Revenue has stagnated or declined for ten consecutive quarters, with 2027Q1 down 5.2% year-over-year, while gross margin improved to 54.9% but operating margin remained negative at -5.0% due to SG&A costs exceeding $1.0B per quarter.
V.F. Corporation (VFC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Apr'23 | Apr'22 | Apr'21 | Mar'20 | Mar'19 | Mar'18 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 9.51B | 9.61B | 9.5B | 9.92B | 11.09B | 11.84B | 9.24B | 10.49B | 10.27B | 11.49B | 11.03B | 11B | 11.88B | 11.42B | 11.42B | 9.46B | 7.7B | 7.22B | 7.64B | 7.22B | 6.22B | 5.65B | 5.22B | 5.21B | 5.08B | 5.22B | 5.4B | 5.55B | 5.48B | 5.22B | 5.14B |
| Revenue Growth % | 0.19% | 1.06% | -4.14% | -10.58% | -6.35% | 28.17% | -11.92% | 2.16% | -10.66% | 4.23% | 0.27% | -7.45% | 4.05% | 0% | 20.72% | 22.81% | 6.68% | -5.53% | 5.86% | 16.15% | 9.93% | 8.36% | 0.2% | 2.44% | -2.62% | -3.38% | -2.67% | 1.33% | 4.91% | 1.65% | 1.48% |
| Cost of Goods Sold | 4.31B | 4.34B | 4.42B | 4.8B | 5.29B | 5.38B | 4.33B | 4.67B | 4.64B | 5.61B | 5.57B | 5.6B | 6.11B | 5.93B | 5.93B | 5.13B | 4.11B | 4.03B | 4.28B | 4.08B | 3.52B | 3.21B | 3.07B | 3.23B | 3.23B | 3.52B | 3.62B | 3.5B | 3.43B | 3.28B | 3.3B |
| COGS % of Revenue | - | 45.22% | 46.49% | 48.4% | 47.73% | 45.47% | 46.83% | 44.54% | 45.21% | 48.78% | 50.49% | 50.96% | 51.45% | 51.94% | 51.94% | 54.22% | 53.3% | 55.75% | 56.05% | 56.52% | 56.56% | 56.76% | 58.79% | 62.04% | 63.57% | 67.41% | 66.91% | 63.07% | 62.52% | 62.89% | 64.19% |
| Gross Profit | 5.2B | 5.26B | 5.09B | 5.12B | 5.8B | 6.46B | 4.91B | 5.82B | 5.63B | 5.89B | 5.46B | 5.39B | 5.77B | 5.49B | 5.49B | 4.33B | 3.6B | 3.2B | 3.36B | 3.14B | 2.7B | 2.44B | 2.15B | 1.98B | 1.85B | 1.7B | 1.79B | 2.05B | 2.05B | 1.94B | 1.84B |
| Gross Margin % | 54.65% | 54.78% | 53.51% | 51.6% | 52.27% | 54.53% | 53.17% | 55.46% | 54.79% | 51.22% | 49.51% | 49.04% | 48.55% | 48.06% | 48.06% | 45.78% | 46.7% | 44.25% | 43.95% | 43.48% | 43.44% | 43.24% | 41.21% | 37.96% | 36.43% | 32.59% | 33.09% | 36.93% | 37.48% | 37.11% | 35.81% |
| Gross Profit Growth % | - | 3.46% | -0.61% | -11.72% | -10.23% | 31.46% | -15.57% | 3.42% | -4.44% | 7.82% | 1.24% | -6.52% | 5.11% | 0% | 26.73% | 20.38% | 12.59% | -4.88% | 6.99% | 16.26% | 10.44% | 13.69% | 8.79% | 6.74% | 8.84% | -4.83% | -12.79% | -0.17% | 5.97% | 5.34% | 11.32% |
| Operating Expenses | 4.62B | 4.65B | 4.78B | 5.26B | 4.8B | 4.82B | 4.3B | 4.89B | 4.43B | 4.52B | 4B | 3.75B | 3.97B | 3.85B | 3.85B | 3.09B | 2.78B | 2.46B | 2.42B | 2.17B | 1.87B | 1.68B | 1.49B | 1.33B | 1.23B | 1.35B | 1.28B | 1.4B | 1.36B | 1.33B | 1.28B |
| OpEx % of Revenue | - | 48.46% | 50.31% | 53.05% | 43.26% | 40.74% | 46.59% | 46.62% | 43.2% | 39.32% | 36.31% | 34.08% | 33.42% | 33.67% | 33.67% | 32.62% | 36.05% | 34.05% | 31.66% | 30.11% | 30.15% | 29.66% | 28.48% | 25.58% | 24.19% | 25.94% | 23.73% | 25.17% | 24.83% | 25.5% | 24.97% |
| Selling, General & Admin | 4.62B | 4.65B | 4.61B | 4.64B | 4.8B | 4.77B | 4.12B | 4.53B | 4.38B | 4.51B | 3.9B | 3.75B | 3.97B | 3.84B | 3.84B | 3.09B | 2.57B | 2.34B | 2.42B | 2.17B | 1.87B | 1.68B | 1.49B | 1.33B | 1.23B | 1.25B | 1.28B | 1.23B | 1.2B | 1.18B | 1.12B |
| SG&A % of Revenue | - | 48.46% | 48.55% | 46.82% | 43.26% | 40.28% | 44.59% | 43.18% | 42.63% | 39.23% | 35.35% | 34.08% | 33.42% | 33.64% | 33.64% | 32.62% | 33.43% | 32.36% | 31.66% | 30.11% | 30.15% | 29.66% | 28.48% | 25.58% | 24.19% | 23.89% | 23.73% | 22.16% | 21.88% | 22.51% | 21.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 166.96M | 618.62M | 0 | 55.46M | 184.32M | 360.51M | 58.12M | 11.04M | 106.67M | 0 | 0 | 0 | 0 | 0 | 201.74M | 121.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107.18M | 0 | 167.4M | 161.4M | 156.3M | 160.5M |
| Operating Income | 580.11M | 607.28M | 303.77M | -143.94M | 998.74M | 1.63B | 607.63M | 927.8M | 1.19B | 1.37B | 1.46B | 1.64B | 1.8B | 1.65B | 1.65B | 1.24B | 820.86M | 736.82M | 939M | 965.44M | 826.14M | 767.95M | 664.36M | 644.89M | 621.92M | 347.25M | 505.56M | 652.6M | 693.2M | 605.9M | 556.9M |
| Operating Margin % | 6.1% | 6.32% | 3.2% | -1.45% | 9.01% | 13.78% | 6.58% | 8.85% | 11.59% | 11.9% | 13.2% | 14.96% | 15.14% | 14.42% | 14.42% | 13.16% | 10.66% | 10.2% | 12.29% | 13.37% | 13.29% | 13.58% | 12.73% | 12.38% | 12.23% | 6.65% | 9.36% | 11.76% | 12.65% | 11.6% | 10.84% |
| Operating Income Growth % | - | 99.91% | 311.05% | -114.41% | -38.81% | 168.62% | -34.51% | -22.05% | -12.96% | -6.05% | -11.51% | -8.54% | 9.18% | 0% | 32.32% | 51.64% | 11.41% | -21.53% | -2.74% | 16.86% | 7.58% | 15.59% | 3.02% | 3.69% | 79.1% | -31.31% | -22.53% | -5.86% | 14.41% | 8.8% | 57.58% |
| EBITDA | 873.83M | 887.81M | 562.05M | 163.59M | 1.25B | 1.89B | 865.45M | 1.2B | 1.45B | 1.65B | 1.71B | 1.92B | 2.07B | 1.9B | 1.9B | 1.44B | 994.26M | 907.27M | 1.11B | 1.11B | 954.99M | 889.38M | 805.07M | 749.35M | 731.6M | 502.85M | 665.16M | 820M | 854.6M | 762.2M | 717.4M |
| EBITDA Margin % | 9.18% | 9.24% | 5.91% | 1.65% | 11.28% | 15.98% | 9.37% | 11.4% | 14.08% | 14.37% | 15.51% | 17.43% | 17.45% | 16.64% | 16.64% | 15.26% | 12.91% | 12.57% | 14.46% | 15.33% | 15.36% | 15.73% | 15.43% | 14.39% | 14.39% | 9.63% | 12.31% | 14.77% | 15.6% | 14.6% | 13.96% |
| EBITDA Growth % | 46.63% | 57.96% | 243.57% | -86.92% | -33.9% | 118.63% | -27.6% | -17.32% | -12.42% | -3.43% | -10.81% | -7.54% | 9.09% | 0% | 31.65% | 45.19% | 9.59% | -17.91% | -0.14% | 15.88% | 7.38% | 10.47% | 7.44% | 2.43% | 45.49% | -24.4% | -18.88% | -4.05% | 12.12% | 6.24% | 37.67% |
| D&A (Non-Cash Add-back) | 293.72M | 280.53M | 258.28M | 307.53M | 251.93M | 259.92M | 257.81M | 267.62M | 255.73M | 283.66M | 254.22M | 272.07M | 274.88M | 253.27M | 253.27M | 198.74M | 173.4M | 170.45M | 166.17M | 141.23M | 128.85M | 121.43M | 140.72M | 104.46M | 109.67M | 155.6M | 159.61M | 167.4M | 161.4M | 156.3M | 160.5M |
| EBIT | 514.47M | 507.99M | 470.73M | 474.69M | 890.31M | 1.69B | 791.95M | 1.29B | 1.25B | 1.38B | 1.56B | 1.64B | 1.8B | 1.65B | 1.65B | 1.24B | 827.95M | 740.58M | 942.14M | 965.44M | 826.14M | 767.95M | 664.36M | 644.89M | 621.92M | 347.25M | 505.56M | 652.6M | 693.2M | 605.9M | 556.9M |
| Net Interest Income | -132.23M | -148.74M | -149.24M | -165.68M | -143.66M | -131.46M | -126.5M | -72.17M | -92.73M | -21.16M | -85.55M | -81.6M | -79.19M | -80.63M | -90.25M | -72.8M | -75.4M | -83.67M | -87.94M | -83.37M | -58.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 21.32M | 18.03M | 24.89M | 20.25M | 8.86M | 5.01M | 9.15M | 19.87M | 15.01M | 3.23M | 9.09M | 7.15M | 6.91M | 4.14M | 3.35M | 4.78M | 2.34M | 2.23M | 6.12M | 9.31M | 5.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 153.55M | 166.77M | 174.14M | 185.93M | 152.52M | 136.47M | 135.66M | 92.04M | 107.74M | 24.39M | 94.72M | 88.75M | 86.1M | 84.77M | 93.61M | 77.58M | 77.74M | 85.9M | 94.05M | 92.68M | 64.58M | 0 | 16.92M | 38.91M | 43.9M | 592.87M | 101.79M | 49.08M | 59.9M | 0 | 22.8M |
| Other Income/Expense | -219.19M | -266.07M | -158.61M | -140.99M | -260.95M | -108.95M | -151.16M | -200.6M | -151.87M | -88.96M | -170.74M | -80.57M | -84.74M | -84.66M | -84.66M | -80.05M | -70.65M | -82.14M | -90.9M | -59.87M | -48.91M | -56.26M | -68.69M | -46.38M | -60.2M | 22.14M | -78.24M | -57.1M | -61.6M | -20.1M | -48.5M |
| Pretax Income | 360.92M | 341.22M | 145.16M | -284.92M | 737.79M | 1.52B | 456.47M | 727.21M | 1.04B | 1.28B | 1.28B | 1.56B | 1.71B | 1.56B | 1.56B | 1.16B | 750.21M | 654.67M | 848.09M | 905.57M | 777.24M | 711.69M | 595.67M | 598.51M | 561.73M | 369.38M | 427.32M | 595.5M | 631.6M | 585.8M | 508.4M |
| Pretax Margin % | 3.79% | 3.55% | 1.53% | -2.87% | 6.65% | 12.86% | 4.94% | 6.93% | 10.11% | 11.12% | 11.65% | 14.23% | 14.42% | 13.68% | 13.68% | 12.31% | 9.74% | 9.07% | 11.1% | 12.54% | 12.5% | 12.59% | 11.42% | 11.49% | 11.05% | 7.08% | 7.91% | 10.73% | 11.53% | 11.22% | 9.9% |
| Income Tax | 86.74M | 86.3M | 75.84M | 733.56M | -17.94M | 306.98M | 101.57M | 98.06M | 167.89M | 641.51M | 205.86M | 347.2M | 385.83M | 352.37M | 352.37M | 274.35M | 176.7M | 196.22M | 245.24M | 292.32M | 242.19M | 229.06M | 196.79M | 200.57M | 197.3M | 152.11M | 161.37M | 229.3M | 243.3M | 234.9M | 208.9M |
| Effective Tax Rate % | 24.03% | 25.29% | 52.24% | -257.46% | -2.43% | 20.15% | 22.25% | 13.48% | 16.17% | 50.18% | 16.02% | 22.2% | 22.52% | 22.55% | 22.55% | 23.55% | 23.55% | 29.97% | 28.92% | 32.28% | 31.16% | 32.19% | 33.04% | 33.51% | 35.12% | 41.18% | 37.76% | 38.51% | 38.52% | 40.1% | 41.09% |
| Net Income | 274.18M | 254.92M | -189.72M | -968.88M | 118.58M | 1.39B | 407.87M | 679.45M | 1.26B | 658.55M | 1.07B | 1.23B | 1.05B | 1.21B | 1.21B | 888.09M | 571.36M | 461.27M | 602.75M | 591.62M | 533.52M | 506.7M | 474.7M | 397.93M | -154.54M | 137.83M | 260.33M | 366.2M | 388.3M | 350.9M | 299.5M |
| Net Margin % | 2.88% | 2.65% | -2% | -9.77% | 1.07% | 11.71% | 4.41% | 6.48% | 12.27% | 5.73% | 9.74% | 11.2% | 8.82% | 10.6% | 10.6% | 9.39% | 7.42% | 6.39% | 7.89% | 8.19% | 8.58% | 8.96% | 9.1% | 7.64% | -3.04% | 2.64% | 4.82% | 6.6% | 7.09% | 6.72% | 5.83% |
| Net Income Growth % | 680.41% | 234.37% | 80.42% | -917.04% | -91.45% | 240.05% | -39.97% | -46.07% | 91.3% | -38.69% | -12.79% | 17.57% | -13.44% | 0% | 36.26% | 55.43% | 23.87% | -23.47% | 1.88% | 10.89% | 5.29% | 6.74% | 19.29% | 357.49% | -212.13% | -47.06% | -28.91% | -5.69% | 10.66% | 17.16% | 90.4% |
| Net Income (Continuing) | 274.18M | 254.92M | 69.32M | -1.02B | 755.73M | 1.22B | 354.91M | 629.15M | 870.43M | 636.91M | 1.08B | 1.22B | 1.33B | 0 | 0 | 890.39M | 573.51M | 458.46M | 602.85M | 613.25M | 535.05M | 482.63M | 398.88M | 397.93M | 364.43M | 217.28M | 265.95M | 366.2M | 388.3M | 350.9M | 299.5M |
| Discontinued Operations | 0 | 0 | -259.04M | 49.59M | -637.15M | 170.67M | 52.96M | 50.3M | 389.37M | 21.64M | -4.75M | 14.54M | -280.24M | 0 | 0 | 0 | 0 | 0 | 0 | -21.63M | -1.53M | 35.91M | 75.82M | 0 | 8.28M | -79.45M | 1.17M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -816K | 100K | -1.87M | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.70 | 0.64 | -0.49 | -2.49 | 0.31 | 3.53 | 1.04 | 1.70 | 3.15 | 0.63 | 2.54 | 2.85 | 2.38 | 2.71 | 2.43 | 2.00 | 1.30 | 1.03 | 1.36 | 1.31 | 1.18 | 1.11 | 1.05 | 0.90 | -0.33 | 0.30 | 0.55 | 0.75 | 0.78 | 0.68 | 0.57 |
| EPS Growth % | 630.77% | 230.61% | 80.32% | -903.23% | -91.22% | 239.42% | -38.82% | -46.03% | 400% | -75.2% | -10.88% | 19.75% | -12.18% | 11.52% | 21.5% | 53.85% | 26.21% | -24.26% | 3.82% | 11.02% | 6.31% | 5.71% | 16.67% | 372.73% | -210% | -45.45% | -26.67% | -3.85% | 14.71% | 19.3% | 90% |
| EPS (Basic) | - | 0.65 | -0.49 | -2.49 | 0.31 | 3.55 | 1.05 | 1.72 | 3.19 | 0.64 | 2.58 | 2.90 | 2.42 | 2.76 | 2.47 | 2.03 | 1.31 | 1.05 | 1.38 | 1.34 | 1.21 | 1.14 | 1.08 | 0.92 | -0.37 | 0.30 | 0.56 | 0.76 | 0.79 | 0.69 | 0.58 |
| Diluted Shares Outstanding | 392.11M | 395.88M | 392.57M | 388.36M | 388.06M | 392.41M | 392.12M | 399.94M | 400.5M | 401.28M | 422.08M | 432.08M | 440.15M | 446.81M | 447.62M | 445.15M | 441.31M | 446.42M | 445.02M | 453.35M | 451.58M | 455.01M | 449.28M | 438.44M | 472.65M | 444.51M | 463.67M | 485.22M | 496.26M | 519.85M | 521.06M |
| Basic Shares Outstanding | 392.11M | 390.74M | 389.15M | 388.36M | 388.06M | 390.29M | 389.65M | 395.41M | 395.19M | 395.25M | 416.1M | 425.41M | 432.61M | 438.66M | 439.29M | 437.15M | 435.06M | 441.56M | 436.94M | 441.51M | 442.22M | 444.99M | 439.88M | 431.27M | 437.76M | 444.51M | 455.42M | 477.24M | 485.3M | 508.55M | 509.17M |
| Dividend Payout Ratio | - | 55.21% | - | - | 592.7% | 55.75% | 185.55% | 110.19% | 60.89% | 27.54% | 59.21% | 45.9% | 45.72% | 33.23% | 27.54% | 32.17% | 46.25% | 56.73% | 42.35% | 41.69% | 40.46% | 24.49% | 24.42% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VFC stock.
For fiscal year 2026, V.F. Corporation (VFC) reported total revenue of $9.61B. This represents a 87.0% increase compared to $5.14B in 1997.
V.F. Corporation (VFC) is profitable, generating $254.9M in net income for the fiscal year ending 2026 with a net profit margin of 2.7%.
V.F. Corporation (VFC) reported an operating income of $607.3M, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
V.F. Corporation (VFC) generated $5.26B in gross profit for the year, representing a gross profit margin of 54.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and brand decline
Metrics are mathematically derived from official filings.
Revenue Stagnation Amid Brand Weakness
VFC's revenue growth has been negative or low single-digit for ten quarters, with the latest quarter showing a 5.2% decline, indicating persistent demand challenges across key brands.
Revenue has hovered around $1.7B to $2.9B over the past ten quarters, with growth rates ranging from -18.0% to +1.9%. The most recent quarter (2027Q1) saw a 5.2% year-over-year decline, suggesting that the company's efforts to stabilize the Vans brand have not yet translated into top-line recovery. The lack of forward guidance in the latest earnings release may indicate management's uncertainty about near-term demand, which is concerning given the company's high leverage.
Gross Margin Recovery but Operating Losses Persist
Gross margin improved to 54.9% in 2027Q1 from 47.8% in 2024Q4, but operating margin remains negative at -5.0%, reflecting elevated SG&A costs and promotional activity.
Gross margin has shown a gradual recovery from the trough of 47.8% in 2024Q4 to 54.9% in 2027Q1, likely aided by inventory clearance and cost discipline. However, operating margin has remained negative in three of the last four quarters, with SG&A expenses consuming a significant portion of gross profit. This suggests that the company's cost structure is not yet aligned with its revenue base, and the benefits of 'Project Reinvent' may take time to materialize.
Operating Leverage Absent as SG&A Outpaces Revenue
SG&A expenses have remained above $1.0B each quarter, while revenue has declined, causing operating leverage to work against VFC and exacerbating operating losses.
Despite revenue declines, SG&A has not contracted proportionally, leading to negative operating leverage. For instance, in 2027Q1, SG&A of $1.0B exceeded gross profit of $917M, resulting in an operating loss of $83.1M. This indicates that fixed costs, including retail footprint and corporate overhead, are not being flexed down with revenue, which may continue to pressure margins until management executes more aggressive cost actions.
Net Losses Driven by Non-Operating Charges
Net income has been negative in six of the last ten quarters, with 2027Q1 net loss of $97.2M despite positive gross profit, suggesting significant non-operating charges or impairments.
The gap between operating income and net income is notable; for example, in 2026Q4, operating income was $61.5M but net income was -$119.3M, implying substantial below-the-line items such as interest expense, impairments, or tax effects. The company's high debt levels likely contribute to elevated interest costs, and the recent dividend cut may be a response to cash flow constraints. Investors should monitor the sustainability of these charges and the potential for further write-downs.
SG&A Overhead Weighs on Profitability
SG&A expenses have remained stubbornly high at around $1.0B to $1.3B per quarter, consuming over 100% of gross profit in recent quarters, indicating a structural cost problem.
SG&A as a percentage of revenue has ranged from 38% to 56% over the past ten quarters, far exceeding the peer average. This suggests that VFC's cost structure is not competitive, and the company may need to rationalize its retail footprint and corporate overhead. The 'Project Reinvent' program appears aimed at addressing this, but the latest quarter's operating loss indicates that cost savings have not yet offset revenue declines.
2024Q4 Marked a Profitability Trough
The 2024Q4 quarter was the worst in the dataset, with a -18.6% net margin and -$418.3M net loss, likely reflecting inventory write-downs and brand impairments.
The sharp deterioration in 2024Q4, with gross margin falling to 47.8% and operating margin to -16.6%, appears to be a turning point. Since then, gross margin has recovered, but operating profitability has remained elusive. This suggests that while the company has addressed some inventory issues, the underlying demand for its core brands, particularly Vans, has not recovered, and the business may be operating at a structurally lower level of profitability.
Debt and Brand Decline Could Prolong Losses
With a debt-to-equity ratio of 2.69 and a net margin of only 2.7% in the best recent quarter, VFC's high leverage leaves little room for error if losses persist.
Short-sellers might argue that VFC's turnaround is not working, as revenue growth remains negative and operating losses continue. The company's high leverage, combined with a weak balance sheet, could lead to further credit downgrades and restricted access to capital. Additionally, the Vans brand's decline may be structural, not cyclical, and the company's reliance on promotional activity to clear inventory could permanently impair brand equity. Without a clear path to revenue growth, the company may face a prolonged period of margin compression and financial strain.