Crocs has reported third-quarter (Q3) 2025 revenues of $996 million, down 6.2 per cent year on year (YoY), or 6.8 per cent on a constant currency basis, for the period ended September 30, 2025.

Crocs’ Q3 2025 revenue fell 6.2 per cent to $996 million, driven by weaker wholesale and HeyDude brand sales.
Operating profit and EPS both declined, though DTC revenue rose modestly.
The company continued share buybacks and debt repayment.
For Q4 2025, Crocs expects an 8 per cent revenue drop, led by HeyDude’s slowdown, with adjusted EPS projected between $1.82 and $1.92.

Direct-to-consumer (DTC) revenues grew 1.6 per cent, while wholesale fell sharply by 14.7 per cent. Gross margin slipped 110 basis points to 58.5 per cent, while selling, general, and administrative expenses (SG&A) costs rose 3.3 per cent to $375 million, accounting for 37.7 per cent of revenues.

Operating income fell 23 per cent to $208 million, bringing the operating margin to 20.8 per cent from 25.4 per cent. Diluted earnings per share stood at $2.70, down 19.6 per cent, with adjusted diluted EPS dropping 18.9 per cent to $2.92, the company said in a financial release.

The Crocs brand’s revenues slipped 2.5 per cent to $836 million, with DTC sales up 2 per cent and wholesale down 7.9 per cent. Regionally, North America declined 8.8 per cent, while international markets rose 5.8 per cent.

The HeyDude brand recorded a deeper fall, with revenues plunging 21.6 per cent to $160 million. DTC dipped slightly by 0.5 per cent, but wholesale collapsed by 38.6 per cent.

As of September 30, 2025, Crocs held $154 million in cash, with inventories up to $397 million. Total borrowings fell to $1.318 billion from $1.422 billion a year earlier, while capital expenditures were $45 million.

For Q4 2025, Crocs expects overall revenues to decline around 8 per cent YoY, with the Crocs brand down roughly 3 per cent and HeyDude down mid-20 per cent. Adjusted operating margin is projected at about 15.5 per cent, with an adjusted effective tax rate of 16 per cent. Adjusted diluted EPS is expected between $1.82 and $1.92, excluding any future share repurchases. Full-year capital expenditures are forecast between $70 million and $75 million.

Fibre2Fashion News Desk (HU)