VF Corporation (VFC)

Pretax margin

		Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Earnings before tax but after interest (EBT)	US$ in thousands	145,161	-233,685	43,287	1,523,250	456,472
Revenue	US$ in thousands	9,504,690	10,454,700	11,612,500	11,841,800	9,238,830
Pretax margin		1.53%	-2.24%	0.37%	12.86%	4.94%

March 31, 2025 calculation

Pretax margin = EBT ÷ Revenue
= $145,161K ÷ $9,504,690K
= 1.53%

To analyze VF Corporation's pretax margin over the past five years, we observe significant fluctuations.

- In March 2021, the pretax margin stood at 4.94%, indicating that the company generated a profit before taxes equivalent to 4.94% of its total revenue.
- By March 2022, there was a notable improvement with a pretax margin of 12.86%, reflecting an enhanced profitability level.
- However, there was a substantial decline in the pretax margin in March 2023, dropping to 0.37%, suggesting a decrease in profitability compared to the previous year.
- The trend worsened in March 2024 as VF Corporation reported a negative pretax margin of -2.24%, indicating a loss before taxes.
- In March 2025, there was a slight recovery with a pretax margin of 1.53%, though still below the levels observed in 2022.

Overall, these fluctuations in VF Corporation's pretax margin signify varying levels of profitability and efficiency in managing operating costs and generating income over the past five years. Further analysis of the underlying factors driving these changes would be necessary to assess the company's financial performance accurately.