US Market News
2月前
Crocs, Inc. Reports Better-Than-Expected First Quarter 2026 Results And Raises Full-Year OutlookApril 30, 2026 7:00 AM
PR Newswire (US)
First Quarter Outperformance Supported By Broad Consumer Relevance Across Both BrandsCrocs And HEYDUDE Brand Performance Led By Healthy Direct-To-Consumer Channel GrowthFull-Year Outlook Raised On Both The Top- And Bottom-LineBROOMFIELD, Colo., April 30, 2026 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its first quarter 2026 financial results."We are pleased to have started the year with better-than-expected results, fueled by broad consumer relevance for both of our brands and disciplined execution against our strategy. We delivered enterprise revenue of over $900 million including growth in our direct-to-consumer channels for both brands. We are encouraged by strong consumer response to product newness across categories, supported by our high pace of innovation and consistent brand storytelling," said Andrew Rees, Chief Executive Officer.Mr. Rees continued, "Based on our first quarter performance, we are raising our full-year outlook on both the top- and bottom-line. We are focused on executing against our initiatives to drive diversified growth across both brands, channels, and markets, and we remain confident in the long-term health of the business."Amounts referred to as "Adjusted" or "Non-GAAP" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.First Quarter 2026 Operating Results (Compared to the Same Period Last Year)Consolidated revenues were $921 million, a decrease of 1.7%, or 4.0% on a constant currency basis. Direct-to-consumer ("DTC") revenues grew 12.1%, or 10.2% on a constant currency basis. Wholesale revenues decreased 9.9%, or 12.5% on a constant currency basis.Gross margin was 56.8% compared to 57.8%. Adjusted gross margin decreased 90 basis points to 56.9% compared to 57.8%.Selling, general, and administrative expenses ("SG&A") of $322 million increased 1.1% from $319 million, and represented 35.0% of revenues compared to 34.0%. Adjusted SG&A remained approximately flat at $319 million, and represented 34.6% of revenues compared to 34.0%.Income from operations of $201 million decreased 9.9% from $223 million, resulting in operating margin of 21.8% compared to 23.8%. Adjusted income from operations of $206 million decreased 7.8% from $223 million, resulting in adjusted operating margin of 22.3% compared to 23.8%.Diluted earnings per share of $2.71 decreased 4.2% from diluted earnings per share of $2.83. Adjusted diluted earnings per share of $2.99 decreased 0.3% from $3.00.Balance Sheet and Cash Flow (March 31, 2026, as compared to March 31, 2025)Cash and cash equivalents were $131 million compared to $166 million.Inventories were $398 million compared to $391 million.Total borrowings were $1.34 billion compared to $1.48 billion.Capital expenditures were $18 million compared to $15 million.Share Repurchase ActivitySubsequent to March 31, 2026 and through April 23, 2026, we repurchased 0.8 million shares of our common stock for $73.6 million. Following these repurchases, $673.2 million of share repurchase authorization remained available for future repurchases.First Quarter 2026 Brand Summary (Compared to the Same Period Last Year)Crocs Brand: Revenues increased 0.8% to $767 million, or decreased 1.9% on a constant currency basis.ChannelDTC revenues increased 12.9% to $322 million, or 10.6% on a constant currency basis.Wholesale revenues decreased 6.5% to $446 million, or 9.4% on a constant currency basis.GeographyNorth America revenues decreased 6.1% to $346 million, or 6.4% on a constant currency basis.International revenues increased 7.2% to $421 million, or 2.3% on a constant currency basis.HEYDUDE Brand: Revenues decreased 12.3% to $154 million, or 13.2% on a constant currency basis.ChannelDTC revenues increased 8.6% to $71 million or 8.4% on a constant currency basis.Wholesale revenues decreased 24.7% to $83 million, or 26.0% on a constant currency basis.Financial OutlookSecond Quarter 2026 For the second quarter of 2026, we expect:Revenues to be down slightly compared to the second quarter of 2025, at currency rates as of April 27, 2026.Crocs Brand to be up approximately 1% to 3% compared to the second quarter of 2025.HEYDUDE Brand to be down approximately 14% to 12% compared to the second quarter of 2025.Adjusted operating margin to be approximately 24.7%.Adjusted diluted earnings per share to be in the range of $4.15 to $4.35. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.Full Year 2026For 2026, we expect:Revenues to be down approximately 1% to up 1% compared to full year 2025, up from our previous guidance of down 1% to up slightly, at currency rates as of April 27, 2026.Crocs Brand to be flat to up approximately 2% compared to full year 2025.HEYDUDE Brand to be down approximately 7% to 5% compared to full year 2025, up from our previous guidance of down 9% to 7%.Non-GAAP adjustments to be approximately $25 million primarily associated with our cost reduction initiatives.Adjusted operating margin to expand modestly from 22.3%.GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.Adjusted diluted earnings per share to be in the range of $13.20 to $13.75, up from our previous guidance range of $12.88 to $13.35. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.Capital expenditures of $70 million to $80 million.Conference Call InformationA conference call to discuss first quarter results is scheduled for today, Thursday, April 30, 2026, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through April 30, 2027, at this site.About Crocs, Inc.: Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.Forward Looking StatementsThis press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.All information in this document speaks only as of April 30, 2026. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.Category:Investors CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
Three Months Ended March 31,
2026
2025Revenues$ 921,457
$ 937,333Cost of sales398,512
395,784Gross profit522,945
541,549Selling, general and administrative expenses322,101
318,575Income from operations200,844
222,974Foreign currency gains (losses), net(1,625)
4,873Interest income335
333Interest expense(20,459)
(22,766)Other expense, net(251)
(475)Income before income taxes178,844
204,939Income tax expense 41,288
44,836Net income $ 137,556
$ 160,103Net income per common share:
Basic$ 2.74
$ 2.85Diluted$ 2.71
$ 2.83Weighted average common shares outstanding:
Basic50,282
56,110Diluted50,707
56,502 CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts)
March 31,
2026
December 31,
2025ASSETS
Current assets:
Cash and cash equivalents$ 130,881
$ 130,354Accounts receivable, net of allowances of $26,303 and $28,136, respectively442,320
278,191Inventories397,557
368,687Income taxes receivable2,443
32,782Other receivables25,315
22,082Prepaid expenses and other assets66,687
53,787Total current assets1,065,203
885,883Property and equipment, net of accumulated depreciation of $222,974 and $209,873,
respectively236,874
238,191Intangible assets, net of accumulated amortization of $190,442 and $184,490, respectively1,320,658
1,324,680Goodwill404,662
404,689Deferred tax assets, net920,050
935,054Restricted cash3,467
3,557Right-of-use assets345,137
338,669Other assets47,363
44,027Total assets$ 4,343,414
$ 4,174,750LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$ 242,474
$ 266,090 Accrued expenses and other liabilities259,430
300,959 Income taxes payable43,764
47,308 Current borrowings5,550
— Current operating lease liabilities88,298
85,772Total current liabilities639,516
700,129Deferred tax liabilities, net902
882Long-term income taxes payable640,521
649,057Long-term borrowings1,330,271
1,230,885Long-term operating lease liabilities301,325
297,192Other liabilities3,489
3,322Total liabilities2,916,024
2,881,467Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.001 per share, 250.0 million shares authorized, 110.9 million
and 110.7 million issued, 50.4 million and 50.2 million outstanding, respectively111
111Treasury stock, at cost, 60.5 million and 60.5 million shares, respectively(3,042,686)
(3,040,416)Additional paid-in capital907,212
896,605Retained earnings3,618,194
3,480,638Accumulated other comprehensive loss(55,441)
(43,655)Total stockholders' equity1,427,390
1,293,283Total liabilities and stockholders' equity$ 4,343,414
$ 4,174,750 CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Three Months Ended March 31,
2026
2025Cash flows from operating activities:
Net income$ 137,556
$ 160,103Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization20,240
18,537Operating lease cost28,053
24,186Share-based compensation10,607
8,777Asset impairments3,301
—Deferred taxes954
13,589Other non-cash items4,568
(355)Changes in operating assets and liabilities, net of acquired assets and assumed
liabilities:
Accounts receivable(165,459)
(183,607)Inventories(30,959)
(36,633)Prepaid expenses and other assets (20,246)
3,516Accounts payable, accrued expenses and other liabilities (64,574)
(71,094)Right-of-use assets and operating lease liabilities(27,786)
(23,901)Income taxes 22,811
19,647Cash used in operating activities(80,934)
(67,235)Cash flows from investing activities:
Purchases of property, equipment, and software(18,000)
(15,375)Cash used in investing activities(18,000)
(15,375)Cash flows from financing activities:
Proceeds from borrowings178,550
195,000Repayments of borrowings(76,000)
(65,000)Repurchases of common stock—
(60,866)Repurchases of common stock for tax withholding(2,455)
(3,310)Cash provided by financing activities100,095
65,824Effect of exchange rate changes on cash, cash equivalents, and restricted cash(724)
2,845Net change in cash, cash equivalents, and restricted cash437
(13,941)Cash, cash equivalents, and restricted cash—beginning of period133,911
183,678Cash, cash equivalents, and restricted cash—end of period$ 134,348
$ 169,737CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURESIn addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("GAAP"), we present "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP gross margin by brand," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP selling, general and administrative expenses as a percent of revenues," "Non-GAAP income from operations," "Non-GAAP operating margin," "Non-GAAP income before income taxes," "Non-GAAP income tax expense," "Non-GAAP effective tax rate," "Non-GAAP net income," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for "Non-GAAP operating margin," "Non-GAAP effective tax rate," "Non-GAAP diluted earnings per share," and "Free cash flow." We also present a long-term target for 'Net leverage.' Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.We also present certain information related to our current period results of operations through "constant currency," which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges.Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods.Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods.Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity.Free cash flow is calculated as 'Cash provided by operating activities' less 'Purchases of property, equipment, and software.' Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.For the three months ended March 31, 2026, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED
Non-GAAP gross profit and gross margin reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands)GAAP revenues$ 921,457
$ 937,333
GAAP gross profit$ 522,945
$ 541,549Distribution centers (1)1,377
—Other70
—Total adjustments1,447
—Non-GAAP gross profit$ 524,392
$ 541,549
GAAP gross margin56.8 %
57.8 %Non-GAAP gross margin56.9 %
57.8 %
(1)Relates to the transition away from a third-party logistics provider for the HEYDUDE Brand and software transition costs at our Crocs Brand
distribution center in Dayton, Ohio. Non-GAAP gross margin reconciliation by brand:
Crocs Brand:
Three Months Ended March 31,
2026
2025GAAP Crocs Brand gross margin59.5 %
60.7 %Non-GAAP adjustments:
Distribution centers (1)less than 0.1%
— %Otherless than 0.1%
— %Non-GAAP Crocs Brand gross margin59.5 %
60.7 %
(1)Represents software transition costs at our distribution center in Dayton, Ohio. HEYDUDE Brand:
Three Months Ended March 31,
2026
2025GAAP HEYDUDE Brand gross margin43.9 %
46.6 %Non-GAAP adjustments:
Distribution centers (1)0.6 %
— %Non-GAAP HEYDUDE Brand gross margin44.5 %
46.6 %
(1)Relates to the transition away from a third-party logistics provider. Non-GAAP selling, general and administrative reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands)GAAP revenues$ 921,457
$ 937,333
GAAP selling, general and administrative expenses$ 322,101
$ 318,575Impairment of leasehold improvement assets (1)(3,301)
—Charges incurred in connection with cost savings initiatives(1,659)
—Severance costs (2)1,570
—Total adjustments(3,390)
—Non-GAAP selling, general and administrative expenses (3)$ 318,711
$ 318,575
GAAP selling, general and administrative expenses as a percent of revenues35.0 %
34.0 %Non-GAAP selling, general and administrative expenses as a percent of
revenues34.6 %
34.0 %
(1)Represents impairment charges for certain HEYDUDE leasehold improvement assets.(2)Represents a change in estimate in the three months ended March 31, 2026, for severance costs recorded as of December 31, 2025.(3)Non-GAAP selling, general and administrative expenses are presented gross of tax. Non-GAAP income from operations and operating margin reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands)GAAP revenues$ 921,457
$ 937,333
GAAP income from operations$ 200,844
$ 222,974Non-GAAP gross profit adjustments (1)1,447
—Non-GAAP selling, general and administrative expenses adjustments (2)3,390
—Non-GAAP income from operations$ 205,681
$ 222,974
GAAP operating margin21.8 %
23.8 %Non-GAAP operating margin22.3 %
23.8 %
(1)See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.(2)See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues
reconciliation' above for more details. Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands)GAAP income from operations$ 200,844
$ 222,974GAAP income before income taxes178,844
204,939
Non-GAAP income from operations (1)$ 205,681
$ 222,974GAAP non-operating income (expenses):
Foreign currency gains (losses), net(1,625)
4,873Interest income335
333Interest expense(20,459)
(22,766)Other income (expense), net(251)
(475)Non-GAAP income before income taxes$ 183,681
$ 204,939
GAAP income tax expense$ 41,288
$ 44,836Tax effect of non-GAAP operating adjustments133
—Impact of intra-entity IP transactions (2)(9,179)
(9,572)Non-GAAP income tax expense$ 32,242
$ 35,264
GAAP effective income tax rate23.1 %
21.9 %Non-GAAP effective income tax rate17.6 %
17.2 %
(1)See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.(2)In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an
intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The
transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based
on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions. Non-GAAP net income per share reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands, except per share data)Numerator:
GAAP net income$ 137,556
$ 160,103Non-GAAP gross profit adjustments (1)1,447
—Non-GAAP selling, general and administrative expenses adjustments (2)3,390
—Tax effect of non-GAAP adjustments (3)9,046
9,572Non-GAAP net income$ 151,439
$ 169,675Denominator:
GAAP weighted average common shares outstanding - basic50,282
56,110Plus: GAAP dilutive effect of stock options and unvested restricted stock units425
392GAAP weighted average common shares outstanding - diluted50,707
56,502
GAAP net income per common share:
Basic$ 2.74
$ 2.85Diluted$ 2.71
$ 2.83
Non-GAAP net income per common share:
Basic$ 3.01
$ 3.02Diluted$ 2.99
$ 3.00
(1)See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.(2)See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues
reconciliation' above for more information.(3)See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information. Free cash flow reconciliation:
Three Months Ended March 31,
2026
2025
(in thousands)Cash used in operating activities$ (80,934)
$ (67,235)Purchases of property, equipment, and software(18,000)
(15,375)Free cash flow$ (98,934)
$ (82,610) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE
Full Year 2026:
Approximately:Non-GAAP operating margin reconciliation:
GAAP operating margin>21.7%Non-GAAP adjustments (1)0.6 %Non-GAAP operating margin>22.3%Non-GAAP effective tax rate reconciliation:
GAAP effective tax rate23 %Non-GAAP adjustments (2)(5) %Non-GAAP effective tax rate18 %Non-GAAP diluted earnings per share reconciliation:
GAAP diluted earnings per share$12.01 to $12.56Non-GAAP adjustments (1)(2)$1.19Non-GAAP diluted earnings per share$13.20 to $13.75
(1)During 2026, we expect to incur approximately $25 million of non-GAAP adjustments, primarily associated with our cost reduction
initiatives.(2)In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an
intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The
transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based
on the fair value of the transferred intellectual property rights. This adjustment represents the full year 2026 impact of these transactions.Non-GAAP Financial GuidanceOur forward-looking guidance for consolidated "adjusted operating margin" and "adjusted diluted earnings per share" represents non-GAAP financial measures that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.While we are able to estimate full year non-GAAP adjustments, we are unable to reconcile forward-looking adjusted measures to their nearest U.S. GAAP measure quarter-by-quarter because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the second quarter of 2026.CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY
(UNAUDITED)
Three Months Ended
March 31,
%
Change
Constant
Currency%
Change (1)
Favorable
(Unfavorable)
2026
2025
Q1 2026-2025
Q1 2026-2025
($ in thousands)Crocs Brand:
North America:
Wholesale$ 138,397
$ 170,682
(18.9) %
(19.2) %Direct-to-consumer207,529
197,835
4.9 %
4.6 %Total North America (2)345,926
368,517
(6.1) %
(6.4) %International:
Wholesale307,425
306,122
0.4 %
(3.9) %Direct-to-consumer114,065
86,969
31.2 %
24.3 %Total International421,490
393,091
7.2 %
2.3 %Total Crocs Brand$ 767,416
$ 761,608
0.8 %
(1.9) %
Crocs Brand:
Wholesale$ 445,822
$ 476,804
(6.5) %
(9.4) %Direct-to-consumer321,594
284,804
12.9 %
10.6 %Total Crocs Brand767,416
761,608
0.8 %
(1.9) %HEYDUDE Brand:
Wholesale83,402
110,693
(24.7) %
(26.0) %Direct-to-consumer70,639
65,032
8.6 %
8.4 %Total HEYDUDE Brand (3)154,041
175,725
(12.3) %
(13.2) %Total consolidated revenues$ 921,457
$ 937,333
(1.7) %
(4.0) %
(1)Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of
GAAP Measures to Non-GAAP Measures' above for more information.(2)North America includes the United States and Canada.(3)The vast majority of HEYDUDE Brand revenues are derived from North America. Investor Contact: Abigail Ritter, Crocs, Inc.
(302) 265-0922
aritter@crocs.com
PR Contact: Melissa Layton, Crocs, Inc.
(303) 848-7885
mlayton@crocs.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/crocs-inc-reports-better-than-expected-first-quarter-2026-results-and-raises-full-year-outlook-302758131.htmlSOURCE Crocs, Inc.
Original: Crocs, Inc. Reports Better-Than-Expected First Quarter 2026 Results And Raises Full-Year Outlook
US Market News
4月前
Crocs, Inc. Reports Fourth Quarter and Full-Year 2025 Results; Issues First Quarter and Full-Year 2026 OutlookFebruary 12, 2026 7:00 AM
PR Newswire (US)
Full-Year 2025 Results Outperform Expectations on Revenue and Earnings Per ShareStrong Cash Flow Enabled Repurchase of 6.5 Million Shares for $577 Million in 2025Expects to Deliver Earnings Per Share Growth in Full-Year 2026BROOMFIELD, Colo., Feb. 12, 2026 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its fourth quarter and full-year 2025 financial results."We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded $4 billion, led by low-double digit international growth for the Crocs Brand. At the same time, we accelerated our strategic actions to strengthen the long-term health of both the Crocs and HEYDUDE brands. Our powerful value creation model drove operating cash flow of approximately $700 million which enabled us to return shareholder value as we repurchased approximately 10% of our shares outstanding, and paid down $128 million of debt," said Andrew Rees, Chief Executive Officer.Mr. Rees continued, "We enter 2026 with greater confidence around our growth engines which are diversified across channels, geographies, brands, and product categories. We have identified and actioned $100 million of cost savings in 2026 aimed at driving greater efficiency while providing the flexibility to continue to invest behind our brands and deepen our connection with consumers."Amounts referred to as "Adjusted" or "Non-GAAP" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.Fourth Quarter 2025 Operating Results (Compared to the Same Period Last Year)Consolidated revenues were $958 million, a decrease of 3.2%, or 4.2% on a constant currency basis. Direct-to-consumer ("DTC") revenues grew 4.7%, or 3.6% on a constant currency basis. Wholesale revenues decreased 14.5%, or 15.5% on a constant currency basis.Gross margin was 54.7% compared to 57.9%. Adjusted gross margin decreased 320 basis points to 54.7% compared to 57.9%.Selling, general, and administrative expenses ("SG&A") of $377 million increased 1.1% from $373 million, and represented 39.4% of revenues compared to 37.7%. Adjusted SG&A of $363 million decreased 2.7% from $373 million, and represented 37.9% of revenues compared to 37.7%.Income from operations of $146 million decreased 26.8% from $200 million, resulting in operating margin of 15.3% compared to 20.2%. Adjusted income from operations of $161 million decreased 19.7% from $200 million, resulting in adjusted operating margin of 16.8% compared to 20.2%.Diluted earnings per share of $2.03 decreased 68.1% from diluted earnings per share of $6.36. Adjusted diluted earnings per share of $2.29 decreased 9.1% from $2.52.During the quarter, we repurchased approximately 2.2 million shares for $180 million at an average share price of $83.63. We repaid $90 million of debt.2025 Operating Results (Compared to Last Year)Consolidated revenues were $4,041 million, a decrease of 1.5%, or 1.7% on a constant currency basis. DTC revenues grew 3.3%, or 2.9% on a constant currency basis. Wholesale revenues decreased 6.2%, or 6.2% on a constant currency basis.Gross margin was 58.3% compared to 58.8%. Adjusted gross margin decreased 50 basis points to 58.3% compared to 58.8%.SG&A of $2,208 million increased 59.0% from $1,388 million, and represented 54.6% of revenues compared to 33.8%. The increase in SG&A is largely driven by non-cash impairment charges related to the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill of $430 million and $307 million, respectively, during the three months ended June 30, 2025. Adjusted SG&A of $1,456 million increased 6.8% from $1,363 million, and represented 36.0% of revenues compared to 33.2%.Income from operations of $150 million decreased 85.4% from $1,022 million, resulting in operating margin of 3.7% compared to 24.9%. The decline is driven by asset impairments, as described above. Adjusted income from operations of $901 million decreased 14.2% from $1,050 million, resulting in adjusted operating margin of 22.3% compared to 25.6%.Diluted loss per share of $1.50 decreased 109.4% from diluted earnings per share of $15.88. The loss per share is driven by asset impairments, as described above. Adjusted diluted earnings per share of $12.51 decreased 5.0% from $13.17, which excludes non-GAAP adjustments.During the year, we repaid $128 million of debt. We repurchased approximately 6.5 million shares for $577 million at an average share price of $88.68, and at year-end, $747 million of share repurchase authorization remained available for future repurchases.Fourth Quarter 2025 Brand Summary (Compared to the Same Period Last Year)Crocs Brand: Revenues increased 0.8% to $768 million, or decreased 0.4% on a constant currency basis.ChannelDTC revenues increased 6.1% to $475 million, or 4.8% on a constant currency basis.Wholesale revenues decreased 6.7% to $294 million, or 7.7% on a constant currency basis.GeographyNorth America revenues decreased 7.4% to $436 million.International revenues increased 14.1% to $332 million, or 11.0% on a constant currency basis.HEYDUDE Brand: Revenues decreased 16.9% to $189 million, or 17.5% on a constant currency basis.ChannelDTC revenues were flat at $133 million.Wholesale revenues decreased 40.5% to $56 million, or 41.7% on a constant currency basis.2025 Brand Summary (Compared to the Last Year)Crocs Brand: Revenues increased 1.5% to $3,326 million, or 1.3% on a constant currency basis. ChannelDTC revenues increased 3.4% to $1,726 million, or 2.9% on a constant currency basis.Wholesale revenues decreased 0.5% to $1,599 million, or 0.5% on a constant currency basis.GeographyNorth America revenues decreased 6.8% to $1,710 million, or 6.7% on a constant currency basis.International revenues increased 11.9% to $1,616 million, or 11.2% on a constant currency basis.HEYDUDE Brand: Revenues decreased 13.3% to $715 million, or 13.5% on a constant currency basis.ChannelDTC revenues increased 2.9% to $379 million, or 2.8% on a constant currency basis.Wholesale revenues decreased 26.3% to $336 million, or 26.5% on a constant currency basis.Balance Sheet and Cash Flow (December 31, 2025 as compared to December 31, 2024)Cash and cash equivalents were $130 million compared to $180 million.Inventories were $369 million compared to $356 million.Total borrowings were $1,231 million compared to $1,349 million.Capital expenditures were $51 million compared to $69 million.Financial OutlookFirst Quarter 2026 For the first quarter of 2026, we expect:Revenues to be down approximately 5.5% to 3.5% to the first quarter of 2025, at currency rates as of February 9, 2026.Crocs Brand to be down approximately low-single-digits to the first quarter of 2025.HEYDUDE Brand to be down approximately 18% to 15% to the first quarter of 2025.Adjusted operating margin to be approximately 21.5%.Adjusted diluted earnings per share to be in the range of $2.67 to $2.77.Full-Year 2026For 2026, we expect:Revenues to be down approximately 1% to up slightly compared to full-year 2025, at currency rates as of February 9, 2026.Crocs Brand to be approximately flat to up 2% compared to full-year 2025.HEYDUDE Brand to be down approximately 9% to 7% compared to full-year 2025.Non-GAAP adjustments to be approximately $25 million primarily associated with supply chain optimization and other cost savings efficiencies.Adjusted operating margin to expand modestly from 22.3%.GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.Adjusted diluted earnings per share to be in the range of $12.88 to $13.35. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.Capital expenditures of $70 million to $80 million.Conference Call InformationA conference call to discuss fourth quarter and full-year results is scheduled for today, Thursday, February 12, 2026, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through February 12, 2027, at this site.About Crocs, Inc.: Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.Forward Looking StatementsThis press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.All information in this document speaks only as of February 12, 2026. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.Category:InvestorsCROCS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024Revenues$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108Cost of sales433,978
416,847
1,683,592
1,691,850 Gross profit523,662
572,926
2,357,055
2,410,258Selling, general and administrative
expenses377,265
373,011
2,207,540
1,388,347 Income from operations146,397
199,915
149,515
1,021,911Foreign currency gains (losses), net1,579
(2,849)
9,843
(6,777)Interest income609
576
1,844
3,484Interest expense(21,287)
(23,337)
(88,287)
(109,264)Other income (expense), net(80)
929
63
1,231 Income before income taxes127,218
175,234
72,978
910,585Income tax expense (benefit)22,053
(193,675)
154,176
(39,486)Net income (loss)$ 105,165
$ 368,909
$ (81,198)
$ 950,071Net income (loss) per common
share:
Basic$ 2.05
$ 6.40
$ (1.50)
$ 16.00Diluted$ 2.03
$ 6.36
$ (1.50)
$ 15.88Weighted average common
shares outstanding:
Basic51,356
57,615
54,208
59,381Diluted51,736
58,027
54,208
59,832 CROCS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)(in thousands, except share and par value amounts)
December 31,
2025
December 31,
2024ASSETS
Current assets:
Cash and cash equivalents$ 130,354
$ 180,485Accounts receivable, net of allowances of $28,136 and $31,579, respectively278,191
257,657Inventories368,687
356,254Income taxes receivable32,782
4,046Other receivables22,082
22,204Prepaid expenses and other assets53,787
51,623Total current assets885,883
872,269Property and equipment, net238,191
244,335Intangible assets, net1,324,680
1,777,080Goodwill404,689
711,491Deferred tax assets, net935,054
872,350Restricted cash3,557
3,193Right-of-use assets338,669
307,228Other assets44,027
24,207Total assets$ 4,174,750
$ 4,812,153LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$ 266,090
$ 264,901Accrued expenses and other liabilities300,959
298,068Income taxes payable47,308
108,688Current operating lease liabilities85,772
68,551Total current liabilities700,129
740,208Deferred tax liabilities, net882
4,086Long-term income taxes payable649,057
595,434Long-term borrowings1,230,885
1,349,339Long-term operating lease liabilities297,192
283,406Other liabilities 3,322
3,948Total liabilities2,881,467
2,976,421Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.001 per share, 110.7 million and 110.4 million issued, 50.2
million and 56.5 million shares outstanding, respectively111
110Treasury stock, at cost, 60.5 million and 53.9 million shares, respectively(3,040,416)
(2,453,473)Additional paid-in capital896,605
859,904Retained earnings3,480,638
3,561,836Accumulated other comprehensive loss(43,655)
(132,645)Total stockholders' equity1,293,283
1,835,732Total liabilities and stockholders' equity$ 4,174,750
$ 4,812,153
CROCS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(in thousands)
Year Ended December 31,
2025
2024Cash flows from operating activities:
Net income (loss)$ (81,198)
$ 950,071Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation and amortization79,282
69,840Operating lease cost104,313
85,130Inventory donations871
812Provision for (recovery of) doubtful accounts, net(190)
1,352Share-based compensation36,701
33,053Asset impairments738,115
24,081Deferred taxes47,093
(254,454)Other non-cash items (1)5,931
14,171Changes in operating assets and liabilities:
Accounts receivable, net of allowances(6,169)
42,587Inventories(13,842)
22,055Prepaid expenses and other assets(22,317)
(13,892)Accounts payable709
3,951Accrued expenses and other liabilities524
9,971Right-of-use assets and operating lease liabilities(105,293)
(88,772)Income taxes(74,099)
92,530Cash provided by operating activities710,431
992,486Cash flows from investing activities:
Purchases of property, equipment, and software(51,231)
(69,347)Cash used in investing activities(51,231)
(69,347)Cash flows from financing activities:
Proceeds from bank borrowings819,000
102,156Repayments of bank borrowings(947,000)
(425,405)Repurchases of common stock, including excise taxes paid(582,320)
(552,451)Repurchases of common stock for tax withholding(4,245)
(8,239)Other (1)—
(2,109)Cash used in financing activities(714,565)
(886,048)Effect of exchange rate changes on cash, cash equivalents, and restricted cash5,598
(6,510)Net change in cash, cash equivalents, and restricted cash(49,767)
30,581Cash, cash equivalents, and restricted cash — beginning of year183,678
153,097Cash, cash equivalents, and restricted cash — end of year$ 133,911
$ 183,678
(1)Amounts for the twelve months ended December 31, 2024, have been reclassified to conform to current period presentation. CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURESIn addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America ("GAAP"), we present "Non-GAAP gross profit," "Non-GAAP gross margin," "Non-GAAP gross margin by brand," "Non-GAAP selling, general, and administrative expenses," "Non-GAAP selling, general and administrative expenses as a percent of revenues," "Non-GAAP income from operations," "Non-GAAP operating margin," "Non-GAAP income before income taxes," "Non-GAAP income tax expense," "Non-GAAP effective tax rate," "Non-GAAP net income," and "Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for "Non-GAAP operating margin," "Non-GAAP effective tax rate," "Non-GAAP diluted earnings per share," and "Free cash flow." We also present a long-term target for 'Net leverage.' Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.We also present certain information related to our current period results of operations through "constant currency," which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges.Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods.Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods.Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity.Free cash flow is calculated as 'Cash provided by operating activities' less 'Purchases of property, equipment, and software.' Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.For the three and twelve months ended December 31, 2025, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.CROCS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES(UNAUDITED)
Non-GAAP gross profit and gross margin reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)GAAP revenues$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP gross profit$ 523,662
$ 572,926
$ 2,357,055
$ 2,410,258Distribution centers (1)—
—
—
3,242Non-GAAP gross profit$ 523,662
$ 572,926
$ 2,357,055
$ 2,413,500
GAAP gross margin54.7 %
57.9 %
58.3 %
58.8 %Non-GAAP gross margin54.7 %
57.9 %
58.3 %
58.8 %
(1)During the twelve months ended December 31, 2024, adjustments primarily relate to costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada. Non-GAAP selling, general and administrative reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)GAAP revenues$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP selling, general and
administrative expenses$ 377,265
$ 373,011
$ 2,207,540
$ 1,388,347Impairment of indefinite-lived
trademark (1)—
—
(430,000)
—Impairment of goodwill (2)—
—
(307,000)
—Impairment related to information
technology systems (3)—
—
—
(18,172)Severance costs (4)(13,420)
(13,420)
Impairment related to distribution
centers (5)—
—
—
(6,933)Other(732)
—
(732)
—Total adjustments(14,152)
—
(751,152)
(25,105)Non-GAAP selling, general
and administrative expenses (6)$ 363,113
$ 373,011
$ 1,456,388
$ 1,363,242
GAAP selling, general and
administrative expenses as a
percent of revenues39.4 %
37.7 %
54.6 %
33.8 %Non-GAAP selling, general and
administrative expenses as a
percent of revenues37.9 %
37.7 %
36.0 %
33.2 %
(1) Represents an impairment of the HEYDUDE indefinite-lived trademark.(2) Represents an impairment of the HEYDUDE Brand reporting unit goodwill.(3) Represents an impairment of information technology systems related to the HEYDUDE integration.(4) Represents operational workforce reduction charges incurred in connection with cost savings initiatives.(5) Primarily represents an impairment of the right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada, associated with our move to our new distribution center and an impairment of the right-of-use asset for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.(6) Non-GAAP selling, general and administrative expenses are presented gross of tax. Non-GAAP income from operations and operating margin reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)GAAP revenues$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP income from operations$ 146,397
$ 199,915
$ 149,515
$ 1,021,911Non-GAAP gross profit adjustments (1)—
—
—
3,242Non-GAAP selling, general and
administrative expenses adjustments (2)14,152
—
751,152
25,105Non-GAAP income from operations$ 160,549
$ 199,915
$ 900,667
$ 1,050,258
GAAP operating margin15.3 %
20.2 %
3.7 %
24.9 %Non-GAAP operating margin16.8 %
20.2 %
22.3 %
25.6 %
(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details. Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)GAAP income from operations$ 146,397
$ 199,915
$ 149,515
$ 1,021,911GAAP income before income taxes127,218
175,234
72,978
910,585
Non-GAAP income from operations (1)$ 160,549
$ 199,915
$ 900,667
$ 1,050,258GAAP non-operating income (expenses):
Foreign currency gains (losses), net1,579
(2,849)
9,843
(6,777)Interest income609
576
1,844
3,484Interest expense(21,287)
(23,337)
(88,287)
(109,264)Other income (expense), net(80)
929
63
1,231Non-GAAP income before income
taxes$ 141,370
$ 175,234
$ 824,130
$ 938,932
GAAP income tax expense$ 22,053
$ (193,675)
$ 154,176
$ (39,486)Tax effect of non-GAAP operating
adjustments3,484
(211)
33,426
6,929Impact of intra-entity IP transactions (2)(2,452)
222,117
(46,352)
182,785Non-GAAP income tax expense$ 23,085
$ 28,231
$ 141,250
$ 150,228
GAAP effective income tax rate17.3 %
(110.5) %
211.3 %
(4.3) %Non-GAAP effective income tax rate16.3 %
16.1 %
17.1 %
16.0 %
(1)See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.(2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions. Non-GAAP net income per share reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands, except per share data)Numerator:
GAAP net income (loss)$ 105,165
$ 368,909
$ (81,198)
$ 950,071Non-GAAP gross profit
adjustments (1)—
—
—
3,242Non-GAAP selling, general and
administrative expenses
adjustments (2)14,152
—
751,152
25,105Non-GAAP other income
adjustment—
(842)
—
(842)Tax effect of non-GAAP
adjustments (3)(1,032)
(221,906)
12,926
(189,714)Non-GAAP net income$ 118,285
$ 146,161
$ 682,880
$ 787,862Denominator:
GAAP weighted average common
shares outstanding - basic51,356
57,615
54,208
59,381Plus: GAAP dilutive effect of stock
options and unvested restricted
stock units380
412
—
451GAAP weighted average common
shares outstanding - diluted51,736
58,027
54,208
59,832
GAAP weighted average common
shares outstanding - basic
54,208
Plus: dilutive effect of stock
options and unvested restricted
stock units
371
Non-GAAP weighted average
common shares outstanding -
diluted
54,579
GAAP net income (loss) per
common share:
Basic$ 2.05
$ 6.40
$ (1.50)
$ 16.00Diluted$ 2.03
$ 6.36
$ (1.50)
$ 15.88
Non-GAAP net income per common
share:
Basic$ 2.30
$ 2.54
$ 12.60
$ 13.27Diluted$ 2.29
$ 2.52
$ 12.51
$ 13.17
(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.(3) See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information. Free cash flow reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)Cash provided by operating activities$ 252,530
$ 321,937
$ 710,431
$ 992,486Purchases of property, equipment,
and software(6,111)
(18,490)
(51,231)
(69,347)Free cash flow$ 246,419
$ 303,447
$ 659,200
$ 923,139 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE
Full-Year 2026:
Approximately:Non-GAAP operating margin reconciliation:
GAAP operating margin>21.7%Non-GAAP adjustments (1)0.6 %Non-GAAP operating margin>22.3%Non-GAAP effective tax rate reconciliation:
GAAP effective tax rate23 %Non-GAAP adjustments (2)(5) %Non-GAAP effective tax rate18 %Non-GAAP diluted earnings per share reconciliation:
GAAP diluted earnings per share$11.71 to $12.18Non-GAAP adjustments (1)(2)$1.17Non-GAAP diluted earnings per share$12.88 to $13.35
(1) During 2026, we expect to incur approximately $25 million of non-GAAP adjustments, primarily associated with supply chain optimization and other cost savings efficiencies.(2)In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the full-year 2026 impact of these transactions.Non-GAAP Financial GuidanceOur forward-looking guidance for consolidated "adjusted operating margin" and "adjusted diluted earnings per share" represents non-GAAP financial measures that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.While we are able to estimate full-year non-GAAP adjustments, we are unable to reconcile forward-looking adjusted measures to their nearest U.S. GAAP measure quarter-by-quarter because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the first quarter of 2026 without unreasonable efforts. CROCS, INC. AND SUBSIDIARIESREVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY(UNAUDITED)
Three Months Ended
December 31,
Year Ended December
31,
% Change
Constant Currency% Change (1)
Favorable (Unfavorable)
2025
2024
2025
2024
Q4 2025-
2024
YTD 2025
-2024
Q4 2025-
2024
YTD
2025-2024
($ in thousands)Crocs Brand:
North America:
Wholesale$ 103,113
$ 128,084
$ 584,677
$ 644,511
(19.5) %
(9.3) %
(19.5) %
(9.1) %Direct-to-consumer333,169
342,893
1,124,958
1,188,911
(2.8) %
(5.4) %
(2.8) %
(5.3) %Total North America (2)436,282
470,977
1,709,635
1,833,422
(7.4) %
(6.8) %
(7.4) %
(6.7) %International:
Wholesale190,422
186,615
1,014,697
963,035
2.0 %
5.4 %
0.3 %
5.4 %Direct-to-consumer141,676
104,472
601,475
481,510
35.6 %
24.9 %
30.0 %
22.9 %Total International332,098
291,087
1,616,172
1,444,545
14.1 %
11.9 %
11.0 %
11.2 %Total Crocs Brand$ 768,380
$ 762,064
$ 3,325,807
$ 3,277,967
0.8 %
1.5 %
(0.4) %
1.3 %
Crocs Brand:
Wholesale$ 293,535
$ 314,699
$ 1,599,374
$ 1,607,546
(6.7) %
(0.5) %
(7.7) %
(0.5) %Direct-to-consumer474,845
447,365
1,726,433
1,670,421
6.1 %
3.4 %
4.8 %
2.9 %Total Crocs Brand768,380
762,064
3,325,807
3,277,967
0.8 %
1.5 %
(0.4) %
1.3 %HEYDUDE Brand:
Wholesale56,470
94,872
336,325
456,472
(40.5) %
(26.3) %
(41.7) %
(26.5) %Direct-to-consumer132,790
132,837
378,515
367,669
— %
2.9 %
(0.1) %
2.8 %Total HEYDUDE Brand (3)189,260
227,709
714,840
824,141
(16.9) %
(13.3) %
(17.5) %
(13.5) %Total consolidated revenues$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
(3.2) %
(1.5) %
(4.2) %
(1.7) %
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information.(2) North America includes the United States and Canada.(3) The vast majority of HEYDUDE Brand revenues are derived from North America. Investor Contact:Erinn Murphy, Crocs, Inc.
(303) 848-7005
emurphy@crocs.com
PR Contact:Melissa Layton, Crocs, Inc.
(303) 848-7885
mlayton@crocs.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/crocs-inc-reports-fourth-quarter-and-full-year-2025-results-issues-first-quarter-and-full-year-2026-outlook-302685680.htmlSOURCE Crocs, Inc.
Original: Crocs, Inc. Reports Fourth Quarter and Full-Year 2025 Results; Issues First Quarter and Full-Year 2026 Outlook
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