Companies /Consumer Cyclical

Crocs Inc

NASDAQ: CROX Footwear & Accessories
$117.53
▲ $1.52 (+1.31%) today
Markets closed · 5:31pm ET

Q3 2025 Earnings

Reported Oct 30, 2025, 7:03am ET · SEC source
$2.92
Beat +23.71%
EPS · est. $2.36
$996.3M
Beat +3.62%
Revenue · est. $961.5M
+3.0%
Beating market
CROX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−15%−10%−5%0Oct 30Oct 31report 7:03am ETearnings−0.9%−11.9%
−15%−10%−5%0Oct 30Oct 31earnings−0.9%−11.9%
CROX −11.9%S&P 500 −0.9%
−15%−10%−5%0Oct 30Oct 31report 7:03am ETearnings−1.1%−11.9%
−15%−10%−5%0Oct 30Oct 31earnings−1.1%−11.9%
CROX −11.9%NASDAQ −1.1%
−15%−10%−5%0Oct 29Nov 7report 7:03am ETearnings−2.8%−16.7%
−15%−10%−5%0Oct 29Nov 7earnings−2.8%−16.7%
CROX −16.7%S&P 500 −2.8%
−15%−10%−5%0Oct 29Nov 7report 7:03am ETearnings−4.3%−16.7%
−15%−10%−5%0Oct 29Nov 7earnings−4.3%−16.7%
CROX −16.7%NASDAQ −4.3%
−2.54%
Day of report
−1.03%
Next session
−4.98%
One week
+3.28%
30 days

S&P 500 over the same 30 days: +0.25%.

Did CROX Beat Earnings? Q3 2025 Results

Crocs, Inc. delivered a meaningful earnings beat in Q3 2025, even as the broader revenue picture remained under pressure. The footwear company posted adjusted diluted EPS of $2.92, clearing the $2.36 consensus estimate by 23.71%, while revenue of $996.30 million edged past expectations by 3.62%, though it still marked a 6.2% decline from the prior year. The headline story remains the ongoing struggle at HEYDUDE, where wholesale revenues plunged 38.6% as the company worked through excess channel inventory, dragging the brand's total revenue down 21.6% and offsetting relative stability in the core Crocs brand, which benefited from 5.8% international growth. Profitability felt the weight of that volume pressure, with adjusted operating margin contracting to 20.8% from 25.4% a year earlier. Management signaled continued headwinds, guiding Q4 revenues down approximately 8% and adjusted EPS of $1.82 to $1.92, though an incremental $100 million in gross cost savings identified for 2026 pointed to a deliberate pivot toward operating leverage as top-line recovery remains a work in progress.

Key Takeaways
  • Crocs Brand strength in international markets, particularly DTC growth of 25.9%
  • Disciplined execution against brand strategies
  • Direct-to-consumer channel outperformance across both brands
  • Cost savings initiatives: $50 million gross savings in 2025 with incremental $100 million identified for 2026

“Our third-quarter performance was driven by disciplined execution against our brand strategies, as well as greater product and go-to-market innovation. The strength of our profitability and cash flow enabled us to repurchase 2.4 million of our outstanding shares and pay down $63 million of debt during the quarter, both fundamental levers of our value creation model. While our results came in ahead of expectations, we believe both of our brands have greater potential, and are working to re-gain momentum in the marketplace.”

Crocs CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Crocs expects consolidated revenues to decline approximately 8% year-over-year, with the Crocs brand down approximately 3% and HEYDUDE down mid-20%. Adjusted operating margin is expected to be approximately 15.5%. Adjusted diluted EPS is guided at $1.82 to $1.92, excluding any impact from potential future share repurchases. GAAP effective tax rate is expected at approximately 20%, adjusted effective tax rate at approximately 16%. Non-GAAP adjustments of approximately $10 million are expected, primarily associated with cost reduction initiatives. Full-year 2025 capital expenditures are expected at $70 million to $75 million. The company has identified an incremental $100 million of gross cost savings for 2026, in addition to $50 million in 2025, and is committed to driving operating leverage in 2026.

CROX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$300.0M$600.0M$900.0M$1.1B$996.3MRevenue$633.4M$583.0MGross Profit$269.8M$207.7MOperating Income$199.8M$145.8MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CROX Revenue by Segment

Crocs Brand$388.5M+5.8%
Crocs Brand - Direct-to-Consumer$471.9M+2.0%
Crocs Brand - Wholesale$364.4M−7.9%
HEYDUDE Brand$160.1M−21.6%
HEYDUDE
HEYDUDE Brand - Direct-to-Consumer$90.7M−0.5%
HEYDUDE Brand - Wholesale$69.4M−38.6%

CROX Revenue by Geography

Rest of World
North America

Figures from SEC filings and company reports. Not investment advice.