VF Corporation (VFC)

Pretax margin

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	129,704	-279,935	-542,145	-468,927	-233,685	-40,045	481,398	43,623	43,287	430,407	615,819	1,281,486	1,523,250	1,441,178	1,186,571	948,567	456,472	-22,268	130,861	398,625
Revenue (ttm)	US$ in thousands	7,499,160	9,877,750	10,004,120	10,280,410	10,459,450	10,820,470	11,390,860	11,437,220	11,612,480	11,697,530	11,791,240	11,908,880	11,841,840	11,599,850	10,947,010	10,357,090	9,238,820	8,758,570	9,171,780	9,956,730
Pretax margin		1.73%	-2.83%	-5.42%	-4.56%	-2.23%	-0.37%	4.23%	0.38%	0.37%	3.68%	5.22%	10.76%	12.86%	12.42%	10.84%	9.16%	4.94%	-0.25%	1.43%	4.00%

March 31, 2025 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $129,704K ÷ $7,499,160K
= 1.73%

VF Corporation's pretax margin has displayed fluctuations over the periods provided. The trend shows a decline from a positive 4.00% in June 2020 to negative levels, reaching a low of -5.42% in September 2024. However, there was a notable recovery in the following periods, with the pretax margin improving to positive territory, ending at a healthy 1.73% in March 2025.

The pretax margin is an important measure of operational efficiency and profitability as it indicates the percentage of revenue that translates into pre-tax income. The fluctuations observed in VF Corporation's pretax margin suggest varying levels of cost management, pricing strategies, and overall business performance during the period under review. It is essential for the company to closely monitor and manage its cost structures, revenue streams, and operational efficiencies to maintain or improve its pretax margin in the future.