What is V.F.'s latest dividend and current dividend yield?

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Did V.F. beat or miss consensus estimates last quarter?

What were the key takeaways from V.F.'s earnings call?

What is the revenue and EPS growth rate for V.F. year over year?

What is the market's earnings forecast for V.F. next quarter?

- **Revenue Growth**: Q3 up 2% YoY, driven by The North Face (+5%), Timberland (+5%), and Altra (+23%).
- **Margin Expansion**: Gross margin 54.5% (FY28 target), operating margin 12.1% (up 30bps YoY).
- **Debt Reduction**: Net debt down $500M YoY, leverage 3.5x (target 2.5x by FY28).
- **Vans Recovery**: E-commerce growth, new products (Super Lowpro), and cultural marketing (SZA collaboration).
- **North Face Premiumization**: High-end products like $1,100 Leather Jackets growing 10%+ in all regions.
- **Altra Potential**: $250M+ FY26, with $1B+ long-term potential.

**【CEO Opening Remarks】**
- V.F. delivered a strong Q3 with total revenue up 2% YoY, exceeding internal expectations. The North Face Americas grew 15%, while Vans showed early signs of recovery with e-commerce growth after 19 quarters of decline.
- Key brand highlights:
  - **The North Face**: 5% revenue growth, 15% in Americas, double-digit growth in performance apparel and footwear.
  - **Timberland**: 5% revenue growth, 9% in Americas, strong boat shoe and transitional style sales.
  - **Altra**: 23% growth, on track for $250M+ FY26, with high ROI marketing.
  - **Vans**: -10% revenue, but e-commerce up in Americas, new product launches (e.g., Super Lowpro) showing promise.
- Financial milestones: Operating profit $341M, net debt down $60M YoY, and leverage reduction to 3.5x.

**【CFO Financial Commentary】**
- **Revenue**: $2.8B (2% YoY), with The North Face +5%, Vans -10%, and Timberland +5%.
- **Margins**: Adjusted gross margin 54.5% (target for FY28), operating margin 12.1% (up 30bps YoY).
- **Cash Flow**: Free cash flow $513M, net debt down $500M YoY, with $500M debt prepayment in Feb.
- **FY26 Outlook**: Flat to +2% revenue, 54.5%+ gross margin, 6.5%+ operating margin, 3.5x leverage.

**【Q&A Highlights】**
- **Consumer Demand**: CEO confident in Vans recovery, citing e-commerce growth and new product traction. CFO expects gross margin to hit FY28 target of 55%.
- **Vans Strategy**: Focus on DTC e-commerce, premium products (e.g., Skate Loafer), and cultural marketing (SZA collaboration).
- **North Face Premiumization**: Expanding high-end products like Leather Jackets ($1,100+), with 10%+ growth in all regions.
- **Debt Reduction**: Target 2.5x leverage by FY28, with FY26 free cash flow up YoY despite $100M tariff impact.


V.F. Corporation (VFC) Q3 2026 Earnings Call Transcript

- **$600M Dickies Sale**: Accelerates debt reduction, freeing $600M+ for shareholder returns.
- **Brand Growth**: North Face +4%, Timberland +4%, Altra +35%, Vans improving with new products.
- **Financial Strength**: Operating margin 11.8%, debt down 27%, on track for 2.5x leverage by FY28.
- **Tariff Mitigation**: 50% impact offset via pricing, full recovery by FY27.
- **Vans Turnaround**: Q3 stabilization, Q4 recovery with new product pipeline and marketing shifts.

**【CEO Summary Section】**
- **Revenue Performance**: Total revenue grew 2% in reported dollars (down 1% in constant dollars), driven by strong back-to-school sales and brand momentum. Operating income of $330 million exceeded guidance.
- **Dickies Divestiture**: Sold Dickies for $600 million, achieving EV/EBITDA multiple of over 20x. Proceeds will reduce debt and focus on core brands.
- **Brand Highlights**:
  - **The North Face**: 4% revenue growth across all regions, with strong performance in Performance Apparel and footwear.
  - **Timberland**: 4% growth, driven by 6-inch boot demand and expansion into new categories like boat shoes.
  - **Altra**: 35% revenue growth, targeting $250 million+ in FY26.
  - **Vans**: Down 11% (20% impact from channel rationalization), but improving with new product launches (e.g., Super Lowpro, skate loafers) and marketing shifts.

**【CFO Financial Commentary】**
- **Financial Metrics**: Adjusted EPS of $0.52, operating margin of 11.8% (up 40bps YoY). Free cash flow negative $453 million (seasonal trend).
- **Tariff Mitigation**: 50% of tariff impact mitigated through pricing, with full offset expected by FY27. Q3 gross margin pressure from tariffs, improving in Q4.
- **Debt Reduction**: Net debt down 27% YoY to $4.5 billion. Targeting 2.5x leverage by FY28, accelerated by Dickies sale.
- **Q3 Outlook**: Revenue down 1-3% (constant dollars), operating income $275-305 million. Vans expected to stabilize in Q4 post-channel rationalization.

**【Q&A Highlights】**
- **Vans Recovery**: CEO confident in Sun Kim's strategy, citing strong sell-through of new products and improved digital engagement. Q3 expected to mirror Q2's high-single-digit decline (excluding channel impact).
- **Gross Margin**: CFO notes promotional discipline improving, but Q3 gross margin pressured by tariffs. Long-term target of 55%+ remains.
- **Asia Performance**: APAC down 2% due to North Face stabilization in China. Long-term growth opportunities in women's and seasonal products.
- **Debt Strategy**: CFO reaffirms ability to reach 2.5x leverage without asset sales, citing EBITDA growth and working capital improvements.

V.F. Corporation (VFC) Q2 2026 Earnings Call Transcript

- **Revenue Resilience**: 60% of business growing vs. 10% a year ago, despite 2% YoY decline.
- **Vans Turnaround Signs**: 50% Paris Fashion Week appointments, 15% London store revenue growth, and 170K Warped Tour attendees.
- **North Face Momentum**: +5% Q1 with footwear +20%+, targeting high-single to double-digit growth.
- **Timberland Breakout**: +9% Q1 with global 6-inch boot success and lifestyle expansion.
- **Tariff Mitigation**: $60-70M FY26 impact, fully offset by FY27 pricing and sourcing actions.
- **Gross Margin Expansion**: 54.1% Q1 (up 200bps YoY), targeting 55%+ by FY28.
- **Debt Reduction**: Leverage down to 4.1x vs. 5.1x FY25, on track for 2.5x FY28.

**【CEO Summary Section】**
- V.F. delivered Q1 FY26 revenue of $1.8B, down 2% YoY in constant dollars, with 60% of the business now growing compared to 10% a year ago.
- **Vans Update**: Down 15% Q1, with 40% of decline attributed to channel rationalization. Positive signs include 50% increase in Paris Fashion Week appointments and strong DTC comps in pilot stores (e.g., 15% higher revenue in London store with 35% higher ASP).
- **North Face Growth**: +5% Q1, driven by DTC and wholesale expansion, with footwear and bags up strong double digits. Targeting high-single to double-digit growth over time.
- **Timberland Momentum**: +9% Q1, with global 6-inch boot success and expanding lifestyle appeal (e.g., Met Gala and NBA Finals visibility).
- **Altra Expansion**: Up >20% Q1, on track for $250M+ FY26, with <10% U.S. awareness and global scaling potential.
- **Turnaround Progress**: $300M+ cost savings achieved, with $500-600M net operating income improvement target. Leverage reduced to 4.1x vs. 5.1x in FY25.
- **Warped Tour Success**: Sold 170K tickets in 3 locations, exceeding expectations and reigniting Vans fan engagement.

**【CFO Financial Commentary】**
- **Revenue**: $1.8B (flat reported, -2% constant). Excluding Vans, +5% growth. North Face +5%, Timberland +9%.
- **Gross Margin**: 54.1% (up 200bps YoY), driven by inventory quality, lower discounts, and FX. Target 55%+ by FY28.
- **Operating Loss**: $(56M) vs. $(83M) LTM, with $50M beat to high end of guidance.
- **Tariff Impact**: $60-70M gross profit impact FY26, mitigated by pricing and sourcing. Full mitigation expected FY27.
- **Free Cash Flow**: Guidance for YoY increase, excluding non-core asset sales. FY26 leverage expected to decline.
- **Balance Sheet**: Net debt down $1.4B (-20%) YoY. ABL refinancing to enhance liquidity and flexibility.

**【Q&A Highlights】**
- **Tariff Elasticity**: Modeling 1:1 price-to-volume elasticity, with industry-wide cost increases. Long-term gross margin target of 55%+ remains intact.
- **North Face Summer Performance**: Q1 down 3% in Americas due to early timing shifts, but excited about lifestyle apparel pipeline for fall/winter.
- **Vans Europe Progress**: London store +15% revenue vs. EMEA fleet, with 35% higher ASP. Channel rationalization actions to continue through Q3.
- **Marketing Investment**: Q2 SG&A up slightly YoY for back-to-school marketing, with focus on Vans and North Face innovation.
- **Free Cash Flow Execution**: Working capital timing impacts Q1, but confident in FY26 +YoY guidance despite $150M+ tariff headwinds.

V.F. Corporation (VFC) Q1 2026 Earnings Call Transcript

- **Margin Triumph Despite Revenue Dip**: Q4 operating margin up 400 bps to 1%, gross margin +560 bps to 53.4%, driven by cost control and reduced promotions.
- **Vans Turnaround in Progress**: 20% YoY decline, but 60% due to strategic actions (e.g., channel closures). CEO confident in 2026H1 recovery, citing product innovation and brand elevation.
- **Tariff Resilience**: $150M annualized impact offset via cost management, sourcing shifts, and pricing. Supply chain diversification (China <2% of U.S. goods) enhances flexibility.
- **Strong Brand Momentum**: North Face DTC +9%, Timberland +13%. Back-to-school Vans products (e.g., Super Low Pro) show early success in women/youth.
- **Debt Reduction & Cash Flow Growth**: Net debt down 26% YoY. FY26 free cash flow expected to rise, supporting 2.5x leverage target.

**【CEO Summary Section】**
- Q4 revenue down 3% YoY, but adjusted operating income up 400 basis points to $22 million, exceeding guidance. Gross margin improved 560 basis points to 53.4% due to lower material costs, reduced promotions, and higher-quality inventory.
- Vans revenue down 20% YoY, with 60% of decline attributed to strategic actions (e.g., closing unprofitable channels, reducing inventory in China). Remaining 40% due to soft DTC traffic. CEO confident in turnaround, citing product innovation (e.g., Super Low Pro) and channel cleanup.
- Other brands: The North Face up 4% (DTC +9%), Timberland up 13% (global growth). Tariffs managed through supply chain diversification (U.S. finished goods from China <2%) and proactive cost management.

**【CFO Financial Commentary】**
- Q4 revenue $2.1B, down 3% YoY. Adjusted operating margin 1%, up 400 basis points YoY. Free cash flow $330M, down $70M YoY due to timing impacts. Net debt reduced 26% YoY to $3.8B, with leverage at 4.1x (target 2.5x by FY26).
- Tariff impact: $150M annualized (65% in FY26H2). Mitigation strategies include cost management, sourcing relocations, and strategic pricing. Expect to fully offset costs.
- Q1 FY26 guidance: Revenue down 3-5%, operating loss $110-125M. Gross margin to benefit from reduced promotions, SG&A flat/down slightly.

**【Q&A Highlights】**
- **Vans Strategy**: CEO emphasizes long-term focus, with 60% of Q4 decline from deliberate actions. 2026H1 revenue expected to be slightly below FY25H2 due to ongoing actions. Back-to-school product rollouts (e.g., Super Low Pro) show early success in women/youth segments.
- **Tariffs**: CFO details $150M unmitigated impact, with 85% of U.S. sourcing from Vietnam, Bangladesh, Cambodia, Indonesia. Offset plans include cost management, pricing, and supply chain flexibility.
- **Free Cash Flow**: FY25 free cash flow $330M (excluding Supreme). FY26 expected to increase, driven by operating cash flow growth. No plans to cut dividend further; priority is reducing leverage below 2.5x.
- **North Face & Timberland**: Strong DTC growth (North Face +9%, Timberland +13%). Outerwear and footwear outperformance highlights brand resilience.
- **Reinvent Program**: $300M+ savings achieved, with additional $500-600M operating profit target. SG&A down 2% in Q4, expected flat/down in Q1.

V.F. Corporation (VFC) Q4 2025 Earnings Call Transcript

- **Revenue resilience**: Q3 +2% YoY, Americas region turns positive after 2+ years
- **Cost transformation**: $300M annual savings achieved, $2B debt reduction
- **Brand momentum**: North Face +5%, Timberland +12%, Vans narrowing decline
- **Vans turnaround**: 14% value channel closure, 800+ new non-value doors, women's collaborations
- **Profitability**: Gross margin +150bps, operating margin +360bps to 11.4%
- **Leverage target**: 2.5x by FY26, free cash flow $440M
- **Q4 outlook**: Sequential improvement trend continues, but cautious on top line


**【CEO Opening Remarks】**
- Q3 revenue grew 2% YoY, driven by sequential improvement across brands and regions. Key highlights include: 
  - North Face up 5%, Timberland up 12%, Vans down 8% (narrowing from Q2's 11% decline)
  - Americas region turned positive for first time in 2+ years (+2%)
  - Gross margin expanded 150bps to 56.3%, operating margin up 360bps to 11.4%
- Cost reduction initiatives on track: $300M annualized savings achieved, with $55M realized in Q3
- $2B net debt reduction vs. prior year, targeting 2.5x leverage ratio
- Vans turnaround progress: Knu Skool remains top franchise, new styles (Hylane, Upland) gaining traction
- North Face collaboration with SKIMS drove record sales

**【CFO Financial Highlights】**
- Q3 adj. EPS: $0.62 vs. $0.45 prior year
- Free cash flow guidance raised to $440M
- Q4 outlook: 
  - Revenue down 4-6% (reported basis), flat to -1% on constant dollar
  - Operating income breakeven to -$30M
  - Gross margin to benefit from lower product costs
- FY26 expectations: Sequential improvement trend to continue

**【Q&A Key Takeaways】**
- Vans strategy: 
  - 14% of global stores closed in value channel, 800+ new non-value doors opened
  - 2025 holiday collection with Satoshi & HommeGirls shows women's focus
  - Sun Kim's team to reveal more at March Investor Day
- Inventory health: 
  - Total inventory down 14% YoY
  - Vans channel inventory at healthy levels
- Supply chain: 
  - Minimal China exposure (tariff risk mitigation)
  - Integrated planning initiatives improving efficiency
- North Face momentum: 
  - SKIMS collaboration fastest-selling collection in brand history
  - Global DTC growth led by North America


Actual																	0.1	-0.57	0.67	0.93	0.27	0.27	1.11	1.35	0.45	0.09	0.73	1.12	0.17	-0.15	0.63	0.57	-0.32	-0.33	0.6	0.62	-0.13	-0.24	0.52	0.56
Forecast																	0.1919	-0.6582	0.4806	0.9027	0.2866	0.1131	1.1504	1.2084	0.4575	0.1277	0.7488	0.9832	0.1427	-0.1153	0.6471	0.7673	0.018	-0.3674	0.3777	0.3392	-0.14	-0.3387	0.4245	0.4498
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-47.89%	+13.40%	+39.41%	+3.02%	-5.79%	+138.73%	-3.51%	+11.72%	-1.64%	-29.52%	-2.51%	+13.91%	+19.13%	-30.10%	-2.64%	-25.71%	-1877.78%	+10.18%	+58.86%	+82.78%	+7.14%	+29.14%	+22.50%	+24.50%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.10B	1.08B	2.61B	2.97B	2.58B	2.19B	3.20B	3.62B	2.82B	2.26B	3.08B	3.53B	2.74B	2.09B	3.03B	2.96B	2.37B	1.91B	2.76B	2.83B	2.14B	1.76B	2.80B	2.88B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.35B	975.74M	2.49B	3.01B	2.51B	2.17B	3.49B	3.60B	2.83B	2.25B	3.09B	3.48B	2.72B	2.07B	2.99B	3.24B	2.42B	1.85B	2.72B	2.75B	2.17B	1.70B	2.73B	2.75B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-10.46%	+10.31%	+4.60%	-1.22%	+2.95%	+0.96%	-8.36%	+0.61%	-0.14%	+0.61%	-0.19%	+1.54%	+0.67%	+1.03%	+1.37%	-8.76%	-1.79%	+3.15%	+1.46%	+3.06%	-1.27%	+3.43%	+2.57%	+4.40%

VFC

VFC fundamentals

VFC Q3 2026 Earnings

Earnings Call

You can ask Aime

VFC

VFC fundamentals

VFC Q3 2026 Earnings

Earnings Call

VFC Earnings Call Summary for Q3/20268:00 AM on Jan 28, 2026

VFC Earnings Call Summary for Q2/20268:00 AM on Oct 28, 2025

VFC Earnings Call Summary for Q1/20268:00 AM on Jul 30, 2025

VFC Earnings Call Summary for Q4/20258:00 AM on May 21, 2025

VFC Earnings Call Summary for Q3/20258:00 AM on Jan 29, 2025

You can ask Aime