Revenue growth has rebounded to 11.0% in 2026Q1, while gross margins have recovered to 47.6% from a cyclical low of 36.6% in 2023Q4.
| 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 | 1.92B | 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 % | 4.22% | 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 | 1.01B | 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 | 904.9M | 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 % | 47.14% | 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 | 741.8M | 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 | 740.6M | 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 | 1000K | 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 | 163.1M | 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 % | 8.5% | 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 | 191.6M | 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 % | 9.98% | 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 % | 17.26% | 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) | 28.5M | 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 | 163.1M | 150.2M | 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 | -31.3M | -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 | 31.3M | 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 | -28.5M | -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 | 134.6M | 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 % | 7.01% | 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 | 24.4M | 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 % | 18.13% | 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 | 103.9M | 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 % | 5.41% | 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 % | 23.84% | 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) | 110.2M | 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 | 17.3M | 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) | 1.27 | 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 % | 23.76% | 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 | 81.7M | 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 | 81.7M | 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% |
Wholesale channel demand volatility
According to recent quarterly filings, Wolverine World Wide has transitioned from a period of double-digit revenue contraction in early 2024 to an 11.0% year-over-year growth rate in 2026Q1, suggesting that the company's strategic divestiture of non-core assets is beginning to stabilize the top-line performance.
The shift from negative growth in 2024 to positive expansion in 2026 indicates that the portfolio rationalization efforts are likely yielding a more focused revenue base. Investors should monitor whether this growth is sustainable or merely a reflection of easier year-over-year comparisons following the significant divestitures of the prior year.
As reported in financial statements, the company's gross margin has rebounded to 47.6% in 2026Q1 from a low of 36.6% in 2023Q4, reflecting a successful effort to clear legacy inventory and reduce the reliance on deep promotional discounting that previously pressured the firm's profitability profile.
The expansion in gross margin suggests that the company is successfully navigating the inventory liquidation cycle that plagued the broader footwear industry. However, maintaining these levels will likely require disciplined inventory management and a shift toward higher-margin direct-to-consumer channels to offset potential wholesale pricing pressures.
Based on the company's reported figures, operating income has scaled to $33.9 million in 2026Q1, demonstrating a significant improvement in operating leverage as SG&A expenses have been managed more effectively relative to the company's gross profit generation compared to the volatility observed in previous fiscal periods.
The ability to generate positive operating income while maintaining controlled SG&A suggests that management's cost-rationalization initiatives are taking hold. This trend warrants further investigation to determine if the current operating margin of 7.4% represents a sustainable baseline or if further overhead reductions are required to drive meaningful earnings growth.
Data from recent income statements indicates that net income has stabilized at $20.2 million in 2026Q1, a marked improvement from the significant losses recorded in 2023Q4, with the reduction in non-recurring charges suggesting a higher quality of earnings as the company moves past its major restructuring phase.
The volatility in EPS, which swung from a loss of $1.15 in 2023Q4 to a profit of $0.24 in 2026Q1, highlights the impact of past non-operating items and restructuring costs. Investors should monitor the consistency of these earnings as the company continues to refine its brand portfolio and focus on core operational performance.
While recent performance shows improvement, the company's continued reliance on wholesale distribution channels, as evidenced by the revenue mix, poses a persistent risk to margin stability should department store partners demand further concessions or if consumer demand for the company's heritage footwear brands softens unexpectedly.
The structural reliance on wholesale partners may limit the company's ability to control pricing and brand positioning compared to peers with higher direct-to-consumer penetration. This dependency suggests that any downturn in the broader retail environment could disproportionately impact the company's profitability despite recent operational gains.
Quick answers to the most common questions about buying WWW stock.
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.
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%.
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.
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.