With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industry included in sector is apparel manufacturers.

Fortune Sector Leaders: Apparel

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

World's Most Admired Companies

The companies on this list are mobilizing the creative tools of capitalism to help solve social problems.

CTW-2023-VF-Corporation

VF Corporation, the owner of Timberland, Vans, and The North Face, has created the world's first regenerative rubber supply chain—the Regenerative Rubber Alliance. In partnership with design firm Terra Genesis and farmer communities in Thailand, the initiative transforms monoculture rubber farms into more diverse, resilient, and productive gardens. RRA gardens are sequestering more carbon, improving soil health, and increasing biodiversity in comparison to the rubber plantations that dominate the industry. Farmers also benefit from increased yields, reduced reliance on chemicals, and higher incomes. The project has already engaged over 300 farmers across 500 rubber plots, covering more than 1,660 acres, and aims to reach 30,000 farmers by 2030.

Change the World

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

Fortune's annual list dedicated to the idea that business is uniquely suited to address society’s biggest challenges.

CTW.1122.VF Corporation-Vans

“Traceability maps” are catching on in the apparel industry, as more customers and governments seek evidence that brands are sustainable and aren’t using forced labor. VF, parent of several big brands, goes far deeper than its peers. Customers can find, for example, pictures of the Chinese chemical factory that makes rubber for Vans shoes, or the Vietnamese mill that spins cotton into North Face jackets. This year, VF reached its goal of publishing maps for 100 top-selling products; competitors are taking note.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-263-VF

The worldwide apparel and footwear company has its largest stake in the backpack market, with popular brands such as JanSport, North Face, and Timberland. In November 2020, VF announced it was buying Supreme, an incredibly popular brand associated with youth culture, for more than $2 billion.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-233-VF

The clothing company owns brands including JanSport, The North Face, Smartwool, Timberland, Eastpak, Vans, and others.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Sector

Industry

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Change The World

Impact Segment

Prior Year Rank

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

VF designs and sells branded lifestyle apparel, footwear, and accessories for men, women, and children. It operates through three segments: outdoor, active, and work. Its outdoor brands include the North Face, Timberland, and Smartwool. It also offers sports-inspired and streetwear brands including Vans, Kipling, Eastpak, and JanSport, and “work and work-inspired” apparel and footwear under the Dickies and Timberland PRO brands. It reached an agreement to sell the Supreme streetwear brand to EssilorLuxottica in July 2024.

Q2 2027

Q1 2027

Q4 2026

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

VF (VFC): Company Profile, Stock Price, News, Rankings

legacy

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to VF Corporation's 3rd Quarter Fiscal Year 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

I would now like to turn the conference over to Allegro Perry, Vice President, Investor Relations. Please go ahead.

Hello, and welcome to VF Corporation's 3rd quarter fiscal 2025 conference call. Participants on today's call will make forward looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents that are filed regularly with the SEC. Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar and continuing operations basis, which we've defined in the presentation that was posted this morning on our Investor Relations website and which we use as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business.

You may also hear us refer to reported amounts, which are in accordance with U. S. GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the presentation, which identify and quantify all excluded items and provide management's view of why this information is useful to investors. Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darryl and EVP and Chief Financial Officer, Paul Vogel.

Following our prepared remarks, we'll open the call for questions. I'll now hand over to Bracken.

Thank you, Allegra. Hello, everyone, and thank you for joining us today. As I opened this call, you can see it was a good Q3. What I'm most excited about is what you really can't see yet. Our transformation is well underway, and Q3 was an excellent quarter of progress across our business inside the company.

We're systematically remaking the company for long term value creation, double digit operating margins and strong and sustained growth. We showed you in October 9 work streams that will essentially bring us to best of breed processes. And you know we have the we've reset the entire leadership team. But you might not be aware that we're now resetting the rest of the organization beneath those leaders. So between the work streams we spoke about in October and the organization changes I'm explaining here, we're building new structures and processes to be more effective, more efficient and in the end, more creative.

It's not just about saving money. It's about in the end, we will be a reinvented company, better positioned to deliver strong and sustainable returns for investors. If I sound energized by this, it's because I am. This is going to create strong value, great products, elevated brands and a terrific place to grow and learn for our people. Now enough about what's going on inside the company, let's talk about what we just reported.

Q3 was stronger than we expected. We grew revenue 2% while we significantly improved profitability. The key point to make here is that the actions we've taken during our we've taken so far are delivering results. Now let me call on some important features of the quarter. Virtually every brand was stronger this quarter than last quarter.

The North Face and Timberland both grew. Vans delivered another quarter of sequential improvement in trend. Regionally, the Americas delivered another strong quarter of improvement going positive for the first time in over 2 years. Our wholesale channel was positive on a global basis. DTC showed progressive improvement again this quarter globally.

Gross margins were up 150 basis points and operating margins were up 3 60 basis points to over 11%. And net debt was down nearly $2,000,000,000 None of these were a surprise to us, but it's a quarter of measurable progress across the board. Now to really understand our trend line, you need to look at our Q3 and Q4 together. While the Q3 results are better than expected, some of what benefited this quarter's outsized wholesale performance due to stronger reorders, lower cancellations and orders pulled forward by our retail customers into Q3 from Q4. Regardless, we feel really good about the underlying performance for the second half of the year.

Now let me give you an update on Reinvent. As I indicated at our Q2 earnings Investor Day Part 1 and the start of this call today, we're making strong progress on our transformation program. You'll recall we have 4 stated priorities. 1st, lower our cost base. We're on track to deliver the initial $300,000,000 in gross cost savings with another $55,000,000 generated during Q3.

Remember, this is the $300,000,000 we said would be fully actioned by the end of last quarter, so Q2, and fully reflected in the P and L by the end of this coming quarter, so Q4, so by the end of the fiscal year, as we promised. The work is complete, the cost reduction is showing up and all $300,000,000 will be in the run rate as we exit fiscal 'twenty five as planned. On top of that, you've heard Paul and me say we have no intention of stopping here. As of our October Investor Day, you know why we said that, because we were in fact already working on process and organizational changes as I referenced earlier in the call, that will contribute to unlocking another $500,000,000 to $600,000,000 in operating income expansion, half of that in SG and A. That's part of our approach to delivering our medium term operating margin target in fiscal year 2028 of at least 10% before any growth.

So far so good, everything is on track. Let me underline a point that might already be obvious to you by now. While the cost side of these work streams will help us return to sustained double digit profitability, this work is even more important than the bottom line impact it will deliver. These actions are absolutely instrumental towards enabling growth. They form part of a comprehensive plan to enable the company to be more creative and more powerful in product creation and marketing.

These projects enable this creativity better consumer insight and targeting as well as the standardization of all the processes we can to best in class levels to enable higher impact from good ideas in both revenue and profitability. We also continue to reinvest some of those savings back into product creation and brand building. You'll hear more about these areas at our upcoming Investor Day part 2, more on that later. The second priority is to strengthen was to strengthen our balance sheet. We made big progress during the quarter with a reduction of net debt of almost $2,000,000,000 versus this time last year.

Just to reemphasize that, we have reduced the net debt, not including lease obligations, which are required from an accounting standpoint to be included when we call it net debt. So excluding those lease obligations, we've reduced the net debt by almost 40% in the last year alone. So we're demonstrating our commitment to move our leverage ratio down to 3 ways. First, we divested non strategic assets, planes, buildings and of course Supreme. 2nd, we reduced our working capital primarily by cleaning up our inventory and making it fresh.

And finally, and most importantly, we're improving our operating earnings. You now see how effective this triple threat approach can be to rapidly dropping our leverage levels. There's more to do, but we are squarely on track to continue to delever the balance sheet to get to our 2.5 medium term leverage target. Our third priority was to fix the U. S.

As you know, we adopted our global commercial model in the Americas a year or so ago It's tried to bring its performance up toward the other regions' historical performance levels, and it's working. Our Americas business improved again relative to last quarter with revenue up 2% in Q3 versus down 9% in Q2. That's the Q1 of growth in over 2 years. It's early days, so we may not see growth every quarter as turnarounds often aren't linear, but it's good to see green numbers again. And we have a lot and I do mean a lot of improvement ahead of our Americas business.

Finally, deliver the Vans turnaround. The brand's overall performance in Q3 was down 8%, a further improvement compared to last quarter down 11%. I feel very good about the steps we're taking, but sustained turnarounds take time. Underneath the numbers, I want to call out a few things, primarily in our key focus areas of product and marketing. New products continue to outperform our big established franchises.

New School remained the number one growth driver and the number 2 franchise globally and is in line with our strategy to win with youth and women. We won't rely on just one style to build our business in the future and we have momentum in our newest styles, both Highland and Upland. In many ways, the Vans brand continues to have enormous potential. It was recently named the number 3 most authentic brand from the Authenticity 500 Index as the ranking of the world's most authentic brands. The message here is that we have a lot of growth potential as we keep improving our execution.

Brand elevation is also fertile ground for Vans, as evidenced by exceptionally strong sellout for our OTW holiday collaborations, including the Satoshi partnership, Home Girls collaboration and Beatrice Dumont and those two last ones are targeted at women. The New Americas regional platform is also starting to deliver. For the holiday period, our U. S. Non value channel footwear generated strong positive sellout year over year for the first time since February of 2022, led by our largest accounts.

We're making progress and are more confident than ever with the brand's growth potential. We have a lot of pistons to fire on at Vans, product, marketing, distribution, brand elevation and more. And we're putting each one in place. I couldn't be more excited about the initial work done by Sun Advance and you'll hear more about it directly from her in just a few weeks. Now let's turn to The North Face, where revenue in Q3 was up 5% versus last year and positive in each region, with even stronger performance in DTC.

We're pushing the boundaries with our marketing and our brand building. Notably, The North Face SKIMS collaboration set a new bar for global collaborations, execution and impact and was one of the fastest selling collections in the history of North Face. We were also thrilled to see our product teams being recognized with multiple awards for design and innovation across footwear and apparel. The North Face core underlying brand history is oversized relative to the size of this business in my opinion and I love that position. It means growth is ahead.

You'll hear more about the plans for North Face directly from the brand President Carolyn Brown at that Investor Day. Finally, I'll say just a few words about Timberland. The brand was also positive for the quarter with revenue up 12% versus last year. Performance was driven by core strength across regions supported by the iconic campaign launched in September. Nina Flood is our new Timberland brand President there and she'll give you more color on our plans at the next Investor Day.

Now looking ahead, the second half of this year is expected to be broadly in line with our expectations. As I said earlier, we did a little better in Q3 driven by the stronger than expected DTC and outsized wholesale performance and expect the Q4 trend to be a little lower relative to Q3. Turnarounds are not linear. For fiscal year 'twenty six, the first half of next year could look similar to the second half of this one as we put more of our game plan in place. And overall, we feel terrific about the progress we're making.

Now I want to say a few words about that Investor Day that I've mentioned several times. Now at part 1, back in October 2024, we unveiled our corporate strategy, showing you how we were rebuilding the company from the ground up. You heard about our focus on cost and creating a solid P and L structure. That's only the start of what we're doing to transform VF. The best is yet to come.

And in fact, we're coming back on March 6, mark that in your calendars, with part 2 here in New York, which is focused on brand strategy, where you'll get to hear directly from our brand presidents. Of course, they're still relatively new to our business and their roles, but I can't wait for you to meet them. This really is the most exciting part of our transformation and you'll hear about it in our plans for growth. As you've heard me say before, we're all here and it's all about growth in the long term. I'm now going to hand over to Paul who is sitting in front of me wearing a Philadelphia Eagles jersey, shoulder pads and helmet and Vans cleats, which we don't actually sell publicly, but he had them made.

You may know Paul is quite an Eagles fan and they are going to the Super Bowl. And he'll take you through the financials in more detail and I'll come back to the end for closing remarks. Paul?

All right. Thanks, Bracken. Go birds. As Bracken mentioned, Q3 was another quarter of progress in achieving our key priorities. Turning to the financials in Q3.

The quarter delivered further sequential improvement with revenue coming in better than our guidance and with strong profitability. We saw better overall performance in Q3 led by a number of factors, some of which may impact Q4. Looking at both Q3 and Q4 together, we are right on track with where we thought we'd be. Previously, we had said that every quarter of the year would show sequential improvement. However, given the strength in Q3, the balance has changed.

Second half of the year is performing in line with our expectations and will show meaningful improvement over the first half of the year. So while we no longer expect Q4 growth to be higher than Q3, the second half growth and overall trends are improving as planned. So what has changed? First, DTC was better than expected in Q3. We had a good holiday season, which was particularly strong in The North Face and Timberland.

2nd, we saw outsized wholesale performance due to additional reorders, lower cancellations and a favorable shift to deliveries into Q3 from Q4, a portion of which came from partners taking on inventory sooner than expected ahead of an earlier Lunar New Year. 3rd, on reported revenue, FX headwinds were less than forecasted. As a reminder, we had anticipated 100 basis points negative impact in the quarter, which did not occur. And 4th, on costs, we're starting to see the impact from some of our newer initiatives, which positively benefited distribution and IT costs. Now let's go through the P and L.

Q3 revenue was up 2% versus last year. This marked the 4th consecutive quarter of sequential improvement in revenue. By brand, the North base was up 5%. Momentum in Greater China remained strong, while the Americas had a better performance over the holiday period. Vans was down 8%, improving from down 11% in Q2.

The actions taken last year to clean up our inventory are continuing to deliver benefits, especially on profitability as we rightsize the brand's cost structure. Timberland was up 12%, improving from down 3% in Q2. We saw broad based growth across regions driven by continued strong momentum in premium boots. Finally, to finish off the top 4 brands, Dickies was down 10%, a slight improvement from down 11% in Q2. Moving to the regions, all three were positive in the quarter.

The Americas was up 2%, EMEA was up 1% and APAC was up 5%. And turning to channel, we improved sequentially in both DTC and in wholesale. DTC was down 2%, while wholesale was up 8%. And on gross margin, as expected, we were up 150 basis points versus last year to 56.3%. This was due to lower product costs and fewer promotions.

SG and A dollars were down 3%. We leveraged SG and A by 210 basis points to 44.9 percent of sales. We are on track to deliver the $300,000,000 run rate of initial gross reinvest cost savings with $55,000,000 of savings generated in the quarter. This led to an operating margin of 11.4%, up 3 60 basis points versus last year, and adjusted operating income was up 49% versus last year to 324,000,000 dollars diluted earnings per share adjusted diluted earnings per share of $0.62 versus $0.45 last year. Turning to the balance sheet.

We continue to make good progress on the inventories as we ended Q3 down 14% versus last year. And as we said at the time of our Q2 earnings, we completed the sale of Supreme at the beginning of October and paid down the $1,000,000,000 term loan. And as a result, as Bracken mentioned, net debt was down $1,900,000,000 versus last year.

are on track towards our medium term leverage target of 2.5 times that we shared at our most recent Investor Day. Now moving on to guidance for Q4. For revenue, we expect Q4 to be down 4% to 6% on a reported dollar basis. We are modeling FX to have approximately a negative 200 basis point impact on a reported growth rates. So on a constant dollar basis, which is the true underlying trend in the business, we are forecasting down 2% to 4%.

And if you put Q3 and Q4 together and look at the second half as a whole versus last year, revenue would be flat to down 1% on a constant dollar basis. This represents a progression in trend versus Q1 and Q2 and is right in line with our expectations. Moving down the P and L, we expect Q4 operating income to be in the range of breakeven to a loss of $30,000,000 with gross margin continuing to benefit from lower product costs and fewer promotions and fewer reserves. SG and A dollars are expected to be up slightly versus last year due to increased investment in marketing and product in Q4. For the full year, we are raising our free cash flow guidance to $440,000,000 with both better underlying fundamentals and higher asset sales contributing to the improvement.

So in summary, we continue to make great progress on our key financial priorities and our turnaround plan. I will now turn it back to the operator for Q and A.

Your first question comes from the line of Michael DeNetti with Evercore. Please go ahead.

Glad to hear you excited. Just a quick one on how we're looking at the I'm happy to hear you're wearing cleats during an earnings call.

Just a quick one on the near term. Can you just talk it sounds like there's a little bit of a shift into Q3 out of Q4. And when we look at the revenues, how material is that? Or just maybe bigger picture, some high level thoughts on what been where we'll see the deceleration, just the broad brush strokes, regions, channels, the brands where we'll see the deceleration in 4Q, help us think about that. And then I guess more importantly longer term with Vans being such a big swing factor and stabilizing the revenue and margin trajectory here.

Talk about what we're going to see as we build to key moments like Sun and her team's first line. It seems like back to school is probably when that starts to come together. And as you focus on shifting from the good defense you've played here in the cleanup effort to offense, what have you shown to your retail partners already? What kind of feedback, good or bad, are you getting as we start to pivot Vans back to what you've been talking about for a while here, long term growth?

I'll take the first one, then I'll take the first one.

Okay, perfect. Yes, so on the Q3, Q4, I would say a couple of things. One, if you think about the outperformance in Q3, it was split between wholesale and DTC. Wholesale is probably a little bit bigger portion than DTC. So on the wholesale side, it was a mix.

I'd say probably part of it, maybe half of it was related to some of the pull forward I mentioned with respect to Lunar New Year and some of our partners taking deliveries earlier. And some of it was just reorders based on the stronger performance in the holiday season. So that was the wholesale side. So some of that will impact the wholesale in Q4. And then DTC just performed stronger and right now we're not necessarily anticipating that similar strength in Q4.

It did outperform, so we don't have that same level of outperformance in Q4 that we saw on the DTC side in Q3.

Yes. I just want to add one thing on Vans in particular when you think about and this isn't really Q3 or Q4, but I'll start with maybe a prelude to the answer to your question. We've got a lot of moving parts underneath vans in the marketplace. We've got we've closed, I think, 9% of our total doors globally in our DTC channel. We've closed about sorry, we've closed 14% of our own stores.

And I think we've closed about 9% of the stores at wholesale in the US alone. We've also added stores, so that's a net number. So there's a lot of moving parts underneath that have really reset our business from a commercial perspective to be in a great place as new products flow through there. Now you asked, when will we start to see what Sun's working on? She'll give you a little glimpse and we're going to give you a little glimpse of a few things we're working on now at the Investor Day.

I've told her and I'm telling you, I'm going to keep the expectations low for Vance as long as possible because I want to give her plenty of room to operate. She is a real operator. She is deep in the middle of stuff. You'll probably see a few things she's touched to back to school, even more at holiday, and as you go into next year, even more and more. But it's going to take time.

As you know, the product development cycles for this business are longer than they should be. We're not going to fix that right away, but we're also working that in the background. So stay tuned, but I feel super good about where we're going with Vans. Next question. Thank you, Michael.

Your next question comes from the line of Matthew Boss with JPMorgan. Please go ahead.

On the top line, could you speak to recent wins at Timberland, progress you're seeing at North Face, maybe relative to some of the softer trends at Dickies? And then just on the overall progression, if we took a step back, maybe could you just elaborate on comments I think you made around the front half of '26 looking similar to the back half of 'twenty five?

Yeah, absolutely. So Timberland, there's just a lot of excitement. I think you probably can I don't know, if you follow us close enough, and many of you do, you probably can see it? We've done some really the Timberland, I would say the Timberland brand building activity started a year, the 1st year I got here with the anniversary of the famous yellow boot and it's coinciding with hip hop. And we quietly, although in a very cool way, did a bunch of cool stuff that year, some cool collaborations, we created a movie, but nobody really heard it.

But I would say some of the key players in the influence of Rod Heart heard it. And it picked up steam and kept picking up steam right through the year. And then we did the Louis Vuitton collaboration and Bottega Venator just most recently. And so there's just a lot of good momentum there. And the whole game plan there is obviously get as much as you can out of this Yellow Boot franchise, but also expand and roll through with other franchises.

And contrary to which you might think, Yellow Boot is not 70% of our business. And it will probably be smaller and smaller over time as we move into other things. So Nina will go through that, but I feel really excited about where we're going with Timberland. But there's a lot of room to work there and a lot of places to go. On TNF, I think the TNF story has not really changed much.

I think we have a great team in there and that team is led by Caroline, who's doing a fantastic job. We're probably texting back and forth 5 times a day because she's excited about what she's doing, about what they're doing. So you'll hear more from her. I will not steal any of her thunder except to say I'm really pumped about what she and all the brand presidents are doing. Dickies, Dickies is a deep turnaround.

It's a small business for us. It's got, maybe relative to its size, it might be the smallest in revenue. In other words, there's more potential there than, in some ways, maybe any other brand we have, although they all have a lot of potential. But Dickies really has a lot. But it's a deep turnaround and you're just going to be patient with us on that one.

I feel really good about the leader we've put in place there. We announced that we're moving the business just to make it harder on us if we're moving the business to California. But there are good reasons to do that. We're going to have a campus really in California now for that business advance. So feel good about it.

You asked about the my reference to first half could look kind of like the back half of this year. I think that's really just an attempt to say, we're not really trying to give you a strong growth forecast into next year at this point. It's too early for that. We've given you Q4. What we are saying is keep an eye on the profitability.

We're going to absolutely improve that. You're going to see it systematically improve while we're rebuilding a lot of things in the company to drive long term growth. When will that growth come? We're not ready to say yet. So we're just trying to really dampen expectations.

Your next question comes from the line of James Duffy with Stifel. Please go ahead.

Hello, James. Maybe I can make up a question.

Great to hear from you guys. Really great results from The North Face and Timberland. I'm curious if you had the inventory to participate in some of the demand you might be seeing here in January.

And then also hoping you can share some perspective on what those results might mean for forward orders as we look to fall holiday 2025?

That's a clever way to ask that question. You know, there's always, you know, you always got, in our case, we, I think, we've done a good job bringing our inventory levels down, and our inventory is pretty fresh. We never, you never have exactly what you need everywhere, so we don't. But, But look, our supply chain is working pretty effectively. It can work a lot better, by the way, over time.

But I'd say so far so good. You want to add anything to that, Paul?

No. I think a lot of initiatives we talked about at the Investor Day.

In terms of the integrated plane and stuff, I think that will also help us sort of make sure inventory is in the right place moving forward. So

Is there anything you guys can share on discussions with wholesale customers and what that looks like for the order book into fall next year?

and I don't think we have too much to say about going into fall next year, but I would say the spring order book was, I think we've said before, is light, and we knew that beforehand and where it's kind of a reflection of the past and kind of the general sentiment, especially in the US, on that. But I'm not worried about that at all. I really feel good about the product portfolio we're bringing out. The cool thing for those of you who've been in our business for a long time, you get to look at 3 seasons out all the time. So I really feel good about the products we have coming out season by season by season across our brands.

And I think you'll see that as we get together. We'll give a little bit of glimpse of some of this when we get together in the Investor Day, but you'll see more of it as it starts to unfold. But yes, no, I think that so far everything is really on track from a product development standpoint as we go forward and you'll see us continue to ramp that in marketing.

Your next question comes from the line of Lorraine Hutchinson with Bank of America. Please go ahead.

Thanks. Good morning, everybody. Good morning. Brecken, you talked about Vans U. S.

Non value channel sellout positive. I was just curious, what's the mix of the value channel for Vans? How important is that in your go forward plan? And then can you talk about the health of the inventory in the channel across value and non value?

Yes, the health of the inventory looks good. Vans will always have a value channel component. So I don't want you to step off this call thinking that value channel is 10%. It's only for selling off product that didn't sell in our non value channel. So it's not it's probably onethree of our business.

It will stay about there. And it's as I said, the health of the inventory looks really good. Now we brought that down. It was probably up to over half of the business at one point.

And you think a third is the kind of the go forward ratio that you'd expect?

VF (VFC) Q3 2025 Earnings Call Transcript

Company Participants