Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $753.7 million, a 29.4% increase compared to Q4 2024. Excluding Kurt Geiger, revenue decreased by 1.4% [9] - Full-year revenue for 2025 increased by 11% to $2.5 billion, compared to $2.3 billion in 2024. Excluding Kurt Geiger, revenue declined by 6.6% [13][14] - Net income for Q4 2025 was $34.3 million, or $0.48 per diluted share, compared to $39.3 million, or $0.55 per diluted share in Q4 2024 [13] - Full-year net income was $120.9 million, or $1.70 per diluted share for 2025, down from $192.4 million, or $2.67 per diluted share for 2024 [14] Business Line Data and Key Metrics Changes - Wholesale revenue was $433.3 million, up 7.5% compared to Q4 2024. Excluding Kurt Geiger, wholesale revenue decreased by 2.6% [9] - Direct-to-consumer revenue was $316.6 million, a 79.9% increase compared to Q4 2024. Excluding Kurt Geiger, DTC revenue increased by 1.6% [10] - Private label revenue decreased by 15% in 2025, with expectations of a further decline of nearly 20% in 2026 [7] Market Data and Key Metrics Changes - Online searches for Steve Madden increased by 10% year-over-year in Q4 and have accelerated further into early 2026 [5] - Kurt Geiger's pro forma revenue grew by 11% in 2025, with expectations of similar growth in 2026 [6] Company Strategy and Development Direction - The company aims to deepen connections with consumers through compelling products and effective marketing strategies [4] - The acquisition of Kurt Geiger is seen as a strategic move to expand in international markets and accessories categories [5] - The company plans to maintain marketing investments to support growth and brand relevance, particularly among Gen Z and millennial consumers [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the business despite challenges from tariffs and economic uncertainty [8] - The company expects revenue growth of 9%-11% for the full year 2026, with a 15%-17% increase anticipated for Q1 2026 [16] - Due to tariff uncertainties, the company is not providing earnings guidance at this time [16] Other Important Information - The company ended 2025 with 399 company-operated retail stores and 133 concessions in international markets [11] - SG&A expenses were $278.9 million, or 37% of revenue in Q4 2025, compared to $182.9 million, or 31.4% of revenue in Q4 2024 [12] Q&A Session Summary Question: Why is there no EPS guidance? - Management indicated that recent tariff policy changes created too much uncertainty to provide earnings guidance [18][19] Question: What is the impact of tariffs on cost structure? - The primary concern is the impact of tariffs on cost structure and earnings, which has led to the decision not to provide earnings guidance [21] Question: Update on sourcing and country of origin? - The company has diversified sourcing away from China, which was over 70% in 2024 to the high 30s in 2025, now back in the 40s due to tariff parity [23][24] Question: What is the outlook for the private label business? - The private label business is expected to decline significantly, with a projected decrease of nearly $70 million in 2026 [36] Question: How is the DTC business performing? - DTC showed strong growth, particularly in full-price channels, while outlet performance remains weak [86] Question: What are the plans for store openings and remodels? - The company plans to open five new Kurt Geiger stores in the U.S. and remodel over 10 stores for Steve Madden [87][88]

Exhibit 99.1 Steve Madden Announces Fourth Quarter and Full Year 2025 Results ~ Provides 2026 Revenue Outlook ~ LONG ISLAND CITY, N.Y., February 25, 2026 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion- forward footwear, accessories and apparel, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided its 2026 revenue outlook. Amounts referred to as "Adjusted" are non-GAAP measures that exclude the items defined as "Non-GAAP ...

Core Viewpoint - Steven Madden, Ltd. reported strong financial results for Q4 2025, exceeding guidance, driven by improved performance in its core footwear business and contributions from the newly acquired Kurt Geiger. The company anticipates revenue growth in 2026 but faces challenges in its private label business and increased operating expenses due to compensation normalization [4]. Financial Results Fourth Quarter 2025 Results - Total revenue for Q4 2025 was $753.7 million, a 29.4% increase from $582.3 million in Q4 2024 [5]. - Wholesale revenue was $433.3 million, up 7.5% year-over-year, while wholesale footwear revenue increased by 11.0% [5]. - Direct-to-consumer revenue surged by 79.9% to $316.6 million compared to Q4 2024 [7]. - Net income attributable to Steven Madden, Ltd. was $23.2 million, or $0.32 per diluted share, down from $34.8 million, or $0.49 per diluted share in Q4 2024 [5]. Full Year 2025 Results - Total revenue for 2025 reached $2,534.1 million, an 11.0% increase from $2,282.9 million in 2024 [5]. - Gross profit as a percentage of revenue was 41.4%, slightly up from 41.0% in 2024 [5]. - Net income attributable to Steven Madden, Ltd. for the full year was $44.7 million, or $0.63 per diluted share, compared to $169.4 million, or $2.35 per diluted share in 2024 [5]. Balance Sheet and Cash Flow Highlights - As of December 31, 2025, total debt was $234.2 million, with cash and cash equivalents totaling $112.4 million, resulting in net debt of $121.7 million [9]. - The company did not repurchase any shares in 2025 but spent $5.2 million in Q4 on shares acquired through employee stock awards [9]. 2026 Outlook - For 2026, the company expects revenue growth of 9% to 11% compared to 2025, but is not providing earnings guidance due to uncertainties related to tariff policies [11]. Dividend Announcement - The Board of Directors approved a quarterly cash dividend of $0.21 per share, payable on March 20, 2026 [10].

Group 1 - The company, Steven Madden, Ltd., plans to release its fourth quarter and fiscal year end 2025 earnings results on February 25, 2026 [1] - A conference call will be hosted by management at 8:30 a.m. Eastern Time to review the earnings results [1] - The live webcast of the management call can be accessed through the company's investor relations website [2] Group 2 - Participants can register for the conference call to receive the dial-in number and a unique PIN [3] - An online archive of the broadcast will be available on the company's investor relations website [3] Group 3 - Steven Madden designs, sources, and markets fashion-forward footwear, accessories, and apparel under various brands [4] - The company has a diverse distribution network that includes department stores, mass merchants, and online retailers [4] - Steven Madden also operates brick-and-mortar retail stores and e-commerce websites, and licenses certain brands to third parties [4]

Core Insights - Shoe firms manufacturing private label lines for mass discounters are facing challenges due to tariff pressures and changing sourcing strategies [1][4] Group 1: Trade Policies and Market Dynamics - U.S. President Donald Trump's trade policies and reciprocal tariffs have created uncertainties for shoe firms, particularly regarding duties on imports [2] - An agreement was reached with several countries, including China, where Trump promised not to raise tariffs at least through November 2026 [2] Group 2: Private Label Business Challenges - Retailers with private label lines are experiencing changes, with some mass customers opting to source directly from factories due to tariff pressures [4] - Steven Madden Ltd. is expected to see a $100 million hit in its private label business, which generated $415 million in Fiscal Year 2024, over the two years through Fiscal Year 2026 [5] Group 3: Brand Performance and Market Trends - The brand Steve Madden is experiencing renewed consumer interest, particularly in tall shaft and casual boots, while fashion sneakers are plateauing in market share [6] - For the third quarter ended September 30, the company reported a net income decline of 62.9% to $20.5 million, despite a revenue increase of 6.9% to $667.9 million [6] - Wholesale footwear revenue fell by 10.9%, or 16.7% when excluding the Kurt Geiger brand, which was acquired for $360 million in May 2025 [6]

Core Insights - The report summarizes significant analyst rating adjustments that could influence market trends, highlighting both upgrades and downgrades across various companies [1]. Upgrades - B. Riley upgraded Snap (SNAP) from Neutral to Buy, maintaining a target price of $10, citing strong growth in high-end subscription revenue and the rollout of high-margin advertising formats [5]. - Seaport Research upgraded FuboTV (FUBO) from Neutral to Buy with a target price of $3, viewing current uncertainties as a quality investment opportunity following a significant stock drop post-earnings [5]. - Wolfe Research upgraded Zoom Video Communications (ZM) from Peer Perform to Outperform, setting a target price of $115, anticipating a re-acceleration in growth and strong performance in its contract center and phone business [5]. - Jefferies upgraded Celanese (CE) from Hold to Buy, raising the target price from $43 to $86, suggesting it is a good time to buy despite potential earnings volatility in the first half of 2026 [5]. - Cantor Fitzgerald upgraded DigitalOcean (DOCN) from Neutral to Overweight, increasing the target price from $47 to $68, emphasizing its focus on digital-native enterprises and a strong foundation for market expansion [5]. Downgrades - Stifel downgraded Microsoft (MSFT) from Buy to Hold, reducing the target price from $540 to $392, citing supply issues with Azure and strong competition from Google Cloud [5]. - Susquehanna downgraded Qualcomm (QCOM) from Positive to Neutral, lowering the target price from $210 to $140, recommending a wait-and-see approach due to industry challenges [5]. - Citigroup downgraded Six Flags Entertainment (FUN) from Buy to Neutral, cutting the target price from $25 to $20, citing overvaluation after a 40% increase since November [5]. - Jefferies downgraded Steven Madden (SHOO) from Hold to Underperform, lowering the target price from $37 to $30, highlighting ongoing pressures in its wholesale business [5]. - JPMorgan downgraded Corteva (CTVA) from Overweight to Neutral, raising the target price from $75 to $77, based on valuation considerations [5]. Initiations - Benchmark initiated coverage on Cava Group (CAVA) with a Buy rating and a target price of $80, recognizing its leading position in the Mediterranean dining category [5]. - H.C. Wainwright initiated coverage on Incyte (INCY) with a Buy rating and a target price of $135, noting potential catalysts that could stabilize revenue expectations post-Jakafi patent expiration [5]. - Bernstein initiated coverage on Coupang (CPNG) with an Underperform rating and a target price of $17, favoring companies with strong growth potential driven by online penetration [5]. - Benchmark initiated coverage on Andersons (ANDE) with a Buy rating and a target price of $75, highlighting the growth momentum in its ethanol business [5]. - Bank of America initiated coverage on Wave Life Sciences (WVE) with a Buy rating and a target price of $38, emphasizing the differentiated advantages of its obesity drug WVE-007 [6].

Core Insights - Steven Madden, Ltd. (SHOO) identifies international business as a crucial growth driver, with expectations for core brand revenues outside the U.S. to increase at a high-single-digit rate in fiscal 2025, supported by broad consumer demand across EMEA, APAC, and the Americas excluding the U.S. [1][10] International Growth Strategy - The integration of Kurt Geiger London has enhanced the company's international presence, achieving mid-teens comparable sales growth in Q3 2025, driven by strong consumer response to its marketing and design [2] - Steven Madden plans to leverage its international distribution network to expand Kurt Geiger into new markets while enhancing its presence in the U.K., with meaningful contributions expected from these initiatives in late 2026 [3] - The company prioritizes international direct-to-consumer (DTC) operations, with Kurt Geiger generating over 70% of its revenues from DTC channels, which supports higher long-term margins [4] Financial Performance and Projections - Management anticipates international markets will consistently contribute to growth, projecting a 63.4% year-over-year increase in international revenues for 2025, supported by diversified sourcing and disciplined expansion [5] - Steven Madden's shares have increased by 76.8% over the past six months, contrasting with a 15.2% decline in the industry [8] - The company is currently trading at a forward 12-month price-to-sales ratio of 1.16X, below the industry average of 1.74X [9] Earnings Estimates - The Zacks Consensus Estimate for fiscal 2025 earnings indicates a year-over-year decline of 37.1%, while fiscal 2026 estimates suggest a recovery with a 27.4% increase [11]

Core Viewpoint - Steven Madden (SHOO) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, making it a valuable tool for investors [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Company Performance and Investor Sentiment - The upgrade reflects an improvement in Steven Madden's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Steven Madden has increased by 14.8%, indicating a favorable trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Steven Madden's upgrade places it in the top 5% of Zacks-covered stocks, suggesting strong potential for market-beating returns in the near term [10].

Core Insights - Steven Madden's Q3 2025 earnings report showed a decline in earnings and a mixed performance in revenues, with total revenues increasing but earnings per share (EPS) falling significantly [3][4]. Financial Performance - Adjusted quarterly earnings were reported at 43 cents per share, missing the Zacks Consensus Estimate of 44 cents, and down 52.7% from 91 cents in the prior-year period [4]. - Total revenues rose 6.9% year over year to $667.9 million, but this figure missed the consensus estimate of $699 million [4]. - Adjusted gross profit increased by 11.6% year over year to $289.7 million, surpassing the estimate of $278.5 million, with an adjusted gross margin expanding 180 basis points to 43.4% [5]. - Adjusted operating income fell to $46.3 million, down 45.8% from the prior-year quarter, with an adjusted operating margin decreasing 680 basis points to 6.9% [6]. Segment Performance - Wholesale revenues totaled $442.7 million, a decline of 10.7% year over year, with a 19% decrease when excluding the recently acquired Kurt Geiger business [7]. - Direct-to-consumer revenues increased significantly by 76.6% year over year to $221.5 million, although this growth was only 1.5% when excluding Kurt Geiger [9]. Financial Health - As of the end of the quarter, the company had cash and cash equivalents of $108.7 million and stockholders' equity of $886.1 million [10]. - A cash dividend of 21 cents per share was announced, payable on December 26, 2025 [11]. Future Outlook - For Q4 2025, the company expects revenues to rise by 27% to 30% year over year, with EPS forecasted between 30 cents and 35 cents [13]. - The contribution from Kurt Geiger is anticipated to range between $182 million and $187 million in revenues for Q4, with a significant portion coming from direct-to-consumer operations [14]. Market Sentiment - Since the earnings release, there has been an upward trend in estimates, with the consensus estimate shifting by 66.67% [15]. - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [17].

Core Insights - The competitive landscape between NIKE Inc. and Steven Madden Ltd. highlights their distinct market positions, with NIKE as a leader in performance sports and Steven Madden focusing on fashion-forward casual footwear [1][2] NIKE Inc. (NKE) - NIKE's investment case is supported by its significant scale and leadership in the global athleticwear market, with Q1 fiscal 2026 revenue reaching $11.72 billion, indicating the effectiveness of its "Win Now" strategy [3][4] - The brand experienced a more than 20% surge in running sales, and North America saw an 11% increase in wholesale, maintaining its status as a leading sportswear brand among younger consumers [4][5] - NIKE's strategic initiatives include a new Sport Offense structure aimed at enhancing product innovation and cultural relevance, alongside efforts to reset classic franchises and focus on key growth categories [5][6] - Despite challenges such as digital softness and tariff pressures leading to a gross margin decline to 42.2%, NIKE's management remains confident in returning to double-digit margins over time [6] - The Zacks Consensus Estimate for NIKE's fiscal 2026 sales suggests a modest year-over-year growth of 0.8%, with EPS expected to decline by 24.1% [12] Steven Madden Ltd. (SHOO) - Steven Madden presents a differentiated investment case with strong brand equity and diversified category exposure, achieving a 6.9% revenue growth in Q3 and expanding gross margin to 43.4% [8][11] - The company benefits from a multi-brand portfolio and a robust presence with 397 stores and seven e-commerce sites, appealing to Gen Z and millennial consumers [7][10] - Product innovation and disciplined pricing strategies are driving demand, particularly in high-demand categories like boots and casual footwear [9][11] - The Zacks Consensus Estimate for Steven Madden's 2025 sales indicates a year-over-year growth of 10.3%, with EPS expected to decline by 40.1% [14] - Steven Madden's stock has increased by 37% over the past three months, reflecting improving analyst sentiment and expectations for continued growth [8][16] Valuation and Performance Comparison - NIKE shares have declined by 17.8% in the past three months, while Steven Madden's stock has seen significant growth [16] - NIKE is trading at a forward P/E multiple of 30.29X, slightly below its five-year median, indicating a potential opportunity for long-term investors [18][19] - In contrast, Steven Madden's forward P/E multiple is at 18.32X, above its historical median, suggesting elevated market expectations for continued recovery and growth [18][20] - The analysis indicates that NIKE is viewed as a stable leader, while Steven Madden is perceived as a growth story with higher expectations [21] Conclusion - NIKE remains a global icon with unmatched scale, but the near-term outlook favors Steven Madden due to stronger price performance and improving analyst expectations [25][26] - Steven Madden's relative affordability and operational improvements strengthen its investment case, making it a compelling opportunity for growth-focused investors [26][27]