V F CORPVFC
V F CORP Revenue Disclosure
REVENUES
Contract Balances
Contract assets are rights to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time. Once the Company has an unconditional right to consideration under a contract, amounts are invoiced and contract assets are reclassified to accounts receivable. The Company's primary contract assets relate to sales-based royalty arrangements, which are discussed in more detail within Note 1.
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements, which are discussed in more detail within Note 1, and customer order deposits.
The following table provides information about contract assets and contract liabilities:
| (In thousands) | March 2026 | March 2025 | |||||||||||||||
Contract assets (a) | $ | 976 | $ | 2,448 | |||||||||||||
Contract liabilities (b) | 76,923 | 78,421 | |||||||||||||||
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities line item in the Consolidated Balance Sheets.
For the year ended March 2026, the Company recognized $204.6 million of revenue related to contract liabilities, which included the majority of the contract liability balance at the beginning of the year, and amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied during the year, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of March 2026, the Company expects to recognize $12.9 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through December 2028.
As of March 2026, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
Disaggregation of Revenues
The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.
Year Ended March 2026 (a) | ||||||||||||||||||||||||||
| (In thousands) | Outdoor | Active | All Other (b) | Total | ||||||||||||||||||||||
| Channel revenues | ||||||||||||||||||||||||||
| Wholesale | $ | 3,207,132 | $ | 1,338,134 | $ | 798,377 | $ | 5,343,643 | ||||||||||||||||||
| Direct-to-consumer | 2,522,988 | 1,361,373 | 327,508 | 4,211,869 | ||||||||||||||||||||||
| Royalty | 11,672 | 21,460 | 16,563 | 49,695 | ||||||||||||||||||||||
| Total | $ | 5,741,792 | $ | 2,720,967 | $ | 1,142,448 | $ | 9,605,207 | ||||||||||||||||||
| Geographic revenues | ||||||||||||||||||||||||||
| Americas | $ | 2,577,489 | $ | 1,587,903 | $ | 664,702 | $ | 4,830,094 | ||||||||||||||||||
| Europe | 2,109,660 | 861,962 | 400,298 | 3,371,920 | ||||||||||||||||||||||
| Asia-Pacific | 1,054,643 | 271,102 | 77,448 | 1,403,193 | ||||||||||||||||||||||
| Total | $ | 5,741,792 | $ | 2,720,967 | $ | 1,142,448 | $ | 9,605,207 | ||||||||||||||||||
Year Ended March 2025 (a) | |||||||||||||||||||||||
| (In thousands) | Outdoor | Active | All Other (b) | Total | |||||||||||||||||||
| Channel revenues | |||||||||||||||||||||||
| Wholesale | $ | 2,967,846 | $ | 1,426,718 | $ | 905,530 | $ | 5,300,094 | |||||||||||||||
| Direct-to-consumer | 2,328,914 | 1,462,854 | 350,507 | 4,142,275 | |||||||||||||||||||
| Royalty | 14,301 | 24,735 | 23,286 | 62,322 | |||||||||||||||||||
| Total | $ | 5,311,061 | $ | 2,914,307 | $ | 1,279,323 | $ | 9,504,691 | |||||||||||||||
| Geographic revenues | |||||||||||||||||||||||
| Americas | $ | 2,361,598 | $ | 1,710,070 | $ | 761,857 | $ | 4,833,525 | |||||||||||||||
| Europe | 1,941,917 | 887,372 | 419,172 | 3,248,461 | |||||||||||||||||||
| Asia-Pacific | 1,007,546 | 316,865 | 98,294 | 1,422,705 | |||||||||||||||||||
| Total | $ | 5,311,061 | $ | 2,914,307 | $ | 1,279,323 | $ | 9,504,691 | |||||||||||||||
Year Ended March 2024 (a) | |||||||||||||||||||||||
| (In thousands) | Outdoor | Active | All Other (b) | Total | |||||||||||||||||||
| Channel revenues | |||||||||||||||||||||||
| Wholesale | $ | 3,001,601 | $ | 1,462,412 | $ | 958,004 | $ | 5,422,017 | |||||||||||||||
| Direct-to-consumer | 2,209,465 | 1,841,198 | 375,925 | 4,426,588 | |||||||||||||||||||
| Royalty | 19,221 | 24,002 | 23,850 | 67,073 | |||||||||||||||||||
| Total | $ | 5,230,287 | $ | 3,327,612 | $ | 1,357,779 | $ | 9,915,678 | |||||||||||||||
| Geographic revenues | |||||||||||||||||||||||
| Americas | $ | 2,387,085 | $ | 1,963,872 | $ | 821,801 | $ | 5,172,758 | |||||||||||||||
| Europe | 1,953,782 | 950,526 | 435,348 | 3,339,656 | |||||||||||||||||||
| Asia-Pacific | 889,420 | 413,214 | 100,630 | 1,403,264 | |||||||||||||||||||
| Total | $ | 5,230,287 | $ | 3,327,612 | $ | 1,357,779 | $ | 9,915,678 | |||||||||||||||
(a)In the first quarter of Fiscal 2026, VF realigned its reportable segments. The years ended March 2025 and 2024 have been recast to reflect this change. Refer to Note 21 for additional information regarding the Company's reportable segments.
(b)“All Other” is included for purposes of reconciliation of revenues, but it is not considered a reportable segment. “All Other” includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 20, 2026 | Showing above |
| 2025 | May 22, 2025 | |
| 2024 | May 23, 2024 | |
| 2023 | May 25, 2023 | |
| 2022 | May 26, 2022 | |
| 2021 | May 27, 2021 | |
| 2020 | May 27, 2020 | |
| 2019 | May 24, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.