Financial Analysis

CONTINGENCIES On September 12, 2025 and November 6, 2025, putative securities class action complaints naming VF and certain of its current and former directors and officers were filed in the U.S. District Court for the District of Colorado (the Court). The Court consolidated the cases into one action (the Consolidated Action). 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. 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. VF filed a motion to dismiss the amended complaint on April 24, 2026. On June 30, 2026, Plaintiffs filed their opposition to VF s 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. At this time, the outcome of this matter remains uncertain. …

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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 (In thousands) Outdoor Active All Other (a) Total Channel revenues Wholesale $ 471,604 $ 359,357 $ 93,791 $ 924,752 Direct-to-consumer 382,176 304,909 51,306 738,391 Royalty 3,199 3,037 6,236 Total $ 856,979 $ 667,303 $ 145,097 $ 1,669,379 Geographic revenues Americas $ 408,128 $ 400,081 $ 87,292 $ 895,501 Europe 274,997 189,700 46,449 511,146 Asia-Pacific 173,854 77,522 11,356 262,732 Total $ 856,979 $ 667,303 $ 145,097 $ 1,669,379 Three Months Ended June 2025 (In thousands) Outdoor Active All Other (a) Total Channel revenues Wholesale $ 456,831 $ 392,423 $ 175,252 $ 1,024,506 Direct-to-consumer 352,210 301,029 67,424 720,663 Royalty 3,425 6,235 5,837 15,497 Total $ 812,466 $ 699,687 $ 248,513 $ 1,760,666 Geographic revenues Americas $ 372,847 $ 404,035 $ 160,716 $ 937,598 Europe 272,844 213,507 64,912 551,263 Asia-Pacific 166,775 82,145 22,885 271,805 Total $ 812,466 $ 699,687 $ 248,513 $ 1,760,666 (a) All Other is included for purposes of reconciliation of revenues, but it is not considered a reportable segment. All Other includes the following brands: Dickies (through the date of sale), Altra , Smartwool , Napapijri and Icebreaker . …

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STOCK-BASED COMPENSATION 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. The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant. Stock options typically vest and become exercisable in equal annual installments over three years. All o ptions have ten-year terms. 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 Expected volatility 45% to 61% Weighted average expected volatility 58% Expected term (in years) 7.3 Weighted average dividend yield 2.2% Risk-free interest rate 3.79% to 4.56% 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. 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. These units vest upon g …

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FAIR VALUE MEASUREMENTS Financial assets and financial liabilities measured and reported at fair value are classified in a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instruments categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities, or (iii) information derived from or corroborated by observable market data. Level 3 Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be VFs own data and judgments about assumptions that market participants would use in pricing the asset or liability. Recurring Fair Value Measurements The following table summarizes financial assets and financial liabilities that are measured and recorded in the consolidated financial statements at fair value on a recurring basis: Total Fair Value Fair Value Measurement Using (a) (In thousands) Level 1 Lev …

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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. 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.

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LEASES The Company leases certain retail locations, office space, distribution facilities, machinery and equipment, and vehicles. All of these leases are operating leases. 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. The components of lease cost were as follows: Three Months Ended June (In thousands) 2026 2025 Operating lease cost $ 102,847 $ 98,428 Other lease cost 39,917 34,913 Total lease cost $ 142,764 $ 133,341 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. …

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In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 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. 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 prospectively or retrospectively. The Company is evaluating the impact that adopting this guidance will have on VFs disclosures. In September 2025, the FASB issued ASU No. 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. Entities will now capitalize costs associated with internal-use software only when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the intended function. The amendments are effective for interim and annual periods beginning in Fiscal 2029, with early adoption permitted. The guidanc …

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PENSION PLANS The components of pension cost for VFs defined benefit plans were as follows: Three Months Ended June (In thousands) 2026 2025 Service cost benefits earned during the period $ 2,186 $ 2,513 Interest cost on projected benefit obligations 1,751 11,147 Expected return on plan assets (1,465) (15,007) Curtailments (531) Amortization of deferred amounts: Net deferred actuarial losses 310 4,871 Deferred prior service credits (159) (153) Net periodic pension cost $ 2,623 $ 2,840 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 …

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RESTRUCTURING The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities. A description of significant restructuring programs and other restructuring charges is provided below. Reinvent On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. 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. These amounts are included in Reinvent as the actions leading to the gain and the impairment charge were initiated under Reinvent. Of the total Reinvent restructuring charges, 76% related to severance and employee-related benefits and the remainder primarily related to asset impairments and write-downs. 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. The type of cost and respective location of restructuring charges related to Reinvent within VFs Consolidated Statements of Operations for the three months ended June 2026 and 2025 , and the cumulative charges recorded s …

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REVENUES Contract Balances The following table provides information about contract assets and contract liabilities: (In thousands) June 2026 March 2026 June 2025 Contract assets (a) $ 1,126 $ 976 $ 6,365 Contract liabilities (b) 78,421 76,923 76,164 (a) Included in the other current assets line item in the Consolidated Balance Sheets. (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. The change in the contract asset and contract liability balances primarily results from timing differences between the Companys satisfaction of performance obligations and the customers 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. 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 …

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REPORTABLE SEGMENT INFORMATION VFs President and CEO is the Companys chief operating decision maker (CODM). The Companys individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments. The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. Based on this assessment, the Companys reportable segments have been identified as: Outdoor and Active. In addition, VF reports results for an All Other category to reconcile between the Companys reportable segments and its consolidated results of operations and assets. All Other includes the following brands: Dickies (thro ugh the date of sale) , Altra , Smartwool , Napapijri and Icebreaker , which do not meet the quantitative threshold to be disclosed as a separate reportable segment. The results of Dickies have been included in the All Other category through the November 12, 2025 date of sale. Below is a description of VFs reportable segments and the brands included within each: REPORTABLE SEGMENT BRANDS Outdoor - Outdoor apparel, footwear and equipment The North Face Timberland Active - Active apparel, footwear and accessories Vans Kipling Eastpak JanSport All Other - included in the tables below for purposes of reconciliation of revenues, profit and assets, but it is not considered a reportable segment. All Ot …

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the three months ended June 2026, the Comp any d i d not purcha se shares of Common Stock in open market transactions under its share repurchase program authorized by VFs 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. 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). 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. VFs comprehensi ve loss is presented in the Consolidated Statements of Comprehensiv e Loss. 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 Foreign currency translation and other $ (762,117) $ (767,111) $ (763,627) Defined benefit pension plans (11,017) (11,126) (176,910) …

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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. …

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