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Edge7 Mar 2025
Rise of the Clog: The Unexpected Success of Crocs
Crocs has created a unique position in the shoe market with an eye-catching design and marketing strategy involving several successful collaborations.
Crocs (CROX) investor relations material
Crocs Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 performance exceeded expectations, driven by disciplined brand management, product innovation, and cost structure streamlining, resulting in strong profitability and cash flow.
Repurchased 2.4 million shares for $203 million and paid down $63 million in debt, supporting value creation and enabled by robust cash flow.
Management identified $150 million in gross cost savings for 2025 and 2026, aiming for further operating leverage.
Significant non-cash impairment charges of $737 million for HEYDUDE were recorded in 2025 due to lower growth forecasts and tariff impacts.
Financial highlights
Q3 2025 revenue was $996.3 million, down 6.2% year-over-year; Crocs brand revenue was $836 million (down 2.5–3%), HEYDUDE revenue was $160 million (down 21.6–22%).
Adjusted gross margin was 58.5%, down 110 bps year-over-year, with a 230 bps headwind from tariffs.
Adjusted operating margin was 20.8%, down 460 bps year-over-year; operating income was $208 million, down 23%.
Adjusted diluted EPS was $2.92, down 19% year-over-year; GAAP diluted EPS was $2.70, down 19.6–27%.
Free cash flow for Q3 was $226 million.
Outlook and guidance
Q4 2025 revenue expected to decline ~8% year-over-year; Crocs brand down ~3%, HEYDUDE down mid-20%.
Adjusted operating margin for Q4 expected at ~15.5%; adjusted diluted EPS for Q4 expected between $1.82 and $1.92.
Full-year 2025 capital expenditures projected at $70–$75 million.
International Crocs business expected to accelerate to low double-digit growth in Q4.
$100 million in additional gross cost savings identified for 2026, on top of $50 million already actioned in 2025.
Explain HEYDUDE brand impairment drivers.
What is the plan for 2026 operating leverage?
Address Crocs North America vs. International trends.
HEYDUDE: What drives 2026 growth post-cleanup?
Crocs NA: Product innovation for future growth?
2026 operating leverage: $100M savings impact?
HEYDUDE: What actions ensure 2026 growth?
How will $100M savings drive 2026 leverage?
Crocs NA: How to regain growth with cautious consumer?
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Next Crocs earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Crocs, Inc., designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children. The company offers various footwear products, including clogs, sandals, flips, and boots under its Crocs brand name. It also provides Jibbitz charms that quickly clip onto its clogs; other accessories comprising purses, bags, hats, socks; and eyewear products. Crocs sells its products mainly through directly operated stores; wholesale distributors; licensee-owned retail stores; online retailers; and independent retailers. Crocs, Inc. was founded in 1999 and is headquartered in Broomfield, Colorado.
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