What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-10-28 compared with 2026-07-29 · 565 added, 392 removed, 926 unchanged (51% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

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

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

Current assets

2 unchanged sentences

Accounts receivable, less allowance for doubtful accounts of:

June 2026 - $ 23,149 ;

September 2026 - $ 24,757 ;

March 2026 - $ 23,964 ;

June 2025 - $ 35,803

September 2025 - $ 27,511

1,885,729 1,427,957 1,881,598

2 unchanged sentences

350,579 386,340 425,753

Current assets held-for-sale

Total current assets 4,663,662 4,009,514 5,118,868

20 unchanged sentences

1,013,241 1,011,217 1,234,064

Current liabilities held-for-sale

Total current liabilities 3,162,198 2,181,172 3,758,744

10 unchanged sentences

shares authorized, 25,000,000 ;

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

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

Common Stock, stated value $ 0.25 ;

shares authorized, 1,200,000,000 ;

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

shares outstanding at September 2026 - 393,568,481 ;

March 2026 - 391,515,399 ;

June 2025 - 390,555,382

September 2025 - 390,712,620

98,392 97,879 97,678

11 unchanged sentences

Consolidated Statements of Operations

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands, except per share amounts) 2026 2025 2026 2025

7 unchanged sentences

2,327,212 2,490,086 4,079,663 4,337,361

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

Operating income 367,920 312,620 284,848 226,011

Interest income

7,949 3,408 13,756 5,926

Interest expense

1 unchanged sentence

Other income (expense), net

Loss before income taxes

2,704 1,870 3,495 3,006

Income tax benefit

Income before income taxes

346,931 268,281 240,039 141,688

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

Net loss per common share

Income tax expense

61,680 78,516 51,940 68,331

Net income $ 285,251 $ 189,765 $ 188,099 $ 73,357

Earnings per common share

$ 0.73 $ 0.49 $ 0.48 $ 0.19

$ 0.71 $ 0.48 $ 0.47 $ 0.19

Weighted average shares outstanding

4 unchanged sentences

VF CORPORATION

Consolidated Statements of Comprehensiv e Loss

Three Months Ended June

Consolidated Statements of Comprehensiv e Income

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

2 unchanged sentences

Foreign currency translation and other

Gains arising during the period

Gains (losses) arising during the period

( 6,406 ) ( 5,643 ) 3,195 6,326

Income tax effect

1 unchanged sentence

Defined benefit pension plans

Current period actuarial losses — ( 1,174 ) — ( 1,174 )

Amortization of net deferred actuarial losses

307 4,874 617 9,745

Amortization of deferred prior service credits

( 156 ) ( 158 ) ( 315 ) ( 311 )

Reclassification of net actuarial loss from settlement charge

Reclassification of deferred prior service cost due to curtailments

— — — ( 531 )

Income tax effect

10 unchanged sentences

5,737 13,383 35,273 ( 46,301 )

Comprehensive loss

Comprehensive income

$ 290,988 $ 203,148 $ 223,372 $ 27,056

3 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended June

Six Months Ended September

(In thousands) 2026 2025

1 unchanged sentence

$ 188,099 $ 73,357

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

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

Depreciation and amortization

5 unchanged sentences

Provision for doubtful accounts

Pension expense in excess of (less than) contributions

Pension expense less than contributions

( 1,030 ) ( 4,258 )

26 unchanged sentences

FINANCING ACTIVITIES

Net increase (decrease) in short-term borrowings

Net increase in short-term borrowings

24,084 489,912

18 unchanged sentences

Other current assets 9,261 11,265

Current assets held-for-sale — 5,000

Other assets 250 124

4 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended June 2026

Three Months Ended September 2026

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

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

— — — — 285,251 285,251

9 unchanged sentences

— — — 11,934 — 11,934

Balance, September 2026 393,568,481 $ 98,392 $ 3,464,049 $ ( 771,778 ) $ ( 757,378 ) $ 2,033,285

Three Months Ended September 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

Three Months Ended June 2025

— — — — 189,765 189,765

Dividends on Common Stock ($ 0.09 per share)

— — ( 35,162 ) — — ( 35,162 )

Stock-based compensation, net 157,238 39 19,052 — ( 1,505 ) 17,586

Foreign currency translation and other

— — — ( 7,228 ) — ( 7,228 )

Defined benefit pension plans

— — — 2,902 — 2,902

Derivative financial instruments

— — — 17,709 — 17,709

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

Continued on next page.

See notes to consolidated financial statements.

7 VF Corporation Q2 FY27 Form 10-Q

VF CORPORATION

Consolidated Statements of Stockholders’ Equity

Six Months Ended September 2026

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

5 unchanged sentences

Stock-based compensation, net

2,053,082 513 46,963 — ( 16,643 ) 30,833

Foreign currency translation and other

4 unchanged sentences

— — — 36,367 — 36,367

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

Balance, September 2026 393,568,481 $ 98,392 $ 3,464,049 $ ( 771,778 ) $ ( 757,378 ) $ 2,033,285

Six Months Ended September 2025

Additional Paid-in Capital Accumulated Other Comprehensive Loss Accumulated Deficit

(In thousands, except share amounts) Shares Amounts Total

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

— — — — 73,357 73,357

Dividends on Common Stock ($ 0.18 per share)

— — ( 70,312 ) — — ( 70,312 )

Stock-based compensation, net

1,017,421 254 40,891 — ( 7,393 ) 33,752

Foreign currency translation and other

— — — 50,334 — 50,334

Defined benefit pension plans

— — — 6,039 — 6,039

Derivative financial instruments

— — — ( 102,674 ) — ( 102,674 )

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

See notes to consolidated financial statements.

17 unchanged sentences

NOTE 14 Reportable Segment Information

NOTE 15 Net Loss Per Share

NOTE 15 Earnings Per Share

NOTE 16 Fair Value Measurements

7 unchanged sentences

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.

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

For presentation purposes herein, all references to periods ended September 2026 and September 2025 relate to the fiscal periods ended on September 26, 2026 and September 27, 2025, respectively.

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

1 unchanged sentence

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

The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet.

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

4 unchanged sentences

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 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”).

Operating results for the three and six months ended September 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”).

Use of Estimates

6 unchanged sentences

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.

Customs and Border Protection must refund IEEPA tariffs that were collected, with interest.

Accordingly, as of March 2026, VF recorded a tariff refund receivable of $ 149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026, which was included in the accounts receivable, net line item in the Consolidated Balance Sheet at March 2026.

In addition, VF recognized $ 93.8 million as a reduction to cost of goods sold in Fiscal 2026 related to inventory sold in Fiscal 2026 on which IEEPA tariffs were paid, such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2026.

Finally, VF recorded an inventory reserve of $ 55.9 million as of March 2026 to offset IEEPA tariffs reflected in inventory on hand at March 2026.

During Fiscal 2027, VF released this reserve as a reduction to cost of goods sold as the related inventory was sold such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2027.

Accordingly, $ 37.3 million of the $ 55.9 million inventory reserve recorded at March 2026 was recognized as a reduction to cost of goods sold in the three months ended June 2026 and the remaining $ 18.6 million was recognized as a reduction to cost of goods sold in the three months ended September 2026.

As of September 2026, VF has received substantially all of the IEEPA tariff receivable and the related interest income and has recognized all of the inventory-related impacts.

NOTE 2 — RECENTLY ISSUED ACCOUNTING STANDARDS

1 unchanged sentence

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

9 VF Corporation Q1 FY27 Form 10-Q

prospectively or retrospectively.

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

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

In September 2025, the FASB issued ASU No.

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

2025-06, “Intangibles — Goodwill and Other — Internal-Use Software

(Subtopic 350-40):

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

3 unchanged sentences

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

VF Corporation Q2 FY27 Form 10-Q 10

In November 2025, the FASB issued ASU No.

21 unchanged sentences

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

(In thousands) June 2026 March 2026 June 2025

(In thousands) September 2026 March 2026 September 2025

Contract assets (a)

4 unchanged sentences

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

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.

For the three and six months ended September 2026, the Company recognized $ 59.1 million and $ 106.4 million, respectively, 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 same 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.

Performance Obligations

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.

As of September 2026, the Company expects to recognize $ 5.7 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 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.

As of September 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.

11 VF Corporation Q2 FY27 Form 10-Q

1 unchanged sentence

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 June 2026

Three Months Ended September 2026

(In thousands) Outdoor Active All Other (a)

9 unchanged sentences

Total $ 1,733,182 $ 700,262 $ 261,688 $ 2,695,132

Three Months Ended June 2025

Three Months Ended September 2025

(In thousands) Outdoor Active All Other (a)

9 unchanged sentences

Total $ 1,663,479 $ 760,750 $ 378,477 $ 2,802,706

Six Months Ended September 2026

(In thousands) Outdoor Active All Other (a)

Channel revenues

Wholesale $ 1,737,326 $ 668,872 $ 291,001 $ 2,697,199

Direct-to-consumer 846,455 691,377 115,784 1,653,616

Royalty 6,380 7,316 — 13,696

Total $ 2,590,161 $ 1,367,565 $ 406,785 $ 4,364,511

Geographic revenues

Americas $ 1,175,301 $ 815,513 $ 227,087 $ 2,217,901

Europe 950,140 418,393 154,363 1,522,896

Asia-Pacific 464,720 133,659 25,335 623,714

Total $ 2,590,161 $ 1,367,565 $ 406,785 $ 4,364,511

VF Corporation Q2 FY27 Form 10-Q 12

Six Months Ended September 2025

(In thousands) Outdoor Active All Other (a)

Channel revenues

Wholesale $ 1,661,937 $ 770,565 $ 468,951 $ 2,901,453

Direct-to-consumer 807,285 677,829 145,410 1,630,524

Royalty 6,723 12,043 12,629 31,395

Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372

Geographic revenues

Americas $ 1,068,447 $ 839,448 $ 373,195 $ 2,281,090

Europe 940,544 474,947 208,427 1,623,918

Asia-Pacific 466,954 146,042 45,368 658,364

Total $ 2,475,945 $ 1,460,437 $ 626,990 $ 4,563,372

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

4 unchanged sentences

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

On November 12, 2025, VF completed the sale of Dickies and received proceeds of $ 600.5 million, net of cash sold.

VF recorded a final pre-tax gain of $ 127.2 million in the year ended March 2026, which included a reduction to the gain to reflect final working capital adjustments of $ 11.9 million 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 associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet.

The Company determined that the sale of Dickies did not represent a strategic shift that would have a major effect on the Company’s operations and financial results, and therefore did not qualify for presentation as a discontinued operation.

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

On November 12, 2025, VF completed the sale of Dickies and received proceeds of $ 600.5 million, net of cash sold.

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.

Under the terms of a transition services agreement, the Company provided certain post-closing accounting, tax, treasury, digital technology, supply chain, legal, customer service and human resource services on a transitional basis.

As of September 2026, the Company is providing limited post-closing treasury services for a period ending no later than the third quarter of Fiscal 2027 and limited digital technology services for a period ending no later than the third quarter of Fiscal 2028.

13 VF Corporation Q2 FY27 Form 10-Q

Summarized Held-for-Sale Financial Information

The following table presents the assets and liabilities of Dickies at September 2025:

(In thousands) September 2025

Cash and cash equivalents $ 5,000

Accounts receivable, net 104,972

Inventories 140,842

Other current assets 11,346

Property, plant and equipment, net 27,530

Intangible assets, net 244,503

Operating lease right-of-use assets 1,092

Other assets 1,222

Total assets held-for-sale $ 536,507

Current portion of long-term debt $ 1,027

Accounts payable 24,243

Current portion of operating lease liabilities 422

Accrued liabilities 30,162

Long-term debt 13,457

Long-term portion of operating lease liabilities 679

Other liabilities 510

Total liabilities held-for-sale $ 70,500

(a) The Dickies reporting unit goodwill was fully impaired as of the third quarter of Fiscal 2024, and accumulated impairment charges were $ 61.8 million.

NOTE 5 — INVENTORIES

(In thousands) June 2026 March 2026 June 2025

(In thousands) September 2026 March 2026 September 2025

Finished products $ 1,949,385 $ 1,337,168 $ 1,815,846

3 unchanged sentences

NOTE 6 — INTANGIBLE ASSETS

June 2026 March 2026

September 2026 March 2026

(In thousands) Weighted

7 unchanged sentences

Intangible assets, net $ 1,460,437 $ 1,467,542

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.

Amortization expense for the three and six months ended September 2026 was $ 2.6 million and $ 5.3 million, respectively.

VF Corporation Q2 FY27 Form 10-Q 14

NOTE 7 — GOODWILL

3 unchanged sentences

Foreign currency translation 201 ( 1,307 ) ( 335 ) ( 1,441 )

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

Balance, September 2026 $ 102,678 $ 337,427 $ 146,159 $ 586,264

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

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

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 September 2026 and March 2026.

No impairment charges w ere recorded during the six months ended September 2026 .

NOTE 8 — LEASES

2 unchanged sentences

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.

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

The components of lease cost were as follows:

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

2 unchanged sentences

Total lease cost $ 139,358 $ 135,329 $ 282,122 $ 268,670

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.

During the six months ended September 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 six months ended September 2026 and 2025, the Company paid $ 225.3 million and $ 207.8 million for operating leases, respectively.

During the six months ended September 2026 and 2025, the Company obtained $ 203.9 million and $ 223.8 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 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.

At September 2026, March

2026 and September 2025, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $ 848.0 million, $ 466.0 million and $ 696.6 million, respectively, due to suppliers that are eligible to participate in the SCF program.

15 VF Corporation Q2 FY27 Form 10-Q

NOTE 10 — PENSION PLANS

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

Three Months Ended June

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

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

2 unchanged sentences

Expected return on plan assets ( 1,439 ) ( 15,039 ) ( 2,904 ) ( 30,046 )

Settlement charge (premium refund) ( 3,089 ) 341 ( 3,089 ) 341

Curtailments — — — ( 531 )

2 unchanged sentences

Deferred prior service credits ( 156 ) ( 158 ) ( 315 ) ( 311 )

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

Net periodic pension cost (income) $ ( 499 ) $ 3,789 $ 2,124 $ 6,629

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

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

During the three months ended September 2026 , VF received a premium refund of $ 3.1 million r elated to the previously completed U.S.

qualified pension plan termination.

The refund reduced the previously estimated non-cash settlement charges and was recorded in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2026 .

The related funds were transferred to a qualified replacement plan managed by the Company which will be used to fund future incremental annual Company contributions to VF's U.S.

401(k) program.

VF has reported the service cost component of net periodic pension cost (income) in operating income and the other components, which include interest cost, expected return on plan assets, settlement charges, premium refunds, 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 $ 3.2 million to its defined benefit plans during the six months ended September 2026, and intends to make approximately $ 11.8 million of contributions during the remainder of Fiscal 2027.

VF recorded a $ 0.3 million settlement charge in the other income (expense), net line item in the Consolidated Statements of Operations for the three and six months ended September 2025 .

The settlement charge 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 valuation 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 Stat ement o f Operations for the six months ended September 2025 , related to employee exits from an international plan resulting from restructuring actions.

NOTE 11 — CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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.

During the six months ended September 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 June 2026, March 2026 or June 2025.

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

VF Corporation Q2 FY27 Form 10-Q 16

Accumulated Other Comprehensive Loss

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.

Comprehensi ve income cons ists of net income 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 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 other comprehensive loss ( “ OC L”) in sto ckholders’ equity, as follows:

(In thousands) June 2026 March 2026 June 2025

(In thousands) September 2026 March 2026 September 2025

Foreign currency translation and other $ ( 768,426 ) $ ( 767,111 ) $ ( 770,855 )

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

Three Months Ended June 2026

Three Months Ended September 2026

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

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

Other comprehensive income (loss) before reclassifications

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

Other comprehensive loss before reclassifications

( 6,309 ) ( 1 ) ( 4,858 ) ( 11,168 )

1 unchanged sentence

— 113 16,792 16,905

Net other comprehensive income

Net other comprehensive income (loss)

( 6,309 ) 112 11,934 5,737

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

Three Months Ended June 2025

Balance, September 2026 $ ( 768,426 ) $ ( 10,905 ) $ 7,553 $ ( 771,778 )

Three Months Ended September 2025

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

Balance, March 2025 $ ( 821,189 ) $ ( 180,047 ) $ 23,496 $ ( 977,740 )

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

Other comprehensive income (loss) before reclassifications

4 unchanged sentences

( 7,228 ) 2,902 17,709 13,383

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

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

Six Months Ended September 2026

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

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

Other comprehensive income (loss) before reclassifications ( 1,315 ) ( 4 ) 4,940 3,621

Amounts reclassified from accumulated other comprehensive loss — 225 31,427 31,652

Net other comprehensive income (loss) ( 1,315 ) 221 36,367 35,273

Balance, September 2026 $ ( 768,426 ) $ ( 10,905 ) $ 7,553 $ ( 771,778 )

17 VF Corporation Q2 FY27 Form 10-Q

Six Months Ended September 2025

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

Balance, March 2025 $ ( 821,189 ) $ ( 180,047 ) $ 23,496 $ ( 977,740 )

Other comprehensive income (loss) before reclassifications 50,334 ( 855 ) ( 91,133 ) ( 41,654 )

Amounts reclassified from accumulated other comprehensive loss — 6,894 ( 11,541 ) ( 4,647 )

Net other comprehensive income (loss) 50,334 6,039 ( 102,674 ) ( 46,301 )

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

Reclassifications out of accumulated OCL were as follows:

(In thousands) Three Months Ended June

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

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

2026 2025 2026 2025

Amortization of defined benefit pension plans:

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Other income (expense), net 156 158 315 311

Pension settlement charge

Other income (expense), net — ( 341 ) — ( 341 )

Pension curtailment gains

4 unchanged sentences

38 1,290 77 2,350

( 113 ) ( 3,767 ) ( 225 ) ( 6,894 )

Gains (losses) on derivative financial instruments:

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Incentive Equity Awards Granted

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.

During the six months ended September 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.

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All o ptions have ten-year terms.

VF Corporation Q2 FY27 Form 10-Q 18

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

Six Months Ended September 2026

Expected volatility 45 % to 61 %

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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.

During the six months ended September 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 fair market value of VF Common Stock at the date the units were granted was $ 16.70 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.

During the six months ended September 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.

In addition, VF granted 2,452,856 nonperformance-based RSUs to employees during the six months ended September 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.

The weighted average fair market value of VF Common Stock at the dates the units were granted was $ 16.65 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 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 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.

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.

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

NOTE 13 — INCOME TAXES

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.

The effective income tax rate for the six months ended September 2026 was 21.6 % compared to 48.2 % in the 2025 period.

The six months ended September 2026 included a net discrete tax benefit of $ 4.4 million, w hich was comprised primarily of changes to unrecognized tax benefits and interest.

Excluding the $ 4.4 million net discrete tax benefit in t he 2026 period, the effective income tax rate would have be en 23.5 %.

T he six months ended September 2025 included a net discrete tax expense of $ 2.5 million, w hich was comprised primarily of a

$ 5.6 million tax expense related to stock compensation and a $ 3.1 million net tax benefit related to unrecognized tax benefits and interest.

Excluding the $ 2.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 46.5 %.

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.

Without discrete items, the effective income tax rate for the six months ended September 2026 decreased by 23.0 % compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.

NOTE 14 — REPORTABLE SEGMENT INFORMATION

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

19 VF Corporation Q2 FY27 Form 10-Q

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.

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

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

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.

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.

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

Segment assets are those used directly in or resulting from the operations of each business, which are accounts receivable and 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 June 2026

Three Months Ended September 2026

(In thousands) Outdoor Active Total

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Other segment items (a)

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

Segment profit 362,205 50,267 412,472

Corporate and other expenses ( 74,563 )

Interest expense, net ( 23,693 )

“All Other” loss

Loss before income taxes $ ( 106,892 )

“All Other” profit

Income before income taxes $ 346,931

(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.

Three Months Ended June 2025

VF Corporation Q2 FY27 Form 10-Q 20

Three Months Ended September 2025

(In thousands) Outdoor Active Total

6 unchanged sentences

Other segment items (a)

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

Segment profit 300,740 65,748 366,488

Corporate and other expenses ( 95,672 )

1 unchanged sentence

“All Other” profit

Loss before income taxes $ ( 126,593 )

Income before income taxes $ 268,281

Six Months Ended September 2026

(In thousands) Outdoor Active Total

Reportable segment revenues $ 2,590,161 $ 1,367,565 $ 3,957,726

“All Other” revenues

Total revenues 4,364,511

Cost of goods sold 1,197,781 566,068

Marketing expenses 214,373 117,252

Other SG&A expenses 858,379 586,692

Other segment items (a)

Segment profit 320,587 97,676 418,263

Corporate and other expenses

Interest expense, net

“All Other” profit

Income before income taxes $ 240,039

21 VF Corporation Q2 FY27 Form 10-Q

(In thousands) June 2026 March 2026 June 2025

Six Months Ended September 2025

(In thousands) Outdoor Active Total

Reportable segment revenues $ 2,475,945 $ 1,460,437 $ 3,936,382

“All Other” revenues

Total revenues 4,563,372

Cost of goods sold 1,208,427 623,135

Marketing expenses 191,581 117,313

Other SG&A expenses 821,611 598,254

Other segment items (a)

Segment profit 258,470 122,586 381,056

Corporate and other expenses ( 200,232 )

Interest expense, net

“All Other” profit

Income before income taxes $ 141,688

(In thousands) September 2026 March 2026 September 2025

Segment assets:

9 unchanged sentences

Other assets 1,587,334 1,616,515 1,818,974

Assets held-for-sale — — 536,507

Consolidated assets $ 9,958,121 $ 9,290,177 $ 10,644,124

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

5 unchanged sentences

$ 58,357 $ 69,802 $ 116,143 $ 134,164

NOTE 15 — NET LOSS PER SHARE

Three Months Ended June

VF Corporation Q2 FY27 Form 10-Q 22

NOTE 15 — EARNINGS PER SHARE

Three Months Ended September Six Months Ended September

(In thousands, except per share amounts) 2026 2025 2026 2025

Net loss per common share – basic:

Earnings per common share – basic:

$ 285,251 $ 189,765 $ 188,099 $ 73,357

1 unchanged sentence

393,369 390,648 392,738 390,336

Net loss per common share

Earnings per common share

$ 0.73 $ 0.49 $ 0.48 $ 0.19

Net loss per common share – diluted:

Earnings per common share – diluted:

$ 285,251 $ 189,765 $ 188,099 $ 73,357

2 unchanged sentences

Incremental shares from stock options and other dilutive securities

6,311 3,338 7,309 2,707

Adjusted weighted average common shares outstanding

399,680 393,986 400,047 393,043

Net loss per common share

Earnings per common share

$ 0.71 $ 0.48 $ 0.47 $ 0.19

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

Outstanding stock options and other potentially dilutive securities of 8.9 million and 9.1 million shares were excluded from the cal culations of diluted earnings per share for the three and six -month periods ended September 2026 , respectively, and 15.6 million and 16.1 million shar es were excluded from the calculations of diluted earnings per share for the three and six -month periods ended September 2025 , respectively, because the effect of their inclusion would have been anti-dilutive to those periods.

In add ition, 2.0 million and 1.7 million s hares of performance-based RSUs and RSUs with a total shareholder return component were excluded from the calculations of diluted earnings per share for the three and six -month periods ended September 2026 , respectively, and 2.6 million and 2.3 million shares were excluded from the calculations of diluted earnings per share for the three and six-month periods ended September 2025 , respectively, because these units were not considered to be contingent outstanding shares in those periods.

NOTE 16 — FAIR VALUE MEASUREMENTS

8 unchanged sentences

These inputs would normally be VF’s own data and judgments about assumptions that market participants would use in pricing the asset or liability.

23 VF Corporation Q2 FY27 Form 10-Q

Recurring Fair Value Measurements

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(In thousands) Level 1 Level 2 Level 3

September 2026

Financial assets:

20 unchanged sentences

Contingent consulting fees 6,534 — — 6,534

(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

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

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

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

6 unchanged sentences

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.

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Fees related to this contract could be up t o $ 146.0 million, which includes $ 71.0 million of fixed fees and $ 75.0 million of conti ngent fees tied to increases in VF’s stock price.

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

The contingent fees are accounted for under Accounting Standards Codification Topic 718 — Stock

VF Corporation Q2 FY27 Form 10-Q 24

Compensation as a liability award to a non-employee.

Accordingly, VF has utilized the Monte Carlo valuation model (Level 3) to estimate the fair value of the award at its inception, and will adjust such fair value on a quarterly basis over the measurement period, which concludes on June 30, 2027.

Changes in the fair value are recognized in the SG&A expenses line item in the Consolidated Statements of Operations over the

relevant service period, which concluded in the third quarter of Fiscal 2026.

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.

As of September 2026, the total fair value of the remaining contingent fees was $ 2.1 million, with reductions in SG&A expense of $ 4.2 million and $ 4.5 million recognized during the three and six months ended September 2026, respectively.

During the six months ended September

2025, $ 20.0 million of contingent fees were paid to the consulting firm.

As of September 2025, the total fair value of the remaining contingent fees was $ 6.7 million, with $ 2.7 million and $ 1.7 million recognized in the three and six months ended September 2025, respectively.

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 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.

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

Additionally, at September 2026 and March 2026, the carrying values of VF’s long-term debt, including the current portion, were $ 3,504.4 million and $ 3,519.9 million, respectively, compared with fair values of $ 3,241.7 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.

1 unchanged sentence

Summary of Derivative Financial Instruments

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

All of VF’s outstanding derivative financial instruments at September 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 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.

The notional amounts of all outstanding foreign currency exchange forward contracts were $ 3.3 billion at September 2026

and $ 3.1 billion at both March 2026 and September 2025, consisting primarily of contracts hedging exposures 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.

These derivative contracts have maturities up to 20 months.

VF Corporation Q1 FY27 Form 10-Q 20

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

Fair Value of Derivatives

with Unrealized Gains Fair Value of Derivatives

with Unrealized Losses

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

Fair Value of Derivatives with Unrealized Gains Fair Value of Derivatives with Unrealized Losses

(In thousands) September 2026 March 2026 September 2025 September 2026 March 2026 September 2025

Derivatives Designated as Hedging Instruments:

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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:

June 2026 March 2026 June 2025

September 2026 March 2026 September 2025

(In thousands) Derivative

9 unchanged sentences

$ 39,462 $ ( 17,164 ) $ 16,461 $ ( 36,270 ) $ 9,410 $ ( 82,031 )

25 VF Corporation Q2 FY27 Form 10-Q

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

(In thousands) June 2026 March 2026 June 2025

(In thousands) September 2026 March 2026 September 2025

Derivative Instruments Balance Sheet Location

5 unchanged sentences

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

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:

(In thousands) Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Three Months Ended June

Three Months Ended September Gain (Loss) on Derivatives

Recognized in Accumulated OCL

Six Months Ended September

Cash Flow Hedging Relationships 2026 2025 2026 2025

Foreign exchange contracts $ ( 6,009 ) $ 20,842 $ 5,401 $ ( 110,448 )

21 VF Corporation Q1 FY27 Form 10-Q

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

Three Months Ended June

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

Three Months Ended September

Gain (Loss) Reclassified from Accumulated OCL into Net Income

Six Months Ended September

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

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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 months ended June 2026 and June 2025.

Other Derivative Information

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.

At September 2026, accumulated OCL includ ed $ 13.0 million of pre-tax net deferred losses for foreign currency exchange

contracts that are expected to be reclassified to earn ings during the next 12 months.

The amounts ultimately reclassified to earnings will depend on exchange rates in effect when outstanding derivative contracts are settled.

Net Investment Hedge

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

The Company has designated its euro-denominated fixed-rate notes, which represent ed € 1.5 billion in aggregate principal as of September 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-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.

During the three and six- month periods ended September 2026, the Company recognized an after-tax loss of $ 0.2 million and an after-tax gain of $ 13.6 million, respectively, i n other comprehensive income (loss) related to the net investment hedge transaction and an after-tax gain of $ 4.3 million and an after-tax loss of $ 130.1 million f or the three and six-month periods ended September 2025, respectively.

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

VF Corporation Q2 FY27 Form 10-Q 26

NOTE 18 — RESTRUCTURING

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

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.

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

These amounts are included in

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

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

During the six months ended September 2026, $ 2.4 million of cash payments related to the Reinvent charges were made.

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

Three Months Ended September Six Months Ended September Cumulative Charges (Gains)

(In thousands) 2026 2025 2026 2025

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Accelerated depreciation Cost of goods sold — 322 — 322 339

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

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.

Total Reinvent Restructuring Charges (Gains) $ — $ 4,101 $ ( 11,203 ) $ 21,569 $ 193,804

All restructuring charges (gains) related to Reinvent rec ognized in the three and six months ended September 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 Statements of Operations for the three months ended June 2026 and 2025 were as follows:

Three Months Ended June

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

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

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Total Other Restructuring Charges $ 6,455 $ 788 $ 8,863 $ 788

27 VF Corporation Q2 FY27 Form 10-Q

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

Three Months Ended June

Three Months Ended September Six Months Ended September

(In thousands) 2026 2025 2026 2025

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Total $ 6,455 $ 788 $ 8,863 $ 788

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 three-month period ended June 2026 was as follows:

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

(In thousands) Severance

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Impact of foreign currency 59

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.

Accrual at September 2026 $ 24,607

Of the total restructuring accrual at September 2026, $ 22.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities.

The remaining $ 1.7 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.

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

NOTE 19 — CONTINGENCIES

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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.

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.

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

On August 14, 2026, VF filed its reply in further support of the 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.

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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.

On October 21, 2026, VF ’ s Board of Directors declared a quarterly cash dividend of $ 0.09 per share, payable on December 17, 2026 to stockholders of record on December 10, 2026.

VF Corporation Q2 FY27 Form 10-Q 28

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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.

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

For presentation purposes herein, all references to periods ended September 2026 and September 2025 relate to the fiscal periods ended on September 26, 2026 and September 27, 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.

References to the three and six months ended September 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and six months ended September 2025 when translating foreign currencies into U.S.

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

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

The Company determined that the associated assets and liabilities met the held-for-sale accounting criteria and they were classified accordingly in the September 2025 Consolidated Balance Sheet.

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

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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.

All references to the impact of Dickies divestiture below represent Dickies revenue recognized in the three and six months ended September 2025.

RECENT DEVELOPMENTS

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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.

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 first quarter of Fiscal 2027.

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.

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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.

Customs and Border Protection must refund IEEPA tariffs that were collected, with

Accordingly, as of March 2026, VF recorded a tariff refund receivable of $149.7 million related to tariffs paid under IEEPA from April 2025 until February 20, 2026, which was included in the accounts receivable, net line item in the Consolidated Balance Sheet at March 2026.

In addition, VF recognized $93.8 million as a reduction to cost of goods sold in Fiscal 2026 related to inventory sold in Fiscal 2026 on which IEEPA tariffs were paid, such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2026.

Finally, VF recorded an inventory reserve of $55.9 million as of March 2026 to offset IEEPA tariffs reflected in inventory on hand at March 2026.

During Fiscal 2027, VF released this reserve as a reduction to cost of goods sold as the related inventory was sold such that the IEEPA tariffs had no net impact on gross margin in Fiscal 2027.

Accordingly, $37.3 million of the $55.9 million inventory reserve recorded at March 2026 was recognized as a reduction to cost of goods sold in the three months ended June 2026 and the remaining $18.6 million was recognized as a reduction to cost of goods sold in the three months ended September 2026.

As of September 2026, VF has received substantially all of the IEEPA tariff receivable and the related interest income and has recognized all of the inventory-related impacts.

VF has a diversified sourcing country mix.

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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.

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.

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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.

29 VF Corporation Q2 FY27 Form 10-Q

SUMMARY OF THE SECOND QUARTER OF FISCAL 2027

• Revenues decreased 4% to $2.7 billion compared to the three months ended September 2025, including a 5% unfavorable impact from the divestiture of Dickies.

• Outdoor segment reven ues increased 4% to $1.7 billion compared to the three months ended September 2025.

• Acti ve segment revenues decreased 8% to $700.3 million compared to the three months ended September 2025.

• Wholesale reven ues decreased 6% compared to the three months ended September 2025, including a 6% unfavorable impact from the divestiture of Dickies.

• Direct-to-consumer rev enues increased 1% compared to the three months ended September 2025, including a 2% unfavorable impact from the divestiture of Dickies.

• International revenue s decreased 5% compared to the three months ended September 2025, including a 3% unfavorable impact from the divestiture of Dickies.

• Revenues i n the Americas region decreased 2% compared to the three months ended September 2025, including an 8% unfavorable impact from the divestiture of Dickies.

• Gross margi n increased 320 basis points to 55.4% compared to the three months ended September 2025, primarily due to t h e divestiture of Dickies, favorable foreign currency impacts, tactical price increases, lower product costs and channel mix.

• Earnings per share was $0.71 compared to $0.48 in the 2025 period.

The increase in earnings per share was primarily driven by increased profitability in the Outdoor segment, lower net interest expense, a lower tax rate in the current year and lower charges related to Reinvent (VF ’ s transformation program) during the three months ended September 2026 compared to the three months ended September 2025 .

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

The following table presents a summary of the changes in revenues for the three and six months ended September 2026 from the comparable periods in 2025:

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

Revenues — 2025 $ 2,802.7 $ 4,563.4

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Revenues — 2026 $ 2,695.1 $ 4,364.5

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.

VF report ed a 4% decrease in revenues for both the three and six months ended September 2026, compared to the 2025 periods, including a 1% favorable impact from forei gn currency in the six months ended September 2026.

The decreases in revenues in both periods were primarily due to the Dickies divestiture in the third quarter of Fiscal 2026, which had an unfavorable impact of 5% in both the three and six months ended September 2026.

The decreases were also due to declines in wholesale revenues in the Active segment in both the three and six months ended September 2026.

The decreases were partially offset by

increases in revenues in the Outdoor segment in both the three and six months ended September 2026.

In both the three and six months ended September 2026, revenues decreased across all regions.

Excluding the impact of the Dickies divestiture, revenues increased in the Americas region and decreased in the Europe and Asia-Pacific regions.

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

Three Months Ended September Six Months Ended September

2026 2025 2026 2025

Gross margin (revenues less cost of goods sold) 55.4 % 52.2 % 55.2 % 52.8 %

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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.

Gross margin increased 320 an d 240 basis points in the three and six months ended September 2026, respectively, compared to the 2025 periods, primarily due to the divestiture of Dickies, tactical price increases, lower product costs and channel mix.

The increase in the three months ended September 2026 was also due to favorable foreign currency impacts.

Selling, general and administrative expe nses as a percentage of tot al revenues increased 70 and 80 basis points during the three and six months ended September 2026, respectively, compared to the 2025 periods, reflecting lower leverage of operating expenses due to decreased revenues.

Selling, general and administrative expenses decreased $25.1 million and $60.6

VF Corporation Q2 FY27 Form 10-Q 30

million in the three and six months ended September 2026, respectively, compared to the 2025 periods, primarily due to the divestiture of Dickies, lower Reinvent restructuring charges and project-related costs, and structural cost savings.

The decreases in both periods were partially offset by increased advertising and direct-to-consumer costs.

Net interest expen s e decreased $22.5 million and $39.0 million during the three and six months ended September 2026, respectively, compared to the 2025 periods, 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 , and interest received on IEEPA tariff refunds, which totaled $4.1 million and $5.6 million in the three and six months ended September 2026, respectively.

T otal outstanding debt averaged $3.7 billion in the six months ended September 2026 and $4.6 billion in the same period in 2025, with weighted average interest rates of 2.9% and 3.3% in the six months ended September 2026 and 2025, respectively.

The effective income tax rate for the six months ended September 2026 was 21.6% comp ared to 48.2% in the 2025 period.

The six months ended September 2026 included a net

discrete tax benefit of $4.4 million , which was comprised primarily of changes to unrecognized tax benefits and interest.

Excluding the $4.4 million net discrete tax benefit in the 2026 period, the effective income tax rate would have been 23.5%.

The six months ended September 2025 included a net discrete tax expense of $2.5 million, w hich was comprised primarily of a $5.6 million tax expense related to stock compensation and a $3.1 million net tax benefit related to unrecognized tax benefits and interest.

Excluding the $2.5 million net discrete ta x expense in the 2025 period, the effective income tax rate would have been 46.5%.

Without discrete items, the effective income tax rate for the six months ended September 2026 decreased by 23.0% compared with the 2025 period primarily due to changes in the jurisdictional mix of earnings.

As a result of the above, net income in the three months ended September 2026 w as $285.3 million ($0.71 per dilut ed share) compared to $189.8 million ($0.48 per diluted share) in the 2025 period, and net income in the six months ended September 2026 w as $188.1 million ($0.47 per diluted share) compare d to $73.4 million ($0.19 per diluted share) in the 2025 period.

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

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

Segment profit (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

Segment profit

comprises the operating income 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 income before income taxes.

The following tables present a summary of the changes in revenues and segme nt profit in th e three and six months ended September 2026 from the comparable periods in 2025 and revenues by region for our Top 3 brands for the three and six months ended September 2026 and 2025:

Three Months Ended September

(In millions) Outdoor Segment Active Segment All Other Total

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Revenues — 2026 $ 1,733.2 $ 700.3 $ 261.7 $ 2,695.1

Six Months Ended September

(In millions) Outdoor Segment Active Segment All Other Total

Revenues — 2025 $ 2,475.9 $ 1,460.4 $ 627.0 $ 4,563.4

Organic 94.2 (100.6) 33.1 26.5

Impact of Dickies divestiture — — (253.5) (253.5)

Impact of foreign currency 20.1 7.8 0.2 28.1

Revenues — 2026 $ 2,590.2 $ 1,367.6 $ 406.8 $ 4,364.5

Amounts may not sum due to rounding.

31 VF Corporation Q2 FY27 Form 10-Q

Segment Profit (Loss):

Three Months Ended June

Segment Profit:

Three Months Ended September

(In millions) Outdoor Segment Active Segment Total

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

Segment profit — 2025 $ 300.7 $ 65.7 $ 366.5

Organic 59.8 (14.4) 45.4

Impact of foreign currency 1.7 (1.0) 0.6

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

Segment profit — 2026 $ 362.2 $ 50.3 $ 412.5

Six Months Ended September

(In millions) Outdoor Segment Active Segment Total

Segment profit — 2025 $ 258.5 $ 122.6 $ 381.1

Organic 59.4 (24.4) 35.0

Impact of foreign currency 2.7 (0.5) 2.2

Segment profit — 2026 $ 320.6 $ 97.7 $ 418.3

Amounts may not sum due to rounding.

Top Brand Revenues:

Three Months Ended June 2026

Three Months Ended September 2026

(In millions) The North Face ®

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Global $ 1,207.3 $ 547.6 $ 525.9 $ 2,280.8

Three Months Ended June 2025

Three Months Ended September 2025

(In millions) The North Face ®

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Global $ 1,157.1 $ 606.9 $ 506.4 $ 2,270.4

Six Months Ended September 2026

(In millions) The North Face ®

Americas $ 776.4 $ 632.9 $ 399.0 $ 1,808.3

Europe 638.4 279.4 311.8 1,229.6

Asia-Pacific 383.5 95.1 81.2 559.8

Global $ 1,798.2 $ 1,007.4 $ 791.9 $ 3,597.5

Six Months Ended September 2025

(In millions) The North Face ®

Americas $ 717.8 $ 663.8 $ 350.7 $ 1,732.3

Europe 623.6 328.5 317.0 1,269.1

Asia-Pacific 373.1 112.6 93.8 579.5

Global $ 1,714.5 $ 1,104.9 $ 761.4 $ 3,580.8

Amounts may not sum due to rounding.

VF Corporation Q2 FY27 Form 10-Q 32

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

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Outdoor Segment

Three Months Ended June

Three Months Ended September Six Months Ended September

(Dollars in millions) 2026 2025 Percent

Change 2026 2025 Percent

Segment revenues $ 1,733.2 $ 1,663.5 4.2 % $ 2,590.2 $ 2,475.9 4.6 %

Segment loss (41.6) (42.3) 1.5 %

Segment profit 362.2 300.7 20.4 % 320.6 258.5 24.0 %

Segment profit margin 20.9 % 18.1 % 12.4 % 10.4 %

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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.

Global revenues for Outdoor increased 4% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six m onths ended September 2026 .

Revenues in the Americas regio n increased 10% in both the three and six months ended September 2026.

Revenues in the Europe region increased 1% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in the three months ended September 2026.

Revenues in the Asia-Pacific region decreased 3% and remained flat in the three and six months ended September 2026, respectively, including a 4% favorable impact from foreign currency in both periods.

Global revenues for The North Face ® brand increased 4% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026.

Revenue growth in both the three and six months ended September 2026 was primarily driven by growth in the Americas region, which increased 8% in both the three and six months ended September 2026.

Revenues in the Europe region increased 2% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in both periods.

Revenues in the Asia-Pacific region increased 1% and 3% in the three and six months ended September 2026, respectively, including a 5% favorable impact from foreign currency in both periods.

Global revenues for the Timberland ® brand increased 4% in both the three and six months ended September 2026 compared to the 2025 periods, driven by growth in the Americas region in both periods.

Revenues in the Americas region increased 15% and

14% in the three and six months ended September 2026, respectively, including a 1% favorable impact from foreign currency in the six months ended September 2026.

Revenues in the Europe region decreased 1% and 2% in the three and six months ended September 2026, respectively, including a 2% and 1% unfavorable impact from foreign currency in the respective periods.

Revenues in the Asia-Pacific region decreased 21% and 13% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact from foreign currency in the six months ended September 2026.

Global direct-to-consumer revenues for Outdoor increased 2% and 5% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026.

The increases in both the three and six months ended September 2026 were primarily driven by growth in The North Face ® brand in the Americas region.

Global wholesale revenues increased 5% and 4% in the three and six months ended September 2026, respectively, compared to the 2025 periods.

The increases in both the three and six months ended September 2026 were primarily driven by increases in The North Face ® brand across all regions and increases in the Timberland ® brand in the Americas region.

Segment profit margin increased in both the three and six months ended September 2026 compared to the 2025 periods, reflecting higher gross margin in both periods, primarily driven by tactical price increases and lower product costs.

The increase in gross margin in the three months ended September 2026 was also due to favorable foreign currency impacts.

The increase in segment profit margin was partially offset by high er direct-to-consumer and advertising costs in both periods.

33 VF Corporation Q2 FY27 Form 10-Q

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

Three Months Ended September Six Months Ended September

(Dollars in millions) 2026 2025 Percent

Change 2026 2025 Percent

Segment revenues $ 700.3 $ 760.8 (8.0 %) $ 1,367.6 $ 1,460.4 (6.4 %)

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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

Global revenues for Ac tive decreased 8% and 6% in th e three and six months ended September 2026, respectively, compared to the 2025 periods, incl uding a 1% favorable impact from foreign currency in the six months ended September 2026 .

Revenues in the Europe region decreased 13% and 12% in the three and six months ended September 2026, respectively, including a 2% unfavorable impact from foreign currency in the three months ended September 2026.

Revenues in the Americas re gion decreased 5% and 3% in the three and six months ended September 2026, respectively.

Revenues in the Asia-Pacific region decreased 12% and 8% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 1% favorable impact from foreign currency in the six months ended September 2026.

Vans ® brand global reve nues decreased 10% and 9% in the three and six months ended September 2026, respectively, compared to the 2025 periods .

The overal l declines in both periods we re primarily impacted by decreases across the Europe and Americas regions.

Revenues in the Europe region decreased 15% in both the three and six months ended September 2026, including a 1% unfavorable impact f rom foreign currency in the three months ended September 2026 .

R evenues in the Americas region decreased 6% and 5% in the three and six months ended

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

Revenues in the Asia-Pacific r egion decreased 18% and 16% in the three and six months ended September 2026 , respectively.

Global direct-to-consumer r evenues for Ac tive increased 3% and 2% in the three and six months ended September 2026 , respectively, compared to the 2025 periods, primarily driven by increases in the Vans ® brand in the Americas region in both periods.

Global who lesale reve nues decreased 18% and 14% in the three and six months ended September 2026, respectively.

T he decreases were primarily due to decreases in the Vans ® brand in the Europe and Americas regions in both periods.

Segmen t profit margi n decreased in both t he three and six months ende d September 2026 compared to the 2025 periods, primarily due to lower leverage of operating expenses due to decrease d revenues.

The decreases in segment profit margin were partially offset by higher gross margins, which were primarily due to channel mix in both periods, favorable foreign currency impacts in the three months ended September 2026 and lower discounts in the six months ended September 2026 .

Three Months Ended September Six Months Ended September

(Dollars in millions) 2026 2025 Percent

Change 2026 2025 Percent

Revenues $ 261.7 $ 378.5 (30.9 %) $ 406.8 $ 627.0 (35.1 %)

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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.

Global “All Other ” r e venues decreased 31% and 35% in the three and six months ended September 2026, respectively, compared to the 2025 periods.

Revenues in the Americas region decreased 34% and 39% in the three and six months ended September 2026, respectively.

Revenues in the Europe region decreased 25% and 26% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact from foreign currency in the three months ended September 2026.

Revenues in the Asia-Pacific region decreased 38% and 44% in the three and six months ended September 2026, respectively, including a 1% favorable impact from foreign currency in both periods.

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.

Other” revenues increased 10% and 9% in the three and six months ended September 2026, respectively, compared to the 2025 periods .

Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 17% and 16% i n the three and six months ended September 2026, respectively, and revenues in the Asia-Paci fic region increased 26% and 23% in the three and six months ended September 2026, respectively, including a 2% and 3% favorable impact from foreign currency in the respective periods.

Excluding t he impact of the Dickies divestiture, revenues in the Europe region remained flat and decreased 2% in the three and six months ended September 2026, respectively, including a 1% unfavorable impact fr om foreign currency in the three months ended September 2026 .

VF Corporation Q2 FY27 Form 10-Q 34

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:

Reconciliation of Segment Profit to Income Before Income Taxes

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

Three Months Ended September Six Months Ended September

(Dollars in millions) 2026 2025 Percent

Change 2026 2025 Percent

Corporate and other expenses $ 74.6 $ 95.7 (22.1 %) $ 147.2 $ 200.2 (26.5 %)

Interest expense, net 23.7 46.2 (48.7 %) 48.3 87.3 (44.7 %)

“All Other” profit (loss)

*Calculation not meaningful

“All Other” profit

32.7 43.7 (25.1 %) 17.3 48.2 (64.2 %)

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.

The decreases in corporate and other expenses for the three and six months ended September 2026 were primarily due to lowe r Reinvent restructuring charges and project-related costs,

including the gain on sale of a distribution center in the six months ended September 2026 , and structural cost savings in both periods.

The decr eases in “All Other” profit for both the three and six months ended September 2026 were due to lower gross margin related to the Dickies divestiture and increased advertising costs.

The decrease in the three months ended September 2026 was partially offset by favorable 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.

International revenues decreased 5% and 4% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 2% favorable impact from foreign currency in the six months ended September 2026 and a 3% unfavorable impact from the divestit ure of Dickies in both periods .

Revenues in the Europe region decreased 6% in both the three and six months ended September 2026, including a 1% unfavorable impact from foreign currency in the three months ended September 2026 and a 4% and 3% unfavorable im pact from the divestiture of Dickies in the respective periods .

In the Asia-Pacific region, r evenues decreased 7% and 5% in the three and six months ended September 2026, respectively, including a 3% favorable impact from foreign currency in both periods and a 3% unfavorable impact from the divestiture of Dickies in both

Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 5% and 3% in the three and six months ended September 2026, respectively, including a 4% favorable imp act from foreign currenc y in both periods and a 3% and 4% unfavorable impact from the divestiture of Dickies in the respective periods .

Revenues in the Americas (non-U.S.) regi on increased 4% and 8% in the three and six months ended September 2026, respectively, including a 2% and 4% favorable impact from foreign currency in the respective periods and a 2% unfavorable impact from the divestiture of Dickies in both periods.

Inte rnational revenu es were 58% and 59% of total revenues in the three-month periods ended September 2026 and 2025, respectively, an d 56% of total rev enues in both the six -month periods ended September 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.

Direct-to-consumer rev enues increased 1% in both the three and six months ended September 2026 compared to the 2025 periods, including a 2% and 4% unfavorable impact from the divestiture of Dickies in the respective periods .

VF ’ s digital bus ines s increased 2% and 3% during the three and six months ended September 2026, respectively, including a 1% favorable im pact from foreign currency in the six months ended September 2026 and a 6% and 7% unfavorable imp act from the divestiture of Dickies in the respective periods .

Th e increase in both the three and six months ended September 2026 was primarily du e to increased digital revenues in the Americas region.

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

There were 1,095 VF-operated retail stores at September 2026 compared to 1,105 at September 2025.

Direct-to-consumer revenues were 34% and 32% of total revenues in the three-month periods ende d September 2026 and 2025, respectively, and 38% and 36% of total revenues in the six -month periods ende d September 2026 and 2025, respectively.

35 VF Corporation Q2 FY27 Form 10-Q

Wholesale r evenues decreased 6% and 8% in the three and six months ended September 2026, respectively, compared to the 2025 periods, including a 6% and 7% unfavorable impact from the divestiture of Dickie s in the respective periods.

Th e decreases in both the three and six months ended September 2026 were primarily drive n by declines in the Americas and Europe regions.

Wholesale revenues we re 66% and 68% of total revenues in the three-month periods ended September 2026 and 2025, respectively, a nd 62% and 64% of total revenues in the six -month periods ended September 2026 and 2025, respectively.

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.

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

• Increase in accounts receivable — primarily due to the seasonality of the business and the timing of collections, partially offset by 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.

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

• 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.

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

• Increase in inventories — primarily due to planned inventory purchases and anticipated sales growth in the second half of Fiscal 2027.

• 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.

qualified pension plan in the fourth quarter of Fiscal 2026 .

• Decrease in short-term borrowings — primarily due to lower borrowings under VF’s $1.5 billion senior secured asset based revolving credit facility (the “ABL Credit Facility”) as of September 2026.

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

• Decrease in accrued liabilities — primarily due to a decrease in derivative liabilities, lower accrued income taxes 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.

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

(Dollars in millions) June 2026 March 2026 June 2025

(Dollars in millions) September 2026 March 2026 September 2025

Working capital $1,501.5 $1,828.3 $1,360.1

1 unchanged sentence

Net debt to total capital 69.2% 69.2% 79.4%

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.

The decrease in working capital and the current ratio at September 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, 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 and accounts receivable balances, as discussed in the “Consolidated Balance Sheets” section above, partially offset by lower cash balances.

The increase in working capital and the current ratio at September 2026 compared to September 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 assets held-for-sale in September 2025 in connection with the divestiture of Dickies.

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

The net debt to total capital ratio at September 2026 compared to March 2026 remained flat.

The decrease in the net debt to total capital ratio

VF Corporation Q2 FY27 Form 10-Q 36

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

at September 2026 compared to September 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 September 2026 compared to September 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 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.

VF’s additional sources of liquidity include available borrowing capacity against its $1.5 billion ABL Credit Facility , available cash balances and international lines of credit.

In summary, our cash flows were as follows:

Three Months Ended June

Six Months Ended September

(In thousands) 2026 2025

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

The decrease in cash used by operating activities in the six months ended September 2026 compared to September 2025 was primarily due to an increase in net income, 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.

The increase in cash used by investing activities in the six months ended September 2026 was primarily due to final working capital adjustments paid for the sale of Dickies of $11.9 million in the six months ended September 2026 and an increase in capital expenditures of $23.9 million in the six months ended September 2026 compared to the 2025 period.

The increase in cash used by investing activities was partially offset by an increase in proceeds from the sale of assets of $21.7 million, primarily due to the sale of a distribution center in the six months ended September 2026.

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 .

The increase in cash used by financing activities during the six months ended September 2026 was primarily due to a $465.8 million net decrease in short-term borrowings in the six months ended September 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 did not purchase shares of its Common Stock in the open market during the six months ended September 2026 or the six months ended September 2025 under the share repurchase program authorized by VF’s Board of Directors.

As of the end of September 2026, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization.

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

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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.

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.

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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

37 VF Corporation Q2 FY27 Form 10-Q

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.

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

As of September 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 September 2026.

As of September 2026, the Company had $25.0 million in 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 September 2026.

Availability under the ABL Credit Facility was $1.47 billion as of September 2026, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.

VF h as $82.5 million o f international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks.

Total outstanding balances under these arrangements wer e $9.2 million at September 2026 .

Additionally, VF had $443.0 million of unrestricted cash and cash equivalents at September 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.

At September 2026, March 2026 and September 2025, the accounts payable line item in VF’s Consolidated Balance Sheets included total outstanding obligations of $848.0 million, $466.0 million and $696.6 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.

At the end of September 2026, VF’s long-term debt ratings wer e ‘BB’ by Standard & Poor’s (“S&P”) Global Ratings and ‘Ba2’ by

Moody’s Investors Service (“Moody’s”).

VF’s credit rating outlook w as ‘positive’ by S&P and ‘stable’ by Moody’s at the end of September 2026.

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

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

The Company paid cash dividends of $0.09 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.

The Company paid cash dividends of $0.09 and $0.18 per share during the three and six months ended September 2026, respectively, and the Company declared a cash divid end of $0.09 per share that is payable in the third quarter of Fiscal 2027.

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

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Management’s Discussion and Analysis in the Fiscal 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.

As of September 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 $606.0 million at the end of September 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.

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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.

Certain statements 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.

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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