EarningsQ1 2027 Earnings Report

VF (VFC) Q1 2027 Earnings Report

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Previous Report: Q4 2026

MX:VFC Q1 2027 EPS Results

Actual EPS-$4.89

Consensus EPS-$4.05

Beat/MissMissed by -$0.83

One Year Ago EPS-$4.34

MX:VFC Q1 2027 Revenue Results

Actual Revenue$30.20B

Expected Revenue$29.63B

Beat/MissBeat by +$565.91M

YoY Revenue Growth-5.32%

Earnings Announcement Details

QuarterQ1 2027

Date07/29/2026

TimeBefore Open

Conference CallWednesday, July 29, 2026

MX:VFC Upcoming Earnings

VF's next earnings date is estimated for November 2, 2026, based on past reporting schedules.

Q1 2027 Earnings Call Audio

MX:VFC Q1 2027 Earnings Call

0:00 / 0:00

Q1 2027 Earnings Slide Deck

Q1 2027 Earnings Call Summary

Q1 2027

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed cautious optimism. Management beat Q1 expectations, raised full-year revenue guidance to 2%+ and highlighted significant balance sheet and cash flow improvements (net debt down ~20%, free cash flow +$75M). DTC strength, The North Face and Timberland progress, and improving visibility into the back half were emphasized. Offsetting these positives are a continued Vans decline (−9% in Q1 and H1), wholesale destocking, regional softness in EMEA and APAC, a Q1 adjusted operating loss of $95M, and FX and one-time impacts to margins. Management reiterated medium-term margin and leverage targets and signaled willingness to invest in marketing and product to drive durable growth.

Company Guidance

Management raised full‑year fiscal 2027 revenue guidance to "up 2% or better" (from prior 1–2%) after a Q1 with revenue of ~$1.7B (flat YoY) and expects Q2 revenue roughly in line with Q1; full‑year adjusted operating margin is targeted at ~8% and Q2 operating income broadly in line with last year. By brand: The North Face Q1 +4% and Q2 flattish with full‑year roughly in line with last year’s growth ±1–2 points; Timberland Q1 +3% (Q1 ≈3 pts impacted by Middle East/distributor) and full‑year roughly in line ±1–2 points; Vans Q1 −9% (Q2 similar, H1 ≈−9%) with H2 expected −2% or better (Q3+Q4 combined) and full‑year down mid‑single digits. Other metrics: Q1 adjusted gross margin 54.9% (up slightly; ~140 bps FX headwind), Q1 adjusted operating loss $95M, adjusted EPS loss $0.27 (vs $0.25 LY), Q1 tax rate ~11% (full‑year tax rate expected in the low‑30s), inventories ex‑Dickies/FX down 4%, net debt down ~$1.1B (≈20% YoY), Q1 free cash flow up ≈$75M (incl. ≈$50M tariff refunds), year‑end leverage guidance 2.6–2.9x and medium‑term targets of a ≥10% operating‑margin exit run‑rate (clarified as 10%+ for full‑year 2029) and ≤2.5x leverage by FY‑28; the company retains $225M of structural SG&A savings since FY‑24 while making deliberate H1 brand‑building investments.

Raised Full-Year Revenue Outlook

Raised fiscal 2027 revenue guidance from 1%-2% to 2% or better growth, citing better visibility into the back half of the year.

Q1 Revenue Above Expectations

Q1 revenue of approximately $1.7 billion was flat year-over-year (0% YoY) and above prior guidance (which expected down low single digits).

Progress on Balance Sheet and Cash Flow

Net debt decreased by $1.1 billion (down ~20% YoY). Free cash flow improved by approximately $75 million YoY (including ~$50 million tariff refund benefit). Inventories (ex-Dickies and FX) were down ~4%.

Adjusted Gross Margin and Margin Guidance

Adjusted gross margin was 54.9%, up slightly YoY (but impacted by unfavorable FX ~140 basis points). Company reiterated full-year operating margin guidance of ~8% and medium-term targets (10%+ operating margin exit run rate into FY29).

Direct-to-Consumer and Brand Momentum

DTC grew +5% in the quarter; Vans DTC and e-commerce showed clear improvement with many limited-run styles selling out quickly. Timberland opened 3 new full-price DTC stores in the Americas (total 14 full-price stores in region).

Brand-Level Wins — The North Face & Timberland

The North Face grew +4% in Q1, led by transitional outerwear, shells and equipment. Timberland grew +3% in Q1 with the Americas up ~10%; continued strength from the 6-inch premium boot and shoes/boat shoe categories.

Emerging Brand Opportunity — Altra

Altra continued to deliver strong performance, expanding from trail into road running; management reiterated belief Altra can become a $1B+ brand over time.

Clear Medium-Term Financial Targets Maintained

Reconfirmed targets: free cash flow flat to up YoY for FY27, year-end leverage 2.6–2.9x for FY27, and leverage 2.5x or better by FY28; team expects operating cash flow to be up YoY.

MX:VFC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 02, 2026	2027 (Q2)	9.55 / -	9.41	―
Jul 29, 2026	2027 (Q1)	-4.05 / -4.89	-4.343	-12.50% (-0.54)
May 20, 2026	2026 (Q4)	-0.11 / 0.00	-2.352	―
Jan 28, 2026	2026 (Q3)	8.14 / 10.50	11.219	-6.45% (-0.72)
Sep 27, 2025	2026 (Q2)	7.69 / 9.41	10.857	-13.33% (-1.45)
Jul 30, 2025	2026 (Q1)	-6.13 / -4.34	-5.971	27.27% (+1.63)
May 21, 2025	2025 (Q4)	-2.53 / -2.35	-5.79	59.38% (+3.44)
Jan 29, 2025	2025 (Q3)	6.13 / 11.22	10.314	8.77% (+0.90)
Oct 28, 2024	2025 (Q2)	6.84 / 10.86	11.4	-4.76% (-0.54)
Aug 06, 2024	2025 (Q1)	-6.64 / -5.97	-2.714	-120.00% (-3.26)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed