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Deckers Outdoor (DECK) investor relations material
Deckers Outdoor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary23 Oct, 2025
Executive summary
Q2 revenue rose 9% year-over-year to $1.43 billion, with diluted EPS up 14% to $1.82; first-half revenue grew 12%, HOKA up 15%, UGG up 12%, and EPS up 17%.
HOKA and UGG brands achieved double-digit sales growth, while other brands declined due to the Koolaburra phase-out.
International regions drove growth, with international sales up 29.3% and UGG and HOKA revenue up 38% year-over-year, led by wholesale and strong DTC performance.
Brand-building marketing investments expanded HOKA awareness and UGG mindshare globally, positioning both brands for long-term success despite U.S. consumer pressure.
Focus remains on balancing DTC and wholesale channels, targeting a 50/50 split, and delivering profitable growth in the largest fiscal quarter.
Financial highlights
Net sales increased 9.1% to $1.431 billion; constant currency growth was 8.3%.
HOKA revenue up 11% to $634.1 million, UGG up 10% to $759.6 million.
Q2 gross margin was 56.2%, up from 55.9% last year, driven by price increases, favorable mix, FX, and cost sharing, partially offset by tariffs.
SG&A was $477 million (33.4% of revenue), up 11% year-over-year; tax rate was 21.7% due to one-time benefits.
Diluted EPS for Q2 was $1.82, up from $1.59 last year.
Ended Q2 with $1.4 billion in cash, $836 million in inventory (up 7%), no debt, and $2.2 billion authorized for share repurchases.
Outlook and guidance
FY26 revenue expected at ~$5.35 billion; HOKA to grow low teens %, UGG low to mid-single digits %.
Gross margin projected at ~56%, with tariff headwinds in the second half partially offset by mitigation strategies.
SG&A to be ~34.5% of revenue; operating margin ~21.5%; tax rate ~23%.
EPS guidance: $6.30–$6.39; international and wholesale growth to outpace U.S. and DTC.
Tariff impact for FY26 estimated at $150 million, with $75–95 million offset by mitigation.
Guidance assumes no major deterioration in macro risks, including tariffs, consumer confidence, FX, supply chain, or geopolitics.
Factors impacting Q2 DTC sales decline?
Reason for UGG's FY26 growth outlook deceleration?
Future share repurchases impact on FY26 EPS?
What pressures UGG's near-term DTC business?
HOKA product launch strategy changes for FY26?
What is the long-term operating margin outlook?
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Next Deckers Outdoor earnings date
Q3 202629 Jan, 2026
Next Deckers Outdoor earnings date
Q3 202629 Jan, 2026
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Frequently asked questions
Deckers Outdoor Corporation designs, markets, and sells footwear, apparel, and accessories through a portfolio of lifestyle and performance brands. The company distributes its products globally via wholesale partners, branded retail stores, and e-commerce platforms. It serves diverse customer segments in both casual and activewear markets. The company is headquartered in Goleta, California, and its shares are listed on the NYSE.
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