revenue growth
—
FY 2027
official guidance
V.F. CORPORATION
Last · —$16.48+0.41 (+2.55%)live · yahoo · 0s ago
Market cap$6.73B—
P/E · TTM25.2fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $9.5B |
|---|---|
| Operating income | $-83.1M |
| Net income | $-97.2M |
| Operating margin | -0.9% |
| Net margin | -1.0% |
| Return on equity | -5.5% |
| Period | TTM 2026-06-27 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Improving brands and balance sheet are offset by Vans dependence, muted APAC demand and limited near-term earnings growth.
Hold: VF beat Q1 expectations and raised FY2027 revenue guidance to 2% or better from 1%-2%, with Q1 revenue flat at approximately $1.7 billion, 54.9% adjusted gross margin and an $95 million adjusted operating loss. The North Face (+4%) and Timberland (+3%) are healthy, but the investment case still depends on an unproven Vans wholesale recovery—from -9% in Q1 and expected -9% in Q2 to -2% or better in the second half—while the CFO transition adds execution risk.
Themes
- Vans Recovery
- Vans Wholesale
- North Face
- Timberland
- Gross Margin
- Sg And A Investment
Near term
Q2 revenue is expected to be approximately in line with Q1, with operating income broadly in line with last year; Vans is expected to remain down 9% and The North Face flat to slightly up.
Vans wholesale destocking remains the key swing factor; management cited partner discussions and order visibility but declined to provide specific order-book data.
First-half SG&A will rise through discretionary marketing, DTC and brand-building investment, limiting near-term operating leverage.
Timberland should improve in Q2 after a roughly three-point Q1 impact from the Middle East conflict and distributor issues.
CFO Paul Vogel will transition out over the next quarter, with COO Abhishek Dalmia assuming the combined CFO/COO role.
Longer term
The thesis requires Vans to convert strong DTC sell-through, new silhouettes and limited-run product heat into broader wholesale volume; analysts repeatedly pressed on this translation risk.
Management sees Vans profitability improving through gross-margin expansion and SG&A leverage, but acknowledged margins are unlikely to return to the prior 20%-plus peak.
The North Face and Timberland are expected to grow roughly in line with their prior-year growth rates, supporting a gradual rather than high-growth recovery.
Altra is a meaningful longer-term option, with management targeting a $1 billion-plus brand, but current brand awareness remains low.
APAC, including Greater China, is expected to remain muted for the next one to two years as competition is strong and management acknowledged insufficient innovation in the region.
Balance-sheet progress is tangible: net debt fell $1.1 billion, or 20%, year over year, inventories declined 4% excluding Dickies and FX, and free cash flow increased approximately $75 million in Q1.
Red flags
The second-half revenue acceleration is heavily dependent on Vans wholesale improving despite management conceding wholesale was 'a lot worse' than the reported -9% global decline and providing no specific order-book figures.
Management would not quantify how much Vans weakness reflects wholesale-base resetting versus underlying demand rebasing, leaving the recovery quality difficult to assess.
The 8% full-year operating-margin outlook is being maintained partly through gross-margin improvement while discretionary SG&A remains flexible; the call did not provide a quantified gross-margin bridge or clear earnings upside.
The CFO departure comes as VF is entering the most execution-sensitive phase of its transformation, even though management characterized the move as personal and planned.
Competitive pressure in APAC is already suppressing The North Face performance, with management expecting the region to remain weaker than historical levels.
Forward outlook
operating margin
8 pct
FY 2027
official guidance
operating margin
—
FY 2029
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.54
Est. revenue
2.7B
Earnings transcripts
- Motley Fool
VF (VFC) Q1 2027 Earnings Call Transcript
V.F. CORPORATION
- Issuer IR
CORRECTED+TRANSCRIPT++VF+Corp.(VFC US),+Q1+2027+Earnings+Call,+29 July 2026+8+00+AM+ET
V.F. CORPORATION
- Issuer IR
Q1 2026 earnings call transcript
V.F. CORPORATION
- Issuer IR
CORRECTED+TRANSCRIPT++VF+Corp.(VFC US),+Q1+2027+Earnings+Call,+29 July 2026+8+00+AM+ET
V.F. CORPORATION
- Issuer IR
CORRECTED+TRANSCRIPT++VF+Corp.(VFC US),+Q1+2027+Earnings+Call,+29 July 2026+8+00+AM+ET
V.F. CORPORATION
- Issuer IR
Q1 2026 earnings call transcript
V.F. CORPORATION
Documents
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