Crocs, Inc. · NASDAQ:CROX
Crocs — Q3 2025 Earnings Presentation
25 slides from Crocs's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Investor Presentation
Q3 2025 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 Third Quarter Results
Crocs, Inc. Reports Third Quarter Results “Our third-quarter performance was driven by disciplined execution against our brand strategies, as well as greater product and go-to-market innovation. The strength of our profitability and cash flow enabled us to repurchase 2.4 million of our outstanding s
Slide 4: Investment Thesis
Investment Thesis 4
Slide 5: Investment Thesis
Investment Thesis 1 2 3 4 5 Global leader in Diversified sources Strong value Durable, profitable Best-in-class casual footwear of growth across proposition with growth with top-tier management team with two iconic brands, categories, assortments <$100 margins and cash with track record of brands an
Slide 6: We Have A Strong And Diversified Platform For Growth
We Have A Strong And Diversified Platform For Growth(1) HEYDUDE 19% SHARE OF WHL DTC Brand 49% Channel ENTERPRISE 51% Crocs 81% International 47% SHARE OF Geography CROCS BRAND North America 53% 1. Trailing Twelve Month ratio 6
Slide 7: Crocs Inc. Growth Priorities
Crocs Inc. Growth Priorities Ignite Our Icons at Both Tier 1 Market Share Gains Attract New Consumers Crocs and HEYDUDE through driving awareness and through strategic investment through thoughtfully diversifying global relevance for new and behind talent, marketing, our product range and usage exis
Slide 8: Crocs Brand Strategy
Crocs Brand Strategy Drive Brand Relevance through Icon Iterations Diversify Outside of Clogs Through New Category Expansion Fuel Consumer Engagement With Disruptive Digital and Social Marketing Create Compelling Consumer Experiences Across Distribution Gain Share in Markets around the World 8
Slide 9: HEYDUDE Brand Strategy
HEYDUDE Brand Strategy Ignite Our Community Through HEYDUDE Country Build the Core, and Thoughtfully Add More Stabilize Then Accelerate North America, While Planting Seeds Internationally 9
Slide 10: Financial Results
Financial Results 10
Slide 11: Q3 2025 Financial Results
Q3 2025 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand $996M $836M $160M Revenues(1) (7%) vs. LY (3%) vs. LY (22%) vs. LY Adjusted Gross Margin(2,3) 58.5% 61.8% 42.3% (110)bps vs. LY (70)bps vs. LY (560)bps vs. LY Adjusted SG&A as % of Revenue(2) 37.7% +350bps vs. LY Adjusted Operating Inco
Slide 12: Crocs Brand Highlights: Q3
Crocs Brand Highlights: Q3(1) Direct-to-Consumer Wholesale Q3 Revenues $472M $364M $836M +1% vs. LY (8%) vs. LY North America International year-over-year declines of (3%) $448M $389M (9%) vs. LY +4% vs. LY • Results in North America were impacted in part by two strategic actions we took — reducing
Slide 13: HEYDUDE Brand Highlights: Q3
HEYDUDE Brand Highlights: Q3(1) Direct-to- Q3 Revenues Consumer Wholesale $160M $91M $69M year-over-year declines of (22%) (39%) vs. LY (1%)vs. LY • Continued to build community and connect with consumers through ‘HEYDUDE Country’ highlighting several brand affinities including music, travel, and pr
Slide 14: Financial Outlook
Financial Outlook 14
Slide 15: Financial Outlook
Financial Outlook Fourth Quarter 2025(1) Total Revenue Change Y/Y Down 8% Revenue Change Y/Y Down 3% Revenue Change Y/Y Down Mid-20% Adjusted Operating Margin(2) Approximately 15.5% Adjusted Diluted EPS(2) $1.82 to $1.92 FY 2025 Capital Expenditures $70 million to $75 million 1. Reflects current cur
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 remaining $927M range of 1.0x to 1.5x(1) accretive investments buyback authorizati
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 (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Selling, General and Administrative Reconciliation: Three Months Ended September 30, 2025 2024 (in thousands) GAAP revenues $ 996,301 $ 1,062,200 GAAP selling, general and administrative expenses $ 375,348 $ 363,510 Total adjustments — — Non-GAAP se
Slide 20: 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, 2025 2024 (in thousands) GAAP revenues $ 996,301 $ 1,062,200 GAAP income (loss) from operations $ 207,660 $ 269,829 Non-GAAP selling, general and administra
Slide 21: 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 September 30, 2025 2024 (in thousands) GAAP income (loss) from operations $ 207,660 $ 269,829 GAAP income (loss) before income taxes 189,428 244,897 Non-GAAP inco
Slide 22: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Earnings Per Share Reconciliation: Three Months Ended September 30, 2025 2024 (in thousands, except per share data) Numerator: GAAP net income (loss) $ 145,816 $ 199,801 Non-GAAP selling, general and administrative expenses adjustments (1) — — Tax e
Slide 23: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Free Cash Flow Reconciliation: Three Months Ended September 30, 2025 2024 (in thousands) Cash provided by operating activities $ 239,336 $ 296,887 Purchases of property, equipment, and software (13,174) (18,051) Free cash flow $ 226,162 $ 278,836 23
Slide 24: Fourth Quarter Guidance Reconciliation
APPENDIX Non-GAAP Reconciliation (Cont'd) Fourth Quarter 2025 Guidance Reconciliation: Fourth Quarter 2025: Approximately: Non-GAAP operating margin reconciliation: GAAP operating margin 14.4% Non-GAAP adjustments (1) 1.1% Non-GAAP operating margin 15.5% Non-GAAP effective tax rate reconciliation: G
Slide 25: Crocs Inc
CROCS inc: