📈 Price History

Ratio Health

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By Category

Shareholding

About

Crocs, Inc. together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and kids under the Crocs and HEYDUDE Brands in the United States and internationally.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding CROX

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Manager	Shares	Value	% of Fund	Period
Li Lu Himalaya Capital Management	887.1K	$73.6M	2.30%	Mar 2026
Steve Cohen Point72 Asset Management	596.5K	$49.5M	0.06%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

including pulling back on promotional activity and taking back aged inventory. They provided specific dollar amounts for cost savings ($50M) and tariff impact ($40M in H2).

Q3 2025

Mixed

the overall tone was measured and forward-looking with acknowledged headwinds.

Q4 2025

Mixed

but also acknowledged ongoing headwinds in North America for both brands and adopted a cautious tone on near-term revenue and tariff impacts. They used specific figures and milestones to bolster confidence, while being transparent about challenges.

Q1 2026 latest

Mixed

but frequently uses caveats like 'we recognize work remains' and 'too early to fully quantify' the Middle East impact, indicating cautious confidence.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears slightly stronger after this call due to better-than-expected Q1 results and upward guidance revision. Key positives include strong DTC momentum, successful new product launches, and continued cost discipline. However, uncertainties around Middle East conflict, tariff evolution, and macroeconomic pressure temper confidence. The forward outlook relies on second-half acceleration, especially for HEYDUDE returning to growth. Next quarter, investors should monitor (1) sustained DTC growth amid promotional pullback, (2) clarity on tariff impacts and potential refunds, (3) international growth progression despite Middle East drag, and (4) sell-through of new product pillars like sandals and ballet flats.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Crocs Q1 2026 revenue $921M, DTC grows 11% for Crocs, HEYDUDE improves

Revenue & Profitability

Enterprise revenue of $921 million, down 2% reported (down 4% constant currency). Adjusted gross margin was 56.9%, down 90 basis points year-over-year. Adjusted operating margin was 22.3%, down 150 bps. Adjusted diluted EPS was $2.99, flat versus prior year. Crocs brand revenue $767 million (down 2%), HEYDUDE $154 million (down 13%). Inventory turnover exceeded 4 times on an annualized basis.

Outlook

Management expects enterprise revenue for full-year 2026 to be up 1% to down 1% on a reported basis, with Crocs brand flat to up 2% (driven by international) and HEYDUDE down 5%–7% (improving). The Middle East conflict is reducing distributor revenue and increasing transportation costs. Consumer behavior is not showing a discernible negative trend yet, but sustained high oil prices could lead to macro slowdown. Tariff impacts are embedded in guidance; Supreme Court refunds are not.

Growth Drivers

Key growth drivers include product newness across categories: clogs (Crocband, Crafted, Echo), sandals (Getaway, Brooklyn, Miami, new Saturday sandal), ballet flats, and personalization. International markets (China, India, Japan, Western Europe) are showing double-digit growth in key countries. Direct-to-consumer channels and social commerce (TikTok Shop expansion) are outperforming wholesale. HEYDUDE is gaining traction with Stretch Jersey, sandals (Maui Breeze, Austin Slide), and work footwear.

Balance Sheet & CapEx

Capital expenditures for full-year 2026 are expected to be in the range of $70 million to $80 million. No specific breakdown or additional details were provided on this call.

Margins

Q1 adjusted gross margin was 56.9%, down 90 bps due to product mix and brand mix (HEYDUDE outperformance). Crocs brand gross margin was 59.5% (down 120 bps), HEYDUDE 44.5% (down 210 bps). For the full year, adjusted gross margin is expected to be slightly up YoY despite tariffs, supported by cost-saving initiatives. SG&A dollars are expected flat YoY. Adjusted operating margin is expected to expand modestly from 22.3% in FY2025. Q2 operating margin is guided to approximately 24.7%.

Key Risks

Risks flagged include the Middle East conflict, which is reducing distributor revenue (especially for Crocs), increasing transportation costs via fuel surcharges, and posing a potential macro slowdown if oil prices remain elevated. Tariff uncertainty remains, though current impacts are embedded in guidance. The Supreme Court ruling on tariff refunds is not included in guidance. There is also general consumer confidence weakness in some markets, though not yet discernible in Crocs' data.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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