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Sep 27, 2025
VF Corp Q2 2026 Earnings Report
VF Corporation reported its second quarter fiscal 2026 financial results, showing progress on its turnaround plan with broad-based growth in The North Face® and Timberland® brands, and moderated declines in Vans®.
Key Takeaways
VF Corporation delivered better-than-expected Q2'26 financial results, with revenue of $2.8 billion, a 2% increase year-over-year. The company achieved an operating income of $313 million and adjusted operating income of $330 million, exceeding guidance. Diluted EPS was $0.48, with adjusted EPS at $0.52. The company also announced the pending sale of Dickies® for $600 million, aiming to enhance investment capacity and drive shareholder returns.
Revenue reached $2.8 billion, marking a 2% increase compared to the previous year, surpassing guidance.
The North Face® and Timberland® brands demonstrated strong growth, increasing by 6% and 7% respectively.
Vans® revenue showed sequential improvement, moderating its decline to 9% year-over-year.
Operating income was $313 million, with adjusted operating income at $330 million, significantly above the company's guidance.
Revenue by Segment
Forward Guidance
For Q3'26, VF Corporation anticipates revenue to be down 3% to 1% in constant currency compared to the previous year, with adjusted operating income projected between $275 million and $305 million. For the full fiscal year 2026, the company expects adjusted operating income, free cash flow, and operating cash flow to be up compared to the previous year.
Positive Outlook
- Q3'26 adjusted operating income is expected to be between $275 million and $305 million.
- FY'26 free cash flow is projected to be up compared to the previous year.
- FY'26 adjusted operating income is expected to be up compared to the previous year.
- FY'26 operating cash flow is projected to be up compared to the previous year.
- The pending sale of Dickies® is expected to enhance capacity to invest in the portfolio.
Challenges Ahead
- Q3'26 revenue is expected to be down 3% to 1% in constant currency compared to the previous year.
- Guidance for Q3'26 and FY'26 P&L excludes Dickies® in current and prior years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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