VFC NYSE Russell 1000 Earnings call
VF Corporation (VFC) · Q1 2026 results and valuation
Share price: $20.64 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · fiscal Q4 2026 · published 20 May 2026 and 28 Jan 2026
Net income turned to a loss from a profit last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q4 2025
Outlook given
Net income -119.3M vs 300.8M
Revenue −24.7%
2 · How management spoke
Typical
More upbeat than 61% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
Net debt has dropped from $5.8 billion to $2.7 billion.
Valuation
Is VF Corporation undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-03-28), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −4.7% growth a year (3-year revenue growth), the model's fair value is $4.75 a share — the stock trades 334% above it. Today's price assumes 7.3% growth a year.
Current price
$20.64
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+7.3% for 10 yrs
Fair value / share
$4.75
Buy below
$3.56
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
VFC expects Q1 revenue to be down slightly low single digits, indicating a slight decrease in expected sales for the upcoming quarter.
Source quote
“As you'll hear from Paul, we expect Q1 revenue to be down slightly low single digits.”
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Guidance
VFC expects to improve gross margin rate and dollars as it scales products across brands and regions.
Source quote
“As we scale them across our brands and regions, we expect to drive further improvement in gross margin rate and dollars.”
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Fading
The store has delivered strong results in its initial weeks of trading.
Source quote
“The store has delivered strong results in its initial weeks of trading. During the quarter, we opened our largest global flagship store in New York on 5th Avenue, which represents how we're reimagining physical retail for the brand. We continue to refine and advance our marketing tactics.”
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Fading
Management reported feeling good about the progress and green shoots seen in the current quarter compared to the same period last year.
Source quote
“You know, we're finally lapping that quarter, that year-ago quarter when we took a lot of strong actions, and we feel... Good description of what we see going on. You know, I talked briefly in my introduction about some of the green shoots we're seeing.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“There are so many ways we can grow this brand, category growth, market share growth, new categories we can expand into and finally, elevation to more premium versions of the...”
“Another icon, the authentic delivered outstanding growth in the quarter, up 80% versus last year and slip on its return to growth, too.”
“In October 2024, we shared with you our plan to transform [indiscernible] strengthening the balance sheet and creating a more durable foundation for profitable growth.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-28)
| Metric | Q1 2026period end 2026-03-28 | Q4 2025period end 2025-12-27 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.17B | 2.88B | −24.7% | 2.14B | +1.0% |
| Gross profit | — | 1.63B | 1.14B | ||
| Operating income | 61.5M | 289.1M | −78.7% | -72.9M | Turned profit |
| Net income | -119.3M | 300.8M | Turned loss | -150.8M | Loss narrowed |
| EPS | -0.31 | 0.76 | Turned loss | -0.38 | Loss narrowed |
| P/E today 22.3 | 25.6 | 32.5 | −6.9 | 12-mo loss | — |
Topics
Most discussed now
- Reconciliations of GAAP measures to adjusted amounts are found in the supplemental financial tables included in the presentation where VF...
- These uncertainties are detailed in documents filed regularly with the SEC.
- VF uses those as lead numbers in its discussion as it believes they more accurately represent the true operational performance...
- VF also expanded operating margins to 7% in fiscal year '26.
- Given the fact that everything is on track, and then VF actually had an even better improvement in its leverage...
Faded since Q4 2025
- Fading Operating and free cash flow will be up versus last year.
- Fading VF feels like it is in a really good place to hit that 2.5 times leverage.
- Dropped Alex has been an athlete of The North Face for over twenty years, and he's one of the many super...
- Fading I'm incredibly proud of the team, and I'd like to thank all of VF's employees for their relentless hard work...
Latest announcements
Official filings, newest first.
- Shareholder vote results · SEC 8-K
- Results of operations; Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K