UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 2928, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 1-5256

V. F. CORPORATION

(Exact name of registrant as specified in its charter)


Pennsylvania						23-1180120
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification number)

1551 Wewatta Street

Denver, Colorado 80202

(Address of principal executive offices)

(720) 778-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
(Title of each class)	(Trading Symbol(s))	(Name of each exchange on which registered)
Common Stock, without par value, stated capital $.25 per share	VFC	New York Stock Exchange
4.125% Senior Notes due 2026	VFC26	New York Stock Exchange
0.250% Senior Notes due 2028	VFC28	New York Stock Exchange
4.250% Senior Notes due 2029	VFC29	New York Stock Exchange
0.625% Senior Notes due 2032	VFC32	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of Common Stock held by non-affiliates of V.F. Corporation on September 2827, ~~2024~~2025, the last day of the registrant’s second fiscal quarter, was approximately $65,~~858~~184,000,000 based on the closing price of the shares on the New York Stock Exchange.

As of April 2625, ~~2025~~2026, there were ~~389~~391,~~744~~769,~~310~~705 shares of Common Stock of the registrant outstanding.

Documents Incorporated By Reference

Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on July 2228, ~~2025~~2026 (Item 1 in Part I and Items 10, 11, 12, 13 and 14 in Part III), which definitive Proxy Statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

This document (excluding exhibits) contains ~~109~~117 pages.

VF CORPORATION

TABLE OF CONTENTS

		PAGE NUMBER
FORWARD-LOOKING STATEMENTS		1
PART I
ITEM 1.	Business	1
ITEM 1A.	Risk Factors	9
ITEM 1B.	Unresolved Staff Comments	2122
ITEM 1C.	Cybersecurity	22
ITEM 2.	Properties	23
ITEM 3.	Legal Proceedings	23
ITEM 4.	Mine Safety Disclosures	23
PART II
ITEM 5.	Market for VF's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities	24
ITEM 6.	[Reserved]	25
ITEM 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
ITEM 7A.	Quantitative and Qualitative Disclosures about Market Risk	4041
ITEM 8.	Financial Statements and Supplementary Data	41
ITEM 9.	Change in and Disagreements with Accountants on Accounting and Financial Disclosures	4142
ITEM 9A.	Controls and Procedures	4142
ITEM 9B.	Other Information	4142
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	4142
PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	42
ITEM 11.	Executive Compensation	4243
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters	4243
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	4243
ITEM 14.	Principal Accounting Fees and Services	4243
PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	4344
ITEM 16.	10-K Summary	4647
	Signatures	4748

Table of Contents

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, as well as in other filings that VF makes with the Securities and Exchange Commission ("“SEC"”) and other written and oral information VF releases, regarding VF’s future performance constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are made based on VF’s current expectations and beliefs concerning future events impacting VF and therefore involve risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” "“believe,"” “estimate,” “expect,” “should,” and “may,” and other words and terms of similar meaning or use of future dates. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto are forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Known or unknown risks, uncertainties or other factors that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those described as “Risk Factors” in Item 1A of this Annual Report on Form 10-K and other reports VF files with the SEC. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. You should read the information in this report in conjunction with the audited consolidated financial statements and the related notes that appear in this report.

PART I


ITEM 1. BUSINESS.

V.F. Corporation, founded in 1899, is a portfolio of leading outdoor, ~~active~~ and ~~workwear~~active brands, including The North Face®, Vans®, ~~Timberland®~~ and ~~Dickies~~Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders. Unless the context indicates otherwise, the terms "“VF,"” the "“Company,"” "“we,"” "“us,"” and "“our"” used herein refer to V.F. Corporation and its consolidated subsidiaries. All references to "“Fiscal ~~2025"~~2026” relate to VF's current fiscal year which ran from March 3130, ~~2024~~2025 through March 2928, ~~2025~~2026.

Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF’s continuing operations. As such, the Supreme® brand business (“Supreme”) that was sold on October 1, 2024 has been excluded. The sale of the Dickies® brand business (“Dickies”) on November 12, 2025, did not qualify for presentation as a discontinued operation and is therefore included within VF's continuing operations, through the date of sale.

Business Model

VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear, equipment and accessories categories. Our largest brands are The North Face®, Vans®, ~~Timberland®~~ and ~~Dickies~~Timberland®.

Our products are marketed to ~~consumers~~customers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. Revenues from the direct-to-consumer business represented 44% of VF’s total Fiscal ~~2025~~2026 revenues. In addition to selling directly into international markets, many of our brands also sell products through licensees, agents and distributors. In Fiscal ~~2025~~2026, VF derived 5150% of its revenues from the Americas, 3435% from Europe and 15% from Asia-Pacific.

To provide products across multiple channels of distribution in different geographic areas, we rely on our global sourcing of finished goods from geographically diversified independent contractors. Our supply chain utilizes technologies for inventory replenishment that enable us to match our assortment of products to consumer demand. We have three main regional sourcing hubs, which helps to reduce lead times by establishing production closer to end consumption.

Transformation Strategy

~~During Fiscal 2024,~~ VF ~~introduced~~made ~~the~~further ~~Reinvent~~significant ~~turnaround~~progress ~~program,~~on ~~aimed~~its totransformation ~~reinvent~~strategy ~~how~~in ~~the~~Fiscal ~~Company operates as an organization across its brands~~2026, ~~geographies~~building ~~and~~on ~~integrated~~the ~~enterprise~~initiatives ~~functions.~~put ~~Initial~~in ~~priorities~~place ~~included~~over ~~improving North America results, delivering~~ the ~~Vans®~~last ~~brand~~three ~~turnaround,~~years ~~reducing~~to ~~costs~~strengthen ~~and strengthening~~ the balance sheet., VFexpand ~~has~~margins ~~made~~and ~~significant~~return ~~progress~~to ongrowth. ~~these~~In ~~priorities~~Fiscal ~~with~~2026, ~~the~~VF ~~creation~~advanced oftowards amedium-term ~~global~~goals ~~commercial~~outlined ~~organization~~at ~~which~~its ~~includes~~Investor aDay ~~newly established Americas regional platform, a reduction~~ in ~~debt~~October by2024 ~~paying~~to ~~down~~achieve a ~~$1.0~~10% ~~billion~~operating ~~term~~margin ~~loan and $750.0 million~~ in ~~senior notes during~~ Fiscal ~~2025,~~2028 ~~$300.0 million in gross cost savings~~ and a ~~complete~~leverage ~~reset~~ratio of ~~VF's~~2.5x ~~Global~~or ~~Leadership~~lower ~~Team~~by Fiscal 2028.

InStrengthen ~~Fiscal 2025, VF initiated a second phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so,~~ the ~~Company~~Balance introduced a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction. VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028.Sheet

~~In Fiscal 2025,~~ VF's ~~also~~primary ~~introduced~~financial ~~"The~~focus VFhas ~~Way",~~been aon ~~set~~liquidity ofand ~~standardized~~leverage ~~processes~~in ~~across~~the ~~brands~~early ~~and~~part ~~regions~~of ~~that~~its ~~will~~turnaround, ~~change~~with ~~how~~initiatives VFimplemented ~~operates~~to asimprove aoperating ~~multi-brand~~performance ~~portfolio~~alongside ~~company~~paying ~~with~~down ~~products~~debt. ~~rooted~~Through intight ~~performance.~~cost ~~"The~~discipline, VFworking ~~Way"~~capital ~~will~~improvements ~~allow~~and VFdivestiture toproceeds ~~leverage~~from ~~its~~the ~~multi-brand~~sales ~~competitive~~of ~~advantages~~Supreme toin ~~drive~~Fiscal ~~improved~~2025 ~~performance~~and ~~through~~Dickies ain ~~focus~~Fiscal on2026, ~~elevated~~VF ~~and~~reduced ~~innovated~~long-term ~~products~~debt ~~that~~by ~~are~~$2.2 ~~designed~~billion ~~and~~over ~~created~~a ~~for~~period ~~our~~of ~~consumers'~~two ~~needs~~fiscal years.

~~VF's~~Expand ~~capital deployment priorities in the near-to-medium term will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.~~Margins

~~Reportable~~Margin ~~Segments~~expansion initiatives are focused on both improving gross margin and reducing selling, general and administrative expenses. To achieve expansion the focus has included strengthening the product creation engine and building several artificial intelligence (“AI”) powered inventory planning capabilities. Levers included driving product mix through higher margin products, targeted pricing actions, and sharper markdown management. Across the business, during the last two fiscal years, the product function was consolidated into a single global engine while design was elevated in the new operating model to enhance innovation and improve speed to market. Inventory planning capabilities were upgraded with the introduction of new AI-enabled capabilities.

VF's ~~President~~Corporation ~~and~~Fiscal ~~Chief~~2026 ~~Executive~~Form Officer is the Company's chief operating decision maker ("CODM"). The Company's individual global brands have been determined to be operating segments. The CODM allocates resources and assesses performance based on VF's operating segments. Global brands have been combined into reportable segments based on similar economic characteristics and qualitative factors. The reportable segments for financial reporting purposes have been identified as: Outdoor, Active and Work.10-K 1

VF Corporation Fiscal 2025 Form 10-K 1

Table of Contents

Initiatives to reduce selling, general and administrative expenses have focused on organizational alignment, simplification of processes and operations, structural transformation of the Digital and Technology functions at VF, as well as work to run VF-owned stores and distribution more efficiently. VF continued to reinvest a portion of savings into marketing, with a continued shift towards a more social-first, digital-led marketing strategy.

Return to Growth

Initiatives to improve VF’s understanding of its consumers have been central to delivering a return to growth. This started with the work that segmented consumer demand to drive decision-making across product designs and consumer relevant experiences. This enabled VF to deliver more product newness with increasing speed. These initiatives have contributed to advancing the turnaround of the Vans® brand as well as driving sustained growth across several brands in the portfolio.

VF's capital deployment priorities in the near-to-medium term will continue to be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.

Reportable Segments

VF's President and Chief Executive Officer is the Company's chief operating decision maker (“CODM”). The Company's individual global brands, or in certain cases the combination of global brands, have been determined to be operating segments. The operating segments have been evaluated and aggregated into reportable segments because they meet the similar economic characteristics and qualitative aggregation criteria set forth in the relevant accounting guidance. In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the CODM's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and the Vans®, Kipling®, Eastpak® and JanSport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an “All Other” category. This group includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. Results for the “All Other” category are included as a reconciling item between the Company's reportable segments and its consolidated results of operations and assets.

The following table summarizes VF’s brands by reportable segment:

REPORTABLE SEGMENT BRANDS PRIMARY PRODUCTS Outdoor The North Face® Performance and performance-inspired outdoor apparel, footwear, equipment, accessories Timberland® Style-forward and weather-ready footwear, apparel, accessories Altra® Performance-based footwear Smartwool® Performance merino wool and other natural fibers-based apparel and accessories Icebreaker® High performance apparel and accessories based on natural fibers Active Vans® Youth culture/action sports-inspired footwear, apparel, accessories Kipling® Handbags, luggage, backpacks, totes, accessories ~~Napapijri® Premium outdoor-inspired apparel, footwear, accessories~~ Eastpak® Backpacks, luggage JanSport® Backpacks, luggage ~~Work Dickies® Performance and lifestyle workwear apparel and footwear Timberland PRO® Protective work footwear, work and work-inspired lifestyle apparel~~

~~Financial~~The ~~information~~following ~~regarding~~table summarizes VF’s ~~reportable~~brands ~~segments~~that isare included in ~~Note 21 to~~ the ~~consolidated~~“All ~~financial~~Other” ~~statements.~~category:

“ALL OTHER” CATEGORY

BRANDS

PRIMARY PRODUCTS

Dickies® (through the date of sale)

Performance and lifestyle workwear apparel and footwear

Altra®

Performance-based footwear

Smartwool®

Performance merino wool and other natural fibers-based apparel and accessories

Napapijri®

Premium outdoor-inspired apparel, footwear, accessories

Icebreaker®

High performance apparel and accessories based on natural fibers

Financial information regarding VF’s reportable segments and the “All Other” category is included in Note 21 to the consolidated financial statements.

2 VF Corporation Fiscal 2026 Form 10-K

Table of Contents


OUTDOOR SEGMENT

Our Outdoor segment is a group of authentic outdoor-based lifestyle brands. Product offerings include performance and performance-inspired outdoor apparel, footwear, equipment and accessories.

The North Face® is the largest brand in our Outdoor segment. The North Face® brand features performance and performance-inspired apparel, outerwear, sportswear and footwear for men, women and children. Its equipment line includes tents, sleeping bags, backpacks and accessories. Many of The North Face® products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice climbing. Products are also designed for year-round trail and rock climbing activities. The North Face® products are marketed globally, primarily through specialty outdoor and premium sporting goods stores, department stores, independent distributors, independently-operated partnership stores, concession retail stores, ~~approximately~~286 ~~285~~ VF-operated stores, on websites ~~with strategic digital partners and online at www.thenorthface.com.~~

The Timberland® brand offers style-forward and weather-ready footwear, apparel and accessories that combine performance benefits and versatile styling for men, women and children. We sell Timberland® products globally primarily through specialty, chain and department stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, approximately 145 VF-operated stores, on websites with strategic digital partners and online at www.~~timberland~~thenorthface.com.

~~Altra~~The Timberland® brand isoffers astyle-forward ~~performance~~and weather-~~based~~ready footwear, ~~brand~~apparel ~~primarily~~and inaccessories ~~the~~that ~~road~~combine performance benefits and ~~trail~~versatile ~~running~~styling ~~categories~~for men, women and children. We ~~Altra~~sell Timberland® products ~~are sold~~ globally primarily through ~~premium~~specialty ~~outdoor~~ and ~~specialty~~chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, 147 VF-operated stores, on websites with strategic digital partners and online at www.~~altrarunning~~timberland.com.

The Smartwool® brand offers active outdoor consumers a premium, technical layering system of merino wool socks, apparel and accessories that are designed to work together in fit, form and function. Smartwool® products are sold globally primarily through specialty outdoor and premium sporting goods stores, independent distributors, on websites with strategic digital partners and online at www.smartwool.com.

The Icebreaker® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers. Icebreaker® products are sold globally primarily through specialty outdoor and premium sporting goods stores, concession retail stores, independent distributors, approximately 20 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.

Key drivers of long-term growth in our Outdoor segment are expected to be a continued focus on product innovation, extension of our brands into new product categories, profitable growth in our direct-to-consumer business including our digital presence, expansion of wholesale channel partnerships, and geographical diversification and development.

2 VF Corporation Fiscal 2025 Form 10-K

Table of Contents


ACTIVE SEGMENT

Our Active segment is a group of activity-based lifestyle brands. Product offerings include active apparel, footwear, backpacks, luggage, handbags, totes and accessories.

Vans® is the largest brand in our Active segment. The Vans® brand offers performance and casual footwear and apparel targeting younger consumers that sit at the center of action sports, art, music and street fashion. Vans® products are available globally primarily through specialty, chain stores, independent distributors and licensees, independently-operated partnership stores, concession retail stores, ~~approximately~~569 ~~605~~ VF-operated stores, on websites with strategic digital partners and online at www.vans.com.

Kipling® branded handbags, luggage, backpacks, totes and accessories are sold globally primarily through chain, department, specialty and luggage stores, independently-operated partnership stores, independent distributors, concession retail stores, ~~approximately~~ 35 VF-operated stores, on websites with strategic digital partners and online at www.kipling.com.

~~The Napapijri~~Eastpak® ~~brand~~backpacks, ~~offers~~travel ~~outdoor-inspired~~bags ~~casual~~and ~~outerwear,~~luggage ~~sportswear~~are sold primarily through specialty and ~~accessories~~concession atretail astores ~~premium~~across ~~price.~~Europe, ~~Products~~1 ~~are~~VF-operated store, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.

sold in Europe, primarily through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, approximately 20 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

Eastpak® backpacks, travel bags and luggage are sold primarily through department, specialty and concession retail stores across Europe, on websites with strategic digital partners, throughout Asia by distributors and online at www.eastpak.com.

JanSport® backpacks and accessories are sold primarily in North America through mass merchants, sports specialty stores, office supply and chain stores and department stores, as well as independent distributors. JanSport® products are also sold on websites with strategic digital partners and online at www.jansport.com.

Key drivers of long-term growth in our Active segment are expected to be our continued focus on product innovation, extension of our brands into new product categories, profitable growth of our direct-to-consumer business including our digital presence, enhancement of wholesale channel partnerships, and geographical diversification and development.

~~WORK~~“ALL ~~SEGMENT~~OTHER” CATEGORY

~~Our~~The ~~Work~~“All Other” category is not considered a reportable segment. ~~consists~~All ofother ~~performance~~brands ~~and~~that ~~lifestyle~~have ~~workwear~~not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an “All Other” category. This group includes the following brands: ~~with~~Dickies® ~~product~~(through ~~offerings~~the ~~that~~date ~~include~~of ~~apparel~~sale), ~~footwear~~Altra®, Smartwool®, Napapijri® and ~~accessories~~Icebreaker®.

~~Dickies~~Altra® is ~~the~~a ~~largest~~performance-based ~~brand~~footwear ~~in our Work segment. The Dickies®~~ brand isprimarily ~~a leader~~ in ~~authentic,~~the ~~functional,~~road ~~durable~~ and ~~affordable~~trail ~~performance~~running ~~and lifestyle workwear apparel and footwear~~categories. ~~Dickies~~Altra® products are ~~available~~sold globally primarily through ~~mass~~premium ~~merchants,~~outdoor and specialty stores, independent distributors ~~and licensees~~, ~~independently-operated~~2 ~~partnership stores, concession retail stores, approximately 15~~ VF-operated stores, on websites with strategic digital partners and online at www.~~dickies~~altrarunning.com.

The ~~Timberland PRO~~ Smartwool® brand offers ~~work~~active ~~and~~outdoor ~~work-inspired~~consumers ~~products~~a ~~that provide comfort~~premium, ~~durability~~technical ~~and~~layering ~~performance.~~system ~~Timberland~~of ~~PRO®~~merino ~~products~~wool ~~are~~socks, ~~available~~apparel ~~primarily~~and inaccessories ~~North~~that ~~America,~~are ~~through~~designed ~~specialty~~to ~~stores,~~work ~~chain~~together ~~stores,~~in ~~independent distributors~~fit, onform ~~websites with strategic digital partners~~ and ~~online at www~~function.~~timberland.com. Timberland PRO~~ Smartwool® products are ~~also~~sold ~~available~~globally inprimarily ~~most~~through ~~U.S.~~specialty ~~VF-operated~~outdoor ~~Timberland®~~and ~~stores.~~premium sporting goods

Westores, ~~believe~~independent ~~there is a strategic opportunity for growth in our Work segment in both existing and future markets~~distributors, ~~and~~on inwebsites ~~all~~with ~~channels~~strategic ~~and~~digital ~~geographies.~~partners ~~We expect growth will be driven by an increased presence in the retail workwear market, work-inspired lifestyle product offerings~~ and byonline ~~continuing~~at ~~to innovate products that address workers’ desires for increased comfort and performance~~www.smartwool.com.

The Napapijri® brand offers outdoor-inspired casual outerwear, sportswear and accessories at a premium price. Products are sold primarily in Europe, through specialty stores, independently-operated partnership stores, concession retail stores, independent distributors, 20 VF-operated stores, on websites with strategic digital partners and online at www.napapijri.com.

The Icebreaker® brand specializes in performance apparel and accessories based on natural fibers, including merino wool and plant-based fibers. Icebreaker® products are sold globally primarily through specialty outdoor and premium sporting goods stores, independently-operated partnership stores, concession retail stores, independent distributors, 19 VF-operated stores, on websites with strategic digital partners and online at www.icebreaker.com.

VF Corporation Fiscal 2026 Form 10-K 3

Table of Contents


DIRECT-TO-CONSUMER OPERATIONS

Our direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms. Direct-to-consumer revenues were 44% of total VF revenues in Fiscal ~~2025~~2026.

Our full-price retail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers. These experiences provide high visibility for our brands and products and enable us to stay close to the needs and preferences of our consumers. The complete and impactful presentation of products in our stores also helps to increase sell-through of VF products at our wholesale customers due to increased brand awareness, education and visibility. VF-operated full-price stores generally provide gross margins that are well above other channels.

In addition, VF operates outlet stores in both premium outlet malls and more traditional value-based locations. These outlet stores carry merchandise that is specifically designed for sale in our outlet stores and serve an important role in our overall inventory management and profitability by also allowing VF to sell a significant portion of excess, discontinued and out-of-season products at better prices than otherwise available from outside parties, while maintaining the integrity of our brands.

Our global direct-to-consumer operations included 1,~~127~~080 stores at the end of Fiscal ~~2025~~2026. We operate retail store locations for the following brands: Vans®, The North Face®, Timberland®, Kipling®, Icebreaker®, Napapijri® and Dickies®. Approximately 65% of our stores are located in the Americas (56% in the U.S.), 25% in Europe and 10% in Asia-Pacific. Additionally, we sell certain of our branded products through 794 concession retail stores located principally in Europe and Asia-Pacific.

VFKipling®, ~~Corporation~~Icebreaker®, ~~Fiscal~~Napapijri®, ~~2025~~Altra® ~~Form~~and Eastpak®. We also operate 1 multi-brand store. Approximately 64% of our stores are located in the Americas (56% in the U.S.), 26% in Europe and 10% in Asia-~~K 3~~Pacific. Additionally, we sell certain of our branded products through 868 concession retail stores located principally in Europe and Asia-Pacific.

~~Table~~E-commerce represented approximately 41% of ~~Contents~~our direct-to-consumer business and 18% of total VF revenues in Fiscal 2026. All VF brands are marketed online. We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance. We also continue to increase focus on digital innovation and growth across other third-party digital platforms that are reported within our direct-to-consumer business.

~~E-commerce~~In ~~represented~~addition ~~approximately~~to ~~40% of~~ our direct-to-consumer ~~business~~operations, ~~and~~independent ~~18%~~parties ofown ~~total~~and VFoperate ~~revenues~~approximately in2,100 ~~Fiscal~~partnership ~~2025~~stores. ~~All~~Sales VFto ~~brands~~these partners are ~~marketed~~reported ~~online.~~in ~~We continue to expand~~ our ~~omni-~~wholesale channel. ~~approach~~These ~~and~~are ~~integrated~~primarily ~~marketplace strategies in the Europe and Asia~~mono-~~Pacific~~brand ~~regions,~~retail inlocations ~~order~~selling toVF ~~engage~~products ~~with~~that ~~consumers~~have atthe ~~every~~appearance ~~touch~~of ~~point~~VF-operated ~~with innovative assets and by focusing on local relevance~~stores. WeMost ~~also~~of ~~continue~~these topartnership ~~increase~~stores ~~focus~~are onlocated ~~digital~~in ~~innovation~~Europe and ~~growth~~in ~~across~~Asia-Pacific, ~~other~~and ~~third-party~~are ~~digital~~concentrated ~~platforms~~amongst The ~~that~~North ~~are~~Face®, ~~reported~~Timberland®, ~~within~~Vans®, ~~our~~Kipling®, ~~direct-to-consumer~~Icebreaker® ~~business~~and Napapijri® brands.

In addition to our direct-to-consumer operations, independent parties own and operate approximately 2,300 partnership stores. Sales to these partners are reported in our wholesale channel. These are primarily mono-brand retail locations selling VF products that have the appearance of VF-operated stores. Most of these partnership stores are located in Europe and in Asia-Pacific, and are concentrated amongst The North Face®, Timberland®, Vans®, Kipling®, Dickies® and Napapijri® brands.


LICENSING ARRANGEMENTS

As part of our strategy of expanding market penetration of VF-owned brands, we enter into licensing agreements with independent parties for specific apparel and complementary product categories when such arrangements provide more effective sourcing, distribution and marketing than could be achieved internally. We provide support to these business partners and ensure the integrity of our brand names by taking an active role in the design, quality control, advertising, marketing and distribution of licensed products.

Licensing arrangements relate to a broad range of VF brands and are for fixed terms of generally 3 to 5 years, with conditional renewal options~~, outside of certain licensing arrangements for the Dickies® brand that have longer terms~~. Each licensee pays royalties to VF based on its sales of licensed products, with most agreements providing for a minimum royalty requirement. Royalties generally range from 4% to 10% of the licensing partners’ net licensed product sales. Royalty income was $6249.37 million in Fiscal ~~2025~~2026 (less than 1% of total revenues), primarily from the Vans®, Dickies® (through the date of sale) and Timberland® brands.


SOURCING AND DISTRIBUTION

Product design and innovation, including fit, fabric, finish and quality, are important elements across our businesses. These functions are performed by employees located in our global supply chain organization and our branded business units across the globe.

VF’s centralized global supply chain organization is responsible for procuring and delivering products to support our brands and businesses. VF is skilled in managing the complexities associated with our global supply chain. In Fiscal ~~2025~~2026, VF sourced approximately ~~260~~231 million units spread across our brands. Our products were primarily obtained from approximately ~~273~~216 independent contractor manufacturing facilities in approximately 3024 countries. Additionally, we operate 1613 distribution centers and 1,~~127~~080 retail stores across the globe. We also utilize distribution centers managed by third parties, as necessary, for certain brands and locations. Managing this complexity is made possible by the use of a network of information systems for product development, forecasting, order ~~management and warehouse management, along with our core enterprise resource management platforms.~~

management and warehouse management, along with our core enterprise resource management platforms.

Products obtained from contractors in the Western Hemisphere generally have a higher cost than products obtained from contractors in Asia-Pacific. However, contracting in the Western Hemisphere gives us greater flexibility, shorter lead times and allows for lower inventory levels for the U.S. market. The use of contracted production with different geographic regions and cost structures, provides a flexible approach to product sourcing. We will continue to manage our supply chain from a global perspective and adjust as needed to changes in the global production environment.

Independent contractors generally own the raw materials and ship finished, ready-for-sale products to VF. These contractors are engaged through VF's sourcing hubs in Singapore (with satellite offices across Asia-Pacific), Panama and Switzerland. These hubs are responsible for managing the procurement of product, supplier oversight, product quality assurance,

~~sustainability~~4 VF ~~within~~Corporation ~~the~~Fiscal ~~supply~~2026 ~~chain,~~Form responsible sourcing and transportation and shipping functions. In addition, our hubs leverage proprietary knowledge and technology to enable certain contractors to more effectively control costs and improve labor efficiency. 10-K

Management continually monitors political risks and developments related to duties, tariffs and quotas. We limit VF’s sourcing exposure through, among other measures: (i) diversifying production among countries and contractors, (ii) sourcing production to merchandise categories where product is readily available, and (iii) sourcing from countries with tariff preference and free trade agreements. In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports. While the situation is dynamic and evolving, VF continues to analyze the impact of these tariffs on our business and is taking steps to mitigate our tariff exposure. Mitigation strategies include sourcing optimization, accelerating production and shipments into the U.S. during the period of delayed application of the reciprocal tariffs, negotiations with our vendors, and potential price increases. VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S. State Department.

No single supplier represented more than 8% of our total cost of goods sold during Fiscal 2025.

All independent contractor facilities that manufacture VF products, are subject to VF’s Global Compliance Principles. These principles, consistent with international labor standards, are a set of strict standards covering legal and ethical business practices, worker age, work hours, health and safety conditions, environmental standards and compliance with local laws and regulations.

4 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~licensees,~~sustainability ~~are~~within ~~subject~~the tosupply ~~pre-certification~~chain, ~~before~~responsible ~~producing~~sourcing ~~VF products. This pre-certification includes passing a factory inspection~~ and ~~signing~~transportation ~~a VF Terms of Engagement agreement. We maintain an ongoing audit program to ensure compliance with these requirements by using dedicated internal staff~~ and ~~externally~~shipping ~~contracted firms~~functions. ~~Additional~~In ~~information about VF’s Code of Business Conduct~~addition, ~~Global~~our ~~Compliance~~hubs ~~Principles,~~leverage ~~Terms~~proprietary ofknowledge ~~Engagement~~ and ~~Environmental~~technology ~~Compliance~~to ~~Guidelines,~~enable ~~along~~certain ~~with~~contractors ato ~~Global~~more ~~Compliance~~effectively ~~Report,~~control iscosts ~~available~~and onimprove ~~the~~labor ~~VF website at www~~efficiency.~~vfc.com.~~

~~Product~~Management continually monitors political risks and developments related to duties, tariffs and quotas. We limit VF’s sourcing exposure through, among other measures: (i) diversifying production among countries and contractors, (ii) sourcing production to merchandise categories where product is ~~shipped~~readily available, and (iii) sourcing from countries with tariff preference and free trade agreements. In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports under the International Emergency Economic Power Act (“IEEPA”). In February 2026, the U.S. Supreme Court invalidated tariffs imposed under the IEEPA. Immediately following the IEEPA ruling, the U.S. government imposed additional new tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment. VF continues to analyze the impact of tariffs on our ~~independent~~business ~~suppliers~~and has taken steps to ~~distribution~~mitigate ~~centers~~our ~~around~~tariff exposure. Mitigation strategies have included, and may continue to include, sourcing optimization, accelerating production and shipments into the ~~world~~U.S., Innegotiations ~~some~~with ~~instances~~our vendors, and tactical price increases. VF does not directly or indirectly source products from suppliers in countries that are prohibited by the U.S. State Department.

~~product~~No issingle ~~shipped~~supplier ~~directly~~represented tomore ~~our~~than ~~customers.~~8% ~~Most~~of ~~distribution~~our ~~centers~~total ~~are~~cost ~~operated~~of bygoods ~~VF,~~sold ~~and~~during ~~most~~Fiscal ~~support more than one brand~~2026.

~~Our~~All ~~largest~~independent ~~distribution~~contractor ~~centers~~facilities bythat ~~region~~manufacture ~~are~~VF ~~located in Ontario~~products, ~~California,~~are ~~Prague,~~subject ~~Czech~~to ~~Republic~~VF’s ~~and~~Global ~~Kunshan,~~Compliance ~~China~~Principles. ~~In total, we operate 16 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, Belgium, United Kingdom, the Netherlands, China, Canada, Mexico and Israel.~~

These principles, consistent with international labor standards, are a set of strict standards covering legal and ethical business practices, worker age, work hours, health and safety conditions, environmental standards and compliance with local laws and regulations.

VF, through its contractor monitoring program, audits the activities of the independent businesses and contractors that produce VF products at locations across the globe. Independent contractor facilities, including those serving our independent licensees, are subject to pre-certification before producing VF products. This pre-certification includes passing a factory inspection and signing a VF Terms of Engagement agreement. We maintain an ongoing audit program to ensure compliance with these requirements by using dedicated internal staff and externally contracted firms. Additional information about VF’s Code of Business Conduct, Global Compliance Principles, Terms of Engagement and Environmental Compliance Guidelines, along with a Global Compliance Report, is available on the VF website at www.vfc.com.

Product is shipped from our independent suppliers to distribution centers around the world. In some instances, product is shipped directly to our customers. Most distribution centers are operated by VF, and most support more than one brand.

Our largest distribution centers by region are located in Ontario, California; Almelo, the Netherlands; and Kunshan, China. In total, we operate 13 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, the Netherlands, China, United Kingdom, Belgium, Canada, Mexico and Israel.


SEASONALITY

VF’s quarterly operating results vary due to the seasonality of our individual brands, and are historically stronger in the second half of the calendar year. This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where revenues are historically weighted towards the second and third fiscal quarters. On a quarterly basis in Fiscal ~~2025~~2026, revenues ranged from a low of 1918% of full year revenues in the first fiscal quarter to a high of 30% in the third fiscal quarter, with corresponding operating margins of (75%) in the first fiscal quarter and 810% in the third fiscal quarter. This variation results primarily from the seasonal influences on revenues of our Outdoor segment, where 14% of the segment's revenues occurred in the first fiscal quarter compared to 3334% in the third

fiscal quarter of Fiscal ~~2025~~2026. With changes in our mix of business and the growth of our retail operations, historical quarterly revenue and profit trends may not be indicative of future trends.

Working capital requirements vary throughout the year. Working capital typically increases early in the calendar year as inventory builds to support peak shipping periods and then moderates later in the calendar year as those inventories are sold and accounts receivable are collected. Historically, cash provided by operating activities is substantially higher in the second half of the calendar year due to higher net income during that period and reduced working capital requirements, particularly during the fourth quarter of the calendar year.


ADVERTISING, CUSTOMER SUPPORT AND COMMUNITY OUTREACH

During Fiscal ~~2025~~2026, our advertising and promotion expense was $~~818~~849.83 million, representing 9% of total revenues. We advertise in consumer and trade publications and through digital initiatives, including social media and mobile platforms on the Internet. We also participate in cooperative advertising on a shared cost basis with major retailers in print and digital media, radio and television. We sponsor sporting, musical and special events, as well as athletes and personalities who promote our products. We employ marketing sciences to optimize the impact of advertising and promotional spending, and to identify the types of spending that provide the greatest return on our marketing investments.

We provide advertising support to our wholesale customers, including independent partnership stores, in the form of point-of-sale fixtures and signage to enhance the presentation and brand image of our products. We also participate in shop-in-shops and concession retail arrangements, which are separate sales areas dedicated to a specific VF brand within our customers' stores and other locations, to help differentiate and enhance the presentation of our products.

We contribute to incentive programs with our wholesale customers, including cooperative advertising funds, discounts and allowances. We also offer sales incentive programs directly to consumers in the form of discounts, rebates and coupon

~~and allowances. We also offer sales incentive programs directly to consumers in the form of discounts, rebates and coupon offers that are eligible for use in certain~~ VF~~-operated~~ ~~stores,~~Corporation ~~brand~~Fiscal ~~e-commerce~~2026 ~~sites~~Form ~~and concession retail locations. VF also offers loyalty programs for certain brands that provide a range of benefits to consumers.~~10-K 5

In addition to sponsorships and activities that directly benefit our products and brands, VF and its employees actively support our communities and various charities. For example, The North Face® brand has committed to brand impact initiatives that encourage and enable outdoor participation and provide trailblazing athletes with funding, gear, education and mentorship to accelerate their progress through its "Athlete Development Program". The Timberland® brand's strong heritage of volunteerism was alive and well with thousands of employees worldwide participating in 200+ Earth Day (spring) and Serv-a-palooza (fall) service events. The Vans® brand championed programs and partnered with nonprofits dedicated to inclusivity, supporting mental health, providing relief to those affected by natural disasters and inspiring individuals to embrace creativity as a means of self-discovery.

VF Corporation Fiscal 2025 Form 10-K 5

Table of Contents

offers that are eligible for use in certain VF-operated stores, brand e-commerce sites and concession retail locations. VF also offers loyalty programs for certain brands that provide a range of benefits to consumers.

In addition to sponsorships and activities that directly benefit our products and brands, VF and its employees actively support our communities and various charities. For example, The North Face® brand advanced its brand impact through its Power of Nature platform, which focuses on expanding outdoor access for youth by helping remove barriers to participation and

encouraging exploration across communities globally. The Timberland® brand continued its strong heritage of volunteerism, with thousands of employees worldwide participating in more than 200 annual Earth Day (spring) and Serv-a-palooza (fall) service events. The Vans® brand supported programs and partnered with community-driven organizations rooted in skate culture, promoting inclusivity, supporting mental health, providing relief to communities impacted by natural disasters, and inspiring creativity as a form of self-expression consistent with its “Off the Wall” ethos.


ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

As a portfolio of leading outdoor, ~~active~~ and ~~workwear~~active brands, VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders. VF is dedicated to business success, with integrity and responsibility remaining essential to supporting our success, across key areas including people, the planet and our products.

People

•VF employees are the driving force behind all we do. From delivering a superior product for the consumers of our brands, to working to lessen our environmental impact on the planet, they drive our progress. We strive to uphold responsible business practices across our global business, including our direct operations and our supply chain.

Planet

•Driving action to manage climate risk by resolving to reduce our own environmental footprint while advocating for industry actions to create positive change at scale.

Product

•VF brands touch millions of lives every year – from the people that design and make the products to the consumers who purchase them. Innovation and responsible product stewardship are key focus areas.

Our environmental sustainability strategy focuses on reducing greenhouse gas ("“GHG"”) emissions, increasing responsible sourcing of materials, reducing waste, implementing green building design, increasing renewable energy use and improving operational efficiency across both our direct operations and our supply chain.

VF’s President and Chief Executive Officer, as well as the Company's Global Leadership Team and Board of Directors are responsible for the oversight of VF’s sustainability and responsibility strategies and targets. Additionally, the Governance and Corporate Responsibility Committee of the Board oversees key strategies, programs, policies and risks related to the sustainability and social responsibility impacts of VF’s businesses, including sustainability policies and initiatives to address climate change risks. Regular updates on the progress towards associated sustainability and responsibility targets are provided to the Governance and Corporate Responsibility Committee of the Board.

toVF ~~address~~conducts ~~climate~~an ~~change~~analysis of potential climate-related risks. ~~Regular~~and ~~updates~~opportunities periodically, based on ~~the~~regulatory ~~progress~~requirements ~~towards~~and ~~associated~~business ~~sustainability~~needs. ~~and~~Updates ~~responsibility~~on ~~targets~~enterprise risks are provided to the ~~Governance~~Audit ~~and Corporate Responsibility~~ Committee of the Board of Directors quarterly.

VF has completed an analysis of potential climate-related risks and opportunities, and as a result, 'Climate Change & Sustainability' was established as a VF enterprise risk and embedded in our enterprise risk management framework. Updates on enterprise risks are provided to the Audit Committee of the Board of Directors quarterly.

VF's science-based targets include the following:

•Reduce absolute Scope 1 and 2 GHG emissions 55% by the end of Fiscal 2030 from a Fiscal 2017 baseline; and

•Reduce absolute Scope 3 GHG emissions from purchased goods and services and upstream transportation including land-related emissions and removals from bioenergy feedstocks, 33% by the end of Fiscal 2030 from a Fiscal 2017 baseline.

Other people-, planet- and product-related goals include the following:

•~~Utilize~~Improve ~~100%~~the ~~renewable~~lives ~~energy~~of ~~across~~one ~~our~~million ~~owned-~~workers and~~-operated~~ ~~facilities~~community bymembers ~~the~~throughout ~~end~~VF's ofglobal supply chain by Fiscal 2026, toand betwo ~~primarily~~million ~~achieved~~workers ~~through~~and ~~on-site~~community ~~renewable~~members ~~energy~~by ~~projects~~Fiscal 2031. In Fiscal 2025, ~~and~~VF ~~off-site~~successfully ~~renewable~~achieved ~~energy~~its ~~investments~~first milestone, ~~including~~reaching ~~renewable~~one ~~energy~~million ~~credits~~people through VF's Worker & Community Development program initiatives.

•~~Source~~Utilize 50100% ofrenewable ~~our~~energy ~~polyester~~across ~~from~~our ~~recycled~~owned-and-operated ~~materials~~facilities by the end of Fiscal 2026, to be primarily achieved through on-site renewable energy projects, and off-site renewable energy investments, including renewable energy credits. VF has secured sufficient renewable energy credits in Fiscal 2026, enabling VF to achieve its renewable energy goal.

VF•Source is50% ~~tracking~~of ~~progress~~our ~~towards~~polyester ~~these~~from ~~targets~~recycled ~~and~~materials ~~goals~~by the end of Fiscal 2026. VF has achieved this goal.

~~Additional information regarding~~ VF’s ~~strategy~~has ~~and actions~~achieved, asor ~~well~~is astracking progress ~~toward~~towards, these targets and goals~~, can be found within our latest Environmental & Social Responsibility report within our “Responsibility” page on www~~.vfc.com. Also included on that webpage are downloads of our Sustainability Accounting Standards Board ("SASB") and Global Reporting Initiative ("GRI") indices. Information contained on our website or in our Environmental & Social Responsibility reports or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.

Additional information regarding VF’s strategy and actions, as well as progress toward these targets and goals, can be found within our latest Environmental & Social Responsibility report within our “Responsibility” page on www.vfc.com. Information contained on our website or in our Environmental & Social Responsibility reports or related supplemental information is not incorporated by reference into this or any other report we file with the SEC.

6 VF Corporation Fiscal 2026 Form 10-K

Table of Contents


HUMAN CAPITAL MANAGEMENT

As a performance-driven company that is committed to its values, VF aspires to leverage the size and scale of our business and the capabilities of our people to drive profitable and sustainable growth and create value for shareholders and stakeholders. Together with a laser focus on performance and delivering on our commitments, we are able to offer a unique value proposition to our employees – a place where you can do well and do good at the same time.

We consider the talent and capabilities of our people as essential to our business strategy and execution. As such, we put in place strategies to acquire, develop and retain diverse talent with the skills and passion to build our brands with innovative products and experiences for our consumers around the globe. Our Human Capital Management ("“HCM"”) practices are designed to promote belonging; provide development opportunities for employees across the organization; offer competitive rewards for performance achievements and benefits; and sponsor programs that support wellbeing in an engaging work environment built on our values.

employees across the organization; offer competitive rewards for performance achievements and benefits; and sponsor programs that support wellbeing in an engaging work environment built on our values.

We believe that having an engaged, inclusive and committed workforce with a diversity of experiences and perspectives enhances not only our business performance but also our culture. Initiatives to promote overall alignment with our performance, values, and strategy are therefore important and include internal communications and education about our business initiatives through regular townhalls with executive management across our business, and a listening strategy that engages employees and encourages them to provide input and feedback on a variety of topics.

6 Our Board of Directors and its Committees provide governance and oversight on a broad range of VF’s ~~Corporation~~HCM ~~Fiscal~~efforts. ~~2025~~The ~~Form~~Board’s 10oversight includes review of Chief Executive Officer and executive officer performance, compensation and succession planning and belonging programs and initiatives. The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-Kwide HCM priorities, including employee engagement, inclusion, belonging, benefits, wellbeing, succession planning and talent development strategies. VF’s Audit Committee monitors current and emerging enterprise risks, including HCM risks, and VF’s health and safety program. The Governance and Corporate Responsibility Committee is responsible for conducting Board succession planning and overseeing the selection of nominees to the Board, and reviews the Company's Code of Business Conduct as well as its sustainability policies, goals and programs. These Committees provide recommendations to the Board and are part of the broader framework that guides how VF acquires, develops, and retains a workforce that aligns with VF’s values and supports its business strategies and performance objectives. In addition, VF’s Global Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture and talent development programs. The sections that follow provide further background on our employee base, as well as examples of our key programs and initiatives that are focused on the achievement of our objectives.

Table of Contents

Our Board of Directors and its Committees provide governance and oversight on a broad range of VF’s HCM efforts. The Board’s oversight includes review of CEO and executive officer performance, compensation and succession planning and belonging programs and initiatives. The Talent and Compensation Committee works with management on executive compensation and compensation risks, and regularly reviews our progress on company-wide HCM priorities, including employee engagement, inclusion, belonging, benefits, wellbeing, succession planning and talent development strategies. VF’s Audit Committee monitors current and emerging enterprise risks, including HCM risks, and VF’s health and safety program. The Governance and Corporate Responsibility Committee is responsible for conducting Board succession planning and overseeing the selection of nominees to the Board, and reviews the Company's Code of Business Conduct as well as its sustainability policies, goals and programs. These Committees provide recommendations to the Board and are part of the broader framework that guides how VF acquires, develops, and retains a workforce that aligns with VF’s values and supports its business strategies and performance objectives. In addition, VF’s Global Leadership Team is regularly engaged in the development and management of key talent systems, guiding our culture and talent development programs. The sections that follow provide further background on our employee base, as well as examples of our key programs and initiatives that are focused on the achievement of our objectives.

Employee Base

VF had approximately 2726,000 employees at the end of Fiscal ~~2025~~2026. Of VF’s total employees, approximately 6056% were full-time and approximately 52% were located in the U.S. In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements. Employee relations are generally considered to be good.

and approximately 51% were located in the U.S. In international markets, certain employees are covered by trade-sponsored or governmental bargaining arrangements. Employee relations are generally considered to be good.

Culture and Engagement

Our culture is built on our five core values: Trust and Integrity, Consumer-~~focused~~first, Embrace the Now, Growth Mindset, ~~Simplicity~~ and ~~Winning~~Win Together. We measure our culture and Employee Net Promoter Score ("“eNPS"”) via periodic surveys. Results are evaluated, shared with employees and used to guide management focus and attention. Recent actions have included 1) adopting a flexible approach to where employees work, 2) creating engaging work environments that bring employees together to collaborate and innovate, and 3) equipping leaders to manage in a complex, hybrid environment. VF also conducts periodic pulse check surveys for interim feedback on a variety of topics.

Talent Management

Talent Management includes the acquisition, development, skilling and upskilling, and deployment of our talent. We utilize a range of tools and programs including performance coaching, mentorship and development, succession planning, access to volunteering opportunities, early career apprenticeship programs, and a blend of in-person, live virtual as well as a wide range of self-directed digital learning available to all employees.

range of tools and programs including performance coaching, mentorship and development, succession planning, access to volunteering opportunities, early career apprenticeship programs, and hundreds of online leadership development learning modules that are available to all employees.

Employee Wellbeing and Safety

VF endeavors to support the diverse wellbeing needs of our employees and their families. We define wellbeing as not only physical health, but also mental, emotional, social, financial and career wellbeing. We offer a comprehensive and competitive benefits program to our full-time employees that is designed to provide choices and flexibility to meet their needs now and in the future. These include health and welfare programs, retirement programs, paid parental leave, family planning and adoption assistance, paid time off, tuition reimbursement, product discounts, fitness facilities or programs, childcare and educational resources and various on-site services, employee assistance program, and regular wellbeing programming, as appropriate throughout the geographies in which we operate.

Employee safety rests at the heart of our decisions. Nothing is more fundamental than providing people with an environment where they feel safe, secure and supported. Our mission is simple: Foster a culture of safety that enables a workplace free of hazards and sends every employee home safely. Our goal is zero workplace injuries within our operations and to respond quickly to address risks identified through our ongoing assessment of facilities. We’re using our scale, influence and insight to help establish safe, stable working environments in the factories producing our products, while simultaneously working to improve the lives of those in local communities beyond the factory walls.

Ethics and Compliance

VF’s Code of Business Conduct sets forth business policies and principles for all directors, officers and employees of VF. The key principles of our ~~code~~Code are as follows: we will lead with integrity; we will treat everyone with dignity and respect; we will compete fairly and honestly; we will follow the law everywhere we do business; and we will strive to make our communities better. Our global Ethics and Compliance program aims to provide VF employees with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.

VF Corporation Fiscal 2026 Form 10-K 7

Table of Contents

fairly and honestly; we will follow the law everywhere we do business; and we will strive to make our communities better. Our global Ethics and Compliance program aims to provide VF

employees with the tools they need to understand our expectations for ethical business conduct and the courage to speak up and raise concerns without fear of retaliation.


OTHER MATTERS

Competitive Factors

Our business depends on our ability to stimulate consumer demand for VF’s brands and products. As a leader in the industry with a portfolio of iconic brands, VF is well-positioned to compete in its target markets for apparel, footwear, equipment and accessories. Our brands support the active lifestyles of their consumers through the development of innovative and differentiated products and experiences. We support our brands in meeting their commitments to consumers by leveraging our platforms and capabilities to innovate and ensure sufficient availability of high-quality products when and where consumers choose to engage with our brands, and to communicate and maintain long-lasting relationships.

differentiated products and experiences. We support our brands in meeting their commitments to consumers by leveraging our platforms and capabilities to innovate and ensure sufficient availability of high-quality products when and where consumers choose to engage with our brands, and to communicate and maintain long-lasting relationships.

VF Corporation Fiscal 2025 Form 10-K 7

Table of Contents

Intellectual Property

Trademarks, trade names, patents and domain names, as well as related logos, designs and graphics, provide substantial value in the development and marketing of VF’s products, and are important to our continued success. We have registered this intellectual property in the U.S. and in other countries where our products are manufactured and/or sold. We vigorously monitor and enforce VF’s intellectual property against counterfeiting, infringement and violations of other rights where and to the extent legal, feasible and appropriate. In addition, we grant licenses to other parties to manufacture and sell products ~~utilizing our intellectual property in product categories and geographic areas in which VF does not operate.~~

utilizing our intellectual property in product categories and geographic areas in which VF does not operate.

Customers

VF products are sold on a wholesale basis to specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and strategic digital partners. In addition, we sell products on a direct-to-consumer basis through VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. Our international sales represented 56% of our total revenues in the year ended March 2026, with Europe being the largest international market.

~~partners.~~Sales Into ~~addition,~~VF’s weten ~~sell~~largest ~~products~~customers onamounted ~~a direct-~~to~~-consumer~~ ~~basis~~approximately ~~through~~17% ~~VF-operated~~of ~~stores,~~total ~~concession~~revenues ~~retail~~in ~~stores,~~Fiscal ~~brand~~2026. ~~e-commerce~~Sales ~~sites~~to ~~and~~the ~~other~~five ~~digital~~largest ~~platforms.~~customers ~~Our~~amounted ~~international~~to ~~sales~~approximately ~~represented 55~~12% of ~~our~~ total revenues in ~~the~~Fiscal ~~year~~2026. ~~ended~~Sales ~~March~~to ~~2025,~~VF’s ~~with~~largest ~~Europe~~customer ~~being~~totaled ~~the~~approximately ~~largest~~4% ~~international~~of ~~market~~total revenues in Fiscal 2026.

Sales to VF’s ten largest customers amounted to approximately 15% of total revenues in Fiscal 2025. Sales to the five largest customers amounted to approximately 10% of total revenues in Fiscal 2025. Sales to VF’s largest customer totaled approximately 2% of total revenues in Fiscal 2025.

Backlog

The dollar amount of VF’s order backlog as of any date is not indicative of actual future shipments and, accordingly, is not material to an understanding of the business taken as a whole.


INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following are the executive officers of VF Corporation as of May 2220, ~~2025~~2026. The executive officers are generally elected annually and serve at the pleasure of the Board of Directors. None of the VF Corporation executive officers have any family relationship with one another or with any of the directors of VF Corporation.

Bracken Darrell, 6263, has been President and Chief Executive Officer since July 2023. Prior to joining VF, Mr. Darrell served as Chief Executive Officer of Logitech International, S.A. from January 2013 to June 2023, after joining Logitech as President in April 2012. Mr. Darrell joined VF in July 2023.

Paul Vogel, 5253, has been Executive Vice President and Chief Financial Officer since July 2024. Prior to joining VF, Mr. Vogel served as Chief Financial Officer of Spotify Technology S.A. from January 2020 to March 2024. Mr. Vogel joined VF in July 2024.

Abhishek Dalmia, 4748, has been Executive Vice President, Chief Operating Officer since April 2025. HePrior to this role, he served as Executive Vice President, Chief Strategy, Transformation and Digital Officer from March 2024 until April 2025. Prior to joining VF, Mr. Dalmia served as a Managing Director and Partner at Boston Consulting Group from 2017 to 2024. Mr. Dalmia joined VF in March 2024.

~~Martino~~Brent ~~Scabbia~~E. ~~Guerrini~~Hyder, 6061, has been Executive Vice President, Chief Commercial Officer ~~and President, Emerging Brands~~ since ~~October~~January ~~2023~~2026. ~~Prior~~He ~~to this role, he~~ served ~~in a number of leadership roles with VF, including most recently~~ as Executive ~~Vice President, and President, EMEA and Emerging Brands from March 2022 until October 2023, with additional responsibilities~~

asVice President, ~~APAC~~Chief People Officer from ~~November~~September ~~2022~~2023 until ~~October~~January 2026. Prior to joining VF, Mr. Hyder served as President and Chief People Officer of Salesforce, Inc. from September 2019 to September 2023. Mr. ~~Guerrini~~Hyder joined VF in ~~2006~~September 2023.

~~Brent~~Michael E. ~~Hyder~~Phillips, 6053, has been ~~Executive~~ Vice President, Chief ~~People~~Accounting Officer since ~~September~~June ~~2023~~2025. Prior to ~~joining~~this VFrole, ~~Mr.~~he ~~Hyder~~ served as Vice President, ~~and~~Enterprise ~~Chief~~Financial ~~People~~Reporting ~~Officer~~Controller offrom ~~Salesforce~~September 2022 until May 2025, ~~Inc.~~as Vice President, Financial Controller – Americas from ~~September~~February ~~2019~~2021 tountil ~~September~~August ~~2023~~2022 and as Vice President, Financial Controller – APAC from June 2016 until January 2021. Mr. ~~Hyder~~Phillips joined VF in ~~September 2023~~2010.

~~Bryan~~Jennifer HS. ~~McNeill~~Sim, 6352, has been Executive Vice President, ~~Controller and~~ Chief ~~Accounting~~Legal Officer and Corporate Secretary since ~~April~~July ~~2015~~2024. Prior to this role, heshe served as ~~Controller~~Executive ~~and~~Vice ~~Supply~~President, ~~Chain~~General ~~Chief~~Counsel ~~Financial~~and ~~Officer~~Secretary ~~of VF International~~ from ~~January~~May ~~2012~~2022 ~~until~~to ~~March~~June ~~2015~~2024 and ~~Controller~~Vice ofPresident, VFDeputy ~~International~~General Counsel from ~~May~~2019 ~~2010~~ until ~~December~~May ~~2011~~2022. MrMs. ~~McNeill~~Sim joined VF in ~~1993~~2013.

~~Jennifer~~Additional S.information ~~Sim,~~is ~~51,~~included ~~has~~under ~~been~~the ~~Executive~~caption ~~Vice~~“Election ~~President,~~of ~~Chief~~Directors” ~~Legal~~in ~~Officer~~VF’s ~~and~~definitive ~~Corporate~~Proxy ~~Secretary~~Statement ~~since~~for ~~July~~the ~~2024.~~Annual ~~Prior~~Meeting of Shareholders to ~~this~~be ~~role~~held July 28, ~~she~~2026 ~~served~~(“2026 asProxy ~~Executive~~Statement”) ~~Vice~~that ~~President,~~will ~~General~~be ~~Counsel~~filed ~~and~~with ~~Secretary~~the ~~from~~Securities ~~May~~and ~~2022~~Exchange toCommission ~~June~~within ~~2024~~120 ~~and~~days ~~Vice~~after ~~President,~~the ~~Deputy~~close ~~General~~of ~~Counsel~~our ~~from~~fiscal ~~2019~~year ~~until~~ended ~~May~~March 28, ~~2022.~~2026, ~~Ms.~~which ~~Sim~~information ~~joined~~is VFincorporated inherein ~~2013.~~by reference.

~~Additional information is included under the caption “Election of Directors” in~~ 8 VF’s ~~definitive~~Corporation ~~Proxy~~Fiscal ~~Statement~~2026 ~~for~~Form the Annual Meeting of Shareholders to be held July 22, 2025 (“2025 Proxy Statement”) that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 29, 2025, which information is incorporated herein by reference.10-K

AVAILABLE INFORMATION

All periodic and current reports, registration statements and other filings that VF has filed or furnished to the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, are available free of charge from the SEC’s website (www.sec.gov) and on VF’s website at www.vfc.com. Such documents are available as soon as reasonably practicable after electronic filing of the material with the SEC. Copies of

these reports may also be obtained free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.

The following corporate governance documents can be accessed on VF’s website: VF’s Corporate Governance Principles, Code of Business Conduct, and the charters of our Audit Committee, Talent and Compensation Committee, Finance Committee and Governance and Corporate Responsibility Committee. Copies of

8 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~these~~AVAILABLE ~~documents also may be obtained by any shareholder free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.~~INFORMATION

~~After~~All periodic and current reports, registration statements and other filings that VF’s ~~2025~~has ~~Annual~~filed ~~Meeting~~or offurnished ~~Shareholders~~to the SEC, VFincluding ~~intends~~our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to ~~file~~those ~~with~~reports ~~the~~filed ~~New~~or ~~York~~furnished ~~Stock~~pursuant to Section 13(a) of the Exchange Act, are available free of charge from the SEC’s website (~~“NYSE”~~www.sec.gov) and on VF’s website at www.vfc.com. Such documents are available as soon as reasonably practicable after electronic filing of the ~~certification~~material with the SEC. Copies of these reports may also be obtained free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.

~~regarding~~The ~~VF’s~~following ~~compliance with the NYSE’s~~ corporate governance ~~listing~~documents ~~standards~~can asbe ~~required~~accessed byon ~~NYSE~~VF’s ~~Rule~~website: ~~303A.12. Last year,~~ VF’s ~~filed~~Corporate ~~this~~Governance ~~certification~~Principles, ~~with~~Code ~~the~~of ~~NYSE on July 29, 2024.~~

Business Conduct, and the charters of our Audit Committee, Talent and Compensation Committee, Finance Committee and Governance and Corporate Responsibility Committee. Copies of these documents also may be obtained by any shareholder free of charge upon written request to the Corporate Secretary of VF Corporation, P.O. Box 13919, Denver, CO 80201.

After VF’s 2026 Annual Meeting of Shareholders, VF intends to file with the New York Stock Exchange (“NYSE”) the certification regarding VF’s compliance with the NYSE’s corporate governance listing standards as required by NYSE Rule 303A.12. Last year, VF filed this certification with the NYSE on August 6, 2025.


ITEM 1A. RISK FACTORS.

The following risk factors should be read carefully in connection with evaluating VF’s business and the forward-looking statements contained in this Form 10-K. These disclosures reflect VF’s beliefs and opinions as to factors that could materially and adversely affect VF and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. These risk factors do not identify all risks VF faces. Additional risks and uncertainties that VF is unaware of, or that VF currently believes are not material, may also become important factors that adversely affect VF’s business. Any of the following risks could materially adversely affect VF’s business, its operating results, the trading price of VF’s common stock, and its financial condition.


ECONOMIC AND INDUSTRY RISKS

VF’s revenues and profits depend on the level of consumer spending for apparel, footwear, equipment and accessories, which is sensitive to global economic conditions and other factors. A decline in consumer spending could have a material adverse effect on VF.

The success of VF’s business depends on consumer spending on apparel, footwear, equipment and accessories, and there are a number of factors that influence consumer spending, including actual and perceived economic conditions, disposable consumer income, interest rates, consumer credit availability, inflationary pressures, recessions or economic slowdowns, unemployment, stock market performance, weather conditions and natural disasters (including potential climate risks and impacts), energy and commodity prices, public health issues, geopolitical and political instability (such as the current tensions between the U.S. and China, and the current conflicts in Europe, the Middle East and Asia), trade wars, consumer discretionary spending patterns and tax rates in the international, national, regional and local markets where VF’s products are sold. Decreased consumer spending could result in reduced demand for our products, reduced orders from customers for our products, order cancellations or returns, lower revenues, higher discounts, increased inventories and lower gross margins. The uncertain state of the global economy continues to impact businesses around the world. If global economic and financial market conditions do not improve, or if they worsen, adverse economic trends or other factors could negatively impact the level of consumer spending, which could have a material adverse impact on VF.

The apparel, footwear, equipment and accessories industries are highly competitive, and VF’s ~~success~~may ~~depends~~not onbe ~~its~~able ~~ability~~ to gauge consumer preferences and product trends, and to respond to constantly changing markets.

VF competes globally with numerous apparel, footwear, equipment and accessories brands and manufacturers. Competition is generally based upon brand name recognition, the price, design, quality, innovation and selection of ~~product~~products and services, ~~service~~product availability and purchasing convenience. Some of our competitors are larger and have more resources than VF in ~~some~~certain product categories and regions. In addition, VF competes directly with the private label brands of its wholesale customers. ~~VF’s~~We ~~ability~~face toa ~~compete~~variety ~~within~~of ~~the~~competitive ~~apparel,~~challenges ~~footwear~~in an increasingly fast-paced environment, and ~~accessories~~our ~~industry~~ability to compete effectively depends on our ability to:

•anticipate, respond to, and potentially influence changing consumer preferences and product trends ~~in a timely manner~~quickly;

•design and develop attractive and innovative products that meet changing consumer needs, consistent with consumer trends and demands across various demographics;

•maintain strong brand recognition;

•~~fuel~~improve ~~modern~~speed ~~marketing and marketplace strategies~~ to ~~enable~~market ~~deeper consumer connections that lead to enhanced engagement with our brands and increased purchases~~ of products;

•~~price~~develop ~~products~~and ~~appropriately~~execute on modern marketing and marketplace strategies to enable deeper consumer connections that lead to enhanced engagement with our brands;

•provide best in class marketing support and intelligence and optimize and react to available consumer data;

•price products appropriately;

VF Corporation Fiscal 2026 Form 10-K 9

Table of Contents

•ensure product availability and optimize supply chain efficiencies;

•~~obtain~~manage ~~sufficient~~our retail store space ~~and~~ effectively ~~present~~and ~~our~~drive ~~products~~traffic atto our retail stores;

•produce or procure quality products on a consistent basis; and

•adapt to a more AI-enabled, digitally driven consumer landscape, including the effective re-creation of the in-store experience in and selling through a variety of digital channels, including new and emerging types of marketplaces and selling models, and reaching consumers on social media.

In addition, our ability to compete is also dependent on our ability to reach consumers effectively and efficiently in an evolving media landscape, including digital, which is subject to evolving and increasingly restrictive privacy requirements. Failure to compete effectively or to keep pace with rapidly changing consumer preferences, markets, technology, business model and product trends could have a material adverse effect on VF’s business, financial condition and results of operations. Moreover, there are significant shifts underway in the wholesale and ~~retail~~direct-to-consumer (e-commerce and retail store) channels. VF may not be able to manage its brands within and across channels sufficiently, which could have a material adverse effect on VF’s business, financial condition and results of operations.

The retail industry has experienced financial difficulty that could adversely affect VF's business.

There have been consolidations, reorganizations, restructurings, bankruptcies and ownership changes in the retail industry. These events individually, and together, could have a material, adverse effect on VF's business. These changes could impact VF’s opportunities in the market and increase VF’s reliance on a smaller number of large customers. In the future, retailers ~~are~~may ~~likely to~~ further consolidate, undergo restructurings or reorganizations or bankruptcies, realign their affiliations or reposition their stores’ target markets. In addition, consumers have continued to transition away from traditional wholesale retailers to large online retailers. These developments could result in a reduction in the number of stores that carry VF’s products, an increase in

ownership concentration within the retail industry, an increase in credit exposure to VF ~~Corporation~~or ~~Fiscal~~an ~~2025~~increase ~~Form~~in ~~10-K 9~~leverage by VF’s customers over their suppliers.

~~Table~~Further, the global economy periodically experiences recessionary conditions with rising unemployment, rising inflation and interest rates, rising tariffs, reduced availability of ~~Contents~~credit, increased savings rates and declines in real estate and securities values. These recessionary conditions could have a negative impact on retail sales of apparel, footwear, equipment and accessories and other consumer products. The lower sales volumes, along with the possibility of restrictions on access to the credit markets, could result in our wholesale customers experiencing financial difficulties including store closures, bankruptcies or liquidations. This could result in higher credit risk to VF relating to receivables from our customers who are experiencing these financial difficulties. If these developments occur, our inability to shift sales to other customers or to collect on VF’s trade accounts receivable could have a material adverse effect on VF’s financial condition and results of operations.

products, an increase in ownership concentration within the retail industry, an increase in credit exposure to VF or an increase in leverage by VF’s customers over their suppliers.

Further, the global economy periodically experiences recessionary conditions with rising unemployment, rising inflation and interest rates, rising tariffs, reduced availability of credit, increased savings rates and declines in real estate and securities values. These recessionary conditions could have a negative impact on retail sales of apparel, footwear and accessories and other consumer products. The lower sales volumes, along with the possibility of restrictions on access to the credit markets, could result in our customers experiencing financial difficulties including store closures, bankruptcies or liquidations. This could result in higher credit risk to VF relating to receivables from our customers who are experiencing these financial difficulties. If these developments occur, our inability to shift sales to other customers or to collect on VF’s trade accounts receivable could have a material adverse effect on VF’s financial condition and results of operations.

VF’s profitability may decline as a result of increasing pressure on margins.

The apparel, footwear, equipment and accessories industry is subject to significant pricing pressure caused by many factors, including intense competition, consolidation in the retail industry, rising commodity and conversion costs, inflation, tariffs levied on component and finished goods, rising freight costs, rising labor costs, pressure from retailers to reduce the costs of products, changes in consumer demand and shifts to ~~online~~digital shopping and purchasing. For example, the conflict in the Middle East has resulted in and is expected to continue to result in customer order cancellations, higher oil prices, an increase in shipping costs, and an increase in raw material costs. Customers may increasingly seek markdown allowances, incentives and other forms of economic support. If these factors cause us to reduce our sales prices to retailers and consumers, and we fail to sufficiently reduce our product costs or operating expenses, VF’s profitability will decline. This could have a material adverse effect on VF’s results of operations, liquidity and financial condition.


BUSINESS AND OPERATIONAL RISKS

VF’s business and the success of its products could be harmed if VF is unable to maintain the image of its brands.

VF’s success to date has been due in large part to the growth of its brands’ image and VF’s consumers’ connection to its brands. If we are unable to timely and appropriately respond to changing consumer demand, the names and image of our brands may be impaired. Even if we react appropriately to changes in consumer preferences, consumers may consider our brands’ image to be outdated or associate our brands with styles that are no longer popular. In addition, brand value is based in part on consumer perceptions on a variety of qualities, including merchandise quality, corporate integrity, and ~~environmental,~~responsible ~~social~~business and governance practices, including with respect to human rights, ~~responsible business practices,~~ and our impact on the environment. Negative claims or publicity regarding VF, its brands or its products, including licensed products, or its culture and values, or its employees, endorsers, sponsors or suppliers could adversely affect our reputation and sales regardless of whether such claims are accurate. The rapidly changing media environment, including our increasing reliance on social media and online marketing, which accelerates the dissemination of information, including misinformation and disinformation, can increase the challenges of responding to negative claims. In addition, we have sponsorship contracts with a number of athletes, musicians and celebrities and feature those individuals in our advertising and marketing efforts. Failure to continue to obtain or maintain high-quality sponsorships and endorsers could harm our business. In addition, actions taken by those individuals associated with our products could harm their reputations, which could adversely affect the image of our brands. Our reputation and brand image also could be damaged as a result of our support of, association with or lack of support or disapproval of certain political or social issues or catastrophic events, as well as any decisions we make to continue to conduct, or change, certain of our activities in response to such considerations.

reliance on social media and digital marketing, which accelerates the dissemination of information, including misinformation and disinformation, can increase the challenges of responding to negative claims. In addition, we have sponsorship contracts with a number of athletes, musicians and celebrities and feature those individuals in our advertising and marketing efforts. Failure to continue to obtain or maintain high-quality sponsorships and endorsers could harm our business. In addition, actions taken by those individuals associated with our products could harm their reputations, which could adversely affect the image of our brands. Our reputation and brand image also could be damaged as a result of our support of, association with or lack of support or disapproval of certain political or social issues or catastrophic events, as well as any decisions we make to continue to conduct, or change, certain of our activities in response to such considerations.

10 VF Corporation Fiscal 2026 Form 10-K

Table of Contents

VF’s revenues and cash requirements are affected by the seasonal nature of its business.

VF’s business is seasonal, with a higher proportion of revenues and operating cash flows generated during the second half of the calendar year, which includes the fall and holiday selling seasons. Poor sales in the second half of the calendar year would have a material adverse effect on VF’s full year operating results and cause higher inventories. In addition, fluctuations in sales and operating income in any fiscal quarter are affected by the timing of seasonal wholesale shipments and other events affecting retail sales.

We may be adversely affected by weather conditions, including any potential effects from extreme environmental conditions.

Our business is adversely affected by unseasonable weather conditions, including those resulting from extreme environmental conditions. A significant portion of the sales of our products is dependent in part on the weather and is likely to decline in years in which weather conditions do not favor the use of these products. For example, periods of unseasonably warm weather in the fall or winter can lead to reduced consumer spending that negatively impacts VF's direct-to-consumer business, and inventory accumulation by our wholesale customers, which can, in turn, negatively affect orders in future seasons. In addition, abnormally harsh or inclement weather can also negatively impact retail traffic and consumer spending. AsIf the ~~effects~~frequency and impact of ~~extreme~~weather and environmental related events and conditions increase, we expect ~~the~~additional ~~frequency~~negative ~~and~~impacts ~~impact~~such ofas ~~weather~~supply ~~and~~chain ~~environmental~~disruptions ~~related~~following ~~events~~extreme ~~and~~weather ~~conditions~~events toimpacting ~~increase~~materials assourcing ~~well~~and logistics. Any and all of these risks may have a material adverse effect on our financial condition, results of operations or cash flows.

VF may not succeed in its business strategy, including ~~the~~our ~~Reinvent~~ turnaround program and “The VF Way” operating principles.

During Fiscal 2024, we introduced ~~the~~a ~~Reinvent~~ turnaround program, ~~which aims~~ to reinvent how VF operates as an organization across our brands, geographies and integrated enterprise functions. As part of ~~Reinvent~~this program, we have taken, and continue to take, measures to streamline and right-size our cost base, identify and capture efficiencies in our business model, and strengthen the balance sheet while reducing leverage. Our operating model reflects a global commercial organization with an Americas regional platform, modeled on VF's operations in Europe and Asia-Pacific, all of which support VF’s global brands. We remain focused on our turnaround, however, there is no assurance that we will be able to achieve our strategic business priorities, that such measures will result in the intended outcomes, or that even if such measures are successfully accomplished, they will be effective in fueling sustainable and profitable growth in the future.

10 We are supporting our turnaround priorities by building our brands, enhancing and leveraging our capabilities such as supply chain and information technology across VF ~~Corporation~~and ~~Fiscal~~bolstering ~~2025~~our ~~Form~~direct-to-consumer 10business, including strategically opening and closing stores, remodeling and trying new formats for our existing stores and growing our e-Kcommerce business. In addition, “The VF Way” operating principles are a set of standardized processes across brands and regions which allow us to leverage our multi-brand competitive advantages to drive improved performance. However, we may not be able to turnaround and grow our business. For example:

Table of Contents

base, identify and capture efficiencies in our business model, and strengthen the balance sheet while reducing leverage. We established a new operating model, including a new global commercial organization with an Americas regional platform, modeled on VF's operations in Europe and Asia-Pacific, all of which support VF’s global brands. We also created the role of Chief Commercial Officer, with responsibility for go-to-market execution globally. As we remain focused on our turnaround, we have also identified areas, particularly in brand building and product innovation, into which we will reinvest a portion of the savings generated to fuel sustainable and profitable growth in the future. However, there is no assurance that we will be able to achieve our Reinvent priorities, that such measures will result in the intended outcomes, or that even if such measures are successfully accomplished, they will be effective in fueling sustainable and profitable growth in the future.

We are supporting our Reinvent priorities by building our brands, enhancing and leveraging our capabilities such as supply chain and information technology across VF and bolstering our direct-to-consumer business, including strategically opening new stores, remodeling and trying new formats for our existing stores and growing our e-commerce business. In addition, we have introduced “The VF Way” operating principles, a set of standardized processes across brands and regions which will allow us to leverage our multi-brand competitive advantages to drive improved performance. However, we may not be able to turnaround and grow our business. For example:

•We may not be able to streamline and right-size our cost base.

•We may not be able to strengthen our balance sheet while reducing leverage.

•We may not be able to successfully implement our ~~new~~ operating model with the establishment of a global commercial organization or identify and capture efficiencies in our ~~new~~ operating model.

•We may not be able to successfully support our global brands through ~~the~~our ~~new~~ operating model.

•We may not be able to successfully generate savings to invest in brand building and product innovation, or effectively deploy such savings towards investments in our brands and product innovation.

•We may not be able to successfully implement “The VF Way” operating principles.

•We may not be able to achieve the expected results from our supply chain initiatives and establish and maintain effective supply chain systems, data, and capabilities, infrastructure, and the sourcing strategy necessary to optimally meet current and future business needs, including direct-to-consumer needs.

•We may have difficulty recruiting, developing or retaining qualified employees.

•We may not be able to achieve our direct-to-consumer expansion goals, including in e-commerce, recommerce, or other new channels, manage our growth effectively, successfully integrate the planned new stores into our operations, operate our new, remodeled and expanded stores profitably, adapt our business model or develop relationships with consumers for e-commerce or other new channels.

•We may not be able to offset rising commodity, conversion or other costs in our product costs with pricing actions or efficiency improvements.

Failure to implement our strategic objectives, including ~~the~~our ~~Reinvent~~ turnaround strategy, may have a material adverse effect on VF’s business.

Further, organizational effectiveness, agility and execution are important to VF’s success. Failure to create an agile and efficient operating model and organizational structure, ~~beginning~~including ~~with~~within VF's global commercial organization, or to effectively define, prioritize, and align on clear achievable and appropriately resourced strategic priorities could result in an inability to remain competitive in a rapidly changing marketplace and lead to increase in costs, inefficient resource allocation, reduced productivity, organizational confusion, and reduced employee morale.

~~Our~~Disruptions ~~supply~~of ~~chain~~our ~~may~~supply ~~be disrupted due to factors such as political instability~~chain, ~~inflationary~~which ~~pressures,~~is ~~macroeconomic~~dependent ~~conditions,~~on ~~pandemics,~~international ~~trade wars~~suppliers, and other factors including reduced freight availability and increased costs, port disruption, distribution center closures, extreme weather conditions due to climate change or otherwise, natural disasters, geopolitical tensions, military conflicts, terrorism, or labor supply shortages or stoppages. Any significant disruption in our supply chain could ~~impair~~have ~~our~~a ~~ability~~material toadverse ~~procure~~effect oron ~~distribute~~ our ~~products,~~operating ~~which would adversely affect our business~~ and ~~results~~financial ~~of operations~~results.

VFOur ~~relies~~supply ~~significantly~~chain onmay ~~information~~be ~~technology.~~disrupted ~~Any~~due ~~inadequacy~~to factors such as geopolitical instability and conflicts, ~~interruption~~inflationary pressures, ~~operational~~macroeconomic ~~failure~~conditions, orpandemics, ~~security~~trade ~~failure~~wars, ofand ~~this~~other ~~technology~~factors ~~could~~including ~~harm~~reduced ~~VF’s~~freight ~~ability~~availability and increased costs, port disruption, distribution center closures, extreme weather conditions due to ~~effectively~~climate ~~operate~~change ~~its~~or ~~business.~~otherwise, natural disasters, military conflicts, terrorism, or labor supply shortages or

Our ability to effectively manage and operate our business depends significantly on information technology systems. We rely heavily on information technology to track sales and inventory and manage our supply chain. We are also dependent on information technology, including the Internet, for our direct-to-consumer sales, including our e-commerce operations and retail business credit card transaction authorization. Despite our preventative efforts, our systems and those of third parties on which we rely are frequently targeted by cyberattacks of varying levels of severity, including the incident reported by VF inCorporation ~~December~~Fiscal ~~2023.~~2026 ~~These~~Form systems may be vulnerable to damage, failure or interruption, and the data that they hold may be vulnerable to encryption or theft, due to cyberattacks, malicious programs, data security incidents, technical malfunctions, natural disasters or other causes, or in connection with upgrades to our system or the implementation of new systems. Some of our systems are older and are no longer supported by the original manufacturer. The failure of our systems and those of third parties on which we rely to operate effectively or remain innovative, our inability to keep up with rapid technological change (including the successful utilization of data analytics, artificial intelligence ("AI") and machine learning), problems with transitioning to upgraded or replacement systems, difficulty in integrating new systems or systems of acquired businesses or a breach in security of these systems has, and in the future could again, adversely impact the operations of VF’s business. These impacts could affect, among other things, our reputation, management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e10-~~commerce operations, retail business credit card transaction authorization and processing, corporate email communications and our interaction with the public on social media, and did~~ K 11

VF Corporation Fiscal 2025 Form 10-K 11

Table of Contents

~~affect our management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, and corporate email communications~~stoppages. ~~Moreover,~~Any ~~failure~~significant todisruption ~~provide~~in ~~effective~~our ~~digital~~supply ~~(including~~chain ~~omni-channel) capabilities and information technology infrastructure~~ could ~~result~~impair inour anability ~~inability~~ to ~~meet~~procure ~~current~~or ~~and~~distribute ~~future~~our ~~business needs and a resulting loss of brand competitiveness~~products, ~~leading~~which towould ~~loss~~adversely ofaffect ~~revenue~~our ~~and~~business ~~market share~~ and ~~decreased~~results ~~business~~of ~~agility~~operations.

VF relies significantly on information technology. Any inadequacy, interruption, operational failure or security failure of this technology could harm VF’s ability to effectively operate its business.

Our ability to effectively manage and operate our business depends significantly on information technology systems. For example, we rely heavily on information technology to track sales and inventory and manage our supply chain. We are also dependent on information technology, including the Internet, for our direct-to-consumer sales, including our e-commerce operations and retail business credit card transaction authorization, as well as our corporate business operations. Despite our preventative efforts, our systems and those of third parties on which we rely are frequently targeted by cyberattacks of varying levels of severity, including the incident reported by VF in December 2023. These systems may be vulnerable to damage, failure or interruption, and the data that they hold may be vulnerable to encryption or theft, due to cyberattacks, malicious programs, data security incidents, technical malfunctions, natural disasters or other causes, or in connection with upgrades to our system or the implementation of new systems. Some of our systems are older and are no longer supported by the original manufacturer. The failure of our systems and those of third parties on which we rely to operate effectively or remain innovative, our inability to keep up with rapid technological change (including the successful utilization of data analytics, AI and machine learning), problems with transitioning to upgraded or replacement systems, difficulty in integrating new systems or systems of acquired businesses or a breach in security of these systems has, and in the future could again, adversely impact the operations of VF’s business. These impacts could affect, among other things, our reputation, management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, retail business credit card transaction authorization and processing, corporate email communications and our interaction with the public on social media, and did affect our management of inventory, ordering and replenishment of products, sourcing and distribution of products, retail store and e-commerce operations, and corporate email communications. Moreover, failure to provide effective digital (including omni-channel) capabilities and information technology infrastructure could result in an inability to meet current and future business needs and a resulting loss of brand competitiveness, leading to loss of revenue and market share and decreased business agility.

Cybersecurity threats and the techniques used in cyberattacks change, develop and evolve rapidly, including from emerging technologies, such as advanced forms of AI. We may fail to adapt as quickly as necessary to meet the rapidly-changing threat environment.

VF is subject to cybersecurity, information security and privacy risks that could negatively affect its business operations, results of operations or reputation.

In the normal course of business, we collect, retain and transmit certain sensitive and confidential information, including payment information and personal information, over public networks. There is a significant concern by consumers and employees over the security of personal information, identity theft and user privacy. Cybersecurity and information security breaches are increasingly sophisticated and can be difficult to detect for long periods of time. Accordingly, if unauthorized parties gain access to our networks or databases, such as with the incident reported by VF in December 2023, or those of third parties on which we rely, they have, and could continue to, be able to steal, publish, delete, hold ransom or modify our private and sensitive information, including payment information, personal information, and confidential or other proprietary business information.

Weprivacy. ~~are~~Cybersecurity ~~subject~~and toinformation ~~frequent~~security ~~cyberattacks~~breaches ofare ~~varying~~increasingly ~~levels~~sophisticated ofand ~~severity~~can ~~and~~be ~~threats~~difficult to ~~our~~detect ~~business~~for ~~from~~long aperiods ~~variety~~ of ~~bad~~time. ~~actors~~Accordingly, ~~many~~if ofunauthorized ~~whom~~parties ~~attempt to~~ gain ~~unauthorized~~ access to, ~~steal or compromise~~ our ~~confidential~~networks ~~information~~or ~~and systems. For example~~databases, wesuch ~~detected~~as ~~unauthorized~~with ~~occurrences~~the onincident areported ~~portion~~by ofVF ~~our information technology systems~~ in December 2023~~. We have incurred~~, ~~and~~or ~~may~~those ~~continue~~of tothird ~~incur,~~parties ~~certain~~on ~~costs~~which ~~related~~we ~~to this attack~~rely, ~~which~~they ~~may not be covered by our cyber insurance. While we~~ have, ~~implemented systems~~ and ~~processes~~could ~~designed~~continue to, ~~protect~~be ~~against~~able ~~unauthorized access~~ to orsteal, ~~use~~publish, ofdelete, ~~personal~~hold ~~information~~ransom ~~and~~or ~~other~~modify ~~confidential~~our ~~information~~private and ~~rely~~sensitive ~~on encryption and authentication technologies to effectively secure transmission of such~~ information, including payment information, ~~there~~personal ~~is no guarantee that they will be able to prevent unauthorized access to our systems and~~ information ~~in the future. Our facilities and systems~~, and ~~those~~confidential of third parties on which we rely, are frequently the target of cyberattacks of varying levels of severity and have been, and may in the future be vulnerable, and we may and have been unable to prevent, anticipate or ~~detect~~other ~~security~~proprietary ~~breaches~~business ~~and data loss~~information.

InWe ~~addition,~~are wesubject ~~face~~to ~~amplified~~frequent ~~cybersecurity~~cyberattacks ~~risks~~of asvarying alevels ~~result~~ of ~~the~~severity ~~number~~and ofthreats ~~employees~~to weour ~~employ,~~business ~~including~~from a ~~number~~variety of ~~employees~~bad ~~working~~actors, ~~remotely.~~many ~~These~~of ~~amplified~~whom ~~risks~~attempt ~~include~~to ~~increased~~gain ~~demand~~unauthorized onaccess ~~our information technology resources and systems~~to, ~~and~~steal anor ~~increase~~compromise inour ~~the~~confidential ~~number~~information ofand ~~points~~systems. ofFor ~~potential~~example, ~~attack on networks that~~ we dodetected ~~not~~unauthorized ~~control,~~occurrences ~~such~~on asa ~~home~~portion ~~WiFi~~of ~~networks.~~our ~~Employees~~information ~~may~~technology ~~intentionally~~systems ~~or inadvertently cause cybersecurity breaches that result~~ in ~~unauthorized~~December ~~access~~2023. ~~to our~~

In addition, cybersecurity threat actors may use AI tools, including generative AI, to deploy increasingly advanced attacks on our and our business partners' information technology systems. orThe increasing sophistication of cyberattacks, including through the ~~unauthorized~~use ~~release~~of AI, may create a demand for us to use increasingly sophisticated AI in our cybersecurity defense efforts. We face risks that we will fail to combat the offensive use of ~~personal~~AI sufficiently or ~~confidential~~that ~~information.~~we will fail to deploy defensive tools using AI adequately, either because we are unable to anticipate the risks accurately in a rapidly-evolving landscape or because we lack the knowledge or resources to adequately address the cybersecurity threats and opportunities associated with AI.

VFWhile ~~and~~we ~~its~~have ~~consumers~~implemented systems and ~~customers~~processes ~~could~~designed ~~suffer~~to ~~harm~~protect ifagainst ~~valuable~~unauthorized ~~business~~access ~~data,~~to or ~~employee,~~use ~~consumer,~~of ~~customer~~personal information and other confidential ~~and proprietary~~ information ~~were~~and ~~corrupted,~~rely ~~lost,~~on ~~accessed~~encryption orand ~~misappropriated~~authentication bytechnologies ~~third parties due~~ to aeffectively ~~cyberattack,~~secure atransmission ~~security failure in VF’s systems, or due to one~~ of ~~our third-party service providers or our employees. Any~~ such ~~breach~~information, including, ~~without~~payment ~~limitation~~information, ~~the~~there ~~incident~~is ~~reported~~no byguarantee VFthat inthey ~~December~~will ~~2023,~~be ~~has~~able ~~and could require significant expenditures~~ to ~~remediate;~~prevent ~~could~~unauthorized ~~cause~~access ~~damage~~ to our ~~reputation,~~systems toand ~~confidence~~information in ~~our~~the ~~e-commerce~~future. ~~platforms~~Our facilities and ~~to our relationships with customers~~systems, ~~consumers,~~and ~~employees~~those ~~and~~of third parties on ~~whom~~which we rely~~; has and could result in business disruption~~, ~~negative~~are ~~media~~frequently ~~attention~~the ~~and~~target ~~lost sales; and has and could expose us to risks~~ of ~~litigation,~~cyberattacks ~~liability and increased scrutiny from regulatory entities. In addition, as a result~~ of ~~recent~~varying ~~security~~levels ~~breaches at a number~~ of ~~prominent~~severity ~~retailers~~ and ~~other~~have ~~companies~~been, ~~media~~ and ~~public scrutiny of information security and privacy has become more intense, and the regulatory environment has become increasingly uncertain, rigorous and complex. As a result, we~~ may ~~incur~~in ~~significant costs to comply with laws regarding~~ the ~~privacy~~future ~~and~~be ~~security of personal information~~vulnerable, and we may ~~not be able to comply with new data protection laws~~ and ~~regulations~~have ~~being~~been ~~adopted~~unable ~~around the world. Any failure~~ to ~~comply with the laws and regulations and consumer expectations surrounding the privacy and security of personal information could subject us to legal and reputational risk~~prevent, ~~including~~anticipate ~~significant fines and/~~or ~~litigation~~detect ~~for~~security ~~non-compliance~~breaches ~~in multiple jurisdictions, negative media coverage, diminished consumer confidence~~ and decreased attraction to our brands, any of which could have a negative impact on revenues and profits. In addition, while we maintain cyber insurance policies, those existing insurance policies may not adequately protect VF from all of the adverse effects and damages that could be caused by a security breach, including the incident reported by VF in December 2023. Moreover, if our employees or business partners, intentionally or inadvertently, misuse consumer data ~~or are not transparent with consumers about how we use their data, our brands, reputation and relationships with consumers could be damaged~~loss.

~~The~~In ~~development~~addition, ~~and~~we ~~use~~face oramplified ~~misuse~~cybersecurity ofrisks ~~AI,~~as ~~and~~a result of the ~~failure~~number toof ~~use~~employees AIwe employ, ~~present~~including a number of employees working remotely. These amplified risks include increased demand on our information technology resources and ~~challenges~~systems, and an increase in the number of points of potential attack on networks that we do not control, such as home WiFi networks. Employees may ~~negatively~~intentionally ~~impact~~or inadvertently cause cybersecurity breaches that result in unauthorized access to our ~~business~~systems or the unauthorized release of personal or confidential information.

~~Our~~VF ~~business~~and ~~operates~~its inconsumers ~~a highly-competitive space,~~ and ~~our~~customers ~~success~~could ~~may~~suffer ~~require~~harm ~~the~~if ~~adoption~~valuable ofbusiness ~~new~~data, ~~and~~or ~~emerging~~employee, ~~technologies~~consumer, ~~such~~customer asand ~~AI,~~other confidential and ~~specifically~~proprietary ~~generative~~information AIwere corrupted, bylost, usaccessed or ~~our~~misappropriated ~~business~~by ~~partners.~~third ~~Failure~~parties due to ~~adapt~~a tocyberattack, a ~~rapidly-changing~~security ~~technological~~failure ~~environment~~in VF’s systems, or ~~failure~~due to ~~adopt~~one ~~emerging~~of ~~technologies~~our third-party service providers or our employees. Any such breach, including, without limitation, the incident reported by VF in aDecember ~~timely~~2023, ~~manner~~has and could ~~result~~require significant expenditures to remediate; could cause damage to our reputation, to confidence in ~~negative~~our ~~impacts~~e-commerce platforms and to our ~~business.~~relationships with customers, consumers, employees and

We12 VF ~~also~~Corporation ~~face~~Fiscal ~~risks~~2026 ~~from~~Form the adoption of new technologies such as AI if we or our business partners use them incorrectly or in ways that introduce new risks. Our business partners may incorporate AI tools into their offerings which may not meet existing or rapidly10-~~changing regulatory, ethical or industry standards and may inhibit our or our business partners' ability to maintain an adequate level of service.~~K

The development of AI technologies is complex, and there are technical and talent challenges associated with achieving the desired level of accuracy, efficiency, and reliability. The

12 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~algorithms~~third parties on whom we rely; has and ~~models~~could ~~utilized~~result in ~~generative~~business AIdisruption, ~~systems~~negative ~~may~~media ~~have~~attention ~~limitations,~~and ~~including~~lost ~~biases,~~sales; ~~errors,~~and orhas ~~inability~~and could expose us to ~~handle~~risks ~~certain~~of ~~data~~litigation, ~~types~~liability orand ~~scenarios~~increased scrutiny from regulatory entities. ~~Furthermore~~In addition, ~~there~~as isa result of recent security breaches at a ~~risk~~number of ~~system~~prominent ~~failures,~~retailers ~~disruptions~~and other companies, ormedia ~~vulnerabilities~~and ~~that~~public ~~could~~scrutiny ~~compromise~~of information security and privacy has become more intense, and the ~~integrity~~regulatory environment has become increasingly uncertain, ~~security~~rigorous and complex. As a result, orwe may incur significant costs to comply with laws regarding the privacy and security of personal information, and we may not be able to comply with new data ~~inputs~~protection orlaws ~~the~~and ~~generated~~regulations ~~content~~being adopted around the world. ~~These~~Any ~~limitations~~failure orto ~~failures~~comply ~~could~~with ~~result~~the laws and regulations and consumer expectations surrounding the privacy and security of personal information has and could in ~~reputational~~the ~~harm,~~future subject us to legal ~~liabilities~~and reputational risk, including significant fines and/or ~~loss~~litigation offor non-compliance in multiple jurisdictions, negative media coverage, diminished consumer confidence and decreased attraction to our brands, ~~customer~~any of which could have a negative impact on revenues and profits. In addition, ~~employee~~while we maintain cyber insurance policies, those existing insurance policies have not and may not adequately protect VF from all of the adverse effects and damages that could be caused by a security breach. Moreover, if our employees or business ~~partner~~partners, ~~confidence~~intentionally or inadvertently, misuse consumer data or are not transparent with consumers about how we use their data, our brands, reputation and relationships with consumers could be damaged.

IfThe weuse or ~~our~~misuse ~~business~~of ~~partners use~~ AI toand ~~make decisions that affect consumers, employees or job applicants,~~ the AIfailure ~~may be subject~~ to ~~biases~~use orAI, ~~other~~present ~~types~~risks ofand ~~unfair~~challenges ~~decision-making~~ that may negatively impact ~~those~~our ~~individuals and create legal or reputational risk for us~~business.

IfOur ~~we or our~~ business ~~partners~~operates ~~use~~in AIa tohighly ~~create~~competitive ~~intellectual property (IP)~~space, ~~such~~and asour ~~product~~success ~~designs, trademarks, or copyrightable text or code, we~~ may berequire ~~subject~~the toadoption IPof ~~rights~~new ~~claims~~and ~~from~~emerging ~~third~~technologies, ~~parties~~such ~~claiming~~as ~~ownership of~~AI, orand ~~demanding~~specifically ~~rights~~generative toAI, ~~the~~by IPus ~~that we~~ or our business partners. ~~have~~Failure ~~developed~~to ~~using~~adapt ~~AI,~~to a rapidly changing technological environment or wefailure ~~may~~to ~~face~~adopt ~~the~~emerging ~~risk~~technologies ofin ~~not~~a ~~being~~timely ~~able~~manner tocould ~~adequately~~result ~~secure~~in ~~the~~negative ~~rights~~impacts to ~~the~~our ~~IP created~~business.

~~Cybersecurity~~We ~~threat~~also ~~actors~~face ~~may~~risks ~~use~~from AIthe ~~tools,~~adoption ~~including~~of ~~generative~~new ~~AI,~~technologies tosuch ~~deploy~~as ~~increasingly~~AI ~~advanced~~if ~~attacks~~we onor our ~~and our~~ business partners' ~~information technology systems. The increasing sophistication of cyberattacks, including through the~~ use ofthem ~~AI,~~incorrectly ~~may~~or ~~create a demand for us to use more and more sophisticated AI~~ in ~~our~~ways ~~cybersecurity~~that ~~defense~~introduce ~~efforts~~new risks. We ~~face~~or ~~risks~~our ~~that~~business wepartners ~~will~~may ~~fail~~incorporate ~~to combat the offensive use of~~ AI ~~sufficiently~~tools orinto ~~that~~their weofferings ~~will~~which ~~fail~~may tonot ~~deploy~~meet ~~defensive~~existing ~~tools~~or ~~using~~rapidly AIchanging ~~adequately~~regulatory, ~~either~~ethical ~~because~~or weindustry ~~are~~standards ~~unable~~and tomay ~~anticipate~~inhibit ~~the~~our ~~risks accurately in a rapidly-evolving landscape~~ or ~~because~~our webusiness ~~lack~~partners' ~~the~~ability ~~knowledge or resources~~ to ~~adequately~~maintain ~~address~~an ~~the~~adequate ~~cybersecurity~~level ~~threats~~of ~~and opportunities associated with AI~~service.

~~Uncertainty~~The indevelopment ~~the~~of ~~regulatory regime relating to~~ AI ~~may~~technologies ~~require~~is ~~significant~~complex, ~~resources to modify~~ and ~~maintain~~there ~~business~~are ~~practices~~challenges toassociated ~~comply~~ with ~~U.S.~~achieving ~~and non-U.S. laws,~~ the ~~nature~~desired level of ~~which~~accuracy, ~~cannot be determined at this time. Several jurisdictions around the globe~~efficiency, ~~including the European Union (“EU”)~~ and ~~certain U~~reliability.S. ~~states,~~The ~~have~~algorithms ~~already~~and ~~proposed~~models orutilized ~~enacted~~in ~~laws~~generative ~~governing~~ AI. ~~Other~~systems ~~jurisdictions~~ may ~~decide~~have tolimitations, ~~adopt~~including ~~similar~~biases, errors, or ~~more~~inability ~~restrictive~~to ~~legislation~~handle ~~that~~certain ~~may~~data ~~render~~types ~~the~~or ~~use of such technologies challenging~~scenarios. ~~These~~Furthermore, ~~obligations~~there ~~may~~is ~~make~~a itrisk ~~harder~~of ~~for~~system usfailures, ~~to conduct our business using AI~~disruptions, ~~lead to regulatory fines~~ or ~~penalties,~~vulnerabilities ~~require~~that uscould tocompromise ~~change~~the ~~our~~integrity, ~~business practices~~security, or ~~prevent~~privacy ~~or limit our use~~ of ~~AI.~~data Ifinputs we or ~~our~~the ~~business~~generated ~~partners~~content. ~~cannot~~These ~~use~~limitations ~~AI,~~ or ~~that~~failures ~~use~~could isresult ~~restricted,~~in ~~our~~reputational ~~business~~harm, ~~may~~legal ~~be less efficient~~liabilities, or weloss ~~may be at a competitive disadvantage. Any~~ of ~~these factors could adversely affect our business~~consumer, ~~financial condition~~customer, ~~and~~employee ~~results~~or ofbusiness ~~operations~~partner confidence.

~~There~~If ~~are~~we ~~risks~~or ~~associated~~our ~~with~~business ~~VF’s~~partners ~~acquisitions~~use AI to make decisions that affect consumers, ~~divestitures~~customers, ~~and~~employees ~~portfolio~~or ~~management~~job applicants, ~~including~~the ~~our~~AI ~~recently~~may ~~completed~~be ~~sale~~subject to biases or other types of ~~the~~unfair ~~Supreme®~~decision-making ~~brand~~that tomay ~~EssilorLuxottica~~negatively impact those individuals and create legal or reputational risk for us.

~~Any~~If ~~acquisitions,~~we ~~divestitures~~ or ~~mergers~~our bybusiness VFpartners use AI to create intellectual property (IP), ~~including~~such ~~our~~as ~~completed~~product ~~sale~~designs, ofpatents, ~~the~~trademarks, ~~Supreme®~~or ~~brand~~copyrightable ~~business~~text toor ~~EssilorLuxottica~~code, ~~will~~we may be ~~accompanied~~subject byto ~~the~~IP ~~risks~~rights ~~commonly~~claims ~~encountered~~from inthird ~~acquisitions~~parties orclaiming ~~divestitures~~ownership of ~~companies~~, ~~businesses~~or demanding rights to the IP that we or ~~brands.~~our ~~These~~business ~~risks~~partners ~~include,~~have ~~among~~developed ~~other~~using ~~things~~AI, ~~higher~~or ~~than~~we ~~anticipated~~may ~~acquisition~~face orthe ~~divestiture~~risk ~~costs~~of ~~and~~not ~~expenses,~~being able to adequately secure the ~~difficulty~~rights ~~and~~to ~~expense~~the ofIP ~~integrating~~created. We or ~~separating~~our ~~the~~business ~~operations,~~partners ~~systems~~may ~~and~~also ~~personnel~~experience loss of ~~the~~IP ~~companies,~~or ~~businesses~~other proprietary or ~~brands,~~confidential ~~the~~information ~~loss~~through user input of ~~key~~such ~~employees~~information ~~and~~into ~~consumers~~AI tools.

asUncertainty ain ~~result~~the ofregulatory ~~changes~~regime inrelating ~~management~~to orAI ~~ownership,~~may ~~and~~require ~~slower~~significant ~~progress~~resources ~~toward~~to ~~environmental,~~modify ~~social~~ and ~~governance~~maintain ~~goals~~business ~~given~~practices ~~challenges~~to comply with ~~data~~U.S. ~~acquisition~~ and ~~integration~~international laws, the ~~difficulty~~nature of ~~accessing~~which ~~and~~cannot ~~disclosing~~be ~~sufficient~~determined ~~environmental,~~at ~~social~~this ~~and~~time. ~~governance~~Several ~~data~~jurisdictions toaround ~~comply~~the ~~with~~globe, ~~current~~including ~~and~~the ~~emerging~~European ~~environmental,~~Union ~~social~~(“EU”) and ~~governance~~certain ~~regulations~~U.S. states, ~~and~~have ~~integration~~proposed ofor ~~environmental,~~enacted ~~social~~laws ~~and~~governing ~~governance~~AI. ~~initiatives~~Other ~~overall.~~jurisdictions Inmay ~~addition,~~decide ~~geographic~~to ~~distances~~adopt similar or more restrictive legislation that may ~~make~~render ~~integration~~the use of ~~acquired~~such ~~businesses~~technologies ~~more difficult~~challenging. WeThese ~~may~~obligations ~~not~~and berestrictions ~~successful~~may inlead ~~overcoming~~to ~~these~~regulatory ~~risks~~fines or ~~any~~penalties ~~other~~for ~~problems~~non-compliance, ~~encountered~~make init ~~connection~~harder ~~with~~for ~~any~~us ~~acquisitions~~to orconduct ~~divestitures.~~our ~~Moreover~~business using AI, ~~failure~~require us to ~~effectively~~change ~~manage~~our ~~VF’s~~business ~~portfolio~~practices, or prevent or limit our use of ~~brands~~AI. inIf ~~line~~we ~~with~~or ~~growth~~our ~~targets~~business ~~and~~partners ~~shareholder~~cannot ~~expectations~~use AI, ~~including~~or ~~acquisition~~that ~~choices~~use is restricted, ~~integration~~our ~~approach~~business may be less efficient, ~~transaction~~or ~~pricing~~we ~~and~~may ~~divestiture~~be ~~timing~~at a competitive disadvantage. Any of these factors could ~~result~~adversely inaffect ~~unfavorable~~our ~~impacts~~business, tofinancial ~~growth~~condition, and ~~value~~results ~~creation~~of operations.

There are risks associated with VF’s acquisitions, divestitures and portfolio management.

Any acquisitions, divestitures or mergers by VF, including our completed sale of the Dickies® brand to Bluestar Alliance LLC, will be accompanied by the risks commonly encountered in acquisitions or divestitures of companies, businesses or brands. These risks include, among other things, higher than anticipated acquisition or divestiture costs and expenses, the difficulty and expense of integrating or separating the operations, systems and personnel of the companies, businesses or brands, the loss of key employees and consumers as a result of changes in management or ownership, and slower progress toward environmental, social and governance goals given challenges with data acquisition and integration, the difficulty of accessing and disclosing sufficient environmental, social and governance data to comply with current and emerging environmental, social and governance regulations, and integration of environmental, social and governance initiatives overall. In addition, geographic distances may make integration of acquired businesses more difficult. We may not be successful in overcoming these risks or any other problems encountered in connection with any acquisitions or divestitures. Moreover, failure to effectively manage VF’s portfolio of brands in line with growth targets and shareholder expectations, including acquisition choices, integration approach, transaction pricing and divestiture timing could result in unfavorable impacts to growth and value creation.

Our acquisitions and divestitures may cause large one-time expenses or create goodwill or other intangible assets that could result in significant impairment charges. We also make certain estimates and assumptions in order to determine purchase price allocation and estimate the fair value of assets acquired and liabilities assumed. If our estimates or assumptions used to value these assets and liabilities are not accurate, we may be exposed to losses that may be material.

On ~~July~~September 1715, ~~2024~~2025, we announced that we entered into a definitive agreement for ~~EssilorLuxottica~~Bluestar toAlliance ~~acquire~~LLC ~~the Supreme® brand business from VF for $1.5 billion in cash, subject~~ to ~~customary~~acquire ~~adjustments for cash, indebtedness, working capital and transaction expenses. On October 1, 2024, we completed~~ the ~~Supreme®~~ ~~brand sale.~~

VF Corporation Fiscal 2026 Form 10-K 13

Table of Contents

Dickies® brand from VF for $600 million in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses. On November 12, 2025, we completed the Dickies® brand sale. Although the sale is completed, we may not realize some or all the expected benefits of separating the brand, including strategic and other objectives. Further, divestitures involve significant challenges and risks, including the need to provide transition services, which may result in stranded costs and the diversion of resources and focus; and the need to separate operations, systems, and technologies, which is an inherently risky and potentially lengthy and costly process.

VF uses third-party suppliers and manufacturing facilities worldwide for its raw materials and finished products, which poses risks to VF’s business operations.

During Fiscal ~~2025~~2026, VF’s products were sourced from independent manufacturers primarily located in Asia. Any of the following could impact, and in some cases has impacted, our ability to source or deliver VF products, or our cost of sourcing or delivering products and, as a result, our profitability:

•imposition of duties, tariffs, taxes and other charges on imports;

•political or labor instability in ~~countries~~areas where VF’s contractors and suppliers are located;

•inflationary pressures or changes in local economic conditions in ~~countries~~areas where VF’s contractors and suppliers are located;

•public health issues such as pandemics could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas;

•political or military conflict could cause a delay in the transportation of products to VF and an increase in transportation costs;

•disruption at ports of entry has caused, and in the future could cause, delays in product availability and increase transportation times and costs;

•heightened terrorism security concerns could subject imported or exported goods to additional, more frequent or lengthier inspections, leading to delays in deliveries or impoundment of goods for extended periods;

VF Corporation Fiscal 2025 Form 10-K 13

Table of Contents

deliveries or impoundment of goods for extended periods;

•increased risk of detention by customs officials of raw materials or goods used by our suppliers in the manufacture of our products, and increased risk of detention of our products;

•decreased scrutiny by customs officials for counterfeit goods, leading to more counterfeit goods and reduced sales of VF products, increased costs for VF’s anti-counterfeiting measures and damage to the reputation of its brands;

•disruptions at manufacturing or distribution facilities or in shipping and transportation locations caused by natural and man-made disasters (including potential effects from extreme environmental conditions or potential climate risks and impacts) or political or military conflicts;

•imposition of regulations and quotas relating to imports could create regulatory compliance challenges and our ability to adjust timely to changes in trade regulations could limit our ability to source products in cost-effective countries that have the required labor and expertise; and

•imposition or the repeal of laws that affect intellectual property rights.

There continues to be uncertainty in the current global trade regime due to recent changes in, and proposals and declared intentions to change trade policy, including trade restrictions, the negotiation, renegotiation or termination of trade agreements, and the imposition of new tariffs or increases in existing tariffs on imports into the affected countries. Tariffs and other changes in trade policy have triggered in the past, are currently triggering and could continue to trigger retaliatory actions by affected countries, including through the use of counter tariffs and other measures, which has resulted in higher costs, and may result in higher future costs, or restrictions, on the importation of the products we sell. Our supply chain is geographically diverse, and we continuously identify alternative sourcing manufacturers and countries to minimize reliance on a single source. We may be unable to shift sourcing locations timely, if at all, to relocate production from a country when new or increased duties, tariffs, taxes or other charges are imposed. In addition, higher costs in sourcing from other countries, including because others in the industry seek to shift production for the same reason, may make such a sourcing shift cost-prohibitive. We may not be able to, or could choose not to, pass the entire cost increase resulting from tariffs, duties, taxes or other expenses onto consumers and customers. Any increase in prices to consumers could have an adverse impact on our sales to consumers and customers and as a result, on our profits. Any adverse impact on such sales or increase in our cost of goods sold could have a material adverse effect on our business and results of operations.

Although no single supplier and no one country is critical to VF’s production needs, if we were to lose a supplier it could result in interruption of finished goods shipments to VF, cancellation of orders by customers and termination of relationships. This, along with the potential damage to our reputation, could have a material adverse effect on VF’s revenues and, consequently, our results of operations.

In addition, although we audit our third-party material suppliers and contracted manufacturing facilities and set strict compliance standards, actions by a third-party supplier or manufacturer that fail to comply could result in such third-party supplier failing to manufacture products that consistently meet our quality standards, violating human rights, engaging in unfavorable labor practices, causing environmental impacts such as pollution or providing unfavorable working conditions that negatively impact worker health, safety and wellness. Such noncompliance could expose VF to claims for damages, financial penalties, delay or inability to clear goods through customs authorities, operational disruptions and reputational harm, any of which could have a material adverse effect on our business and operations.

supplier failing to manufacture products that consistently meet our quality standards, violating human rights, engaging in unfavorable labor practices, causing environmental impacts such as pollution or providing unfavorable working conditions that negatively impact worker health, safety and wellness. Such noncompliance could expose VF to claims for damages, financial penalties, delay or inability to clear goods through customs authorities, operational disruptions and reputational harm, any of which could have a material adverse effect on our business and operations.

A significant portion of VF’s revenues and gross profit is derived from a small number of large customers. The loss of any of these customers or the inability of any of these customers to pay VF could substantially reduce VF’s revenues and profits.

A few of VF’s customers account for a significant portion of revenues. Sales to VF’s ten largest customers were approximately 1517% of total revenues in Fiscal ~~2025~~2026, with our largest customer accounting for approximately 24% of revenues. Sales to our customers are generally on a purchase order basis and not subject to long-term agreements. A decision by any of VF’s major customers to significantly decrease the volume of ~~products purchased from VF could substantially reduce revenues and have a material adverse effect on VF’s financial condition and results of operations.~~

~~Talent acquisition, management, engagement and retention are important factors in~~ 14 VF’s ~~success.~~Corporation ~~Turnover~~Fiscal in2026 ~~VF’s~~Form ~~leadership or other key positions may have a material adverse effect on VF.~~ 10-K

Our future success also depends on our ability to acquire, develop, and retain talent needed to mobilize VF against our current and future needs, and sustain our culture as a performance-driven company that is committed to its values . Competition for experienced and well-qualified personnel is intense and we may not be successful in attracting, developing, and retaining such personnel, which could impact VF’s ability to remain competitive. Our ability to acquire, develop and retain personnel has been, and may continue to be impacted by, challenges and structural shifts in the labor market, which has experienced and may continue to experience wage inflation, labor shortages, increased employee turnover, and changes in availability of the workforce.. Additionally, changes to our office environments, the adoption of new work models, and our requirements and/or expectations about when or how often certain employees work on-site or remotely may not meet the expectations of our employees. If our employee proposition is not perceived as favorable compared to other companies, it could negatively impact our ability to acquire and retain our employees. If we are unable to retain, acquire, and engage talented employees with the appropriate skill sets, or if changes to our organizational structure, operating results, or business model adversely affect morale, productivity or retention, we may not achieve our objectives, our relationships with our customers, consumers or other third parties may be disrupted, and our results of operations could be adversely impacted.

VF depends on the services and management experience of its executive officers and business leaders who have substantial experience and expertise in VF’s business, and in developing and retaining employees. This loss of experience and expertise can be mitigated through successful hiring and transition, but there can be no assurance that we will be successful in such efforts. Acquiring and retaining qualified senior leadership may be more challenging under adverse business conditions. The unexpected

14 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~loss~~products ofpurchased ~~services~~from ofVF ~~one~~could orsubstantially ~~more~~reduce ofrevenues ~~these~~and ~~individuals or the inability to effectively identify a suitable successor to a key role could~~ have a material adverse effect on VF’s financial condition and results of operations.

~~The~~Talent ~~recent reset of our global leadership team~~acquisition, ~~along with other changes in the roles and responsibilities among our executive officers~~management, ~~and~~engagement ~~any future changes resulting from the hiring or departure of executive officers, could disrupt our business~~ and ~~negatively~~retention ~~affect~~are ~~our~~important ~~ability~~factors toin ~~recruit~~VF’s ~~and~~success. ~~retain~~Turnover ~~talent.~~in ~~Such~~VF’s leadership ~~transitions~~or ~~can~~other bekey ~~inherently~~positions ~~difficult to manage; inadequate transitions~~ may ~~cause~~have ~~disruption~~a tomaterial ~~our~~adverse ~~business,~~effect ~~including to our relationships with our employees and other third parties. Further, these changes also increase our dependency~~ on ~~other remaining members of our global leadership team, and the departure of whom could be particularly disruptive in light of the recent leadership transitions~~VF.

Our future success also depends on our ability to acquire, develop, and retain talent needed to mobilize VF against our current and future needs and sustain our culture as a performance-driven company that is committed to its values. Competition for experienced and well-qualified personnel is intense and we may not be successful in attracting, developing, and retaining such personnel, which could impact VF’s ability to remain competitive. Our ability to acquire, develop and retain personnel has been, and may continue to be impacted by, wage inflation, labor shortages, increased employee turnover, and changes in availability of the workforce as well as the broader labor market. Additionally, changes to our office environments, the adoption of new work models, and our requirements and/or expectations about when or how often certain employees work on-site or remotely may not meet the expectations of our employees. If our employee proposition is not perceived as favorable compared to other companies, it could negatively impact our ability to acquire and retain our employees. If we are unable to retain, acquire, and engage talented employees with the appropriate skill sets, or if changes to our organizational structure, operating results, or business model adversely affect morale, productivity or retention, we may not achieve our objectives, our relationships with our customers, consumers or other third parties may be disrupted, and our results of operations could be adversely impacted.

Leadership transitions can be inherently difficult to manage; inadequate transitions may cause disruption to our business, including to our relationships with our employees and other third parties. Further, these changes also increase our dependency on other remaining members of our global leadership team further increasing the risk of potential disruption.

VF’s direct-to-consumer business includes risks that could have an adverse effect on its results of operations.

VF sells merchandise ~~direct~~directly to ~~consumer~~consumers through VF-operated stores and e-commerce sites. Its direct-to-consumer business is subject to numerous risks that could have a material adverse effect on its results. Risks include, but are not limited to, (i) U.S. or international resellers purchasing merchandise and reselling it outside VF’s control, (ii) failure or interruption of the systems that operate the stores and websites, and their related support systems, including due to computer viruses, theft of consumer information, privacy concerns, telecommunication failures, electronic break-ins and similar disruptions, technical malfunctions, and natural disasters or other causes, (iii) retail and credit card fraud and theft, (iv) risks related to VF’s direct-to-consumer distribution centers and processes, (v) shift in consumer preferences away from retail stores, and (vi) loss of inventory due to damage, theft (including from organized retail crime), and other causes. Risks specific to VF’s e-commerce business also include (i) diversion of sales from VF stores or wholesale customers, (ii) difficulty in recreating the in-store experience through e-commerce channels, (iii) liability for online content, (iv) changing patterns of consumer behavior and not keeping up with new online selling models, (v) intense competition from online retailers, and (vi) online fraud. VF’s failure to successfully respond to these risks might adversely affect sales in its e-commerce business, as well as damage its reputation and brands.

disruptions, technical malfunctions, and natural disasters or other causes, (iii) retail and credit card fraud and theft, (iv) risks related to VF’s direct-to-consumer distribution centers and processes, (v) shift in consumer preferences away from retail stores, and (vi) loss of inventory due to damage, theft (including from organized retail crime), and other causes. Risks specific to VF’s e-commerce business also include (i) diversion of sales from VF stores or wholesale customers, (ii) difficulty in recreating the in-store experience through e-commerce channels, (iii) liability for digital content, (iv) changing patterns of consumer behavior and not keeping up with new and emerging digital selling models, (v) intense competition from online retailers, and (vi) fraud. VF’s failure to successfully respond to these risks might adversely affect sales in its e-commerce business, as well as damage its reputation and brands.

Our VF-operated stores and e-commerce business require substantial fixed investments in equipment and leasehold improvements, information systems, inventory and personnel. We have entered into substantial operating lease commitments for retail space. Due to the high fixed-cost structure associated with our direct-to-consumer operations, a decline in sales or the closure of or poor performance of individual or multiple stores could result in significant lease termination costs, write-offs of equipment, leasehold improvements and right-of-use assets, and employee-related costs.

VF’s net sales depend on the volume of traffic to its stores and the availability of suitable lease space.

A significant portion of our revenues are direct-to-consumer sales through VF-operated stores. In order to generate consumer traffic, we locate many of our stores in prominent locations within successful retail shopping centers or in fashionable shopping districts. Our stores benefit from the ability of the retail center and other attractions in an area to generate consumer traffic in the vicinity of our stores. Part of our future growth is significantly dependent on our ability to operate stores in desirable locations with capital investment and lease costs providing the opportunity to earn a reasonable return. We cannot control the development of new shopping centers or districts; the availability or cost of appropriate locations within existing or new shopping centers or districts; competition with other retailers for prominent locations; or the success of individual shopping centers or districts. Further, if we are unable to renew or replace our existing store leases or enter into leases for new stores on favorable terms, or if we violate the terms of our current leases, our growth and profitability could be harmed. All of these factors may impact our ability to meet our growth targets and could have a material adverse effect on our financial condition or results of operations.

consumer traffic in the vicinity of our stores. Part of our future growth is significantly dependent on our ability to operate stores in desirable locations with capital investment and lease costs providing the opportunity to earn a reasonable return. We cannot control the development of new shopping centers or districts; the availability or cost of appropriate locations within existing or new shopping centers or districts; competition with other retailers for prominent locations; or the success of individual shopping centers or districts. Further, if we are unable to renew or replace our existing store leases or enter into leases for new stores on favorable terms, or if we violate the terms of our current leases, our growth and profitability could be harmed. All of these factors may impact our ability to meet our growth targets and could have a material adverse effect on our financial condition or results of operations.

VF may be unable to protect its trademarks and other intellectual property rights.

VF’s trademarks and other intellectual property rights are important to its success and its competitive position. VF is susceptible to others copying its products and infringing its intellectual property rights, especially with the shift in product mix to higher priced brands and innovative new products in recent years. Some of VF’s brands, such as The North Face®, Vans®, ~~Timberland®~~ and ~~Dickies~~Timberland® enjoy significant worldwide consumer recognition, and the higher pricing of certain of the brands' products creates additional risk of counterfeiting and infringement.

VF’s ~~trademarks,~~Corporation ~~trade~~Fiscal ~~names,~~2026 ~~copyrights,~~Form patents, trade secrets and other intellectual property are important to VF’s success. Counterfeiting of VF’s products or infringement on its intellectual property rights could diminish the value of our brands and adversely affect VF’s revenues. Actions we have taken to establish and protect VF’s intellectual property rights may not be adequate to prevent copying of its products by others or to prevent others from seeking to invalidate its trademarks or block sales of VF’s products as a violation of the trademarks and intellectual property rights of others. In addition, unilateral actions in the U.S. or other countries, including changes to or the repeal of laws recognizing trademark or other intellectual property rights, such as the Russian government's announcements that it would not protect intellectual property rights, including patent rights and rights that could block parallel imports of gray market goods, as a result of the sanctions imposed on Russia in connection with the Russia10-~~Ukraine conflict, could have an impact on VF’s ability to enforce those rights.~~K 15

The value of VF’s intellectual property could diminish if others assert rights in or ownership of trademarks and other intellectual property rights of VF, or trademarks that are similar to VF’s trademarks, or trademarks that VF licenses from others. We may be unable to successfully resolve these types of conflicts to our satisfaction. In some cases, there may be trademark owners who have prior rights to VF’s trademarks because the laws of certain foreign countries may not protect intellectual property rights to the same extent as do the laws of the U.S. In other cases, there may be holders who have prior rights to similar trademarks.

VF Corporation Fiscal 2025 Form 10-K 15

Table of Contents

VF’s trademarks, trade names, copyrights, patents, trade secrets and other intellectual property ~~rights~~are important to VF’s success. ~~Furthermore,~~Counterfeiting ~~third~~of ~~parties~~VF’s ~~may~~products ~~assert~~or infringement on its intellectual property ~~claims~~rights ~~against~~could usdiminish the value of our brands, damage our reputation, and weadversely ~~may~~affect beVF’s ~~subject~~revenues. toActions ~~liability,~~we ~~required~~have taken to ~~enter~~establish ~~into~~and ~~costly~~protect ~~license~~VF’s ~~agreements,~~intellectual ifproperty ~~available~~rights atmay ~~all,~~not ~~required~~be adequate to ~~rebrand~~prevent ~~our~~copying of its products ~~and/~~by others or ~~prevented~~to prevent others from ~~selling~~seeking ~~some~~to invalidate its trademarks or block sales of ~~our~~VF’s products ifas ~~third~~a ~~parties~~violation ~~successfully~~of ~~oppose~~the ortrademarks ~~challenge~~and ~~our~~intellectual ~~trademarks~~property orrights ~~successfully~~of ~~claim~~others. ~~that~~In weaddition, ~~infringe~~unilateral actions in the U.S. or other countries, ~~misappropriate~~including changes to or ~~otherwise~~the ~~violate~~repeal ~~their~~of ~~trademarks,~~laws ~~copyrights,~~recognizing ~~patents~~trademark or other intellectual property rights., ~~Bringing~~such oras ~~defending~~the ~~any~~Russian ~~such~~government's ~~claim,~~announcements ~~regardless~~that ofit ~~merit,~~would ~~and~~not ~~whether~~protect ~~successful~~intellectual orproperty ~~unsuccessful~~rights, ~~could~~including bepatent ~~expensive~~rights and ~~time-consuming~~rights ~~and~~that ~~have~~could block parallel imports of gray market goods, as a ~~negative~~result ~~effect~~of the sanctions imposed on ~~VF's~~Russia ~~business,~~in ~~reputation~~connection with the Russia-Ukraine conflict, ~~results~~could ofhave ~~operations~~an ~~and~~impact ~~financial~~on ~~condition~~VF’s ability to enforce those rights.

There have been, and there may in the future be, opposition and cancellation proceedings from time to time with respect to some of VF's intellectual property rights. In some cases, litigation may be necessary to protect or enforce our trademarks and other intellectual property rights. Furthermore, third parties may assert intellectual property claims against us, and we may be subject to liability, required to enter into costly license agreements, if available at all, required to rebrand our products and/or prevented from selling some of our products if third parties successfully oppose or challenge our trademarks or successfully claim that we infringe, misappropriate or otherwise violate their trademarks, copyrights, patents or other intellectual property rights. Bringing or defending any such claim, regardless of merit, and whether successful or unsuccessful, could be expensive and time-consuming and have a negative effect on VF's business, reputation, results of operations and financial condition.

If VF encounters problems with its distribution system, VF’s ability to deliver its products to the market could be adversely affected.

VF relies on owned or leased VF-operated and third party-operated distribution facilities to warehouse and ship product to VF customers and consumers. VF’s distribution system includes computer-controlled and automated equipment, which may be subject to a number of risks related to security or computer viruses, the proper operation of software and hardware, power interruptions or other system failures. Because substantially all of VF’s products are distributed from a relatively small number of locations, VF’s operations could also be interrupted by earthquakes, extreme environmental conditions, fires or other natural disasters or other events outside VF's control affecting its distribution centers, including political or labor instability. We maintain business interruption insurance under our property and cyber insurance policies, but it may not adequately protect VF from the adverse effects that could be caused by significant

VF customers and consumers. VF’s distribution system includes computer-controlled and automated equipment, which may be subject to a number of risks related to security or computer viruses, the proper operation of software and hardware, power interruptions or other system failures. Because substantially all of VF’s products are distributed from a relatively small number of locations, VF’s operations could also be interrupted by earthquakes, extreme environmental conditions, fires, floods or other natural disasters (including potential climate risks and impacts) or other events outside VF's control affecting its distribution centers, including political or labor instability. We maintain business interruption insurance under our property and cyber insurance policies, but they may not adequately protect VF from the adverse effects that could be caused by significant disruptions in VF’s distribution facilities. In addition, VF’s distribution capacity is dependent on the timely performance of services by third parties, including the transportation of product to and from its distribution facilities. If we encounter problems with our distribution system, our ability to meet customer expectations, manage inventory, complete sales and achieve operating efficiencies could be materially adversely affected.

VF’s business and operations could be materially and adversely affected if it fails to create systems of monitoring, prevention, response, crisis management, continuity and recovery to mitigate natural or man-made economic, public health, political or environmental disruptions.

Business resiliency is important to VF’s success because there are a variety of risks generally associated with doing business on a global basis that may involve natural or man-made economic, public health, political or environmental disruptions. Disruptions, and government responses to any disruption, could cause, among other things, a decrease in consumer spending that would negatively impact our sales, delays in the fulfillment or cancellation of customer orders or disruptions in the manufacture and shipment of products, increased costs and a negative impact on our reputation and long-term growth plans. The impact of disruptions may vary based on the length and severity of the disruption. VF’s failure to create and implement systems of monitoring, prevention, response, crisis management, continuity and recovery to anticipate, prepare, prevent, mitigate, and respond to potential threats impacting its business, people, processes and facilities could result in extended disruptions and unpredictability.


LEGAL, REGULATORY AND COMPLIANCE RISKS

VF’s operations and earnings may be affected by legal, regulatory, political and economic uncertainty and risks.

Our ability to maintain the current level of operations in our existing markets and to capitalize on growth in existing and new markets is subject to legal, regulatory, political and economic uncertainty and risks. These include the burdens of complying ~~with U.S. and international laws and regulations, and changes in regulatory requirements.~~

~~Changes~~with inU.S. ~~regulatory, geopolitical policies~~ and ~~other~~international ~~factors~~laws ~~may adversely affect VF’s business, results of operations~~ and ~~financial condition or may require us to modify our current business practices. While enactment of any such change is not certain~~regulations, ~~if such changes were adopted or if we failed to anticipate~~ and ~~mitigate the impact of such~~ changes, ~~our costs could increase, which would reduce our earnings. Any such change could adversely affect worldwide economic and market conditions and could contribute to instability~~ in ~~global~~regulatory ~~financial and foreign exchange markets~~requirements.

~~Beginning~~Changes in ~~February 2022~~regulatory, ingeopolitical ~~response~~policies ~~to the military conflict between Russia~~ and ~~Ukraine, the U.S. and~~ other ~~North~~factors ~~Atlantic~~may ~~Treaty~~adversely ~~Organization~~affect ~~member~~VF’s ~~states~~business, asresults ~~well~~of asoperations ~~non-member~~and ~~states,~~financial ~~announced~~condition ~~targeted~~or ~~economic~~may ~~sanctions~~require onus ~~Russia,~~to ~~including~~modify ~~certain~~our ~~Russian~~current ~~citizens~~business ~~and~~practices. ~~enterprises,~~While ~~and~~enactment ~~the continuation~~ of ~~the~~any ~~conflict~~such ~~may~~change ~~trigger~~is ~~additional~~not ~~economic and other sanctions. To date~~certain, weif ~~have~~such ~~experienced revenue impacts due to business model~~ changes inwere ~~Russia,~~adopted ~~currency~~or ~~devaluation,~~if ~~and costs associated with compliance with sanctions and other regulations. For example,~~ we ~~have~~failed ~~closed~~to ~~all~~anticipate ~~VF-operated retail~~

~~stores,~~16 VF ~~terminated~~Corporation ~~all~~Fiscal ~~leases~~2026 ~~and~~Form ~~ceased all direct~~10-to-consumer e-commerce operations in Russia. In addition, as of March 29, 2025, there was approximately $38.2 million of cash in Russia that, although it can be used without limits within Russia, is currently limited on movement out of Russia. Further impacts of the conflict could include macro financial impacts resulting from the exclusion of Russian financial institutions from the global banking system, volatility in foreign exchange rates and interest rates, inflationary pressures on raw materials and energy, heightened cybersecurity threats, harm to employee health and safety, reputational harm, increase in counterfeiting and intellectual property infringement activity, nationalization of our assets, and additional costs associated with compliance with sanctions and other regulations and risks associated with failure to comply with the same. Although our operations in Russia are not significant, the conflict could escalate and result in broader economic and security concerns, including in other geographies, which could in turn adversely affect our business, financial condition or results of operations.K

As a result of our global operations, we are subject to a number of risks impacting our employees working outside the U.S., including regulations that may differ from or be more stringent than analogous U.S. regulations, political or economic instability, cross-border political tensions and challenges in effectively managing employees in foreign jurisdictions. VF is subject to increased tax and regulatory risks related to employees working remotely or otherwise in a tax location other than their normal work location or residential state or country. These changes have created, and continue to create, challenges in managing our tax and regulatory compliance as well as acquiring and

16 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~retaining~~and ~~cross-border~~mitigate ~~talent~~the impact of such changes, our costs could increase, which would reduce our earnings. Any such change could adversely affect ~~our~~worldwide ~~business,~~economic ~~results~~and ofmarket ~~operations~~conditions and could contribute to instability in global financial ~~condition~~and foreign exchange markets.

Beginning in February 2022, in response to the military conflict between Russia and Ukraine, the U.S. and other North Atlantic Treaty Organization member states, as well as non-member states, and the EU announced targeted economic sanctions on Russia, including certain Russian citizens and enterprises, and the continuation of the conflict may trigger additional economic and other sanctions. To date, we have experienced revenue impacts due to business model changes in Russia, currency devaluation, and costs associated with compliance with sanctions and other regulations. For example, we have closed all VF-operated retail stores, terminated all leases and ceased all direct-to-consumer e-commerce operations in Russia. In addition, as of March 28, 2026, there was approximately $50.4 million of cash in Russia that, although it can be used without limits within Russia, is currently limited on movement out of Russia. Further impacts of the conflict could include macro financial impacts resulting from the exclusion of Russian financial institutions from the global banking system, volatility in foreign exchange rates and interest rates, inflationary pressures on raw materials and energy, heightened cybersecurity threats, harm to employee health and safety, reputational harm, increase in counterfeiting and intellectual property infringement activity, nationalization of our assets, and additional costs associated with compliance with sanctions and other regulations and risks associated with failure to comply with the same. Although our operations in Russia are not significant, the conflict could escalate and result in broader economic and security concerns, including in other geographies, which could in turn adversely affect our business, financial condition or results of operations.

Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations.

Changes and uncertainty in U.S. or international social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories or countries where we currently sell our products or conduct our business, as well as any negative sentiment toward the U.S. as a result of such changes, could adversely affect our business. ~~For~~There ~~example,~~is ~~the~~currently ~~U.S.~~significant ~~government~~uncertainty ~~has~~around ~~instituted~~the ~~changes~~tariffs inand trade policies ~~imposing~~of ~~higher tariffs on imports into~~ the U.S. ~~Tariffs~~government and ~~other changes in U.S. trade policy have in~~ the ~~past triggered, are currently triggering and could continue to trigger retaliatory actions by affected countries, and certain foreign~~ governments ~~have instituted, considered or are considering imposing retaliatory measures on certain U.S. goods. VF, similar to many other multinational corporations, does a significant amount~~ of ~~business that is impacted by changes to the trade policies of the U.S. and~~ foreign countries ~~(including~~with ~~governmental~~respect ~~action related~~ to tariffs, tariff refunds, international trade agreements, orand economic sanctions). Such ~~changes~~volatility ~~have~~has the potential to adversely impact the U.S. economy or certain sectors thereof, our industry and the global demand for our products, and as a result, could have a material adverse effect on our business, financial condition and results of operations. In addition, the Uyghur Forced Labor Prevention Act and other similar laws may lead to greater supply chain compliance costs and delays to us and to our suppliers and customers.

adversely impact the U.S. economy or certain sectors thereof, our industry and the global demand for our products, and as a result, could have a material adverse effect on our business, financial condition and results of operations. For example, the U.S. government has instituted changes in trade policies imposing higher tariffs on imports into the U.S. Tariffs and other changes in U.S. trade policy have in the past triggered, are currently triggering and could continue to trigger retaliatory actions by affected countries, and certain foreign governments have instituted, considered or are considering imposing retaliatory measures on certain U.S. goods. The timing of any tariff refunds that are legally owed to VF is uncertain as it is subject to the establishment of processes and systems by the U.S. government. In addition, import bans and other laws impacting sourcing of raw materials and finished goods may lead to greater supply chain compliance costs and delays to us and to our suppliers and customers.

Changes in tax laws could increase our worldwide tax rate and tax liabilities and materially affect our financial position and results of operations.

We are subject to taxation in the U.S. and numerous foreign jurisdictions. Many countries in the EU and around the globe have adopted ~~and/~~or proposed significant changes to current tax laws. These changes include rules published by the Organisation for Economic Co-operation and Development (“OECD”) to address tax challenges arising from the digitization of the economy (i.e., Global Anti Base Erosion (“GloBE”) rules and Subject to Tax Rule (“STTR”) or “Pillar Two”) and are expected to increase our tax obligations and compliance costs in the countries where VF operates. We continue to evaluate the impact of these changes on our income tax expense, profitability and capital allocation decisions.

Due to the large scale of our U.S. and international business activities, many of these enacted and proposed changes to the taxation of our activities isare expected to increase our worldwide effective tax rate and harm our financial position and results of operations.

We may have additional tax liabilities from new or evolving government or judicial interpretation of existing tax laws.

As a global company, we determine our income tax liability in various tax jurisdictions based on an analysis and interpretation of U.S. and international tax laws and regulations. This analysis requires a significant amount of judgment and estimation and is often based on various assumptions about the future actions of tax authorities. These determinations are the subject of periodic U.S. and international tax audits and court proceedings. In particular, tax authorities and the courts have increased their focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction. Tax authorities have also become skeptical of special tax rulings provided to companies offering lower taxes than may be applicable in other countries.

focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction. Tax authorities have also become skeptical of special tax rulings provided to companies offering lower taxes than may be applicable in other countries.

Although we accrue for uncertain tax positions, our accrual may be insufficient to satisfy unfavorable findings. Unfavorable audit findings, or court interpretations (involving VF or other companies with similar tax profiles) may result in payment of taxes, fines and penalties for prior periods and higher tax rates in future periods, which may have a material adverse effect on our financial condition, results of operations or cash flows.

Our business is subject to national, state and local laws and regulations for environmental, consumer protection, corporate governance, competition, employment, privacy, safety and other matters. The costs of compliance with, or the violation of, such laws and regulations by VF orCorporation byFiscal ~~independent~~2026 ~~suppliers~~Form ~~who manufacture products for VF could have an adverse effect on our operations and cash flows, as well as on our reputation.~~10-K 17

Our business is subject to comprehensive national, state and local laws and regulations on a wide range of matters such as environmental, climate risk, consumer protection, social, employment, privacy, safety and other matters. VF could be adversely affected by costs of compliance with or violations of those laws and regulations. In addition, while we do not control their business practices, we require third-party suppliers to operate in compliance with applicable laws, rules and regulations regarding working conditions, safety, employment practices, the environment and other areas. The costs of products purchased by VF from independent contractors could increase due to the costs of compliance by those contractors.

Failure by VF or its third-party suppliers to comply with such laws and regulations, as well as with ethical, social, product, safety, labor and environmental standards, or related political considerations, could result in a material adverse effect on our financial condition, results of operations or cash flows, including resulting in interruption of finished goods shipments to VF, extensive remediation efforts, cancellation of orders by customers and termination of relationships. If VF or one of our independent contractors violates labor or other laws, implements improper labor or other business practices or takes other actions that are generally regarded as unethical, it could result in unwanted or negative media attention, jeopardize our reputation and potentially lead to various adverse consumer actions, including boycotts that may reduce demand for VF’s merchandise. Damage to VF’s reputation or loss of consumer confidence for any of these or other reasons could have a material adverse effect on VF’s results of operations, financial condition and cash flows, as well as require additional resources to rebuild VF’s reputation.

Our operations are also subject to compliance with the U.S. Foreign Corrupt Practices Act (the “FCPA”) and other anti-bribery laws applicable to our operations. Although we have policies and procedures to address compliance with the FCPA and similar laws, there can be no assurance that all of our employees, agents and other partners will not take actions in violation of our policies. Any such violation could subject us to sanctions or other penalties that could negatively affect our reputation, business and operating results.

VF Corporation Fiscal 2025 Form 10-K 17

Table of Contents

Our business is subject to international, national, state and local laws and regulations for environmental, consumer protection, corporate governance, competition, employment, privacy, safety and other matters. The costs of compliance with, or the violation of, such laws and regulations by VF or by independent suppliers who manufacture products for VF could have an adverse effect on our operations and cash flows, as well as on our reputation.

Our business is subject to comprehensive international, national, state and local laws and regulations on a wide range of matters such as environmental, climate risk, consumer protection, social, employment, privacy, safety and other matters. VF could be adversely affected by costs of compliance with or violations of those laws and regulations. In addition, while we do not control their business practices, we require third-party suppliers to operate in compliance with applicable laws, rules and regulations regarding working conditions, safety, employment practices, the environment and other areas. The costs of products purchased by VF from independent contractors could increase due to the costs of compliance by those contractors.

Failure by VF or its third-party suppliers to comply with such laws and regulations, as well as with ethical, social, product, safety, labor and environmental standards, or related political considerations, could result in a material adverse effect on our financial condition, results of operations or cash flows, including resulting in interruption of finished goods shipments to VF, extensive remediation efforts, cancellation of orders by customers and termination of relationships. If VF or one of our independent contractors violates labor or other laws, implements improper labor or other business practices or takes other actions that are generally regarded as unethical, it could result in unwanted or negative media attention, jeopardize our reputation and potentially lead to various adverse consumer actions, including boycotts that may reduce demand for VF’s products. Damage to VF’s reputation or loss of consumer confidence for any of these or other reasons could have a material adverse effect on VF’s results of operations, financial condition and cash flows, as well as require additional resources to rebuild VF’s reputation.

We are subject to periodic litigation and regulatory proceedings, which could have an adverse effect on our business, financial condition and results of operations.

We are currently involved in, and may from time to time in the future become involved in, legal actions and proceedings arising in the ordinary course of our business. These include, or may in the future include, actions, demands, claims, lawsuits, government investigations or other legal proceedings, including assertions by third parties relating to intellectual property rights, breaches of contract or warranties, employment-related matters, compliance with securities or other laws, regulatory matters, customs matters, data privacy and cybersecurity matters and commercial matters. See “Item 3—Legal Proceedings” for additional information. In general, claims made by us or against us in litigation, disputes, or other proceedings

can be expensive and time consuming to bring or defend against and could result in settlements, injunctions, or damages that could significantly affect our business. It is not possible to predict the final resolution of the litigation, disputes, or proceedings to which we currently are or may in the future become party to. Regardless of the final resolution, such proceedings may have an adverse effect on our reputation, financial condition, and business, including by utilizing our resources and potentially diverting the attention of our management from the operation of our business.

Climate risks and increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate risks and socially responsible activities, may adversely affect our business and financial results and damage our reputation.

Climate risks due to extreme environmental conditions may impact our business in numerous ways. Failure to monitor, adapt, build resilience, and develop solutions against the physical and transitional impacts from extreme environmental conditions may lead to revenue loss, market share loss, business interruptions, physical damage to our facilities, and rising costs. Extreme environmental conditions could lead to increased volatility due to physical impacts of environmental conditions on the supply chain, including the availability, quality and cost of raw materials. Increased frequency and severity of extreme weather events (such as storms and floods) could cause increased incidence of disruption to the production and distribution of our products, increased costs for our business, including maintenance, repair, utilities and insurance costs, and an adverse impact on consumer demand and spending.

Investor advocacy groups, certain institutional investors, investment funds, other market participants, shareholders, and other stakeholders, including non-governmental organizations, employees, and consumers, have ~~focused~~been ~~increasingly~~interested onin the social and environmental ~~and related sustainability~~ practices of companies. These parties have placed ~~increased~~ importance on the implications of the social cost of their investments and/or have higher expectations of corporate conduct. If our environmental, social and governance practices do not meet investor or other stakeholder expectations and standards, including related to climate risk, corporate responsibility, social impact, and human rights, and do not meet related regulations and expectations for increased transparency, which continue to evolve, our brands, reputation and employee retention may be negatively impacted. In addition, governmental and self-regulatory organizations, including the Securities and Exchange Commission ("“SEC"”), the New York Stock Exchange ("“NYSE"”) and the European Financial Reporting Advisory Group ("“EFRAG"”), promulgate rapidly changing rules and regulations addressing environmental, social and governance topics. These rules and regulations continue to evolve in scope and complexity and have resulted in, and are likely to continue to result in, uncertainty in the requirements for compliance and increased expenses and increased management time and attention spent complying with or meeting such rules and regulations. For example, collection and assurance of environmental, social and governance data, developing and acting on initiatives within the scope of environmental, social and governance, and collecting, measuring and reporting environmental, social and governance related information and targets can be costly, difficult and time consuming and is subject to evolving reporting standards, including climate- and nature-related disclosure requirements and the EU's environmental, social and governance-related disclosure requirements set forth in the Corporate Sustainability

~~environmental,~~18 VF ~~social~~Corporation ~~and~~Fiscal ~~governance,~~2026 ~~and~~Form collecting, measuring and reporting environmental, social and governance related information and targets can be costly, difficult and time consuming and is subject to evolving reporting standards, including climate10-and nature-related disclosure requirements and the EU's environmental, social and governance-related disclosure requirements set forth in the Corporate Sustainability Reporting Directive (“CSRD”), and similar proposals and laws by other domestic and international regulatory bodies. If our environmental, social and governance related data, information, processes or reporting are incomplete or inaccurate, our reputation, business, financial performance and growth could be adversely affected. For example, customer expectations with respect to our ability to meet rapidly evolving environmental, social and governance reporting standards in the EU member states and other countries may impact our ability to do business with customers, or otherwise present barriers to entry, which could result in an adverse impact on our business, financial performance and growth. K

It is possible that stakeholders may oppose our environmental, social and governance practices or disagree with them. It is also possible that stakeholders may not be satisfied with our environmental, social and governance practices or the speed of their adoption. While we may announce voluntary environmental, social and governance targets, we may not be able to meet such targets in the manner or on such a timeline as initially contemplated, including, but not limited to as a result of unforeseen costs or technical difficulties associated with achieving such results. Achieving environmental, social and governance targets will require significant efforts from us and other stakeholders, such as our suppliers and other third parties, and also require capital investment, additional costs, and the development of technology that may not currently exist. In addition, we could be criticized for the scope or nature of such targets, or for any revision to those targets. We could also incur additional costs and require additional resources to monitor, report, and comply with various environmental, social and governance practices and regulations. Also, our failure, or perceived failure, to manage reputational threats and meet stakeholder expectations or shifting consumer and customer preferences with respect to environmentally or socially responsible activities and products and packaging and sustainability commitments and regulations could negatively impact our brand, image, reputation, credibility, employee retention, and the willingness of our customers and suppliers to do business with us.

FINANCIAL RISKS

VF’s balance sheet includes a significant amount of intangible assets and goodwill. A decline in the fair value of an intangible asset or of a business unit could result in an asset impairment charge, such as the recent impairment charges related to the Dickies indefinite-lived intangible asset and Icebreaker reporting unit goodwill.

recoverable. For these impairment tests, we use various valuation methods to estimate the fair value of our business units and intangible assets. If the fair value of an asset is less than its carrying value, we would recognize an impairment charge for the difference.

During the third quarter of Fiscal 2025, due to the continued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated, VF determined that a triggering event had occurred requiring impairment testing of the Dickies indefinite-lived trademark intangible asset. As a result of the impairment testing performed, VF recorded an impairment charge of $51.0 million to the Dickies indefinite-lived trademark intangible asset. The

18 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~impairment~~Reporting ~~primarily~~Directive (“CSRD”), and similar proposals and laws by other domestic and international regulatory bodies. If our environmental, social and governance related data, information, processes or reporting are incomplete or inaccurate, our reputation, business, financial performance and growth could be adversely affected. For example, customer expectations with respect to our ability to meet rapidly evolving environmental, social and governance reporting standards in the ~~reduction~~EU member states and other countries may impact our ability to do business with customers, or otherwise present barriers to entry, which could result in an adverse impact on our business, financial ~~projections~~performance ~~for~~and ~~Dickies~~growth.

~~During~~It ~~the~~is ~~fourth~~possible ~~quarter~~that ofstakeholders ~~Fiscal~~may ~~2025~~oppose our environmental, insocial ~~connection~~and governance practices or disagree with ~~its~~them. ~~annual~~It ~~impairment~~is ~~testing,~~also VFpossible ~~performed~~that astakeholders ~~quantitative~~may ~~analysis~~not ofbe ~~the~~satisfied ~~Icebreaker~~with ~~reporting~~our ~~unit~~environmental, ~~goodwill~~social and ~~indefinite-lived~~governance ~~trademark~~practices ~~intangible~~or ~~asset.~~the Asspeed aof ~~result~~their ofadoption. ~~the~~While ~~impairment~~we ~~testing~~may ~~performed~~announce voluntary environmental, VFsocial ~~recorded~~and angovernance ~~impairment~~targets, ~~charge~~we ofmay ~~$38.2~~not ~~million~~be able to meet such targets in the ~~Icebreaker~~manner ~~reporting~~or ~~unit~~on ~~goodwill.~~such ~~The~~a ~~impairment~~timeline ~~related~~as initially contemplated, including, but not limited to ~~lower~~ ~~financial~~as ~~projections.~~a result of

Itunforeseen iscosts ~~possible~~or ~~that~~technical wedifficulties ~~could~~associated ~~have~~with ~~another~~achieving ~~impairment~~such ~~charge~~results. ~~for~~Achieving ~~goodwill~~environmental, orsocial ~~trademark~~ and ~~trade~~governance ~~name~~targets ~~intangible~~will ~~assets~~require insignificant ~~future~~efforts ~~periods~~from ifus ~~(i)~~and ~~the~~other ~~businesses~~stakeholders, dosuch ~~not~~as ~~perform~~our assuppliers ~~projected,~~and ~~(ii)~~other ~~overall~~third ~~economic~~parties, ~~conditions~~and inalso ~~Fiscal~~require ~~2026~~capital orinvestment, ~~future~~additional ~~years~~costs, ~~vary~~and ~~from~~the ~~our~~development ~~current~~of ~~assumptions~~technology ~~(including~~that ~~changes~~may innot ~~discount~~currently ~~rates,~~exist. ~~foreign~~In ~~currency~~addition, ~~exchange~~we ~~rates~~could ~~and~~be ~~tariffs),~~criticized ~~(iii)~~for ~~business~~the ~~conditions~~scope or ~~our~~nature ~~strategies~~of such targets, or for aany ~~specific~~revision ~~business~~to ~~unit~~those ~~change~~targets. ~~from~~We ~~our~~could ~~current~~also ~~assumptions,~~incur ~~(iv)~~additional ~~investors~~costs and require ~~higher~~additional ~~rates~~resources ofto ~~return~~monitor, onreport, ~~equity~~and ~~investments~~comply inwith ~~the~~various ~~marketplace~~environmental, orsocial ~~(v)~~and ~~enterprise~~governance ~~values~~practices ofand ~~comparable~~regulations. ~~publicly~~Also, ~~traded~~our ~~companies~~failure, or ofperceived ~~actual~~failure, ~~sales~~to ~~transactions~~manage ofreputational ~~comparable~~threats ~~companies,~~and ~~were~~meet tostakeholder ~~decline,~~expectations ~~resulting~~or inshifting ~~lower~~consumer ~~comparable~~and ~~multiples~~customer ofpreferences ~~revenues~~with ~~and~~respect ~~earnings~~to ~~before~~environmentally ~~interest,~~or ~~taxes,~~socially ~~depreciation~~responsible activities and ~~amortization~~products and, ~~accordingly,~~packaging ~~lower~~and ~~implied~~sustainability ~~values~~commitments ~~of goodwill~~ and ~~intangible~~regulations ~~assets.~~could ~~Any~~negatively ~~future~~impact ~~impairment~~our ~~charge~~brand, ~~for~~image, ~~goodwill~~reputation, orcredibility, ~~intangible~~employee ~~assets~~retention, ~~could~~and ~~have~~the awillingness ~~material~~of ~~effect on~~ our ~~consolidated~~customers ~~financial~~and ~~position~~suppliers orto ~~results~~do ofbusiness ~~operations~~with us.


FINANCIAL RISKS

VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment as of the beginning of the fourth quarter of each year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. In addition, intangible assets that are being amortized are tested for impairment whenever events or circumstances indicate that their carrying value may not be recoverable. For these impairment tests, we use various valuation methods to estimate the fair value of our business units and intangible assets. If the fair value of an asset is less than its carrying value, we would recognize an impairment charge for the difference.

During the third quarter of Fiscal 2026, a downward revision in Napapijri financial projections triggered VF to perform a quantitative analysis of the Napapijri reporting unit goodwill and indefinite-lived trademark intangible assets. As a result of the impairment testing performed, VF recorded an impairment charge of $30.7 million to the Napapijri reporting unit goodwill.

It is possible that we could have another impairment charge for goodwill or trademark and trade name intangible assets in future periods if (i) the businesses do not perform as projected, (ii) overall economic conditions in Fiscal 2027 or future years vary from our current assumptions (including changes in discount rates, foreign currency exchange rates and tariffs), (iii) business conditions or our strategies for a specific business unit change from our current assumptions, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or of actual sales transactions of comparable companies, were to decline, resulting in lower comparable multiples of revenues and earnings before interest, taxes, depreciation and amortization and, accordingly, lower implied values of goodwill and intangible assets. Any future impairment charge for goodwill or intangible assets could have a material

effect on our consolidated financial position or results of operations.

Fluctuations in wage rates and the price, availability and quality of raw materials and finished goods could increase costs.

Fluctuations in the price, availability and quality of purchased finished goods or the fabrics, leather, cotton or other raw materials used therein could have a material adverse effect on VF’s cost of goods sold or its ability to meet its customers’ demands. Prices of purchased finished products may depend on wage rate increases required by legal or industry standards in Asia and other geographic areas where our independent contractors are located, as well as increasing freight costs from those regions. Inflation, including as a result of inflationary pressures related to global supply chain disruptions, can also have a long-term impact on us because increasing costs of materials and labor may impact our ability to maintain satisfactory margins. For example, the cost and availability of the materials that are used in our products, such as oil-related commodity prices and other raw materials, such as cotton, dyes and chemical and other costs, such as fuel, energy and utility costs, can fluctuate significantly as a result of inflation in addition to many other factors, including general economic conditions and demand, crop yields, oil and energy prices, weather patterns, water supply quality and availability, public health issues and speculation in the commodities markets. A significant portion of our products also are manufactured in other countries and declines in the values of the U.S. dollar may result in higher manufacturing costs. In the future, VF may not be able to offset cost increases with other cost reductions or efficiencies or to pass higher costs on to its consumers and customers. This could have a material adverse effect on VF’s results of operations, liquidity and financial condition.

VF’s business is exposed to the risks of foreign currency exchange rate fluctuations. VF’s hedging strategies may not be effective in mitigating those risks.

A ~~growing~~significant ~~percentage~~portion of VF’s total revenue (approximately 5556% in Fiscal ~~2025~~2026) is derived from markets outside the U.S. Many of VF’s international businesses operate in functional currencies other than the U.S. dollar. Changes in currency exchange rates affect the U.S. dollar value of the foreign currency-denominated amounts at which VF’s international businesses purchase products, incur costs or sell products. In addition, for VF’s U.S.-based businesses, the majority of products are sourced from independent contractors located in foreign countries. As a result, the costs of these products are affected by changes in the value of the relevant currencies. Furthermore, much of VF’s licensing revenue is derived from sales in foreign currencies. Changes in foreign currency exchange rates could have an adverse impact on VF’s financial condition, results of operations and cash flows.

VF Corporation Fiscal 2026 Form 10-K 19

Table of Contents

other than the U.S. dollar. Changes in currency exchange rates affect the U.S. dollar value of the foreign currency-denominated amounts at which VF’s international businesses purchase products, incur costs or sell products. In addition, for VF’s U.S.-based businesses, the majority of products are sourced from independent contractors located in foreign countries. As a result, the costs of these products are affected by changes in the value of the relevant currencies. Furthermore, much of VF’s licensing revenue is derived from sales in foreign currencies. Changes in foreign currency exchange rates could have an adverse impact on VF’s financial condition, results of operations and cash flows. VF also has foreign currency debt obligations (euro bonds) and as a result is exposed to risks related to maturity and interest cash outflows which could be adversely impacted by significant appreciation of foreign currency exchange rates (particularly the euro), which could adversely impact our overall cash flows and interest expense.

In accordance with our operating practices, we hedge a significant portion of our foreign currency transaction exposures arising in the ordinary course of business to reduce risks in our cash flows and earnings. Our hedging strategy may not be effective in reducing all risks, and no hedging strategy can completely insulate VF from foreign exchange risk.

Further, our use of derivative financial instruments may expose VF to counterparty risks. Although VF only enters into hedging contracts with counterparties having investment grade credit ratings, it is possible that the credit quality of a counterparty could be downgraded or a counterparty could default on its obligations, which could have a material adverse impact on VF’s financial condition, results of operations and cash flows.

Our ability to obtain financing on favorable terms, if needed, could be adversely affected by geopolitical risk and volatility in the capital markets, including interest rate risks.

Any disruption in the capital markets could limit the availability of funds or the ability or willingness of financial institutions to extend capital to VF in the future. Future volatility in the financial and credit markets, including adverse interest rates, could make it more difficult for us to obtain financing or refinance existing debt, on terms that would be acceptable to us. This disruption or volatility could adversely affect our liquidity and funding resources or significantly increase our cost of capital. An inability to access capital and credit markets may have an adverse effect on our business, results of operations, financial condition and cash flows. In addition, if the U.S. or another material country's government were to default on its debt obligations, the U.S. and global capital markets would be adversely affected and our liquidity and cost of capital would be adversely impacted.

VF’s indebtedness could have a material adverse effect on its business, financial condition and results of operations and prevent VF from fulfilling its financial obligations, and VF may not be able to maintain its current credit ratings, may not continue to pay dividends or repurchase its common stock and may not remain in compliance with existing debt covenants.

As of March 2928, ~~2025~~2026, VF had approximately $43.05 billion of debt outstanding. VF’s debt and interest payment requirements could have important consequences on its business, financial condition and results of operations. For example, they could:

•require VF ~~Corporation~~to ~~Fiscal~~dedicate ~~2025~~a ~~Form~~substantial ~~10-K 19~~portion of its cash flow from operations to repaying its indebtedness, which

~~Table~~would reduce the availability of ~~Contents~~its cash flow to fund working capital requirements, capital expenditures, future acquisitions, dividends, repurchases of VF’s common stock, and for other general corporate purposes;

have important consequences on its business, financial condition and results of operations. For example, they could:

•require VF to dedicate a substantial portion of its cash flow from operations to repaying its indebtedness, which would reduce the availability of its cash flow to fund working capital requirements, capital expenditures, future acquisitions, dividends, repurchases of VF’s common stock, and for other general corporate purposes;

•limit VF’s flexibility in planning for or reacting to general adverse economic conditions or changes in its business and the industries in which it operates;

•place VF at a competitive disadvantage compared to its competitors that have less indebtedness outstanding; and

•negatively affect VF's credit ratings and limit, along with the financial and other restrictive covenants in VF’s debt documents and its ability to borrow additional funds.

VF's credit ratings may impact the cost and availability of future borrowings. ~~As a result of recent downgrades by S&P Global Inc. and Moody's Investor Services, Inc., VF's global credit facility was subject to interest rate adjustments.~~ In addition, VF may incur substantial additional indebtedness in the future to fund acquisitions, repurchase common stock or fund other activities for general business purposes. If VF incurs additional indebtedness, it may limit VF’s ability to access the debt capital markets or other forms of financing in the future and may result in increased borrowing costs.

Although VF has historically declared and paid quarterly cash dividends on its common stock and has been authorized to repurchase its stock subject to certain limitations under its share repurchase programs, any determinations by the Board of Directors to continue to declare and pay cash dividends on VF’s common stock or to repurchase VF’s common stock will be based primarily upon VF’s financial condition, results of operations and business requirements, its access to debt capital markets or other forms of financing, the price of its common stock in the case of the repurchase program and the Board of Directors’ continuing determination that the repurchase programs and the declaration and payment of dividends are in the best interests of VF’s shareholders and are in compliance with all laws and agreements applicable to the repurchase and dividend programs. Our cash dividend payments may change from time to time, and we cannot provide assurance that we will increase our cash dividend payment or declare cash dividends in any particular amount or at all. A reduction in the amount or suspension of our cash dividend payments or a reduction in the level or discontinuation of our share repurchases could have a negative effect on VF’s stock price. In addition, under VF's $2.25 billion senior unsecured revolving line of credit, the total amount of certain payments, including cash dividends, is limited to $500.0 million annually, on a calendar-year basis.

VF is required to comply with certain financial and other restrictive debt covenants in its debt documents. These restrictions, in combination with our leveraged condition, may make it more difficult for us to successfully execute our business strategy, grow our business or compete with companies not similarly restricted, and we cannot assure that we will be able to comply with our financial or other covenants or that any covenant violations would be waived in the future. Failure by VF to comply with these covenants could result in an event of default that, if not cured or waived, could have a material adverse effect on VF if the lenders declare any outstanding obligations to be immediately due and payable, suspend commitments to make any advances, or require any outstanding letters of credit to be collateralized by an interest bearing cash account, any or all of which could adversely affect our business, financial condition, and results of operations.

20 VF Corporation Fiscal 2026 Form 10-K

Table of Contents

VF is subject to the risk that its licensees may not generate expected sales or maintain the value of VF’s brands.

During Fiscal ~~2025~~2026, $6249.37 million of VF’s revenues were derived from licensing royalties. Although VF generally has significant control over its licensees’ products and advertising, we rely on our licensees for, among other things, operational and financial controls over their businesses. Failure of our licensees to successfully market licensed products or our inability to replace existing licensees, if necessary, could adversely affect VF’s revenues, both directly from reduced royalties received and indirectly from reduced sales of our other products. Risks are also associated with a licensee’s ability to:

•obtain capital;

•manage its labor relations;

•maintain relationships with its suppliers;

•manage its credit risk effectively;

•maintain relationships with its customers; and

•adhere to VF’s Global Compliance Principles.

In addition, VF relies on its licensees to help preserve the value of its brands. Although we attempt to protect VF’s brands through approval rights over design, production processes, quality, packaging, merchandising, distribution, advertising and promotion of our licensed products, we cannot completely control the use of licensed VF brands by our licensees. The misuse of a brand by a licensee, including through the marketing of products under one of our brand names that do not meet our quality standards, could have a material adverse effect on that brand and on VF.

Volatility in securities markets, interest rates and other economic factors could substantially increase VF’s defined benefit pension costs.

VF currently has obligations under its defined benefit pension plans. The funded status of the pension plans is dependent on many factors, including returns on invested assets and the discount rates used to determine pension obligations. Unfavorable impacts from returns on plan assets, changes in discount rates, changes in plan demographics or revisions in the applicable laws or regulations could materially change the timing and amount of pension funding requirements, which could reduce cash available for VF’s business.

VF’s operating performance also may be negatively impacted by the amount of expense recorded for its pension plans. Pension expense is calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions. Differences between estimated and actual results give rise to gains and losses that are deferred and amortized as part of future pension expense, which can create volatility that adversely impacts VF’s future operating results.

Inand ~~May~~demographic ~~2025 VF executed a resolution to terminate VF's U~~conditions.S. ~~qualified~~Differences ~~defined~~between ~~benefit~~estimated ~~pension plan, which is frozen~~ and noactual ~~longer~~results ~~accrues~~give ~~benefits.~~rise Asto ofgains ~~March~~and ~~2025,~~losses ~~the~~that ~~fair~~are ~~value~~deferred ofand ~~the~~amortized ~~plan's~~as ~~assets~~part ~~exceeded its benefit obligation. The termination~~ of ~~the~~future ~~plan~~pension ~~is anticipated to be effective in July 2025~~expense, iswhich ~~subject~~can tocreate ~~the~~volatility ~~appropriate~~that ~~regulatory~~adversely ~~approvals,~~impacts ~~and is expected to be completed in Fiscal 2026.~~ VF'’s ~~ultimate~~future ~~settlement~~operating ~~obligations will depend upon both the nature and timing of participant settlements and prevailing market conditions~~results.

20 In May 2025 VF ~~Corporation~~executed ~~Fiscal~~a ~~2025~~resolution ~~Form~~to 10terminate VF's U.S. qualified defined benefit pension plan, which is frozen and no longer accrues benefits. In February 2026, VF completed the termination of the plan through a combination of lump-Ksum payments to eligible participants and the purchase of group annuity contracts to settle the remaining benefit obligations.

Table of Contents

The spin-off of Kontoor Brands, Inc. could result in substantial tax liability to us and our shareholders.

We received opinions of tax advisors substantially to the effect that, for U.S. Federal income tax purposes, the May 22, 2019 spin-off of our Jeans business, Kontoor Brands, Inc. ("“Kontoor Brands"”) and certain related transactions qualify for tax-free treatment under certain sections of the Internal Revenue Code. However, if the factual assumptions or representations made by us in connection with the delivery of the opinions are inaccurate or incomplete in any material respect, including those relating to the past and future conduct of our business, we will not be able to rely on the opinions. Furthermore, the opinions are not binding on the IRS or the courts. If, notwithstanding receipt of the opinions, the spin-off transaction and certain related transactions are determined to be taxable, we would be subject to a substantial tax liability. In addition, if the spin-off transaction is taxable, each holder of our common stock who received shares of Kontoor Brands in connection with the spin-off would generally be treated as receiving a taxable distribution of property in an amount equal to the fair market value of the shares received.

generally be treated as receiving a taxable distribution of property in an amount equal to the fair market value of the shares received.

Even if the spin-off otherwise qualifies as a tax-free transaction, the distribution would be taxable to us (but not to our shareholders) in certain circumstances if future significant acquisitions of our stock or the stock of Kontoor Brands are deemed to be part of a plan or series of related transactions that included the spin-off. In this event, the resulting tax liability could be substantial. In connection with the spin-off, we entered into a tax matters agreement with Kontoor Brands, pursuant to which Kontoor Brands agreed to not enter into any transaction that could cause any portion of the spin-off to be taxable to us without our consent and to indemnify us for any tax liability resulting from any such transaction. In addition, these potential tax liabilities may discourage, delay or prevent a change of control of us.


GENERAL RISKS

Regional epidemics or global pandemics may materially and adversely affect our business, financial condition and results of operations.

~~The~~Public ~~occurrence~~health ~~of regional epidemics or a global pandemic may~~crises, ~~and~~such ~~has,~~as ~~adversely affect our business, financial condition and results of operations. For example,~~ the COVID-19 global pandemic ~~has~~have, and ~~could~~may ~~continue~~in tothe ~~materially~~future, ~~and~~ adversely affect our business, financial condition and results of ~~operation~~operations. ~~Our~~A ~~business~~significant ~~has~~outbreak ~~been,~~or ~~and~~resurgence ~~could continue to be, impacted by the effects~~ of ~~the~~infectious ~~COVID-19~~disease ~~pandemic~~ in countries and territories where we operate and where our employees, suppliers, third-party service providers, consumers or customers are located. ~~Our~~could ~~operations~~result ~~may be closed again or experience operational restrictions if and where there is a resurgence~~ in ~~COVID-19 or new variants of the virus emerge or other viruses emerge. We may continue to experience~~ significant reductions in demand and significant volatility in demand for our products by ~~consumers and customers, resulting in reduced orders, order cancellations, lower revenues, higher discounts, increased inventories, decreased value of inventories and lower gross margins. We may~~

consumers and customers, resulting in reduced orders, order cancellations, lower revenues, higher discounts, increased inventories, decreased value of inventories and lower gross margins. We may be negatively impacted by significant uncertainty and turmoil in global economic and financial market conditions causing, among other things: decreased consumer confidence and decreased consumer spending, inability to access financing in the credit and capital markets (including the commercial paper market) at reasonable rates (or at all), increased exposure to fluctuations in foreign currency exchange rates relative to the U.S. Dollar, and volatility in the availability and prices for commodities and raw materials we use for our products and in our supply chain. We may fail to meet our consumers’ and customers’ needs for inventory production and fulfillment due to disruptions in our supply chain and increased costs associated with mitigating the effects of a pandemic.

~~These~~VF ~~impacts~~Corporation ~~have~~Fiscal ~~placed,~~2026 ~~and~~Form could continue to place, limitations on our ability to execute our business plan and materially and adversely affect our business, financial condition and results of operations. Measures to contain a global pandemic may exacerbate other risks discussed in this “Risk Factors” section, any of which could have a material effect on us. 10-K 21

Table of Contents

products and in our supply chain. We may fail to meet our consumers’ and customers’ needs for inventory production and fulfillment due to disruptions in our supply chain and increased costs associated with mitigating the effects of a pandemic.

These impacts have placed, and could continue to place, limitations on our ability to execute our business plan and

materially and adversely affect our business, financial condition and results of operations. Measures to contain a global pandemic may exacerbate other risks discussed in this “Risk Factors” section, any of which could have a material effect on us.


ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

VF Corporation Fiscal 2025 Form 10-K 21

Table of Contents


ITEM 1C. CYBERSECURITY.

Our business operations and relationships with consumers, customers, employees and business partners rely heavily on information technology (“IT”) systems and data. We also recognize the need to continually assess cybersecurity risk and evolve our management approach in the face of a rapidly and ever-changing environment. Accordingly, we aim to protect our business operations, including consumer, employee and confidential business records and information, against known

and evolving cybersecurity threats. We have established processes for identifying, assessing, and managing material risks from cybersecurity threats using a systematic framework intended to protect the confidentiality, integrity, and availability of the Company’s important IT systems and data.

Oversight responsibility in this area is shared by the Board, its Audit Committee, and management.

Responsible party Oversight of cybersecurity Board of Directors Oversight of cybersecurity within VF’s overall risks Audit Committee Primary oversight responsibility for cybersecurity, including internal controls designed to identify, assess, and manage risks related to cybersecurity Management Our Chief Information Security Officer ("“CISO”), Chief Operating Officer (“COO”), Chief Legal Officer, and other senior members of our digital and technology and risk teams are responsible for identifying, assessing, and managing risks related to these topics, and reporting to the Audit Committee and/or the full Board of Directors

Management receives a cybersecurity and information security maturity assessment from a third-party assessor biennially to gain a third-party view of our cybersecurity and information security program. We have integrated the identification, assessment and management of cybersecurity risks into VF’s enterprise risk management program, ensuring alignment with our overall approach to risk oversight by the Board, its committees, and management. The Board receives an annual update from VF senior leadership on cybersecurity and information security matters. The Audit Committee receives regular reports from VF senior leadership, including the CISO, on cyber threats, information security risks and controls, and other program updates, as well as enterprise risk management program updates. The Audit Committee regularly briefs the Board on these cybersecurity matters, and the Board also receives periodic briefings on cyber threats and best practices to enhance our directors’ literacy on cybersecurity and information security issues.

We place a high priority on securing confidential business information and the sensitive personal information we receive and store about our consumers, customers and employees. We have systems in place to securely receive and store that information and to detect, contain, and respond to cybersecurity incidents. We also have processes to manage risk from cybersecurity threats associated with third parties, including service providers, such as risk assessments and contractual requirements that include cybersecurity measures. In addition, we have a cybersecurity and information security training and compliance program in place to support our teams who work in areas of cybersecurity and information security risk. As part of this program, VF employees who have access to confidential information receive training at least annually on cybersecurity and information security. To respond to the threat of security

~~and information security. To respond to the threat of security~~ breaches and cyberattacks, VF maintains a program, overseen by VF’s CISO and COO, that is designed to protect and preserve the confidentiality, integrity and continued availability of all information and systems owned by, or in the care of, VF. This program also includes a cyber incident response plan that provides processes for timely and accurate reporting of any material cybersecurity incident. Our CISO has over thirty years of experience as a cybersecurity professional, including experience as the CISO of two large retailers, and reports to our COO, who leads our digital and technology functions and has ~~nearly~~over twenty years of experience enabling digital transformation for global companies. In addition, members of VF’s information security, IT and privacy teams have broad experience and expertise in selecting, deploying and operating cybersecurity technologies, initiatives and processes around the world. VF also engages service providers, consultants and other third parties in connection with these processes to provide augmented cybersecurity capabilities, deliver strategic advice, provide assurance regarding the effectiveness of certain processes and assist in cybersecurity incident response efforts, as needed. VF also maintains a cybersecurity risk insurance policy.

VF’s IT systems have been subject to cybersecurity incidents in the past and there is no guarantee that future cybersecurity incidents will not have a material impact in the future. To learn more about risks from cybersecurity threats, see the following risk factors in Item 1A of this Part I, under the headings, "“VF relies significantly on information technology. Any inadequacy, interruption, ~~integration~~operational failure or security failure of this technology could harm VF’s ability to effectively operate its business,"” and "“VF is subject to cybersecurity, information security and privacy risks that could negatively affect its business operations, results of operations or reputation.”

22 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents


ITEM 2. PROPERTIES.

The following is a summary of VF Corporation’s principal owned and leased properties as of March 2928, ~~2025~~2026.

VF’s global headquarters are located in a 285,000 square foot, leased facility in Denver, Colorado. In addition, we own and lease facilities in Stabio, Switzerland and lease offices in Shanghai, China, which serve as our European and Asia-Pacific regional headquarters, respectively. We also own or lease brand headquarter facilities throughout the world.

We own a 180,000 square foot facility in Greensboro, North Carolina that serves as a corporate shared service center. We lease shared service facilities in Kuala Lumpur, Malaysia and Dalian, China that support our Asia-Pacific operations. Our sourcing hubs are located in Singapore, Panama City, Panama, and Stabio, Switzerland.

Our largest distribution centers by region are located in Ontario, California,; ~~Prague~~Almelo, ~~Czech~~the ~~Republic~~Netherlands; and Kunshan, China. In total, we operate 1613 owned or leased distribution centers primarily in the U.S., but also in the Czech Republic, ~~Belgium~~the Netherlands, China, United Kingdom, ~~the Netherlands~~Belgium, ~~China,~~ Canada, Mexico and Israel.

In addition to the principal properties described above, we lease many offices worldwide for sales and administrative purposes. We operate 1,~~127~~080 retail stores across the Americas, Europe and Asia-Pacific regions. Retail stores are generally leased under operating leases and include renewal options. We believe all facilities and machinery and equipment are in good condition and are suitable for VF’s needs.


ITEM 3. LEGAL PROCEEDINGS.

~~There~~Other than the putative securities class action in the U.S. District Court for the District of Colorado discussed in Note 22, Commitments and Contingencies, there are no pending material legal proceedings, other than ordinary, routine litigation incidental to the business, to which VF or any of its subsidiaries is a party or to which any of their property is the subject.

SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental regulations if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to SEC regulations, VF uses a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. VF believes that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to VF’s business or financial condition. Applying this threshold, there are no such proceedings to disclose for this period.


ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

VF Corporation Fiscal ~~2025~~2026 Form 10-K 23

Table of Contents

PART II


ITEM 5. MARKET FOR VF’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

VF’s Common Stock is listed on the New York Stock Exchange under the symbol “VFC”. As of April 2625, ~~2025~~2026 there were 2,~~456~~297 shareholders of record. Quarterly dividends on VF Common Stock, when declared, are paid on or about the 20th day of June, September, December and March.


PERFORMANCE GRAPH:

The following graph compares the cumulative total shareholder return on VF Common Stock with that of the Standard & Poor’s (“S&P”) 500 Index and the S&P 1500 Apparel, Accessories & Luxury Goods Subindustry Index (“S&P 1500 Apparel Index”) for Fiscal ~~2021~~2022 through Fiscal ~~2025~~2026. The S&P 1500 Apparel Index at the end of Fiscal ~~2025~~2026 consisted of Capri Holdings Limited, Carter’s, Inc., Columbia Sportswear Company, G-III Apparel Group, Ltd., ~~Hanesbrands Inc.,~~ Kontoor Brands, Inc., Lululemon Athletica Inc.,

~~Athletica Inc.,~~ Oxford Industries, Inc., PVH Corp., Ralph Lauren Corporation, Tapestry, Inc., Under Armour, Inc. and VF Corporation. The graph assumes that $100 was invested at the end of Fiscal ~~2020~~2021 in each of VF Common Stock, the S&P 500 Index and the S&P 1500 Apparel Index, and that all dividends were reinvested. The graph plots the respective values on the last trading day of Fiscal ~~2020~~2021 through Fiscal ~~2025~~2026. Past performance is not necessarily indicative of future performance.

COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN OF VF COMMON STOCK,

S&P 500 INDEX AND S&P 1500 APPAREL INDEX

VF Common Stock closing price on March 2928, ~~2025~~2026 was $1516.6940

Company / Index

Base ~~Period3~~Period4/283/2021

4/32/2122

4/21/2223

43/130/2324

3/3029/2425

3/2928/2526

VF Corporation

100.00

~~141~~73.1224

~~103~~31.3627

4421.1383

3022.8180

3224.1738

S&P 500 Index

100.00

~~160~~114.9368

~~184~~105.5646

~~169~~136.7297

~~220~~147.4344

~~237~~170.2839

S&P 1500 Apparel, Accessories & Luxury Goods

100.00

~~197~~84.1143

~~166~~66.4356

~~131~~65.2104

~~128~~55.2081

~~110~~57.0233

24 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents


ISSUER PURCHASES OF EQUITY SECURITIES:

The following table sets forth VF’s repurchases of our Common Stock during the fiscal quarter ended March 2928, ~~2025~~2026 under the share repurchase program authorized by VF’s Board of Directors in 2017.

Fiscal Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Dollar Value of Shares that May Yet be Purchased Under the Program
December 29, 2024 — January 25, 2025	—	$	—	—	$	2,486,971,057
December 28, 2025 — January 24, 2026	—	$	—	—	$	2,486,971,057
January 26, 2025 — February 22, 2025	—	—		—	2,486,971,057
January 25, 2026 — February 21, 2026	—	—		—	2,486,971,057
February 23, 2025 — March 29, 2025	—	—		—	2,486,971,057
February 22, 2026 — March 28, 2026	—	—		—	2,486,971,057
Total	—			—


ITEM 6. [RESERVED]

Not applicable.


ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.


OVERVIEW

VF Corporation (together with its subsidiaries, collectively known as “VF” or the "“Company”) is a portfolio of leading outdoor, ~~active~~ and ~~workwear~~active brands, including The North Face®, Vans®, ~~Timberland®~~ and ~~Dickies~~Timberland®. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders.

VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear, equipment and accessories categories. Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores,

~~consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores,~~ independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

VF is organized by groupings of brands and businesses represented by its reportable segments for financial reporting purposes. The ~~three~~two reportable segments are Outdoor, ~~Active~~ and ~~Work~~Active. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an “All Other” category.


BASIS OF PRESENTATION

VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. All references to the years ended March ~~2025~~2026 ("“Fiscal ~~2025"~~2026”), March ~~2024~~2025 ("“Fiscal ~~2024"~~2025”) and March ~~2023~~2024 ("“Fiscal ~~2023"~~2024”) relate to the 52-week fiscal years ended March 2928, ~~2025~~2026, March 3029, ~~2024~~2025, and ~~April~~March 130, ~~2023~~2024, respectively.

The following discussion and analysis focuses on our financial results for the years ended March ~~2025~~2026 and ~~2024~~2025 and year-to-year comparisons between these years. A discussion of our results of operations for the year ended March ~~2024~~2025 compared to the year ended March ~~2023~~2024 is included in Part II, Item 7. "“Management's Discussion and Analysis of Financial Condition and Results of Operations"” of our Annual Report on Form 10-K for the year ended March 3029, ~~2024~~2025, filed with the SEC on May 2322, ~~2024~~2025, and is incorporated by reference into this Form 10-K.

All per share amounts are presented on a diluted basis. All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers.

References to the year ended March ~~2025~~2026 foreign currency amounts and impacts below reflect the changes in foreign ~~exchange rates from the year ended March 2024 when~~

exchange rates from the year ended March 2025 when translating foreign currencies into U.S. dollars. VF’s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.

On ~~July~~September 1615, ~~2024~~2025, VF entered into a definitive ~~Stock~~agreement ~~and Asset Purchase Agreement (the "Purchase Agreement")~~ with ~~EssilorLuxottica~~Bluestar ~~S.A.~~Alliance LLC to sell the ~~Supreme~~Dickies® brand business (~~"Supreme"~~“Dickies”). On ~~October 1~~November 12, ~~2024~~2025, VF completed the sale of ~~Supreme~~Dickies. ~~During~~All ~~the~~references ~~second~~to ~~quarter~~the impact of ~~Fiscal~~Dickies ~~2025,~~divestiture ~~the~~below ~~Company~~represent ~~determined~~the ~~that~~difference ~~Supreme~~between ~~met~~Dickies ~~the~~revenue ~~held-for-sale~~recognized ~~and~~in ~~discontinued~~the ~~operations~~third ~~accounting~~quarter ~~criteria.~~of ~~Accordingly,~~Fiscal VF2026 ~~has~~(through ~~reported~~ the ~~results~~date of ~~Supreme~~sale) and the ~~related~~amount ~~cash~~of ~~flows~~Dickies asrevenue ~~discontinued~~recognized ~~operations~~ in the ~~Consolidated~~third ~~Statements of Operations~~ and ~~Consolidated~~fourth ~~Statements~~quarters of ~~Cash~~Fiscal ~~Flows, respectively, through the date of sale~~2025. InThe ~~addition,~~Company ~~interest~~determined ~~expense~~that ~~and~~ the ~~related~~sale ~~interest~~of ~~rate~~Dickies ~~swap~~did ~~impact~~not ~~for~~represent ~~the~~a ~~delayed~~strategic ~~draw~~shift ~~Term~~that ~~Loan~~would ~~("DDTL")~~have ~~were~~a ~~allocated~~major toeffect ~~discontinued~~on ~~operations due to~~ the ~~requirement~~Company's ~~within~~operations ~~the~~and ~~DDTL~~financial ~~Agreement~~results, asand ~~amended,~~therefore ~~that~~did ~~the~~not ~~DDTL~~qualify befor ~~prepaid~~presentation ~~upon~~as ~~the~~a ~~receipt~~discontinued ofoperation. ~~the~~Refer ~~net~~to ~~cash~~Note ~~proceeds~~3 ~~from~~to ~~the~~VF's ~~sale~~consolidated offinancial ~~Supreme.~~statements ~~The related held-~~for~~-sale~~ ~~assets~~additional ~~and~~information ~~liabilities~~on ~~have~~the ~~been reported as~~ divestiture.

VFIn ~~Corporation~~the first quarter of Fiscal ~~2025~~2026, ~~Form~~VF ~~10-K 25~~realigned its reportable segments to reflect a change in how the Timberland® brand is

VF Corporation Fiscal 2026 Form 10-K 25

Table of Contents

~~assets~~managed and ~~liabilities~~the chief operating decision maker's key areas of ~~discontinued~~focus. ~~operations~~VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the ~~Consolidated~~Outdoor ~~Balance~~reportable ~~Sheets~~segment and the Vans®, Kipling®, Eastpak® and Jansport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an “All Other” category. This group includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. In the tables below, the Company has recast historical financial information to reflect the new reportable segments. These changes ~~have~~had ~~been~~no ~~applied~~impact on previously reported consolidated results of operations. Refer to ~~all~~additional ~~periods~~discussion ~~presented~~in the “Information by Reportable Segment” section below and Note 21 to VF's consolidated financial statements.

~~Refer~~On toJuly ~~Note~~16, 32024, to VF’s ~~consolidated~~entered ~~financial~~into ~~statements~~a ~~for~~definitive ~~additional~~Stock ~~information~~and onAsset ~~discontinued~~Purchase ~~operations~~Agreement with EssilorLuxottica S.A. to sell the

Supreme® brand business (“Supreme”). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Financial Statements, through the date of sale. These changes have been applied to all periods presented. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan (“DDTL”), which totaled $31.1 million for the year ended March 2025, were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. Refer to Note 3 to VF’s consolidated financial statements for additional information on discontinued operations.

Unless otherwise noted, amounts, percentages and discussion for all periods included below reflect the results of operations and financial condition from VF’s continuing operations.


RECENT DEVELOPMENTS

Conflict in the Middle East

The conflict in the Middle East, which began during the fourth quarter of Fiscal 2026, has contributed to heightened geopolitical uncertainty, including impacts to global supply chains and increased fuel and oil costs. These and other factors may lead to broader macroeconomic implications, such as decreased consumer spending. While the length, scope and intensity of the conflict is unknown, VF does not believe the impact will be material, but will continue to monitor the evolving macroeconomic environment and its ability to mitigate the impact on VF's business, financial condition and results of operations.

Dickies Divestiture

As noted above, VF completed the sale of Dickies on November 12, 2025. In connection with the closing of the transaction, VF received proceeds of $600.5 million, net of cash sold. VF recorded a final pre-tax gain of $127.2 million in the year ended March 2026, which included a reduction to the gain to reflect final working capital adjustments of $11.9 million in the fourth quarter of Fiscal 2026, which will be paid in Fiscal 2027. The pre-tax gain is included in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

Impact of Tariffs

In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports. ~~The~~under ~~implementation of some of~~ the ~~announced~~International ~~tariffs~~Emergency ~~has~~Economic ~~been~~Power ~~delayed,~~Act ~~while some have taken effect~~(“IEEPA”). ~~Additionally,~~In inFebruary ~~response~~2026, ~~certain governments have announced retaliatory tariffs on goods imported from~~ the U.S. VFSupreme ~~has~~Court ainvalidated ~~diversified~~tariffs ~~sourcing~~imposed ~~country~~under ~~mix. Approximately 85% of products purchased for sale in~~ the UIEEPA.S. ~~are~~Immediately ~~sourced~~following ~~through Southeast Asia and Central and South America, with Vietnam, Bangladesh, Cambodia and Indonesia comprising~~ the ~~top~~IEEPA ~~four sourcing markets. Less than 2% of total U.S. products are sourced through China. While the situation is dynamic and evolving~~ruling, ~~VF continues to analyze~~ the ~~impact of these tariffs on our business and is taking steps to mitigate our tariff exposure. Mitigation strategies include sourcing optimization, accelerating production and shipments into the~~ U.S. ~~during~~government ~~the~~imposed ~~period~~additional ofnew ~~delayed application of the reciprocal~~ tariffs, ~~negotiations~~under ~~with~~other ~~our~~statutory ~~vendors~~authorities, ~~and~~resulting ~~potential~~in ~~price~~a ~~increases.~~rapidly ~~However,~~evolving ~~the~~tariff ~~duration and scope of the tariffs are difficult to predict, along with the extent to which VF will be able to offset the impact through our mitigation efforts~~environment.

VF paid tariffs totaling $149.7 million imposed under IEEPA, and on February 20, 2026 the U.S. Supreme ~~Divestiture~~Court ruled that these tariffs were deemed invalid. Further, on March 4, 2026, the Court of International Trade ruled that U.S. Customs and Border

AsProtection ~~noted~~(“CBP”) ~~above,~~must VFrefund ~~completed~~IEEPA ~~the~~tariffs ~~sale~~that ofwere ~~Supreme on October 1~~collected, ~~2024.~~with ~~VF received proceeds of $1~~interest.~~506~~ ~~billion,~~As ~~net~~a ~~of cash sold~~result, ~~resulting~~VF inrecorded a ~~final~~tariff ~~after-tax~~refund ~~loss~~receivable ~~on sale~~ of $~~126~~149.67 million, ~~which~~related isto ~~included~~tariffs inpaid ~~the~~under ~~income~~IEEPA ~~(loss)~~ from ~~discontinued~~April ~~operations,~~2025 ~~net~~until ofFebruary ~~tax~~20, ~~line~~2026. ~~item~~Interest inis ~~the~~not ~~Consolidated~~included ~~Statement~~due ofto ~~Operations for~~ the ~~year~~uncertainty ~~ended~~of ~~March~~the ~~2025.~~amount VFbut ~~used~~is anot ~~portion~~believed ofto ~~the~~be ~~net~~material. ~~cash~~On ~~proceeds~~April to20, ~~prepay~~2026, approximately $~~1.0~~57 ~~billion~~million of ~~the~~IEEPA ~~DDTL~~entries onwere ~~October~~submitted 4,for ~~2024,~~refund ~~pursuant~~processing. toSubmission ~~the~~and ~~terms~~processing of the ~~DDTL~~remaining ~~Agreement,~~IEEPA astariffs ~~amended,~~is ~~which~~subject ~~required~~to ~~repayment~~finalization ~~within ten business days~~ of ~~VF’s receipt of~~ the ~~net~~process ~~cash~~for ~~proceeds from~~ the ~~sale~~next phase of ~~Supreme,~~refunds ~~and~~by ~~to repay $450~~CBP.0 ~~million~~VF ofwill ~~commercial~~re-evaluate ~~paper~~its ~~borrowings~~assessment ~~upon~~at ~~maturity~~each ~~during~~reporting ~~the~~period ~~third~~based ~~quarter~~on ofany ~~Fiscal~~new ~~2025~~information.

~~Reinvent~~The tariff refund receivable is included in the accounts receivable, net line item in the Consolidated Balance Sheet as of March 2026. For the year ended March 2026, VF recognized $93.8 million as a reduction to cost of goods sold. As of March 2026, $55.9 million is recorded as a reduction to inventory and will be recognized as a decrease in cost of goods sold as the inventory turns.

OnAlso, ~~October~~VF ~~30,~~recorded ~~2023,~~a VFliability ~~introduced~~of ~~Reinvent~~$37.6 million as of March 2026, areflecting ~~transformation~~the ~~program~~portion toof ~~enhance~~the ~~focus~~refund onthat ~~brand-building~~VF ~~and~~has committed to ~~improve~~reimburse ~~operating~~certain ~~performance~~vendors and ~~allow~~partners, which is included in the accounts payable line item in the Consolidated Balance Sheet. For the year ended March 2026, VF recognized $22.7 million as an increase to ~~achieve~~cost ~~its~~of ~~full~~goods ~~potential~~sold and $14.9 ~~The~~million ~~first~~as ~~announced~~an ~~steps~~increase into ~~this~~inventory. ~~transformation,~~Amounts ~~which~~that ~~cover~~are ~~the~~deferred ~~following~~into ~~priorities:~~inventory ~~improve~~will ~~North~~be ~~America~~recognized ~~results,~~as ~~deliver~~an increase in the ~~Vans®~~cost ~~turnaround,~~of ~~reduce~~goods ~~costs~~sold as the inventory turns. Reimbursements will not be made to vendors and ~~strengthen~~partners ~~the~~until ~~balance~~after ~~sheet,~~collection ~~are~~of asthe ~~follows:~~applicable IEEPA refunds.

~~•Establish~~VF ~~global~~has ~~commercial~~a ~~organization,~~diversified ~~inclusive~~sourcing country mix. Approximately 85% of anproducts ~~Americas~~purchased ~~region:~~for VFsale ~~changed~~in the ~~operating~~U.S. ~~model~~are sourced through Southeast Asia and Central and South America, with Vietnam, Bangladesh, Cambodia and Indonesia comprising the ~~establishment~~top offour asourcing ~~global~~markets. ~~commercial~~Less ~~structure~~than 2% of total U.S. ~~This~~products are sourced through China.

~~includes~~While the ~~creation~~tariff ofsituation anis ~~Americas~~dynamic ~~regional platform, modeled on the Company's successful operations in the Europe~~ and ~~Asia-Pacific regions. With this change~~evolving, VF ~~has~~continues ~~created~~to analyze the ~~role~~impact of ~~Chief~~tariffs ~~Commercial~~on ~~Officer,~~our ~~with~~business ~~responsibility~~and ~~for~~has ~~go-to-market~~taken ~~execution~~steps ~~globally.~~

~~•Sharpen~~26 VF ~~brand~~Corporation ~~presidents'~~Fiscal ~~focus~~2026 onForm sustainable growth: A direct consequence and intent of the operating model change, which is particularly critical at this stage for the Vans® brand, enables brand presidents to direct greater focus and attention to long10-~~term brand-building, product innovation and growth strategies.~~K

•Appoint new Vans® president: Sun Choe was appointed the new Global Brand President of Vans® effective late July 2024.

•Optimize cost structure to improve operating efficiency and profitability: Actions have been implemented in a large-scale cost reduction program, which delivered $300.0 million in gross cost savings, by removing spend in non-strategic areas of the business, and simplifying and right-sizing VF's structure.

•Reduce debt and leverage: In addition to improving operating performance, VF is committed to deleveraging the balance sheet. VF used the proceeds from the sale of Supreme to prepay the DDTL and to repay $450.0 million of commercial paper borrowings. In March 2025, VF completed an early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025.

In Fiscal 2025, the Company initiated the second phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction. VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028.

Reinvent restructuring charges in the year ended March 2025 were $81.4 million and cumulative charges were $190.1 million since the inception of the program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.

For additional information regarding recent developments, see "Item 1A. Risk Factors."

26 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~SUMMARY~~to OFmitigate ~~THE~~our ~~YEAR~~tariff ~~ENDED~~exposure. ~~MARCH~~Mitigation ~~2025~~strategies have included, and may continue to include, sourcing optimization, accelerating production and shipments into the U.S., negotiations with our vendors and tactical price increases. The duration and scope of the tariffs are difficult to predict, along with the extent to which VF will be able to offset the impact through our mitigation efforts. VF will continue to monitor and evaluate new information as it becomes available.

~~•Revenues decreased 4% to $9.5 billion compared to the year ended March 2024.~~Reinvent

~~•Outdoor~~On ~~segment~~October ~~revenues~~30, ~~increased~~2023, 1%VF introduced Reinvent, a transformation program to ~~$5.6~~enhance ~~billion~~focus ~~compared~~on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation covered the ~~year~~following ~~ended~~priorities: ~~March~~improve ~~2024~~North America results, ~~including~~deliver athe 1%Vans® ~~unfavorable~~turnaround, ~~impact~~reduce ~~from~~costs ~~foreign~~and ~~currency~~strengthen the balance sheet.

~~•Active~~In ~~segment~~Fiscal ~~revenues~~2025, ~~decreased~~the ~~12%~~Company toinitiated ~~$3.1~~the ~~billion~~second ~~compared~~phase of Reinvent, which is focused on a return to ~~the~~growth ~~year~~and ~~ended~~improvements ~~March~~to ~~2024~~profitability. In doing so, ~~including~~the Company initiated a 1%set ~~unfavorable~~of ~~impact~~transformational ~~from~~workstreams ~~foreign~~focused ~~currency.~~on revenue growth, margin expansion and selling, general and

~~•Work~~administrative ~~segment~~expense ~~revenues~~contraction. ~~decreased~~VF 7%aims to generate between $~~833~~500.10 and $600.0 million ~~compared~~in tonet ~~the~~operating ~~year~~income ~~ended~~expansion ~~March~~in ~~2024,~~Fiscal ~~including~~2028 acompared 1%to ~~unfavorable~~the ~~impact~~end ~~from~~of ~~foreign~~Fiscal ~~currency~~2024.

~~•Wholesale~~Reinvent ~~revenues~~restructuring charges in the year ended March 2026 were ~~down~~$14.9 million 2%and ~~compared~~cumulative tocharges were $205.0 million since the ~~year~~inception ~~ended~~of ~~March~~the ~~2024~~program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.

~~•Direct-~~All restructuring actions related to~~-consumer~~ ~~revenues~~Reinvent were ~~down~~substantially 6%complete ~~compared~~at the end of the first quarter of Fiscal 2026. In addition, as further discussed in Note 24 to VF's consolidated financial statements, VF has entered into a contract with a consulting firm to support Reinvent. Fees related to the ~~year~~contract ~~ended~~consist ~~March~~of ~~2024~~fixed fees for services performed and contingent fees tied to increases in VF’s stock price. Services provided under the contract were substantially complete by the end of the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.

~~•International~~For ~~revenues~~additional ~~decreased~~information 2%regarding ~~compared~~recent ~~to the year ended March 2024~~developments, ~~including~~see a“Item 1%1A. ~~unfavorable~~Risk ~~impact from foreign currency~~Factors.”

~~•Revenues~~SUMMARY inOF ~~the~~THE ~~Americas~~YEAR ~~region~~ENDED ~~decreased~~MARCH ~~7% compared to the year ended March 2024, including a 1% unfavorable impact from foreign currency.~~2026

•~~Gross~~Revenues ~~margin~~ increased ~~190~~1% ~~basis points~~ to 53$9.5%6 inbillion ~~the year ended March 2025~~ compared to the year ended March ~~2024~~2025, ~~primarily~~including ~~driven~~a by3% ~~lower~~favorable ~~product~~impact ~~costs~~from ~~and~~foreign ~~improved inventory quality~~currency.

•~~Earnings~~Outdoor ~~(loss)~~segment ~~per~~revenues ~~share was $0.18 in the year ended March 2025 compared to ($2.62) in the year ended March 2024. The year ended March 2024 included~~ increased ~~tax~~8% ~~expense due~~ to ~~the unfavorable decision in the Timberland tax case, which negatively impacted earnings per share by~~ $15.~~72.~~7 ~~The~~billion ~~increase in earnings per share was also due to lower impairment charges in the current year~~ compared to the year ended March ~~2024~~2025, ~~and~~including ~~increased~~a ~~profitability~~3% infavorable ~~the~~impact ~~Outdoor~~from ~~and~~foreign ~~Work segments~~currency. ~~The increase in earnings per share was also partially offset by lower profitability in the Active segment.~~

•Active segment revenues decreased 7% to $2.7 billion compared to the year ended March 2025, including a 2% favorable impact from foreign currency.

•Wholesale revenues increased 1% compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

•Direct-to-consumer revenues increased 2% compared to the year ended March 2025, including a 3% favorable impact from foreign currency.

•International revenues increased 2% compared to the year ended March 2025, including a 5% favorable impact from foreign currency.

•Revenues in the Americas region remained flat compared to the year ended March 2025.

•Gross margin increased 130 basis points to 54.8% in the year ended March 2026 compared to the year ended March 2025, primarily driven by higher quality inventory, lower product costs, increased pricing and favorable foreign currency impacts.

•Earnings per share was $0.64 in the year ended March 2026 compared to $0.18 in the year ended March 2025. The increase in earnings per share was primarily driven by the $127.2 million gain related to the Dickies divestiture, lower Reinvent charges, lower impairment charges and increased profitability in the Outdoor segment during the year ended March 2026 compared to the year ended March 2025. The increase was partially offset by $217.2 million of pension settlement charges and excise taxes related to the termination of the U.S. qualified pension plan in the year ended March 2026.


ANALYSIS OF RESULTS OF OPERATIONS


Consolidated Statements of Operations

The following table presents a summary of the changes in revenues for the year ended March ~~2025~~2026 compared to the year ended March ~~2024~~2025:

(In millions)	Year Ended March
Revenues — 2024	$	9,915.7
Organic	(361.3)
Impact of foreign currency	(49.7)
Revenues — 2025	$	9,504.7
Organic	51.1
Impact of Dickies divestiture	(217.1)
Impact of foreign currency	266.5
Revenues — 2026	$	9,605.2

~~Year~~VF ~~Ended~~Corporation ~~March~~Fiscal ~~2025~~2026 ~~Compared~~Form ~~to Year Ended March 2024~~10-K 27

VFTable ~~reported~~of a 4% decrease in revenues in Fiscal 2025 compared to Fiscal 2024. The revenue decrease was driven by declines across the Active and Work segments, partially offset by an increase in the Outdoor segment. The revenue decrease was also due to declines across the Americas and Europe regions, with the most significant declines in the Americas region.Contents

Year Ended March 2026 Compared to Year Ended March 2025

VF reported a 1% increase in revenues in Fiscal 2026 compared to Fiscal 2025, including a 3% favorable impact from foreign currency. Increases in the Outdoor segment in Fiscal 2026 and favorable impacts from foreign currency were partially offset by decreases in the Active segment and decreased revenue due to the Dickies divestiture in the current year. In Fiscal 2026,

revenue increases in the Europe region, including favorable impacts from foreign currency, were partially offset by decreases in the Asia-Pacific region.

Additional details on revenues are provided in the section titled “Information by Reportable Segment”.

The following table presents the percentage relationship to revenues for components of the Consolidated Statements of Operations:

	Year Ended March
		2025		2024
		2026		2025
Gross margin (revenues less cost of goods sold)		5354.58	%	5153.65	%
Selling, general and administrative expenses		4948.45		4749.94
Impairment of goodwill and intangible assets		0.93		50.19
Operating margin		36.20	%	(13.52	%)

Note: Amounts may not sum due to rounding.

VFYear ~~Corporation~~Ended ~~Fiscal~~March ~~2025~~2026 ~~Form~~Compared ~~10-K 27~~to Year Ended March 2025

~~Table~~Gross ofmargin ~~Contents~~increased 130 basis points to 54.8% in Fiscal 2026 compared to 53.5% in Fiscal 2025. The increase in gross margin in Fiscal 2026 was primarily driven by higher quality inventory, lower product costs, increased pricing and favorable foreign currency impacts.

~~Year~~Selling, ~~Ended~~general ~~March~~and administrative expenses as a percentage of revenues decreased 90 basis points ($36.4 million) in Fiscal 2026 compared to Fiscal 2025. ~~Compared~~The decrease was primarily due to ~~Year~~cost ~~Ended~~savings ~~March~~from ~~2024~~Reinvent, including lower information technology costs, partially offset by increased advertising costs in Fiscal 2026 and gains recognized from sale leaseback transactions in Fiscal 2025. The decrease was also due to lower Reinvent restructuring charges and project-related costs in Fiscal 2026.

~~Gross~~During ~~margin~~the ~~increased~~year ~~190~~ended ~~basis~~March ~~points~~2026, VF recorded a goodwill impairment charge of $30.7 million related to 53the Napapijri reporting unit.5% inDuring the third quarter of Fiscal ~~2025~~2026, ~~compared~~due to ~~51.6%~~a recent downward revision in ~~Fiscal~~the ~~2024~~Napapijri forward-looking financial projections, the Company determined that a triggering event had occurred requiring impairment testing of the Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset. ~~The~~Recent ~~increase~~leadership inchanges ~~gross~~within ~~margin~~the brand have resulted in ~~Fiscal~~strategic ~~2025~~actions ~~was~~that ~~driven~~are byprojected ~~lower~~to ~~product~~deliver ~~costs~~short- to medium-term revenue and ~~improved~~profit ~~inventory~~reductions ~~quality~~to support long-term growth of the brand. The goodwill impairment primarily related to the reduction in financial projections for Napapijri.

Selling, general and administrative expenses as a percentage of revenues increased 150 basis points in Fiscal 2025 compared to Fiscal 2024, reflecting lower leverage of operating expenses due to decreased revenues. Selling, general and administrative expenses decreased $57.8 million in Fiscal 2025 compared to Fiscal 2024. The decrease was primarily due to cost savings from Reinvent, lower information technology costs and distribution expenses and gains recognized from sale leaseback transactions, partially offset by Reinvent restructuring charges and project-related costs and higher compensation costs, including performance-based compensation.

During the year ended March 2025, VF recorded goodwill and intangible asset impairment charges of $89.2 million related to the Dickies indefinite-lived trademark intangible asset and Icebreaker reporting unit. During the third quarter of Fiscal 2025, VF determined that a triggering event had occurred requiring a quantitative analysis of the Dickies indefinite-lived trademark intangible asset, and as a result of the impairment testing performed, VF recorded an indefinite-lived trademark intangible asset impairment charge of $51.0 million. As a result of VF's annual impairment testing as of the beginning of the fourth quarter of Fiscal 2025, VF recorded a goodwill impairment charge of $38.2 million related to the Icebreaker reporting unit.

~~During~~In ~~the~~Fiscal ~~year ended March 2024~~2026, VFoperating ~~recorded~~margin ~~goodwill~~increased ~~impairment charges of $507.6 million related~~ to ~~the Timberland, Dickies and Icebreaker reporting units~~6.0% ~~During~~from the third quarter of Fiscal 2024, VF determined that a triggering event had occurred requiring a quantitative analysis of the Timberland and Dickies reporting units, and as a result of the impairment testing performed, VF recorded goodwill impairment charges of $195.3 ~~million and $61~~.82% ~~million,~~in ~~respectively. As a result of VF's annual impairment testing as of the beginning of the fourth quarter of~~ Fiscal ~~2024~~2025, VFprimarily ~~recorded~~due ~~a goodwill impairment charge of $38.8 million related~~ to the ~~Icebreaker~~items ~~reporting~~described ~~unit~~above. During the fourth quarter of Fiscal 2024, VF also performed an impairment analysis of the Timberland reporting unit as a result of a triggering event and recorded an additional goodwill impairment charge of $211.7 million.

InNet interest expense remained relatively flat in Fiscal 2026, compared to Fiscal 2025, ~~operating~~as ~~margin~~unfavorable ~~increased~~foreign tocurrency 3impacts were offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% ~~from~~Senior (1Notes due in April 2025. Total outstanding interest-bearing debt averaged $4.5%) billion inand $5.0 billion for Fiscal ~~2024~~2026 and Fiscal 2025, ~~primarily~~respectively, ~~due~~with toshort-term borrowings representing 6.2% and 4.1% of average debt outstanding for the ~~items~~respective ~~described~~years. ~~above~~The weighted average interest rate on outstanding debt was 3.2% in both Fiscal 2026 and Fiscal 2025.

~~Net~~Other ~~interest~~income (expense), ~~decreased~~net primarily consists of components of net periodic pension cost (excluding the service cost component), certain foreign currency and hedging gains and losses and other non-operating gains and losses. Other income (expense) netted to ($1686.46) million toand ($~~149~~9.24) million in Fiscal 2026 and Fiscal 2025, respectively. ~~The~~Other ~~decrease~~income (expense), net in Fiscal 2026 included non-cash pension settlement charges of $192.1 million related to the termination of the U.S. qualified plan and $25.1 million of excise taxes related to the termination. Other income (expense), net ~~interest~~also included the final pre-tax gain on the sale of Dickies of $127.2 million. Other income (expense), ~~was~~net in Fiscal 2025 primarily included equity investment impairments of $15.6 million, cyber insurance recoveries of $13.7 million received in Fiscal 2025, $4.2 million of net periodic pension cost and $2.3 million of foreign currency and hedging losses.

~~due~~The toeffective ~~decreased~~income ~~levels~~tax ofrate ~~short-term~~was ~~commercial~~25.3% ~~paper~~in ~~borrowings~~Fiscal ~~and~~2026 ~~long-term~~compared ~~debt,~~to ~~and~~52.2% anin ~~increase~~Fiscal in2025. ~~interest~~The Fiscal 2026 effective income ~~due~~tax torate ~~higher~~included ~~average~~a ~~cash~~net ~~equivalents~~discrete ~~and~~tax ~~rates~~benefit ~~during~~of ~~the~~$5.5 million, ~~year~~which included a $44.4 ~~Total~~million ~~outstanding~~net tax benefit related to unrecognized tax benefits and interest~~-bearing~~, ~~debt~~a ~~averaged~~$12.4 million tax expense related to stock compensation, a $516.0 ~~billion~~ million tax expense related to return to accrual adjustments, and a $10.6 million net tax expense related to other audit adjustments.~~7 billion~~ ~~for~~Refer ~~Fiscal~~to ~~2025~~Note ~~and~~20 ~~Fiscal~~to ~~2024,~~VF's ~~respectively,~~consolidated ~~with~~financial ~~short-term~~statements ~~borrowings~~for ~~representing~~additional 4information.1% ~~and~~The $5.8%5 million ofnet ~~average~~discrete ~~debt~~tax ~~outstanding~~benefit ~~for~~in ~~the~~Fiscal ~~respective~~2026 ~~years.~~decreased ~~The~~the ~~weighted~~effective ~~average~~income ~~interest~~tax rate onby ~~outstanding~~1.6% ~~debt~~compared ~~was~~to 3an unfavorable 13.24% inimpact of discrete items for Fiscal 2025. ~~and~~Excluding ~~2.6%~~discrete initems, the effective tax rate during Fiscal ~~2024.~~

~~Other~~28 VF ~~income~~Corporation (expense), net primarily consists of components of net periodic pension cost (excluding the service cost component), certain foreign currency and hedging gains and losses and other non-operating gains and losses. Other income (expense) netted to ($9.4) million and $24.7 million in Fiscal ~~2025~~2026 ~~and~~Form Fiscal 2024, respectively. Other income (expense), net in Fiscal 2025 primarily included equity investment impairments of $15.6 million, cyber insurance recoveries of $13.7 million received in Fiscal 2025, $4.2 million of net periodic pension cost and $2.3 million of foreign currency and hedging losses. Other income (expense), net in Fiscal 2024 primarily included legal settlement gains of $29.1 million, $3.2 million of net periodic pension cost and $2.0 million of foreign currency and hedging losses. 10-K

The effective income tax rate was 52.2% in Fiscal 2025 compared to (257.5%) in Fiscal 2024. The Fiscal 2025 effective income tax rate included a net discrete tax expense of $19.4 million, which included a $1.1 million net tax benefit related to unrecognized tax benefits and interest, a $5.1 million tax expense related to stock compensation, a $12.0 million tax expense related to return to accrual adjustments, and a $6.7 million net tax expense related to tax rate changes on deferred tax items. Refer to Note 20 to VF's consolidated financial statements for additional information. The $19.4 million net discrete tax expense in Fiscal 2025 increased the effective income tax rate by 13.4% compared to a favorable 247.4% impact of discrete items for Fiscal 2024. Excluding discrete items, the effective tax rate during Fiscal 2025 increased by approximately 48.9% primarily due to jurisdictional mix of earnings and the impact of nondeductible goodwill impairment.

As a result of the above, income (loss) from continuing operations in Fiscal 2025 was $69.3 million ($0.18 per diluted share), compared to ($1.0) billion (($2.62) per diluted share) in Fiscal 2024.

Refer to additional discussion in the “Information by Reportable Segment” section below.

28 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

2026 decreased by approximately 12.0% primarily due to jurisdictional mix of earnings.

As a result of the above, income from continuing operations in Fiscal 2026 was $254.9 million ($0.64 per diluted share),

compared to $69.3 million ($0.18 per diluted share) in Fiscal 2025.

Refer to additional discussion in the “Information by Reportable Segment” section below.


Information by Reportable Segment

As discussed above, VF realigned its reportable segments during the first quarter of Fiscal 2026. VF's new reportable segments are: Outdoor, and Active. ~~and~~We ~~Work~~have included an “All Other” category in the revenues table below for purposes of reconciliation of total revenues. ~~The~~“All ~~primary~~Other” ~~financial~~includes ~~measures~~the ~~used~~following bybrands: ~~management~~Dickies® to(through ~~assess~~the ~~performance~~date of sale), Altra®, Smartwool®, Napapijri® and ~~allocate~~Icebreaker®, ~~resources~~which do not meet the quantitative threshold to ~~VF's~~be ~~segments~~disclosed ~~are~~as ~~segment~~a ~~revenues~~separate ~~and~~reportable segment ~~profit~~. ~~Segment~~The ~~profit~~Company ~~comprises~~has recast historical financial information to reflect the ~~operating~~new ~~income~~reportable ~~and~~segments. ~~other~~These ~~income~~changes ~~(expense),~~had ~~net~~no ~~line~~impact ~~items~~on ofpreviously ~~each~~reported ~~segment~~consolidated results of operations.

The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit comprises the operating income and other income (expense), net line items of each segment.

Refer to Note 21 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to income (loss) from continuing operations before income taxes.

Year Ended March ~~2025~~2026 Compared to Year Ended March ~~2024~~2025

The following tables present a summary of the changes in ~~segment~~ revenues and segment profit in the year ended March ~~2025~~2026 compared to the year ended March ~~2024~~2025 and revenues by region for our Top 43 brands for the years ended March ~~2025~~2026 and ~~2024~~2025:

Segment Revenues:
Revenues:
	Year Ended March
(In millions)	Outdoor Segment		Active Segment		~~Work~~All Other		Total
Segment revenues — 2024	$	5,501.4	$	3,522.7	$	891.5	$	9,915.7
Revenues — 2025	$	5,311.1	$	2,914.3	$	1,279.3	$	9,504.7
Organic	98261.14		(~~404~~259.79)		~~(54~~49.6)		~~(361~~51.3)1
Impact of foreign currency	(23.2)		(22.7)		(3.8)		(49.7)
Impact of Dickies divestiture	—		—		(217.1)		(217.1)
Segment revenues — 2025	$	5,576.3	$	3,095.3	$	833.1	$	9,504.7
Impact of foreign currency	169.3		66.6		30.6		266.5
Segment Profit:
Revenues — 2026	$	5,741.8	$	2,721.0	$	1,142.4	$	9,605.2
	Year Ended March
(In millions)	Outdoor		Active		Work		Total
Segment profit — 2024	$	602.7	$	237.5	$	17.6	$	857.9
Organic	121.3		(84.3)		35.8		72.8
Impact of foreign currency	0.4		(0.4)		(0.3)		(0.3)
Segment profit — 2025	$	724.4	$	152.8	$	53.1	$	930.4

Note: Amounts may not sum due to rounding.

Top Brand Revenues:
Segment Profit:
	Year Ended March 2025
	Year Ended March
(In millions)	~~The~~Outdoor ~~North Face®~~Segment		~~Vans®~~Active Segment		~~Timberland® (a)~~Total		~~Dickies®~~		~~Total~~
Americas	$	1,612.6	$	1,435.8	$	749.0	$	382.0	$	4,179.4
Segment profit — 2025	$	708.6	$	134.0	$	842.5
Europe	1,315.0		661.2		626.9		102.0		2,705.1
Organic	102.6		(39.4)		63.4
Asia-Pacific	775.8		252.4		231.8		58.0		1,318.0
Impact of foreign currency	30.0		8.4		38.3
Global	$	3,703.4	$	2,349.4	$	1,607.7	$	542.1	$	8,202.5
Segment profit — 2026	$	841.2	$	103.0	$	944.2
	Year Ended March 2024
(In millions)	The North Face®		Vans®		Timberland® (a)		Dickies®		Total
Americas	$	1,704.4	$	1,708.2	$	682.7	$	437.2	$	4,532.5
Europe	1,312.5		726.3		641.3		113.4		2,793.5
Asia-Pacific	656.4		351.2		233.0		67.8		1,308.4
Global	$	3,673.3	$	2,785.7	$	1,556.9	$	618.4	$	8,634.4

(a)The global Timberland brand includes Timberland®, reported within the Outdoor segment and Timberland PRO®, reported within the Work segment.

Note: Amounts may not sum due to rounding.

VF Corporation Fiscal ~~2025~~2026 Form 10-K 29

Table of Contents


Top Brand Revenues:
	Year Ended March 2026
(In millions)	The North Face®		Vans®		Timberland®		Total
Americas	$	1,756.0	$	1,329.2	$	821.5	$	3,906.7
Europe	1,420.1		616.3		689.6		2,726.0
Asia-Pacific	829.7		203.6		224.9		1,258.2
Global	$	4,005.8	$	2,149.1	$	1,735.9	$	7,890.9

	Year Ended March 2025
(In millions)	The North Face®		Vans®		Timberland®		Total
Americas	$	1,612.6	$	1,435.8	$	749.0	$	3,797.4
Europe	1,315.0		661.2		626.9		2,603.1
Asia-Pacific	775.8		252.4		231.8		1,260.0
Global	$	3,703.4	$	2,349.4	$	1,607.7	$	7,660.5

Note: Amounts may not sum due to rounding.

The following sections discuss the changes in revenues and profitability by segment. For purposes of this analysis, royalty revenues have been included in the wholesale channel for all periods.

Outdoor Segment

	Year Ended March
(Dollars in millions)	~~2025~~2026			~~2024~~2025			Percent Change
Segment revenues	$	5,~~576~~741.38		$	5,~~501~~311.41		18.41	%
Segment profit	~~724~~841.42			~~602~~708.76			2018.27	%
Segment profit margin	1314.07		%	1113.03		%

The Outdoor segment includes the following brands: The North Face®, ~~Timberland®, Altra®, Smartwool®~~ and ~~Icebreaker~~Timberland®.

Year Ended March ~~2025~~2026 Compared to Year Ended March ~~2024~~2025

Global revenues for Outdoor increased 18% in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025, including a 13% ~~unfavorable~~favorable impact ~~due~~from to foreign currency. Revenues in the ~~Asia-Pacific~~Americas region increased 149% in Fiscal ~~2025,~~2026. ~~including~~Revenues ~~a 14% increase~~ in ~~Greater~~the ~~China~~Europe ~~(which~~region ~~includes~~increased ~~Mainland China~~9%, ~~Hong~~including ~~Kong~~an ~~and~~8% ~~Taiwan).~~favorable ~~Revenues~~impact infrom ~~the~~foreign ~~Europe region remained flat~~currency. Revenues in the ~~Americas~~Asia-Pacific region ~~decreased~~increased 25% in Fiscal ~~2025~~2026, including a 12% ~~unfavorable~~favorable impact from foreign currency.

Global revenues for The North Face® brand increased 18% in Fiscal ~~2025~~2026, including a 3% favorable impact from foreign currency. Revenue growth in Fiscal 2026 was primarily driven by growth in the Americas and Europe regions. Revenues in the ~~Asia-Pacific~~Americas region increased 189% in Fiscal ~~2025~~2026. Revenues in the Europe region increased 8% in Fiscal 2026, including a 17% ~~unfavorable~~favorable impact from foreign currency. Revenues in the ~~Europe~~Asia-Pacific region ~~remained~~increased ~~flat~~7% in Fiscal ~~2025.~~2026, ~~Revenues~~including ina ~~the~~2% ~~Americas~~favorable ~~region~~impact ~~decreased~~from 5%foreign ~~in Fiscal 2025~~currency.

Global revenues for the Timberland® brand increased 38% in Fiscal ~~2025~~2026, including a 3% favorable impact from foreign currency, driven by growth in the Americas and Europe regions. Revenues in the Americas region increased 1210% in Fiscal 2026,

~~Fiscal 2025,~~ including a 1% ~~unfavorable~~favorable impact from foreign currency. Revenues in the ~~Asia-Pacific~~Europe region ~~decreased~~increased 110% in Fiscal ~~2025~~2026, including aan 28% ~~unfavorable~~favorable impact from foreign currency. Revenues in the ~~Europe~~Asia-Pacific region decreased 23% in Fiscal ~~2025~~2026, including a 1% favorable impact from foreign currency.

Global direct-to-consumer revenues for Outdoor increased 68% in Fiscal ~~2025~~2026, including a 3% favorable impact from foreign currency. The increase was ~~primarily~~driven ~~due~~by togrowth in The North Face® ~~brand~~and Timberland® brands across all regions. Global wholesale revenues ~~decreased~~increased 28% in Fiscal ~~2025~~2026, including a 13% ~~unfavorable~~favorable impact from foreign currency. The ~~decrease~~increase was primarily driven by ~~declines~~increases in The North Face® brand across all regions and increases in the Timberland® brand in the Americas and Europe regions.

Segment profit margin increased in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025, reflecting higher gross margin, ~~primarily~~from ~~driven by~~ lower product costs, increased pricing and ~~less~~favorable ~~promotional~~foreign ~~activity.~~currency impacts, partially offset by increased direct-to-consumer and advertising costs.

~~Active~~30 VF Corporation Fiscal 2026 Form 10-K

	Year Ended March
(Dollars in millions)	2025			2024			Percent Change
Segment revenues	$	3,095.3		$	3,522.7		(12.1	%)
Segment profit	152.8			237.5			(35.7	%)
Segment profit margin	4.9		%	6.7		%

The Active segment includes the following brands: Vans®, Kipling®, Napapijri®, Eastpak® and JanSport®.

Year Ended March 2025 Compared to Year Ended March 2024

Global revenues for Active decreased 12% in Fiscal 2025 compared to Fiscal 2024, including a 1% unfavorable impact from foreign currency. Revenues in the Americas region decreased 13% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 23% in Fiscal 2025, including a 1% unfavorable impact from foreign currency, and a 31% decrease in Greater China, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 7% in Fiscal 2025.

Vans® brand global revenues decreased 16% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. The overall decline in Fiscal 2025 was most significantly driven by a 16% decrease in the Americas region, including a 1% unfavorable impact from foreign currency. The decrease in the Americas region was partially offset by the deliberate actions taken to right-size inventories in the Americas wholesale channel in the second half of Fiscal 2024. Revenues in the Asia-Pacific region decreased 28% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 9% in Fiscal 2025. The decline in Vans® was also attributed to deliberate strategic actions taken in Fiscal

2025, including reducing wholesale store fronts and inventory in the Asia-Pacific region (specifically in China), exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing distressed sales.

Global direct-to-consumer revenues for Active decreased 20% in Fiscal 2025. The decrease was primarily due to declines in the Americas region, which decreased 21% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. Global wholesale revenues for Active decreased 3% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. Wholesale revenues in the Europe region decreased 4% in Fiscal 2025. Wholesale revenues in the Asia-Pacific region decreased 14%, including a 1% unfavorable impact from foreign currency. The decrease in Fiscal 2025 was partially offset by a 1% increase in the Americas region, including a 2% unfavorable impact from foreign currency.

Segment profit margin decreased in Fiscal 2025 compared to Fiscal 2024, reflecting legal settlement gains of $29.1 million recorded in the prior year and lower leverage of operating expenses due to decreased revenues.

30 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~Work~~Active Segment

	Year Ended March
(Dollars in millions)	~~2025~~2026			~~2024~~2025			Percent Change
Segment revenues	$	~~833~~2,721.10		$	~~891~~2,914.53		(6.6	%)
Segment profit	53103.10			17134.60			~~201~~(23.21	%)
Segment profit margin	63.48		%	24.06		%

The ~~Work~~Active segment includes the following brands: ~~Dickies~~Vans®, ~~and~~Kipling®, ~~Timberland~~Eastpak® ~~PRO~~and JanSport®.

Year Ended March ~~2025~~2026 Compared to Year Ended March ~~2024~~2025

Global ~~Work~~ revenues for Active decreased 7% in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025, including a 12% ~~unfavorable~~favorable impact from foreign currency. Revenues in the Americas region decreased 57% in Fiscal ~~2025~~2026, including a 1% favorable impact from foreign currency. Revenues in the ~~Europe~~Asia-Pacific region decreased 1014% in Fiscal 2026, including a 1% favorable impact from foreign currency. Revenues in the ~~Asia-Pacific~~Europe region decreased 143% in Fiscal 2026, including a 16% ~~unfavorable~~favorable impact from foreign currency.

~~Dickies~~Vans® brand global revenues decreased 129% in Fiscal ~~2025~~2026, including a 2% favorable impact from foreign currency. The overall decline in Fiscal 2026 was ~~primarily~~most significantly driven by a 7% decrease in the Americas region, ofincluding 13a 1% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 19% in Fiscal 2026, ~~reflecting~~including ~~lower~~a ~~inventory~~1% ~~replenishment~~favorable ~~and~~impact from foreign currency. Revenues in the Europe region decreased 7% in Fiscal 2026, including a 6% favorable impact from foreign currency. The declines in Vans® revenues in Fiscal

~~weakness~~2026 ~~with~~were ~~certain~~partially ~~key~~attributed ~~U.S.~~to ~~wholesale~~deliberate ~~customer~~strategic ~~accounts.~~actions, ~~Revenues~~including inexiting ~~the~~value-channel ~~Europe~~wholesale ~~region~~customers ~~decreased~~and ~~10%~~closing inunprofitable ~~Fiscal~~owned ~~2025.~~retail ~~Revenues~~stores in the ~~Asia-Pacific~~Americas region ~~decreased 14%~~, ~~including~~and areducing 1%wholesale ~~unfavorable~~store ~~impact~~fronts ~~from~~in ~~foreign~~the ~~currency, primarily due to broad~~Asia-~~based~~Pacific ~~weakness in Greater China~~region.

~~Segment~~Global ~~profit~~direct-to-consumer ~~margin~~revenues ~~increased~~for Active decreased 7% in Fiscal ~~2025~~2026, ~~compared~~including a 1% favorable impact from foreign currency. The decrease was primarily due to declines in the Vans® brand in the Americas region. Global wholesale revenues for Active decreased 6% in Fiscal ~~2024~~2026, ~~reflecting~~including ~~higher~~a ~~gross~~3% ~~margin,~~favorable impact from foreign currency. The decrease was primarily ~~driven~~due byto ~~improved~~a ~~inventory~~decrease ~~quality~~in the Vans® brand in the Americas region.

~~Reconciliation~~Segment ofprofit ~~Segment~~margin ~~Profit~~decreased in Fiscal 2026 compared to ~~Income~~Fiscal ~~(Loss)~~2025, ~~From~~primarily ~~Continuing~~due ~~Operations~~to ~~Before~~lower ~~Income~~gross ~~Taxes~~margin, which was driven by product mix, and lower leverage of operating expenses due to decreased revenues.

~~There~~All are three types of costs necessary to reconcile total segment profit to consolidated income (loss) from continuing operations before income taxes. These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the respective businesses, (ii) corporate and other expenses, which are excluded from segment profit to the extent Other

they are not allocated to the segments, and (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not under the control of segment management. Impairment of goodwill and intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses are discussed below.


	Year Ended March

(Dollars in millions)	2026		2025		Percent Change
Revenues	$	1,142.4	$	1,279.3	(10.7	%)

	Year Ended March
(In millions)	2025		2024		Percent Change
Impairment of goodwill and intangible assets	$	89.2	$	507.6	(82.4	%)
Corporate and other expenses	546.7		469.6		16.4	%
Interest expense, net	149.2		165.7		(9.9	%)

The “All Other” grouping includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. The “All Other” grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.

Year Ended March 2026 Compared to Year Ended March 2025

Global “All Other” revenues decreased 11% in Fiscal 2026 compared to Fiscal 2025, including a 2% favorable impact from foreign currency. Revenues in the Americas region decreased 13% in Fiscal 2026. Revenues in the Asia-Pacific region decreased 21%, including a 1% favorable impact from foreign currency. Revenues in the Europe region decreased 5%, including a 6% favorable impact from foreign currency.

Revenues were impacted by the sale of Dickies on November 12, 2025. Excluding the impact of the Dickies divestiture, global “All

Other” revenues increased 8% in Fiscal 2026, compared to Fiscal 2025, including a 3% favorable impact from foreign currency. Excluding the impact of the Dickies divestiture, revenues in the Americas region increased 9% and revenues in the Europe region increased 6%, including a 7% favorable impact from foreign currency. Excluding the impact of the Dickies divestiture, revenues in the Asia-Pacific region increased 8% in Fiscal 2026, including a 1% favorable impact from foreign currency.

VF Corporation Fiscal 2026 Form 10-K 31

Table of Contents


Reconciliation of Segment Profit to Income From Continuing Operations Before Income Taxes

There are four types of costs necessary to reconcile total segment profit to consolidated income from continuing operations before income taxes. These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the respective businesses, (ii) corporate and other expenses, which are excluded from segment profit to the extent they are not allocated to the segments, (iii) interest expense, net, which is excluded from segment profit because substantially all financing costs are managed at the corporate office and are not

under the control of segment management and (iv) profit related to the “All Other” category, which includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®. The “All Other” grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment. Impairment of goodwill and intangible assets and net interest expense are discussed in the “Consolidated Statements of Operations” section, and corporate and other expenses and profit related to the “All Other” category are discussed below.


	Year Ended March

(In millions)	2026		2025		Percent Change
Impairment of goodwill and intangible assets	$	30.7	$	89.2	(65.6	%)
Corporate and other expenses	511.8		546.7		(6.4	%)
Interest expense, net	148.7		149.2		(0.3	%)
“All Other” profit	88.2		87.8		0.5	%

Corporate and other expenses are those that have not been allocated to the segments for internal management reporting, including (i) information systems and shared service costs, (ii) corporate headquarters costs, and (iii) certain other income and expenses.

Information Systems and Shared Services

These costs include management information systems and the centralized finance, supply chain and human resources functions that support worldwide operations. The costs also include software system implementations and upgrades and other strategic projects. Operating costs of information systems and shared services are charged to the segments based on utilization of those services. Costs to develop new software and related applications are generally not allocated to the segments.

Corporate Headquarters’ Costs

Headquarters’ costs include compensation and benefits of corporate management and staff, legal and professional fees, and general and administrative expenses that have not been allocated to the segments.

and general and administrative expenses that have not been allocated to the segments.

Other

This category includes (i) costs of corporate programs or corporate-managed decisions that are not allocated to the segments, (ii) costs of registering, maintaining and enforcing certain of VF’s trademarks, and (iii) miscellaneous consolidated activities, the most significant of which is related to VF’s centrally-managed U.S. defined benefit pension plans.

Corporate and other expenses ~~increased~~decreased $7734.19 million in Fiscal ~~2025~~2026 when compared to Fiscal ~~2024~~2025. The ~~increase~~decrease was primarily due to ~~higher~~the final pre-tax gain on the sale of Dickies of $127.2 million, cost savings from Reinvent, lower Reinvent restructuring charges and project-related costs, ~~higher~~lower ~~compensation~~information technology costs, ~~including performance-based compensation,~~ and no equity investment impairments, compared to prior year. The decrease was partially offset by ~~cost~~pension ~~savings~~settlement ~~from~~charges ~~Reinvent~~of $192.1 million and excise taxes of $25.1 million related to the termination of the U.S. qualified plan in Fiscal 2026.

VFThe ~~Corporation~~increase ~~Fiscal~~in ~~2025~~“All ~~Form~~Other” ~~10-K 31~~profit for the year ended March 2026 was primarily due to higher gross margin, driven by higher quality inventory, partially offset by lower gross profit related to Dickies.

Table of Contents


International

International revenues ~~decreased~~increased 2% in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025. Foreign currency had ana ~~unfavorable~~favorable impact of 15% on international revenues in Fiscal ~~2025~~2026.

Revenues in the Europe region ~~decreased~~increased 34% in Fiscal ~~2025~~2026, including a 7% favorable impact from foreign currency. Revenues in the Americas (non-U.S.) region ~~decreased~~increased 74% in Fiscal ~~2025~~2026, including a 52% ~~unfavorable~~favorable impact from foreign

currency. In the Asia-Pacific region, revenues ~~increased~~decreased 1% in Fiscal ~~2025~~2026, including a 12% ~~unfavorable~~favorable impact from foreign currency. Revenues in Greater China ~~increased~~(which 3includes Mainland China, Hong Kong and Taiwan) decreased 2% in Fiscal ~~2025~~2026, including a 12% ~~unfavorable~~favorable impact from foreign currency.

International revenues were 5556% of total VF revenues in Fiscal ~~2025~~2026 compared to 5455% in Fiscal ~~2024~~2025.

32 VF Corporation Fiscal 2026 Form 10-K

Table of Contents


Direct-to-Consumer

Direct-to-consumer revenues ~~decreased~~increased 62% in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025, including a 3% favorable impact from foreign currency.

VF's e-commerce business ~~decreased~~increased 64% in Fiscal ~~2025~~2026, including a 13% ~~unfavorable~~favorable impact from foreign currency. The ~~decrease~~increase was primarily ~~driven~~due byto ~~declines~~increased ~~in the~~ e-commerce ~~business~~revenues in the Americas region.

Revenues from VF-operated retail stores decreased 81% in Fiscal ~~2025.~~2026, VFincluding ~~opened~~a 732% ~~stores~~favorable inimpact ~~Fiscal~~from ~~2025~~foreign currency, ~~bringing the total~~

primarily due to a decrease in the Americas region. VF opened 61 stores in Fiscal 2026, bringing the total number of VF-owned retail stores to 1,~~127~~080 at March ~~2025~~2026, which also reflects ~~114~~108 store closures (including stores related to the Dickies divestiture) during the period. There were 1,~~168~~127 VF-owned retail stores at March ~~2024~~2025. Direct-to-consumer revenues were 44% of total VF revenues in both Fiscal ~~2025~~2026 ~~compared~~and ~~to 45% in~~ Fiscal ~~2024~~2025.


Wholesale

Wholesale revenues ~~decreased~~increased 21% in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025, including a 3% favorable impact from foreign currency. The results were primarily driven by ~~declines~~revenue increases in the wholesale business in the ~~Americas and~~ Europe ~~regions.~~region,

including favorable impacts from foreign currency, partially offset by a decrease in the Americas region. Wholesale revenues were 56% of total revenues in both Fiscal ~~2025~~2026 ~~compared~~and ~~to 55% in~~ Fiscal ~~2024~~2025.


ANALYSIS OF FINANCIAL CONDITION

Consolidated Balance Sheets

The following discussion refers to significant changes in balances ~~for continuing operations~~ at March ~~2025~~2026 compared to March ~~2024~~2025:

•~~Decrease~~Increase in ~~short-term~~accounts ~~borrowings~~receivable — primarily due to a ~~decrease~~tariff inrefund ~~commercial~~receivable ~~paper~~of ~~borrowings~~$149.7 ~~resulting~~million, partially offset by the removal of Dickies from athe ~~$450.0~~Consolidated ~~million~~Balance ~~repayment~~Sheet ~~using~~in connection with the ~~proceeds~~completed ~~from~~divestiture in the ~~sale~~third quarter of ~~Supreme~~Fiscal 2026. Dickies' accounts receivable balance at March 2025 was $116.9 million. The increase was also due to the timing of collections.

•Decrease in ~~current~~inventories ~~portion of long-term debt~~ — primarily due to the ~~prepayment~~removal of ~~$1.0~~Dickies ~~billion~~from ofthe ~~long-term~~Consolidated ~~debt~~Balance ~~due~~Sheet in connection with the completed divestiture in the third

~~December~~quarter ~~2024~~of ~~related~~Fiscal to2026. ~~the~~Dickies' ~~DDTL,~~inventory ~~partially~~balance ~~offset~~at byMarch ~~the~~2025 ~~reclassification~~was ~~of €500~~$134.0 2 million. ofThe ~~long-term~~decrease ~~notes~~was also due into ~~March~~foreign ~~2026~~currency tofluctuations ~~current~~and ~~liabilities~~VF reducing the level of slow-moving and excess inventory.

•Decrease in ~~long-term~~intangible ~~debt~~assets — primarily due to the ~~early~~removal ~~redemption~~ of ~~$750.0 million~~Dickies offrom ~~long-term~~the ~~notes~~Consolidated ~~due~~Balance Sheet in ~~April~~connection ~~2025~~with ~~and~~ the ~~reclassification~~completed ofdivestiture ~~€500.0~~in ~~million~~the ofthird ~~long-term~~quarter ~~notes~~of ~~due~~Fiscal ~~in March~~ 2026 ~~to current liabilities~~.

•Decrease in current portion of long-term debt — due to the early redemption of €500.0 million ($582.2 million) of long-term notes due in March 2026.


Liquidity and Cash Flows

We consider the following to be measures of our liquidity and capital resources:

(Dollars in millions)

March ~~2025~~2026

March ~~2024~~2025

Working capital

$1,~~088~~828.23

$~~733~~1,088.62

Current ratio

1.48 to 1

1.24 to 1

Net debt to total capital

7669.82%

8076.18%

The increase in working capital and the current ratio at March ~~2025~~2026 compared to March ~~2024~~2025 was primarily due to a net decrease in current liabilities driven by decreased ~~short-term borrowings and~~ current portion of long-term debt as discussed in the "“Consolidated Balance Sheets"” section above. The increase atin ~~March~~working ~~2025~~capital ~~compared~~and tothe ~~March~~current ~~2024~~ratio was ~~partially~~also ~~offset~~due byto a net ~~decrease~~increase in current assets driven by ~~lower~~higher cash balances and ~~cash~~higher ~~equivalents~~accounts receivables, partially offset by a decrease in inventories, as discussed in the “Consolidated Balance Sheets” section above.

For the ratio of net debt to total capital ~~above~~, net debt is defined as short-term borrowings, current portion of long-term debt and long-term ~~borrowings~~debt, in addition to operating lease liabilities, net of unrestricted cash and cash equivalents. Total capital is defined as net debt plus stockholders’ equity. The decrease in the net debt to total capital ratio at March 2025 compared to March 2024 was primarily driven by a decrease in net debt. The decrease in net debt was primarily due to the prepayment of $1.0 billion of long-term debt in October 2024 related to the DDTL, the early redemption of

~~32 VF~~as ~~Corporation~~net ~~Fiscal~~debt plus stockholders’ equity. The decrease in the net debt to total capital ratio at March 2026 compared to March 2025 ~~Form~~was 10primarily driven by a decrease in net debt due to the early redemption of €500.0 million ($582.2 million) of long-Kterm notes in February 2026, as discussed in the “Consolidated Balance Sheets” section above and higher cash and cash equivalents at March 2026. The decrease in the net debt to total capital ratio at March 2026 compared to March 2025 was also due to an increase in stockholders' equity, primarily driven by net income in the period.

VF’s primary source of liquidity is its expected annual cash flow from operating activities. Cash from operations is typically lower in the first half of the calendar year as inventory builds to

VF Corporation Fiscal 2026 Form 10-K 33

Table of Contents

~~$750.0~~support ~~million~~peak ofsales ~~long-term~~periods ~~notes~~ in ~~March~~the ~~2025~~second ~~and~~half aof ~~decrease in short-term borrowings as discussed in~~ the ~~"Balance~~calendar ~~Sheets"~~year. ~~section~~Cash ~~above,~~provided ~~partially offset~~ by ~~lower~~operating ~~cash~~activities ~~and cash equivalents at March 2025. The decrease~~ in the ~~net~~second ~~debt~~half toof ~~total~~the ~~capital~~calendar ~~ratio~~year atis ~~March~~substantially ~~2025~~higher ~~compared~~as toinventories ~~March~~are ~~2024~~sold ~~was~~and ~~partially~~accounts ~~offset~~receivable byare acollected. ~~decrease~~Additionally, indirect-to-consumer ~~stockholders'~~sales ~~equity.~~are ~~The~~highest ~~decrease~~ in ~~stockholders' equity was primarily driven by~~ the ~~net~~fourth ~~loss~~quarter ~~for~~of the ~~period~~calendar ~~and payments of dividends.~~

year. VF’'s ~~primary~~additional ~~source~~sources of liquidity isinclude available borrowing capacity against its ~~expected~~$1.5 ~~annual~~billion ~~cash~~secured ~~flow~~asset ~~from~~based ~~operating~~revolving ~~activities.~~credit ~~Cash~~facility ~~from~~(the ~~operations~~“ABL isCredit ~~typically~~Facility”), ~~lower~~available cash balances and international lines of credit.

in the first half of the calendar year as inventory builds to support peak sales periods in the second half of the calendar year. Cash provided by operating activities in the second half of the calendar year is substantially higher as inventories are sold and accounts receivable are collected. Additionally, direct-to-consumer sales are highest in the fourth quarter of the calendar year. VF's additional sources of liquidity include available borrowing capacity against its $2.25 billion senior unsecured revolving line of credit (the "Global Credit Facility"), available cash balances and international lines of credit.

In summary, our cash flows from continuing operations were as follows:

Year Ended March

(In millions)

~~2025~~2026

~~2024~~2025

Cash provided by operating activities

~~438~~671.53

~~884~~438.75

Cash provided (used) by investing activities

1,432.5

(158.7)

Cash provided by investing activities

407.1

1,432.5

Cash used by financing activities

(~~2,146~~737.08)

(~~959~~2,146.60)

Cash Provided by Operating Activities

Cash flows related to operating activities are dependent on income (loss) from continuing operations, adjustments to income (loss) from continuing operations and changes in working capital. The ~~decrease~~increase in cash provided by operating activities in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025 was primarily due to aan ~~decrease~~increase in ~~net~~income ~~cash~~from ~~provided~~continuing byoperations, ~~working~~excluding ~~capital~~non-cash charges and athe ~~decrease~~final ingain ~~income~~on ~~from~~the ~~continuing~~sale ~~operations~~of Dickies, ~~excluding~~and the ~~write-off~~pension oftermination ~~income~~asset ~~tax~~reversion, ~~receivables~~net ~~and~~of ~~interest~~$125.4 million, ~~related~~partially tooffset ~~the~~by ~~Timberland~~an ~~tax~~increase ~~case~~ in ~~the~~net ~~prior~~cash ~~year~~used by working capital and ~~higher~~the ~~impairment~~excise ~~charges~~tax inrelated to the ~~prior~~pension ~~year~~termination asset reversion.

Cash Provided ~~(Used)~~ by Investing Activities

The ~~increase~~decrease in cash provided by investing activities in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025 was primarily due to proceeds from the sale of Supreme, net of cash sold, of $1.506 billion in the prior year period compared to proceeds from the sale of Dickies, net of cash sold, of $600.5 million in Fiscal 2026. Fiscal 2025 also included proceeds from the sale of assets of $88.2 million, primarily related to a sale leaseback transaction of a distribution center, sale of an aircraft hangar, sale of a corporate-owned aircraft and sale of an office building. ~~The increase was also due to a decrease in capital expenditures of $49.5 million and a decrease in software purchases of $21.7 million in Fiscal 2025 compared to Fiscal 2024.~~

Cash Used by Financing Activities

The ~~increase~~decrease in cash used by financing activities in Fiscal ~~2025~~2026 compared to Fiscal ~~2024~~2025 was primarily due to a $1.0 billion prepayment of the DDTL and a $750.0 million early redemption of long-term debt in Fiscal 2025, compared to a €500.0 million ($~~907~~582.12 million) ~~payment~~early redemption of long-term debt in Fiscal ~~2024~~2026. The increase was also due to a $507.2 million net decrease in short-term borrowings for the periods compared. The increase was partially offset by a $163.0 million decrease in dividends paid for the periods compared.

Share Repurchases

VF did not purchase shares of its Common Stock in the open market during Fiscal ~~2025~~2026 or Fiscal ~~2024~~2025 under the share repurchase program authorized by VF's Board of Directors.

As of the end of Fiscal ~~2025~~2026, VF had $2.5 billion remaining for future repurchases under its share repurchase authorization. VF's capital deployment priorities in the near-to-medium term will be focused on reducing leverage and reinvesting a portion of cost savings to drive profitable and sustainable growth.

~~Revolving~~ABL Credit Facility, ~~DDTL Agreement~~ and Short-term Borrowings

VF relies on its ability to generate cash flows to finance its ongoing operations. In addition, VF has significant liquidity from its available cash balances and credit facilities. VF maintains a Global Credit Facility that expires in November 2026. VF may request an unlimited number of one-year extensions so long as each extension does not cause the remaining life of the Global Credit Facility to exceed five years, subject to stated terms and conditions; however, granting of any extension is at the discretion of the lenders. The Global Credit Facility may be used to borrow funds in U.S. dollars or any alternative currency (including euros and any other currency that is freely convertible into U.S. dollars, approved at the request of the Company by the lenders) and has a $75.0 million letter of credit sublimit. The Global Credit Facility supports VF’s global commercial paper program for short-term, seasonal working capital requirements and general corporate purposes. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements.

~~VF has restrictive covenants on~~ its ~~Global~~available ~~Credit~~cash ~~Facility~~balances and ~~had~~credit ~~restrictive covenants on the DDTL Agreement~~facilities. ~~The~~On ~~agreement~~August ~~for the Global Credit Facility~~26, ~~as amended in May~~ 2025, ~~includes~~VF aentered ~~consolidated~~into ~~net~~a ~~indebtedness~~credit toagreement ~~consolidated~~that ~~net~~provides ~~capitalization~~the ~~financial~~Company ~~ratio covenant, starting at 70%~~ with ~~future~~a ~~step downs~~$1.5 billion ~~The~~senior ~~calculation~~secured ofasset ~~consolidated~~based ~~net~~revolving ~~indebtedness~~credit isfacility ~~net~~(the of“ABL ~~unrestricted~~Credit ~~cash~~Facility”), ~~and~~subject ~~cash~~to ~~equivalents~~a ~~and~~borrowing ~~the~~base ~~calculation~~that ofis ~~consolidated~~composed ~~net~~of ~~capitalization~~eligible ~~permits~~credit ~~certain~~card ~~addbacks~~receivables, ~~including~~eligible ~~non-cash~~wholesale ~~impairment~~receivables, ~~charges~~eligible inventory and ~~material~~eligible ~~impacts~~in-transit ~~resulting~~inventory. ~~from~~The ~~adverse~~ABL ~~legal~~Credit ~~rulings,~~Facility asincludes ~~defined~~up into ~~the~~a ~~amended agreement~~$100.0 million ~~The~~letter ~~covenant~~of ~~calculation~~credit ~~also~~subfacility ~~excludes~~and ~~operating~~a ~~lease liabilities~~$100.0 million ~~The~~swing-line ~~agreement~~subfacility. ~~requires~~Multicurrency ~~the~~borrowings ~~pledge~~are ofavailable ~~certain~~under ~~assets~~the ofcredit VFagreement, ~~and~~including ~~certain~~borrowings ofin ~~its~~U.S. ~~subsidiaries~~dollars, ~~pursuant~~Canadian todollars, ~~the~~euros, ~~agreement. Additionally~~sterling, ~~the~~and ~~amended~~Swiss ~~agreement~~francs ~~restricts~~(subject ~~the~~to ~~total~~certain ~~amount~~limitations ofas ~~cash~~set ~~dividends~~forth ~~and~~in ~~share~~the ~~repurchases~~credit to agreement).

VFThe ~~Corporation~~Agent, ~~Fiscal~~as ~~2025~~defined ~~Form~~in 10the credit agreement, has discretion to establish various reserves against the borrowing base, as outlined in the credit agreement, including a requirement for a Debt Maturity Reserve to be established beginning 90-~~K 33~~days prior to the maturity of any Material Indebtedness, as defined in the credit agreement.

The ABL Credit Facility has a stated maturity date of August 26, 2030 and replaces VF's previous $2.25 billion senior unsecured revolving line of credit, dated November 24, 2021 (as amended, the “Terminated Agreement”). Outstanding short-term balances may vary from period to period depending on the level of corporate requirements and operational needs.

The ABL Credit Facility contains various customary affirmative and negative covenants, which include, among other things, required financial reporting, limitations on indebtedness and granting certain liens, restrictions on fundamental changes to the business, restrictions on disposal of assets, restrictions on changes to the nature of the business, restrictions on prepayment of certain indebtedness, restricted payment limitations, along with other restrictions and limitations similar to those typical for credit facilities of this type. Certain actions restricted by the negative covenants are permitted so long as Payment Conditions, as defined in the credit agreement, are satisfied.

The ABL Credit Facility includes a financial covenant that requires VF to maintain a Fixed Charge Coverage Ratio of at least 1.00 to 1.00 for the 12-month period ending on the last day of any applicable fiscal quarter. However, the financial covenant only applies if at any time Global Excess Availability (as defined in the credit agreement) is less than the greater of (i) 10.0% of the Global Line Cap (as defined in the credit agreement), and (ii) $100.0 million, and ceases to apply when Global Excess Availability has equaled or exceeded the greater of (i) 10.0% of

34 VF Corporation Fiscal 2026 Form 10-K

Table of Contents

~~$500.0 million~~the ~~annually,~~Global onLine aCap, ~~calendar-year~~and ~~basis~~(ii) $100.0 ~~The~~million ~~terms~~ for ~~the~~30 ~~DDTL~~consecutive ~~Agreement,~~days. asAs ~~amended~~of inMarch ~~August 2024~~2026, ~~required~~specified ~~the~~availability ~~repayment~~under of the ~~DDTL~~ABL ~~upon~~Credit ~~the~~Facility ~~completion~~exceeded of the ~~Supreme~~required ~~sale.~~threshold Onand, ~~October~~as 4,a ~~2024~~result, ~~VF made an aggregate $1.0 billion prepayment of~~ the ~~DDTL~~financial ~~using~~covenant ~~the net cash proceeds from the sale of Supreme. As of March 2025, VF~~ was innot ~~compliance with all covenants~~applicable.

VF has a global commercial paper program that allows for borrowings of up to $2.25 billion to the extent that it has borrowing capacity under the Global Credit Facility. Based on VF's current ratings, there is no active market for commercial paper. As of March 2025, there were no U.S. or euro commercial paper borrowings. The ~~euro~~Company ~~commercial paper borrowing program~~ was ~~terminated~~ in ~~January~~compliance ~~2025.~~with ~~Standby~~all ~~letters~~applicable ofdebt ~~credit~~covenants ~~issued under the Global Credit Facility~~ as of March ~~2025 were $0~~2026.~~6 million, leaving approximately $2.2 billion available for borrowing against the Global Credit Facility at March 2025, subject to applicable financial covenants.~~

VF ~~has~~had ~~$90.4~~a ~~million~~global ofcommercial ~~international~~paper ~~lines~~program ofthat ~~credit~~allowed ~~with~~for ~~various~~borrowings ~~banks,~~of ~~which~~up ~~are~~to ~~uncommitted~~$2.25 ~~and~~billion ~~may~~to bethe ~~terminated~~extent atthat ~~any~~it ~~time~~had byborrowing ~~either~~capacity VFunder or the ~~banks~~Terminated Agreement. ~~Total~~The ~~outstanding~~U.S. ~~balances~~commercial ~~under~~paper ~~these~~borrowing ~~arrangements~~program ~~were~~was ~~$11.9~~terminated ~~million~~as atof ~~March~~May 2025. ~~Borrowings~~and ~~under~~the ~~these~~euro ~~arrangements~~commercial ~~had~~paper aborrowing ~~weighted~~program ~~average~~was ~~interest~~terminated ~~rate~~as of ~~43.8%~~January ~~at March~~ 2025.

~~Additionally~~As of March 2026, VFthe Company had no outstanding borrowings under the ABL Credit Facility. Reserves for outstanding, unfunded letters of credit under the ABL Credit Facility were $~~429~~0.43 million as of ~~unrestricted~~March ~~cash~~2026. ~~and~~Availability ~~cash~~under ~~equivalents~~the atABL ~~March~~Credit ~~2025~~Facility was $977.2 million as of March 2026, after giving effect to the borrowing base, outstanding borrowings and outstanding letters of credit.

VF has $72.5 million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either VF or the banks. Total outstanding balances under these arrangements were $10.1 million at March 2026. Borrowings under these arrangements had a weighted average interest rate of 46.3% at March 2026, related to borrowings in certain highly inflationary economies.

Additionally, VF had $823.9 million of unrestricted cash and cash equivalents at March 2026.

Redemption

On ~~March~~February 277, ~~2025~~2026, VF completed an early redemption of ~~$750~~€500.0 million ($582.2 million) in aggregate principal amount of its outstanding 24.~~400~~125% Senior Notes due ~~April~~March ~~2025~~2026. The redemption price was equal to 100% of the principal amount of the Notes to be redeemed.

Supply Chain Financing Program

VF facilitates a voluntary supply chain finance ("“SCF"”) program that enables a significant portion of our inventory suppliers to leverage VF's credit rating to receive payment from participating financial institutions prior to the payment date specified in the terms between VF and the supplier. The SCF program is administered through third-party platforms that allow participating suppliers to track payments from VF and elect which receivables, if any, to sell to the financial institutions. The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and

administered through third-party platforms that allow participating suppliers to track payments from VF and elect which receivables, if any, to sell to the financial institutions. The transactions are at the sole discretion of both the suppliers and financial institutions, and VF is not a party to the agreements and has no economic interest in the supplier's decision to sell a receivable. The terms between VF and the supplier, including the amount due and scheduled payment terms (which are generally within 90 days of the invoice date) are not impacted by a supplier's participation in the SCF program. All amounts due to suppliers that are eligible to participate in the SCF program are included in the accounts payable line item in VF's Consolidated Balance Sheets and VF payments made under the SCF program are reflected in cash flows from operating activities in VF's Consolidated Statements of Cash Flows. At March ~~2025~~2026 and ~~2024~~2025, the accounts payable line item in VF's Consolidated Balance Sheets included total outstanding obligations of $~~481~~466.70 million and $~~485~~481.07 million, respectively, due to suppliers that are eligible to participate in the SCF program.

Rating Agencies

At the end of March ~~2025~~2026, VF’s long-term debt ratings were ‘'BB’ by Standard & Poor’s ("“S&P"”) Global Ratings and ~~‘Ba1’~~'Ba2' by Moody’s Investors Service ("“Moody's"”)~~, and U~~.S. ~~commercial paper ratings by those rating agencies were ‘B’ and ‘NP’, respectively. Based on~~ VF's ~~current ratings, there is no active market for commercial paper. VF's~~ credit rating outlook was 'stable' by S&P and ~~Moody~~'snegative' ~~was~~by Moody'~~stable'~~s at the end of March ~~2025~~2026. Further downgrades to VF's ratings would negatively impact borrowing costs.

None of VF’s long-term debt agreements contain acceleration of maturity clauses based solely on changes in credit ratings. However, if there were a change in control of VF and, as a result of the change in control the notes were rated below investment grade by recognized rating agencies, then VF would be obligated to repurchase the notes at 101% of the aggregate principal amount, plus any accrued and unpaid interest, if required by the respective holders of the notes. The change of control provision applies to all notes, except for the notes due in 2033.

Dividends

Cash dividends totaled $0.36 per share in both Fiscal ~~2025~~2026 ~~compared~~and ~~to $0.78 in~~ Fiscal ~~2024~~2025. The dividend payout ratio was ~~(74~~55.59%) of diluted earnings (loss) per share in Fiscal ~~2025~~2026 compared to (3174.35%) in Fiscal ~~2024~~2025. The Company declared a dividend of $0.09 per share that is payable in the first quarter of Fiscal ~~2026~~2027. Subject to approval by its Board of Directors, VF intends to continue to pay quarterly dividends.

34 VF Corporation Fiscal ~~2025~~2026 Form 10-K 35

Table of Contents

Contractual Obligations

Following is a summary of VF’s material contractual obligations and commercial commitments at the end of March ~~2025~~2026 that will require the use of funds:

Payment Due or Forecasted by Fiscal Year

(In millions)

Total

~~2026~~2027

~~2027~~2028

~~2028~~2029

~~2029~~2030

~~2030~~2031

Thereafter

Recorded liabilities:

Long-term debt (1)

3,~~996~~541

~~542~~—

21,076

~~1,043~~576

~~542~~—

2750

1,~~865~~140

Operating leases (2)

1,~~545~~655

~~351~~386

~~330~~318

~~238~~230

~~168~~178

~~122~~136

~~334~~407

Unrecorded commitments:

Interest payment obligations (3)

~~743~~600

~~127~~106

~~104~~93

8966

6646

~~266~~198

Inventory obligations (4)

1,950

1,~~879~~935

687

—2

—

87,~~234~~746

2,~~899~~427

~~505~~1,494

~~1,375~~902

~~800~~246

~~190~~932

21,~~465~~745

Note: Amounts may not sum due to rounding.

(1)Long-term debt consists of required undiscounted principal payments on long-term debt ~~and finance lease obligations~~.

(2)Operating leases represent required undiscounted lease payments during the noncancelable lease term. Variable payments for occupancy-related costs, real estate taxes, insurance and contingent rent are not included above. In addition, approximately $~~130~~103.24 million of leases (on an undiscounted basis) that have not yet commenced with terms of 2 to 1512 years beginning primarily in Fiscal ~~2026~~2027 are not included above.

(3)Interest payment obligations represent required interest payments on long-term debt. Amounts exclude amortization of debt issuance costs, debt discounts and acquisition costs that would be included in interest expense in the consolidated financial statements.

(4)Inventory obligations represent binding commitments to purchase finished goods and raw materials that are payable upon VF taking ownership of the inventory. This obligation excludes the amount included in accounts payable at March ~~2025~~2026 related to inventory purchases.

VF had other financial commitments at the end of Fiscal ~~2025~~2026 that are not included in the above table but may require the use of funds under certain circumstances:

•$~~111~~125.97 million of surety bonds, custom bonds, ~~standby~~unfunded letters of credit and international bank guarantees are not included in the table above because they represent contingent guarantees of performance under self-insurance and other programs and would only be drawn upon if VF were to fail to meet its other obligations.

•Purchase orders for goods or services in the ordinary course of business are not included in the above table

because they represent authorizations to purchase rather than binding commitments.

Management believes that VF has sufficient liquidity and flexibility to operate its business and meet its current and long-term obligations as they become due.

VF does not participate in transactions with unconsolidated entities or financial partnerships that are reasonably likely to have a material impact on the Company.


Risk Management

VF is exposed to risks in the ordinary course of business. Management regularly assesses and manages exposures to these risks through operating and financing activities and, when appropriate, by (i) taking advantage of natural hedges within VF, (ii) purchasing insurance from commercial carriers, or (iii) using derivative financial instruments. Some potential risks are discussed below:

Insured risks

VF is self-insured for a significant portion of its employee medical, workers’ compensation, vehicle and general liability exposures. VF purchases insurance from highly-rated commercial carriers to cover other risks, including directors and officers, cyber, property, stock throughput, employment practices, wage and hour and umbrella, and to establish stop-loss limits on self-insurance arrangements.

Cash and cash equivalents risks

VF had $~~429~~823.49 million of cash and cash equivalents at the end of Fiscal ~~2025~~2026. Management continually monitors the credit ratings of the financial institutions with whom VF conducts business and geopolitical risks that may impact countries where VF has cash

~~geopolitical risks that may impact countries where VF has cash~~ balances. Management also monitors the credit quality of cash equivalents.

Defined benefit pension plan risks

AtIn ~~the~~May ~~end of Fiscal~~ 2025, VF’s ~~defined~~executed ~~benefit~~a ~~pension~~resolution ~~plans~~to ~~were~~terminate ~~overfunded~~the byU.S. aqualified ~~net~~plan, ~~total~~which ofwas ~~$95.0~~previously ~~million.~~frozen ~~The~~and ~~overfunded~~no ~~status~~longer ~~includes~~accruing ~~a $51~~benefits.2 ~~million~~In ~~liability~~February ~~related~~2026, tothe ~~our~~Company ~~U.S.~~completed ~~unfunded~~the ~~supplemental~~termination ~~defined~~of ~~benefit~~the plan, ~~$33.1~~through ~~million~~a combination of ~~net~~lump-sum ~~liabilities~~payments ~~related~~ to ~~our~~eligible ~~non-U.S.~~participants ~~defined benefit plans,~~ and athe ~~$179.3~~purchase ~~million net~~of ~~asset~~group ~~related~~annuity contracts to ~~our~~settle ~~U.S.~~the ~~qualified~~remaining ~~defined~~ benefit ~~plan~~obligations.

~~VF’s~~In ~~reported earnings are subject to risks due to~~ the ~~volatility~~third quarter of ~~its~~Fiscal ~~pension cost~~2026, ~~which~~VF ~~has~~offered ~~ranged~~participants inthe ~~recent~~option ~~years~~to ~~from~~elect ~~cost~~lump-sum ofpayouts ~~$12.1 million~~ in ~~the~~exchange ~~year~~for ~~ended~~future ~~March~~benefit ~~2024~~obligations. toVF ~~cost~~recorded ofa $~~101~~34.9 0 million innon-cash ~~the~~settlement ~~year~~charge ~~ended~~in ~~March~~the ~~2023.~~other ~~These~~income ~~fluctuations~~(expense), ~~are~~net ~~primarily~~line ~~due~~item ~~to differences~~ in the ~~amount~~Consolidated Statement of ~~settlement~~Operations ~~charges~~for ~~recorded in~~ the ~~respective~~year ~~periods.~~ended ~~The~~March ~~changes~~2026 ~~are~~to ~~also~~recognize ~~impacted~~the byrelated ~~varying~~deferred ~~amounts of~~ actuarial ~~gains~~losses ~~and~~in ~~losses~~accumulated ~~that~~other ~~are~~comprehensive ~~deferred~~loss ~~and~~(“OCL”) ~~amortized~~resulting tofrom ~~future~~lump-sum ~~years’~~payments ~~pension~~of ~~cost~~retirement benefits. ~~The~~Actuarial assumptions ~~that~~used ~~impact~~in ~~actuarial~~the ~~gains~~interim ~~and~~valuation ~~losses~~were ~~include~~reviewed ~~the~~and revised as appropriate.

36 VF Corporation Fiscal ~~2025~~2026 Form 10-K 35

Table of Contents

~~rate~~In the fourth quarter of ~~return~~Fiscal on2026, ~~investments~~VF ~~held~~purchased bya group annuity contract to transfer the ~~pension~~remaining ~~plans~~benefit obligation to an insurance company. The purchase of the group annuity contract was fully funded directly by plan assets. As a result, VF recorded a $158.1 million non-cash settlement charge in the ~~discount~~other ~~rate~~income ~~used~~(expense), tonet ~~value~~line ~~participant~~item ~~liabilities~~in ~~and~~the ~~demographic~~Consolidated ~~characteristics~~Statement of Operations for the ~~participants~~year ended March 2026 to recognize the remaining deferred actuarial losses in OCL.

In the fourth quarter of Fiscal 2026, VF ~~has~~transferred ~~taken~~approximately $83.5 million of funds from plan assets to a ~~series~~qualified ofreplacement ~~steps~~plan managed by the Company which will be used to ~~manage~~fund future incremental annual Company contributions to VF's U.S. 401(k) program. As of March 2026, $11.9 million was recorded in the ~~risk~~other current assets line item and ~~volatility~~$71.6 million was recorded in the ~~pension~~other ~~plans~~assets ~~and~~line ~~their~~item ~~impact~~in onthe Consolidated Balance Sheet. The remaining plan assets reverted to the ~~financial~~Company ~~statements~~as part of the final termination process. As a result, ~~including~~approximately $125.4 million reverted to the ~~following:~~Company, resulting in $25.1 million of excise tax being paid and recorded in the other income (expense), net line item in the Consolidated Statement of Operations for the year ended March 2026.

•At the end of Fiscal 2026, VF’s remaining defined benefit pension plans were underfunded by a net total of $77.3 million. The underfunded status includes a $45.6 million liability related to our U.S. ~~qualified~~unfunded supplemental defined benefit plan and ~~supplemental~~$31.7 million of net liabilities related to our non-U.S. defined benefit plans. ~~were~~These ~~closed~~plans toare ~~new~~underfunded ~~entrants~~primarily atdue ~~the~~to ~~end~~differences ofin ~~2004~~actuarial assumptions and ~~all~~plan ~~future~~classification relative to local statutory accounting standards, which generally result in higher reported benefit ~~accruals~~obligations ~~were~~under ~~frozen~~U.S. asGAAP. ofVF ~~December~~intends ~~31,~~to ~~2018~~make approximately $16.1 million of contributions to its defined benefit plans during Fiscal 2027.

~~•During~~VF’s reported earnings are subject to risks due to the volatility of its pension cost, which has ranged in recent years from $12.1 million in the year ended March ~~2020,~~2024 VFto ~~offered~~$206.0 ~~former~~million ~~employees~~ in the Uyear ended March 2026.S. ~~qualified~~These ~~plan~~fluctuations aare ~~lump-sum~~primarily ~~option~~due to ~~receive~~differences ain ~~distribution~~the amount of ~~their~~settlement ~~deferred~~charges ~~vested~~recorded ~~benefits~~in the respective periods, including $192.1 ~~The~~million recorded in Fiscal 2026 related to the termination of the U.S. qualified plan. ~~participants~~The ~~were~~changes ~~reduced~~are byalso ~~10%~~impacted asby avarying ~~result~~amounts of ~~this~~actuarial ~~offer.~~gains Noand ~~additional~~losses ~~funding~~that ofare ~~the~~deferred and amortized to future years’ pension ~~plan~~cost. ~~was~~The ~~required~~assumptions asthat ~~all~~impact ~~distributions~~actuarial ~~were~~gains ~~paid~~and ~~out~~losses include the rate of ~~existing~~return ~~plan~~on ~~assets,~~investments ~~and~~held by the ~~plan's~~pension ~~funded~~plans, ~~status~~the ~~remained~~discount ~~materially~~rate ~~unchanged~~used to value participant liabilities and demographic characteristics of the participants.

•During the year ended March 2023, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $330 million of the U.S. qualified defined benefit pension plan obligations. The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan. Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries.

•During the year ended March 2025, in efforts to de-risk the U.S. qualified plan, VF implemented an asset allocation of 100% liability-hedging asset classes, primarily in fixed-income investments.

•Subsequent to the end of Fiscal 2025, in May 2025, VF executed a resolution to terminate the U.S. qualified plan. The termination of the plan is anticipated to be effective in July 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in Fiscal 2026. VF's settlement obligations and related charges will depend upon both the nature and timing of participant settlements and prevailing market conditions. VF currently estimates settlement charges to be between $200.0 and $300.0 million.

Interest rate risks

VF limits the risk of interest rate fluctuations by managing the mix of fixed and variable interest rate debt. In addition, VF may use derivative financial instruments to manage risk. Since all of VF’s long-term debt has fixed interest rates, the exposure relates to changes in interest rates on variable rate short-term borrowings (which averaged approximately $~~202~~275.50 million at a 97.92% rate during Fiscal ~~2025~~2026). However, any change in interest rates would also affect interest income earned on VF’s cash equivalents. Based on the average amount of variable rate borrowings and cash equivalents during Fiscal ~~2025~~2026, the effect of a hypothetical 1% increase in interest rates would be an increase in reported net income of approximately $3.20 million and a hypothetical 1% decrease in interest rates would be a decrease in reported net income of approximately $3.20 million.

Foreign currency exchange rate risks

VF is a global enterprise subject to the risk of foreign currency fluctuations. Approximately 5556% of VF’s revenues in the year ended March ~~2025~~2026 were generated in international markets. Most of VF’s foreign businesses operate in functional currencies other than the U.S. dollar. In periods where the U.S. dollar strengthens relative to the euro or other foreign currencies where VF has operations, there is a negative impact on VF’s operating results upon translation of those foreign operating results into the U.S. dollar. As discussed later in this section, management hedges VF’s investments in certain foreign operations and foreign currency transactions.

The reported values of assets and liabilities in these foreign businesses are subject to fluctuations in foreign currency exchange rates. For net advances to and investments in VF’s foreign businesses that are considered to be long-term, the impact of changes in foreign currency exchange rates on those long-term advances is deferred as a component of accumulated ~~other comprehensive loss ("~~OCL") in stockholders’ equity. The U.S. dollar value of net investments in foreign subsidiaries fluctuates with changes in the underlying functional currencies. In both March 2023 and February 2020, VF issued €1.0 billion of euro-denominated fixed-rate notes. These notes have been designated as net investment hedges of VF’s investment in certain foreign operations. Because this debt qualified as a nonderivative hedging instrument, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation and other component of accumulated OCL as an offset to the foreign currency translation adjustments on the hedged investments. Any amounts deferred in accumulated OCL will remain until the hedged investment is sold or substantially liquidated. In the year ended March 2026, VF de-designated the aggregate principal of its €500.0 million euro-denominated fixed-rate notes due 2026, and entered into a fair value hedging relationship. In February 2026, these notes were redeemed.

VF monitors net foreign currency market exposures and enters into derivative foreign currency contracts to hedge the effects of exchange rate fluctuations for a significant portion of forecasted foreign currency cash flows or specific foreign currency transactions (relating to cross-currency inventory purchases, product sales, operating costs and intercompany royalty payments). VF’s practice is to buy or sell foreign currency exchange contracts that cover up to 80% of foreign currency exposures for periods of up to 24 months. Currently, VF uses only foreign exchange forward contracts but may use options or collars in the future. This use of financial instruments allows management to reduce the overall exposure to risks from exchange rate fluctuations on VF’s cash flows and earnings, since gains and losses on these contracts will offset a portion of losses and gains on the transactions being hedged.

For cash flow hedging contracts outstanding at the end of Fiscal ~~2025~~2026, a hypothetical 10% decrease and 10% increase in foreign currency exchange rates compared to rates at the end of Fiscal ~~2025~~2026, would result in ana ~~increase~~decrease in the unrealized net ~~gain~~loss of approximately $7526.76 million and aan ~~decrease~~increase in the unrealized net ~~gain~~loss of approximately $6121.76 million, respectively. However, any change in the fair value of the hedging contracts would be substantially offset by a change in the fair value of the underlying hedged exposure impacted by the currency rate changes.

~~Counterparty~~VF ~~risks~~Corporation Fiscal 2026 Form 10-K 37

36 VF Corporation Fiscal 2025 Form 10-K

Table of Contents

~~transactions~~Counterparty with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better. VF continually monitors the credit rating of, and limits the amount hedged with, each counterparty. Additionally, management utilizes a portfolio of financial institutions to minimize exposure to potential counterparty defaults and adjusts positions as necessary. VF also monitors counterparty risk for derivative contracts within the defined benefit pension plans.risks

VF is exposed to credit-related losses in the event of nonperformance by counterparties to derivative hedging instruments. To manage this risk, we have established counterparty credit guidelines and only enter into derivative transactions with financial institutions that have ‘A minus/A3’ investment grade credit ratings or better. VF continually monitors the credit rating of, and limits the amount hedged with, each counterparty. Additionally, management utilizes a portfolio of financial institutions to minimize exposure to potential counterparty defaults and adjusts positions as necessary. VF also monitors counterparty risk for derivative contracts within the defined benefit pension plans.

Commodity price risks

VF is exposed to market risks for the pricing of cotton, leather, rubber, wool, oil and other materials, primarily due to the impact ~~on the cost of sourced finished goods from independent contractors. To manage risks of commodity price changes, management negotiates prices of finished goods in advance~~

on the cost of sourced finished goods from independent contractors. To manage risks of commodity price changes, management negotiates prices of finished goods in advance when possible. VF has not historically managed commodity price exposures by using derivative instruments.

Deferred compensation and related investment security risks

VF has nonqualified deferred compensation plans in which liabilities to the plans’ participants are based on the market values of the participants’ selection of a hypothetical portfolio of investment funds. VF invests in a portfolio of securities and variable life insurance contracts that substantially mirror the participants’ investment selections. The increases and decreases in deferred compensation liabilities are substantially offset by corresponding increases and decreases in the market value of VF’s investments, resulting in an insignificant net exposure to operating results and financial position.


CRITICAL ACCOUNTING POLICIES AND ESTIMATES

VFManagement has chosen accounting policies ~~that~~it ~~management~~considers ~~believes~~to ~~are~~be appropriate to accurately and fairly report VF’s operating results and financial position in conformity with ~~accounting principles~~ generally accepted accounting principles in the ~~U.S.~~United VFStates ~~applies~~of ~~these~~America. Our critical accounting policies are applied in a consistent manner. Significant accounting policies are summarized in Note 1 to the consolidated financial statements.

The application of these accounting policies requires ~~that~~management VFto make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses, contingent assets and liabilities, and related disclosures. These estimates, assumptions and judgments are based on historical experience, current trends and other factors believed to be reasonable under the circumstances. Management evaluates these estimates and assumptions on an ongoing basis. In addition, VF may retain

outside specialists to assist in valuations of business acquisitions and impairment testing of goodwill and intangible assets. Because VF’s business cycle is relatively short (i.e., from the date inventory is purchased until that inventory is sold and payment is collected), actual results related to most estimates are known within a few months after any balance sheet date. If actual results ultimately differ from previous estimates, the revisions are included in results of operations when the actual amounts become known.

VF believes the following accounting policies involve the most significant management estimates, assumptions and management judgments used in preparation of the consolidated financial statements or are the most sensitive to change from outside factors. The application of these critical accounting policies and estimates is discussed with the Audit Committee of the Board of Directors.


Business Combinations

VF accounts for business combinations using the acquisition method of accounting. Under the acquisition method, the consolidated financial statements reflect the operations of an acquired business starting from the closing date of the acquisition. All assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. VF allocates the purchase price of an acquired business to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed, with any excess purchase price recorded as goodwill. Contingent consideration, if any, is included within the purchase price and is recognized at its fair value on the acquisition date.

The application of the acquisition method of accounting for business combinations and determination of fair value requires management to make judgments and may involve the use of significant estimates, including assumptions related to estimated future revenues, growth rates, cash flows, discount rates and royalty rates, among other items. VF generally evaluates fair value at acquisition using three valuation techniques - the replacement cost, market and income methods

- and weights the valuation methods based on what is most appropriate in the circumstances. The process of assigning fair values, particularly to acquired intangible assets, is highly subjective. VF also utilizes third-party valuation specialists to assist management in the determination of the fair value of assets acquired and liabilities assumed. Management estimates of fair value are based on assumptions believed to be reasonable, but are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. If the actual results differ from the estimates and judgments used, the amounts recorded in the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill, as discussed in the "“Long-Lived Assets, Including Intangible Assets and Goodwill"” section below.

During the measurement period, which is up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill.

38 VF Corporation Fiscal ~~2025~~2026 Form 10-K 37

Table of Contents


Long-Lived Assets, Including Intangible Assets and Goodwill

Definite-Lived Assets

VF’s depreciation policies for property, plant and equipment reflect judgments on the estimated economic lives and residual values, if any. VF’s amortization policies for definite-lived intangible assets reflect judgments on the estimated amounts and duration of future cash flows expected to be generated by those assets. In evaluating the amortizable life for customer relationship intangible assets, management considers historical attrition patterns for various groups of customers. In determining the lease term used to amortize operating lease right-of-use assets, VF considers initial terms and any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of lease term.

VF’s policy is to review property, plant and equipment, definite-lived intangible assets and operating lease right-of-use assets for potential impairment whenever events or changes in circumstances indicate the carrying value of an asset or asset group may not be recoverable. VF tests for potential impairment at the asset or asset group level, which is the lowest level for which there are identifiable cash flows that are largely independent. VF measures recoverability of the carrying value of an asset or asset group by comparison to the estimated pre-tax undiscounted cash flows expected to be generated by the asset. If the forecasted pre-tax undiscounted cash flows to be generated by the asset are not expected to be adequate to recover the asset’s carrying value, a fair value analysis is performed, and an impairment charge is recorded if there is an excess of the asset’s carrying value over its estimated fair value.

When testing property, plant and equipment for potential impairment, VF uses the income-based discounted cash flow method using the estimated cash flows of the respective asset or asset group. The estimated pre-tax undiscounted cash flows of the asset or asset group through the end of its useful life are compared to its carrying value. If the pre-tax undiscounted cash flows of the asset or asset group exceed its carrying value, there is no impairment charge. If the pre-tax undiscounted cash flows of the asset or asset group are less than its carrying value, the estimated fair value of the asset or asset group is calculated based on the after-tax discounted cash flows using an appropriate weighted average cost of capital ("“WACC"”), and an impairment charge is recognized for the difference between the estimated fair value of the asset or asset group and its carrying value.

When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. Management uses the multi-period excess earnings method, which is a specific application of the discounted cash flow method, to value customer relationship assets. The estimated pre-tax undiscounted cash flows of the asset through the end of its useful life are compared to its carrying value. If the pre-tax undiscounted cash flows of the asset exceed its carrying value, there is no impairment charge. If the pre-tax undiscounted cash flows of the asset are less than its carrying value, the estimated fair value of the asset is calculated based on the present value of the after-tax cash flows expected to be generated by the customer relationship asset after deducting contributory asset charges, and an impairment charge is recognized for the

difference between the estimated fair value of the asset and its carrying value.

When testing operating lease right-of-use assets for potential impairment, VF uses the income-based discounted cash flow method using the estimated cash flows of the respective asset or asset group. The estimated pre-tax undiscounted cash flows of the asset or asset group through the end of its useful life are compared to its carrying value. If the pre-tax undiscounted cash flows of the asset exceed its carrying value, there is no impairment charge. If the pre-tax undiscounted cash flows of the asset or asset group are less than its carrying value, the estimated fair value of the asset or asset group is calculated considering what a market participant would pay to lease the asset for its highest and best use, and an impairment charge is recognized for the difference between the estimated fair value of the asset or asset group and its carrying value. The impairment loss is allocated to the long-lived assets of the group on a pro-rata basis using the relative carrying amounts of those assets.

Indefinite-Lived Intangible Assets and Goodwill

Fair value for acquired intangible assets is generally based on the present value of expected cash flows. Indefinite-lived trademark or trade name intangible assets (collectively referred to herein as “trademarks”) represent individually acquired trademarks, some of which are registered in multiple countries. Goodwill represents the excess of cost of an acquired business over the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed, and is assigned at the reporting unit level.

VF’s policy is to evaluate indefinite-lived intangible assets and goodwill for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. As part of its annual impairment testing, VF may elect to assess qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If management’s assessment of these qualitative factors indicates that it is more likely than not that the fair value of the intangible asset or reporting unit is more than its carrying value, then no further testing is required. Otherwise, the intangible asset or reporting unit is quantitatively tested for impairment.

An indefinite-lived intangible asset is quantitatively tested for possible impairment by comparing the estimated fair value of the asset to its carrying value. Fair value of an indefinite-lived trademark is based on an income approach using the relief-from-royalty method. Under this method, forecasted revenues for products sold with the trademark are assigned a royalty rate that would be charged to license the trademark (in lieu of ownership), and the estimated fair value is calculated as the present value of those forecasted royalties avoided by owning the trademark. The discount rate is based on the reporting unit’s WACC that considers market participant assumptions and is adjusted, as appropriate, to factor in the risk of the intangible asset. The royalty rate is selected based on consideration of (i) royalty rates included in active license agreements, if applicable, (ii) royalty rates received by market participants in the apparel and footwear industry, and (iii) the current performance of the reporting unit. If the estimated fair value of the trademark intangible asset exceeds its carrying value, there is no

38 VF Corporation Fiscal ~~2025~~2026 Form 10-K 39

Table of Contents

~~intangible asset exceeds its carrying value, there is no~~ impairment charge. If the estimated fair value of the trademark is less than its carrying value, an impairment charge is recognized for the difference.

Goodwill is quantitatively evaluated for possible impairment by comparing the estimated fair value of a reporting unit to its carrying value. Reporting units are businesses with discrete financial information that is available and reviewed by management.

For goodwill impairment testing, VF estimates the fair value of a reporting unit using both income-based and market-based valuation methods. The income-based approach is based on the reporting unit’s forecasted future cash flows that are discounted to present value using the reporting unit’s WACC, as discussed above. For the market-based approach, management uses both the guideline company and similar transaction methods. The guideline company method analyzes market multiples of revenues and earnings before interest, taxes, depreciation and amortization (“EBITDA”) for a group of comparable public companies. The market multiples used in the valuation are based on the relative strengths and weaknesses of the reporting unit compared to the selected guideline companies. Under the similar transactions method, valuation multiples are calculated utilizing actual transaction prices and revenue/EBITDA data from target companies deemed similar to the reporting unit. Management typically assigns more weight to the income-based valuation method. Management also evaluates the fair value estimates of reporting units in the context of VF's total enterprise market value.

Based on the range of estimated fair values developed from the income and market-based methods, VF determines the estimated fair value for the reporting unit. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is not impaired and no further review is required. However, if the estimated fair value of the reporting unit is less than its carrying value, VF calculates the impairment loss as the difference between the carrying value of the reporting unit and the estimated fair value, limited to the amount of reporting unit goodwill.

The income-based fair value methodology requires management’s assumptions and judgments regarding economic conditions in the markets in which VF operates and conditions in the capital markets, many of which are outside of management’s control. At the reporting unit level, fair value estimation requires management’s assumptions and judgments regarding the effects of overall economic conditions on the specific reporting unit, along with assessment of the reporting unit’s strategies and forecasts of future cash flows. Forecasts of individual reporting unit cash flows involve management’s estimates and assumptions regarding:

•Annual cash flows, on a debt-free basis, arising from future revenues and profitability, changes in working capital, capital spending and income taxes for a forecast period.

•A terminal growth rate for years beyond the forecast period. The terminal growth rate is selected based on consideration of growth rates used in the forecast period, historical performance of the reporting unit and economic conditions.

•A discount rate that reflects the risks inherent in realizing the forecasted cash flows. A discount rate considers the risk-free rate of return on long-term treasury securities,

~~risk-free rate of return on long-term treasury securities,~~ the risk premium associated with investing in equity securities of comparable companies, the beta obtained from comparable companies and the cost of debt for investment grade issuers. In addition, the discount rate may consider any company-specific risk (at the reporting unit level) in achieving the prospective financial information.

Under the market-based fair value methodology, judgment is required in evaluating market multiples and recent transactions. Management believes that the assumptions used for its impairment tests are representative of those that would be used by market participants performing similar valuations of VF’s reporting units.

Fiscal ~~2025~~2026 Impairment Testing

Interim Impairment Testing

During the third quarter of Fiscal ~~2025~~2026, management determined that ~~the~~a ~~continued~~recent ~~downturn~~downward revision in the ~~Dickies~~Napapijri forward-looking financial ~~results and~~ projections, ~~combined with expectations of a slower recovery than previously anticipated,~~ was a triggering event that required management to perform a quantitative impairment analysis of both the ~~Dickies~~Napapijri reporting unit goodwill and indefinite-lived trademark intangible asset. Recent leadership changes within the brand have resulted in strategic actions that are projected to deliver short- to medium-term revenue and profit reductions to support long-term growth of the brand. The carrying ~~value~~values of the goodwill and indefinite-lived trademark intangible asset at the ~~November~~September 2328, ~~2024~~2025 testing date ~~was~~were $~~290~~62.0 3 million and $32.4 million, respectively. As a result of the impairment testing performed, VF recorded an impairment charge of $5130.07 million in the Consolidated Statement of Operations in the third quarter of Fiscal ~~2025~~2026 to write down the ~~Dickies~~Napapijri reporting unit carrying value to its estimated fair value. Based on the analysis, management concluded that the indefinite-lived trademark intangible asset towas ~~its~~not impaired and the estimated fair value exceeded its carrying value by a significant amount.

Annual Impairment Testing

Management performed its annual goodwill and indefinite-lived intangible asset impairment testing as of the beginning of the fourth quarter of Fiscal ~~2025~~2026. VF elected to bypass the qualitative analysis for the ~~Icebreaker~~Vans ~~and Smartwool~~ reporting unit goodwill and indefinite-lived trademark intangible ~~assets and for the Timberland PRO reporting unit goodwill~~asset. As a result of the annual impairment testing, VFmanagement ~~recorded~~concluded ~~a goodwill impairment charge of $38.2 million in~~ the ~~Consolidated~~Vans ~~Statement~~reporting ofunit ~~Operations~~goodwill ~~for~~and ~~the year ended March 2025 related to Icebreaker. Based on the analysis, management concluded that Icebreaker's~~ indefinite-lived trademark intangible asset ~~was~~were not impaired ~~and the estimated fair value exceeded its carrying value by a significant amount~~. NoFor ~~other impairment charges were required as a result of the annual impairment testing. Based on the analyses~~goodwill, the estimated fair value of the ~~Timberland PRO~~ reporting unit exceeded ~~its carrying value by 18% and~~ the ~~estimated fair value of the Smartwool reporting unit exceeded its~~ carrying value by a significant amount. ~~Based~~The ~~on the analysis, the~~ estimated fair value of the ~~Smartwool~~ indefinite-lived trademark intangible asset also exceeded its carrying value by a significant amount.

For the remaining reporting units and indefinite-lived trademark intangible assets, VF elected to perform a qualitative analysis during the annual goodwill and indefinite-lived intangible asset impairment testing, as of the beginning of the fourth quarter of Fiscal ~~2025~~2026, to determine whether it was more likely than not that the goodwill and indefinite-lived trademark intangible assets in those reporting units were impaired. Based on the results of the qualitative assessment, VF concluded it was more likely than not the carrying values of the goodwill and indefinite-lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.

VFRefer ~~Corporation~~to Notes 9 and 24 to the consolidated financial statements for additional discussion on Fiscal ~~2025~~2026 ~~Form~~impairment ~~10-K 39~~testing.

40 VF Corporation Fiscal 2026 Form 10-K

Table of Contents

lived trademark intangible assets were less than their fair values, and that further quantitative testing was not necessary.

Refer to Notes 8, 9 and 24 to the consolidated financial statements for additional discussion on Fiscal 2025 impairment testing.

Management’s Use of Estimates and Assumptions

Management made its estimates based on information available as of the date of our assessments, using assumptions we believe market participants would use in performing an independent valuation of the business. Although management believes the estimates and assumptions used in the impairment testing are reasonable and appropriate, it is possible that VF's assumptions and conclusions regarding impairment or recoverability of goodwill or indefinite-lived trademark intangible assets in any reporting unit could change in future periods. There can be no assurance the estimates and assumptions, particularly our long-term financial projections, used in our goodwill and indefinite-lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic

~~lived intangible asset impairment testing will prove to be accurate predictions of the future, if, for example, (i) the businesses do not perform as projected, (ii) overall economic~~ conditions in Fiscal ~~2026~~2027 or future years vary from current assumptions (including changes in discount rates, royalty rates, foreign currency exchange rates and tariffs), (iii) business conditions or strategies change from current assumptions, including loss of major customers or channels, (iv) investors require higher rates of return on equity investments in the marketplace, or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA.

Changes in these estimates and assumptions could result in a future impairment charge of goodwill or indefinite-lived intangible assets and such charges could have a material effect on VF’s consolidated financial position and results of operations.


Income Taxes

As a global company, VF is subject to income taxes and files income tax returns in over 100 U.S. and foreign jurisdictions each year. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or changes in interpretation of existing tax laws and regulations or rulings by courts or government authorities leading to exposure to additional tax liabilities. In particular, tax authorities and the courts have increased their focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction. Tax authorities have also become skeptical of special tax rulings provided to companies offering lower taxes than may be applicable in other countries. VF makes an ongoing assessment to identify any significant exposure related to increases in tax rates in the jurisdictions in which VF operates.

The calculation of income tax liabilities involves uncertainties in the application of complex tax laws and regulations, which are subject to legal interpretation and significant management judgment. VF’s income tax returns are regularly examined by federal, state and foreign tax authorities, and those audits may result in proposed adjustments. VF has reviewed all issues raised upon examination, as well as any exposure for issues that may be raised in future examinations. VF has evaluated these potential issues under the “more-likely-than-not” standard of the accounting literature. A tax position is recognized if it meets this standard and is measured at the largest amount of benefit that has a greater than 50% likelihood of being realized. Such

judgments and estimates may change based on audit settlements, court cases and interpretation of tax laws and regulations. Income tax expense could be materially affected to the extent VF prevails in a tax position or when the statute of limitations expires for a tax position for which a liability for unrecognized tax benefits or valuation allowances has been established, or to the extent VF is required to pay amounts greater than the established liability for unrecognized tax benefits. Under the more-likely-than-not standard, VF does not currently anticipate any material impact on earnings from the ultimate resolution of income tax uncertainties. There are no accruals for general or unknown tax expenses.

As of March ~~2025~~2026, VF had $~~698~~935.93 million of gross deferred income tax assets related to operating loss, credit and capital loss carryforwards, and $~~531~~771.03 million of valuation allowances against those assets. Realization of deferred tax assets related to operating loss, credit and capital loss carryforwards is dependent on future taxable income in specific jurisdictions, the amount and timing of which are uncertain, and on possible changes in tax laws. If management believes that VF will not be able to generate sufficient taxable income or capital gains to offset losses or credits during the carryforward periods, VF records valuation allowances to reduce those deferred tax assets to amounts expected to be ultimately realized. If in a future period management determines that the amount of deferred tax assets to be realized differs from the net recorded amount, VF would record an adjustment to income tax expense in that future period.


Recently Issued and Adopted Accounting Standards

Refer to Note 1 to the consolidated financial statements for discussion of recently issued and adopted accounting standards.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

A discussion of VF’s market risks is incorporated by reference to “Risk Management” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.

40 VF Corporation Fiscal 2025 Form 10-K

Table of Contents


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

See “Index to Consolidated Financial Statements and Financial Statement Schedule” on page F-1 of this Annual Report for information required by this Item 8.

VF Corporation Fiscal 2026 Form 10-K 41

Table of Contents


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

Not applicable.


ITEM 9A. CONTROLS AND PROCEDURES.


CONCLUSION REGARDING THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision of the Chief Executive Officer and the Chief Financial Officer, VF conducted an evaluation of the effectiveness of the design and operation of VF’s “disclosure controls and procedures” as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of March 2928, ~~2025~~2026. These require that VF ensure that information required to be disclosed by VF in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in

the Securities and Exchange Commission’s rules and forms and that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to VF’s management, including the principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures. Based on VF’s evaluation, the principal executive officer and the principal financial officer concluded that VF’s disclosure controls and procedures were effective as of March 2928, ~~2025~~2026.


MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

See page F-2 of this Annual Report for “Management’s Report on Internal Control Over Financial Reporting.”


REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM

See page F-3 of this Annual Report for the "“Report of Independent Registered Public Accounting Firm."”


CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in VF’s internal control over financial reporting that occurred during its last fiscal quarter that have materially affected, or are reasonably likely to materially affect, VF’s internal control over financial reporting.


ITEM 9B. OTHER INFORMATION.

During the three months ended March 2928, ~~2025~~2026, no director or officer of VF adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.


ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

Not applicable.

VF Corporation Fiscal 2025 Form 10-K 41

Table of Contents

PART III


ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Information regarding VF’s Executive Officers required by Item 10 of this Part III is set forth in Item 1 of Part I of this Annual Report under the caption “Information About Our Executive Officers.” Information required by Item 10 of Part III regarding VF’s Directors is included under the caption “Election of Directors” in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.

Information regarding compliance with Section 16(a) of the Exchange Act of 1934 is included under the caption “Delinquent Section 16(a) Reports” (to the extent reported therein) in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our ~~fiscal year ended March 29, 2025, which information is incorporated herein by reference.~~

Information regarding the Audit Committee is included under the caption “Corporate Governance at VF — Board Committees and Their Primary Responsibilities — Audit Committee” in VF’s 2025 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.

VFInformation ~~has~~regarding ~~adopted~~the aAudit ~~written~~Committee ~~code~~is ofincluded ~~ethics,~~under ~~“VF~~the ~~Corporation~~caption ~~Code~~“Corporate ofGovernance ~~Business~~at ~~Conduct,”~~VF ~~that~~— isBoard ~~applicable~~Committees toand ~~all~~Their VFPrimary ~~directors,~~Responsibilities ~~officers~~— ~~and~~Audit ~~employees,~~Committee” ~~including~~in VF’s ~~chief~~2026 ~~executive~~Proxy ~~officer,~~Statement ~~chief~~that ~~financial~~will ~~officer,~~be ~~chief~~filed ~~accounting~~with ~~officer~~the Securities and ~~other~~Exchange ~~executive~~Commission ~~officers~~within ~~identified~~120 ~~pursuant~~days toafter ~~this Item 10 (collectively,~~ the ~~“Selected~~close ~~Officers”).~~of ~~The~~our ~~code~~fiscal isyear ~~posted~~ended onMarch 28, ~~VF’s website~~2026, ~~www.vfc.com.~~which VFinformation ~~will~~is ~~disclose~~incorporated ~~any~~herein ~~changes~~by ~~in or waivers from its code of ethics applicable to any Selected Officer or director on its website at www~~reference.~~vfc.com.~~

~~The~~VF ~~Board~~has ofadopted ~~Directors’~~a ~~Corporate~~written ~~Governance~~code ~~Principles,~~of ~~the Audit Committee~~ethics, ~~Governance~~“VF ~~and~~Corporation ~~Corporate~~Code ~~Responsibility~~of ~~Committee~~Business Conduct,” ~~Talent~~that ~~and~~is ~~Compensation~~applicable ~~Committee~~to ~~and~~all ~~Finance~~VF ~~Committee~~directors, ~~charters~~officers and ~~other corporate governance information~~employees, including ~~the method for interested parties to communicate directly with nonmanagement members of the Board of Directors, are available on~~ VF’s ~~website.~~chief ~~These~~executive ~~documents~~officer, aschief ~~well~~financial asofficer, ~~the~~chief VFaccounting ~~Corporation~~officer ~~Code~~and ofother ~~Business~~executive ~~Conduct,~~officers ~~will~~identified bepursuant ~~provided free of charge~~ to ~~any~~this ~~shareholder~~Item 10 ~~upon~~(collectively, ~~request directed to~~ the ~~Corporate~~“Selected ~~Secretary~~Officers”). ofThe VFcode ~~Corporation~~is atposted ~~P.O.~~on ~~Box~~VF’s ~~13919~~website, ~~Denver, CO 80201.~~

42 VF Corporation Fiscal 2026 Form 10-K

Table of Contents

www.vfc.com. VF will disclose any changes in or waivers from its code of ethics applicable to any Selected Officer or director on its website at www.vfc.com.

The Board of Directors’ Corporate Governance Principles, the Audit Committee, Governance and Corporate Responsibility Committee, Talent and Compensation Committee and Finance Committee charters and other corporate governance

information, including the method for interested parties to communicate directly with nonmanagement members of the Board of Directors, are available on VF’s website. These documents, as well as the VF Corporation Code of Business Conduct, will be provided free of charge to any shareholder upon request directed to the Corporate Secretary of VF Corporation at P.O. Box 13919, Denver, CO 80201.


ITEM 11. EXECUTIVE COMPENSATION.

Information required by Item 11 of this Part III is included under the captions “Corporate Governance at VF” and “Executive Compensation” in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Information required by Item 12 of this Part III is included under the captions “Security Ownership of Certain Beneficial Owners and Management” and "“Executive Compensation"” in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Information required by Item 13 of this Part III is included under the caption “Corporate Governance at VF” in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.


ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Information required by Item 14 of this Part III is included under the caption “~~Professional~~Audit ~~Fees~~and ofOther ~~PricewaterhouseCoopers~~Professional ~~LLP~~Fees” in VF’s ~~2025~~2026 Proxy Statement that will be filed with the Securities and Exchange Commission within 120 days after the close of our fiscal year ended March 2928, ~~2025~~2026, which information is incorporated herein by reference.

42 VF Corporation Fiscal ~~2025~~2026 Form 10-K 43

Table of Contents

PART IV


ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a) The following documents are filed as a part of this Fiscal ~~2025~~2026 report:


1. Financial statements						PAGE NUMBER
Management’s Report on Internal Control Over Financial Reporting						F-2
Report of Independent Registered Public Accounting Firm						F-3
Consolidated Balance Sheets						F-5
Consolidated Statements of Operations						F-6
Consolidated Statements of Comprehensive Income (Loss)						F-7
Consolidated Statements of Cash Flows						F-8
Consolidated Statements of Stockholders’ Equity						F-10
Notes to Consolidated Financial Statements						F-11

2. Financial statement schedules						PAGE NUMBER
Schedule II — Valuation and Qualifying Accounts						F-5966

All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.

3. Exhibits
NUMBER			DESCRIPTION
2.1			Stock and Asset Purchase Agreement dated as of July 16, 2024 between V.F. Corporation and EssilorLuxottica S.A. (Incorporated by reference to Exhibit 2.1 to Form 8-K filed July 17, 2024)+
3.1			Articles of Incorporation, restated as of October 21, 2013 (Incorporated by reference to Exhibit 3(i) to Form 8-K filed October 21, 2013)
3.2			Amended and Restated By-Laws of V.F. Corporation, effective January 24, 2023 (Incorporated by reference to Exhibit 3.1 to Form 8-K filed January 25, 2023)
4.1			A specimen of VF’s Common Stock certificate (Incorporated by reference to Exhibit 4(A) to Form 10-K for the year ended January 3, 1998)
4.2			Indenture between VF and United States Trust Company of New York, as Trustee, dated September 29, 2000 (Incorporated by reference to Exhibit 4.1 to Form 10-Q for the quarter ended September 30, 2000)
4.3			Form of 6.00% Note due October 15, 2033 for $297,500,000 (Incorporated by reference to Exhibit 4.2 to Form S-4 Registration Statement No. 110458 filed November 13, 2003)
4.4			Indenture between VF and The Bank of New York Trust Company, N.A., as Trustee, dated October 15, 2007 (Incorporated by reference to Exhibit 4.1 to Form S-3ASR Registration Statement No. 333-146594 filed October 10, 2007)
4.5			First Supplemental Indenture between VF and The Bank of New York Trust Company, N.A., as Trustee, dated October 15, 2007 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed October 25, 2007)
4.6			Form of 6.45% Note due 2037 for $350,000,000 (Incorporated by reference to Exhibit 4.4 to Form 8-K filed October 25, 2007)
4.7			Fourth Supplemental Indenture between VF, The Bank of New York Mellon Trust Company, N.A., as Trustee, and The Bank of New York Mellon, London Branch, as Paying Agent dated as of February 25, 2020 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed February 25, 2020)
4.8			Form of 0.250% Senior Notes due 2028 (Incorporated by reference to Exhibit 4.3 to Form 8-K filed February 25, 2020)
4.9			Form of 0.625% Senior Notes due 2032 (Incorporated by reference to Exhibit 4.4 to Form 8-K filed February 25, 2020)
4.10			Fifth Supplemental Indenture between VF and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of April 23, 2020 (Incorporated by reference to Exhibit 4.2 to Form 8-K filed April 23, 2020)
4.11			Form of 2.~~400~~800% Senior Notes due ~~2025~~2027 (Incorporated by reference to Exhibit 4.45 to Form 8-K filed April 23, 2020)
4.12			Form of 2.~~800~~950% Senior Notes due ~~2027~~2030 (Incorporated by reference to Exhibit 4.56 to Form 8-K filed April 23, 2020)
4.13			~~Form~~Sixth Supplemental Indenture between VF and The Bank of 2New York Mellon Trust Company, N.~~950%~~A., ~~Senior~~as ~~Notes~~Trustee, ~~due~~dated ~~2030~~as of March 7, 2023 (Incorporated by reference to Exhibit 4.62 to Form 8-K filed ~~April~~March 237, ~~2020~~2023)
4.14			~~Sixth~~Form ~~Supplemental Indenture between VF and The Bank~~ of ~~New York Mellon Trust Company, N~~4.~~A.,~~125% asSenior ~~Trustee,~~Notes ~~dated~~due as2026 ~~of March 7, 2023~~ (Incorporated by reference to Exhibit 4.23 to Form 8-K filed March 7, 2023)
4.15			Form of 4.~~125~~250% Senior Notes due ~~2026~~2029 (Incorporated by reference to Exhibit 4.34 to Form 8-K filed March 7, 2023)
4.16			~~Form~~Description of ~~4.250% Senior Notes due 2029 (Incorporated by reference to Exhibit 4.4 to Form 8-K filed March 7, 2023)~~Securities
4.17			Description of Securities

44 VF Corporation Fiscal ~~2025~~2026 Form 10-K 43

Table of Contents

NUMBER			DESCRIPTION
10.1			1996 Stock Compensation Plan, as amended and restated as of February 10, 2015 (Incorporated by reference to Appendix B to the 2015 Proxy Statement filed March 19, 2015)*
10.2			1996 Stock Compensation Plan, as amended and restated as of March 12, 2024 (Incorporated by reference to Exhibit 10.2 to Form 10-K for the year ended March 30, 2024)*
10.3			1996 Stock Compensation Plan, as amended and restated as of May 14, 2024 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed July 24, 2024)*
10.4			~~Form of VF Corporation~~ 1996 Stock Compensation Plan, ~~Non-Qualified~~as ~~Stock~~amended ~~Option~~and ~~Certificate~~restated as of June 22, 2025 (Incorporated by reference to Exhibit 10~~(B)~~.4 to Form 10-K for the year ended ~~January~~March 228, ~~2010~~2026)*
10.5			Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate (Incorporated by reference to Exhibit 10.2(B) to Form 10-QK for the ~~quarter~~year ended ~~June~~January 292, ~~2024~~2010)*
10.6			Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate ~~for Non-Employee Directors~~ (Incorporated by reference to Exhibit 10~~(C)~~.2 to Form 10-KQ for the ~~year~~quarter ended ~~December~~June 3129, ~~2011~~2024)*
10.7			Form of VF Corporation 1996 Stock Compensation Plan Non-Qualified Stock Option Certificate for Non-Employee Directors (Incorporated by reference to Exhibit 10.3(C) to Form 10-QK for the ~~quarter~~year ended ~~June~~December 2931, ~~2024~~2011)*
10.8			Form of ~~Award~~VF ~~Certificate~~Corporation ~~for~~1996 ~~Performance-Based~~Stock ~~Restricted~~Compensation Plan Non-Qualified Stock ~~Units~~Option Certificate for Non-Employee Directors (Incorporated by reference to Exhibit 10.13 to Form 10-Q for the quarter ended ~~September~~June 2629, ~~2020~~2024)*
10.9			Form of Award Certificate for Performance-Based Restricted Stock Units (Incorporated by reference to Exhibit 10.41 to Form 10-Q for the quarter ended ~~June~~September 2926, ~~2024~~2020)*
10.10			Form of Award Certificate for Performance-Based Restricted Stock Units ~~for Non-Employee Directors~~ (Incorporated by reference to Exhibit 10.54 to Form 10-Q for the quarter ended June 29, 2024)*
10.11			Form of Award Certificate for Performance-Based Restricted Stock Units for CEO (Incorporated by reference to Exhibit 10~~(K)~~.2 to Form 10-KQ for the ~~year~~quarter ended ~~March~~September 2827, ~~2020~~2025)*
10.12			Form of Award Certificate for ~~Restricted~~ Stock Units for Non-Employee Directors (Incorporated by reference to Exhibit 10.65 to Form 10-Q for the quarter ended June 29, 2024)*
10.13			Form of Award Certificate for Restricted Stock Units ~~Special Award~~ (~~Cliff Vesting) (~~Incorporated by reference to Exhibit 10(LK) to Form 10-K for the year ended March 28, 2020)*
10.14			Form of Award Certificate for Restricted Stock Units ~~Special Award~~ (~~Cliff Vesting) (~~Incorporated by reference to Exhibit 10.76 to Form 10-Q for the quarter ended June 29, 2024)*
10.15			Form of Award Certificate for Restricted Stock Units ~~Special Award~~ (~~Split Vesting~~5-Year) (Incorporated by reference to Exhibit 10~~(M)~~.2 to Form 10-KQ for the ~~year~~quarter ended ~~March~~June 28, ~~2020~~2025)*
10.16			Form of Award Certificate for Restricted Stock Units ~~Special Award~~ (~~Split~~4-Year Graded Vesting) (Incorporated by reference to Exhibit 10.83 to Form 10-Q for the quarter ended June 2928, ~~2024~~2025)*
10.17			Form of Award Certificate for Restricted Stock Units Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10(PL) to Form 10-K for the year ended March 28, 2020)*
10.18			~~Deferred~~Form ~~Compensation~~of ~~Plan,~~Award asCertificate ~~amended~~for ~~and~~Restricted ~~restated~~Stock asUnits ofSpecial ~~December~~Award ~~31,~~(Cliff ~~2001~~Vesting) (Incorporated by reference to Exhibit 10~~(A)~~.7 to Form 10-Q for the quarter ended ~~March~~June 3029, ~~2002~~2024)*
10.19			~~Executive~~Form ~~Deferred~~of ~~Savings~~Award ~~Plan,~~Certificate asfor ~~amended~~Restricted ~~and~~Stock ~~restated~~Units asSpecial ofAward ~~December~~(Split ~~31,~~Vesting) ~~2001~~ (Incorporated by reference to Exhibit 10(BM) to Form 10-QK for the ~~quarter~~year ended March 3028, ~~2002~~2020)*
10.20			~~Executive~~Form ~~Deferred~~of ~~Savings~~Award ~~Plan~~Certificate ~~II,~~for asRestricted ~~amended~~Stock ~~and~~Units ~~restated~~Special ~~January~~Award 1,(Split ~~2020~~Vesting) (Incorporated by reference to ~~Item~~Exhibit 10.18 to Form 10-Q for the quarter ended ~~December~~June 2829, ~~2019~~2024)*
10.21			~~Amendment~~Form toof ~~Executive~~Award ~~Deferred~~Certificate ~~Savings~~for ~~Plan~~Restricted Stock Special Award (Cliff Vesting) (Incorporated by reference to Exhibit 10(bP) to Form 810-K ~~filed~~for ~~December~~the 17year ended March 28, ~~2004~~2020)*
10.22			~~Amended~~Deferred ~~and~~Compensation ~~Restated~~Plan, ~~Second~~as ~~Supplemental~~amended ~~Annual Benefit Determination under the Amended~~ and ~~Restated~~restated ~~Supplemental~~as ~~Executive~~of ~~Retirement~~December ~~Plan~~31, ~~for~~2001 ~~Mid-Career Senior Management~~ (Incorporated by reference to Exhibit 10.2(A) to Form 10-Q for the quarter ended ~~April~~March 130, ~~2006~~2002)*
10.23			~~Amended~~Executive ~~and~~Deferred ~~Restated~~Savings ~~Fourth~~Plan, ~~Supplemental~~as ~~Annual~~amended ~~Benefit Determination under the Amended~~ and ~~Restated~~restated ~~Supplemental~~as ~~Executive~~of ~~Retirement~~December ~~Plan~~31, ~~for~~2001 ~~Participants in VF’s Deferred Compensation Plan~~ (Incorporated by reference to Exhibit 10.3(B) to Form 10-Q for the quarter ended ~~April~~March 130, ~~2006~~2002)*
10.24			~~Amended~~Executive ~~and~~Deferred ~~Restated~~Savings ~~Seventh~~Plan ~~Supplemental~~II, ~~Annual~~as ~~Benefit~~amended ~~Determination under the Amended~~ and ~~Restated~~restated ~~Supplemental~~January ~~Executive~~1, ~~Retirement~~2020 ~~Plan for Participants in VF’s Executive Deferred Savings Plan~~ (Incorporated by reference to ~~Exhibit~~Item 10.51 to Form 10-Q for the quarter ended ~~April~~December 128, ~~2006~~2019)*
10.25			~~Amended~~Amendment ~~and~~to ~~Restated Eighth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental~~ Executive ~~Retirement~~Deferred Savings Plan (Incorporated by reference to Exhibit 10.6(b) to Form 108-QK ~~for~~filed ~~the~~December ~~quarter ended April 1~~17, ~~2006~~2004)*
10.26			Amended and Restated ~~Ninth~~Second Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan ~~relating to the computation of benefits~~ for Mid-Career Senior Management (Incorporated by reference to Exhibit 10.72 to Form 10-Q for the quarter ended April 1, 2006)*
10.27			Amended and Restated ~~Tenth~~Fourth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s ~~Mid-Term~~Deferred ~~Incentive~~Compensation Plan (Incorporated by reference to Exhibit 10.83 to Form 10-Q for the quarter ended April 1, 2006)*
10.28			Amended and Restated Seventh Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Executive Deferred Savings Plan (Incorporated by reference to Exhibit 10.5 to Form 10-Q for the quarter ended April 1, 2006)*

44 VF Corporation Fiscal ~~2025~~2026 Form 10-K 45

Table of Contents

NUMBER			DESCRIPTION
10.28			Eleventh Supplemental Annual Benefit Determination Pursuant to the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended April 1, 2006)*
10.29			Amended and Restated Eighth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.6 to Form 10-Q for the quarter ended April 1, 2006)*
10.29			Twelfth Supplemental Benefit Determination Pursuant to the VF Corporation Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 27, 2014)*
10.30			Amended and Restated Ninth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan relating to the computation of benefits for Senior Management (Incorporated by reference to Exhibit 10.7 to Form 10-Q for the quarter ended April 1, 2006)*
10.30			Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.10 to Form 10-Q for the quarter ended April 1, 2006)*
10.31			Amended and Restated Tenth Supplemental Annual Benefit Determination under the Amended and Restated Supplemental Executive Retirement Plan for Participants in VF’s Mid-Term Incentive Plan (Incorporated by reference to Exhibit 10.8 to Form 10-Q for the quarter ended April 1, 2006)*
10.31			Resolution of the Board of Directors dated December 3, 1996 relating to lump sum payments under VF’s Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10(N) to Form 10-K for the year ended January 4, 1997)*
10.32			Eleventh Supplemental Annual Benefit Determination Pursuant to the Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended April 1, 2006)*
10.32			2019 Form of Change in Control Agreement with Certain Senior Management of VF or its Subsidiaries (Incorporated by reference to Exhibit 10(HH) to Form 10-K for the year ended March 28, 2020)*
10.33			Twelfth Supplemental Benefit Determination Pursuant to the VF Corporation Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 27, 2014)*
10.33			Amended and Restated Deferred Savings Plan for Non-Employee Directors (Incorporated by reference to Exhibit 10(W) to Form 10-K for the year ended January 3, 2009)*
10.34			Amended and Restated Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10.10 to Form 10-Q for the quarter ended April 1, 2006)*
10.34			Form of Indemnification Agreement with each of VF’s Non-Employee Directors (Incorporated by reference to Exhibit 10.2 of the Form 10-Q for the quarter ended September 27, 2008)*
10.35			Resolution of the Board of Directors dated December 3, 1996 relating to lump sum payments under VF’s Supplemental Executive Retirement Plan (Incorporated by reference to Exhibit 10(N) to Form 10-K for the year ended January 4, 1997)*
10.35			2004 Mid-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of October 18, 2017 (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2017)*
10.36			2019 Form of Change in Control Agreement with Certain Senior Management of VF or its Subsidiaries (Incorporated by reference to Exhibit 10(HH) to Form 10-K for the year ended March 28, 2020)*
10.36			2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of March 11, 2024 (Incorporated by reference to Exhibit 10.30 to Form 10-K for the year ended March 30, 2024)*
10.37			Amended and Restated Deferred Savings Plan for Non-Employee Directors (Incorporated by reference to Exhibit 10(W) to Form 10-K for the year ended January 3, 2009)*
10.37			2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of May 13, 2024 (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended June 29, 2024)*
10.38			Form of Indemnification Agreement with each of VF’s Non-Employee Directors (Incorporated by reference to Exhibit 10.2 of the Form 10-Q for the quarter ended September 27, 2008)*
10.38			Annual Incentive Plan (effective May 15, 2023) (Incorporated by reference to Exhibit 10(II) to Form 10-K for the year ended April 1, 2023)*
10.39			2004 Mid-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of October 18, 2017 (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2017)*
10.39			Form of Non-Competition, Non-Solicitation and Confidentiality Agreement for Equity Plan Participants (Incorporated by reference to Exhibit 10(JJ) to Form 10-K for the year ended April 1, 2023)
10.40			2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of March 11, 2024 (Incorporated by reference to Exhibit 10.30 to Form 10-K for the year ended March 30, 2024)*
10.40			Offer Letter between VF and Bracken Darrell, dated June 20, 2023 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 20, 2023)*
10.41			2004 Long-Term Incentive Plan, a subplan under the 1996 Stock Compensation Plan, as amended and restated as of May 13, 2024 (Incorporated by reference to Exhibit 10.9 to Form 10-Q for the quarter ended June 29, 2024)*
10.41			Severance Plan for Section 16 Officers (effective October 6, 2023) (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended December 30, 2023)*
10.42			Annual Incentive Plan (effective May 15, 2023) (Incorporated by reference to Exhibit 10(II) to Form 10-K for the year ended April 1, 2023)*
10.42			Five-Year Revolving Credit Agreement by and among V.F. Corporation and VF International Sagl, as borrowers, the lenders named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, HSBC Securities (USA) Inc., U.S. Bank National Association and Wells Fargo Securities, LLC, as Joint-Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Barclays Bank PLC, HSBC Bank USA, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and ING Bank N.V., Dublin Branch, PNC Bank, N.A., TD Bank, N.A. and Morgan Stanley Bank, N.A., as Documentation Agents, dated November 24, 2021 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed November 24, 2021)
10.43			Form of Non-Competition, Non-Solicitation and Confidentiality Agreement for Equity Plan Participants (Incorporated by reference to Exhibit 10(JJ) to Form 10-K for the year ended April 1, 2023)
10.43			Amendment No. 1 to Revolving Credit Agreement, dated February 16, 2023, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 16, 2023)
10.44			Offer Letter between VF and Bracken Darrell, dated June 20, 2023 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 20, 2023)*
10.44			Amendment No. 2 to Revolving Credit Agreement, dated May 19, 2023, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10(NN) to Form 10-K for the year ended April 1, 2023)
10.45			Severance Plan for Section 16 Officers (effective October 6, 2023) (Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended December 30, 2023)*
10.45			Amendment No. 3 to Revolving Credit Agreement, dated as of April 25, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed April 26, 2024)
10.46			Five-Year Revolving Credit Agreement by and among V.F. Corporation and VF International Sagl, as borrowers, the lenders named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, HSBC Securities (USA) Inc., U.S. Bank National Association and Wells Fargo Securities, LLC, as Joint-Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Barclays Bank PLC, HSBC Bank USA, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and ING Bank N.V., Dublin Branch, PNC Bank, N.A., TD Bank, N.A. and Morgan Stanley Bank, N.A., as Documentation Agents, dated November 24, 2021 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed November 24, 2021)
10.46			Amendment No. 4 to Revolving Credit Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 6, 2024)
10.47			Amendment No. 1 to Revolving Credit Agreement, dated February 16, 2023, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 16, 2023)
10.47			Term Loan Agreement by and among V.F. Corporation, as borrower, the lenders named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A, PNC Bank National Association, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, as Syndication Agent, and PNC Bank National Association, TD Bank, N.A., Truist Bank and U.S. Bank National Association, as Documentation Agents, dated August 11, 2022 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 11, 2022)
10.48			Amendment No. 2 to Revolving Credit Agreement, dated May 19, 2023, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10(NN) to Form 10-K for the year ended April 1, 2023)
10.48			Amendment No. 1 to Term Loan Agreement, dated February 16, 2023, by and among V.F. Corporation, as borrower, JP Morgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed February 16, 2023)
10.49			Amendment No. 3 to Revolving Credit Agreement, dated as of April 25, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders party thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed April 26, 2024)
10.49			Amendment No. 2 to Term Loan Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed August 6, 2024)
10.50			Amendment No. 4 to Revolving Credit Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 6, 2024)
10.50			Separation and Distribution Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 2.1 to Form 8-K filed May 23, 2019)
10.51			Amendment No. 5 to Revolving Credit Agreement, dated as of May 21, 2025, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 21, 2025)

46 VF Corporation Fiscal ~~2025~~2026 Form 10-K 45

Table of Contents

NUMBER			DESCRIPTION
10.51			Tax Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 23, 2019)
10.52			Term Loan Agreement by and among V.F. Corporation, as borrower, the lenders named therein, JPMorgan Chase Bank, N.A., as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A, PNC Bank National Association, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, as Syndication Agent, and PNC Bank National Association, TD Bank, N.A., Truist Bank and U.S. Bank National Association, as Documentation Agents, dated August 11, 2022 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 11, 2022)
10.52			Transition Services Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed May 23, 2019)
10.53			Amendment No. 1 to Term Loan Agreement, dated February 16, 2023, by and among V.F. Corporation, as borrower, JP Morgan Chase Bank, N.A., as Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed February 16, 2023)
10.53			VF Intellectual Property License Agreement dated May 17, 2019 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed May 23, 2019)
10.54			Amendment No. 2 to Term Loan Agreement, dated as of August 2, 2024, by and among V.F. Corporation, JPMorgan Chase Bank, N.A., as the Administrative Agent, the Lenders party thereto and the other parties thereto (Incorporated by reference to Exhibit 10.2 to Form 8-K filed August 6, 2024)
10.54			Kontoor Intellectual Property License Agreement dated May 17, 2019 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed May 23, 2019)
10.55			Credit Agreement, dated August 26, 2025, by and among V.F. Corporation, as the borrower, Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Bank, National Association, Bank of America, N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, Truist Securities, Inc. and U.S. Bank National Association, as joint-lead arrangers and joint bookrunners, Wells Fargo Bank, National Association, as syndication agent, Wells Fargo Bank, National Association, Citibank, N.A., ING Capital LLC and TD Bank, as co-documentation agents, and the several banks and other financial institutions or entities from time to time party thereto as lenders thereto (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 27, 2025)
10.55			Employee Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.5 to Form 8-K filed May 23, 2019)
10.56			Separation and Distribution Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 2.1 to Form 8-K filed May 23, 2019)
10.57			Tax Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed May 23, 2019)
10.58			Transition Services Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed May 23, 2019)
10.59			VF Intellectual Property License Agreement dated May 17, 2019 (Incorporated by reference to Exhibit 10.3 to Form 8-K filed May 23, 2019)
10.60			Kontoor Intellectual Property License Agreement dated May 17, 2019 (Incorporated by reference to Exhibit 10.4 to Form 8-K filed May 23, 2019)
10.61			Employee Matters Agreement dated May 22, 2019 (Incorporated by reference to Exhibit 10.5 to Form 8-K filed May 23, 2019)
19.1			Insider Trading Policy (Incorporated by reference to Exhibit 19.1 to Form 10-K for the year ended March 30, 2024)
21.1			Subsidiaries of the Corporation
23.1			Consent of independent registered public accounting firm
24.1			Power of attorney
31.1			Certification of the principal executive officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of the principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1			Policy for the Recovery of Erroneously Awarded Compensation (Incorporated by reference to Exhibit 97.1 to Form 10-K for the year ended March 30, 2024)
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
104.			Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
+			Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. VF hereby agrees to furnish a copy of any omitted schedule or exhibit to the SEC upon request.
*			Management compensation plans

All other exhibits for which provision is made in the applicable regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.


ITEM 16. FORM 10-K SUMMARY.

None.

46 VF Corporation Fiscal ~~2025~~2026 Form 10-K 47

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, VF has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

V.F. CORPORATION By: /s/ Bracken Darrell Bracken DarrellPresident, Chief Executive Officer and Director(Principal Executive Officer) By: /s/ Paul Vogel Paul VogelExecutive Vice President and Chief Financial Officer(Principal Financial Officer) By: /s/ ~~Bryan~~Michael HE. ~~McNeill~~Phillips ~~Bryan~~Michael HE. ~~McNeillVice~~PhillipsVice President, ~~Controller and~~ Chief Accounting Officer(Principal Accounting Officer)

May 2220, ~~2025~~2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of VF and in the capacities and on the dates indicated:


Richard T. Carucci*						Chair of the Board and Director

Alexander K. Cho*						Director

Juliana L. Chugg*						Director

Trevor A. Edwards*						Director

Mindy Grossman*						Director

Mark S. Hoplamazian*						Director

Laura W. Lang*						Director

Clarence Otis, Jr.*						Director

Carol L. Roberts*						Director

Matthew J. Shattock*						Director

Kirk Tanner*						Director



*By:						/s/ Jennifer S. Sim
						Jennifer S. Sim, Attorney-in-Fact

May 2220, ~~2025~~2026

48 VF Corporation Fiscal ~~2025~~2026 Form 10-K 47

Table of Contents

VF CORPORATION

Index to Consolidated Financial Statements and Financial Statement Schedule

March ~~2025~~2026

						PAGE NUMBER
Management’s Report on Internal Control Over Financial Reporting						F-2
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)						F-3
Consolidated Balance Sheets						F-5
Consolidated Statements of Operations						F-6
Consolidated Statements of Comprehensive Income (Loss)						F-7
Consolidated Statements of Cash Flows						F-8
Consolidated Statements of Stockholders’ Equity						F-10
Notes to Consolidated Financial Statements						F-11
Schedule II — Valuation and Qualifying Accounts						F-5966

VF Corporation Fiscal ~~2025~~2026 Form 10-K F-1

Table of Contents

V.F. Corporation

Management’s Report on Internal Control Over Financial Reporting

Management of V.F. Corporation (“VF”) is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f). VF’s management conducted an assessment of VF's internal control over financial reporting based on the framework described in Internal Control — Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, VF’s management has determined that VF’s internal control over financial reporting was effective as of March 2928, ~~2025~~2026.

The effectiveness of VF’s internal control over financial reporting as of March 2928, ~~2025~~2026 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

F-2 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of V. F. Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of V.F. Corporation and its subsidiaries (the "Company") as of March 2928, ~~2025~~2026 and March 3029, ~~2024~~2025, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended March 2928, ~~2025~~2026, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended March 2928, ~~2025~~2026, appearing under Item 15 (collectively referred to as the "“consolidated financial statements"”). We also have audited the Company's internal control over financial reporting as of March 2928, ~~2025~~2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 2928, ~~2025~~2026 and March 3029, ~~2024~~2025, and the results of its operations and its cash flows for each of the three years in the period ended March 2928, ~~2025~~2026 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 2928, ~~2025~~2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

VF Corporation Fiscal ~~2025~~2026 Form 10-K F-3

Table of Contents

~~Interim~~Goodwill ~~Indefinite-Lived Intangible Asset~~ Impairment ~~Analysis~~Assessment – ~~Dickies~~Vans ~~Trademark~~Reporting Unit

As described in Notes 1, 89, and 24 to the consolidated financial statements, the ~~indefinite-lived~~goodwill ~~intangible assets~~ balance was $~~1,648~~587.97 million as of March 2928, ~~2025~~2026, ofand ~~which~~ the ~~Dickies~~goodwill ~~trademark~~associated ~~makes~~with upthe aVans ~~portion~~reporting ofunit ~~the~~was ~~consolidated~~$166.9 ~~balance~~million. Management evaluates ~~indefinite-lived~~goodwill ~~intangible assets~~ for possible impairment as of the beginning of the fourth quarter of each fiscal year, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. AnIf ~~indefinite-lived~~management ~~intangible~~determines ~~asset~~that it is ~~quantitatively~~more ~~evaluated~~likely ~~for~~than ~~possible~~not ~~impairment~~that ~~by comparing~~ the ~~estimated~~ fair value of the ~~asset~~reporting ~~with~~unit is more than its carrying value., Anthen ~~impairment~~no ~~charge~~further testing is ~~recorded~~required. ifOtherwise, the ~~carrying value of the~~ asset ~~exceeds~~must ~~its~~be ~~estimated~~quantitatively ~~fair~~tested ~~value~~for impairment. ~~Management~~An ~~estimates~~impairment ~~the~~charge ~~fair~~is ~~value~~recorded ofif the ~~indefinite-lived~~carrying ~~trademark~~value ~~intangible~~exceeds ~~assets~~its ~~using~~estimated ~~the~~fair ~~relief-from-royalty method~~value. During the ~~third~~annual ~~quarter~~goodwill ofimpairment ~~fiscal 2025~~testing, management ~~determined~~performed a ~~triggering~~quantitative ~~event~~impairment ~~occurred~~analysis ~~that~~of ~~required~~the ~~management~~Vans toreporting ~~perform~~unit agoodwill ~~quantitative~~and ~~impairment~~concluded ~~analysis~~the ofgoodwill ~~the~~was ~~Dickies~~not ~~trademark~~impaired. ~~Key~~Management ~~assumptions~~estimates ~~developed~~the byfair ~~management~~value ~~and~~of ~~used~~reporting inunits ~~the~~using ~~quantitative~~a ~~analysis~~combination ~~include~~of ~~revenue~~an ~~projections,~~income ~~tax~~approach ~~rates, royalty rate,~~ and a market~~-based~~ ~~discount rate~~approach. The ~~carrying~~income ~~value~~approach ofis ~~the~~based ~~indefinite-lived~~on ~~trademark~~projected ~~intangible~~future ~~asset~~(debt-free) atcash ~~the~~flows ~~interim~~that ~~testing~~are ~~date~~discounted ~~was~~to ~~$290.0~~present ~~million~~value. AsKey aassumptions ~~result~~developed ofby ~~the~~management ~~impairment~~and ~~testing~~used ~~performed,~~in the ~~Company~~quantitative ~~recorded~~analysis anof ~~impairment~~the ~~charge~~Vans ofreporting ~~$51.0~~unit ~~million~~include ~~related~~revenue toand profitability projections throughout the ~~Dickies~~forecast ~~trademark~~period, tax rates, and a market-based discount rate.

The principal considerations for our determination that performing procedures relating to the ~~interim~~goodwill ~~indefinite-lived intangible asset~~ impairment ~~analysis~~assessment ~~for~~of the ~~Dickies~~Vans ~~trademark~~reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the ~~Dickies~~Vans ~~trademark~~reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue projections, ~~royalty rate,~~ and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s ~~indefinite-lived~~goodwill ~~intangible asset~~ impairment ~~analysis~~assessment, including controls over the valuation of the ~~Dickies~~Vans ~~trademark~~reporting unit. These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the ~~Dickies~~Vans ~~trademark~~reporting unit; (ii) evaluating the appropriateness of the ~~relief-from-royalty~~income ~~method~~approach used by management; (iii) testing the completeness and accuracy of underlying data used in the ~~relief-from-royalty~~income ~~method~~approach; and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue projections, ~~royalty rate,~~ and the discount rate. Evaluating management’s assumption related to revenue projections involved evaluating whether the assumption used by management was reasonable considering (i) the current and past performance of the ~~brand~~Vans reporting unit; (ii) the consistency with external market and industry data; and (iii) whether the assumption was consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the ~~relief-from-royalty~~income ~~method~~approach and (ii) the reasonableness of the ~~royalty rate and~~ discount rate ~~assumptions~~assumption.

/s/ PricewaterhouseCoopers LLP

Greensboro, North Carolina

May 2220, ~~2025~~2026

We have served as the Company’s auditor since 1995.

F-4 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents

VF CORPORATION

Consolidated Balance Sheets

(In thousands, except share amounts)	March ~~2025~~2026		March ~~2024~~2025
ASSETS
Current assets
Cash and cash equivalents	$	~~429~~823,~~382~~943	$	~~656~~429,~~376~~382
Accounts receivable, less allowance for doubtful accounts of: March 2025 - $31,853; March 2024 - $26,369	1,321,663		1,263,329
Accounts receivable, less allowance for doubtful accounts of: March 2026 - $23,964; March 2025 - $31,853	1,427,957		1,321,663
Inventories	1,~~627~~371,~~025~~274		1,~~697~~627,~~823~~025
Other current assets	~~408~~386,~~028~~340		~~493~~408,~~194~~028
Current assets of discontinued operations	—		116,225
Total current assets	4,009,514		3,786,098
Total current assets	3,786,098		4,226,947
Property, plant and equipment, net	674,508		720,879
Property, plant and equipment, net	720,879		788,992
Intangible assets, net	1,467,542		1,710,707
Intangible assets, net	1,710,707		1,776,482
Goodwill	587,705		603,386
Goodwill	603,386		645,356
Operating lease right-of-use assets	1,320,733		1,262,319
Operating lease right-of-use assets	1,262,319		1,255,074
Other assets	1,230,175		1,294,147
Other assets	1,294,147		1,210,470
TOTAL ASSETS	$	9,290,177	$	9,377,536
Other assets of discontinued operations	—		1,709,642
TOTAL ASSETS	$	9,377,536	$	11,612,963
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	1110,~~916~~139	$	~~263~~11,~~938~~916
Current portion of long-term debt	~~540,579~~—		1540,~~000,721~~579
Accounts payable	~~789~~826,~~570~~347		~~788~~789,~~477~~570
Accrued liabilities	1,355,788		1,323,982
Current portion of operating lease liabilities	333,469		308,741
Current liabilities of discontinued operations	—		79,861
Accrued liabilities	1,011,217		1,047,047
Total current liabilities	2,~~697~~181,~~853~~172		32,~~456~~697,~~979~~853
Long-term debt	3,~~425~~519,~~650~~870		43,~~702~~425,~~284~~650
Operating lease liabilities	1,079,182		1,087,304
Long-term portion of operating lease liabilities	1,119,876		1,079,182
Other liabilities	~~687~~619,~~492~~381		~~636~~687,~~090~~492
Other liabilities of discontinued operations	—		71,941
Total liabilities	7,440,299		7,890,177
Total liabilities	7,890,177		9,954,598
Commitments and contingencies
Stockholders' equity
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at March 2025 or March 2024	—		—
Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding at March 2026 or March 2025	—		—
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at March 2025 - 389,695,199; March 2024 - 388,836,219	97,424		97,209
Common Stock, stated value $0.25; shares authorized, 1,200,000,000; shares outstanding at March 2026 - 391,515,399; March 2025 - 389,695,199	97,879		97,424
Additional paid-in capital	3,~~540~~487,~~686~~884		3,~~600~~540,~~071~~686
Accumulated other comprehensive loss	(~~977~~807,~~740~~051)		(1977,~~064,331~~740)
Accumulated deficit	(1928,~~173,011~~834)		(~~974~~1,~~584~~173,011)
Total stockholders’ equity	1,~~487~~849,~~359~~878		1,~~658~~487,~~365~~359
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,~~377~~290,~~536~~177	$	119,~~612~~377,~~963~~536

See notes to consolidated financial statements.

VF Corporation Fiscal ~~2025~~2026 Form 10-K F-5

Table of Contents

VF CORPORATION

Consolidated Statements of Operations

Year Ended March

(In thousands, except per share amounts)

~~2025~~2026

~~2024~~2025

~~2023~~2024

Revenues

9,~~504~~605,~~691~~207

9,~~915~~504,~~678~~691

119,~~089~~915,~~359~~678

Costs and operating expenses

Cost of goods sold

4,~~420~~343,~~826~~492

4,~~803~~420,~~378~~826

54,~~292~~803,~~927~~378

Selling, general and administrative expenses

4,~~690~~654,~~850~~430

4,~~748~~690,~~669~~850

4,~~797~~748,~~695~~669

Impairment of goodwill and intangible assets

8930,~~242~~716

~~507~~89,~~566~~242

—507,566

Total costs and operating expenses

9,~~200~~028,~~918~~638

109,~~059~~200,~~613~~918

10,~~090~~059,~~622~~613

Operating income (loss)

~~303~~576,~~773~~569

~~(143~~303,~~935)~~773

~~998~~(143,~~737~~935)

Interest income

2418,~~893~~028

2024,~~246~~893

820,~~860~~246

Interest expense

(~~174~~166,~~136~~771)

(~~185~~174,~~925~~136)

(~~152~~185,~~520~~925)

Other income (expense), net

(986,~~369~~608)

24(9,~~693~~369)

~~(117~~24,~~287)~~693

Income (loss) from continuing operations before income taxes

~~145~~341,~~161~~218

~~(284~~145,~~921)~~161

~~737~~(284,~~790~~921)

Income tax expense (benefit)

75,837

733,556

(17,944)

Income tax expense

86,298

75,837

733,556

Income (loss) from continuing operations

69254,~~324~~920

(169,~~018,477)~~324

~~755~~(1,~~734~~018,477)

Income (loss) from discontinued operations, net of tax

~~(259,040)~~—

49(259,~~595~~040)

~~(637~~49,~~150)~~595

Net income (loss)

~~(189~~254,~~716)~~920

(~~968~~189,~~882~~716)

~~118~~(968,~~584~~882)

Earnings (loss) per common share - basic

Continuing operations

0.1865

(20.~~62)~~18

1(2.9562)

Discontinued operations

~~(0.67)~~—

(0.1367)

(10.~~64)~~13

Total earnings (loss) per common share - basic

(0.~~49)~~65

(20.49)

0(2.3149)

Earnings (loss) per common share - diluted

Continuing operations

0.1864

(20.~~62)~~18

1(2.9562)

Discontinued operations

~~(0.66)~~—

(0.1366)

(10.~~64)~~13

Total earnings (loss) per common share - diluted

(0.~~48)~~64

(20.4948)

0(2.3149)

Weighted average shares outstanding

Basic

~~389~~390,~~152~~739

~~388~~389,~~360~~152

~~387~~388,~~763~~360

Diluted

~~392~~395,~~571~~875

~~388~~392,~~360~~571

388,~~370~~360

See notes to consolidated financial statements.

F-6 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents

VF CORPORATION

Consolidated Statements of Comprehensive Income (Loss)

Year Ended March

(In thousands)

~~2025~~2026

~~2024~~2025

~~2023~~2024

Net income (loss)

~~(189~~254,~~716)~~920

(~~968~~189,~~882~~716)

~~118~~(968,~~584~~882)

Other comprehensive income (loss)

Foreign currency translation and other

Losses arising during the period

(29,868)

(1,491)

(106,527)

Gains (losses) arising during the period

17,351

(29,868)

(1,491)

Reclassification of foreign currency translation losses

~~75,293~~382

—75,293

—

Income tax effect

136,~~825~~345

(71,~~297)~~825

(17,~~492~~297)

Defined benefit pension plans

Current period actuarial losses, including plan amendments and curtailments

(14,413)

(38,230)

(25,211)

Current period actuarial gains (losses), including plan amendments and curtailments

17,163

(14,413)

(38,230)

Amortization of net deferred actuarial losses

2018,~~205~~236

1620,~~656~~205

16,~~395~~656

Amortization of deferred prior service credits

(~~589~~339)

(~~541~~589)

(~~453~~541)

Reclassification of net actuarial loss from settlement charges

—193,199

~~3,538~~—

933,~~731~~538

Reclassification of deferred prior service cost due to curtailments

(~~936~~1,520)

—(936)

—

Income tax effect

(157,~~981~~818)

3(1,~~936~~981)

~~(21~~3,~~864)~~936

Derivative financial instruments

Gains (losses) arising during the period

16(85,~~111~~191)

(716,~~933)~~111

53(7,~~533~~933)

Income tax effect

(67,~~083)~~415

1(6,~~490~~083)

(81,~~554)~~490

Reclassification of net (gains) losses realized

3219,~~595~~451

~~(18~~32,~~121)~~595

(~~110~~18,~~160~~121)

Income tax effect

(56,~~568)~~015

3(5,~~180~~568)

173,~~663~~180

Other comprehensive income (loss)

86170,~~591~~689

~~(44~~86,~~813)~~591

(9244,~~939~~813)

Comprehensive income (loss)

~~(103~~425,~~125)~~609

(1103,~~013,695~~125)

25(1,~~645~~013,695)

See notes to consolidated financial statements.

VF Corporation Fiscal ~~2025~~2026 Form 10-K F-7

Table of Contents

VF CORPORATION

Consolidated Statements of Cash Flows

	Year Ended March
(In thousands)	~~2025~~2026		~~2024~~2025		~~2023~~2024
OPERATING ACTIVITIES
Net income (loss)	$	~~(189~~254,~~716)~~920	$	(~~968~~189,~~882~~716)	$	~~118~~(968,~~584~~882)
Income (loss) from discontinued operations, net of tax	~~(259,040)~~—		49(259,~~595~~040)		~~(637~~49,~~150)~~595
Income (loss) from continuing operations, net of tax	69254,~~324~~920		(169,~~018,477)~~324		~~755~~(1,~~734~~018,477)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Impairment of goodwill and intangible assets	8930,~~242~~716		~~507~~89,~~566~~242		—507,566
Depreciation, amortization and other asset write-downs	~~259~~280,~~616~~529		~~307~~259,~~528~~616		~~251~~307,~~926~~528
Reduction in the carrying amount of right-of-use assets	~~351~~354,~~971~~756		~~379~~351,~~720~~971		~~369~~379,~~609~~720
Stock-based compensation	7376,~~247~~954		5773,~~829~~247		4057,~~040~~829
Provision for doubtful accounts	159,~~377~~480		1115,~~170~~377		311,~~532~~170
Pension expense in excess of (less than) contributions	(1188,~~463)~~084		(181,~~080~~463)		79(18,~~197~~080)
Deferred income taxes	(88,544)		(383,916)		12,441
Pension termination asset reversion, net	125,373		—		—
Write-off of income tax receivables and interest	—		921,409		—
Deferred income taxes	(42,249)		(88,544)		(383,916)
Other, net	(9,515)		(2,138)		(39,090)
Write-off of income tax receivables and interest	—		—		921,409
Gain on sale of business	(127,211)		—		—
Other, net	9,450		(9,515)		(2,138)
Changes in operating assets and liabilities:
Accounts receivable	(~~100~~166,~~803~~709)		~~323~~(100,~~503~~803)		~~(141~~323,~~684)~~503
Inventories	54173,~~102~~517		~~521~~54,~~281~~102		~~(882~~521,~~771)~~281
Accounts payable	(226,~~303)~~713		(~~111~~2,~~992~~303)		~~380~~(111,~~792~~992)
Income taxes	9(47,~~366~~321)		~~(156~~9,~~198)~~366		(1156,~~126,649~~198)
Accrued liabilities	48(85,~~847~~677)		2748,~~539~~847		~~(16~~27,~~079)~~539
Operating lease right-of-use assets and liabilities	(~~353~~350,~~661~~496)		(~~374~~353,~~063~~661)		(~~365~~374,~~760~~063)
Other assets and liabilities	23(39,~~686~~555)		~~(107~~23,~~967)~~686		24(107,~~778~~967)
Cash provided (used) by operating activities - continuing operations	438,489		884,714		(653,984)
Cash provided by operating activities - continuing operations	671,274		438,489		884,714
Cash provided (used) by operating activities - discontinued operations	26,747		129,867		(1,811)
Cash provided by operating activities - discontinued operations	—		26,747		129,867
Cash provided (used) by operating activities	465,236		1,014,581		(655,795)
Cash provided by operating activities	671,274		465,236		1,014,581
INVESTING ACTIVITIES
Proceeds from sale of businesses, net of cash sold	1600,~~506,223~~524		—1,506,223		—
Proceeds from sale of assets	~~88,234~~868		2688,~~525~~234		9926,~~481~~525
Capital expenditures	(86114,~~274~~707)		(~~135~~86,~~762~~274)		(~~151~~135,~~990~~762)
Software purchases	(3951,~~749~~099)		(6139,~~483~~749)		(9361,~~137~~483)
Other, net	(3528,~~930~~490)		12(35,~~038~~930)		~~(26~~12,~~251)~~038
Cash provided (used) by investing activities - continuing operations	1407,~~432,504~~096		~~(158~~1,~~682)~~432,504		(~~171~~158,~~897~~682)
Cash used by investing activities - discontinued operations	~~(4,413)~~—		(134,~~576~~413)		(1613,~~156~~576)
Cash provided (used) by investing activities	1407,~~428,091~~096		~~(172~~1,~~258)~~428,091		(~~188~~172,~~053~~258)
FINANCING ACTIVITIES
Contingent consideration payment	—		—		(56,976)
Net increase (decrease) in short-term borrowings	(2,322)		(252,023)		255,146
Net increase (decrease) in short-term borrowings	(252,023)		255,146		(323,972)
Payments on long-term debt	(582,813)		(1,751,109)		(908,199)
Payments on long-term debt	(1,751,109)		(908,199)		(501,051)
Payment of debt issuance costs	(12,601)		—		(576)
Payment of debt issuance costs	—		(576)		(6,796)
Cash dividends paid	(140,744)		(140,165)		(303,140)
Proceeds from long-term debt	—		—		2,058,341
Proceeds from issuance of Common Stock, net of (payments) for tax withholdings	699		(2,730)		(2,846)
Cash dividends paid	(140,165)		(303,140)		(702,846)
Cash used by financing activities	$	(737,781)	$	(2,146,027)	$	(959,615)
Proceeds from issuance of Common Stock, net of payments for tax withholdings	(2,730)		(2,846)		(2,794)
Cash provided (used) by financing activities	$	(2,146,027)	$	(959,615)	$	463,906

Continued on next page.

See notes to consolidated financial statements.

F-8 VF Corporation Fiscal ~~2025~~2026 Form 10-K

Table of Contents

VF CORPORATION

Consolidated Statements of Cash Flows

Year Ended March

(In thousands)

~~2025~~2026

~~2024~~2025

~~2023~~2024

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

760,~~218~~280

~~(22~~7,~~069)~~218

(8022,~~822~~069)

Net change in cash, cash equivalents and restricted cash

~~(245~~400,~~482)~~869

(~~139~~245,~~361~~482)

(~~460~~139,~~764~~361)

Cash, cash equivalents and restricted cash — beginning of year

~~676~~431,~~957~~475

~~816~~676,~~318~~957

1816,~~277,082~~318

Cash, cash equivalents and restricted cash — end of year

~~431~~832,~~475~~344

~~676~~431,~~957~~475

~~816~~676,~~318~~957

Balances per Consolidated Balance Sheets:

Cash and cash equivalents

~~429~~823,~~382~~943

~~656~~429,~~376~~382

~~799~~656,~~441~~376

Other current assets

28,~~093~~401

2,~~221~~093

12,~~305~~221

Current and other assets of discontinued operations

—

~~18,351~~—

1518,~~563~~351

Other assets

—

9—

Total cash, cash equivalents and restricted cash

~~431~~832,~~475~~344

~~676~~431,~~957~~475

~~816~~676,~~318~~957

See notes to consolidated financial statements.

VF Corporation Fiscal ~~2025~~2026 Form 10-K F-9

Table of Contents

VF CORPORATION

Consolidated Statements of Stockholders' Equity

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Loss

Accumulated Deficit

Total

(In thousands, except share amounts)

Amounts<

Filing Compare · V F CORP