Wolverine World Wide, Inc. (WWW) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has reaccelerated to 11.0% in Q1 2026, and gross margins have stabilized in the 46.5%-47.6% range, indicating the operational turnaround is gaining traction after a severe contraction in early 2024.

Annual statement

WWW Income Statement

Wolverine World Wide, Inc. (WWW) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jan'26	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	1.95B	1.87B	1.75B	2.24B	2.68B	2.41B	1.79B	2.27B	2.24B	2.35B	2.49B	2.69B	2.76B	2.69B	1.64B	1.41B	1.25B	1.1B	1.22B	1.2B	1.14B	1.06B	991.91M	888.93M	827.11M	720.07M	701.29M	665.6M	669.3M	665.1M	511M
Revenue Growth %	4.05%	6.8%	-21.75%	-16.46%	11.18%	34.83%	-21.23%	1.54%	-4.71%	-5.8%	-7.32%	-2.52%	2.6%	64.01%	16.45%	12.86%	13.39%	-9.79%	1.8%	5%	7.62%	6.97%	11.59%	7.47%	14.87%	2.68%	5.36%	-0.55%	0.63%	30.16%	23.43%
Cost of Goods Sold	1.03B	994.2M	973.5M	1.37B	1.61B	1.39B	1.06B	1.35B	1.32B	1.44B	1.53B	1.64B	1.67B	1.63B	1.01B	852.32M	755.94M	669.33M	734.55M	727.04M	700.35M	655.8M	617.77M	562.34M	532.88M	463.03M	459.62M	442.1M	443.7M	451.8M	348.1M
COGS % of Revenue	-	53.04%	55.47%	61.1%	60.13%	57.35%	58.93%	59.37%	58.86%	61.09%	61.52%	60.93%	60.66%	60.44%	61.72%	60.49%	60.55%	60.79%	60.18%	60.64%	61.33%	61.81%	62.28%	63.26%	64.43%	64.3%	65.54%	66.42%	66.29%	67.93%	68.12%
Gross Profit	917.1M	880.1M	781.5M	872.5M	1.07B	1.03B	735.6M	923.8M	921.3M	914.4M	959.9M	1.05B	1.09B	1.06B	628.16M	556.75M	492.57M	431.72M	486.02M	471.93M	441.54M	405.2M	374.13M	326.59M	294.23M	257.04M	241.67M	223.5M	225.6M	213.3M	162.9M
Gross Margin %	46.99%	46.96%	44.53%	38.9%	39.87%	42.65%	41.07%	40.63%	41.14%	38.91%	38.48%	39.07%	39.34%	39.56%	38.28%	39.51%	39.45%	39.21%	39.82%	39.36%	38.67%	38.19%	37.72%	36.74%	35.57%	35.7%	34.46%	33.58%	33.71%	32.07%	31.88%
Gross Profit Growth %	-	12.62%	-10.43%	-18.49%	3.93%	40.01%	-20.37%	0.27%	0.75%	-4.74%	-8.73%	-3.19%	2.05%	69.46%	12.83%	13.03%	14.1%	-11.17%	2.99%	6.88%	8.97%	8.3%	14.56%	11%	14.47%	6.36%	8.13%	-0.93%	5.77%	30.94%	25.99%
Operating Expenses	747.4M	729.9M	680.5M	940.7M	1.28B	874.2M	872.7M	752.8M	669.4M	749M	758M	816M	815.2M	830.7M	481.9M	386.53M	347.5M	316.38M	345.18M	333.15M	318.24M	291.89M	274.13M	246.65M	217.15M	182.18M	216.65M	162.9M	156.4M	146.4M	114.6M
OpEx % of Revenue	-	38.94%	38.77%	41.94%	47.63%	36.2%	48.72%	33.11%	29.89%	31.87%	30.39%	30.32%	29.52%	30.87%	29.37%	27.43%	27.83%	28.73%	28.28%	27.79%	27.87%	27.51%	27.64%	27.75%	26.25%	25.3%	30.89%	24.47%	23.37%	22.01%	22.43%
Selling, General & Admin	745.6M	729.9M	690M	856.2M	906.4M	817.8M	639.4M	669.3M	654.1M	713.7M	758M	816M	815.2M	830.7M	481.9M	386.53M	347.5M	316.38M	345.18M	333.15M	318.24M	291.89M	274.13M	246.65M	217.15M	182.18M	198.95M	148M	143.4M	137.2M	107.5M
SG&A % of Revenue	-	38.94%	39.32%	38.17%	33.76%	33.86%	35.7%	29.44%	29.21%	30.37%	30.39%	30.32%	29.52%	30.87%	29.37%	27.43%	27.83%	28.73%	28.28%	27.79%	27.87%	27.51%	27.64%	27.75%	26.25%	25.3%	28.37%	22.24%	21.43%	20.63%	21.04%
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	1.6M	0	-9.5M	84.5M	372.4M	56.4M	233.3M	83.5M	600K	-2.4M	3.5M	3.3M	-1.7M	500K	-317K	0	0	0	0	0	0	0	0	0	0	0	34.47M	17.7M	14.9M	13M	9.2M
Operating Income	169.7M	150.2M	101M	-68.2M	-208.4M	155.7M	-137.1M	171M	251.9M	23.9M	159.9M	201.1M	229.9M	192.3M	113.72M	108.7M	169.19M	143.8M	86.19M	143.43M	138.57M	122.29M	111.25M	96.82M	74.98M	71.51M	68.55M	15.02M	49.6M	61.9M	61M
Operating Margin %	8.69%	8.01%	5.75%	-3.04%	-7.76%	6.45%	-7.65%	7.52%	11.25%	1.02%	6.41%	7.47%	8.33%	7.15%	6.93%	7.71%	13.55%	13.06%	7.06%	11.96%	12.14%	11.53%	11.22%	10.89%	9.07%	9.93%	9.77%	2.26%	7.41%	9.31%	11.94%
Operating Income Growth %	-	48.71%	248.09%	67.27%	-233.85%	213.57%	-180.18%	-32.12%	953.97%	-85.05%	-20.49%	-12.53%	19.55%	69.09%	4.62%	-35.76%	17.66%	66.84%	-39.91%	3.51%	13.31%	9.93%	14.9%	29.13%	4.85%	4.32%	356.52%	-69.73%	-19.87%	1.48%	27.88%
EBITDA	191.5M	182.7M	127.2M	-43.7M	-173.8M	245.3M	-104.3M	287.2M	298.7M	96.4M	203.4M	249.8M	283.2M	248.5M	141.38M	124.6M	185.39M	161.42M	106.88M	166.22M	159.19M	142.33M	130.32M	114.76M	91.84M	89.13M	86.24M	29.91M	62.6M	71.1M	68.1M
EBITDA Margin %	9.81%	9.75%	7.25%	-1.95%	-6.47%	10.16%	-5.82%	12.63%	13.34%	4.1%	8.15%	9.28%	10.26%	9.23%	8.62%	8.84%	14.85%	14.66%	8.76%	13.86%	13.94%	13.41%	13.14%	12.91%	11.1%	12.38%	12.3%	4.49%	9.35%	10.69%	13.33%
EBITDA Growth %	12.58%	43.63%	391.08%	74.86%	-170.85%	335.19%	-136.32%	-3.85%	209.85%	-52.61%	-18.57%	-11.79%	13.96%	75.77%	13.46%	-32.79%	14.85%	51.02%	-35.7%	4.42%	11.85%	9.22%	13.55%	24.96%	3.04%	3.35%	188.29%	-52.21%	-11.96%	4.41%	27.29%
D&A (Non-Cash Add-back)	21.2M	32.5M	26.2M	24.5M	34.6M	89.6M	32.8M	116.2M	46.8M	72.5M	43.5M	48.7M	53.3M	56.2M	27.65M	15.91M	16.2M	17.62M	20.7M	22.79M	20.62M	20.04M	19.07M	17.95M	16.86M	17.62M	17.7M	14.9M	13M	9.2M	7.1M
EBIT	171.7M	154.3M	104.3M	-70.7M	-205.6M	117.7M	-140.5M	175.9M	251.9M	21.5M	145.3M	202.8M	272.1M	242.1M	108.78M	170.31M	143.8M	86.19M	143.43M	141.04M	123.3M	113.31M	100.01M	79.94M	77.07M	74.86M	25.02M	60.6M	69.2M	67M	48.3M
Net Interest Income	-29.9M	-32.8M	-42.7M	-63.5M	-47.3M	-37.4M	-43.6M	-30M	-24.5M	-32.1M	-34.8M	-38.2M	-45.4M	-52M	-14.03M	-1M	-387K	-111K	-1.09M	664K	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	565K	370K	0	0	0	1.76M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	29.9M	32.8M	42.7M	63.5M	47.3M	37.4M	43.6M	30M	24.5M	32.1M	34.8M	38.2M	45.4M	52M	14.6M	1.4M	387K	111K	1.09M	2.85M	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-27.9M	-28.7M	-39.4M	-66M	-44.5M	-75.4M	-47M	-25.1M	-24.5M	-42.2M	-53.3M	-36.5M	-48.4M	-64.6M	-60.5M	-1.29M	979K	-29.65M	-254K	-209K	-1M	-2.06M	-2.94M	-4.79M	-5.42M	-6.31M	-10.01M	-11M	-7.3M	-6M	-600K
Pretax Income	141.8M	121.5M	61.6M	-134.2M	-252.9M	80.3M	-184.1M	145.9M	227.4M	-10.6M	110.5M	164.6M	181.5M	127.7M	94.18M	168.91M	143.23M	85.69M	140.58M	138.57M	122.29M	111.25M	97.07M	75.15M	71.65M	68.55M	15.02M	49.6M	61.9M	61M	47.7M
Pretax Margin %	7.27%	6.48%	3.51%	-5.98%	-9.42%	3.33%	-10.28%	6.42%	10.16%	-0.45%	4.43%	6.12%	6.57%	4.75%	5.74%	11.99%	11.47%	7.78%	11.52%	11.56%	10.71%	10.49%	9.79%	8.45%	8.66%	9.52%	2.14%	7.45%	9.25%	9.17%	9.33%
Income Tax	27.7M	20.5M	10.1M	-95M	-63.8M	13.3M	-45.5M	17M	27.1M	-9.9M	23M	41.4M	47.6M	26.7M	13.41M	45.62M	38.76M	23.78M	44.76M	45.69M	38.65M	36.78M	30.88M	23.26M	23.6M	23.31M	4.33M	17.2M	20.2M	19.5M	14.8M
Effective Tax Rate %	19.53%	16.87%	16.4%	70.79%	25.23%	16.56%	24.71%	11.65%	11.92%	93.4%	20.81%	25.15%	26.23%	20.91%	14.24%	27.01%	27.06%	27.75%	31.84%	32.97%	31.6%	33.06%	31.81%	30.95%	32.93%	34%	28.8%	34.68%	32.63%	31.97%	31.03%
Net Income	108.3M	95.8M	47.9M	-39.6M	-188.3M	68.6M	-136.9M	128.5M	200.1M	300K	87.7M	122.8M	133.1M	100.4M	80.69M	123.29M	104.47M	61.91M	95.82M	92.89M	83.65M	74.47M	65.94M	51.72M	47.91M	45.24M	10.69M	32.4M	41.7M	41.5M	32.9M
Net Margin %	5.55%	5.11%	2.73%	-1.77%	-7.01%	2.84%	-7.64%	5.65%	8.94%	0.01%	3.52%	4.56%	4.82%	3.73%	4.92%	8.75%	8.37%	5.62%	7.85%	7.75%	7.33%	7.02%	6.65%	5.82%	5.79%	6.28%	1.52%	4.87%	6.23%	6.24%	6.44%
Net Income Growth %	24.34%	100%	220.96%	78.97%	-374.49%	150.11%	-206.54%	-35.78%	66600%	-99.66%	-28.58%	-7.74%	32.57%	24.43%	-34.55%	18.01%	68.74%	-35.39%	3.16%	11.05%	12.33%	12.93%	27.5%	7.94%	5.91%	323.2%	-67.01%	-22.3%	0.48%	26.14%	36.51%
Net Income (Continuing)	114.1M	101M	51.5M	-39.2M	-189.1M	67M	-138.6M	128.9M	200.3M	-700K	87.5M	123.2M	133.9M	101M	80.76M	123.29M	104.47M	61.91M	95.82M	92.89M	83.65M	74.47M	66.19M	51.72M	47.91M	45.24M	10.69M	32.4M	41.7M	41.5M	32.9M
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	19.2M	15.1M	9.2M	21.4M	18.4M	14.8M	11.6M	11.7M	5.6M	5.6M	7.6M	6M	4.5M	3.8M	1.3M	0	0	0	0	0	0	0	566K	314K	143K	0	0	0	0	0	0
EPS (Diluted)	1.28	1.14	0.58	-0.51	-2.37	0.81	-1.71	1.45	2.11	0.00	0.89	1.19	1.30	0.99	0.82	1.24	1.06	0.62	0.95	0.85	0.74	0.64	0.36	0.28	0.38	0.36	0.09	0.26	0.32	0.21	0.11
EPS Growth %	23.81%	96.55%	213.73%	78.48%	-392.59%	147.37%	-217.93%	-31.28%	-	-99.89%	-25.21%	-8.46%	31.31%	20.73%	-33.87%	16.98%	70.97%	-34.74%	11.76%	14.86%	15.63%	77.78%	28.57%	-26.32%	5.56%	315.22%	-66.65%	-18.75%	52.38%	90.91%	79.45%
EPS (Basic)	-	1.14	0.58	-0.51	-2.37	0.82	-1.71	1.48	2.18	0.00	0.90	1.19	1.31	1.00	0.82	1.28	1.07	0.62	0.98	0.89	0.76	0.67	0.38	0.29	0.40	0.37	0.09	0.27	0.33	0.22	0.12
Diluted Shares Outstanding	84.32M	81.7M	80.33M	79.4M	79.7M	83.3M	81M	87.2M	95M	96.06M	97.12M	100M	101.84M	100.75M	98.67M	97.46M	99.02M	99.86M	100.86M	108.98M	113.81M	117.27M	121.31M	184.02M	124.99M	126.84M	123.35M	124.62M	128.97M	127.66M	125.1M
Basic Shares Outstanding	84.32M	81.7M	80M	79.4M	79.7M	82.3M	81M	85.1M	91.7M	93.7M	95.3M	98.46M	100.02M	98.8M	96.91M	96.34M	98M	96.35M	98.21M	105M	110.06M	111.98M	115.57M	176.47M	120.79M	122.27M	123.35M	121.5M	125.1M	127.66M	125.1M
Dividend Payout Ratio	-	34.76%	67.85%	-	-	48.83%	-	26.15%	14.29%	7666.67%	26.8%	19.87%	18.03%	23.61%	29.25%	18.44%	20.5%	34.73%	21.66%	19.8%	19.22%	19.89%	16.89%	16.61%	15.01%	14.68%	54.23%	15.12%	11.03%	8.92%	9.12%

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Inventory liquidation margin pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Reaccelerates After Trough

After a severe contraction in early 2024, revenue growth has reaccelerated to 11.0% in Q1 2026 and 6.8% in Q2 2026, suggesting the portfolio simplification and brand turnarounds are gaining traction.

The company has executed a clear V-shaped recovery, moving from a -34.1% revenue decline in Q1 2024 to consistent positive growth in recent quarters. This inflection appears driven by the core Wolverine and Saucony brands, as indicated by management commentary. The durability of this recovery will depend on sustaining momentum in the 'work' segment while successfully integrating the growth from lifestyle brands like Merrell.

Gross Margin Stabilization Amidst Sector Pressure

Gross margin has stabilized in the 46.5%-47.6% range over the last four quarters, a significant improvement from the 43.1% low in Q2 2024, indicating better pricing discipline and a more favorable product mix.

The recovery in gross margin from the mid-43% trough suggests the company has successfully navigated the worst of the inventory liquidation cycle that pressured the sector. However, the margin remains below the 57.0% level of pure-play DTC peers like Crocs, highlighting the structural drag of the wholesale-heavy model. Investors should monitor if the recent stabilization can be maintained as the company pushes its DTC channels.

Operating Leverage Emerging on Revenue Growth

Operating income scaled from a loss of $3.1M in Q1 2024 to a profit of $47.3M in Q2 2026, demonstrating meaningful operating leverage as revenue recovered and SG&A growth was contained.

The operating margin expansion from -0.8% to 9.3% over this period indicates that the cost structure is now appropriately sized for the current revenue base. SG&A as a percentage of revenue has declined from 44.8% in Q1 2024 to 37.0% in Q2 2026, suggesting effective overhead management. This leverage is critical for translating top-line growth into bottom-line profitability.

EPS Recovery Driven by Operational Turnaround

Diluted EPS has swung from a loss of $0.19 in Q1 2024 to a profit of $0.37 in Q2 2026, with the recovery appearing to be driven by core operational improvements rather than non-recurring items.

The earnings recovery is supported by the return to consistent operating profitability and the absence of large, irregular charges in recent quarters. The stock-based compensation line shows periodic spikes (e.g., $18.7M in Q4 2025) but does not appear to be a primary driver of the EPS trajectory. The quality of earnings appears solid, as the net income growth is underpinned by gross profit expansion and operating cost control.

Q1 2025 Marks the Operational Turnaround Point

The first quarter of 2025 represents the clear inflection point, where the company returned to operating profitability with a 4.8% margin after a loss in Q1 2024, signaling the successful execution of its restructuring plan.

This quarter was the first to show simultaneous revenue growth (4.4%) and a return to positive operating income after four consecutive quarters of losses or minimal profit. The inflection was driven by a combination of revenue stabilization and a significant reduction in SG&A as a percentage of sales. This period appears to be the foundation for the subsequent acceleration in growth and margin expansion seen in later quarters.

Margin Sustainability Faces Wholesale Headwinds

The recent gross margin stabilization at ~47% may be vulnerable, as the ongoing sector-wide inventory liquidation could force continued promotional activity that pressures the wholesale channel, which remains the core of WWW's business model.

While management has raised its outlook, the EPS miss in Q2 2026 suggests underlying pressures. The company's reliance on wholesale partners, who are themselves managing excess inventory, creates a risk that gross margins could compress again if promotional intensity increases. Furthermore, the operating margin of 9.3% is still below the 13.3% achieved by pure-play work-focused peer Boot Barn, indicating that WWW's multi-brand complexity may be a persistent drag on profitability.

WWW — Frequently Asked Questions

Quick answers to the most common questions about buying WWW stock.

What was Wolverine World Wide, Inc.'s (WWW) revenue in 2025?

For fiscal year 2025, Wolverine World Wide, Inc. (WWW) reported total revenue of $1.87B. This represents a 266.8% increase compared to $511.0M in 1996.

Is Wolverine World Wide, Inc. (WWW) profitable?

Wolverine World Wide, Inc. (WWW) is profitable, generating $95.8M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.

What is Wolverine World Wide, Inc.'s operating profit margin?

Wolverine World Wide, Inc. (WWW) reported an operating income of $150.2M, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Wolverine World Wide, Inc.'s gross profit and gross margin?

Wolverine World Wide, Inc. (WWW) generated $880.1M in gross profit for the year, representing a gross profit margin of 47.0%. This demonstrates the company's core pricing power and production efficiency.