10-Q · April 30, 2026
Crocs, Inc. reported Q1 2026 revenues of $921 million, exceeding estimates, but diluted EPS of $2.71 fell short of the $2.78 estimate. The company raised its full-year guidance based on strong product demand and…
Earnings analysis · 10-Q
CROX earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Crocs reported Q3 revenue of $1.043 billion and diluted EPS of $4.52, exceeding consensus estimates of $1.002 billion and $3.31, respectively. Revenue grew approximately 4.7% year over year and EPS increased…
Read full summary
Crocs reported Q3 revenue of $1.043 billion and diluted EPS of $4.52, exceeding consensus estimates of $1.002 billion and $3.31, respectively. Revenue grew approximately 4.7% year over year and EPS increased approximately 67%, while free cash flow was $275.535 million. Management raised full-year 2026 revenue growth, brand growth, margin, and adjusted EPS outlooks, supporting a bullish assessment. Key offsets include $1.3 billion of borrowings, $6.1 million of annual interest-rate sensitivity, and foreign-exchange exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.52
- Segment
- Crocs Brand: full-year 2026 revenue growth outlook raised to approximately 4% from 2%-3%.
- Segment
- HEYDUDE: full-year 2026 outlook improved to approximately flat from down 4%-2%; quarterly performance returned to growth, but current-quarter segment revenue was not disclosed.
What stood out
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Revenue beat estimates and grew year over year
Revenue was $1.043 billion, up approximately 4.7% from $996 million in Q3 2025, although down approximately 11.6% sequentially from $1.18 billion in Q2 2026. Revenue exceeded the $1.002 billion consensus estimate by approximately $41 million.
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EPS materially exceeded consensus
Diluted EPS was $4.52 versus $2.70 in Q3 2025 and $4.13 in Q2 2026, representing year-over-year growth of approximately 67% and sequential growth of approximately 9%. EPS exceeded the $3.31 consensus estimate by $1.21.
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Strong year-over-year free cash flow
Quarterly free cash flow was $275.535 million, compared with $226 million in Q3 2025 and $331 million in Q2 2026. FCF therefore increased approximately 22% year over year but declined approximately 17% sequentially.
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Full-year outlook was raised
Management raised full-year 2026 revenue growth to approximately 3% from 1%-2% and raised the adjusted operating-margin expansion outlook to above 22.5% from 22.3%.
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Both brand outlooks improved
The Crocs Brand full-year growth outlook increased to approximately 4% from 2%-3%, while HEYDUDE improved to approximately flat from down 4%-2%.
What to watch
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Variable-rate debt exposure
Borrowings had a face value of $1.3 billion at September 30, 2026, and a hypothetical 1% increase in variable borrowing rates would increase interest expense over the next 12 months by $6.1 million.
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Foreign-exchange volatility
A 1% appreciation of the U.S. dollar would have reduced Q3 revenue by $4.6 million and income before taxes by $1.6 million; for the first nine months, the corresponding impacts were $15.3 million and $4.5 million.
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Large ongoing share repurchases
The company repurchased 2,027,568 shares during Q3 at an average price of $123.32, while $1.746 billion remained available under the repurchase authorization, potentially competing with debt reduction or other liquidity uses.
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No formal risk-factor changes
The filing states that there were no material changes to the risk factors in the 2025 Form 10-K; however, the disclosed $1.3 billion borrowing balance and $6.1 million one-year interest sensitivity remain material exposures.
Management's outlook
Full-year 2026 revenue growth outlook was raised to approximately 3% from 1%-2%; Crocs Brand growth was raised to approximately 4% from 2%-3%; HEYDUDE outlook improved to approximately flat from down 4%-2%; adjusted operating-margin expansion outlook was raised to above 22.5% from 22.3%.
Earlier filings 4
10-K · February 12, 2026
Crocs’ 2025 filing emphasizes a two‑brand strategy (Crocs Brand and HEYDUDE) with priorities to “ignite our icons,” expand occasions and digital/DTC channels, and drive market share in six Tier 1 markets. The company…
10-Q · August 7, 2025
Crocs reported Q2 revenue of $1,149,373,000, up from $1,111,502,000 in Q2 2024, but recorded $738,115,000 of non‑cash asset impairments (HEYDUDE trademark $430,000,000 and HEYDUDE goodwill $307,000,000) that drove an…
10-Q · May 8, 2025
Crocs reported Q1 2025 revenues of $937,333 and diluted EPS of $2.83, roughly flat versus Q1 2024 revenue of $938,633 while EPS rose from $2.50. Gross profit improved to $541,549 (57.8% margin) and foreign currency…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.