V F CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data V F CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	11,026	11,736	10,267	10,489	9,239	11,842	11,089	9,916	9,505	9,605
Cost of revenue	5,590	3,849	4,656	4,691	4,371	5,386	5,293	4,803	4,421	4,343
Gross profit	5,436	7,886	5,611	5,798	4,868	6,455	5,796	5,112	5,084	5,262
Selling, general and administrative	3,901	3,662	4,420	4,547	4,240	4,823	4,798	4,749	4,691	4,654
Operating income	1,455	883	1,190	928	608	1,632	999	-144	304	577
Interest expense	0	102	108	92	136	136	174	245	174	167
Interest income	9.18	13	15	19.9	9.16	5.01	8.86	20.2	24.9	18
Other non-operating income	-85.2	-6.52	-59.1	-68.7	-24.7	26.2	-117	24.7	-9.37	-86.6
Pre-tax income	1,285	788	1,038	727	456	1,523	738	-285	145	341
Income tax	206	520	168	98.1	102	307	-17.9	734	75.8	86.3
Income from continuing operations	1,079	268	870	629	355	1,216	756	-1,018	69.3	255
Net income	1,074	615	1,260	679	408	1,387	119	-969	-190	255
EBITDA	1,737	1,122	1,446	1,195	877	1,899	1,251	164	563	857
EPS, basic	2.58	1.54	3.19	1.72	1.05	3.55	0.31	-2.49	-0.49	0.65
EPS, diluted	2.54	1.52	3.15	1.70	1.04	3.53	0.31	-2.49	-0.48	0.64
Shares, basic (weighted)	416	399	395	395	390	390	388	388	389	391
Shares, diluted (weighted)	422	404	400	400	392	392	388	388	393	396
Dividend per share	1.53	1.72	1.94	1.90	1.94	1.98	1.81	0.78	0.36	0.36

Balance sheet

	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1,225	434	402	1,369	816	1,276	799	656	429	824
Short-term investments				0	599	0
Receivables	1,149	1,430	1,373	1,308	1,298	1,468	1,610	1,263	1,322	1,428
Inventory	1,425	1,707	1,173	1,294	1,062	1,419	2,293	1,698	1,627	1,371
Other current assets	294	297	426	445	424	426	435	493	408	386
Total current assets	4,293	4,378	4,673	5,027	4,786	4,588	5,153	4,227	3,786	4,010
Property, plant and equipment	896	1,015	876	954	976	1,042	911	789	721	675
Lease right-of-use assets			0	1,274	1,474	1,247	1,306	1,255	1,262	1,321
Goodwill	1,555	1,693	1,492	1,156	2,425	2,394	1,156	645	603	588
Intangible assets	1,534	2,090	1,907	1,855	3,030	3,000	2,643	1,776	1,711	1,468
Other non-current assets	922	784	768	868	1,063	1,071	1,902	1,210	1,294	1,230
Total assets	9,739	9,959	10,357	11,133	13,754	13,342	13,990	11,613	9,378	9,290
Accounts payable	620	761	490	407	463	563	936	788	790	826
Accrued liabilities	812	1,147	1,125	1,260	1,610	1,916	1,674	1,324	1,047	1,011
Deferred revenue					49.9	71.1	62.2	66.1	78.4	76.9
Short-term debt	250	0	670	0	0	500	923	1,000	540	0
Total current liabilities	1,785	2,744	2,662	3,024	2,210	3,315	3,546	3,457	2,698	2,181
Long-term debt	2,025	2,152	2,087	2,586	5,691	4,567	5,695	4,687	3,412	3,520
Lease liabilities			0	1,021	1,236	1,024	1,172	1,087	1,079	1,120
Other non-current liabilities	886	1,307	1,235	1,123	1,542	888	651	636	687	619
Total liabilities	4,798	6,239	6,058	7,776	10,698	9,812	11,080	9,955	7,890	7,440
Total debt	2,275	2,152	2,087	2,586	5,691	5,067	6,618	5,687	3,951	3,520
Paid-in capital	3,333	3,523	3,922	4,184	3,778	3,916	3,776	3,600	3,541	3,488
Retained earnings	2,545	1,024	1,180	7.31	190	443	57.1	-975	-1,173	-929
Other comprehensive income	-1,041	-926	-902	-931	-1,009	-927	-1,020	-1,064	-978	-807
Shareholders' equity	4,941	3,720	4,299	3,357	3,056	3,530	2,911	1,658	1,487	1,850
Total equity	4,941	3,720	4,299	3,357	3,056	3,530	2,911	1,658	1,487	1,850
Total liabilities and equity	9,739	9,959	10,357	11,133	13,754	13,342	13,990	11,613	9,378	9,290
Shares outstanding	414	396	397	389	392	388	389	389	390	392

Cash flow statement

	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,074	615	1,260	679	408	1,387	119	-969	-190	255
Depreciation and amortization	282	238	256	268	269	267	252	308	260	281
Stock-based compensation	67.8	63.9	84.3	68.2	70.8	91.4	40	57.8	73.2	77
Deferred income tax	-71.6	-80.6	-48	-74.5	-39.8	-157	12.4	-384	-88.5	-42.2
Change in receivables	47.1	-39.2	-311	-5.95	70.5	-203	-142	324	-101	-167
Change in inventory	-37.2	38.6	-58.7	-141	314	-381	-883	521	54.1	174
Cash from operations	1,481	1,475	1,664	875	1,313	864	-656	1,015	465	671
Capital expenditures	-176	-140	-216	-288	-199	-245	-152	-136	-86.3	-115
Acquisitions	0	-741	-320	0	-2,009	3.76	0	0
Purchases of investments			0	0	-800	0	0
Cash from investing	-112	-776	-221	-302	-2,896	904	-188	-172	1,428	407
Debt issued	952	0	0	1,077	2,996	0	2,058	0	0
Debt repaid	-13.3	-254	-6.26	-649	-1.66	-504	-501	-908	-1,751	-583
Share buybacks	-1,000	-1,200	-151	-1,000	0	-350	0	0
Dividends paid	-636	-685	-767	-749	-757	-773	-703	-303	-140	-141
Cash from financing	-1,077	-1,363	-1,591	310	1,053	-1,269	464	-960	-2,146	-738
Exchange rate effect	-6.65	2.97	14.8	-27.5
Net change in cash	285	-662	-133	855	-560	426	-461	-139	-245	401
Free cash flow	1,305	1,334	1,448	586	1,115	619	-808	879	379	557
Interest paid	87.5	99.9	103	76.5	89.8	123	139	176	163	145
Income taxes paid	435	331	360	287	188	264	1,114	350	163	172

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $14.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.8%	Gross profit / revenue.
Operating margin	6.0%	Operating income / revenue.
EBITDA margin	8.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.6%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	5.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.0%	Cash from operations / revenue.
Effective tax rate	25.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	9.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	48.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	89.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	52.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	29.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	27.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-9.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	44.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-12.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	46.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-13.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-41.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-28.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.84x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.9%	Total debt / total assets.
Liabilities / assets	80.1%	Total liabilities / total assets.
Net debt	$2.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.15x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.46x	Operating income / interest expense.
Working capital	$1.83B	Current assets - current liabilities.
Goodwill and intangibles / assets	22.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$205.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	13.8x	Revenue / average property, plant and equipment.
Inventory turnover	2.90x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Receivables turnover	6.99x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	110 days	Days inventory + days sales outstanding - days payables.
FCF conversion	218.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.65	Net income per basic share, as reported (split-adjusted).
Revenue per share	$24.26	Revenue / diluted weighted shares.
FCF per share	$1.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.70	Cash from operations / diluted weighted shares.
Book value per share	$4.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.52	Tangible book value / shares outstanding.
Cash per share	$2.10	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.36	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	55.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.56B	Share price x shares outstanding.
Enterprise value	$8.26B	Market cap + total debt - cash - short-term investments.
P/E	21.8x	Market cap / net income. Only when net income is positive.
P/S	0.58x	Market cap / revenue.
P/B	3.01x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.99x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.29x	Market cap / cash from operations, when positive.
EV/Sales	0.86x	Enterprise value / revenue.
EV/EBIT	14.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.80x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was V F CORP's revenue in fiscal 2026?

V F CORP reported revenue of $9.61B for fiscal 2026, 1.1% higher than the year before.

Was V F CORP profitable in fiscal 2026?

Yes. Net income was $254.9M, a net margin of 2.7%.

How much free cash flow did V F CORP generate in fiscal 2026?

Cash from operations of $671.3M minus capital expenditures of $114.7M left free cash flow of $556.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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