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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
Crocs (CROX) investor relations material
Crocs Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Ended 2025 with revenue exceeding $4 billion, driven by strong international growth for the Crocs brand and strategic actions to strengthen both Crocs and HEYDUDE brands.
Operating cash flow reached approximately $700 million, supporting $577 million in share repurchases and $128 million in debt repayment.
Direct-to-consumer (DTC) accounted for over half of revenue and grew faster than wholesale.
Identified $100 million in cost savings for 2026 to drive efficiency and support continued brand investment.
Returned $577 million to shareholders via buybacks and paid down $128 million in debt.
Financial highlights
Full-year 2025 revenue: $4,041 million, down 1.5%-2% year-over-year; Crocs brand up 1%-1.5%, HEYDUDE down 13.3%-14%.
Adjusted gross margin for 2025 was 58.3%, down 50 bps; Crocs brand at 61.3%, HEYDUDE at 44.8%.
Adjusted operating margin for 2025 was 22.3%, down 330 bps; adjusted EPS $12.51, down 5%.
Free cash flow for 2025 was $659 million; ended year with $130 million cash and $900 million revolver capacity.
Q4 2025 revenue: $958 million; adjusted operating margin: 16.8%.
Outlook and guidance
2026 enterprise revenue expected to be flat to down 1%; Crocs brand flat to up 2% (10% international growth, North America down), HEYDUDE down 7%-9%.
Adjusted operating margin for 2026 expected to expand modestly from 22.3%; adjusted EPS $12.88-$13.35.
Adjusted gross margin expected up slightly despite $80 million tariff headwind.
Q1 2026 revenue expected down 3.5%-5.5%; Crocs brand down low single digits, HEYDUDE down 15%-18%.
Capital expenditures for 2026 projected at $70-$80 million.
HEYDUDE wholesale decline reversal strategy
$100M cost savings: impact on brand investment?
Crocs Brand regional growth drivers?
HEYDUDE H2 growth drivers beyond cleanup?
Crocs NA growth path and timing?
$100M cost savings: flow-through vs. reinvestment?
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Next Crocs earnings date
Q1 20267 May, 2026
Crocs
Next Crocs earnings date
Q1 20267 May, 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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