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V F cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$191M in Q2 FY27 · $691M over twelve months

Operating cash flow−$152M
Capital spending−$39.1M
Free cash flow−$191M
Cash / net income-0.5×
Cash conversion cycle102 days

Analysis

In Q2 FY27, V F generated −$152M of operating cash flow and spent $39.1M on capital projects, leaving free cash flow of −$191M.

Over the twelve months to Sep 26, 2026, operating cash flow was $830M; the largest uses were net borrowing (+) / repaid (−) ($1.1B), dividends ($141M), capital spending ($139M); besides operations, cash came from other investing ($509M), asset & business sales ($22.6M); the cash balance rose by $17.0M.

Operating cash flow was −$152M against net income of $285M — -0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$681M, accrued liabilities +$165M, inventory −$80.1M.

Its cash conversion cycle was 102 days (receivables 52 + inventory 147 − payables 97).

Free cash flow

V F: free cash flow by quarterV F: free cash flow by quarter$900MQ3 FY25−$193MQ4 FY25−$174MQ1 FY26−$254MQ2 FY26$978MQ3 FY26$5.9MQ4 FY26−$102MQ1 FY27−$191MQ2 FY27
Operating cash flow less capital spending.
V F: operating cash flow against capital spendingV F: operating cash flow against capital spendingOperating cash flowCapital spending$918M$18.3MQ3 FY25−$171M$22.0MQ4 FY25−$145M$28.2MQ1 FY26−$227M$26.5MQ2 FY26$1.0B$32.6MQ3 FY26$33.3M$27.4MQ4 FY26−$62.5M$39.6MQ1 FY27−$152M$39.1MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$152M, Capital spending $39.1M.

Capital allocation, year by year

V F: where the cash came from (up) and went (down), by fiscal yearV F: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $864MFY22: Net borrowing −$181MFY22: Asset sales $649MFY22: Capital spending −$245MFY22: Acquisitions $3.8MFY22: Buybacks −$350MFY22: Dividends −$773M$1.5BFY22FY23: Operating cash flow −$656MFY23: Net borrowing $1.2BFY23: Asset sales $99.5MFY23: Capital spending −$152MFY23: Dividends −$703M$1.3BFY23FY24: Operating cash flow $1.0BFY24: Net borrowing −$654MFY24: Asset sales $26.5MFY24: Capital spending −$136MFY24: Dividends −$303M$1.0BFY24FY25: Operating cash flow $465MFY25: Net borrowing −$2.0BFY25: Asset sales $1.6BFY25: Capital spending −$86.3MFY25: Dividends −$140M$2.1BFY25FY26: Operating cash flow $671MFY26: Net borrowing −$586MFY26: Asset sales $601MFY26: Capital spending −$115MFY26: Dividends −$141M$1.3BFY26
Over these 5 years operating cash flow totalled $2.4B; the largest uses were net borrowing ($3.4B) and dividends ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$443M
Debt$3.5B
Net debt$3.1B
Due within a year$534M
Cash runway7 months

V F is burning cash: its operations consume cash, a free cash flow of −$763M a year at the current rate against $443M of cash and investments: a runway of about 7 months; $534M of debt also comes due within a year, which would need refinancing or new money before any new financing.

V F: debt maturities by year (FY26)V F: debt maturities by year (FY26)$1.1BYear 2$576MYear 3$750MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $443M of cash and investments now.

Where the cash came from and went

V F: sources (+) and uses (−) of cash, Q2 FY27V F: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$228MOperating cash flow−$152MCapital spending−$39.1MDividends−$35.4MNet borrowing (+) / repaid (−)$24.5MOther investing−$20.6MOther financing−$4.3MExchange rates−$1.7MAsset & business sales$114K
V F: sources (+) and uses (−) of cash, TTM to Q2 FY27V F: sources (+) and uses (−) of cash, TTM to Q2 FY27Net borrowing (+) / repaid (−)−$1.1BOperating cash flow$830MOther investing$509MDividends−$141MCapital spending−$139MAsset & business sales$22.6MCash drawn (+) / kept (−)−$17.0MExchange rates−$10.2MOther financing−$4.2M

From profit to cash

V F: net income to operating cash flow, Q2 FY27V F: net income to operating cash flow, Q2 FY27Net income$285MDepreciation & amortization$58.4MStock-based pay$17.4MOther non-cash−$3.7MReceivables−$681MInventory−$80.1MPayables$6.5MAccrued liabilities$165MIncome taxes payable$61.0MOther operating capital$23.3MOperating cash flow−$152M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY275214797102
Q1 FY2772198127143
Q4 FY266014689117
Q3 FY265212876105
Q2 FY265013676109
Q1 FY2664211110166
Q4 FY255715582130
Q3 FY255114279115

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$152M−$39.1M−$35.4M$24.5M$228M−$191M
Q1 FY27−$62.5M−$39.6M−$35.4M−$451K$152M−$102M
Q4 FY26$33.3M−$27.4M−$35.2M−$583M$647M$5.9M
Q3 FY26$1.0B−$32.6M−$35.2M−$492M−$1.0B$978M
Q2 FY26−$227M−$26.5M−$35.2M$109M$213M−$254M
Q1 FY26−$145M−$28.2M−$35.1M$380M−$217M−$174M
Q4 FY25−$171M−$22.0M−$35.1M−$751M$940M−$193M
Q3 FY25$918M−$18.3M−$35.0M−$1.5B−$857M$900M

V F: income statement and cash flow

V F, Q2 FY27: revenue $2.7B (-4% year over year), operating margin 13.7%. The chart follows the revenue to costs, profit and cash.

V F: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.