Revenue growth accelerated to 18.0% in 2026Q1, supported by a notable expansion in gross margins to 54.7% compared to the 40-42% range observed over the prior two years.
| 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 | 2.63B | 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 % | 15.31% | 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 | 1.45B | 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 | 1.18B | 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 % | 44.83% | 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 | 1.05B | 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 | 0 | 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 | 126.01M | 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 % | 4.78% | 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 | 160.48M | 102.34M | 244.95M | 228.72M | 302.22M | 258.81M | -14.24M | 198.15M | 195.14M | 190.19M | 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 % | 6.09% | 4.06% | 10.73% | 11.54% | 14.24% | 13.87% | -1.19% | 11.09% | 11.8% | 12.3% | 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 % | -33.77% | -58.22% | 7.09% | -24.32% | 16.78% | 1916.81% | -107.19% | 1.55% | 2.6% | 0.61% | -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) | 34.47M | 33.44M | 20.01M | 15.5M | 20.58M | 15.21M | 17.36M | 21.34M | 21.75M | 20.41M | 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 | 123.49M | 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 | 4K | -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 | 825K | 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 | -7.53M | 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 | 118.49M | 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 % | 4.5% | 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 | 39.09M | 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 % | 32.99% | 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 | 76.06M | 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 % | 2.89% | 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 % | -54.15% | -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) | 79.58M | 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 | 34.1M | 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) | 1.06 | 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 % | -54.31% | -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 | 71.88M | 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 | 71.16M | 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% | - | - | - | - | - | - | - | - | - |
Inventory Obsolescence and Margin Volatility
According to recent quarterly filings, SHOO achieved a notable 18.0% revenue growth in 2026Q1, signaling a potential recovery from the mid-single-digit growth rates observed throughout 2025, suggesting that the company's test-and-react model is successfully capturing shifting consumer demand in the current retail environment.
The acceleration in top-line performance suggests that the company's rapid-cycle fashion strategy is resonating with the core demographic, effectively bypassing the stagnation seen in broader footwear peers. Investors should monitor whether this growth is driven by sustainable volume increases or if it reflects a temporary pull-forward of demand ahead of seasonal shifts.
As reported in financial statements, SHOO's gross margin reached 54.7% in 2026Q1, a significant improvement from the 40-42% range maintained over the prior two years, indicating that the company may be successfully optimizing its product mix or reducing reliance on heavy promotional discounting.
While the expansion in gross margin is encouraging, it appears disconnected from the historical operating margin volatility, suggesting that cost-of-goods-sold management is currently more effective than overhead control. This divergence warrants further investigation into whether the company can sustain these higher margins without sacrificing the competitive pricing that defines its market position.
Based on the company's reported figures, operating income swung from a loss of $40.3M in 2025Q2 to $98.7M in 2026Q1, demonstrating extreme sensitivity to revenue fluctuations and suggesting that the firm's cost structure lacks the fixed-cost absorption necessary for consistent profitability during periods of lower demand.
The erratic nature of operating income implies that the company's SG&A and logistics expenses are not scaling efficiently with revenue growth. This lack of operating leverage suggests that the business model remains highly vulnerable to external cost shocks, such as freight or supply chain disruptions, which can quickly erode bottom-line results.
Analysis of the income statement reveals that net income has fluctuated significantly, ranging from a $39.5M loss in 2025Q2 to a $71.8M profit in 2026Q1, which suggests that reported EPS is heavily influenced by non-recurring operational challenges rather than stable, core business performance.
The presence of stock-based compensation, which has remained consistent at approximately $7.5M per quarter, adds a layer of dilution that investors should account for when evaluating the true earnings power of the firm. The wide variance in net margins appears to reflect the inherent risks of a fashion-forward inventory model, where sudden write-downs can disproportionately impact quarterly profitability.
Data from the last ten quarters indicates that SHOO's operating margin has been highly unstable, dropping into negative territory in 2025Q2, which supports the bearish argument that the company's reliance on rapid fashion cycles creates an unsustainable cost burden during periods of weak consumer sentiment.
Short-term margin improvements may be masking deeper structural issues related to inventory management and the high cost of maintaining a 'test-and-react' supply chain. Investors should remain cautious, as the company's ability to maintain profitability appears contingent on perfect execution, leaving little room for error in a highly competitive and price-sensitive footwear market.
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.