Revenue growth has decelerated into negative territory with a 1.7% year-over-year decline in 2026Q1, even as the company maintains a robust gross margin profile that peaked at 61.7% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 4.02B | 4.04B | 4.1B | 3.96B | 3.55B | 2.31B | 1.39B | 1.23B | 1.09B | 1.02B | 1.04B | 1.09B | 1.2B | 1.19B | 1.12B | 1B | 789.7M | 645.77M | 721.59M | 847.35M | 354.73M | 108.58M | 13.52M | 1.17M |
| Revenue Growth % | -1.85% | -1.5% | 3.53% | 11.46% | 53.67% | 66.92% | 12.62% | 13.08% | 6.32% | -1.23% | -4.98% | -8.98% | 0.46% | 6.18% | 12.23% | 26.75% | 22.29% | -10.51% | -14.84% | 138.87% | 226.69% | 703.11% | 1060.52% | - |
| Cost of Goods Sold | 1.69B | 1.74B | 1.69B | 1.78B | 1.69B | 893.2M | 636M | 613.54M | 528.05M | 506.29M | 536.11M | 579.83M | 607.88M | 569.48M | 515.32M | 464.49M | 365.93M | 337.72M | 486.72M | 349.7M | 154.16M | 47.77M | 7.16M | 891K |
| COGS % of Revenue | - | 43.03% | 41.24% | 45.04% | 47.67% | 38.61% | 45.89% | 49.86% | 48.52% | 49.47% | 51.73% | 53.16% | 50.73% | 47.75% | 45.88% | 46.41% | 46.34% | 52.3% | 67.45% | 41.27% | 43.46% | 44% | 52.97% | 76.48% |
| Gross Profit | 2.34B | 2.3B | 2.41B | 2.18B | 1.86B | 1.42B | 749.95M | 617.06M | 560.15M | 517.22M | 500.16M | 510.81M | 590.35M | 623.2M | 607.98M | 536.41M | 423.76M | 308.05M | 234.87M | 497.65M | 200.57M | 60.81M | 6.36M | 274K |
| Gross Margin % | 58.1% | 56.97% | 58.76% | 54.96% | 52.33% | 61.39% | 54.11% | 50.14% | 51.48% | 50.53% | 48.27% | 46.84% | 49.27% | 52.25% | 54.12% | 53.59% | 53.66% | 47.7% | 32.55% | 58.73% | 56.54% | 56% | 47.03% | 23.52% |
| Gross Profit Growth % | - | -4.5% | 10.68% | 17.06% | 30.99% | 89.38% | 21.54% | 10.16% | 8.3% | 3.41% | -2.08% | -13.47% | -5.27% | 2.5% | 13.34% | 26.58% | 37.56% | 31.16% | -52.8% | 148.12% | 229.84% | 856.4% | 2220.44% | - |
| Operating Expenses | 1.47B | 1.41B | 1.39B | 1.13B | 1.01B | 737.16M | 535.82M | 488.41M | 497.21M | 494.6M | 503.17M | 559.1M | 565.71M | 549.15M | 460.39M | 404.8M | 340.05M | 318.44M | 413.68M | 259.88M | 105.22M | 33.92M | 7.93M | 1.47M |
| OpEx % of Revenue | - | 35% | 33.84% | 28.55% | 28.4% | 31.86% | 38.66% | 39.69% | 45.69% | 48.32% | 48.56% | 51.26% | 47.21% | 46.04% | 40.99% | 40.44% | 43.06% | 49.31% | 57.33% | 30.67% | 29.66% | 31.24% | 58.65% | 126.27% |
| Selling, General & Admin | 1.47B | 1.38B | 1.29B | 1.11B | 929.16M | 715.89M | 535.82M | 457.63M | 447.78M | 494.6M | 463.61M | 515.31M | 565.71M | 549.15M | 460.39M | 404.8M | 342.96M | 311.59M | 368.8M | 259.88M | 105.22M | 33.92M | 7.93M | 1.47M |
| SG&A % of Revenue | - | 34.27% | 31.47% | 28.01% | 26.14% | 30.95% | 38.66% | 37.19% | 41.15% | 48.32% | 44.74% | 47.25% | 47.21% | 46.04% | 40.99% | 40.44% | 43.43% | 48.25% | 51.11% | 30.67% | 29.66% | 31.24% | 58.65% | 126.27% |
| Research & Development | 0 | 29.6M | 25.6M | 21.4M | 18.7M | 13.7M | 10.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.73% | 0.62% | 0.54% | 0.53% | 0.59% | 0.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 71.85M | 0 | 61.67M | 7.56M | -10.2M | 18.97M | 35.33M | -13.4M | 27.66M | 53.81M | 16.64M | -15.4M | -12M | -10.8M | -7.8M | -855K | -6.4M | -5.3M | -1.8M | 0 | -80K | 0 |
| Operating Income | 865.5M | 887.63M | 1.02B | 1.05B | 850.76M | 683.06M | 214.12M | 128.65M | 62.94M | 17.34M | -6.15M | -72.32M | -4.73M | 63.09M | 146.17M | 131.08M | 81.03M | -51.18M | -188.28M | 237.77M | 95.35M | 26.89M | -1.57M | -1.2M |
| Operating Margin % | 21.5% | 21.97% | 24.91% | 26.41% | 23.93% | 29.53% | 15.45% | 10.45% | 5.78% | 1.69% | -0.59% | -6.63% | -0.39% | 5.29% | 13.01% | 13.1% | 10.26% | -7.93% | -26.09% | 28.06% | 26.88% | 24.77% | -11.62% | -102.75% |
| Operating Income Growth % | - | -13.14% | -2.35% | 23% | 24.55% | 219% | 66.44% | 104.39% | 263.08% | 381.7% | 91.49% | -1430.34% | -107.49% | -56.84% | 11.52% | 61.76% | 258.32% | 72.82% | -179.19% | 149.37% | 254.55% | 1811.78% | -31.24% | - |
| EBITDA | 946.49M | 966.91M | 1.09B | 1.1B | 889.99M | 715.04M | 241.74M | 152.86M | 92.19M | 50.47M | 27.89M | -36.33M | 32.69M | 104.6M | 182.87M | 168.34M | 118.09M | -14.51M | -150.83M | 258.72M | 103.4M | 30.23M | -871K | -1.12M |
| EBITDA Margin % | 23.52% | 23.93% | 26.61% | 27.78% | 25.03% | 30.91% | 17.44% | 12.42% | 8.47% | 4.93% | 2.69% | -3.33% | 2.73% | 8.77% | 16.28% | 16.82% | 14.95% | -2.25% | -20.9% | 30.53% | 29.15% | 27.84% | -6.44% | -96.31% |
| EBITDA Growth % | -13.22% | -11.43% | -0.82% | 23.68% | 24.47% | 195.79% | 58.14% | 65.8% | 82.69% | 80.95% | 176.76% | -211.15% | -68.75% | -42.8% | 8.63% | 42.55% | 913.71% | 90.38% | -158.3% | 150.21% | 242.09% | 3570.26% | 22.37% | - |
| D&A (Non-Cash Add-back) | 80.98M | 79.28M | 69.84M | 54.3M | 39.23M | 31.98M | 27.62M | 24.21M | 29.25M | 33.13M | 34.04M | 35.99M | 37.41M | 41.51M | 36.69M | 37.26M | 37.06M | 36.67M | 37.45M | 20.95M | 8.05M | 3.33M | 700K | 75K |
| EBIT | 865.5M | 887.63M | 1.02B | 1.04B | 854.67M | 685.5M | 213.72M | 127.96M | 66.11M | 19.05M | -6.38M | -73.78M | -7.74M | 60.98M | 146.38M | 137.54M | 81.45M | -47.13M | -187.72M | 237.77M | 95.35M | 26.89M | -1.57M | -1.2M |
| Net Interest Income | -84.13M | -86.44M | -105.78M | -158.94M | -135.14M | -20.87M | -6.53M | -8.04M | 326K | 1K | -144K | -2K | 858K | 1.42M | 860K | 104K | -657K | -1.5M | -1.79M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.85M | 1.84M | 3.48M | 2.41M | 1.02M | 775K | 215K | 601K | 1.28M | 870K | 692K | 967K | 1.66M | 2.43M | 1.7M | 957K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 85.98M | 88.29M | 109.26M | 161.35M | 136.16M | 21.65M | 6.74M | 8.64M | 955K | 869K | 836K | 969K | 806K | 1.02M | 837K | 853K | 657K | 1.5M | 1.79M | 438K | 567K | 47K | 0 | 0 |
| Other Income/Expense | -818.62M | -814.65M | -111.33M | -170.2M | -132.25M | -19.21M | -7.14M | -9.33M | 2.21M | 844K | -1.06M | -2.42M | -3.82M | -3.14M | -626K | 5.61M | -243K | 2.56M | -1.23M | 2.56M | 1.28M | -603K | -66K | -3K |
| Pretax Income | 46.88M | 72.98M | 910.59M | 876.27M | 718.51M | 663.85M | 206.98M | 119.32M | 65.16M | 18.18M | -7.21M | -74.74M | -8.55M | 59.96M | 145.55M | 136.69M | 80.79M | -48.62M | -189.51M | 240.33M | 96.63M | 26.29M | -1.64M | -1.2M |
| Pretax Margin % | 1.16% | 1.81% | 22.2% | 22.12% | 20.21% | 28.7% | 14.93% | 9.7% | 5.99% | 1.78% | -0.7% | -6.85% | -0.71% | 5.03% | 12.96% | 13.66% | 10.23% | -7.53% | -26.26% | 28.36% | 27.24% | 24.21% | -12.11% | -103% |
| Income Tax | 150.63M | 154.18M | -39.49M | 83.71M | 178.35M | -61.84M | -105.88M | -175K | 14.72M | 7.94M | 9.28M | 8.45M | -3.62M | 49.54M | 14.21M | 23.9M | 13.07M | -6.54M | -4.43M | 72.1M | 32.21M | 9.32M | -143K | 0 |
| Effective Tax Rate % | 321.28% | 211.26% | -4.34% | 9.55% | 24.82% | -9.32% | -51.16% | -0.15% | 22.59% | 43.69% | -128.67% | -11.31% | 42.38% | 82.62% | 9.76% | 17.49% | 16.17% | 13.46% | 2.34% | 30% | 33.33% | 35.44% | 8.74% | 0% |
| Net Income | -103.75M | -81.2M | 950.07M | 792.57M | 540.16M | 725.69M | 312.86M | 119.5M | 50.44M | 10.24M | -16.49M | -83.2M | -4.93M | 10.42M | 131.34M | 112.79M | 67.73M | -42.08M | -185.08M | 168.23M | 64.42M | 16.97M | -1.49M | -1.2M |
| Net Margin % | -2.58% | -2.01% | 23.16% | 20% | 15.19% | 31.37% | 22.57% | 9.71% | 4.63% | 1% | -1.59% | -7.63% | -0.41% | 0.87% | 11.69% | 11.27% | 8.58% | -6.52% | -25.65% | 19.85% | 18.16% | 15.63% | -11.05% | -103% |
| Net Income Growth % | -110.83% | -108.55% | 19.87% | 46.73% | -25.57% | 131.95% | 161.81% | 136.92% | 392.64% | 162.07% | 80.17% | -1588.92% | -147.27% | -92.07% | 16.45% | 66.54% | 260.95% | 77.26% | -210.02% | 161.15% | 279.55% | 1236.01% | -24.5% | - |
| Net Income (Continuing) | -103.75M | -81.2M | 950.07M | 792.57M | 540.16M | 725.69M | 312.86M | 119.5M | 50.44M | 10.24M | -16.49M | -83.2M | -4.93M | 10.42M | 131.34M | 112.79M | 67.73M | -42.08M | -185.08M | 168.23M | 64.42M | 16.97M | -1.49M | -1.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.05 | -1.50 | 15.88 | 12.79 | 8.71 | 11.39 | 4.56 | 1.67 | -1.01 | -0.07 | -0.43 | -1.30 | -0.22 | 0.12 | 1.44 | 1.24 | 0.76 | -0.49 | -2.24 | 2.00 | 0.41 | 0.26 | -0.03 | -0.01 |
| EPS Growth % | -108.46% | -109.45% | 24.16% | 46.84% | -23.53% | 149.78% | 173.05% | 265.35% | -1342.86% | 83.72% | 66.92% | -490.91% | -283.33% | -91.67% | 16.13% | 63.16% | 255.1% | 78.13% | -212% | 387.8% | 57.69% | 958.09% | -110.42% | - |
| EPS (Basic) | - | -1.50 | 16.00 | 12.91 | 8.82 | 11.62 | 4.64 | 1.70 | -1.01 | -0.07 | -0.43 | -1.30 | -0.22 | 0.12 | 1.46 | 1.27 | 0.78 | -0.49 | -2.24 | 2.08 | 0.44 | 0.26 | -0.03 | -0.01 |
| Diluted Shares Outstanding | 50.71M | 54.21M | 59.83M | 61.95M | 62.01M | 63.72M | 68.54M | 71.77M | 68.42M | 72.25M | 73.81M | 75.39M | 85.14M | 86.83M | 91.21M | 90.96M | 87.6M | 85.11M | 82.77M | 84.19M | 160.34M | 67.14M | 49.28M | 83.42M |
| Basic Shares Outstanding | 50.28M | 54.21M | 59.38M | 61.39M | 61.22M | 62.46M | 67.39M | 70.36M | 68.42M | 72.25M | 73.37M | 75.39M | 85.14M | 86.83M | 89.96M | 88.81M | 85.48M | 85.11M | 82.77M | 80.76M | 149.2M | 50.99M | 49.28M | 83.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Top-line stagnation and volatility
As indicated by the most recent quarterly data, Crocs' revenue growth has decelerated into negative territory, with a 1.7% year-over-year decline in 2026Q1, suggesting that the post-pandemic demand surge for its core footwear offerings may have reached a saturation point in key North American markets.
The transition from positive growth in early 2024 to consistent contraction in recent quarters implies that the brand's ability to drive volume through its legacy clog line is waning. Investors should monitor whether this trend reflects a broader consumer pullback or specific challenges in integrating the HEYDUDE brand into the existing distribution network.
Based on reported financial statements, Crocs has maintained a robust gross margin profile, peaking at 61.7% in 2025Q2, which highlights the structural cost advantages of its proprietary injection-molded resin manufacturing process compared to traditional footwear peers that rely on more labor-intensive assembly methods.
While the gross margin remains structurally superior to the broader footwear industry, the recent fluctuations suggest potential sensitivity to raw material input costs or shifts in product mix. The ability to sustain these margins despite top-line pressure indicates that the company retains significant pricing power, likely supported by the high-margin Jibbitz accessory ecosystem.
According to the income statement, a significant divergence exists between operating income and net income, most notably in 2025Q2 where a 27% operating margin was offset by a net loss of $492.3 million, indicating substantial non-operating charges that warrant immediate forensic investigation by stakeholders.
This disconnect suggests that the company's underlying operational profitability is being masked by one-time impairment charges or heavy interest expenses related to acquisition-driven debt. Analysts should look past the headline net income figures to evaluate the core operating performance, which appears far more stable than the bottom-line volatility implies.
Data from recent filings suggests that the market's skepticism regarding Crocs' long-term growth may be justified, as the company struggles to maintain positive revenue growth while simultaneously managing the integration of the HEYDUDE brand, which appears to be acting as a drag on overall performance.
Short-sellers may focus on the potential for margin compression if the company is forced to increase promotional activity to clear inventory in a softening consumer environment. The reliance on a single core product category remains a structural risk that could lead to rapid valuation re-ratings if brand heat continues to cool.
Quick answers to the most common questions about buying CROX stock.
For fiscal year 2025, Crocs, Inc. (CROX) reported total revenue of $4.04B. This represents a 346736.7% increase compared to $1.2M in 2003.
Crocs, Inc. (CROX) reported a net loss of $81.2M for the fiscal year ending 2025.
Crocs, Inc. (CROX) reported an operating income of $887.6M, resulting in an operating profit margin of 22.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Crocs, Inc. (CROX) generated $2.30B in gross profit for the year, representing a gross profit margin of 57.0%. This demonstrates the company's core pricing power and production efficiency.