Crocs, Inc. · NASDAQ:CROX
Crocs — Q3 2026 Earnings Presentation
29 slides from Crocs's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Investor Presentation
Q3 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 Strong Third Quarter 2026 Results
Crocs, Inc. Reports Strong Third Quarter 2026 Results “We delivered a strong third quarter with growth across brands, channels and geographies, while expanding margins year over year through disciplined execution of our brand strategies. The Crocs Brand delivered a record third quarter with revenues
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)... 49% 51% By Channel(1)... 45% 55% 1. Metrics represent Q3 2026 TTM 2. Metrics represent Full-Year 2025, as we only disclose revenue
Slide 7: Decade-long Track Record: Returning Value to Shareholders
Decade-long Track Record: Returning Value to Shareholders $1,200 $1,000 Share Repurchases Since 2015 ($M) $1,000 ~$3.3B ~27.3M repurchased cumulative $800 since 2015 shares(2) $600 $551 $577 $501 ~37% reduction in $400 Acquisition share count(2) of HEYDUDE $175 We have taken our powerful value $200
Slide 8: Crocs Brand: Five-Pillar Growth Strategy
Crocs Brand: Five-Pillar Growth Strategy 1 Drive Brand Relevance Through Icon Iterations 2 Scale 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 Addr
Slide 9: HEYDUDE Brand: Three-Pillar Growth Strategy
HEYDUDE Brand: Three-Pillar Growth Strategy 1 Ignite Our Community Through Core Consumer Focus 2 Build the Core, and Thoughtfully Add More 3 Stabilize Then Accelerate North America, While Planting Seeds Internationally 9
Slide 10: Financial Results
Financial Results 10
Slide 11: Q3 2026 Financial Results
Q3 2026 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand Revenues(1) $1,043M $873M $170M +5% vs. LY +4% vs. LY +6% vs. LY Adjusted Gross Margin(2) 60.3% 63.4% 45.8% +180bps vs. LY +160bps vs. LY +350bps vs. LY Adjusted SG&A as % of Revenue(2) 38.1% +40bps vs. LY Adjusted Operating Income(2) $
Slide 12: Crocs Brand Highlights: Q3
Crocs Brand Highlights: Q3(1) Direct-to-Consumer Wholesale Q3 Revenues $510M $362M $873M +8% vs. LY Flat vs. LY North America International year-over-year growth of +4% $438M $434M (2%) vs. LY +12% vs. LY • Crocs Brand delivered a record third quarter led by International revenue up double-digits —
Slide 13: HEYDUDE Brand Highlights: Q3
HEYDUDE Brand Highlights: Q3(1) Direct-to- Q3 Revenues Consumer Wholesale $170M $91M $79M year-over-year growth of +6% +14% vs. LY Up Slightly vs. LY • HEYDUDE returned to growth with revenues up +6%, supported by improved ASPs, inventory management, and cost efficiencies • Wholesale revenues grew +
Slide 14: Financial Outlook
Financial Outlook 14
Slide 15: Guidance: Q4 and Full Year 2026
Guidance: Q4 and Full Year 2026 Q4 2026(1) Full Year 2026(1) Total Revenue % Change +7% to +9% Approximately +3% Revenue % Change +6% to +8% Approximately +4% Revenue % Change +10% to +12% Approximately Flat Third Consecutive Adjusted Operating Margin(2) Approximately 20.5% >22.5% Full Year 2026 Gui
Slide 16: 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 total available range of 1.0x to 1.5x(1) accretive investments ~$1.7B buyback auth
Slide 17: Appendix
Appendix 17
Slide 18: 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 19: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Profit and Gross Margin Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP gross profit $ 689,734 $ 583,008 $ 1,913,386 $
Slide 20: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Margin Reconciliation By Brand: Crocs Brand Crocs Brand: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP Crocs Brand gross margin 68.6 % 61.8 % 63.7% 62.3 % Non-GAAP adjustments: IEEPA tariff ref
Slide 21: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Margin Reconciliation By Brand: HEYDUDE Brand HEYDUDE Brand: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP HEYDUDE Brand gross margin 55.1 % 42.3 % 47.4 % 46.6 % Non-GAAP adjustments: IEEPA tariff refunds (1)
Slide 22: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Selling, General and Administrative Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP selling, general and administrat
Slide 23: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income from Operations and Operating Margin Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP income from operations $
Slide 24: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income Tax Expense and Effective Tax Rate Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP income from operations $ 291,927 $ 207,660 $ 778,449 $ 3,118 GAAP income (loss) before
Slide 25: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Net Income Per Share Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per share data) Numerator: GAAP net income (loss) $ 216,755 $ 145,816 $ 559,198 $ (186,363) Non-GAAP gros
Slide 26: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Free Cash Flow Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Cash provided by operating activities $ 290,421 $ 239,336 $ 561,189 $ 457,901 Purchases of property, equipment, and software (1
Slide 27: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Fourth Quarter and Full Year 2026 Guidance Reconciliation: Fourth Quarter 2026: Approximately: Non-GAAP operating margin reconciliation: GAAP operating margin 19.5% Non-GAAP adjustments (1) 1.0% Non-GAAP operating margin 20.5% Non-GAAP diluted earnings per s
Slide 28: Revenues by Segment, Channel, and Geography
APPENDIX Revenues by Segment, Channel, and Geography Constant Currency % Change % Change (1) Three Months Ended Nine Months Ended September 30, September 30, Favorable (Unfavorable) YTD YTD 2026 2025 2026 2025 Q3 2026-2025 2026-2025 Q3 2026-2025 2026-2025 ($ in thousands) Crocs Brand: North America:
Slide 29: CROCS inc:
CROCS inc: