Key Highlights

  • Consensus EPS of 0.53 compares with a fiscal first-quarter adjusted loss of 0.27 per share and GAAP loss of 0.25.
  • Consensus revenue of USD 2.67 billion compares with fiscal first-quarter revenue of USD 1,669.4 million, flat in constant currency.
  • Management guided second-quarter revenue growth approximately in line with first quarter and operating income broadly in line with last year.
  • Fiscal 2027 revenue guidance rose to 2% or better growth in constant currency, and operating margin guidance is approximately 8%.

VF (NYSE:VFC) reports second-quarter results on Wednesday, Oct. 28, before the market opens. Consensus stands at EPS of 0.53 on revenue of USD 2.67 billion, and the company has a market capitalization of USD 6.66 billion.

VF owns outdoor, active and workwear brands including The North Face, Vans and Timberland, and it reports on a fiscal year ending in March. For the fiscal first quarter ended June 27, 2026, reported revenue was USD 1,669,379 thousand against USD 1,760,666 thousand.

Estimates Against the Fiscal First Quarter and Second-Quarter Guidance

The EPS estimate of 0.53 is above the fiscal first-quarter adjusted loss of 0.27 per share and the GAAP loss of 0.25, and the estimates table does not state its EPS basis. The revenue estimate of USD 2.67 billion is above the USD 1,669.4 million of first-quarter revenue.

Management guided second-quarter revenue growth approximately in line with the first quarter and operating income broadly in line with last year, without a dollar figure. It put The North Face at flat to slightly up in the second quarter on wholesale timing, and Vans at a decline similar to the first quarter's 9%.

What Management Guided and What It Left Open

Management raised fiscal 2027 revenue guidance to growth of 2% or better in constant currency from 1% to 2%, kept operating margin at approximately 8% and guided a leverage ratio of 2.6x to 2.9x by fiscal year-end. It guided Vans revenue at a decline of 2% or better for the third and fourth quarters combined.

Management said second-quarter gross margin and SG&A reflect brand-building investments in direct-to-consumer and marketing, and it gave no dollar amount for them. It also said the current fiscal year has 53 weeks, with the extra week in the fourth quarter.

Brand, Channel and Regional Revenue

The North Face revenue was USD 590.9 million, up 4% in constant currency. Vans revenue was USD 459.8 million, down 9%, and Timberland revenue was USD 266.1 million, up 3%, with the brand citing a 3 percentage point headwind from the Middle East conflict and a distributor issue.

Direct-to-consumer revenue was USD 738.4 million, up 5%, and wholesale revenue was USD 931.0 million, down 4%. Americas revenue was USD 895.5 million, EMEA was USD 511.1 million and Asia Pacific was USD 262.7 million.

Adjusted operating loss was USD 95 million against internal guidance of a USD 100 million loss, and adjusted gross margin was 54.9%.

Costs, Debt and Cash Flow

SG&A expenses were USD 1,000,116 thousand against USD 1,035,611 thousand, and the operating loss was USD 83,072 thousand against USD 86,609 thousand. Interest expense was USD 30,418 thousand against USD 43,638 thousand, and the net loss was USD 97,152 thousand against USD 116,408 thousand.

Net debt was USD 4.3 billion, down USD 1.1 billion, and inventories were USD 1,899.5 million. Free cash flow improved by USD 75 million, supported by USD 50 million of tariff refunds. The estimates table lists a market capitalization of USD 6.66 billion.

Comparisons to Make in the Report

Reported EPS against 0.53 and revenue against USD 2.67 billion are the headline comparisons. Other markers are Vans revenue against the 9% decline, North Face wholesale timing and the 8% operating margin guidance.