🔹 Revenue: $996.3M (Est. $961.61M) 🟢; -6.2% YoY
🔹 Adj. EPS: $2.92 (Est. $2.36) 🟢; -18.9% YoY
🔹 Gross Margin: 58.5%; -110 bps YoY
Q4’25 Guidance
🔹 Adj. EPS: $1.82–$1.92 (Est. $1.75) 🟢
🔹 Revenues to be down 8% YoY 🟡
🔹 Crocs Brand to be down 3% YoY
🔹 HEYDUDE Brand to be down mid-20% YoY
🔹 Adj. Op Margin: ~15.5%
🔹 Tax Rate: GAAP ~20%
🔹 FY25 CapEx: $70M–$75M
Segment (YoY)
Crocs Brand
🔹 Revenue: $836M; DOWN -2.5% (CC -3.2%)
🔹 DTC: $472M; UP +2.0% (CC +1.2%)
🔹 Wholesale: $364M; DOWN -7.9% (CC -8.4%)
🔹 North America: $448M; DOWN -8.8%
🔹 International: $389M; UP +5.8% (CC +4.2%)
HEYDUDE
🔹 Revenue: $160M; DOWN -21.6% (CC -21.7%)
🔹 DTC: $91M; DOWN -0.5% (CC -0.7%)
🔹 Wholesale: $69M; DOWN -38.6% (CC -38.7%)
Other Metrics
🔹 DTC Revenue (Consolidated): UP +1.6% (CC +0.9%); Wholesale: DOWN -14.7% (CC -15.1%)
🔹 Share Repurchases: 2.4M shares for $203M (avg. ~$83.03); Authorization remaining ~$927M
🔹 Debt Paydown: $63M
🔹 Cash: $154M | Inventories: $397M | Total Borrowings: $1.32B
CEO Commentary
🔸 “Results came in ahead of expectations… strong cash flow enabled repurchase of 2.4M shares and $63M debt paydown. We see greater potential across both brands and are working to re-gain momentum.” — CEO Andrew Rees
🔸 “Beyond the $50M 2025 gross cost savings, we’ve identified an incremental $100M and are committed to driving operating leverage in 2026.”
