Steve Madden Announces Third Quarter 2025 Results

Rhea-AI Summary

Steven Madden (Nasdaq: SHOO) reported third-quarter 2025 results and issued fourth-quarter guidance on Nov 5, 2025. Revenue was $667.9M, up 6.9% year-over-year. GAAP net income was $20.5M ($0.29 diluted EPS); adjusted net income was $30.4M ($0.43 adjusted diluted EPS). Wholesale revenue fell to $442.7M (-10.7%), while direct-to-consumer revenue rose to $221.5M (+76.6%). Total debt was $293.8M with cash and short-term investments of $108.9M (net debt $185.0M). The board approved a $0.21 quarterly dividend payable Dec 26, 2025. Fourth-quarter 2025 revenue is expected to rise 27%–30% with diluted EPS of $0.30–$0.35.

Positive

• Revenue +6.9% to $667.9M in Q3 2025
• Direct-to-consumer revenue +76.6% to $221.5M
• Company issued Q4 2025 revenue guidance of +27%–30%

Negative

• Wholesale revenue down 10.7% to $442.7M
• GAAP net income declined to $20.5M from $55.3M year-ago
• Net debt of $185.0M (total debt $293.8M vs cash $108.9M)

Insights

Equities Analyst

Revenue grew but margins and net income fell; management gives strong Q4 guidance tied to tariff mitigation and Kurt Geiger.

Revenue rose to $667.9 million, a 6.9% increase versus prior-year, while net income fell to $20.5 million and diluted EPS to $0.29. Adjusted metrics also declined: adjusted net income was $30.4 million and adjusted EPS $0.43. Operating income dropped to 4.7% of revenue from 11.9% a year earlier, showing meaningful margin compression.

Key drivers disclosed include the impact of new tariffs on imported goods and the recent Kurt Geiger acquisition, which materially changed channel mixes: wholesale revenue declined to $442.7 million (down 10.7%) while direct-to-consumer rose to $221.5 million (up 76.6%), though DTC gross margins eased. The balance sheet shows total debt $293.8 million and cash and equivalents $108.9 million, yielding net debt of $185.0 million.

Dependencies and risks are explicit: tariff-related cost pressure and integration of Kurt Geiger affect near-term margins and segment comparables. Monitor the fourth-quarter outlook: management expects revenue growth of 27% to 30% and diluted EPS of $0.30 to $0.35 (adjusted EPS $0.41 to $0.46) for a clear test of mitigation actions. Also note the approved quarterly dividend of $0.21 per share payable December 26, 2025 and the record date December 15, 2025.

~ Provides Fourth Quarter 2025 Guidance ~

LONG ISLAND CITY, N.Y., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025.

Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Third Quarter 2025 Results

• Revenue increased 6.9% to $667.9 million, compared to $624.7 million in the same period of 2024.
• Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024.
• Operating expenses as a percentage of revenue were 36.8%, compared to 28.6% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 36.4%, compared to 27.9% in the same period of 2024.
• Income from operations totaled $31.4 million, or 4.7% of revenue, compared to $74.6 million, or 11.9% of revenue, in the same period of 2024. Adjusted income from operations totaled $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue, in the same period of 2024.
• Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, compared to $55.3 million, or $0.77 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share, in the same period of 2024.
  
  

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. That said, we are pleased with underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter.”

Third Quarter 2025 Channel Results

Revenue for the wholesale business in the third quarter of 2025 was $442.7 million, a 10.7% decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 19.0%. Wholesale footwear revenue decreased 10.9%, or 16.7% excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 10.3%, or 22.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 32.7% in the third quarter of 2025, compared to 35.5% in the third quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 33.6%, compared to 35.5% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.

Direct-to-consumer revenue in the third quarter of 2025 was $221.5 million, a 76.6% increase compared to the third quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.5%. Gross profit as a percentage of direct-to-consumer revenue was 58.3%, compared to 64.0% in the third quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 61.9%, compared to 64.0% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States and the addition of the Kurt Geiger concessions business.

The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of September 30, 2025, total debt outstanding was $293.8 million, and cash, cash equivalents and short-term investments were $108.9 million, for net debt of $185.0 million.

During the third quarter of 2025, the company did not repurchase any shares of its common stock in the open market.

Quarterly Cash Dividend

The company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.

Fourth Quarter 2025 Outlook

For the fourth quarter of 2025, the company expects revenue will increase 27% to 30% compared to the same period of 2024. The company expects diluted EPS will be in the range of $0.30 to $0.35. The company expects Adjusted diluted EPS will be in the range of $0.41 to $0.46.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, November 5, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company's third quarter 2025 earnings results and fourth quarter outlook. The call will be webcast live on the company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the company's website or via the following webcast link https://edge.media-server.com/mmc/p/f3725r4k beginning today at approximately 10:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden^®, Kurt Geiger London^®, Dolce Vita^®, Betsey Johnson^®, Carvela^®, Blondo^® and ATM^®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein^® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, “estimate”, or “confident” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the company’s current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the company’s control. The company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. The company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net sales		$	664,200			$	621,170			$	1,771,672			$	1,693,446
Licensing fee income			3,675				3,505				8,737				7,163
Total revenue			667,875				624,675				1,780,409				1,700,609
Cost of sales			390,500				365,131				1,050,740				999,121
Gross profit			277,375				259,544				729,669				701,488
Operating expenses			246,017				178,915				687,145				507,343
Change in valuation of contingent payment liability			—				(2,584	)			(2,075	)			5,616
Impairment of intangibles			—				8,635				—				10,335
Income from operations			31,358				74,578				44,599				178,194
Gain on derivative			—				—				9,252				—
Interest and other (expense) / income, net			(4,947	)			1,400				(7,913	)			4,309
Income before provision for income taxes			26,411				75,978				45,938				182,503
Provision for income taxes			4,593				19,390				21,572				44,404
Net income			21,818				56,588				24,366				138,099
Less: net income attributable to noncontrolling interest			1,290				1,310				2,892				3,510
Net income attributable to Steven Madden, Ltd.		$	20,528			$	55,278			$	21,474			$	134,589
Basic income per share		$	0.29			$	0.78			$	0.30			$	1.88
Diluted income per share		$	0.29			$	0.77			$	0.30			$	1.87
Basic weighted average common shares outstanding			70,906				70,806				70,850				71,516
Diluted weighted average common shares outstanding			71,157				71,569				71,022				72,135
Cash dividends declared per common share		$	0.21			$	0.21			$	0.63			$	0.63

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
					As of
		September 30, 2025			December 31, 2024			September 30, 2024
		(Unaudited)						(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	108,722		$	189,924		$	139,414
Short-term investments			140			13,484			11,064
Accounts receivable, net of allowances			91,285			45,653			56,297
Factor accounts receivable			333,198			348,659			426,408
Inventories			476,027			257,625			268,669
Prepaid expenses and other current assets			56,760			34,463			28,041
Income tax receivable and prepaid income taxes			26,582			4,887			14,950
Total current assets			1,092,714			894,695			944,843
Property and equipment, net			112,301			57,388			52,906
Operating lease right-of-use asset			220,656			139,695			148,391
Deposits and other			21,363			22,214			20,166
Deferred tax assets			1,389			610			609
Goodwill			273,836			183,737			181,905
Intangibles, net			277,268			113,432			108,308
Total Assets		$	1,999,527		$	1,411,771		$	1,457,128
LIABILITIES
Current liabilities:
Accounts payable		$	254,346		$	206,889		$	225,586
Accrued expenses and other current liabilities			237,736			142,452			150,067
Operating leases - current portion			55,957			43,172			43,812
Income taxes payable			16,351			6,147			12,435
Contingent payment liability - current portion			3,221			—			7,716
Accrued incentive compensation			4,591			15,061			13,347
Total current liabilities			572,202			413,721			452,963
Contingent payment liability - long-term portion			15,164			7,565			11,200
Operating leases - long-term portion			190,459			109,816			118,674
Long-term debt			293,828			—			—
Deferred tax liabilities			39,867			4,628			8,777
Other liabilities			1,872			44			5,448
Total Liabilities			1,113,392			535,774			597,062
STOCKHOLDERS’ EQUITY
Total Steven Madden, Ltd. stockholders’ equity			850,841			847,719			833,923
Noncontrolling interest			35,294			28,278			26,143
Total stockholders’ equity			886,135			875,997			860,066
Total Liabilities and Stockholders’ Equity		$	1,999,527		$	1,411,771		$	1,457,128

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
		Nine Months Ended
		September 30, 2025				September 30, 2024
Cash flows from operating activities:
Net income		$	24,366			$	138,099
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation			22,175				19,531
Depreciation and amortization			25,108				14,736
Amortization of debt issuance costs			725				—
Loss on disposal of fixed assets			180				112
Impairment of intangibles			—				10,335
Loss on divestiture of business			—				3,199
Change in valuation of contingent payment liability			(2,075	)			5,616
Other operating activities			(413	)			(48	)
Changes, net of acquisitions, in:
Accounts receivable			(10,962	)			(15,794	)
Factor accounts receivable			17,184				(108,276	)
Inventories			1,943				(39,064	)
Prepaid expenses, income tax receivables, prepaid taxes, and other assets			(46,097	)			(864	)
Accounts payable, accrued expenses, and other current liabilities			48,906				66,853
Accrued incentive compensation			(10,574	)			1,382
Leases and other liabilities			(2,836	)			(1,572	)
Net cash provided by operating activities			67,630				94,245
Cash flows from investing activities:
Capital expenditures			(29,079	)			(16,642	)
Purchases of short-term investments			—				(12,840	)
Maturity / sale of short-term investments			13,410				16,654
Acquisition of businesses, net of cash acquired			(371,554	)			(4,259	)
Other investing activities			(2,196	)			372
Net cash used in investing activities			(389,419	)			(16,715	)
Cash flows from financing activities:
Common stock repurchased and net settlements of stock awards			(8,367	)			(95,788	)
Proceeds from exercise of stock options			—				1,086
Investment of noncontrolling interest			3,500				—
Borrowings, net of repayments			300,000				—
Financing costs paid			(8,955	)			—
Cash dividends paid on common stock			(45,692	)			(45,880	)
Distribution of noncontrolling interest			(2,946	)			—
Net cash provided by / (used in) financing activities			237,540				(140,582	)
Effect of exchange rate changes on cash and cash equivalents			3,047				(2,174	)
Net decrease in cash and cash equivalents			(81,202	)			(65,226	)
Cash and cash equivalents – beginning of period			189,924				204,640
Cash and cash equivalents – end of period		$	108,722			$	139,414

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the company conducts and views its business. Additionally, the company believes the information assists investors in comparing the company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the company’s reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit
		Three Months Ended						Nine Months Ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
GAAP gross profit		$	277,375		$	259,544		$	729,669		$	701,488
Non-GAAP Adjustments			12,309			59			20,840			393
Adjusted gross profit		$	289,684		$	259,603		$	750,509		$	701,881

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses
		Three Months Ended								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
GAAP operating expenses		$	246,017			$	178,915			$	687,145			$	507,343
Non-GAAP Adjustments			(2,585	)			(4,680	)			(61,597	)			(6,301	)
Adjusted operating expenses		$	243,432			$	174,235			$	625,548			$	501,042

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations
		Three Months Ended						Nine Months Ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
GAAP income from operations		$	31,358		$	74,578		$	44,599		$	178,194
Non-GAAP Adjustments			14,895			10,790			80,360			22,645
Adjusted income from operations			46,253		$	85,368		$	124,959		$	200,839

Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net
		Three Months Ended							Nine Months Ended
		September 30, 2025				September 30, 2024			September 30, 2025				September 30, 2024
GAAP interest and other (expense) / income, net		$	(4,947	)		$	1,400		$	(7,913	)		$	4,309
Non-GAAP Adjustments			—				—			840				—
Adjusted interest and other (expense) / income, net		$	(4,947	)		$	1,400		$	(7,073	)		$	4,309

Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
		Three Months Ended						Nine Months Ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
GAAP provision for income taxes		$	4,593		$	19,390		$	21,572		$	44,404
Non-GAAP Adjustments			5,065			1,238			6,794			4,032
Adjusted provision for income taxes		$	9,658		$	20,628		$	28,366		$	48,436

Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
		Three Months Ended						Nine Months Ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
GAAP net income attributable to noncontrolling interest		$	1,290		$	1,310		$	2,892		$	3,510
Non-GAAP Adjustments			—			25			—			155
Adjusted net income attributable to noncontrolling interest		$	1,290		$	1,335		$	2,892		$	3,665

Table 7 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
		Three Months Ended						Nine Months Ended
		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
GAAP net income attributable to Steven Madden, Ltd.		$	20,528		$	55,278		$	21,474		$	134,589
Non-GAAP Adjustments			9,830			9,527			65,155			18,459
Adjusted net income attributable to Steven Madden, Ltd.		$	30,358		$	64,805		$	86,629		$	153,048
GAAP diluted net income per share		$	0.29		$	0.77		$	0.30		$	1.87
Adjusted diluted net income per share		$	0.43		$	0.91		$	1.22		$	2.12

Table 8 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in Q4 2025 outlook
		Fourth Quarter 2025 Outlook
		Low End			High End
GAAP diluted net income per share		$	0.30		$	0.35
Non-GAAP Adjustments			0.11			0.11
Adjusted diluted net income per share		$	0.41		$	0.46

Non-GAAP Adjustments include the items below.

For the third quarter of 2025:

• $12.3 million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
• $1.1 million pre-tax ($0.8 million after-tax) expense in connection with severances and related charges, included in operating expenses.
• $0.8 million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.
• $0.7 million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs and formation of joint ventures, included in operating expenses.
  
  

For the third quarter of 2024:

• $3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, included in operating expenses.
• $1.5 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.
• $8.6 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment.
• $2.6 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.
  
  

Contact

Steven Madden, Ltd.
VP of Corporate Development & Investor Relations
Danielle McCoy
718-308-2611
InvestorRelations@stevemadden.com

FAQ

What were Steven Madden's Q3 2025 revenue and EPS (SHOO)?

Q3 2025 revenue was $667.9M; GAAP diluted EPS was $0.29 and adjusted diluted EPS was $0.43.

Why did Steven Madden (SHOO) report weaker profitability in Q3 2025?

Management cited the impact of new tariffs on imported goods and higher operating expense ratios, which reduced GAAP and adjusted margins.

How did Steven Madden's wholesale and DTC channels perform in Q3 2025 (SHOO)?

Wholesale revenue fell to $442.7M (-10.7%) while direct-to-consumer revenue rose to $221.5M (+76.6%).

What is Steven Madden's (SHOO) fourth-quarter 2025 guidance for revenue and EPS?

The company expects Q4 2025 revenue to increase 27%–30% year-over-year with diluted EPS of $0.30–$0.35 and adjusted diluted EPS of $0.41–$0.46.

Did Steven Madden (SHOO) declare a dividend after Q3 2025 results?

Yes. The board approved a quarterly cash dividend of $0.21 per share payable on Dec 26, 2025 to holders of record on Dec 15, 2025.

What is Steven Madden's (SHOO) debt and cash position as of Sept 30, 2025?

Total debt was $293.8M, cash and short-term investments were $108.9M, resulting in net debt of $185.0M.