Wolverine World Wide
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Wolverine World Wide (WWW) investor relations material

Wolverine World Wide Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • FY2025 delivered strong financial results, with revenue and adjusted EPS exceeding expectations, led by Merrell and Saucony, and supported by transformation initiatives and improved brand health.

  • Ongoing business results exclude the Sperry business, which was divested in January 2024.

  • The company improved its balance sheet, reducing net debt by $81 million (16.2%) to $415 million by year-end.

  • Entering FY2026 with enhanced product pipelines, robust marketing, and operational momentum.

Financial highlights

  • FY2025 revenue reached $1.874 billion, up 7.1% year-over-year (6% constant currency), with a 53rd week contributing 70 bps to growth.

  • Gross margin improved 300 bps to 47.3%, driven by lower supply chain costs and more full-price sales.

  • Adjusted operating margin rose 170 bps to 9.0%; adjusted diluted EPS increased 53.4% to $1.35.

  • Q4 revenue was $517 million (+4.6% year-over-year), with gross margin up to 47%.

  • Net earnings for 2025 were $101.0 million, up from $48.8 million in 2024.

Outlook and guidance

  • FY2026 revenue expected at $1.96–$1.985 billion (+5.2% at midpoint), with foreign currency providing a $14 million benefit.

  • Gross margin projected at 46% (down 130 bps), reflecting higher tariffs partially offset by pricing and cost savings.

  • Adjusted operating margin expected at 9.1%, with adjusted EPS in the $1.35–$1.50 range.

  • Operating free cash flow forecasted at $105–$120 million.

  • Q1 2026 revenue expected at $445–$450 million (+8.5% year-over-year), with gross margin at 47.5%.

Explain 2026 gross margin decline drivers
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Saucony US Lifestyle distribution strategy 2026
Tariff impact cadence on gross margin for 2026
Sweaty Betty US reset initiatives and timeline
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Frequently asked questions

Wolverine World Wide, Inc., designs, manufactures, sources, markets, licenses and distributes footwear, apparel and accessories in the United States, Europe, the Middle East, Africa and the Asia Pacific. Wolverine World Wide designs and produces footwear under the brands of Huzh Puppies , Sperry Boat Shoes, Saucony Footwear, Merrell Footwear, Chaco Footwear and Kim Kardashian Kollection footwear. The company's products are marketed under the brands of Hush Puppies, Keds, Saucony, Merrell outdoor footwear and apparel and Chaco.

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