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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 controls.
Strong cash flow enabled the repurchase of 2.4 million shares for $203 million and $63 million in debt paydown.
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 due to lower growth forecasts and tariff impacts.
Focus remains on product innovation, category diversification, digital engagement, and international expansion.
Financial highlights
Q3 2025 revenue was $996.3 million, down 6.2%–7% 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, with a 230 bps tariff headwind; Crocs brand margin at 61.8%, HEYDUDE at 42.3%.
Adjusted operating margin was 20.8%, down 460 bps year-over-year; adjusted EPS was $2.92 (down 19%), GAAP EPS was $2.70 (down 19.6%–27%).
Free cash flow for Q3 was $226 million.
Inventory at quarter-end was $397 million, up from $356.3 million at year-end 2024; cash and cash equivalents were $154 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%, with gross margin down ~300 bps due to tariffs.
Adjusted diluted EPS for Q4 expected between $1.82 and $1.92; capital expenditures projected at $70–$75 million for the year.
Management is prioritizing a return to growth in North America, focusing on product innovation, cost structure, and pricing discipline.
$100 million in additional gross cost savings identified for 2026, with flexibility on reinvestment or margin improvement.
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?
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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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