Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUES

v3.26.1
REVENUES
 12 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES 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®.