10-Q · July 29, 2026
VF reported Q1 FY27 revenue of $1.669 billion, down 5.2% year over year, while GAAP diluted EPS improved to negative $0.25 from negative $0.30. Gross margin improved 100 basis points to 54.9%, but operating margin…
Earnings analysis · 10-Q
VFC earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
VF delivered a quarterly beat, with revenue of $2,695.1 million, diluted EPS of $0.71, gross margin of 55.4%, and adjusted operating income of $364 million. However, revenue fell 4%, Vans declined 10%, and management…
Read full summary
VF delivered a quarterly beat, with revenue of $2,695.1 million, diluted EPS of $0.71, gross margin of 55.4%, and adjusted operating income of $364 million. However, revenue fell 4%, Vans declined 10%, and management reaffirmed rather than raised FY27 guidance. Capital allocation remains focused on leverage reduction, with 0 shares repurchased and $2,486,971,057 still available under the authorization.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.71
- Gross margin
- 55.4%
- Segment
- Outdoor brands: growth was cited as a driver of gross-margin expansion, but the supplied 10-Q excerpt does not provide segment revenue.
- Segment
- Vans: revenue declined 10%.
What stood out
-
Revenue and EPS exceeded consensus
Revenue was $2,695.1 million, approximately $23.1 million above the $2,671.97 million consensus estimate. Diluted EPS was $0.71 versus the $0.54 estimate, a $0.17 beat.
-
Margin and operating income beat
Gross margin expanded to 55.4%, with Outdoor brands identified as a key contributor. Adjusted operating income was $364 million versus approximately $315 million of guidance, a $49 million outperformance.
-
FY27 outlook maintained
Management reaffirmed, rather than raised, FY27 targets including constant-currency revenue growth of at least 2% and adjusted operating margin of approximately 8%.
-
Capital preserved for deleveraging
The company made no share repurchases during the quarter, while $2,486,971,057 remained available under the repurchase authorization.
What to watch
-
Revenue and Vans remain pressured
Reported revenue declined 4% and Vans revenue declined 10%, indicating continued brand and top-line pressure despite the quarterly earnings beat.
-
No increase to FY27 outlook
FY27 guidance was maintained rather than raised, including only constant-currency revenue growth of +2% or better and an adjusted operating margin target of approximately 8%.
-
Leverage constrains capital returns
Management stated that future repurchases will be evaluated against funding required to reduce leverage and reinvest cost savings; the company made 0 repurchases while $2,486,971,057 remained authorized.
-
No new risk-factor detail provided
The supplied 10-Q excerpt does not identify changes to the Fiscal 2026 Form 10-K risk factors; therefore, no incremental risk-factor update can be confirmed from the provided text.
Management's outlook
FY27 outlook was reaffirmed rather than raised: constant-currency revenue growth of +2% or better, adjusted operating margin of approximately 8%, normalized free cash flow flat to up versus FY26's $405 million, actual free cash flow of at least $515 million, and year-end leverage of 2.6x-2.9x.
Earlier filings 4
10-K · May 20, 2026
VF Corporation reported Fiscal 2026 with total revenues of $9.6 billion, representing a 1% year-over-year increase, driven by an 8% rise in the Outdoor segment. Net income from continuing operations was $254.9 million,…
10-Q · January 28, 2026
VF reported a beat: third-quarter continuing operations revenue of $2,875,801,000 (up $41,889,000 vs. prior-year quarter) and diluted EPS from continuing operations of $0.76 (vs. $0.43 prior year). Gross margin expanded…
10-Q · July 30, 2025
VF reported revenues of $1,760,666,000 in Q1 FY26, essentially flat vs. Q1 FY25 ($1,769,060,000) while gross margin expanded to 53.9% and operating loss narrowed to -$86,609,000 (operating margin -4.9%). The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.