VF Corporation (VFC)

Pretax margin

		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	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-431,595	-692,476	-468,927	-233,685	-40,045	481,398	43,623	43,287	430,806	616,218	1,281,885	1,693,922	1,639,228	1,404,202	1,179,674	509,435	2,228	139,919	386,811	777,511
Revenue (ttm)	US$ in thousands	9,794,050	9,852,870	10,068,710	10,184,130	10,558,980	11,142,770	11,214,850	11,421,180	11,537,730	11,647,950	11,764,430	11,695,020	11,354,050	10,739,450	10,184,120	9,100,770	8,757,870	8,941,450	9,514,190	10,488,550
Pretax margin		-4.41%	-7.03%	-4.66%	-2.29%	-0.38%	4.32%	0.39%	0.38%	3.73%	5.29%	10.90%	14.48%	14.44%	13.08%	11.58%	5.60%	0.03%	1.56%	4.07%	7.41%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-431,595K ÷ $9,794,050K
= -4.41%

The pretax margin of VF Corporation has exhibited fluctuations over the reported periods. It started at a relatively strong level in March 2020 at 7.41% before declining to 0.03% by December 2020. However, the pretax margin showed signs of recovery in the subsequent quarters, reaching a peak of 14.48% in March 2022. Following this peak, the pretax margin experienced a downward trend, dropping to negative figures by the end of December 2024.

The trend of the pretax margin indicates periods of profitability followed by challenges in maintaining consistent earnings levels. This pattern suggests potential shifts in the company's operational efficiency and cost management strategies that may have impacted its overall profitability. Further examination of the underlying factors driving these fluctuations in the pretax margin would provide more insights into VF Corporation's financial performance.