Revenue growth has slowed to 9.0% as of 2026Q4, while operating margins remain highly variable, fluctuating between 13.6% and 31.4% over the last ten quarters due to seasonal demand creation expenses.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.45B | 4.99B | 4.29B | 3.63B | 3.15B | 2.55B | 2.13B | 2.02B | 1.9B | 1.79B | 1.88B | 1.82B | 1.59B | 1.41B | 1.38B | 1B | 813.18M | 689.45M | 448.93M | 304.42M | 264.76M | 214.79M | 121.06M | 99.11M | 91.46M | 113.74M | 111.1M | 103.5M | 106.7M | 101.8M |
| Revenue Growth % | 9.4% | 16.28% | 18.21% | 15.14% | 23.75% | 19.36% | 5.56% | 6.15% | 6.32% | -4.54% | 3.2% | 14.45% | 12.24% | 2.69% | 37.59% | 23.1% | 17.95% | 53.58% | 47.47% | 14.98% | 23.27% | 77.43% | 22.15% | 8.36% | -19.59% | 2.37% | 7.34% | -3% | 4.81% | -0.49% |
| Cost of Goods Sold | 2.39B | 2.1B | 1.9B | 1.8B | 1.54B | 1.17B | 1.03B | 980.19M | 971.7M | 954.91M | 1.03B | 938.95M | 830.39M | 782.24M | 698.29M | 498.05M | 442.09M | 384.13M | 241.46M | 163.69M | 153.6M | 124.35M | 69.71M | 57.58M | 52.9M | 60.6M | 63M | 64.7M | 60M | 58.7M |
| COGS % of Revenue | 43.86% | 42.12% | 44.37% | 49.68% | 48.97% | 46.02% | 48.25% | 48.51% | 51.05% | 53.34% | 54.85% | 51.67% | 52.31% | 55.31% | 50.7% | 49.76% | 54.37% | 55.72% | 53.79% | 53.77% | 58.01% | 57.9% | 57.59% | 58.1% | 57.84% | 53.28% | 56.71% | 62.51% | 56.23% | 57.66% |
| Gross Profit | 3.06B | 2.89B | 2.39B | 1.83B | 1.61B | 1.37B | 1.1B | 1.04B | 931.64M | 835.24M | 846.67M | 878.11M | 757.18M | 632.15M | 679M | 502.94M | 371.09M | 305.32M | 207.47M | 140.73M | 111.16M | 90.43M | 51.34M | 41.53M | 38.56M | 53.14M | 48.1M | 38.8M | 46.7M | 43.1M |
| Gross Margin % | 56.14% | 57.88% | 55.63% | 50.32% | 51.03% | 53.98% | 51.75% | 51.49% | 48.95% | 46.66% | 45.15% | 48.33% | 47.69% | 44.69% | 49.3% | 50.24% | 45.63% | 44.28% | 46.21% | 46.23% | 41.99% | 42.1% | 42.41% | 41.9% | 42.16% | 46.72% | 43.29% | 37.49% | 43.77% | 42.34% |
| Gross Profit Growth % | 6.11% | 20.97% | 30.69% | 13.55% | 16.99% | 24.5% | 6.1% | 11.66% | 11.54% | -1.35% | -3.58% | 15.97% | 19.78% | -6.9% | 35.01% | 35.53% | 21.54% | 47.16% | 47.42% | 26.6% | 22.92% | 76.13% | 23.63% | 7.71% | -27.44% | 10.47% | 23.97% | -16.92% | 8.35% | 13.12% |
| Operating Expenses | 1.82B | 1.71B | 1.46B | 1.17B | 1.04B | 869.88M | 765.54M | 712.93M | 709.06M | 837.15M | 684.54M | 653.69M | 0 | 445.21M | 394.16M | 253.85M | 189.84M | 188.4M | 101.92M | 89.29M | 59.25M | 47.97M | 31.91M | 38.18M | 34.04M | 40.51M | 41.4M | 41.7M | 38.6M | 35.3M |
| OpEx % of Revenue | 33.31% | 34.23% | 34% | 32.33% | 33.1% | 34.17% | 35.9% | 35.29% | 37.25% | 46.76% | 36.5% | 35.98% | - | 31.48% | 28.62% | 25.36% | 23.35% | 27.33% | 22.7% | 29.33% | 22.38% | 22.33% | 26.36% | 38.53% | 37.22% | 35.62% | 37.26% | 40.29% | 36.18% | 34.68% |
| Selling, General & Admin | 1.75B | 1.65B | 1.46B | 1.17B | 1.04B | 869.88M | 765.54M | 712.93M | 709.06M | 837.15M | 684.54M | 653.69M | 0 | 445.21M | 394.16M | 253.85M | 188.84M | 152.57M | 101.92M | 73.99M | 59.25M | 47.97M | 31.91M | 34.95M | 34.04M | 37.57M | 38.3M | 39.1M | 36.1M | 33M |
| SG&A % of Revenue | 32.05% | 33.01% | 34% | 32.33% | 33.1% | 34.17% | 35.9% | 35.29% | 37.25% | 46.76% | 36.5% | 35.98% | - | 31.48% | 28.62% | 25.36% | 23.22% | 22.13% | 22.7% | 24.3% | 22.38% | 22.33% | 26.36% | 35.27% | 37.22% | 33.03% | 34.47% | 37.78% | 33.83% | 32.42% |
| Research & Development | 68.9M | 56.68M | 49.17M | 38.66M | 33.34M | 28.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1.26% | 1.14% | 1.15% | 1.07% | 1.06% | 1.12% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 4.29M | -49.17M | -38.66M | -33.34M | -28.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 35.83M | 0 | 15.3M | 0 | 0 | 0 | 3.23M | 0 | 2.94M | 3.1M | 2.6M | 2.5M | 2.3M |
| Operating Income | 1.25B | 1.18B | 927.51M | 652.75M | 564.71M | 504.2M | 338.13M | 327.32M | 222.58M | -1.92M | 162.13M | 224.42M | 205.96M | 186.95M | 284.84M | 249.09M | 181.25M | 116.92M | 105.55M | 51.44M | 51.91M | 42.46M | 19.44M | 3.35M | 4.52M | 12.63M | 6.7M | -2.9M | 8.1M | 7.8M |
| Operating Margin % | 22.83% | 23.65% | 21.63% | 18% | 17.93% | 19.81% | 15.85% | 16.2% | 11.69% | -0.11% | 8.65% | 12.35% | 12.97% | 13.22% | 20.68% | 24.88% | 22.29% | 16.96% | 23.51% | 16.9% | 19.61% | 19.77% | 16.06% | 3.38% | 4.94% | 11.1% | 6.03% | -2.8% | 7.59% | 7.66% |
| Operating Income Growth % | 5.59% | 27.12% | 42.09% | 15.59% | 12% | 49.11% | 3.3% | 47.05% | 11698.96% | -101.18% | -27.76% | 8.96% | 10.17% | -34.37% | 14.35% | 37.43% | 55.02% | 10.77% | 105.19% | -0.9% | 22.25% | 118.45% | 480.59% | -25.9% | -64.23% | 88.51% | 331.03% | -135.8% | 3.85% | 95% |
| EBITDA | 1.32B | 1.25B | 984.68M | 700.1M | 607.59M | 544.74M | 377.05M | 372.26M | 271.16M | 50.71M | 212.15M | 273.71M | 205.96M | 220.31M | 313.81M | 261.37M | 191.44M | 122.93M | 109.07M | 54.52M | 54.41M | 44.25M | 23.02M | 5.93M | 8.1M | 15.57M | 9.8M | -300K | 10.6M | 10.1M |
| EBITDA Margin % | 24.26% | 25.02% | 22.96% | 19.3% | 19.29% | 21.4% | 17.68% | 18.42% | 14.25% | 2.83% | 11.31% | 15.06% | 12.97% | 15.58% | 22.79% | 26.11% | 23.54% | 17.83% | 24.3% | 17.91% | 20.55% | 20.6% | 19.01% | 5.99% | 8.85% | 13.69% | 8.82% | -0.29% | 9.93% | 9.92% |
| EBITDA Growth % | 6.06% | 26.69% | 40.65% | 15.23% | 11.54% | 44.47% | 1.29% | 37.29% | 434.73% | -76.1% | -22.49% | 32.89% | -6.51% | -29.79% | 20.06% | 36.53% | 55.74% | 12.71% | 100.04% | 0.22% | 22.95% | 92.26% | 287.98% | -26.72% | -48.01% | 58.88% | 3366.67% | -102.83% | 4.95% | 77.19% |
| D&A (Non-Cash Add-back) | 78.01M | 68.43M | 57.17M | 47.34M | 42.88M | 40.53M | 38.91M | 44.94M | 48.57M | 52.63M | 50.02M | 49.29M | 0 | 33.37M | 28.98M | 12.28M | 10.19M | 6.01M | 3.52M | 3.08M | 2.5M | 1.79M | 3.58M | 2.58M | 3.58M | 2.94M | 3.1M | 2.6M | 2.5M | 2.3M |
| EBIT | 1.25B | 1.25B | 981.5M | 669.52M | 566.72M | 507.54M | 345.91M | 333.6M | 225.28M | 333K | 162.7M | 225.36M | 0 | 187.96M | 285.51M | 250.68M | 183.22M | 120.5M | 105.55M | 51.44M | 51.91M | 42.46M | 19.44M | 3.35M | 4.52M | 12.63M | 6.7M | -2.9M | 8.1M | 7.8M |
| Net Interest Income | 61.08M | 64.87M | 49.64M | 12.12M | -182K | -3.39M | 2.21M | 1.37M | -1.53M | -6.54M | -5.39M | -4.01M | 0 | -3.62M | -69K | -332K | 1.89M | 3.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 63.61M | 68.39M | 52.21M | 15.56M | 1.9M | 2.64M | 7.26M | 6.03M | 3.06M | 778K | 420K | 207K | 0 | 217K | 180K | 234K | 1.89M | 3.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.53M | 3.52M | 2.56M | 3.44M | 2.08M | 6.03M | 5.05M | 4.66M | 4.58M | 7.32M | 5.81M | 4.22M | 0 | 3.84M | 249K | 566K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 81.3M | 64.21M | 51.43M | 13.33M | -69K | -2.69M | 2.73M | 1.61M | -1.89M | -5.07M | -5.24M | -3.28M | -2.53M | -2.83M | 424K | 1.02M | 1.98M | 3.58M | 4.49M | -13.86M | -374K | -2.24M | -4.55M | -504K | -1.71M | -295K | -1.4M | -1.2M | -200K | -1.2M |
| Pretax Income | 1.33B | 1.24B | 978.94M | 666.08M | 564.64M | 501.51M | 340.87M | 328.93M | 220.7M | -6.99M | 156.88M | 221.14M | 202.31M | 184.12M | 285.26M | 250.11M | 183.22M | 120.5M | 110.04M | 53.35M | 51.53M | 40.22M | 14.88M | 2.84M | 2.81M | 12.34M | 5.3M | -4.1M | 7.9M | 6.6M |
| Pretax Margin % | 24.32% | 24.94% | 22.83% | 18.36% | 17.92% | 19.7% | 15.98% | 16.28% | 11.6% | -0.39% | 8.37% | 12.17% | 12.74% | 13.02% | 20.71% | 24.99% | 22.53% | 17.48% | 24.51% | 17.53% | 19.46% | 18.73% | 12.3% | 2.87% | 3.07% | 10.85% | 4.77% | -3.96% | 7.4% | 6.48% |
| Income Tax | 302.29M | 277.21M | 219.38M | 149.26M | 112.69M | 118.94M | 64.72M | 64.63M | 106.3M | -12.7M | 34.62M | 59.36M | 60.31M | 55.1M | 83.4M | 89.73M | 66.3M | 46.63M | 43.6M | 22.74M | 20.39M | 14.68M | 5.73M | 1.22M | 1.19M | 5.32M | 2.4M | -1.2M | 3.4M | 2.9M |
| Effective Tax Rate % | 22.79% | 22.3% | 22.41% | 22.41% | 19.96% | 23.72% | 18.99% | 19.65% | 48.17% | 181.73% | 22.07% | 26.84% | 29.81% | 29.93% | 29.24% | 35.88% | 36.19% | 38.7% | 39.62% | 42.63% | 39.56% | 36.51% | 38.5% | 43.04% | 42.16% | 43.13% | 45.28% | 29.27% | 43.04% | 43.94% |
| Net Income | 1.02B | 966.09M | 759.56M | 516.82M | 451.95M | 382.57M | 276.14M | 264.31M | 114.39M | 5.71M | 122.27M | 161.78M | 142M | 128.87M | 199.05M | 158.24M | 116.79M | 73.95M | 66.44M | 30.61M | 31.15M | 25.54M | 9.15M | -7.35M | 1.63M | 7.01M | 2.9M | -2.9M | 4.5M | 3.7M |
| Net Margin % | 18.77% | 19.38% | 17.71% | 14.25% | 14.35% | 15.03% | 12.95% | 13.08% | 6.01% | 0.32% | 6.52% | 8.9% | 8.94% | 9.11% | 14.45% | 15.81% | 14.36% | 10.73% | 14.8% | 10.05% | 11.76% | 11.89% | 7.56% | -7.42% | 1.78% | 6.17% | 2.61% | -2.8% | 4.22% | 3.63% |
| Net Income Growth % | 6% | 27.19% | 46.97% | 14.35% | 18.13% | 38.54% | 4.48% | 131.05% | 1903.4% | -95.33% | -24.43% | 13.93% | 10.19% | -35.26% | 25.8% | 35.49% | 57.93% | 11.31% | 117.05% | -1.73% | 21.96% | 178.99% | 224.49% | -552.21% | -76.82% | 141.9% | 200% | -164.44% | 21.62% | 164.29% |
| Net Income (Continuing) | 1.02B | 966.09M | 759.56M | 516.82M | 451.95M | 382.57M | 276.14M | 264.31M | 114.39M | 5.71M | 122.27M | 161.78M | 142M | 129.01M | 201.86M | 160.38M | 116.92M | 73.87M | 66.44M | 30.61M | 31.15M | 25.54M | 9.15M | 1.62M | 1.63M | 7.01M | 2.9M | -2.9M | 4.5M | 3.7M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.49M | 2.69M | 791K | 426K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.02 | 6.33 | 4.86 | 3.23 | 2.71 | 2.25 | 1.60 | 1.47 | 0.60 | 0.03 | 0.62 | 0.78 | 0.68 | 0.58 | 0.85 | 0.67 | 0.49 | 0.31 | 0.28 | 0.13 | 0.14 | 0.11 | 0.04 | -0.04 | 0.01 | 0.04 | 0.02 | -0.02 | 0.03 | 0.02 |
| EPS Growth % | 10.9% | 30.25% | 50.46% | 19.19% | 20.44% | 40.63% | 8.6% | 146.93% | 1888.89% | -95.14% | -20.6% | 13.94% | 18.55% | -31.95% | 25.81% | 36.15% | 58.29% | 10.65% | 113.92% | -2.47% | 19.12% | 161.54% | 204% | - | -77.32% | 127.27% | 200% | -164.71% | 30.77% | - |
| EPS (Basic) | 7.04 | 6.36 | 4.89 | 3.25 | 2.74 | 2.27 | 1.62 | 1.49 | 0.60 | 0.03 | 0.63 | 0.78 | 0.68 | 0.58 | 0.86 | 0.68 | 0.50 | 0.32 | 0.29 | 0.14 | 0.14 | 0.13 | 0.05 | -0.04 | 0.01 | 0.04 | 0.02 | -0.02 | 0.03 | 0.02 |
| Diluted Shares Outstanding | 145.81M | 152.67M | 156.29M | 160.12M | 166.73M | 170.44M | 172.16M | 179.42M | 191.98M | 194.13M | 198.23M | 208.4M | 208.14M | 224M | 235.59M | 235.75M | 236.36M | 237.51M | 236.32M | 231.88M | 231.59M | 218.56M | 213.84M | 176.51M | 173.9M | 170.57M | 161.66M | 155.38M | 162.22M | 169.09M |
| Basic Shares Outstanding | 145.5M | 151.99M | 155.23M | 159.02M | 165.05M | 168.33M | 170.31M | 177.85M | 190.55M | 192M | 195.34M | 206.6M | 208.14M | 221.27M | 231.63M | 231.69M | 234.14M | 234.76M | 231.03M | 225.34M | 222.28M | 198.09M | 172.98M | 167.9M | 166.45M | 163.67M | 159.01M | 155.38M | 161.3M | 167.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.33% | - |
Inventory Velocity and Saturation
According to recent financial filings, Deckers Outdoor Corporation's year-over-year revenue growth has decelerated from 22.1% in 2025Q1 to 9.0% in 2026Q4, suggesting that the rapid expansion phase driven by Hoka's market penetration may be encountering natural maturity hurdles within its core domestic footwear segments.
The transition from double-digit growth to single-digit expansion indicates that the company is moving past its initial hyper-growth phase. Investors should monitor whether this deceleration reflects broader consumer discretionary weakness or a specific saturation point in Hoka's primary distribution channels.
As reported in quarterly income statements, the company maintained a robust gross margin profile, consistently hovering between 55.7% and 60.3% over the last ten quarters, which underscores the brand's significant pricing power and the effectiveness of its disciplined pull-based distribution strategy across both UGG and Hoka.
This margin stability is impressive given the inflationary environment and suggests that the company has successfully avoided the heavy discounting cycles that plague its footwear peers. The ability to sustain these levels implies that the brand equity remains high enough to support premium pricing without significant promotional reliance.
Based on the provided income statement data, operating margins have fluctuated significantly from 13.6% to 31.4% over the past ten quarters, reflecting the inherent seasonality of the business and the semi-fixed nature of demand creation expenses required to maintain brand heat during peak winter selling periods.
The wide variance in operating margins suggests that while the company benefits from scale during peak quarters, it faces challenges in maintaining efficiency during off-peak periods. Analysts should investigate whether the recent increase in SG&A spend is yielding commensurate long-term brand equity or merely masking a need for higher marketing intensity.
Analysis of recent financial statements reveals a concerning trend where inventory levels appear to be rising relative to historical norms, which may indicate a potential slowdown in sell-through velocity that could force future markdowns and pressure the company's currently elevated gross margin structure.
While the company has historically managed inventory with precision, any deviation from this discipline could signal that the market is reaching a saturation point. Investors should be wary of the risk that current revenue growth is being artificially supported by channel stuffing rather than genuine end-consumer demand.
Quick answers to the most common questions about buying DECK stock.
For fiscal year 2026, Deckers Outdoor Corporation (DECK) reported total revenue of $5.45B. This represents a 5258.0% increase compared to $101.8M in 1997.
Deckers Outdoor Corporation (DECK) is profitable, generating $1.02B in net income for the fiscal year ending 2026 with a net profit margin of 18.8%.
Deckers Outdoor Corporation (DECK) reported an operating income of $1.25B, resulting in an operating profit margin of 22.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Deckers Outdoor Corporation (DECK) generated $3.06B in gross profit for the year, representing a gross profit margin of 56.1%. This demonstrates the company's core pricing power and production efficiency.