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What changed in V F CORP's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of V F CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+419 added−462 removedSource: 10-K (2025-05-22) vs 10-K (2024-05-23)

Top changes in V F CORP's 2025 10-K

419 paragraphs added · 462 removed · 347 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

85 edited+21 added−24 removed32 unchanged
Biggest changeThe Timberland ® brand offers outdoor, adventure-inspired lifestyle footwear, apparel and accessories that combine performance benefits and versatile styling for men, women and children. We sell Timberland ® products globally through chain, department and specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 155 VF-operated stores, on websites with strategic digital partners and online at www.timberland.com.
Biggest changeWe sell Timberland ® pro ducts globally primarily t hrough specialty, chain and department stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, appr oximatel y 145 V F-operated stores, on websites with strategic digital partners and online at www.timberland.com. Altra ® is a performance-based footwear brand primarily in the road and trail running cat egories.
Dickies ® products are available globally through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 15 VF-operated stores, on websites with strategic digital partners and online at www.dickies.com. The Timberland PRO ® brand offers work and work-inspired products that provide comfort, durability and performance.
Dickies ® products are available globally primarily through mass merchants, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 15 VF-operated stores, on websites with strategic digital partners and online at www.dickies.com. The Timberland PRO ® brand offers work and work-inspired products that provide comfort, durability and performance.
Such documents are available as soon as reasonably practicable after electronic filing of the material with the SEC. Copies of these reports may also be obtained free of charge upon written request to the Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.
Such documents are available as soon as reasonably practicable after electronic filing of the material with the SEC. Copies of these reports may also be obtained free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.
Products obtained from contractors in the Western Hemisphere generally have a higher cost than products obtain ed from contractors in Asia. However, contracting in the Western Hemisphere gives us greater flexibility, shorter lead times and allows for lower inventory levels for the U.S. market.
Products obtained from contractors in the Western Hemisphere generally have a higher cost than products obtain ed from contractors in Asia-Pacific. However, contracting in the Western Hemisphere gives us greater flexibility, shorter lead times and allows for lower inventory levels for the U.S. market.
Most of these partnership stores are located in Europe and in Asia, and are concentrated amongst The North Face ® , Timberland ® , Vans ® , Kipling ® , Dickies ® and Napapijri ® brands.
Most of these partnership stores are located in Europe and in Asia-Pacific, and are concentrated amongst The North Face ® , Timberland ® , Vans ® , Kipling ® , Dickies ® and Napapijri ® brands.
The executive officers are generally elected annually and serve at the pleasure of the Board of Directors. None of the VF Corporation executive officers have any family relationship with one another or with any of the directors of VF Corporation. Bracken Darrell , 61, has been President and Chief Executive Officer since July 2023. Prior to joining VF, Mr.
The executive officers are generally elected annually and serve at the pleasure of the Board of Directors. None of the VF Corporation executive officers have any family relationship with one another or with any of the directors of VF Corporation. Bracken Darrell , 62, has been President and Chief Executive Officer since July 2023. Prior to joining VF, Mr.
In addition, VF’s Global Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture and talent development programs. The sections that follow provide further background on our associate base, as well as examples of our key programs and initiatives that are focused on the achievement of our objectives.
In addition, VF’s Global Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture and talent development programs. The sections that follow provide further background on our employee base, as well as examples of our key programs and initiatives that are focused on the achievement of our objectives.
OUTDOOR SEGMENT Our Outdoor segment is a group of authentic outdoor-based lifestyle brands. Product offerings include performance-based and outdoor apparel, footwear and equipment. The North Face ® is the largest brand in our Outdoor segment. The North Face ® brand features performance-based apparel, outerwear, sportswear and footwear for men, women and children.
OUTDOOR SEGMENT Our Outdoor segment is a group of authentic outdoor-based lifestyle brands. Product offerings include performance and performance-inspired outdoor apparel, footwear, equipment and accessories. The North Face ® is the largest brand in our Outdoor segment. The North Face ® brand features performance and performance-inspired apparel, outerwear, sportswear and footwear for men, women and children.
Timberland PRO ® products are available primarily in North America, through specialty stores, chain stores, independent distributors, on websites with strategic digital partners and online at www.timberland.com. Timberland PRO ® products are also available in most U.S. VF-operated Timberland ® stores.
Timberland PRO ® products are availabl e primarily in North America, through specialty stores, chain stores, independent distributors, on websites with strategic digital partners and online at www.timberland.com. Timberland PRO ® products are also available in most U.S. VF-operated Timberland ® stores.
We believe there is a strategic opportunity for growth in our Work segment in both existing and future markets, and in all channels and geographies. We expect growth will be driven by an increased presence in the retail workwear market, work-inspired lifestyle product offerings and by continuing to innovate products that address workers’ desires for increased comfort and performance.
We believe there is a strategic opportu nity for growth in our Work segment in both existing and future markets, and in all channels and geographies. We expect growth will be driven by an increased presence in the retail workwear market, work-inspired lifestyle product offerings and by continuing to innovate products that address workers’ desires for increased comfort and performance.
In total, we operate 21 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico, Israel and Japan. SEASONALITY VF’s quarterly operating results vary due to the seasonality of our individual brands, and are historically stronger in the second half of the calendar year.
In total, we operate 16 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico and Israel. SEASONALITY VF’s quarterly operating results vary due to the seasonality of our individual brands, and are historically stronger in the second half of the calendar year.
Our Human Capital Management ("HCM") practices are designed to promote belonging; provide development opportunities for associates across the organization; offer competitive rewards for performance achievements and benefits; and sponsor programs that support wellbeing in an engaging work environment built on our longstanding values.
Our Human Capital Management ("HCM") practices are designed to promote belonging; provide development opportunities for employees across the organization; offer competitive rewards for performance achievements and benefits; and sponsor programs that support wellbeing in an engaging work environment built on our values.
DIRECT-TO-CONSUMER OPERATIONS Our direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms. Direct-to-consumer revenues were 47% of total VF revenues in Fiscal 2024. Our full-price ret ail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers.
DIRECT-TO-CONSUMER OPERATIONS Our direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms. Direct-to-consumer revenues were 44% of total VF revenues in Fiscal 2025. Our full-price ret ail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers.
Key drivers of long-term growth in our Outdoor segment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, and geographical diversification and development. 2 VF Corporation Fiscal 2024 Form 10-K Table of Contents ACTIVE SEGMENT Our Active segment is a group of activity-based lifestyle brands.
Key drivers of long-term growth in our Outdoor segment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, and geographical diversification and development. 2 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts ACTIVE SEGMENT Our Active segment is a group of activity-based lifestyle brands.
We also participate in cooperative advertising on a shared cost basis with major retailers in print and digital media, radio and television. We sponsor sporting, musical and special events, as well as athletes and personalities who promote our products.
We also parti cipate in cooperative advertising on a shared cost basis with major retailers in print and digital media, radio and television. We sponsor sporting, musical and special events, as well as athletes and personalities who promote our products.
These include health and welfare programs, retirement programs, paid parental leave, reproductive and adoption assistance, paid time off, tuition reimbursement, product discounts, fitness facilities or programs, childcare and educational resources and various on-site services, employee assistance program, and regular wellbeing programming, as culturally appropriate throughout the geographies in which we operate. Associate safety rests at the heart of our decisions.
These include health and welfare programs, retirement programs, paid parental leave, family planning and adoption assistance, paid time off, tuition reimbursement, product discounts, fitness facilities or programs, childcare and educational resources and various on-site services, employee assistance program, and regular wellbeing programming, as appropriate throughout the geographies in which we operate. Employee safety rests at the heart of our decisions.
In addition to sponsorships and activities that directly benefit our products and brands, VF and its associates actively support our communities and various charities.
In addition to sponsorships and activities that directly benefit our products and brands, VF and its employees actively support our communities and various charities.
Its equipment line includes tents, sleeping bags, backpacks and accessories. Many of The North Face ® products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice and rock climbing.
Its equipment line includes tents, sleeping bags, backpacks and accessories. Many of The North Face ® products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice climbing. Products are also designed for year-round trail and rock climbing activities.
Our global Ethics and Compliance program provides VF associates with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation. OTHER MATTERS Competitive Factors Our business depends on our ability to stimulate consumer demand for VF’s brands and products.
Our global Ethics and Compliance program aims to provide VF employees with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation. OTHER MATTERS Competitive Factors Our business depends on our ability to stimulate consumer demand for VF’s brands and products.
This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where revenues are hi storically weighted towards the second and third fiscal quarters.
This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where revenues are hi storically weighted towards the second and third fiscal quart ers.
Independent contractor facilities, including those serving our independent licensees, are subject to pre-certification before producing VF products. This pre-certification includes passing a factory 4 VF Corporation Fiscal 2024 Form 10-K Table of Contents inspection and signing a VF Terms of Engagement agreement.
Independent contractor facilities, including those serving our independent 4 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts licensees, are subject to pre-certification before producing VF products. This pre-certification includes passing a factory inspection and signing a VF Terms of Engagement agreement.
ADVERTISING, CUSTOMER SUPPORT AND COMMUNITY OUTREACH During Fiscal 2024, our advertising and promotion expense was $835.8 million, representing 8% of total revenues. We advertise in consumer and trade publications and through digital initiatives, including social media and mobile platforms on the Internet.
ADVERTISING, CUSTOMER SUPPORT AND COMMUNITY OUTREACH During Fiscal 2025, our advertising and promotion expense was $818.8 million, representing 9% of total revenues. We advertise in consumer and trade publications and through digital initiatives, including social media and mobile platforms on the Internet.
HUMAN CAPITAL MANAGEMENT As a performance-driven company that is committed to its values and having a positive impact on people and the planet, VF aspires to leverage the size and scale of our business and the capabilities of our people to drive profitable and sustainable growth and create value for shareholders and stakeholders.
HUMAN CAPITAL MANAGEMENT As a performance-driven company that is committed to its values, VF aspires to leverage the size and scale of our business and the capabilities of our people to drive profitable and sustainable growth and create value for shareholders and stakeholders.
These contractors are engaged through VF's sourcing hub in Singapore (with satellite offices across Asia), and to a lesser extent, VF's sourcing hubs in Panama and Switzerland. These hubs are responsible for managing the procurement of product, supplier oversight, product quality assurance, sustainability within the supply chain, responsible sourcing and transportation and shipping functions.
These contractors are engaged through VF's sourcing hubs in Singapore (with satellite offices across Asia-Pacific), Panama and Switzerland. These hubs are responsible for managing the procurement of product, supplier oversight, product quality assurance, sustainability within the supply chain, responsible sourcing and transportation and shipping functions.
Additional information is included under the caption “Election of Directors” in VF’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held July 23, 2024 (“2024 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 30, 2024, which information is incorporated herein by reference.
Additional information is included under the caption “Election of Directors” in VF’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held July 22, 2025 (“2025 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.
VF Corporation Fiscal 2024 Form 10-K 1 Table of Contents The following table summarizes VF’s brands by reportable segment: REPORTABLE SEGMENT BRANDS PRIMARY PRODUCTS Outdoor The North Face ® High performance outdoor apparel, footwear, equipment, accessories Timberland ® Outdoor, adventure-inspired lifestyle footwear, apparel, accessories Smartwool ® Performance merino wool and other natural fibers-based apparel and accessories Altra ® Performance-based footwear Icebreaker ® High performance apparel and accessories based on natural fibers Active Vans ® Youth culture/action sports-inspired footwear, apparel, accessories Supreme ® Streetwear apparel, footwear, accessories Kipling ® Handbags, luggage, backpacks, totes, accessories Napapijri ® Premium outdoor-inspired apparel, footwear, accessories Eastpak ® Backpacks, luggage JanSport ® Backpacks, luggage Work Dickies ® Work and work-inspired lifestyle apparel and footwear Timberland PRO ® Protective work footwear, work and work-inspired lifestyle apparel Financial information regarding VF’s reportable segments is included in Note 21 to the consolidated financial statements.
VF Corporation Fiscal 2025 Form 10-K 1 Table of Conten ts The following table summarizes VF’s brands by reportable segment: REPORTABLE SEGMENT BRANDS PRIMARY PRODUCTS Outdoor The North Face ® Performance and performance-inspired outdoor apparel, footwear, equipment, accessories Timberland ® Style-forward and weather-ready footwear, apparel, accessories Altra ® Performance-based footwear Smartwool ® Performance merino wool and other natural fibers-based apparel and accessories Icebreaker ® High performance apparel and accessories based on natural fibers Active Vans ® Youth culture/action sports-inspired footwear, apparel, accessories Kipling ® Handbags, luggage, backpacks, totes, accessories Napapijri ® Premium outdoor-inspired apparel, footwear, accessories Eastpak ® Backpacks, luggage JanSport ® Backpacks, luggage Work Dickies ® Performance and lifestyle workwear apparel and footwear Timberland PRO ® Protective work footwear, work and work-inspired lifestyle apparel Financial information regarding VF’s reportable segments is included in Note 21 to the consolidated financial statements.
For example, The North Face ® brand has committed to programs that encourage and enable outdoor participation, such as The North Face Explore Fund™ program, and provide trailblazing athletes with funding, gear, education and mentorship to accelerate their progress through its "Athlete Development Program".
For example, The North Face ® brand has committed to brand impact initiatives that encourage and enable outdoor participation and provide trailblazing athletes with funding, gear, education and mentorship to accelerate their progress through its "Athlete Development Program".
In addition to our direct-to-consumer operations, independent parties own and operate approximately 2,400 partnership stores. Sales to these partners are reported in our wholesale channel. These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores.
In addition to our direct-to-consumer operations, independent parties own and oper ate approximately 2,300 partn ership stores. Sales to these partners are reported in our wholesale channel. These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores.
Royalty income was $67.1 million in Fiscal 2024 (less than 1% of total revenues), primarily from the Dickies ® , Vans ® and Timberland ® brands. SOURCING AND DISTRIBUTION Product design and innovation, including fit, fabric, finish and quality, are important elements across our businesses.
Royalty income was $62.3 million in Fiscal 2025 (less than 1% of total revenues), p rimarily from the Vans ® , Dickies ® and Timberland ® brands. SOURCING AND DISTRIBUTION Product design and innovation, including fit, fabric, finish and quality, are important elements across our businesses.
The Smartwool ® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function. Smartwool ® products are sold globally through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.
Altra ® products are sold globally primarily throu gh premium outdoor and specialty stores, independent distributors, on websites with strategic digital partners and online at www.altrarunning.c om. The Smartwool ® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function.
The North Face ® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, approximately 260 VF-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.
The North Face ® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, a pproxim ately 285 V F-operated stores, on websites with strategic digital partners and online at www.thenorthface.com.
We consider the talent and capabilities of our people as essential to our business strategy and execution. As such, we put in place strategies to acquire, develop and retain diverse talent with the skills and passion to build our brands with innovative products and experiences for our consumers around the globe.
As such, we put in place strategies to acquire, develop and retain diverse talent with the skills and passion to build our brands with innovative products and experiences for our consumers around the globe.
Backlog The dollar amount of VF’s order backlog as of any date is not indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole. 8 VF Corporation Fiscal 2024 Form 10-K Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS The following are the executive officers of VF Corporation as of May 23, 2024.
Backlog The dollar amount of VF’s order backlog as of any date is not indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole. INFORMATION ABOUT OUR EXECUTIVE OFFICERS The following are the executive officers of VF Corporation as of May 22, 2025.
WORK SEGMENT Our Work segment consists of work and work-inspired lifestyle brands with product offerings that include apparel, footwear and accessories. Dickies ® is the largest brand in our Work segment. The Dickies ® brand is a leader in authentic, functional, durable and affordable workwear and has expanded to produce work-inspired, casual- use products.
WORK SEGMENT Our Work segment consists of performance and lifestyle workwear brands with product offerings that include apparel, footwear and accessories. Dickies ® is the largest brand in our Work segment. The Dickies ® brand is a leader in authentic, functional, durable and affordable performance and lifestyle workwear apparel and footwear .
Altra ® is a performance-based footwear brand primarily in the road and trail running categories. Altra ® products are sold globally through premium outdoor and specialty stores, independent distributors, on websites with strategic digital partners and online at www.altrarunning.com. The Icebreaker ® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers.
Smartwool ® products are sold globally primarily through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com. The Icebreaker ® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers.
Corporation and its consolidated subsidiaries. All references to "Fiscal 2024" relate to VF's current fiscal year which ran from April 2, 2023 through March 30, 2024. Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF’s continuing operations.
All references to "Fiscal 2025" relate to VF's current fiscal year which ran from March 31, 2024 through March 29, 2025. Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF’s continuing operations.
Associate Base VF had approximately 30,000 employees at the end of Fiscal 2024. Of VF’s total employees, approximately 60% were full-time and approximately 55% were located in the U.S. In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements. Employee relations are considered to be good.
Employee Base VF had approximate ly 27,000 employees at the end of Fiscal 2025. Of VF’s total employees, approximately 60% were full-time and approximately 52% were located in the U.S. In international markets, certain employees are covered by trade-sponso red or governmental bargaining arrangements. Employee relations are generally considered to be good.
VF's science-based targets include the following: • Reduce absolute Scope 1 and 2 GHG emissions 55% by 2030 from a Fiscal 2017 baseline; and • Reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation 30% by 2030 from a Fiscal 2017 baseline.
VF's science-based targets include the following: • Reduce absolute Scope 1 and 2 GHG emissions 55% by the end of Fiscal 2030 from a Fiscal 2017 baseline; and • Reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation including land-related emissions and removals from bioenergy feedstocks, 33% by the end of Fiscal 2030 from a Fiscal 2017 baseline.
Hyd er , 59, has been Executive Vice President, Chief People Officer since September 2023. Prior to joining VF, Mr. Hyder served as President and Chief People Officer of Salesforce, Inc. from September 2019 to September 2023. Bryan H. McNeill , 62, has been Vice President — Controller and Chief Accounting Officer since April 2015.
Hyd er , 60, has been Executive Vice President, Chief People Officer since September 2023. Prior to joining VF, Mr. Hyder served as President and Chief People Officer of Salesforce, Inc. from September 2019 to September 2023. Mr. Hyder joined VF in September 2023. Bryan H.
This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 15% of the segment's revenues occurred in the first fiscal quarter compared to 31% in the second fiscal quarter of Fiscal 2024.
This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 14% of the segment's revenues occurred in the first fiscal quarter compared to 33% in the third fiscal quarter of Fiscal 2025.
Copies of these documents also may be obtained by any shareholder free of charge upon written request to the Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.
Copies of 8 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts these documents also may be obtained by any shareholder free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.
We believe that having an engaged, diverse, inclusive and committed workforce enhances not only our business performance but also our culture.
We believe that having an engaged, inclusive and committed workforce with a diversity of experiences and perspectives enhances not only our business performance but also our culture.
Other planet- and product-related goals include the following: • Utilize 100% renewable energy across our owned-and-operated facilities by Fiscal 2026, to be primarily achieved through on-site renewable energy projects, and off-site renewable energy investments, including renewable energy credits. • Source 50% of our polyester from recycled materials by Fiscal 2026. • Key packaging materials will be reduced and originate from sustainable sources, and processes redesigned enabling packaging reuse or recyclability, by Fiscal 2031.
Other planet- and product-related goals include the following: • Utilize 100% renewable energy across our owned-and-operated facilities by the end of Fiscal 2026, to be primarily achieved through on-site renewable energy projects, and off-site renewable energy investments, including renewable energy credits. • Source 50% of our polyester from recycled materials by the end of Fiscal 2026.
Our global direct-to-consumer operations included 1,185 stores at the end of Fiscal 2024. We operate retail store locations for the following brands: Vans ® , The North Face ® , Timberland ® , Kipling ® , Icebreaker ® , Napapijri ® , Supreme ® and Dickies ® .
Our global direct-to-consumer operations includ ed 1,127 stor es at the end of Fiscal 2025. We operate retail store locations for the following brands: Vans ® , The North Face ® , Timberland ® , Kipling ® , Icebreaker ® , Napapijri ® and Dickies ® .
The Governance and Corporate Responsibility Committee is responsible for conducting Board succession planning and overseeing the selection of nominees to the Board, and reviews the Company's Code of Business Conduct as well as its sustainability policies, goals and programs.
VF’s Audit Committee monitors current and emerging enterprise risks, including HCM risks, and VF’s health and safety program. The Governance and Corporate Responsibility Committee is responsible for conducting Board succession planning and overseeing the selection of nominees to the Board, and reviews the Company's Code of Business Conduct as well as its sustainability policies, goals and programs.
Initiatives to promote overall alignment with our performance, purpose, values, and strategy are therefore important and include internal communications and education about our business initiatives through regular 6 VF Corporation Fiscal 2024 Form 10-K Table of Contents townhalls with executive management across our business, and a listening strategy that engages associates and encourages them to provide input and feedback on a variety of topics.
Initiatives to promote overall alignment with our performance, values, and strategy are therefore important and include internal communications and education about our business initiatives through regular townhalls with executive management across our business, and a listening strategy that engages employees and encourages them to provide input and feedback on a variety of topics. 6 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts Our Board of Directors and its Committees provide governance and oversight on a broad range of VF’s HCM efforts.
Eastpak ® backpacks, travel bags and luggage are sold primarily through department and specialty stores across Europe, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com. JanSport ® backpacks and accessories are sold primarily in North America, through department, office supply and chain stores, as well as sports specialty stores and independent distributors.
JanSport ® backpacks and accessories are sold primarily in North America through mass merchants, sports specialty stores, office supply and chain stores and department stores, as well as independent distributors. JanSport ® products are also sold on websites with strategic digital partners and online at www.jansport.com.
After VF’s 2024 Annual Meeting of Shareholders, VF intends to file with the New York Stock Exchange (“NYSE”) the certification regarding VF’s compliance with the NYSE’s corporate governance listing standards as required by NYSE Rule 303A.12. Last year, VF filed this certification with the NYSE on August 4, 2023. VF Corporation Fiscal 2024 Form 10-K 9 Table of Contents
After VF’s 2025 Annual Meeting of Shareholders, VF intends to file with the New York Stock Exchange (“NYSE”) the certification regarding VF’s compliance with the NYSE’s corporate governance listing standards as required by N YSE Rule 303A.12. Last year, VF filed this certification with the NYSE on July 29, 2024.
Nothing is more fundamental than providing people with an environment VF Corporation Fiscal 2024 Form 10-K 7 Table of Contents where they feel safe, secure and supported. Our mission is simple: Foster a culture of safety that enables a workplace free of hazards and sends every employee home safely. Our goal is zero workplace injuries within our operations.
Nothing is more fundamental than providing people with an environment where they feel safe, secure and supported. Our mission is simple: Foster a culture of safety that enables a workplace free of hazards and sends every employee home safely.
Darrell served as Chief Executive Officer of Logitech International, S.A. from January 2013 to June 2023, after joining Logitech as President in April 2012. Matthew H. Puckett , 50, has been Executive Vice President and Chief Financial Officer of VF since June 2021.
Darrell served as Chief Executive Officer of Logitech International, S.A. from January 2013 to June 2023, after joining Logitech as President in April 2012. Mr. Darrell joined VF in July 2023. Paul Vogel , 52, has been Executive Vice President and Chief Financial Officer since July 2024. Prior to joining VF, Mr.
Icebreaker ® products are sold globally through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximately 25 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.
Icebreaker ® products ar e sold globally primarily through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximatel y 20 VF-o perated stores, on websites with strategic digital partners and online at www.icebreaker.com.
The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price. Products are sold in Europe, through department and specialty stores, independently-operated partnership stores, concession retail stores, independent distributors , approximately 20 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.
Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally primarily through chain, department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, appr oximately 35 VF -operated stores, on websites with strategic digital partners and online at www.kipling.com. The Napapijri ® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price.
Approximately 65% of our stores are located in the Americas (57% in the U.S.), 25% in Europe and 10% in Asia-Pacific. Additionally, we sell certain of our branded products through VF Corporation Fiscal 2024 Form 10-K 3 Table of Contents approximately 840 concession retail stores located principally in Europe and Asia.
Approximately 65% of our stores are located in the Americas (56% in the U.S.), 25% in Europe and 10% in Asia-Pacific. Additionally, we sell certain of our branded products through 794 concession retail stores located principally in Europe and Asia-Pacific.
We are guided by our values and our purpose. Together with a laser focus on performance and delivering on our commitments, we are able to offer a unique value proposition to our associates – a place where you can do well and do good at the same time.
Together with a laser focus on performance and delivering on our commitments, we are able to offer a unique value proposition to our employees – a place where you can do well and do good at the same time. We consider the talent and capabilities of our people as essential to our business strategy and execution.
He served as Controller and Supply Chain Chief Financial Officer of VF International from January 2012 until March 2015 and Controller of VF International from May 2010 until December 2011. Mr. McNeill joined VF in 1993. Nicole Otto , 53, has been Global Brand President, The North Face ® since June 2022.
McNeill , 63, has been Vice President, Controller and Chief Accounting Officer since April 2015. Prior to this role, he served as Controller and Supply Chain Chief Financial Officer of VF International from January 2012 until March 2015 and Controller of VF International from May 2010 until December 2011. Mr. McNeill joined VF in 1993. Jennifer S.
We define wellbeing as not only physical health, but also mental, emotional, social, financial and career wellbeing. We offer a comprehensive and competitive benefits program to our full-time associates that is designed to provide choices and flexibility to meet their needs now and in the future.
We offer a comprehensive and competitive benefits program to our full-time employees that is designed to provide choices and flexibility to meet their needs now and in the future.
Information contained on our website or in our Environmental & Social Responsibility reports or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.
Also included on that webpage are downloads of our Sustainability Accounting Standards Board ("SASB") and Global Reporting Initiative ("GRI") indices. Information contained on our website or in our Environmental & Social Responsibility reports or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.
On a quarterly basis in Fiscal 2024, revenues ranged from a low of 20% of full year revenues in the first fiscal quarter to a high of 29% in the second fiscal quarter, with corresponding operating margins of (0.4)% in the first fiscal quarter and 12.0% in the second fiscal quarter.
On a quarterly basis in Fiscal 2025, revenues ranged from a low of 19% of full year revenues in the first fiscal quarter to a high of 30% in the third fiscal quarter, with corresponding operating margins of (7%) in the first fiscal quarter and 8% in the third fiscal quart er.
In Fiscal 2024, VF sourced approximately 266 million units spread across our brands. Our products were primarily obtained from approximate ly 320 independent contractor manufacturing facilities in approximately 35 countries. Additionally, we operate 21 distribution center s and 1,185 re tail stores across the globe.
In Fiscal 2025, VF sourced approximately 260 million units spread across our brands. Our products were primarily obtained from approximate ly 273 independent contractor manufacturing facilities in approximately 30 coun tries. Additionally, we operate 16 dis tribution center s and 1,127 reta il stores across the globe.
Vans ® products are available globally through chain stores, specialty stores, independent distributors and licensees, independently-operated partnership stores, concession retai l stores, approximately 660 VF-operated stores, on websites with strategic digital partners and online at www.vans.com. Supreme ® is a leading streetwear brand that offers apparel, accessories and footwear.
Vans ® products are available globally primarily through specialty, chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approxima tely 605 VF-operated stores, on websites with strategic digital partners and online at www.vans.com.
We limit VF’s sourcing exposure through, among other measures: (i) diversifying production among countries and contractors, (ii) sourcing production to merchandise categories where product is readily available, and (iii) sourcing from countries with tariff preference and free trade agreements. VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S. State Department.
We limit VF’s sourcing exposure through, among other measures: (i) diversifying production among countries and contractors, (ii) sourcing production to merchandise categories where product is readily available, and (iii) sourcing from countries with tariff preference and free trade agreements. In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports.
Global brands have been combined into reportable segments based on similar economic characteristics and qualitative factors. The reportable segments for financial reporting purposes have been identified as: Outdoor, Active and Work.
The reportable segments for financial reporting purposes have been identified as: Outdoor, Active and Work.
Intellectual Property Trademarks, trade names, patents and domain names, as well as related logos, designs and graphics, provide substantial value in the development and marketing of VF’s products, and are important to our continued success. We have registered this intellectual property in the U.S. and in other countries where our products are manufactured and/or sold.
VF Corporation Fiscal 2025 Form 10-K 7 Table of Conten ts Intellectual Property Trademarks, trade names, patents and domain names, as well as related logos, designs and graphics, provide substantial value in the development and marketing of VF’s products, and are important to our continued success.
Sales to VF’s largest customer totaled approximately 2% of total revenues in Fiscal 2024.
Sales to VF’s ten largest customers amounted to approximately 15% of to tal revenues in Fiscal 2025. Sales to the five largest customers amounted to approximately 10% of total revenues in Fiscal 2025. Sales to VF’s largest customer totaled approximately 2% of total revenues in Fiscal 2025.
E-commerce represented approximately 42% of our direct-to-consumer business and 20% of total VF revenues in Fiscal 2024. All VF brands are marketed online. We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance.
We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance. We also continue to increase focus on digital innovation and growth across other third-party digital platforms that are reported within our direct-to-consumer business.
VF prioritizes sustainable materials, circularity, and sustainable packaging to drive scalable change by working to reduce our environmental impact. Other critical components of our environmental sustainability strategy include reducing greenhouse gas ("GHG") emissions, increasing responsible sourcing of materials, reducing waste, implementing green building design, increasing renewable energy use and improving operational efficiency across both our direct operations and supply chain.
Innovation and responsible product stewardship are key focus areas. Our environmental sustainability strategy focuses on reducing greenhouse gas ("GHG") emissions, increasing responsible sourcing of materials, reducing waste, implementing green building design, increasing renewable energy use and improving operational efficiency across both our direct operations and our supply chain.
She also served as President, APAC from July 2022 until November 2022. Ms. Otto joined VF in June 2022 . Jennifer S. Sim , 50, has been Executive Vice President, General Counsel and Secretary since May 2022.
Sim , 51, has been Executive Vice President, Chief Legal Officer and Corporate Secretary since July 2024. Prior to this role, she served as Executive Vice President, General Counsel and Secretary from May 2022 to June 2024 and Vice President, Deputy General Counsel from 2019 until May 2022. Ms. Sim joined VF in 2013.
VF is currently on course with its internal milestones, tracking progress towards these targets and goals. Additional information regarding VF’s strategy and actions can be found within our latest Environmental & Social Responsibility report within our “Responsibility” page on www.vfc.com. Also included on that webpage are downloads of our Sustainability Accounting Standards Board ("SASB") and Global Reporting Initiative ("GRI") indices.
VF is tracking progress towards these targets and goals. Additional information regarding VF’s strategy and actions, as well as progress toward these targets and goals, can be found within our latest Environmental & Social Responsibility report within our “Responsibility” page on www.vfc.com.
We utilize a range of tools and programs including diverse candidate slates, talent reviews, performance coaching, mentorship and development, succession planning, access to volunteering opportunities, IDEA training and hundreds of online leadership development learning modules that are available to all associates. Associate Wellbeing and Safety VF endeavors to support the diverse wellbeing needs of our associates and their families.
Talent Management Talent Management includes the acquisition, development, skilling and upskilling, and deployment of our talent. We utilize a range of tools and programs including performance coaching, mentorship and development, succession planning, access to volunteering opportunities, early career apprenticeship programs, and hundreds of online leadership development learning modules that are available to all employees.
No single supplier represented more than 6% of our total cost of goods sold during Fiscal 2024. All independent contractor facilities that manufacture VF products, are subject to VF’s Global Compliance Principles.
VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S. State Department. No single supplier represented mo re than 8% of our total cost of goods sold during Fiscal 2025. All independent contractor facilities that manufacture VF products, are subject to VF’s Global Compliance Principles.
Results are evaluated, shared with associates and used to guide management focus and attention. Recent actions have included 1) adopting a flexible approach to where associates work, 2) creating engaging work environments that bring associates together to collaborate and innovate, and 3) equipping leaders to manage in a complex, hybrid environment.
Recent actions have included 1) adopting a flexible approach to where employees work, 2) creating engaging work environments that bring employees together to collaborate and innovate, and 3) equipping leaders to manage in a complex, hybrid environment. VF also conducts periodic pulse check surveys for interim feedback on a variety of topics.
The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-wide HCM priorities, including diversity, equity and inclusion, benefits, wellbeing, succession planning and talent development strategies. VF’s Audit Committee monitors current and emerging enterprise risks, including HCM risks, and VF’s health and safety program.
The Board’s oversight includes review of CEO and executive officer performance, compensation and succession planning and belonging programs and initiatives. The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-wide HCM priorities, including employee engagement, inclusion, belonging, benefits, wellbeing, succession planning and talent development strategies.
Customers VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners. In addition, we sell products on a direct-to-consumer basis through VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.
In addition, we grant licenses to other parties to manufacture and sell products utilizing our intellectual property in product categories and geographic areas in which VF does not operate. Customers VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners.
Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.
Our largest brands are The North Face ® , Vans ® , Timberland ® and Dickies ® . Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners.
VF is committed to maximizing inclusion, diversity and equity not only within the Company, but also within the communities where we live and work. Culture and Engagement Our culture is built on our five core values: Integrity, Consumer-focused, Growth Mindset, Simplicity and Winning Together. We measure our culture and Employee Net Promoter Score ("eNPS") via periodic surveys.
Culture and Engagement Our culture is built on our five core values: Integrity, Consumer-focused, Growth Mindset, Simplicity and Winning Together. We measure our culture and Employee Net Promoter Score ("eNPS") via periodic surveys. Results are evaluated, shared with employees and used to guide management focus and attention.
Revenues from the direct-to-consumer business represented 47% of VF’s total Fiscal 2024 revenues. In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributors. In Fiscal 2024, VF derived 52% of its revenues from the Americas, 33% from Europe and 15% from Asia-Pacific.
Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. Revenues from the direct-to-consumer business represented 44% of VF’s total Fiscal 2025 revenues. In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributors.
We vigorously monitor and enforce VF’s intellectual property against counterfeiting, infringement and violations of other rights where and to the extent legal, feasible and appropriate. In addition, we grant licenses to other parties to manufacture and sell products utilizing our intellectual property in product categories and geographic areas in which VF does not operate.
We have registered this intellectual property in the U.S. and in other countries where our products are manufactured and/or sold. We vigorously monitor and enforce VF’s intellectual property against counterfeiting, infringement and violations of other rights where and to the extent legal, feasible and appropriate.
Puckett joined VF in 2001. Martino Scabbia Guerrini , 59, has been Executive Vice President, Chief Commercial Officer and President, Emerging Brands since October 2023. He served as Executive Vice President, and President, EMEA and Emerging Brands from March 2022 until October 2023, with additional responsibilities as President, APAC since November 2022 until October 2023.
Prior to this role, he served in a number of leadership roles with VF, including most recently as Executive Vice President, and President, EMEA and Emerging Brands from March 2022 until October 2023, with additional responsibilities as President, APAC from November 2022 until October 2023. Mr. Guerrini joined VF in 2006. Brent E.
VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the outerwear, footwear, apparel, backpack, luggage and accessories categories. Our largest brands are The North Face ® , Vans ® , Timberland ® and Dickies ® .
As such, the Supreme ® brand business that was sold on October 1, 2024 has been excluded. Business Model VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear and accessories categories.
Supreme ® products are available globally through approximately 15 VF-operated stores, select partner retail stores and online at www.supremenewyork.com. Kipling ® branded handbags, luggage, backpacks, totes and accessories are sold globally through department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, approximately 35 VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.
Products are sold in Europe, primarily through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, approxi mately 20 V F-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAny of the following could impact our ability to source or deliver VF products, or our cost of sourcing or delivering products and, as a result, our profitability: • political or labor instability in countries where VF’s contractors and suppliers are located; • inflationary pressures or changes in local economic conditions in countries where VF’s contractors and suppliers are located; • public health issues, such as the COVID-19 pandemic, have resulted in (or could continue to result in) closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas; • political or military conflict could cause a delay in the transportation of products to VF and an increase in transportation costs; 14 VF Corporation Fiscal 2024 Form 10-K Table of Contents • disruption at ports of entry, could cause delays in product availability and increase transportation times and costs; • heightened terrorism security concerns could subject imported or exported goods to additional, more frequent or lengthier inspections, leading to delays in deliveries or impoundment of goods for extended periods; • increased risk of detention by customs officials of raw materials or goods used by our suppliers in the manufacture of certain of our products, and increased risk of detention of our products; • decreased scrutiny by customs officials for counterfeit goods, leading to more counterfeit goods and reduced sales of VF products, increased costs for VF’s anti-counterfeiting measures and damage to the reputation of its brands; • disruptions at manufacturing or distribution facilities or in shipping and transportation locations caused by natural and man-made disasters (including potential effects from climate change); • imposition of regulations and quotas relating to imports and our ability to adjust timely to changes in trade regulations could limit our ability to source products in cost-effective countries that have the required labor and expertise; • imposition of duties, taxes and other charges on imports; and • imposition or the repeal of laws that affect intellectual property rights.
Biggest changeAny of the following could impact our ability to source or deliver VF products, or our cost of sourcing or delivering products and, as a result, our profitability: • imposition of duties, tariffs, taxes and other charges on imports; • political or labor instability in countries where VF’s contractors and suppliers are located; • inflationary pressures or changes in local economic conditions in countries where VF’s contractors and suppliers are located; • public health issues such as pandemics could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas; • political or military conflict could cause a delay in the transportation of products to VF and an increase in transportation costs; • disruption at ports of entry has caused, and in the future could cause, delays in product availability and increase transportation times and costs; • heightened terrorism security concerns could subject imported or exported goods to additional, more frequent or lengthier inspections, leading to delays in VF Corporation Fiscal 2025 Form 10-K 13 Table of Conten ts deliveries or impoundment of goods for extended periods; • increased risk of detention by customs officials of raw materials or goods used by our suppliers in the manufacture of our products, and increased risk of detention of our products; • decreased scrutiny by customs officials for counterfeit goods, leading to more counterfeit goods and reduced sales of VF products, increased costs for VF’s anti-counterfeiting measures and damage to the reputation of its brands; • disruptions at manufacturing or distribution facilities or in shipping and transportation locations caused by natural and man-made disasters (including potential effects from extreme environmental conditions) or political or military conflicts; • imposition of regulations and quotas relating to imports and our ability to adjust timely to changes in trade regulations could limit our ability to source products in cost-effective countries that have the required labor and expertise; and • imposition or the repeal of laws that affect intellectual property rights.
Employees may intentionally or inadvertently cause cybersecurity breaches that result in the unauthorized access to our systems or the unauthorized release of personal or confidential information.
Employees may intentionally or inadvertently cause cybersecurity breaches that result in unauthorized access to our systems or the unauthorized release of personal or confidential information.
Any such breach, including, without limitation, the incident reported by VF in December 2023, has and could require significant expenditures to remediate; could cause damage to our reputation, to confidence in our e-commerce platforms and to our relationships with customers, consumers, employees and third parties on whom we rely; has and could result in business disruption, negative media attention and lost sales; and could expose us to risks of litigation, liability and increased scrutiny from regulatory entities.
Any such breach, including, without limitation, the incident reported by VF in December 2023, has and could require significant expenditures to remediate; could cause damage to our reputation, to confidence in our e-commerce platforms and to our relationships with customers, consumers, employees and third parties on whom we rely; has and could result in business disruption, negative media attention and lost sales; and has and could expose us to risks of litigation, liability and increased scrutiny from regulatory entities.
Moreover, failure to effectively manage VF’s portfolio of brands in line with growth targets and shareholder expectations, including acquisition choices, integration approach, transaction pricing and divestiture timing could result in unfavorable impacts to growth and value creation. Our acquisitions may cause large one-time expenses or create goodwill or other intangible assets that could result in significant impairment charges.
Moreover, failure to effectively manage VF’s portfolio of brands in line with growth targets and shareholder expectations, including acquisition choices, integration approach, transaction pricing and divestiture timing could result in unfavorable impacts to growth and value creation. Our acquisitions and divestitures may cause large one-time expenses or create goodwill or other intangible assets that could result in significant impairment charges.
If we are unable to retain, acquire, and engage talented employees with the appropriate skill sets, or if changes to our organizational structure, operating results, or business model adversely affect morale or retention, we may not achieve our objectives, our relationships with our customers, consumers or other third parties may be disrupted, and our results of operations could be adversely impacted.
If we are unable to retain, acquire, and engage talented employees with the appropriate skill sets, or if changes to our organizational structure, operating results, or business model adversely affect morale, productivity or retention, we may not achieve our objectives, our relationships with our customers, consumers or other third parties may be disrupted, and our results of operations could be adversely impacted.
VF relies on owned or leased VF-operated and third party-operated distribution facilities to warehouse and ship product to VF customers. VF’s distribution system includes computer-controlled and automated equipment, which may be subject to a number of risks related to security or computer viruses, the proper operation of software and hardware, power interruptions or other system failures.
VF relies on owned or leased VF-operated and third party-operated distribution facilities to warehouse and ship product to VF customers and consumers. VF’s distribution system includes computer-controlled and automated equipment, which may be subject to a number of risks related to security or computer viruses, the proper operation of software and hardware, power interruptions or other system failures.
A significant portion of our products also are manufactured in other countries and declines in the values of the U.S. dollar may result in higher manufacturing costs. In the future, VF may not be able to offset cost increases with other cost reductions or efficiencies or to pass higher costs on to its customers.
A significant portion of our products also are manufactured in other countries and declines in the values of the U.S. dollar may result in higher manufacturing costs. In the future, VF may not be able to offset cost increases with other cost reductions or efficiencies or to pass higher costs on to its consumers and customers.
For example, they could: • require VF to dedicate a substantial portion of its cash flow from operations to repaying its indebtedness, which would reduce the availability of its cash flow to fund working capital requirements, capital expenditures, future acquisitions, dividends, repurchase VF’s common stock and for other general corporate purposes; • limit VF’s flexibility in planning for or reacting to general adverse economic conditions or changes in its business and the industries in which it operates; • place VF at a competitive disadvantage compared to its competitors that have less indebtedness outstanding; and • negatively affect VF's credit ratings and limit, along with the financial and other restrictive covenants in VF’s debt documents and its ability to borrow additional funds.
For example, they could: • require VF to dedicate a substantial portion of its cash flow from operations to repaying its indebtedness, which would reduce the availability of its cash flow to fund working capital requirements, capital expenditures, future acquisitions, dividends, repurchases of VF’s common stock, and for other general corporate purposes; • limit VF’s flexibility in planning for or reacting to general adverse economic conditions or changes in its business and the industries in which it operates; • place VF at a competitive disadvantage compared to its competitors that have less indebtedness outstanding; and • negatively affect VF's credit ratings and limit, along with the financial and other restrictive covenants in VF’s debt documents and its ability to borrow additional funds.
Cybersecurity threat actors may use AI tools, including generative AI, to deploy increasingly advanced attacks on our and our business partners' information technology systems. The increasing sophistication of cybersecurity attacks, including through the use of AI, may create a demand for us to use more and more sophisticated AI in our cybersecurity defense efforts.
Cybersecurity threat actors may use AI tools, including generative AI, to deploy increasingly advanced attacks on our and our business partners' information technology systems. The increasing sophistication of cyberattacks, including through the use of AI, may create a demand for us to use more and more sophisticated AI in our cybersecurity defense efforts.
In addition, these potential tax liabilities may discourage, delay or prevent a change of control of us. GENERAL RISKS Regional epidemics or global pandemics may materially and adversely affect our business, financial condition and results of operations. The occurrence of regional epidemics or a global pandemic may adversely affect our business, financial condition and results of operations.
In addition, these potential tax liabilities may discourage, delay or prevent a change of control of us. GENERAL RISKS Regional epidemics or global pandemics may materially and adversely affect our business, financial condition and results of operations. The occurrence of regional epidemics or a global pandemic may, and has, adversely affect our business, financial condition and results of operations.
ECONOMIC AND INDUSTRY RISKS VF’s revenues and profits depend on the level of consumer spending for apparel and footwear, which is sensitive to global economic conditions and other factors. A decline in consumer spending could have a material adverse effect on VF.
ECONOMIC AND INDUSTRY RISKS VF’s revenues and profits depend on the level of consumer spending for apparel, footwear and accessories, which is sensitive to global economic conditions and other factors. A decline in consumer spending could have a material adverse effect on VF.
It is possible that we could have another impairment charge for goodwill or trademark and trade name intangible assets in future periods if (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2025 or future years vary from our current assumptions (including changes in discount rates and foreign currency exchange rates), (iii) business conditions or our strategies for a specific business unit change from our current assumptions, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or of actual sales transactions of comparable companies, were to decline, resulting in lower comparable multiples of revenues and earnings before interest, taxes, depreciation and amortization and, accordingly, lower implied values of goodwill and intangible assets.
It is possible that we could have another impairment charge for goodwill or trademark and trade name intangible assets in future periods if (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2026 or future years vary from our current assumptions (including changes in discount rates, foreign currency exchange rates and tariffs), (iii) business conditions or our strategies for a specific business unit change from our current assumptions, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or of actual sales transactions of comparable companies, were to decline, resulting in lower comparable multiples of revenues and earnings before interest, taxes, depreciation and amortization and, accordingly, lower implied values of goodwill and intangible assets.
Competition for experienced, well-qualified and diverse personnel is intense and we may not be successful in attracting, developing, and retaining such personnel, which could impact VF’s ability to remain competitive.
Competition for experienced and well-qualified personnel is intense and we may not be successful in attracting, developing, and retaining such personnel, which could impact VF’s ability to remain competitive.
The rapidly changing media environment, including our increasing reliance on social media and online marketing, which accelerates the dissemination of information, can increase the challenges of responding to negative claims. In addition, we have sponsorship contracts with a number of athletes, musicians and celebrities and feature those individuals in our advertising and marketing efforts.
The rapidly changing media environment, including our increasing reliance on social media and online marketing, which accelerates the dissemination of information, including misinformation and disinformation, can increase the challenges of responding to negative claims. In addition, we have sponsorship contracts with a number of athletes, musicians and celebrities and feature those individuals in our advertising and marketing efforts.
Such leadership transitions can be inherently difficult to manage; inadequate transitions may cause disruption to our business, including to our relationships with our associates and other third parties. Further, these changes also increase our dependency on other remaining members of our global leadership team, and the departure of whom could be particularly disruptive in light of the recent leadership transitions.
Such leadership transitions can be inherently difficult to manage; inadequate transitions may cause disruption to our business, including to our relationships with our employees and other third parties. Further, these changes also increase our dependency on other remaining members of our global leadership team, and the departure of whom could be particularly disruptive in light of the recent leadership transitions.
We have incurred, and may continue to incur, certain costs related to this attack which may not be covered by our cyber liability insurance.
We have incurred, and may continue to incur, certain costs related to this attack, which may not be covered by our cyber insurance.
Further, the global economy periodically experiences recessionary conditions with rising unemployment, rising inflation and interest rates, reduced availability of credit, increased savings rates and declines in real estate and securities values. These recessionary conditions could have a negative impact on retail sales of apparel, footwear and other consumer products.
Further, the global economy periodically experiences recessionary conditions with rising unemployment, rising inflation and interest rates, rising tariffs, reduced availability of credit, increased savings rates and declines in real estate and securities values. These recessionary conditions could have a negative impact on retail sales of apparel, footwear and accessories and other consumer products.
Our business is subject to comprehensive national, state and local laws and regulations on a wide range of matters such as environmental, climate change, consumer protection, social, employment, privacy, safety and other matters. VF could be adversely affected by costs of compliance with or violations of those laws and regulations.
Our business is subject to comprehensive national, state and local laws and regulations on a wide range of matters such as environmental, climate risk, consumer protection, social, employment, privacy, safety and other matters. VF could be adversely affected by costs of compliance with or violations of those laws and regulations.
Any significant disruption in our supply chain could impair our ability to procure or distribute our products, which would adversely affect our business and results of operations. VF relies significantly on information technology. Any inadequacy, interruption, integration failure or security failure of this technology could harm VF’s ability to effectively operate its business.
Any significant disruption in our supply chain could impair our ability to procure or distribute our products, which would adversely affect our business and results of operations. VF relies significantly on information technology. Any inadequacy, interruption, operational failure or security failure of this technology could harm VF’s ability to effectively operate its business.
The failure of our systems and those of third parties on which we rely to operate effectively or remain innovative, our inability to keep up with rapid technological change (including the successful utilization of data analytics, artificial intelligence ("AI") and machine learning), problems with transitioning to upgraded or replacement systems, difficulty in integrating new systems or systems of acquired businesses or a breach in security of these systems has, and could continue to, adversely impact the operations of VF’s business.
The failure of our systems and those of third parties on which we rely to operate effectively or remain innovative, our inability to keep up with rapid technological change (including the successful utilization of data analytics, artificial intelligence ("AI") and machine learning), problems with transitioning to upgraded or replacement systems, difficulty in integrating new systems or systems of acquired businesses or a breach in security of these systems has, and in the future could again, adversely impact the operations of VF’s business.
For example, the cost and availability of the materials that are used in our products, such as oil-related commodity prices and other raw materials, such as cotton, dyes and chemical and other costs, such as fuel, energy and utility costs, can fluctuate significantly as a result of inflation in addition to many other factors, including general economic conditions and demand, crop yields, energy prices, weather patterns, water supply quality and availability, public health issues (such as the COVID-19 pandemic) and speculation in the commodities markets.
For example, the cost and availability of the materials that are used in our products, such as oil-related commodity prices and other raw materials, such as cotton, dyes and chemical and other costs, such as fuel, energy and utility costs, can fluctuate significantly as a result of inflation in addition to many other factors, including general economic conditions and demand, crop yields, energy prices, weather patterns, water supply quality and availability, public health issues and speculation in the commodities markets.
Decreased consumer spending could result in reduced demand for our products, reduced orders from customers for our products, order cancellations, lower revenues, higher discounts, increased inventories and lower gross margins. The uncertain state of the global economy continues to impact businesses around the world.
Decreased consumer spending could result in reduced demand for our products, reduced orders from customers for our products, order cancellations or returns, lower revenues, higher discounts, increased inventories and lower gross margins. The uncertain state of the global economy continues to impact businesses around the world.
If we are unable to timely and appropriately respond to changing consumer demand, the names and images of our brands may be impaired. Even if we react appropriately to changes in consumer preferences, consumers may consider our brands’ images to be outdated or associate our brands with styles that are no longer popular.
If we are unable to timely and appropriately respond to changing consumer demand, the names and image of our brands may be impaired. Even if we react appropriately to changes in consumer preferences, consumers may consider our brands’ image to be outdated or associate our brands with styles that are no longer popular.
Dollar, and volatility in the availability and prices for commodities and raw materials we use for our products and in our supply chain. We may continue to fail to meet our consumers’ and customers’ needs for inventory production and fulfillment due to disruptions in our supply chain and increased costs associated with mitigating the effects of the pandemic.
Dollar, and volatility in the availability and prices for commodities and raw materials we use for our products and in our supply chain. We may fail to meet our consumers’ and customers’ needs for inventory production and fulfillment due to disruptions in our supply chain and increased costs associated with mitigating the effects of a pandemic.
For example, collection of environmental, social and governance data, developing and acting on initiatives within the scope of environmental, social and governance, and collecting, measuring and reporting environmental, social and governance related information and targets can be costly, difficult and time consuming and is subject to evolving reporting standards, including climate-related disclosure requirements and the EU's environmental, social and governance-related disclosure requirements set forth in the Corporate Sustainability Reporting Directive, and similar proposals and laws by other domestic and international regulatory bodies.
For example, collection and assurance of environmental, social and governance data, developing and acting on initiatives within the scope of environmental, social and governance, and collecting, measuring and reporting environmental, social and governance related information and targets can be costly, difficult and time consuming and is subject to evolving reporting standards, including climate-and nature-related disclosure requirements and the EU's environmental, social and governance-related disclosure requirements set forth in the Corporate Sustainability Reporting Directive (“CSRD”), and similar proposals and laws by other domestic and international regulatory bodies.
Failure to continue to obtain or maintain high-quality sponsorships and endorsers could harm our business. In addition, actions taken by those individuals associated with our products could harm their reputations, which could adversely affect the images of our brands.
Failure to continue to obtain or maintain high-quality sponsorships and endorsers could harm our business. In addition, actions taken by those individuals associated with our products could harm their reputations, which could adversely affect the image of our brands.
VF uses third-party suppliers and manufacturing facilities worldwide for its raw materials and finished products, which poses risks to VF’s business operations. During Fiscal 2024, VF’s products were sourced from independent manufacturers primarily located in Asia.
VF uses third-party suppliers and manufacturing facilities worldwide for its raw materials and finished products, which poses risks to VF’s business operations. During Fiscal 2025, VF’s products were sourced from independent manufacturers primarily located in Asia.
BUSINESS AND OPERATIONAL RISKS VF’s business and the success of its products could be harmed if VF is unable to maintain the images of its brands. VF’s success to date has been due in large part to the growth of its brands’ images and VF’s consumers’ connection to its brands.
BUSINESS AND OPERATIONAL RISKS VF’s business and the success of its products could be harmed if VF is unable to maintain the image of its brands. VF’s success to date has been due in large part to the growth of its brands’ image and VF’s consumers’ connection to its brands.
These impacts have placed, and could continue to place limitations on our ability to execute our business plan and materially and adversely affect our business, financial condition and results of operations. Measures to contain a global pandemic, including COVID-19, may exacerbate other risks discussed in this “Risk Factors” section, any of which could have a material effect on us.
These impacts have placed, and could continue to place, limitations on our ability to execute our business plan and materially and adversely affect our business, financial condition and results of operations. Measures to contain a global pandemic may exacerbate other risks discussed in this “Risk Factors” section, any of which could have a material effect on us.
If global economic and financial market conditions do not improve, adverse economic trends or other factors could negatively impact the level of consumer spending, which could have a material adverse impact on VF.
If global economic and financial market conditions do not improve, or if they worsen, adverse economic trends or other factors could negatively impact the level of consumer spending, which could have a material adverse impact on VF.
VF and its consumers and customers could suffer harm if valuable business data, or employee, consumer, customer and other confidential and proprietary information were corrupted, lost, accessed or misappropriated by third parties due to a cyber-attack, a security failure in VF’s systems, or due to one of our third-party service providers or our employees.
VF and its consumers and customers could suffer harm if valuable business data, or employee, consumer, customer and other confidential and proprietary information were corrupted, lost, accessed or misappropriated by third parties due to a cyberattack, a security failure in VF’s systems, or due to one of our third-party service providers or our employees.
We are subject to frequent cyber-attacks of varying levels of severity and threats to our business from a variety of bad actors, many of whom attempt to gain unauthorized access to, steal or compromise our confidential information and systems. For example, we detected unauthorized occurrences on a portion of our information technology systems in December 2023.
We are subject to frequent cyberattacks of varying levels of severity and threats to our business from a variety of bad actors, many of whom attempt to gain unauthorized access to, steal or compromise our confidential information and systems. For example, we detected unauthorized occurrences on a portion of our information technology systems in December 2023.
Due to the high fixed-cost structure associated with our direct-to-consumer operations, a decline in sales or the closure of or poor performance of individual or multiple stores could result in significant lease termination costs, write-offs of equipment and leasehold improvements and employee-related costs.
Due to the high fixed-cost structure associated with our direct-to-consumer operations, a decline in sales or the closure of or poor performance of individual or multiple stores could result in significant lease termination costs, write-offs of equipment, leasehold improvements and right-of-use assets, and employee-related costs.
Our operations may be closed again or experience operational restrictions if and where there is a resurgence in COVID-19 or new variants of the virus emerge.
Our operations may be closed again or experience operational restrictions if and where there is a resurgence in COVID-19 or new variants of the virus emerge or other viruses emerge.
These systems may be vulnerable to damage, failure or interruption, and the data that they hold may be vulnerable to encryption or theft, due to cyber-attacks, malicious programs, data security incidents, technical malfunctions, natural disasters or other causes, or in connection with upgrades to our system or the implementation of new systems.
These systems may be vulnerable to damage, failure or interruption, and the data that they hold may be vulnerable to encryption or theft, due to cyberattacks, malicious programs, data security incidents, technical malfunctions, natural disasters or other causes, or in connection with upgrades to our system or the implementation of new systems.
FINANCIAL RISKS VF’s balance sheet includes a significant amount of intangible assets and goodwill. A decline in the fair value of an intangible asset or of a business unit could result in an asset impairment charge, such as the recent impairment charges related to the Timberland ® , Dickies ® and Icebreaker ® reporting unit goodwill .
FINANCIAL RISKS VF’s balance sheet includes a significant amount of intangible assets and goodwill. A decline in the fair value of an intangible asset or of a business unit could result in an asset impairment charge, such as the recent impairment charges related to the Dickies indefinite-lived intangible asset and Icebreaker reporting unit goodwill.
Our facilities and systems, and those of third parties on which we rely, are frequently the target of cyber-attacks of varying levels of severity and have been, and may in the future be vulnerable, and we may be unable to prevent, anticipate or detect security breaches and data loss.
Our facilities and systems, and those of third parties on which we rely, are frequently the target of cyberattacks of varying levels of severity and have been, and may in the future be vulnerable, and we may and have been unable to prevent, anticipate or detect security breaches and data loss.
VF, similar to many other multinational corporations, does a significant amount of business that would be impacted by changes to the trade policies of the U.S. and foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions).
VF, similar to many other multinational corporations, does a significant amount of business that is impacted by changes to the trade policies of the U.S. and foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions).
In addition, although we audit our third-party material suppliers and contracted manufacturing facilities and set strict compliance standards, actions by a third-party supplier or manufacturer that fail to comply could result in such third-party supplier failing to manufacture products that consistently meet our quality standards, violating human rights, engaging in unfavorable labor practices or providing unfavorable working conditions that negatively impact worker health, safety and wellness.
In addition, although we audit our third-party material suppliers and contracted manufacturing facilities and set strict compliance standards, actions by a third-party supplier or manufacturer that fail to comply could result in such third-party supplier failing to manufacture products that consistently meet our quality standards, violating human rights, engaging in unfavorable labor practices, causing environmental impacts such as pollution or providing unfavorable working conditions that negatively impact worker health, safety and wellness.
If our employment proposition is not perceived as favorable compared to other companies, it could negatively impact our ability to acquire and retain our employees.
If our employee proposition is not perceived as favorable compared to other companies, it could negatively impact our ability to acquire and retain our employees.
During the fourth quarter of Fiscal 2024, in connection with its annual impairment testing, VF performed a quantitative analysis of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset. As a result of the impairment testing performed, VF recorded an impairment charge of $38.8 million to the Icebreaker reporting unit goodwill. The impairment related to lower financial projections.
During the fourth quarter of Fiscal 2025, in connection with its annual impairment testing, VF performed a quantitative analysis of the Icebreaker reporting unit goodwill and indefinite-lived trademark intangible asset. As a result of the impairment testing performed, VF recorded an impairment charge of $38.2 million to the Icebreaker reporting unit goodwill. The impairment related to lower financial projections.
Despite our preventative efforts, our systems and those of third parties on which we rely are frequently targeted by cyber-attacks of varying levels of severity, including the incident reported by VF in December 2023.
Despite our preventative efforts, our systems and those of third parties on which we rely are frequently targeted by cyberattacks of varying levels of severity, including the incident reported by VF in December 2023.
Because substantially all of VF’s products are distributed from a relatively small number of locations, VF’s operations could also be interrupted by earthquakes, floods, fires or other natural disasters or other events outside VF's control affecting its distribution centers, including political or labor instability.
Because substantially all of VF’s products are distributed from a relatively small number of locations, VF’s operations could also be interrupted by earthquakes, extreme environmental conditions, fires or other natural disasters or other events outside VF's control affecting its distribution centers, including political or labor instability.
For example: • We may not be able to streamline and right-size our cost base. • We may not be able to strengthen our balance sheet while reducing leverage. • We may not be able to successfully implement our new operating model with the establishment of a global commercial organization, or identify and capture efficiencies in our new operating model. • We may not be able to successfully support our global brands through the new operating model. • We may not be able to successfully generate savin gs to invest in brand building and product innovation, or effectively deploy such savings towards investments in our brands and product innovation. • We may not be able to achieve the expected results from our supply chain initiatives and establish and maintain effective supply chain systems, data, and capabilities, infrastructure, and the sourcing strategy necessary to optimally meet current and future business needs, including direct-to-consumer needs. • We may have difficulty recruiting, developing or retaining qualified employees. • We may not be able to achieve our direct-to-consumer expansion goals, including in e-commerce or other new channels, manage our growth effectively, successfully integrate the planned new stores into our operations, operate our new, remodeled and expanded stores profitably, adapt our business model or develop relationships with consumers for e-commerce or other new channels. • We may not be able to offset rising commodity or conversion costs in our product costs with pricing actions or efficiency improvements. • We may have difficulty completing divestitures to reshape our portfolio, and we may not be able to achieve the expected benefits from such divestitures, or it may disrupt our current business.
For example: • We may not be able to streamline and right-size our cost base. • We may not be able to strengthen our balance sheet while reducing leverage. • We may not be able to successfully implement our new operating model with the establishment of a global commercial organization or identify and capture efficiencies in our new operating model. • We may not be able to successfully support our global brands through the new operating model. • We may not be able to successfully generate savings to invest in brand building and product innovation, or effectively deploy such savings towards investments in our brands and product innovation. • We may not be able to successfully implement “The VF Way” operating principles. • We may not be able to achieve the expected results from our supply chain initiatives and establish and maintain effective supply chain systems, data, and capabilities, infrastructure, and the sourcing strategy necessary to optimally meet current and future business needs, including direct-to-consumer needs. • We may have difficulty recruiting, developing or retaining qualified employees. • We may not be able to achieve our direct-to-consumer expansion goals, including in e-commerce or other new channels, manage our growth effectively, successfully integrate the planned new stores into our operations, operate our new, remodeled and expanded stores profitably, adapt our business model or develop relationships with consumers for e-commerce or other new channels. • We may not be able to offset rising commodity, conversion or other costs in our product costs with pricing actions or efficiency improvements.
Uncertainty in the legal regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with U.S. and non-U.S. laws, the nature of which cannot be determined at this time. Several jurisdictions around the globe, including the EU and certain U.S. states, have already proposed or enacted laws governing AI.
Uncertainty in the regulatory regime relating to AI may require significant resources to modify and maintain business practices to comply with U.S. and non-U.S. laws, the nature of which cannot be determined at this time. Several jurisdictions around the globe, including the European Union (“EU”) and certain U.S. states, have already proposed or enacted laws governing AI.
Sales to VF’s ten largest customers were approximately 14% o f total revenues in Fiscal 2024, with our largest customer accounting for approximately 2% of revenues. Sales to our customers are generally on a purchase or der basis and not subject to long-term agreements.
Sales to VF’s ten largest customers were approximately 15% o f total revenues in Fiscal 2025, with our largest customer accounting for approximately 2% of revenues. Sales to our customers are generally on a purchase or der basis and not subject to long-term agreements.
This recent change in our executive leadership team, along with other changes in the roles and responsibilities among our executive officers, and any future changes resulting from the hiring or departure of executive officers, could disrupt our business and negatively affect our ability to recruit and retain talent.
The recent reset of our global leadership team, along with other changes in the roles and responsibilities among our executive officers, and any future changes resulting from the hiring or departure of executive officers, could disrupt our business and negatively affect our ability to recruit and retain talent.
These include the burdens of complying with U.S. and international laws and regulations, and changes in regulatory requirements. Changes in regulatory, geopolitical policies and other factors may adversely affect VF’s business or may require us to modify our current business practices.
These include the burdens of complying with U.S. and international laws and regulations, and changes in regulatory requirements. Changes in regulatory, geopolitical policies and other factors may adversely affect VF’s business, results of operations and financial condition or may require us to modify our current business practices.
This could have a material adverse effect on VF’s results of operations, liquidity and financial condition. VF’s business is exposed to the risks of foreign currency exchange rate fluctuations. VF’s hedging strategies may not be effective in mitigating those risks. A growing percentage of VF’s total revenues (approximately 54% in Fiscal 2024) is derived from markets outside the U.S.
This could have a material adverse effect on VF’s results of operations, liquidity and financial condition. VF’s business is exposed to the risks of foreign currency exchange rate fluctuations. VF’s hedging strategies may not be effective in mitigating those risks. A growing percentage of VF’s total revenue (approximately 55% in Fiscal 2025) is derived from markets outside the U.S.
VF's credit ratings may impact the cost and availability of future borrowings. As a result of recent downgrades by S&P Global Inc. and Moody's Investor Services, Inc., VF's global credit facility and term loan were subject to interest rate adjustments.
VF's credit ratings may impact the cost and availability of future borrowings. As a result of recent downgrades by S&P Global Inc. and Moody's Investor Services, Inc., VF's global credit facility was subject to interest rate adjustments.
If our environmental, social and governance practices do not meet investor or other stakeholder expectations and standards, including related to climate change, sustainability, social impact, and human rights, and do not meet related regulations and expectations for increased transparency, which continue to evolve, our brands, reputation and employee retention may be negatively impacted.
If our environmental, social and governance practices do not meet investor or other stakeholder expectations and standards, including related to climate risk, corporate responsibility, social impact, and human rights, and do not meet related regulations and expectations for increased transparency, which continue to evolve, our brands, reputation and employee retention may be negatively impacted.
Our supply chain may be disrupted due to factors such as political instability, inflationary pressures, macroeconomic conditions, pandemics, and other factors including reduced freight availability and increased costs, port disruption, distribution center closures, severe weather due to climate change or otherwise, natural disasters, military conflicts, terrorism, or labor supply shortages or stoppages.
Our supply chain may be disrupted due to factors such as political instability, inflationary pressures, macroeconomic conditions, pandemics, trade wars, and other factors including reduced freight availability and increased costs, port disruption, distribution center closures, extreme weather conditions due to climate change or otherwise, natural disasters, geopolitical tensions, military conflicts, terrorism, or labor supply shortages or stoppages.
Our ability to acquire, develop and retain personnel has been, and may continue to be impacted by, challenges and structural shifts in the labor market, which has experienced and may continue to experience wage inflation, labor shortages, increased employee turnover, changes in availability of the workforce and a shift toward remote work.
Our ability to acquire, develop and retain personnel has been, and may continue to be impacted by, challenges and structural shifts in the labor market, which has experienced and may continue to experience wage inflation, labor shortages, increased employee turnover, and changes in availability of the workforce..
Business resiliency is important to VF’s success because there are a variety of risks generally associated with doing business on a global basis that may involve natural or man-made economic, public health (including the COVID-19 pandemic), political or environmental disruptions.
Business resiliency is important to VF’s success because there are a variety of risks generally associated with doing business on a global basis that may involve natural or man-made economic, public health, political or environmental disruptions.
In addition, brand value is based in part on consumer perceptions on a variety of qualities, including merchandise quality, corporate integrity, and environmental, social and governance practices, including with respect to human rights, diversity, equity and inclusion, and our impact on the environment.
In addition, brand value is based in part on consumer perceptions on a variety of qualities, including merchandise quality, corporate integrity, and environmental, social and governance practices, including with respect to human rights, responsible business practices, and our impact on the environment.
Failure to compete effectively or to keep pace with rapidly changing consumer preferences, markets, technology, business model and product trends could have a material adverse effect on VF’s business, financial condition and results of operations. Moreover, there are significant shifts underway in the wholesale and retail (e-commerce and retail store) channels, which have been accelerated because of the COVID-19 pandemic.
Failure to compete effectively or to keep pace with rapidly changing consumer preferences, markets, technology, business model and product trends could have a material adverse effect on VF’s business, financial condition and results of operations. Moreover, there are significant shifts underway in the wholesale and retail (e-commerce and retail store) channels.
Our business is highly-competitive, and our success may require the adoption of new and emerging technologies, such as AI, and specifically generative AI, by us or our business partners. Failure to adapt to a rapidly-changing technological environment could result in negative impacts to our business.
Our business operates in a highly-competitive space, and our success may require the adoption of new and emerging technologies, such as AI, and specifically generative AI, by us or our business partners. Failure to adapt to a rapidly-changing technological environment or failure to adopt emerging technologies in a timely manner could result in negative impacts to our business.
The apparel and footwear industry is subject to significant pricing pressure caused by many factors, including intense competition, consolidation in the retail industry, rising commodity and conversion costs, inflation, rising freight costs, rising labor costs, pressure from retailers to reduce the costs of products, changes in consumer demand and shifts to online shopping and purchasing.
The apparel, footwear and accessories industry is subject to significant pricing pressure caused by many factors, including intense competition, consolidation in the retail industry, rising commodity and conversion costs, inflation, tariffs levied on component and finished goods, rising freight costs, rising labor costs, pressure from retailers to reduce the costs of products, changes in consumer demand and shifts to online shopping and purchasing.
Risks specific to VF’s e-commerce business also include (i) diversion of sales from VF stores or wholesale customers, (ii) difficulty in recreating the in-store experience through direct channels, (iii) liability for online content, (iv) changing patterns of consumer behavior, (v) intense competition from online retailers, and (vi) online fraud.
Risks specific to VF’s e-commerce business also include (i) diversion of sales from VF stores or wholesale customers, (ii) difficulty in recreating the in-store experience through e-commerce channels, (iii) liability for online content, (iv) changing patterns of consumer behavior and not keeping up with new online selling models, (v) intense competition from online retailers, and (vi) online fraud.
These rules and regulations continue to evolve in scope and complexity and have resulted in, and are likely to continue to result in, increased expenses and increased management time and attention spent complying with or meeting such rules and regulations.
These rules and regulations continue to evolve in scope and complexity and have resulted in, and are likely to continue to result in, uncertainty in the requirements for compliance and increased expenses and increased management time and attention spent complying with or meeting such rules and regulations.
Bringing or defending any such claim, regardless of merit, and whether successful or unsuccessful, could be expensive and time-consuming and have a negative effect on VF's business, reputation, results of operations and financial condition. 16 VF Corporation Fiscal 2024 Form 10-K Table of Contents If VF encounters problems with its distribution system, VF’s ability to deliver its products to the market could be adversely affected.
Bringing or defending any such claim, regardless of merit, and whether successful or unsuccessful, could be expensive and time-consuming and have a negative effect on VF's business, reputation, results of operations and financial condition. If VF encounters problems with its distribution system, VF’s ability to deliver its products to the market could be adversely affected.
VF is subject to the risk that its licensees may not generate expected sales or maintain the value of VF’s brands. During Fiscal 2024, $67.1 million of VF’s revenues were derived from licensing royalties.
VF is subject to the risk that its licensees may not generate expected sales or maintain the value of VF’s brands. During Fiscal 2025, $62.3 million of VF’s revenues were derived from licensing royalties.
We may be adversely affected by weather conditions, including any potential effects from climate change. Our business is adversely affected by unseasonable weather conditions, including those resulting from climate change.
We may be adversely affected by weather conditions, including any potential effects from extreme environmental conditions. Our business is adversely affected by unseasonable weather conditions, including those resulting from extreme environmental conditions.
If 10 VF Corporation Fiscal 2024 Form 10-K Table of Contents these developments occur, our inability to shift sales to other customers or to collect on VF’s trade accounts receivable could have a material adverse effect on VF’s financial condition and results of operations. VF’s profitability may decline as a result of increasing pressure on margins.
If these developments occur, our inability to shift sales to other customers or to collect on VF’s trade accounts receivable could have a material adverse effect on VF’s financial condition and results of operations. VF’s profitability may decline as a result of increasing pressure on margins.
This includes the creation of an Americas regional platform, modeled on VF's operations in Europe and Asia-Pacific, all of which support VF’s global brands. We also created the new role of Chief Commercial Officer, with responsibility for go-to-market execution globally.
We established a new operating model, including a new global commercial organization with an Americas regional platform, modeled on VF's operations in Europe and Asia-Pacific, all of which support VF’s global brands. We also created the role of Chief Commercial Officer, with responsibility for go-to-market execution globally.
Climate change could lead to increased volatility due to physical impacts of climate change on the supply chain, including the availability, quality and cost of raw materials.
Extreme environmental conditions could lead to increased volatility due to physical impacts of environmental conditions on the supply chain, including the availability, quality and cost of raw materials.
Acquiring and retaining qualified senior leadership may be more challenging under adverse business conditions. The unexpected loss of services of one or more of these individuals or the inability to effectively identify a suitable successor to a key role could have a material adverse effect on VF.
Acquiring and retaining qualified senior leadership may be more challenging under adverse business conditions. The unexpected 14 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts loss of services of one or more of these individuals or the inability to effectively identify a suitable successor to a key role could have a material adverse effect on VF.
During the third quarter of Fiscal 2024, due to continued weakness and downturn in financial results, combined with expectations of a slower recovery than previously anticipated, VF determined that a triggering event had occurred requiring impairment testing of the Timberland and Dickies reporting unit goodwill and indefinite-lived trademark intangible assets.
During the third quarter of Fiscal 2025, due to the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated, VF determined that a triggering event had occurred requiring impairment testing of the Dickies indefinite-lived trademark intangible asset.
In addition, as of March 30, 2024, there was approximately $30.4 million of cash in Russia that, although it can be used without limits within Russia, is currently limited on movement out of Russia.
In addition, as of March 29, 2025, there was approximately $38.2 million of cash in Russia that, although it can be used without limits within Russia, is currently limited on movement out of Russia.
VF’s ability to compete within the apparel and footwear industries depends on our ability to: • anticipate and respond to changing consumer preferences and product trends in a timely manner; • develop attractive and innovative products that meet changing consumer needs, consistent with consumer trends and demands; • maintain strong brand recognition; • price products appropriately; • provide best-in-class marketing support and intelligence and optimize and react to available consumer data; • ensure product availability and optimize supply chain efficiencies; • obtain sufficient retail store space and effectively present our products at retail; • produce or procure quality products on a consistent basis; and • adapt to a more digitally driven consumer landscape, including the effective re-creation of the in-store experience through digital channels.
VF’s ability to compete within the apparel, footwear and accessories industry depends on our ability to: • anticipate, respond to, and potentially influence changing consumer preferences and product trends in a timely manner; • develop attractive and innovative products that meet changing consumer needs, consistent with consumer trends and demands; • maintain strong brand recognition; • fuel modern marketing and marketplace strategies to enable deeper consumer connections that lead to enhanced engagement with our brands and increased purchases of products; • price products appropriately; • provide best in class marketing support and intelligence and optimize and react to available consumer data; • ensure product availability and optimize supply chain efficiencies; • obtain sufficient retail store space and effectively present our products at retail; • produce or procure quality products on a consistent basis; and • adapt to a more digitally driven consumer landscape, including the effective re-creation of the in-store experience through digital channels and reaching consumers on social media.
VF Corporation Fiscal 2024 Form 10-K 15 Table of Contents VF’s direct-to-consumer business includes risks that could have an adverse effect on its results of operations. VF sells merchandise direct to consumer through VF-operated stores and e-commerce sites. Its direct-to-consumer business is subject to numerous risks that could have a material adverse effect on its results.
VF’s direct-to-consumer business includes risks that could have an adverse effect on its results of operations. VF sells merchandise direct to consumer through VF-operated stores and e-commerce sites. Its direct-to-consumer business is subject to numerous risks that could have a material adverse effect on its results.
These impacts could affect, among other things, our reputation, management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, retail business credit card transaction authorization and processing, corporate email communications and our interaction with the public on social media, and did affect our management of inventory, ordering and replenishment of products, sourcing and distribution of products, e-commerce operations, and corporate email communications.
These impacts could affect, among other things, our reputation, management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, retail business credit card transaction authorization and processing, corporate email communications and our interaction with the public on social media, and did VF Corporation Fiscal 2025 Form 10-K 11 Table of Conten ts affect our management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, and corporate email communications.
The development of AI technologies is complex, and there are technical challenges associated with achieving the desired level of accuracy, efficiency, and reliability. The algorithms and models utilized in generative AI systems may have limitations, including biases, errors, or inability to handle certain data types or scenarios.
The development of AI technologies is complex, and there are technical and talent challenges associated with achieving the desired level of accuracy, efficiency, and reliability. The 12 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts algorithms and models utilized in generative AI systems may have limitations, including biases, errors, or inability to handle certain data types or scenarios.
If we or our business partners cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could adversely affect our business, financial condition, and results of operations. There are risks associated with VF’s acquisitions, divestitures and portfolio management.
If we or our business partners cannot use AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could adversely affect our business, financial condition, and results of operations.
VF Corporation Fiscal 2024 Form 10-K 17 Table of Contents Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations.
Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations.
There have been, and there may in the future be, opposition and cancellation proceedings from time to time with respect to some of VF's intellectual property rights. In some cases, litigation may be necessary to protect or enforce our trademarks and other intellectual property rights.
There have been, and there may in the future be, opposition and cancellation proceedings from time to time with respect to some of VF's intellectual property rights. In some cases, litigation may be necessary to protect or enforce our trademarks and other VF Corporation Fiscal 2025 Form 10-K 15 Table of Conten ts intellectual property rights.
These changes have created, and continue to create, challenges in managing our tax and regulatory compliance as well as acquiring and retaining cross-border talent, which could adversely affect our business, results of operations and financial condition.
These changes have created, and continue to create, challenges in managing our tax and regulatory compliance as well as acquiring and 16 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts retaining cross-border talent, which could adversely affect our business, results of operations and financial condition.
Failure to monitor, adapt, build resilience, and develop solutions against the physical and transitional impacts from climate change may lead to revenue loss, market share loss, business interruptions, physical damage to our facilities, and rising costs.
Climate risks due to extreme environmental conditions may impact our business in numerous ways. Failure to monitor, adapt, build resilience, and develop solutions against the physical and transitional impacts from extreme environmental conditions may lead to revenue loss, market share loss, business interruptions, physical damage to our facilities, and rising costs.
Our business partners may incorporate AI tools into their offerings which may not meet existing or rapidly-changing regulatory or industry standards VF Corporation Fiscal 2024 Form 10-K 13 Table of Contents and may inhibit our or our business partners' ability to maintain an adequate level of service.
Our business partners may incorporate AI tools into their offerings which may not meet existing or rapidly-changing regulatory, ethical or industry standards and may inhibit our or our business partners' ability to maintain an adequate level of service.
For example, the U.S. government has instituted changes in trade policies imposing higher tariffs on imports into the U.S. from China. Tariffs and other changes in U.S. trade policy have in the past and could continue to trigger retaliatory actions by affected countries, and certain foreign governments have instituted, considered or are considering imposing retaliatory measures on certain U.S. goods.
Tariffs and other changes in U.S. trade policy have in the past triggered, are currently triggering and could continue to trigger retaliatory actions by affected countries, and certain foreign governments have instituted, considered or are considering imposing retaliatory measures on certain U.S. goods.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAny inadequacy, interruption, integration failure or security failure of this technology could harm VF’s ability to effectively operate its business," "VF is subject to data and information security and privacy risks that could negatively affect its business operations, results of operations or reputation,” and "We experienced a significant data security breach in December 2023 which could result in a number of potentially unknown outcomes, including but not limited to, litigation, regulatory investigations or enforcement actions, or reputational harm, any of which could have a material impact on our business operations, financial condition, or results of operations." Additional risks and uncertainties not currently known or that may currently be deemed to be immaterial also may materially adversely affect VF’s business strategy, financial condition, or results of operations.
Biggest changeAny inadequacy, interruption, integration failure or security failure of this technology could harm VF’s ability to effectively operate its business," and "VF is subject to cybersecurity, information security and privacy risks that could negatively affect its business operations, results of operations or reputation.” 22 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts
In addition, we have a cybersecurity and information security training and compliance program in place to support our teams who work in areas of cybersecurity and information security risk. As part of this program, VF associates who have access to confidential information receive training at least annually on cybersecurity and information security.
In addition, we have a cybersecurity and information security training and compliance program in place to support our teams who work in areas of cybersecurity and information security risk. As part of this program, VF employees who have access to confidential information receive training at least annually on cybersecurity and information security.
To respond to the threat of security breaches and cyberattacks, VF maintains a program, overseen by VF’s CISO and CSBDO, that is designed to protect and preserve the confidentiality, integrity and continued availability of all information and systems owned by, or in the care of, VF.
To respond to the threat of security breaches and cyberattacks, VF maintains a program, overseen by VF’s CISO and COO, that is designed to protect and preserve the confidentiality, integrity and continued availability of all information and systems owned by, or in the care of, VF.
Our CISO has over thirty years of experience as a cybersecurity professional, including experience as the CISO of two large retailers, and reports to our CSBDO, who leads our digital and technology functions and has nearly twenty years of experience enabling digital transformation for global companies.
Our CISO has over thirty years of experience as a cybersecurity professional, including experience as the CISO of two large retailers, and reports to our COO, who leads our digital and technology functions and has nearly twenty years of experience enabling digital transformation for global companies.
Responsible party Oversight of cybersecurity Board of Directors Oversight of cybersecurity within VF’s overall risks Audit Committee Primary oversight responsibility for cybersecurity, including internal controls designed to identify, assess, and manage risks related to cybersecurity Management Our Chief Information Security Officer ("CISO”), General Counsel, Chief Strategy and Business Development Officer (“CSBDO”), and other senior members of our digital and technology and risk teams are responsible for identifying, assessing, and managing risks related to these topics, and reporting to the Audit Committee and/or the full Board of Directors Management receives a cybersecurity and information security maturity assessment from a third-party assessor biannually to gain a third-party view of our cybersecurity and information security program.
Responsible party Oversight of cybersecurity Board of Directors Oversight of cybersecurity within VF’s overall risks Audit Committee Primary oversight responsibility for cybersecurity, including internal controls designed to identify, assess, and manage risks related to cybersecurity Management Our Chief Information Security Officer ("CISO”), Chief Operating Officer (“COO”), Chief Legal Officer, and other senior members of our digital and technology and risk teams are responsible for identifying, assessing, and managing risks related to these topics, and reporting to the Audit Committee and/or the full Board of Directors Management receives a cybersecurity and information security maturity assessment from a third-party assessor biennially to gain a third-party view of our cybersecurity and information security program.
To learn more about risks from cybersecurity threats, as well as risks from the Cyber Incident, see the following risk factors in Item 1A of this Part I, under the headings, "VF relies significantly on information technology.
VF’s IT systems have been subject to cybersecurity incidents in the past and there is no guarantee that future cybersecurity incidents will not have a material impact in the future. To learn more about risks from cybersecurity threats, see the following risk factors in Item 1A of this Part I, under the headings, "VF relies significantly on information technology.
Removed
VF’s IT systems have been subject to cybersecurity incidents in the past, including the previously disclosed December 2023 cybersecurity incident (the “Cyber Incident”). We believe the impacts of the Cyber Incident were not material to VF’s financial condition or results of operations.
Removed
In addition, we do not believe that risks from cybersecurity threats have materially affected VF’s business strategy, financial condition, or results of operations. However, there is no guarantee that future cybersecurity incidents will not have a material impact in the future. Furthermore, processes designed to manage cyber risks, including those described herein, may not be effective.
Removed
VF is seeking reimbursement of costs, expenses and losses stemming from the Cyber Incident by submitting claims to VF’s cybersecurity insurers. The timing and amount of any such reimbursements are not known at this time. VF Corporation Fiscal 2024 Form 10-K 23 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeWe own a 180,000 square foot facility in Greensboro, North Carolina that serves as a corporate shared service center. We own and lease shared service facilities in Antwerp, Belgium; Kuala Lumpur, Malaysia and Dalian, China that support our European and Asia-Pacific operations. Our sourcing hubs are located in Singapore, Panama City, Panama, and Stabio, Switzerland.
Biggest changeWe lease shared service facilities in Kuala Lumpur, Malaysia and Dalian, China that support our Asia-Pacific operations. Our sourcing hubs are located in Singapore, Panama City, Panama, and Stabio, Switzerland. Our largest distribution centers by region are located in Ontario, California, Prague, Czech Republic and Kunshan, China.
ITEM 2. PROPERTIES. The following is a summary of VF Corporation’s principal owned and leased properties as of March 30, 2024. VF’s global headquarters are located in a 285,000 square foot, leased facility in Denver, Colorado.
ITEM 2. PROPERTIES. The following is a summary of VF Corporation’s principal owned and leased properties as of March 29, 2025. VF’s global headquarters are located in a 285,000 square foot, leased facility in Denver, Colorado.
In add ition, we lease facilities in Stabio, Switzerland and lease offices in Shanghai, China, which serve as our European and Asia-Pacific regional headquarters, respectively. We also own or lease brand headquarter facilities throughout the world. VF owns a 236,000 square foot facility in Appleton, Wisconsin that serves as a shared service center for certain brands in North America.
I n add ition, we lease facilities in Stabio, Switzerland and lease offices in Shanghai, China, which serve as our European and Asia-Pacific regional headquarters, respectively. We also own or lease brand headquarter facilities throughout the world. We own a 180,000 square foot facility in Greensboro, North Carolina that serves as a corporate shared service center.
In addition to the principal properties described above, we lease many offices worldwide for sales and administrative purposes. We operate 1,185 retail stores across the Americas, Europe and Asia-Pacific regions. Retail stores are generally leased under operating leases and include renewal options. We believe all facilities and machinery and equipment are in good condition and are suitable for VF’s needs.
We operate 1,127 retail stores across the Americas, Europe and Asia-Pacific regions. Retail stores are generally leased under operating leases and include renewal options. We believe all facilities and machinery and equipment are in good condition and are suitable for VF’s needs.
Our largest distribution centers by region are located in Ontario, California, Prague, Czech Republic and Kunshan, China. In total, we o perate 21 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico, Israel and Japan.
In total, we o perate 16 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico and Israel. In addition to the principal properties described above, we lease many offices worldwide for sales and administrative purposes.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeVF believes that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to VF’s business or financial condition. Applying this threshold, there are no such proceedings to disclose for this period. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. 24 VF Corporation Fiscal 2024 Form 10-K Table of Contents PART II
Biggest changeVF believes that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to VF’s business or financial condition. Applying this threshold, there are no such proceedings to disclose for this period.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeCOMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN OF VF COMMON STOCK, S&P 500 INDEX AND S&P 1500 APPAREL INDEX VF Common Stock closing price on March 30, 2024 w as $15.34 Company / Index Base Period 3/30/19 3/28/20 4/3/21 4/2/22 4/1/23 3/30/24 VF Corporation $ 100.00 $ 72.30 $ 102.03 $ 74.73 $ 31.91 $ 22.28 S&P 500 Index 100.00 91.45 147.16 168.77 155.20 201.57 S&P 1500 Apparel, Accessories & Luxury Goods 100.00 52.80 104.08 87.88 69.28 67.69 VF Corporation Fiscal 2024 Form 10-K 25 Table of Contents ISSUER PURCHASES OF EQUITY SECURITIES: The following table sets forth VF’s repurchases of our Common Stock during the fiscal quarter ended March 30, 2024 under the share repurchase program authorized by VF’s Board of Directors in 2017.
Biggest changeCOMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN OF VF COMMON STOCK, S&P 500 INDEX AND S&P 1500 APPAREL INDEX VF Common Stock closing price on March 29, 2025 w as $15.69 Company / Index Base Period 3/28/20 4/3/21 4/2/22 4/1/23 3/30/24 3/29/25 VF Corporation $ 100.00 $ 141.12 $ 103.36 $ 44.13 $ 30.81 $ 32.17 S&P 500 Index 100.00 160.93 184.56 169.72 220.43 237.28 S&P 1500 Apparel, Accessories & Luxury Goods 100.00 197.11 166.43 131.21 128.20 110.02 24 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts ISSUER PURCHASES OF EQUITY SECURITIES: The following table sets forth VF’s repurchases of our Common Stock during the fiscal quarter ended March 29, 2025 under the share repurchase program authorized by VF’s Board of Directors in 2017.
The S&P 1500 Apparel Index at the end of Fiscal 2024 consisted of Capri Holdings Limited, Carter’s, Inc., Columbia Sportswear Company, G-III Apparel Group, Ltd., Hanesbrands Inc., Kontoor Brands, Inc., Lululemon Athletica Inc., Movado Group, Inc., Oxford Industries, Inc., PVH Corp., Ralph Lauren Corporation, Tapestry, Inc., Under Armour, Inc. and VF Corporation.
The S&P 1500 Apparel Index at the end of Fiscal 2025 consisted of Capri Holdings Limited, Carter’s, Inc., Columbia Sportswear Company, G-III Apparel Group, Ltd., Hanesbrands Inc., Kontoor Brands, Inc., Lululemon Athletica Inc., Oxford Industries, Inc., PVH Corp., Ralph Lauren Corporation, Tapestry, Inc., Under Armour, Inc. and VF Corporation.
PERFORMANCE GRAPH: The following graph compares the cumulative total shareholder return on VF Common Stock with that of the Standard & Poor’s (“S&P”) 500 Index and the S&P 1500 Apparel, Accessories & Luxury Goods Subindustry Index (“S&P 1500 Apparel Index”) for Fiscal 2020 through Fiscal 2024.
PERFORMANCE GRAPH: The following graph compares the cumulative total shareholder return on VF Common Stock with that of the Standard & Poor’s (“S&P”) 500 Index and the S&P 1500 Apparel, Accessories & Luxury Goods Subindustry Index (“S&P 1500 Apparel Index”) for Fiscal 2021 through Fiscal 2025.
The graph assumes that $100 was invested at the end of Fiscal 2019 in each of VF Common Stock, the S&P 500 Index and the S&P 1500 Apparel Index, and that all dividends were reinvested. The graph plots the respective values on the last trading day of Fiscal 2019 through Fiscal 2024.
The graph assumes that $100 was invested at the end of Fiscal 2020 in each of VF Common Stock, the S&P 500 Index and the S&P 1500 Apparel Index, and that all dividends were reinvested. The graph plots the respective values on the last trading day of Fisca l 2020 through Fiscal 2025.
Fiscal Period Total Number of Shares Purchased Weighted Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Dollar Value of Shares that May Yet be Purchased Under the Program December 31, 2023 — January 27, 2024 — $ — — $ 2,486,971,057 January 28, 2024 — February 24, 2024 — — — 2,486,971,057 February 25, 2024 — March 30, 2024 — — — 2,486,971,057 Total — — ITEM 6. [RESERVED] Not applicable.
Fiscal Period Total Number of Shares Purchased Weighted Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Dollar Value of Shares that May Yet be Purchased Under the Program December 29, 2024 — January 25, 2025 — $ — — $ 2,486,971,057 January 26, 2025 — February 22, 2025 — — — 2,486,971,057 February 23, 2025 — March 29, 2025 — — — 2,486,971,057 Total — — ITEM 6. [RESERVED] Not applicable.
ITEM 5. MARKET FOR VF’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. VF’s Common Stock is listed on the New York Stock Exchange under the symbol “VFC”. As of April 27, 2024 there were 2,607 shareholders of record.
ITEM 5. MARKET FOR VF’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. VF’s Common Stock is listed on the New York Stock Exchange under the symbol “VFC”. As of April 26, 2025 there wer e 2,456 shareholders of record.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeRisk Factors." VF Corporation Fiscal 2024 Form 10-K 27 Table of Contents SUMMARY OF THE YEAR ENDED MARCH 2024 • Revenues decreased 10% to $10.5 billion compared to the year ended March 2023, including a 1% favorable impact from foreign currency. • Outdoor segment revenues decreased 3% to $5.5 billion compared to the year ended March 2023, including a 1% favorable impact from foreign currency. • Active segment revenues decreased 17% to $4.1 billion compared to the year ended March 2023, including a 1% favorable impact from foreign currency. • Work segment revenues decreased 16% to $891.5 million compared to the year ended March 2023. • Wholesale revenues were down 14% compared to the year ended March 2023, including a 1% favorable impact from foreign currency. • Direct-to-consumer revenues were down 5% compared to the year ended March 2023, including a 1% favorable impact from foreign currency.
Biggest changeRisk Factors." 26 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts SUMMARY OF THE YEAR ENDED MARCH 2025 • Revenues decreased 4% to $9.5 billion com pared to the year ended March 2024. • Outdoor segm ent revenues increased 1% to $5.6 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Active segment revenues decreased 12% to $3.1 billion compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Work segment revenues decreased 7% to $833.1 million compared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency. • Wholesale revenues we re down 2% compared to the year ended March 2024. • Direct-to-consumer revenues were down 6% compared to the year ended March 2024. • I nternational revenues decreased 2% compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency. • Revenues in the Americas reg ion decreased 7% co mpared to the year ended March 2024, i ncluding a 1% unfavorable impact from foreign currency. • Gross margin increased 190 basis points to 53.5% in the year ended March 2025 compared to the year ended March 2024, primarily driven by lower product costs and improved inventory quality. • Earnings (loss) per share wa s $0.18 in the year ended March 2025 compared to ($2.62) in the year ended March 2024.
Reconciliation of Segment Profit to Consolidated Income (Loss) Before Income Taxes There are three types of costs necessary to reconcile total segment profit to consolidated income (loss) from continuing operations before income taxes.
Reconciliation of Segment Profit to Income (Loss) From Continuing Operations Before Income Taxes There are three types of costs necessary to reconcile total segment profit to consolidated income (loss) from continuing operations before income taxes.
The calculation of consolidated net indebtedness is net of unrestricted cash and the calculation of consolidated net capitalization permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement. The covenant calculation also excludes consolidated operating lease liabilities.
The calculation of consolidated net indebtedness is net of unrestricted cash and cash equivalents and the calculation of consolidated net capitalization permits certain addbacks, including non-cash impairment charges and material impacts resulting from adverse legal rulings, as defined in the amended agreement. The covenant calculation also excludes operating lease liabilities.
These fluctuations are primarily due to differences in the amount of settlement charges recorded in the respective periods. The changes are also impacted by varying amounts of actuarial gains and losses that are deferred and amortized to future years’ pension cost (income).
These fluctuations are primarily due to differences in the amount of settlement charges recorded in the respective periods. The changes are also impacted by varying amounts of actuarial gains and losses that are deferred and amortized to future years’ pension cost.
There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2025 or future years vary from current assumptions (including changes in discount rates, royalty rates and foreign currency exchange rates), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.
There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite- lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2026 or future years vary from current assumptions (including changes in discount rates, royalty rates, foreign currency exchange rates and tariffs), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.
These costs are (i) impairment of goodwill and indefinite-lived intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the respective businesses, (ii) corporate and other expenses, which are excluded from segment profit to the extent they are not allocated to the segments, and (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not under the control of segment management.
These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the respective businesses, (ii) corporate and other expenses, which are excluded from segment profit to the extent they are not allocated to the segments, and (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not under the control of segment management.
For the remaining reporting units and indefinite-lived trademark intangible assets, VF elected to perform a qualitative analysis during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2024, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.
For the remaining reporting units and indefinite-lived trademark intangible assets, VF elected to perform a qualitative analysis during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal 2025, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired.
All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers. References to the year ended March 2024 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the year ended March 2023 when translating foreign currencies into U.S. dollars.
All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers. References to the year ended March 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the year ended March 2024 when translating foreign currencies into U.S. dollars.
Share Repurchases VF did not purchase shares of its Common Stock in the open market during Fiscal 2024 or Fiscal 2023 under the share repurchase program authorized by VF's Board of Directors. As of the end of Fiscal 2024, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization.
Share Repurchases VF did not purchase shares of its Common Stock in the open market during Fiscal 2025 or Fiscal 2024 under the share repurchase program authorized by VF's Board of Directors. As of the end of Fiscal 2025, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization.
The following discussion and analysis focuses on our financial results for the years ended March 2024 and 2023 and year-to-year comparisons between these years. A discussion of our results of operations for the year ended March 2023 compared to the year ended March 2022 is included in Part II, Item 7.
The following discussion and analysis focuses on our financial results for the years ended March 2025 and 2024 and year-to-year comparisons between these years. A discussion of our results of operations for the year ended March 2024 compared to the year ended March 2023 is included in Part II, Item 7.
The first announced steps in this transformation, which cover the following priorities: improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet, are as follows: • Establish global commercial organization, inclusive of an Americas region: Change the operating model with the establishment of a global commercial structure.
The first announced steps in this transformation, which cover the following priorities: improve North America results, deliver the Vans ® turnaround, reduce costs and strengthen the balance sheet, are as follows: • Establish global commercial organization, inclusive of an Americas region: VF changed the operating model with the establishment of a global commercial structure.
VF had other financial commitments at the end of Fiscal 2024 that are not included in the above table but may require the use of funds under certain circumstances: • $106.3 million of surety bonds, custom bonds, standby letters of credit and international bank guarantees are not included in the table above because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations. • Purchase orders for goods or services in the ordinary course of business are not included in the above table because they represent authorizations to purchase rather than binding commitments.
VF had other financial commitments at the end of Fiscal 2025 that are not included in the above table but may require the use of funds under certain circumstances: • $111.9 million of surety bonds, custom bonds, standby letters of credit and international bank guarantees are not included in the table above because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations. • Purchase orders for goods or services in the ordinary course of business are not included in the above table because they represent authorizations to purchase rather than binding commitments.
Segment profit comprises the operating income and other income (expense), net line items of each segment. Refer to Note 21 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to income before income taxes.
Segment profit comprises the operating income and other income (expense), net line items of each segment. Refer to Note 21 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to income (loss) from continuing operations before income taxes.
Impairment of goodwill and indefinite-lived intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses are discussed below.
Impairment of goodwill and intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses are discussed below.
The U.S. dollar value of net investments in foreign subsidiaries fluctuates with changes in the underlying functional currencies. In March 2023 and February 2020, VF issued €1.0 billion of euro-denominated fixed-rate notes. These notes, along with VF's euro commercial paper borrowings, have been designated as net investment hedges of VF’s investment in certain foreign operations.
The U.S. dollar value of net investments in foreign subsidiaries fluctuates with changes in the underlying functional currencies. In March 2023 and February 2020, VF issued €1.0 billion of euro-denominated fixed-rate notes. These notes have been designated as net investment hedges of VF’s investment in certain foreign operations.
This obligation excludes the amount included in accounts payable at March 2024 related to inventory purchases.
This obligation excludes the amount included in accounts payable at March 2025 related to inventory purchases.
T otal outstanding interest-bearing debt averaged $6.7 billion and $6.2 billion for Fiscal 2024 and Fiscal 2023, respectively, with short-term borrowings representing 5.8% and 16.8% of average debt outstanding for the respective years. The weighted average interest rate on outstanding debt was 3.5% in Fiscal 2024 and 2.6% in Fiscal 2023.
T otal outstanding interest-bearing debt averaged $5.0 billion and $6.7 billion for Fiscal 2025 and Fiscal 2024, respectively, with short-term borrowings representing 4.1% and 5.8% of average debt outstanding for the respective years. The weighted average interest rate on outstanding debt was 3.2% in Fiscal 2025 and 2.6% in Fiscal 2024 .
Standby letters of credit issued under the Global Credit Facility as of March 2024 were $0.6 million, leaving approximately $2.0 billion available for borrowing against the Global Credit Facility at March 2024, subject to applicable financial covenants.
Standby letters of credit issued under the Global Credit Facility as of March 2025 w ere $0.6 million, leaving approximately $2.2 billion available for borrowing against the Global Credit Facility at March 2025, subject to applicable financial covenants.
Note: Amounts may not sum due to rounding. 30 VF Corporation Fiscal 2024 Form 10-K Table of Contents The following sections discuss the changes in revenues and profitability by segment. For purposes of this analysis, royalty revenues have been included in the wholesale channel for all periods.
Note: Amounts may not sum due to rounding. VF Corporation Fiscal 2025 Form 10-K 29 Table of Conten ts The following sections discuss the changes in revenues and profitability by segment. For purposes of this analysis, royalty revenues have been included in the wholesale channel for all periods.
Foreign currency exchange rate risks VF is a global enterprise subject to the risk of foreign currency fluctuations. Approximately 54% of VF’s revenues in the year ended March 2024 were generated in international markets. Most of VF’s foreign businesses operate in functional currencies other than the U.S. dollar.
Foreign currency exchange rate risks VF is a global enterprise subject to the risk of foreign currency fluctuations. Approximatel y 55% of VF’s revenues in the year ended March 2025 were generated in international markets. Most of VF’s foreign businesses operate in functional currencies other than the U.S. dollar.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended April 1, 2023 , filed with the SEC on May 25, 2023, and is incorporated by reference into this Form 10-K. All per share amounts are presented on a diluted basis.
"Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended March 30, 2024 , filed with the SEC on May 23, 2024, and is incorporated by reference into this Form 10-K. All per share amounts are presented on a diluted basis.
VF monitors net foreign currency market exposures and enters into derivative foreign currency contracts to hedge the effects of exchange rate fluctuations for a significant portion of forecasted foreign currency cash flows or specific foreign currency transactions (relating to cross-currency inventory purchases, VF Corporation Fiscal 2024 Form 10-K 37 Table of Contents product sales, operating costs and intercompany royalty payments).
VF monitors net foreign currency market exposures and enters into derivative foreign currency contracts to hedge the effects of exchange rate fluctuations for a significant portion of forecasted foreign currency cash flows or specific foreign currency transactions (relating to cross-currency inventory purchases, product sales, operating costs and intercompany royalty payments).
All references to the years ended March 2024 ("Fiscal 2024"), March 2023 ("Fiscal 2023") and March 2022 ("Fiscal 2022") relate to the 52-week fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022, respectively.
All references to the years ended March 2025 ("Fiscal 2025"), March 2024 ("Fiscal 2024") and March 2023 ("Fiscal 2023") relate to the 52-week fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023, respectively.
VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global 34 VF Corporation Fiscal 2024 Form 10-K Table of Contents Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders.
VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders.
The estimated fair value of the indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount.
Based on the analysis, the estimated fair value of the Smartwool indefinite-lived trademark intangible asset exceeded its carrying value by a significant amount.
VF’s reported earnings are subject to risks due to the volatility of its pension cost (income), which has ranged in recent years from cost of $101.9 million in the year ended March 2023 to income of $7.3 million in the year ended March 2022.
VF’s reported earnings are subject to risks due to the volatility of its pension cost, which has ranged in recent years from cost of $12.1 million in the year ended March 2024 to cost of $101.9 million in the year ended March 2023.
The Global Credit Facility supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements.
The Global Credit Facility supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements. VF has restrictive covenants on its Global Credit Facility and had restrictive covenants on the DDTL Agreement.
To manage this risk, we have established counterparty credit guidelines and only enter into derivative transactions with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better. VF continually monitors the credit rating of, and limits the amount hedged with, each counterparty.
To manage this risk, we have established counterparty credit guidelines and only enter into derivative 36 VF Corporation Fiscal 2025 Form 10-K Table of Conten ts transactions with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better. VF continually monitors the credit rating of, and limits the amount hedged with, each counterparty.
For cash flow hedging contracts outstanding at the end of Fiscal 2024, a hypothetical 10% decrease and 10% increase in foreign currency exchange rates compared to rates at the end of Fiscal 2024, would result in a decrease in the unrealized net loss of approximately $61.8 million and an increase in the unrealized net loss of approximately $50.3 million, respectively.
For cash flow hedging contracts outstanding at the end of Fiscal 2025, a hypothetical 10% decrease and 10% increase in foreign currency exchange rates compared to rates at the end of Fiscal 2025, would result in an increase in the unrealized net gain of approximately $75.7 million and a decrease in the unrealized net gain of approximately $61.7 million, respectively.
Management continually monitors the credit ratings of the financial institutions with whom VF conducts business and geopolitical risks that may impact countries where VF has cash balances. Management also monitors the credit quality of cash equivalents.
Cash and cash equivalents risks VF had $429.4 million of cash and cash equivalents at the end of Fiscal 2025. Management continually monitors the credit ratings of the financial institutions with whom VF conducts business and geopolitical risks that may impact countries where VF has cash balances. Management also monitors the credit quality of cash equivalents.
In addition, $82.3 million of leases (on an undiscounted basis) that have not yet commenced with terms of 1 to 15 years beginning primarily in Fiscal 2025 are not included above. (3) Interest payment obligations represent required interest payments on long-term debt.
In addit ion, approximately $130.2 million of leases (on an undiscounted basis) that have not yet commenced with terms of 2 to 15 years beginning primarily in Fiscal 2026 are not included above . (3) Interest payment obligations represent required interest payments on long-term debt.
Defined benefit pension plan risks At the end of Fiscal 2024, VF’s defined benefit pension plans were overfunded by a net total of $89.9 million.
Defined benefit pension plan risks At the end of Fiscal 2025, VF’s defined benefit pension plans were overfunded by a net total of $95.0 million.
The increase in the net debt to total capital ratio at March 2024 compared to March 2023 was driven by a decrease in stockholders' equity, partially offset by a decrease in net debt for the periods compared. The decrease in stockholders' equity was primarily driven by the net loss in the period and payments of dividends.
T he decrease in the net debt to total capital ratio at March 2025 com pared to March 2024 was partially offset by a decrease in stockholders' equity. The decrease in stockholders' equity was primarily driven by the net loss for the period and payments of dividends.
Costs to develop new software and related applications are generally not allocated to the segments. Corporate Headquarters’ Costs Headquarters’ costs include compensation and benefits of corporate management and staff, legal and professional fees, 32 VF Corporation Fiscal 2024 Form 10-K Table of Contents and general and administrative expenses that have not been allocated to the segments.
Costs to develop new software and related applications are generally not allocated to the segments. Corporate Headquarters’ Costs Headquarters’ costs include compensation and benefits of corporate management and staff, legal and professional fees, and general and administrative expenses that have not been allocated to the segments.
Based on the average amount of variable rate borrowings and cash equivalents during Fiscal 2024, the effect of a hypothetical 1% increase in interest rates would be a decrease in reported net income of approximately $6.9 million and a hypothetical 1% decrease in interest rates would be an increase in reported net income of approximately $6.9 million.
Based on the average amount of variable rate borrowings and cash equivalents during Fiscal 2025, the effect of a hypothetical 1% increase in interest rates woul d be an increase in reported net income of approximately $3.2 million and a hypothetical 1% decrease in interest rates would be a decrease in reported net income of approximate ly $3.2 million.
An indefinite-lived intangible asset is quantitatively tested for possible impairment by comparing the estimated fair value of VF Corporation Fiscal 2024 Form 10-K 39 Table of Contents the asset to its carrying value. Fair value of an indefinite-lived trademark is based on an income approach using the relief-from-royalty method.
An indefinite-lived intangible asset is quantitatively tested for possible impairment by comparing the estimated fair value of the asset to its carrying value. Fair value of an indefinite-lived trademark is based on an income approach using the relief-from-royalty method.
The change of control provision applies to all notes, except for the notes due in 2033. Dividends Cash dividends totaled $0.78 per share in Fiscal 2024 compared to $1.81 in Fiscal 2023. The dividend payout ratio was (31.3)% of diluted earnings (loss) per share in Fiscal 2024 compared to 592.8% in Fiscal 2023.
The change of control provision applies to all notes, except for the notes due in 2033. Dividends Cash dividends totaled $0.36 per share in Fiscal 2025 compared to $0.78 in Fiscal 2024. The dividend payout ratio was (74.5%) o f diluted earnings (loss) per share in Fiscal 2025 compared to (31.3%) in Fiscal 2024.
Outdoor Year Ended March (Dollars in millions) 2024 2023 Percent Change Segment revenues $ 5,501.4 $ 5,647.5 (2.6) % Segment profit 602.7 785.4 (23.3) % Operating margin 11.0 % 13.9 % The Outdoor segment includes the following brands: The North Face ® , Timberland ® , Smartwool ® , Altra ® and Icebreaker ® .
Outdoor Year Ended March (Dollars in millions) 2025 2024 Percent Change Segment revenues $ 5,576.3 $ 5,501.4 1.4 % Segment profit 724.4 602.7 20.2 % Segment profit margin 13.0 % 11.0 % The Outdoor segment includes the following brands: The North Face ® , Timberland ® , Altra ® , Smartwool ® and Icebreaker ® .
Other income (expense), net primarily consists of components of net periodic pension cost (excluding the service cost component), certain foreign currency and hedging gains and losses and other non-operating gains and losses. Other income (expense) netted to $23.8 million and $(119.8) million in Fiscal 2024 and Fiscal 2023, re spectively.
Other income (expense), net primarily consists of components of net periodic pension cost (excluding the service cost component), certain foreign currency and hedging gains and losses and other non-operating gains and losses. Other income (expense) netted to ($9.4) million a nd $24.7 million in Fiscal 2025 and Fiscal 2024, re spectively.
Wholesale revenues were 53% of total revenues in Fiscal 2024 compared to 55% in Fiscal 2023.
Wholesale revenues were 56% of total revenues in Fiscal 2025 compared to 55% in Fiscal 2024.
The overfunded status includes a $54.0 million liability related to our U.S. unfunded supplemental defined benefit plan, $30.4 million of net liabilities related to our non-U.S. defined benefit plans, and a $174.3 million net asset related to our U.S. qualified defined benefit plan.
The overfunded status includes a $51.2 million liability related to our U.S. unfunded supplemental defined benefit plan, $33.1 million of net liabilities related to our non-U.S. defined benefit plans, and a $179.3 million net asset related to our U.S. qualified defined benefit plan.
Interest rate risks VF limits the risk of interest rate fluctuations by managing the mix of fixed and variable interest rate debt. In addition, VF may use derivative financial instruments to manage risk.
VF currently estimates settlement charges to be between $200.0 and $300.0 million. Interest rate risks VF limits the risk of interest rate fluctuations by managing the mix of fixed and variable interest rate debt. In addition, VF may use derivative financial instruments to manage risk.
The royalty rate is selected based on consideration of (i) royalty rates included in active license agreements, if applicable, (ii) royalty rates received by market participants in the apparel and footwear industry, and (iii) the current performance of the reporting unit. If the estimated fair value of the trademark intangible asset exceeds its carrying value, there is no impairment charge.
The royalty rate is selected based on consideration of (i) royalty rates included in active license agreements, if applicable, (ii) royalty rates received by market participants in the apparel and footwear industry, and (iii) the current performance of the reporting unit.
The assumptions that impact actuarial gains and losses include the rate of return on investments held by the pension plans, the discount rate used to value participant liabilities and demographic characteristics of the participants.
The assumptions that impact actuarial gains and losses include the VF Corporation Fiscal 2025 Form 10-K 35 Table of Conten ts rate of return on investments held by the pension plans, the discount rate used to value participant liabilities and demographic characteristics of the participants.
Year Ended March (In millions) 2024 2023 Percent Change Impairment of goodwill and intangible assets $ 507.6 $ 735.0 (30.9) % Corporate and other expenses 475.3 617.8 (23.1) % Interest expense, net 223.4 164.6 35.7 % Corporate and other expenses are those that have not been allocated to the segments for internal management reporting, including (i) information systems and shared service costs, (ii) corporate headquarters costs, and (iii) certain other income and expenses.
Year Ended March (In millions) 2025 2024 Percent Change Impairment of goodwill and intangible assets $ 89.2 $ 507.6 (82.4 %) Corporate and other expenses 546.7 469.6 16.4 % Interest expense, net 149.2 165.7 (9.9 %) Corporate and other expenses are those that have not been allocated to the segments for internal management reporting, including (i) information systems and shared service costs, (ii) corporate headquarters costs, and (iii) certain other income and expenses.
VF has $81.2 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements were $13.9 million at March 2024. Borrowings under these arrangements had a weighted average interest rate of 51.6% at March 2024.
VF has $90.4 million o f international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements we re $11.9 million at March 2025. Borrowings under these arrangements had a weighted average interest rate of 43.8% at March 2025.
Vans ® brand global revenues decreased 24% in Fiscal 2024, including a 1% favorable impact from foreign currency. The overall decline in Fiscal 2024 was most significantly driven by a 28% decrease in the Americas region, including a 1% favorable impact from foreign currency.
Vans ® brand global revenues decreased 16% in Fiscal 2025, including a 1% unfavorable i mpact from foreign currency. The overall decline in F iscal 2025 was most significantly driven by a 16% decrease in the Americas region, including a 1% unfavorable impact from foreign currency.
At March 2024 and 2023 , the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $485.0 million and $510.9 million , respectively, due to suppliers that are eligible to participate in the SCF program. In the second quarter of Fiscal 2023, VF extended its payment terms with eligible suppliers under the SCF program.
At March 2025 and 2024 , the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $481.7 million and $485.0 million , respectively, due to suppliers that are eligible to participate in the SCF program.
As a result of the impairment testing performed, VF recorded a goodwill impairment charge of $195.3 million in the Consolidated Statement of Operations in the third quarter of Fiscal 2024 to write down the Timberland reporting unit carrying value to its estimated fair value. No impairment charge was recorded on the indefinite-lived trademark intangible asset.
As a result of the impairment testing performed, VF recorded an impairment charge of $51.0 million in the Consolidated Statement of Operations in the third quarter of Fiscal 2025 to write down the Dickies indefinite-lived trademark intangible asset to its estimated fair value.
The market multiples used in the valuation are based on the relative strengths and weaknesses of the reporting unit compared to the selected guideline companies. Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from target companies deemed similar to the reporting unit. Management typically assigns more weight to the income-based valuation method.
Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from target companies deemed similar to the reporting unit. Management typically assigns more weight to the income-based valuation method. Management also evaluates the fair value estimates of reporting units in the context of VF's total enterprise market value.
Management’s Use of Estimates and Assumptions Management made its estimates based on information available as of the date of our assessments, using assumptions we believe market participants would use in performing an independent valuation of the business.
Refer to Notes 8, 9 and 24 to the consolidated financial statements for additional discussion on Fiscal 2025 impairment testing. Management’s Use of Estimates and Assumptions Management made its estimates based on information available as of the date of our assessments, using assumptions we believe market participants would use in performing an independent valuation of the business.
The timing and amount of any such reimbursements are not known at this time. 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.
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.
Global direct-to-consumer revenues for Active decreased 12% in Fiscal 2024. The decrease was primarily due to declines in the Americas region, which decreased 17% in Fiscal 2024, including a 1% favorable impact from foreign currency .
The decrease was primarily due to declines in the Americas region, which decreased 21% in Fiscal 2025, including a 1% unfavorable impact from foreign currency . Global wholesale revenues for Active decreased 3% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. Wholesale revenues in the Europe region decreased 4% in Fiscal 2025.
During the fourth quarter of Fiscal 2024, VF also performed an impairment analysis of the Timberland reporting unit as a result of a triggering event, and recorded an additional goodwill impairment charge of $211.7 million.
During the fourth quarter of Fiscal 2024, VF also performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded an additional goodwill impairment charge of $211.7 million. In Fiscal 2025, operating margin increased to 3.2% from (1.5%) in Fiscal 2024, primarily due to the items described above.
If the estimated fair value of the trademark is less than its carrying value, an impairment charge is recognized for the difference. Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit to its carrying value. Reporting units are businesses with discrete financial information that is available and reviewed by management.
Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit to its carrying value. Reporting units are businesses with discrete financial information that is available and reviewed by management. For goodwill impairment testing, VF estimates the fair value of a reporting unit using both income-based and market-based valuation methods.
VF has reviewed all issues raised upon examination, as well as any exposure for issues that may be raised in future examinations. VF has evaluated these potential issues under the “more-likely-than-not” standard of the accounting literature.
VF’s income tax returns are regularly examined by federal, state and foreign tax authorities, and those audits may result in proposed adjustments. VF has reviewed all issues raised upon examination, as well as any exposure for issues that may be raised in future examinations. VF has evaluated these potential issues under the “more-likely-than-not” standard of the accounting literature.
For goodwill impairment testing, VF estimates the fair value of a reporting unit using both income-based and market-based valuation methods. The income-based approach is based on the reporting unit’s forecasted future cash flows that are discounted to present value using the reporting unit’s WACC, as discussed above.
The income-based approach is based on the reporting unit’s forecasted future cash flows that are discounted to present value using the reporting unit’s WACC, as discussed above. For the market-based approach, management uses both the guideline company and similar transaction methods.
Management estimates of fair value are based on assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
VF also utilizes third-party valuation specialists to assist management in the determination of the fair value of assets acquired and liabilities assumed. Management estimates of fair value are based on assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
VF has restrictive covenants on its Global Credit Facility, including a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, as defined in the agreement as amended in April 2024, starting at 70% with future step downs.
The agreement for the Global Credit Facility, as amended in May 2025, includes a consolidated net indebtedness to consolidated net capitalization financial ratio covenant, starting at 70% with future step downs.
If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is not impaired and no further review is required.
Based on the range of estimated fair values developed from the income and market-based methods, VF determines the estimated fair value for the reporting unit. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is not impaired and no further review is required.
Cash Provided (Used) by Financing Activities The increase in cash used by financing activities in Fiscal 2024 compared to Fiscal 2023 was primarily due to a $907.1 million payment of long-term debt in Fiscal 2024, compared to the issuance of €1.0 billion euro-denominated fixed rate notes, borrowings of $1.0 billion under the DDTL Agreement and a $500.0 million payment of long-term debt in Fiscal 2023.
Cash Used by Financing Activities The increase in cash used by financing activities in Fiscal 2025 compared to Fiscal 2024 was primarily due to a $1.0 billion prepayment of the DDTL and a $750.0 million early redemption of long-term debt in Fiscal 2025 , compared to a $907.1 million payment of long-term debt in Fiscal 2024.
Based on the results of the qualitative assessment, VF concluded it was more likely than not the carrying values of the goodwill and indefinite-lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary. Refer to Notes 9 and 24 to the consolidated financial statements for additional discussion on Fiscal 2024 impairment testing.
Based on the results of the qualitative assessment, VF concluded it was more likely than not the carrying values of the goodwill and indefinite- VF Corporation Fiscal 2025 Form 10-K 39 Table of Contents lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.
Refer to Note 20 to VF's consolidated financial statements for additional information. The $704.6 million net discrete tax expense in Fiscal 2024 decreased the effective income tax rate by 301.5% compared to a favorable 223.5% impact of discrete items for Fiscal 2023.
Refer to Note 20 to VF's consolidated financial statements for additional information. The $19.4 million n et discrete tax expense in Fiscal 2025 increased t he effective income tax rate by 13.4% compared to a favorable 247.4% impact of discrete items for Fiscal 2024.
Top Brand Revenues: Year Ended March 2024 (In millions) The North Face ® Vans ® Timberland ® (a) Dickies ® Total Americas $ 1,704.4 $ 1,708.2 $ 682.7 $ 437.2 $ 4,532.5 Europe 1,312.5 726.3 641.3 113.4 2,793.5 Asia-Pacific 656.4 351.2 233.0 67.8 1,308.4 Global $ 3,673.3 $ 2,785.7 $ 1,556.9 $ 618.4 $ 8,634.4 Year Ended March 2023 (In millions) The North Face ® Vans ® Timberland ® (a) Dickies ® Total Americas $ 1,896.4 $ 2,380.5 $ 933.6 $ 513.6 $ 5,724.1 Europe 1,198.7 838.3 632.4 107.4 2,776.8 Asia-Pacific 517.6 464.1 218.7 104.2 1,304.6 Global $ 3,612.7 $ 3,682.9 $ 1,784.7 $ 725.2 $ 9,805.5 (a) The global Timberland brand includes Timberland ® , reported within the Outdoor segment and Timberland PRO ® , reported within the Work segment.
Top Brand Revenues: Year Ended March 2025 (In millions) The North Face ® Vans ® Timberland ® (a) Dickies ® Total Americas $ 1,612.6 $ 1,435.8 $ 749.0 $ 382.0 $ 4,179.4 Europe 1,315.0 661.2 626.9 102.0 2,705.1 Asia-Pacific 775.8 252.4 231.8 58.0 1,318.0 Global $ 3,703.4 $ 2,349.4 $ 1,607.7 $ 542.1 $ 8,202.5 Year Ended March 2024 (In millions) The North Face ® Vans ® Timberland ® (a) Dickies ® Total Americas $ 1,704.4 $ 1,708.2 $ 682.7 $ 437.2 $ 4,532.5 Europe 1,312.5 726.3 641.3 113.4 2,793.5 Asia-Pacific 656.4 351.2 233.0 67.8 1,308.4 Global $ 3,673.3 $ 2,785.7 $ 1,556.9 $ 618.4 $ 8,634.4 (a) The global Timberland brand includes Timberland ® , reported within the Outdoor segment and Timberland PRO ® , reported within the Work segment.
Cash from operations is typically lower in the first half of the calendar year as inventory builds to support peak sales periods in the second half of the calendar year. Cash provided by operating activities in the second half of the calendar year is substantially higher as inventories are sold and accounts receivable are collected.
Cash provided by operating activities in the second half of the calendar year is substantially higher as inventories are sold and accounts receivable are collected. Additionally, direct-to-consumer sales are highest in the fourth quarter of the calendar year.
Excluding discrete items, the effective tax rate during Fiscal 2024 decreased by approximately 62.6% primarily due to the jurisdictional mix of earnings and losses and the impact of nondeductible goodwill impairment in Fiscal 2024, resulting in a consolidated pre-tax loss.
Excluding discrete items, the effective tax rate during Fiscal 2025 increased by approximately 48.9% primarily due to jurisdictional mix of earnings and the impact of nondeductible goodwill impairment.
In summary, our cash flows were as follows: Year Ended March (In millions) 2024 2023 Cash provided (used) by operating activities $ 1,014.6 $ (655.8) Cash used by investing activities (172.3) (188.1) Cash provided (used) by financing activities (959.6) 463.9 Cash Provided (Used) by Operating Activities Cash flows related to operating activities are dependent on net income (loss), adjustments to net income (loss) and changes in working capital.
In summary, our cash flows from continuing operations were as follows: Year Ended March (In millions) 2025 2024 Cash provided by operating activities $ 438.5 $ 884.7 Cash provided (used) by investing activities 1,432.5 (158.7) Cash used by financing activities (2,146.0) (959.6) Cash Provided by Operating Activities Cash flows related to operating activities are dependent on income (loss) from continuing operations, adjustments to income (loss) from continuing operations and changes in working capital.
ANALYSIS OF RESULTS OF OPERATIONS Consolidated Statements of Operations The following table presents a summary of the changes in net revenues for the year ended March 2024 compared to the year ended March 2023: (In millions) Year Ended March Net revenues — 2023 $ 11,612.5 Organic (1,265.3) Impact of foreign currency 107.5 Net revenues — 2024 $ 10,454.7 Year Ended March 2024 Compared to Year Ended March 2023 VF reported a 10% decrease in revenues in Fiscal 2024 compared to Fiscal 2023, including a 1% favorable impact from foreign currency .
ANALYSIS OF RESULTS OF OPERATIONS Consolidated Statements of Operations The following table presents a summary of the changes in revenues for the year ended March 2025 compared to the year ended March 2024: (In millions) Year Ended March Revenues — 2024 $ 9,915.7 Organic (361.3) Impact of foreign currency (49.7) Revenues — 2025 $ 9,504.7 Year Ended March 2025 Compared to Year Ended March 2024 VF reported a 4% decrease in reven ues in Fiscal 2025 compared to Fiscal 2024.
Other income (expense), net in Fiscal 2024 primarily included legal settlement gains of $29.1 million, $3.2 million of net periodic pension cost and $2.9 million of foreign currency and hedging losses .
Other income (expense), net in Fiscal 2024 primarily includ ed legal settlement gains of $29.1 million, $3.2 million of net periodic pension cost and $2.0 million of foreign currency and hedging losses. T he effective income tax rate was 52.2% in Fiscal 2025 compared to (257.5%) in Fiscal 2024.
Revenues in the Europe region increased 6%, including a 5% favorable impact from foreign currency. Dickies ® brand global revenues decreased 15% in Fiscal 2024. The decline was primarily driven by a decrease in the Americas region of 15%, reflecting lower inventory replenishment and weakness with certain key U.S. wholesale customer accounts .
Revenues in the Asia -Pacific region decreased 14%, including a 1% unfavorable impact fro m foreign currency. Dickies ® brand global revenues decreased 12% in Fiscal 2025. The decline was primarily driven by a decrease in the Americas region of 13%, reflecti ng lower inventory replenishment and weakness with certain key U.S. wholesale cust omer accounts .
Year Ended March 2024 Compared to Year Ended March 2023 Global Work revenues decreased 16% in Fiscal 2024 compared to Fiscal 2023. Revenues in the Americas region decreased 16% in Fiscal 2024. Revenues in the Asia-Pacific region decreased 35%, including a 3% unfavorable impact from foreign currency.
Year Ended March 2025 Compared to Year Ended March 2024 Global Work revenues decreased 7% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable impact fro m foreign currency. Revenues in the Americas region decreased 5% in Fiscal 2025. Revenues in the Europe region decreased 10%.
Active Year Ended March (Dollars in millions) 2024 2023 Percent Change Segment revenues $ 4,061.7 $ 4,904.6 (17.2) % Segment profit 352.2 654.7 (46.2) % Operating margin 8.7 % 13.3 % The Active segment includes the following brands: Vans ® , Supreme ® , Kipling ® , Napapijri ® , Eastpak ® and JanSport ® .
Active Year Ended March (Dollars in millions) 2025 2024 Percent Change Segment revenues $ 3,095.3 $ 3,522.7 (12.1 %) Segment profit 152.8 237.5 (35.7 %) Segment profit margin 4.9 % 6.7 % The Active segment includes the following brands: Vans ® , Kipling ® , Napapijri ® , Eastpak ® and JanSport ® .
VF's capital deployment priorities in the near-to-medium term will be focused on optimizing and driving the performance of the current portfolio and reducing leverage. Revolving Credit Facility and Short-term Borrowings VF relies on its ability to generate cash flows to finance its ongoing operations. In addition, VF has significant liquidity from its available cash balances and credit facilities.
VF's capital deployment priorities in the near-to-medium term will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth. Revolving Credit Facility, DDTL Agreement and Short-term Borrowings VF relies on its ability to generate cash flows to finance its ongoing operations.
Based on the analysis, management concluded that Icebreaker's indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount. No other impairment charges were taken as a result of the annual impairment testing.
As a result of the annual impairment testing, VF recorded a goodwill impairment charge of $38.2 million in the Consolidated Statement of Operations for the year ended March 2025 related to Icebreaker. Based on the analysis, management concluded that Icebreaker's indefinite-lived trademark intangible asset was not impaired and the estimated fair value exceeded its carrying value by a significant amount.
The following table presents the percentage relationship to net revenues for components of the Consolidated Statements of Operations: Year Ended March 2024 2023 Gross margin (net revenues less cost of goods sold) 52.0 % 52.5 % Selling, general and administrative expenses 47.4 43.4 Impairment of goodwill and intangible assets 4.9 6.3 Operating margin (0.3) % 2.8 % 28 VF Corporation Fiscal 2024 Form 10-K Table of Contents Year Ended March 2024 Compared to Year Ended March 2023 Gross margin decreased 50 basis points to 52.0% in Fiscal 2024 compared to 52.5% in Fiscal 2023.
The following table presents the percentage relationship to revenues for components of the Consolidated Statements of Operations: Year Ended March 2025 2024 Gross margin (revenues less cost of goods sold) 53.5 % 51.6 % Selling, general and administrative expenses 49.4 47.9 Impairment of goodwill and intangible assets 0.9 5.1 Operating margin 3.2 % (1.5 %) Note: Amounts may not sum due to rounding.
In particular, tax authorities and the courts have increased their focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction.
In particular, tax authorities and the courts have increased their focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction. Tax authorities have also become skeptical of special tax rulings provided to companies offering lower taxes than may be applicable in other countries.
Year Ended March 2024 Compared to Year Ended March 2023 Global revenues for Active decreased 17% in Fiscal 2024 compared to Fiscal 2023, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 23% in Fiscal 2024.
Year Ended March 2025 Compared to Year Ended March 2024 Glo bal revenues for Active decreased 12% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable imp act from foreign currency. Revenues in the Americas region decreased 13% in Fiscal 2025, including a 1% unfavorable i mpact from foreign currency.
As of March 2024, VF had $711.1 million of gross deferred income tax assets related to operating loss, credit and capital loss carryforwards, and $435.3 million of valuation allowances against those assets.
As of March 2025, VF h ad $698.9 million of gr oss deferred income tax assets related to operating loss, credit and capital loss carryforwards, and $531.0 million of valuation allowances against those assets.
VF has a global commercial paper program that allows for borrowings of up to $2.25 billion to the extent that it has borrowing capacity under the Global Credit Facility. There were $250.0 million in U.S. commercial paper borrowings as of March 2024.
As of March 2025, VF was in compliance w ith all covenants. VF has a global commercial paper program that allows for borrowings of up to $2.25 billion to the extent that it has borrowing capacity under the Global Credit Facility. Based on VF's current ratings, there is no active market for commercial paper.
For the ratio of net debt to total capital above, net debt is defined as short-term and long-term borrowings, in addition to operating lease liabilities, net of unrestricted cash. Total capital is defined as net debt plus stockholders’ equity.
The increase at March 2025 compared to March 2024 was partially offset by a net decrease in current assets driven by lower cash and cash equivalents. For the ratio of net debt to total capital above, net debt is defined as short-term and long-term borrowings, in addition to operating lease liabilities, net of unrestricted cash and cash equivalents.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. A discussion of VF’s market risks is incorporated by reference to “Risk Management” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.
Biggest changeITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. A discussion of VF’s market risks is incorporated by reference to “Risk Management” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report. 40 VF Corporation Fiscal 2025 Form 10-K Table of Contents

Other VFC 10-K year-over-year comparisons