VF (VFC) financial statements
VF reported revenue of $9.6B in fiscal 2026, down 1.5% a year over 9 years.
Net income was $255M and the operating margin 6.0%, against 13.2% in 2016.
Free cash flow was $557M, and the company returned $141M in dividends.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VF's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.0B | $8.4B | $10.3B | $10.5B | $9.2B | $11.8B | $11.1B | $9.9B | $9.5B | $9.6B |
| Cost of revenue | $5.6B | $3.8B | $4.7B | $4.7B | $4.4B | $5.4B | $5.3B | $4.8B | $4.4B | $4.3B |
| Gross profit | $5.4B | $4.5B | $5.6B | $5.8B | $4.9B | $6.5B | $5.8B | $5.1B | $5.1B | $5.3B |
| Selling, general and admin | $3.9B | $3.7B | $4.4B | $4.5B | $4.2B | $4.8B | $4.8B | $4.7B | $4.7B | $4.7B |
| Operating income | $1.5B | $883M | $1.2B | $928M | $608M | $1.6B | $999M | -$144M | $304M | $577M |
| Interest expense | $95M | $102M | $108M | $92M | $136M | $136M | $174M | $245M | $174M | $167M |
| Pre-tax income | $1.3B | $788M | $1.0B | $727M | $456M | $1.5B | $738M | -$285M | $145M | $341M |
| Income tax | $206M | $520M | $168M | $98M | $102M | $307M | -$18M | $734M | $76M | $86M |
| Net income | $1.1B | $615M | $1.3B | $679M | $408M | $1.4B | $119M | -$969M | -$190M | $255M |
| EPS (diluted) | $2.54 | $1.52 | $3.15 | $1.70 | $1.04 | $3.53 | $0.31 | -$2.49 | -$0.48 | $0.64 |
| Diluted shares | 422M | 404M | 400M | 400M | 392M | 392M | 388M | 388M | 393M | 396M |
| Gross margin | 49.3% | 54.1% | 54.6% | 55.3% | 52.7% | 54.5% | 52.3% | 51.6% | 53.5% | 54.8% |
| Operating margin | 13.2% | 10.5% | 11.6% | 8.8% | 6.6% | 13.8% | 9.0% | -1.5% | 3.2% | 6.0% |
| Net margin | 9.7% | 7.3% | 12.3% | 6.5% | 4.4% | 11.7% | 1.1% | -9.8% | -2.0% | 2.7% |
Balance sheet
Fiscal years, from VF's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $563M | $402M | $1.4B | $1.4B | $1.3B | $815M | $675M | $429M | $824M |
| Receivables | $1.1B | $1.4B | $1.4B | $1.3B | $1.3B | $1.5B | $1.6B | $1.3B | $1.3B | $1.4B |
| Inventory | $1.4B | $1.7B | $1.2B | $1.3B | $1.1B | $1.4B | $2.3B | $1.7B | $1.6B | $1.4B |
| Total current assets | $4.3B | $4.4B | $4.7B | $5.0B | $4.8B | $4.6B | $5.2B | $4.2B | $3.8B | $4.0B |
| Property, plant and equipment | $896M | $1.0B | $876M | $954M | $976M | $1.0B | $911M | $789M | $721M | $675M |
| Goodwill | $1.6B | $1.7B | $1.5B | $1.2B | $2.4B | $2.4B | $1.2B | $645M | $603M | $588M |
| Total assets | $9.7B | $10.0B | $10.4B | $11.1B | $13.8B | $13.3B | $14.0B | $11.6B | $9.4B | $9.3B |
| Total current liabilities | $1.8B | $2.7B | $2.7B | $3.0B | $2.2B | $3.3B | $3.5B | $3.5B | $2.7B | $2.2B |
| Long-term debt | $2.0B | $2.2B | $2.1B | $2.6B | $5.7B | $4.6B | $5.7B | $4.7B | $3.4B | $3.5B |
| Total liabilities | $4.8B | $6.2B | $6.1B | $7.8B | $10.7B | $9.8B | $11.1B | $10.0B | $7.9B | $7.4B |
| Shareholders' equity | $4.9B | $3.7B | $4.3B | $3.4B | $3.1B | $3.5B | $2.9B | $1.7B | $1.5B | $1.8B |
| Net debt | $1.1B | $1.6B | $1.7B | $1.2B | $4.9B | $3.8B | $5.8B | $5.0B | $3.5B | $2.7B |
Cash flow
Fiscal years, from VF's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.5B | $1.7B | $875M | $1.3B | $864M | -$656M | $1.0B | $465M | $671M |
| Capital spending | $176M | $140M | $216M | $288M | $199M | $245M | $152M | $136M | $86M | $115M |
| Free cash flow | $1.3B | $1.3B | $1.4B | $586M | $1.1B | $619M | -$808M | $879M | $379M | $557M |
| Stock-based compensation | $68M | $64M | $84M | $68M | $71M | $91M | $40M | $58M | $73M | $77M |
| Dividends paid | $636M | $685M | $767M | $749M | $757M | $773M | $703M | $303M | $140M | $141M |
| Share buybacks (net) | -$1.0B | -$1.2B | -$151M | -$1.0B | $0 | -$350M | $0 | $0 | — | — |
| Net borrowing | $517M | $432M | -$870M | $1.0B | $1.8B | -$180M | $1.2B | -$653M | -$2.0B | -$585M |
| Free cash flow margin | 11.8% | 15.9% | 14.1% | 5.6% | 12.1% | 5.2% | -7.3% | 8.9% | 4.0% | 5.8% |
| Dividends per share | $1.51 | $1.70 | $1.92 | $1.87 | $1.93 | $1.97 | $1.81 | $0.78 | $0.36 | $0.36 |
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Open VFC in InvestinglyQuestions
What was VF's revenue in 2026?
$9.6B in fiscal 2026, from its 10-K filing.
How much free cash flow does VF generate?
$557M in fiscal 2026 (operating cash flow minus capital spending).
From VF's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.