Crocs(US:CROX) Xin Lang Cai Jing·2026-02-14 20:22Performance Overview - In Q4 2025, the company reported revenue of $958 million, a 3.2% year-over-year decline, but above market expectations of $917 million; adjusted EPS was $2.29, significantly exceeding the market forecast of $1.91, driven by new product launches [1] - For the full year, total revenue reached $4.041 billion, with the main brand Crocs generating $3.326 billion (up 1.5% year-over-year), while Heydude brand revenue was $715 million (down 13.3%) [1] Financial Condition - Q4 gross margin was 54.68%, and operating margin was 15.29%; full-year operating cash flow was $710 million, with free cash flow at $659 million, indicating a robust cash flow position [2] - The company implemented cost-saving measures to partially offset tariff pressures, with tariffs impacting approximately $90 million in 2025 [2] - Due to the acquisition of the Heydude brand, the company recorded an impairment charge of about $700 million (including $300 million goodwill and $400 million intangible assets), resulting in a net loss of $812 million for the year; as of the end of 2025, the debt-to-asset ratio was 69.02%, with long-term borrowings of $1.528 billion [4] Operational Highlights - Strong growth in international markets: full-year international revenue increased by 9.8%, with China showing exceptional performance (over 60% growth in 2024), becoming the second-largest market globally [3] - Direct-to-consumer (DTC) channel revenue surpassed wholesale for the first time, accounting for 52.1% of total revenue ($2.104 billion), a 3.3% year-over-year increase [3] Company Guidance - The company provided a positive outlook for Q1 2026, expecting revenue decline to narrow to 3.5%-5.5% year-over-year, with adjusted EPS projected between $2.67 and $2.77, both exceeding market expectations [5]