Companies

Crocs reports modest full-year revenue decline

Feb 13, 2026 United States

The US-based casual footwear company reported a modest decline in full-year revenue in 2025. This reflects ongoing pressure on the HeyDude brand, while the core Crocs brand has remained stable

“We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded 4 billion US dollars, led by low-double digit international growth for the Crocs Brand. At the same time, we accelerated our strategic actions to strengthen the long-term health of both the Crocs and HeyDude brands”, commented Andrew Rees, Chief Executive Officer of Crocs.

Fourth Quarter Revenue Summary

In the fourth quarter of the 2025 financial year, the company’s consolidated revenue amounted to 958 million US dollars. This reflects a modest decrease of 2.3%, or 4.2% on a constant currency basis, as compared to the same period of the previous year.

During the quarter, growth in DTC revenue of 4.7% (or 3.6% on a constant currency basis) was offset by a decrease in wholesale revenue of 14.5% (or 15.5% on a constant currency basis).

The Crocs brand reported a broadly flat fourth quarter revenue of 768 million US dollars, which reflects an increase of 0.8% year-on-year, but a decrease of 0.4% year-on-year on a constant currency basis. Revenue in North America decreased by 7.4% year-on-year to 436 million US dollars, while international revenue increased by 14.1% (or 11.0% on a constant currency basis) to 332 million US dollars.

HeyDude continues to underperform, reporting a 16.9% (or 17.5% on a constant currency basis) decrease in revenue in the fourth quarter, as compared to the same period of 2024, bringing it to 189 million US dollars.

Full-Year Results

Crocs recorded a consolidated revenue of 4.04 billion US dollars in the full year 2025, which represents a 1.5% decline (or a 1.7% decline on a constant currency basis), as compared to the previous year. Full-year DTC revenue increased by 3.3% (or 2.9% on a constant currency basis), while wholesale revenue decreased by 6.2%, both on a reported and constant currency basis.

On a comparable basis to 2024, the company’s operating income fell by 85% last year to 150 million US dollars, after it recorded more than 700 million US dollars in impairment charges tied to its HeyDude brand.

The write-down resulted in the company reporting a net loss of 1.50 US dollars per diluted share for the year, compared with earnings of 15.88 US dollars per share the previous year. Meanwhile, adjusted earnings per share declined by a more modest 5% year-on-year to 12.51 US dollars.

However, Andrew Rees pointed out that Crocs’ “value creation model” generated an operating cash flow of around 700 million US dollars in 2025. This enabled the company to increase shareholder value by repurchasing around 10% of its outstanding shares and paying off 128 million US dollars of debt.

2026 Outlook

For 2026, Crocs expects revenue to be down by around 1% or up slightly compared to the full year of 2025. Adjusted diluted earnings per share are expected to be in the range of 12.88 to 13.35 US dollars.

Image Credits: chriskiles.com

United States Crocs Footwear Quarter Results Results Year Results