V.F. Corporation

How VF earns revenue

V.F. Corporation, usually known as VF, trades on the New York Stock Exchange under VFC. It owns outdoor and active brands including The North Face, Vans and Timberland. It sells to consumers through its own stores and websites and to other retailers through wholesale.

Brands and portfolio changes

Fiscal second quarters ended September 27, 2025 and September 26, 2026. Revenue and profit below are millions of dollars. The earlier group total includes Dickies, which was sold on November 12, 2025; those reported totals are not a like-for-like growth measure.

Metric	Q2 FY2026	Q2 FY2027
Group revenue	$2,802.7	$2,695.1
The North Face revenue	$1,157.1	$1,207.3
Vans revenue	$606.9	$547.6
Timberland revenue	$506.4	$525.9
Reported net income	$189.8	$285.3

Excluding Dickies from the earlier quarter, VF's latest revenue rose about 1%, including on a constant-currency basis. Dickies remained in continuing operations until its sale, so its removal has to be considered separately when reading the reported figures.

In its July earnings call, VF expected second-quarter revenue growth to be roughly flat and adjusted operating profit to be broadly in line with a year earlier, on its comparable basis. Actual comparable growth was 1%, while adjusted operating profit reached $363.7 million against $315 million a year earlier. The adjusted measure removes selected restructuring and related items; the prior-year comparison also excludes Dickies.

Vans' recovery through time

In July, VF reported growth in Vans' own stores and websites in the Americas, but said weaker global wholesale sales outweighed it. Vans' total first-quarter revenue fell about 8% from a year earlier. By the second quarter, direct sales were growing globally for the first time in nearly five years, according to management, while total brand revenue was still down 9.8%.

July's expectation was for a significant improvement in Vans wholesale during the second half of fiscal 2027. VF repeated that expectation in October. The next results should show whether sales to retail partners improve and whether growth in the direct channels holds up; a full second-half target cannot be judged from the second-quarter figures.

Annual outlook and cash

VF reaffirmed at least 2% constant-currency revenue growth, excluding Dickies from the prior-year comparison, and an adjusted operating margin of about 8% for fiscal 2027. The year contains a 53rd week in Q4. Adjusted operating profit removes selected restructuring and related items, including benefits as well as costs.

The annual free-cash-flow forecast is $515 million or more. VF separately expects normalized free cash flow to be flat to up against a $405 million comparison benchmark, adjusting for the earlier pension-plan termination and current tariff refunds. Its free cash flow subtracts capital spending and software purchases from operating cash flow.

Over the first six months, operations used $214 million in cash, compared with $372.5 million a year earlier. Inventory and receivables built up seasonally, while refunds of previously paid import taxes helped cash flow. These are half-year cash figures, separate from quarterly profit.

At September 26, VF had $443 million in cash and about $3.54 billion in short- and long-term borrowing, excluding operating lease obligations. Inventory was $1.98 billion, about 7% above the year-earlier balance. The combination makes sell-through and wholesale execution important checks alongside accounting profit.