Form 8-K

8-K — Crocs, Inc.

Accession: 0001334036-26-000058

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001334036

SIC: 3021 (RUBBER & PLASTICS FOOTWEAR)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — crox-20261029.htm (Primary)

EX-99.1 (croxq32026-pressrelease.htm)

GRAPHIC (crocslogogreen.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: crox-20261029.htm · Sequence: 1

crox-20261029

0001334036false00013340362026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 29, 2026

CROCS, INC.

(Exact name of registrant as specified in its charter)

Delaware

0-51754

20-2164234

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

500 Eldorado Blvd., Building 5

Broomfield,

Colorado

80021

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (303) 848-7000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class: Trading symbol: Name of each exchange on which registered:

Common Stock, par value $0.001 per share CROX The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.45) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2026, Crocs, Inc. issued a press release reporting its results of operations for the three and nine months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Crocs, Inc. press release dated October 29, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CROCS, INC.

Date: October 29, 2026

By:

/s/ Patraic Reagan

Patraic Reagan

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: croxq32026-pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

Crocs, Inc. Reports Strong Third Quarter 2026 Results; Raises Full-Year 2026 Outlook

•Full-Year 2026 Outlook Raised On Both The Top- And Bottom-Line; Third Consecutive FY26 Raise

•HEYDUDE Brand Returns To Growth With Revenues Up 6% To Prior Year

•Repurchased Approximately 2.0 Million Shares In Third Quarter Representing $250 Million in Buyback

___________________________________________________________________________

BROOMFIELD, COLORADO — October 29, 2026 — Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its third quarter 2026 financial results.

“We delivered a strong third quarter with growth across brands, channels and geographies, while expanding margins year over year through disciplined execution of our brand strategies. The Crocs Brand delivered a record third quarter with revenues up 4%, led by double-digit international revenue growth and continued momentum across our product diversification strategy. HEYDUDE revenues grew 6%, marking an important milestone as we delivered on our commitment stated earlier in the year to return the brand to growth. These results reflect strong execution against our strategic priorities and reinforce our confidence in the trajectory of both brands. As a result, we are raising our full-year 2026 enterprise revenue growth outlook to approximately 3%,” said Andrew Rees, Chief Executive Officer.

Mr. Rees continued, “The strength of our business model and exceptional free-cash-flow generation provides us with significant flexibility to invest behind our brands while returning meaningful capital to shareholders. During the quarter, we returned $250 million to shareholders through share repurchases while continuing to strengthen our balance sheet through debt paydown.”

Amounts referred to as “Adjusted” or “Non-GAAP” are Non-GAAP measures and include adjustments that are described under the heading “Reconciliation of GAAP Measures to Non-GAAP Measures.” A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.

Third Quarter 2026 Operating Results (Compared to the Same Period Last Year)

•Consolidated revenues were $1,043 million, an increase of 4.6% on a reported and constant currency basis. Direct-to-consumer (“DTC”) revenues grew 6.9% on a reported and constant currency basis. Wholesale revenues grew 1.8%, or 1.9% on a constant currency basis.

•Gross margin was 66.2% compared to 58.5%. Adjusted gross margin increased 180 basis points to 60.3% compared to 58.5%.

•Selling, general, and administrative expenses (“SG&A”) of $398 million increased 6.0% from $375 million, and represented 38.2% of revenues compared to 37.7%. Adjusted SG&A increased 5.7% to $397 million, and represented 38.1% of revenues compared to 37.7%.

•Income from operations of $292 million increased 40.6% from $208 million resulted in operating margin of 28.0% compared to 20.8%. Adjusted income from operations of $232 million increased 11.7% from $208 million, resulting in adjusted operating margin of 22.3% compared to 20.8%.

•Diluted earnings per share of $4.52 increased 67.4% from $2.70. Adjusted diluted earnings per share of $3.69 increased 26.4% from $2.92.

•During the quarter, we repurchased approximately 2.0 million shares for $250.0 million at the average share price of $123.32. At quarter-end, approximately $1.7 billion of share repurchase authorization remained available for future repurchases. We also repaid $21 million of debt.

Third Quarter 2026 Brand Summary (Compared to the Same Period Last Year)

•Crocs Brand: Revenues increased 4.4% on a reported and constant currency basis, to $873 million.

◦Channel

▪DTC revenues increased 8.2% on a reported and constant currency basis, to $510 million.

▪Wholesale revenues decreased 0.5% to $362 million, or 0.4% on a constant currency basis.

◦Geography

▪North America revenues decreased 2.1% to $438 million, or 2.0% on a constant currency basis.

▪International revenues increased 11.8% to $434 million, or 11.7% on a constant currency basis.

•HEYDUDE Brand: Revenues increased 6.1% to $170 million, or 6.2% on a constant currency basis.

◦Channel

▪DTC revenues increased 0.1% to $91 million, or 0.2% on a constant currency basis.

▪Wholesale revenues increased 14.0% to $79 million, or 14.1% on a constant currency basis.

Balance Sheet and Cash Flow (September 30, 2026, as compared to September 30, 2025)

•Cash and cash equivalents were $163 million compared to $154 million.

•Inventories were $413 million compared to $397 million.

•Total borrowings were $1.29 billion compared to $1.32 billion.

•Capital expenditures were $54 million compared to $45 million.

Financial Outlook

Full Year 2026

For 2026, we expect:

•Revenues to be up approximately 3% compared to full year 2025, up from our previous guidance of up 1% to 2% at currency rates as of October 26, 2026.

◦Crocs Brand to be up approximately 4% compared to full year 2025, up from our previous guidance of up 2% to 3%.

◦HEYDUDE Brand to be approximately flat compared to full year 2025, up from our previous guidance of down 4% to 2%.

•A non-GAAP net benefit of $40 million primarily associated with tariff refunds and our cost reduction initiatives.

•Adjusted operating margin to expand modestly from 22.5%, up from our previous guidance of expansion from 22.3%.

•GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.

•Adjusted diluted earnings per share to be in the range of $14.45 to $14.65, up from our previous guidance range of $13.70 to $14.00. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.

•Capital expenditures of $70 million to $80 million.

Fourth Quarter 2026

For the fourth quarter of 2026, we expect:

•Revenues to be up approximately 7% to 9% compared to the fourth quarter of 2025, at currency rates as of October 26, 2026.

◦Crocs Brand to be up approximately 6% to 8% compared to the fourth quarter of 2025.

◦HEYDUDE Brand to be up approximately 10% to 12% compared to the fourth quarter of 2025.

•Adjusted operating margin to be approximately 20.5%.

•Adjusted diluted earnings per share to be in the range of $3.25 to $3.45. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.

Conference Call Information

A conference call to discuss third quarter results is scheduled for today, Thursday, October 29, 2026, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through October 29, 2027, at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.

Forward Looking Statements

This press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which express management’s current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “confident,” “continue,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “strive,” and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” “would,” and similar expressions or variations.

These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks only as of October 29, 2026. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

Category:Investors

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Revenues

$ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007

Cost of sales

352,849 413,293 1,230,122 1,249,614

Gross profit

689,734 583,008 1,913,386 1,833,393

Selling, general and administrative expenses

397,807 375,348 1,134,937 1,830,275

Income from operations

291,927 207,660 778,449 3,118

Foreign currency gains (losses), net

1,276 2,957 (2,651) 8,264

Interest income

3,343 531 4,261 1,235

Interest expense

(19,059) (21,711) (59,427) (67,000)

Other (expense) income, net

(53) (9) (431) 143

Income (loss) before income taxes

277,434 189,428 720,201 (54,240)

Income tax expense

60,679 43,612 161,003 132,123

Net income (loss)

$ 216,755 $ 145,816 $ 559,198 $ (186,363)

Net income (loss) per common share:

Basic

$ 4.57 $ 2.72 $ 11.43 $ (3.38)

Diluted

$ 4.52 $ 2.70 $ 11.32 $ (3.38)

Weighted average common shares outstanding:

Basic

47,413 53,641 48,925 55,169

Diluted

47,954 53,989 49,418 55,169

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value amounts)

September 30,

2026 December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

$ 163,457 $ 130,354

Accounts receivable, net of allowances of $39,818 and $28,136, respectively

355,022 278,191

Inventories

413,030 368,687

Income taxes receivable

2,918 32,782

Other receivables

25,412 22,082

Prepaid expenses and other assets

67,778 53,787

Total current assets

1,027,617 885,883

Property and equipment, net of accumulated depreciation of $248,818 and $209,873, respectively

240,778 238,191

Intangible assets, net

1,312,049 1,324,680

Goodwill

404,630 404,689

Deferred tax assets, net

904,841 935,054

Restricted cash

3,496 3,557

Right-of-use assets

332,085 338,669

Other assets

55,175 44,027

Total assets

$ 4,280,671 $ 4,174,750

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 272,506 $ 266,090

Accrued expenses and other liabilities

266,533 300,959

Income taxes payable

84,174 47,308

Current operating lease liabilities

90,820 85,772

Total current liabilities

714,033 700,129

Deferred tax liabilities, net

844 882

Long-term income taxes payable

641,563 649,057

Long-term borrowings

1,289,044 1,230,885

Long-term operating lease liabilities 283,254 297,192

Other liabilities

6,926 3,322

Total liabilities

2,935,664 2,881,467

Commitments and contingencies

Stockholders’ equity:

Common stock, par value $0.001 per share, 250.0 million shares authorized, 111.2 million and 110.7 million issued, 46.2 million and 50.2 million outstanding, respectively

111 111

Treasury stock, at cost, 65.0 million and 60.5 million shares, respectively

(3,564,417) (3,040,416)

Additional paid-in capital

934,497 896,605

Retained earnings

4,039,836 3,480,638

Accumulated other comprehensive loss

(65,020) (43,655)

Total stockholders’ equity

1,345,007 1,293,283

Total liabilities and stockholders’ equity

$ 4,280,671 $ 4,174,750

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Nine Months Ended September 30,

2026 2025

Cash flows from operating activities:

Net income (loss)

$ 559,198 $ (186,363)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

60,875 58,337

Operating lease cost

85,421 76,614

Share-based compensation

36,496 28,512

Asset impairments

3,301 738,115

Deferred taxes

(47) 17,057

Other non-cash items

10,055 6,059

Changes in operating assets and liabilities:

Accounts receivable

(76,691) (65,052)

Inventories

(45,873) (40,165)

Prepaid expenses and other assets

(30,585) (17,372)

Accounts payable, accrued expenses and other liabilities

(22,650) (68,459)

Right-of-use assets and operating lease liabilities

(87,614) (77,580)

Income taxes

69,303 (11,802)

Cash provided by operating activities

561,189 457,901

Cash flows from investing activities:

Purchases of property, equipment, and software

(53,615) (45,120)

Cash used in investing activities

(53,615) (45,120)

Cash flows from financing activities:

Proceeds from borrowings

476,550 626,000

Repayments of borrowings

(425,550) (664,000)

Repurchases of common stock, including excise tax

(506,194) (402,153)

Repurchases of common stock for tax withholding

(17,338) (4,245)

Cash used in financing activities

(472,532) (444,398)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(2,000) 5,462

Net change in cash, cash equivalents, and restricted cash

33,042 (26,155)

Cash, cash equivalents, and restricted cash—beginning of period

133,911 183,678

Cash, cash equivalents, and restricted cash—end of period

$ 166,953 $ 157,523

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present "Non-GAAP gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, and administrative expenses,” “Non-GAAP selling, general and administrative expenses as a percent of revenues,” “Non-GAAP income from operations,” “Non-GAAP operating margin,” “Non-GAAP income before income taxes,” “Non-GAAP income tax expense,” “Non-GAAP effective tax rate,” “Non-GAAP net income,” and “Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for “Non-GAAP operating margin,” “Non-GAAP effective tax rate,” “Non-GAAP diluted earnings per share,” and “Free cash flow.” We also present a long-term target for ‘Net leverage.’ Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.

We also present certain information related to our current period results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.

Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.

Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges.

Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods.

Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods.

Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.

Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.

Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of

Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity.

Free cash flow is calculated as ‘Cash provided by operating activities’ less ‘Purchases of property, equipment, and software.’ Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.

For the three and nine months ended September 30, 2026, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(UNAUDITED)

Non-GAAP gross profit and gross margin reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007

GAAP gross profit $ 689,734 $ 583,008 $ 1,913,386 $ 1,833,393

IEEPA tariff refunds (1)

(64,071) — (64,071) —

Distributor takeback costs (2)

— — 4,356 —

Distribution centers (3)

3,053 — 6,786 —

Other 25 — 143 —

Total adjustments (60,993) — (52,786) —

Non-GAAP gross profit $ 628,741 $ 583,008 $ 1,860,600 $ 1,833,393

GAAP gross margin

66.2 % 58.5 % 60.9% 59.5 %

Non-GAAP gross margin

60.3 % 58.5 % 59.2% 59.5 %

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the takeback of a distributor in Malaysia.

(3) Relates to the transition away from a third-party logistics provider for the HEYDUDE Brand, software transition costs at our Crocs Brand distribution center in Dayton, Ohio, and other distribution center related transition costs.

Non-GAAP gross margin reconciliation by brand:

Crocs Brand:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

GAAP Crocs Brand gross margin 68.6 % 61.8 % 63.7% 62.3 %

Non-GAAP adjustments:

IEEPA tariff refunds (1)

(5.3) % — % (1.7) % — %

Distributor takeback costs (2)

— % — % 0.1 % — %

Distribution centers (3)

0.1 % — % 0.1 % — %

Other

less than 0.1% — % less than 0.1% — %

Non-GAAP Crocs Brand gross margin 63.4 % 61.8 % 62.2 % 62.3 %

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the takeback of a distributor in Malaysia.

(3) Relates to software transition costs at our Crocs Brand distribution center in Dayton, Ohio and other distribution center related transition costs.

HEYDUDE Brand:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

GAAP HEYDUDE Brand gross margin 55.1 % 42.3 % 47.4 % 46.6 %

Non-GAAP adjustments:

IEEPA tariff refunds (1)

(10.6) % — % (3.6) % — %

Distribution centers (2)

1.3 % — % 0.8 % — %

Non-GAAP HEYDUDE Brand gross margin 45.8 % 42.3 % 44.6 % 46.6 %

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the transition away from a third-party logistics provider.

Non-GAAP selling, general and administrative reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007

GAAP selling, general and administrative expenses $ 397,807 $ 375,348 $ 1,134,937 $ 1,830,275

Impairment of indefinite-lived trademark (1)

— — — (430,000)

Impairment of goodwill (2)

— — — (307,000)

Charges incurred in connection with cost savings initiatives

(790) — (5,373) —

Impairment of leasehold improvement assets (3)

— — (3,301) —

Severance costs (4)

(261) — 999

Other — — 38 —

Total adjustments (1,051) — (7,637) (737,000)

Non-GAAP selling, general and administrative expenses (5)

$ 396,756 $ 375,348 $ 1,127,300 $ 1,093,275

GAAP selling, general and administrative expenses as a percent of revenues 38.2 % 37.7 % 36.1 % 59.4 %

Non-GAAP selling, general and administrative expenses as a percent of revenues 38.1 % 37.7 % 35.9 % 35.5 %

(1) Represents a prior year impairment of the HEYDUDE indefinite-lived trademark.

(2) Represents a prior year impairment of the HEYDUDE Brand reporting unit goodwill.

(3) Represents impairment charges for certain HEYDUDE leasehold improvement assets.

(4) Represents operational workforce reduction charges incurred in connection with cost savings initiatives in the three months ended September 30, 2026. Additionally, the nine months ended September 30, 2026, includes a change in estimate for severance costs recorded as of December 31, 2025.

(5) Non-GAAP selling, general and administrative expenses are presented gross of tax.

Non-GAAP income from operations and operating margin reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007

GAAP income from operations

$ 291,927 $ 207,660 $ 778,449 $ 3,118

Non-GAAP gross profit adjustments (1)

(60,993) — (52,786) —

Non-GAAP selling, general and administrative expenses adjustments (2)

1,051 — 7,637 737,000

Non-GAAP income from operations $ 231,985 $ 207,660 $ 733,300 $ 740,118

GAAP operating margin 28.0 % 20.8 % 24.8 % 0.1 %

Non-GAAP operating margin 22.3 % 20.8 % 23.3 % 24.0 %

(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.

(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details.

Non-GAAP income tax expense and effective tax rate reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

GAAP income from operations

$ 291,927 $ 207,660 $ 778,449 $ 3,118

GAAP income (loss) before income taxes

277,434 189,428 720,201 (54,240)

Non-GAAP income from operations (1)

$ 231,985 $ 207,660 $ 733,300 $ 740,118

GAAP non-operating income (expense):

Foreign currency gains (losses), net

1,276 2,957 (2,651) 8,264

Interest income 3,343 531 4,261 1,235

Interest expense (19,059) (21,711) (59,427) (67,000)

Other (expense) income, net (53) (9) (431) 143

Non-GAAP income before income taxes $ 217,492 $ 189,428 $ 675,052 $ 682,760

GAAP income tax expense

$ 60,679 $ 43,612 $ 161,003 $ 132,123

Tax effect of non-GAAP operating adjustments (11,446) — (9,040) 29,942

Impact of intra-entity IP transactions (2)

(11,423) (11,626) (33,706) (43,900)

Non-GAAP income tax expense $ 37,810 $ 31,986 $ 118,257 $ 118,165

GAAP effective income tax rate 21.9 % 23.0 % 22.4 % (243.6) %

Non-GAAP effective income tax rate 17.4 % 16.9 % 17.5 % 17.3 %

(1) See ‘Non-GAAP income from operations and operating margin reconciliation’ above for more details.

(2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions.

Non-GAAP net income per share reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands, except per share data)

Numerator:

GAAP net income (loss)

$ 216,755 $ 145,816 $ 559,198 $ (186,363)

Non-GAAP gross profit adjustments (1)

(60,993) — (52,786) —

Non-GAAP selling, general and administrative expenses adjustments (2)

1,051 — 7,637 737,000

Non-GAAP interest income adjustment (3)

(2,688) — (2,688) —

Tax effect of non-GAAP adjustments (4)

22,869 11,626 42,746 13,958

Non-GAAP net income

$ 176,994 $ 157,442 $ 554,107 $ 564,595

Denominator:

GAAP weighted average common shares outstanding - basic 47,413 53,641 48,925 55,169

Plus: GAAP dilutive effect of stock options and unvested restricted stock units 541 348 493 —

GAAP weighted average common shares outstanding - diluted 47,954 53,989 49,418 55,169

GAAP weighted average common shares outstanding - basic

55,169

Plus: dilutive effect of stock options and unvested restricted stock units 368

Non-GAAP weighted average common shares outstanding - diluted 55,537

GAAP net income (loss) per common share:

Basic $ 4.57 $ 2.72 $ 11.43 $ (3.38)

Diluted $ 4.52 $ 2.70 $ 11.32 $ (3.38)

Non-GAAP net income per common share:

Basic $ 3.73 $ 2.94 $ 11.33 $ 10.23

Diluted $ 3.69 $ 2.92 $ 11.21 $ 10.17

(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.

(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.

(3) Relates to interest on IEEPA tariff refunds received during the three months ended September 30, 2026.

(4) See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information.

Free cash flow reconciliation:

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

Cash provided by operating activities

$ 290,421 $ 239,336 $ 561,189 $ 457,901

Purchases of property, equipment, and software

(14,886) (13,174) (53,615) (45,120)

Free cash flow $ 275,535 $ 226,162 $ 507,574 $ 412,781

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE

Fourth Quarter 2026:

Approximately:

Non-GAAP operating margin reconciliation:

GAAP operating margin 19.5%

Non-GAAP adjustments (1)

1.0%

Non-GAAP operating margin 20.5%

Non-GAAP diluted earnings per share reconciliation:

GAAP diluted earnings per share

$3.04 to $3.24

Non-GAAP adjustments (1)(2)

$0.21

Non-GAAP diluted earnings per share

$3.25 to $3.45

Full Year 2026:

Approximately:

Non-GAAP operating margin reconciliation:

GAAP operating margin

>23.5%

Non-GAAP adjustments (1)

(1.0)%

Non-GAAP operating margin

>22.5%

Non-GAAP effective tax rate reconciliation:

GAAP effective tax rate

23%

Non-GAAP adjustments (2)

(5)%

Non-GAAP effective tax rate

18%

Non-GAAP diluted earnings per share reconciliation:

GAAP diluted earnings per share

$14.71 to $14.91

Non-GAAP adjustments (1)(2)

$(0.26)

Non-GAAP diluted earnings per share

$14.45 to $14.65

(1) During 2026, we expect to incur a non-GAAP net benefit of $40 million, primarily associated with IEEPA tariff refunds and our cost reduction initiatives. This estimate does not include the receipt of potential IEEPA tariff refunds, as we are not able to predict the timing quarter-by-quarter. We plan to recognize IEEPA tariff refunds when they are realized or considered realizable, in accordance with the gain contingency model.

CROCS, INC. AND SUBSIDIARIES

REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY

(UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

% Change

Constant Currency

% Change (1)

Favorable (Unfavorable)

2026 2025 2026 2025

Q3 2026-2025

YTD 2026-2025

Q3 2026-2025

YTD 2026-2025

($ in thousands)

Crocs Brand:

North America:

Wholesale $ 137,226 $ 144,353 $ 428,172 $ 481,563 (4.9) % (11.1) % (4.8) % (11.2) %

Direct-to-consumer (2)

301,143 303,352 814,856 791,789 (0.7) % 2.9 % (0.6) % 2.9 %

Total North America (3)

438,369 447,705 1,243,028 1,273,352 (2.1) % (2.4) % (2.0) % (2.4) %

International:

Wholesale 225,139 220,003 821,514 824,276 2.3 % (0.3) % 2.4 % (2.1) %

Direct-to-consumer 209,213 168,521 576,032 459,799 24.1 % 25.3 % 23.8 % 22.9 %

Total International 434,352 388,524 1,397,546 1,284,075 11.8 % 8.8 % 11.7 % 6.8 %

Total Crocs Brand $ 872,721 $ 836,229 $ 2,640,574 $ 2,557,427 4.4 % 3.3 % 4.4 % 2.3 %

Crocs Brand:

Wholesale $ 362,365 $ 364,356 $ 1,249,686 $ 1,305,839 (0.5) % (4.3) % (0.4) % (5.5) %

Direct-to-consumer 510,356 471,873 1,390,888 1,251,588 8.2 % 11.1 % 8.2 % 10.2 %

Total Crocs Brand 872,721 836,229 2,640,574 2,557,427 4.4 % 3.3 % 4.4 % 2.3 %

HEYDUDE Brand:

Wholesale 79,087 69,402 245,053 279,855 14.0 % (12.4) % 14.1 % (12.9) %

Direct-to-consumer 90,775 90,670 257,881 245,725 0.1 % 4.9 % 0.2 % 4.9 %

Total HEYDUDE Brand (4)

169,862 160,072 502,934 525,580 6.1 % (4.3) % 6.2 % (4.6) %

Total consolidated revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 4.6 % 2.0 % 4.6 % 1.1 %

(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information.

(2) Results for the three months ended September 30, 2026, include an approximate (2.7%) change compared to the same period in 2025, reflecting the partial period impact of a business model change which we began implementing during the third quarter.

(3) North America includes the United States and Canada.

(4) The vast majority of HEYDUDE Brand revenues are derived from North America.

Investor Contact:

Elizabeth Bouquard Pizzi, Crocs, Inc.

ir@crocs.com

PR Contact: Melissa Layton, Crocs, Inc.

mlayton@crocs.com

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