Revenue growth stayed flat to slightly negative while gross margin held near 55.4% in 2027Q2, yet operating margin of 13.7% in that quarter follows a series of losses and sub-3% margins, indicating that earnings quality remains inconsistent.
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 | 9.41B | 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 % | -1.41% | 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 | 4.18B | 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 | 5.23B | 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 % | 55.59% | 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 | 4.59B | 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 | 4.59B | 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 | 635.41M | 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 % | 6.76% | 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 | 897.91M | 887.81M | 563.39M | 163.59M | 1.25B | 1.9B | 876.71M | 1.2B | 1.45B | 1.44B | 1.74B | 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 % | 9.55% | 9.24% | 5.93% | 1.65% | 11.28% | 16.04% | 9.49% | 11.4% | 14.08% | 12.52% | 15.75% | 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 % | 38.93% | 57.58% | 244.38% | -86.92% | -34.15% | 116.62% | -26.66% | -17.32% | 0.49% | -17.16% | -9.38% | -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) | 262.51M | 280.53M | 259.62M | 307.53M | 251.93M | 266.94M | 269.08M | 267.62M | 255.73M | 71.53M | 281.58M | 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 | 575.14M | 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 | -109.72M | -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 | 25.86M | 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 | 135.58M | 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 | -195.84M | -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 | 439.57M | 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 % | 4.67% | 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 | 69.91M | 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 % | 15.9% | 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 | 369.66M | 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 % | 3.93% | 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 % | 309.15% | 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) | 369.66M | 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) | 0.92 | 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 % | 318.18% | 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 | 399.68M | 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 | 393.37M | 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
Leverage constraining turnaround flexibility
Metrics are mathematically derived from official filings.
Top-Line Growth Flattening Near Zero
Based on the reported quarterly figures, VFC's revenue growth has hovered between roughly -5.6% and +1.9% over the ten quarters shown, with the most recent quarter at -3.8%, indicating no sustained acceleration despite the Project Reinvent program.
The pattern of alternating small positive and negative year-over-year readings suggests demand has stabilized at a flat base rather than re-entering a growth phase. This may reflect inventory rebalancing in wholesale channels and softness in the Vans brand, though the data alone does not isolate those drivers. Investors should monitor whether the Outdoor segment can offset Active segment weakness, as the current figures do not yet show durable top-line momentum.
Gross Margin Holds but Drifts Lower
Reported gross margins ranged from 51.2% to 56.4% across the period, with the latest quarter at 55.4%, a level that remains premium but has not expanded despite cost-reduction efforts.
The range suggests VFC retains reasonable pricing power in its core categories, consistent with a heritage-brand positioning. The absence of meaningful margin expansion may indicate that promotional activity or input cost pressure is absorbing gains from sourcing and mix improvements. Whether this compression is temporary or structural warrants further investigation as DTC penetration evolves.
Operating Leverage Negative Through Most Periods
Operating margins swung between -7.0% and +11.2% across the ten quarters, and SG&A consumed roughly 35% to 45% of revenue each quarter, limiting the earnings benefit of gross profit gains.
Because SG&A remains large relative to gross profit, operating income is highly sensitive to revenue seasonality and gross margin shifts. The loss-making quarters cluster around seasonal low-revenue periods, suggesting fixed cost absorption is the binding constraint. This implies limited operating leverage on the downside, and investors may wish to track whether SG&A reductions under the cost program are sufficient to lift trough-quarter profitability.
Net Income Volatile Versus Operating Trend
Reported net income moved from -$258.9M to +$300.8M over the period, and several quarters show net income diverging materially from operating income, which may indicate non-operating or tax-related items.
Gaps between operating income and net income in several quarters suggest interest expense, tax effects, or one-time charges are meaningful contributors to reported earnings. Given the elevated leverage, interest burden likely plays a material role in converting operating profit to net profit. Stock-based compensation remains modest at roughly $14M to $23M per quarter, so it does not appear to distort earnings materially, but the source of large quarterly swings warrants further investigation in the filings.
Turnaround Thesis Depends on Vans Recovery
The bull case rests heavily on stabilizing Vans, yet the reported data shows no quarter in the period where revenue growth exceeded 2%, which could challenge the timeline for a margin-led recovery.
If Vans continues to erode and wholesale destocking persists, the company may need further markdowns that compress the already-thin net margin of 2.7%. Elevated leverage could then restrict reinvestment capacity precisely when brand heat needs support. Investors should weigh whether the absence of forward guidance reflects genuine uncertainty that the current figures do not yet resolve.