earnings
confidence high
sentiment positive
materiality 0.85
VF Corp returns to revenue growth in FY26; Q4 ex-Dickies revenue +3% C$, ahead of guidance; reinstates FY27 outlook
V F CORP
- Q4 FY26 revenue ex Dickies +3% C$ (guidance: flat to +2%); adjusted OI ex Dickies $54M (guidance $10M-$30M).
- Full-year FY26 revenue ex Dickies +1% C$; adjusted OM ex Dickies 7.0% (+110bps); free cash flow $405M.
- Leverage ratio improved to 3.1x from 4.1x year-over-year; net debt down $0.8B.
- Vans Americas DTC returned to growth for first time in over four years; The North Face Americas +16% C$.
- FY27 guidance: revenue +1% to +2% C$, adjusted OM ~8%, free cash flow flat to up, leverage 2.6x-2.9x.
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