Wolverine World Wide Inc (WWW)

Wolverine Worldwide to Participate at the Baird 2026 Global Consumer, Technology & Services ConferenceMay 28, 2026 4:15 PM
Business Wire Wolverine World Wide, Inc. (NYSE: WWW) today announced that the Company will participate at the Baird 2026 Global Consumer, Technology & Services Conference on Wednesday, June 3, 2026. The Company’s management team will participate in a fireside chat at 10:50 a.m. ET and hold one-on-one meetings with institutional investors and analysts. ABOUT WOLVERINE WORLDWIDE Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528206399/en/ Investor:
Jared Filippone, CFA

Wolverine World Wide Shares Gain After Earnings and Revenue Beat Expectations (WWW)May 14, 2026 8:37 AM
IH Market News Wolverine World Wide (NYSE:WWW) shares rose more than 3% on Thursday after the company reported first-quarter results that topped Wall Street forecasts for both earnings and revenue.The footwear and apparel group posted adjusted earnings per share of $0.25, exceeding analyst expectations of $0.22 by $0.03.Revenue increased 11% year over year to $457.6 million from $412.3 million in the same period last year, surpassing the consensus estimate of $447.95 million. On a constant-currency basis, sales grew 7.3%. Merrell and Saucony Lead Portfolio Growth “The team delivered a solid start to 2026, with first quarter revenue, gross margin, and earnings per share all exceeding our expectations,” said Chris Hufnagel, president and chief executive officer of Wolverine World Wide. “I believe we’re better brand builders today – led by Merrell and Saucony – with encouraging progress now evident across our broader portfolio.”The company’s Active Group division was the primary growth driver, with revenue climbing 13.7% year over year to $371.6 million. The Work Group segment generated $75.7 million in revenue, representing a 1.2% increase from the prior year.Among key brands, Merrell revenue rose 12.7% to $169.7 million, while Saucony delivered a 20.1% jump in sales to $155.9 million. International revenue also showed strong momentum, increasing 20.1% to $249.6 million. Margins Improve Despite Tariff Pressure Gross margin remained stable at 47.6%, unchanged from the previous year, as favorable product mix and pricing gains helped offset the impact of higher U.S. tariffs.Operating margin expanded by 230 basis points to 7.4%, while adjusted operating margin improved 140 basis points to 7.7%. Company Raises Earnings Outlook for Fiscal 2026 Wolverine World Wide maintained its fiscal 2026 revenue guidance in the range of $1.96 billion to $1.985 billion. The midpoint of $1.973 billion was slightly below analyst expectations of $1.98 billion.However, the company increased its adjusted earnings per share forecast to between $1.43 and $1.58, compared with its previous guidance range of $1.35 to $1.50.The midpoint of the updated EPS outlook, $1.51, is above the consensus analyst estimate of $1.46.Wolverine World Wide stock price Original: Wolverine World Wide Shares Gain After Earnings and Revenue Beat Expectations (WWW)

Wolverine Worldwide Reports First Quarter 2026 ResultsMay 14, 2026 6:30 AM
Business Wire Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended April 4, 2026. "The team delivered a solid start to 2026, with first quarter revenue, gross margin, and earnings per share all exceeding our expectations," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "I believe we're better brand builders today – led by Merrell and Saucony – with encouraging progress now evident across our broader portfolio. We're executing our strategies with pace, navigating a dynamic operating environment by leaning into what we do best – building awesome products, telling amazing stories, and driving the business forward each day." FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS (in millions) April 4, 2026   March 29, 2025 Y/Y Change Constant Currency Change Reported Segment Revenue Results:           Active Group $371.6   $326.7 13.7% 9.3% Work Group $75.7   $74.8 1.2% 0.1% Other $10.3   $10.8 (4.6)% (4.6)% Total Revenue $457.6   $412.3 11.0% 7.3% Supplemental Revenue Information         Merrell $169.7   $150.6 12.7% 8.7% Saucony $155.9   $129.8 20.1% 15.2% Wolverine $36.4   $37.4 (2.5)% (2.5)% Sweaty Betty $38.6   $38.0 1.5% (4.4)% International $249.6   $207.8 20.1% 12.8% Direct-to-Consumer $99.3   $96.4 3.0% (0.2)% Reported Financial Metrics           Gross Margin 47.6%   47.6% 0 bps   Operating Expenses $183.9   $175.1 5.0%   Operating Margin 7.4%   5.1% 230 bps   Diluted Earnings Per Share $0.24   $0.15 60.0%   Non-GAAP and Ongoing Business Financial Metrics         Adjusted Operating Expenses $182.7   $170.2 7.3%   Adjusted Operating Margin 7.7%   6.3% 140 bps   Adjusted Diluted Earnings Per Share $0.25   $0.19 31.6%   Constant Currency Diluted Earnings Per Share $0.22   $0.19 15.8%   Gross margin was 47.6% compared to 47.6% in the prior year. Results reflect a favorable mix shift toward more full-price sales and the positive impact from recent price increases, offset by higher U.S. tariffs. BALANCE SHEET (April 4, 2026 as compared to March 29, 2025) Cash and cash equivalents were $120 million, an increase of $13 million, or 12.3%. Inventory was $280 million, an increase of $1 million, or 0.4%. Net Debt was $519 million, a decrease of $85 million, or 14.1%. FULL-YEAR 2026 OUTLOOK The Company's outlook reflects the impact of foreign currency. Additionally, fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week year, which will affect annual comparisons. For fiscal year 2026, the Company currently expects: Revenue to be approximately $1.960 billion to $1.985 billion. This range is unchanged from the previous outlook and represents growth of approximately 4.6% to 5.9% compared to 2025, constant currency growth of approximately 3.8% to 5.1%, and constant currency growth of approximately 4.5% to 5.8% excluding the impact of the 53rd week in 2025. Gross margin to be approximately 46.4%, down 90 basis points compared to 2025. This compares to the previous gross margin outlook of approximately 46.0%. Operating margin to be approximately 9.2%, up 120 basis points compared to 2025, and adjusted operating margin to be approximately 9.5%, up 50 basis points compared to 2025. This compares to the previous operating margin outlook of approximately 8.8% and adjusted operating margin of approximately 9.1%. The effective tax rate to be approximately 18.0%, unchanged from the previous outlook. Diluted earnings per share in the range of $1.39 to $1.54 and adjusted diluted earnings per share in the range of $1.43 to $1.58. This compares to the previous outlook for diluted earnings per share in the range of $1.31 to $1.46 and adjusted diluted earnings per share in the range of $1.35 to $1.50. Diluted weighted average shares of approximately 82.0 million. This compares to the previous outlook for diluted weighted average shares of approximately 81.5 million. NON-GAAP FINANCIAL MEASURES Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, reorganization costs, and other costs not related to the Company's ongoing business. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days. ABOUT WOLVERINE WORLDWIDE
Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com. FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding the Company’s plans to continue to execute its strategies and the Company's outlook for 2026 including, among other results: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; and effective tax rate. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, geopolitical conditions, employment rates, business conditions, interest rates, tax policies, and other factors affecting consumer spending and confidence in the markets and regions in which the Company’s products are sold; increases or changes in duties, tariffs, quotas or applicable assessment in countries of import and export; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and distribution disruptions, including service interruptions at shipping and receiving ports, reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; legal compliance and litigation risks, including with respect to federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and environmental effects on human health; risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements whether as a result of new information, future events or otherwise.   WOLVERINE WORLD WIDE, INC.   CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except earnings per share)     Quarter Ended   April 4,
2026   March 29,
2025 Revenue $ 457.6     $ 412.3   Cost of goods sold   239.8       216.2   Gross profit   217.8       196.1   Gross margin   47.6 %     47.6 %         Selling, general and administrative expenses   182.7       172.0   Environmental and other related costs (income), net of recoveries   1.2       3.1   Operating expenses   183.9       175.1   Operating expenses as a % of revenue   40.2 %     42.5 %         Operating profit   33.9       21.0   Operating margin   7.4 %     5.1 %         Interest expense, net   6.5       8.0   Other income, net   (0.2 )     (1.5 ) Total other expenses   6.3       6.5   Earnings before income taxes   27.6       14.5           Income tax expense   5.2       1.3   Effective tax rate   18.8 %     8.9 %         Net earnings   22.4       13.2           Less: net earnings attributable to noncontrolling interests   2.2       1.1   Net earnings attributable to Wolverine World Wide, Inc. $ 20.2     $ 12.1   Diluted earnings per share $ 0.24     $ 0.15           Supplemental information:       Net earnings used to calculate diluted earnings per share $ 19.8     $ 11.8   Shares used to calculate diluted earnings per share   81.7       80.8     WOLVERINE WORLD WIDE, INC.   CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)     April 4,
2026   March 29,
2025 ASSETS       Cash and cash equivalents $ 119.6   $ 106.5 Accounts receivables, net   185.5     239.2 Inventories, net   280.3     279.2 Other current assets   86.7     76.0 Total current assets   672.1     700.9 Property, plant and equipment, net   77.8     94.6 Lease right-of-use assets   104.5     102.2 Goodwill and other indefinite-lived intangibles   607.7     602.9 Other noncurrent assets   177.9     190.5 Total assets $ 1,640.0   $ 1,691.1         LIABILITIES AND STOCKHOLDERS' EQUITY       Accounts payable and other accrued liabilities $ 311.4   $ 372.0 Lease liabilities   34.9     34.1 Current maturities of long-term debt   —     10.0 Borrowings under revolving credit agreements   92.0     135.0 Total current liabilities   438.3     551.1 Long-term debt   546.9     565.8 Lease liabilities, noncurrent   111.3     115.2 Other noncurrent liabilities   110.5     131.6 Stockholders' equity   433.0     327.4 Total liabilities and stockholders' equity $ 1,640.0   $ 1,691.1   WOLVERINE WORLD WIDE, INC.   CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)     Quarter Ended   April 4,
2026   March 29,
2025 OPERATING ACTIVITIES       Net earnings $ 22.4     $ 13.2   Adjustments to reconcile net earnings to net cash used in operating activities:       Depreciation and amortization   5.2       6.1   Deferred income taxes   0.2       0.2   Stock-based compensation expense   5.8       5.7   Pension and SERP expense   —       (0.2 ) Environmental and other related costs   (1.9 )     (4.5 ) Other   0.3       (2.1 ) Changes in operating assets and liabilities   (115.2 )     (102.2 ) Net cash used in operating activities   (83.2 )     (83.8 )         INVESTING ACTIVITIES       Additions to property, plant and equipment   (1.7 )     (7.6 ) Other   (0.2 )     (0.3 ) Net cash used in investing activities   (1.9 )     (7.9 )         FINANCING ACTIVITIES       Payments under revolving credit agreements   (138.0 )     (83.0 ) Borrowings under revolving credit agreements   155.0       148.0   Payments on long-term debt   —       (2.5 ) Cash dividends paid   (8.7 )     (8.5 ) Employee taxes paid under stock-based compensation plans   (8.1 )     (7.7 ) Proceeds from the exercise of stock options   0.2       0.3   Net cash provided by financing activities   0.4       46.6           Effect of foreign exchange rate changes   (2.0 )     (0.5 ) Decrease in cash and cash equivalents   (86.7 )     (45.6 )         Cash and cash equivalents at beginning of the year   206.3       152.1   Cash and cash equivalents at end of the quarter $ 119.6     $ 106.5   The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:   WOLVERINE WORLD WIDE, INC.   Q1 2026 RECONCILIATION TABLES     RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions)     GAAP Basis 2026-Q1   Foreign Exchange Impact   Constant Currency Basis 2026-Q1   GAAP Basis 2025-Q1   Reported Change   Constant Currency Change REVENUE                       Active Group $ 371.6   $ (14.6 )   $ 357.0   $ 326.7   13.7 %   9.3 % Work Group   75.7     (0.8 )     74.9     74.8   1.2 %   0.1 % Other   10.3     —       10.3     10.8   (4.6 )%   (4.6 )% Total $ 457.6   $ (15.4 )   $ 442.2   $ 412.3   11.0 %   7.3 % RECONCILIATION OF REPORTED OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES* (Unaudited) (In millions)     GAAP Basis   Adjustment (1)   As Adjusted             Operating expenses - Fiscal 2026 Q1 $ 183.9   $ (1.2 )   $ 182.7             Operating expenses - Fiscal 2025 Q1 $ 175.1   $ (4.9 )   $ 170.2 (1) Q1 2026 adjustments reflect $1.2 million of environmental and other related costs net of recoveries. Q1 2025 adjustments reflect $1.0 million of reorganization costs, $0.8 million of other costs not related to the Company's ongoing business, and $3.1 million of environmental and other related costs net of recoveries. RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions)     GAAP Basis   Adjustments (1)   As Adjusted             Operating Profit - Fiscal 2026 Q1 $ 33.9     $ 1.2   $ 35.1               Operating margin   7.4 %         7.7 %             Operating Profit - Fiscal 2025 Q1 $ 21.0     $ 4.9   $ 25.9               Operating margin   5.1 %         6.3 % (1) Q1 2026 adjustments reflect $1.2 million of environmental and other related costs net of recoveries. Q1 2025 adjustments reflect $1.0 million of reorganization costs, $0.8 million of other costs not related to the Company's ongoing business, and $3.1 million of environmental and other related costs net of recoveries. RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited)     GAAP Basis   Adjustments (1)   As Adjusted   Foreign Exchange Impact   As Adjusted EPS On a Constant Currency Basis                     EPS - Fiscal 2026 Q1 $ 0.24   $ 0.01   $ 0.25   $ (0.03 )   $ 0.22                     EPS - Fiscal 2025 Q1 $ 0.15   $ 0.04   $ 0.19         (1) Q1 2026 adjustments reflect environmental and other related costs net of recoveries. Q1 2025 adjustments reflect reorganization costs, other costs not related to the Company's ongoing business, and environmental and other related costs net of recoveries.   2026 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share)     GAAP Basis   Adjustments (1)   As Adjusted             Revenue - Fiscal 2026 Full Year $1,960 - $1,985       $1,960 - $1,985             Gross Margin - Fiscal 2026 Full Year 46.4 %       46.4 %             Operating Margin - Fiscal 2026 Full Year 9.2 %   0.3 %   9.5 %             Diluted EPS - Fiscal 2026 Full Year $1.39 - $1.54   $0.04   $1.43 - $1.58             Fiscal 2026 Full Year Supplemental information:                       Net Earnings $116 - $128   $4   $120 - $132             Net Earnings used to calculate diluted earnings per share $114 - $126   $3   $117 - $129             Shares used to calculate diluted earnings per share 82.0       82.0 (1) 2026 adjustments reflect estimated environmental and other related costs net of recoveries.   * To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if environmental and other related costs net of recoveries, reorganization costs, and other costs not related to the Company's ongoing business were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of the Company's core ongoing operating business results and to better identify trends in the Company's ongoing business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.   The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results.   Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260514660422/en/ Jared Filippone, CFA
investor.relations@wwwinc.com Original: Wolverine Worldwide Reports First Quarter 2026 Results

Wolverine Worldwide Announces First Quarter Fiscal 2026 Conference Call for May 14, 2026April 30, 2026 6:45 AM
Business Wire
Wolverine World Wide, Inc. (NYSE: WWW) today announced that it expects to report its first quarter fiscal 2026 financial results on Thursday, May 14, 2026, at approximately 6:30 a.m. ET. Following the press release, the Company will host a conference call at 8:30 a.m. ET to review results and discuss current business trends.


Investors and analysts interested in joining the call are invited to dial 1-800-715-9871 (international callers, please dial 1-646-307-1963) approximately five minutes prior to the start of the call. The conference call will be broadcast live and accessible under “Webcasts & Presentations” in the Investor Relations section of www.wolverineworldwide.com.


A recorded replay of the call will be available shortly after the conclusion of the call and remain available until May 21, 2026. To access the telephone replay, dial 1-800-770-2030 (international callers, please dial 1-609-800-9909). The access code for the replay is 9927992.


ABOUT WOLVERINE WORLDWIDE


Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids’ footwear, industrial work boots and apparel, and uniform footwear. The Company’s portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430238798/en/
Jared Filippone, CFA

(616) 894-8576


Original: Wolverine Worldwide Announces First Quarter Fiscal 2026 Conference Call for May 14, 2026

Wolverine Worldwide Reports Fourth Quarter and Full Year 2025 ResultsFebruary 26, 2026 6:30 AM
Business Wire
Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full year 2025 ended January 3, 2026.


"We exceeded our expectations across all key metrics in the fourth quarter, finishing a solid year for the Company. Our biggest brands are growing around the world, direct-to-consumer continues to improve, earnings per share increased meaningfully year-over-year, and I believe we're finding our footing where we've underperformed," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "I'm pleased with our progress in transforming the Company and encouraged by the momentum we've carried into 2026. We're focused squarely on executing our brand-building model with pace and distinction—building awesome products, telling amazing stories, and driving the business each day."


FINANCIAL HIGHLIGHTS


Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business, which was sold in January 2024. Tables have been provided in the back of this release showing the impact of these adjustments on our 2024 financial results. Additionally, fiscal 2025 was a 53-week year and fiscal 2024 was a 52-week year, which affects annual comparisons.


FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS




(in millions)






 






January 3, 2026






 






December 28, 2024







Y/Y Change







Constant Currency Change








Reported Segment Revenue Results:






 






 






 






 







 







 








Active Group






 






$372.7






 






$331.7







12.4%







10.2%








Work Group






 






$134.0






 






$151.1







(11.3)%







(11.7)%








Other






 






$10.8






 






$11.9







(9.2)%







(8.4)%








Total Revenue






 






$517.5






 






$494.7







4.6%







3.1%








Supplemental Revenue Information






 






 






 






 







 







 








Merrell






 






$173.1






 






$163.4







5.9%







4.6%








Saucony






 






$125.9






 






$99.6







26.4%







24.2%








Wolverine






 






$55.8






 






$62.4







(10.5)%







(10.5)%








Sweaty Betty






 






$68.9






 






$63.4







8.8%







4.6%








International






 






$277.4






 






$252.7







9.8%







6.8%








Direct-to-Consumer






 






$160.7






 






$151.7







5.9%







3.8%








Reported Financial Metrics






 






 






 






 







 







 








Gross Margin






 






47.0%






 






43.6%







340 bps







 








Operating Expenses






 






$194.5






 






$177.9







9.3%







 








Operating Margin






 






9.4%






 






7.6%







180 bps







 








Diluted Earnings Per Share






 






$0.38






 






$0.28







35.7%







 








Non-GAAP and Ongoing Business Financial Metrics






 






 






 






 







 







 








Adjusted Operating Expenses






 






$186.6






 






$167.0







11.7%







 








Adjusted Operating Margin






 






11.0%






 






9.9%







110 bps







 








Adjusted Diluted Earnings Per Share






 






$0.45






 






$0.40







12.5%







 








Constant Currency Diluted Earnings Per Share






 






$0.45






 






$0.40







12.5%







 







Gross margin was 47.0% compared to 43.6% in the prior year. The increase was primarily due to the benefit of product cost savings, a favorable mix shift toward more full-price sales, and the positive impact from recent price increases, partially offset by higher U.S. tariffs.


FULL-YEAR 2025 FINANCIAL HIGHLIGHTS




(in millions)






 






January 3, 2026






 






December 28, 2024







Y/Y Change







Constant Currency Change








Segment Revenue Results:






 






 






 






 







 







 








Active Group






 






$1,407.8






 






$1,246.1







13.0%







11.7%








Work Group






 






$422.2






 






$455.3







(7.3)%







(7.1)%








Other






 






$44.3






 






$53.6







(17.4)%







(15.3)%








Total Revenue






 






$1,874.3






 






$1,755.0







6.8%







6.0%








Ongoing Total Revenue






 






$1,874.3






 






$1,750.4







7.1%







6.3%








Supplemental Brand Information






 






 






 






 







 







 








Merrell






 






$648.9






 






$598.4







8.4%







7.6%








Saucony






 






$533.1






 






$406.5







31.1%







30.1%








Wolverine






 






$175.7






 






$193.1







(9.0)%







(9.0)%








Sweaty Betty






 






$192.8






 






$198.9







(3.1)%







(6.1)%








International - Reported






 






$978.1






 






$861.6







13.5%







11.9%








International - Ongoing






 






$978.1






 






$861.0







13.6%







12.0%








Direct-to-Consumer - Reported






 






$475.5






 






$483.9







(1.7)%







(3.1)%








Direct-to-Consumer - Ongoing






 






$475.5






 






$480.8







(1.1)%







(2.5)%








Reported:






 






 






 






 







 







 








Gross Margin






 






47.3%






 






44.3%







300 bps







 








Operating Expenses






 






$736.5






 






$680.5







8.2%







 








Operating Margin






 






8.0%






 






5.6%







240 bps







 








Diluted Earnings Per Share






 






$1.14






 






$0.55







107.3%







 








Non-GAAP:






 






 






 






 







 







 








Adjusted Gross Margin






 






47.3%






 






44.4%







290 bps







 








Adjusted Operating Expenses






 






$717.6






 






$650.5







10.3%







 








Adjusted Operating Margin






 






9.0%






 






7.3%







170 bps







 








Adjusted Diluted Earnings Per Share






 






$1.35






 






$0.88







53.4%







 








Constant Currency Earnings Per Share






 






$1.34






 






$0.88







52.3%







 







Gross margin was 47.3% compared to 44.3% in the prior year. The increase was primarily due to the benefit of product cost savings, a favorable mix shift toward more full-price sales, and the positive impact from recent price increases, partially offset by higher U.S. tariffs.


BALANCE SHEET (January 3, 2026 as compared to December 28, 2024)


Cash and cash equivalents were $206 million, an increase of $54 million, or 35.6%.


Inventory was $274 million, an increase of $26 million, or 10.7%.


Net Debt was $415 million, a decrease of $81 million, or 16.2%.


CAPITAL ALLOCATION


During the fourth quarter, the Company repurchased approximately 0.9 million shares of its common stock for a total of approximately $15 million at a weighted average price paid per share of $16.13. As of January 3, 2026, the Company had approximately $135 million remaining under its stock repurchase authorization.


FULL-YEAR 2026 OUTLOOK


The Company's outlook reflects the impact of foreign currency. Additionally, fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week year, which will affect annual comparisons.


For fiscal year 2026, the Company expects:



Revenue to be approximately $1.960 billion to $1.985 billion, representing growth of approximately 4.6% to 5.9% compared to 2025, constant currency growth of approximately 3.8% to 5.1%, and constant currency growth of approximately 4.5% to 5.8% excluding the impact of the 53rd week in 2025.



Gross margin to be approximately 46.0%, down 130 basis points compared to 2025 gross margin.



Operating margin to be approximately 8.8%, up 80 basis points compared to 2025 operating margin, and adjusted operating margin to be approximately 9.1%, up 10 basis points compared to 2025 adjusted operating margin.



The effective tax rate to be approximately 18.0%.



Diluted earnings per share in the range of $1.31 to $1.46 and adjusted diluted earnings per share in the range of $1.35 to $1.50.



Diluted weighted average shares of approximately 81.5 million.



NON-GAAP FINANCIAL MEASURES


Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement and curtailment gains and losses, financing transaction costs, gain on sale of business, trademarks and long-lived assets, other costs not related to the Company's ongoing business, and costs associated with divestitures. The financial results of the ongoing business exclude financial results from the Sperry business. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance.


The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.


EARNINGS CALL INFORMATION


The Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days.


ABOUT WOLVERINE WORLDWIDE


Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com.


FORWARD-LOOKING STATEMENTS


This press release contains forward-looking statements, including statements regarding the Company’s expectations regarding the momentum in its largest brands and future sustained improvement; the Company's outlook for 2026 including, among other results: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; and effective tax rate. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies, and other factors affecting consumer spending and confidence in the markets and regions in which the Company’s products are sold; increases or changes in duties, tariffs, quotas or applicable assessment in countries of import and export; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and distribution disruptions, including service interruptions at shipping and receiving ports, reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; legal compliance and litigation risks, including with respect to federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and environmental effects on human health; risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements whether as a result of new information, future events or otherwise.




WOLVERINE WORLD WIDE, INC.








CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS








(Unaudited)








(In millions, except earnings per share)










 



 






Quarter Ended






 






Fiscal Year Ended








 






January 3,

2026






 






December 28,

2024






 






January 3,

2026






 






December 28,

2024








Revenue






$






517.5






 






 






$






494.7






 






 






$






1,874.3






 






 






$






1,755.0






 








Cost of goods sold






 






274.1






 






 






 






279.0






 






 






 






987.6






 






 






 






977.0






 








Gross profit






 






243.4






 






 






 






215.7






 






 






 






886.7






 






 






 






778.0






 








Gross margin






 






47.0






%






 






 






43.6






%






 






 






47.3






%






 






 






44.3






%








 






 






 






 






 






 






 






 








Selling, general and administrative expenses






 






192.4






 






 






 






175.4






 






 






 






729.9






 






 






 






690.0






 








Gain on sale of business, trademarks and long-lived assets






 






—






 






 






 






—






 






 






 






—






 






 






 






(8.5






)








Impairment of long-lived assets






 






—






 






 






 






—






 






 






 






—






 






 






 






9.3






 








Environmental and other related costs (income), net of recoveries






 






2.1






 






 






 






2.5






 






 






 






6.6






 






 






 






(10.3






)








Operating expenses






 






194.5






 






 






 






177.9






 






 






 






736.5






 






 






 






680.5






 








Operating expenses as a % of revenue






 






37.6






%






 






 






36.0






%






 






 






39.3






%






 






 






38.8






%








 






 






 






 






 






 






 






 








Operating profit






 






48.9






 






 






 






37.8






 






 






 






150.2






 






 






 






97.5






 








Operating margin






 






9.4






%






 






 






7.6






%






 






 






8.0






%






 






 






5.6






%








 






 






 






 






 






 






 






 








Interest expense, net






 






8.2






 






 






 






9.2






 






 






 






32.8






 






 






 






42.7






 








Other expense (income), net






 






0.4






 






 






 






2.1






 






 






 






(4.1






)






 






 






(3.3






)








Total other expenses






 






8.6






 






 






 






11.3






 






 






 






28.7






 






 






 






39.4






 








Earnings before income taxes






 






40.3






 






 






 






26.5






 






 






 






121.5






 






 






 






58.1






 








 






 






 






 






 






 






 






 








Income tax expense






 






7.8






 






 






 






2.7






 






 






 






20.5






 






 






 






9.3






 








Effective tax rate






 






19.5






%






 






 






10.0






%






 






 






16.9






%






 






 






15.9






%








 






 






 






 






 






 






 






 








Net earnings






 






32.5






 






 






 






23.8






 






 






 






101.0






 






 






 






48.8






 








 






 






 






 






 






 






 






 








Less: net earnings attributable to noncontrolling interests






 






0.7






 






 






 






0.7






 






 






 






5.2






 






 






 






3.6






 








Net earnings attributable to Wolverine World Wide, Inc.






$






31.8






 






 






$






23.1






 






 






$






95.8






 






 






$






45.2






 








Diluted earnings per share






$






0.38






 






 






$






0.28






 






 






$






1.14






 






 






$






0.55






 








 






 






 






 






 






 






 






 








Supplemental information:






 






 






 






 






 






 






 








Net earnings used to calculate diluted earnings per share






$






30.9






 






 






$






22.3






 






 






$






93.1






 






 






$






43.6






 








Shares used to calculate diluted earnings per share






 






81.9






 






 






 






80.5






 






 






 






81.7






 






 






 






80.0






 









WOLVERINE WORLD WIDE, INC.








CONSOLIDATED CONDENSED BALANCE SHEETS








(Unaudited)








(In millions)










 



 






January 3,

2026






 






December 28,

2024








ASSETS






 






 






 








Cash and cash equivalents






$






206.3






 






$






152.1








Accounts receivables, net






 






162.1






 






 






209.4








Inventories, net






 






274.2






 






 






247.8








Other current assets






 






86.8






 






 






86.4








Total current assets






 






729.4






 






 






695.7








Property, plant and equipment, net






 






80.6






 






 






89.7








Lease right-of-use assets






 






99.9






 






 






102.1








Goodwill and other indefinite-lived intangibles






 






611.5






 






 






597.6








Other noncurrent assets






 






187.9






 






 






189.3








Total assets






$






1,709.3






 






$






1,674.4








 






 






 






 








LIABILITIES AND STOCKHOLDERS' EQUITY






 






 






 








Accounts payable and other accrued liabilities






$






411.1






 






$






419.4








Lease liabilities






 






35.0






 






 






33.7








Current maturities of long-term debt






 






—






 






 






10.0








Borrowings under revolving credit agreements






 






75.0






 






 






70.0








Total current liabilities






 






521.1






 






 






533.1








Long-term debt






 






546.7






 






 






568.0








Lease liabilities, noncurrent






 






105.3






 






 






116.0








Other noncurrent liabilities






 






113.1






 






 






135.2








Stockholders' equity






 






423.1






 






 






322.1








Total liabilities and stockholders' equity






$






1,709.3






 






$






1,674.4









WOLVERINE WORLD WIDE, INC.








CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS








(Unaudited)








(In millions)








 



 






Fiscal Year Ended








 






January 3,

2026






 






December 28,

2024








OPERATING ACTIVITIES






 






 






 








Net earnings






$






101.0






 






 






$






48.8






 








Adjustments to reconcile net earnings to net cash provided by operating activities:






 






 






 








Depreciation and amortization






 






25.9






 






 






 






26.2






 








Deferred income taxes






 






8.0






 






 






 






20.6






 








Stock-based compensation expense






 






24.4






 






 






 






19.1






 








Pension and SERP expense






 






(1.0






)






 






 






0.2






 








Impairment of long-lived assets






 






—






 






 






 






9.3






 








Environmental and other related costs






 






(14.5






)






 






 






(13.3






)








Gain on sale of business, trademarks and long-lived assets






 






—






 






 






 






(8.5






)








Other






 






(12.6






)






 






 






(8.4






)








Changes in operating assets and liabilities






 






8.8






 






 






 






86.1






 








Net cash provided by operating activities






 






140.0






 






 






 






180.1






 








 






 






 






 








INVESTING ACTIVITIES






 






 






 








Additions to property, plant and equipment






 






(14.5






)






 






 






(20.2






)








Proceeds from sale of business, trademarks and long-lived assets, net of cash disposed of






 






—






 






 






 






102.4






 








Proceeds from company-owned insurance policy liquidations






 






2.2






 






 






 






7.9






 








Other






 






(1.6






)






 






 






(3.3






)








Net cash provided by (used in) investing activities






 






(13.9






)






 






 






86.8






 








 






 






 






 








FINANCING ACTIVITIES






 






 






 








Payments under revolving credit agreements






 






(486.0






)






 






 






(619.0






)








Borrowings under revolving credit agreements






 






491.0






 






 






 






384.0






 








Proceeds from company-owned insurance policies






 






—






 






 






 






7.0






 








Payments on long-term debt






 






(32.5






)






 






 






(39.2






)








Payments of debt issuance costs






 






(3.9






)






 






 






—






 








Cash dividends paid






 






(33.3






)






 






 






(32.5






)








Purchase of common stock for treasury






 






(14.5






)






 






 






—






 








Employee taxes paid under stock-based compensation plans






 






(10.7






)






 






 






(2.6






)








Proceeds from the exercise of stock options






 






12.2






 






 






 






3.1






 








Net cash used in financing activities






 






(77.7






)






 






 






(299.2






)








 






 






 






 








Effect of foreign exchange rate changes






 






5.8






 






 






 






(0.2






)








Increase (decrease) in cash and cash equivalents






 






54.2






 






 






 






(32.5






)








 






 






 






 








Cash and cash equivalents at beginning of the year






 






152.1






 






 






 






184.6






 








Cash and cash equivalents at end of the year






$






206.3






 






 






$






152.1






 







The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:




WOLVERINE WORLD WIDE, INC.











Q4 2025 RECONCILIATION TABLES









RECONCILIATION OF REPORTED REVENUE TO ADJUSTED








REVENUE ON A CONSTANT CURRENCY BASIS*








(Unaudited)








(In millions)


















 



 






GAAP Basis 2025-Q4






 






Foreign Exchange Impact






 






Constant Currency Basis 2025-Q4






 






GAAP Basis 2024-Q4






 






Reported Change






 






Constant Currency Change








REVENUE






 






 






 






 






 






 






 






 






 






 






 








Active Group






$






372.7






 






$






(7.1






)






 






$






365.6






 






$






331.7






 






12.4






%






 






10.2






%








Work Group






 






134.0






 






 






(0.6






)






 






 






133.4






 






 






151.1






 






(11.3






)%






 






(11.7






)%








Other






 






10.8






 






 






0.1






 






 






 






10.9






 






 






11.9






 






(9.2






)%






 






(8.4






)%








Total






$






517.5






 






$






(7.6






)






 






$






509.9






 






$






494.7






 






4.6






%






 






3.1






%









RECONCILIATION OF REPORTED OPERATING EXPENSES








TO ADJUSTED OPERATING EXPENSES*








(Unaudited)








(In millions)












 



 






GAAP Basis






 






Adjustment (1)






 






As Adjusted








 






 






 






 






 






 








Operating expenses - Fiscal 2025 Q4






$






194.5






 






$






(7.9






)






 






$






186.6








 






 






 






 






 






 








Operating expenses - Fiscal 2024 Q4






$






177.9






 






$






(10.9






)






 






$






167.0








(1) Q4 2025 adjustments reflect $5.8 million of reorganization costs and $2.1 million of environmental and other related costs net of recoveries. Q4 2024 adjustments reflect $8.4 million of reorganization costs and $2.5 million of environmental and other related costs net of recoveries.









RECONCILIATION OF REPORTED OPERATING MARGIN








TO ADJUSTED OPERATING MARGIN*








(Unaudited)








(In millions)












 



 






GAAP Basis






 






Adjustments (1)






 






As Adjusted








 






 






 






 






 






 








Operating Profit - Fiscal 2025 Q4






$






48.9






 






 






$






7.9






 






$






56.8






 








 






 






 






 






 






 








Operating margin






 






9.4






%






 






 






 






 






11.0






%








 






 






 






 






 






 








Operating Profit - Fiscal 2024 Q4






$






37.8






 






 






$






10.9






 






$






48.7






 








 






 






 






 






 






 








Operating margin






 






7.6






%






 






 






 






 






9.9






%








(1) Q4 2025 adjustments reflect $5.8 million of reorganization costs and $2.1 million of environmental and other related costs net of recoveries. Q4 2024 adjustments reflect $8.4 million of reorganization costs and $2.5 million of environmental and other related costs net of recoveries.









RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED








DILUTED EPS ON A CONSTANT CURRENCY BASIS*








(Unaudited)
















 



 






GAAP Basis






 






Adjustments (1)






 






As Adjusted






 






Foreign Exchange Impact






 






As Adjusted




EPS On a Constant Currency Basis








 






 






 






 






 






 






 






 






 






 








EPS - Fiscal 2025 Q4






$






0.38






 






$






0.07






 






$






0.45






 






$






—






 






$






0.45








 






 






 






 






 






 






 






 






 






 








EPS - Fiscal 2024 Q4






$






0.28






 






$






0.12






 






$






0.40






 






 






 






 








(1) Q4 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries, partially offset by pension gain. Q4 2024 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, and pension settlement costs.








2025 FULL-YEAR RECONCILIATION TABLES




RECONCILIATION OF REPORTED REVENUE TO ADJUSTED








REVENUE ON A CONSTANT CURRENCY BASIS*








(Unaudited)








(In millions)


















 



 






GAAP Basis 2025






 






Foreign Exchange Impact






 






Constant Currency Basis 2025






 






GAAP Basis 2024






 






Reported Change






 






Constant Currency Change








REVENUE






 






 






 






 






 






 






 






 






 






 






 








Active Group






$






1,407.8






 






 






(15.7






)






 






$






1,392.1






 






$






1,246.1






 






13.0






%






 






11.7






%








Work Group






 






422.2






 






 






0.6






 






 






 






422.8






 






 






455.3






 






(7.3






)%






 






(7.1






)%








Other






 






44.3






 






 






1.1






 






 






 






45.4






 






 






53.6






 






(17.4






)%






 






(15.3






)%








Total






$






1,874.3






 






$






(14.0






)






 






$






1,860.3






 






$






1,755.0






 






6.8






%






 






6.0






%









RECONCILIATION OF REPORTED REVENUE








TO ADJUSTED REVENUE*








(Unaudited)








(In millions)












 



 






GAAP Basis






 






Divestitures (1)






 






As Adjusted








 






 






 






 






 






 








Revenue - Fiscal 2025






$






1,874.3






 






$






—






 






$






1,874.3








 






 






 






 






 






 








Revenue - Fiscal 2024






$






1,755.0






 






$






4.6






 






$






1,750.4








(1) 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations.









RECONCILIATION OF REPORTED GROSS MARGIN








TO ADJUSTED GROSS MARGIN*








(Unaudited)








(In millions)












 



 






GAAP Basis






 






Divestitures (1)






 






As Adjusted








 






 






 






 






 






 








Gross Profit - Fiscal 2025






$






886.7






 






 






$






—






 






 






$






886.7






 








 






 






 






 






 






 








Gross margin






 






47.3






%






 






 






 






 






47.3






%








 






 






 






 






 






 








Gross Profit - Fiscal 2024






$






778.0






 






 






$






(0.1






)






 






$






777.9






 








 






 






 






 






 






 








Gross margin






 






44.3






%






 






 






 






 






44.4






%








(1) 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations.









RECONCILIATION OF REPORTED OPERATING EXPENSES








TO ADJUSTED OPERATING EXPENSES*








(Unaudited)








(In millions)














 



 






GAAP Basis






 






Adjustment (1)






 






Divestitures (2)






 






As Adjusted








 






 






 






 






 






 






 






 








Operating expenses - Fiscal 2025






$






736.5






 






$






(18.9






)






 






$






—






 






 






$






717.6








 






 






 






 






 






 






 






 








Operating expenses - Fiscal 2024






$






680.5






 






$






(19.1






)






 






$






(10.9






)






 






$






650.5








(1) 2025 adjustments reflect $11.5 million of reorganization costs, $6.6 million of environmental and other related costs net of recoveries and $0.8 million of other costs not related to the Company's ongoing business. 2024 adjustments reflect $28.6 million of reorganization costs and $9.3 million for non-cash impairments of long-lived assets, partially offset by an $8.5 million gain on the sale of businesses, trademarks and long-lived assets and $10.3 million of environmental and other related costs net of recoveries.








(2) 2024 adjustments reflect the Sperry business and Wolverine Leathers results included in the consolidated condensed statement of operations.









RECONCILIATION OF REPORTED OPERATING MARGIN








TO ADJUSTED OPERATING MARGIN*








(Unaudited)








(In millions)














 



 






GAAP Basis






 






Adjustments (1)






 






Divestitures (2)






 






As Adjusted








 






 






 






 






 






 






 






 








Operating Profit - Fiscal 2025






$






150.2






 






 






$






18.9






 






$






—






 






$






169.1






 








 






 






 






 






 






 






 






 








Operating margin






 






8.0






%






 






 






 






 






 






 






9.0






%








 






 






 






 






 






 






 






 








Operating Profit - Fiscal 2024






$






97.5






 






 






$






19.1






 






$






10.8






 






$






127.4






 








 






 






 






 






 






 






 






 








Operating margin






 






5.6






%






 






 






 






 






 






 






7.3






%








(1) 2025 adjustments reflect $11.5 million of reorganization costs, $6.6 million of environmental and other related costs net of recoveries and $0.8 million of other costs not related to the Company's ongoing business. 2024 adjustments reflect $28.6 million of reorganization costs and $9.3 million for non-cash impairments of long-lived assets, partially offset by an $8.5 million gain on the sale of businesses, trademarks and long-lived assets and $10.3 million of environmental and other related costs net of recoveries.








(2) 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations.









RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED








DILUTED EPS ON A CONSTANT CURRENCY BASIS*








(Unaudited)


















 



 






GAAP Basis






 






Adjustments (1)






 






Divestitures (2)






 






As Adjusted






 






Foreign Exchange Impact






 






As Adjusted




EPS On a Constant Currency Basis








 






 






 






 






 






 






 






 






 






 






 






 








EPS - Fiscal 2025






$






1.14






 






$






0.21






 






$






—






 






$






1.35






 






$






(0.01






)






 






$






1.34








 






 






 






 






 






 






 






 






 






 






 






 








EPS - Fiscal 2024






$






0.55






 






$






0.21






 






$






0.12






 






$






0.88






 






 






 






 








(1) 2025 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, other costs not related to the Company's ongoing business, and financing transaction costs, partially offset by pension gain. 2024 adjustments reflect reorganization costs, non-cash impairments of long-lived assets, and pension settlement costs, partially offset by gain on the sale of businesses, trademarks and long-lived assets and environmental and other related costs net of recoveries.








(2) 2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations.









2026 GUIDANCE RECONCILIATION TABLES








RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE,








REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS








GUIDANCE AND SUPPLEMENTAL INFORMATION*








(Unaudited)








(In millions, except earnings per share)












 



 






GAAP Basis






 






Adjustments (1)






 






As Adjusted








 






 






 






 






 






 








Revenue - Fiscal 2026 Full Year






$1,960 - $1,985






 






 






 






$1,960 - $1,985








 






 






 






 






 






 








Gross Margin - Fiscal 2026 Full Year






46.0%






 






 






 






46.0%








 






 






 






 






 






 








Operating Margin - Fiscal 2026 Full Year






8.8%






 






0.3%






 






9.1%








 






 






 






 






 






 








Diluted EPS - Fiscal 2026 Full Year






$1.31 - $1.46






 






$0.04






 






$1.35 - $1.50








 






 






 






 






 






 








Fiscal 2026 Full Year Supplemental information:






 






 






 






 






 








 






 






 






 






 






 








Net Earnings






$110 - $122






 






$4






 






$114 - $126








 






 






 






 






 






 








Net Earnings used to calculate diluted earnings per share






$107 - $119






 






$3






 






$110 - $122








 






 






 






 






 






 








Shares used to calculate diluted earnings per share






81.5






 






 






 






81.5








(1) 2026 adjustments reflect estimated environmental and other related costs net of recoveries.







* To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement and curtailment gains and losses, financing transaction costs, gain on sale of business, trademarks and long-lived assets, other costs not related to the Company's ongoing business, and costs associated with divestitures were excluded. The financial results of the ongoing business for 2024 exclude financial results from the Sperry business. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of the Company's core ongoing operating business results and to better identify trends in the Company's ongoing business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.


The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results.


Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226067622/en/
Jared Filippone, CFA

investor.relations@wwwinc.com


Original: Wolverine Worldwide Reports Fourth Quarter and Full Year 2025 Results