Crocs, Inc. Reports Fourth Quarter and Full-Year 2025 Results; Issues First Quarter and Full-Year 2026 Outlook
BROOMFIELD, Colo., Feb. 12, 2026 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its fourth quarter and full-year 2025 financial results.
"We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded $4 billion, led by low-double digit international growth for the Crocs Brand. At the same time, we accelerated our strategic actions to strengthen the long-term health of both the Crocs and HEYDUDE brands. Our powerful value creation model drove operating cash flow of approximately $700 million which enabled us to return shareholder value as we repurchased approximately 10% of our shares outstanding, and paid down $128 million of debt," said Andrew Rees, Chief Executive Officer.
Mr. Rees continued, "We enter 2026 with greater confidence around our growth engines which are diversified across channels, geographies, brands, and product categories. We have identified and actioned $100 million of cost savings in 2026 aimed at driving greater efficiency while providing the flexibility to continue to invest behind our brands and deepen our connection with consumers."
Amounts referred to as "Adjusted" or "Non-GAAP" are Non-GAAP measures and include adjustments that are described under the heading "Reconciliation of GAAP Measures to Non-GAAP Measures." A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.
Fourth Quarter 2025 Operating Results (Compared to the Same Period Last Year)
2025 Operating Results (Compared to Last Year)
Fourth Quarter 2025 Brand Summary (Compared to the Same Period Last Year)
2025 Brand Summary (Compared to the Last Year)
Balance Sheet and Cash Flow (December 31, 2025 as compared to December 31, 2024)
Financial Outlook
First Quarter 2026
For the first quarter of 2026, we expect:
Full-Year 2026
For 2026, we expect:
Conference Call Information
A conference call to discuss fourth quarter and full-year results is scheduled for today, Thursday, February 12, 2026, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through February 12, 2027, at this site.
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.
Forward Looking 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 include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.
All information in this document speaks only as of February 12, 2026. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.
Category:Investors
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues
$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
Cost of sales
433,978
416,847
1,683,592
1,691,850
Gross profit
523,662
572,926
2,357,055
2,410,258
Selling, general and administrative
expenses
377,265
373,011
2,207,540
1,388,347
Income from operations
146,397
199,915
149,515
1,021,911
Foreign currency gains (losses), net
1,579
(2,849)
9,843
(6,777)
Interest income
609
576
1,844
3,484
Interest expense
(21,287)
(23,337)
(88,287)
(109,264)
Other income (expense), net
(80)
929
63
1,231
Income before income taxes
127,218
175,234
72,978
910,585
Income tax expense (benefit)
22,053
(193,675)
154,176
(39,486)
Net income (loss)
$ 105,165
$ 368,909
$ (81,198)
$ 950,071
Net income (loss) per common
share:
Basic
$ 2.05
$ 6.40
$ (1.50)
$ 16.00
Diluted
$ 2.03
$ 6.36
$ (1.50)
$ 15.88
Weighted average common
shares outstanding:
Basic
51,356
57,615
54,208
59,381
Diluted
51,736
58,027
54,208
59,832
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts)
December 31,
2025
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
$ 130,354
$ 180,485
Accounts receivable, net of allowances of $28,136 and $31,579, respectively
278,191
257,657
Inventories
368,687
356,254
Income taxes receivable
32,782
4,046
Other receivables
22,082
22,204
Prepaid expenses and other assets
53,787
51,623
Total current assets
885,883
872,269
Property and equipment, net
238,191
244,335
Intangible assets, net
1,324,680
1,777,080
Goodwill
404,689
711,491
Deferred tax assets, net
935,054
872,350
Restricted cash
3,557
3,193
Right-of-use assets
338,669
307,228
Other assets
44,027
24,207
Total assets
$ 4,174,750
$ 4,812,153
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 266,090
$ 264,901
Accrued expenses and other liabilities
300,959
298,068
Income taxes payable
47,308
108,688
Current operating lease liabilities
85,772
68,551
Total current liabilities
700,129
740,208
Deferred tax liabilities, net
882
4,086
Long-term income taxes payable
649,057
595,434
Long-term borrowings
1,230,885
1,349,339
Long-term operating lease liabilities
297,192
283,406
Other liabilities
3,322
3,948
Total liabilities
2,881,467
2,976,421
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.001 per share, 110.7 million and 110.4 million issued, 50.2
million and 56.5 million shares outstanding, respectively
111
110
Treasury stock, at cost, 60.5 million and 53.9 million shares, respectively
(3,040,416)
(2,453,473)
Additional paid-in capital
896,605
859,904
Retained earnings
3,480,638
3,561,836
Accumulated other comprehensive loss
(43,655)
(132,645)
Total stockholders' equity
1,293,283
1,835,732
Total liabilities and stockholders' equity
$ 4,174,750
$ 4,812,153
CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net income (loss)
$ (81,198)
$ 950,071
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation and amortization
79,282
69,840
Operating lease cost
104,313
85,130
Inventory donations
871
812
Provision for (recovery of) doubtful accounts, net
(190)
1,352
Share-based compensation
36,701
33,053
Asset impairments
738,115
24,081
Deferred taxes
47,093
(254,454)
Other non-cash items (1)
5,931
14,171
Changes in operating assets and liabilities:
Accounts receivable, net of allowances
(6,169)
42,587
Inventories
(13,842)
22,055
Prepaid expenses and other assets
(22,317)
(13,892)
Accounts payable
709
3,951
Accrued expenses and other liabilities
524
9,971
Right-of-use assets and operating lease liabilities
(105,293)
(88,772)
Income taxes
(74,099)
92,530
Cash provided by operating activities
710,431
992,486
Cash flows from investing activities:
Purchases of property, equipment, and software
(51,231)
(69,347)
Cash used in investing activities
(51,231)
(69,347)
Cash flows from financing activities:
Proceeds from bank borrowings
819,000
102,156
Repayments of bank borrowings
(947,000)
(425,405)
Repurchases of common stock, including excise taxes paid
(582,320)
(552,451)
Repurchases of common stock for tax withholding
(4,245)
(8,239)
Other (1)
—
(2,109)
Cash used in financing activities
(714,565)
(886,048)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
5,598
(6,510)
Net change in cash, cash equivalents, and restricted cash
(49,767)
30,581
Cash, cash equivalents, and restricted cash — beginning of year
183,678
153,097
Cash, cash equivalents, and restricted cash — end of year
$ 133,911
$ 183,678
(1)
Amounts for the twelve months ended December 31, 2024, have been reclassified to conform to current period presentation.
CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP 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 twelve months ended December 31, 2025, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)
Non-GAAP gross profit and gross margin reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)
GAAP revenues
$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP gross profit
$ 523,662
$ 572,926
$ 2,357,055
$ 2,410,258
Distribution centers (1)
—
—
—
3,242
Non-GAAP gross profit
$ 523,662
$ 572,926
$ 2,357,055
$ 2,413,500
GAAP gross margin
54.7 %
57.9 %
58.3 %
58.8 %
Non-GAAP gross margin
54.7 %
57.9 %
58.3 %
58.8 %
(1)
During the twelve months ended December 31, 2024, adjustments primarily relate to costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada.
Non-GAAP selling, general and administrative reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)
GAAP revenues
$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP selling, general and
administrative expenses
$ 377,265
$ 373,011
$ 2,207,540
$ 1,388,347
Impairment of indefinite-lived
trademark (1)
—
—
(430,000)
—
Impairment of goodwill (2)
—
—
(307,000)
—
Impairment related to information
technology systems (3)
—
—
—
(18,172)
Severance costs (4)
(13,420)
(13,420)
Impairment related to distribution
centers (5)
—
—
—
(6,933)
Other
(732)
—
(732)
—
Total adjustments
(14,152)
—
(751,152)
(25,105)
Non-GAAP selling, general
and administrative expenses (6)
$ 363,113
$ 373,011
$ 1,456,388
$ 1,363,242
GAAP selling, general and
administrative expenses as a
percent of revenues
39.4 %
37.7 %
54.6 %
33.8 %
Non-GAAP selling, general and
administrative expenses as a
percent of revenues
37.9 %
37.7 %
36.0 %
33.2 %
(1)
Represents an impairment of the HEYDUDE indefinite-lived trademark.
(2)
Represents an impairment of the HEYDUDE Brand reporting unit goodwill.
(3)
Represents an impairment of information technology systems related to the HEYDUDE integration.
(4)
Represents operational workforce reduction charges incurred in connection with cost savings initiatives.
(5)
Primarily represents an impairment of the right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada, associated with our move to our new distribution center and an impairment of the right-of-use asset for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
(6)
Non-GAAP selling, general and administrative expenses are presented gross of tax.
Non-GAAP income from operations and operating margin reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)
GAAP revenues
$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
GAAP income from operations
$ 146,397
$ 199,915
$ 149,515
$ 1,021,911
Non-GAAP gross profit adjustments (1)
—
—
—
3,242
Non-GAAP selling, general and
administrative expenses adjustments (2)
14,152
—
751,152
25,105
Non-GAAP income from operations
$ 160,549
$ 199,915
$ 900,667
$ 1,050,258
GAAP operating margin
15.3 %
20.2 %
3.7 %
24.9 %
Non-GAAP operating margin
16.8 %
20.2 %
22.3 %
25.6 %
(1)
See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.
(2)
See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details.
Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)
GAAP income from operations
$ 146,397
$ 199,915
$ 149,515
$ 1,021,911
GAAP income before income taxes
127,218
175,234
72,978
910,585
Non-GAAP income from operations (1)
$ 160,549
$ 199,915
$ 900,667
$ 1,050,258
GAAP non-operating income (expenses):
Foreign currency gains (losses), net
1,579
(2,849)
9,843
(6,777)
Interest income
609
576
1,844
3,484
Interest expense
(21,287)
(23,337)
(88,287)
(109,264)
Other income (expense), net
(80)
929
63
1,231
Non-GAAP income before income
taxes
$ 141,370
$ 175,234
$ 824,130
$ 938,932
GAAP income tax expense
$ 22,053
$ (193,675)
$ 154,176
$ (39,486)
Tax effect of non-GAAP operating
adjustments
3,484
(211)
33,426
6,929
Impact of intra-entity IP transactions (2)
(2,452)
222,117
(46,352)
182,785
Non-GAAP income tax expense
$ 23,085
$ 28,231
$ 141,250
$ 150,228
GAAP effective income tax rate
17.3 %
(110.5) %
211.3 %
(4.3) %
Non-GAAP effective income tax rate
16.3 %
16.1 %
17.1 %
16.0 %
(1)
See 'Non-GAAP income from operations and operating margin reconciliation' above for more details.
(2)
In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions.
Non-GAAP net income per share reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands, except per share data)
Numerator:
GAAP net income (loss)
$ 105,165
$ 368,909
$ (81,198)
$ 950,071
Non-GAAP gross profit
adjustments (1)
—
—
—
3,242
Non-GAAP selling, general and
administrative expenses
adjustments (2)
14,152
—
751,152
25,105
Non-GAAP other income
adjustment
—
(842)
—
(842)
Tax effect of non-GAAP
adjustments (3)
(1,032)
(221,906)
12,926
(189,714)
Non-GAAP net income
$ 118,285
$ 146,161
$ 682,880
$ 787,862
Denominator:
GAAP weighted average common
shares outstanding - basic
51,356
57,615
54,208
59,381
Plus: GAAP dilutive effect of stock
options and unvested restricted
stock units
380
412
—
451
GAAP weighted average common
shares outstanding - diluted
51,736
58,027
54,208
59,832
GAAP weighted average common
shares outstanding - basic
54,208
Plus: dilutive effect of stock
options and unvested restricted
stock units
371
Non-GAAP weighted average
common shares outstanding -
diluted
54,579
GAAP net income (loss) per
common share:
Basic
$ 2.05
$ 6.40
$ (1.50)
$ 16.00
Diluted
$ 2.03
$ 6.36
$ (1.50)
$ 15.88
Non-GAAP net income per common
share:
Basic
$ 2.30
$ 2.54
$ 12.60
$ 13.27
Diluted
$ 2.29
$ 2.52
$ 12.51
$ 13.17
(1)
See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.
(2)
See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.
(3)
See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information.
Free cash flow reconciliation:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(in thousands)
Cash provided by operating activities
$ 252,530
$ 321,937
$ 710,431
$ 992,486
Purchases of property, equipment,
and software
(6,111)
(18,490)
(51,231)
(69,347)
Free cash flow
$ 246,419
$ 303,447
$ 659,200
$ 923,139
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE
Full-Year 2026:
Approximately:
Non-GAAP operating margin reconciliation:
GAAP operating margin
>21.7%
Non-GAAP adjustments (1)
0.6 %
Non-GAAP operating margin
>22.3%
Non-GAAP effective tax rate reconciliation:
GAAP effective tax 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
$11.71 to $12.18
Non-GAAP adjustments (1)(2)
$1.17
Non-GAAP diluted earnings per share
$12.88 to $13.35
(1)
During 2026, we expect to incur approximately $25 million of non-GAAP adjustments, primarily associated with supply chain optimization and other cost savings efficiencies.
(2)
In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the full-year 2026 impact of these transactions.
Non-GAAP Financial Guidance
Our forward-looking guidance for consolidated "adjusted operating margin" and "adjusted diluted earnings per share" represents non-GAAP financial measures that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.
While we are able to estimate full-year non-GAAP adjustments, we are unable to reconcile forward-looking adjusted measures to their nearest U.S. GAAP measure quarter-by-quarter because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the first quarter of 2026 without unreasonable efforts.
CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY
(UNAUDITED)
Three Months Ended
December 31,
Year Ended December
31,
% Change
Constant Currency
% Change (1)
Favorable (Unfavorable)
2025
2024
2025
2024
Q4 2025-
2024
YTD 2025
-2024
Q4 2025-
2024
YTD
2025-2024
($ in thousands)
Crocs Brand:
North America:
Wholesale
$ 103,113
$ 128,084
$ 584,677
$ 644,511
(19.5) %
(9.3) %
(19.5) %
(9.1) %
Direct-to-consumer
333,169
342,893
1,124,958
1,188,911
(2.8) %
(5.4) %
(2.8) %
(5.3) %
Total North America (2)
436,282
470,977
1,709,635
1,833,422
(7.4) %
(6.8) %
(7.4) %
(6.7) %
International:
Wholesale
190,422
186,615
1,014,697
963,035
2.0 %
5.4 %
0.3 %
5.4 %
Direct-to-consumer
141,676
104,472
601,475
481,510
35.6 %
24.9 %
30.0 %
22.9 %
Total International
332,098
291,087
1,616,172
1,444,545
14.1 %
11.9 %
11.0 %
11.2 %
Total Crocs Brand
$ 768,380
$ 762,064
$ 3,325,807
$ 3,277,967
0.8 %
1.5 %
(0.4) %
1.3 %
Crocs Brand:
Wholesale
$ 293,535
$ 314,699
$ 1,599,374
$ 1,607,546
(6.7) %
(0.5) %
(7.7) %
(0.5) %
Direct-to-consumer
474,845
447,365
1,726,433
1,670,421
6.1 %
3.4 %
4.8 %
2.9 %
Total Crocs Brand
768,380
762,064
3,325,807
3,277,967
0.8 %
1.5 %
(0.4) %
1.3 %
HEYDUDE Brand:
Wholesale
56,470
94,872
336,325
456,472
(40.5) %
(26.3) %
(41.7) %
(26.5) %
Direct-to-consumer
132,790
132,837
378,515
367,669
— %
2.9 %
(0.1) %
2.8 %
Total HEYDUDE Brand (3)
189,260
227,709
714,840
824,141
(16.9) %
(13.3) %
(17.5) %
(13.5) %
Total consolidated revenues
$ 957,640
$ 989,773
$ 4,040,647
$ 4,102,108
(3.2) %
(1.5) %
(4.2) %
(1.7) %
(1)
Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See 'Reconciliation of GAAP Measures to Non-GAAP Measures' above for more information.
(2)
North America includes the United States and Canada.
(3)
The vast majority of HEYDUDE Brand revenues are derived from North America.
Investor Contact:
Erinn Murphy, Crocs, Inc.
(303) 848-7005
[email protected]
PR Contact:
Melissa Layton, Crocs, Inc.
(303) 848-7885
[email protected]
SOURCE Crocs, Inc.