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Apparel & textiles · Consumer Cyclical · Fiscal year ends Mar 28
V F reported revenue of $9.6B in the fiscal year ended Mar 2026, up 1.1% from the year before. Operating income was $577M, an operating margin of 6.0%, and net income was $255M. Operating cash flow of $671M less capital expenditure of $115M left free cash flow of $557M. Net debt was $2.7B.
Ranks among the 15 apparel & textiles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 11,842 | 11,089 | 9,916 | 9,505 | 9,605 |
| Cost of revenue | 5,386 | 5,293 | 4,803 | 4,421 | 4,343 |
| Gross profit | 6,455 | 5,796 | 5,112 | 5,084 | 5,262 |
| Selling, general & admin | 4,823 | 4,798 | 4,749 | 4,691 | 4,654 |
| Operating income | 1,632 | 999 | −144 | 304 | 577 |
| Interest expense | 136 | 174 | 245 | 174 | 167 |
| Pre-tax income | 1,523 | 738 | −285 | 145 | 341 |
| Income tax | 307 | −17.9 | 734 | 75.8 | 86.3 |
| Net income | 1,387 | 119 | −969 | −190 | 255 |
| Diluted EPS | 3.53 | 0.31 | −2.49 | −0.48 | 0.64 |
| Diluted shares | 392 | 388 | 388 | 393 | 396 |
| Fiscal year | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,276 | 799 | 656 | 429 | 824 |
| Receivables | 1,468 | 1,610 | 1,263 | 1,322 | 1,428 |
| Inventory | 1,419 | 2,293 | 1,698 | 1,627 | 1,371 |
| Current assets | 4,588 | 5,153 | 4,227 | 3,786 | 4,010 |
| Net PP&E | 1,042 | 911 | 789 | 721 | 675 |
| Goodwill | 2,394 | 1,156 | 645 | 603 | 588 |
| Total assets | 13,342 | 13,990 | 11,613 | 9,378 | 9,290 |
| Payables | 563 | 936 | 788 | 790 | 826 |
| Deferred revenue | 71.1 | 62.2 | 66.1 | 78.4 | 76.9 |
| Current liabilities | 3,315 | 3,546 | 3,457 | 2,698 | 2,181 |
| Short-term debt | 500 | 923 | 1,000 | 540 | 0.0 |
| Long-term debt | 4,567 | 5,695 | 4,687 | 3,412 | 3,520 |
| Total liabilities | 9,812 | 11,080 | 9,955 | 7,890 | 7,440 |
| Shareholders' equity | 3,530 | 2,911 | 1,658 | 1,487 | 1,850 |
| Backlog (remaining obligations) | 80.5 | 70.5 | 78.5 | 64.3 | 12.9 |
| Fiscal year | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 864 | −656 | 1,015 | 465 | 671 |
| Capital expenditure | 245 | 152 | 136 | 86.3 | 115 |
| Free cash flow | 619 | −808 | 879 | 379 | 557 |
| Depreciation & amortisation | 267 | 252 | 308 | 260 | 281 |
| Stock-based compensation | 91.4 | 40.0 | 57.8 | 73.2 | 77.0 |
| Acquisitions | −3.8 | 0.0 | 0.0 | – | – |
| Share buybacks | 350 | 0.0 | 0.0 | – | – |
| Dividends paid | 773 | 703 | 303 | 140 | 141 |
| Dividend per share | 1.98 | 1.81 | 0.78 | 0.36 | 0.36 |
| Fiscal year | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.4% | −10.6% | −4.1% | 1.1% |
| Operating income growth (YoY) | – | −38.8% | −114.4% | – | 89.8% |
| EPS growth (YoY) | – | −91.2% | −903.2% | – | – |
| Gross margin | 54.5% | 52.3% | 51.6% | 53.5% | 54.8% |
| Operating margin | 13.8% | 9.0% | −1.5% | 3.2% | 6.0% |
| Net margin | 11.7% | 1.1% | −9.8% | −2.0% | 2.7% |
| Return on equityBlank when equity is negative | 39.3% | 4.1% | −58.4% | −12.8% | 13.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.3% | 9.6% | −1.8% | 4.5% | 8.1% |
| Free cash flow margin | 5.2% | −7.3% | 8.9% | 4.0% | 5.8% |
| Cash conversion (CFO ÷ net income) | 0.62x | −5.53x | −1.05x | −2.45x | 2.63x |
| Receivable days | 45 | 53 | 47 | 51 | 54 |
| Inventory days | 96 | 158 | 129 | 134 | 115 |
| Payable days | 38 | 65 | 60 | 65 | 69 |
| Interest cover | 12.0x | 5.73x | −0.59x | 1.74x | 3.46x |
| Debt ÷ equity | 1.44x | 2.27x | 3.43x | 2.66x | 1.90x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,791 | 5,819 | 5,030 | 3,522 | 2,696 |
| Current ratio | 1.38x | 1.45x | 1.22x | 1.40x | 1.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.