Slide 1: Investor Presentation 2025
Investor Presentation 2025
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 Fourth Quarter and Full-Year Results
Crocs, Inc. Reports Fourth Quarter and Full-Year Results “We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded $4 billion, led by low-double digit international growth for the Crocs Brand. At the same time, we accelerated our strategic actions to
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: Crocs, Inc. At The Nexus Of Consumer Mega Trends
1 Crocs, Inc. At The Nexus Of Consumer Mega Trends Casualization Comfort Driven Personalization Accessible Price Point Social & Digital Engagement 6
Slide 7: We Play In Large and Growing Addressable Markets
1 We Play In Large and Growing Addressable Markets(1) Estimated Global Total Footwear Market (2025) Millions USD $380B+ Total Footwear Market Casual Footwear $280B+ (includes all silhouettes) Our brands play in a large market and serve a broad, diverse consumer base across age, gender, and $50B+ Clo
Slide 8: Crocs Inc. Growth Priorities
1 Crocs Inc. Growth Priorities Ignite Our Icons at Both Gain Tier 1 Market Share Acquire New Consumers Crocs and HEYDUDE through driving awareness and through strategic investment in through thoughtfully diversifying global relevance for new and talent, marketing, and DTC our product range and usage
Slide 9: Diversified Enterprise Growth
2 Diversified Enterprise Growth(1) We have diversified our revenue streams across multiple pillars... HEYDUDE Sandal - 11% 18% Clog - 61% Jibbitz - 7% We are diversified We are diversified (3) by Brand... (2) by Product ... Other - 21% Crocs 82% WHL Digital = 38% Int’l 48% of revenue 49% We are dive
Slide 10: Crocs Brand: Five-Pillar Growth Strategy
2 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 Larg
Slide 11: HEYDUDE Brand: Three-Pillar Growth Strategy
2 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 11
Slide 12: Capitalize On Share Opportunity In Markets Around The World
2 Capitalize On Share Opportunity In Markets Around The World <1% Market Share 1% - 2% Market Share >2% Market Share S. US Korea % Market Share Penetration(1) GER UK JP India FR China Not to scale Growing Emerging Established Product Lead with Icon, Icon Iterations, and Scale Icon, Icon Iterations,
Slide 13: Driving Product Through Icon Iterations and New Categories
2 Driving Product Through Icon Iterations and New Categories Clogs 74% of business(1) Sandals 13% of business(1) Jibbitz 8% of business(1) Other 5% of business(1) Proposed for External #2 (1) 2025 Percent Mix of Crocs Brand FY25 Sales 13
Slide 14: Leading With The Core and Thoughtfully Adding More
2 Leading With The Core and Thoughtfully Adding More Core... ...And More Primary driver of revenue and brand scale, Diversifying growth by expanding consumer reach powered by the ‘Stretch’ material platform and wearing occasions Wally & Wendy Franchises New Categories, Franchises & Icon Extensions 1
Slide 15: Strong Value Proposition With Accessible Price Points
3 Strong Value Proposition With Accessible Price Points Icons Under $100 All Day Comfort On-Trend Styles 15
Slide 16: History of Durable, Profitable Growth
4 History of Durable, Profitable Growth $4.5 2018-25 Revenue CAGR: +20% $4.0 $4.0 $3.5 Revenue in Billions ($) $3.0 $2.5 $2.0 $1.5 $1.1 $1.0 $0.5 $— 2018 2019 2020 2021 2022 2023 2024 2025 Note: We acquired HEYDUDE on February 17, 2022 (the “Acquisition Date”) and, as a result, added the HEYDUDE Bra
Slide 17: History of Durable, Profitable Growth
4 History of Durable, Profitable Growth $14.00 2018-25 Adj. Diluted EPS CAGR: +47%(1) $12.51 $12.00 $10.00 Adj. Diluted EPS $8.00 $6.00 $4.00 $2.00 $0.86 $— 2018 2019 2020 2021 2022 2023 2024 2025 Note: We acquired HEYDUDE on February 17, 2022 (the “Acquisition Date”) and, as a result, added the HEY
Slide 18: Our Strong Margins and Robust Cash Flow Engine...
4 Our Strong Margins and Robust Cash Flow Engine... 58.3% FY25 Enterprise Adj. 22.3% FY25 Enterprise Adj. ~$800M Gross Margin(1,2) Operating Margin(1,2) FY23-FY25 Average Free Cash Flow(1) (1) See reconciliation to GAAP equivalents in Appendix. (2) Includes an approximate 130 basis points impact fro
Slide 19: ...Have Allowed Us To Return Value To Shareholders
4 ...Have Allowed Us To Return Value To Shareholders 80 77 We Have Reduced Our WASO By Almost 30% Since 2018 75 Weighted Average Share Count (M's) 70 65 60 55 55 50 45 40 2018 2019 2020 2021 2022 2023 2024 2025 (1) Non-GAAP weighted average diluted common shares outstanding as of the end of each res
Slide 20: Industry Leading Scale and Top-Tier Margins
4 Industry Leading Scale and Top-Tier Margins $10.0B 30.0% 2025 Revenue (1) 2025 Adj. Operating Margin %(2,3) 25.0% $8.0B 20.0% $6.0B 15.0% $4.0B 10.0% $2.0B 5.0% $—B —% VFC DECK SHOO BIRK WWW BIRK DECK WWW SHOO VFC (1) Crocs Inc., VF Corporation, Birkenstock, and Deckers revenue figures reflect rep
Slide 21: Best-in-Class and Seasoned Management
5 Best-in-Class and Seasoned Management Andrew Rees Patraic Reagan Anne Mehlman Rupert Campbell Terence Reilly Director and EVP and Chief EVP and Brand EVP and Brand EVP and Chief Chief Executive Financial Officer President for President for Brand Officer Officer Crocs HEYDUDE Sara Hoverstock Tom Br
Slide 22: 20 Years Of Value Creation As A Public Company
5 20 Years Of Value Creation As A Public Company +714% VS. +441% Total CROX Shareholder Return Since 2006(1) Total S&P500 Shareholder Return Since 2006(1) 22 (1) Total Shareholder Return defined as share price return from February 8, 2006 to December 31, 2025. CROX IPO price on February 8, 2006 to D
Slide 23: Financial Results
Financial Results 23
Slide 24: Q4 2025 Financial Results
Q4 2025 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand Revenues(1) $958M $768M $189M (4% ) vs. LY Flat vs. LY (18%) vs. LY Adjusted Gross Margin(2,3) 54.7% 57.8% 39.7% (320)bps vs. LY (310)bps vs. LY (800)bps vs. LY Adjusted SG&A as % of Revenue(4) 37.9% +20bps vs. LY Adjusted Operating Inc
Slide 25: Full-Year 2025 Financial Results
Full-Year 2025 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand Revenues(1) $4,041M $3,326M $715M (2%) vs. LY +1% vs. LY (14%) vs. LY Adjusted Gross Margin(2,3) 58.3% 61.3% 44.8% (50)bps vs. LY (30)bps vs. LY (290)bps vs. LY Adjusted SG&A as % of Revenue(3) 36.0% +280bps vs. LY Adjusted Opera
Slide 26: Enterprise Highlights: Full-Year 2025
Enterprise Highlights: Full-Year 2025 Appointed Patraic Reagan as EVP and Chief Financial Officer of Crocs, Inc. Promoted Terence Reilly to EVP and Chief Brand Officer for the Crocs and HEYDUDE brands Generated free cash flow of $659 million(1) Repurchased 10% of total shares outstanding, totalling
Slide 27: Crocs Brand Highlights: Full-Year 2025
Crocs Brand Highlights: Full-Year 2025(1) Posted 8th consecutive year of revenue growth, led by double-digit international growth Ended the year with approximately 2,600 global mono-branded stores(2) Clogs represent 74% of overall mix fueled by strong consumer response to Icon iterations Scaled exis
Slide 28: HEYDUDE Brand Highlights: Full-Year 2025
HEYDUDE Brand Highlights: Full-Year 2025 Promoted Rupert Campbell to EVP and Brand President of HEYDUDE Refreshed consumer insights work to sharpen and better understand HEYDUDE core consumer and target key attributes Launched ‘HEYDUDE Country’ campaign, leaning into core brand affinities: music, pr
Slide 29: Financial Outlook
Financial Outlook 29
Slide 30: Guidance: Q1 and Full-Year 2026
Guidance: Q1 and Full-Year 2026(1,2) Q1 2026(1,2) Full-Year 2026(1,2) Total Revenue % Change(1) Down (5.5)% to (3.5)% Down (1)% to Up Slightly Revenue % Change(1) Down (LSD%) Flat to +2% Revenue % Change(1) Down (18)% to (15)% Down (9)% to (7)% Adjusted Operating Margin(1,2) Approx. ~21.5% >22.3% Ad
Slide 31: Capital Allocation Priorities
Capital Allocation Priorities Invest in Our Brands Repurchase Shares Paydown Debt committed to redeploying best- opportunistically repurchase maintain our net leverage target in-class gross margins to shares under remaining $747M range of 1.0x to 1.5x accretive investments buyback authorization 31
Slide 32: Appendix
Appendix 32
Slide 33: 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 34: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation Non-GAAP Gross Profit and Gross Margin Reconciliation: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) GAAP revenues $ 957,640 $ 989,773 $ 4,040,647 $ 4,102,108 GAAP gross profit $ 523,662 $ 572,926 $ 2,357,055 $ 2,410,258 D
Slide 35: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Selling, General and Administrative Reconciliation: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) GAAP revenues $ 957,640 $ 989,773 $ 4,040,647 $ 4,102,108 GAAP selling, general and administrative expense
Slide 36: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Income From Operations and Operating Margin Reconciliation: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) GAAP revenues $ 957,640 $ 989,773 $ 4,040,647 $ 4,102,108 GAAP income from operations $ 146,397 $
Slide 37: 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 December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) GAAP income from operations $ 146,397 $ 199,915 $ 149,515 $ 1,021,911 GAAP income before i
Slide 38: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Non-GAAP Net Income Per Share Reconciliation: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands, except per share data) Numerator: GAAP net income (loss) $ 105,165 $ 368,909 $ (81,198) $ 950,071 Non-GAAP gross profit a
Slide 39: Non-GAAP Reconciliation (Cont'd)
APPENDIX Non-GAAP Reconciliation (Cont'd) Free Cash Flow Reconciliation: Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) Cash provided by operating activities $ 252,530 $ 321,937 $ 710,431 $ 992,486 Purchases of property, equipment, and software (6,111) (18
Slide 40: 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 41: CROCS inc:
CROCS inc: