impact of Dickies divestiture (113.5)

Impact of foreign currency 25.2

Revenues — 2026 $ 1,669.4

VF report ed a 5% decrease in revenues for the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from forei gn currency.

The decrease in revenues was primarily due to the Dickies divestiture in the third quarter of Fiscal 2026 and a decrease in wholesale revenues in the Active segment in the three months ended June 2026.

The decrease was partially offset by an increase in revenues in the

Outdoor segment in the three months ended June 2026 and favorable impacts fr om foreign currency.

In the three months ended June 2026, rev enue decreases across all regions were partially offset by favorable impacts from foreign currency.

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

VF Corporation Q1 FY27 Form 10-Q 26

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

Three Months Ended June

Gross margin (revenues less cost of goods sold) 54.9 % 53.9 %

Selling, general and administrative expenses 59.9 58.8

Operating margin (5.0 %) (4.9 %)

Amounts may not sum due to rounding.

Gross margin increased 100 basis points in the three months ended June 2026 compared to the 2025 period, primarily due to the divestiture of Dickies, tactical price increases, lower product costs, mix and lower discounts, partially offset by unfavorable foreign currency impacts.

Selling, general and administrative expe nses as a percentage of tot al revenues increased 110 basi s point s during the three months ended June 2026 compared to the 2025 period, reflecting lower leverage of operating expenses due to decreased revenues.

Selling, general and administrative expenses decreased $35.5 million in the three months ended June 2026 compared to the 2025 period.

T he decrease in the three months ended June 2026 was primarily due t o lower Reinvent restructuring charges and project-related costs and cost savings from Reinvent, partially offset by increased advertising costs.

Net interest expen se decreased $16.5 million during the three months ended June 2026, compared to the 2025 period, primarily due to the February 2026 early redemption of €500.0 million ($582.2 million) in aggregate principal amount of its outstanding 4.125% Senior Notes due in March 2026, lower short-term borrowings in the three months ended June 2026 and an increase in interest income due to higher cash and cash equivalents.

Total outstanding debt averaged $3.6 billion in the three months ended June 2026 and $4.5 billion in the same period in 2025, with weighted average interest rates of 2.9% and 3.2% in the three months ended June 2026 and 2025, respectively.

The effective income tax rate for the three months ended June 2026 was 9.1% compared to 8.0% in the 2025 period.

The three months ended June 2026 included a net discrete tax expense of $7.0 million, which was comprised primarily of changes to unrecognized tax benefits and interest.

Excluding the $7.0 million net discrete tax expense in the 2026 period, the effective income tax rate would have been 15.7%.

The three months ended June 2025 included a net discrete tax expense of $11.5 million, w hich was comprised primarily of a $7.4 million net tax expense related to unrecognized tax benefits and interest and a $4.1 million tax expense related to stock compensation.

Excluding the $11.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 17.2%.

Without discrete items, the effective income tax rate for the three months ended June 2026 decreased by 1.5% compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.

As a result of the above, net loss in the three months ended June 2026 w as ($97.2) million (($0.25) per dilut ed share) compared to ($116.4) million (($0.30) per diluted share) in the 2025 period.

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

Information by Reportable Segment

VF’s reportable segments are Outdoor and Active.

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

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

Segment profit (loss)

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

Refer to Note 14 to the consolidated financial statements for a summary of results of operations by s egment, along with a reconciliation of segment profit to loss before income taxes.

The following tables present a summary of the changes in revenues and segment profit (loss) in the three months ended June 2026 from the comparable period in 2025 and revenues by region for our Top 3 brands for the three months ended June 2026 and 2025:

Three Months Ended June

(In millions) Outdoor Segment Active Segment All Other Total

Revenues — 2025 $ 812.5 $ 699.7 $ 248.5 $ 1,760.7

Organic 29.3 (41.0) 8.8 (3.0)

Impact of Dickies divestiture — — (113.5) (113.5)

Impact of foreign currency 15.2 8.6 1.3 25.2

Revenues — 2026 $ 857.0 $ 667.3 $ 145.1 $ 1,669.4

Amounts may not sum due to rounding.

27 VF Corporation Q1 FY27 Form 10-Q

Segment Profit (Loss):

Three Months Ended June

(In millions) Outdoor Segment Active Segment Total

Segment profit (loss) — 2025 $ (42.3) $ 56.8 $ 14.6

Organic (0.3) (9.9) (10.4)

Impact of foreign currency 1.0 0.5 1.6

Segment profit (loss) — 2026 $ (41.6) $ 47.4 $ 5.8

Amounts may not sum due to rounding.

Top Brand Revenues:

Three Months Ended June 2026

(In millions) The North Face ®

Americas $ 262.7 $ 286.8 $ 145.4 $ 694.9

Europe 189.7 116.0 85.3 391.0

Asia-Pacific 138.5 57.0 35.4 230.9

Global $ 590.9 $ 459.8 $ 266.1 $ 1,316.8

Three Months Ended June 2025

(In millions) The North Face ®

Americas $ 242.2 $ 295.7 $ 130.6 $ 668.5

Europe 183.9 136.3 89.0 409.2

Asia-Pacific 131.3 66.0 35.5 232.8

Global $ 557.4 $ 498.0 $ 255.1 $ 1,310.5

Amounts may not sum due to rounding.

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

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

Outdoor Segment

Three Months Ended June

(Dollars in millions) 2026 2025 Percent

Segment revenues $ 857.0 $ 812.5 5.5 %

Segment loss (41.6) (42.3) 1.5 %

Segment profit margin (4.9 %) (5.2 %)

The Outdoor segment includes the following brands:

The North Face ® and Timberland ® .

Global revenues for Outdo or increased 5% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency .

Revenues in the Americas region increased 9% in the three months ended June 2026.

Revenues in the Asia -Pacific regio n increased 4% in the three months ended June 2026, including a 4% favorable i mpact from foreign currency.

Revenues in the Europe r egion increased 1% in the three months ended June 2026, including a 2% favorable impact from foreign currency.

Global revenues for The Nort h Face ® brand increased 6% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency, with revenue growth across all regions.

Revenue growth in the three months ended June 2026 was primarily driven by growth in the Americas region.

Revenues in the Americas region increased 8% in the three months ended June 2026.

Revenues in the Asia-Pacific region increased 5% in the three months ended June

2026, including a 5% favorable impact from foreign currency.

Revenues in the Europe regio n increased 3% in the three months ended June 2026, including a 2% favorable impact from foreign currency.

Global revenues for th e Timberland ® b rand increased 4% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign c urrency, driven by growth in the Americas reg ion.

Rev enues in the Am ericas region increased 11% in the three m onths ended June 2026, including a 1% favorable impact from foreign currency.

Revenues in the Asia-Pacific region remained flat in the three months ended June 2026, including a 1% unfavorable impact from foreign currency.

Revenues in the Europe region decreased 4% in the three months ended June 2026, including a 2% favorable impact from foreign currency.

VF Corporation Q1 FY27 Form 10-Q 28

Global direct-to-consumer r evenues for Outdoor increased 9% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable i mpact from foreign currency.

The increase was primar ily driv en by growth in The North Face ® brand across all regions.

Global wholesale revenues increased 3% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency.

The increase in th e three months ended June 2026 was primarily driven by increases in The North Face ® and Timberland ® brands in the Americas region .

Segment profit margin increased in the three months ended June 2026 compared to the 2025 period, reflecting higher gross margin, primarily driven by tactical price increases and lower product costs, partially offset by unfavorable foreign currency impacts.

The increase in segment profit margin was also partially offset by higher direct-to-consumer and advertising costs.

Active Segment

Three Months Ended June

(Dollars in millions) 2026 2025 Percent

Segment revenues $ 667.3 $ 699.7 (4.6 %)

Segment profit 47.4 56.8 (16.6 %)

Segment profit margin 7.1 % 8.1 %

The Active segment includes the following brands:

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

Global revenues for Ac ti ve decreased 5% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency.

Revenues in the Europe region decreased 11% in the three months ended June 2026, including a 2% favorable im pact from foreign currency.

Revenues in the Asia-Pacific regio n decreased 6% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable im pact from foreign currency.

Revenues in the Americas region decreased 1% in the three months ended June 2026, including a 1% favorable im pact from foreign currency.

Vans ® brand global revenu e s decreased 8% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from for e ign currency.

The overall decline was primarily impacted by a 15% decrease in the Europe region, including a 2% favorable impact f rom foreign currency.

Revenues in the Asia-Pacific r egion decreased 14% in the three months ended June 2026 , including a 1% favorable impact from foreign currency.

Revenues in the Americas region decreased

3% in the three months ended June 2026, including a 1% favorable impact from foreign currency.

Global direct-to-consumer r evenues for Ac tive increased 1% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable imp act from foreign currency, primarily driven by an increase in the Vans ® brand in the Americas region.

Global who lesale revenues decreased 9% in the three months ended June 2026, including a 1% favorable imp act from foreign currency.

T he decrease was primarily due to decreases in the Vans ® brand in the Europe and Americas regions.

Segmen t profit margi n decreased in t he three months ended June 2026 compared to the 2025 period, primarily due to lower leverage of operati ng expenses due to decreased revenues and unfavorable foreign currency impacts .

The decrease in segment profit margin was partially offset by higher gross margin, which was primarily due to mix and lower discounts.

Three Months Ended June

(Dollars in millions) 2026 2025 Percent

Revenues $ 145.1 $ 248.5 (41.6 %)

The “All Other ” grouping includes the following brands:

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

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

Global “All Other ” r evenues decreased 42% in the three months ended June 2026 compared to the 2025 peri od.

Revenues in the Americas region decreased 46% in the three months ended June 2026.

Revenues in the Europe region decreased 28% in the three months ended June 2026, including a 2% favorable im pact from foreign currency.

Revenues in the Asia-Pacific reg ion decreased 50% in the three months ended June 2026, including a 1% favorable impact from foreign currency.

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

Excluding the impact of the Dickies divestiture, global “All

Other” revenues increased 7% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency.

Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 15% and revenues in the Asia-Pacific region increased 19%, including a 3% favorable impact from foreign currency.

Excluding the impact of the Dickies divestiture, revenues in the Europe regio n decreased 6% in the three months ended June 2026, including a 2% favorable impact from foreign currency.

29 VF Corporation Q1 FY27 Form 10-Q

Reconciliation of Segment Profit to Loss Before Income Taxes

There are three types of costs necessary to reconcile total segment profit t o con sol idated loss before income taxes.

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

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

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

Three Months Ended June

(Dollars in millions) 2026 2025 Percent

Corporate and other expenses $ 72.6 $ 104.6 (30.5 %)

Interest expense, net 24.6 41.1 (40.1 %)

“All Other” profit (loss)

*Calculation not meaningful

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

The decrease in corpor ate and other expenses for the three months ended June 2026 was primarily due to lower Reinvent

restructuring charges and project-related costs, including the gain on sale of a distribution center, and cost savings from Reinvent.

The increase in “All Other” loss for the three months ended June 2026 was due t o lower gross profit related to the Dickies divestiture, increased advertising costs and lower gross margin due to unfavorable foreign currency impacts.

International

International revenues decreased 4% in the three months ended June 2026 compared to the 2025 period, including a 3% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies .

Revenues in the Europe region decreased 7% in the three months ended June 2026, including a 2% favorable im pact from foreign currency and a 2% unfavorable im pact from the divestiture of Dickies .

In the Asia-Pacific region, r evenues decreased 3% in the three months ended June 2026, including a 3% favorable impact from foreign currency and a 5% unfavorable

impact from the divestiture of Dickies .

Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) increased 2% in the three months ended June 2026, including a 5% favorable im pact from foreign currenc y and a 4% unfavorable impact from the divestiture of Dickies .

Revenues in the Americas (non-U.S.) regi on increased 13% in the three months ended June 2026, including a 5% favorable impact from foreign currency and a 4% unfavorable impac t from the divestiture of Dickies .

Inte rnational revenu es were 53% of total revenues in both the three-month periods ended June 2026 and 2025.

Direct-to-Consumer

Direct-to-consumer revenues increased 2% in the three months ended June 2026 compared to the 2025 period, including a 1% favorable impact from foreign currency and a 4% unfavorable impact from the divestiture of Dickies .

VF ’ s digital bus iness increased 4% during the three months ended June 2026, including a 2% favorable impact from foreign currency and a 9% unfavorable imp act from the divestiture of Dickies .

The increase in the three months ended June 2026 was primarily du e to increased digital r evenues in the Asia-Pacific and Americas regions.

Revenues from VF-operated retail store s remained flat in the three months ended June 2026, including a 1% favorable i mpact fr om foreign currency and a 1% unfavorable i mpact from the divestiture of Dickies, primarily due to increases in the Americas and Europe regions offset by a decreas e in the Asia-Pacific region.

There were 1,068 VF-operated retail stores at June 2026 compared to 1,113 at June 2025.

Direct-to-consumer revenues were 44% a nd 41% of total revenues in the three-month periods ende d June 2026 and 2025, respectively.

Wholesale r evenues decreased 10% in the three months ended June 2026 compared to the 2025 period, including a 2% favorable impact from foreign currency and an 8% unfavorable impact from the divestiture of Dickies.

Th e decrease in the three months ended June 2026 was primarily drive n by decreases in the Americas and Europe regions.

Wholesale revenues we re 56% and 59% of total revenues in the three-month periods ended June 2026 and 2025, respectively.

VF Corporation Q1 FY27 Form 10-Q 30

ANALYSIS OF FINANCIAL CONDITION

Consolidated Balance Sheets

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

• Decrease in accounts receivable — primarily due to the seasonality of the business, the timing of collections and IEEPA tariff refunds received.

• Increase in inventories — primarily due to the seasonality of the business.

• Increase in the current portion of long-term debt — primarily due to the reclassification of $500.0 million of long-term notes due in April 2027 to current liabilities.

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

• Decrease in accrued liabilities — primarily due to a decrease in returns and discount allowances, lower accrued income taxes, lower accrued compensation and the timing of services received and payments made for other accruals.

• Decrease in long-term debt — primarily due to the reclassification of $500.0 million of long-term notes due in April 2027 to current liabilities.

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

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

Dickies’ inventory balance at June 2025 was $146.8 million.

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

• Decrease in other assets — primarily due to the termination of the U.S.

qualified pension plan in the fourth quarter of Fiscal 2026 and a decrease in deferred income tax assets.

• Decrease in short-term borrowings — primarily due to $350.0 million of borrowings under VF’s previous $2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility ” ) as of June 2025, to support seasonal working capital requirements.

• Increase in accounts payable — primarily due to a $37.6 million payable recorded for reimbursements owed to vendors related to IEEPA tariff refunds and the timing of inventory shipments from and payments to vendors.

• Decrease in accrued liabilities — primarily due to a decrease in derivative liabilities, lower restructuring accruals and the timing of services received and payments made for other accruals.

• Decrease in long-term debt — primarily due to the reclassification of $500.0 million of long-term notes due in April 2027 to current liabilities.

Liquidity and Capital Resources

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

(Dollars in millions) June 2026 March 2026 June 2025

Working capital $1,254.1 $1,828.3 $935.9

Current ratio 1.4 to 1 1.8 to 1 1.3 to 1

Net debt to total capital 70.8% 69.2% 80.5%

The decrease in working capital and the current ratio at June 2026 compared to March 2026 was primarily due to a net increase in current liabilities driven by an increase in the current portion of long-term debt and accounts payable, partially offset by a decrease in accrued liabilities, as discussed in the “Consolidated Balance Sheets ” section above.

The decrease was partially offset by a net increase in current assets driven by higher inventory balances, partially offset by lower accounts receivable, as discussed in the “Consolidated Balance Sheets ” section above, and lower cash balances.

The increase in working capital and the current ratio at June 2026 compared to June 2025 was primarily due to a net decrease in current liabilities, driven by lower short-term borrowings and decreased accrued liabilities, partially offset by an increase in accounts payable, as discussed in the “Consolidated Balance Sheets ” section above.

The increase was partially offset by a net decrease in current assets, primarily driven by lower inventory balances, as discussed in the “Consolidated Balance Sheets ” section above.

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

unrestricted cash and cash equivalents.

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

The increase in the net debt to total capital ratio at June 2026 compared to March 2026 was primarily driven by an increase in net debt due to lower cash and cash equivalents at June 2026.

The increase in the net debt to total capital ratio at June 2026 compared to March 2026 was also due to a decrease in stockholders’ equity, primarily driven by net loss in the period.

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

The decrease in the net debt to total capital ratio at June 2026 compared to June 2025 was also due to an increase in stockholders’ equity, primarily driven by net income in the 12-month period.

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

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

Cash provided by operating activities in the second half of

31 VF Corporation Q1 FY27 Form 10-Q

the calendar year is substantially higher as inventories are sold and accounts receivable are collected.

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

VF’s additional sources of liquidity include available

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

In summary, our cash flows were as follows:

Three Months Ended June

(In thousands) 2026 2025

Cash used by operating activities $ (62,496) $ (145,460)

Cash used by investing activities (44,300) (49,013)

Cash provided (used) by financing activities (40,925) 338,955

Cash Used by Operating Activities

Cash flows related to operating activities are dependent on net loss, adjustments to net loss and changes in working capital.

The decrease in cash used by operating activities in the three months ended June 2026 compared to June 2025 was primarily due to a decrease in net loss, tariff refunds received and a decrease in cash used by working capital.

Cash Used by Investing Activities

The decrease in cash used by investing activities in the three months ended June 2026 was primarily due to proceeds from the sale of a distribution center of $22.5 million in the three months ended June 2026, partially offset by final working capital adjustments paid for the sale of Dickies of $11.9 million in the three months ended June 2026 and an increase in capital expenditures of $11.3 million in the three months ended June 2026 compared to the 2025 period.

Cash Provided (Used) by Financing Activities

The increase in cash used by financing activities during the three months ended June 2026 was primarily due to a $380.9 million net decrease in short-term borrowings in the three months ended June 2026 as compared to the prior year .

Share Repurchases

VF did not pu rchase shares of its Common Stock in the open market during the three months ended June 2026 or the three months ended June 2025 under the share repurchase program authorized by VF’s Board of Directors.

As of the end of June 2026, VF h ad $2.5 billion r emaining for future repurchases under its share repurchase authorization.

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

ABL Credit Facility and Short-term Borrowings

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

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

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

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

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

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

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

The ABL Credit Facility has a stated maturity date of August 26, 2030.

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

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 June 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 June 2026.

As of June 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 June 2026.

Availability under the ABL Credit Facility was $997.9 million as of June 2026, after giving effect to

VF Corporation Q1 FY27 Form 10-Q 32

the borrowing base, outstanding borrowings and outstanding letters of credit.

VF has $82.1 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks.

Total outstanding balances under these arrangements wer e $9.7 million at June 2026 .

Additionally, VF had $670.1 million of unrestricted cash and cash equivalents at June 2026.

Supply Chain Financing Program

At June 2026, March 2026 and June 2025, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $960.7 million , $466.0 million and $887.1 million, respectively, due to suppliers that are eligible to participate in the SCF program.

Rating Agencies

At the end of June 2026, VF’s long-term debt ratings wer e ‘BB’ by Standard & Poor’s (“S&P”) Global Ratings a nd ‘Ba2’ by Moody’s Investors Service (“Moody’s”).

VF’s credit rating outlook w as ‘stable’ by S&P and ‘negative’ b y Moody’s at the end of June 2026.

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

None of VF’s long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings.

However, if there were a change in control of VF, and as a result of the change in control the notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest, if required by the respective holders of the notes.

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

The Company paid cash dividends of $0.09 per share during the three months ended June 2026, and the Company declared a cash divid end of $0.09 per share that is payable in the second quarter of Fiscal 2027.

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

Contractual Obligations

Management’s Discussion and Analysis in the Fiscal 2026 Form 10-K provided a table summarizing VF’s material contractual obligations and commercial commitments at the end of Fiscal 2026 that would require the use of funds.

As of June 2026, there have been no material changes in the amounts of unrecorded commitments disclosed in the Fiscal 2026 Form 10-K, except as noted below:

• I nventory purchase obligations decreased by approximately $512.0 million at the end of June 2026 primarily due to timing of inventory shipments.

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

Recent Accounting Pronouncements

Refer to Note 2 to VF’s consolidated financial statements for information on recently issued accounting standards.

Critical Accounting Policies and Estimates

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

Our critical accounting policies are applied in a consistent manner.

Significant accounting policies are summarized in Note 1 to the consolidated financial statements included in the Fiscal 2026 Form 10-K.

There have been no material changes in VF’s accounting policies from those disclosed in our Fiscal 2026 Form 10-K.

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

liabilities, and related disclosures.

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

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

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

The accounting policies that involve the most significant estimates, assumptions and management judgments used in preparation of the consolidated financial statements, or are the most sensitive to change from outside factors, are discussed in Management’s Discussion and Analysis in the Fiscal 2026 Form 10-K.

33 VF Corporation Q1 FY27 Form 10-Q

Cautionary Statement on Forward-looking Statements

Certain statement contained herein, as well as in other filings that VF makes with the Securities and Exchange Commission ("SEC") and other oral or written statements VF releases regarding VF's future performance constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.

Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties.

You can identify these statements by the fact that they use words such as “will,” “anticipate,” “believe,” “estimate,” “expect,” “should,” and “may,” and other words and terms of similar meaning or use of future dates.

However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.

All statements regarding VF's plans, objectives, projections and expectations relating to VF’s operations or economic performance and assumptions relating to VF's operations or financial performance, and assumptions related thereto, are forward-looking statements.

Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements.

VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Known or unknown risks, uncertainties or other factors that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to:

the level of consumer demand for apparel, footwear, equipment and accessories;

disruption to VF’s distribution system;

changes in global economic conditions and the financial strength of VF’s consumers and customers, including as a result of current inflationary pressures;

fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs and geopolitical conflicts;

disruption and volatility in the global capital and credit markets;

VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior;

VF’s ability to maintain the image and value of its brands, including through investment in brand building and product innovation;

intense competition from online retailers and other direct-to-consumer business risks;

increasing pressure on margins;

fluctuations in sales and operating income due to the seasonal nature of its business;

retail industry changes and challenges;

VF’s ability to execute its turnaround program, “The VF Way” operating principles, and other business priorities, including measures to grow revenue and expand margins, streamline and right-size its cost base and strengthen the balance sheet while reducing leverage;

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

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

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

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

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

VF’s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner;

foreign currency fluctuations;

stability of VF’s vendors’ manufacturing facilities and VF’s ability to establish and maintain effective supply chain capabilities;

continued use by VF’s suppliers of ethical business practices;

VF’s ability to accurately forecast demand for products;

actions of activist and other shareholders;

VF’s ability to recruit, develop or retain key executive or employee talent or successfully transition executives;

changes in the availability and cost of labor;

VF’s ability to protect trademarks and other intellectual property rights;

possible goodwill and other asset impairment;

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

VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio;

VF's ability to execute, and realize benefits, successfully, or at all, from the completed s ale of the Dickies ® brand business;

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

federal government shutdown;

changes in tax laws and additional tax liabilities;

legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S.

changes to laws and regulations;

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

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

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

climate risks and increased focus on environmental, social and governance issues;

VF’s ability to execute on its sustainability strategy and achieve its sustainability-related goals and targets;

risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis;

litigation, regulatory proceedings, or any other claims asserted against VF;

and tax risks associated with the spin-off of the Jeanswear business completed in 2019.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed or furnished with the SEC, including VF’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and Forms 8-K.

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no significant changes in VF’s market risk exposures from what was disclosed in Item 7A in the Fiscal 2026 Form 10-K.

VF Corporation Q1 FY27 Form 10-Q 34

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements