VF Expands Margins as Brand and Cash-Flow Recovery Remain Uneven

VF’s Q2 FY2027 results showed margin expansion despite lower reported revenue, with growth at The North Face and Timberland but continuing weakness at Vans overall and pressure in APAC. Lower costs supported margins, while first-half free cash flow leaves a demanding second-half hurdle; inventory conversion and Vans wholesale recovery are key tests.