Cash Flow Statement

Operating Cash Flow

-60%

10Y

-61%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Jan-2003	Apr-2003	Jul-2003	Oct-2003	Jan-2004	Apr-2004	Jul-2004	Oct-2004	Jan-2005	Apr-2005	Jul-2005	Oct-2005	Dec-2005	Apr-2006	Jul-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Jan-2009	Apr-2009	Jul-2009	Oct-2009	Jan-2010	Apr-2010	Jul-2010	Oct-2010	Jan-2011	Apr-2011	Jul-2011	Oct-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Jan-2015	Apr-2015	Jul-2015	Oct-2015	Jan-2016	Apr-2016	Jul-2016	Oct-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Apr-2021	Jul-2021	Oct-2021	Jan-2022	Apr-2022	Jul-2022	Oct-2022	Dec-2022	Apr-2023	Jul-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(388)	(369)	(344)	(155)	386	372	369	398	410	425	455	475	474	480	505	507	532	534	552	534	544	526	536	592	603	625	652	603	554	525	509	459	522	558	583	574	611	630	688	890	904	930	1 010	1 086	1 141	1 124	1 177	1 210	1 237	1 256	1 293	1 048	1 039	1 052	1 042	1 232	1 203	1 083	1 122	1 074	1 023	1 082	970	615	253	709	830	1 384	1 260	1 149	1 291	1 292	679	345	(48)	(166)	408	1 018	1 225	1 396	1 387	1 007	424	414	119	117	(215)	(765)	(969)	(1 170)	(667)	(457)	(190)	(47)	90	223
Depreciation & Amortization	114	122	118	124	109	127	122	118	119	121	145	130	131	135	122	121	121	121	120	129	137	136	139	141	142	149	154	166	163	167	170	170	177	171	173	173	177	181	182	199	207	222	234	238	243	244	252	253	259	268	273	275	197	218	244	272	274	280	279	282	280	276	284	291	72	283	284	264	301	407	493	313	268	171	85	268	269	274	265	264	267	266	263	259	262	263	274	302	319	320	303	274	260	256	267	286
Change in Deffered Taxes	0	0	0	71	0	0	0	31	0	0	0	15	0	0	0	(12)	0	0	0	(25)	0	0	0	(4)	0	0	0	24	0	0	0	55	0	0	0	(92)	0	0	0	(11)	0	0	0	(21)	0	0	0	(12)	0	0	0	(78)	0	0	0	7	0	0	0	(72)	0	0	0	(80)	0	0	0	0	(63)	0	0	0	(75)	0	0	0	(40)	0	0	0	(157)	0	0	0	(54)	0	(310)	(312)	(395)	0	(146)	(152)	(89)	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46	21	34	48	62	57	54	49	32	27	25	25	36	39	48	57	64	62	65	70	77	86	90	96	93	93	94	90	87	91	93	94	104	103	101	100	73	69	65	55	68	62	61	71	64	25	82	87	106	84	91	99	97	68	45	24	21	71	83	89	91	91	92	85	73	60	54	53	56	67	66	68	76	73	79	81	78
Other Non-Cash Items	817	833	848	625	50	2	98	4	(29)	19	(68)	48	64	60	67	40	(9)	19	31	54	107	117	125	78	133	101	66	36	47	59	66	62	81	78	132	256	231	243	117	168	203	159	270	7	(61)	2	7	89	157	121	183	493	212	216	155	(15)	217	336	356	343	376	279	323	260	41	326	205	200	123	114	41	290	987	1 045	1 248	1 059	555	173	151	56	287	718	1 123	1 233	1 250	1 153	1 672	1 903	1 891	2 014	1 223	1 051	805	678	550	417
Cash Taxes Paid	0	0	0	133	0	0	0	129	0	0	0	186	0	0	0	214	0	0	0	305	0	0	0	296	0	0	0	275	0	0	0	192	0	0	0	263	0	0	0	205	0	0	0	282	0	0	0	291	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	360	0	0	0	287	0	0	0	188	0	0	0	264	0	0	0	1 114	0	0	0	350	0	0	0	163	0	0	0
Cash Interest Paid	0	0	0	72	0	0	0	56	0	0	0	73	0	0	0	73	0	0	0	60	0	0	0	67	0	0	0	95	0	0	0	85	0	0	0	81	0	0	0	67	0	0	0	88	0	0	0	80	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	103	0	0	0	77	0	0	0	90	0	0	0	123	0	0	0	160	0	0	0	234	0	0	0	163	0	0	0
Change in Working Capital	246	302	193	50	(212)	(276)	(360)	(11)	188	218	234	56	(29)	(84)	(137)	(95)	(147)	(143)	(247)	(201)	(185)	(162)	(155)	13	(84)	(70)	(142)	(151)	(95)	(75)	114	228	359	335	216	90	(143)	(312)	(371)	(165)	(301)	(103)	(290)	(35)	96	144	175	(34)	(133)	(199)	(281)	25	(167)	(237)	(392)	(293)	(243)	(234)	(183)	(146)	(192)	(106)	(64)	389	(608)	275	89	(654)	44	(286)	(565)	(763)	(986)	(549)	112	88	121	(27)	(541)	(708)	(919)	(1 408)	(1 532)	(2 516)	(2 233)	(1 613)	(1 182)	156	168	103	40	(171)	(321)	(499)	(452)	(386)
Cash from Operating Activities	799 N/A	873 +9%	801 -8%	716 -11%	420 -41%	296 -30%	300 +1%	540 +80%	719 +33%	813 +13%	797 -2%	724 -9%	654 -10%	607 -7%	571 -6%	561 -2%	484 -14%	519 +7%	443 -15%	491 +11%	578 +18%	592 +2%	620 +5%	821 +32%	790 -4%	801 +2%	727 -9%	678 -7%	694 +2%	701 +1%	884 +26%	974 +10%	1 193 +23%	1 197 +0%	1 158 -3%	1 001 -14%	784 -22%	651 -17%	524 -19%	1 081 +106%	1 002 -7%	1 197 +19%	1 213 +1%	1 275 +5%	1 399 +10%	1 493 +7%	1 591 +7%	1 506 -5%	1 508 +0%	1 434 -5%	1 455 +1%	1 762 +21%	1 283 -27%	1 225 -4%	1 000 -18%	1 204 +20%	1 459 +21%	1 473 +1%	1 582 +7%	1 481 -6%	1 416 -4%	1 460 +3%	1 440 -1%	1 475 +2%	(243) N/A	1 513 N/A	1 328 -12%	1 194 -10%	1 664 +39%	1 321 -21%	1 196 -9%	1 069 -11%	875 -18%	938 +7%	1 323 +41%	1 175 -11%	1 313 +12%	1 397 +6%	1 059 -24%	968 -9%	864 -11%	425 -51%	121 -71%	(767) N/A	(656) +14%	(134) +80%	239 N/A	1 283 +437%	1 015 -21%	871 -14%	752 -14%	545 -28%	465 -15%	300 -36%	375 +25%	467 +25%
Investing Cash Flow
Capital Expenditures	(70)	(57)	(55)	(77)	(89)	(106)	(107)	(99)	(88)	(87)	(96)	(87)	(108)	(108)	(116)	(121)	(114)	(123)	(117)	(136)	(132)	(125)	(132)	(120)	(119)	(129)	(135)	(135)	(131)	(118)	(106)	(96)	(95)	(101)	(108)	(125)	(204)	(206)	(216)	(249)	(191)	(247)	(282)	(283)	(357)	(340)	(325)	(325)	(306)	(293)	(318)	(302)	(278)	(319)	(304)	(318)	(291)	(249)	(239)	(220)	(239)	(232)	(236)	(235)	(74)	(281)	(293)	(297)	(307)	(284)	(279)	(308)	(334)	(356)	(350)	(315)	(274)	(306)	(310)	(348)	(328)	(294)	(279)	(256)	(261)	(266)	(262)	(228)	(211)	(168)	(144)	(132)	(126)	(130)	(135)	(157)
Other Items	(5)	(24)	(35)	32	17	32	(547)	(558)	(548)	(1 159)	(589)	(642)	(662)	(228)	(214)	(194)	(172)	6	(35)	(31)	(189)	135	(697)	(686)	(528)	(934)	(79)	(81)	(290)	(210)	(198)	(221)	(46)	(61)	(64)	(55)	(24)	(14)	(2 220)	(2 211)	(2 205)	(2 138)	63	63	54	(14)	(11)	(25)	(28)	(33)	(32)	(27)	(11)	(5)	(7)	(5)	(16)	(17)	103	108	102	310	200	(542)	18	(770)	(783)	92	86	192	199	62	32	(731)	(832)	(630)	(2 621)	(1 296)	(576)	(778)	1 232	619	(1)	(0)	73	57	56	55	39	75	100	1 598	1 554	1 520	1 494	597
Cash from Investing Activities	(75) N/A	(81) -8%	(90) -11%	(45) +50%	(72) -62%	(75) -3%	(654) -778%	(657) 0%	(637) +3%	(1 247) -96%	(685) +45%	(729) -6%	(770) -6%	(336) +56%	(329) +2%	(315) +4%	(285) +9%	(116) +59%	(152) -30%	(167) -10%	(321) -93%	10 N/A	(828) N/A	(806) +3%	(647) +20%	(1 063) -64%	(214) +80%	(216) -1%	(421) -95%	(327) +22%	(304) +7%	(317) -4%	(141) +55%	(161) -14%	(172) -7%	(181) -5%	(227) -26%	(220) +3%	(2 436) -1 008%	(2 460) -1%	(2 396) +3%	(2 385) +0%	(219) +91%	(220) 0%	(303) -38%	(354) -17%	(336) +5%	(350) -4%	(334) +5%	(325) +3%	(350) -8%	(329) +6%	(289) +12%	(324) -12%	(312) +4%	(323) -4%	(307) +5%	(266) +13%	(136) +49%	(112) +18%	(137) -22%	78 N/A	(37) N/A	(776) -2 027%	(56) +93%	(1 051) -1 776%	(1 076) -2%	(205) +81%	(221) -8%	(92) +58%	(80) +13%	(246) -209%	(302) -23%	(1 087) -260%	(1 182) -9%	(945) +20%	(2 896) -207%	(1 602) +45%	(886) +45%	(1 125) -27%	904 N/A	325 -64%	(280) N/A	(257) +8%	(188) +27%	(209) -11%	(206) +1%	(173) +16%	(172) +1%	(93) +46%	(43) +53%	1 466 N/A	1 428 -3%	1 390 -3%	1 359 -2%	440 -68%
Financing Cash Flow
Net Issuance of Common Stock	(95)	(112)	(118)	(85)	(96)	(92)	(50)	(29)	41	90	102	107	60	(7)	(54)	(129)	(176)	(142)	(86)	1	(88)	(208)	(232)	(281)	(252)	(134)	(94)	(85)	21	38	(4)	(49)	(108)	(287)	(285)	(274)	(165)	47	70	127	(130)	(244)	(237)	(245)	(321)	(208)	(236)	(234)	(470)	(702)	(700)	(693)	(903)	(698)	(684)	(702)	(677)	(795)	(953)	(952)	(677)	(1 316)	(1 144)	(1 111)	(206)	(78)	(35)	(220)	49	2	(30)	(303)	(845)	(867)	(903)	(434)	54	91	88	(259)	(313)	(336)	(341)	(49)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(5)	(5)	(5)
Net Issuance of Debt	(397)	(411)	(363)	(318)	(112)	(109)	454	246	253	418	(147)	(23)	(31)	(80)	(46)	(188)	(110)	(213)	(100)	(94)	61	(171)	688	461	403	713	(166)	(71)	(7)	(35)	(156)	(14)	(247)	(317)	(409)	(213)	(212)	(204)	2 012	1 147	1 541	1 540	(421)	(272)	(500)	(637)	(673)	(396)	(323)	130	183	0	805	577	631	428	57	234	391	518	104	468	1 247	432	794	118	(693)	(63)	(870)	(1 242)	(1 079)	(614)	1 004	3 377	2 955	3 671	1 777	(13)	(4)	(698)	(180)	(185)	678	1 295	1 233	1 288	487	(297)	(653)	(700)	(565)	(1 441)	(2 003)	(1 622)	(1 712)	(754)
Cash Paid for Dividends	(107)	(108)	(108)	(109)	(110)	(110)	(110)	(111)	(112)	(114)	(116)	(118)	(120)	(121)	(122)	(124)	(126)	(156)	(187)	(217)	(246)	(245)	(245)	(247)	(249)	(251)	(254)	(255)	(257)	(259)	(261)	(262)	(263)	(263)	(262)	(264)	(267)	(270)	(275)	(286)	(297)	(307)	(317)	(333)	(350)	(366)	(383)	(402)	(421)	(438)	(456)	(479)	(500)	(523)	(546)	(565)	(585)	(603)	(620)	(636)	(653)	(664)	(677)	(685)	(181)	(710)	(727)	(747)	(767)	(788)	(777)	(764)	(749)	(733)	(749)	(751)	(757)	(762)	(768)	(771)	(773)	(775)	(777)	(780)	(703)	(625)	(548)	(385)	(303)	(222)	(140)	(140)	(140)	(140)	(140)	(141)
Other	4	4	(5)	(8)	(6)	(3)	(1)	(1)	(0)	(1)	(1)	(1)	9	11	16	17	9	14	13	24	28	31	27	16	19	10	22	22	11	10	4	6	10	11	5	8	15	20	21	(75)	(62)	(65)	(52)	47	49	60	49	48	56	49	54	0	0	24	66	(2)	0	(0)	(58)	(7)	0	(7)	0	0	0	0	0	(2)	(2)	904	904	906	899	(29)	(29)	(29)	(21)	(0)	0	(2)	(2)	(59)	(60)	(58)	(64)	(7)	(7)	(7)	(1)	(0)	0	0	0	(2)	(13)	(13)
Cash from Financing Activities	(595) N/A	(626) -5%	(594) +5%	(520) +12%	(324) +38%	(313) +3%	294 N/A	105 -64%	181 +72%	393 +117%	(162) N/A	(34) +79%	(81) -135%	(197) -143%	(206) -5%	(424) -105%	(402) +5%	(497) -23%	(359) +28%	(285) +21%	(245) +14%	(593) -142%	239 N/A	(51) N/A	(79) -56%	338 N/A	(493) N/A	(390) +21%	(231) +41%	(245) -6%	(416) -70%	(319) +23%	(608) -91%	(856) -41%	(952) -11%	(743) +22%	(628) +15%	(406) +35%	1 829 N/A	912 -50%	1 052 +15%	925 -12%	(1 026) N/A	(803) +22%	(1 121) -40%	(1 152) -3%	(1 243) -8%	(984) +21%	(1 158) -18%	(960) +17%	(919) +4%	(1 172) -28%	(566) +52%	(619) -9%	(533) +14%	(840) -58%	(1 206) -43%	(1 165) +3%	(1 240) -6%	(1 077) +13%	(1 233) -15%	(1 519) -23%	(574) +62%	(1 363) -137%	407 N/A	(670) N/A	(1 455) -117%	(1 031) +29%	(1 591) -54%	(1 123) +29%	(982) +13%	(775) +21%	310 N/A	1 749 +465%	1 275 -27%	2 457 +93%	1 053 -57%	(684) N/A	(684) 0%	(1 730) -153%	(1 269) +27%	(1 356) -7%	(500) +63%	408 N/A	464 +14%	653 +41%	(71) N/A	(691) -876%	(960) -39%	(925) +4%	(708) +24%	(1 584) -124%	(2 146) -36%	(1 770) +18%	(1 870) -6%	(912) +51%
Change in Cash
Effect of Foreign Exchange Rates	(1)	6	5	14	19	25	23	30	23	13	15	10	11	(2)	(2)	(12)	(8)	6	6	8	9	8	9	15	22	22	12	(13)	(25)	(19)	(11)	12	(1)	(25)	(11)	(17)	25	47	18	15	(5)	(18)	0	4	(0)	2	(1)	7	6	7	(5)	(66)	(94)	(98)	(86)	(67)	(16)	(21)	(31)	(7)	(23)	(23)	(22)	3	12	4	12	12	15	40	27	11	(28)	(29)	(30)	(10)	(31)	(25)	(33)	(52)	(73)	(142)	(148)	(146)	(81)	(31)	(16)	(3)	(22)	(21)	13	(45)	7	88	58	114
Net Change in Cash	127 N/A	172 +35%	122 -29%	164 +35%	44 -73%	(67) N/A	(38) +44%	18 N/A	286 +1 456%	(28) N/A	(36) -28%	(29) +17%	(186) -534%	72 N/A	34 -54%	(189) N/A	(212) -12%	(88) +59%	(61) +30%	47 N/A	20 -57%	16 -20%	40 +144%	(21) N/A	86 N/A	98 +15%	32 -67%	60 +86%	17 -72%	109 +558%	153 +40%	350 +128%	442 +26%	155 -65%	24 -85%	61 +156%	(46) N/A	71 N/A	(66) N/A	(451) -589%	(347) +23%	(281) +19%	(33) +88%	256 N/A	(25) N/A	(10) +59%	11 N/A	179 +1 526%	21 -88%	156 +635%	181 +16%	195 +8%	334 +71%	184 -45%	70 -62%	(26) N/A	(70) -167%	21 N/A	175 +730%	285 +63%	22 -92%	(5) N/A	808 N/A	(662) N/A	120 N/A	(204) N/A	(1 191) -484%	(30) +97%	(133) -336%	146 N/A	161 +10%	58 -64%	855 +1 369%	1 571 +84%	1 386 -12%	2 677 +93%	(560) N/A	(913) -63%	(544) +40%	(1 940) -256%	426 N/A	(748) N/A	(807) -8%	(762) +6%	(461) +40%	279 N/A	(54) N/A	416 N/A	(139) N/A	(168) -21%	14 N/A	382 +2 554%	(245) N/A	8 N/A	(79) N/A	108 N/A
Free Cash Flow
Free Cash Flow	729 N/A	816 +12%	746 -9%	639 -14%	331 -48%	190 -43%	193 +2%	440 +128%	631 +43%	726 +15%	701 -3%	637 -9%	547 -14%	499 -9%	455 -9%	441 -3%	370 -16%	396 +7%	326 -18%	355 +9%	446 +26%	467 +5%	488 +5%	700 +43%	671 -4%	672 +0%	592 -12%	544 -8%	564 +4%	583 +3%	777 +33%	878 +13%	1 098 +25%	1 097 0%	1 050 -4%	876 -17%	581 -34%	445 -23%	308 -31%	832 +170%	811 -3%	950 +17%	931 -2%	992 +7%	1 042 +5%	1 153 +11%	1 265 +10%	1 181 -7%	1 202 +2%	1 141 -5%	1 137 0%	1 460 +28%	1 005 -31%	906 -10%	696 -23%	886 +27%	1 168 +32%	1 224 +5%	1 343 +10%	1 261 -6%	1 177 -7%	1 228 +4%	1 204 -2%	1 240 +3%	(317) N/A	1 233 N/A	1 035 -16%	897 -13%	1 357 +51%	1 037 -24%	917 -12%	762 -17%	541 -29%	582 +8%	972 +67%	860 -12%	1 039 +21%	1 092 +5%	749 -31%	621 -17%	536 -14%	131 -76%	(158) N/A	(1 023) -547%	(917) +10%	(400) +56%	(23) +94%	1 055 N/A	804 -24%	703 -12%	608 -13%	413 -32%	339 -18%	170 -50%	240 +41%	310 +29%

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Cash Flow Statement

Cash Flow Statement
VF Corp

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