Crocs, Inc. · NASDAQ:CROX
Crocs — Q1 2026 Earnings Presentation
27 slides from Crocs's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Sectio
Slide 3: Crocs, Inc. Reports Better-Than-Expected First Quarter 2026 Results
Crocs, Inc. Reports Better-Than-Expected First Quarter 2026 Results “We are pleased to have started the year with better-than-expected results, fueled by broad consumer relevance for both of our brands and disciplined execution against our strategy. We delivered enterprise revenue of over $900 milli
Slide 4: Investment Thesis
Investment Thesis 4
Slide 5: Investment Thesis
Investment Thesis 1 2 3 4 5 Global leader in Diversified sources Compelling value Durable, profitable Track record of casual footwear of growth across with assortments growth with best-in- delivering healthy with two iconic brands, categories, <$100 appealing to class margins and TSR over time brand
Slide 6: Our Diversified Growth Flywheel
Our Diversified Growth Flywheel We are diversifying our revenue streams across multiple pillars... By Brand(1)... 83% 17% By Product(2)... 61% 39% By Geography(1)(3)... 51% 49% By Channel(1)... 47% 53% 1. Metrics represent Q1 2026 TTM 2. Metrics represent Full-Year 2025, as we only disclose revenue
Slide 7: Crocs Brand: Five-Pillar Growth Strategy
Crocs Brand: Five-Pillar Growth Strategy 1 Drive Brand Relevance Through Icon Iterations 2 Diversify Outside of Clogs Through New Category Expansion 3 Fuel Consumer Engagement With Disruptive Digital and Social Marketing 4 Create Compelling Consumer Experiences Across Channels 5 Gain Share in Large
Slide 8: HEYDUDE Brand: Three-Pillar Growth Strategy
HEYDUDE Brand: Three-Pillar Growth Strategy 1 Ignite Our Community Through HEYDUDE Country 2 Build the Core, and Thoughtfully Add More 3 Stabilize Then Accelerate North America, While Planting Seeds Internationally 8
Slide 9: Financial Results
Financial Results 9
Slide 10: Q1 2026 Financial Results
Q1 2026 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand Revenues(1) $921M $767M $154M (4% ) vs. LY (2%) vs. LY (13%) vs. LY Adjusted Gross Margin(2) 56.9% 59.5% 44.5% (90)bps vs. LY (120)bps vs. LY (210)bps vs. LY Adjusted SG&A as % of Revenue(2) 34.6% +60bps vs. LY Adjusted Operating Income
Slide 11: Crocs Brand Highlights: Q1
Crocs Brand Highlights: Q1(1) Direct-to-Consumer Wholesale Q1 Revenues $322M $446M $767M +11% vs. LY (9%) vs. LY North America International year-over-year decline of (2%) $346M $421M (6%) vs. LY +2% vs. LY • International grew 7% on a reported basis, supported by broad-based strength across Tier 1
Slide 12: HEYDUDE Brand Highlights: Q1
HEYDUDE Brand Highlights: Q1(1) Direct-to- Q1 Revenues Consumer Wholesale $154M $71M $83M year-over-year decline of (13%) (26%) vs. LY +8% vs. LY • Launched relevant collaborations including Houston Rodeo, Chevy, Jelly Roll, and Naruto, driving authentic connections with core consumer • Direct-to-co
Slide 13: Financial Outlook
Financial Outlook 13
Slide 14: Guidance: Q2 and Full Year 2026
Guidance: Q2 and Full Year 2026 Q2 2026(1) Full Year 2026(1) Total Revenue % Change Down Slightly Down (1)% to Up 1% Revenue % Change Up 1% to 3% Flat to +2% Revenue % Change Down (14)% to (12)% Down (7)% to (5)% Adjusted Operating Margin(2) Approximately 24.7% >22.3% Adjusted Effective Tax Rate(2)
Slide 15: Capital Allocation Priorities
Capital Allocation Priorities Invest in Our Brands Repurchase Shares Debt Paydown committed to redeploying best- opportunistically repurchase maintain our net leverage target in-class gross margins to shares under our remaining $747M range of 1.0x to 1.5x(1) accretive investments buyback authorizati
Slide 16: Appendix
Appendix 16
Slide 17: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present "Non-GAAP gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, a
Slide 18: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Profit and Gross Margin Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands) GAAP revenues $ 921,457 $ 937,333 GAAP gross profit $ 522,945 $ 541,549 Distribution centers (1) 1,377 — Other 70 — Total adjustments 1,447 — Non-GAAP gross p
Slide 19: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Margin Reconciliation By Brand: Crocs Brand: Three Months Ended March 31, 2026 2025 (in thousands) GAAP Crocs Brand gross margin 59.5 % 60.7 % Non-GAAP adjustments: Distribution centers (1) less than 0.1% —% Other less than 0.1% —% Non-GAAP Crocs Brand
Slide 20: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Margin Reconciliation By Brand: HEYDUDE Brand: Three Months Ended March 31, 2026 2025 (in thousands) GAAP HEYDUDE Brand gross margin 43.9 % 46.6 % Non-GAAP adjustments: Distribution centers (1) 0.6 % —% Non-GAAP HEYDUDE Brand gross margin 44.5 % 46.6 %
Slide 21: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Selling, General and Administrative Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands) GAAP revenues $ 921,457 $ 937,333 GAAP selling, general and administrative expenses $ 322,101 $ 318,575 Impairment of leasehold improvement ass
Slide 22: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income from Operations and Operating Margin Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands) GAAP revenues $ 921,457 $ 937,333 GAAP income from operations $ 200,844 $ 222,974 Non-GAAP gross profit adjustments (1) 1,447 — Non-GAA
Slide 23: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income Tax Expense (Benefit) and Effective Tax Rate Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands) GAAP income from operations $ 200,844 $ 222,974 GAAP income before income taxes 178,844 204,939 Non-GAAP income from operations
Slide 24: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Net Income Per Share Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands, except per share data) Numerator: GAAP net income $ 137,556 $ 160,103 Non-GAAP gross profit adjustments (1) 1,447 — Non-GAAP selling, general and administrati
Slide 25: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Free Cash Flow Reconciliation: Three Months Ended March 31, 2026 2025 (in thousands) Cash used in operating activities $ (80,934) $ (67,235) Purchases of property, equipment, and software (18,000) (15,375) Free cash flow $ (98,934) $ (82,610) 25
Slide 26: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Full Year 2026 Guidance Reconciliation: Full Year 2026: Approximately: Non-GAAP operating margin reconciliation: GAAP operating margin >21.7% Non-GAAP adjustments (1) 0.6% Non-GAAP operating margin >22.3% Non-GAAP effective tax rate reconciliation: GAAP effe
Slide 27: Crocs, Inc.
CROCS inc: