Crocs (CROX) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results, with consolidated revenues up 2.6% year-over-year to $1.18 billion, driven by strong direct-to-consumer growth and Crocs Brand surpassing $1 billion in quarterly revenue for the first time.

• Raised full-year 2026 outlook for both revenue and earnings, reflecting robust first-half performance and broad consumer demand.

• Increased share repurchase authorization by $1.5 billion, bringing total to $2 billion, reflecting confidence in future cash flow generation.

Financial highlights

• Q2 2026 consolidated revenues: $1.18 billion, up 2.6% year-over-year on a constant currency basis; DTC revenues up 12%, wholesale down 7.2%.

• Adjusted gross margin: 60.0%, down 170 bps year-over-year.

• Adjusted operating income: $296M, down 4.5% year-over-year; adjusted operating margin: 25.1%, down 180 bps.

• Adjusted diluted EPS: $4.55, up 8% year-over-year.

• Free cash flow for Q2: $331M, up from $269M in Q2 2025.

Outlook and guidance

• Full-year 2026 revenue expected to increase 1–2%; Crocs Brand up 2–3%, HEYDUDE down 4–2%.

• Adjusted operating margin for full year expected to expand modestly from 22.3%; adjusted diluted EPS guidance $13.70 to $14.00.

• Q3 2026 revenues expected to be flat year-over-year; adjusted EPS $3.20–$3.30.

• Capital expenditures projected at $70M to $80M for the year.