Shares for Timberland and Vans parent company VF Corporation sank 14 percent in pre-market trading on Wednesday morning following performance below expectations in the fourth quarter.

In Q4 of fiscal 2025, the Denver-based company reported net revenue of $2.14 billion, down 5 percent from $2.25 billion the same time last year. This was below analysts’ expectations, which were between $2.15 billion and $2.23 billion, according to Yahoo Finance.

The company also saw an operating loss of $73 million, or a loss of 39 cents per share, versus an operating loss of $373.4 million, or a loss of $1.06 per share. This slightly better than analysts’ expectations, which were calling for a net loss of 14 cents a share in Q4.

By brand, The North Face saw net revenue of $834.5 million, up 2 percent from $814.3 million in Q4 2024. At Vans, net revenue was $492.6 million, down 22 percent from $631.2 million the same time last year.

Timberland reported net revenue of $376.0 million, up 10 percent from $341.5 million, while Dickies saw net revenue of $139.3 million, down 14 percent from $162.4 million the prior year. VFC’s Other Brand’s division saw net revenue tick up 1 percent to $301.5 million from $297.9 million the same time last year.

By region, VFC saw declines in most areas of the world, with the Americas reporting net revenue in Q4 of $995.2 million, which is down 6 percent from $1.06 billion the same time last year. In the EMEA region, net revenue was $812.3 million, down 4 percent from $849.6 million in Q4 2024, while the APAC region’s net revenue was flat from last year at $336.2 million.

For the full fiscal year 2025, VFC reported net revenue of $9.50 billion, a 4 percent decline from $9.92 billion in fiscal 2024. The company also turned a profit for the year, with an operating profit of $303.77 million in 2025, or 18 cents per share, up from an operating loss of $143.93 million, or a loss of $2.62 per share, in 2024.

By brand, The North Face saw net revenue of $3.70 billion, up 1 percent from $6.67 billion in 2024. At Vans, net revenue was $2.35 billion, down 16 percent from $2.79 billion the same time last year.

Timberland reported net revenue in 2025 of $1.61 billion, up 3 percent from $1.56 billion, while Dickies saw net revenue of $542.1 million, down 12 percent from $618.4 million the prior year. VFC’s Other Brand’s division saw net revenue tick up 2 percent to $1.30 billion from $1.28 billion the same time last year.

By region, the Americas reported net revenue of $4.83 billion, down 7 percent from $5.17 billion in fiscal 2024. In the EMEA region, net revenue declined 3 percent to $3.25 billion, down from $3.34 billion, while the APAC region saw net revenue increase 1 percent to $1.42 billion, up from $1.40 billion in 2024.

Bracken Darrell, president and chief executive officer of VFC, said in a statement that revenue in Q4 was “in line” with the company’s guidance and excluding Vans, was up versus last year, led by growth in The North Face and Timberland.

“Adjusting for the revenue impact to Vans from deliberate strategic actions to establish a strong foundation for future growth and improved profitability, the decline in the brand’s Q4 2025 revenue was consistent with the Q3 2025 trend,” Darrell said. “The transformation of VF is well underway.”

Looking ahead, the company expects net revenue in the first quarter of fiscal 2026 to decline between 3 percent and 5 percent, with an operating loss between $110 million and $125 million.

“We are well-positioned to navigate increased volatility in the macro environment, and I am confident that the actions we are taking will enable our brands to return to growth and VF to deliver strong, sustainable value creation,” the CEO added.