Financial Performance - VF's Q4'25 revenue was $2.1 billion, a decrease of 5% compared to last year (LY), or a 3% decrease in constant dollars (C$)[15] - The company reported an operating loss of $73 million, but an adjusted operating income of $22 million[15] - Adjusted gross margin was 53.4%, an increase of 560 basis points compared to LY[15] - Net debt decreased by $1.8 billion compared to LY, resulting in a leverage ratio of 4.1x, down one full turn[15] - FY'25 free cash flow was $313 million, with an additional $88 million from proceeds from non-core physical asset sales, totaling $401 million[15, 16] Brand Performance - The North Face® revenue increased by 2% (4% C$) compared to LY[19, 35] - Timberland® revenue increased by 10% (13% C$) compared to LY[19, 35] - Vans® revenue decreased by 22% (20% C$) compared to LY[19, 35] - Dickies® revenue decreased by 14% (13% C$) compared to LY[19, 35] Regional Performance - APAC region revenue increased by 0% (2% C$) compared to LY[15, 22] - Americas region revenue decreased by 6% (5% C$) compared to LY[15, 22] - EMEA region revenue decreased by 4% (2% C$) compared to LY[15, 22] Strategic Initiatives - The company achieved its initial target of $300 million in gross cost savings through the Reinvent transformation program[14, 18] - VF is on track towards its medium-term target of $500 to $600 million in net operating income expansion[14, 18]