The earnings beat and reinstatement of FY2027 guidance with margin expansion targets reinforce the turnaround narrative. Watch for continued improvement in Vans brand momentum and execution on the 8% operating margin target, which would drive further multiple expansion.
Price Chart
Executive Summary
VF Corp reported Q4 FY2026 revenue of $2,166M (+3% constant currency ex-Dickies), ahead of guidance of flat to +2%, and adjusted EPS of $0.00 vs consensus of -$0.02. The company returned to full-year revenue growth (+1% constant currency) with expanded margins (adjusted OM 7.0% vs 5.9% LY) and reduced leverage (3.1x vs 4.1x). FY2027 guidance reinstated with revenue growth of +1-2% constant currency and adjusted operating margin of ~8%, signaling continued turnaround momentum.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue ex-Dickies +8% reported (+3% constant currency), beating guidance of flat to +2%
- Adjusted EPS ex-Dickies $0.00 vs consensus -$0.02 (beat)
- Full-year FY2026 revenue ex-Dickies +4% reported (+1% constant currency); return to growth for first time in three years
- FY2026 adjusted operating margin ex-Dickies 7.0%, up 110 bps vs prior year
- Leverage ratio improved to 3.1x from 4.1x, net debt down $0.8B
- FY2027 guidance: revenue +1% to +2% constant currency, adjusted operating margin ~8%, free cash flow flat to up
- Quarterly dividend maintained at $0.09 per share
- Vans Americas DTC returned to growth for first time in over four years
Financial Impact
Q4 revenue beat by ~$22M (1% above high end of guidance); EPS beat by $0.02
Risk Factors
- Macroeconomic headwinds and tariff impacts on consumer spending
- Vans brand remains challenged globally; slower-than-expected recovery
- Foreign exchange volatility given 60% international revenue exposure
- Execution risk on cost transformation and leverage reduction targets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000103379-26-000028 |
| Document: q42026earningsexhibit991.htm | 0000103379-26-000028 |
| Document: vfc-20260520.htm | 0000103379-26-000028 |
| Document: 0000103379-26-000028-index-headers.html | 0000103379-26-000028 |
| Document: 0000103379-26-000028-index.html | 0000103379-26-000028 |
| Document: 0000103379-26-000028.txt | 0000103379-26-000028 |
| 8-K Data (Synthetic) | 0000103379-26-000028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 15, 2026 15w ago | DEFA14A | $17.97 $12.91 | ▼ −28.16% | ▼ −29.16% | $14.11 (−21.48%) |
Jun 13, 2026 15w ago | Institutional Cluster | $17.97 $12.91 | ▼ −28.16% | ▼ −29.16% | $14.11 (−21.48%) |
May 20, 2026 19w ago | 8-K | $16.21 $14.87 | ▼ −8.24% | ▼ −12.98% | $14.11 (−12.93%) |
US Market Status
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