Crocs Q3 GAAP EPS rises 67.4%; raises 2026 outlook

Raised 2026 guidance now calls for approximately 3% revenue growth and adjusted diluted EPS of $14.45 to $14.65.

Rhea-AI Filing Summary

Crocs, Inc. (CROX) reported third-quarter 2026 revenue of $1,043 million, up 4.6% year over year, and diluted GAAP earnings per share of $4.52, up 67.4% from $2.70. Net income was $216.755 million, compared with $145.816 million a year earlier. Crocs Brand revenue increased 4.4% to $872.721 million, while HEYDUDE revenue increased 6.1% to $169.862 million. Crocs Brand international revenue grew 11.8%, while North America revenue decreased 2.1%. GAAP operating margin was 28.0%, versus 20.8%; adjusted diluted EPS was $3.69, up 26.4% year over year.

Management raised full-year 2026 revenue growth guidance to approximately 3%, from 1% to 2%; Crocs Brand guidance is approximately 4% growth and HEYDUDE is approximately flat. Full-year adjusted diluted EPS guidance rose to $14.45 to $14.65 from $13.70 to $14.00. Crocs repurchased approximately 2.0 million shares for $250.0 million during the quarter and repaid $21 million of debt. At September 30, 2026, cash was $163 million and total borrowings were $1.29 billion.

3 points · 1 major

PositiveiHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue growth guidance rose to approximately 3%, from 1% to 2%.
• Moderate pointThird-quarter diluted EPS increased 67.4% year over year to $4.52.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted diluted EPS guidance increased to $14.45 to $14.65.

Negative

• None.

Filing Explained

For the reported third quarter, Crocs' GAAP operating margin was 28.0%, versus 20.8% a year earlier, while its adjusted margin was 22.3% versus 20.8%; the adjustment includes nonrecurring tariff refunds, so the adjusted measure shows less margin expansion.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $1,043 million Diluted GAAP earnings per share: $4.52 Net income: $216.755 million +5 more

8 metrics

Revenue $1,043 million Third quarter 2026; up 4.6% year over year

Diluted GAAP earnings per share $4.52 Third quarter 2026; up 67.4% from $2.70

Net income $216.755 million Three months ended September 30, 2026; compared with $145.816 million in 2025

GAAP operating margin 28.0% Third quarter 2026; compared with 20.8% in 2025

Adjusted diluted earnings per share $3.69 Third quarter 2026; up 26.4% year over year

Shares repurchased Approximately 2.0 million shares Third quarter 2026

Share repurchase spending $250.0 million Third quarter 2026

Full-year revenue growth outlook Approximately 3% 2026 outlook; previously 1% to 2%

Key Terms

constant currency, Non-GAAP operating margin, Free cash flow, gain contingency model

4 terms

constant currency financial

"on a reported and constant currency basis"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

Non-GAAP operating margin financial

"Non-GAAP operating margin"

Non-GAAP operating margin is a way companies show how much profit they make from their main business activities, excluding certain expenses or income they consider unusual or non-recurring. It helps investors see how well the company is performing in its normal operations, without the effects of one-time costs or gains that might distort the picture.

Free cash flow financial

"Free cash flow is calculated as"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

gain contingency model financial

"in accordance with the gain contingency model"

Earnings Snapshot

Revenue: $1,043 million · Guidance included

Third quarter 2026

Revenue $1,043 million +4.6% year over year

Diluted GAAP earnings per share $4.52 +67.4% year over year

Net income $216.755 million Compared with $145.816 million in 2025

GAAP operating margin 28.0% Compared with 20.8% in 2025

Guidance

Full-year 2026 revenue growth of approximately 3%; adjusted diluted EPS of $14.45 to $14.65.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CROX's third-quarter 2026 revenue and earnings?

Revenue was $1,043 million, up 4.6% year over year. Diluted GAAP earnings per share were $4.52, up 67.4% from $2.70.

How did CROX brand sales channels perform in the third quarter of 2026?

Crocs Brand direct-to-consumer revenue increased 8.2% to $510 million, while wholesale revenue decreased 0.5% to $362 million. HEYDUDE direct-to-consumer revenue increased 0.1% to $91 million, and wholesale revenue increased 14.0% to $79 million.

What is CROX's fourth-quarter 2026 outlook?

Crocs expects revenue to increase approximately 7% to 9% year over year, with Crocs Brand up approximately 6% to 8% and HEYDUDE up approximately 10% to 12%. Adjusted operating margin is expected to be approximately 20.5%, and adjusted diluted EPS is expected to be $3.25 to $3.45.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/29/2026 - 07:02 AM EDT Accepted by SEC EDGAR 10/29/2026 - 07:02 AM EDT Learn about SEC filing dates

0001334036false00013340362026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 29, 2026

CROCS, INC.

(Exact name of registrant as specified in its charter)

Delaware

0-51754

20-2164234

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

500 Eldorado Blvd., Building 5

Broomfield,

Colorado

80021

(Address of principal executive offices)

(Zip Code)

 Registrant’s telephone number, including area code: (303) 848-7000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol:

Name of each exchange on which registered:

Common Stock, par value $0.001 per share

CROX

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.45) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2026, Crocs, Inc. issued a press release reporting its results of operations for the three and nine months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.						Description
99.1						Crocs, Inc. press release dated October 29, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			CROCS, INC.
Date: October 29, 2026			By:			/s/ Patraic Reagan
						Patraic Reagan
						Executive Vice President and Chief Financial Officer

2

Exhibit 99.1

Crocs, Inc. Reports Strong Third Quarter 2026 Results; Raises Full-Year 2026 Outlook

•Full-Year 2026 Outlook Raised On Both The Top- And Bottom-Line; Third Consecutive FY26 Raise

•HEYDUDE Brand Returns To Growth With Revenues Up 6% To Prior Year

•Repurchased Approximately 2.0 Million Shares In Third Quarter Representing $250 Million in Buyback

___________________________________________________________________________

BROOMFIELD, COLORADO — October 29, 2026 — Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its third quarter 2026 financial results.

“We delivered a strong third quarter with growth across brands, channels and geographies, while expanding margins year over year through disciplined execution of our brand strategies. The Crocs Brand delivered a record third quarter with revenues up 4%, led by double-digit international revenue growth and continued momentum across our product diversification strategy. HEYDUDE revenues grew 6%, marking an important milestone as we delivered on our commitment stated earlier in the year to return the brand to growth. These results reflect strong execution against our strategic priorities and reinforce our confidence in the trajectory of both brands. As a result, we are raising our full-year 2026 enterprise revenue growth outlook to approximately 3%,” said Andrew Rees, Chief Executive Officer.

Mr. Rees continued, “The strength of our business model and exceptional free-cash-flow generation provides us with significant flexibility to invest behind our brands while returning meaningful capital to shareholders. During the quarter, we returned $250 million to shareholders through share repurchases while continuing to strengthen our balance sheet through debt paydown.”

Amounts referred to as “Adjusted” or “Non-GAAP” are Non-GAAP measures and include adjustments that are described under the heading “Reconciliation of GAAP Measures to Non-GAAP Measures.” A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.

Third Quarter 2026 Operating Results (Compared to the Same Period Last Year)

•Consolidated revenues were $1,043 million, an increase of 4.6% on a reported and constant currency basis. Direct-to-consumer (“DTC”) revenues grew 6.9% on a reported and constant currency basis. Wholesale revenues grew 1.8%, or 1.9% on a constant currency basis.

•Gross margin was 66.2% compared to 58.5%. Adjusted gross margin increased 180 basis points to 60.3% compared to 58.5%.

•Selling, general, and administrative expenses (“SG&A”) of $398 million increased 6.0% from $375 million, and represented 38.2% of revenues compared to 37.7%. Adjusted SG&A increased 5.7% to $397 million, and represented 38.1% of revenues compared to 37.7%.

•Income from operations of $292 million increased 40.6% from $208 million resulted in operating margin of 28.0% compared to 20.8%. Adjusted income from operations of $232 million increased 11.7% from $208 million, resulting in adjusted operating margin of 22.3% compared to 20.8%.

•Diluted earnings per share of $4.52 increased 67.4% from $2.70. Adjusted diluted earnings per share of $3.69 increased 26.4% from $2.92.

•During the quarter, we repurchased approximately 2.0 million shares for $250.0 million at the average share price of $123.32. At quarter-end, approximately $1.7 billion of share repurchase authorization remained available for future repurchases. We also repaid $21 million of debt.

1

Third Quarter 2026 Brand Summary (Compared to the Same Period Last Year)

•Crocs Brand: Revenues increased 4.4% on a reported and constant currency basis, to $873 million.

◦Channel

▪DTC revenues increased 8.2% on a reported and constant currency basis, to $510 million.

▪Wholesale revenues decreased 0.5% to $362 million, or 0.4% on a constant currency basis.

◦Geography

▪North America revenues decreased 2.1% to $438 million, or 2.0% on a constant currency basis.

▪International revenues increased 11.8% to $434 million, or 11.7% on a constant currency basis.

•HEYDUDE Brand: Revenues increased 6.1% to $170 million, or 6.2% on a constant currency basis.

◦Channel

▪DTC revenues increased 0.1% to $91 million, or 0.2% on a constant currency basis.

▪Wholesale revenues increased 14.0% to $79 million, or 14.1% on a constant currency basis.

Balance Sheet and Cash Flow (September 30, 2026, as compared to September 30, 2025)

•Cash and cash equivalents were $163 million compared to $154 million.

•Inventories were $413 million compared to $397 million.

•Total borrowings were $1.29 billion compared to $1.32 billion.

•Capital expenditures were $54 million compared to $45 million.

Financial Outlook

Full Year 2026

For 2026, we expect:

•Revenues to be up approximately 3% compared to full year 2025, up from our previous guidance of up 1% to 2% at currency rates as of October 26, 2026.

◦Crocs Brand to be up approximately 4% compared to full year 2025, up from our previous guidance of up 2% to 3%.

◦HEYDUDE Brand to be approximately flat compared to full year 2025, up from our previous guidance of down 4% to 2%.

•A non-GAAP net benefit of $40 million primarily associated with tariff refunds and our cost reduction initiatives.

•Adjusted operating margin to expand modestly from 22.5%, up from our previous guidance of expansion from 22.3%.

•GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.

•Adjusted diluted earnings per share to be in the range of $14.45 to $14.65, up from our previous guidance range of $13.70 to $14.00. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.

•Capital expenditures of $70 million to $80 million.

Fourth Quarter 2026

For the fourth quarter of 2026, we expect:

•Revenues to be up approximately 7% to 9% compared to the fourth quarter of 2025, at currency rates as of October 26, 2026.

◦Crocs Brand to be up approximately 6% to 8% compared to the fourth quarter of 2025.

◦HEYDUDE Brand to be up approximately 10% to 12% compared to the fourth quarter of 2025.

2

•Adjusted operating margin to be approximately 20.5%.

•Adjusted diluted earnings per share to be in the range of $3.25 to $3.45. Adjusted diluted earnings per share guidance does not assume any impact from potential future share repurchases.

Conference Call Information

A conference call to discuss third quarter results is scheduled for today, Thursday, October 29, 2026, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through October 29, 2027, at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.

Forward Looking Statements

This press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which express management’s current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “confident,” “continue,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “strive,” and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” “would,” and similar expressions or variations.

These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks only as of October 29, 2026. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

Category:Investors

3

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Revenues			$	1,042,583					$	996,301					$	3,143,508					$	3,083,007
Cost of sales			352,849						413,293						1,230,122						1,249,614
Gross profit			689,734						583,008						1,913,386						1,833,393
Selling, general and administrative expenses			397,807						375,348						1,134,937						1,830,275
Income from operations			291,927						207,660						778,449						3,118
Foreign currency gains (losses), net			1,276						2,957						(2,651)						8,264
Interest income			3,343						531						4,261						1,235
Interest expense			(19,059)						(21,711)						(59,427)						(67,000)
Other (expense) income, net			(53)						(9)						(431)						143
Income (loss) before income taxes			277,434						189,428						720,201						(54,240)
Income tax expense			60,679						43,612						161,003						132,123
Net income (loss)			$	216,755					$	145,816					$	559,198					$	(186,363)
Net income (loss) per common share:
Basic			$	4.57					$	2.72					$	11.43					$	(3.38)
Diluted			$	4.52					$	2.70					$	11.32					$	(3.38)
Weighted average common shares outstanding:
Basic			47,413						53,641						48,925						55,169
Diluted			47,954						53,989						49,418						55,169

4

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value amounts)

			September 30, 2026						December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents			$	163,457					$	130,354
Accounts receivable, net of allowances of $39,818 and $28,136, respectively			355,022						278,191
Inventories			413,030						368,687
Income taxes receivable			2,918						32,782
Other receivables			25,412						22,082
Prepaid expenses and other assets			67,778						53,787
Total current assets			1,027,617						885,883
Property and equipment, net of accumulated depreciation of $248,818 and $209,873, respectively			240,778						238,191
Intangible assets, net			1,312,049						1,324,680
Goodwill			404,630						404,689
Deferred tax assets, net			904,841						935,054
Restricted cash			3,496						3,557
Right-of-use assets			332,085						338,669
Other assets			55,175						44,027
Total assets			$	4,280,671					$	4,174,750
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	272,506					$	266,090
Accrued expenses and other liabilities			266,533						300,959
Income taxes payable			84,174						47,308
Current operating lease liabilities			90,820						85,772
Total current liabilities			714,033						700,129
Deferred tax liabilities, net			844						882
Long-term income taxes payable			641,563						649,057
Long-term borrowings			1,289,044						1,230,885
Long-term operating lease liabilities			283,254						297,192
Other liabilities			6,926						3,322
Total liabilities			2,935,664						2,881,467
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.001 per share, 250.0 million shares authorized, 111.2 million and 110.7 million issued, 46.2 million and 50.2 million outstanding, respectively			111						111
Treasury stock, at cost, 65.0 million and 60.5 million shares, respectively			(3,564,417)						(3,040,416)
Additional paid-in capital			934,497						896,605
Retained earnings			4,039,836						3,480,638
Accumulated other comprehensive loss			(65,020)						(43,655)
Total stockholders’ equity			1,345,007						1,293,283
Total liabilities and stockholders’ equity			$	4,280,671					$	4,174,750

5

CROCS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

			Nine Months Ended September 30,
			2026						2025
Cash flows from operating activities:
Net income (loss)			$	559,198					$	(186,363)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			60,875						58,337
Operating lease cost			85,421						76,614
Share-based compensation			36,496						28,512
Asset impairments			3,301						738,115
Deferred taxes			(47)						17,057
Other non-cash items			10,055						6,059
Changes in operating assets and liabilities:
Accounts receivable			(76,691)						(65,052)
Inventories			(45,873)						(40,165)
Prepaid expenses and other assets			(30,585)						(17,372)
Accounts payable, accrued expenses and other liabilities			(22,650)						(68,459)
Right-of-use assets and operating lease liabilities			(87,614)						(77,580)
Income taxes			69,303						(11,802)
Cash provided by operating activities			561,189						457,901
Cash flows from investing activities:
Purchases of property, equipment, and software			(53,615)						(45,120)
Cash used in investing activities			(53,615)						(45,120)
Cash flows from financing activities:
Proceeds from borrowings			476,550						626,000
Repayments of borrowings			(425,550)						(664,000)
Repurchases of common stock, including excise tax			(506,194)						(402,153)
Repurchases of common stock for tax withholding			(17,338)						(4,245)
Cash used in financing activities			(472,532)						(444,398)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			(2,000)						5,462
Net change in cash, cash equivalents, and restricted cash			33,042						(26,155)
Cash, cash equivalents, and restricted cash—beginning of period			133,911						183,678
Cash, cash equivalents, and restricted cash—end of period			$	166,953					$	157,523

6

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present "Non-GAAP gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, and administrative expenses,” “Non-GAAP selling, general and administrative expenses as a percent of revenues,” “Non-GAAP income from operations,” “Non-GAAP operating margin,” “Non-GAAP income before income taxes,” “Non-GAAP income tax expense,” “Non-GAAP effective tax rate,” “Non-GAAP net income,” and “Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for “Non-GAAP operating margin,” “Non-GAAP effective tax rate,” “Non-GAAP diluted earnings per share,” and “Free cash flow.” We also present a long-term target for ‘Net leverage.’ Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.

We also present certain information related to our current period results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.

Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.

Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges.

Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods.

Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods.

Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.

Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.

Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of

7

Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity.

Free cash flow is calculated as ‘Cash provided by operating activities’ less ‘Purchases of property, equipment, and software.’ Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.

For the three and nine months ended September 30, 2026, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

8

CROCS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(UNAUDITED)

Non-GAAP gross profit and gross margin reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands)
GAAP revenues			$	1,042,583					$	996,301					$	3,143,508					$	3,083,007
GAAP gross profit			$	689,734					$	583,008					$	1,913,386					$	1,833,393
IEEPA tariff refunds (1)			(64,071)						—						(64,071)						—
Distributor takeback costs (2)			—						—						4,356						—
Distribution centers (3)			3,053						—						6,786						—
Other			25						—						143						—
Total adjustments			(60,993)						—						(52,786)						—
Non-GAAP gross profit			$	628,741					$	583,008					$	1,860,600					$	1,833,393
GAAP gross margin			66.2		%				58.5		%				60.9%						59.5		%
Non-GAAP gross margin			60.3		%				58.5		%				59.2%						59.5		%

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the takeback of a distributor in Malaysia.

(3) Relates to the transition away from a third-party logistics provider for the HEYDUDE Brand, software transition costs at our Crocs Brand distribution center in Dayton, Ohio, and other distribution center related transition costs.

Non-GAAP gross margin reconciliation by brand:

Crocs Brand:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
GAAP Crocs Brand gross margin			68.6		%				61.8		%				63.7%						62.3		%
Non-GAAP adjustments:
IEEPA tariff refunds (1)			(5.3)		%				—		%				(1.7)		%				—		%
Distributor takeback costs (2)			—		%				—		%				0.1		%				—		%
Distribution centers (3)			0.1		%				—		%				0.1		%				—		%
Other			less than 0.1%						—		%				less than 0.1%						—		%
Non-GAAP Crocs Brand gross margin			63.4		%				61.8		%				62.2		%				62.3		%

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the takeback of a distributor in Malaysia.

(3) Relates to software transition costs at our Crocs Brand distribution center in Dayton, Ohio and other distribution center related transition costs.

9

HEYDUDE Brand:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
GAAP HEYDUDE Brand gross margin			55.1		%				42.3		%				47.4		%				46.6		%
Non-GAAP adjustments:
IEEPA tariff refunds (1)			(10.6)		%				—		%				(3.6)		%				—		%
Distribution centers (2)			1.3		%				—		%				0.8		%				—		%
Non-GAAP HEYDUDE Brand gross margin			45.8		%				42.3		%				44.6		%				46.6		%

(1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring.

(2) Relates to the transition away from a third-party logistics provider.

Non-GAAP selling, general and administrative reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands)
GAAP revenues			$	1,042,583					$	996,301					$	3,143,508					$	3,083,007
GAAP selling, general and administrative expenses			$	397,807					$	375,348					$	1,134,937					$	1,830,275
Impairment of indefinite-lived trademark (1)			—						—						—						(430,000)
Impairment of goodwill (2)			—						—						—						(307,000)
Charges incurred in connection with cost savings initiatives			(790)						—						(5,373)						—
Impairment of leasehold improvement assets (3)			—						—						(3,301)						—
Severance costs (4)			(261)						—						999
Other			—						—						38						—
Total adjustments			(1,051)						—						(7,637)						(737,000)
Non-GAAP selling, general and administrative expenses (5)			$	396,756					$	375,348					$	1,127,300					$	1,093,275
GAAP selling, general and administrative expenses as a percent of revenues			38.2		%				37.7		%				36.1		%				59.4		%
Non-GAAP selling, general and administrative expenses as a percent of revenues			38.1		%				37.7		%				35.9		%				35.5		%

(1) Represents a prior year impairment of the HEYDUDE indefinite-lived trademark.

(2) Represents a prior year impairment of the HEYDUDE Brand reporting unit goodwill.

(3) Represents impairment charges for certain HEYDUDE leasehold improvement assets.

(4) Represents operational workforce reduction charges incurred in connection with cost savings initiatives in the three months ended September 30, 2026. Additionally, the nine months ended September 30, 2026, includes a change in estimate for severance costs recorded as of December 31, 2025.

(5) Non-GAAP selling, general and administrative expenses are presented gross of tax.

10

Non-GAAP income from operations and operating margin reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands)
GAAP revenues			$	1,042,583					$	996,301					$	3,143,508					$	3,083,007
GAAP income from operations			$	291,927					$	207,660					$	778,449					$	3,118
Non-GAAP gross profit adjustments (1)			(60,993)						—						(52,786)						—
Non-GAAP selling, general and administrative expenses adjustments (2)			1,051						—						7,637						737,000
Non-GAAP income from operations			$	231,985					$	207,660					$	733,300					$	740,118
GAAP operating margin			28.0		%				20.8		%				24.8		%				0.1		%
Non-GAAP operating margin			22.3		%				20.8		%				23.3		%				24.0		%

(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.

(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details.

Non-GAAP income tax expense and effective tax rate reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands)
GAAP income from operations			$	291,927					$	207,660					$	778,449					$	3,118
GAAP income (loss) before income taxes			277,434						189,428						720,201						(54,240)
Non-GAAP income from operations (1)			$	231,985					$	207,660					$	733,300					$	740,118
GAAP non-operating income (expense):
Foreign currency gains (losses), net			1,276						2,957						(2,651)						8,264
Interest income			3,343						531						4,261						1,235
Interest expense			(19,059)						(21,711)						(59,427)						(67,000)
Other (expense) income, net			(53)						(9)						(431)						143
Non-GAAP income before income taxes			$	217,492					$	189,428					$	675,052					$	682,760
GAAP income tax expense			$	60,679					$	43,612					$	161,003					$	132,123
Tax effect of non-GAAP operating adjustments			(11,446)						—						(9,040)						29,942
Impact of intra-entity IP transactions (2)			(11,423)						(11,626)						(33,706)						(43,900)
Non-GAAP income tax expense			$	37,810					$	31,986					$	118,257					$	118,165
GAAP effective income tax rate			21.9		%				23.0		%				22.4		%				(243.6)		%
Non-GAAP effective income tax rate			17.4		%				16.9		%				17.5		%				17.3		%

(1) See ‘Non-GAAP income from operations and operating margin reconciliation’ above for more details.

(2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions.

11

Non-GAAP net income per share reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands, except per share data)
Numerator:
GAAP net income (loss)			$	216,755					$	145,816					$	559,198					$	(186,363)
Non-GAAP gross profit adjustments (1)			(60,993)						—						(52,786)						—
Non-GAAP selling, general and administrative expenses adjustments (2)			1,051						—						7,637						737,000
Non-GAAP interest income adjustment (3)			(2,688)						—						(2,688)						—
Tax effect of non-GAAP adjustments (4)			22,869						11,626						42,746						13,958
Non-GAAP net income			$	176,994					$	157,442					$	554,107					$	564,595
Denominator:
GAAP weighted average common shares outstanding - basic			47,413						53,641						48,925						55,169
Plus: GAAP dilutive effect of stock options and unvested restricted stock units			541						348						493						—
GAAP weighted average common shares outstanding - diluted			47,954						53,989						49,418						55,169
GAAP weighted average common shares outstanding - basic																					55,169
Plus: dilutive effect of stock options and unvested restricted stock units																					368
Non-GAAP weighted average common shares outstanding - diluted																					55,537
GAAP net income (loss) per common share:
Basic			$	4.57					$	2.72					$	11.43					$	(3.38)
Diluted			$	4.52					$	2.70					$	11.32					$	(3.38)
Non-GAAP net income per common share:
Basic			$	3.73					$	2.94					$	11.33					$	10.23
Diluted			$	3.69					$	2.92					$	11.21					$	10.17

(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.

(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.

(3) Relates to interest on IEEPA tariff refunds received during the three months ended September 30, 2026.

(4) See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information.

12

Free cash flow reconciliation:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in thousands)
Cash provided by operating activities			$	290,421					$	239,336					$	561,189					$	457,901
Purchases of property, equipment, and software			(14,886)						(13,174)						(53,615)						(45,120)
Free cash flow			$	275,535					$	226,162					$	507,574					$	412,781

13

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE

Fourth Quarter 2026:
			Approximately:
Non-GAAP operating margin reconciliation:
GAAP operating margin			19.5%
Non-GAAP adjustments (1)			1.0%
Non-GAAP operating margin			20.5%
Non-GAAP diluted earnings per share reconciliation:
GAAP diluted earnings per share			$3.04 to $3.24
Non-GAAP adjustments (1)(2)			$0.21
Non-GAAP diluted earnings per share			$3.25 to $3.45
Full Year 2026:
			Approximately:
Non-GAAP operating margin reconciliation:
GAAP operating margin			>23.5%
Non-GAAP adjustments (1)			(1.0)%
Non-GAAP operating margin			>22.5%
Non-GAAP effective tax rate reconciliation:
GAAP effective tax rate			23%
Non-GAAP adjustments (2)			(5)%
Non-GAAP effective tax rate			18%
Non-GAAP diluted earnings per share reconciliation:
GAAP diluted earnings per share			$14.71 to $14.91
Non-GAAP adjustments (1)(2)			$(0.26)
Non-GAAP diluted earnings per share			$14.45 to $14.65

(1) During 2026, we expect to incur a non-GAAP net benefit of $40 million, primarily associated with IEEPA tariff refunds and our cost reduction initiatives. This estimate does not include the receipt of potential IEEPA tariff refunds, as we are not able to predict the timing quarter-by-quarter. We plan to recognize IEEPA tariff refunds when they are realized or considered realizable, in accordance with the gain contingency model.

(2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the full year 2026 impact of these transactions.

14

CROCS, INC. AND SUBSIDIARIES

REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY

(UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,												% Change												Constant Currency % Change (1)
																											Favorable (Unfavorable)
			2026						2025						2026						2025						Q3 2026-2025						YTD 2026-2025						Q3 2026-2025						YTD 2026-2025
			($ in thousands)
Crocs Brand:
North America:
Wholesale			$	137,226					$	144,353					$	428,172					$	481,563					(4.9)		%				(11.1)		%				(4.8)		%				(11.2)		%
Direct-to-consumer (2)			301,143						303,352						814,856						791,789						(0.7)		%				2.9		%				(0.6)		%				2.9		%
Total North America (3)			438,369						447,705						1,243,028						1,273,352						(2.1)		%				(2.4)		%				(2.0)		%				(2.4)		%
International:
Wholesale			225,139						220,003						821,514						824,276						2.3		%				(0.3)		%				2.4		%				(2.1)		%
Direct-to-consumer			209,213						168,521						576,032						459,799						24.1		%				25.3		%				23.8		%				22.9		%
Total International			434,352						388,524						1,397,546						1,284,075						11.8		%				8.8		%				11.7		%				6.8		%
Total Crocs Brand			$	872,721					$	836,229					$	2,640,574					$	2,557,427					4.4		%				3.3		%				4.4		%				2.3		%
Crocs Brand:
Wholesale			$	362,365					$	364,356					$	1,249,686					$	1,305,839					(0.5)		%				(4.3)		%				(0.4)		%				(5.5)		%
Direct-to-consumer			510,356						471,873						1,390,888						1,251,588						8.2		%				11.1		%				8.2		%				10.2		%
Total Crocs Brand			872,721						836,229						2,640,574						2,557,427						4.4		%				3.3		%				4.4		%				2.3		%
HEYDUDE Brand:
Wholesale			79,087						69,402						245,053						279,855						14.0		%				(12.4)		%				14.1		%				(12.9)		%
Direct-to-consumer			90,775						90,670						257,881						245,725						0.1		%				4.9		%				0.2		%				4.9		%
Total HEYDUDE Brand (4)			169,862						160,072						502,934						525,580						6.1		%				(4.3)		%				6.2		%				(4.6)		%
Total consolidated revenues			$	1,042,583					$	996,301					$	3,143,508					$	3,083,007					4.6		%				2.0		%				4.6		%				1.1		%

(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information.

(2) Results for the three months ended September 30, 2026, include an approximate (2.7%) change compared to the same period in 2025, reflecting the partial period impact of a business model change which we began implementing during the third quarter.

(3) North America includes the United States and Canada.

(4) The vast majority of HEYDUDE Brand revenues are derived from North America.

15

			Investor Contact:			Elizabeth Bouquard Pizzi, Crocs, Inc.
						ir@crocs.com
			PR Contact:			Melissa Layton, Crocs, Inc.
						mlayton@crocs.com

16

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