V F CORP VFC
V.F. Corporation, founded in 1899, is a portfolio of leading outdoor and active brands, including The North Face®, Vans® and Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders. Unless the context indicates otherwise, the terms "VF," the "Company," "we," "us," and "our" used herein refer to V.F. Corporation and its consolidated subsidiaries. All references to "Fiscal 2026" relate to VF's current fiscal year which ran from March 30, 2025 through March 28, 2026.
Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF's continuing operations. As such, the Supreme® brand business ("Supreme") that was sold on October 1, 2024 has been excluded. The sale of the Dickies® brand business ("Dickies") on November 12, 2025, did not qualify for presentation as a discontinued operation and is therefore included within VF's continuing operations, through the date of sale.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.61B | $9.50B | $9.92B | $11.09B | $11.84B | $9.24B | $10.49B | $10.27B | $8.39B | $11.03B |
| Cost of revenue | $4.34B | $4.42B | $4.80B | $5.29B | $5.39B | $4.37B | $4.69B | $4.66B | $3.85B | $5.59B |
| Gross profit | $5.26B | $5.08B | $5.11B | $5.80B | $6.46B | $4.87B | $5.80B | $5.61B | $4.55B | $5.44B |
| SG&A | $4.65B | $4.69B | $4.75B | $4.80B | $4.82B | $4.24B | $4.55B | $4.42B | $3.66B | $3.90B |
| Total operating expenses | $9.03B | $9.20B | $10.06B | $10.09B | $10.21B | $8.63B | $9.56B | $9.08B | $7.51B | $9.57B |
| Operating income | $576.6M | $303.8M | -$143.9M | $998.7M | $1.63B | $607.6M | $927.8M | $1.19B | $883.4M | $1.46B |
| Interest expense | $166.8M | $174.1M | $185.9M | $152.5M | $136.5M | $135.7M | $92.0M | $107.7M | $102.0M | $85.5M |
| Pre-tax income | $341.2M | $145.2M | -$284.9M | $737.8M | $1.52B | $456.5M | $727.2M | $1.04B | $787.9M | $1.28B |
| Income tax | $86.3M | $75.8M | $733.6M | $17.9M | $307.0M | $101.6M | $98.1M | $167.9M | $519.8M | $205.9M |
| Net income | $254.9M | -$189.7M | -$968.9M | $118.6M | $1.39B | $407.9M | $679.4M | $1.26B | $614.9M | $1.07B |
| EPS, basic | 0.65 | -0.49 | -2.49 | 0.31 | 3.55 | 1.05 | 1.72 | 3.19 | 1.54 | 2.58 |
| EPS, diluted | 0.64 | -0.48 | -2.49 | 0.31 | 3.53 | 1.04 | 1.70 | 3.15 | 1.52 | 2.54 |
| Shares, diluted (wtd. avg.) | $395.9M | $392.6M | $388.4M | $388.4M | $392.4M | $392.1M | $399.9M | $400.5M | $403.6M | $422.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $823.9M | $429.4M | $656.4M | $816.3M | $1.28B | $851.2M | $1.37B | $402.2M | $434.2M | $1.23B |
| Short-term investments | — | — | — | — | $0 | $598.8M | $0 | — | — | — |
| Receivables | $1.43B | $1.32B | $1.26B | $1.61B | $1.47B | $1.30B | $1.31B | $1.37B | $1.43B | $1.15B |
| Inventory | $1.37B | $1.63B | $1.70B | $2.29B | $1.42B | $1.06B | $1.29B | $1.17B | $1.71B | $1.42B |
| Total current assets | $4.01B | $3.79B | $4.23B | $5.15B | $4.59B | $4.79B | $5.03B | $4.67B | $4.38B | $4.29B |
| Property, plant and equipment | — | — | — | — | — | — | $954.4M | $876.1M | $1.01B | $896.0M |
| Goodwill | $587.7M | $603.4M | $645.4M | $1.16B | $2.39B | $2.43B | $1.16B | $1.49B | $1.42B | $1.55B |
| Other intangibles | $1.47B | $1.71B | $1.78B | $2.64B | $3.00B | $3.03B | $1.85B | $1.91B | $2.09B | $1.53B |
| Total assets | $9.29B | $9.38B | $11.61B | $13.99B | $13.34B | $13.75B | $11.13B | $10.36B | $9.96B | $9.74B |
| Accounts payable | $826.3M | $789.6M | $788.5M | $936.3M | $563.0M | $463.2M | $407.0M | $489.6M | $761.0M | $620.2M |
| Short-term debt | $0 | $11.9M | $263.9M | $11.5M | $335.5M | $11.1M | $1.23B | $659.1M | $729.4M | $26.0M |
| Total current liabilities | $2.18B | $2.70B | $3.46B | $3.55B | $3.32B | $2.21B | $3.02B | $2.66B | $2.74B | $1.79B |
| Long-term debt | $3.52B | $3.41B | $4.69B | $5.69B | $4.57B | $5.69B | $2.59B | $2.09B | $2.15B | $2.03B |
| Total liabilities | $7.44B | $7.89B | $9.95B | $11.08B | $9.81B | $10.70B | $7.78B | $6.06B | $6.24B | $4.80B |
| Retained earnings | -$928.8M | -$1.17B | -$974.6M | $57.1M | $443.5M | $189.5M | $7.3M | $1.18B | $1.02B | $2.55B |
| Total equity | $1.85B | $1.49B | $1.66B | $2.91B | $3.53B | $3.06B | $3.36B | $4.30B | $3.69B | $4.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $671.3M | $465.2M | $1.01B | -$655.8M | $864.3M | $1.31B | $874.5M | $1.66B | $1.47B | $1.48B |
| Stock-based compensation | $77.0M | $73.2M | $57.8M | $40.0M | $91.4M | $70.8M | $68.2M | $84.3M | $63.9M | $67.8M |
| Capital expenditure | $114.7M | $86.3M | $135.8M | $152.0M | $245.4M | $198.7M | $288.2M | $215.8M | $140.2M | $175.8M |
| Investing cash flow | $407.1M | $1.43B | -$172.3M | -$188.1M | $903.7M | -$2.90B | -$302.0M | -$220.6M | -$776.3M | -$112.4M |
| Financing cash flow | -$737.8M | -$2.15B | -$959.6M | $463.9M | -$1.27B | $1.05B | $309.7M | -$1.59B | -$1.36B | -$1.08B |
| Dividends paid | $140.7M | $140.2M | $303.1M | $702.8M | $773.2M | $756.8M | $748.7M | $767.1M | $684.7M | $636.0M |
| Buybacks | — | — | $0 | $0 | $350.0M | $0 | $1.00B | $150.7M | $1.20B | $1.00B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-270610.
Others in SIC 2320
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CTAS | CINTAS CORP | $80.22B | 40.8x | 8.9% |
| RL | RALPH LAUREN CORP | $21.11B | 23.2x | 14.6% |
| KTB | Kontoor Brands, Inc. | $4.02B | 18.2x | 20.9% |
| PVH | PVH CORP. /DE/ | $3.43B | 142.9x | 3.4% |
| OXM | OXFORD INDUSTRIES INC | $462.4M | — | -2.6% |