V.F. Corp Q3 EPS Beats Estimates, Outdoor Segment Sales Up 8%
V.F. Corp reported Q3 fiscal 2026 adjusted EPS of $0.58, beating estimates by $0.15, while net revenues rose 1% to $2.88 billion and adjusted revenues excluding Dickies grew 4%. Outdoor segment sales jumped 8% to $1.93 billion and management forecasts Q4 revenues flat to up 2% with $10–30 million in operating income.
1. Q3 Earnings Results
V.F. Corp posted adjusted EPS of $0.58 in Q3 fiscal 2026, beating estimates by $0.15, as net revenues rose 1% to $2.88 billion. Adjusted revenues excluding Dickies grew 4% and gross margin expanded 10 basis points to 57%.
2. Segment Revenue Breakdown
Outdoor segment revenues increased 8% year over year to $1.93 billion, Active segment fell 6% to $671.8 million and All Other declined 18% to $278 million. Americas sales rose 2%, EMEA grew 4% on a reported basis and APAC declined 6%, while wholesale revenues slipped 1% and direct-to-consumer rose 4%.
3. Balance Sheet and Divestiture
The company ended Q3 with $1.5 billion in cash, $3.55 billion in long-term debt and shareholders’ equity of $1.78 billion; net debt fell by $0.5 billion year over year. A $0.09 quarterly dividend was declared, and the Dickies divestiture completed in November remains included through the period under U.S. GAAP.
4. Guidance and Outlook
For Q4 fiscal 2026, revenues are forecast flat to up 2% in constant currency with adjusted operating income of $10 million to $30 million, gross margin flat to slight up and SG&A flat to slight down. Full-year targets include higher adjusted operating income, operating cash flow and free cash flow with leverage at or below 3.5%, supported by the Reinvent program.