VF Corp F4Q26 Earnings Review

VF Corp reported an F4Q26 beat driven by one-time items and wholesale timing, while reinstating FY27 guidance that targets modest growth.

Key Takeaways

• 1.VFC reported an F4Q beat primarily driven by timing shifts in wholesale and a $50mn tariff receivable benefit in gross margins.
• 2.Management reinstated FY27 guidance, projecting 1-2% ex-FX sales growth and ~8% operating margins, which is back-half weighted.
• 3.The Vans brand showed positive 'greenshoots' in the Americas, with DTC ecommerce growth turning positive for the first time in nearly four years.

Table of Contents

• F4Q26 Earnings Review
• Quarterly trends
• Vans turnaround
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Our take
• What Happened?
• Estimates, Valuation, and Key Risks
• Disclosure Appendix

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