Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.3
REVENUES
 6 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) September 2025 March 2025 September 2024
Contract assets (a)
$ 2,356  $ 2,448  $ 4,392 
Contract liabilities (b)
66,714  78,421  66,693 
(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 three and six months ended September 2025, the Company recognized $47.3 million and $100.6 million, respectively, of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of September 2025, the Company expects to recognize $51.2 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 March 2031. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of September 2025, 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.
Three Months Ended September 2025 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 1,205,106  $ 378,142  $ 293,699  $ 1,876,947 
Direct-to-consumer 455,075  376,800  77,986  909,861 
Royalty 3,298  5,808  6,792  15,898 
Total $ 1,663,479  $ 760,750  $ 378,477  $ 2,802,706 
Geographic revenues
Americas $ 695,600  $ 435,413  $ 212,479  $ 1,343,492 
Europe 667,700  261,440  143,515  1,072,655 
Asia-Pacific 300,179  63,897  22,483  386,559 
Total $ 1,663,479  $ 760,750  $ 378,477  $ 2,802,706 
Three Months Ended September 2024 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 1,136,994  $ 404,180  $ 286,622  $ 1,827,796 
Direct-to-consumer 426,748  413,712  74,477  914,937 
Royalty 2,980  6,644  5,591  15,215 
Total $ 1,566,722  $ 824,536  $ 366,690  $ 2,757,948 
Geographic revenues
Americas $ 664,416  $ 482,634  $ 208,808  $ 1,355,858 
Europe 609,526  267,807  132,222  1,009,555 
Asia-Pacific 292,780  74,095  25,660  392,535 
Total $ 1,566,722  $ 824,536  $ 366,690  $ 2,757,948 
Six Months Ended September 2025 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 1,661,937  $ 770,565  $ 468,951  $ 2,901,453 
Direct-to-consumer 807,285  677,829  145,410  1,630,524 
Royalty 6,723  12,043  12,629  31,395 
Total $ 2,475,945  $ 1,460,437  $ 626,990  $ 4,563,372 
Geographic revenues
Americas $ 1,068,447  $ 839,448  $ 373,195  $ 2,281,090 
Europe 940,544  474,947  208,427  1,623,918 
Asia-Pacific 466,954  146,042  45,368  658,364 
Total $ 2,475,945  $ 1,460,437  $ 626,990  $ 4,563,372 
Six Months Ended September 2024 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 1,563,998  $ 822,241  $ 455,330  $ 2,841,569 
Direct-to-consumer 750,235  765,467  140,190  1,655,892 
Royalty 6,119  13,562  9,866  29,547 
Total $ 2,320,352  $ 1,601,270  $ 605,386  $ 4,527,008 
Geographic revenues
Americas $ 1,028,096  $ 940,290  $ 363,171  $ 2,331,557 
Europe 854,488  490,276  197,127  1,541,891 
Asia-Pacific 437,768  170,704  45,088  653,560 
Total $ 2,320,352  $ 1,601,270  $ 605,386  $ 4,527,008 
(a)In the first quarter of Fiscal 2026, VF realigned its reportable segments. The three and six months ended September 2024 have been recast to reflect this change. Refer to Note 15 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 Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands.