VF Corporation posted its first full-year revenue increase in three years in FY2026, with The North Face as the primary engine. Altra grew approximately 50 percent. Napapijri is resetting. Vans is stabilizing. Whether the portfolio can sustain 8 percent operating margin in FY2027 is now the question.
VF Corporation closed its fiscal year 2026 with the first full-year revenue increase in three years, driven principally by The North Face and supported by Timberland and a resurgent Altra. The results for the 52-week period ended March 28, 2026, also showed meaningful margin expansion and a leverage ratio that has more than halved from its peak two years ago. Annual guidance, which was suspended during the restructuring period, was reinstated.
At the brand level, The North Face is pressing its advantage. Altra is having a breakout year. Napapijri is mid-reset, with the 2026 Milano Cortina Winter Games as its most visible recent platform. Icebreaker is growing in direct-to-consumer but pulling back in wholesale. JanSport is growing within the Packs segment, while Kipling and Eastpak decline. The overall corporate recovery is real, but it is distributed unevenly across the portfolio.
| VF Corporation – Condensed income statement | ||||
| Q4 and full year ended March 2026 ($ millions) | ||||
| Q4 FY2026 | Q4 FY2025 | FY2026 | FY2025 | |
| Revenue | 2,166 | 2,144 | 9,605 | 9,505 |
| Cost of goods sold | 944 | 1,001 | 4,343 | 4,421 |
| Gross profit | 1,222 | 1,142 | 5,262 | 5,084 |
| Gross margin | 56.4% | 53.3% | 54.8% | 53.5% |
| SG&A expenses | 1,160 | 1,177 | 4,654 | 4,691 |
| Impairment of goodwill and intangibles | – | 38 | 31 | 89 |
| Operating income (loss) | 62 | -73 | 577 | 304 |
| Operating margin | 2.8% | -3.4% | 6.0% | 3.2% |
| Interest expense, net | -27 | -29 | -149 | -149 |
| Other income (expense), net† | -198 | -15 | -87 | -9 |
| Net income (loss) from continuing ops | -119 | -150 | 255 | 69 |
| Net income (loss) | -119 | -151 | 255 | -190 |
Source: VF Corporation Q4’26 earnings release, May 20, 2026. All figures in $ millions unless stated. Q4 = 13-week period ended March 28, 2026 (FY2026) / March 29, 2025 (FY2025). Q4 FY2026 figure includes non-cash pension settlement charges of approximately $158 million and related excise tax of approximately $25 million.
The North Face is posting broad-based gains as footwear extends a five-quarter streak.
The North Face delivered Q4 revenue growth of 12 percent year-over-year, with the Americas region up 17 percent. For the full fiscal year, the brand grew 8 percent as reported and 5 percent in constant currency. The Q4 result was notable for its breadth. Growth was spread across categories, with footwear logging a fifth consecutive quarter of double-digit expansion. The run now spans more than a year and appears driven by sustained demand rather than a single-season effect.
| VF Corporation – Brand revenue growth | ||
| Q4 ended March 28, 2026 (% change vs. prior year) | ||
| Brand | vs. prior year | vs. prior year (constant currency) |
| The North Face | +12.0% | +7.0% |
| Vans | -1.0% | -5.0% |
| Timberland | +8.0% | +2.0% |
| Other brands* | -23.0% | +7.0%* |
Source: VF Corporation Q4’26 earnings release, May 20, 2026. Other brands include Altra, icebreaker, Napapijri, Smartwool, Kipling, Eastpak and JanSport. The constant-currency figure excludes Dickies for all periods presented; the -23.0% reported figure reflects Dickies’ absence from the current-year base following its sale in Nov 2025.
On the product side, VF Corporation highlighted the Casentino Wool collection and the Base Camp Leather Duffel as evidence of an ongoing premium repositioning. In marketing, the brand announced a multi-year strategic sponsorship of the US Ski and Snowboard teams, extending its presence in alpine and Nordic disciplines. Athlete Alex Honnold, a long-standing The North Face partner, set a record for the highest urban free solo climb in history by scaling Taipei 101 during the quarter, generating global media attention with no obvious direct spend.
Other brands: Altra jumps 50%, icebreaker splits channels, Napapijri takes $30.7 million charge
Altra grew about 50 percent in Q4, the best result in VF’s Other Brands segment. The company said the gain was driven by major franchise launches and growth across all regions, in both wholesale and direct-to-consumer.
Icebreaker grew in direct-to-consumer during the quarter, but revenue fell in wholesale. VF did not explain what drove the channel split.
Napapijri remains in a brand reset. VF tied some of its recent visibility to the 2026 Milano Cortina Winter Games and booked a non-cash goodwill impairment charge of $30.7 million for the Napapijri reporting unit during the fiscal year.
Reinvent delivers margin gains, but Vans keeps the outlook uncertain
VF closed FY2026 with revenue of $9.605 billion (up 1 percent; up 4 percent excluding Dickies) and a leverage ratio of 3.1x, down from 4.1x a year ago and 5.1x in FY2024. The group’s portfolio simplification continued with the sale of Dickies to Bluestar Alliance in November 2025, following the October 2024 sale of Supreme to EssilorLuxottica.
VF’s Reinvent transformation program is now effectively complete. The company said the program delivered 360 basis points of gross margin expansion from FY2024 to FY2026, alongside structural SG&A savings of more than $225 million.
Vans remained the main drag. The brand was down 1 percent globally in Q4 as reported, although its Americas direct-to-consumer channel returned to growth for the first time in more than four years. VF’s guidance calls for Vans to decline mid-single digits in FY2027, with improvement expected only in the second half.
Bracken Darrell, President and CEO, said the fourth quarter was the group’s strongest revenue performance since joining VF. For FY2027, the company guides to revenue growth of 1 to 2 percent in constant currency and an adjusted operating margin of approximately 8 percent.
See also our Case Study: ”What VF Corp’s Reinvent fixed, and what it didn’t”
