VF Corp Beats Q2 Guidance With $364M Adjusted Operating Income, Reaffirms FY'27
VFC sits 35% above its 52-week low of $12.455.
Summary
VF beat Q2 guidance with $364M adjusted operating income and 55.4% gross margin, cut net debt by $1.1B, and reaffirmed FY'27 guidance while declaring a $0.09 quarterly dividend.
Key Events · Earnings and Guidance · VFC
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Q2 Adjusted Operating Income Beats Guidance
Adjusted operating income ex Dickies was $364M versus guidance of approximately $315M; reported operating income was $368M at a 13.7% margin, up 250 bps year over year.
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Gross Margin Expands 320 bps
Gross margin reached 55.4%, up 320 bps versus last year; adjusted gross margin ex Dickies was 55.4%, up 290 bps.
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Revenue Up 1% Ex Dickies
Total revenue fell 4% to $2.70B, but excluding the divested Dickies business it rose 1% versus flat guidance, with The North Face up 4% and Timberland up 4% while Vans fell 10%.
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Net Debt Cut $1.1B
Net debt declined $1.1B, or 20%, versus last year; FY'27 leverage is guided to 2.6x-2.9x.
Analysis · VFC · Manufacturing
VF beat its own Q2 guidance on the metric that matters for the turnaround: adjusted operating income ex Dickies came in at $364M against roughly $315M guided, with gross margin up 320 bps to 55.4%. Revenue ex Dickies rose 1% versus flat guidance, and the Vans DTC business grew globally for the first time in almost five years — the single data point management has been promising. Net debt fell $1.1B (20%) year over year, which matters because leverage is the constraint on this story; FY'27 leverage is guided to 2.6x-2.9x. Full-year guidance was reaffirmed rather than raised, so the beat buys credibility for the second-half Vans recovery rather than a higher bar.
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At the time of this filing, VFC was trading at $16.80 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.7B. The 52-week trading range was $12.46 to $22.27. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.