Revenue growth accelerated to 19.1% year-over-year in Q2 2026, but operating margin fell to 5.9% from 9.0% a year earlier, indicating negative operating leverage.
Steven Madden, Ltd. (SHOO) annual income statement — 30-year revenue, gross profit & net income history
| 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 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.84B | 2.52B | 2.28B | 1.98B | 2.12B | 1.87B | 1.2B | 1.79B | 1.65B | 1.55B | 1.4B | 1.41B | 1.33B | 1.31B | 1.23B | 968.55M | 635.42M | 503.55M | 457.05M | 431.05M | 475.16M | 375.79M | 338.14M | 324.2M | 326.14M | 243.39M | 205.11M | 163M | 85.8M | 59.3M | 45.8M |
| Revenue Growth % | 20.28% | 10.45% | 15.21% | -6.62% | 13.71% | 55.28% | -32.75% | 8.08% | 6.95% | 10.47% | -0.4% | 5.27% | 1.58% | 7.1% | 26.69% | 52.43% | 26.19% | 10.17% | 6.03% | -9.28% | 26.45% | 11.13% | 4.3% | -0.59% | 34% | 18.66% | 25.84% | 89.98% | 44.69% | 29.48% | 18.35% |
| Cost of Goods Sold | 1.51B | 1.48B | 1.35B | 1.15B | 1.25B | 1.1B | 737.27M | 1.1B | 1.04B | 968.36M | 877.57M | 904.75M | 865.95M | 831.85M | 771.37M | 606.6M | 359.56M | 287.36M | 270.22M | 257.65M | 276.73M | 233.29M | 215.47M | 198.19M | 199.45M | 143.52M | 111.91M | 91.5M | 48.5M | 34M | 30.9M |
| COGS % of Revenue | - | 58.88% | 58.96% | 57.99% | 58.82% | 58.87% | 61.35% | 61.61% | 62.75% | 62.63% | 62.7% | 64.38% | 64.87% | 63.3% | 62.86% | 62.63% | 56.59% | 57.07% | 59.12% | 59.77% | 58.24% | 62.08% | 63.72% | 61.13% | 61.16% | 58.97% | 54.56% | 56.14% | 56.53% | 57.34% | 67.47% |
| Gross Profit | 1.33B | 1.04B | 936.93M | 832.41M | 873.84M | 767.5M | 464.54M | 686.02M | 616.04M | 577.74M | 521.98M | 500.49M | 469M | 482.38M | 455.7M | 361.95M | 275.85M | 216.19M | 186.82M | 173.4M | 198.43M | 142.5M | 122.67M | 126.02M | 126.68M | 99.87M | 93.2M | 71.5M | 37.3M | 25.3M | 14.9M |
| Gross Margin % | 46.72% | 41.12% | 41.04% | 42.01% | 41.18% | 41.13% | 38.65% | 38.39% | 37.25% | 37.37% | 37.3% | 35.62% | 35.13% | 36.7% | 37.14% | 37.37% | 43.41% | 42.93% | 40.88% | 40.23% | 41.76% | 37.92% | 36.28% | 38.87% | 38.84% | 41.03% | 45.44% | 43.86% | 43.47% | 42.66% | 32.53% |
| Gross Profit Growth % | - | 10.67% | 12.56% | -4.74% | 13.86% | 65.22% | -32.28% | 11.36% | 6.63% | 10.68% | 4.29% | 6.71% | -2.77% | 5.85% | 25.9% | 31.21% | 27.6% | 15.72% | 7.74% | -12.61% | 39.25% | 16.17% | -2.66% | -0.52% | 26.84% | 7.16% | 30.36% | 91.69% | 47.43% | 69.8% | 15.5% |
| Operating Expenses | 1.08B | 967.98M | 711.99M | 619.19M | 592.19M | 523.9M | 496.15M | 509.2M | 442.66M | 406.96M | 352.81M | 325.8M | 301.36M | 279.59M | 268.29M | 208.18M | 176.86M | 157.15M | 156.21M | 120.49M | 120.13M | 110.93M | 103.69M | 92.39M | 93.47M | 79.47M | 72.42M | 55.9M | 31.3M | 23.1M | 14.4M |
| OpEx % of Revenue | - | 38.39% | 31.19% | 31.25% | 27.91% | 28.07% | 41.28% | 28.49% | 26.77% | 26.32% | 25.21% | 23.18% | 22.57% | 21.27% | 21.86% | 21.49% | 27.83% | 31.21% | 34.18% | 27.95% | 25.28% | 29.52% | 30.66% | 28.5% | 28.66% | 32.65% | 35.31% | 34.29% | 36.48% | 38.95% | 31.44% |
| Selling, General & Admin | 270.02M | 0 | 663.89M | 590.39M | 0 | 0 | 399.35M | 0 | 441.27M | 413.14M | 345.15M | 322.98M | 302.7M | 282.91M | 283.69M | 226.89M | 176.86M | 157.15M | 156.21M | 138.84M | 134.38M | 117.53M | 110.49M | 100.29M | 100.07M | 79.47M | 68.83M | 52.9M | 29.9M | 22.3M | 14M |
| SG&A % of Revenue | - | - | 29.08% | 29.79% | - | - | 33.23% | - | 26.69% | 26.72% | 24.66% | 22.98% | 22.68% | 21.53% | 23.12% | 23.43% | 27.83% | 31.21% | 34.18% | 32.21% | 28.28% | 31.28% | 32.68% | 30.93% | 30.68% | 32.65% | 33.56% | 32.45% | 34.85% | 37.61% | 30.57% |
| Research & Development | 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 967.98M | 48.1M | 28.8M | 592.19M | 523.9M | 96.79M | 509.2M | 0 | -5K | -664K | 0 | 677K | 1.08M | 2.19M | 0 | 0 | 0 | 0 | -18.35M | -14.25M | -6.6M | -6.81M | -7.89M | -6.6M | 0 | 3.59M | 3M | 1.4M | 800K | 400K |
| Operating Income | 244.39M | 68.9M | 224.94M | 213.22M | 281.64M | 243.6M | -31.61M | 176.81M | 173.38M | 169.78M | 169.18M | 171.65M | 167.64M | 203.77M | 178.98M | 153.77M | 121.62M | 78.97M | 30.61M | 52.91M | 78.3M | 31.57M | 18.98M | 33.63M | 33.21M | 20.4M | 20.79M | 15.6M | 6M | 2.2M | 500K |
| Operating Margin % | 8.6% | 2.73% | 9.85% | 10.76% | 13.27% | 13.05% | -2.63% | 9.89% | 10.49% | 10.98% | 12.09% | 12.21% | 12.56% | 15.5% | 14.59% | 15.88% | 19.14% | 15.68% | 6.7% | 12.28% | 16.48% | 8.4% | 5.61% | 10.37% | 10.18% | 8.38% | 10.13% | 9.57% | 6.99% | 3.71% | 1.09% |
| Operating Income Growth % | - | -69.37% | 5.5% | -24.29% | 15.62% | 870.75% | -117.87% | 1.98% | 2.12% | 0.36% | -1.44% | 2.39% | -17.73% | 13.85% | 16.39% | 26.43% | 54.02% | 157.96% | -42.15% | -32.42% | 148.01% | 66.32% | -43.55% | 1.25% | 62.8% | -1.85% | 33.24% | 160% | 172.73% | 340% | -90.57% |
| EBITDA | 280.36M | 102.34M | 244.95M | 228.72M | 302.22M | 258.81M | -14.24M | 198.15M | 195.86M | 191.17M | 189.04M | 192.41M | 182.72M | 216.75M | 191.62M | 164.83M | 131.62M | 88.53M | 39.71M | 61.35M | 85M | 36.69M | 24.04M | 38.37M | 36.92M | 23.85M | 24.37M | 18.6M | 7.4M | 3M | 900K |
| EBITDA Margin % | 9.87% | 4.06% | 10.73% | 11.54% | 14.24% | 13.87% | -1.19% | 11.09% | 11.84% | 12.36% | 13.51% | 13.69% | 13.69% | 16.49% | 15.62% | 17.02% | 20.71% | 17.58% | 8.69% | 14.23% | 17.89% | 9.76% | 7.11% | 11.83% | 11.32% | 9.8% | 11.88% | 11.41% | 8.62% | 5.06% | 1.97% |
| EBITDA Growth % | 130.32% | -58.22% | 7.09% | -24.32% | 16.78% | 1916.81% | -107.19% | 1.17% | 2.45% | 1.13% | -1.75% | 5.3% | -15.7% | 13.11% | 16.25% | 25.23% | 48.68% | 122.92% | -35.27% | -27.83% | 131.68% | 52.6% | -37.33% | 3.93% | 54.81% | -2.15% | 31.03% | 151.35% | 146.67% | 233.33% | -83.33% |
| D&A (Non-Cash Add-back) | 35.98M | 33.44M | 20.01M | 15.5M | 20.58M | 15.21M | 17.36M | 21.34M | 22.48M | 21.39M | 19.87M | 20.76M | 15.08M | 12.98M | 12.64M | 11.06M | 10M | 9.56M | 9.1M | 8.44M | 6.71M | 5.12M | 5.06M | 4.74M | 3.71M | 3.45M | 3.59M | 3M | 1.4M | 800K | 400K |
| EBIT | 263.27M | 90.02M | 238M | 219.74M | 287.45M | 247.65M | 49.56M | 182.75M | 177.34M | 172.33M | 168.75M | 174.69M | 167.64M | 209.08M | 184.24M | 158.84M | 125.86M | 80.88M | 46.51M | 52.91M | 78.3M | 31.57M | 21.02M | 33.63M | 33.21M | 20.4M | 20.79M | 15.6M | 6M | 2.2M | 500K |
| Net Interest Income | -1.25M | -12.34M | 5.54M | 7.39M | 676K | -1.53M | 1.62M | 4.41M | 3.96M | 2.54M | 1.82M | 2.19M | 3.07M | 4.1M | 3.02M | 4.83M | 4.2M | 2M | 2.41M | -65K | -100K | -164K | -68K | -54K | -16K | -66K | -102K | 0 | -200K | 0 | -200K |
| Interest Income | 829K | 0 | 5.54M | 7.39M | 676K | 0 | 1.62M | 4.41M | 3.96M | 0 | 1.82M | 2.66M | 3.29M | 4.23M | 3.07M | 4.88M | 4.21M | 2.1M | 2.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.08M | 12.34M | 0 | 0 | 0 | 1.53M | 0 | 0 | 0 | 647K | 0 | 469K | 211K | 128K | 49K | 51K | 4K | 93K | 207K | 65K | 100K | 164K | 68K | 54K | 16K | 66K | 102K | 0 | 200K | 0 | 200K |
| Other Income/Expense | -8.07M | 8.78M | 5.54M | 7.39M | 676K | -1.53M | 1.62M | 4.41M | 3.96M | 2.54M | 1.82M | 818K | 3.75M | 5.18M | 5.21M | 5.02M | 4.23M | 21.75M | 1.4M | 3.22M | 15.02M | 1.89M | 8.78M | 1.69M | 1.22M | 310K | 6.72M | 4.2M | 3.3M | 2.4M | 1.1M |
| Pretax Income | 236.32M | 77.68M | 230.48M | 220.61M | 282.32M | 242.07M | -29.98M | 181.23M | 177.34M | 172.33M | 171M | 172.47M | 171.39M | 208.95M | 184.19M | 158.79M | 125.86M | 80.79M | 46.31M | 56.14M | 80.93M | 33.46M | 20.95M | 35.32M | 34.43M | 20.71M | 27.5M | 19.8M | 9.3M | 4.6M | 1.6M |
| Pretax Margin % | 8.32% | 3.08% | 10.1% | 11.13% | 13.3% | 12.97% | -2.5% | 10.14% | 10.72% | 11.15% | 12.22% | 12.27% | 12.84% | 15.9% | 15.01% | 16.39% | 19.81% | 16.04% | 10.13% | 13.02% | 17.03% | 8.9% | 6.2% | 10.89% | 10.56% | 8.51% | 13.41% | 12.15% | 10.84% | 7.76% | 3.49% |
| Income Tax | 59.66M | 28.66M | 54.58M | 46.64M | 65.1M | 49.61M | -11.7M | 39.5M | 46.84M | 53.19M | 49.73M | 58.81M | 58.76M | 75.67M | 64.62M | 61.59M | 50.13M | 30.68M | 18.33M | 20.45M | 34.68M | 14.26M | 8.68M | 14.87M | 14.59M | 8.6M | 11.46M | 8.3M | 3.9M | 1.9M | 500K |
| Effective Tax Rate % | 25.24% | 36.9% | 23.68% | 21.14% | 23.06% | 20.49% | 39.03% | 21.8% | 26.41% | 30.87% | 29.08% | 34.1% | 34.29% | 36.21% | 35.09% | 38.79% | 39.83% | 37.98% | 39.58% | 36.42% | 42.85% | 42.62% | 41.42% | 42.09% | 42.37% | 41.5% | 41.67% | 41.92% | 41.94% | 41.3% | 31.25% |
| Net Income | 175.15M | 44.66M | 169.39M | 171.55M | 216.06M | 190.68M | -18.4M | 141.31M | 129.14M | 117.95M | 120.91M | 112.94M | 111.88M | 132.01M | 119.63M | 97.32M | 75.72M | 50.11M | 27.98M | 35.69M | 46.25M | 19.2M | 12.28M | 20.45M | 19.84M | 12.12M | 16.04M | 11.5M | 5.4M | 2.7M | 1.1M |
| Net Margin % | 6.16% | 1.77% | 7.42% | 8.66% | 10.18% | 10.22% | -1.53% | 7.91% | 7.81% | 7.63% | 8.64% | 8.04% | 8.38% | 10.04% | 9.75% | 10.05% | 11.92% | 9.95% | 6.12% | 8.28% | 9.73% | 5.11% | 3.63% | 6.31% | 6.08% | 4.98% | 7.82% | 7.06% | 6.29% | 4.55% | 2.4% |
| Net Income Growth % | 211.24% | -73.63% | -1.26% | -20.6% | 13.31% | 1136.46% | -113.02% | 9.43% | 9.49% | -2.45% | 7.06% | 0.95% | -15.25% | 10.35% | 22.92% | 28.52% | 51.13% | 79.11% | -21.61% | -22.83% | 140.89% | 56.42% | -39.99% | 3.09% | 63.76% | -24.48% | 39.5% | 112.96% | 100% | 145.45% | -71.05% |
| Net Income (Continuing) | 176.66M | 49.02M | 175.9M | 173.97M | 217.22M | 192.46M | -18.28M | 141.72M | 130.5M | 119.14M | 121.27M | 113.66M | 112.63M | 133.28M | 119.56M | 97.2M | 75.72M | 50.11M | 27.98M | 35.69M | 46.25M | 19.2M | 12.28M | 20.45M | 19.84M | 12.12M | 16.04M | 11.5M | 5.4M | 2.7M | 1.1M |
| 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 | 0 |
| Minority Interest | 32.7M | 37.59M | 28.28M | 18.43M | 12.31M | 8.44M | 13.78M | 12.72M | 8.87M | 6.11M | 205K | 259K | 274K | 323K | -180K | -118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.41 | 0.63 | 2.35 | 2.30 | 2.77 | 2.34 | -0.23 | 1.69 | 1.50 | 1.36 | 1.35 | 1.23 | 1.17 | 1.32 | 1.20 | 1.00 | 0.79 | 0.54 | 0.30 | 0.33 | 0.41 | 0.18 | 0.11 | 0.19 | 0.19 | 0.12 | 0.17 | 0.12 | 0.07 | 0.04 | 0.02 |
| EPS Growth % | 207.59% | -73.19% | 2.17% | -16.97% | 18.38% | 1117.39% | -113.61% | 12.67% | 10.29% | 0.74% | 9.76% | 5.13% | -11.36% | 10% | 20% | 26.58% | 46.3% | 80% | -9.09% | -19.51% | 127.78% | 63.64% | -42.11% | 0% | 58.33% | -29.41% | 41.67% | 82.37% | 66.58% | 114.67% | -72.62% |
| EPS (Basic) | - | 0.63 | 2.38 | 2.34 | 2.84 | 2.43 | -0.23 | 1.78 | 1.50 | 1.43 | 1.41 | 1.27 | 1.21 | 1.36 | 1.24 | 1.02 | 0.81 | 0.55 | 0.30 | 0.34 | 0.44 | 0.19 | 0.12 | 0.21 | 0.21 | 0.14 | 0.19 | 0.14 | 0.08 | 0.04 | 0.02 |
| Diluted Shares Outstanding | 72.58M | 71.18M | 71.96M | 74.56M | 78.07M | 81.63M | 78.64M | 83.65M | 86.1M | 86.75M | 89.33M | 91.71M | 95.51M | 100.25M | 99.38M | 97.29M | 95.5M | 92.76M | 93.75M | 107.79M | 111.89M | 105.9M | 108.01M | 107.36M | 104.11M | 98.32M | 96.42M | 94.66M | 83.4M | 68.31M | 77.29M |
| Basic Shares Outstanding | 71.4M | 70.87M | 71.27M | 73.34M | 76.02M | 78.44M | 78.64M | 79.58M | 86.09M | 82.74M | 85.66M | 88.5M | 92.18M | 96.87M | 96.79M | 95.09M | 93.32M | 91.35M | 92.77M | 104.53M | 105.84M | 101.82M | 99.85M | 98.61M | 95.64M | 88.22M | 85.89M | 82.25M | 71.66M | 62.1M | 77.29M |
| Dividend Payout Ratio | - | 136.5% | 36.03% | 36.83% | 30.55% | 25.78% | - | 34.27% | 36.64% | - | - | - | - | - | - | - | 0% | 0% | 0.06% | - | 45.63% | 71.94% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SHOO stock.
For fiscal year 2025, Steven Madden, Ltd. (SHOO) reported total revenue of $2.52B. This represents a 5405.5% increase compared to $45.8M in 1996.
Steven Madden, Ltd. (SHOO) is profitable, generating $44.7M in net income for the fiscal year ending 2025 with a net profit margin of 1.8%.
Steven Madden, Ltd. (SHOO) reported an operating income of $68.9M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Steven Madden, Ltd. (SHOO) generated $1.04B in gross profit for the year, representing a gross profit margin of 41.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression despite growth
Metrics are mathematically derived from official filings.
Top-Line Momentum Accelerates
Revenue grew 19.1% year-over-year in Q2 2026 to $665.9M, accelerating from 6.8% in the prior year quarter, according to the latest income statement data.
The acceleration is broad-based, with Q1 2026 also showing 17.4% growth, suggesting sustained demand across wholesale and DTC channels. However, the growth appears to be volume-driven rather than price-driven, as gross margin in Q2 2026 (46.5%) is below the prior year's 40.4%? Actually, it's higher, but the operating margin compression indicates that the incremental revenue is not translating to profit. Investors should monitor whether this growth is sustainable or if it reflects inventory clearance at discounted prices.
Gross Margin Expansion Masks Op Pressure
Gross margin improved to 46.5% in Q2 2026 from 40.4% a year earlier, yet operating margin fell to 5.9% from -7.2%, per reported figures.
The gross margin expansion suggests favorable product mix or lower input costs, but the operating margin compression indicates that SG&A or other operating expenses are rising disproportionately. The Q2 2025 operating loss of -7.2% was an anomaly, but the current 5.9% is still well below the 9-12% range seen in 2024. This suggests that the company is investing heavily in growth initiatives or facing elevated logistics costs, which may be temporary but warrants close monitoring.
Operating Leverage Turns Negative
Despite a 19.1% revenue increase, operating income in Q2 2026 rose only 39.3% from a low base, but as a percentage of revenue it remains below historical norms, indicating negative operating leverage.
In Q2 2026, operating income of $39.3M on $665.9M revenue yields a 5.9% margin, which is below the 8-12% range seen in 2024. This suggests that SG&A expenses are growing faster than revenue, possibly due to increased marketing spend or higher distribution costs. The company's asset-light model should allow for high incremental margins, but the current data suggests that overhead is not being controlled effectively. If revenue growth continues at this pace, investors should expect operating leverage to improve, but the current trend is concerning.
EPS Volatility Raises Quality Concerns
Q2 2026 EPS of $0.38 missed consensus by a wide margin, despite a 167.9% year-over-year increase, and stock-based compensation of $15.7M was the highest in the period, per the income statement.
The EPS miss relative to raised guidance suggests that reported earnings may be affected by one-time items or tax effects, but the data shows a net margin of only 4.2%, which is low for a company with this growth rate. Stock-based compensation of $15.7M represents a significant drag on earnings, and its variability across quarters (zero in some periods) adds noise. Investors should adjust for SBC to assess true earnings power, and the low net margin indicates that the company is not retaining much of its revenue growth as profit.
SG&A Efficiency Under Scrutiny
With R&D not reported, SG&A is the primary operating expense, and its efficiency is deteriorating as operating margin fell to 5.9% in Q2 2026 from 9.0% a year earlier, based on the data.
The company does not disclose R&D separately, so SG&A is the key cost line to monitor. The sharp decline in operating margin from 9.0% in Q2 2024 to 5.9% in Q2 2026 suggests that SG&A is growing faster than revenue, possibly due to increased marketing or store expansion. The Q2 2025 operating loss of -7.2% indicates a period of significant cost pressure, and while the company has recovered, the current margin is still below historical levels. Management's expense discipline will be critical to restoring profitability.
Profitless Growth Raises Red Flags
Despite 19.1% revenue growth, net margin is only 4.2% and ROE is 5.0%, suggesting that the company is generating growth at the expense of profitability, as per the latest financials.
Short-sellers would argue that SHOO's growth is not translating into shareholder value, as net income of $27.7M on $665.9M revenue is thin. The operating margin of 5.9% is well below peers like Boot Barn (13.3%) and Crocs (22.0%), indicating a competitive disadvantage. The raised guidance despite the EPS miss may be a red flag, suggesting that management is overly optimistic or that the miss was due to one-time items. Investors should monitor whether the company can improve margins while maintaining growth, or if it is sacrificing profitability for market share.