133 added · 125 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
The increase i n earnings per share was primarily driven by the $127.2 million gain related to the Dickies divestiture, lower Reinvent charges, lower impairment charges and increased profitability in the Outdoor segment during the year ended March 2026 compared to the year ended March 2025.
ANALYSIS OF RESULTS OF OPERATIONS Consolidated Statements of Operations The following table presents a summary of the changes in revenues for the year ended March 2026 compared to the year ended March 2025: (In millions) Year Ended March Revenues — 2025 $ 9,504.7 Organic 51.1 Impact of Dickies divestiture (217.1) Impact of foreign currency 266.5 Revenues — 2026 $ 9,605.2 VF Corporation Fiscal 2026 Form 10-K 27 Table of Contents Year Ended March 2026 Compared to Year Ended March 2025 VF reported a 1% increase in r even ues in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from foreign currency.
During the third quarter of Fiscal 2026, due to a recent downward revision in the Napapijri forward-looking financial projections, the Company determined that a triggering event had occurred requiring impairment testing of the Napapijri reporting unit goodwill and indefinite-lived trademark i ntangible asset.
VF Corporation Fiscal 2026 Form 10-K 29 Table of Contents Top Brand Revenues: Year Ended March 2026 (In millions) The North Face ® Vans ® Timberland ® Total Americas $ 1,756.0 $ 1,329.2 $ 821.5 $ 3,906.7 Europe 1,420.1 616.3 689.6 2,726.0 Asia-Pacific 829.7 203.6 224.9 1,258.2 Global $ 4,005.8 $ 2,149.1 $ 1,735.9 $ 7,890.9 Year Ended March 2025 (In millions) The North Face ® Vans ® Timberland ® Total Americas $ 1,612.6 $ 1,435.8 $ 749.0 $ 3,797.4 Europe 1,315.0 661.2 626.9 2,603.1 Asia-Pacific 775.8 252.4 231.8 1,260.0 Global $ 3,703.4 $ 2,349.4 $ 1,607.7 $ 7,660.5 Note: Amounts may not sum due to rounding.
Segment profit margin increased in Fiscal 2026 compared to Fiscal 2025 , reflecting higher gross margin from lower product costs, increased pricing and favorable foreign currency impacts, partially offset by increased direct-to-consumer and advertising costs . 30 VF Corporation Fiscal 2026 Form 10-K Table of Contents Active Segment Year Ended March (Dollars in millions) 2026 2025 Percent Change Segment revenues $ 2,721.0 $ 2,914.3 (6.6 %) Segment profit 103.0 134.0 (23.1 %) Segment profit margin 3.8 % 4.6 % The Active segment includes the following brands: Vans ® , Kipling ® , Eastpak ® and JanSport ® .
International revenues were 56% of total VF revenues in Fiscal 2026 compared to 55% in Fiscal 2025. 32 VF Corporation Fiscal 2026 Form 10-K Table of Contents Direct-to-Consumer Direct-to-consumer revenues increased 2% in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from foreign currency.
ANALYSIS OF FINANCIAL CONDITION Consolidated Balance Sheets The following discussion refers to significant changes in balances at March 2026 compared to March 2025: • Increase in accounts receivable — primarily due to a tariff refund receivable of $149.7 million , partially offset by the removal of Dickies from the Consolidated Balance Sheet in connection with the completed divestiture in the third quarter of Fiscal 2026.
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 34 VF Corporation Fiscal 2026 Form 10-K Table of Contents the Global Line Cap, and (ii) $100.0 million for 30 consecutive days.
VF Corporation Fiscal 2026 Form 10-K 35 Table of Contents Contractual Obligations Following is a summary of VF’s material contractual obligations and commercial commitments at the end of March 2026 that will require the use of funds: Payment Due or Forecasted by Fiscal Year (In millions) Total 2027 2028 2029 2030 2031 Thereafter Recorded liabilities: Long-term debt (1) $ 3,541 $ — $ 1,076 $ 576 $ — $ 750 $ 1,140 Operating leases (2) 1,655 386 318 230 178 136 407 Unrecorded commitments: Interest payment obligations (3) 600 106 93 91 66 46 198 Inventory obligations (4) 1,950 1,935 7 5 2 — — $ 7,746 $ 2,427 $ 1,494 $ 902 $ 246 $ 932 $ 1,745 Note: Amounts may not sum due to rounding.
Actuarial assumptions used in the interim valuation were reviewed and revised as appropriate. 36 VF Corporation Fiscal 2026 Form 10-K Table of Contents In the fourth quarter of Fiscal 2026, VF purchased a group annuity contract to transfer the remaining benefit obligation to an insurance company.
During the measurement period, which is up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. 38 VF Corporation Fiscal 2026 Form 10-K Table of Contents Long-Lived Assets, Including Intangible Assets and Goodwill Definite-Lived Assets VF’s depreciation policies for property, plant and equipment reflect judgments on the estimated economic lives and residual values, if any.
Fiscal 2026 Impairment Testing Interim Impairment Testing During the third quarter of Fiscal 2026, management determined that a recent downward revision in the Napapijri forward-looking financial projections was a triggering event that required management to perform a quantitative impairment analysis of both the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset.
No longer disclosed
." 26 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts SUMMARY OF THE YEAR ENDED MARCH 2025 • Revenues decreased 4% to $9.5 billion com pared to the year ended March 2024. • Outdoor segm ent revenues increased 1% to $5.6 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Active segment revenues decreased 12% to $3.1 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Work segment revenues decreased 7% to $833.1 million compared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency. • Wholesale revenues we re down 2% compared to the year ended March 2024. • Direct-to-consumer revenues were down 6% compared to the year ended March 2024. • I nternational revenues decreased 2% compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Revenues in the Americas reg ion decreased 7% co mpared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency. • Gross margin increased 190 basis points to 53.5% in the year ended March 2025 compared to the year ended March 2024, primarily driven by lower product costs and improved inventory quality. • Earnings (loss) per share wa s $0.18 in the year ended March 2025 compared to ($2.62) in the year ended March 2024.
During the third quarter of Fiscal 2024, VF determined that a triggering event had occurred requiring a quantitative analysis of the Timberland and Dickies reporting units, and as a result of the impairment testing performed, VF recorded goodwill impairment charges of $195.3 million and $61.8 million, respectively .
Segment profit margin decreased in Fiscal 2025 compared to Fiscal 2024, reflecting legal settlement gains of $29.1 million recorded in the prior year and lower leverage of operating expenses due to decreased revenues. 30 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts Work Year Ended March (Dollars in millions) 2025 2024 Percent Change Segment revenues $ 833.1 $ 891.5 (6.6 %) Segment profit 53.1 17.6 201.2 % Segment profit margin 6.4 % 2.0 % The Work segment includes the following brands: Dickies ® and Timberland PRO ® .
The decrease in net debt was primarily due to the prepayment of $1.0 billion of long-term debt in October 2024 related to the DDTL, the early redemption of 32 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts $750.0 million of long-term notes in March 2025 and a decrease in short-term borrowings as discussed in the "Balance Sheets" section above, partially offset by lower cash and cash equivalents at March 2025 .
The decrease in cash provided by operating activities in Fiscal 2025 compared to Fiscal 2024 was primarily due to a decrease in net cash provided by working capital and a decrease in income from continuing operations, excluding the write-off of income tax receivables and interest related to the Timberland tax case in the prior year and higher impairment charges in the prior year.
Subject to approval by its Board of Directors, VF intends to continue to pay quarterly dividends. 34 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts Contractual Obligations Following is a summary of VF’s material contractual obligations and commercial commitments at the end of March 2025 that will require the use of funds: Payment Due or Forecasted by Fiscal Year (In millions) Total 2026 2027 2028 2029 2030 Thereafter Recorded liabilities: Long-term debt (1) $ 3,996 $ 542 $ 2 $ 1,043 $ 542 $ 2 $ 1,865 Operating leases (2) 1,545 351 330 238 168 122 334 Unrecorded commitments: Interest payment obligations (3) 743 127 104 91 89 66 266 Inventory obligations (4) 1,950 1,879 68 3 — — — $ 8,234 $ 2,899 $ 505 $ 1,375 $ 800 $ 190 $ 2,465 Note: Amounts may not sum due to rounding.
VF Corporation Fiscal 2025 Form 10-K 37 Table of Contents Long-Lived Assets, Including Intangible Assets and Goodwill Definite-Lived Assets VF’s depreciation policies for property, plant and equipment reflect judgments on the estimated economic lives and residual values, if any.
Fiscal 2025 Impairment Testing Interim Impairment Testing During the third quarter of Fiscal 2025, management determined that the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated , was a triggering event that required management to perform a quantitative impairment analysis of the Dickies indefinite-lived trademark intangible asset.
Refer to additional discussion in the “Information by Reportable Segment” section below. 28 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts Information by Reportable Segment VF's reportable segments are: Outdoor, Active and Work.
During the fourth quarter of Fiscal 2024, VF also performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded an additional goodwill impairment charge of $211.7 million.
Additionally, the amended agreement restricts the total amount of cash dividends and share repurchases to VF Corporation Fiscal 2025 Form 10-K 33 Table of Conten ts $500.0 million annually, on a calendar-year basis.
As a result of VF's annual impairment testing as of the beginning of the fourth quarter of Fiscal 2024, VF recorded a goodwill impairment charge of $38.8 million related to the Icebreaker reporting unit.