Crocs, Inc. sells casual footwear and accessories under the Crocs and HEYDUDE brands through retailers, distributors, company stores and online channels. Manufacturing is entirely outsourced.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001334036-24-000025 | Feb 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001334036-25-000009 | Feb 13, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001334036-26-000006 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Crocs entered the second half of 2026 with improving sales momentum, but not a broad recovery in profitability. Second-quarter revenue rose 2.6% to $1.179 billion as direct-to-consumer growth outweighed weaker wholesale sales. HEYDUDE remained in decline. First-half GAAP net income recovered to $342.4 million, chiefly because large prior-year impairments did not recur; company-adjusted operating income nevertheless fell. Adjusted earnings per share benefited from fewer shares, rather than higher aggregate earnings. Operating cash flow improved, helped by working-capital and tax timing, but capital spending and repurchases together exceeded it, while borrowing principal increased. Management raised its full-year outlook on July 30. The central dependencies remain sustaining Crocs demand, stabilizing HEYDUDE and managing tariffs, financing constraints and substantial remaining acquisition-related asset values.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Crocs combines molded clogs, sandals and Jibbitz personalization with HEYDUDE's lightweight slip-on footwear. Its economics depend on brand demand, product costs and the balance between wholesale and direct-to-consumer sales. DTC represented 52.1% of 2025 revenue. Store expansion supports that channel but also adds rent and operating costs; reported DTC growth is not comparable-store growth. Segment profits exclude shared corporate expenses.
For the six months ended June 30, 2026, revenue increased 0.7% to $2.101 billion but declined 0.6% at constant currency, a non-GAAP translation measure. Crocs Brand grew 2.7%, while HEYDUDE fell 8.9%. Management's revenue bridge attributes the consolidated increase to selling-price and mix effects plus currency, offset by lower volume in both brands. In the second quarter, DTC grew 12.0% while wholesale fell 7.2%; Crocs North America returned to slight growth. These improvements do not yet establish a recovery across both brands and channels.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
First-half GAAP net income of $342.4 million compares with a $332.2 million loss, largely because $738.1 million of prior-year impairments did not recur. Company-adjusted operating income instead declined to $501.3 million from $532.5 million, with adjusted margin falling to 23.9% from 25.5%. Duties and unfavorable mix pressured gross margin; lower Crocs product costs provided an offset. Higher DTC costs and compensation outweighed reduced marketing. HEYDUDE's first-half GAAP gross margin fell five percentage points to 43.5%.
Second-quarter adjusted net income fell to $225.7 million from $237.5 million, yet adjusted EPS rose to $4.55 from $4.23 because the adjusted diluted share count fell. Prior-year GAAP loss EPS also excluded awards included in adjusted profit EPS. Current adjustments remove selected distribution-transition, Malaysian distributor-takeback, impairment and cost-saving charges, with a severance-estimate reversal partly offsetting them. Adjusted earnings also remove specified IP-related tax effects; they supplement, rather than replace, GAAP results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · EX-99.1 · 2026-04-30
First-half operating cash flow increased to $270.8 million from $218.6 million. Favorable working-capital movements, particularly taxes, supported the improvement despite weaker earnings after noncash adjustments. Cash capital purchases were $38.7 million, leaving company-defined free cash flow of $232.0 million—not accounting profit. Repurchase cash payments, including excise tax, were $256.2 million, while net borrowing provided $72.0 million. Share-based compensation of $24.9 million was noncash but remains an economic compensation cost.
At June 30, cash was $170.3 million, excluding $3.6 million of restricted cash. Most cash was held internationally for local operations. Separately reported borrowing availability of $880.4 million is neither cash nor unconditional funding. Borrowing principal increased from $1.262 billion at year-end to $1.334 billion; its net carrying amount was $1.308 billion. The revolver matures in November 2027, one note issue in 2029 and the remaining notes in 2031. The term loan is scheduled to mature on February 17, 2029, subject to contractual exceptions whose operation is not independently established here. Crocs reported covenant compliance, but not actual ratios or headroom. Recognized lease liabilities were $381.5 million. Manufacturer purchase commitments were $232.1 million, with no liability recorded for those commitments. Under the annual filing’s terms, Crocs is liable only for the portion already purchased by the manufacturer or manufactured by the vendor; the remainder is cancellable without penalty. The interim filing reports no significant contractual-obligation changes other than revolver activity.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · 10-K · 2025-12-31
The board approved a $1.5 billion repurchase-authorization increase on July 27, announced July 30, leaving approximately $2.0 billion in total—not an additional $2.0 billion. Purchases remain discretionary and subject to liquidity, market conditions and debt restrictions. The June 9 stockholder-approved equity plan, filed June 10, became effective immediately. Its ordinary reserve comprises 2.2 million shares plus conditional carryover capped at 3,144,935 shares. Recycling rules affect capacity, and qualifying substitute awards can sit outside that reserve. Neither approval establishes actual issuance or an exact future dilution percentage.
Sources: 8-K · 2026-07-30 · 10-Q · 2026-06-30 · 8-K · 2026-06-09 · EX-10.1 · 2026-06-09
The latest supplied outlook, issued July 30, forecasts 2026 revenue growth of 1%–2%, Crocs growth of 2%–3% and a HEYDUDE decline of 4%–2%, improving on February and April expectations. Adjusted EPS guidance is $13.70–$14.00, versus GAAP EPS of $12.47–$12.77, and excludes potential future buybacks. Management expects modest adjusted-margin expansion from 22.3% and $70–$80 million of capital spending. Approximately $25 million of expected operating adjustments excludes potential tariff refunds. Third-quarter guidance calls for approximately flat revenue and adjusted EPS of $3.20–$3.30; a GAAP reconciliation was unavailable because adjustment timing was uncertain. These are dated forecasts, not achieved outcomes.
No tariff-refund benefit was recognized at June 30. Crocs estimated approximately $70 million of eligible refunds and reported receiving approximately $20 million after quarter-end, included within that estimate, with the corresponding benefit expected in third-quarter cost of sales. Remaining timing and realizability were uncertain, and new tariffs continued. Outsourced production, concentrated suppliers without long-term manufacturing contracts, cautious consumers and wholesale partners remain vulnerabilities. Management also reported reduced distributor-market revenue from Middle East conflict and possible further input and transport cost pressure.
HEYDUDE still carried a $1.140 billion trademark and $403.0 million of goodwill at June 30. No new goodwill or trademark impairment trigger was identified, but further forecast shortfalls could require write-downs. Tax-asset recovery depends on future taxable income and IP-related economic-substance requirements; tax and customs audits remain open. Securities and related derivative lawsuits concern alleged misleading wholesale-inventory disclosures, not established misconduct. Their loss range was unquantifiable, and the separate $0.7 million general legal accrual does not cap exposure. Cyberattacks and third-party platform dependence remain additional operating risks.
Sources: EX-99.1 · 2026-02-12 · EX-99.1 · 2026-04-30 · EX-99.1 · 2026-07-30 · 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 4.040647 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.040647 bn | -1.5% |
| 2024 | USD 4.102108 bn | 3.5% |
| 2023 | USD 3.962347 bn | — |
Consolidated revenue net of returns, discounts and allowances.
Sources: 10-K · 2025-12-31
USD -81.198 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -81.198 m | Turned loss-making |
| 2024 | USD 950.071 m | 19.9% |
| 2023 | USD 792.566 m | — |
Consolidated income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD 710.431 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 710.431 m | -28.4% |
| 2024 | USD 992.486 m | 6.7% |
| 2023 | USD 930.444 m | — |
Net cash provided by operating activities.
Sources: 10-K · 2025-12-31
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