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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
V.F.
V.F. (VFC) investor relations material
V.F. Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Jan, 2026
Executive summary
Q3 revenue grew 1% to $2.88 billion, surpassing guidance, with The North Face up 8% and Timberland up 5–8% in constant dollars, while Vans declined as expected.
Operating income reached $341 million (adjusted ex Dickies), and net income from continuing operations was $300.8 million ($0.76 per share).
The Americas region posted its strongest performance in over three years, with global DTC and digital channels returning to growth.
Completed the sale of Dickies, resulting in a $139 million pre-tax gain; results are shown both including and excluding Dickies.
Net debt (excluding leases) declined by $600 million year-over-year, with leverage targeted at or below 3.5x by year-end.
Financial highlights
Q3 revenue was $2.8–$2.88 billion, up 1–2% year-over-year, beating guidance; adjusted revenue ex Dickies up 4%.
Gross margin improved to 56.6% (reported), 57.0% (adjusted ex Dickies), up 30 basis points year-over-year.
Adjusted operating margin for Q3 was 12.1% (ex Dickies); reported operating margin 10.1%.
Adjusted EPS was $0.58 (ex Dickies), reported EPS $0.76, up from $0.43 last year.
Free cash flow through Q3 was $513 million, with cash provided by operating activities at $638 million for nine months.
Outlook and guidance
Q4 revenue expected to be flat to up 2% in constant dollars, with adjusted operating income guidance of $10–$30 million.
Full-year revenue expected to be flat to up, with gross margin at 54.5%+ and operating margin at least 6.5%.
Free cash flow and operating cash flow projected up year-over-year; leverage targeted at or below 3.5x.
$500–$600 million in net operating income expansion targeted by Fiscal 2028 through transformation program.
Vans holiday performance vs. Q3 decline
Reinvent consulting fees: remaining stock price risk
Path to FYE'26 leverage target
Vans: How to boost physical store traffic?
Altra: Strategy to unlock $1B+ potential?
Gross margin: Tariff mitigation beyond FY26?
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Next V.F. earnings date
Q4 202620 May, 2026
V.F.
Next V.F. earnings date
Q4 202620 May, 2026
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Frequently asked questions
V. F. Corporation, operates in the design, production, procurement, marketing, and distribution of branded lifestyle apparel, footwear, and related products for men, women, and children. V. F. Corporation operates through two segments: Apparel and Footwear. The Apparel segment comprises Jacob Davis (which includes all New York-related products), VF Outlet sales and licensing revenues from non-United States brand names. The Footwear segment comprises Jones Group, JanSport, Eastpak, Kipling/High Sierra, Eagle Creek and Hill City/Trail Head; brands comprising the Vans lifestyle footwear business; Reef/Santa Cruz brand name; and Licensed Brands business comprising Action Sports americas (included within License Brands), the Skechers License business (non-wholly-owned) and licensed brands for Bearpaw Products Ltd.; Teva USA and Converse; Zumiez businesses comprising Zumiez Inc.
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