The earnings call presented a mix of positive and negative elements. The company demonstrated strong financial management with better-than-expected performance and significant cost reductions. Growth in brands like North Face, Timberland, and Altra is a positive sign. However, challenges remain with the Vans brand and anticipated tariff impacts, which will pressure margins. Overall, the sentiment is cautiously optimistic, with an emphasis on transformation and future growth opportunities.

Company Guidance

During the V.F. Corporation's First Quarter Fiscal Year 2026 Earnings Conference Call, the company reported an improvement in its top-line trend to negative 2% in constant dollars, with a flat performance on a reported basis. The North Face brand grew 5%, while Vans saw a 15% decline, and Timberland experienced a 9% increase. The company's adjusted gross margin improved by 200 basis points to 54.1%, and the adjusted operating margin increased by 270 basis points to negative 3.2%. Inventories rose 4%, but net debt decreased by $1.4 billion. For the second quarter, V.F. Corporation expects revenues to decline by 2% to 4% in constant dollars and projects operating income between $260 million and $290 million. Tariff impacts are anticipated to be mitigated over time, with a net negative effect on gross profit of $60 million to $70 million for fiscal 2026. The company reaffirmed its medium-term targets of achieving a 55% gross margin and reducing leverage to 2.5x by fiscal 2028.

Improved Financial Performance

V.F. Corporation delivered above guidance for Q1 fiscal '26, with a loss of $56 million, which was $50 million ahead of the high end of guidance and better than last year.

Significant Cost Reduction

The company has reduced over $300 million in costs, with an additional $500 million to $600 million improvement in net operating income targeted.

North Face and Timberland Growth

The North Face brand grew 5%, and Timberland saw a 9% increase, driven by strong performance in footwear and bags, along with a successful marketing strategy.

Altra Brand Expansion

Altra reported growth of over 20%, increasing from $60 million to potentially exceeding $250 million this year.

Warped Tour Success

The Warped Tour events saw overwhelming demand, selling out 170,000 tickets quickly, indicating strong brand affinity and potential for increased merchandising.

Improved Balance Sheet

Net debt decreased by $1.4 billion, a 20% reduction compared to the previous year, with a clear path to reducing leverage to below 2.5x by fiscal 2028.

VF (VFC) Earnings, Revenues Date & History

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VFC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 17, 2025	2026 (Q2)	0.44 / -	0.6	―	―	―
Jul 30, 2025	2026 (Q1)	-0.34 / -0.24	-0.33	27.27% (+0.09)
May 21, 2025	2025 (Q4)	-0.14 / -0.13	-0.32	59.38% (+0.19)
Jan 29, 2025	2025 (Q3)	0.34 / 0.62	0.57	8.77% (+0.05)
Oct 28, 2024	2025 (Q2)	0.38 / 0.60	0.63	-4.76% (-0.03)
Aug 06, 2024	2025 (Q1)	-0.37 / -0.33	-0.15	-120.00% (-0.18)
May 22, 2024	2024 (Q4)	0.02 / -0.32	0.17	-288.24% (-0.49)
Feb 06, 2024	2024 (Q3)	0.77 / 0.57	1.12	-49.11% (-0.55)
Oct 30, 2023	2024 (Q2)	0.65 / 0.63	0.73	-13.70% (-0.10)
Aug 01, 2023	2024 (Q1)	-0.12 / -0.15	0.09	-266.67% (-0.24)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VFC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$12.40	$12.72	+2.58%
May 21, 2025	$14.33	$12.07	-15.77%
Jan 29, 2025	$26.28	$25.26	-3.88%
Oct 28, 2024	$16.76	$21.29	+27.03%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.