Fiscal year · 2003–2025
Crocs
Crocs, Inc. — a full financial history from FY2003, three years before the 2006 IPO, plus quarterly detail. Not comparable to the automakers: this is a footwear company, measured in dollars.
$4.04B
2025
$4.10B
Peak, 2024
+45% CAGR
Since 2003
$1M
First, 2003
Annual financials
Annual ·US$ in millions unless noted
Full-company income statement, cash flow, returns to holders and balance sheet, FY2003–FY2025. Each row is in its own unit — revenue and balance-sheet lines in US$ millions, margins and growth in per cent, share and employee counts as reported.
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 | 14 | 109 | 355 | 847 | 722 | 646 | 790 | 1,001 | 1,123 | 1,193 | 1,198 | 1,091 | 1,036 | 1,024 | 1,088 | 1,231 | 1,386 | 2,313 | 3,555 | 3,962 | 4,102 | 4,041 |
| Growth % (YoY) | — | 1060.5% | 703.1% | 226.7% | 138.9% | (14.8%) | (10.5%) | 22.3% | 26.7% | 12.2% | 6.2% | 0.5% | (9.0%) | (5.0%) | (1.2%) | 6.3% | 13.1% | 12.6% | 66.9% | 53.7% | 11.5% | 3.5% | (1.5%) |
| Cost of Revenue | 0.9 | 7.2 | 48 | 154 | 350 | 487 | 345 | 366 | 464 | 515 | 569 | 608 | 580 | 536 | 506 | 528 | 614 | 636 | 893 | 1,695 | 1,752 | 1,692 | 1,684 |
| Gross Profit | 0.3 | 6.4 | 61 | 201 | 498 | 235 | 301 | 424 | 536 | 608 | 623 | 590 | 511 | 500 | 517 | 560 | 617 | 750 | 1,420 | 1,860 | 2,210 | 2,410 | 2,357 |
| Growth % (YoY) | — | 2220.4% | 856.4% | — | — | (52.8%) | 28.1% | 40.8% | 26.6% | 13.3% | 2.5% | (5.3%) | (13.5%) | (2.1%) | 3.4% | 8.3% | 10.2% | 21.5% | 89.4% | 31.0% | 18.8% | 9.1% | (2.2%) |
| Operating Expenses | 1.5 | 7.9 | 34 | 105 | 260 | 369 | 352 | 343 | 400 | 462 | 560 | 595 | 583 | 506 | 500 | 497 | 488 | 536 | 737 | 1,010 | 1,173 | 1,388 | 1,456 |
| EBIT | (1.2) | (1.6) | 27 | 95 | 238 | (134) | (51) | 81 | 137 | 146 | 63 | (4.7) | (72) | (6.2) | 17 | 63 | 129 | 214 | 683 | 851 | 1,037 | 1,022 | 901 |
| Growth % (YoY) | — | (31.2%) | — | — | — | — | 61.8% | — | 68.5% | 7.1% | (56.8%) | — | (1430.3%) | 91.5% | — | 263.1% | 104.4% | 66.4% | 219.0% | 24.5% | 21.9% | (1.4%) | (11.8%) |
| Net Interest Expense | — | 0 | 0.6 | 0.6 | 0.4 | 1.8 | 1.5 | 0.7 | 0.9 | 0.8 | (1.4) | (0.9) | 0 | 0.1 | (0) | (0.3) | 8 | 6.5 | 21 | 135 | 159 | 106 | 86 |
| Net Income (Loss) | (1.2) | (1.5) | 17 | 64 | 168 | (185) | (42) | 68 | 113 | 131 | 10 | (4.9) | (83) | (16) | 10 | 50 | 119 | 313 | 726 | 540 | 793 | 950 | — |
| Growth % (YoY) | — | (24.5%) | — | — | — | — | 77.3% | — | 66.5% | 16.5% | (92.1%) | — | (1588.9%) | 80.2% | — | 392.6% | 136.9% | 161.8% | 132.0% | (25.6%) | 46.7% | 19.9% | — |
| Gross Margin % | 23.5% | 47.0% | 56.0% | 56.5% | 58.7% | 32.5% | 46.6% | 53.7% | 53.6% | 54.1% | 52.3% | 49.3% | 46.8% | 48.3% | 50.5% | 51.5% | 50.1% | 54.1% | 61.4% | 52.3% | 55.8% | 58.8% | 58.3% |
| EBIT Margin % | (102.7%) | (11.6%) | 24.8% | 26.9% | 28.1% | (18.6%) | (7.9%) | 10.3% | 13.6% | 13.0% | 5.3% | (0.4%) | (6.6%) | (0.6%) | 1.7% | 5.8% | 10.5% | 15.4% | 29.5% | 23.9% | 26.2% | 24.9% | 22.3% |
| Net Margin % | (103.0%) | (11.1%) | 15.6% | 18.2% | 19.9% | (25.6%) | (6.5%) | 8.6% | 11.3% | 11.7% | 0.9% | (0.4%) | (7.6%) | (1.6%) | 1.0% | 4.6% | 9.7% | 22.6% | 31.4% | 15.2% | 20.0% | 23.2% | — |
| Unlevered FCF | (1.1) | (2.5) | (6.7) | (13) | (21) | (98) | (17) | 60 | 116 | 60 | 23 | (60) | (56) | 19 | 71 | 78 | 53 | 174 | 488 | 574 | 923 | 965 | — |
| UFCF Margin % | (95.5%) | (18.5%) | (6.1%) | (3.6%) | (2.5%) | (13.5%) | (2.7%) | 7.7% | 11.6% | 5.3% | 1.9% | (5.0%) | (5.1%) | 1.8% | 7.0% | 7.2% | 4.3% | 12.6% | 21.1% | 16.2% | 23.3% | 23.5% | — |
| UFCF to Deployed Tangible Cap % | (208.8%) | (128.8%) | (26.8%) | (7.0%) | (5.4%) | (40.4%) | (6.9%) | 19.3% | 26.5% | 11.2% | 4.3% | (11.8%) | (16.9%) | 5.9% | 23.5% | 36.0% | 13.4% | 40.9% | 89.1% | 71.2% | 125.0% | 256.3% | — |
| EBIT to Deployed Tangible Cap % | (224.6%) | (80.9%) | 108.4% | 51.6% | 61.2% | (55.4%) | (20.3%) | 25.9% | 31.2% | 27.2% | 11.7% | (0.9%) | (22.0%) | (1.9%) | 5.7% | 28.9% | 32.3% | 50.2% | 124.8% | 105.5% | 140.5% | 271.5% | 212.5% |
| FCF to Equity | — | 0.2 | 13 | (29) | (42) | 35 | 21 | 80 | 114 | — | — | 156 | (23) | 9.7 | 68 | (99) | 139 | 200 | 1,116 | 2,094 | 149 | 600 | 531 |
| Return to Holders | |||||||||||||||||||||||
| Dividends | 0 | 0 | 0.3 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.2 | 12 | 12 | 12 | 205 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0.5 | 0.3 | 0.8 | 0.3 | 0.3 | 50 | 63 | 147 | 171 | 1,020 | 11 | 192 | 561 | 587 |
| Total Returned | 0 | 0 | 0.3 | 0.2 | 0 | 0 | 0 | 0 | 0.5 | 0.5 | 0.3 | 9 | 12 | 12 | 62 | 268 | 150 | 171 | 1,020 | 11 | 192 | 561 | 587 |
| % of Net Income Returned | 0.0% | 0.0% | 1.6% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.4% | 2.5% | (183.1%) | (14.6%) | (74.7%) | 605.6% | 531.1% | 125.7% | 54.6% | 140.6% | 2.1% | 24.2% | 59.0% | — |
| Shares Outstanding | — | — | 34.9 | 78.7 | 82.2 | 83.0 | 85.7 | 86.2 | 89.8 | 88.7 | 88.5 | 78.5 | 72.9 | 73.6 | 68.8 | 73.3 | 68.2 | 65.9 | 58.3 | 61.7 | 60.5 | 56.5 | 51.7 |
| Growth % (YoY) | — | — | — | 125.5% | 4.5% | 1.0% | 3.2% | 0.7% | 4.2% | (1.3%) | (0.2%) | (11.2%) | (7.2%) | 1.0% | (6.5%) | 6.5% | (7.0%) | (3.4%) | (11.5%) | 5.8% | (1.9%) | (6.6%) | (8.4%) |
| Cash | 0.3 | 1.1 | 4.8 | 43 | 36 | 52 | 77 | 146 | 258 | 294 | 317 | 268 | 143 | 148 | 172 | 123 | 108 | 136 | 213 | 192 | 149 | 180 | 130 |
| Working Capital | 0.2 | (1.8) | 10 | 150 | 301 | 146 | 181 | 243 | 370 | 455 | 453 | 442 | 279 | 276 | 268 | 196 | 168 | 201 | 278 | 385 | 212 | 132 | 186 |
| Net PPE | 0.3 | 3.7 | 15 | 35 | 88 | 96 | 71 | 70 | 68 | 82 | 87 | 68 | 49 | 44 | 35 | 22 | 230 | 225 | 269 | 421 | 526 | 244 | 238 |
| LT Debt | 0 | 1.4 | 3.2 | 0.1 | 0 | 0 | 0.9 | 30 | 0 | 4.6 | 12 | 6.4 | 1.6 | 0 | 0 | 120 | 345 | 326 | 921 | 2,513 | 1,911 | 1,349 | 1,231 |
| Market Cap | — | — | — | 1,686 | 3,035 | 103 | 493 | 1,494 | 1,333 | 1,309 | 1,408 | 1,030 | 754 | 505 | 881 | 1,735 | 2,874 | 4,229 | 7,545 | 6,695 | 5,658 | 6,384 | 4,440 |
| Growth % (YoY) | — | — | — | — | 80.1% | (96.6%) | 378.7% | 203.2% | (10.7%) | (1.8%) | 7.5% | (26.8%) | (26.8%) | (33.1%) | 74.5% | 97.1% | 65.6% | 47.2% | 78.4% | (11.3%) | (15.5%) | 12.8% | (30.4%) |
| Enterprise Value | — | — | — | 1,621 | 3,006 | 74 | 417 | 1,380 | 1,077 | 1,021 | 1,108 | 978 | 820 | 562 | 912 | 1,732 | 3,159 | 4,467 | 8,296 | 9,098 | 7,505 | 7,904 | 6,052 |
| Growth % (YoY) | — | — | — | — | 85.4% | (97.5%) | 465.7% | 231.0% | (22.0%) | (5.1%) | 8.4% | (11.7%) | (16.1%) | (31.4%) | 62.2% | 89.9% | 82.4% | 41.4% | 85.7% | 9.7% | (17.5%) | 5.3% | (23.4%) |
| $ of MC Gained/$ Retained | — | 0 | 0 | 26.24 | 8.02 | 15.84 | (9.26) | 14.78 | (1.43) | (0.18) | 9.71 | 27.07 | 2.9 | 8.67 | (7.27) | (3.93) | (37.1) | 9.54 | (11.26) | (1.61) | (1.73) | 1.86 | (1.17) |
| No. of Employees | — | — | 1,130 | 2,900 | 5,300 | 3,700 | 3,560 | 4,000 | 4,157 | 4,900 | 5,000 | 4,900 | 5,400 | 5,068 | 4,382 | 3,901 | 3,803 | 4,600 | 5,770 | 6,680 | 7,030 | 7,910 | — |
| CapEx | 0.3 | 1.6 | 12 | 24 | 57 | 56 | 20 | 31 | 28 | 40 | 40 | 16 | 13 | 13 | 13 | 12 | 37 | 42 | 56 | 104 | 116 | 69 | 51 |
| As % of Sales | 27.6% | 11.5% | 10.6% | 6.7% | 6.8% | 7.7% | 3.1% | 4.0% | 2.8% | 3.5% | 3.4% | 1.3% | 1.2% | 1.3% | 1.3% | 1.1% | 3.0% | 3.0% | 2.4% | 2.9% | 2.9% | 1.7% | 1.3% |
| D&A | 0.1 | 0.7 | 3.3 | 8.1 | 21 | 37 | 37 | 37 | 37 | 37 | 42 | 37 | 36 | 34 | 33 | 29 | 24 | 28 | 32 | 39 | 54 | 70 | 79 |
| As % of Sales | 6.4% | 5.2% | 3.1% | 2.3% | 2.5% | 5.2% | 5.7% | 4.7% | 3.7% | 3.3% | 3.5% | 3.1% | 3.3% | 3.3% | 3.2% | 2.7% | 2.0% | 2.0% | 1.4% | 1.1% | 1.4% | 1.7% | 2.0% |
| Depreciation Only | 0.1 | 0.2 | 2 | 6.2 | 17 | 31 | 30 | 30 | 28 | 23 | 24 | 23 | 16 | 15 | 15 | 13 | 8.9 | 12 | 15 | 20 | 32 | 47 | 79 |
| SGA | — | — | — | — | — | — | 312 | 334 | 392 | 448 | 534 | 528 | 545 | 490 | 482 | 484 | 481 | 507 | 728 | 1,000 | 1,151 | 1,362 | 1,436 |
| As % of Sales | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 48.3% | 42.3% | 39.2% | 39.9% | 44.8% | 44.0% | 49.9% | 47.3% | 47.1% | 44.5% | 39.1% | 36.6% | 31.5% | 28.1% | 29.1% | 33.2% | 35.5% |
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Annual — by region
Annual ·US$ in millions unless noted
Crocs-brand sales, growth, share of company, operating income and operating margin by region, from FY2013 when the split was first disclosed. Crocs re-segmented in FY2021: Americas / Asia Pacific / EMEA run to FY2020, North America / International from FY2021 — different perimeters, kept as separate rows, not one series.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales $MM | |||||||||||||
| Crocs - Americas | 499 | 490 | 476 | 467 | 480 | 520 | 641 | 864 | — | — | — | — | — |
| Crocs - North America | — | — | — | — | — | — | — | — | 1,554 | 1,645 | 1,778 | 1,833 | 1,710 |
| Crocs - Asia Pacific | 478 | 474 | 424 | 395 | 336 | 345 | 348 | 279 | — | — | — | — | — |
| Crocs - International | — | — | — | — | — | — | — | — | 759 | 1,014 | 1,235 | 1,445 | 1,616 |
| Crocs - EMEA | 216 | 234 | 189 | 173 | 206 | 220 | 242 | 244 | — | — | — | — | — |
| Growth Rate YoY % | |||||||||||||
| Crocs - Americas | — | (1.7%) | (2.8%) | (1.9%) | 2.8% | 8.3% | 23.1% | 34.8% | — | — | — | — | — |
| Crocs - North America | — | — | — | — | — | — | — | — | — | 5.8% | 8.1% | 3.1% | (6.7%) |
| Crocs - Asia Pacific | — | (0.8%) | (10.4%) | (6.9%) | (14.9%) | 2.5% | 1.0% | (20.0%) | — | — | — | — | — |
| Crocs - International | — | — | — | — | — | — | — | — | — | 33.6% | 21.7% | 17.0% | 11.9% |
| Crocs - EMEA | — | 8.0% | (19.2%) | (8.1%) | 19.0% | 6.7% | 9.8% | 0.7% | — | — | — | — | — |
| Sales As A % Of The Company | |||||||||||||
| Crocs - Americas | 41.8% | 40.9% | 43.7% | 45.1% | 46.9% | 47.8% | 52.0% | 62.3% | — | — | — | — | — |
| Crocs - North America | — | — | — | — | — | — | — | — | 67.2% | 46.3% | 44.9% | 44.7% | 42.3% |
| Crocs - Asia Pacific | 40.0% | 39.6% | 38.9% | 38.1% | 32.8% | 31.7% | 28.3% | 20.1% | — | — | — | — | — |
| Crocs - International | — | — | — | — | — | — | — | — | 32.8% | 28.5% | 31.2% | 35.2% | 40.0% |
| Crocs - EMEA | 18.1% | 19.5% | 17.3% | 16.7% | 20.2% | 20.2% | 19.7% | 17.6% | — | — | — | — | — |
| Operating Income $MM | |||||||||||||
| Crocs - Americas | 62 | 48 | 49 | 73 | 97 | 139 | 205 | 362 | — | — | — | — | — |
| Crocs - Asia Pacific | 118 | 75 | 48 | 67 | 73 | 83 | 81 | 47 | — | — | — | — | — |
| Crocs - EMEA | 16 | 25 | 16 | 34 | 37 | 60 | 70 | 63 | — | — | — | — | — |
| Operating Margin % | |||||||||||||
| Crocs - Americas | 12.4% | 9.9% | 10.4% | 15.6% | 20.1% | 26.7% | 32.0% | 41.9% | — | — | — | — | — |
| Crocs - Asia Pacific | 24.8% | 15.9% | 11.4% | 17.0% | 21.7% | 24.0% | 23.2% | 17.0% | — | — | — | — | — |
| Crocs - EMEA | 7.5% | 10.5% | 8.3% | 19.7% | 18.0% | 27.0% | 29.1% | 26.0% | — | — | — | — | — |
| Intl — combined international (Asia Pacific + EMEA to FY2020; International from FY2021) | 694 | 708 | 613 | 569 | 542 | 565 | 590 | 522 | 759 | 1,014 | 1,235 | 1,445 | — |
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Quarterly financials
Quarterly ·US$ in millions unless noted
The same summary on a quarterly basis, Q3-2019 to Q1-2026.
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 313 | 263 | 281 | 332 | 362 | 412 | 460 | 641 | 626 | 587 | 660 | 965 | 985 | 945 | 884 | 1,072 | 1,046 | 960 | 939 | 1,112 | 1,062 | 990 | 937 | 1,149 | 996 | 958 | 921 |
| Growth % (YoY) | 19.8% | 21.8% | (5.0%) | (7.6%) | 15.7% | 56.5% | 63.6% | 93.3% | 73.0% | 42.6% | 43.5% | 50.5% | 57.4% | 61.1% | 33.9% | 11.2% | 6.2% | 1.6% | 6.2% | 3.6% | 1.6% | 3.1% | (0.1%) | 3.4% | (6.2%) | (3.2%) | (1.7%) |
| Cost of Revenue | 149 | 137 | 147 | 152 | 155 | 182 | 207 | 246 | 226 | 215 | 335 | 467 | 444 | 449 | 408 | 451 | 464 | 429 | 417 | 430 | 429 | 417 | 396 | 441 | 413 | 434 | 399 |
| Gross Profit | 164 | 126 | 134 | 180 | 207 | 229 | 253 | 395 | 400 | 372 | 325 | 498 | 541 | 496 | 476 | 621 | 582 | 531 | 522 | 682 | 633 | 573 | 542 | 709 | 583 | 524 | 523 |
| Growth % (YoY) | 17.8% | 26.5% | (2.5%) | (5.0%) | 26.2% | 81.5% | 88.7% | 119.6% | 93.4% | 62.4% | 28.3% | 26.0% | 35.4% | 33.4% | 46.6% | 24.8% | 7.5% | 6.9% | 9.6% | 9.8% | 8.9% | 8.0% | 3.7% | 3.9% | (7.9%) | (8.6%) | (3.4%) |
| Operating Expenses | 124 | 118 | 113 | 123 | 135 | 164 | 129 | 200 | 197 | 212 | 206 | 250 | 277 | 276 | 241 | 303 | 308 | 321 | 296 | 356 | 364 | 373 | 319 | 1,136 | 375 | 377 | 322 |
| Growth % (YoY) | (1.0%) | 3.6% | 7.9% | (12.9%) | 8.7% | 39.5% | 13.4% | 62.0% | 46.1% | 28.9% | 60.5% | 25.0% | 40.9% | 30.3% | 17.1% | 21.2% | 11.0% | 16.3% | 22.5% | 17.6% | 18.1% | 16.1% | 7.8% | 219.0% | 3.3% | 1.1% | 1.1% |
| non-GAAP EBIT | 40 | 8.4 | 21 | 57 | 72 | 65 | 125 | 195 | 203 | 160 | 119 | 248 | 264 | 220 | 235 | 318 | 274 | 210 | 226 | 326 | 270 | 200 | 223 | 311 | 208 | 161 | 201 |
| Growth % (YoY) | 187.0% | — | (36.1%) | 18.3% | 80.7% | 673.5% | 499.1% | 245.1% | 181.7% | 147.5% | (4.8%) | 27.0% | 30.0% | 37.5% | 98.0% | 28.4% | 3.7% | (4.8%) | (3.6%) | 2.3% | (1.5%) | (4.6%) | (1.5%) | — | (23.0%) | (26.8%) | (9.9%) |
| Net Interest Expense | 2.3 | 1.8 | 1.8 | 2.1 | 1.5 | 1.1 | 1.6 | 4.6 | 5.9 | 8.8 | 19 | 33 | 34 | 49 | 42 | 43 | 39 | 35 | 30 | 28 | 25 | 23 | 22 | 22 | 21 | 21 | 20 |
| Net Income (Loss) | 36 | 20 | 11 | 57 | 62 | 183 | 98 | 319 | 153 | 155 | 73 | 160 | 169 | 138 | 150 | 212 | 177 | 254 | 152 | 229 | 200 | 146 | 160 | 246 | 146 | 105 | 138 |
| Growth % (YoY) | 240.0% | — | (55.1%) | 44.3% | 73.5% | 820.7% | 787.2% | 464.0% | 148.0% | (15.5%) | (26.1%) | (49.7%) | 10.3% | (11.1%) | 105.5% | 32.5% | 4.5% | 84.1% | 1.9% | 7.8% | 12.9% | 45.5% | 5.0% | — | (27.0%) | (71.5%) | (14.1%) |
| Gross Margin % | 52.4% | 48.0% | 47.7% | 54.3% | 57.2% | 55.7% | 55.0% | 61.7% | 63.9% | 63.4% | 49.2% | 51.6% | 54.9% | 52.5% | 53.9% | 57.9% | 55.6% | 55.3% | 55.6% | 61.4% | 59.6% | 57.9% | 57.8% | 61.7% | 58.5% | 54.7% | 56.8% |
| EBIT Margin % | 12.8% | 3.2% | 7.4% | 17.1% | 19.9% | 15.7% | 27.1% | 30.5% | 32.4% | 27.3% | 18.0% | 25.7% | 26.8% | 23.3% | 26.6% | 29.7% | 26.2% | 21.8% | 24.1% | 29.3% | 25.4% | 20.2% | 23.8% | 27.0% | 20.8% | 16.8% | 21.8% |
| Net Margin % | 11.4% | 7.6% | 3.9% | 17.1% | 17.1% | 44.6% | 21.4% | 49.8% | 24.5% | 26.4% | 11.0% | 16.6% | 17.2% | 14.6% | 16.9% | 19.8% | 16.9% | 26.4% | 16.2% | 20.6% | 18.8% | 14.8% | 17.1% | 21.4% | 14.6% | 11.0% | 14.9% |
| Unlevered FCF | 37 | 27 | (111) | 107 | 106 | 397 | 19 | 361 | 95 | 254 | (106) | 162 | 149 | 374 | 17 | 328 | 240 | 748 | (55) | 398 | 290 | 585 | (73) | (467) | 239 | 257 | (96) |
| UFCF Margin % | 11.8% | 10.4% | (39.6%) | 32.3% | 29.3% | 96.6% | 4.0% | 56.3% | 15.2% | 43.4% | (16.1%) | 16.8% | 15.1% | 39.6% | 1.9% | 30.6% | 23.0% | 77.9% | (5.8%) | 35.8% | 27.3% | 59.1% | (7.8%) | (40.7%) | 24.0% | 26.8% | (10.4%) |
| UFCF to Deployed Tangible Cap % | 9.6% | 6.9% | (21.5%) | 21.5% | 23.7% | 93.3% | 2.8% | 65.6% | 11.5% | 46.5% | (12.6%) | 17.2% | 15.5% | 46.4% | 1.9% | 37.4% | 27.7% | 101.3% | (5.4%) | 45.4% | 34.4% | 85.6% | (7.7%) | (47.4%) | 27.7% | 33.7% | (9.5%) |
| EBIT to Deployed Tangible Cap % | 10.4% | 2.1% | 4.0% | 11.4% | 16.1% | 15.2% | 19.1% | 35.5% | 24.4% | 29.2% | 14.1% | 26.3% | 27.4% | 27.3% | 26.0% | 36.3% | 31.6% | 28.4% | 22.6% | 37.2% | 31.9% | 29.2% | 23.5% | 31.5% | 24.0% | 21.1% | 19.9% |
| FCF to Equity | 8.9 | 33 | 44 | 42 | (30) | 144 | 192 | 244 | 403 | 277 | 2,047 | 27 | (26) | 46 | (59) | 39 | 125 | 44 | 18 | 184 | 169 | 228 | 47 | 164 | 163 | 156 | 3.6 |
| Return to Holders | |||||||||||||||||||||||||||
| Dividends | 0 | 0 | 0.3 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.2 | 12 | 12 | 12 | 205 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Repurchases | 133 | 14 | 39 | 0 | 0 | 132 | 60 | 301 | 157 | 501 | 6.3 | 6.8 | 11 | 11 | 10 | 12 | 155 | 25 | 5.9 | 181 | 153 | 226 | 64 | 133 | 208 | 177 | 0 |
| Total Returned | 133 | 14 | 39 | 0.2 | 0 | 132 | 60 | 301 | 157 | 501 | 6.3 | 15 | 23 | 23 | 22 | 216 | 158 | 25 | 5.9 | 181 | 153 | 226 | 64 | 133 | 208 | 177 | 0 |
| % of Net Income Returned | 374.1% | 68.9% | 355.5% | 0.3% | 0.0% | 71.8% | 61.4% | 94.4% | 102.4% | 323.8% | 8.6% | 9.4% | 13.8% | 17.0% | 15.0% | 101.9% | 89.5% | 9.9% | 3.9% | 79.0% | 76.8% | 154.5% | 40.1% | 54.1% | 142.7% | 168.3% | 0.0% |
| Diluted Shares Outstanding | 68.6 | 68.2 | 67.4 | 67.5 | 67.5 | 65.9 | 65.2 | 65.9 | 61.5 | 58.3 | 61.6 | 61.6 | 61.7 | 61.7 | 62 | 62.1 | 60.8 | 60.5 | 60.7 | 59.6 | 58.5 | 56.5 | 56.1 | 54.8 | 54.0 | 51.7 | 50.7 |
| Growth % (QoQ) | 1.5% | (0.0%) | (0.0%) | 0.0% | 0.0% | (0.0%) | (0.0%) | 0.0% | (0.1%) | (0.1%) | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | (0.0%) | (0.0%) | 0.0% | (0.0%) | (0.0%) | (0.0%) | (0.0%) | (0.0%) | (0.0%) | (0.0%) | (0.0%) |
| Cash | 88 | 108 | 107 | 151 | 124 | 136 | 256 | 198 | 437 | 213 | 172 | 187 | 143 | 192 | 126 | 166 | 127 | 149 | 159 | 168 | 186 | 180 | 166 | 201 | 154 | 154 | 131 |
| Working Capital | 158 | 168 | 278 | 261 | 194 | 201 | 401 | 298 | 570 | 278 | 508 | 566 | 552 | 385 | 480 | 435 | 331 | 212 | 478 | 340 | 298 | 132 | 369 | 387 | 279 | 186 | 426 |
| Net PPE | 225 | 230 | 240 | 236 | 254 | 225 | 250 | 252 | 262 | 269 | 335 | 376 | 412 | 421 | 424 | 442 | 537 | 526 | 523 | 536 | 547 | 552 | 582 | 598 | 585 | 577 | 582 |
| LT Debt | 329 | 345 | 502 | 417 | 290 | 326 | 507 | 549 | 844 | 921 | 2,851 | 2,744 | 2,596 | 2,298 | 2,250 | 2,007 | 1,919 | 1,641 | 1,727 | 1,530 | 1,422 | 1,349 | 1,482 | 1,379 | 1,318 | 1,318 | — |
| Market Cap | 1,933 | 2,874 | 1,160 | 2,481 | 2,883 | 4,229 | 5,265 | 7,601 | 8,951 | 7,545 | 4,676 | 2,997 | 4,233 | 6,695 | 7,808 | 6,974 | 5,439 | 5,658 | 8,700 | 8,859 | 8,600 | 6,384 | 5,953 | 5,679 | 4,563 | 4,440 | 4,170 |
| Growth % (YoY) | 33.3% | 65.6% | (38.6%) | 74.8% | 49.2% | 47.2% | 353.9% | 206.4% | 210.5% | 78.4% | (11.2%) | (60.6%) | (52.7%) | (11.3%) | 67.0% | 132.7% | 28.5% | (15.5%) | 11.4% | 27.0% | 58.1% | 12.8% | (31.6%) | (35.9%) | (46.9%) | (30.4%) | (29.9%) |
| Enterprise Value | 2,219 | 3,159 | 1,605 | 2,795 | 3,099 | 4,467 | 5,564 | 7,997 | 9,404 | 8,296 | 7,611 | 5,846 | 6,986 | 9,098 | 10,233 | 9,097 | 7,598 | 7,505 | 10,598 | 10,562 | 10,187 | 7,904 | 7,649 | 7,252 | 6,115 | 6,052 | 5,502 |
| Growth % (YoY) | 53.0% | 82.4% | (26.6%) | 64.8% | 39.7% | 41.4% | 246.7% | 186.1% | 203.4% | 85.7% | 36.8% | (26.9%) | (25.7%) | 9.7% | 34.4% | 55.6% | 8.8% | (17.5%) | 3.6% | 16.1% | 34.1% | 5.3% | (27.8%) | (31.3%) | (40.0%) | (23.4%) | (28.1%) |
| $ of MC Gained/$ Retained | — | — | 18.13 | 29.95 | 5.47 | 1.95 | 1.42 | 14.34 | (147.75) | 2.72 | 88.71 | 25.94 | (95.04) | (71.3) | 13.39 | 4.53 | 9.98 | 3.7 | (766.98) | (0.92) | 1.84 | 12.26 | 7.28 | — | 4.75 | 0.5 | 19.13 |
| No. of Employees | — | 3,803 | — | — | — | 4,600 | — | — | — | 5,770 | — | — | — | 6,680 | — | — | — | 7,030 | — | — | — | 7,910 | — | — | — | 8,010 | — |
| CapEx | 14 | 3.7 | 16 | 8.3 | 8.9 | 8.8 | 8 | 13 | 14 | 20 | 40 | 17 | 33 | 15 | 28 | 24 | 35 | 29 | 16 | 17 | 18 | 18 | 15 | 17 | 13 | 6.1 | 18 |
| As % of Sales | 4.5% | 1.4% | 5.7% | 2.5% | 2.5% | 2.1% | 1.7% | 2.1% | 2.3% | 3.4% | 6.0% | 1.8% | 3.3% | 1.5% | 3.1% | 2.2% | 3.3% | 3.0% | 1.7% | 1.5% | 1.7% | 1.9% | 1.6% | 1.4% | 1.3% | 0.6% | 2.0% |
| D&A | 5.6 | 6.7 | 6.9 | 6.6 | 6.8 | 7.4 | 8.1 | 7.7 | 8.1 | 8.1 | 7.9 | 8.9 | 9.7 | 13 | 13 | 13 | 15 | 14 | 16 | 18 | 18 | 18 | 19 | 19 | 20 | 21 | 20 |
| As % of Sales | 1.8% | 2.5% | 2.5% | 2.0% | 1.9% | 1.8% | 1.8% | 1.2% | 1.3% | 1.4% | 1.2% | 0.9% | 1.0% | 1.3% | 1.5% | 1.2% | 1.4% | 1.4% | 1.7% | 1.6% | 1.7% | 1.8% | 2.0% | 1.7% | 2.0% | 2.2% | 2.2% |
| Depreciation Only | 5.6 | 6.7 | 6.9 | 6.6 | 6.8 | 7.4 | 8.1 | 7.7 | 8.1 | 8.1 | 7.9 | 8.9 | 9.7 | 13 | 13 | 13 | 15 | 14 | 16 | 18 | 18 | 18 | 19 | 19 | 20 | 21 | 20 |
| SGA | 124 | 118 | 113 | 123 | 135 | 164 | 129 | 200 | 197 | 212 | 206 | 250 | 269 | 276 | 241 | 303 | 308 | 321 | 296 | 356 | 364 | 373 | 319 | 398 | 375 | 363 | 322 |
| As % of Sales | 39.6% | 44.8% | 40.3% | 37.2% | 37.2% | 40.0% | 27.9% | 31.2% | 31.4% | 36.1% | 31.2% | 25.9% | 27.4% | 29.2% | 27.3% | 28.2% | 29.4% | 33.5% | 31.5% | 32.0% | 34.2% | 37.7% | 34.0% | 34.6% | 37.7% | 37.9% | 35.0% |
- · Guidance given with Q3-2025 results — Total Revenue Change Y/Y: Down 8% (Fourth Quarter 2025); Crocs Revenue Change Y/Y: Down 3% (Fourth Quarter 2025); HEYDUDE Revenue Change Y/Y: Down Mid-20% (Fourth Quarter 2025); Adjusted Operating Margin: Approximately 15.5% (Fourth Quarter 2025); Adjusted Diluted EPS: $1.82 to $1.92 (Fourth Quarter 2025); Capital Expenditures: $70 million to $75 million (FY 2025).
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Quarterly — revenue by brand and channel
Quarterly ·US$ in millions unless noted
Crocs and HeyDude, split by wholesale and direct-to-consumer: levels, mix and growth. HeyDude enters on its 2022 acquisition.
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Crocs Revenue | 313 | 263 | 281 | 332 | 362 | 411 | 460 | 641 | 626 | 587 | 545 | 732 | 716 | 666 | 649 | 833 | 799 | 732 | 744 | 914 | 858 | 762 | 762 | 960 | 836 | 768 | 767 |
| Wholesale | 146 | 125 | 193 | 145 | 165 | 190 | 290 | 307 | 310 | 267 | 344 | 393 | 353 | 287 | 411 | 407 | 369 | 306 | 462 | 435 | 396 | 315 | 477 | 465 | 364 | 294 | 446 |
| D2C | 166 | 138 | 88 | 187 | 197 | 221 | 170 | 333 | 316 | 320 | 201 | 340 | 362 | 379 | 238 | 426 | 430 | 426 | 282 | 479 | 463 | 447 | 285 | 495 | 472 | 475 | 322 |
| HeyDude Revenue | — | — | — | — | — | — | — | — | — | — | 115 | 232 | 269 | 279 | 235 | 239 | 247 | 228 | 195 | 198 | 204 | 228 | 176 | 190 | 160 | 189 | 154 |
| Wholesale | — | — | — | — | — | — | — | — | — | — | 87 | 162 | 182 | 143 | 168 | 149 | 147 | 104 | 135 | 114 | 113 | 95 | 111 | 100 | 69 | 56 | 83 |
| D2C | — | — | — | — | — | — | — | — | — | — | 28 | 70 | 88 | 136 | 68 | 91 | 100 | 124 | 60 | 84 | 91 | 133 | 65 | 90 | 91 | 133 | 71 |
| Crocs Revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 82.6% | 75.9% | 72.7% | 70.5% | 73.4% | 77.7% | 76.4% | 76.3% | 79.2% | 82.2% | 80.8% | 77.0% | 81.3% | 83.5% | 83.9% | 80.2% | 83.3% |
| Wholesale | 46.8% | 47.5% | 68.7% | 43.7% | 45.5% | 46.3% | 63.0% | 48.0% | 49.5% | 45.5% | 63.1% | 53.6% | 49.4% | 43.1% | 63.3% | 48.9% | 46.2% | 41.8% | 62.1% | 47.6% | 46.1% | 41.3% | 62.6% | 48.4% | 43.6% | 38.2% | 58.1% |
| D2C | 53.2% | 52.5% | 31.3% | 56.3% | 54.5% | 53.7% | 37.0% | 52.0% | 50.5% | 54.5% | 36.9% | 46.4% | 50.6% | 56.9% | 36.7% | 51.1% | 53.8% | 58.2% | 37.9% | 52.4% | 53.9% | 58.7% | 37.4% | 51.6% | 56.4% | 61.8% | 41.9% |
| HeyDude Revenue | — | — | — | — | — | — | — | — | — | — | 17.4% | 24.1% | 27.3% | 29.5% | 26.6% | 22.3% | 23.6% | 23.7% | 20.8% | 17.8% | 19.2% | 23.0% | 18.7% | 16.5% | 16.1% | 19.7% | 16.7% |
| Wholesale | — | — | — | — | — | — | — | — | — | — | 75.6% | 69.9% | 67.5% | 51.2% | 71.3% | 62.2% | 59.3% | 45.6% | 69.2% | 57.6% | 55.4% | 41.7% | 63.0% | 52.6% | 43.4% | 29.6% | 54.1% |
| D2C | — | — | — | — | — | — | — | — | — | — | 24.4% | 30.1% | 32.5% | 48.8% | 28.7% | 37.8% | 40.7% | 54.4% | 30.8% | 42.4% | 44.6% | 58.3% | 37.0% | 47.4% | 56.6% | 70.4% | 45.9% |
| Crocs Growth YoY% | — | — | — | — | 15.7% | 56.4% | 63.7% | 93.3% | 73.0% | 42.6% | 18.5% | 14.3% | 14.3% | 13.5% | 19.0% | 13.8% | 11.6% | 10.0% | 14.6% | 9.7% | 7.4% | 4.0% | 2.4% | 5.0% | (2.5%) | 0.8% | 0.8% |
| Wholesale | — | — | — | — | 12.4% | 52.2% | 50.1% | 112.1% | 88.2% | 40.3% | 18.7% | 27.7% | 14.1% | 7.5% | 19.3% | 3.8% | 4.5% | 6.7% | 12.5% | 6.9% | 7.1% | 2.7% | 3.2% | 6.8% | (7.9%) | (6.7%) | (6.5%) |
| D2C | — | — | — | — | 18.6% | 60.2% | 93.4% | 78.7% | 60.4% | 44.5% | 18.2% | 1.9% | 14.6% | 18.5% | 18.5% | 25.3% | 18.5% | 12.5% | 18.3% | 12.5% | 7.7% | 5.0% | 1.1% | 3.4% | 2.0% | 6.2% | 12.9% |
| HeyDude Growth YoY% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 104.8% | 3.0% | (8.3%) | (18.5%) | (17.2%) | (17.5%) | (17.4%) | 0.0% | (9.8%) | (3.9%) | (21.6%) | (17.0%) | (12.3%) |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 93.1% | (8.4%) | (19.4%) | (27.4%) | (19.7%) | (23.5%) | (22.9%) | (8.6%) | (17.9%) | (12.4%) | (38.6%) | (41.0%) | (24.7%) |
| D2C | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 141.1% | 29.7% | 14.6% | (9.1%) | (11.0%) | (7.6%) | (9.3%) | 7.2% | 8.3% | 7.6% | (0.5%) | 0.1% | 8.6% |
| Crocs Growth QoQ% | — | (15.9%) | 6.8% | 17.9% | 9.1% | 13.7% | 11.8% | 39.3% | (2.3%) | (6.3%) | (7.1%) | 34.3% | (2.3%) | (6.9%) | (2.6%) | 28.4% | (4.1%) | (8.3%) | 1.6% | 22.9% | (6.1%) | (11.2%) | (0.1%) | 26.0% | (12.9%) | (8.2%) | (0.1%) |
| Wholesale | — | (14.6%) | 54.5% | (25.0%) | 13.5% | 15.7% | 52.4% | 6.0% | 0.7% | (13.7%) | 28.9% | 14.0% | (10.0%) | (18.7%) | 42.9% | (0.8%) | (9.4%) | (17.0%) | 50.8% | (5.8%) | (9.1%) | (20.4%) | 51.5% | (2.5%) | (21.6%) | (19.4%) | 51.9% |
| D2C | — | (17.0%) | (36.3%) | 112.3% | 5.7% | 12.1% | (23.1%) | 96.1% | (5.1%) | 1.0% | (37.1%) | 69.0% | 6.7% | 4.5% | (37.1%) | 78.7% | 0.9% | (0.8%) | (33.8%) | 69.9% | (3.4%) | (3.3%) | (36.3%) | 73.8% | (4.7%) | 0.7% | (32.3%) |
| HeyDude Growth QoQ% | — | — | — | — | — | — | — | — | — | — | — | 102.2% | 15.9% | 3.6% | (15.7%) | 1.7% | 3.1% | (7.8%) | (14.4%) | 1.4% | 3.3% | 11.6% | (22.8%) | 8.0% | (15.7%) | 18.1% | (18.5%) |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | 87.0% | 11.9% | (21.4%) | 17.4% | (11.3%) | (1.6%) | (29.2%) | 29.9% | (15.5%) | (0.7%) | (16.1%) | 16.7% | (9.9%) | (30.4%) | (19.3%) | 48.9% |
| D2C | — | — | — | — | — | — | — | — | — | — | — | 149.5% | 25.4% | 55.5% | (50.4%) | 34.2% | 10.9% | 23.3% | (51.5%) | 39.3% | 8.8% | 45.8% | (51.0%) | 38.4% | 0.7% | 46.7% | (46.9%) |
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Quarterly — region, margin, price and stores
Quarterly ·US$ in millions unless noted
Regional sales split (levels and share), operating margin, average selling price and store counts. Store counts re-segment from Q1-2022: Americas / Asia Pacific / EMEA before, North America / International after.
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Crocs Regional Sales Split | |||||||||||||||||||||||||||
| North America | — | — | — | — | — | — | — | — | — | — | 319 | 423 | 445 | 457 | 351 | 475 | 481 | 471 | 383 | 489 | 491 | 471 | 369 | 457 | 448 | 436 | 346 |
| D2C | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 179 | 293 | 316 | 336 | 203 | 315 | 329 | 343 | 198 | 291 | 303 | 333 | 208 |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 172 | 181 | 165 | 135 | 180 | 174 | 162 | 128 | 171 | 167 | 144 | 103 | 138 |
| International | — | — | — | — | — | — | — | — | — | — | — | — | — | 209 | 297 | 358 | 318 | 261 | 361 | 425 | 367 | 291 | 393 | 502 | 389 | 332 | 421 |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 239 | 226 | 204 | 172 | 282 | 261 | 233 | 187 | 306 | 298 | 220 | 190 | 307 |
| D2C | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 59 | 132 | 114 | 90 | 79 | 164 | 134 | 104 | 87 | 204 | 169 | 142 | 114 |
| Crocs Regional Sales Split | |||||||||||||||||||||||||||
| North America | — | — | — | — | — | — | — | — | — | — | 48.4% | 43.8% | 45.2% | 48.3% | 39.7% | 44.3% | 46.0% | 49.1% | 40.8% | 44.0% | 46.2% | 47.6% | 39.3% | 39.8% | 44.9% | 45.6% | 37.5% |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 26.5% | 21.7% | 20.6% | 18.4% | 24.2% | 19.0% | 18.9% | 16.8% | 22.4% | 17.4% | 17.3% | 13.4% | 18.0% |
| D2C | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 27.6% | 35.2% | 39.5% | 45.9% | 27.2% | 34.4% | 38.3% | 45.0% | 26.0% | 30.3% | 36.3% | 43.4% | 27.0% |
| International | — | — | — | — | — | — | — | — | — | — | — | — | — | 22.1% | 33.6% | 33.4% | 30.4% | 27.2% | 38.4% | 38.3% | 34.6% | 29.4% | 41.9% | 43.7% | 39.0% | 34.7% | 45.7% |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 36.8% | 27.2% | 25.6% | 23.4% | 37.9% | 28.6% | 27.2% | 24.5% | 40.2% | 31.1% | 26.3% | 24.8% | 40.1% |
| D2C | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 9.1% | 15.9% | 14.2% | 12.2% | 10.7% | 17.9% | 15.6% | 13.7% | 11.4% | 21.3% | 20.2% | 18.4% | 14.9% |
| Prior Sales Split | |||||||||||||||||||||||||||
| Americas | 59.2% | 59.2% | 52.5% | 51.8% | 64.7% | 75.4% | 60.1% | 63.3% | 72.8% | 80.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Asia Pacific | 23.7% | 24.5% | 23.3% | 28.2% | 18.7% | 12.6% | 18.0% | 19.8% | 13.4% | 9.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EMEA | 17.0% | 10.9% | 24.2% | 20.0% | 16.6% | 12.0% | 22.0% | 16.9% | 13.8% | 10.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | |||||||||||||||||||||||||||
| Americas | 36.0% | — | 27.0% | 30.9% | 47.0% | — | 42.8% | 47.5% | 51.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Asia Pacific | 17.7% | — | 14.1% | 13.6% | 21.6% | — | 28.2% | 25.2% | 19.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EMEA | 25.6% | — | 26.3% | 33.8% | 27.9% | — | 36.7% | 34.0% | 31.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Average Selling Price | |||||||||||||||||||||||||||
| Crocs | $19.69 | $19.22 | $16.44 | $20.38 | $21.45 | $21.83 | $17.76 | $22.03 | $24.63 | $26.00 | $21.29 | $22.60 | $23.63 | $24.44 | $21.17 | $25.26 | $27.54 | $27.18 | $23.54 | $26.25 | $26.76 | $26.73 | — | — | — | — | — |
| HeyDude | — | — | — | — | — | — | — | — | — | — | $28.88 | $28.74 | $29.39 | $30.06 | $26.37 | $28.88 | $29.68 | $30.64 | $27.68 | $30.76 | $30.99 | $32.98 | — | — | — | $32.00 | — |
| # Crocs Stores (Comp Op) | 368 | 367 | 367 | 360 | 351 | 351 | 349 | 352 | 364 | 373 | 368 | 353 | 340 | 339 | 346 | 347 | 349 | 349 | 363 | 372 | 390 | 393 | 412 | 427 | 439 | 446 | — |
| Americas | 165 | 165 | 166 | 165 | 165 | 165 | 165 | 164 | 164 | 173 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| North America | — | — | — | — | — | — | — | — | — | — | 175 | 178 | 171 | 172 | 175 | 173 | 174 | 170 | 172 | 173 | 184 | 187 | 191 | 199 | 200 | 201 | — |
| Asia Pacific | 146 | 145 | 146 | 142 | 136 | 137 | 137 | 142 | 154 | 153 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| International | — | — | — | — | — | — | — | — | — | — | 193 | 175 | 169 | 167 | 171 | 174 | 175 | 179 | 191 | 199 | 206 | 206 | 221 | 228 | 239 | 245 | — |
| EMEA | 57 | 57 | 55 | 53 | 50 | 49 | 49 | 46 | 46 | 47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| # HeyDude Stores | — | — | — | — | — | — | — | — | — | — | — | — | 5 | 8 | 9 | 11 | 14 | 19 | 32 | 43 | 52 | 54 | 63 | 75 | 75 | 75 | — |
| Total Company Locations | 368 | 367 | 367 | 360 | 351 | 351 | 349 | 352 | 364 | 373 | 368 | 353 | 345 | 347 | 355 | 358 | 363 | 368 | 395 | 415 | 442 | 447 | 475 | 502 | 514 | 521 | — |
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Quarterly — regional sales detail
Quarterly ·US$ in millions unless noted
Prior-basis (Americas / Asia Pacific / EMEA) sales and operating income to Q4-2021; from Q1-2022 the disclosed split is Crocs North America, HeyDude brand revenue and Crocs International. International is not separately stated until Q4-2022.
| Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prior Sales | |||||||||||||||||||||||||||
| Americas | 185 | 156 | 148 | 172 | 234 | 310 | 276 | 406 | 456 | 469 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Asia Pacific | 74 | 64 | 65 | 94 | 68 | 52 | 83 | 127 | 84 | 57 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EMEA | 53 | 29 | 68 | 66 | 60 | 49 | 101 | 108 | 86 | 60 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating Income | |||||||||||||||||||||||||||
| Americas | 67 | — | 40 | 53 | 110 | — | 118 | 193 | 233 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Asia Pacific | 13 | — | 9.2 | 13 | 15 | — | 23 | 32 | 16 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EMEA | 14 | — | 18 | 22 | 17 | — | 37 | 37 | 27 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Sales | |||||||||||||||||||||||||||
| Crocs - Americas | 185 | 156 | 148 | 172 | 234 | 310 | 276 | 406 | 456 | 469 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Crocs - North America | — | — | — | — | — | — | — | — | — | — | 319 | 423 | 445 | 457 | 351 | 475 | 481 | 471 | 383 | 489 | 491 | 471 | 369 | 457 | 448 | 436 | 346 |
| Crocs - Asia Pacific | 74 | 64 | 65 | 94 | 68 | 52 | 83 | 127 | 84 | 57 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HeyDude | — | — | — | — | — | — | — | — | — | — | 115 | 232 | 269 | 279 | 235 | 239 | 247 | 228 | 195 | 198 | 204 | 228 | 176 | 190 | 160 | 189 | 154 |
| Crocs - EMEA | 53 | 29 | 68 | 66 | 60 | 49 | 101 | 108 | 86 | 60 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Crocs - Intl | — | — | — | — | — | — | — | — | — | — | — | — | — | 209 | 297 | 358 | 318 | 261 | 361 | 425 | 367 | 291 | 393 | 502 | 389 | 332 | 421 |
| Crocs - Int Estimate | 128 | 93 | 133 | 160 | 128 | 101 | 184 | 235 | 170 | 118 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Sales Growth YoY% | |||||||||||||||||||||||||||
| Crocs - Americas | — | — | — | — | 26.4% | 99.2% | 87.1% | 136.4% | 94.8% | 51.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Crocs - North America | — | — | — | — | — | — | — | — | — | — | 15.6% | 4.3% | (2.3%) | (2.6%) | 10.0% | 12.2% | 8.0% | 3.1% | 9.0% | 3.0% | 2.1% | (0.1%) | (3.8%) | (6.5%) | (8.8%) | (7.4%) | (6.1%) |
| Crocs - Asia Pacific | — | — | — | — | (8.8%) | (19.5%) | 26.2% | 35.5% | 23.5% | 10.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HeyDude | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 104.8% | 3.0% | (8.3%) | (18.5%) | (17.2%) | (17.5%) | (17.4%) | 0.0% | (9.8%) | (3.9%) | (21.6%) | (17.0%) | (12.3%) |
| Crocs - EMEA | — | — | — | — | 12.6% | 71.6% | 48.8% | 63.1% | 44.0% | 22.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Crocs - Intl | — | — | — | — | — | — | — | — | — | — | — | — | — | 77.8% | — | — | — | 24.9% | 21.3% | 18.7% | 15.5% | 11.5% | 8.9% | 18.1% | 5.8% | 14.1% | 7.2% |
Crocs, Inc., SEC filings (10-K / 10-Q), compiled by the author
Quarterly — margins by brand
Quarterly ·US$ in millions unless noted
Gross, operating and net margin, SG&A and COGS as a share of revenue — whole company, Crocs brand and HeyDude brand, Q1-2022 to Q3-2025. Adjusted basis per the author's model; HeyDude enters on its February 2022 acquisition.
| Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Whole company | |||||||||||||||
| Gross Margin % | 53.9% | 55.2% | 55.1% | 53.3% | 54.2% | 57.9% | 57.4% | 55.7% | 56.0% | 61.4% | 59.6% | 57.9% | 57.8% | 61.7% | 58.5% |
| Operating Margin % | 26.6% | 30.1% | 27.9% | 26.0% | 27.9% | 30.3% | 28.3% | 24.1% | 27.1% | 29.3% | 25.4% | 20.2% | 23.8% | 26.9% | 20.8% |
| Net Margin % | 18.9% | 20.9% | 18.8% | 17.5% | 18.5% | 20.9% | 19.2% | 16.4% | 19.6% | 21.9% | 20.1% | 14.8% | 18.1% | 20.7% | 15.8% |
| SGA % | 27.3% | 25.1% | 27.2% | 27.3% | 26.3% | 27.8% | 29.1% | 31.6% | 28.8% | 32.0% | 34.2% | 37.7% | 34.0% | 34.7% | 37.7% |
| COGS % | 46.1% | 44.8% | 44.9% | 46.7% | 45.8% | 42.1% | 42.6% | 44.3% | 44.0% | 38.6% | 40.4% | 42.1% | 42.2% | 38.3% | 41.5% |
| Crocs brand | |||||||||||||||
| Gross Margin % | 54.4% | 57.7% | 57.3% | 55.3% | 55.8% | 61.9% | 61.9% | 59.4% | 58.1% | 64.1% | 62.5% | 60.9% | 60.7% | 64.1% | 61.8% |
| Operating Margin % | — | — | — | — | 33.6% | 38.1% | 37.2% | 20.3% | 35.5% | 38.9% | 36.5% | 32.7% | 35.9% | 37.3% | 32.6% |
| COGS % | 45.6% | 42.3% | 42.7% | 44.7% | 44.2% | 38.1% | 38.1% | 40.6% | 41.9% | 35.9% | 37.5% | 39.1% | 39.3% | 35.9% | 38.2% |
| SGA % | — | — | — | — | 22.2% | 23.8% | 24.7% | 39.1% | 22.6% | 25.2% | 26.0% | 28.2% | 24.8% | 26.8% | 29.2% |
| HeyDude brand | |||||||||||||||
| Gross Margin % | 25.6% | 32.4% | 48.8% | 46.4% | 49.6% | 47.1% | 35.6% | 44.3% | 46.2% | 49.1% | 47.9% | 47.7% | 46.6% | 50.2% | 42.3% |
| COGS % | 74.4% | 67.6% | 51.2% | 53.6% | 50.4% | 52.9% | 64.4% | 55.7% | 53.8% | 50.9% | 52.1% | 52.3% | 53.4% | 49.8% | 57.7% |
| Operating Margin % | — | — | 29.3% | 26.9% | 32.6% | 27.4% | 12.9% | 16.9% | 20.6% | 21.5% | 12.8% | — | — | — | 4.2% |
| SGA % | — | — | 19.5% | 19.5% | 17.0% | 19.7% | 22.7% | 27.4% | 25.6% | 27.6% | 35.1% | — | — | — | 38.1% |
- · Q4-2025 (per the model's brand summary): Crocs brand gross margin 57.8%, operating margin 26.9%; HeyDude gross margin 39.7%, operating margin 3.7%.
Crocs, Inc. earnings releases and the author's model
Quarterly — operational detail (Bloomberg)
Quarterly ·US$ in millions unless noted
Bloomberg's standardised quarterly pull (CROX US Equity, as-reported columns): adjusted margins, same-store sales, constant-currency revenue growth, unit sales in pairs, average selling price, store locations, inventories, buybacks and free cash flow. Compiled by Bloomberg — figures are not restated to tie to the GAAP tables above.
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 359 | 313 | 263 | 281 | 332 | 362 | 412 | 460 | 641 | 626 | 587 | 660 | 965 | 985 | 945 | 884 | 1,072 | 1,046 | 960 | 939 | 1,112 | 1,062 | 990 | 937 | 1,149 | 996 | 958 | 921 |
| Wholesale | 180 | 146 | 125 | 193 | 145 | 165 | 190 | 290 | 307 | 310 | 267 | 431 | 555 | 535 | 430 | 578 | 556 | 516 | 410 | 597 | 549 | 509 | 410 | 587 | 564 | 434 | — | — |
| Direct-To-Consumer | — | — | — | 88 | 187 | — | — | 170 | 333 | 316 | 320 | 229 | 410 | 450 | 515 | 306 | 516 | 530 | 550 | 342 | 562 | 554 | 580 | 350 | 585 | 563 | — | — |
| Adjusted Gross Margin (%) | 52.8% | 52.4% | 48.0% | 47.7% | 55.2% | 57.4% | 56.0% | 55.2% | 61.8% | 64.2% | 63.7% | 53.9% | 55.2% | 55.1% | 53.3% | 54.2% | 57.9% | 57.4% | 55.7% | 56.0% | 61.4% | 59.6% | 57.9% | 57.8% | 61.7% | 58.5% | — | — |
| Adjusted Operating Margin (%) | 14.3% | 14.2% | 4.9% | 9.4% | 22.3% | 20.8% | 21.1% | 27.3% | 30.7% | 32.8% | 28.6% | 26.6% | 30.1% | 27.9% | 26.0% | 27.9% | 30.3% | 28.3% | 24.1% | 27.1% | 29.3% | 25.4% | 20.2% | 23.8% | 26.9% | 20.8% | — | — |
| Adjusted Net Margin (%) | 11.9% | 12.9% | 3.3% | 5.4% | 20.7% | 17.8% | 17.5% | 21.6% | 22.5% | 25.0% | 22.1% | 18.9% | 20.9% | 18.8% | 17.5% | 18.5% | 20.9% | 19.2% | 16.4% | 19.6% | 21.9% | 20.1% | 14.8% | 18.1% | 20.7% | 15.8% | — | — |
| Adjusted Selling, General & Administrative | 141 | 123 | 117 | 109 | 109 | 132 | 144 | 129 | 200 | 197 | 206 | 180 | 242 | 268 | 258 | 233 | 298 | 305 | 303 | 271 | 356 | 364 | 373 | 319 | 399 | 375 | — | — |
| Adjusted SG&A as % of Revenue | 39.4% | 39.4% | 44.4% | 38.7% | 33.0% | 36.6% | 34.9% | 27.9% | 31.2% | 31.4% | 35.1% | 27.3% | 25.1% | 27.2% | 27.3% | 26.3% | 27.8% | 29.1% | 31.6% | 28.8% | 32.0% | 34.2% | 37.7% | 34.0% | 34.7% | 37.7% | — | — |
| Same Store Sales (%) | ||||||||||||||||||||||||||||
| Crocs | 14.2% | 15.9% | 21.7% | 10.9% | 49.1% | 23.8% | 63.8% | 71.1% | — | — | 44.9% | 16.6% | 7.5% | 18.2% | 18.5% | 19.2% | 19.5% | 15.3% | 10.7% | 14.7% | 11.7% | 4.8% | 0.3% | — | — | — | — | — |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 40.6% | 20.2% | 8.1% | (14.2%) | (18.4%) | (17.5%) | (22.2%) | (8.3%) | — | — | — | — | — |
| Constant Currency Revenue Growth (%) | 12.5% | 21.0% | 22.7% | (3.3%) | (6.0%) | 15.9% | 56.1% | 60.5% | 88.4% | 72.2% | 43.5% | 46.7% | 55.6% | 63.0% | 64.8% | 36.2% | 12.0% | 5.8% | 1.5% | 15.6% | 4.8% | 2.0% | 3.8% | 4.2% | 2.7% | (6.8%) | — | — |
| Crocs | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 7.9% | 4.9% | 4.2% | 4.2% | (3.2%) | — | — |
| By Channel | ||||||||||||||||||||||||||||
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12.5% | 22.4% | 4.6% | 3.6% | 7.3% | 13.8% | 8.6% | 7.8% | 3.8% | 5.3% | 5.9% | (8.4%) | — | — |
| Direct-To-Consumer | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 21.1% | 20.3% | 26.8% | 18.4% | 12.0% | 19.0% | 13.8% | 8.0% | 5.7% | 2.5% | 2.7% | 1.2% | — | — |
| By Region | ||||||||||||||||||||||||||||
| North America | — | — | — | — | — | — | — | — | — | — | — | — | 7.8% | 1.8% | 0.6% | 10.3% | 12.5% | 8.2% | 3.1% | 9.0% | 3.2% | 2.2% | 0.1% | (3.4%) | (6.4%) | (8.8%) | — | — |
| International | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 24.6% | 23.6% | 22.0% | 16.5% | 13.7% | 12.3% | 4.2% | 4.2% | — | — |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 105.7% | 2.9% | (8.5%) | (18.7%) | (17.3%) | (7.5%) | (17.4%) | 0.1% | (9.5%) | 7.5% | (21.6%) | — | — |
| By Channel | ||||||||||||||||||||||||||||
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.0% | 94.3% | (8.5%) | (19.7%) | (27.7%) | (19.8%) | (23.5%) | (22.9%) | (8.3%) | (17.4%) | (12.8%) | (38.7%) | — | — |
| Direct-to-Consumer | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.0% | 141.1% | 29.7% | 14.6% | (9.1%) | (11.0%) | (7.5%) | (9.3%) | 7.2% | 8.3% | 7.5% | (0.7%) | — | — |
| Unit Sales | ||||||||||||||||||||||||||||
| Crocs | 19,046,000 | 15,883,000 | 13,690,000 | 17,100,000 | 16,269,000 | 16,867,000 | 18,851,000 | 25,908,000 | 29,085,000 | 25,410,000 | 22,559,000 | 25,615,000 | 32,396,000 | 30,292,000 | 27,255,000 | 30,652,000 | 32,975,000 | 29,001,000 | 26,949,000 | 31,604,000 | 34,814,000 | 32,072,000 | 28,510,000 | — | — | — | — | — |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | 3,979,000 | 8,086,000 | 9,167,000 | 9,287,000 | 8,928,000 | 8,290,000 | 8,321,000 | 7,430,000 | 7,039,000 | 6,421,000 | 6,585,000 | 6,905,000 | — | — | — | — | — |
| Average Selling Price | ||||||||||||||||||||||||||||
| Crocs | $18.39 | $18.99 | — | $16.05 | $20.29 | $21.36 | — | $17.64 | $21.84 | $24.42 | — | $21.10 | $22.39 | $23.33 | — | $21.00 | $25.01 | $27.25 | — | $23.36 | $25.96 | $26.48 | — | — | — | — | — | — |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | $28.90 | $28.74 | $29.39 | — | $26.36 | $28.88 | $29.68 | — | $27.68 | $30.76 | $30.94 | — | — | — | — | — | — |
| Number of Locations (End) | 370 | 368 | 367 | 367 | 360 | 351 | 351 | 349 | 352 | 364 | 373 | 372 | 368 | 353 | 345 | 347 | 355 | 358 | 363 | 368 | 395 | 415 | 442 | 447 | 475 | 502 | — | — |
| Net Change in Locations | (2) | (2) | (1) | 0 | (7) | (9) | 0 | (2) | 3 | 12 | 9 | (1) | (4) | (15) | (8) | 2 | 8 | 3 | 5 | 5 | 27 | 20 | 27 | 5 | 28 | 27 | — | — |
| Business Breakdown | ||||||||||||||||||||||||||||
| Crocs Brand | ||||||||||||||||||||||||||||
| Revenue | 359 | 313 | 263 | 281 | 332 | 362 | 411 | 460 | 641 | 626 | 587 | 545 | 732 | 716 | 666 | 649 | 833 | 799 | 732 | 744 | 914 | 858 | 762 | 762 | 960 | 836 | 768 | 767 |
| North America | — | — | — | — | — | — | — | — | — | — | — | 319 | 423 | 445 | 457 | 351 | 475 | 481 | 471 | 383 | 489 | 491 | 471 | 369 | 457 | 448 | 436 | 346 |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 172 | 181 | 165 | 135 | 180 | 174 | 162 | 128 | 171 | 167 | 144 | 103 | 138 |
| Direct-to-Consumer | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 179 | 293 | 316 | 336 | 203 | 315 | 329 | 343 | 198 | 291 | 303 | 333 | 208 |
| International | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 209 | 297 | 358 | 318 | 261 | 361 | 425 | 367 | 291 | 393 | 502 | 389 | 332 | 421 |
| Wholesale | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 239 | 226 | 204 | 172 | 282 | 261 | 233 | 187 | 306 | 298 | 220 | 190 | 307 |
| Direct-to-Consumer | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 59 | 132 | 114 | 90 | 79 | 164 | 134 | 104 | 87 | 204 | 169 | 142 | 114 |
| Gross Profit | ||||||||||||||||||||||||||||
| Gross Margin (%) | — | — | — | — | — | — | — | — | 61.7% | 63.9% | 63.4% | 54.4% | 57.7% | 57.3% | 55.3% | 55.8% | 61.9% | 61.9% | 59.4% | 58.1% | 64.1% | 62.5% | 60.9% | 60.7% | 64.1% | 61.8% | 57.8% | — |
| Operating Income | 108 | 94 | 69 | 67 | 88 | 141 | 157 | 179 | 262 | 276 | 245 | — | — | — | — | 218 | 318 | 297 | 149 | 264 | 356 | 313 | 249 | 274 | 358 | 273 | 207 | — |
| Operating Margin | 30.0% | 29.9% | 26.4% | 23.8% | 26.6% | 39.0% | 38.1% | 38.9% | 40.8% | 44.1% | 41.8% | — | — | — | — | 33.6% | 38.1% | 37.2% | 20.3% | 35.5% | 38.9% | 36.5% | 32.7% | 35.9% | 37.3% | 32.6% | 26.9% | — |
| HEYDUDE Brand | ||||||||||||||||||||||||||||
| Revenue | — | — | — | — | — | — | — | — | — | — | — | 115 | 232 | 269 | 279 | 235 | 239 | 247 | 228 | 195 | 198 | 204 | 228 | 176 | 190 | 160 | 189 | 154 |
| Gross Profit | ||||||||||||||||||||||||||||
| Gross Margin (%) | — | — | — | — | — | — | — | — | — | — | — | 25.6% | 32.4% | 48.8% | 46.4% | 49.6% | 47.1% | 35.6% | 44.3% | 46.2% | 49.1% | 47.9% | 47.7% | 46.6% | 50.2% | 42.3% | 39.7% | — |
| Operating Income | — | — | — | — | — | — | — | — | — | — | — | — | — | 79 | 75 | 77 | 66 | 32 | 38 | 40 | 42 | 26 | 29 | 23 | 31 | 6.8 | 7.1 | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — | — | — | 29.3% | 26.9% | 32.6% | 27.4% | 12.9% | 16.9% | 20.6% | 21.5% | 12.8% | 12.6% | 13.2% | 16.4% | 4.2% | 3.7% | — |
| Number of Locations (End) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5 | 8 | 9 | 11 | 14 | 19 | 32 | 43 | 52 | 54 | 63 | 75 | — | — |
| Channel Revenue | ||||||||||||||||||||||||||||
| Wholesale | 180 | 146 | 125 | 193 | 145 | 165 | 190 | 290 | 307 | 310 | 267 | 431 | 555 | 535 | 430 | 578 | 556 | 516 | 410 | 597 | 549 | 509 | 410 | 587 | 564 | 434 | 350 | 529 |
| Crocs | 180 | 146 | 125 | 193 | 145 | 165 | 190 | 290 | 307 | 310 | 267 | 344 | 393 | 353 | 287 | 411 | 407 | 369 | 306 | 462 | 435 | 396 | 315 | 477 | 465 | 364 | 294 | 446 |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | 87 | 162 | 182 | 143 | 168 | 149 | 147 | 104 | 135 | 114 | 113 | 95 | 111 | 100 | 69 | 56 | 83 |
| Direct-To-Consumer | — | — | — | 88 | 187 | — | — | 170 | 333 | 316 | 320 | 229 | 410 | 450 | 515 | 306 | 516 | 530 | 550 | 342 | 562 | 554 | 580 | 350 | 585 | 563 | 608 | 392 |
| Crocs | — | — | — | — | — | — | — | — | — | — | — | 201 | 340 | 362 | 379 | 238 | 426 | 430 | 426 | 282 | 479 | 463 | 447 | 285 | 495 | 472 | 475 | 322 |
| HEYDUDE | — | — | — | — | — | — | — | — | — | — | — | 28 | 70 | 88 | 136 | 68 | 91 | 100 | 124 | 60 | 84 | 91 | 133 | 65 | 90 | 91 | 133 | 71 |
| As % of Revenue | — | — | — | — | — | — | — | — | — | — | — | 25.9% | 31.5% | 35.9% | 41.7% | 30.1% | 41.8% | 41.6% | 54.2% | — | — | (22.2%) | — | — | — | — | — | — |
| Cash & Cash Equivalents | 108 | 88 | 108 | 107 | 151 | 124 | 136 | 256 | 198 | 437 | 213 | 172 | 187 | 143 | 192 | 126 | 166 | 127 | 149 | 159 | 168 | 186 | 180 | 166 | 201 | 154 | — | — |
| Inventories | 135 | 140 | 172 | 196 | 147 | 174 | 175 | 196 | 209 | 212 | 214 | 408 | 502 | 514 | 472 | 476 | 436 | 390 | 385 | 392 | 377 | 367 | 356 | 391 | 405 | 397 | — | — |
| YoY Growth (%) | 3.6% | 18.8% | 38.2% | 40.6% | 9.1% | 24.5% | 1.8% | 0.4% | 42.4% | 22.0% | 21.9% | 107.4% | 139.9% | 141.8% | 120.8% | 16.8% | (13.0%) | (24.1%) | (18.3%) | (17.7%) | (13.7%) | (5.9%) | (7.5%) | (0.2%) | 7.6% | 8.1% | — | — |
| Proceeds from Repurchase of Equity | (55) | (25) | (14) | (39) | 0 | 0 | (132) | (60) | (301) | (157) | (501) | (6.3) | (0.5) | (4.7) | (0) | (10) | (1.2) | (155) | (25) | (5.9) | (175) | (153) | (226) | (64) | (134) | (208) | — | — |
| Decrease in Long-Term Borrowings | 0 | — | (230) | 0 | (80) | (140) | (15) | (220) | (85) | (45) | (135) | (85) | (110) | (155) | (225) | (256) | (258) | (90) | (320) | (16) | (200) | (110) | (99) | (65) | (449) | (150) | — | — |
| Free Cash Flow | 76 | 39 | 13 | (101) | 117 | 110 | 99 | 22 | 199 | 98 | 192 | (109) | 137 | 129 | 342 | (18) | 297 | 215 | 320 | (43) | 384 | 279 | 303 | (83) | 269 | 226 | — | — |
Bloomberg terminal (actual source: Bloomberg; estimate source: BST), via the author's model
Annual — footwear peer comparison
Annual ·US$ in millions unless noted
Crocs against seven footwear peers on six margin and spend ratios, FY2012–FY2023, on Bloomberg's standardised basis (so Crocs's own rows here can differ slightly from the as-filed figures above). Birkenstock's figures begin with its disclosures ahead of the 2023 listing.
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | ||||||||||||
| Crocs | 54.1% | 52.3% | 49.3% | 46.8% | 48.3% | 50.5% | 51.5% | 50.1% | 54.1% | 61.4% | 52.3% | 55.8% |
| Nike | 43.5% | 43.6% | 44.8% | 46.0% | 46.2% | 44.6% | 43.8% | 44.7% | 43.4% | 44.8% | 46.0% | 43.5% |
| Adidas | 47.7% | 49.3% | 47.6% | 48.3% | 48.6% | 50.4% | 51.9% | 52.0% | 50.0% | 50.7% | 47.3% | 47.5% |
| Skechers | 43.8% | 44.3% | 45.1% | 45.2% | 45.9% | 46.6% | 47.9% | 47.7% | 47.8% | 49.5% | 47.2% | 51.9% |
| Birkenstock | — | — | — | — | — | — | — | — | 54.9% | 45.4% | 60.3% | 62.1% |
| Wolverine Worldwide | 38.6% | 39.8% | 39.4% | 39.1% | 38.5% | 38.9% | 41.1% | 40.6% | 41.1% | 42.6% | 39.9% | 38.9% |
| Steve Madden | 37.1% | 36.7% | 35.1% | 35.6% | 37.3% | 37.4% | 38.2% | 38.4% | 38.7% | 41.1% | 41.2% | 42.0% |
| Columbia | 42.9% | 44.1% | 45.5% | 46.1% | 46.7% | 47.0% | 49.5% | 49.8% | 48.9% | 51.6% | 49.4% | 49.6% |
| Operating Margin % | ||||||||||||
| Crocs | 13.0% | 5.3% | (0.4%) | (6.6%) | (0.6%) | 1.7% | 5.8% | 10.5% | 15.4% | 29.5% | 23.9% | 26.2% |
| Nike | 13.2% | 12.8% | 13.2% | 13.6% | 13.9% | 13.8% | 12.2% | 12.2% | 8.3% | 15.6% | 14.3% | 11.5% |
| Adidas | 6.2% | 8.3% | 6.1% | 6.3% | 7.7% | 9.8% | 10.8% | 11.3% | 4.0% | 9.4% | 3.0% | 1.3% |
| Skechers | 1.4% | 5.1% | 8.8% | 11.1% | 10.4% | 9.2% | 9.4% | 9.9% | 2.9% | 9.5% | 7.3% | 9.8% |
| Birkenstock | — | — | — | — | — | — | — | — | 20.0% | 12.2% | 25.5% | 19.9% |
| Wolverine Worldwide | 6.9% | 7.1% | 8.3% | 7.5% | 6.4% | 1.3% | 11.2% | 7.5% | (7.7%) | 6.4% | (7.8%) | (3.0%) |
| Steve Madden | 14.6% | 15.5% | 12.6% | 12.2% | 12.1% | 11.0% | 10.3% | 9.9% | (2.6%) | 13.1% | 13.3% | 10.8% |
| Columbia | 8.0% | 7.8% | 9.5% | 10.7% | 10.8% | 10.7% | 12.5% | 13.0% | 5.5% | 14.4% | 11.3% | 8.9% |
| Net Margin % | ||||||||||||
| Crocs | 11.7% | 0.9% | (0.4%) | (7.6%) | (1.6%) | 1.0% | 4.6% | 9.7% | 22.6% | 31.4% | 15.2% | 20.0% |
| Nike | 9.5% | 9.8% | 9.7% | 10.7% | 11.6% | 12.3% | 5.3% | 10.3% | 6.8% | 12.9% | 12.9% | 9.9% |
| Adidas | 3.5% | 5.5% | 3.4% | 3.7% | 5.3% | 5.2% | 7.8% | 8.4% | 2.3% | 10.0% | 2.7% | (0.4%) |
| Skechers | 0.6% | 3.0% | 5.8% | 7.4% | 6.8% | 4.3% | 6.5% | 6.6% | 2.1% | 11.8% | 5.0% | 6.8% |
| Birkenstock | — | — | — | — | — | — | — | — | 13.9% | 8.5% | 15.1% | 5.0% |
| Wolverine Worldwide | 4.9% | 3.7% | 4.8% | 4.6% | 3.5% | 0.0% | 8.9% | 5.7% | (7.6%) | 2.8% | (7.0%) | (1.8%) |
| Steve Madden | 9.7% | 10.0% | 8.4% | 8.0% | 8.6% | 7.6% | 7.7% | 7.9% | (1.5%) | 10.2% | 10.2% | 8.7% |
| Columbia | 6.0% | 5.6% | 6.5% | 7.5% | 8.1% | 4.3% | 9.6% | 10.9% | 4.3% | 11.3% | 9.0% | 7.2% |
| FCF Margin % | ||||||||||||
| Crocs | 7.9% | 3.6% | (2.3%) | (0.3%) | 2.6% | 8.3% | 9.4% | 4.3% | 16.2% | 22.1% | 14.0% | 20.6% |
| Nike | 5.4% | 9.6% | 7.7% | 12.1% | 7.0% | 8.0% | 10.8% | 12.2% | 3.7% | 13.4% | 9.5% | 9.5% |
| Adidas | 4.0% | 1.7% | 1.5% | 3.8% | 4.1% | 4.7% | 9.4% | 8.9% | 5.4% | 12.2% | (4.9%) | 10.0% |
| Skechers | (3.6%) | 3.1% | 4.5% | 3.6% | 6.8% | 0.6% | 9.2% | 3.6% | 0.5% | (1.5%) | (1.6%) | 10.5% |
| Birkenstock | — | — | — | — | — | — | — | — | 23.7% | 16.6% | 7.7% | 9.7% |
| Wolverine Worldwide | 4.7% | 6.0% | 10.3% | 6.3% | 9.7% | 7.2% | 3.4% | 8.3% | 16.7% | 2.9% | (8.0%) | 4.8% |
| Steve Madden | 10.0% | 10.2% | 10.0% | 8.2% | 9.8% | 9.3% | 8.5% | 12.1% | 3.1% | 8.2% | 11.9% | 10.6% |
| Columbia | 5.9% | 12.2% | 6.0% | 1.1% | 9.5% | 11.7% | 8.0% | 5.3% | 9.9% | 10.2% | (2.4%) | 16.7% |
| CapEx / Sales % | ||||||||||||
| Crocs | 3.5% | 3.4% | 1.3% | 1.2% | 1.3% | 1.3% | 1.1% | 3.0% | 3.0% | 2.4% | 2.9% | 2.9% |
| Nike | 2.4% | 2.4% | 3.2% | 3.1% | 3.5% | 3.2% | 2.8% | 2.9% | 2.9% | 1.6% | 1.6% | 1.9% |
| Adidas | 2.5% | 3.0% | 3.4% | 2.7% | 3.0% | 3.2% | 2.8% | 2.5% | 2.0% | 2.3% | 2.2% | 1.7% |
| Skechers | 3.4% | 2.2% | 2.4% | 3.8% | 3.4% | 3.3% | 3.1% | 4.5% | 6.7% | 4.9% | 4.8% | 4.9% |
| Birkenstock | — | — | — | — | — | — | — | — | 2.7% | 1.7% | 5.7% | 6.8% |
| Wolverine Worldwide | 0.9% | 1.5% | 1.1% | 1.7% | 2.2% | 1.4% | 1.0% | 1.5% | 0.6% | 0.7% | 1.4% | 0.7% |
| Steve Madden | 1.6% | 1.6% | 1.4% | 1.4% | 1.1% | 1.0% | 0.7% | 1.0% | 0.5% | 0.4% | 0.8% | 1.0% |
| Columbia | 3.0% | 4.1% | 2.9% | 3.0% | 2.1% | 2.2% | 2.3% | 4.1% | 1.1% | 1.1% | 1.7% | 1.6% |
| SGA / Sales % | ||||||||||||
| Crocs | — | — | — | — | — | — | — | — | — | — | — | — |
| Nike | — | — | — | — | — | — | — | — | — | — | — | — |
| Adidas | — | — | — | — | — | — | — | — | — | — | — | — |
| Skechers | — | — | — | — | — | — | — | — | — | — | — | — |
| Birkenstock | — | — | — | — | — | — | — | — | — | — | — | — |
| Wolverine Worldwide | — | — | — | — | — | — | — | — | — | — | — | — |
| Steve Madden | — | — | — | — | — | — | — | — | — | — | — | — |
| Columbia | — | — | — | — | — | — | — | — | — | — | — | — |
Bloomberg terminal, via the author's model
Methodology
Compiled in the author's own financial model from Crocs, Inc. SEC filings; market-derived rows (market capitalisation, enterprise value, diluted shares, average selling price) are Bloomberg terminal data.
Sources
- Crocs, Inc., Form 10-K annual reports, FY2003–FY2025.
- Crocs, Inc., Form 10-Q quarterly reports, Q3-2019 to Q1-2026.
- Bloomberg terminal data via the author's model — market capitalisation, enterprise value, diluted shares and average selling price series.
Compiled from Crocs Extract 23 July 2026.xlsx.