Steve Madden Announces Fourth Quarter and Full Year 2025 Results

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].