V F (VFC) risk factors, FY2026 10-K

V F's FY2026 10-K, filed May 20, 2026, lists 50 risk factors in 4 groups. Against the prior year's 46: 11 new, 7 dropped, 28 substantially reworded.

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Risk factors listed
504 groups
New this year
11vs 46 last year
Dropped
7since the prior 10-K
Substantially reworded
28of those kept
Section length
13k wordsItem 1A

What the changes say

  • Supply-chain and distribution resilience receive standalone attention, including concentrated facilities, third-party logistics, automation, geopolitical and climate disruptions.
  • Russia sanctions and $50.4 million of restricted cash add specific geopolitical and liquidity exposure.
  • Napapijri impairment, currency debt exposure, ESG reporting, litigation and pension-plan termination update financial and regulatory risks.

What changed since the prior 10-K

New

  • NewBUSINESS AND OPERATIONAL RISKS

    Disruptions of our supply chain, which is dependent on international suppliers, could have a material adverse effect on our operating and financial results

    International sourcing and distribution could be disrupted by conflicts, inflation, pandemics, trade restrictions, freight shortages, port problems, weather, disasters or labor shortages.

  • NewBUSINESS AND OPERATIONAL RISKS

    VF relies on owned or leased VF-operated and third party-operated distribution facilities to warehouse and ship product to

    Concentrated distribution centers, automated systems and third-party transport could fail because of cyber, power, disaster, political or labor disruptions.

  • NewLEGAL, REGULATORY AND COMPLIANCE RISKS

    with U.S. and international laws and regulations, and changes in regulatory requirements

    Changes in U.S. and international laws, regulations or geopolitical policies could raise compliance costs, reduce earnings and require business changes.

  • NewLEGAL, REGULATORY AND COMPLIANCE RISKS

    and mitigate the impact of such changes, our costs could increase, which would reduce our earnings. Any such change could adversely affect worldwide economic and market conditions and could contribute to instability in global financial and foreign exchange markets

    Russia sanctions and the continuing conflict have changed VF’s Russian business, while approximately $50.4 million of cash remains restricted within Russia.

  • NewLEGAL, REGULATORY AND COMPLIANCE RISKS

    We are subject to periodic litigation and regulatory proceedings, which could have an adverse effect on our business, financial condition and results of operations

    Litigation and regulatory proceedings involving intellectual property, contracts, employment, securities, customs, privacy, cybersecurity or other matters could cause costly settlements, damages or injunctions.

  • NewLEGAL, REGULATORY AND COMPLIANCE RISKS

    18 VF Corporation Fiscal 2026 Form 10-K

    Incomplete or inaccurate ESG data and reporting, including under EU CSRD-like rules, could damage reputation, restrict customer relationships or create market-entry barriers.

  • NewFINANCIAL RISKS

    VF’s balance sheet includes a significant amount of intangible assets and goodwill. A decline in the fair value of an intangible asset or of a business unit could result in an asset impairment charge, such as the recent impairment charges related to the Napapijri reporting unit goodwill

    Lower Napapijri projections triggered a $30.7 million goodwill impairment, and future valuation declines could produce additional intangible-asset charges.

  • NewFINANCIAL RISKS

    VF Corporation Fiscal 2026 Form 10-K 19

    Currency movements affect international sales, sourcing costs, licensing revenue, euro bonds and related interest and principal cash flows.

  • NewFINANCIAL RISKS

    and demographic conditions. Differences between estimated and actual results give rise to gains and losses that are deferred and amortized as part of future pension expense, which can create volatility that adversely impacts VF’s future operating results

    Pension estimates can create future earnings volatility, although VF terminated its frozen U.S. qualified defined-benefit plan in February 2026.

  • NewGENERAL RISKS

    VF Corporation Fiscal 2026 Form 10-K 21

    Pandemic-related supply-chain disruptions and mitigation costs could prevent VF from producing, stocking and fulfilling products.

  • NewGENERAL RISKS

    These impacts have placed, and could continue to place, limitations on our ability to execute our business plan and

    Pandemic containment measures could limit VF’s business-plan execution and worsen other risks, harming financial condition and results.

Dropped

  • DroppedBUSINESS AND OPERATIONAL RISKS

    systems or the unauthorized release of personal or confidential information

  • DroppedBUSINESS AND OPERATIONAL RISKS

    loss of services of one or more of these individuals or the inability to effectively identify a suitable successor to a key role could have a material adverse effect on VF

  • DroppedBUSINESS AND OPERATIONAL RISKS

    If VF encounters problems with its distribution system, VF’s ability to deliver its products to the market could be adversely affected

  • DroppedLEGAL, REGULATORY AND COMPLIANCE RISKS

    focus on income earned in no- or low-tax jurisdictions or income that is not taxed in any jurisdiction. Tax authorities have also become skeptical of special tax rulings provided to companies offering lower taxes than may be applicable in other countries

  • DroppedFINANCIAL RISKS

    impairment primarily related to the reduction in financial projections for Dickies

  • DroppedFINANCIAL RISKS

    VF’s business is exposed to the risks of foreign currency exchange rate fluctuations. VF’s hedging strategies may not be effective in mitigating those risks

  • DroppedFINANCIAL RISKS

    generally be treated as receiving a taxable distribution of property in an amount equal to the fair market value of the shares received

Reworded

  • 100% rewrittenBUSINESS AND OPERATIONAL RISKS

    12 VF Corporation Fiscal 2026 Form 10-K

    Cybersecurity language now emphasizes third-party breaches, business disruption, lost sales, litigation, regulatory scrutiny and rising privacy-compliance costs.

    Was: VF Corporation Fiscal 2025 Form 10-K 11

  • 100% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF Corporation Fiscal 2026 Form 10-K 13

    The risk now covers the completed $600 million Dickies sale, including transition services, stranded costs and operational, systems and technology separation risks.

    Was: 12 VF Corporation Fiscal 2025 Form 10-K

  • 100% rewritten

    VF Corporation Fiscal 2026 Form 10-K 9

    The strategy risk now emphasizes product availability, supply-chain efficiency, stores, quality sourcing, AI-enabled digital selling and evolving privacy rules.

    Was: 10 VF Corporation Fiscal 2025 Form 10-K

  • 99% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    VF Corporation Fiscal 2026 Form 10-K 17

    The text now emphasizes compliance with environmental, climate, consumer, social, employment, privacy and safety regulations and supplier violations.

    Was: VF Corporation Fiscal 2025 Form 10-K 19

  • 94% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF may not succeed in its business strategy, including our turnaround program and “The VF Way” operating principles

    The turnaround discussion now describes streamlining costs, capturing efficiencies, strengthening the balance sheet and reducing leverage through VF’s operating model.

    Was: VF may not succeed in its business strategy, including the Reinvent turnaround program and “The VF Way” operating principles

  • 93% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    VF’s operations and earnings may be affected by legal, regulatory, political and economic uncertainty and risks

    The regulatory and geopolitical risk remains focused on maintaining existing markets and pursuing growth amid legal, political and economic uncertainty.

  • 82% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF may be unable to protect its trademarks and other intellectual property rights

    The examples of recognized brands now exclude Dickies, while the counterfeiting and infringement risk remains tied to higher-priced products.

  • 77% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF Corporation Fiscal 2026 Form 10-K 15

    The text adds brand damage, copying, trademark invalidation and potential blocks on product sales from VF’s or third parties’ intellectual-property rights.

    Was: VF Corporation Fiscal 2025 Form 10-K 15

  • 76% rewritten

    The apparel, footwear, equipment and accessories industries are highly competitive, and VF may not be able to gauge consumer preferences and product trends, and to respond to constantly changing markets

    Was: The apparel, footwear and accessories industries are highly competitive, and VF’s success depends on its ability to gauge consumer preferences and product trends, and to respond to constantly changing markets

  • 73% rewrittenFINANCIAL RISKS

    Our ability to obtain financing on favorable terms, if needed, could be adversely affected by geopolitical risk and volatility in the capital markets, including interest rate risks

  • 61% rewrittenGENERAL RISKS

    Regional epidemics or global pandemics may materially and adversely affect our business, financial condition and results of operations

  • 60% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    We may have additional tax liabilities from new or evolving government or judicial interpretation of existing tax laws

  • 59% rewrittenBUSINESS AND OPERATIONAL RISKS

    Failure to implement our strategic objectives, including our turnaround strategy, may have a material adverse effect on VF’s business

    Was: Failure to implement our strategic objectives, including the Reinvent turnaround strategy, may have a material adverse effect on VF’s business

  • 55% rewrittenFINANCIAL RISKS

    Volatility in securities markets, interest rates and other economic factors could substantially increase VF’s defined benefit pension costs

  • 52% rewrittenBUSINESS AND OPERATIONAL RISKS

    If we or our business partners use AI to make decisions that affect consumers, customers, employees or job applicants, the AI may be subject to biases or other types of unfair decision-making that may negatively impact those individuals and create legal or reputational risk for us

    Was: If we or our business partners use AI to make decisions that affect consumers, employees or job applicants, the AI may be subject to biases or other types of unfair decision-making that may negatively impact those individuals and create legal or reputational risk for us

  • 50% rewrittenFINANCIAL RISKS

    The spin-off of Kontoor Brands, Inc. could result in substantial tax liability to us and our shareholders

  • 49% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations

  • 48% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    Climate risks and increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate risks and socially responsible activities, may adversely affect our business and financial results and damage our reputation

  • 41% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF is subject to cybersecurity, information security and privacy risks that could negatively affect its business operations, results of operations or reputation

  • 39% rewrittenBUSINESS AND OPERATIONAL RISKS

    The use or misuse of AI and the failure to use AI, present risks and challenges that may negatively impact our business

    Was: The development and use or misuse of AI, and the failure to use AI, present risks and challenges that may negatively impact our business

  • 39% rewrittenBUSINESS AND OPERATIONAL RISKS

    A significant portion of VF’s revenues and gross profit is derived from a small number of large customers. The loss of any of these customers or the inability of any of these customers to pay VF could substantially reduce VF’s revenues and profits

  • 36% rewritten

    VF’s profitability may decline as a result of increasing pressure on margins

  • 33% rewrittenBUSINESS AND OPERATIONAL RISKS

    VF relies significantly on information technology. Any inadequacy, interruption, operational failure or security failure of this technology could harm VF’s ability to effectively operate its business

  • 31% rewrittenBUSINESS AND OPERATIONAL RISKS

    Talent acquisition, management, engagement and retention are important factors in VF’s success. Turnover in VF’s leadership or other key positions may have a material adverse effect on VF

  • 30% rewrittenLEGAL, REGULATORY AND COMPLIANCE RISKS

    Changes in tax laws could increase our worldwide tax rate and tax liabilities and materially affect our financial position and results of operations

  • 28% rewrittenBUSINESS AND OPERATIONAL RISKS

    We may be adversely affected by weather conditions, including any potential effects from extreme environmental conditions

  • 22% rewrittenBUSINESS AND OPERATIONAL RISKS

    There are risks associated with VF’s acquisitions, divestitures and portfolio management

    Was: There are risks associated with VF’s acquisitions, divestitures and portfolio management, including our recently completed sale of the Supreme® brand to EssilorLuxottica

  • 20% rewrittenFINANCIAL RISKS

    Fluctuations in wage rates and the price, availability and quality of raw materials and finished goods could increase costs

All 50 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01ECONOMIC AND INDUSTRY RISKS
  2. 02VF’s revenues and profits depend on the level of consumer spending for apparel, footwear, equipment and accessories, which is sensitive to global economic conditions and other factors. A decline in consumer spending could have a material adverse effect on VF
  3. 03The apparel, footwear, equipment and accessories industries are highly competitive, and VF may not be able to gauge consumer preferences and product trends, and to respond to constantly changing markets76% rewritten
  4. 04VF Corporation Fiscal 2026 Form 10-K 9100% rewritten
  5. 05The retail industry has experienced financial difficulty that could adversely affect VF's business
  6. 06ownership concentration within the retail industry, an increase in credit exposure to VF or an increase in leverage by VF’s customers over their suppliers
  7. 07VF’s profitability may decline as a result of increasing pressure on margins36% rewritten

BUSINESS AND OPERATIONAL RISKS

  1. 08VF’s business and the success of its products could be harmed if VF is unable to maintain the image of its brands
  2. 09VF’s revenues and cash requirements are affected by the seasonal nature of its business
  3. 10We may be adversely affected by weather conditions, including any potential effects from extreme environmental conditions28% rewritten
  4. 11VF may not succeed in its business strategy, including our turnaround program and “The VF Way” operating principles94% rewritten
  5. 12Failure to implement our strategic objectives, including our turnaround strategy, may have a material adverse effect on VF’s business59% rewritten
  6. 13Disruptions of our supply chain, which is dependent on international suppliers, could have a material adverse effect on our operating and financial resultsNew
  7. 14VF relies significantly on information technology. Any inadequacy, interruption, operational failure or security failure of this technology could harm VF’s ability to effectively operate its business33% rewritten
  8. 15VF is subject to cybersecurity, information security and privacy risks that could negatively affect its business operations, results of operations or reputation41% rewritten
  9. 1612 VF Corporation Fiscal 2026 Form 10-K100% rewritten
  10. 17The use or misuse of AI and the failure to use AI, present risks and challenges that may negatively impact our business39% rewritten
  11. 18If we or our business partners use AI to make decisions that affect consumers, customers, employees or job applicants, the AI may be subject to biases or other types of unfair decision-making that may negatively impact those individuals and create legal or reputational risk for us52% rewritten
  12. 19There are risks associated with VF’s acquisitions, divestitures and portfolio management22% rewritten
  13. 20VF Corporation Fiscal 2026 Form 10-K 13100% rewritten
  14. 21VF uses third-party suppliers and manufacturing facilities worldwide for its raw materials and finished products, which poses risks to VF’s business operations
  15. 22A significant portion of VF’s revenues and gross profit is derived from a small number of large customers. The loss of any of these customers or the inability of any of these customers to pay VF could substantially reduce VF’s revenues and profits39% rewritten
  16. 23Talent acquisition, management, engagement and retention are important factors in VF’s success. Turnover in VF’s leadership or other key positions may have a material adverse effect on VF31% rewritten
  17. 24VF’s direct-to-consumer business includes risks that could have an adverse effect on its results of operations
  18. 25VF’s net sales depend on the volume of traffic to its stores and the availability of suitable lease space
  19. 26VF may be unable to protect its trademarks and other intellectual property rights82% rewritten
  20. 27VF Corporation Fiscal 2026 Form 10-K 1577% rewritten
  21. 28VF relies on owned or leased VF-operated and third party-operated distribution facilities to warehouse and ship product toNew
  22. 29VF’s business and operations could be materially and adversely affected if it fails to create systems of monitoring, prevention, response, crisis management, continuity and recovery to mitigate natural or man-made economic, public health, political or environmental disruptions

LEGAL, REGULATORY AND COMPLIANCE RISKS

  1. 30VF’s operations and earnings may be affected by legal, regulatory, political and economic uncertainty and risks93% rewritten
  2. 31with U.S. and international laws and regulations, and changes in regulatory requirementsNew
  3. 32and mitigate the impact of such changes, our costs could increase, which would reduce our earnings. Any such change could adversely affect worldwide economic and market conditions and could contribute to instability in global financial and foreign exchange marketsNew
  4. 33Changes to U.S. or international trade policy, tariff and import/export regulations or our failure to comply with such regulations may have a material adverse effect on our reputation, business, financial condition and results of operations49% rewritten
  5. 34Changes in tax laws could increase our worldwide tax rate and tax liabilities and materially affect our financial position and results of operations30% rewritten
  6. 35We may have additional tax liabilities from new or evolving government or judicial interpretation of existing tax laws60% rewritten
  7. 36VF Corporation Fiscal 2026 Form 10-K 1799% rewritten
  8. 37We are subject to periodic litigation and regulatory proceedings, which could have an adverse effect on our business, financial condition and results of operationsNew
  9. 38Climate risks and increased focus by governmental and non-governmental organizations, customers, consumers and investors on sustainability issues, including those related to climate risks and socially responsible activities, may adversely affect our business and financial results and damage our reputation48% rewritten
  10. 3918 VF Corporation Fiscal 2026 Form 10-KNew

FINANCIAL RISKS

  1. 40VF’s balance sheet includes a significant amount of intangible assets and goodwill. A decline in the fair value of an intangible asset or of a business unit could result in an asset impairment charge, such as the recent impairment charges related to the Napapijri reporting unit goodwillNew
  2. 41Fluctuations in wage rates and the price, availability and quality of raw materials and finished goods could increase costs20% rewritten
  3. 42VF Corporation Fiscal 2026 Form 10-K 19New
  4. 43Our ability to obtain financing on favorable terms, if needed, could be adversely affected by geopolitical risk and volatility in the capital markets, including interest rate risks73% rewritten
  5. 44VF is subject to the risk that its licensees may not generate expected sales or maintain the value of VF’s brands
  6. 45Volatility in securities markets, interest rates and other economic factors could substantially increase VF’s defined benefit pension costs55% rewritten
  7. 46and demographic conditions. Differences between estimated and actual results give rise to gains and losses that are deferred and amortized as part of future pension expense, which can create volatility that adversely impacts VF’s future operating resultsNew
  8. 47The spin-off of Kontoor Brands, Inc. could result in substantial tax liability to us and our shareholders50% rewritten

GENERAL RISKS

  1. 48Regional epidemics or global pandemics may materially and adversely affect our business, financial condition and results of operations61% rewritten
  2. 49VF Corporation Fiscal 2026 Form 10-K 21New
  3. 50These impacts have placed, and could continue to place, limitations on our ability to execute our business plan andNew

Other V F 10-Ks

  • FY2025 10-K risk factors
    46 risks

    VF Corp relies heavily on consumer spending, global sourcing primarily in Asia, and key retail customers for its apparel and footwear. The company faces ongoing operational risks from turnaround execution, digital and cybersecurity threats, and foreign currency volatility.

    Filed May 22, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.