Rocky Brands Inc (RCKY)

Rocky Brands Declares Quarterly Cash DividendMay 18, 2026 4:05 PM
Business Wire Rocky Brands, Inc. (NASDAQ: RCKY) today announced that its board of directors has declared a quarterly cash dividend of $0.17 per share of outstanding common stock, which will be paid on June 15, 2026, to all shareholders of record as of the close of business on June 1, 2026. The declaration and payment of future dividends and the establishment of future record dates and payment dates are subject to the quarterly determination of the board of directors. About Rocky Brands, Inc. Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. Safe Harbor Language This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2025 (filed March 11, 2026) and quarterly report on Form 10-Q for the period ended March 31, 2026 (filed May 5, 2026). One or more of these factors have affected historical results, and could in the future affect, the Company’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, no person should regard the inclusion of such information as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518040849/en/ Company Contact:
Thomas D. Robertson
Chief Operating Officer, Chief Financial Officer and Treasurer
(740) 753-1951 Investor Relations:
ICR, Inc.
Brendon Frey
(203) 682-8200 Original: Rocky Brands Declares Quarterly Cash Dividend

Rocky Brands, Inc. Announces First Quarter 2026 ResultsApril 28, 2026 4:05 PM
Business Wire
Net Sales Increased 9.1% to $124.4 Million

Retail Segment Sales Increased 16.5% to $42.7 Million


Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its first quarter ended March 31, 2026.


First Quarter 2026 Overview



Net sales increased 9.1% to $124.4 million versus the year-ago quarter



Gross margin decreased 470-basis points to 36.5% of net sales compared to 41.2% of net sales in the year-ago quarter



Income from operations decreased 58.2% to $3.6 million compared to $8.7 million in the year-ago quarter



Net income decreased 74.5% to $1.3 million, or $0.17 per diluted share, as compared to net income of $4.9 million, or $0.66 per diluted share, in the year-ago quarter



Adjusted net income decreased 67.1% to $1.8 million, or $0.24 per diluted share, as compared to $5.5 million, or $0.73 per diluted share, in the year-ago quarter



Inventories as of March 31, 2026 decreased 1.6% to $172.6 million compared to $175.5 million at March 31, 2025



Total debt as of March 31, 2026 decreased 5.0% to $122.2 million compared to $128.6 million at March 31, 2025



 "The momentum we experienced in our business last year carried over into 2026, driving net sales growth of approximately 9% for the second consecutive quarter," said Jason Brooks, Chairman, President and Chief Executive Officer. “Our first quarter top-line performance was driven by continued strength in XTRATUF and Muck across selling channels, combined with robust demand online for our entire brand portfolio. Profitability was in line with our expectations as we anticipated higher sourcing variances, mainly as a result of increased tariffs of approximately $7.1 million in the first quarter of 2026 compared to the year-ago-period. These tariffs were partially offset with strong full-price selling, channel mix, and our mitigation actions last year, namely raising prices and diversifying our sourcing, including leveraging our own manufacturing facilities. Moving forward, the impact from higher tariffs begins to lessen in the second quarter which, along with current top-line trends, provides a clear path back to gross margins in the low 40 percent range and improvement in profitability over the second half of the year."


First Quarter 2026 Review


First quarter net sales increased 9.1% to $124.4 million compared with $114.1 million in the first quarter of 2025. Wholesale segment net sales for the first quarter increased 4.8% to $78.4 million compared to $74.8 million in the first quarter of 2025. Retail segment net sales for the first quarter increased 16.5% to $42.7 million compared to $36.6 million in the first quarter of 2025. Contract Manufacturing segment net sales for the first quarter increased 25.0% to $3.3 million compared to $2.6 million in the first quarter of 2025.


Gross margin in the first quarter of 2026 was $45.4 million, or 36.5% of net sales, compared to $47.0 million, or 41.2% of net sales, for the same period last year. The decrease in gross margin as a percentage of net sales was attributable to an increase in sourcing variances, mainly tariff-related costs of approximately $7.1 million in the first quarter of 2026 compared to the year-ago quarter.


Operating expenses were $41.8 million, or 33.6% of net sales, for the first quarter of 2026 compared to $38.3 million, or 33.6% of net sales, for the same period a year ago. Excluding $0.7 million of acquisition-related amortization in the first quarter of 2026 and 2025, adjusted operating expenses were $41.1 million, or 33.0% of net sales, in the current year period and $37.6 million, or 33.0% of net sales, in the year-ago period.


Income from operations for the first quarter of 2026 was $3.6 million, or 2.9% of net sales, compared to $8.7 million, or 7.6% of net sales, for the same period a year ago. Adjusted income from operations for the first quarter of 2026 was $4.3 million, or 3.5% of net sales, compared to adjusted income from operations of $9.4 million, or 8.2% of net sales, a year ago, reflecting the impact of higher tariffs in the first quarter of 2026.


Interest expense for the first quarter of 2026 was $2.1 million compared with $2.4 million for the prior year period. The decrease in interest expense was driven by lower debt levels.


The Company reported first quarter of 2026 net income of $1.3 million, or $0.17 per diluted share, compared to $4.9 million, or $0.66 per diluted share, in the first quarter of 2025. Adjusted net income for the first quarter of 2026 was $1.8 million, or $0.24 per diluted share, compared to $5.5 million, or $0.73 per diluted share, in the year-ago period.


Balance Sheet Review


Cash and cash equivalents were $1.7 million as of March 31, 2026 compared to $2.9 million and $2.6 million as of December 31, 2025 and March 31, 2025, respectively.


As of March 31, 2026, total debt, net of unamortized debt issuance costs of $1.6 million, was $122.2 million, consisting of a $99.1 million senior term loan and $24.7 million of borrowings under the Company's senior secured asset-backed credit facility. As of March 31, 2026, total debt, net of unamortized debt issuance costs was down 5.0% from March 31, 2025, and was down 0.4% compared to December 31, 2025.


Inventories as of March 31, 2026, were $172.6 million, down 1.6% compared to $175.5 million on the same date a year ago and down 4.7% compared to $181.1 million as of December 31, 2025.


Conference Call Information


The Company's conference call to review first quarter 2026 results will be broadcast live over the internet today, Tuesday, April 28, 2026, at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.


About Rocky Brands, Inc.


Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.


Safe Harbor Language


This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding the Company's expectation that the impact from higher tariffs will begin to lessen in the second quarter (Paragraph 2), and the Company's belief that the impact of such tariffs, along with current top-line trends, will provide a clear path back to gross margins in the low 40 percent range and improvement in profitability over the second half of the year (Paragraph 2). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2025 (filed March 11, 2026). One or more of these factors have affected historical results and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.




Rocky Brands, Inc. and Subsidiaries




Condensed Consolidated Balance Sheets




(In thousands, except share amounts)




(Unaudited)











 






 






March 31,






 






 






December 31,






 






 






March 31,






 








 






 






2026






 






 






2025






 






 






2025






 








ASSETS:






 






 






 






 






 






 






 






 






 






 






 






 








CURRENT ASSETS:






 






 






 






 






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






1,667






 






 






$






2,902






 






 






$






2,557






 








Trade receivables – net






 






 






81,596






 






 






 






77,055






 






 






 






74,453






 








Other receivables






 






 






3,310






 






 






 






4,952






 






 






 






264






 








Inventories – net






 






 






172,638






 






 






 






181,134






 






 






 






175,508






 








Income tax receivable






 






 






1,158






 






 






 






1,050






 






 






 






-






 








Prepaid expenses






 






 






6,391






 






 






 






3,623






 






 






 






5,899






 








Total current assets






 






 






266,760






 






 






 






270,716






 






 






 






258,681






 








LEASED ASSETS






 






 






8,146






 






 






 






4,175






 






 






 






5,405






 








PROPERTY, PLANT & EQUIPMENT – net






 






 






50,234






 






 






 






49,929






 






 






 






49,585






 








GOODWILL






 






 






47,844






 






 






 






47,844






 






 






 






47,844






 








IDENTIFIED INTANGIBLES – net






 






 






102,336






 






 






 






103,033






 






 






 






105,126






 








OTHER ASSETS






 






 






1,872






 






 






 






1,791






 






 






 






1,582






 








TOTAL ASSETS






 






$






477,192






 






 






$






477,488






 






 






$






468,223






 








 






 






 






 






 






 






 






 






 






 






 






 






 








LIABILITIES AND SHAREHOLDERS' EQUITY:






 






 






 






 






 






 






 






 






 






 






 






 








CURRENT LIABILITIES:






 






 






 






 






 






 






 






 






 






 






 






 








Accounts payable






 






$






60,730






 






 






$






52,958






 






 






$






64,560






 








Current portion of long-term debt






 






 






8,361






 






 






 






8,361






 






 






 






8,361






 








Accrued expenses and other liabilities






 






 






22,836






 






 






 






34,813






 






 






 






25,164






 








Total current liabilities






 






 






91,927






 






 






 






96,132






 






 






 






98,085






 








LONG-TERM DEBT






 






 






113,791






 






 






 






114,281






 






 






 






120,255






 








LONG-TERM LEASES






 






 






5,722






 






 






 






1,727






 






 






 






2,857






 








DEFERRED INCOME TAXES






 






 






12,381






 






 






 






12,381






 






 






 






10,044






 








DEFERRED LIABILITIES






 






 






827






 






 






 






879






 






 






 






769






 








TOTAL LIABILITIES






 






 






224,648






 






 






 






225,400






 






 






 






232,010






 








SHAREHOLDERS' EQUITY:






 






 






 






 






 






 






 






 






 






 






 






 








Common stock, no par value;






 






 






-






 






 






 






-






 






 






 






-






 








25,000,000 shares authorized; issued and outstanding March 31, 2026 - 7,536,488; December 31, 2025 - 7,505,139; March 31, 2025 - 7,451,996






 






 






 






 






 






 






 






 






 






 






 






 








Additional paid-in-capital






 






 






76,456






 






 






 






76,090






 






 






 






74,070






 








Retained earnings






 






 






176,088






 






 






 






175,998






 






 






 






162,143






 








Total shareholders' equity






 






 






252,544






 






 






 






252,088






 






 






 






236,213






 








TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY






 






$






477,192






 






 






$






477,488






 






 






$






468,223






 







 




Rocky Brands, Inc. and Subsidiaries




Condensed Consolidated Statements of Operations




(In thousands, except share amounts)




(Unaudited)











 






 






Three Months Ended






 








 






 






March 31,






 








 






 






2026






 






 






2025






 








NET SALES






 






$






124,401






 






 






$






114,073






 








COST OF GOODS SOLD






 






 






78,967






 






 






 






67,065






 








GROSS MARGIN






 






 






45,434






 






 






 






47,008






 








 






 






 






 






 






 






 






 






 








OPERATING EXPENSES






 






 






41,799






 






 






 






38,302






 








 






 






 






 






 






 






 






 






 








INCOME FROM OPERATIONS






 






 






3,635






 






 






 






8,706






 








 






 






 






 






 






 






 






 






 








INTEREST EXPENSE AND OTHER – net






 






 






(2,034






)






 






 






(2,356






)








 






 






 






 






 






 






 






 






 








INCOME BEFORE INCOME TAX EXPENSE






 






 






1,601






 






 






 






6,350






 








 






 






 






 






 






 






 






 






 








INCOME TAX EXPENSE






 






 






342






 






 






 






1,409






 








 






 






 






 






 






 






 






 






 








NET INCOME






 






$






1,259






 






 






$






4,941






 








 






 






 






 






 






 






 






 






 








INCOME PER SHARE






 






 






 






 






 






 






 






 








Basic






 






$






0.17






 






 






$






0.66






 








Diluted






 






$






0.17






 






 






$






0.66






 








 






 






 






 






 






 






 






 






 








WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 








Basic






 






 






7,536






 






 






 






7,459






 








Diluted






 






 






7,616






 






 






 






7,493






 







 




Rocky Brands, Inc. and Subsidiaries




Reconciliation of GAAP Measures to Non-GAAP Measures




(In thousands, except share amounts)




(Unaudited)











 






Three Months Ended






 








 






March 31,






 








 






2026






 






2025






 








 






 






 






 






 






 






 








OPERATING EXPENSES






 






 






 






 






 






 








OPERATING EXPENSES, AS REPORTED






$






41,799






 






$






38,302






 








LESS: ACQUISITION-RELATED AMORTIZATION






 






(692






)






 






(692






)








ADJUSTED OPERATING EXPENSES






$






41,107






 






$






37,610






 








 






 






 






 






 






 






 








INCOME FROM OPERATIONS, AS REPORTED






$






3,635






 






$






8,706






 








 






 






 






 






 






 






 








ADJUSTED INCOME FROM OPERATIONS






 






4,327






 






 






9,398






 








 






 






 






 






 






 






 








NET INCOME






 






 






 






 






 






 








NET INCOME, AS REPORTED






$






1,259






 






$






4,941






 








TOTAL NON-GAAP ADJUSTMENTS






 






692






 






 






692






 








TAX IMPACT OF ADJUSTMENTS






 






(148






)






 






(154






)








ADJUSTED NET INCOME






$






1,803






 






$






5,479






 








 






 






 






 






 






 






 








NET INCOME PER SHARE, AS REPORTED






 






 






 






 






 






 








BASIC






$






0.17






 






$






0.66






 








DILUTED






$






0.17






 






$






0.66






 








 






 






 






 






 






 






 








ADJUSTED NET INCOME PER SHARE






 






 






 






 






 






 








BASIC






$






0.24






 






$






0.73






 








DILUTED






$






0.24






 






$






0.73






 








 






 






 






 






 






 






 








WEIGHTED AVERAGE SHARES OUTSTANDING






 






 






 






 






 






 








BASIC






 






7,536






 






 






7,459






 








DILUTED






 






7,616






 






 






7,493






 







Use of Non-GAAP Financial Measures


In addition to GAAP financial measures, we present the following non-GAAP financial measures: "non-GAAP adjusted operating expenses," "non-GAAP adjusted income from operations," "non-GAAP adjusted net income," and "non-GAAP adjusted net income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to management and investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.


Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.




 






Definition






Usefulness to management and investors








Acquisition-related amortization






Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as brands and customer relationships acquired in connection with the acquisition of the performance and lifestyle footwear business of Honeywell International Inc. Charges related to the amortization of these intangibles are recorded in operating expenses in our GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset and are generally recorded over multiple years.






We excluded amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the valuation of our acquisition. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate cost and expense trends.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428168765/en/
Company Contact:
Tom Robertson

Chief Operating Officer, Chief Financial Officer and Treasurer

(740) 753-9100
Investor Relations:
Brendon Frey

ICR, Inc.

(203) 682-8200


Original: Rocky Brands, Inc. Announces First Quarter 2026 Results

Rocky Brands, Inc. to Report First Quarter 2026 Results on April 28, 2026April 21, 2026 4:05 PM
Business Wire
Rocky Brands, Inc. (NASDAQ: RCKY) today announced that the company will release its financial results for the first quarter ended March 31, 2026, after the market close on Tuesday, April 28, 2026. Management will host a conference call that afternoon (April 28, 2026) at 4:30 p.m. ET to discuss the financial results.


Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investor Relations” link at least 15 minutes prior to the start of the call to register and download any necessary software.


A telephone replay of the call will be available until May 12, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13759916


About Rocky Brands, Inc.


Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421909523/en/
Company Contact:

Tom Robertson

Chief Operating Officer, Chief Financial Officer and Treasurer

(740) 753-1951
Investor Relations:

Brendon Frey

ICR, Inc.

(203) 682-8200


Original: Rocky Brands, Inc. to Report First Quarter 2026 Results on April 28, 2026

Guidefitter Deepens Strategic Partnership with Rocky Brands, Inc., Expands Platform to Include Muck and XTRATUFApril 2, 2026 8:05 AM
PR Newswire (US)

Expansion Builds on Longstanding Collaboration with Rocky Boots, Bringing Additional Rocky Brands Portfolio Leaders into Guidefitter's Professional NetworkBOZEMAN, Mont., April 2, 2026 /PRNewswire/ -- Guidefitter, a leading outdoor recreation technology platform connecting brands with verified outdoor professionals, today announced an expanded partnership with Rocky Brands, Inc. (NASDAQ: RCKY). Building on a successful relationship established with Rocky Boots in 2021, two additional brands from the Rocky portfolio - The Original Muck Boot Company and XTRATUF - have now joined the Guidefitter platform.







This expansion marks a significant milestone in the ongoing collaboration between Guidefitter and Rocky Brands, reflecting the strength of the partnership and the proven impact of Guidefitter's professional network in driving brand engagement and credibility within the outdoor industry."Following the success we've seen with Rocky on the platform, expanding our partnership to include Muck and XTRATUF was a natural evolution," said Jason Brooks, President/CEO at Rocky Brands. "Guidefitter provides direct access to a highly engaged community of professionals who rely on performance-driven gear every day. It's a powerful way for our brands to build authentic connections and reinforce trust with core users."Since joining Guidefitter in 2021, Rocky Boots has leveraged the platform to connect with a verified audience of guides, outfitters, and outdoor professionals. The addition of Muck and XTRATUF underscores Rocky Brands' confidence in the platform's ability to deliver meaningful results across its portfolio."Rocky Brands has been a valued partner since 2021, and what we've built together with the Rocky brand made this expansion inevitable," said Brian Worthington, VP of Brand Partnerships for Guidefitter. "Muck and XTRATUF are two of the most trusted names in outdoor footwear. Our Insiders - guides, outfitters, military, law enforcement - these are professionals who destroy boots for a living. They know what holds up and what doesn't, and their recommendations carry real weight with the consumers who follow their lead. Giving Muck and XTRATUF direct access to that audience is exactly what our platform is built to do."Through Guidefitter, The Original Muck Boot Company and XTRATUF will engage directly with a network of more than 194,000 verified outdoor professionals through pro programs, targeted storytelling, and product education. The platform currently supports more than 325 brand partners across hunting, fishing, shooting sports, and outdoor recreation. For more information, visit www.guidefitter.com.About Guidefitter
Guidefitter is an emerging leader in outdoor recreation technology, powering the industry's most comprehensive pro graph—a verified, data-rich network of licensed guides, outfitters, conservation advocates, educators, military service members, and first responders. Our platform converges community, commerce, and software to transform pro purchase programs into full-funnel marketing engines, driving authentic content, education, and commerce at scale.We are the indispensable network connecting brands, pros, enthusiasts, associations, and agencies in a single, high-trust network. More than 325 brands—including Swarovski Optik, Crispi Boots, Weatherby, Jetboil, and Garmin—use Guidefitter's platform.Guidefitter is headquartered in Bozeman, Montana. Learn more at www.guidefitter.com or follow @guidefitter on Instagram.About Rocky Brands, Inc.
Rocky Brands, Inc. (NASDAQ: RCKY) is a leading designer, manufacturer, and marketer of premium quality footwear and apparel marketed under a portfolio of well-recognized brand names including Rocky, Georgia Boot, Durango, Lehigh, The Original Muck Boot Company, XTRATUF, and Ranger. More information can be found at RockyBrands.com.Media Contacts:
Guidefitter: media@guidefitter.com
Rocky Brands: emily@hfscommunications.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/guidefitter-deepens-strategic-partnership-with-rocky-brands-inc-expands-platform-to-include-muck-and-xtratuf-302732289.htmlSOURCE Guidefitter

Original: Guidefitter Deepens Strategic Partnership with Rocky Brands, Inc., Expands Platform to Include Muck and XTRATUF

RCKY isn’t a flashy name but the fundamentals have been steady

Rocky Brands, Inc. Announces Fourth Quarter and Full Year 2025 ResultsFebruary 24, 2026 4:05 PM
Business Wire
Fourth Quarter Sales Increased 9.1% to $139.7 Million

Fourth Quarter Retail Segment Sales Increased 30.8% to $57.0 Million

Fourth Quarter Net Income Per Diluted Share Improved to $0.86 or $0.94 on an Adjusted Basis

Board of Directors Authorizes New Share Repurchase Program


Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and year ended December 31, 2025.


Fourth Quarter 2025 Overview



Net sales increased 9.1% to $139.7 million versus $128.1 million in the year-ago quarter



Gross margin of 41.3% of net sales compared to 41.5% of net sales in the year-ago quarter



Income from operations increased 12.8% to $9.6 million compared to $8.5 million in the year-ago quarter



Net income increased 35.7% to $6.5 million, or $0.86 per diluted share, compared to $4.8 million, or $0.64 per diluted share, in the year-ago quarter



Adjusted net income was $7.2 million, or $0.94 per diluted share, compared to $8.9 million, or $1.19 per diluted share in the year-ago quarter



Full Year 2025 Overview



Net sales increased 6.2% to $482.0 million versus $453.8 million in the prior year



Gross margin increased 150 basis points to 40.9% of net sales compared to 39.4% of net sales in the prior year



Income from operations increased 19.7% to $37.2 million compared to $31.1 million in the year-ago period



Net income was $22.3 million, or $2.96 per diluted share, compared to $11.4 million, or $1.52 in the year-ago period



Adjusted net income was $24.5 million, or $3.26 per diluted share, compared to $19.0 million, or $2.54 per diluted share, in the year-ago period



Total debt on December 31, 2025 was $122.6 million, down 4.7% compared to $128.7 million December 31, 2024



“We concluded 2025 with our highest quarterly net sales growth rate for the year in the fourth quarter, reflecting the momentum that has been building in our business,” said Jason Brooks, Chairman, President and Chief Executive Officer. “Our performance during the key holiday selling season was highlighted by strong demand in our direct-to-consumer channel led by XTRATUF, which delivered nearly triple digit sales growth online. These results contributed to a very good year for our Company, especially considering the industry headwinds caused by higher tariffs and deteriorating U.S. consumer sentiment. I am incredibly proud of how our organization responded to these challenges, especially the work leveraging our manufacturing facilities to diversify our sourcing, which helped offset a portion of the impact from higher tariffs and should provide margin tailwinds over the long term. At the same time, the strong response to our brands and merchandise offerings even as we selectively raised prices underscores the power of our brand portfolio and our success developing compelling, innovative footwear that resonates with consumers. We are encouraged by our recent performance and believe that the accomplishments from this past year have us well positioned to capitalize on the growth opportunities we believe exist in 2026 and beyond.”


Fourth Quarter Review


Fourth quarter net sales increased 9.1% to $139.7 million compared to $128.1 million in the fourth quarter of 2024. Wholesale segment sales for the fourth quarter decreased 2.1% to $79.6 million compared to $81.3 million for the same period in 2024. Retail segment sales for the fourth quarter increased 30.8% to $57.0 million compared to $43.6 million for the same period last year. Contract Manufacturing segment sales decreased 1.6% to $3.2 million in the fourth quarter of 2025.


Gross margin in the fourth quarter of 2025 was $57.7 million, or 41.3% of net sales, compared to $53.2 million, or 41.5% of net sales, for the same period last year. The 20-basis point decrease in gross margin was primarily attributable to a decrease in Wholesale gross margins due to higher tariffs, partially offset by an increase in Retail segment gross margins and a higher percentage of Retail net sales, which carry higher gross margins compared to our Wholesale and Contract manufacturing segment gross margins.


Operating expenses were $48.1 million, or 34.5% of net sales, for the fourth quarter of 2025 compared to $44.7 million, or 34.9% of net sales, for the same period a year ago. Excluding $0.7 million of acquisition related amortization in the fourth quarter of 2025, $4.0 million of expense related to trademark impairment, and $0.8 million of acquisition-related amortization costs in the fourth quarter of 2024, adjusted operating expenses were $47.4 million and $40.0 million for the fourth quarters of 2025 and 2024, respectively. As a percentage of net sales, adjusted operating expenses were 34.0% in the fourth quarter of 2025 compared with 31.2% in the year ago period. The increase in operating expenses was driven by higher logistics costs associated with the increase in Retail sales, as well as higher incentive compensation and other discretionary spending.


Income from operations for the fourth quarter of 2025 was $9.6 million, or 6.9% of net sales, compared to $8.5 million, or 6.6% of net sales for the same period a year ago. Adjusted income from operations for the fourth quarter of 2025 was $10.3 million, or 7.4% of net sales, compared to adjusted income from operations of $13.2 million, or 10.3% of net sales, for the same period a year ago.


Interest expense for the fourth quarter of 2024 was $2.5 million compared with $3.0 million a year ago. The decrease compared to the year-ago period was driven by lower interest rates as well as lower debt levels.


The Company reported fourth quarter 2025 net income of $6.5 million, or $0.86 per diluted share, compared to net income of $4.8 million, or $0.64 per diluted share, in the fourth quarter of 2024. Adjusted net income for the fourth quarter of 2025 was $7.2 million, or $0.94 per diluted share, compared to adjusted net income of $8.9 million, or $1.19 per diluted share, in the fourth quarter of 2024.


Full Year Review


Full year 2025 net sales increased 6.2% to $482.0 million compared with $453.8 million in 2024. Wholesale net sales increased 1.0% to $316.6 million for the year ending December 31, 2025 compared to $313.3 million for the year ago period. Retail segment sales for 2025 increased 20.5% to $152.9 million compared to $126.9 million for the same period last year. Contract Manufacturing segment sales decreased 7.7% to $12.5 million compared to $13.6 million in 2024.


Gross margin in 2025 was $197.3 million, or 40.9% of net sales, compared to $179.0 million, or 39.4% of net sales, for 2024. The 150-basis point improvement in gross margin was driven by a 170-basis point increase in Wholesale gross margin as well as a higher mix of Retail segment sales which carry higher gross margins than Wholesale and Contract Manufacturing segments, partially offset by higher tariffs and a decrease in Contract Manufacturing gross margin.


Operating expenses were $160.1 million, or 33.2% of net sales, for 2025 compared to $147.9 million, or 32.6% of net sales, for 2024. Excluding $2.8 million of acquisition-related amortization costs in 2025, adjusted operating expenses were $157.3 or 32.6% of net sales in 2025. Excluding $4.0 million of expense related to trademark impairment and $2.8 million of acquisition-related amortization costs in 2024, adjusted operating expenses were $141.2 million or 31.1% of net sales in 2024.


Income from operations for 2025 was $37.2 million, or 7.7% of net sales, compared to $31.1 million, or 6.8% of net sales, for 2024. Adjusted income from operations for 2025 was $40.0 million, or 8.3% of net sales, compared to adjusted income from operations of $37.8 million, or 8.3% of net sales, a year ago.


Interest expense for 2025 was $10.0 million, compared to interest expense of $17.0 million for 2024, inclusive of a $2.6 million one-time term loan extinguishment charge in 2024. Excluding the one-time term loan extinguishment charge, interest expense for 2024 was $14.4 million. The decrease in interest expense compared to the year-ago period was driven by lower interest rates as a result of the debt refinancing completed in April 2024 as well as lower debt levels.


The Company reported 2025 net income of $22.3 million, or $2.96 per diluted share, compared to net income of $11.4 million, or $1.52 per diluted share, in 2024. Adjusted net income for 2025 was $24.5 million, or $3.26 per diluted share, compared to adjusted net income of $19.0 million, or $2.54 per diluted share, in 2024.


Balance Sheet Review


Cash and cash equivalents were $3.0 million on December 31, 2025, compared to $3.7 million on the same date a year ago.


Total debt, net of unamortized debt issuance cost of $1.7 million, on December 31, 2025 was $122.6 million, consisting of $26.7 million term loan and $97.6 million of borrowings under the Company's senior secured asset-backed credit facility, which was down 4.7% from total debt, net of amortized debt issuance costs of $2.3 million, on December 31, 2024, of $128.7 million.


Inventory on December 31, 2025, was $181.1 million compared to $166.7 million on the same date a year ago. Compared with December 31, 2024, and September 30, 2025, inventories on December 31, 2025, were up 8.7% and down 6.4%, respectively.


Share Repurchase Program


The Company is also announcing that its Board of Directors has approved a new share repurchase program of up to $7,500,000 of the Company's outstanding common stock, no par value per share. This repurchase program replaces the previous program authorized by the Board of Directors that expires on February 24, 2026 and has a one-year term expiring on February 23, 2027.


Repurchases under the Company's new program will be made in open market or privately negotiated transactions in compliance with the Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate the Company to acquire any particular amount of common stock and may be suspended at any time at the Company's discretion.


Conference Call Information


The Company's conference call to review fourth quarter 2025 results will be broadcast live over the internet today, Tuesday, February 24, 2025, at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.


About Rocky Brands, Inc.


Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF®, and Ranger®. More information can be found at RockyBrands.com.


Safe Harbor Language


This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding the Company's work in leveraging manufacturing facilities to diversify sourcing, which should provide margin tailwinds over the long term (Paragraph 2), the continued power of the Company's brand portfolio and success developing compelling, innovative footwear that resonates with consumers (Paragraph 2), and the Company's positioning to capitalize on growth opportunities in 2026 (Paragraph 2). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2024 (filed March 17, 2025), and the quarterly reports on Form 10-Q for the quarters ended March 31, 2025 (filed May 8, 2025), June 30, 2025 (filed August 7, 2025) and September 30, 2025 (filed November 6, 2025). One or more of these factors have affected historical results, and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.




Rocky Brands, Inc. and Subsidiaries








Condensed Consolidated Balance Sheets








(In thousands, except share amounts)







 



 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 








ASSETS:






 






 






 






 






 






 






 






 








CURRENT ASSETS:






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






2,902






 






 






$






3,719






 








Trade receivables – net






 






 






77,055






 






 






 






71,983






 








Other receivables






 






 






4,952






 






 






 






1,028






 








Inventories – net






 






 






181,134






 






 






 






166,701






 








Income tax receivable






 






 






1,050






 






 






 






-






 








Prepaid expenses






 






 






3,623






 






 






 






3,008






 








Total current assets






 






 






270,716






 






 






 






246,439






 








LEASED ASSETS






 






 






4,175






 






 






 






6,030






 








PROPERTY, PLANT & EQUIPMENT – net






 






 






49,929






 






 






 






49,666






 








GOODWILL






 






 






47,844






 






 






 






47,844






 








IDENTIFIED INTANGIBLES – net






 






 






103,033






 






 






 






105,823






 








OTHER ASSETS






 






 






1,791






 






 






 






1,498






 








TOTAL ASSETS






 






$






477,488






 






 






$






457,300






 








 






 






 






 






 






 






 






 






 








LIABILITIES AND SHAREHOLDERS' EQUITY:






 






 






 






 






 






 






 






 








CURRENT LIABILITIES:






 






 






 






 






 






 






 






 








Accounts payable






 






$






52,958






 






 






$






58,069






 








Current portion of long-term debt






 






 






8,361






 






 






 






8,361






 








Accrued expenses and other liabilities






 






 






34,813






 






 






 






23,977






 








Total current liabilities






 






 






96,132






 






 






 






90,407






 








LONG-TERM DEBT






 






 






114,281






 






 






 






120,376






 








LONG-TERM LEASES






 






 






1,727






 






 






 






3,537






 








DEFERRED INCOME TAXES






 






 






12,381






 






 






 






10,044






 








DEFERRED LIABILITIES






 






 






879






 






 






 






712






 








TOTAL LIABILITIES






 






 






225,400






 






 






 






225,076






 








SHAREHOLDERS' EQUITY:






 






 






 






 






 






 






 






 








Common stock, no par value;






 






 






-






 






 






 






-






 








25,000,000 shares authorized; issued and outstanding December 31, 2025 - 7,505,139; December 31, 2024 - 7,454,465






 






 






 






 






 






 






 






 








Additional paid-in-capital






 






 






76,090






 






 






 






73,866






 








Retained earnings






 






 






175,998






 






 






 






158,358






 








Total shareholders' equity






 






 






252,088






 






 






 






232,224






 








TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY






 






$






477,488






 






 






$






457,300






 









Rocky Brands, Inc. and Subsidiaries








Condensed Consolidated Statements of Operations








(In thousands, except share amounts)







 



 






 






Three Months Ended






 






 






Year Ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








NET SALES






 






$






139,717






 






 






$






128,054






 






 






$






481,976






 






 






$






453,772






 








COST OF GOODS SOLD






 






 






81,991






 






 






 






74,876






 






 






 






284,686






 






 






 






274,762






 








GROSS MARGIN






 






 






57,726






 






 






 






53,178






 






 






 






197,290






 






 






 






179,010






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








OPERATING EXPENSES






 






 






48,135






 






 






 






44,674






 






 






 






160,103






 






 






 






147,944






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INCOME FROM OPERATIONS






 






 






9,591






 






 






 






8,504






 






 






 






37,187






 






 






 






31,066






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INTEREST EXPENSE AND OTHER – net






 






 






(2,640






)






 






 






(3,043






)






 






 






(10,007






)






 






 






(17,008






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INCOME BEFORE INCOME TAX EXPENSE






 






 






6,951






 






 






 






5,461






 






 






 






27,180






 






 






 






14,058






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INCOME TAX EXPENSE






 






 






438






 






 






 






660






 






 






 






4,906






 






 






 






2,671






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NET INCOME






 






$






6,513






 






 






$






4,801






 






 






$






22,274






 






 






$






11,387






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INCOME PER SHARE






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






$






0.87






 






 






$






0.64






 






 






$






2.98






 






 






$






1.53






 








Diluted






 






$






0.86






 






 






$






0.64






 






 






$






2.96






 






 






$






1.52






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






7,499






 






 






 






7,454






 






 






 






7,474






 






 






 






7,437






 








Diluted






 






 






7,582






 






 






 






7,489






 






 






 






7,530






 






 






 






7,480






 









Rocky Brands, Inc. and Subsidiaries








Reconciliation of GAAP Measures to Non-GAAP Measures








(In thousands, except share amounts)







 



 






 






Three Months Ended






 






 






Year Ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








OPERATING EXPENSES






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








OPERATING EXPENSES, AS REPORTED






 






$






48,135






 






 






$






44,674






 






 






$






160,103






 






 






$






147,944






 








LESS: IMPAIRMENT OF TRADEMARK






 






 






-






 






 






 






(4,000






)






 






 






-






 






 






 






(4,000






)








LESS: ACQUISITION-RELATED AMORTIZATION






 






 






(692






)






 






 






(692






)






 






 






(2,768






)






 






 






(2,768






)








ADJUSTED OPERATING EXPENSES






 






$






47,443






 






 






$






39,982






 






 






$






157,335






 






 






$






141,176






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADJUSTED INCOME FROM OPERATIONS






 






$






10,283






 






 






$






13,196






 






 






$






39,955






 






 






$






37,834






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








INTEREST EXPENSE AND OTHER – net, AS REPORTED






 






$






(2,640






)






 






$






(3,043






)






 






$






(10,007






)






 






$






(17,008






)








ADD: TERM LOAN FACILITY EXTINGUISHMENT COSTS






 






 






-






 






 






 






-






 






 






 






-






 






 






 






2,597






 








ADJUSTED INTEREST EXPENSE AND OTHER – net






 






 






(2,640






)






 






 






(3,043






)






 






 






(10,007






)






 






 






(14,411






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NET INCOME






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NET INCOME, AS REPORTED






 






$






6,513






 






 






$






4,801






 






 






$






22,274






 






 






$






11,387






 








TOTAL NON-GAAP ADJUSTMENTS






 






 






692






 






 






 






4,692






 






 






 






2,768






 






 






 






9,365






 








TAX IMPACT OF ADJUSTMENTS






 






 






(44






)






 






 






(567






)






 






 






(500






)






 






 






(1,779






)








ADJUSTED NET INCOME






 






$






7,161






 






 






$






8,926






 






 






$






24,542






 






 






$






18,973






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NET INCOME PER SHARE, AS REPORTED






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








BASIC






 






$






0.87






 






 






$






0.64






 






 






$






2.98






 






 






$






1.53






 








DILUTED






 






$






0.86






 






 






$






0.64






 






 






$






2.96






 






 






$






1.52






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADJUSTED NET INCOME PER SHARE






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








BASIC






 






$






0.95






 






 






$






1.20






 






 






$






3.28






 






 






$






2.55






 








DILUTED






 






$






0.94






 






 






$






1.19






 






 






$






3.26






 






 






$






2.54






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








WEIGHTED AVERAGE SHARES OUTSTANDING






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








BASIC






 






 






7,499






 






 






 






7,454






 






 






 






7,474






 






 






 






7,437






 








DILUTED






 






 






7,582






 






 






 






7,489






 






 






 






7,530






 






 






 






7,480






 







Use of Non-GAAP Financial Measures


In addition to GAAP financial measures, we present the following non-GAAP financial measures: "adjusted operating expenses," "adjusted income from operations", "adjusted interest expense and other, net" "adjusted net income," and "adjusted net income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.


Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.




 






 






Definition






 






Usefulness to management and investors








Impairment of Trademark






 






Impairment of trademark consists of the impairment of our identified intangible assets, in particular the impairment of the Muck trademarks. Costs related to the impairment of these intangibles are recorded in operating expenses in our GAAP financial statements.






 






We excluded trademark impairment costs for purposes of calculating certain non-GAAP measures because these charges do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate cost and expense trends.








Acquisition-related amortization






 






Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as brands and customer relationships acquired in connection with the acquisition of the performance and lifestyle footwear business of Honeywell International Inc. Charges related to the amortization of these intangibles are recorded in operating expenses in our GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset and are generally recorded over multiple years.






 






We excluded amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the valuation of our acquisition. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate cost and expense trends.








Term loan facility extinguishment costs






 






Term debt extinguishment costs relate to the loss incurred on the extinguishment of debt during the second quarter 2024. The prepayment penalty associated with the early termination of the term debt, as well as the accelerated amortization of deferred financing fees of the term debt, was recorded as expense within Interest Expense and Other - net accompanying unaudited condensed consolidated financial statements.






 






We excluded these costs for purposes of calculating non-GAAP measures because these costs do not reflect our current operating performance. This adjustment is a one-time cost for refinancing the term debt and is not reoccurring. This adjustment facilitates a useful evaluation of our current operations performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224476593/en/
Company Contact:

Tom Robertson

Chief Operating Officer, Chief Financial Officer, and Treasurer

(740) 753-9100
Investor Relations:

Brendon Frey

ICR, Inc.

(203) 682-8200


Original: Rocky Brands, Inc. Announces Fourth Quarter and Full Year 2025 Results